Document:

MARATHON REAL ESTATE CDO 2006-1,
		LTD.,
	 

	 
		as Issuer
	 

	 
		MARATHON REAL ESTATE CDO 2006-1, LLC,

	 

	 
		as Co-Issuer
	 

	 
		MARATHON STRUCTURED FINANCE FUND,
		L.P.,
	 

	 
		as Advancing Agent
	 

	 
		AND
	 

	 
		LASALLE BANK NATIONAL ASSOCIATION,
	 

	 
		as Trustee, Paying Agent, Calculation Agent,
		Transfer Agent,
	 

	 
		Custodial Securities Intermediary, Backup
		Advancing Agent and Notes Registrar
	 

	 
		INDENTURE
	 

	 
		Dated as of May 18, 2006
	 

	 
		
		  
		  

		
 
 

	 
		 
	 

	 
	 

	 

	 
		TABLE OF CONTENTS
	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Page
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  ARTICLE 1
 

				  DEFINITIONS
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  Section 1.1
				

			 	
				
				  Definitions
				

			 	
				
				   
				

			 	
				
				  3
				

			 
	
				
				  Section 1.2
				

			 	
				
				  Assumptions as to Pledged
				  Obligations
				

			 	
				
				   
				

			 	
				
				  81
				

			 
	
				
				  Section 1.3
				

			 	
				
				  Interest Calculation
				  Convention
				

			 	
				
				   
				

			 	
				
				  83
				

			 
	
				
				  Section 1.4
				

			 	
				
				  Rounding Convention
				

			 	
				
				   
				

			 	
				
				  83
				

			 
	
				
				  Section 1.5
				

			 	
				
				  Minimum Weighted Average
				  Spread
				

			 	
				
				   
				

			 	
				
				  83
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  ARTICLE 2
 

				  THE NOTES
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  Section 2.1
				

			 	
				
				  Forms Generally
				

			 	
				
				   
				

			 	
				
				  84
				

			 
	
				
				  Section 2.2
				

			 	
				
				  Forms of Notes and Certificate of
				  Authentication
				

			 	
				
				   
				

			 	
				
				  84
				

			 
	
				
				  Section 2.3
				

			 	
				
				  Authorized Amount; Stated Maturity;
				  and Denominations
				

			 	
				
				   
				

			 	
				
				  85
				

			 
	
				
				  Section 2.4
				

			 	
				
				  Execution, Authentication, Delivery
				  and Dating
				

			 	
				
				   
				

			 	
				
				  86
				

			 
	
				
				  Section 2.5
				

			 	
				
				  Registration, Registration of
				  Transfer and Exchange
				

			 	
				
				   
				

			 	
				
				  87
				

			 
	
				
				  Section 2.6
				

			 	
				
				  Mutilated, Defaced, Destroyed, Lost
				  or Stolen Note
				

			 	
				
				   
				

			 	
				
				  95
				

			 
	
				
				  Section 2.7
				

			 	
				
				  Payment of Principal and Interest
				  and Other Amounts; Principal and Interest Rights Preserved
				

			 	
				
				   
				

			 	
				
				  96
				

			 
	
				
				  Section 2.8
				

			 	
				
				  Persons Deemed Owners
				

			 	
				
				   
				

			 	
				
				  109
				

			 
	
				
				  Section 2.9
				

			 	
				
				  Cancellation
				

			 	
				
				   
				

			 	
				
				  109
				

			 
	
				
				  Section 2.10
				

			 	
				
				  Global Securities; Temporary
				  Notes
				

			 	
				
				   
				

			 	
				
				  109
				

			 
	
				
				  Section 2.11
				

			 	
				
				  U.S. Tax Treatment of Notes
				

			 	
				
				   
				

			 	
				
				  111
				

			 
	
				
				  Section 2.12
				

			 	
				
				  No Gross-Up
				

			 	
				
				   
				

			 	
				
				  112
				

			 
	
				
				  Section 2.13
				

			 	
				
				  Authenticating Agents
				

			 	
				
				   
				

			 	
				
				  112
				

			 
	
				
				  Section 2.14
				

			 	
				
				  Forced Sale on Failure to Comply
				  with Restrictions
				

			 	
				
				   
				

			 	
				
				  112
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  ARTICLE 3
 

				  CONDITIONS PRECEDENT; PLEDGED OBLIGATIONS
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  Section 3.1
				

			 	
				
				  General Provisions
				

			 	
				
				   
				

			 	
				
				  114
				

			 
	
				
				  Section 3.2
				

			 	
				
				  Security for Notes
				

			 	
				
				   
				

			 	
				
				  116
				

			 
	
				
				  Section 3.3
				

			 	
				
				  Transfer of Pledged
				  Obligations
				

			 	
				
				   
				

			 	
				
				  118
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		-i-
	 

	 
		 
	 

	 
	 

	 

	 
		 
	 

	 
			
				
				  ARTICLE 4
 

				  SATISFACTION AND DISCHARGE
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  Section 4.1
				

			 	
				
				  Satisfaction and Discharge of
				  Indenture
				

			 	
				
				   
				

			 	
				
				  125
				

			 
	
				
				  Section 4.2
				

			 	
				
				  Application of Trust Money
				

			 	
				
				   
				

			 	
				
				  126
				

			 
	
				
				  Section 4.3
				

			 	
				
				  Repayment of Monies Held by Paying
				  Agent
				

			 	
				
				   
				

			 	
				
				  126
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  ARTICLE 5
 

				  REMEDIES
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  Section 5.1
				

			 	
				
				  Events of Default
				

			 	
				
				   
				

			 	
				
				  127
				

			 
	
				
				  Section 5.2
				

			 	
				
				  Acceleration of Maturity; Rescission
				  and Annulment
				

			 	
				
				   
				

			 	
				
				  129
				

			 
	
				
				  Section 5.3
				

			 	
				
				  Collection of Indebtedness and Suits
				  for Enforcement by Trustee
				

			 	
				
				   
				

			 	
				
				  132
				

			 
	
				
				  Section 5.4
				

			 	
				
				  Remedies
				

			 	
				
				   
				

			 	
				
				  135
				

			 
	
				
				  Section 5.5
				

			 	
				
				  Preservation of Assets
				

			 	
				
				   
				

			 	
				
				  137
				

			 
	
				
				  Section 5.6
				

			 	
				
				  Trustee May Enforce Claims Without
				  Possession of Notes
				

			 	
				
				   
				

			 	
				
				  138
				

			 
	
				
				  Section 5.7
				

			 	
				
				  Application of Money
				  Collected
				

			 	
				
				   
				

			 	
				
				  138
				

			 
	
				
				  Section 5.8
				

			 	
				
				  Limitation on Suits
				

			 	
				
				   
				

			 	
				
				  139
				

			 
	
				
				  Section 5.9
				

			 	
				
				  Unconditional Rights of Noteholders
				  to Receive Principal and Interest
				

			 	
				
				   
				

			 	
				
				  139
				

			 
	
				
				  Section 5.10
				

			 	
				
				  Restoration of Rights and
				  Remedies
				

			 	
				
				   
				

			 	
				
				  140
				

			 
	
				
				  Section 5.11
				

			 	
				
				  Rights and Remedies
				  Cumulative
				

			 	
				
				   
				

			 	
				
				  140
				

			 
	
				
				  Section 5.12
				

			 	
				
				  Delay or Omission Not Waiver
				

			 	
				
				   
				

			 	
				
				  140
				

			 
	
				
				  Section 5.13
				

			 	
				
				  Control by the Controlling
				  Class
				

			 	
				
				   
				

			 	
				
				  140
				

			 
	
				
				  Section 5.14
				

			 	
				
				  Waiver of Past Defaults
				

			 	
				
				   
				

			 	
				
				  141
				

			 
	
				
				  Section 5.15
				

			 	
				
				  Undertaking for Costs
				

			 	
				
				   
				

			 	
				
				  141
				

			 
	
				
				  Section 5.16
				

			 	
				
				  Waiver of Stay or Extension
				  Laws
				

			 	
				
				   
				

			 	
				
				  142
				

			 
	
				
				  Section 5.17
				

			 	
				
				  Sale of Assets
				

			 	
				
				   
				

			 	
				
				  142
				

			 
	
				
				  Section 5.18
				

			 	
				
				  Action on the Notes
				

			 	
				
				   
				

			 	
				
				  143
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  ARTICLE 6
 

				  THE TRUSTEE
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  Section 6.1
				

			 	
				
				  Certain Duties and
				  Responsibilities
				

			 	
				
				   
				

			 	
				
				  144
				

			 
	
				
				  Section 6.2
				

			 	
				
				  Notice of Default
				

			 	
				
				   
				

			 	
				
				  146
				

			 
	
				
				  Section 6.3
				

			 	
				
				  Certain Rights of Trustee
				

			 	
				
				   
				

			 	
				
				  147
				

			 
	
				
				  Section 6.4
				

			 	
				
				  Not Responsible for Recitals or
				  Issuance of Notes
				

			 	
				
				   
				

			 	
				
				  148
				

			 
	
				
				  Section 6.5
				

			 	
				
				  May Hold Notes
				

			 	
				
				   
				

			 	
				
				  148
				

			 
	
				
				  Section 6.6
				

			 	
				
				  Money Held in Trust
				

			 	
				
				   
				

			 	
				
				  148
				

			 
	
				
				  Section 6.7
				

			 	
				
				  Compensation and
				  Reimbursement
				

			 	
				
				   
				

			 	
				
				  149
				

			 
	
				
				  Section 6.8
				

			 	
				
				  Corporate Trustee Required;
				  Eligibility
				

			 	
				
				   
				

			 	
				
				  150
				

			 
	
				
				  Section 6.9
				

			 	
				
				  Resignation and Removal; Appointment
				  of Successor
				

			 	
				
				   
				

			 	
				
				  151
				

			 
	
				
				  Section 6.10
				

			 	
				
				  Acceptance of Appointment by
				  Successor
				

			 	
				
				   
				

			 	
				
				  152
				

			 
	
				
				  Section 6.11
				

			 	
				
				  Merger, Conversion, Consolidation or
				  Succession to Business of Trustee
				

			 	
				
				   
				

			 	
				
				  153
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		-ii-
	 

	 
		 
	 

	 
	 

	 

	 
		 
	 

	 
			
				
				  Section 6.12
				

			 	
				
				  Co-Trustees and Separate
				  Trustee
				

			 	
				
				   
				

			 	
				
				  153
				

			 
	
				
				  Section 6.13
				

			 	
				
				  Certain Duties of Trustee Related to
				  Delayed Payment of Proceeds
				

			 	
				
				   
				

			 	
				
				  154
				

			 
	
				
				  Section 6.14
				

			 	
				
				  Withholding
				

			 	
				
				   
				

			 	
				
				  155
				

			 
	
				
				  Section 6.15
				

			 	
				
				  Representations and Warranties of
				  the Trustee
				

			 	
				
				   
				

			 	
				
				  155
				

			 
	
				
				  Section 6.16
				

			 	
				
				  Requests for Consents
				

			 	
				
				   
				

			 	
				
				  156
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  ARTICLE 7
 

				  COVENANTS
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  Section 7.1
				

			 	
				
				  Payment of Principal and
				  Interest
				

			 	
				
				   
				

			 	
				
				  157
				

			 
	
				
				  Section 7.2
				

			 	
				
				  Maintenance of Office or
				  Agency
				

			 	
				
				   
				

			 	
				
				  157
				

			 
	
				
				  Section 7.3
				

			 	
				
				  Money for Note Payments to be Held
				  in Trust
				

			 	
				
				   
				

			 	
				
				  158
				

			 
	
				
				  Section 7.4
				

			 	
				
				  Existence of the Issuer and
				  Co-Issuer
				

			 	
				
				   
				

			 	
				
				  160
				

			 
	
				
				  Section 7.5
				

			 	
				
				  Protection of Assets
				

			 	
				
				   
				

			 	
				
				  161
				

			 
	
				
				  Section 7.6
				

			 	
				
				  Notice of Any Amendments
				

			 	
				
				   
				

			 	
				
				  163
				

			 
	
				
				  Section 7.7
				

			 	
				
				  Performance of Obligations
				

			 	
				
				   
				

			 	
				
				  163
				

			 
	
				
				  Section 7.8
				

			 	
				
				  Negative Covenants
				

			 	
				
				   
				

			 	
				
				  163
				

			 
	
				
				  Section 7.9
				

			 	
				
				  Statement as to Compliance
				

			 	
				
				   
				

			 	
				
				  165
				

			 
	
				
				  Section 7.10
				

			 	
				
				  Issuer and Co-Issuer May Consolidate
				  or Merge Only on Certain Terms
				

			 	
				
				   
				

			 	
				
				  166
				

			 
	
				
				  Section 7.11
				

			 	
				
				  Successor Substituted
				

			 	
				
				   
				

			 	
				
				  169
				

			 
	
				
				  Section 7.12
				

			 	
				
				  No Other Business
				

			 	
				
				   
				

			 	
				
				  169
				

			 
	
				
				  Section 7.13
				

			 	
				
				  Reporting
				

			 	
				
				   
				

			 	
				
				  170
				

			 
	
				
				  Section 7.14
				

			 	
				
				  Calculation Agent
				

			 	
				
				   
				

			 	
				
				  170
				

			 
	
				
				  Section 7.15
				

			 	
				
				  Certain Tax Matters
				

			 	
				
				   
				

			 	
				
				  171
				

			 
	
				
				  Section 7.16
				

			 	
				
				  Maintenance of Listing
				

			 	
				
				   
				

			 	
				
				  171
				

			 
	
				
				  Section 7.17
				

			 	
				
				  Purchase of Assets
				

			 	
				
				   
				

			 	
				
				  172
				

			 
	
				
				  Section 7.18
				

			 	
				
				  Effective Date Actions
				

			 	
				
				   
				

			 	
				
				  172
				

			 
	
				
				  Section 7.19
				

			 	
				
				  Relationship With Affiliates
				

			 	
				
				   
				

			 	
				
				  173
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  ARTICLE 8
 

				  SUPPLEMENTAL INDENTURES
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  Section 8.1
				

			 	
				
				  Supplemental Indentures Without
				  Consent of Securityholders
				

			 	
				
				   
				

			 	
				
				  174
				

			 
	
				
				  Section 8.2
				

			 	
				
				  Supplemental Indentures with Consent
				  of Securityholders
				

			 	
				
				   
				

			 	
				
				  176
				

			 
	
				
				  Section 8.3
				

			 	
				
				  Execution of Supplemental
				  Indentures
				

			 	
				
				   
				

			 	
				
				  178
				

			 
	
				
				  Section 8.4
				

			 	
				
				  Effect of Supplemental
				  Indentures
				

			 	
				
				   
				

			 	
				
				  179
				

			 
	
				
				  Section 8.5
				

			 	
				
				  Reference in Notes to Supplemental
				  Indentures
				

			 	
				
				   
				

			 	
				
				  179
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  ARTICLE 9
 

				  REDEMPTION OF SECURITIES; REDEMPTION
				  PROCEDURES
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  Section 9.1
				

			 	
				
				  Clean-up Call; Tax Redemption and
				  Optional Redemption
				

			 	
				
				   
				

			 	
				
				  180
				

			 
	
				
				  Section 9.2
				

			 	
				
				  Auction Call Redemption
				

			 	
				
				   
				

			 	
				
				  182
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		-iii-
	 

	 
		 
	 

	 
	 

	 

	 
		 
	 

	 
			
				
				  Section 9.3
				

			 	
				
				  Notice of Redemption
				

			 	
				
				   
				

			 	
				
				  183
				

			 
	
				
				  Section 9.4
				

			 	
				
				  Notice of Redemption or Maturity by
				  the Issuer
				

			 	
				
				   
				

			 	
				
				  183
				

			 
	
				
				  Section 9.5
				

			 	
				
				  Notes Payable on Redemption
				  Date
				

			 	
				
				   
				

			 	
				
				  184
				

			 
	
				
				  Section 9.6
				

			 	
				
				  Mandatory Redemption
				

			 	
				
				   
				

			 	
				
				  184
				

			 
	
				
				  Section 9.7
				

			 	
				
				  Special Amortization
				

			 	
				
				   
				

			 	
				
				  185
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  ARTICLE 10
 

				  ACCOUNTS, ACCOUNTINGS AND RELEASES
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  Section 10.1
				

			 	
				
				  Collection of Money; Custodial
				  Account
				

			 	
				
				   
				

			 	
				
				  186
				

			 
	
				
				  Section 10.2
				

			 	
				
				  Collection Accounts
				

			 	
				
				   
				

			 	
				
				  186
				

			 
	
				
				  Section 10.3
				

			 	
				
				  Payment Account
				

			 	
				
				   
				

			 	
				
				  188
				

			 
	
				
				  Section 10.4
				

			 	
				
				  Unused Proceeds Account
				

			 	
				
				   
				

			 	
				
				  189
				

			 
	
				
				  Section 10.5
				

			 	
				
				  Future Funding Obligations
				  Account
				

			 	
				
				   
				

			 	
				
				  191
				

			 
	
				
				  Section 10.6
				

			 	
				
				  Expense Account
				

			 	
				
				   
				

			 	
				
				  192
				

			 
	
				
				  Section 10.6A
				

			 	
				
				  Defeased Collateral Account
				

			 	
				
				   
				

			 	
				
				  193
				

			 
	
				
				  Section 10.6B
				

			 	
				
				  Liquidity Reserve Account
				

			 	
				
				   
				

			 	
				
				  194
				

			 
	
				
				  Section 10.6C
				

			 	
				
				  Liquidity Reserve Account
				

			 	
				
				   
				

			 	
				
				  194
				

			 
	
				
				  Section 10.6D
				

			 	
				
				  Synthetic Security Counterparty
				  Account; Synthetic Security Issuer Account
				

			 	
				
				   
				

			 	
				
				  195
				

			 
	
				
				  Section 10.7
				

			 	
				
				  Interest Advances
				

			 	
				
				   
				

			 	
				
				  197
				

			 
	
				
				  Section 10.8
				

			 	
				
				  Reports by Parties
				

			 	
				
				   
				

			 	
				
				  201
				

			 
	
				
				  Section 10.9
				

			 	
				
				  Reports; Accountings
				

			 	
				
				   
				

			 	
				
				  202
				

			 
	
				
				  Section 10.10
				

			 	
				
				  Release of Pledged Collateral Debt
				  Securities; Release of Assets
				

			 	
				
				   
				

			 	
				
				  211
				

			 
	
				
				  Section 10.11
				

			 	
				
				  Reports by Independent
				  Accountants
				

			 	
				
				   
				

			 	
				
				  212
				

			 
	
				
				  Section 10.12
				

			 	
				
				  Reports to Rating Agencies
				

			 	
				
				   
				

			 	
				
				  213
				

			 
	
				
				  Section 10.13
				

			 	
				
				  United States Federal Income Tax
				  Reporting
				

			 	
				
				   
				

			 	
				
				  214
				

			 
	
				
				  Section 10.14
				

			 	
				
				  Certain Procedures
				

			 	
				
				   
				

			 	
				
				  214
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  ARTICLE 11
 

				  APPLICATION OF MONIES
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  Section 11.1
				

			 	
				
				  Disbursements of Monies from Payment
				  Account
				

			 	
				
				   
				

			 	
				
				  216
				

			 
	
				
				  Section 11.2
				

			 	
				
				  Trust Accounts
				

			 	
				
				   
				

			 	
				
				  228
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  ARTICLE 12
 

				  SALE OF COLLATERAL DEBT SECURITIES
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  Section 12.1
				

			 	
				
				  Sales of Collateral Debt
				  Securities
				

			 	
				
				   
				

			 	
				
				  229
				

			 
	
				
				  Section 12.2
				

			 	
				
				  Reinvestment Criteria, Ramp-Up
				  Criteria and Trading Restrictions
				

			 	
				
				   
				

			 	
				
				  232
				

			 
	
				
				  Section 12.3
				

			 	
				
				  Conditions Applicable to all
				  Transactions Involving Sale or Grant
				

			 	
				
				   
				

			 	
				
				  234
				

			 
	
				
				  Section 12.4
				

			 	
				
				  Sale of Collateral Debt Securities
				  with respect to an Auction Call Redemption
				

			 	
				
				   
				

			 	
				
				  235
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		-iv-
	 

	 
		 
	 

	 
	 

	 

	 
		 
	 

	 
			
				
				  Section 12.5
				

			 	
				
				  Modifications to Collateral Quality
				  Tests or Coverage Tests
				

			 	
				
				   
				

			 	
				
				  238
				

			 
	
				
				  Section 12.6
				

			 	
				
				  Synthetic Securities
				

			 	
				
				   
				

			 	
				
				  238
				

			 
	
				
				  Section 12.7
				

			 	
				
				  Intercreditor Agreement
				

			 	
				
				   
				

			 	
				
				  240
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  ARTICLE 13
 

				  NOTEHOLDERS’ RELATIONS
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  Section 13.1
				

			 	
				
				  Subordination
				

			 	
				
				   
				

			 	
				
				  241
				

			 
	
				
				  Section 13.2
				

			 	
				
				  Standard of Conduct
				

			 	
				
				   
				

			 	
				
				  246
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  ARTICLE 14
 

				  MISCELLANEOUS
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  Section 14.1
				

			 	
				
				  Form of Documents Delivered to the
				  Trustee
				

			 	
				
				   
				

			 	
				
				  247
				

			 
	
				
				  Section 14.2
				

			 	
				
				  Acts of Securityholders
				

			 	
				
				   
				

			 	
				
				  247
				

			 
	
				
				  Section 14.3
				

			 	
				
				  Notices, etc., to the Trustee, the
				  Issuer, the Co-Issuer, the Collateral Manager, the Initial Purchasers, each
				  Hedge Counterparty and each Rating Agency
				

			 	
				
				   
				

			 	
				
				  248
				

			 
	
				
				  Section 14.4
				

			 	
				
				  Notices to Noteholders;
				  Waiver
				

			 	
				
				   
				

			 	
				
				  250
				

			 
	
				
				  Section 14.5
				

			 	
				
				  Effect of Headings and Table of
				  Contents
				

			 	
				
				   
				

			 	
				
				  251
				

			 
	
				
				  Section 14.6
				

			 	
				
				  Successors and Assigns
				

			 	
				
				   
				

			 	
				
				  251
				

			 
	
				
				  Section 14.7
				

			 	
				
				  Severability
				

			 	
				
				   
				

			 	
				
				  251
				

			 
	
				
				  Section 14.8
				

			 	
				
				  Benefits of Indenture
				

			 	
				
				   
				

			 	
				
				  251
				

			 
	
				
				  Section 14.9
				

			 	
				
				  Governing Law
				

			 	
				
				   
				

			 	
				
				  252
				

			 
	
				
				  Section 14.10
				

			 	
				
				  Submission to Jurisdiction
				

			 	
				
				   
				

			 	
				
				  252
				

			 
	
				
				  Section 14.11
				

			 	
				
				  Counterparts
				

			 	
				
				   
				

			 	
				
				  252
				

			 
	
				
				  Section 14.12
				

			 	
				
				  Liability of Co-Issuers
				

			 	
				
				   
				

			 	
				
				  252
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  ARTICLE 15
 

				  ASSIGNMENT OF COLLATERAL DEBT SECURITIES TRANSFER
				  AGREEMENTS AND COLLATERAL MANAGEMENT AGREEMENT
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  Section 15.1
				

			 	
				
				  Assignment of Collateral Debt
				  Securities Transfer Agreement and the Collateral Management Agreements
				

			 	
				
				   
				

			 	
				
				  253
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  ARTICLE 16
 

				  HEDGE AGREEMENT; CURE RIGHTS; PURCHASE RIGHTS;
				  SUBSEQUENT COLLATERAL DEBT SECURITIES; PROVISIONS RELATED TO SERIES
				  TRUSTS
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  Section 16.1
				

			 	
				
				  Issuer’s Obligations under
				  Hedge Agreement
				

			 	
				
				   
				

			 	
				
				  256
				

			 
	
				
				  Section 16.2
				

			 	
				
				  Collateral Debt Securities Transfer
				  Agreements
				

			 	
				
				   
				

			 	
				
				  260
				

			 
	
				
				  Section 16.3
				

			 	
				
				  Cure Rights
				

			 	
				
				   
				

			 	
				
				  261
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		-v-
	 

	 
		 
	 

	 
	 

	 

	 
		 
	 

	 
			
				
				  Section 16.4
				

			 	
				
				  Purchase Right; Majority Preferred
				  Shares Holder
				

			 	
				
				   
				

			 	
				
				  262
				

			 
	
				
				  Section 16.5
				

			 	
				
				  Representations and Warranties
				  Related to Subsequent Collateral Debt Securities
				

			 	
				
				   
				

			 	
				
				  263
				

			 
	
				
				  Section 16.6
				

			 	
				
				  Operating Advisor; Additional Debt;
				  Servicing Standard Override
				

			 	
				
				   
				

			 	
				
				  264
				

			 
	
				
				  Section 16.7
				

			 	
				
				  Form of Grantor Trust Agreements;
				  Collateral Debt Securities Purchase Agreement
				

			 	
				
				   
				

			 	
				
				  265
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  ARTICLE 17
 

				  ADVANCING AGENT
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  Section 17.1
				

			 	
				
				  Liability of the Advancing
				  Agent
				

			 	
				
				   
				

			 	
				
				  266
				

			 
	
				
				  Section 17.2
				

			 	
				
				  Merger or Consolidation of the
				  Advancing Agent
				

			 	
				
				   
				

			 	
				
				  266
				

			 
	
				
				  Section 17.3
				

			 	
				
				  Limitation on Liability of the
				  Advancing Agent and Others
				

			 	
				
				   
				

			 	
				
				  266
				

			 
	
				
				  Section 17.4
				

			 	
				
				  Representations and Warranties of
				  the Advancing Agent
				

			 	
				
				   
				

			 	
				
				  267
				

			 
	
				
				  Section 17.5
				

			 	
				
				  Resignation and Removal; Appointment
				  of Successor
				

			 	
				
				   
				

			 	
				
				  268
				

			 
	
				
				  Section 17.6
				

			 	
				
				  Acceptance of Appointment by
				  Successor Advancing Agent
				

			 	
				
				   
				

			 	
				
				  269
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		-vi-
	 

	 
		 
	 

	 
	 

	 

	 
		SCHEDULES
	 

	 
		 
	 

	 
			
				
				  Schedule A
				

			 	
				
				  Moody’s Loss Scenario
				  Matrix
				

			 
	
				
				  Schedule B
				

			 	
				
				  S&P Recovery Matrix
				

			 
	
				
				  Schedule C
				

			 	
				
				  S&P Non-Eligible Notching Asset
				  Types
				

			 
	
				
				  Schedule D
				

			 	
				
				  S&P Eligible Notching Asset
				  Types
				

			 
	
				
				  Schedule E
				

			 	
				
				  Collateral Debt Securities
				  Listing
				

			 
	
				
				  Schedule F
				

			 	
				
				  LIBOR
				

			 
	
				
				  Schedule G
				

			 	
				
				  List of Authorized Officers of
				  Collateral Manager
				

			 
	
				
				  Schedule H
				

			 	
				
				  Form of Representations and
				  Warranties Re: Collateral Debt Securities Consisting of Whole Loans
				

			 
	
				
				  Schedule I
				

			 	
				
				  Form of Representations and
				  Warranties Re: Collateral Debt Securities Consisting of B Notes
				

			 
	
				
				  Schedule J
				

			 	
				
				  Form of Representations and
				  Warranties Re: Collateral Debt Securities Consisting of Participations
				

			 
	
				
				  Schedule K
				

			 	
				
				  Form of Representations and
				  Warranties Re: Collateral Debt Securities Consisting of Mezzanine Loans
				

			 
	
				
				  Schedule L
				

			 	
				
				  Form of Representations and
				  Warranties Re: Collateral Debt Securities Consisting of CRE CDO Securities,
				  CMBS Securities, Rake Bonds and Asset Backed Securities
				

			 
	
				
				  Schedule M
				

			 	
				
				  Form of Representations and
				  Warranties Re: Collateral Debt Securities Consisting of Credit Tenant Lease
				  Loans
				

			 
	
				
				  Schedule N
				

			 	
				
				  Form of Representations and
				  Warranties Re: Collateral Debt Securities Consisting of Repurchase
				  Facility
				

			 
	
				
				  Schedule O
				

			 	
				
				  Form of Representations and
				  Warranties Re: Collateral Debt Securities Consisting of Real Estate Bank
				  Loans
				

			 

 

	 
		EXHIBITS
	 

	 
		 
	 

	 
			
				
				  Exhibit A
				

			 	
				
				  Form of Global Security
				

			 
	
				
				  Exhibit B
				

			 	
				
				  Form of Certificated Security

				

			 
	
				
				  Exhibit C
				

			 	
				
				  Form of Transfer Certificate for
				  (1) Transfer at the Closing to a Regulation S Global Security or
				  (2) Subsequent Transfer from a Rule 144A Global Security to a
				  Regulation S Global Security
				

			 
	
				
				  Exhibit D
				

			 	
				
				  Form of Transfer Certificate for
				  (1) Transfer at the Closing to a Rule 144A Global Security or
				  (2) Subsequent Transfer from a Regulation S Global Security to a
				  Rule 144A Global Security
				

			 
	
				
				  Exhibit E-1
				

			 	
				
				  Form of Transfer Certificate for a
				  Transfer from a Certificated Rule 144A Security to a Certificated
				  Regulation S Security
				

			 
	
				
				  Exhibit E-2
				

			 	
				
				  Form of Transfer Certificate for a
				  Transfer from a Certificated Regulation S Security to a Certificated
				  Rule 144A Security
				

			 
	
				
				  Exhibit F
				

			 	
				
				  Form of Trust Receipt
				

			 
	
				
				  Exhibit G
				

			 	
				
				  Form of Request for Release of
				  Documents and Receipt
				

			 
	
				
				  Exhibit H
				

			 	
				
				  Form of Information Request from
				  Beneficial Owners of Notes
				

			 
	
				
				  Exhibit I
				

			 	
				
				  Rating Agency Pool Contribution
				  Analysis
				

			 
	
				
				  Exhibit J
				

			 	
				
				  Form of Investor Representation
				  Letter
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		-vii-
	 

	 
		 
	 

	 
	 

	 

	 
		 
	 

	 
			
				
				  Exhibit K
				

			 	
				
				  Form of Form-Approved Synthetic
				  Security
				

			 
	
				
				  Exhibit L-1
				

			 	
				
				  Form of Initial Certification

				

			 
	
				
				  Exhibit L-2
				

			 	
				
				  Form of Final Certification
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		-viii-
	 

	 
		 
	 

	 
	 

	 

	 
		INDENTURE, dated as of May 18, 2006, by and
		among Marathon Real Estate CDO 2006-1, Ltd., a Cayman Islands exempted company
		with limited liability (the “Issuer”), Marathon Real Estate
		CDO 2006-1, LLC, a limited liability company formed under the laws of Delaware
		(the “Co-Issuer”), LaSalle Bank National Association, a
		national banking association, as trustee, paying agent, calculation agent,
		transfer agent, custodial securities intermediary, backup advancing agent and
		notes registrar (herein, together with its permitted successors and assigns in
		the trusts hereunder, the “Trustee”) and Marathon Structured
		Finance Fund, L.P., a Delaware limited partnership, as advancing agent (herein,
		together with its permitted successors and assigns in the trusts hereunder, the
		“Advancing Agent”).
	 

	 
		PRELIMINARY STATEMENT
	 

	 
		Each of the Issuer and the Co-Issuer is duly
		authorized to execute and deliver this Indenture to provide for the Notes
		issuable as provided in this Indenture. All covenants and agreements made by
		the Issuer and Co-Issuer herein are for the benefit and security of the Secured
		Parties. The Issuer, the Co-Issuer, LaSalle Bank National Association, in its
		capacity other than as Trustee, and the Advancing Agent are entering into this
		Indenture, and the Trustee is accepting the trusts created hereby, for good and
		valuable consideration, the receipt and sufficiency of which are hereby
		acknowledged.
	 

	 
		All things necessary to make this Indenture
		a valid agreement of the Issuer and Co-Issuer in accordance with this
		Indenture’s terms have been done.
	 

	 
		GRANTING CLAUSES
	 

	 
		The Issuer hereby Grants to the Trustee, for
		the benefit and security of the Secured Parties, all of its right, title and
		interest in, to and under, in each case, whether now owned or existing, or
		hereafter acquired or arising (other than Excepted Assets), (a) the
		Collateral Debt Securities listed in the Schedule of Closing Date Collateral
		Debt Securities which the Issuer purchases on the Closing Date and causes to be
		delivered to the Trustee (directly or through an agent or bailee) herewith, all
		payments thereon or with respect thereto and all Collateral Debt Securities
		which are delivered to the Trustee (directly or through an agent or bailee)
		after the Closing Date pursuant to the terms hereof (including the Collateral
		Debt Securities listed, as of the Effective Date, on the Schedule of Closing
		Date Collateral Debt Securities delivered by the Issuer pursuant to
		Section 7.17) and all payments thereon or with respect thereto,
		(b) the rights of the Issuer under each Hedge Agreement, (c) the
		Payment Account, the Interest Collection Account, the Principal Collection
		Account, the Expense Account, the Unused Proceeds Account, the Future Funding
		Obligations Account, the Custodial Account, the Defeased Collateral Account,
		the Liquidity Reserve Account, the Interest Reserve Account, each Hedge
		Collateral Account, each Hedge Termination Account and all Eligible Investments
		purchased with funds on deposit therein, the Custodial Account and all related
		security entitlements and all income from the investment of funds in any of the
		foregoing, (d) the rights of the Issuer under each Collateral Debt
		Securities Transfer Agreement (including any Collateral Debt Securities
		Transfer Agreement entered into after the Closing Date), the Collateral
		Management Agreement, the CDO Servicing Agreement and any other primary or
		special servicing agreement, the Master Trust Agreement, the Series Trust
		Agreement and the Series 
	 

	 
		 
	 

	 
	 

	 

	 
		Trust Interests, (e) all Cash or Money
		delivered to the Trustee (or its bailee) in respect of the Notes or the Assets,
		(f) all other investment property, accounts, instruments and general
		intangibles in which the Issuer has an interest, other than the Excepted Assets
		and (g) the beneficial interest of the Issuer in the trusts created
		pursuant to the Master Trust Agreement (h) all proceeds with respect to the
		foregoing clauses (a)-(g). The collateral described in the foregoing
		clauses (a)-(g) is referred to as the “Assets.” For the
		avoidance of doubt, the Assets do not include the Excepted Assets. Such Grants
		are made, however, in trust, to secure the Notes and each Hedge Agreement,
		subject to the Priority of Payments, equally and ratably without prejudice,
		priority or distinction between any Note and any other Note by reason of
		difference in time of issuance or otherwise, except as expressly provided in
		this Indenture, and to secure (i) the payment of all amounts due on and in
		respect of the Notes and each Hedge Agreement in accordance with their terms,
		(ii) the payment of all other sums payable under this Indenture and
		(iii) compliance with the provisions of this Indenture, all as provided in
		this Indenture. The foregoing Grant shall, for the purpose of determining the
		property subject to the lien of this Indenture (but not for the purpose of
		determining compliance with any of the Coverage Tests or compliance by the
		Issuer with any of the other provisions hereof), be deemed to include any
		securities and any investments granted by or on behalf of the Issuer to the
		Trustee for the benefit of the Noteholders and each Hedge Counterparty, whether
		or not such securities or such investments satisfy the criteria set forth in
		the definitions of “Collateral Debt Security” or “Eligible
		Investment,” as the case may be.
	 

	 
		Except to the extent otherwise provided in
		this Indenture, this Indenture shall constitute a security agreement under the
		laws of the State of New York applicable to agreements made and to be performed
		therein, for the benefit of the Noteholders and each Hedge Counterparty. Upon
		the occurrence and during the continuation of any Event of Default hereunder,
		and in addition to any other rights available under this Indenture or any other
		Assets held for the benefit and security of the Noteholders and each Hedge
		Counterparty or otherwise available at law or in equity but subject to the
		terms hereof, the Trustee shall have all rights and remedies of a secured party
		on default under the laws of the State of New York and other applicable law to
		enforce the assignments and security interests contained herein and, in
		addition, shall have the right, subject to compliance with any mandatory
		requirements of applicable law and the terms of this Indenture, to sell or
		apply any rights and other interests assigned or pledged hereby in accordance
		with the terms hereof at public and private sale.
	 

	 
		The Trustee acknowledges such Grants,
		accepts the trusts hereunder in accordance with the provisions hereof, and
		agrees to perform the duties herein in accordance with, and subject to, the
		terms hereof, in order that the interests of the Secured Parties may be
		adequately and effectively protected in accordance with this Indenture.
	 

	 
		 
	 

	 
		 
	 

	 
		-2-
	 

	 
		 
	 

	 
	 

	 

	 
		ARTICLE 1
	 

	 
		 
	 

	 
		DEFINITIONS
	 

	 
		Section 1.1 Definitions. 
	 

	 
		Except as otherwise specified herein or as
		the context may otherwise require, the following terms have the respective
		meanings set forth below for all purposes of this Indenture, and the
		definitions of such terms are equally applicable both to the singular and
		plural forms of such terms and to the masculine, feminine and neuter genders of
		such terms. The word “including” and its variations shall mean
		“including without limitation.” Whenever any reference is made to an
		amount the determination of which is governed by Section 1.2, the provisions of Section 1.2
		shall be applicable to such determination or calculation, whether or not
		reference is specifically made to Section 1.2, unless some other method of calculation or
		determination is expressly specified in the particular provision. All
		references in this Indenture to designated “Articles,”
		“Sections,” “Subsections” and other subdivisions are to the
		designated Articles, Sections, Subsections and other subdivisions of this
		Indenture as originally executed. The words “herein,”
		“hereof,” “hereunder” and other words of similar import
		refer to this Indenture as a whole and not to any particular Article, Section,
		Subsection or other subdivision.
	 

	 
		“10% Limit”: The meaning
		specified in Section 12.1(b) hereof.
	 

	 
		“A Note”: A promissory note
		secured by a mortgage on commercial real estate property that is not
		subordinate in right of payment to any separate promissory note secured by a
		direct or beneficial interest in the same property.
	 

	 
		“Above Cap Security”: Any
		Collateral Debt Security that initially bore interest based upon a floating
		rate index subject to a cap (which, if exceeded, would cause such Collateral
		Debt Security to bear interest at a fixed rate) and which currently bears
		interest at a fixed rate as a result of such cap being exceeded, but only for
		so long as such cap is exceeded.
	 

	 
		“Account”: Any of the
		Interest Collection Account, the Principal Collection Account, the Unused
		Proceeds Account, the Future Funding Obligations Account, the Payment Account,
		the Expense Account, the Custodial Account, each Hedge Termination Account, the
		Preferred Shares Distribution Account, the Defeased Collateral Account, the
		Liquidity Reserve Account, the Interest Reserve Account, and each Hedge
		Collateral Account, the Synthetic Security Issuer Account, the Synthetic
		Security Counterparty Account, and any subaccount thereof that the Trustee
		deems necessary or appropriate.
	 

	 
		“Accountants’ Report”:
		A report of a firm of Independent certified public accountants of recognized
		national reputation appointed by the Issuer pursuant to Section 10.11(a), which may be the firm of independent accountants that
		reviews or performs procedures with respect to the financial reports prepared
		by the Issuer or the Collateral Manager.
	 

	 
		“Accounts Receivable”: The
		meaning specified in Section 3.3(a)(vi) hereof.
	 

	 
		 
	 

	 
		 
	 

	 
		-3-
	 

	 
		 
	 

	 
	 

	 

	 
		“Act” or “Act of
		Securityholders”: The meaning specified in Section 14.2 hereof.
	 

	 
		“Advancing Agent”: Marathon
		Structured Finance Fund, L.P., unless a successor Person shall have become the
		Advancing Agent pursuant to the applicable provisions of this Indenture, and
		thereafter “Advancing Agent” shall mean such successor Person.

	 

	 
		“Advancing Agent Fee”: The
		fee payable monthly in arrears on each Payment Date to the Advancing Agent in
		accordance with the Priority of Payments, equal to 0.02% per
		annum on the Aggregate Outstanding Amount of the Class A
		Notes and the Class B Notes on such Payment Date prior to giving effect to
		distributions with respect to such Payment Date. For so long as Marathon
		Structured Finance Fund, L.P. is the Advancing Agent, such fee shall also serve
		as consideration for any Cure Advances made by the Advancing Agent.
	 

	 
		“Advisers Act”: The
		Investment Advisers Act of 1940, as amended.
	 

	 
		“Advisory Committee”: The
		meaning specified in the Collateral Management Agreement.
	 

	 
		“Affiliate” or
		“Affiliated”: With respect to a Person, (i) any other
		Person who, directly or indirectly, is in control of, or controlled by, or is
		under common control with, such Person or (ii) any other Person who is a
		director, Officer or employee (a) of such Person, (b) of any
		subsidiary or parent company of such Person or (c) of any Person described
		in clause (i) above. For the purposes of this definition, control of a
		Person shall mean the power, direct or indirect, (i) to vote more than 50%
		of the securities having ordinary voting power for the election of directors of
		such Person, or (ii) to direct or cause the direction of the management
		and policies of such Person whether by contract or otherwise; provided that
		(x) neither the Company Administrator nor any other company, corporation
		or person to which the Company Administrator provides directors and/or acts as
		share trustee shall be an Affiliate of the Issuer or Co-Issuer and
		(y) neither the Collateral Manager, the Depositor, the Sellers, other
		accounts or funds managed by the Collateral Manager nor any of their respective
		subsidiaries shall be deemed to be Affiliates of the Issuer.
	 

	 
		“Agent Members”: Members
		of, or participants in, the Depository, Clearstream, Luxembourg or
		Euroclear.
	 

	 
		“Aggregate Collateral
		Balance”: The Aggregate Principal Balance of (i) Collateral Debt
		Securities, (ii) Eligible Investments purchased with Principal Proceeds
		and (iii) Eligible Investments purchased with monies on deposit in the
		Unused Proceeds Account that have not been designated as Interest Proceeds by
		the Collateral Manager with respect to the Effective Date.
	 

	 
		“Aggregate Outstanding
		Amount”: With respect to any Class or Classes of Notes, the aggregate
		principal balance (excluding any Class C Deferred Interest, Class D
		Deferred Interest, Class E Deferred Interest, Class F Deferred
		Interest, Class G Deferred Interest, Class H Deferred Interest,
		Class J Deferred Interest and Class K Deferred Interest, as the case
		may be) of such Class or Classes Outstanding at the date of
		determination.
	 

	 
		 
	 

	 
		 
	 

	 
		-4-
	 

	 
		 
	 

	 
	 

	 

	 
		“Aggregate Principal
		Balance”: When used with respect to any Pledged Collateral Debt
		Securities as of any date of determination, the sum of the Principal Balances
		on such date of determination of all such Pledged Collateral Debt
		Securities.
	 

	 
		“Applicable Recovery Rate”:
		The lowest of the Moody’s Recovery Rate, the Fitch Applicable Recovery
		Rate and the S&P Recovery Rate, as applicable; provided that
		the Applicable Recovery Rate for any Collateral Debt Security with respect to
		which substitute or additional collateral (in the form of Cash or Eligible
		Investments) in an amount at least equal to the sum of the principal amount of
		such Collateral Debt Security and the aggregate of all remaining interest
		payments thereon through the earliest permissible prepayment date has been
		delivered by the related obligor (by defeasance or otherwise) will be
		100%.
	 

	 
		“ARD Loan”: A Loan with an
		anticipated repayment date, after which (if not repaid in full by such
		anticipated repayment date) the loan provides for changes in payments and
		accrual of interest.
	 

	 
		“Article 15
		Agreement”: The meaning specified in Section 15.1(a) hereof.
	 

	 
		“Asset Backed Security”:
		Any obligation or security, including a CDO security but excluding CMBS
		Securities, CRE CDO Securities and Synthetic Securities, the payment or
		repayment of which is based primarily upon the collection of payments from a
		specified pool of financial assets, either fixed or revolving, that by their
		terms convert into cash within a finite time period, together with any rights
		or other assets designed to assure the servicing or timely distribution of
		proceeds to security holders, including, in any event, any project finance
		security, any asset-backed security and any future flow security. 
	 

	 
		“Asset Quality Matrix”: The
		applicable matrix set forth below.
	 

	 
		 
	 

	 
			
				
				   
				

			 	 	
				
				  Minimum Weighted Average
				  Spread
				

			 	 	
				
				  Moody’s Maximum Tranched
				  Rating Factor
				

			 	 	
				
				  Fitch Poolwide Expected
				  Loss
				

			 
	
				
				  1.
				

			 	 	
				
				  1.80%
				

			 	 	
				
				  3400
				

			 	 	
				
				  38.75%
				

			 
	
				
				  2.
				

			 	 	
				
				  2.40%
				

			 	 	
				
				  3650
				

			 	 	
				
				  41.80%
				

			 
	
				
				  3.
				

			 	 	
				
				  3.00%
				

			 	 	
				
				  3900
				

			 	 	
				
				  44.25%
				

			 
	
				
				  4.
				

			 	 	
				
				  3.95%
				

			 	 	
				
				  4150
				

			 	 	
				
				  47.75%
				

			 
	
				
				  5.
				

			 	 	
				
				  4.90%
				

			 	 	
				
				  4400
				

			 	 	
				
				  51.05%
				

			 

 

	 
		“Asset Specific Hedge”: Any
		agreement, in the form of an interest rate exchange agreement, between the
		Issuer and a Hedge Counterparty that is entered into by the Issuer in
		connection with the purchase or holding of (i) a Fixed Rate Security or
		(ii) a Floating Rate Security that bears interest upon a floating rate
		index other than LIBOR, and which, in each case, entitles the Issuer to receive
		from the related Hedge Counterparty payments based on LIBOR at 
	 

	 
		 
	 

	 
		 
	 

	 
		-5-
	 

	 
		 
	 

	 
	 

	 

	 
		prevailing market rates, as determined by
		the Collateral Manager at the date of execution of such agreement. In addition
		to the foregoing, each Asset Specific Hedge will be subject to the following
		conditions:
	 

	 
		(a) the notional balance of each Asset
		Specific Hedge shall be equal to the scheduled principal amount of the
		Collateral Debt Security to which it is related;
	 

	 
		(b) each Asset Specific Hedge (A) will
		amortize according to the same schedule as, and terminate no earlier than, the
		Initial Maturity Date (or, in the case of an ARD Loan, on the anticipated
		repayment date) of, the Collateral Debt Security to which it is related and
		(B) any such amounts so payable shall be paid in accordance with the
		Priority of Payments;
	 

	 
		(c) the payment dates of the Asset Specific
		Hedge must match the payment dates of the Collateral Debt Security to which it
		is related or correspond to the Payment Dates for the Notes;
	 

	 
		(d) if the Collateral Debt Security related
		to an Asset Specific Hedge (i) is a Defaulted Security, or (ii) is
		sold by the Issuer, such Asset Specific Hedge shall be terminated;
		provided that if any unscheduled Hedge Payment Amount is payable
		by the Issuer under the related Hedge Agreement solely as a result of the early
		termination of such Asset Specific Hedge and is not offset by any amount
		payable by the relevant Hedge Counterparty, (A) such Asset Specific Hedge
		may only be terminated if the Rating Agency Condition with respect to
		Moody’s and S&P shall have been satisfied in connection with such
		termination and if Fitch shall have been given notice of such termination; and
		(B) such Hedge Payment Amount shall be paid in accordance with the
		Priority of Payments;
	 

	 
		(e) satisfaction of the Rating Agency
		Condition with regards to S&P;
	 

	 
		(f) if the Collateral Debt Security related
		to such Asset Specific Hedge is not a Defaulted Obligation and such Collateral
		Debt Security is called or prepaid, such Asset Specific Hedge shall be
		terminated; provided that if any unscheduled Hedge Payment Amount is payable
		by the Issuer solely as a result of the early termination of such Asset
		Specific Hedge and is not offset by any amount payable by the relevant Hedge
		Counterparty, (A) such Asset Specific Hedge may only be terminated if the
		Rating Agency Condition with respect to Moody’s and S&P shall have
		been satisfied in connection with such termination and if Fitch shall have been
		given notice of such termination, (B) any such Hedge Payment Amount shall
		first be paid from any call, redemption and prepayment premiums received from
		such Collateral Debt Security, and (C) any remaining amount so payable
		shall be paid in accordance with the Priority of Payments; and
	 

	 
		(g) the Asset Specific Hedge contains
		appropriate limited recourse and non-petition provisions equivalent (mutatis
		mutandis) to those contained in this Indenture.
	 

	 
		 
	 

	 
		 
	 

	 
		-6-
	 

	 
		 
	 

	 
	 

	 

	 
		“Assets”: The meaning
		specified in the first paragraph of the Granting Clause of this
		Indenture.
	 

	 
		“Assumed Portfolio”: The
		portfolio with characteristics developed in accordance with the Eligibility
		Criteria and Collateral Quality Tests for purposes of determining the
		Class A-1 Break Even Loss Rate, the Class A-2 Break Even Loss Rate,
		the Class B Break-Even Loss Rate, the Class C Break-Even Loss Rate,
		the Class D Break-Even Loss Rate, the Class E Break-Even Loss Rate,
		the Class F Break-Even Loss Rate, the Class G Break-Even Loss Rate,
		the Class H Break-Even Loss Rate, the Class J Break-Even Loss Rate
		and the Class K Break-Even Loss Rate.
	 

	 
		“Auction”: Any auction
		conducted in connection with an Auction Call Redemption.
	 

	 
		“Auction Bid Date”: The
		meaning specified in Section 12.4(b)(ii) hereof.
	 

	 
		“Auction Call Period”: The
		meaning specified in Section 9.2(a) hereof.
	 

	 
		“Auction Call Redemption”:
		The meaning specified in Section 9.2(a) hereof.
	 

	 
		“Auction Call Redemption
		Date”: The meaning specified in Section 9.2(a) hereof.
	 

	 
		“Auction Date”: The meaning
		specified in Section 12.4(a)(i) hereof.
	 

	 
		“Auction Procedures”: The
		required procedures with respect to an Auction set forth in Section 12.4(b) hereof.
	 

	 
		“Auction Purchase
		Agreement”: The meaning specified in Section 12.4(a)(iii) hereof.
	 

	 
		“Auction Purchase Closing
		Date”: The meaning specified in Section 12.4(b)(v) hereof.
	 

	 
		“Authenticating Agent”:
		With respect to the Notes or a Class of the Notes, the Person designated by the
		Trustee to authenticate such Notes on behalf of the Trustee pursuant to
		Section 2.12 hereof.
	 

	 
		“Authorized Officer”: With
		respect to the Issuer or Co-Issuer, any Officer (or attorney-in-fact appointed
		by the Issuer or the Co-Issuer) who is authorized to act for the Issuer or
		Co-Issuer in matters relating to, and binding upon, the Issuer or Co-Issuer.
		With respect to the Collateral Manager, the persons listed on
		Schedule G hereto. With respect to the Trustee or any other bank or
		trust company acting as trustee of an express trust or as custodian, a Trust
		Officer. Each party may receive and accept a certification of the authority of
		any other party as conclusive evidence of the authority of any person to act,
		and such certification may be considered as in full force and effect until
		receipt by such other party of written notice to the contrary.
	 

	 
		 
	 

	 
		 
	 

	 
		-7-
	 

	 
		 
	 

	 
	 

	 

	 
		“Average Life”: On any
		Measurement Date with respect to any Collateral Debt Security (other than a
		Defaulted Security), the quotient obtained by dividing (i) the summing of
		the products of (a) the number of years (rounded to the nearest one tenth
		thereof) from such Measurement Date to the respective dates of each successive
		expected distribution of principal of such Collateral Debt Security and
		(b) the respective amounts of such expected distributions of principal by
		(ii) the sum of all successive expected distributions of principal on such
		Collateral Debt Security, calculated by the Collateral Manager.
	 

	 
		“B Note”: A promissory note
		secured by a mortgage on commercial real estate property that is subordinate in
		right of payment to one or more separate promissory notes secured by a direct
		or beneficial interest in the same property.
	 

	 
		“Backup Advancing Agent”:
		LaSalle Bank National Association, a national banking association, solely in
		its capacity as Backup Advancing Agent hereunder, or any successor Backup
		Advancing Agent; provided
		that any such successor Backup
		Advancing Agent must be a financial institution having a long-term debt rating
		from each Rating Agency at least equal to “A-“ or “A2,” as
		applicable, or a short-term debt rating at least equal to “A-1,”
		“P-1” or “F1,” as applicable.
	 

	 
		“Backup Advancing Agent
		Fee”: The fee payable monthly in arrears on each Payment Date to the
		Trustee, in its capacity as Backup Advancing Agent, in accordance with the
		Priority of Payments, equal to 0.00125% per annum on the
		Aggregate Outstanding Amount of the Class A Notes and the Class B
		Notes on such Payment Date prior to giving effect to distributions with respect
		to such Payment Date.
	 

	 
		“Bailee Letter”: The
		meaning specified in Section 12.4(b)(v) hereof.
	 

	 
		“Bank”: LaSalle Bank
		National Association, a national banking association, in its individual
		capacity and not as Trustee and, if any Person is appointed as a successor
		Trustee, such Person in its individual capacity and not as Trustee.
	 

	 
		“Bankruptcy Code”: The
		federal Bankruptcy Code, Title 11 of the United States Code, as
		amended.
	 

	 
		“Bearer Securities”: The
		meaning specified in Section 3.3(a)(iv) hereof.
	 

	 
		“Benefit Plan”: The meaning
		specified in Section 2.5(g)(vi) hereof.
	 

	 
		“Benefit Plan Investor” The meaning specified in U.S. Department of Labor
		Regulations Section 2510.3-101. 
	 

	 
		“Board of Directors”: With
		respect to the Issuer, the directors of the Issuer duly appointed and, with
		respect to the Co-Issuer, the LLC Managers duly appointed by the sole member of
		the Co-Issuer or otherwise.
	 

	 
		“Board Resolution”: With
		respect to the Issuer, a resolution of the Board of Directors of the Issuer
		and, with respect to the Co-Issuer, a resolution or unanimous written consent
		of the LLC Managers or the sole member of the Co-Issuer.
	 

	 
		 
	 

	 
		 
	 

	 
		-8-
	 

	 
		 
	 

	 
	 

	 

	 
		“Business Day”: Any day
		other than (i) a Saturday or Sunday and (ii) a day on which
		commercial banks are authorized or required by applicable law, regulation or
		executive order to close in New York, New York or the location of the Corporate
		Trust Office.
	 

	 
		“Buy/Sell Security”: Any
		Collateral Debt Security for which one of the participants or noteholders has
		exercised its right to require the other participant or noteholder to either
		(i) purchase such participant’s or noteholder’s interest or
		(ii) sell its interest to the participant or noteholder, exercising such
		right, in each case for the same price and in accordance with the related
		participation agreement or intercreditor agreement. 
	 

	 
		“Calculation Agent”: The
		meaning specified in Section 7.14(a) hereof.
	 

	 
		“Calculation Amount”: With
		respect to any Collateral Debt Security, at any time, the lesser of
		(a) the Market Value of such Collateral Debt Security and (b) the
		Applicable Recovery Rate multiplied by the Principal Balance of such Collateral
		Debt Security.
	 

	 
		“Cash”: Such coin or
		currency of the United States of America as at the time shall be legal tender
		for payment of all public and private debts.
	 

	 
		“Cash Flow Swap Agreement”: Any Hedge Agreement entered into by the Issuer
		with a Hedge Counterparty to manage potential mismatches between the timing of
		receipts of interest on the Collateral Debt Securities and Eligible Investments
		and the timing of interest payments due on the Notes, including an agreement to
		convert the periodicity of payments on Collateral Debt Securities, pursuant to
		which the Issuer shall be entitled to receive payments from the related Hedge
		Counterparty on a certain date in exchange for the Issuer’s obligation to
		make payments to such Hedge Counterparty on one or more Payment Dates to the
		extent that funds are available therefor pursuant to the Priority of
		Payments.
	 

	 
		“Cayman Stock Exchange”:
		The Cayman Islands Stock Exchange.
	 

	 
		“CDO Servicer”:
		Wachovia Bank, National Association, a national banking association, its
		permitted successors and assigns or any successor Person that becomes the CDO
		Servicer pursuant to the provisions of the CDO Servicing Agreement.
	 

	 
		“CDO Servicing Agreement”:
		The Servicing Agreement, dated as of the Closing Date, by and among the Issuer,
		the Collateral Manager, the CDO Servicer and the CDO Special Servicer, as
		amended, supplemented or otherwise modified from time to time in accordance
		with its terms.
	 

	 
		“CDO Special Servicer”: Marathon Asset Management, L.L.C., its permitted
		successors and assigns or any Person that becomes the CDO Special Servicer
		pursuant to the provisions of the CDO Servicing Agreement.
	 

	 
		“Certificate of
		Authentication”: The meaning specified in Section 2.1
		hereof.
	 

	 
		“Certificated Note”: Any of
		the Notes, as applicable, executed, authenticated and delivered in definitive
		non-global, fully registered form without interest coupons, pursuant to this
		Indenture.
	 

	 
		 
	 

	 
		 
	 

	 
		-9-
	 

	 
		 
	 

	 
	 

	 

	 
		“Certificated Security”: A
		“certificated security” as defined in Section 8-102(a)(4) of the
		UCC.
	 

	 
		“Class”: The Class A-1
		Notes, the Class A-2 Notes, the Class B Notes, the Class C
		Notes, the Class D Notes, the Class E Notes, the Class F Notes,
		the Class G Notes, the Class H Notes, the Class J Notes and the
		Class K Notes, as applicable.
	 

	 
		“Class A Notes”: The
		Class A-1 Notes and the Class A-2 Notes, collectively.
	 

	 
		“Class A-1 Break-Even Loss
		Rate”: As of any Measurement Date, the maximum percentage of defaults
		which the Current Portfolio or the Proposed Portfolio, as applicable, can
		sustain (as determined through application of the S&P CDO Monitor
		corresponding to the then-applicable weighted average spread referenced in the
		definition of “S&P CDO Monitor”), such that after giving effect
		to S&P’s assumptions on recoveries and timing of defaults and interest
		rates and to the Priority of Payments, will result in sufficient funds
		remaining for the payment of the Class A-1 Notes in full by their Stated
		Maturity and the timely payment of interest on the Class A-1 Notes.
	 

	 
		“Class A-1 Defaulted Interest
		Amount”: With respect to the Class A-1 Notes as of each Payment
		Date, the accrued and unpaid amount due to holders of the Class A-1 Notes
		on account of any shortfalls in the payment of the Class A-1 Interest
		Distribution Amount with respect to any preceding Payment Date or Payment
		Dates, together with interest accrued thereon (to the extent lawful).
	 

	 
		“Class A-1 Interest
		Distribution Amount”: On each Payment Date, the amount due to Holders
		of the Class A-1 Notes on account of interest equal to the product of
		(i) the Aggregate Outstanding Amount of the Class A-1 Notes with
		respect to the related Interest Accrual Period, (ii) the actual number of
		days in such Interest Accrual Period divided by 360 and (iii) the
		Class A-1 Rate.
	 

	 
		“Class A-1 Loss
		Differential”: At any time, the rate calculated by subtracting the
		Class A-1 Scenario Loss Rate from the Class A-1 Break-Even Loss Rate
		at such time.
	 

	 
		“Class A-1 Notes”: The
		Class A-1 Senior Secured Floating Rate Term Notes Due 2046, issued by the
		Issuer and the Co-Issuer pursuant to this Indenture.
	 

	 
		“Class A-1 Rate”: With
		respect to any Class A-1 Note, the per annum rate
		at which interest accrues on such Note for any Interest Accrual Period, which
		shall be equal to LIBOR for the related Interest Accrual Period plus 0.33%
		per annum, as provided in such Notes.
	 

	 
		“Class A-1 Scenario Loss
		Rate”: At any time, an estimate of the cumulative default rate for the
		Current Portfolio or the Proposed Portfolio, as applicable, consistent with the
		then current rating of the Class A-1 Notes by S&P, determined by
		application of the S&P CDO Monitor at such time.
	 

	 
		“Class A-2 Break-Even Loss
		Rate”: As of any Measurement Date, the maximum percentage of defaults
		which the Current Portfolio or the Proposed Portfolio, as applicable, can
		sustain (as determined through application of the S&P CDO Monitor
		corresponding to the then-
	 

	 
		 
	 

	 
		 
	 

	 
		-10-
	 

	 
		 
	 

	 
	 

	 

	 
		applicable weighted average spread
		referenced in the definition of “S&P CDO Monitor”), such that
		after giving effect to S&P’s assumptions on recoveries and timing of
		defaults and interest rates and to the Priority of Payments, will result in
		sufficient funds remaining for the payment of the Class A-2 Notes in full by
		their Stated Maturity and the timely payment of interest on the Class A-2
		Notes.
	 

	 
		“Class A-2 Defaulted Interest
		Amount”: With respect to the Class A-2 Notes as of each Payment
		Date, the accrued and unpaid amount due to holders of the Class A-2 Notes
		on account of any shortfalls in the payment of the Class A-2 Interest
		Distribution Amount with respect to any preceding Payment Date or Payment
		Dates, together with interest accrued thereon (to the extent lawful).
	 

	 
		“Class A-2 Interest
		Distribution Amount”: On each Payment Date, the amount due to Holders
		of the Class A-2 Notes on account of interest equal to the product of
		(i) the Aggregate Outstanding Amount of the Class A-2 Notes with
		respect to the related Interest Accrual Period, (ii) the actual number of
		days in such Interest Accrual Period divided by 360 and (iii) the
		Class A-2 Rate.
	 

	 
		“Class A-2 Loss
		Differential”: At any time, the rate calculated by subtracting the
		Class A-2 Scenario Loss Rate from the Class A-2 Break-Even Loss Rate
		at such time.
	 

	 
		“Class A-2 Notes”: The
		Class A-2 Second Priority Senior Secured Floating Rate Term Notes Due
		2046, issued by the Issuer and the Co-Issuer pursuant to this Indenture.

	 

	 
		“Class A-2 Rate”: With
		respect to any Class A-2 Note, the per annum rate at which
		interest accrues on such Note for any Interest Accrual Period, which shall be
		equal to LIBOR for the related Interest Accrual Period plus 0.36% per
		annum, as provided in such Notes.
	 

	 
		“Class A-2 Scenario Loss
		Rate”: At any time, an estimate of the cumulative default rate for the
		Current Portfolio or the Proposed Portfolio, as applicable, consistent with the
		then current rating of the Class A-2 Notes by S&P, determined by
		application of the S&P CDO Monitor at such time.
	 

	 
		“Class A-2 Subordinate
		Interests”: The meaning specified in Section 13.1(a) hereof.
	 

	 
		“Class A/B Coverage
		Tests”: The Class A/B Par Value Test and the Class A/B
		Interest Coverage Test.
	 

	 
		“Class A/B Interest Coverage
		Ratio”: The meaning specified under the definition of “Interest
		Coverage Ratio.”
	 

	 
		“Class A/B Interest Coverage
		Test”: The test that is met as of any Measurement Date on which any
		Class A Notes or Class B Notes remain Outstanding if the
		Class A/B Interest Coverage Ratio as of such Measurement Date is equal to
		or greater than 140.00%.
	 

	 
		“Class A/B Par Value
		Ratio”: As of any Measurement Date, the number (expressed as a
		percentage) calculated by dividing (a) the Net Outstanding Portfolio
		Balance on 
	 

	 
		 
	 

	 
		 
	 

	 
		-11-
	 

	 
		 
	 

	 
	 

	 

	 
		such Measurement Date by (b) the sum of
		the Aggregate Outstanding Amount of the Class A Notes and the Class B
		Notes and the amount of any unreimbursed Interest Advances.
	 

	 
		“Class A/B Par Value
		Test”: The test that will be met as of any Measurement Date on which
		any Class A Notes or Class B Notes remain Outstanding if the
		Class A/B Par Value Ratio on such Measurement Date is equal to or greater
		than 134.50%.
	 

	 
		“Class B Break-Even Loss
		Rate”: As of any Measurement Date, the maximum percentage of defaults
		which the Current Portfolio or the Proposed Portfolio, as applicable, can
		sustain (as determined through application of the S&P CDO Monitor
		corresponding to the then-applicable weighted average spread referenced in the
		definition of “S&P CDO Monitor”), such that after giving effect
		to S&P’s assumptions on recoveries and timing of defaults and interest
		rates and to the Priority of Payments, will result in sufficient funds
		remaining for the payment of the Class B Notes in full by their Stated Maturity
		and the timely payment of interest on the Class B Notes.
	 

	 
		“Class B Defaulted Interest
		Amount”: With respect to the Class B Notes as of each Payment
		Date, the accrued and unpaid amount due to holders of the Class B Notes on
		account of any shortfalls in the payment of the Class B Interest
		Distribution Amount with respect to any preceding Payment Date or Payment
		Dates, together with interest accrued thereon (to the extent lawful).
	 

	 
		“Class B Interest Distribution
		Amount”: On each Payment Date, the amount due to Holders of the
		Class B Notes on account of interest equal to the product of (i) the
		Aggregate Outstanding Amount of the Class B Notes with respect to the
		related Interest Accrual Period, (ii) the actual number of days in such
		Interest Accrual Period divided by 360 and (iii) the Class B
		Rate.
	 

	 
		“Class B Loss
		Differential”: At any time, the rate calculated by subtracting the
		Class B Scenario Loss Rate from the Class B Break-Even Loss Rate at
		such time.
	 

	 
		“Class B Notes”: The
		Class B Third Priority Floating Rate Term Notes Due 2046, issued by the
		Issuer and the Co-Issuer pursuant to this Indenture.
	 

	 
		“Class B Rate”: With
		respect to any Class B Note, the per annum rate
		at which interest accrues on such Note for any Interest Accrual Period, which
		shall be equal to LIBOR for the related Interest Accrual Period plus 0.43%
		per annum, as provided in such Notes.
	 

	 
		“Class B Scenario Loss
		Rate”: At any time, an estimate of the cumulative default rate for the
		Current Portfolio or the Proposed Portfolio, as applicable, consistent with the
		then current rating of the Class B Notes by S&P, determined by
		application of the S&P CDO Monitor at such time.
	 

	 
		“Class B Subordinate
		Interests”: The meaning specified in Section 13.1(b) hereof.
	 

	 
		“Class C Break-Even Loss
		Rate”: As of any Measurement Date, the maximum percentage of defaults
		which the Current Portfolio or the Proposed Portfolio, as applicable, can
		
	 

	 
		 
	 

	 
		 
	 

	 
		-12-
	 

	 
		 
	 

	 
	 

	 

	 
		sustain (as determined through application
		of the S&P CDO Monitor corresponding to the then-applicable weighted
		average spread referenced in the definition of “S&P CDO
		Monitor”), such that after giving effect to S&P’s assumptions on
		recoveries and timing of defaults and interest rates and to the Priority of
		Payments, will result in sufficient funds remaining for the payment of the
		Class C Notes in full by their Stated Maturity and the ultimate payment of
		interest on the Class C Notes.
	 

	 
		“Class C Defaulted Interest
		Amount”: With respect to the Class C Notes on or after any
		Payment Date on which no Class A Notes or Class B Notes are
		Outstanding, any interest on the Class C Notes (other than Class C
		Deferred Interest) that is due and payable but is not punctually paid or duly
		provided for on or prior to the due date therefor and which remains unpaid,
		together with interest accrued thereon (to the extent lawful).
	 

	 
		“Class C Deferred
		Interest”: The meaning specified in Section 2.7(d) hereof.
	 

	 
		“Class C Interest Distribution
		Amount”: On each Payment Date, the amount due to Holders of the
		Class C Notes on account of interest equal to the product of (i) the
		Aggregate Outstanding Amount (including the current balance of any Class C
		Deferred Interest) of the Class C Notes with respect to the related
		Interest Accrual Period, (ii) the actual number of days in such Interest
		Accrual Period divided by 360 and (iii) the Class C Rate.
	 

	 
		“Class C Loss
		Differential”: At any time, the rate calculated by subtracting the
		Class C Scenario Loss Rate from the Class C Break-Even Loss Rate at
		such time.
	 

	 
		“Class C Notes”: The
		Class C Fourth Priority Floating Rate Deferrable Interest Term Notes Due
		2046, issued by the Issuer and the Co-Issuer pursuant to this Indenture.

	 

	 
		“Class C Rate”: With
		respect to any Class C Note, the per annum rate
		at which interest accrues on such Note for any Interest Accrual Period, which
		shall be equal to LIBOR for the related Interest Accrual Period plus 0.68%
		per annum, as provided in such Notes.
	 

	 
		“Class C Scenario Loss
		Rate”: At any time, an estimate of the cumulative default rate for the
		Current Portfolio or the Proposed Portfolio, as applicable, consistent with the
		then current rating of the Class C Notes by S&P, determined by
		application of the S&P CDO Monitor at such time.
	 

	 
		“Class C Subordinate
		Interests”: The meaning specified in Section 13.1(c) hereof.
	 

	 
		“Class C/D/E Coverage
		Tests”: The Class C/D/E Par Value Test and the Class C/D/E
		Interest Coverage Test.
	 

	 
		“Class C/D/E Interest Coverage
		Ratio”: The meaning specified in the definition of “Interest
		Coverage Ratio.”
	 

	 
		“Class C/D/E Interest Coverage
		Test”: The test that is met as of any Measurement Date on which any
		Class C Notes, Class D Notes or Class E Notes remain Outstanding
		if the 
	 

	 
		 
	 

	 
		 
	 

	 
		-13-
	 

	 
		 
	 

	 
	 

	 

	 
		Class C/D/E Interest Coverage Ratio as
		of such Measurement Date is equal to or greater than 130.00%.
	 

	 
		“Class C/D/E Par Value
		Ratio”: As of any Measurement Date, the number (expressed as a
		percentage) calculated by dividing (a) the Net Outstanding Portfolio
		Balance on such Measurement Date by (b) the sum of the Aggregate
		Outstanding Amount (including any Class C Deferred Interest, Class D
		Deferred Interest and Class E Deferred Interest) of the Class A
		Notes, the Class B Notes, the Class C Notes, the Class D and the
		Class E Notes and the amount of any unreimbursed Interest Advances.

	 

	 
		“Class C/D/E Par Value
		Test”: The test that is met as of any Measurement Date on which any
		Class C Notes, Class D Notes or Class E Notes remain Outstanding
		if the Class C/D/E Par Value Ratio on such Measurement Date is equal to or
		greater than 125.20%.
	 

	 
		“Class D Break-Even Loss
		Rate”: As of any Measurement Date, the maximum percentage of defaults
		which the Current Portfolio or the Proposed Portfolio, as applicable, can
		sustain (as determined through application of the S&P CDO Monitor
		corresponding to the then-applicable weighted average spread referenced in the
		definition of “S&P CDO Monitor”), such that after giving effect
		to S&P’s assumptions on recoveries and timing of defaults and interest
		rates and to the Priority of Payments, will result in sufficient funds
		remaining for the payment of the Class D Notes in full by their Stated Maturity
		and the ultimate payment of interest on the Class D Notes.
	 

	 
		“Class D Defaulted Interest
		Amount”: With respect to the Class D Notes on or after any
		Payment Date on which no Class A Notes, Class B Notes or Class C
		Notes are Outstanding, any interest on the Class D Notes (other than
		Class D Deferred Interest) that is due and payable but is not punctually
		paid or duly provided for on or prior to the due date therefor and which
		remains unpaid, together with interest accrued thereon (to the extent
		lawful).
	 

	 
		“Class D Deferred
		Interest”: The meaning specified in Section 2.7(e) hereof.
	 

	 
		“Class D Interest Distribution
		Amount”: On each Payment Date, the amount due to Holders of the
		Class D Notes on account of interest equal to the product of (i) the
		Aggregate Outstanding Amount (including the current balance of any Class D
		Deferred Interest) of the Class D Notes with respect to the related
		Interest Accrual Period, (ii) the actual number of days in such Interest
		Accrual Period divided by 360 and (iii) the Class D Rate.
	 

	 
		“Class D Loss
		Differential”: At any time, the rate calculated by subtracting the
		Class D Scenario Loss Rate from the Class D Break-Even Loss Rate at
		such time.
	 

	 
		“Class D Notes”: The
		Class D Fifth Priority Floating Rate Deferrable Interest Term Notes Due
		2046, issued by the Issuer and the Co-Issuer pursuant to this Indenture.

	 

	 
		“Class D Rate”: With
		respect to any Class D Note, the per annum rate
		at which interest accrues on such Note for any Interest Accrual Period, which
		shall be equal to LIBOR for the related Interest Accrual Period plus 0.75%
		per annum, as provided in such Notes.
	 

	 
		 
	 

	 
		 
	 

	 
		-14-
	 

	 
		 
	 

	 
	 

	 

	 
		“Class D Scenario Loss
		Rate”: At any time, an estimate of the cumulative default rate for the
		Current Portfolio or the Proposed Portfolio, as applicable, consistent with the
		then current rating of the Class D Notes by S&P, determined by
		application of the S&P CDO Monitor at such time.
	 

	 
		“Class D
		Subordinate Interests”: The
		meaning specified in Section 13.1(d) hereof.
	 

	 
		“Class E Break-Even Loss
		Rate”: As of any Measurement Date, the maximum percentage of defaults
		which the Current Portfolio or the Proposed Portfolio, as applicable, can
		sustain (as determined through application of the S&P CDO Monitor
		corresponding to the then-applicable weighted average spread referenced in the
		definition of “S&P CDO Monitor”), such that after giving effect
		to S&P’s assumptions on recoveries and timing of defaults and interest
		rates and to the Priority of Payments, will result in sufficient funds
		remaining for the payment of the Class E Notes in full by their Stated Maturity
		and the ultimate payment of interest on the Class E Notes.
	 

	 
		“Class E Defaulted Interest
		Amount”: With respect to the Class E Notes on or after any
		Payment Date on which no Class A Notes, Class B Notes, Class C
		Notes or Class D Notes are Outstanding, any interest on the Class E
		Notes (other than Class E Deferred Interest) that is due and payable but
		is not punctually paid or duly provided for on or prior to the due date
		therefor and which remains unpaid, together with interest accrued thereon (to
		the extent lawful).
	 

	 
		“Class E Deferred
		Interest”: The meaning specified in Section 2.7(f) hereof.
	 

	 
		“Class E Interest Distribution
		Amount”: On each Payment Date, the amount due to Holders of the
		Class E Notes on account of interest equal to the product of (i) the
		Aggregate Outstanding Amount (including the current balance of any Class E
		Deferred Interest) of the Class E Notes with respect to the related
		Interest Accrual Period, (ii) the actual number of days in such Interest
		Accrual Period divided by 360 and (iii) the Class E Rate.
	 

	 
		“Class E Loss
		Differential”: At any time, the rate calculated by subtracting the
		Class E Scenario Loss Rate from the Class E Break-Even Loss Rate at
		such time.
	 

	 
		“Class E Notes”: The
		Class E Sixth Priority Floating Rate Deferrable Interest Term Notes Due
		2046, issued by the Issuer and the Co-Issuer pursuant to this Indenture.

	 

	 
		“Class E Rate”: With
		respect to any Class E Note, the per annum rate
		at which interest accrues on such Note for any Interest Accrual Period, which
		shall be equal to LIBOR for the related Interest Accrual Period plus 0.88%
		per annum, as provided in such Notes.
	 

	 
		“Class E Scenario Loss
		Rate”: At any time, an estimate of the cumulative default rate for the
		Current Portfolio or the Proposed Portfolio, as applicable, consistent with the
		then current rating of the Class E Notes by S&P, determined by
		application of the S&P CDO Monitor at such time.
	 

	 
		“Class E
		Subordinate Interests”: The
		meaning specified in Section 13.1(e) hereof.
	 

	 
		 
	 

	 
		 
	 

	 
		-15-
	 

	 
		 
	 

	 
	 

	 

	 
		“Class F Break-Even Loss
		Rate”: As of any Measurement Date, the maximum percentage of defaults
		which the Current Portfolio or the Proposed Portfolio, as applicable, can
		sustain (as determined through application of the S&P CDO Monitor
		corresponding to the then-applicable weighted average spread referenced in the
		definition of “S&P CDO Monitor”), such that after giving effect
		to S&P’s assumptions on recoveries and timing of defaults and interest
		rates and to the Priority of Payments, will result in sufficient funds
		remaining for the payment of the Class F Notes in full by their Stated Maturity
		and the ultimate payment of interest on the Class F Notes.
	 

	 
		“Class F Defaulted Interest
		Amount”: With respect to the Class F Notes on or after any
		Payment Date on which no Class A Notes, Class B Notes, Class C
		Notes, Class D Notes or Class E Notes are Outstanding, any interest
		on the Class F Notes (other than Class F Deferred Interest) that is
		due and payable but is not punctually paid or duly provided for on or prior to
		the due date therefor and which remains unpaid, together with interest accrued
		thereon (to the extent lawful).
	 

	 
		“Class F Deferred
		Interest”: The meaning specified in Section 2.7(g) hereof.
	 

	 
		“Class F Interest Distribution
		Amount”: On each Payment Date, the amount due to Holders of the
		Class F Notes on account of interest equal to the product of (i) the
		Aggregate Outstanding Amount (including the current balance of any Class F
		Deferred Interest) of the Class F Notes with respect to the related
		Interest Accrual Period, (ii) the actual number of days in such Interest
		Accrual Period divided by 360 and (iii) the Class F Rate.
	 

	 
		“Class F Loss
		Differential”: At any time, the rate calculated by subtracting the
		Class F Scenario Loss Rate from the Class F Break-Even Loss Rate at
		such time.
	 

	 
		“Class F Notes”: The
		Class F Seventh Priority Floating Rate Deferrable Interest Term Notes Due
		2046, issued by the Issuer and the Co-Issuer pursuant to this Indenture.

	 

	 
		“Class F Rate”: With
		respect to any Class F Note, the per annum rate
		at which interest accrues on such Note for any Interest Accrual Period, which
		shall be equal to LIBOR for the related Interest Accrual Period plus 1.40%
		per annum, as provided in such Notes.
	 

	 
		“Class F Scenario Loss
		Rate”: At any time, an estimate of the cumulative default rate for the
		Current Portfolio or the Proposed Portfolio, as applicable, consistent with the
		then current rating of the Class F Notes by S&P, determined by
		application of the S&P CDO Monitor at such time.
	 

	 
		“Class F
		Subordinate Interests”: The
		meaning specified in Section 13.1(f) hereof.
	 

	 
		“Class F/G/H Coverage
		Tests”: The Class F/G/H Par Value Test and the Class F/G/H
		Interest Coverage Test.
	 

	 
		“Class F/G/H Interest Coverage
		Ratio”: The meaning specified in the definition of “Interest
		Coverage Ratio.”
	 

	 
		 
	 

	 
		 
	 

	 
		-16-
	 

	 
		 
	 

	 
	 

	 

	 
		“Class F/G/H Interest Coverage
		Test”: The test that is met as of any Measurement Date on which any
		Class F Notes, Class G Notes or Class H Notes remain Outstanding
		if the Class F/G/H Interest Coverage Ratio as of such Measurement Date is
		equal to or greater than 120.00%.
	 

	 
		“Class F/G/H Par Value
		Ratio”: As of any Measurement Date, the number (expressed as a
		percentage) calculated by dividing (a) the Net Outstanding Portfolio
		Balance on such Measurement Date by (b) the sum of the Aggregate
		Outstanding Amount (including any Class C Deferred Interest, Class D
		Deferred Interest, Class E Deferred Interest, Class F Deferred
		Interest, Class G Deferred Interest and Class H Deferred Interest) of
		the Class A Notes, the Class B Notes, the Class C Notes, the
		Class D Notes, the Class E Notes, the Class F Notes, the
		Class G Notes and the Class H Notes and the amount of any
		unreimbursed Interest Advances.
	 

	 
		“Class F/G/H Par Value
		Test”: The test that is met as of any Measurement Date on which any
		Class F Notes, Class G Notes or Class H Notes remain Outstanding
		if the Class F/G/H Par Value Ratio on such Measurement Date is equal to or
		greater than 117.60%.
	 

	 
		“Class G Break-Even Loss
		Rate”: As of any Measurement Date, the maximum percentage of defaults
		which the Current Portfolio or the Proposed Portfolio, as applicable, can
		sustain (as determined through application of the S&P CDO Monitor
		corresponding to the then-applicable weighted average spread referenced in the
		definition of “S&P CDO Monitor”), such that after giving effect
		to S&P’s assumptions on recoveries and timing of defaults and interest
		rates and to the Priority of Payments, will result in sufficient funds
		remaining for the payment of the Class G Notes in full by their Stated Maturity
		and the ultimate payment of interest on the Class G Notes.
	 

	 
		“Class G Defaulted Interest
		Amount”: With respect to the Class G Notes on or after any
		Payment Date on which no Class A Notes, Class B Notes, Class C
		Notes, Class D Notes, Class E Notes or Class F Notes are
		Outstanding, any interest on the Class G Notes (other than Class G
		Deferred Interest) that is due and payable but is not punctually paid or duly
		provided for on or prior to the due date therefor and which remains unpaid,
		together with interest accrued thereon (to the extent lawful).
	 

	 
		“Class G Deferred
		Interest”: The meaning specified in Section 2.7(h) hereof.
	 

	 
		“Class G Interest Distribution
		Amount”: On each Payment Date, the amount due to Holders of the
		Class G Notes on account of interest equal to the product of (i) the
		Aggregate Outstanding Amount (including the current balance of any Class G
		Deferred Interest) of the Class G Notes with respect to the related
		Interest Accrual Period, (ii) the actual number of days in such Interest
		Accrual Period divided by 360 and (iii) the Class G Rate.
	 

	 
		“Class G Loss
		Differential”: At any time, the rate calculated by subtracting the
		Class G Scenario Loss Rate from the Class G Break-Even Loss Rate at
		such time.
	 

	 
		“Class G Notes”: The
		Class G Eighth Priority Floating Rate Deferrable Interest Term Notes Due
		2046, issued by the Issuer and the Co-Issuer pursuant to this Indenture.

	 

	 
		 
	 

	 
		 
	 

	 
		-17-
	 

	 
		 
	 

	 
	 

	 

	 
		“Class G Rate”: With
		respect to any Class G Note, the per annum rate
		at which interest accrues on such Note for any Interest Accrual Period, which
		shall be equal to LIBOR for the related Interest Accrual Period plus 1.65%
		per annum, as provided in such Notes.
	 

	 
		“Class G Scenario Loss
		Rate”: At any time, an estimate of the cumulative default rate for the
		Current Portfolio or the Proposed Portfolio, as applicable, consistent with the
		then current rating of the Class G Notes by S&P, determined by
		application of the S&P CDO Monitor at such time.
	 

	 
		“Class G
		Subordinate Interests”: The
		meaning specified in Section 13.1(g), hereof.
	 

	 
		“Class H Break-Even Loss
		Rate”: As of any Measurement Date, the maximum percentage of defaults
		which the Current Portfolio or the Proposed Portfolio, as applicable, can
		sustain (as determined through application of the S&P CDO Monitor
		corresponding to the then-applicable weighted average spread referenced in the
		definition of “S&P CDO Monitor”), such that after giving effect
		to S&P’s assumptions on recoveries and timing of defaults and interest
		rates and to the Priority of Payments, will result in sufficient funds
		remaining for the payment of the Class H Notes in full by their Stated Maturity
		and the ultimate payment of interest on the Class H Notes.
	 

	 
		“Class H Defaulted Interest
		Amount”: With respect to the Class H Notes on or after any
		Payment Date on which no Class A Notes, Class B Notes, Class C
		Notes, Class D Notes, Class E Notes, Class F Notes or
		Class G Notes are Outstanding, any interest on the Class H Notes
		(other than Class H Deferred Interest) that is due and payable but is not
		punctually paid or duly provided for on or prior to the due date therefor and
		which remains unpaid, together with interest accrued thereon (to the extent
		lawful).
	 

	 
		“Class H Deferred
		Interest”: The meaning specified in Section 2.7(i) hereof.
	 

	 
		“Class H Interest Distribution
		Amount”: On each Payment Date, the amount due to Holders of the
		Class H Notes on account of interest equal to the product of (i) the
		Aggregate Outstanding Amount (including the current balance of any Class H
		Deferred Interest) of the Class H Notes with respect to the related
		Interest Accrual Period, (ii) the actual number of days in such Interest
		Accrual Period divided by 360 and (iii) the Class H Rate.
	 

	 
		“Class H Loss
		Differential”: At any time, the rate calculated by subtracting the
		Class H Scenario Loss Rate from the Class H Break-Even Loss Rate at
		such time.
	 

	 
		“Class H Notes”: The
		Class H Ninth Priority Floating Rate Deferrable Interest Term Notes Due
		2046, issued by the Issuer and the Co-Issuer pursuant to this Indenture.

	 

	 
		“Class H Rate”: With
		respect to any Class H Note, the per annum rate
		at which interest accrues on such Note for any Interest Accrual Period, which
		shall be equal to LIBOR for the related Interest Accrual Period plus 2.15%
		per annum, as provided in such Notes.
	 

	 
		“Class H Scenario Loss
		Rate”: At any time, an estimate of the cumulative default rate for the
		Current Portfolio or the Proposed Portfolio, as applicable, consistent with the
		then 
	 

	 
		 
	 

	 
		 
	 

	 
		-18-
	 

	 
		 
	 

	 
	 

	 

	 
		current rating of the Class H Notes by
		S&P, determined by application of the S&P CDO Monitor at such
		time.
	 

	 
		“Class H
		Subordinate Interests”: The
		meaning specified in Section 13.1(h) hereof.
	 

	 
		“Class J Break-Even Loss
		Rate”: As of any Measurement Date, the maximum percentage of defaults
		which the Current Portfolio or the Proposed Portfolio, as applicable, can
		sustain (as determined through application of the S&P CDO Monitor
		corresponding to the then-applicable weighted average spread referenced in the
		definition of “S&P CDO Monitor”), such that after giving effect
		to S&P’s assumptions on recoveries and timing of defaults and interest
		rates and to the Priority of Payments, will result in sufficient funds
		remaining for the payment of the Class J Notes in full by their Stated Maturity
		and the ultimate payment of interest on the Class J Notes.
	 

	 
		“Class J Defaulted Interest
		Amount”: With respect to the Class J Notes on or after any
		Payment Date on which no Class A Notes, Class B Notes, Class C
		Notes, Class D Notes, Class E Notes, Class F Notes, Class G
		Notes or Class H Notes are Outstanding, any interest on the Class J
		Notes (other than Class J Deferred Interest) that is due and payable but
		is not punctually paid or duly provided for on or prior to the due date
		therefor and which remains unpaid, together with interest accrued thereon (to
		the extent lawful).
	 

	 
		“Class J Deferred
		Interest”: The meaning specified in Section 2.7(j) hereof.
	 

	 
		“Class J Interest Distribution
		Amount”: On each Payment Date, the amount due to Holders of the
		Class J Notes on account of interest equal to the product of (i) the
		Aggregate Outstanding Amount (including the current balance of any Class J
		Deferred Interest) of the Class J Notes with respect to the related
		Interest Accrual Period, (ii) the actual number of days in such Interest
		Accrual Period divided by 360 and (iii) the Class J Rate.
	 

	 
		“Class J Loss
		Differential”: At any time, the rate calculated by subtracting the
		Class J Scenario Loss Rate from the Class J Break-Even Loss Rate at
		such time.
	 

	 
		“Class J Notes”: The
		Class J Tenth Priority Floating Rate Deferrable Interest Term Notes Due
		2046, issued by the Issuer and the Co-Issuer pursuant to this Indenture.

	 

	 
		“Class J Rate”: With
		respect to any Class J Note, the per annum rate
		at which interest accrues on such Note for any Interest Accrual Period, which
		shall be equal to LIBOR for the related Interest Accrual Period plus 3.25%
		per annum, as provided in such Notes.
	 

	 
		“Class J Scenario Loss
		Rate”: At any time, an estimate of the cumulative default rate for the
		Current Portfolio or the Proposed Portfolio, as applicable, consistent with the
		then current rating of the Class J Notes by S&P, determined by
		application of the S&P CDO Monitor at such time.
	 

	 
		“Class J
		Subordinate Interests”: The
		meaning specified in Section 13.1(i) hereof.
	 

	 
		 
	 

	 
		 
	 

	 
		-19-
	 

	 
		 
	 

	 
	 

	 

	 
		“Class K Break-Even Loss
		Rate”: As of any Measurement Date, the maximum percentage of defaults
		which the Current Portfolio or the Proposed Portfolio, as applicable, can
		sustain (as determined through application of the S&P CDO Monitor
		corresponding to the then-applicable weighted average spread referenced in the
		definition of “S&P CDO Monitor”), such that after giving effect
		to S&P’s assumptions on recoveries and timing of defaults and interest
		rates and to the Priority of Payments, will result in sufficient funds
		remaining for the payment of the Class K Notes in full by their Stated Maturity
		and the ultimate payment of interest on the Class K Notes.
	 

	 
		“Class K Defaulted Interest
		Amount”: With respect to the Class K Notes on or after any
		Payment Date on which no Class A Notes, Class B Notes, Class C
		Notes, Class D Notes, Class E Notes, Class F Notes, Class G
		Notes, Class H Notes or Class J Notes are Outstanding, any interest
		on the Class K Notes (other than Class K Deferred Interest) that is
		due and payable but is not punctually paid or duly provided for on or prior to
		the due date therefor and which remains unpaid, together with interest accrued
		thereon (to the extent lawful).
	 

	 
		“Class K Deferred
		Interest”: The meaning specified in Section 2.7(k) hereof.
	 

	 
		“Class K Interest Distribution
		Amount”: On each Payment Date, the amount due to Holders of the
		Class K Notes on account of interest equal to the product of (i) the
		Aggregate Outstanding Amount (including the current balance of any Class K
		Deferred Interest) of the Class K Notes with respect to the related
		Interest Accrual Period, (ii) the actual number of days in such Interest
		Accrual Period divided by 360 and (iii) the Class K Rate.
	 

	 
		“Class K Loss
		Differential”: At any time, the rate calculated by subtracting the
		Class K Scenario Loss Rate from the Class K Break-Even Loss Rate at
		such time.
	 

	 
		“Class K Notes”: The
		Class K Eleventh Priority Floating Rate Deferrable Interest Term Notes Due
		2046, issued by the Issuer and the Co-Issuer pursuant to this Indenture.

	 

	 
		“Class K Rate”: With
		respect to any Class K Note, the per annum rate
		at which interest accrues on such Note for any Interest Accrual Period, which
		shall be equal to LIBOR for the related Interest Accrual Period plus 6.50%
		per annum, as provided in such Notes.
	 

	 
		“Class K Scenario Loss
		Rate”: At any time, an estimate of the cumulative default rate for the
		Current Portfolio or the Proposed Portfolio, as applicable, consistent with the
		then current rating of the Class K Notes by S&P, determined by
		application of the S&P CDO Monitor at such time.
	 

	 
		“Class K Subordinate
		Interests”: The meaning specified in Section 13.1(j) hereof.
	 

	 
		“Clean-up Call”: The
		meaning specified in Section 9.1
		hereof.
	 

	 
		“Clean-up Call Date”: The
		meaning specified in Section 9.1 hereof.
	 

	 
		“Clearing Agency”: An
		organization registered as a “clearing agency” pursuant to
		Section 17A of the Exchange Act.
	 

	 
		 
	 

	 
		 
	 

	 
		-20-
	 

	 
		 
	 

	 
	 

	 

	 
		 “Clearing Corporation”: The meaning specified in
		Section 8-102(a)(5) of the UCC.
	 

	 
		“Clearing Corporation Security”: A security subject to book-entry transfers and
		pledges deposited with the Clearing Agency.
	 

	 
		“Clearstream, Luxembourg”: Clearstream Banking, société
		anonyme, a limited liability company organized under the laws of the Grand
		Duchy of Luxembourg.
	 

	 
		“Closing”:
		The transfer of any Note to the initial registered Holder of such Note.
	 

	 
		“Closing Date”: May 18, 2006.
	 

	 
		“CMBS Conduit Securities”: Collateral Debt Securities (A) issued by a
		single-seller or multi-seller conduit under which the holders of such
		Collateral Debt Securities have recourse to a specified pool of assets (but not
		other assets held by the conduit that support payments on other series of
		securities) and (B) that entitle the holders thereof to receive payments
		that depend (except for rights or other assets designed to assure the servicing
		or timely distribution of proceeds to holders of the Collateral Debt
		Securities) on the cash flow from a pool of commercial mortgage loans generally
		having the following characteristics: (i) the commercial mortgage loans
		have varying contractual maturities; (ii) the commercial mortgage loans
		are secured by real property purchased or improved with the proceeds thereof
		(or to refinance an outstanding loan the proceeds of which were so used);
		(iii) the commercial mortgage loans are obligations of a relatively
		limited number of obligors (with the creditworthiness of individual obligors
		being less material than for CMBS Large Loan Securities) and accordingly
		represent a relatively undiversified pool of obligor credit risk;
		(iv) upon original issuance of such Collateral Debt Securities no five
		commercial mortgage loans account for more than 20% of the aggregate principal
		balance of the entire pool of commercial mortgage loans supporting payments on
		such securities; and (v) repayment thereof can vary substantially from the
		contractual payment schedule (if any), with early prepayment of individual
		loans depending on numerous factors specific to the particular obligors and
		upon whether, in the case of loans bearing interest at a fixed rate, such loans
		or securities include an effective prepayment premium.
	 

	 
		“CMBS Large Loan Securities”: Collateral Debt Securities (other than CMBS
		Conduit Securities) that entitle the holders thereof to receive payments that
		depend (except for rights or other assets designed to assure the servicing or
		timely distribution of proceeds to holders of the Collateral Debt Securities)
		on the cash flow from a pool of commercial mortgage loans made to finance the
		acquisition, construction and improvement of properties. They generally have
		the following characteristics: (i) the commercial mortgage loans have
		varying contractual maturities; (ii) the commercial mortgage loans are
		secured by real property purchased or improved with the proceeds thereof (or to
		refinance one or more outstanding loans the proceeds of which were so used);
		(iii) the commercial mortgage loans are obligations of a relatively
		limited number of obligors and accordingly represent a relatively undiversified
		pool of obligor credit risk; (iv) repayment thereof can vary substantially
		from the contractual payment schedule (if any), with early prepayment of
		individual loans depending on numerous factors specific to the particular
		obligors and upon whether, in the case of loans bearing interest at a fixed
		rate, such loans or securities include an effective prepayment premium; and
		(v) the 
	 

	 
		 
	 

	 
		 
	 

	 
		-21-
	 

	 
		 
	 

	 
	 

	 

	 
		valuation of individual properties securing
		the commercial mortgage loans is the primary factor in any decision to invest
		in those securities.
	 

	 
		“CMBS Security”: A CMBS Conduit Security or a CMBS Large Loan
		Security, as the case may be, but excluding any Single Asset Mortgage Security,
		Single Borrower Mortgage Security or Rake Bond.
	 

	 
		“Co-Issuer”:
		Marathon Real Estate CDO 2006-1, LLC, a limited liability company organized
		under the laws of the State of Delaware, until a successor Person shall have
		become the Co-Issuer pursuant to the applicable provisions of this Indenture,
		and thereafter “Co-Issuer” shall mean such successor Person.
	 

	 
		“Co-Issuers”: The Issuer and the Co-Issuer.
	 

	 
		“Code”: The
		United States Internal Revenue Code of 1986, as amended.
	 

	 
		“Collateral Debt Securities Transfer
		Agreement”: Any collateral debt
		securities transfer agreement entered into on or about the Closing Date by and
		between the Sellers and the Depositor or by and between the Depositor and the
		Issuer (including the Collateral Debt Securities Transfer Agreement, dated as
		of May 18, 2006, between the Sellers and the Depositor, and a Collateral Debt
		Securities Transfer Agreement, dated as of May 18, 2006, between the Depositor
		and the Issuer) and any other collateral debt securities transfer agreement
		entered into after the Closing Date by and between the Sellers and the
		Depositor or by and between the Depositor and the Issuer, if a transfer
		agreement is necessary to comply with this Indenture, which agreement is
		assigned to the Trustee pursuant to this Indenture.
	 

	 
		“Collateral Debt Security” and “Collateral Debt Securities”: Any loan, security or other obligation (other
		than Eligible Investments) owned by the Issuer (including those acquired after
		the Closing Date) that complied with the Eligibility Criteria at the time the
		Issuer entered into the commitment to acquire such loan, security or
		obligation.
	 

	 
		“Collateral Management Agreement”: The Collateral Management Agreement, dated as of
		the Closing Date, by and between the Issuer and the Collateral Manager, as
		amended, supplemented or otherwise modified from time to time in accordance
		with its terms.
	 

	 
		“Collateral Management Fee”: The Senior Collateral Management Fee and the
		Subordinate Collateral Management Fee.
	 

	 
		“Collateral Manager”: Marathon Asset Management, L.L.C., each of
		Marathon Asset Management, L.L.C.’s permitted successors and assigns or
		any successor Person that shall have become the Collateral Manager pursuant to
		the provisions of the Collateral Management Agreement and thereafter
		“Collateral Manager” shall mean such successor Person.
	 

	 
		“Collateral Manager Servicing Standard”: With respect to the Collateral Manager, to
		manage the Collateral Debt Securities that such Person is obligated to service
		and administer pursuant to this Indenture and the Collateral Management
		Agreement (i) in accordance with (A) the higher of the following
		standards of care: (1) customary and usual standards of practice of
		prudent institutional investors servicing their own mortgage loans and 
	 

	 
		 
	 

	 
		 
	 

	 
		-22-
	 

	 
		 
	 

	 
	 

	 

	 
		(2) the same manner in which, and with
		the same care, skill, prudence and diligence with which, the Collateral Manager
		manages securities comparable to the Collateral Debt Securities for the account
		of its other clients; (B) applicable law and (C) the terms of this
		Indenture, the Collateral Management Agreement and the terms of each such
		Collateral Debt Security and the related Underlying Instruments and
		(ii) without regard to (A) any relationship, including as lender on
		any other debt, that the Collateral Manager or any Affiliate of the Collateral
		Manager, may have with the underlying borrower, or any Affiliate of the
		borrower, or any other party to this Indenture (or the Collateral
		Manager’s role under any agreements relating to the transactions
		contemplated by this Indenture); (B) the identity of the party that will
		be required to fund any Cure Advance; (C) the right of the Collateral Manager
		or any Affiliate thereof, to receive compensation or reimbursement of costs
		hereunder generally or with respect to any particular transaction (including,
		without limitation, any transaction related to the Collateral Management
		Agreement); and (D) the ownership, servicing or management for others of
		any security not subject to this Indenture by the Collateral Manager or any
		Affiliate thereof or the obligation of any Affiliate of the Collateral Manager
		to repurchase the Collateral Debt Security. For the avoidance of doubt, this
		definition shall not limit in any manner the application of the standard of
		care set forth in the Collateral Management Agreement with respect to any other
		action taken by the Collateral Manager pursuant to the Collateral Management
		Agreement.
	 

	 
		“Collateral Quality Test Modification”: The meaning specified in Section 12.5 hereof.
	 

	 
		“Collateral Quality Tests”: The tests that are satisfied if, as of any
		Measurement Date, in the aggregate, the Collateral Debt Securities purchased or
		irrevocably committed to be purchased (and excluding Collateral Debt Securities
		committed to be sold) comply with all of the requirements set forth
		below:
	 

	 
		(i) not more than 20.0% of the Aggregate
		Collateral Balance consists of Collateral Debt Securities (other than CRE CDO
		Securities and REIT Debt Securities) backed or otherwise invested in properties
		located in any single U.S. state, except that (A) up to 50.0% of the
		Aggregate Collateral Balance may consist of Collateral Debt Securities (other
		than CRE CDO Securities and REIT Debt Securities) backed or otherwise invested
		in properties located in the State of New York, (B) up to 40.0% of the
		Aggregate Collateral Balance may consist of Collateral Debt Securities (other
		than CRE CDO Securities and REIT Debt Securities) backed or otherwise invested
		in properties located in the State of California, (C) up to 30.0% of the
		Aggregate Collateral Balance may consist of Collateral Debt Securities (other
		than CRE CDO Securities and REIT Debt Securities) backed or otherwise invested
		in properties located in the District of Columbia and (D) up to 30.0% of the
		Aggregate Collateral Balance may consist of Collateral Debt Securities (other
		than CRE CDO Securities and REIT Debt Securities) backed or otherwise invested
		in properties located in the State of Florida;
	 

	 
		(ii) not more than 25.0% of the Aggregate
		Collateral Balance consists of CMBS Securities; provided, however, that not more than 20.0% of the Aggregate Collateral
		Balance consists of CMBS Large Loan Securities and not 
	 

	 
		 
	 

	 
		 
	 

	 
		-23-
	 

	 
		 
	 

	 
	 

	 

	 
		more than 20.0% of the Aggregate Collateral
		Balance consists of CMBS Conduit Securities;
	 

	 
		(iii) not more than 10.0% of the Aggregate
		Collateral Balance consists of CRE CDO Securities;
	 

	 
		(iv) not more than 5.0% of the Aggregate
		Collateral Balance consists of REIT Debt Securities;
	 

	 
		(v) not more than 5.0% of the Aggregate
		Collateral Balance consists of REBLs;
	 

	 
		(vi) not more than 5.0% of the Aggregate
		Collateral Balance consist of Credit Tenant Lease Loans;
	 

	 
		(vii) not more than 75.0% of the Aggregate
		Collateral Balance consists of B Notes, Participations or Rake Bonds;
	 

	 
		(viii) not more than 35.0% of the Aggregate
		Collateral Balance consists of Mezzanine Loans;
	 

	 
		(ix) not more than 5.0% of the Aggregate
		Collateral Balance consists of Asset Backed Securities;
	 

	 
		(x) not more than 15.0% of the Aggregate
		Collateral Balance consists of Synthetic Securities;
	 

	 
		(xi) not less than 25.0% of the Aggregate
		Collateral Balance consists of Whole Loans;
	 

	 
		(xii) not less than 20.0% of the Aggregate
		Collateral Balance consists of B Notes or Participations; provided,
		however, that such minimum requirement
		may be reduced by the amount by which the aggregate principal balance of Whole
		Loans exceeds 25.0% of the Aggregate Collateral Balance;
	 

	 
		(xiii) the aggregate Principal Balance of
		all Collateral Debt Securities issued by any single issuer, or in the case of
		the Loans a single borrower, does not exceed 9.0%;
	 

	 
		(xiv) (A) not more than 50.0% of the
		Aggregate Collateral Balance may consist of Collateral Debt Securities (other
		than CRE CDO Securities and REIT Debt Securities) that are collateralized or
		backed by interests on Office Properties; (B) not more than 40.0% of the
		Aggregate Collateral Balance may consist of Collateral Debt Securities (other
		than CRE CDO Securities and REIT Debt Securities) that are collateralized or
		backed by interests on any Multi-Family Properties; (C) not more than 40.0% of
		the Aggregate Collateral Balance may consist of Collateral Debt Securities
		(other than CRE CDO Securities and REIT Debt Securities) that are
		collateralized or backed by interests on Retail Properties; 
	 

	 
		 
	 

	 
		 
	 

	 
		-24-
	 

	 
		 
	 

	 
	 

	 

	 
		(D) not more than 40.0% of the Aggregate
		Collateral Balance may consist of Collateral Debt Securities (other than CRE
		CDO Securities and REIT Debt Securities) that are collateralized or backed by
		interests on Industrial Properties; (E) not more than 30.0% of the Aggregate
		Collateral Balance may consist of Collateral Debt Securities (other than CRE
		CDO Securities and REIT Debt Securities) that are collateralized or backed by
		interests on Hospitality Properties; (F) not more than 15.0% of the Aggregate
		Collateral Balance may consist of Collateral Debt Securities (other than CRE
		CDO Securities and REIT Debt Securities) that are collateralized or backed by
		interests on Condo Conversion Properties; (G) not more than 10.0% of the
		Aggregate Collateral Balance may consist of Collateral Debt Securities (other
		than CRE CDO Securities and REIT Debt Securities) that are collateralized or
		backed by interests on Health Care Properties, which may include health care
		receivables and other assets as a portion of the collateral if the Aggregate
		Collateral Balance of Collateral Debt Securities that are secured by such
		receivables and other assets is equal to or less than the lesser of (a) 1%
		of the Aggregate Principal Balance of all Collateral Debt Securities and
		(b) 10% of then current Aggregate Principal Balance of Collateral Debt
		Securities that are secured by Health Care Properties; (H) not more than 5.0%
		of the Aggregate Collateral Balance may consist of Collateral Debt Securities
		(other than CRE CDO Securities and REIT Debt Securities) that are
		collateralized or backed by interests in Self-Storage Properties; (I) not more
		than 10.0% of the Aggregate Collateral Balance may consist of Collateral Debt
		Securities (other than CRE CDO Securities and REIT Debt Securities) that are
		collateralized or backed by interests in Land; and (J) not more than 10.0% of
		the Aggregate Collateral Balance consists of Collateral Debt Securities (other
		than CRE CDO Securities and REIT Debt Securities) that are collateralized or
		backed by interests on all Property Types not specifically listed in clauses
		(A) through (I) above.
	 

	 
		(xv) not more than 5.0% of the Aggregate
		Collateral Balance consists of Floating Rate Securities that bear interest
		based upon a floating rate index other than LIBOR and that are not subject to
		Asset Specific Hedges;
	 

	 
		(xvi) not more than 5.0% of the Aggregate
		Collateral Balance consists of Fixed Rate Securities that are not subject to
		Asset Specific Hedges;
	 

	 
		(xvii) not more than 5.0% of the Aggregate
		Collateral Balance consists of CMBS Securities or CRE CDO Securities that have
		a rated final or stated maturity, later than the Stated Maturity; none of the
		CMBS Securities or CRE CDO Securities have a rated final or stated maturity
		that is later than within 10 years past the Stated Maturity;
	 

	 
		(xviii) not more than 5.0% of the Aggregate
		Collateral Balance consists of Collateral Debt Securities that are non-US
		assets (i.e., issued by an obligor domiciled or resident outside of the United
		States or a Loan for which a material portion of its collateral is located
		outside of the United States);
	 

	 
		 
	 

	 
		 
	 

	 
		-25-
	 

	 
		 
	 

	 
	 

	 

	 
		(xix) if a Collateral Debt Security is a
		Synthetic Security, then (a) each such Synthetic Security is acquired from a
		Synthetic Security Counterparty rated, on the date of such grant, at least
		“A-1+” by S&P if rated by S&P, at least “A” by
		Fitch, and, if rated by Moody’s, at least “A2” by Moody’s,
		(b) a Rating Agency Condition is satisfied or pre-approval has been obtained
		with respect to the acquisition of each such Synthetic Security or such
		Synthetic Security is a Form-Approved Synthetic Security and (c) the Reference
		Obligation to which such Synthetic Security relates, if purchased by the Issuer
		directly, would satisfy the Eligibility Criteria;
	 

	 
		(xx) the Moody’s Maximum Tranched
		Rating Factor Test is satisfied;
	 

	 
		(xxi) the Moody’s Weighted Average
		Recovery Rate Test is satisfied;
	 

	 
		(xxii) the Herfindahl Diversity Test is
		satisfied;
	 

	 
		(xxiii) the Minimum Weighted Average Coupon
		Test is satisfied;
	 

	 
		(xxiv) the Minimum Weighted Average Spread
		Test is satisfied;
	 

	 
		(xxv) the Weighted Average Life Test is
		satisfied;
	 

	 
		(xxvi) the S&P CDO Monitor Test is
		satisfied;
	 

	 
		(xxvii) the S&P Recovery Test is
		satisfied;
	 

	 
		(xxviii) the Fitch Loan Diversity Index Test
		is satisfied; and
	 

	 
		(xxix) the Fitch Poolwide Expected Loss Test
		is satisfied.
	 

	 
		Notwithstanding the foregoing, during the
		Ramp-Up Period, the Collateral Quality Tests need not be met. At all times the
		dollar amount limitation set forth in any individual Collateral Quality Test
		will be disregarded for the purposes of the Reinvestment Criteria, but will be
		taken into account for the purposes of any reports to be prepared pursuant to
		Section 10.9 of this Indenture.
	 

	 
		“Collection Accounts”: The trust accounts so designated and established
		pursuant to Section 10.2(a) hereof.
	 

	 
		“Company Administration Agreement”: The administration agreement, dated on or about
		the Closing Date, by and among the Issuer and the Company Administrator, as
		modified and supplemented and in effect from time to time.
	 

	 
		“Company Administrative Expenses”: All fees, expenses and other amounts due or
		accrued with respect to any Payment Date and payable by the Issuer or the
		Co-Issuer to (i) the Trustee pursuant to Section 6.7
		hereof or any co-trustee appointed pursuant to this Indenture (including
		amounts payable by the Issuer as indemnification pursuant to this Indenture),
		(ii) the Company Administrator under the Company Administration Agreement
		(including amounts 
	 

	 
		 
	 

	 
		 
	 

	 
		-26-
	 

	 
		 
	 

	 
	 

	 

	 
		payable by the Issuer as indemnification
		pursuant to the Company Administration Agreement) and to provide for the costs
		of liquidating the Issuer following redemption of the Notes, (iii) the LLC
		Managers (including indemnification), (iv) the Independent accountants,
		agents and counsel of the Issuer for reasonable fees and expenses (including
		amounts payable in connection with the preparation of tax forms on behalf of
		the Issuer and the Co-Issuer) and any registered office and government filing
		fees, (v) the Rating Agencies for fees and expenses in connection with any
		rating (including the annual fee payable with respect to the monitoring of any
		rating) of the Notes, including fees and expenses due or accrued in connection
		with any credit estimate or rating of the Collateral Debt Securities,
		(vi) the Collateral Manager under this Indenture and the Collateral
		Management Agreement, (vii) the Collateral Manager or other Persons as
		indemnification pursuant to the Collateral Management Agreement,
		(viii) the Advancing Agent or other Persons as indemnification pursuant to
		Section 17.3, (ix) each member of the Advisory Committee
		(including amounts payable as indemnification) under each agreement between
		such Advisory Committee member and the Issuer (and the amounts payable by the
		Issuer to each member of the Advisory Committee as indemnification pursuant to
		each such agreement); (x) the Preferred Shares Paying Agent and the Shares
		Registrar pursuant to the Preferred Shares Paying Agency Agreement (including
		amounts payable by the Issuer as indemnification pursuant to the Preferred
		Shares Paying Agency Agreement), (xi) the Underlying Trustee under the
		Master Trust Agreement (including amounts payable by the Issuer as
		indemnification pursuant to the Master Trust Agreement), (xii) any other
		Person in respect of any governmental fee, charge or tax in relation to the
		Issuer or the Co-Issuer (in each case as certified by an Authorized Officer of
		the Issuer or the Co-Issuer to the Trustee), and (xiii) any other Person
		in respect of any other fees or expenses (including indemnifications) permitted
		under this Indenture and the documents delivered pursuant to or in connection
		with this Indenture and the Notes and any amendment or other modification of
		any such documentation, in each case unless expressly prohibited under this
		Indenture (including, without limitation, the payment of all transaction fees
		and all legal and other fees and expenses required in connection with the
		purchase of any Collateral Debt Securities or any other transaction authorized
		by this Indenture and any amounts due in respect of the listing of any Offered
		Notes on the Cayman Stock Exchange); provided that
		Company Administrative Expenses shall not include (a) amounts payable in
		respect of the Notes, (b) amounts payable under any Hedge Agreement and
		(c) any Collateral Management Fee payable pursuant to the Collateral
		Management Agreement.
	 

	 
		“Company Administrator”: Maples Finance Limited, as administrator
		pursuant to the Company Administration Agreement, unless a successor Person
		shall have become administrator pursuant to the Company Administration
		Agreement, and thereafter, Company Administrator shall mean such successor
		Person.
	 

	 
		“Controlling Class”: The Class A-1 Notes, so long as any
		Class A-1 Notes are Outstanding, then the Class A-2 Notes, so long as
		any Class A-2 Notes are Outstanding, then the Class B Notes, so long
		as Class B Notes are Outstanding, then the Class C Notes, so long as
		any Class C Notes are Outstanding, then the Class D Notes, so long as
		any Class D Notes are Outstanding, then the Class E Notes, so long as
		any Class E Notes are Outstanding, then the Class F Notes, so long as
		any Class F Notes are Outstanding, then the Class G Notes, so long as
		any Class G Notes are Outstanding, then the Class H Notes, so long as
		any Class H Notes are Outstanding, then the Class J Notes, so long as
		any Class J Notes are Outstanding, then the Class K Notes, so long as
		any Class K Notes are Outstanding, and then the Preferred Shares.
	 

	 
		 
	 

	 
		 
	 

	 
		-27-
	 

	 
		 
	 

	 
	 

	 

	 
		“Controlling Person”: Any Person (other than a Benefit Plan Investor)
		who has discretionary authority or control with respect to the assets of the
		Issuer or any Person who provides investment advice for a fee (direct or
		indirect) with respect to such assets and any affiliate of such Person.
	 

	 
		“Corporate Trust Office”: The principal corporate trust office of the
		Trustee, currently located at LaSalle Bank National Association, 181 W. Madison
		Street, 32nd Floor, Chicago, Illinois, 60602 Attention: CDO Trust
		Services Group – Marathon Real Estate CDO 2006-1, telephone number (312)
		904-7438, or such other address as the Trustee may designate from time to time
		by notice to the Noteholders, the Holder of the Preferred Shares, the
		Collateral Manager, the Rating Agencies, the Issuer and each Hedge Counterparty
		or the principal corporate trust office of any successor Trustee.
	 

	 
		“Coverage Test Modification”: The meaning specified in Section 12.5 hereof.
	 

	 
		“Coverage Tests”: The Class A/B Coverage Tests, the
		Class C/D/E Coverage Tests and the Class F/G/H Coverage Tests.

	 

	 
		“Covered Fixed Rate Security”: Any Fixed Rate Security (other than any Fixed
		Rate Security included in the Initial Collateral Debt Securities) (including
		any Above Cap Security) (i) for which the Issuer has entered into one or
		more interest rate swap agreements (either individually or together with other
		Collateral Debt Securities), which (A) is a market rate swap that does not
		require the related Hedge Counterparty to make any upfront payments,
		(B) has a term which is at least as long as the Initial Maturity Date of
		such Fixed Rate Security, (C) requires the related Hedge Counterparty to
		make floating rate payments to the Issuer based on the related notional amount
		based on the London interbank offered rate for U.S. Dollar deposits in Europe
		and (D) requires the Issuer to make fixed rate payments to the related
		Hedge Counterparty or (ii) that is subject to an Asset Specific Hedge. For
		the avoidance of doubt, any Fixed Rate Security with respect to which the
		Issuer has entered into an Interest Rate Swap Agreement that has a term
		expiring prior to the Initial Maturity Date of such Fixed Rate Security will
		not be a Covered Fixed Rate Security.
	 

	 
		“CRE CDO Security”: Collateralized debt obligation, collateralized
		bond obligation or collateralized loan obligation (including, without
		limitation, any synthetic collateralized debt obligation or synthetic
		collateralized loan obligation) that entitles the holder thereof to receive
		payments that depend (except for rights or other assets designed to assure the
		servicing or timely distribution of proceeds to the holder of such CRE CDO
		Security) on the cash flow from (and not the market value of) a portfolio of
		securities related to commercial mortgage property.
	 

	 
		“Credit Event”: With respect to a Synthetic Security, a
		specified event or events relating to a Reference Obligation or the credit of
		the issuer of a Reference Obligation, as defined in such Synthetic
		Security.
	 

	 
		“Credit Risk/Defaulted/Buy-Sell Security Cash
		Purchase”: The meaning specified
		in Section 12.1(b) hereof.
	 

	 
		 
	 

	 
		 
	 

	 
		-28-
	 

	 
		 
	 

	 
	 

	 

	 
		“Credit Risk Security”: Any Collateral Debt Security (or, with respect
		to any Synthetic Security, the Reference Obligation event) that, in the
		Collateral Manager’s reasonable business judgment, has a significant risk
		of declining in credit quality or, with a lapse of time, becoming a Defaulted
		Security.
	 

	 
		“Credit Tenant Lease Loans”: Mortgage loans secured by mortgages on
		commercial real estate properties that are subject to a lease to a single
		tenant where the repayment of such mortgage loan is expected to depend
		principally on the credit worthiness of the tenant or its guarantor.
	 

	 
		“Cure Advance”: An advance at the direction of the Collateral
		Manager solely out of funds received from the Advancing Agent out of its own
		funds for such purpose, in connection with the exercise of a cure right by the
		Issuer, as controlling holder or directing holder or other similar function,
		with respect to a Collateral Debt Security.
	 

	 
		“Current Portfolio”: The portfolio of Collateral Debt Securities and
		Eligible Investments prior to giving effect to a proposed reinvestment in a
		Substitute Collateral Debt Security.
	 

	 
		“Custodial Account”: An account at the Custodial Securities
		Intermediary in the name of the Trustee pursuant to Section 10.1(b) hereof.
	 

	 
		“Custodial Securities Intermediary”: The meaning specified in
		Section 3.3(a) hereof.
	 

	 
		“Default”:
		Any Event of Default or any occurrence that is, or with notice or the lapse of
		time or both would become, an Event of Default.
	 

	 
		“Defaulted Interest Amount”: The Class A-1 Defaulted Interest Amount,
		the Class A-2 Defaulted Interest Amount, the Class B Defaulted
		Interest Amount, the Class C Defaulted Interest Amount, the Class D
		Defaulted Interest Amount, the Class E Defaulted Interest Amount, the
		Class F Defaulted Interest Amount, the Class G Defaulted Interest
		Amount, the Class H Defaulted Interest Amount, the Class J Defaulted Interest
		Amount or the Class K Defaulted Interest Amount, as the context
		requires.
	 

	 
		“Defaulted Security”: Any Collateral Debt Security or any other
		security included in the Assets:
	 

	 
		(i) with respect to a Loan, Credit Tenant
		Lease Loans, REBLs (other than a Single Asset Mortgage Security, a Single
		Borrower Mortgage Security or a Rake Bond), (1) if a foreclosure or
		default (whether or not declared) with respect to the related commercial
		mortgage loan has occurred; provided,
		however, that notwithstanding the foregoing, a Loan shall not
		be deemed to be a Defaulted Security as a result of (A) the related
		borrower’s failure to pay interest on such Loan or on the related
		commercial mortgage loan on the initial due date therefor, if the related
		lender or holder of such Loan or of the related commercial mortgage loan
		consents to extend the due date when such interest is due and payable, and such
		interest is paid on or before such extended due date (provided that
		such 
	 

	 
		 
	 

	 
		 
	 

	 
		-29-
	 

	 
		 
	 

	 
	 

	 

	 
		interest is paid not more than 60 days (or
		30 days if such interest was previously paid 60 days after the initial date
		that it was due as a result of the Collateral Manager (on behalf of the Issuer)
		(subject to the applicable provisions of the CDO Servicing Agreement)
		previously consenting to extend such due date) after the initial date that it
		was due), or (B) the related borrower’s failure to pay principal on
		such Loan or the related commercial mortgage loan on the original maturity date
		thereof (as defined below), if the related lender or holder of such Loan or of
		the related commercial mortgage loan consents to extend such maturity date (so
		long as the Maturity Extension Requirements are met) and such principal is paid
		on or before such extended maturity date, or (C) the occurrence of any
		default other than a payment default with respect to such Loan or the related
		commercial mortgage loan, unless and until the earlier of (x) declaration
		of default and acceleration of the maturity of the Loan by the lender or holder
		thereof and (y) the continuance of such default uncured for 60 days after
		such default became known to the Collateral Manager or the CDO Servicer or,
		subject to the satisfaction of the Rating Agency Condition, such longer period
		as the Collateral Manager (subject to the applicable provisions of the CDO
		Servicing Agreement) determines. As used above, the term “original
		maturity date” means the maturity date of a Loan or the related commercial
		mortgage loan as extended by all extensions thereof which the related borrower
		had the right to elect and did elect under the terms of the instruments and
		agreements relating to such Loan or to the related commercial mortgage loan,
		but before taking into account any additional extensions thereof that are
		consented to by the lender or holder of such Loan or to the related commercial
		mortgage loan;
	 

	 
		(ii) with respect to a CMBS Security, a CRE
		CDO Security, REIT Debt Security, an Asset Backed Security, a Single Asset
		Mortgage Security, a Single Borrower Mortgage Security or a Rake Bond
		(1) as to which there has occurred and is continuing a principal payment
		default (without giving effect to any applicable grace period or waiver) or
		(2) as to which there is known to the Collateral Manager a default (other
		than any payment default) which default entitles the holders thereof to
		accelerate the maturity of all or a portion of the principal amount of such
		obligation; provided, however, that,
		in each case, if such default is cured or waived then such asset shall no
		longer be a Defaulted Security or (3) as to which it is known to the
		Collateral Manager that (A) any bankruptcy, insolvency or receivership
		proceeding has been initiated in connection with the issuer of such security,
		or (B) there has been proposed or effected any distressed exchange or
		other debt re-structuring where the issuer of such CMBS Security, CRE CDO
		Security or REIT Debt Security has offered the debt holders a new security or
		package of securities that either (x) amounts to a diminished financial
		obligation or (y) has the purpose of helping the issuer to avoid default,
		or (4) that has been rated “CC,” “D” or “SD”
		or below by S&P, “CC” or below by Fitch, or “Ca” or
		“C” by Moody’s, or with respect to REIT Debt Securities, the
		issuer of which has a credit rating of “D” or “SD” or as to
		which S&P has withdrawn its rating, or (5) as to which it is known to
		the Collateral Manager that the issuer thereof is in default (without giving
		effect to any applicable grace period or waiver) as to payment of principal
		and/or interest on another obligation (and such 
	 

	 
		 
	 

	 
		 
	 

	 
		-30-
	 

	 
		 
	 

	 
	 

	 

	 
		default has not been cured or waived) which
		is senior or pari passu in right of payment to such security, except that any
		such security will not constitute a “Defaulted Security” under this
		clause (5) if each of the Rating Agencies has confirmed in writing that
		such event will not result in the reduction, qualification or withdrawal of any
		rating of the Notes; or (6) (A) as to which there has been a failure to
		pay interest in whole or in part for the lesser of (x) six months or
		(y) three payment periods (if such security is rated (or privately rated
		for purposes of the issuance of the Securities) below “Baa3” by
		Moody’s or “BBB-“ by S&P or Fitch); provided,
		however, that, if the Rating Agency Condition for such security
		is satisfied with respect to S&P and Moody’s, the Collateral Manager
		may choose not to treat such security as a Defaulted Security or (B) as to
		which there has been a failure to pay interest in whole or in part for the
		lesser of (x) one year or (y) six consecutive payment periods (if
		such security is rated (or privately rated for purposes of the issuance of the
		Securities) “BBB-“ or higher by S&P or Fitch, or “Baa3”
		or higher by Moody’s) even if by its terms it provides for the deferral
		and capitalization of interest thereon; and
	 

	 
		(iii) in the case of a Synthetic Security,
		if the Synthetic Security Counterparty with respect thereto is in default
		pursuant to the terms of such Synthetic Security or if the related Reference
		Obligation would be a Defaulted Security under clauses (i) or (ii) of this
		definition if included in the Collateral Debt Securities;
	 

	 
		provided that any Collateral Debt Security which has sustained a
		write-down of principal balance in accordance with its terms will not
		necessarily be considered a Defaulted Security solely due to such write-down;
		provided, further, that for the purposes of calculating the Par Value
		Ratios, any Collateral Debt Security that has sustained an implied reduction of
		principal balance due to an appraisal reduction will not necessarily be
		considered a Defaulted Security solely due to such implied reduction.
	 

	 
		For purposes of calculating the Par Value
		Ratios, an appraisal reduction of a Collateral Debt Security will be assumed to
		result in an implied reduction of principal balance for such Collateral Debt
		Security only if such appraisal reduction is intended to reduce the interest
		payable on such Collateral Debt Security and only in proportion to such
		interest reduction. The Collateral Manager shall notify the Trustee of any
		appraisal reductions of Collateral Debt Securities if the Collateral Manager
		has actual knowledge thereof.
	 

	 
		For purposes of the definition of
		“Defaulted Security,” the “Maturity Extension Requirements”
		will be satisfied with respect to any extension if the maturity date is
		extended (i) in the case of Loans other than ARD Loans, to a new maturity
		date that is (A) not more than two years after the original maturity date
		and (B) not less than ten years prior to the Stated Maturity and
		(ii) in the case of ARD Loans, such that (A) the anticipated
		repayment date will not be less than 20 years prior to the Stated Maturity and
		(B) the new maturity date is not less than five years prior to the Stated
		Maturity; provided, however,
		that notwithstanding the requirements
		in the foregoing clauses (i) and (ii), “Maturity Extension
		Requirements” will be deemed satisfied with respect to any extensions as
		to which the Rating Agency Condition has been satisfied.
	 

	 
		 
	 

	 
		 
	 

	 
		-31-
	 

	 
		 
	 

	 
	 

	 

	 
		For the avoidance of doubt, the following
		initial Collateral Debt Securities will not be treated as Defaulted Securities
		under clause (i)(C)(y) above based on the facts in existence on the Closing
		Date as disclosed on the exceptions to the representations and warranties
		enumerated in the Collateral Debt Securities Transfer Agreement: Hotel Thirty
		Thirty, Harbor Club Down and Holiday Inn Express.
	 

	 
		“Defeased Collateral Account”: The account established pursuant to
		Section 10.6(a) hereof.
	 

	 
		“Deposit Accounts”: The meaning specified in
		Section 3.3(e)(xii) hereof.
	 

	 
		“Depositor”:
		Marathon Real Estate CDO 2006-1 Depositor, LLC, a Delaware limited liability
		company.
	 

	 
		“Depository”
		or “DTC”: The Depository Trust Company, its nominees, and
		their respective successors.
	 

	 
		“Determination Date”: With respect to each Payment Date, is the 4th
		Business Day preceding such Payment Date.
	 

	 
		“Disqualified Transferee”: The meaning specified in Section 2.5(k) hereof.
	 

	 
		“Dollar,”
		“U.S. $” or “$”: A U.S.
		dollar or other equivalent unit in Cash.
	 

	 
		“Due Date”:
		Each date on which a Scheduled Distribution is due on a Pledged
		Obligation.
	 

	 
		“Due Period”: With respect to any Payment Date, the period
		commencing on the day immediately succeeding the second preceding Determination
		Date (or commencing on the Closing Date, in the case of the Due Period relating
		to the first Payment Date) and ending on and including the Determination Date
		immediately preceding such Payment Date.
	 

	 
		“Effective Date”: The date which is the earlier of (i) the
		270th day after the Closing Date and (ii) the first date on
		which the Aggregate Principal Balance of the Pledged Collateral Debt Securities
		that the Issuer purchased (or in the case of CMBS Securities, Asset Backed
		Securities, CRE CDO Securities and REIT Debt Securities, that the Issuer
		entered into an irrevocable binding commitment to purchase, as certified by the
		Collateral Manager to the Trustee) since the Closing Date is at least equal to
		the Minimum Ramp-Up Amount.
	 

	 
		“Eligibility Criteria”: The criteria set forth below, which if satisfied
		with respect to a loan, security or other obligation at the time it is
		purchased (or, in the case of CMBS Securities, Asset Backed Securities, CRE CDO
		Securities and REIT Debt Securities, at the time an irrevocable, binding
		commitment to purchase is entered into, as certified by the Collateral Manager
		to the Trustee), as evidenced by an Officer’s Certificate of the
		Collateral Manager delivered to the Trustee as of the date of such acquisition,
		will make such loan, security or other obligation eligible for purchase by the
		Issuer as a Collateral Debt Security:
	 

	 
		(i) it is a Loan or security related to
		commercial real estate;
	 

	 
		 
	 

	 
		 
	 

	 
		-32-
	 

	 
		 
	 

	 
	 

	 

	 
		(ii) it is issued by an issuer incorporated
		or organized under the laws of the United States or a commonwealth, territory
		or possession of the United States or under the laws of Bahamas, Bermuda,
		Canada, the Cayman Islands, British Virgin Islands, Netherlands Antilles,
		Channel Islands, Mexico, Luxemburg, France, Germany, Ireland, Italy, Australia,
		Sweden, Switzerland or the United Kingdom;
	 

	 
		(iii) with respect to each CMBS Security,
		substantially all the loans backing such Collateral Debt Security are secured
		by collateral substantially all of which is located in the United States or a
		commonwealth, territory or possession of the United States and with respect to
		each REIT Debt Security, the issuer of such Collateral Debt Security is
		incorporated or organized under the laws of the United States or a
		commonwealth, territory or possession of the United States;
	 

	 
		(iv) it provides for periodic payments of
		interest no less frequently than annually;
	 

	 
		(v) it has a Fitch Rating (except for
		Loans), a Moody’s Rating and an S&P Rating and, unless otherwise
		agreed by S&P, such S&P Rating does not include the subscript
		“t”;
	 

	 
		(vi) its acquisition would not cause the
		Issuer, the Co-Issuer or the pool of Pledged Obligations to be required to
		register as an investment company under the Investment Company Act; and if the
		issuer of such Collateral Debt Security is excepted from the definition of an
		“investment company” solely by reason of Section 3(c)(1) of the
		Investment Company Act, then either (A) such Collateral Debt Security does
		not constitute a “voting security” for purposes of the Investment
		Company Act or (B) the aggregate amount of such Collateral Debt Security
		held by the Issuer is less than 10% of the entire issue of such Collateral Debt
		Security;
	 

	 
		(vii) (A) if it is a Loan (including a
		Mezzanine Loan and a Rake Bond), no commercial mortgage loan underlying,
		securing or constituting such Collateral Debt Security has a maturity date
		(including any extension option) that is later than ten (10) years prior to the
		Stated Maturity, and (B) if it is a REIT Debt Security, such REIT Debt
		Security (without regard to the maturities of any collateral underlying such
		REIT Debt Security) does not have a stated final maturity later than the Stated
		Maturity;
	 

	 
		(viii) it is not prohibited under its
		Underlying Instruments from being purchased by the Issuer and pledged to the
		Trustee;
	 

	 
		(ix) it is not, and does not provide for
		conversion or exchange into, “margin stock” (as defined under
		Regulations T, U or X by the Board of Governors of the Federal Reserve System)
		at any time over its life;
	 

	 
		(x) it is not the subject of (a) any
		Offer by the issuer of such security or by any other person made to all of the
		holders of such security to purchase or 
	 

	 
		 
	 

	 
		 
	 

	 
		-33-
	 

	 
		 
	 

	 
	 

	 

	 
		otherwise acquire such security (other than
		pursuant to any redemption in accordance with the terms of the related
		Underlying Instruments) or to convert or exchange such security into or for
		cash, securities or any other type of consideration or (b) any
		solicitation by an issuer of such security or any other person to amend, modify
		or waive any provision of such security or any related Underlying Instruments,
		and has not been called for redemption;
	 

	 
		(xi) it is not an Equity Security, Principal
		Only Security, Interest-Only Security, Step-Up Security, Step-Down Bond, Market
		Value Collateralized Debt Obligation or any security the repayment of which is
		subject to substantial non-credit related risk, as determined by the Collateral
		Manager in its reasonable business judgment;
	 

	 
		(xii) it is not a security that by the terms
		of its Underlying Instruments provides for conversion or exchange (whether
		mandatory or at the option of the issuer or the holder thereof) into an Equity
		Security at any time prior to its maturity;
	 

	 
		(xiii) it is not a financing by a
		debtor-in-possession in any insolvency proceeding;
	 

	 
		(xiv) except with respect to Future Advance
		Loans as to which the full amount of the future advance has been deposited into
		the Future Funding Obligations Account, it will not require the Issuer to make
		any future payments after the initial purchase thereof;
	 

	 
		(xv) its acquisition will be in compliance
		with Section 206 of the Advisers Act;
	 

	 
		(xvi) except with respect to Partially
		Deferred Loans, it does not have any outstanding deferred or capitalized
		interest;
	 

	 
		(xvii) it is not a security that, in the
		Collateral Manager’s reasonable business judgment, has a significant risk
		of declining in credit quality or, with lapse of time or notice, becoming a
		Defaulted Security;
	 

	 
		(xviii) it is not a Defaulted Security (as
		determined by the Collateral Manager after reasonable inquiry);
	 

	 
		(xix) if it is a Participation, (1)
		(a) it is a real estate related Participation that is subject to the CDO
		Servicing Agreement, (b) either (i) the Underlying Term Loan,
		A Note or B Note has been included in a transaction that would be
		classified as a CMBS Conduit Security or a CMBS Large Loan Security or
		(ii) the Underlying Term Loan is serviced pursuant to a commercial
		mortgage servicing arrangement, which includes the standard servicing
		provisions found in CMBS Securities transactions, (c) the requirements
		regarding the representations and warranties with respect to the Underlying
		Term Loan, the Underlying Mortgage Property (as applicable) and the
		Participation set forth in Section 16.5 have been 
	 

	 
		 
	 

	 
		 
	 

	 
		-34-
	 

	 
		 
	 

	 
	 

	 

	 
		met, (d) the terms of the Underlying
		Instruments are consistent with the terms of similar Underlying Instruments in
		the CMBS industry and (e) the Participating Institution is either a
		“special purpose entity” or qualifies as a “qualified
		institutional lender” as typically defined in the Underlying Instruments
		related to Participations; provided that a
		securitization trust, a CDO issuer or a similar securitization vehicle shall be
		deemed to be a “special purpose entity” for purposes of the
		Eligibility Criteria for so long as the separateness provisions of its
		organizational documents have not been amended (unless the Rating Agency
		Condition was satisfied in connection with any such amendment) or (2) if any of
		the foregoing conditions are not satisfied, the Rating Agency Condition is
		satisfied prior to such purchase or commitment to purchase;
	 

	 
		(xx) if it is a B Note, (1) (a) it is a
		real estate related B Note that is subject to the CDO Servicing Agreement,
		(b) either (i) the related A Note has been included in a
		transaction that would be classified as a CMBS Conduit Security or a CMBS Large
		Loan Security or (ii) the related Whole Loan is serviced pursuant to a
		commercial mortgage servicing arrangement that includes the standard servicing
		provisions found in CMBS Securities transactions, (c)  the requirements
		regarding the representations and warranties with respect to the Underlying
		Term Loan, the Underlying Mortgage Property (as applicable) and the B Note set
		forth in Section 16.5 have been met and (d) the terms of the Underlying
		Instruments are consistent with the terms of similar Underlying Instruments in
		the CMBS industry or (2) if any of the foregoing conditions are not satisfied,
		the Rating Agency Condition is satisfied prior to such purchase or commitment
		to purchase;
	 

	 
		(xxi) if it is a Mezzanine Loan, (1)
		(a) it is serviced pursuant to the CDO Servicing Agreement, (b) the
		requirements regarding the representations and warranties with respect to the
		Underlying Term Loan, the Underlying Mortgage Property (as applicable) and the
		Mezzanine Loan set forth in Section 16.5 have been met and (c) the terms of the Underlying
		Instruments are consistent with the terms of similar Underlying Instruments in
		the CMBS industry with respect to Mezzanine Loans or (2) if any of the
		foregoing conditions are not satisfied, the Rating Agency Condition is
		satisfied prior to such purchase or commitment to purchase;
	 

	 
		(xxii) if it is a Whole Loan, REBL or Credit
		Tenant Lease Loan (1) (a) it is subject to the CDO Servicing Agreement,
		and (b) the requirements regarding the representations and warranties with
		respect to the Loan and the Underlying Mortgage Property (as applicable) set
		forth in Section 16.5 have been met or (2) if any of the foregoing conditions
		are not satisfied, the Rating Agency Condition is satisfied prior to such
		purchase or commitment to purchase;
	 

	 
		(xxiii) it is U.S. Dollar denominated or is
		payable in any other currencies subject to a U.S. Dollar swap providing for
		payment in U.S. Dollars subject to the satisfaction of the Rating Agency
		Condition;
	 

	 
		 
	 

	 
		 
	 

	 
		-35-
	 

	 
		 
	 

	 
	 

	 

	 
		(xxiv) it is one of the Specified
		Types;
	 

	 
		(xxv) it provides for payment at not less
		than par at its maturity, redemption or acceleration;
	 

	 
		(xxvi) if it is a Loan, the principal
		balance of the Loan has not been reduced by a realized loss, expected loss,
		appraisal event, appraisal reduction or similar item since initial issuance,
		other than a Loan as to which a workout or other restructuring has occurred but
		as to which no such reduction has occurred since the completion of such workout
		or restructuring;
	 

	 
		(xxvii) if it is a Loan that is secured by
		an asset that would otherwise qualify as a Collateral Debt Security, such Loan
		is secured by a discrete pool of collateral that consists of no more than two
		underlying assets (except with respect to one of the Initial Collateral Debt
		Securities);
	 

	 
		(xxviii) any requirements regarding opinions
		with respect to certain purchases of Collateral Debt Securities as provided in
		this Indenture have been met;
	 

	 
		(xxix) if it is a CMBS Security, a CRE CDO
		Security or an Asset Backed Security, except as permitted under clause (xvii)
		of the Collateral Quality Test, it does not have a stated maturity or a rated
		final distribution date scheduled to occur later than two (2) years prior
		to the Stated Maturity;
	 

	 
		(xxx) if it is a CRE CDO Security, it is
		rated at least “BB-“ by S&P (and if rated “BB-,” it is
		not on credit watch with negative implications);
	 

	 
		(xxxi) if it is a Future Advance Loan, then
		either:
	 

	 
			
				
				   
				

			 	
				
				  (1)
				

			 	
				
				  the Rating Agency Condition has been
				  satisfied or
				

			 

 

	 
			
				
				   
				

			 	
				
				  (2)
				

			 	
				
				  all of the following conditions are
				  satisfied: (i) the Issuer does not have any additional funding obligation under
				  the related Unfunded Loan by virtue of holding the Future Advance Loan; (ii)
				  the borrower under the Future Advance Loan has agreed (x) to request such
				  advances from a person other than the Issuer (so long as the Issuer does not
				  own the related Unfunded Loan) and (y) not to assert any defense to, or any
				  right of offset against, payment of the Future Advance Loan as the result of
				  any breach by the maker or holder of the related Unfunded Loan in connection
				  with the future funding obligation, and unless the holder of the Future Advance
				  Loan and the related Unfunded Loan are then the same person, not to assert any
				  claim against the holder of the Future Advance Loan in connection with the
				  future funding obligation under the related Unfunded Loan; and (iii) (A) an
				  indemnitor has agreed to indemnify the Issuer with respect to any losses
				  
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		-36-
	 

	 
		 
	 

	 
	 

	 

	 
		arising from the failure of such party to
		fulfill its future funding obligations under the related Unfunded Loan mortgage
		loan or a guarantor has agreed to guarantee the obligation of such party to
		fulfill its future funding obligations under the related Unfunded Loan;
		provided that such indemnitor or guarantor is rated at least
		“A-” by S&P, at least “A3” by Moody’s and at least
		“A-” by Fitch (such guaranty may be in the form of letter of credit
		or guaranty (in each case, in a form acceptable to S&P) for a term that is
		less than the term of the future funding obligation as long as (a) it is for a
		term that is at least 364 days, and (b) such instrument provides that if it is
		not renewed prior to the expiration thereof and the Issuer or the related
		Seller has not deposited funds in an amount equal to the maximum future funding
		amount under the terms of such asset then the Issuer will have the right to
		draw on such letter of credit or guarantee), or (B) the party that retains the
		obligation to provide the future funding has deposited the maximum amount of
		such advance in the Future Funding Obligations Account, or
	 

	 
			
				
				   
				

			 	
				
				  (3)
				

			 	
				
				  the Issuer has assumed the future
				  funding obligation under the related Unfunded Loan and has deposited Principal
				  Proceeds or Unused Proceeds or the related Seller has deposited funds, in
				  either case, in an amount equal to the maximum future funding amount under the
				  terms of such asset into the Future Funding Obligations Account;
				

			 

 

	 
		(xxxii) either (A) such Collateral Debt
		Security is issued by an entity that is treated as a corporation that is not a
		United States real property holding corporation as defined in
		Section 897(c)(2) of the Code for U.S. federal income tax purposes,
		(B) such Collateral Debt Security is treated as indebtedness for U.S.
		federal income tax purposes, or (C) the Issuer has received advice from
		Cadwalader, Wickersham & Taft LLP or an opinion of other nationally
		recognized U.S. tax counsel experienced in such matters to the effect that the
		acquisition, ownership or disposition of such security will not cause the
		Issuer to be treated as engaged in a trade or business within the United States
		for U.S. federal income tax purposes or otherwise subject the Issuer to U.S.
		federal income tax on a net income basis; and
	 

	 
		(xxxiii) it does not provide for any
		payments which are or will be subject to deduction or withholding for or on
		account of any withholding or similar tax, unless the issuer of such security
		is required to make “gross up” payments that ensure that the net
		amount actually received by the Issuer (free and clear of taxes, whether
		assessed against such obligor or the Issuer) will equal the full amount that
		the Issuer would have received had no such deduction or withholding been
		required.
	 

	 
		 
	 

	 
		 
	 

	 
		-37-
	 

	 
		 
	 

	 
	 

	 

	 
		Notwithstanding the foregoing provisions of
		this definition, with respect to any Collateral Debt Security acquired by the
		Issuer on or prior to the Closing Date, and any of the Eligibility Criteria
		above pertains to the subject matter of a representation and warranty under the
		related Collateral Debt Securities Purchase Agreement as to which an exception
		has been disclosed in the related exception schedule, such Collateral Debt
		Security shall be deemed to satisfy such criterion notwithstanding such
		exception.
	 

	 
		“Eligible Investments”: Any Dollar-denominated investment that, at the
		time it is Granted to the Trustee (directly or through a Securities
		Intermediary or bailee), is Registered and is one or more of the following
		obligations or securities:
	 

	 
		(i) direct obligations of, and obligations
		the timely payment of principal of and interest on which is fully and expressly
		guaranteed by, the United States, or any agency or instrumentality of the
		United States, the obligations of which are expressly backed by the full faith
		and credit of the United States;
	 

	 
		(ii) demand and time deposits in,
		certificates of deposit of, bankers’ acceptances issued by, or federal
		funds sold by, any depository institution or trust company incorporated under
		the laws of the United States or any state thereof or the District of Columbia
		(including the Trustee or the commercial department of any successor Trustee,
		as the case may be; provided
		that such successor otherwise meets the
		criteria specified herein) and subject to supervision and examination by
		federal and/or state banking authorities so long as the commercial paper and/or
		the debt obligations of such depositary institution or trust company (or, in
		the case of the principal depositary institution in a holding company system,
		the commercial paper or debt obligations of such holding company) at the time
		of such investment or contractual commitment providing for such investment have
		a credit rating not less than “A1” by Moody’s, “A+” by
		Fitch and “A+” by S&P, in the case of long-term debt obligations,
		and “P-1” by Moody’s, “F1” by Fitch and
		“A-1” by S&P for Eligible Investments which have a maturity of 30
		days or less;
	 

	 
		(iii) unleveraged repurchase or forward
		purchase obligations with respect to (a) any security described in
		clause (i) above or (b) any other security issued or guaranteed by an
		agency or instrumentality of the United States, in either case entered into
		with a depository institution or trust company (acting as principal) described
		in clause (ii) above (including LaSalle Bank National Association or the
		commercial department of any successor Trustee, as the case may be;
		provided that such person otherwise meets the criteria specified
		herein) or entered into with a corporation (acting as principal) whose
		long-term rating is not less than “Aa2” by Moody’s,
		“AA” by Fitch and “AAA” by S&P (for so long as any
		Notes rated by S&P are Outstanding) or whose short-term credit rating is
		not less than “P-1” by Moody’s, “F1” by Fitch and
		“A-1+” by S&P for Eligible Investments which have a maturity of
		30 days or less (for so long as any Notes rated by S&P are Outstanding);
		provided that the issuer thereof must also have at the time of
		such investment a long-term credit rating of not less than “Aa2” by
		Moody’s, “A+” by Fitch and “AAA” by S&P (for so
		long as any Notes rated by S&P are Outstanding);
	 

	 
		 
	 

	 
		 
	 

	 
		-38-
	 

	 
		 
	 

	 
	 

	 

	 
		(iv) registered securities bearing interest
		or sold at a discount issued by any corporation incorporated under the laws of
		the United States or any state thereof or the District of Columbia that has a
		credit rating of not less than “Aa2” by Moody’s, “AA”
		by Fitch and “AAA” by S&P (for so long as any Notes rated by
		S&P are Outstanding) at the time of such investment or contractual
		commitment providing for such investment;
	 

	 
		(v) commercial paper or other similar
		short-term obligations (including that of the Trustee or the commercial
		department of any successor Trustee, as the case may be, or any affiliate
		thereof; provided that
		such person otherwise meets the criteria specified herein) having at the time
		of such investment a credit rating of “P-1” by Moody’s,
		“F1” by Fitch and “A-1+” by S&P or “A-1” by
		S&P for Eligible Investments which have a maturity of 30 days or less (for
		so long as any Notes rated by S&P are Outstanding); provided that
		the issuer thereof must also have at the time of such investment a senior
		long-term debt rating of not less than “Aa3” by Moody’s,
		“AA” by Fitch and “AA” by S&P (for so long as any Notes
		rated by S&P are Outstanding);
	 

	 
		(vi) a reinvestment agreement issued by any
		bank (if treated as a deposit by such bank), or a Registered guaranteed
		investment or reinvestment agreement issued by an insurance company or other
		corporation or entity, in each case that has a credit rating of not less than
		“P-1” by Moody’s, “F1” by Fitch and “A-1+”
		by S&P or “A-1” by S&P for Eligible Investments which have a
		maturity of 30 days or less (for so long as any Notes rated by S&P are
		Outstanding); provided that the issuer thereof must also have at the time of
		such investment a long-term credit rating of not less than “Aa2” by
		Moody’s, “AA” by Fitch and “AAA” by S&P (for so
		long as any Notes rated by S&P are Outstanding);
	 

	 
		(vii) money market funds which have at all
		times the highest credit rating assigned by each of the Rating Agencies
		(including funds for which the Trustee or an affiliate provides services or
		received compensation); and
	 

	 
		(viii) any other investment similar to those
		described in clauses (i) through (vii) above that (1) each of
		Moody’s and S&P has confirmed may be included in the portfolio of
		Pledged Obligations as an Eligible Investment without adversely affecting its
		then-current ratings on the Notes and (2) has a long-term credit rating of
		not less than “Aa2” by Moody’s, “AA” by Fitch and
		“AAA” by S&P (for so long as any Notes rated by S&P are
		Outstanding) or a credit rating of not less than “P-1” by
		Moody’s, “F1” by Fitch and “A-1+” by S&P or
		“A-1” by S&P for Eligible Investments which have a maturity of 30
		days or less (for so long as any Notes rated by S&P are
		Outstanding);
	 

	 
		provided that mortgage-backed securities and Interest Only
		Securities shall not constitute Eligible Investments; and provided,
		further, that (a) Eligible
		Investments acquired with funds in the Collection Accounts shall include only
		such obligations or securities as mature no later than the Business Day prior
		to the next Payment Date succeeding the acquisition of such obligations or
		securities, (b) Eligible Investments shall not include obligations bearing
		interest at inverse 
	 

	 
		 
	 

	 
		 
	 

	 
		-39-
	 

	 
		 
	 

	 
	 

	 

	 
		floating rates, (c) such investment
		shall only be an Eligible Investment if either it will be treated as
		indebtedness for U.S. federal income tax purposes, or the Issuer has received
		advice from Cadwalader, Wickersham & Taft LLP or an opinion of other
		nationally recognized U.S. tax counsel experienced in such matters to the
		effect that such investment shall not cause the Issuer to be treated as engaged
		in a trade or business in the United States for U.S. federal income tax
		purposes or otherwise subject the Issuer to U.S. federal income tax on a net
		income tax basis, (d) such investment shall only be an Eligible Investment if
		it will not be subject to deduction or withholding for or on account of any
		withholding or similar tax, unless the payor is required to make “gross
		up” payments that ensure that the net amount actually received by the
		Issuer (free and clear of taxes, whether assessed against such obligor or the
		Issuer) will equal the full amount that the Issuer would have received had no
		such deduction or withholding been required, (e) such investment, shall not be
		purchased for a price in excess of par and shall not have an S&P rating
		which contains a subscript “r,” “t,” “p,”
		“pi” or “q” and (f) Eligible Investments shall not
		include Margin Stock.
	 

	 
		For the avoidance of doubt, all credit
		ratings by Fitch required under this definition shall be deemed to be Fitch
		Ratings for all purposes under this Indenture.
	 

	 
		“Entitlement Order”: The meaning specified in
		Section 8-102(a)(8) of the UCC.
	 

	 
		“Equity Security”: Any security (other than any Asset Backed
		Security, participation or grantor trust structured as a certificate or other
		form of beneficial interest) that does not entitle the holder thereof to
		receive periodic payments of interest and one or more installments of
		principal.
	 

	 
		“ERISA”: The
		United States Employee Retirement Income Security Act of 1974, as
		amended.
	 

	 
		“Euroclear”:
		Euroclear Bank S.A./N.V., as operator of the Euroclear system.
	 

	 
		“Event of Default”: The meaning specified in Section 5.1
		hereof.
	 

	 
		“Excepted Assets”: (i) The U.S. $250 proceeds of share capital
		contributed by the holder of the ordinary shares of the Issuer and the U.S.
		$250 representing a profit fee paid to the Issuer and the bank account in which
		such monies are held and any interest earned thereon and (ii) the
		Preferred Shares Distribution Account and all of the funds and other property
		from time to time deposited in or credited to the Preferred Shares Distribution
		Account.
	 

	 
		“Exchange Act”: The Securities Exchange Act of 1934, as
		amended.
	 

	 
		“Exchange Security”: The meaning specified in Section 12.1(b) hereof.
	 

	 
		“Expense Account”: The account established pursuant to
		Section 10.6A(a) hereof.
	 

	 
		“Final Certification”: The meaning specified in Section 6.1(h).
	 

	 
		“Financial Asset”: The meaning specified in
		Section 8-102(a)(9) of the UCC.
	 

	 
		 
	 

	 
		 
	 

	 
		-40-
	 

	 
		 
	 

	 
	 

	 

	 
		“Financing Statements”: Financing statements relating to the Assets
		naming the Issuer as debtor and the Trustee on behalf of the Noteholders and
		each Hedge Counterparty as secured party.
	 

	 
		“Fitch”:
		Fitch Ratings and any successor or successors thereto.
	 

	 
		“Fitch Applicable Recovery Rate”: With respect to any Collateral Debt Security
		that is a CMBS Security, a CRE CDO Security, an Asset Backed Security or a REIT
		Debt Security on any Measurement Date, an amount equal to the percentage
		corresponding to the domicile and seniority of such Collateral Debt Security,
		as set forth in “Global Rating Criteria for Collateralized Debt
		Obligations” available at www.fitchratings.com; provided that
		the applicable percentage shall be the percentage corresponding to the rating
		of the most senior Outstanding Class of Notes then rated by Fitch.
	 

	 
		“Fitch Loan Diversity Index Score” means, except as provided below, the amount,
		determined by the Collateral Manager on any Measurement Date, by the sum of the
		series of products obtained for each Collateral Debt Security, by squaring the
		quotient of (x) the Principal Balance on such Measurement Date of each
		such Collateral Debt Security and (y) the Aggregate Principal Balance of
		all Collateral Debt Securities on such Measurement Date, multiplied by 10,000.
		In the event that cash has been received in respect of Principal Proceeds since
		the immediately preceding Measurement Date but has not been reinvested in
		additional Collateral Debt Securities as of the current Measurement Date, the
		aggregate amount then held in cash shall be divided into one or more
		“Cash Security
		Exposures.” Each Cash Security
		Exposure will be sized in an amount equal to the result obtained by averaging
		the Principal Balance of all Collateral Debt Securities on such Measurement
		Date; provided that, if the cash position as of such Measurement Date
		is less than such average, or if there is cash remaining in an amount less than
		such average, the Cash Security Exposure, or the additional Cash Security
		Exposure, as applicable, represented thereby will be sized in the actual amount
		of such cash position. “Fitch Loan
		Diversity Index Score” will then
		mean the amount, determined by the Collateral Manager on any Measurement Date,
		by the sum of the series of products obtained for each Collateral Debt
		Security, by squaring the quotient of (x) the Principal Balance on such
		Measurement Date of each such Collateral Debt Security and each Cash Security
		Exposure and (y) the Aggregate Principal Balance of all Collateral Debt
		Securities and all Cash Security Exposures on such Measurement Date, multiplied
		by 10,000.
	 

	 
		“Fitch Loan Diversity Index Test” means a test that will be satisfied if on any
		Measurement Date if the Fitch Loan Diversity Index Score for the Collateral
		Debt Securities is less than or equal to 435.
	 

	 
		“Fitch Poolwide Expected Loss”: The output generated using Fitch’s modified
		CMBS multi-borrower model as applied to all Collateral Debt Securities that are
		Loans.
	 

	 
		“Fitch Poolwide Expected Loss Test”: A test that will be satisfied on any Measurement
		Date if the Fitch Poolwide Expected Loss of the Collateral Debt Securities is
		equal to or less than the percentage set forth in the Asset Quality Matrix in
		the same row as the “Minimum Weighted Average Spread” that has been
		most recently specified as the “Minimum Weighted Average Spread” by
		the Collateral Manager.
	 

	 
		 
	 

	 
		 
	 

	 
		-41-
	 

	 
		 
	 

	 
	 

	 

	 
		“Fitch Rating”: With respect to any Collateral Debt
		Security,
	 

	 
		(a) if such Collateral Debt Security is
		rated by Fitch, the Fitch Rating shall be such rating;
	 

	 
		(b) if such Collateral Debt Security is not
		rated by Fitch and a rating is published by both S&P and Moody’s, the
		Fitch Rating shall be the lower of such ratings; and, except with respect to
		any Loan, if a rating is published by only one of S&P and Moody’s, the
		Fitch Rating shall be that published rating by S&P or Moody’s, as the
		case may be; or
	 

	 
		(c) if the Fitch Rating cannot be assigned
		in accordance with clauses (a) or (b) above, the Issuer or the
		Collateral Manager (on behalf of the Issuer) may apply to Fitch for a credit
		assessment which thereafter will be the Fitch Rating.
	 

	 
		provided that (x) if such Collateral Debt Security has been
		put on rating watch negative for possible downgrade by any Rating Agency, then
		the rating used to determine the Fitch Rating under either of clauses (a)
		or (b) above shall be one rating subcategory below such rating by that
		Rating Agency, and (y) if such Collateral Debt Security has been put on
		rating watch positive for possible upgrade by any Rating Agency, then the
		rating used to determine the Fitch Rating under either of clauses (a) or
		(b) above shall be one rating subcategory above such rating by that Rating
		Agency, and (z) notwithstanding the rating definition described above,
		Fitch reserves the right to issue a rating estimate for any Collateral Debt
		Security at any time.
	 

	 
		“Fixed Rate Excess”: As of any Measurement Date, a fraction
		(expressed as a percentage), the numerator of which is equal to the product of
		(a) the greater of zero and the excess, if any, of the Weighted Average
		Coupon for such Measurement Date over 5.50% and (b) the Aggregate
		Principal Balance of all Collateral Debt Securities that are Fixed Rate
		Securities (excluding all Defaulted Securities and Written Down Securities) and
		the denominator of which is the Aggregate Principal Balance of all Collateral
		Debt Securities that are Floating Rate Securities (excluding all Defaulted
		Securities and Written Down Securities), multiplying the resulting figure by
		360 and then dividing by 365.
	 

	 
		“Fixed Rate Security”: Any Collateral Debt Security (including, without
		limitation, an Above Cap Security) other than a Floating Rate Security.
	 

	 
		“Floating Amount Event”: With respect to a Synthetic Security, a
		specified event or events relating to a Reference Obligation, as defined in
		such Synthetic Security.
	 

	 
		“Floating Rate Security”: Any Collateral Debt Security which bears
		interest based upon a floating rate index (including a floating rate index
		subject to a cap but other than an Above Cap Security); provided that
		any Covered Fixed Rate Security will be deemed to be a Floating Rate Security
		for purposes of calculating each Fixed Rate Excess, each Spread Excess, each
		Weighted Average Coupon and each Weighted Average Spread and for purposes of
		calculating each Spread Excess and each Weighted Average Spread, such Covered
		Fixed Rate Security shall be assumed to have a spread above LIBOR equal to the
		spread over the London interbank offered rate for U.S. Dollar deposits in
		Europe for the related swap agreement.
	 

	 
		 
	 

	 
		 
	 

	 
		 -42-
	 

	 
		 
	 

	 
	 

	 

	 
		“Form-Approved Synthetic Security”: A Synthetic Security substantially in the form
		attached hereto as Exhibit
		K, with respect to which (a) the
		Reference Obligation of which, if it were a Collateral Debt Security, could be
		purchased by the Issuer without satisfying a Rating Agency Condition, (b) the
		documentation of which conforms (but for the amount and timing of periodic
		payments, the name of the Reference Obligation, the notional amount, the
		effective date, the termination date and other similarly necessary changes) to
		a form for which a Rating Agency Condition is not necessary, provided that any
		Rating Agency may withdraw its approval of such form at any time, as set forth
		in this Indenture, and (c) for which the Issuer has provided each Rating Agency
		with written notice of the purchase of such Synthetic Security within 5
		Business Days after such purchase.
	 

	 
		“Future Advance Loan”: Any Loan acquired by the Issuer by purchase
		(referred to solely for purposes of this definition as the
		“Funded Loan”) with respect to which, at the time of such
		acquisition and for so long as the Issuer owns such Loan, there is outstanding
		another Loan to the same borrower that was made by the maker of the Funded Loan
		(the “Unfunded Loan”) if with respect to the Unfunded Loan both (i)
		either it (A) is secured by the same mortgage or deed of trust on the same
		Underlying Mortgage Property as the Funded Loan or (B) if the Funded Loan is a
		participation interest in a Mezzanine Loan, is secured by the same pledged
		collateral, and (ii) there exists a continuing obligation on the part of the
		holder of the Unfunded Loan after the Closing Date to provide additional
		funding to the borrower under the Unfunded Loan, upon the terms and conditions
		of the underlying loan documents for the Unfunded Loan. For purposes of the
		Coverage Tests and the Collateral Quality Tests and any date of determination,
		the principal balance of a Future Advance Loan as to which the Issuer has
		assumed the obligation to fund the related Unfunded Loan and has deposited
		funds for such obligation in the Future Funding Obligations Account refers to
		the sum of (a) the outstanding principal balance of such Future Advance Loan
		and (b) the amounts on deposit in the Future Funding Obligations Account in
		respect of the related Unfunded Loan.
	 

	 
		“Future
		Funding Obligations Account”: The
		account established pursuant to Section 10.5(a) hereof.
	 

	 
		“General Intangible”: The meaning specified in
		Section 9-102(a)(42) of the UCC.
	 

	 
		“Global Securities”: The Rule 144A Global Securities and the
		Regulation S Global Securities.
	 

	 
		“Governing Documents”: With respect to (i) the Issuer, the
		memorandum and articles of association of the Issuer, as amended and restated
		and/or supplemented and in effect from time to time and (ii) all other
		Persons, the articles of incorporation, certificate of incorporation, by-laws,
		certificate of limited partnership, limited partnership agreement, limited
		liability company agreement, certificate of formation, articles of association
		and similar charter documents, as applicable to any such Person.
	 

	 
		“Government Items”: A security (other than a security issued by the
		Government National Mortgage Association) issued or guaranteed by the United
		States of America or an agency or instrumentality thereof representing a full
		faith and credit obligation of the United
	 

	 
		 
	 

	 
		 
	 

	 
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		States of America and, with respect to each
		of the foregoing, that is maintained in book-entry on the records of a Federal
		Reserve Bank.
	 

	 
		“Grant”: To
		grant, bargain, sell, warrant, alienate, remise, demise, release, convey,
		assign, transfer, mortgage, pledge, create and grant a security interest in and
		right of set-off against, deposit, set over and confirm. A Grant of the Pledged
		Obligations or of any other security or instrument shall include all rights,
		powers and options (but none of the obligations) of the granting party
		thereunder, including without limitation the immediate continuing right to
		claim, collect, receive and take receipt for principal and interest payments in
		respect of the Pledged Obligations (or any other security or instrument), and
		all other Monies payable thereunder, to give and receive notices and other
		communications, to make waivers or other agreements, to exercise all rights and
		options, to bring Proceedings in the name of the granting party or otherwise,
		and generally to do and receive anything that the granting party is or may be
		entitled to do or receive thereunder or with respect thereto.
	 

	 
		“Hedge Agreement”: Collectively, one or more interest rate cap
		agreements, interest rate floor agreements, interest rate basis swap
		agreements, Interest Rate Swap Agreements (including Asset Specific Hedges),
		Cash Flow Swap Agreements or similar agreements, including any related ISDA
		Master Agreement and hedge confirmations, entered into between the Issuer and
		one or more Hedge Counterparties from time to time and any additional or
		replacement interest rate cap or swap agreements or other agreements that
		address interest rate exposure, basis risk or payment frequency exposure
		entered into from time to time between the Issuer and each Hedge Counterparty
		in accordance with the terms hereof, as the same may be amended, supplemented
		or otherwise modified from time to time in accordance with its terms.
	 

	 
		“Hedge Collateral Account”: Each trust account established pursuant to
		Section 16.1(e) hereof.
	 

	 
		“Hedge Counterparty”: Any institution or institutions with whom the
		Issuer enters into any Hedge Agreements.
	 

	 
		“Hedge Counterparty Collateral Threshold
		Rating”: With respect to any
		Person (a) either (I) a long-term senior unsecured debt rating of
		“A1” or better by Moody’s (only if the short term debt of such
		Person is rated “P-1”) or (II) a long-term senior unsecured debt
		rating of “Aa3” by Moody’s (if such Person does not have a
		short-term debt rating of “P-1” or above), (b) both (I) a short-term
		senior unsecured debt rating of “F1” and (II) a long-term senior
		unsecured debt rating of “A” by Fitch and (c) either (I) a short-term
		senior unsecured debt rating of “A-1” by S&P or (II) if such
		person does not have a short-term debt rating by S&P, a long-term senior
		unsecured debt rating of “A+” by S&P. If the Moody’s or
		S&P rating for Party A (or Party A’s guarantor) is on watchlist for
		downgrade, then for purposes of determining compliance with the Hedge
		Counterparty Collateral Threshold Rating, the Moody’s or S&P rating
		will be deemed to be the downgraded rating. Should a Rating Agency effect an
		overall downward adjustment of its short-term or long-term ratings, then the
		applicable Hedge Counterparty Collateral Threshold Rating shall be downwardly
		adjusted accordingly; provided, further, that any adjustment to a rating shall
		be subject to the prior written consent of the applicable Rating Agency.

	 

	 
		 
	 

	 
		 
	 

	 
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		“Hedge Counterparty Credit Support”: With respect to any Hedge Agreement, the
		agreement to provide collateral, if necessary, substantially in the form of the
		ISDA Credit Support Annex attached to such Hedge Agreement.
	 

	 
		“Hedge Counterparty Credit Support
		Provider”: The meaning specified
		in Section 16.1(a) hereof.
	 

	 
		“Hedge
		Counterparty Required Rating”: (i)
		With respect to a Person as an issuer or with respect to long-term senior
		unsecured debt of such Person, (a) “Aa3” by Moody’s to the
		extent such Person has a long-term rating only (for so long as any Notes are
		Outstanding and are rated by Moody’s); or (b) “A1” by
		Moody’s to the extent such Person has both a long-term and short-term
		rating and the short-term rating is “P-1” (for so long as any Notes
		are Outstanding and are rated by Moody’s), in each case of clause (i)(a)
		and (i)(b), not on negative watch; (ii) with respect to a Person as an issuer
		or with respect to long term senior unsecured debt of such Person,
		“BBB-” by S&P (for so long as any Notes are Outstanding and are
		rated by S&P), or a short term rating of such Person of “A-3” by
		S&P (for so long as any Notes are Outstanding and are rated by S&P);
		and (iii) with respect to a Person as an issuer or with respect to long term
		senior unsecured debt of such Person, (a) “BBB+” by Fitch to the
		extent such Person has a long term rating only (for so long as any Notes are
		Outstanding and are rated by Fitch); or (b) “BBB+” by Fitch to the
		extent such Person has both a long term and short term rating and the short
		term rating is at least “F2” (for so long as any Notes are
		Outstanding and are rated by Fitch); provided that
		should a Rating Agency effect an overall downward adjustment of its short-term
		or long-term ratings, then the applicable Hedge Counterparty Required Rating
		shall be downwardly adjusted accordingly; provided,
		further, that any adjustment to a rating shall be subject to
		the prior written consent of the applicable Rating Agency.
	 

	 
		“Hedge Payment Amount”: With respect to each Asset Specific Hedge, the
		amount of any payment then due and payable thereunder by the Issuer to each
		Hedge Counterparty, including without limitation any payments due and payable
		upon a termination of such Hedge Agreement.
	 

	 
		“Hedge Termination Account”: Each trust account established pursuant to
		Section 16.1(g) hereof.
	 

	 
		“Herfindahl Diversity Test”: A test that will be satisfied if on any
		Measurement Date if the Herfindahl Score for the Collateral Debt Securities on
		such Measurement Date is greater than 25.0. In the event that Cash has been
		received in respect of Principal Proceeds of the Collateral Debt Securities but
		has not been reinvested in additional Collateral Debt Securities as of the
		current Measurement Date, the Herfindahl Diversity Test also will be deemed
		satisfied on the current Measurement Date notwithstanding a Herfindahl Score of
		25.0 or less if (i) the Herfindahl Test was satisfied or deemed satisfied
		on the Measurement Date immediately preceding the date on which such cash was
		received and (ii) the reason for the failure on the current Measurement
		Date is the existence of such Cash. Similarly, if the Herfindahl Diversity Test
		was not satisfied or deemed satisfied on the immediately preceding Measurement
		Date and the Herfindahl Score has worsened as of the current Measurement Date,
		the Herfindahl Score as of the immediately preceding Measurement Date will be
		deemed to have been maintained on the
	 

	 
		 
	 

	 
		 
	 

	 
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		current Measurement Date to the extent that
		the reason for such worsened Herfindahl Score is the existence of such
		Cash.
	 

	 
		“Herfindahl Score”: The amount determined by the Collateral Manager
		on any Measurement Date, by dividing (i) one by (ii) the sum of the
		series of products obtained for each Collateral Debt Security, by squaring the
		quotient of (x) the Principal Balance on such Measurement Date of each
		such Collateral Debt Security and (y) the Aggregate Principal Balance of
		all Collateral Debt Securities on such Measurement Date.
	 

	 
		“Highest Auction Price”: The meaning specified in
		Section 12.4(b)(iv) hereof.
	 

	 
		“Holder” or
		“Securityholder”: With respect to any Note, the Person in whose
		name such Note is registered in the Notes Register. With respect to any
		Preferred Share, the Person in whose name such Preferred Share is registered in
		the register maintained by the Share Registrar.
	 

	 
		“Illinois Collateral”: The meaning specified in
		Section 3.3(v) hereof.
	 

	 
		“Indenture”:
		This instrument as originally executed and, if from time to time supplemented
		or amended by one or more indentures supplemental hereto entered into pursuant
		to the applicable provisions hereof, as so supplemented or amended.
	 

	 
		“Independent”: As to any Person, any other Person (including,
		in the case of an accountant, or lawyer, a firm of accountants or lawyers and
		any member thereof or an investment bank and any member thereof) who
		(i) does not have and is not committed to acquire any material direct or
		any material indirect financial interest in such Person or in any Affiliate of
		such Person, and (ii) is not connected with such Person as an Officer,
		employee, promoter, underwriter, voting trustee, partner, director or Person
		performing similar functions. “Independent” when used with respect to
		any accountant may include an accountant who audits the books of such Person if
		in addition to satisfying the criteria set forth above the accountant is
		independent with respect to such Person within the meaning of Rule 101 of
		the Code of Ethics of the American Institute of Certified Public
		Accountants.
	 

	 
		Whenever any Independent Person’s
		opinion or certificate is to be furnished to the Trustee such opinion or
		certificate shall state that the signer has read this definition and that the
		signer is Independent within the meaning hereof.
	 

	 
		“Initial Certification”: The meaning specified in Section 6.1(h).
		
	 

	 
		“Initial Collateral Debt Security”: Any of the Collateral Debt Securities acquired
		by the Issuer on the Closing Date or with respect to which the Issuer has, as
		of the Closing Date, entered into a binding commitment to purchase.
	 

	 
		“Initial Deposit”: Any Cash or Money deposited with the Trustee by
		the Issuer on the Closing Date for inclusion as Assets and deposited by the
		Trustee in the Unused Proceeds Account on the Closing Date, as set forth in
		Section 3.2(g).
	 

	 
		 
	 

	 
		 
	 

	 
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		“Initial Maturity Date”: With respect to any Collateral Debt Security,
		the maturity date of such Collateral Debt Security without giving effect to any
		extension options available under the terms of such Collateral Debt Security;
		provided, however, that in
		the event that such Collateral Debt Security is a CMBS Security, CRE CDO
		Security, Asset Backed Security or Synthetic Security that references one of
		the foregoing, the Initial Maturity Date of such Collateral Debt Security shall
		be the date equivalent to the weighted average life of such Collateral Debt
		Security.
	 

	 
		“Initial Purchasers”: Greenwich Capital Markets, Inc., Credit Suisse
		Securities (USA) LLC, Deutsche Bank Securities Inc., BB&T Capital Markets,
		a division of Scott & Stringfellow, Inc. and CIBC World Markets
		Corp.
	 

	 
		“Initial Weighted Average Maturity”: As of any Measurement Date with respect to the
		Collateral Debt Securities (other than Defaulted Securities), the number
		obtained by (i) summing the products obtained by multiplying (a) the
		remaining term to maturity (in years, rounded to the nearest one tenth thereof,
		and based on the Initial Maturity Date) of each Collateral Debt Security (other
		than Defaulted Securities) by (b) the Outstanding Principal Balance of
		such Collateral Debt Security and (ii) dividing the sum by the Aggregate
		Principal Balance at such time of all Collateral Debt Securities (other than
		Defaulted Securities).
	 

	 
		“Instrument”: The meaning specified in
		Section 9-102(a)(47) of the UCC.
	 

	 
		“Interest Accrual Period”: With respect to the first Payment Date, the
		period from and including the Closing Date to but excluding the initial Payment
		Date and with respect to each successive Payment Date, the period from and
		including the immediately preceding Payment Date to but excluding such Payment
		Date.
	 

	 
		“Interest Advance”: The meaning specified in Section 10.7(a) hereof.
	 

	 
		“Interest Collection Account”: The trust account established pursuant to
		Section 10.2(a) hereof.
	 

	 
		“Interest Coverage Ratio”: With respect to the Class A Notes and the
		Class B Notes (the “Class A/B Interest Coverage Ratio”), the Class C Notes, the Class D Notes
		and the Class E Notes (the “Class C/D/E Interest Coverage Ratio”) or the Class F Notes, the Class G
		Notes and the Class H Notes (the “Class F/G/H Interest Coverage Ratio”) as of any Measurement Date, the ratio calculated
		by dividing:
	 

	 
			
				
				   
				

			 	
				
				  (1)
				

			 	
				
				  (i) the sum of (A) Cash
				  standing to the credit of the Expense Account, plus (B) the interest
				  payments received during the related Due Period on or prior to such Measurement
				  Date or, if such due date for a Collateral Debt Security is after the
				  Measurement Date, the Scheduled Distributions of interest during the related
				  Due Period on (x) the Collateral Debt Securities (excluding accrued and
				  unpaid interest on Defaulted Securities); and (y) the Eligible Investments
				  held in the Payment Account, the Collection Accounts, the Future Funding
				  Obligations Account, the Unused Proceeds Account and the Expense Account
				  (whether purchased with Interest Proceeds or Principal Proceeds), plus
				  (C) any net amount (other than any
				

			 

 

	 
		 
	 

	 
		 
	 

	 
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		termination payments) scheduled to be
		received by the Issuer from any Hedge Counterparty under any related Hedge
		Agreement on or before the following Payment Date, plus (D) Interest
		Advances, if any, to be advanced by the Advancing Agent or the Trustee, in its
		capacity as Backup Advancing Agent, with respect to the related Payment Date,
		plus, (E) the amount, if any, scheduled to be transferred from the Liquidity
		Reserve Account, the Interest Reserve Account, the Unused Proceeds Account and
		the Expense Reserve Account to the Interest Collection Account in respect of
		the monthly Payment Date relating to such Due Period, minus (ii) the sum
		of (A) any net amount (other than any termination payments) scheduled to
		be paid by the Issuer to any Hedge Counterparty under any related Hedge
		Agreement on or before the following Payment Date, plus, without duplication,
		(B) any amounts scheduled to be paid pursuant to
		Section 11.1(a)(i)(1) through (5), plus (C) the amount
		of any unreimbursed Cure Advances, plus (D) the amount, if any, deposited into
		the Liquidity Reserve Account during the Due Period in which such Measurement
		Date occurs; by
	 

	 
			
				
				   
				

			 	
				
				  (2)
				

			 	
				
				  (i) in the case of the
				  Class A/B Interest Coverage Ratio, the sum of the scheduled interest on
				  the Class A-1 Notes, the Class A-2 Notes and the Class B Notes
				  payable on the Payment Date immediately following such Measurement Date plus
				  any Class A-1 Defaulted Interest Amount, any Class A-2 Defaulted
				  Interest Amount and any Class B Defaulted Interest Amount payable on the
				  Payment Date immediately following such Measurement Date; (ii) in the case
				  of the Class C/D/E Interest Coverage Ratio, the amount determined by the
				  foregoing clause (i) plus the scheduled interest on the Class C
				  Notes, the Class D Notes and the Class E Notes payable on the Payment
				  Date immediately following such Measurement Date (including interest on the
				  Class C Deferred Interest, the Class D Deferred Interest and the
				  Class E Deferred Interest) plus, without duplication, any Class C
				  Defaulted Interest Amount, Class D Defaulted Interest Amount and
				  Class E Defaulted Interest Amount payable on the Payment Date immediately
				  following such Measurement Date; or (iii) in the case of the Class F/G/H
				  Interest Coverage Ratio, the amount determined by the foregoing clause (ii)
				  plus the scheduled interest on the Class F Notes, the Class G Notes
				  and the Class H Notes payable on the Payment Date immediately following
				  such Measurement Date (including interest on the Class F Deferred
				  Interest, the Class G Deferred Interest and the Class H Deferred
				  Interest) plus, without duplication, any Class F Defaulted Interest
				  Amount, Class G Defaulted Interest Amount and Class H Defaulted
				  Interest Amount payable on the Payment Date immediately following such
				  Measurement Date.
				

			 

 

	 
		For purposes of calculating any Interest
		Coverage Ratio, the expected interest income on the Collateral Debt Securities
		and Eligible Investments and under any Hedge Agreement and the expected
		interest payable on the Notes will be calculated using the interest rates
		applicable thereto on the applicable Measurement Date and accrued original
		issue discount
	 

	 
		 
	 

	 
		 
	 

	 
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		on Eligible Investments will be deemed to be
		a scheduled interest payment thereon due on the date such original issue
		discount is scheduled to be paid. Notwithstanding the foregoing, for the
		purposes of calculating any Interest Coverage Ratio, there will be excluded (x)
		all scheduled payments of interest on or principal of Collateral Debt
		Securities and any payment, including any amount payable to the Issuer by any
		Hedge Counterparty, which the Collateral Manager has determined in its
		reasonable judgment will not be made in cash or received when due, and(y) any
		deferred or capitalized interest component of a Collateral Debt
		Security.
	 

	 
		“Interest Coverage Tests” : Each of the Class A/B Interest Coverage Test,
		the Class C/D/E Interest Coverage Test and the Class F/G/H Interest Coverage
		Test.
	 

	 
		“Interest Distribution Amount”: Each of the Class A-1 Interest Distribution
		Amount, Class A-2 Interest Distribution Amount, Class B Interest
		Distribution Amount, Class C Interest Distribution Amount, Class D
		Interest Distribution Amount, Class E Interest Distribution Amount,
		Class F Interest Distribution Amount, Class G Interest Distribution
		Amount, Class H Interest Distribution Amount, Class J Interest
		Distribution Amount and Class K Interest Distribution Amount.
	 

	 
		“Interest Only Security”: Any security that by its terms provides for
		periodic payments of interest on a notional amount and does not provide for the
		repayment of a principal amount.
	 

	 
		“Interest Proceeds”: With respect to any Payment Date, (a) the
		sum (without duplication) of (i) all payments of interest (including any
		deferred interest and any amount representing the accreted portion of a
		discount from the face amount of an Eligible Investment) and other
		distributions received during the related Due Period on all Collateral Debt
		Securities other than Defaulted Securities (net of the Servicing Fee and other
		amounts payable in accordance with the CDO Servicing Agreement) and Eligible
		Investments (including interest on Eligible Interests in any Synthetic Security
		Issuer Account in accordance with the related Synthetic Security), including,
		in the Collateral Manager’s commercially reasonable discretion (exercised
		as of the trade date), the accrued interest received in connection with a sale
		of such a Collateral Debt Security, Buy/Sell Security or Eligible Investment
		(to the extent such accrued interest was not applied to the purchase of
		Substitute Collateral Debt Securities), in each case, excluding any accrued
		interest included in Principal Proceeds pursuant to clause (a)(iv),
		(v) or (vii) of the definition of Principal Proceeds, (ii) all make
		whole premiums, yield maintenance or any interest amount paid in excess of the
		stated interest amount of a Collateral Debt Security received during the
		related Due Period (other than the fees, penalties and contingent interest
		payments retained by the Sellers in accordance with the terms of the Collateral
		Debt Securities Transfer Agreement), (iii) all amendment and waiver fees,
		late payment fees, commitment fees, exit fees, extension fees and other fees
		and commissions received during such Due Period in connection with a Collateral
		Debt Security and Eligible Investments (other than, in each such case, fees and
		commissions received in connection with the restructuring of a Defaulted
		Security or default of Collateral Debt Securities and Eligible Investments and
		any amounts retained by the Sellers pursuant to the Collateral Debt Securities
		Transfer Agreements), (iv) all payments received pursuant to any Hedge
		Agreement for the Payment Date immediately following such Due Period (excluding
		any amounts payable upon a termination under any Hedge Agreement during such
		Due Period), (v) funds in the Unused Proceeds Account designated as
		Interest
	 

	 
		 
	 

	 
		 
	 

	 
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		Proceeds by the Collateral Manager pursuant
		to Section 10.4(a), (vi) funds in the Expense Account designated as
		Interest Proceeds by the Collateral Manager pursuant to Section 10.6(a)
		(vii) funds remaining on deposit in the Expense Account upon redemption of the
		Notes in whole, pursuant to Section 10.6(a), (vii) all proceeds received in respect of equity
		features, if any, of the Collateral Debt Securities, (viii) Interest
		Advances, if any, advanced by the Advancing Agent or the Trustee, in its
		capacity as Backup Advancing Agent, with respect to such Payment Date,
		(ix) all payments of principal on Eligible Investments purchased with
		proceeds of items (a)(i), (ii) and
		(iii) of this definition, (x) all amounts transferred by
		the Trustee from the Defeased Collateral Accounts to the Interest Collection
		Account during such Due Period, (xi) all amounts transferred by the Trustee
		from any Interest Reserve Account to the Interest Collection Account during
		such Due Period, (xii) all amounts transferred by the Trustee from the
		Liquidity Reserve Account to the Collection Account in respect of such Payment
		Date, and (xiii) all cash payments, if any, of premiums paid by the
		Synthetic Security Counterparty to the Issuer pursuant to the terms of a
		Synthetic Security; provided
		that Interest Proceeds will in no event
		include any payment or proceeds specifically defined as “Principal
		Proceeds” in the definition thereof or any proceeds from the Excepted
		Assets; minus (b) (i) the aggregate amount of any Nonrecoverable Interest
		Advances that were previously reimbursed to the Advancing Agent or the Trustee,
		in its capacity as Backup Advancing Agent, and the aggregate amount of any
		Nonrecoverable Cure Advances reimbursed to the Advancing Agent, in each case
		during the related Due Period from Interest Proceeds and (ii) the
		aggregate amount of any Hedge Payment Amounts that were previously paid to the
		applicable Hedge Counterparty from Interest Proceeds during the related Due
		Period as a result of the early termination of the related Asset Specific Hedge
		from any call, redemption and prepayment premiums in accordance with
		clause (e) of the definition of Asset Specific Hedge.
	 

	 
		“Interest Rate Swap Agreement” means an interest rate swap agreement, including
		any related ISDA Master Agreement and hedge confirmations, for purposes of
		managing the Issuer’s interest rate exposure related to the variable rate
		of interest applicable to the Notes.
	 

	 
		“Interest Reserve Account”: The account established pursuant to
		Section 10.6B hereof.
	 

	 
		“Interest Shortfall”: The meaning set forth in Section 10.7(a) hereof.
	 

	 
		“Investment Company Act”: The Investment Company Act of 1940, as
		amended.
	 

	 
			
				
				   
				

			 	
				
				  “Investor Representation Letter”: The letter
				  substantially in the form of Exhibit
				  J attached hereto.
				

			 

 

	 
		“ISDA”: The
		International Swaps and Derivatives Association, Inc.
	 

	 
		“ISDA Credit Support Annex”: The credit support annex to the ISDA Master
		Agreement.
	 

	 
		“ISDA Master Agreement”: The 1992 ISDA Master Agreement
		(Multicurrency—Cross Border).
	 

	 
		 
	 

	 
		 
	 

	 
		 -50-
	 

	 
		 
	 

	 
	 

	 

	 
		“Issuer”:
		Marathon Real Estate CDO 2006-1, Ltd., an exempted company incorporated with
		limited liability under the laws of the Cayman Islands, until a successor
		Person shall have become the Issuer pursuant to the applicable provisions of
		this Indenture, and thereafter “Issuer” shall mean such successor
		Person.
	 

	 
		“Issuer Order” and “Issuer Request”: A written order or request (which may be in the
		form of a standing order or request) dated and signed in the name of the Issuer
		and the Co-Issuer by an Authorized Officer of each of the Issuer and the
		Co-Issuer, or by an Authorized Officer of the Collateral Manager.
	 

	 
		“Junior Notes”: Collectively, the Class J Notes and the
		Class K Notes.
	 

	 
		“Liquidity Reserve Account”: The account established pursuant to
		Section 10.6C hereof.
	 

	 
		“LIBOR”: The
		meaning set forth in Schedule F attached hereto.
	 

	 
		“LIBOR Determination Date”: The meaning set forth in Schedule F
		attached hereto.
	 

	 
		“List”: The
		meaning specified in Section 12.4(a)(ii) hereof.
	 

	 
		“Listed Bidders”: The meaning specified in Section 12.4(a)(ii) hereof.
	 

	 
		“LLC Managers”: The managers of the Co-Issuer duly appointed by
		the sole member of the Co-Issuer (or, if there is only one manager of the
		Co-Issuer so duly appointed, such sole manager).
	 

	 
		“Loan”: A
		Whole Loan, B Note, Participation, Mezzanine Loan, Single Asset Mortgage
		Security, Single Borrower Mortgage Security, Rake Bond or a loan or repurchase
		facility secured by any of the foregoing.
	 

	 
		“London Banking Day”: The meaning set forth in Schedule F
		attached hereto.
	 

	 
		“Majority”:
		With respect to:
	 

	 
		(i) any Class of Notes, the Holders of more
		than 50% of the Aggregate Outstanding Amount of the Notes of such Class;
		and
	 

	 
		(ii) the Preferred Shares, the Preferred
		Shareholders representing more than 50% of the aggregate Notional Amount of the
		outstanding Preferred Shares, which are issued and have not been
		redeemed.
	 

	 
		“Majority Preferred Shares Holder”: The holder of at least a majority of the
		aggregate Notional Amount of the outstanding Preferred Shares.
	 

	 
		“Mandatory Redemption”: The meaning specified in Section 9.6
		hereof.
	 

	 
		 
	 

	 
		 
	 

	 
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		“Margin Stock”: As defined under Regulation U issued by the
		Board of Governors of the Federal Reserve System.
	 

	 
		“Market Value”: With respect to any date of determination and
		any Collateral Debt Security or Eligible Investment, an amount equal to
		(i) the median of the bona fide bids for such Collateral Debt Security
		obtained by the Collateral Manager at such time from any three nationally
		recognized dealers, which dealers are Independent from one another and from the
		Collateral Manager, (ii) if the Collateral Manager is in good faith unable
		to obtain bids from three such dealers, the lesser of the bona fide bids for
		such Collateral Debt Security obtained by the Collateral Manager at such time
		from any two nationally recognized dealers chosen by the Collateral Manager,
		which dealers are Independent from each other and the Collateral Manager, or
		(iii) if the Collateral Manager is in good faith unable to obtain bids
		from two such dealers, the bona fide bid for such Collateral Debt Security
		obtained by the Collateral Manager at such time from any nationally recognized
		dealer chosen by the Collateral Manager, which dealer is Independent from the
		Collateral Manager.
	 

	 
		“Market Value Collateralized Debt
		Obligation”: Any collateralized
		debt obligation that is valued on the basis of the market value of the
		underlying debt obligations rather than the cash flow related to the underlying
		debt obligations.
	 

	 
		“Master Trust Agreement”: The Master Trust Agreement, dated as of
		May 18, 2006, between the Issuer and LaSalle Bank National Association, as
		trustee, as the same may be amended, supplemented or modified from time to
		time.
	 

	 
		“Maturity”:
		With respect to any Note, the date on which the unpaid principal of such Note
		becomes due and payable as therein or herein provided, whether at the Stated
		Maturity or by declaration of acceleration or otherwise.
	 

	 
		“Measurement Date”: Any of the following: (i) the Closing Date,
		(ii) the date of acquisition (or in the case of CMBS Securities, Asset
		Backed Securities, CRE CDO Securities, and REIT Debt Securities, an irrevocable
		binding commitment to purchase is entered into, as certified by the Collateral
		Manager to the Trustee) or disposition of any Collateral Debt Security,
		(iii) any date on which any Collateral Debt Security becomes a Defaulted
		Security, (iv) each Determination Date and (v) with reasonable notice
		to the Issuer and the Trustee, any other Business Day that any Rating Agency or
		the Holders of at least 66-2/3% of the Aggregate Outstanding Amount of any
		Class of Notes requests be a “Measurement Date”; provided that if
		any such date would otherwise fall on a day that is not a Business Day, the
		relevant Measurement Date will be the immediately preceding Business
		Day.
	 

	 
		“Mezzanine Loan”: Any Loan secured by one or more direct or
		indirect ownership interests (which may be only partial ownership interests) in
		a company, partnership or other entity owning, operating or controlling,
		directly or through subsidiaries or affiliates, one or more commercial
		properties, including a participation interest therein.
	 

	 
		“Minimum Ramp-Up Amount”: An amount equal to $135,178,819.14.
	 

	 
		 
	 

	 
		 
	 

	 
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		“Minimum Weighted Average Coupon Test”: A test that will be satisfied on any Measurement
		Date if the Weighted Average Coupon for the Collateral Debt Securities is
		greater than or equal to 5.50%.
	 

	 
		“Minimum Weighted Average Spread Test”: A test that will be satisfied as of any
		Measurement Date if the Weighted Average Spread is equal to or greater than the
		percentage set forth in the Asset Quality Matrix in the same row as the
		“Minimum Weighted Average Spread” that has been most recently
		specified as the “Minimum Weighted Average Spread” by the Collateral
		Manager.
	 

	 
		“Money”: The
		meaning specified in Section 1-201(24) of the UCC.
	 

	 
		“Monthly Report”: The meaning specified in Section 10.9(c) hereof.
	 

	 
		“Moody’s”: Moody’s Investors Service, Inc., and its
		successors in interest.
	 

	 
		“Moody’s Maximum Tranched Rating
		Factor”: An amount determined by
		summing the products obtained by multiplying the Principal Balance of each
		Collateral Debt Security (excluding Defaulted Securities) by its Moody’s
		Rating Factor, dividing such sum by the aggregate outstanding Principal Balance
		of all such obligations and rounding the result up to the nearest whole
		number.
	 

	 
		“Moody’s Maximum Tranched Rating Factor
		Test”: A test that will be
		satisfied as of any Measurement Date if the Moody’s Maximum Tranched
		Rating Factor is not greater than the number set forth in the Asset Quality
		Matrix in the same row as the “Minimum Weighted Average Spread” that
		has been most recently specified as the “Minimum Weighted Average
		Spread” by the Collateral Manager.
	 

	 
		“Moody’s Rating”: Of any Collateral Debt Security will be
		determined as follows:
	 

	 
		(i) (x) if such Collateral Debt Security is
		publicly rated by Moody’s, the Moody’s Rating will be such rating,
		or, (y) if such Collateral Debt Security is not publicly rated by Moody’s,
		but the Issuer has requested that Moody’s assign a rating to such
		Collateral Debt Security, the Moody’s Rating will be the rating so
		assigned by Moody’s and prior to the receipt of such rating will have the
		Moody’s Rating specified in this Indenture;
	 

	 
		(ii) with respect to a CMBS Security or REIT
		Debt Security, if such CMBS Security or REIT Debt Security is not rated by
		Moody’s, then the Moody’s Rating of such CMBS Security or REIT Debt
		Security may be determined using any one of the methods below:
	 

	 
		(A) with respect to any REIT Debt Security
		not publicly rated by Moody’s that is a REIT Debt
		Securities—Diversified; REIT Debt Securities—Health Care; REIT Debt
		Securities—Hotel; REIT Debt Securities—Industrial; REIT Debt
		Securities—Multi-Family; REIT Debt Securities—Office; REIT Debt
		Securities—Residential; REIT Debt Securities—Retail; or REIT Debt
		Securities—Storage, if such REIT Debt Security is publicly rated by
		S&P, then the Moody’s Rating thereof will be (1) one subcategory below
		the Moody’s equivalent rating assigned by S&P if the rating
	 

	 
		 
	 

	 
		 
	 

	 
		 -53-
	 

	 
		 
	 

	 
	 

	 

	 
		assigned by S&P is “BBB” or
		greater and (2) two rating subcategories below the Moody’s equivalent
		rating assigned by S&P if the rating assigned by S&P is below
		“BBB”;
	 

	 
		(B) with respect to any CMBS Conduit
		Security not publicly rated by Moody’s, (x) if Moody’s has rated a
		tranche or class of CMBS Conduit Security senior to the relevant issue, then
		the Moody’s Rating thereof will be one and one-half rating subcategories
		below the Moody’s equivalent of the lower of the rating assigned by
		S&P and Fitch for purposes of determining the Moody’s Rating Factor
		and one rating subcategory below the Moody’s equivalent of the lower
		rating assigned by S&P and Fitch for all other purposes and (y) if
		Moody’s has not rated any such tranche or class and S&P and Fitch have
		rated the subject CMBS Conduit Security, then the Moody’s Rating thereof
		will be two rating subcategories below the Moody’s equivalent of the lower
		of the rating assigned by S&P and Fitch;
	 

	 
		(C) with respect to any CMBS Large Loan
		Security not rated by Moody’s, the Issuer or the Collateral Manager on
		behalf of the Issuer will request Moody’s to assign a rating to such CMBS
		Large Loan Security on a case-by-case basis; and
	 

	 
		(D) with respect to any other type of CMBS
		Security or REIT Debt Securities of a Specified Type not referred to in clauses
		(A) through (C) above, the Moody’s Rating will be determined pursuant to
		subclause (y) of clause (i) above;
	 

	 
		(iii) with respect to corporate guarantees
		on REIT Debt Securities, if the corporate guarantee is publicly rated by
		Moody’s, the Collateral Debt Security will have the rating assigned to
		such corporate guarantee and if such corporate guarantee is not publicly rated
		by Moody’s but another security or obligation of the guarantor (an
		“other security”) is publicly rated by Moody’s, and no rating
		has been assigned in accordance with clause (i) above, the Moody’s Rating
		of such Collateral Debt Security will be determined as follows:
	 

	 
		(A) if the corporate guarantee is a senior
		secured obligation of the guarantor and the other security is also a senior
		secured obligation, the Moody’s Rating of such Collateral Debt Security
		will be the rating of the other security;
	 

	 
		(B) if the corporate guarantee is a senior
		unsecured obligation of the guarantor and the other security is a senior
		secured obligation, the Moody’s Rating of such Collateral Debt Security
		will be one rating subcategory below the rating of the other security;
	 

	 
		(C) if the corporate guarantee is a
		subordinated obligation of the guarantor and the other security is a senior
		secured obligation that is: (1) rated “Ba3” or higher by
		Moody’s, the Moody’s Rating of such Collateral Debt Security will be
		three rating subcategories below the rating of the other security; or (2) rated
		“B1” or lower by Moody’s, the Moody’s Rating of such
		corporate guarantee will be two rating subcategories below the rating of the
		other security;
	 

	 
		(D) if the corporate guarantee is a senior
		secured obligation of the guarantor and the other security is a senior
		unsecured obligation that is: (1) rated “Baa3” or higher by
		Moody’s, the Moody’s Rating of such corporate guarantee will be the
		rating of the other security; or (2) rated “Ba1” or lower by
		Moody’s, the Moody’s Rating of such
	 

	 
		 
	 

	 
		 
	 

	 
		 -54-
	 

	 
		 
	 

	 
	 

	 

	 
		Collateral Debt Security will be one rating
		subcategory above the rating of the other security;
	 

	 
		(E) if the corporate guarantee is a senior
		unsecured obligation of the guarantor and the other security is also a senior
		unsecured obligation, the Moody’s Rating of such Collateral Debt Security
		will be the rating of the other security;
	 

	 
		(F) if the corporate guarantee is a
		subordinated obligation of the guarantor and the other security is a senior
		unsecured obligation that is: (1) rated “B1” or higher by
		Moody’s, the Moody’s Rating of such corporate guarantee will be two
		rating subcategories below the rating of the other security; or (2) rated
		“B2” or lower by Moody’s, the Moody’s Rating of such
		Collateral Debt Security will be one rating subcategory below the rating of the
		other security;
	 

	 
		(G) if the corporate guarantee is a senior
		secured obligation of the guarantor and the other security is a subordinated
		obligation that is: (1) rated “Baa3” or higher by Moody’s, the
		Moody’s Rating of such corporate guarantee will be one rating subcategory
		above the rating of the other security; (2) rated below “Baa3” but
		not rated “B3” by Moody’s, the Moody’s Rating of such
		corporate guarantee will be two rating subcategories above the rating of the
		other security; or (3) rated “B3” by Moody’s, the Moody’s
		Rating of such Collateral Debt Security will be “B2;”
	 

	 
		(H) if the corporate guarantee is a senior
		unsecured obligation of the guarantor and the other security is a subordinated
		obligation that is: (1) rated “Baa3” or higher by Moody’s, the
		Moody’s Rating of such corporate guarantee will be one rating subcategory
		above the rating of the other security; or (2) rated “Ba1” or lower
		by Moody’s, the Moody’s Rating of such Collateral Debt Security will
		also be one rating subcategory above the rating of the other security;
		and
	 

	 
		(I) if the corporate guarantee is a
		subordinated obligation of the guarantor and the other security is also a
		subordinated obligation, the Moody’s Rating of such Collateral Debt
		Security will be the rating of the other security; or
	 

	 
		(iv) if such Collateral Debt Security is a
		Mezzanine Loan, CRE CDO Security or Asset Backed Security, no notching is
		permitted and the Moody’s Rating will be the rating so assigned by
		Moody’s;
	 

	 
		provided that (x) the rating of either S&P or Fitch used to
		determine the Moody’s Rating pursuant to any of clauses (ii) or (iii)
		above will be (a) a public rating that addresses the obligation of the obligor
		(or guarantor, where applicable) to pay principal of and interest on the
		relevant Collateral Debt Security in full and is monitored on an ongoing basis
		by the relevant Rating Agency or (b) if no such public rating is available, a
		rating determined pursuant to a method determined by Moody’s on a
		case-by-case basis and (y) the Aggregate Principal Balance of Collateral Debt
		Securities the Moody’s Rating of which is based on an S&P rating or a
		Fitch rating may not exceed 20% of the Aggregate Principal Balance of all
		Collateral Debt Securities; provided,
		further, that for the Moody’s
		Rating of any Collateral Debt Security will be reduced one subcategory to the
		extent it is on credit watch with negative implications and increased one
		subcategory to the extent it is on credit watch with positive
		implications.
	 

	 
		 
	 

	 
		 
	 

	 
		 -55-
	 

	 
		 
	 

	 
	 

	 

	 
		“Moody’s Rating Factor”: Relating to any Collateral Debt Security, the
		number set forth in the table below opposite the Moody’s Rating of such
		Collateral Debt Security:
	 

	 
		 
	 

	 
			
				
				  Moody’s Rating
				

			 	
				
				   
				

			 	
				
				  Moody’s Rating
				  Factor
				

			 	
				
				   
				

			 	
				
				  Moody’s Rating
				

			 	
				
				   
				

			 	
				
				  Moody’s Rating
				  Factor
				

			 	
				
				   
				

			 
	
				
				  Aaa
				

			 	
				
				   
				

			 	
				
				  1
				

			 	
				
				   
				

			 	
				
				  Ba1
				

			 	
				
				   
				

			 	
				
				  940
				

			 	
				
				   
				

			 
	
				
				  Aa1
				

			 	
				
				   
				

			 	
				
				  10
				

			 	
				
				   
				

			 	
				
				  Ba2
				

			 	
				
				   
				

			 	
				
				  1,350
				

			 	
				
				   
				

			 
	
				
				  Aa2
				

			 	
				
				   
				

			 	
				
				  20
				

			 	
				
				   
				

			 	
				
				  Ba3
				

			 	
				
				   
				

			 	
				
				  1,766
				

			 	
				
				   
				

			 
	
				
				  Aa3
				

			 	
				
				   
				

			 	
				
				  40
				

			 	
				
				   
				

			 	
				
				  B1
				

			 	
				
				   
				

			 	
				
				  2,220
				

			 	
				
				   
				

			 
	
				
				  A1
				

			 	
				
				   
				

			 	
				
				  70
				

			 	
				
				   
				

			 	
				
				  B2
				

			 	
				
				   
				

			 	
				
				  2,720
				

			 	
				
				   
				

			 
	
				
				  A2
				

			 	
				
				   
				

			 	
				
				  120
				

			 	
				
				   
				

			 	
				
				  B3
				

			 	
				
				   
				

			 	
				
				  3,490
				

			 	
				
				   
				

			 
	
				
				  A3
				

			 	
				
				   
				

			 	
				
				  180
				

			 	
				
				   
				

			 	
				
				  Caa1
				

			 	
				
				   
				

			 	
				
				  4,770
				

			 	
				
				   
				

			 
	
				
				  Baa1
				

			 	
				
				   
				

			 	
				
				  260
				

			 	
				
				   
				

			 	
				
				  Caa2
				

			 	
				
				   
				

			 	
				
				  6,500
				

			 	
				
				   
				

			 
	
				
				  Baa2
				

			 	
				
				   
				

			 	
				
				  360
				

			 	
				
				   
				

			 	
				
				  Caa3
				

			 	
				
				   
				

			 	
				
				  8,070
				

			 	
				
				   
				

			 
	
				
				  Baa3
				

			 	
				
				   
				

			 	
				
				  610
				

			 	
				
				   
				

			 	
				
				  Ca or lower
				

			 	
				
				   
				

			 	
				
				  10,000
				

			 	
				
				   
				

			 

 

	 
		“Moody’s Recovery Rate”: With respect to any Collateral Debt Security on
		any Measurement Date, an amount equal to (A) if the Specified Type of
		Collateral Debt Security is included in the table attached as Schedule A
		hereto (the Moody’s Recovery Rate Assumptions) the percentage for such
		Collateral Debt Security set forth in Schedule A
		(the Moody’s Recovery Rate Assumptions) hereto in (x) the table
		corresponding to the relevant Specified Type of Collateral Debt Security,
		(y) the column in such table setting forth the Moody’s Rating of such
		Collateral Debt Security on the date of issuance of such Collateral Debt
		Security (or if no Moody’s Rating was assigned at date of issuance the
		rating assigned as of the date such Collateral Debt Security was acquired by
		the Issuer) and (z) the row in such table opposite the percentage of the
		issue of which such Collateral Debt Security is a part relative to the total
		capitalization of (including both debt and equity securities issued by) the
		relevant issuer of or obligor on such Collateral Debt Security determined on
		the date on which such Collateral Debt Security was originally issued or
		(B) if the Specified Type of Collateral Debt Security is not included in
		the table set forth in Schedule A
		(the Moody’s Recovery Rate Assumptions), the Recovery Rate set forth
		following such table with respect to the applicable Specified Type.
	 

	 
		“Moody’s Special Amortization Pro Rata
		Condition”: A condition that will
		be satisfied with respect to any Payment Date if either (i) (a) the
		Aggregate Principal Balance of the Collateral Debt Securities as of the related
		Distribution Date is greater than an amount equal to 50% of the Aggregate
		Principal Balance of the Collateral Debt Securities on the Effective Date and
		(b) the Collateral Quality Tests (other than the Minimum Weighted Average
		Coupon Test, the Minimum Weighted Average Spread Test and the S&P CDO
		Monitor Test) are satisfied as of the related Determination Date or
		(ii) the Rating Agency Condition has been satisfied with respect to
		Moody’s.
	 

	 
		“Moody’s Weighted Average Recovery
		Rate”: The rate on any Measurement
		Date calculated as a fraction (expressed as a percentage rounded to the nearest
		0.1%) the numerator of which is the sum of the products obtained by multiplying
		the Principal Balance of each Collateral Debt Securities (excluding Defaulted
		Securities) by the applicable Moody’s Weighed Average Recovery Rate and
		the denominator of which is the Aggregate Principal Balance of all Collateral
		Debt Securities (excluding Defaulted Securities).
	 

	 
		 
	 

	 
		 
	 

	 
		-56-
	 

	 
		 
	 

	 
	 

	 

	 
		“Moody’s Weighted Average Recovery Rate
		Test”: A test that will be
		satisfied as of any Measurement Date if the Moody’s Weighed Average
		Recovery Rate is at least 20%.
	 

	 
		“Net Outstanding Portfolio Balance”: On any Measurement Date, the sum (without
		duplication) of:
	 

	 
		(i) the Aggregate Principal Balance on such
		Measurement Date of the Collateral Debt Securities (other than Defaulted
		Securities);
	 

	 
		(ii) the Aggregate Principal Balance of all
		Principal Proceeds held as Cash and Eligible Investments, all Cash and Eligible
		Investments held in the Unused Proceeds Account that have not been designated
		as Interest Proceeds by the Collateral Manager with respect to the Effective
		Date and all Cash and Eligible Investments held in the Future Funding
		Obligations Account; and
	 

	 
		(iii) with respect to each Defaulted
		Security, the Calculation Amount of such Defaulted Security;
	 

	 
		provided, however, for purposes of any Par Value Test, any deferred or
		capitalized interest component of a Partially Deferred Loan will be excluded
		from such calculation.
	 

	 
		“Non-Advancing Collateral Debt Security”: Any Collateral Debt Security, other than a CMBS
		Security, with respect to which no servicer or other party is required, under
		the terms of the Underlying Instruments governing such Collateral Debt
		Security, to make any liquidity advances to ensure the timely receipt of
		interest by and for the benefit of the holder of such Collateral Debt
		Security.
	 

	 
		“Non-Monthly Pay Assets”: Those assets in the Issuer’s portfolio of
		Collateral Debt Securities that pay interest less frequently than monthly;
		provided, however, that
		such assets will not include any Collateral Debt Securities that are Defaulted
		Securities, Covered Fixed Rate Securities or Collateral Debt Securities hedged
		with an Asset Specific Hedge in the case of a basis swap).
	 

	 
		“Non-Permitted Holder”: The meaning specified in Section 2.13(b) hereof.
	 

	 
		“Non-Registered Loan”: A Loan to be acquired by the Issuer on or after
		the Closing Date that is not in Registered form.
	 

	 
		“Nonrecoverable Cure Advance”: Any Cure Advance previously made or proposed to
		be made pursuant to Section 16.3 hereof with respect to any
		Collateral Debt Security that the Collateral Manager has determined in its sole
		discretion, exercised in good faith, that the amount so advanced or proposed to
		be advanced plus interest expected to accrue thereon will not be ultimately
		recoverable from collections from the specific Collateral Debt Security with
		respect to which such Cure Advance was made or proposed to be made.
	 

	 
		“Nonrecoverable Interest Advance”: Any Interest Advance made or proposed to be made
		pursuant to Section 10.7 hereof that the Advancing Agent or the
		Trustee in its capacity as Backup Advancing Agent, as applicable, has
		determined in its sole discretion, exercised in
	 

	 
		 
	 

	 
		 
	 

	 
		-57-
	 

	 
		 
	 

	 
	 

	 

	 
		good faith, that the amount so advanced or
		proposed to be advanced plus interest expected to accrue thereon will not be
		ultimately recoverable from subsequent payments or collections with respect to
		the Collateral Debt Securities.
	 

	 
		“Note Interest Rate”: With respect to the Class A-1 Notes, the
		Class A-2 Notes, the Class B Notes, the Class C Notes, the
		Class D Notes, the Class E Notes, the Class F Notes, the
		Class G Notes, the Class H Notes, the Class J Notes and the
		Class K Notes, the Class A-1 Rate, the Class A-2 Rate, the
		Class B Rate, the Class C Rate, the Class D Rate, the
		Class E Rate, the Class F Rate, the Class G Rate, the
		Class H Rate, the Class J Rate and the Class K Rate,
		respectively.
	 

	 
		“Note Liquidation Event”: The meaning specified in Section 12.1(h) hereof.
	 

	 
		“Noteholder”: The Person in whose name such Note is registered
		in the Notes Register.
	 

	 
		“Notes”: The
		Class A-1 Notes, the Class A-2 Notes, the Class B Notes, the
		Class C Notes, the Class D Notes, the Class E Notes, the
		Class F Notes, the Class G Notes, the Class H Notes, the Class J
		Notes and the Class K Notes, collectively, authorized by, and
		authenticated and delivered under, this Indenture or any supplemental
		indenture.
	 

	 
		“Notes Register” and “Notes Registrar”: The respective meanings specified in
		Section 2.5(a) hereof.
	 

	 
		“Notes Valuation Report”: The meaning specified in Section 10.9(e) hereof.
	 

	 
		“Notional Amount”: In respect of the Preferred Shares, the per
		share notional amount of $1.00. The aggregate Notional Amount of the Preferred
		Shares on the Closing Date will be $101,500,000.
	 

	 
		“Offer”:
		With respect to any security, (i) any offer by the issuer of such security
		or by any other person or entity made to all of the holders of such security to
		purchase or otherwise acquire such security (other than pursuant to any
		redemption in accordance with the terms of the related Underlying Instruments)
		or to convert or exchange such security into or for Cash, securities or any
		other type of consideration or (ii) any solicitation by the issuer of such
		security or any other person or entity to amend, modify or waive any provision
		of such security or any related Underlying Instrument.
	 

	 
		“Officer”:
		With respect to any corporation or limited liability company, including the
		Issuer, the Co-Issuer and the Collateral Manager, any Director, the Chairman of
		the Board of Directors, the President, any manager of a limited liability
		company, any Senior Vice President any Vice President, the Secretary, any
		Assistant Secretary, the Treasurer, any Assistant Treasurer, General Partner of
		such entity; and with respect to the Trustee, any Trust Officer.
	 

	 
		“Officer’s Certificate”: With respect to the Issuer, the Co-Issuer and
		the Collateral Manager, any certificate executed by an Officer thereof.
	 

	 
		 
	 

	 
		 
	 

	 
		-58-
	 

	 
		 
	 

	 
	 

	 

	 
		“Operating Statement Analysis Report”: The year-end report prepared by the Issuer for
		each Collateral Debt Security.
	 

	 
		“Opinion of Counsel”: A written opinion addressed to the Trustee and
		each Rating Agency in form and substance reasonably satisfactory to the
		Trustee, each Rating Agency (and each Hedge Counterparty, if applicable,
		pursuant to the provisions below) of an attorney at law admitted to practice
		before the highest court of any state of the United States or the District of
		Columbia (or the Cayman Islands, in the case of an opinion relating to the laws
		of the Cayman Islands), which attorney may, except as otherwise expressly
		provided in this Indenture, be counsel for the Issuer, and which attorney shall
		be reasonably satisfactory to the Trustee. Whenever an Opinion of Counsel is
		required hereunder, such Opinion of Counsel may rely on opinions of other
		counsel who are so admitted and so satisfactory which opinions of other counsel
		shall accompany such Opinion of Counsel and shall either be addressed to the
		Trustee and each Rating Agency or shall state that the Trustee and each Rating
		Agency shall be entitled to rely thereon; provided, however, that such Opinion of Counsel shall be addressed to
		each Hedge Counterparty (or each Hedge Counterparty may rely on such Opinion of
		Counsel) to the extent that such Opinion of Counsel relates to or affects the
		interests of each Hedge Counterparty. An Opinion of Counsel may be based upon a
		Certificate of the Collateral Manager and further supported as to factual
		(including financial and capital markets) matters by any relevant certificates
		and other documents necessary or advisable in the judgment of counsel
		delivering the opinion.
	 

	 
		“Optional Redemption”: The meaning specified in Section 9.1(c) hereof.
	 

	 
		“Optional Redemption Date”: Any Payment Date occurring on or after the
		Payment Date occurring in May 2009, where the Issuer and the Co-Issuer may
		redeem the Notes and the Issuer may redeem the Preferred Shares in accordance
		with Section 9.1(c) hereof.
	 

	 
		“Outstanding”: With respect to the Notes, as of any date of
		determination, all of the Notes or any Class of Notes, as the case may be,
		theretofore authenticated and delivered under this Indenture except:
	 

	 
		(i) Notes theretofore canceled by the Notes
		Registrar or delivered to the Notes Registrar for cancellation;
	 

	 
		(ii) Notes or portions thereof for whose
		payment or redemption funds in the necessary amount have been theretofore
		irrevocably deposited with the Trustee or the Paying Agent in trust for the
		Holders of such Notes pursuant to Section 4.1(a)(ii);
		provided that if such Notes or portions thereof are to be redeemed,
		notice of such redemption has been duly given pursuant to this Indenture or
		provision therefor satisfactory to the Trustee has been made;
	 

	 
		(iii) Notes in exchange for or in lieu of
		which other Notes have been authenticated and delivered pursuant to this
		Indenture, unless proof satisfactory to the Trustee is presented that any such
		Notes are held by a holder in due course; and
	 

	 
		 
	 

	 
		 
	 

	 
		-59-
	 

	 
		 
	 

	 
	 

	 

	 
		(iv) Notes alleged to have been mutilated,
		destroyed, lost or stolen for which replacement Notes have been issued as
		provided in Section 2.6 hereof;
	 

	 
		provided that in determining whether the Noteholders of the
		requisite Aggregate Outstanding Amount have given any request, demand,
		authorization, direction, notice, consent or waiver hereunder, (x) Notes
		owned by the Issuer, the Co-Issuer or any Affiliate thereof shall be
		disregarded and deemed not to be Outstanding and (y) in relation to
		(1) any amendment or other modification of, or assignment or termination
		of, any of the express rights or obligations of the Collateral Manager under
		the Collateral Management Agreement or this Indenture (including the exercise
		of any rights to remove the Collateral Manager or terminate the Collateral
		Management Agreement or approve or object to a replacement for the Collateral
		Manager except as specifically provided in the Collateral Management Agreement
		with respect to the termination of the Collateral Manager without cause and
		with respect to the replacement of the Collateral Manager in instances where
		the Collateral Manager has not been terminated for cause or where such
		replacement is not an Affiliate of the Collateral Manager) and (2) the
		exercise by the Noteholders of their right, in connection with certain Events
		of Default, to accelerate amounts due under the Notes, Notes owned by the
		Collateral Manager or any of its Affiliates, or by any accounts managed by
		them, shall be disregarded and deemed not to be Outstanding unless the
		Collateral Manager or its Affiliates or funds managed by the Collateral Manager
		own all of the outstanding Notes. In determining whether the Trustee shall be
		protected in relying upon any such request, demand, authorization, direction,
		notice, consent or waiver, only Notes that the Trustee knows to be so owned
		shall be so disregarded. Notes so owned that have been pledged in good faith
		may be regarded as Outstanding if the pledgee establishes to the satisfaction
		of the Trustee the pledgee’s right so to act with respect to such Notes
		and that the pledgee is not the Issuer, the Collateral Manager or any other
		obligor upon the Notes or any Affiliate of the Issuer, the Collateral Manager
		or such other obligor.
	 

	 
		“Par Value Ratio”: Each of the Class A/B Par Value Ratio, the
		Class C/D/E Par Value Ratio and the Class F/G/H Par Value
		Ratio.
	 

	 
		“Par Value Test”: Each of the Class A/B Par Value Test, the
		Class C/D/E Par Value Test and the Class F/G/H Par Value Test.

	 

	 
		“Partially Deferred Loan”: A Loan which by its terms provides for the
		payment of interest in two components, one of which is payable currently on
		each due date under the Loan and the other of which is either deferred or
		capitalized until maturity.
	 

	 
		“Participating Institution”: An entity that creates a Participation.
	 

	 
		“Participation”: An interest in all or part of a Loan acquired by
		a participant from a Participating Institution, which participation may be
		subordinate to other interests in the Loan and may be further participated into
		sub-participations.
	 

	 
		“Paying Agent”: Any Person authorized by the Issuer and the
		Co-Issuer to pay the principal of or interest on any Notes on behalf of the
		Issuer and the Co-Issuer as specified in Section 7.2 hereof.

	 

	 
		 
	 

	 
		 
	 

	 
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		“Payment Account”: The payment account of the Trustee in respect of
		the Notes established pursuant to Section 10.3 hereof.
	 

	 
		“Payment Date”: With respect to each Class of Notes, the 25th
		day of each month (or if such day is not a Business Day, the next succeeding
		Business Day), commencing in August, 2006.
	 

	 
		“Person”: An
		individual, corporation (including a business trust), partnership, limited
		liability company, joint venture, association, joint stock company, trust
		(including any beneficiary thereof), unincorporated association or government
		or any agency or political subdivision thereof.
	 

	 
		“Plan Assets”: The meaning specified in
		Section 2.5(g)(vi) hereof.
	 

	 
		“Pledged Collateral Debt Security”: On any date of determination, any Collateral
		Debt Security that has been Granted to the Trustee and not been released from
		the lien of this Indenture pursuant to Section 10.10 hereof.

	 

	 
		“Pledged Obligations”: On any date of determination, any Pledged
		Collateral Debt Securities and the Eligible Investments that have been Granted
		to the Trustee for the benefit of the Noteholders and each Hedge Counterparty
		and which form part of the Assets.
	 

	 
		“Preferred Shareholder”: A registered owner of Preferred Shares.
	 

	 
		“Preferred Shares”: The preferred shares issued by the Issuer
		concurrently with the issuance of the Notes.
	 

	 
		“Preferred Shares Distribution Account”: A segregated account for the benefit of the
		Issuer established and designated as such by the Preferred Shares Paying Agent
		pursuant to the Preferred Shares Paying Agency Agreement.
	 

	 
		“Preferred Shares Paying Agency Agreement”: The Preferred Shares Paying Agency Agreement,
		dated as of the Closing Date, between the Issuer and the Preferred Shares
		Paying Agent relating to the Preferred Shares, as amended from time to time in
		accordance with the terms thereof.
	 

	 
		“Preferred Shares Paying Agent”: The Bank, solely in its capacity as Preferred
		Shares Paying Agent under the Preferred Shares Paying Agency Agreement and not
		individually, unless a successor Person shall have become the Preferred Shares
		Paying Agent pursuant to the applicable provisions of the Preferred Shares
		Paying Agency Agreement, and thereafter Preferred Shares Paying Agent shall
		mean such successor Person.
	 

	 
		“Prepaid Sales Discount”: The meaning specified in Section 12.2(d)
		hereof.
	 

	 
		“Prime Rate”: The annual rate of interest published in The
		Wall Street Journal from time to time as the “Prime Rate.”
	 

	 
		 
	 

	 
		 
	 

	 
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		“Principal Balance” or “par”: With
		respect to any Collateral Debt Security or Eligible Investment, as of any date
		of determination, the outstanding principal amount of such Collateral Debt
		Security or Eligible Investment; provided
		that:
	 

	 
		(i) the Principal Balance of a Collateral
		Debt Security received upon acceptance of an Offer for another Collateral Debt
		Security, which Offer expressly states that failure to accept such Offer may
		result in a default under the Underlying Instruments, will be deemed to be the
		Calculation Amount of such other Collateral Debt Security until such time as
		Interest Proceeds and Principal Proceeds, as applicable, are received when due
		with respect to such other Collateral Debt Security;
	 

	 
		(ii) the Principal Balance of any Eligible
		Investment that does not pay Cash interest on a current basis will be the
		accreted value thereof; 
	 

	 
		(iii) the Principal Balance of any Written
		Down Security will exclude any portion of the principal balance of such
		security that (x) has been written down as a result of a “realized
		loss,” “collateral support deficit,” “additional trust fund
		expense” or other event that under the terms of such security results in a
		write-down of principal balance or (y) would be affected by an appraisal
		reduction; and
	 

	 
		(iv) the Principal Balance of any Synthetic
		Security will be the notional amount of such Synthetic Security and any
		Synthetic Security in the form of a note will be equal to the principal amount
		of the Synthetic Security.
	 

	 
		“Principal Collection Account”: The trust account established pursuant to
		Section 10.2(a) hereof.
	 

	 
		“Principal Only Security”: Any Collateral Debt Security (other than a
		Step-Up Security) that does not provide for payment of interest or provides
		that all payments of interest will be deferred until the final maturity
		thereof.
	 

	 
		“Principal Proceeds”: With respect to any Payment Date, (a) the
		sum (without duplication) of (i) all principal payments (including
		prepayments and Unscheduled Principal Payments) received during the related Due
		Period (excluding those previously reinvested or designated by the Collateral
		Manager for reinvestment in Collateral Debt Securities) on (A) Eligible
		Investments (other than Eligible Investments purchased with Interest Proceeds,
		Eligible Investments in the Expense Account, Eligible Investments in the Unused
		Proceeds Account designated as Interest Proceeds by the Collateral Manager with
		respect to the Effective Date, Eligible Investments in the Future Funding
		Obligations Account and any amount representing the accreted portion of a
		discount from the face amount of an Eligible Investment) and
		(B) Collateral Debt Securities as a result of (1) a maturity,
		scheduled amortization, mandatory prepayment or mandatory sinking fund payment
		on a Collateral Debt Security, (2) optional redemptions, prepayments,
		exchange offers or tender offers made at the option of the issuer thereof,
		(3) recoveries on Defaulted Securities or (4) any other principal
		payments with respect to Collateral Debt Securities (not included in Sale
		Proceeds), (ii) all fees and
	 

	 
		 
	 

	 
		 
	 

	 
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		commissions received during such Due Period
		in connection with Defaulted Securities and Eligible Investments and the
		restructuring or default of such Defaulted Securities and Eligible Investments,
		(iii) any interest received during such Due Period on such Collateral Debt
		Securities or Eligible Investments to the extent such interest constitutes
		proceeds from accrued interest purchased with Principal Proceeds other than
		accrued interest purchased by the Issuer on or prior to the Closing Date and
		interest included in clause (a)(i) of the definition of Interest Proceeds,
		(iv) Sale Proceeds received during such Due Period in respect of sales
		(excluding those previously reinvested or currently being reinvested in
		Collateral Debt Securities in accordance with the Transaction Documents and
		excluding accrued interest included in Sale Proceeds (unless such accrued
		interest was purchased with Principal Proceeds) that are designated by the
		Collateral Manager as Interest Proceeds in accordance with clause (a)(i)
		of the definition of Interest Proceeds), (v) all Cash payments of interest
		received during such Due Period on Defaulted Securities, (vi) any interest
		received during such Due Period on a Written Down Security to the extent such
		interest constitutes accrued interest on the excess of the principal amount of
		such Written Down Security over the Principal Balance of such Written Down
		Security, (vii) any proceeds resulting from (A) the termination (in
		whole or in part) of any Hedge Agreement during such Due Period to the extent
		such proceeds are received from the Hedge Counterparty to such Hedge Agreement
		and, to the extent such proceeds exceed the cost of entering into a replacement
		Hedge Agreement in accordance with the requirements set forth in
		Section 16.1(a) hereof, (B) payments received from a
		replacement Hedge Counterparty to the extent such proceeds exceed the amount
		owed to a previous Hedge Counterparty in connection with the termination of the
		related Hedge Agreement and (C) all amounts transferred from each Hedge
		Termination Account pursuant to Section 16.1(g) hereof,
		(viii) on the first Payment Date following the Effective Date, funds in
		the Unused Proceeds Account to the extent the Collateral Manager has not
		designated such amounts as Interest Proceeds pursuant to clause (v) of the
		definition of Interest Proceeds, (ix) funds transferred to the Principal
		Collection Account from the Future Funding Obligations Account in respect of
		amounts previously held on deposit in respect of unfunded commitments for
		Unfunded Loans that have been sold or otherwise disposed before such
		commitments thereunder have been drawn or as to which excess funds remain,
		(x) all other payments received in connection with the Collateral Debt
		Securities and Eligible Investments that are not included in Interest Proceeds,
		(xi) all amounts transferred by the Trustee from the Defeased Collateral
		Accounts to the Principal Collection Account during such Due Period;
		provided that in no event will Principal Proceeds include any
		proceeds from the Excepted Assets; minus (b)(i) the aggregate amount of any
		Nonrecoverable Interest Advances that were previously reimbursed to the
		Advancing Agent or the Trustee, in its capacity as Backup Advancing Agent and
		the aggregate amount of any Nonrecoverable Cure Advances reimbursed to the
		Collateral Manager during the related Due Period from Principal Proceeds,
		(ii) the aggregate amount of any Hedge Payment Amounts that were
		previously paid to the applicable Hedge Counterparty from Principal Proceeds
		during the related Due Period as a result of the early termination of the
		related Asset Specific Hedge from any call, redemption and prepayment premiums
		in accordance with clause (e) of the definition of Asset Specific Hedge
		and (iii) to the extent not netted as a reduction of Interest Proceeds, the
		Servicing Fee and other amounts (including reimbursements of property
		protection advances) payable in accordance with the CDO Servicing
		Agreement.
	 

	 
		“Priority of Payments”: The meaning specified in
		Section 11.1(a) hereof.
	 

	 
		 
	 

	 
		 
	 

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

	 
		“Property Type”: Each of the following types of property:
	 

	 
		(v) “Condo Conversion Properties” means properties that have been, or are expected
		to be, converted to condominium form of ownership for the purpose of
		re-development as, in whole or in part, residential condominium apartments or
		time share units;
	 

	 
		(vi) “Health Care
		Properties” means hospitals,
		clinics, emergency rooms, assisted living facilities, sports clubs, spas and
		other health care facilities and other similar real property interests used in
		one or more similar businesses (but excluding medical offices and senior
		housing facilities (i.e., facilities where the residents are ambulatory and
		handle their own affairs and which are usually apartment style);
	 

	 
		(vii) “Hospitality Properties” means hotels, motels, youth hostels, bed and
		breakfasts and other similar real property interests used in one or more
		similar businesses;
	 

	 
		(viii) “Industrial Properties” means factories, refinery plants, breweries and
		other similar real property interests used in one or more similar
		businesses;
	 

	 
		(ix) “Mixed Use Properties” means real estate property used by businesses for
		diverse business purposes and any similar property interests;
	 

	 
		(x) “Multi-Family Properties” means multi-family dwellings with 3 or more units
		such as apartment blocks, condominiums and cooperative owned buildings;
	 

	 
		(xi) “Retail Properties” means retail stores, restaurants, bookstores,
		clothing stores and other similar real property interests used in one or more
		similar businesses;
	 

	 
		(xii) “Self-Storage Properties” means self-storage facilities and other similar
		real property interests used in one or more similar businesses;
	 

	 
		(xiii) “Office Properties” means office buildings (including medical
		offices), conference facilities and other similar real property interests used
		in the commercial real estate business;
	 

	 
		(xiv) “Warehouse Properties” means warehouse facilities and other similar real
		property interests; and
	 

	 
		(xv) “Other Properties” means any other property other than Diversified
		Properties, Hospitality Properties, Industrial Properties, Multi-Family
		Properties, Office Properties, Retail Properties, Self-Storage Properties,
		Health Care 
	 

	 
		 
	 

	 
		 
	 

	 
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		Properties, Mixed Use Properties, Warehouse
		Properties and Condo Conversion Properties.
	 

	 
		“Proposed Portfolio”: The portfolio of Collateral Debt Securities and
		Eligible Investments resulting from the disposition of a Collateral Debt
		Security or a proposed reinvestment of Principal Proceeds in a Substitute
		Collateral Debt Security, as the case may be.
	 

	 
		“PTCE”: The
		meaning specified in Section 2.5(g)(vi) hereof.
	 

	 
		“Purchase Agreement”: The purchase agreement relating to the Notes
		dated on or about the Closing Date by and among the Issuer, the Co-Issuer and
		the Initial Purchasers.
	 

	 
		“QIB”: A
		“qualified institutional buyer” as defined in Rule 144A.
	 

	 
		“Qualified Hedge Party”: A party that:
	 

	 
		(a) (i) at the time it becomes a Hedge
		Counterparty, will have with respect to itself as an issuer or with respect to
		its debt obligations ratings by Moody’s, Fitch and S&P of at least
		equal to the requirements set forth in the definition of “Hedge
		Counterparty Collateral Threshold Rating”;
	 

	 
		(ii) legally and effectively accepts the
		rights and obligations of a Hedge Counterparty in respect of the related Hedge
		Agreement pursuant to a written agreement reasonably acceptable to the Issuer
		and the Trustee; and
	 

	 
		(iii) is a recognized dealer in
		over-the-counter derivatives organized under the laws of the United States of
		America or a jurisdiction located in the United States of America (or another
		jurisdiction reasonably acceptable to the Issuer, the Trustee and the Rating
		Agencies); or
	 

	 
		(b) (i) has, with respect to becoming a
		Hedge Counterparty, satisfied the Rating Agency Condition with respect to
		Moody’s and S&P; and
	 

	 
		(ii) for so long as any Class of Notes is
		Outstanding under this Indenture and is rated by Fitch, (A) has posted
		collateral in an amount and manner that satisfies the Rating Agency Condition
		with respect to Fitch or (B) has caused an entity that satisfies the
		ratings criteria set forth in clause (a) of this definition to guarantee
		its obligations under the applicable Hedge Agreement.
	 

	 
		“Qualified Purchaser”: A “qualified purchaser” within the
		meaning of Section 2(a)(51) of the Investment Company Act.
	 

	 
		“Rake Bond”:
		A loan-specific commercial mortgage pass-through certificate or similar
		security backed by only one of the mortgage loans included in a pooled
		securitization transaction, typically representing a non-pooled component of
		the related mortgage loan that is subordinate to the pooled component with
		respect to the right to receive distributions of collections on such mortgage
		loan.
	 

	 
		 
	 

	 
		 
	 

	 
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		“Ramp-Up Criteria”: The meaning specified in Section 12.2(d)
		hereof.
	 

	 
		“Ramp-Up Period”: The period commencing on the Closing Date and
		ending on the Effective Date.
	 

	 
		“Rating Agency”: Each of Moody’s, Fitch and S&P and any
		successor thereto, or, with respect to Pledged Obligations generally, if at any
		time Moody’s, Fitch or S&P or any such successor ceases to provide
		rating services with respect to the Notes or certificates similar to the Notes,
		any other nationally recognized investment rating agency selected by the Issuer
		and reasonably satisfactory to each Hedge Counterparty and a Majority of the
		Notes voting as a single Class.
	 

	 
		“Rating Agency Condition”: With respect to any proposed action or matter,
		the receipt by the Trustee of confirmation in writing from the applicable
		Rating Agencies that the then current ratings on the Notes, as applicable,
		shall not be reduced, qualified or withdrawn as a result of such action or
		matter; provided, however, that
		for purposes of this definition, “Rating Agencies” shall not be
		deemed to include Fitch unless the proposed action or matter relates to any
		amendment or modification, or any proposed amendment or modification, to any
		Transaction Document, and in any such case notification will be made to Fitch
		within 30 days following such amendment or modification.
	 

	 
		“Rating Confirmation Failure”: The meaning specified in
		Section 7.18(b) hereof.
	 

	 
		“Real Estate Bank Loans” or “REBL”: Bank
		loans (or senior and/or subordinate participations therein) that are
		obligations (directly or by way of guarantee) of corporations, partnerships or
		other entities organized under the laws of the United States (or any State
		thereof), all or a portion of which will be unsecured, for which the expected
		source of repayment is income from real estate assets.
	 

	 
		“Record Date”: The date on which the Holders of Notes entitled
		to receive a payment in respect of principal or interest on the succeeding
		Payment Date is determined, such date as to any Payment Date being the 15th day
		(whether or not a Business Day) prior to the applicable Payment Date.
	 

	 
		“Redemption Date”: Any Payment Date specified for a redemption of
		the Securities pursuant to Section 9.1 or 9.2 hereof.

	 

	 
		“Redemption Date Statement”: The meaning specified in
		Section 10.9(i) hereof.
	 

	 
		“Redemption Price”: The Redemption Price of each Class of Notes and
		the Preferred Shares will be calculated as follows:
	 

	 
		Class A-1
		Notes. The redemption price of the
		Class A-1 Notes will be calculated on the related Determination Date and
		will be equal to the Aggregate Outstanding Amount of the Class A-1 Notes
		to be redeemed, together with the Class A-1 Interest Distribution Amount
		(plus any Class A-1 Defaulted Interest Amount) due on the applicable
		Redemption Date;
	 

	 
		 
	 

	 
		 
	 

	 
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		Class A-2
		Notes. The redemption price of the
		Class A-2 Notes will be calculated on the related Determination Date and
		will be equal to the Aggregate Outstanding Amount of the Class A-2 Notes
		to be redeemed, together with the Class A-2 Interest Distribution Amount
		(plus any Class A-2 Defaulted Interest Amount) due on the applicable
		Redemption Date;
	 

	 
		Class B
		Notes. The redemption price of the
		Class B Notes will be calculated on the related Determination Date and
		will be equal to the Aggregate Outstanding Amount of the Class B Notes to
		be redeemed, together with the Class B Interest Distribution Amount (plus
		any Class B Defaulted Interest Amount) due on the applicable Redemption
		Date;
	 

	 
		Class C
		Notes. The redemption price of the
		Class C Notes will be calculated on the related Determination Date and
		will be equal to the Aggregate Outstanding Amount of the Class C Notes to
		be redeemed, together with the Class C Interest Distribution Amount (plus
		any Class C Deferred Interest and any Class C Defaulted Interest
		Amount) due on the applicable Redemption Date;
	 

	 
		Class D
		Notes. The redemption price of the
		Class D Notes will be calculated on the related Determination Date and
		will be equal to the Aggregate Outstanding Amount of the Class D Notes to
		be redeemed, together with the Class D Interest Distribution Amount (plus
		any Class D Deferred Interest and any Class D Defaulted Interest
		Amount) due on the applicable Redemption Date;
	 

	 
		Class E
		Notes. The redemption price of the
		Class E Notes will be calculated on the related Determination Date and
		will be equal to the Aggregate Outstanding Amount of the Class E Notes to
		be redeemed, together with the Class E Interest Distribution Amount (plus
		any Class E Deferred Interest and any Class E Defaulted Interest
		Amount) due on the applicable Redemption Date;
	 

	 
		Class F
		Notes. The redemption price of the
		Class F Notes will be calculated on the related Determination Date and
		will be equal to the Aggregate Outstanding Amount of the Class F Notes to
		be redeemed, together with the Class F Interest Distribution Amount (plus
		any Class F Deferred Interest and any Class F Defaulted Interest
		Amount) due on the applicable Redemption Date;
	 

	 
		Class G
		Notes. The redemption price of the
		Class G Notes will be calculated on the related Determination Date and
		will be equal to the Aggregate Outstanding Amount of the Class G Notes to
		be redeemed, together with the Class G Interest Distribution Amount (plus
		any Class G Deferred Interest and any Class G Defaulted Interest
		Amount) due on the applicable Redemption Date;
	 

	 
		Class H
		Notes. The redemption price of the
		Class H Notes will be calculated on the related Determination Date and
		will be equal to the Aggregate Outstanding Amount of the Class H Notes to
		be redeemed, together with the Class H Interest Distribution Amount (plus
		any Class H Deferred Interest and any Class H Defaulted Interest
		Amount) due on the applicable Redemption Date; 
	 

	 
		Class J
		Notes. The redemption price of the
		Class J Notes will be calculated on the related Determination Date and
		will be equal to the Aggregate Outstanding Amount of the
	 

	 
		 
	 

	 
		 
	 

	 
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		Class J Notes to be redeemed, together
		with the Class J Interest Distribution Amount (plus any Class J
		Deferred Interest and any Class J Defaulted Interest Amount) due on the
		applicable Redemption Date; and
	 

	 
		Class K
		Notes. The redemption price of the
		Class K Notes will be calculated on the related Determination Date and
		will be equal to the Aggregate Outstanding Amount of the Class K Notes to
		be redeemed, together with the Class K Interest Distribution Amount (plus
		any Class K Deferred Interest and any Class K Defaulted Interest
		Amount) due on the applicable Redemption Date; and
	 

	 
		Preferred Shares. The redemption price for the Preferred Shares will be
		calculated on the related Determination Date and will be equal to the sum of
		all net proceeds and Cash (other than the Issuer’s rights, title and
		interest in the property described in clause (i) of the definition of
		“Excepted Assets”), if any, remaining after redemption of the Notes
		and payments of all amounts and expenses described under subclauses (1)
		through (33) of Section 11.1(a)(i) and subclauses (1) through
		(17) of Section 11.1(a)(ii); provided that if
		there are no such net proceeds or Cash remaining, the redemption price for the
		Preferred Shares shall be equal to $0.
	 

	 
		“Reference Banks”: The meaning set forth in Schedule F
		attached hereto.
	 

	 
		“Reference Obligation”: A CMBS Security upon which a Synthetic Security
		is based which debt obligation satisfies the provisions of the definition of
		“Collateral Debt Securities” and “Eligibility Criteria” or
		any other instrument satisfactory to each of the Rating Agencies.
	 

	 
		“Registered”: With respect to any debt obligation, a debt
		obligation that is issued after July 18, 1984, and that is in registered form
		for purposes of the Code.
	 

	 
		“Registered Security”: The meaning specified in
		Section 3.3(a)(iii) hereof.
	 

	 
		“Regulation S”: Regulation S under the Securities
		Act.
	 

	 
		“Regulation S Global Security”: The meaning specified in
		Section 2.2(b)(ii) hereof.
	 

	 
		“Reimbursement Interest”: Interest accrued on the amount of any Interest
		Advance made by the Advancing Agent or the Trustee, for so long as it is
		outstanding, at the Reimbursement Rate.
	 

	 
		“Reimbursement Rate”: A rate per annum equal to the Prime Rate.

	 

	 
		“Reinvestment Criteria”: The meaning specified in
		Section 12.2(a) hereof.
	 

	 
		“Reinvestment Income”: Any interest or other earnings on the funds on
		deposit in the Unused Proceeds Account that have not been designated as
		Interest Proceeds by the Collateral Manager with respect to the Effective
		Date.
	 

	 
		 
	 

	 
		 
	 

	 
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		“Reinvestment Period”: The period beginning on the Closing Date and
		ending on and including the first to occur of the following events or dates:
		(i) the end of the Due Period related to the Payment Date in May 2011;
		(ii) the end of the Due Period related to the Payment Date immediately
		following the date on which the Collateral Manager (with the written consent of
		Holders of the Majority of the Preferred Shares) notifies the Trustee that, in
		light of the composition of Collateral Debt Securities, general market
		conditions and other factors, investments in additional Collateral Debt
		Securities within the foreseeable future would be either impractical or not
		beneficial to the Holders of the Preferred Shares; (iii) the end of the
		Due Period related to the date on which all of the Securities are redeemed as
		described herein under Section 9.1 and (iv) the date on which
		the principal of and accrued and unpaid interest on the Notes are declared
		immediately due and payable following the occurrence of an Event of Default
		which is neither cured nor waived.
	 

	 
		“REIT Debt Securities”: REIT Debt Securities—Diversified, REIT Debt
		Securities—Health Care, REIT Debt Securities—Hotel, REIT Debt
		Securities—Industrial, REIT Debt Securities—Mortgage, REIT Debt
		Securities—Multi-Family, REIT Debt Securities—Office, REIT Debt
		Securities—Retail and REIT Debt Securities—Storage.
	 

	 
		“REIT Debt Securities—Diversified”: Collateral Debt Securities issued by a real
		estate investment trust (as defined in Section 856 of the Code or any
		successor provision) whose assets consist (except for rights or other assets
		designed to assure the servicing or timely distribution of proceeds to holders
		of the Collateral Debt Securities) of mortgages on a portfolio of diverse real
		property interests, provided that
		(a) any Collateral Debt Security falling within this definition will be
		excluded from the definition of each other Specified Type of Collateral Debt
		Security and (b) any Collateral Debt Security falling within any other
		REIT Debt Security description set forth herein will be excluded from this
		definition.
	 

	 
		“REIT Debt Securities—Health Care”: Collateral Debt Securities issued by a real
		estate investment trust (as defined in Section 856 of the Code or any
		successor provision) whose assets consist (except for rights or other assets
		designed to assure the servicing or timely distribution of proceeds to holders
		of the Collateral Debt Securities) of mortgages on hospitals, clinics, sport
		clubs, spas and other health care facilities and other similar real property
		interests used in one or more similar businesses, provided that
		any Collateral Debt Security falling within this definition will be excluded
		from the definition of each other Specified Type of Collateral Debt
		Security.
	 

	 
		“REIT Debt Securities—Hotel”: Collateral Debt Securities issued by a real
		estate investment trust (as defined in Section 856 of the Code or any
		successor provision) whose assets consist (except for rights or other assets
		designed to assure the servicing or timely distribution of proceeds to holders
		of the Collateral Debt Securities) of mortgages on hotels, motels, youth
		hostels, bed and breakfasts and other similar real property interests used in
		one or more similar businesses, provided that
		any Collateral Debt Security falling within this definition will be excluded
		from the definition of each other Specified Type of Collateral Debt
		Security.
	 

	 
		“REIT Debt Securities—Industrial”: Collateral Debt Securities issued by a real
		estate investment trust (as defined in Section 856 of the Code or any
		successor provision) whose assets consist (except for rights or other assets
		designed to assure the servicing or timely 
	 

	 
		 
	 

	 
		 
	 

	 
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		distribution of proceeds to holders of the
		Collateral Debt Securities) of mortgages on factories, refinery plants,
		breweries and other similar real property interests used in one or more similar
		businesses, provided that any Collateral Debt Security falling within this
		definition will be excluded from the definition of each other Specified Type of
		Collateral Debt Security.
	 

	 
		“REIT
		Debt Securities—Mortgage”:
		Collateral Debt Securities issued by a real estate investment trust (as defined
		in Section 856 of the Code or any successor provision) whose assets
		consist (except for rights or other assets designed to assure the servicing or
		timely distribution of proceeds to holders of the Collateral Debt Securities)
		of mortgages, commercial mortgage backed securities, collateralized mortgage
		obligations and other similar mortgage related securities (including Collateral
		Debt Securities issued by a hybrid form of such trust that invests in both
		commercial real estate and commercial mortgages), provided that
		any Collateral Debt Security falling within this definition will be excluded
		from the definition of each other Specified Type of Collateral Debt
		Security.
	 

	 
		“REIT Debt Securities—Multi Family”: Collateral Debt Securities issued by a real
		estate investment trust (as defined in Section 856 of the Code or any
		successor provision) whose assets consist (except for rights or other assets
		designed to assure the servicing or timely distribution of proceeds to holders
		of the Collateral Debt Securities) of residential mortgages on multi family
		dwellings such as apartment blocks, condominiums and co operative owned
		buildings, provided that any Collateral Debt Security falling within this
		definition will be excluded from the definition of each other Specified Type of
		Collateral Debt Security.
	 

	 
		“REIT Debt Securities—Office”: Collateral Debt Securities issued by a real
		estate investment trust (as defined in Section 856 of the Code or any
		successor provision) whose assets consist (except for rights or other assets
		designed to assure the servicing or timely distribution of proceeds to holders
		of the Collateral Debt Securities) of mortgages on office buildings, conference
		facilities and other similar real property interests used in the commercial
		real estate business, provided that
		any Collateral Debt Security falling within this definition will be excluded
		from the definition of each other Specified Type of Collateral Debt
		Security.
	 

	 
		“REIT Debt Securities—Retail”: Collateral Debt Securities issued by a real
		estate investment trust (as defined in Section 856 of the Code or any
		successor provision) whose assets consist (except for rights or other assets
		designed to assure the servicing or timely distribution of proceeds to holders
		of the Collateral Debt Securities) of mortgages on retail stores, restaurants,
		bookstores, clothing stores and other similar real property interests used in
		one or more similar businesses, provided that
		any Collateral Debt Security falling within this definition will be excluded
		from the definition of each other Specified Type of Collateral Debt
		Security.
	 

	 
		“REIT Debt Securities—Storage”: Collateral Debt Securities issued by a real
		estate investment trust (as defined in Section 856 of the Code or any
		successor provision) whose assets consist (except for rights or other assets
		designed to assure the servicing or timely distribution of proceeds to holders
		of the Collateral Debt Securities) of storage facilities and other similar real
		property interests used in one or more similar businesses, provided that
		any Collateral Debt Security falling within this definition will be excluded
		from the definition of each other Specified Type of Collateral Debt
		Security.
	 

	 
		 
	 

	 
		 
	 

	 
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		“Repurchase Facility”: A loan or repurchase facility that is secured by
		any of the instruments (an “Underlying Asset”) set forth in the definition of Loan or a
		Participation Interest therein.
	 

	 
		“Repurchase Price”: The meaning specified in
		Section 16.5(c) hereof.
	 

	 
		“Rule 144A”: Rule 144A under the Securities Act.
	 

	 
		“Rule 144A Global Security”: The meaning specified in
		Section 2.2(b)(i) hereof.
	 

	 
		“Rule 144A Information”: The meaning specified in
		Section 7.13 hereof.
	 

	 
		“S&P”:
		Standard & Poor’s Ratings Services, a division of The McGraw-Hill
		Companies, Inc., and its successors in interest.
	 

	 
		“S&P CDO Monitor”: A dynamic, analytical computer model provided
		prior to the initial Payment Date by S&P to the Collateral Manager and the
		Trustee, with written instructions and assumptions to be applied when running
		such computer model, for the purpose of estimating the default risk of a pool
		of Collateral Debt Securities.
	 

	 
		“S&P CDO Monitor Test”: A test (as updated by S&P in its discretion)
		that will be satisfied on any Measurement Date if, after giving effect to any
		purchase or sale of a Collateral Debt Security (or both), as the case may be,
		(i) the Class A-1 Loss Differential, the Class A-2 Loss
		Differential, the Class B Loss Differential, the Class C Loss
		Differential, the Class D Loss Differential, the Class E Loss
		Differential, the Class F Loss Differential, the Class G Loss
		Differential, the Class H Loss Differential, the Class J Loss
		Differential or the Class K Loss Differential, as the case may be, of the
		Proposed Portfolio is equal to or greater than zero or (ii) the
		Class A-1 Loss Differential, the Class A-2 Loss Differential, the
		Class B Loss Differential, the Class C Loss Differential, the
		Class D Loss Differential, the Class E Loss Differential, the
		Class F Loss Differential, the Class G Loss Differential, the
		Class H Loss Differential, the Class J Loss Differential or the
		Class K Loss Differential, as the case may be, of the Proposed Portfolio
		is greater than or equal to the Class A-1 Loss Differential, the
		Class A-2 Loss Differential, the Class B Loss Differential, the
		Class C Loss Differential, the Class D Loss Differential, the
		Class E Loss Differential, the Class F Loss Differential, the
		Class G Loss Differential, the Class H Loss Differential, the
		Class J Loss Differential or the Class K Loss Differential, as the
		case may be, of the Current Portfolio. For purposes of applying the S&P CDO
		Monitor Test, the applicable weighted average spread in determining the Class
		A-1 Break-Even Default Rate, the Class A-2 Break-Even Default Rate, the Class B
		Break-Even Default Rate, the Class C Break-Even Default Rate, the Class D
		Break-Even Default Rate, Class E Break-Even Default Rate, the Class F
		Break-Even Default Rate, the Class G Break-Even Default Rate, the Class H
		Break-Even Default Rate, the Class J Break-Even Default Rate and the Class K
		Break-Even Default Rate shall be the maximum of (i) 1.80%, (ii) 2.40%, (iii)
		3.00%, (iv) 3.95% and (v) 4.90%, which in each case corresponds to the Weighted
		Average Spread (without exceeding the Weighted Average Spread) as of such
		Measurement Date.
	 

	 
		 
	 

	 
		 
	 

	 
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		“S&P Rating”: Of any Collateral Debt Security will be
		determined as follows:
	 

	 
		(i) if S&P has assigned a rating to such
		Collateral Debt Security either publicly or privately (in the case of a private
		rating, with the appropriate consents for the use of such private rating), the
		S&P Rating shall be the rating assigned thereto by S&P (or, in the case
		of a REIT Debt Security, the issuer credit rating assigned by S&P),
		provided that, notwithstanding the foregoing, if any Collateral
		Debt Security shall, at the time of its purchase by the Issuer, be listed for a
		possible upgrade or downgrade on S&P’s then current credit rating
		watch list, then the S&P Rating of such Collateral Debt Security shall be
		one subcategory above or below, respectively, the rating then assigned to such
		item by S&P, as applicable; provided
		that if such Collateral Debt Security
		is removed from such list at any time, it shall be deemed to have its actual
		rating by S&P;
	 

	 
		(ii) if such Collateral Debt Security is not
		rated by S&P but the Issuer or the Collateral Manager on behalf of the
		Issuer has requested that S&P assign a rating to such Collateral Debt
		Security, the S&P Rating shall be the rating so assigned by S&P;
		provided that pending receipt from S&P of such rating, if
		such Collateral Debt Security is of a type listed on Schedule C
		hereto or is not eligible for notching in accordance with
		Schedule D hereto, such Collateral Debt Security shall have an
		S&P Rating of “CCC-,” otherwise such S&P Rating shall be the
		rating assigned according to Schedule D hereto until such time as
		S&P shall have assigned a rating thereto; or
	 

	 
		(iii) if any Collateral Debt Security is a
		Collateral Debt Security that has not been assigned a rating by S&P and is
		not a Collateral Debt Security listed in Schedule C hereto, as
		identified by the Collateral Manager, the S&P Rating shall be the rating
		assigned according to Schedule D hereto; provided that if
		any Collateral Debt Security shall, at the time of its purchase by the Issuer,
		be listed for a possible upgrade or downgrade on either Moody’s or
		Fitch’s then current credit rating watch list, then the S&P Rating of
		such Collateral Debt Security shall be one subcategory above or below,
		respectively, the rating then assigned to such item in accordance with
		Schedule D hereto; provided,
		further, that the Aggregate Principal Balance that may be given
		a rating based on this paragraph (c) may not exceed 20%, of the Aggregate
		Principal Balance of all Collateral Debt Securities.
	 

	 
		“S&P Recovery Rate”: With respect to any Collateral Debt Security on
		any Measurement Date, an amount equal to the percentage for such Collateral
		Debt Security set forth in Schedule B (the Standard &
		Poor’s Recovery Matrix) hereto (or, in the case of a Defaulted Security
		under Clause A of Schedule B (the Standard &
		Poor’s Recovery Matrix) hereto, corresponding to the S&P Rating at the
		time of issuance of such Collateral Debt Security) or such lower percentage as
		may be expressly agreed to by S&P and the Issuer (or the Collateral Manager
		on behalf of the Issuer) with respect to such Collateral Debt Security;
		provided that, if the Issuer owns one or more B Notes and
		the related A Note also is included in the Assets, the “S&P
		Recovery Rate” for such B Note(s) will be the rate applicable to the
		related A Note, but only if S&P modeled such B Note(s) as a Whole
		Loan and provided to the Issuer a private rating with respect to such B Note(s)
		on the basis thereof; provided,
		further, that the S&P Recovery
		
	 

	 
		 
	 

	 
		 
	 

	 
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		Rate for any Collateral Debt Security with
		respect to which substitute or additional collateral (in the form of Cash or
		Eligible Investments) in an amount at least equal to the sum of the principal
		amount of such Collateral Debt Security and the aggregate of all remaining
		interest payments thereon through the earliest permissible prepayment date has
		been delivered by the related obligor (by defeasance or otherwise) will be
		100%.
	 

	 
		“S&P Recovery Test”: A test that will be satisfied on any Measurement
		Date if the S&P Weighted Average Recovery Rate (based upon the Principal
		Balance of the Collateral Debt Securities) for each Class of Notes is greater
		than the applicable percentage for each such Class as follows: Class A-1
		Notes – 33.88%, Class A-2 Notes – 33.88%,
		Class B Notes – 34.07%, Class C
		Notes – 34.26%, Class D Notes – 34.26%,
		Class E Notes –34.26%, Class F
		Notes – 34.35%, Class G Notes – 34.35%,
		Class H Notes – 34.35%, Class J
		Notes – 34.54%, Class K Notes – 34.62%;
		provided that, in the event cash has been received in respect of Principal
		Proceeds of any Collateral Debt Security in connection with a prepayment or
		sale of such Collateral Debt Security, but such cash has not been reinvested in
		additional Collateral Debt Securities as of such Measurement Date, such cash
		will be included in calculating the S&P Weighted Average Recovery Rate and
		the Principal Balance and Recovery Rate associated with such cash will be
		35%.
	 

	 
		“S&P Special Amortization Pro Rata
		Condition”: A condition that will
		be satisfied with respect to any Payment Date if either (i) (a) the
		Aggregate Principal Balance of the Collateral Debt Securities as of the related
		Determination Date is greater than an amount equal to 50% of the Aggregate
		Principal Balance of the Collateral Debt Securities on the Effective Date and
		the S&P CDO Monitor Test is satisfied as of such Determination Date and
		(b) no Par Value Test has failed to be satisfied on two or more
		Determination Dates, unless, subsequent to such failure, the Par Value Ratio
		related to such Par Value Test has equaled or exceeded the Par Value Ratio in
		existence on the Effective Date or (ii) the Rating Agency Condition has
		been satisfied with respect to S&P.
	 

	 
		“S&P Weighted Average Recovery Rate”: With respect to the Collateral Debt Securities,
		as of any Measurement Date, the number obtained by summing the products
		obtained by multiplying the Principal Balance of each Collateral Debt Security,
		other than a Defaulted Security, by its S&P Recovery Rate, and dividing
		such sum by the Aggregate Principal Balance of all such Collateral Debt
		Securities and rounding up to the first decimal place.
	 

	 
		“Sale”: The
		meaning specified in Section 5.17(a) hereof.
	 

	 
		“Sale Proceeds”: All proceeds (including accrued interest)
		received with respect to Collateral Debt Securities and Eligible Investments as
		a result of sales of such Collateral Debt Securities and Eligible Investments,
		in accordance with this Indenture, net of any reasonable out-of-pocket expenses
		of the Collateral Manager or the Trustee in connection with any such
		sale.
	 

	 
		“Schedule of Closing Date Collateral Debt
		Securities”: The Collateral Debt
		Securities listed on Schedule E attached hereto, which Schedule
		shall include the Principal Balance, interest rate (if the security bears
		interest at a fixed rate) or the spread and the relevant 
	 

	 
		 
	 

	 
		 
	 

	 
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		floating reference rate (if the security
		bears interest at a floating rate), the maturity date, and the Moody’s
		Rating, S&P Rating and Fitch Rating, if any, of each such Collateral Debt
		Security.
	 

	 
		“Scheduled Distribution”: With respect to any Pledged Obligation, for each
		Due Date, the scheduled payment of principal, interest or fee or premium
		payment due on such Due Date (other than the fees, penalties and contingent
		interest payments retained by the Sellers in accordance with the terms of the
		Collateral Debt Securities Transfer Agreement) or any other distribution with
		respect to such Pledged Obligation, determined in accordance with the
		assumptions specified in Section 1.2
		hereof.
	 

	 
		“Secured Parties”: Collectively, the Trustee, the Noteholders, each
		Hedge Counterparty (for so long as it is a party under its Hedge Agreement),
		the Collateral Manager and the CDO Servicer, each as their interests appear in
		applicable Transaction Documents.
	 

	 
		“Securities”: Collectively, the Notes and the Preferred
		Shares.
	 

	 
		“Securities Account”: The meaning specified in Section 8-501(a)
		of the UCC.
	 

	 
		“Securities Account Control Agreement”: The meaning specified in Section 3.3(a) hereof.
	 

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

	 
		“Securities Intermediary”: The meaning specified in
		Section 8-102(a)(14) of the UCC.
	 

	 
		“Security Entitlement”: The meaning specified in
		Section 8-102(a)(17) of the UCC.
	 

	 
		“Seller”:
		The meaning specified in the applicable Collateral Debt Securities Transfer
		Agreement.
	 

	 
		“Senior Collateral Management Fee”: The fee payable monthly in arrears on each
		Payment Date to the Collateral Manager pursuant to this Indenture and the
		Collateral Management Agreement to the extent funds are available for such
		purpose in accordance with the Priority of Payments.
	 

	 
		“Senior Notes”: The Class A-1 Notes, the Class A-2
		Notes, the Class B Notes, the Class C Notes, the Class D Notes,
		the Class E Notes, the Class F Notes, the Class G Notes and the
		Class H Notes, collectively.
	 

	 
		“Senior Tranche”: (i) With respect to a Participation or B
		Note, any senior interest in the same Underlying Term Loan as a Participation
		or any senior debt secured by the same Underlying Mortgage Property as a
		B Note or Participation and (ii) with respect to a Mezzanine Loan,
		any commercial mortgage loan related to the same Underlying Mortgage Property
		or Properties as the Mezzanine Loan.
	 

	 
		“Series Trust”: A trust created pursuant to a Series Trust
		Agreement.
	 

	 
		 
	 

	 
		 
	 

	 
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		“Series Trust Agreement”: As defined in the Master Trust Agreement.

	 

	 
		“Series Trust Interest”: As defined in the Master Trust Agreement.

	 

	 
		“Servicing Fee”: With respect to each Due Period, the aggregate
		amount of all servicing fees and reimbursements of expenses and other amounts
		payable to the CDO Servicer and the CDO Special Servicer under the CDO
		Servicing Agreement during such Due Period.
	 

	 
		“Servicing Standard”: The servicing standard set forth in the CDO
		Servicing Agreement. 
	 

	 
		“Servicing Standard Override”: With respect to any Collateral Debt Security
		that is serviced and administered by the CDO Servicer or CDO Special Servicer,
		as applicable, the obligation of the CDO Servicer or CDO Special Servicer to
		refrain from taking any action, or to advise the Collateral Manager to refrain
		from taking any action, that the CDO Servicer or CDO Special Servicer, as
		applicable, determines in its reasonable discretion to be in violation of the
		Servicing Standard.
	 

	 
		“Share Registrar”: Maples Finance Limited, unless a successor
		Person shall have become the Share Registrar pursuant to the applicable
		provisions of the Preferred Shares Paying Agency Agreement, and thereafter
		“Share Registrar” shall mean such successor Person.
	 

	 
		“Similar Law”: The meaning specified in
		Section 2.5(g)(vi) hereof.
	 

	 
		“Single Asset Mortgage Security”: A commercial mortgage pass-through certificate
		or similar security backed primarily by a single mortgage loan on one or more
		commercial properties included in a property-specific securitization
		transaction.
	 

	 
		“Single Borrower Mortgage Security”: A commercial mortgage pass-through certificate
		or similar security backed primarily by one or more mortgage loans to the same
		borrower (or affiliated borrowers) on one or more commercial properties
		included in a securitization.
	 

	 
		“Special Amortization”: The meaning specified in Section 9.7
		hereof.
	 

	 
		“Special Amortization Amount”: The meaning specified in Section 9.7
		hereof.
	 

	 
		“Specified Person”: The meaning specified in
		Section 2.6(a) hereof.
	 

	 
		“Specified Type”: Each of a Loan, CMBS Security, CRE CDO Security,
		Credit Tenant Lease Loan, Real Estate Bank Loan, Asset Backed Security,
		Synthetic Security and REIT Debt Security.
	 

	 
		“Spread Excess”: As of any Measurement Date, a fraction
		(expressed as a percentage), the numerator of which is equal to the product of
		(a) the greater of zero and the excess, if any, of the Weighted Average Spread
		for such Measurement Date over the “Minimum Weighted Average Spread”
		that has been most recently specified as the “Minimum Weighted Average
		Spread” by the Collateral Manager and (b) the Aggregate Principal Balance
		of all 
	 

	 
		 
	 

	 
		 
	 

	 
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		Collateral Debt Securities that are Floating
		Rate Securities (excluding all Defaulted Securities and Written Down
		Securities) and the denominator of which is the Aggregate Principal Balance of
		all Collateral Debt Securities that are Fixed Rate Securities (excluding all
		Defaulted Securities and Written Down Securities), multiplying the resulting
		figure by 365 and then dividing by 360.
	 

	 
		“Stated Maturity”: The Payment Date occurring in May 2046.
	 

	 
		“Step-Up Security”: A security with a current interest rate of zero
		percent per annum at the time of purchase but which increases to
		predetermined levels on specific dates; provided that
		the term Step-Up Security shall not include any Loan.
	 

	 
		“Subordinate Collateral Management Fee”: The fee payable monthly in arrears on each
		Payment Date to the Collateral Manager pursuant to this Indenture and the
		Collateral Management Agreement to the extent funds are available for such
		purpose in accordance with the Priority of Payments.
	 

	 
		“Subordinate Interests”: The Class A-2 Subordinate Interests, the
		Class B Subordinate Interests, the Class C Subordinate Interests, the
		Class D Subordinate Interests, the Class E Subordinate Interests, the
		Class F Subordinate Interests, the Class G Subordinate Interests, the
		Class H Subordinate Interests ̧ the Class J Subordinate
		Interests and/or the Class K Subordinate Interests, as the context may
		require.
	 

	 
		“Subsequent Collateral Debt Security”: Any Collateral Debt Security that is acquired
		after the Closing Date.
	 

	 
		“Substitute Collateral Debt Security”: A Collateral Debt Security that is acquired by
		the Issuer after the Effective Date with Principal Proceeds or Sale Proceeds
		during the Reinvestment Period or in substitution for Collateral Debt
		Securities previously pledged to the Trustee in accordance herewith.
	 

	 
		“Successful Auction”: (i) An Auction which is conducted in
		accordance with Section 9.2(b) hereof or (ii) the purchase of
		Collateral Debt Securities by the Majority Preferred Shareholder or its
		Affiliates for a price equal to the Total Redemption Price pursuant to
		Section 12.4(c) hereof.
	 

	 
		“Synthetic Security”: Any U.S. Dollar denominated swap transaction,
		debt security or security issued by a trust or similar vehicle or other
		instrument (that is registered), including a credit default swap entered into
		by the Issuer with a Synthetic Security Counterparty, the returns on which (as
		determined by the Collateral Manager) are linked to the credit performance of a
		Reference Obligation, but which may provide for maturity, payment dates,
		interest rate, credit exposure and other credit or non-credit related
		characteristics that may be different from such Reference Obligation but do
		not, in substance, effectively provide credit enhancement to any Collateral
		Debt Security included in the Collateral; provided that
		(i) the acquisition, ownership or disposition of such Synthetic Security will
		not cause the Issuer to be treated as engaged in a trade or business in the
		United States for U.S. federal income tax purposes or otherwise subject the
		Issuer to net income tax, (ii) amounts receivable by the Issuer will not
		be subject to withholding tax in respect of the Synthetic Security or the
		Synthetic Security Counterparty or the Reference Obligor is required to make
		“gross-up” payments that 
	 

	 
		 
	 

	 
		 
	 

	 
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		cover the full amount of any such
		withholding tax, (iii) all scheduled payments made pursuant to the terms
		of such Synthetic Security are at a fixed interest rate, are at a variable
		interest rate based on an interest rate used for borrowings or financings in
		domestic or international markets or are linked to the payments on one or more
		Reference Obligations (which payments are themselves at a fixed interest rate
		or a variable interest rate based on an interest rate used for borrowings or
		financings in domestic or international markets), (iv) such Synthetic Security
		will not constitute a commodity option, leverage transaction or futures
		contract that is subject to the jurisdiction of the United States Commodities
		Futures Trading Commission, (v) such Synthetic Security will not provide for
		any payment by the Issuer after the date on which it is pledged to the Trustee
		unless such Synthetic Security is a credit default swap that provides for
		payments that derive from Synthetic Security Collateral pledged in accordance
		with the terms of the related Synthetic Security, (vi) such Synthetic Security
		provides that no Reference Obligation or other deliverable obligation may be
		delivered to the Issuer in settlement of the Synthetic Security if delivery
		thereof to the Issuer or transfer thereof by the Issuer to a third party would
		require or cause the Issuer to assume, or to subject the Issuer to, any
		obligation or liability (other than immaterial non-payment obligations), (vii)
		such Synthetic Security provides appropriate limited recourse and non-petition
		provisions (to the extent that the Issuer has contractual payment or other
		obligations to the Synthetic Security Counterparty) and (viii) unless the
		Synthetic Security is a Form-Approved Synthetic Security, Rating Agency
		Confirmation was received from S&P with respect to such Synthetic Security;
		provided, further, that
		the Issuer will at no time during any taxable year of the Issuer hold any
		Synthetic Security that is accompanied by an offering document with United
		States federal income tax disclosure that states (a) that the Issuer will treat
		such Synthetic Security as equity for United States federal income tax purposes
		or (b) that such Synthetic Security is likely to be, or carries a significant
		risk of being, treated as equity for United States federal income tax purposes,
		in each case unless the Issuer has obtained an opinion of counsel from
		Cadwalader, Wickersham & Taft LLP or other nationally recognized tax
		counsel, experienced in such matters, to the effect that neither the
		acquisition, disposition, nor ownership by the Issuer of such Synthetic
		Security will cause the Issuer to be treated as engaged in a United States
		trade or business or subject to United States federal income tax on a net
		basis.
	 

	 
		“Synthetic Security Collateral”: Any collateral in the form of cash or securities
		conforming to the definition of Eligible Investments or such other securities
		in respect of which a Rating Agency Condition has been satisfied in respect of
		S&P and Moody’s, in each case, as permitted by the terms of the
		applicable Synthetic Security required to be delivered by the Issuer as
		security for its obligations to any Synthetic Security Counterparty under any
		Synthetic Security pursuant to the terms thereof.
	 

	 
		“Synthetic Security Counterparty”: With respect to any Synthetic Security, the
		entity or swap counterparty (or guarantor or similar credit support provider of
		such entity’s obligations pursuant to an irrevocable and unconditional
		guarantee or similar credit support instrument) of the relevant Synthetic
		Security.
	 

	 
		“Synthetic Security Counterparty Account”: The meaning specified in Section 10.6D(a)(i)
		hereof.
	 

	 
		“Synthetic Security Issuer Account”: The meaning specified in Section 10.6D(b)(i)
		hereof.
	 

	 
		 
	 

	 
		 
	 

	 
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		“Tax Event”:
		A “Tax Event” will occur if (i) any obligor (including any
		Synthetic Security Counterparty) is, or on the next scheduled payment date
		under any Collateral Debt Security, will be, required to deduct or withhold
		from any payment under any Collateral Debt Security to the Issuer for or on
		account of any tax for whatever reason and such obligor is not required to pay
		to the Issuer such additional amount as is necessary to ensure that the net
		amount actually received by the Issuer (free and clear of taxes, whether
		assessed against such obligor or the Issuer) will equal the full amount that
		the Issuer would have received had no such deduction or withholding been
		required, (ii) any jurisdiction imposes net income, profits, or similar
		tax on the Issuer, (iii) the Issuer is required to deduct or withhold from
		any payment under a Hedge Agreement for or on account of any tax and the Issuer
		is obligated to make a gross up payment (or otherwise pay additional amounts)
		to the Hedge Counterparty or (iv) a Hedge Counterparty is required to
		deduct or withhold from any payment under a Hedge Agreement for or on account
		of any tax for whatever reason and such Hedge Counterparty is not required to
		pay to the Issuer such additional amount as is necessary to ensure that the net
		amount actually received by the Issuer (free and clear of taxes, whether
		assessed against such obligor or the Issuer) will equal the full amount that
		the Issuer would have received had no such deduction or withholding been
		required.
	 

	 
		“Tax Materiality Condition”: A condition that will be satisfied if as a
		result of the occurrence of a Tax Event, the sum of (i) the tax or taxes
		imposed on the Issuer or withheld from payments to the Issuer and with respect
		to which the Issuer receives less than the full amount that the Issuer would
		have received had no such deduction occurred, and (ii) the amount by which
		“grossed up payments” required to be made by the Issuer exceed the
		amounts that the Issuer would have been required to pay had no deduction or
		withholding been required exceeds, in the aggregate, U.S. $1 million during any
		12-month period.
	 

	 
		“Tax Opinion”: A written opinion addressed to the Issuer, in
		form and substance reasonably satisfactory to the Issuer, of Cadwalader,
		Wickersham & Taft LLP or another nationally recognized U.S. tax counsel,
		admitted to practice (or a law firm with one or more partners admitted to
		practice) before the highest court of any state of the United States or the
		District of Columbia and experienced in such matters for which such Tax Opinion
		is sought.
	 

	 
		“Tax Redemption”: The meaning specified in
		Section 9.1(b) hereof.
	 

	 
		“Total Redemption Price”: The amount equal to funds sufficient to pay all
		amounts and expenses described under clauses (1) through (5) and (31)
		through (33) of Section 11.1(a)(i) and to redeem all Notes at their
		applicable Redemption Prices.
	 

	 
		“Transaction Documents”: This Indenture, the Collateral Management
		Agreement, the Preferred Shares Paying Agency Agreement, the Collateral Debt
		Securities Transfer Agreements, the Company Administration Agreement, the CDO
		Servicing Agreement, the Master Trust Agreement, each Series Trust Agreement
		and each Hedge Agreement.
	 

	 
		“Transfer Agent”: The Person or Persons, which may be the Issuer,
		authorized by the Issuer to exchange or register the transfer of Notes.
	 

	 
		 
	 

	 
		 
	 

	 
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		“Treasury Regulations”: Temporary or final regulations promulgated under
		the Code by the United States Treasury Department.
	 

	 
		“Trust Officer”: When used with respect to the Trustee, any
		officer within the CDO Trust Services Group of the Corporate Trust Office (or
		any successor group of the Trustee) including any vice president, assistant
		vice president or officer of the Trustee customarily performing functions
		similar to those performed by the persons who at the time shall be such
		officers, respectively, or to whom any corporate trust matter is referred at
		the CDO Trust Services Group of the Corporate Trust Office because of his
		knowledge of and familiarity with the particular subject.
	 

	 
		“Trustee”:
		LaSalle Bank National Association, a national banking association, solely in
		its capacity as trustee hereunder, unless a successor Person shall have become
		the Trustee pursuant to the applicable provisions of this Indenture, and
		thereafter “Trustee” shall mean such successor Person.
	 

	 
		“Trustee Fee Proposal”: The letter dated as of March 16, 2006 (as
		revised May 18, 2006), from LaSalle Bank National Association to the Collateral
		Manager, as revised to date.
	 

	 
		“UCC”: The
		applicable Uniform Commercial Code.
	 

	 
		“UCC Account”: “Account,” as such term is defined in
		Section 9-102(a)(2) of the UCC.
	 

	 
		“Uncertificated Security”: The meaning specified in
		Section 3.3(a)(ii) hereof.
	 

	 
		“Underlying Asset”: The meaning specified in the definition of
		“Repurchase Facility.”
	 

	 
		“Underlying Instruments”: The indenture, loan agreement, note, mortgage,
		intercreditor agreement, pooling and servicing agreement, participation
		agreement or other agreement pursuant to which a Collateral Debt Security or
		Eligible Investment has been issued or created and each other agreement that
		governs the terms of or secures the obligations represented by such Collateral
		Debt Security or Eligible Investment or of which holders of such Collateral
		Debt Security or Eligible Investment are the beneficiaries.
	 

	 
		“Underlying Mortgage Property”: With respect to (i) a Loan (other than a
		Participation or Mezzanine Loan), the commercial mortgage property or
		properties securing the Loan, (ii) a Participation, the commercial
		mortgage property or properties securing the Underlying Term Loan, or
		(iii) a Mezzanine Loan, the commercial mortgage property or properties
		related to the Mezzanine Loan.
	 

	 
		“Underlying Term Loan”: With respect to (i) a Loan (other than
		Participation or Mezzanine Loan), such Loan or (ii) a Participation, the
		underlying commercial mortgage loan.
	 

	 
		“Underlying Trust”: A Series Trust created under the Master Trust
		Agreement where the Non-Registered Loans are deposited either before or after
		the Issuer acquires such Non-Registered Loans.
	 

	 
		 
	 

	 
		 
	 

	 
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		“Underlying Trustee”: LaSalle Bank National Association, in its
		capacity as underlying trustee, under a Series Trust Agreement, unless a
		successor person shall have become the Underlying Trustee pursuant to the
		applicable provisions of the applicable Series Trust Agreement and thereafter
		“Underlying Trustee” shall mean such successor person.
	 

	 
		“Unfunded Loan”: As defined in the definition of the Future
		Advance Loan.
	 

	 
		“United States”: The United States of America, including any
		state and any territory or possession administered thereby.
	 

	 
		“Unregistered Securities”: The meaning specified in
		Section 5.17(c) hereof.
	 

	 
		“Unscheduled Principal Payments”: Any proceeds received by the Issuer from an
		unscheduled prepayment or redemption (in whole but not in part) by the obligor
		of a Collateral Debt Security prior to the stated maturity date of such
		Collateral Debt Security.
	 

	 
		“Unused Proceeds Account”: The trust account established pursuant to
		Section 10.4(a) hereof.
	 

	 
		“Unused Proceeds Pro Rata Amortization” As defined in Section 10.4(f)
		hereof.
	 

	 
		“U.S. Person”: The meaning specified in
		Regulation S.
	 

	 
		“Weighted Average Coupon”: As of any Measurement Date, (a) the number
		obtained (rounded up to the next 0.001%) by (i) summing the products obtained
		by multiplying (x) the current interest rate on each Collateral Debt Security
		that is a Fixed Rate Security (excluding all Defaulted Securities and Written
		Down Securities) by (y) the Principal Balance of each such Collateral Debt
		Security and (ii) dividing such sum by the Aggregate Principal Balance of all
		Collateral Debt Securities that are Fixed Rate Securities (excluding all
		Defaulted Securities and Written Down Securities) plus (b) if the amount
		obtained pursuant to clause (a) is less than 5.50%, the Spread Excess, if any,
		as of such Measurement Date.
	 

	 
		“Weighted Average Life”: As of any Measurement Date with respect to the
		Collateral Debt Securities (other than Defaulted Securities), the number
		obtained by (a) summing the products obtained by multiplying (i) the
		Average Life at such time of each Collateral Debt Security (other than
		Defaulted Securities) by (ii) the outstanding Principal Balance of such
		Collateral Debt Security and (b) dividing such sum by the Aggregate
		Principal Balance at such time of all Collateral Debt Securities (other than
		Defaulted Securities).
	 

	 
		“Weighted Average Life Test”: With respect to any Collateral Debt Securities,
		a test that will be satisfied as of any Measurement Date if the Weighted
		Average Life of such Collateral Debt Securities as of such Measurement Date is
		less than or equal to 5.0 years.
	 

	 
		“Weighted Average Spread”: As of any Measurement Date, (a) the number
		obtained (rounded up to the next 0.001%), by (i) summing the products obtained
		by multiplying (x) the stated spread above LIBOR at which interest accrues on
		each Collateral Debt Security that is a Floating Rate Security (other than a
		Defaulted Security or Written Down Security) (or, in the case of any Floating
		Rate Security (other than a Defaulted Security or Written Down 
	 

	 
		 
	 

	 
		 
	 

	 
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		Security) which provides for a minimum
		interest rate payable thereunder, the excess, if any, of the minimum interest
		rate applicable to such Collateral Debt Security over LIBOR, if such result is
		greater than the related stated spread above LIBOR) as of such date by (y) the
		Principal Balance of such Collateral Debt Security as of such date, and (ii)
		dividing such sum by the Aggregate Principal Balance of all Collateral Debt
		Securities that are Floating Rate Securities (excluding all Defaulted
		Securities and Written Down Securities) plus (b) if the amount obtained
		pursuant to clause (a) is less than the “Minimum Weighted Average
		Spread” that has been most recently specified as the “Minimum
		Weighted Average Spread” by the Collateral Manager, the Fixed Rate Excess,
		if any, as of such Measurement Date. For purposes of this definition, a Fixed
		Rate Security that is a Covered Fixed Rate Security will be deemed to be a
		Floating Rate Security and the floating rate applicable thereto will be the
		rate payable taking into account the related Asset Specific Hedge.
	 

	 
		“Whole Loan”: A whole loan (including, without limitation, an
		A Note) secured by a mortgage on multi-family or commercial real estate
		property or a senior interest therein.
	 

	 
		“Written Down Security”: As of any date of determination, any Collateral
		Debt Security as to which the aggregate par amount of the entire issue of such
		Collateral Debt Security and all other securities secured by the same pool of
		collateral and that rank senior in priority of payment to such issue exceeds
		the aggregate par amount of all collateral (giving effect to any appraisal
		reductions) securing such issue (excluding defaulted collateral).
	 

	 
		Section 1.2 Assumptions as to Pledged Obligations.
	 

	 
		(a) In connection with all calculations
		required to be made pursuant to this Indenture with respect to Scheduled
		Distributions on any Pledged Obligation, or any payments on any other assets
		included in the Assets, and with respect to the income that can be earned on
		Scheduled Distributions on such Pledged Obligations and on any other amounts
		that may be received for deposit in the applicable Collection Account, the
		provisions set forth in this Section 1.2 shall be applied.
	 

	 
		(b) All calculations with respect to
		Scheduled Distributions on the Pledged Obligations securing the Notes shall be
		made on the basis of information as to the terms of each such Pledged
		Obligation and upon report of payments, if any, received on such Pledged
		Obligation that are furnished by or on behalf of the issuer of such Pledged
		Obligation and, to the extent they are not manifestly in error, such
		information or report may be conclusively relied upon in making such
		calculations.
	 

	 
		(c) For each Due Period, the Scheduled
		Distribution on any Pledged Obligation (other than a Defaulted Security, which,
		except as otherwise provided herein, shall be assumed to have a Scheduled
		Distribution of zero) shall be the sum of (i) the total amount of payments
		and collections in respect of such Pledged Obligation (including all Sales
		Proceeds received during the Due Period and not reinvested in Substitute
		Collateral Debt Securities or retained in the Principal Collection Account for
		subsequent reinvestment) that, if paid as scheduled, will be available in the
		Collection Accounts at the end of such Due Period for payment on the Notes and
		of expenses of the Issuer and the Co-Issuer pursuant to the Priority of
		Payments and (ii) any such amounts received in prior Due Periods that were
		not disbursed on a 
	 

	 
		 
	 

	 
		 
	 

	 
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		previous Payment Date and do not constitute
		amounts which have been used as reimbursement with respect to a prior Interest
		Advance pursuant to the terms of this Indenture.
	 

	 
		(d) With respect to any Collateral Debt
		Security as to which any interest or other payment thereon is subject to
		withholding tax of any relevant jurisdiction, each Scheduled Distribution
		thereon shall, for purposes of the Coverage Tests and the Collateral Quality
		Tests, be deemed to be payable net of such withholding tax unless the issuer
		thereof or obligor thereon is required to make additional payments to fully
		compensate the Issuer for such withholding taxes (including in respect of any
		such additional payments). On any date of determination, the amount of any
		Scheduled Distribution due on any future date shall be assumed to be made net
		of any such uncompensated withholding tax based upon withholding tax rates in
		effect on such date of determination.
	 

	 
		(e) For purposes of calculating any Interest
		Coverage Ratio, the expected interest income on floating rate Collateral Debt
		Securities and Eligible Investments and under each Hedge Agreement and the
		expected interest payable on the Notes shall be calculated using the interest
		rates applicable thereto on the applicable Measurement Date and accrued
		original issue discount on Eligible Investments shall be deemed to be interest
		due on the date such original issue discount is scheduled to be paid.
		Notwithstanding the foregoing, for the purposes of calculating any Interest
		Coverage Ratio, there shall be excluded all scheduled or deferred payments of
		interest on or principal of Collateral Debt Securities and any payment,
		including any amount payable to the Issuer by each Hedge Counterparty, which
		the Collateral Manager has determined in its reasonable judgment will not be
		made in Cash or received when due.
	 

	 
		(f) Each Scheduled Distribution receivable
		with respect to a Pledged Obligation shall be assumed to be received on the
		applicable Due Date, and each such Scheduled Distribution shall be assumed to
		be immediately deposited in the applicable Collection Account except to the
		extent the Collateral Manager has a reasonable expectation that such Scheduled
		Distribution will not be received on the applicable Due Date. All such funds
		shall be assumed to continue to earn interest until the date on which they are
		required to be available in the applicable Collection Account for transfer to
		the Payment Account for application, in accordance with the terms hereof, to
		payments of principal of or interest on the Notes or other amounts payable
		pursuant to this Indenture.
	 

	 
		(g) All calculations required to be made and
		all reports which are to be prepared pursuant to this Indenture with respect to
		the Pledged Obligations, shall be made on the basis of the date on which the
		Issuer makes a commitment to purchase or sell an asset (the
		“trade date”), not the settlement date.
	 

	 
		(h) For purposes of calculating the Par
		Value Ratio, an appraisal reduction of a Collateral Debt Security will be
		assumed to result in an implied reduction of Principal Balance for such
		Collateral Debt Security only if such appraisal reduction is intended to reduce
		the interest payable on such Collateral Debt Security and only in proportion to
		such interest reduction. For purposes of the Par Value Ratio, any Collateral
		Debt Security that has sustained an implied reduction of Principal Balance due
		to an appraisal reduction will not be considered a Defaulted Security solely
		due to such implied reduction. The Collateral Manager will notify the 
	 

	 
		 
	 

	 
		 
	 

	 
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		Trustee of any appraisal reductions of
		Collateral Debt Securities if the Collateral Manager has actual knowledge
		thereof.
	 

	 
		(i) For purposes of the Coverage Tests and
		the Collateral Quality Tests and any date of determination, the principal
		balance of a Future Advance Loan as to which the Issuer has assumed the
		obligation to fund the related Unfunded Loan and has deposited funds for such
		obligation in the Future Funding Obligations Account refers to the sum of (a)
		the outstanding principal balance of such Future Advance Loan and (b) the
		amounts on deposit in the Future Funding Obligations Account in respect of the
		related Unfunded Loan.
	 

	 
		Section 1.3 Interest Calculation Convention.
	 

	 
		All calculations of interest hereunder that
		are made with respect to the Notes shall be made on the basis of the actual
		number of days during the related Interest Accrual Period divided by
		360.
	 

	 
		Section 1.4 Rounding Convention.
	 

	 
		Unless otherwise specified herein, test
		calculations that evaluate to a percentage will be rounded to the nearest ten
		thousandth of a percentage point and test calculations that evaluate to a
		number or decimal will be rounded to the nearest one hundredth of a percentage
		point.
	 

	 
		Section 1.5 Minimum Weighted Average Spread.
	 

	 
		For purposes of any test that refers to a
		Minimum Weighted Average Spread in the Asset Quality Matrix, the Collateral
		Manager shall choose such Minimum Weighted Average Spread and shall provide
		written notice of such designation to the Trustee on or before the related
		Determination Date (or, with respect to any other Measurement Date, the Trustee
		shall use the Minimum Weighted Average Spread previously designated by the
		Collateral Manager at least four Business Days prior to such Measurement
		Date).
	 

	 
		 
	 

	 
		 
	 

	 
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		ARTICLE 2
	 

	 
		 
	 

	 
		THE NOTES
	 

	 
		Section 2.1 Forms Generally.
	 

	 
		The Notes and the Trustee’s or
		Authenticating Agent’s certificate of authentication thereon (the
		“Certificate of
		Authentication”) shall be in
		substantially the forms required by this Article 2, with such
		appropriate insertions, omissions, substitutions and other variations as are
		required or permitted by this Indenture, and may have such letters, numbers or
		other marks of identification and such legends or endorsements placed thereon,
		as may be consistent herewith, determined by the Authorized Officers of the
		Issuer and the Co-Issuer, executing such Notes as evidenced by their execution
		of such Notes. Any portion of the text of any Note may be set forth on the
		reverse thereof, with an appropriate reference thereto on the face of the
		Note.
	 

	 
		Section 2.2 Forms of Notes and Certificate of
		Authentication.
	 

	 
		(a) Form. The form of each Class of
		Notes, including the Certificate of Authentication, shall be substantially as
		set forth in Exhibits A and B hereto.
	 

	 
		(b) Global Securities and Certificated
		Notes.
	 

	 
		(i) The Notes initially offered and sold in
		the United States to (or to U.S. Persons who are) QIBs shall be represented by
		one or more permanent global notes in definitive, fully registered form without
		interest coupons with the applicable legend set forth in
		Exhibit A hereto added to the form of such Notes (each, a
		“Rule 144A Global Security”), which shall be registered
		in the name of the nominee of the Depository and deposited with the Trustee, at
		its Corporate Trust Office, as custodian for the Depository, duly executed by
		the Issuer and the Co-Issuer and authenticated by the Trustee as hereinafter
		provided. The aggregate principal amount of the Rule 144A Global
		Securities may from time to time be increased or decreased by adjustments made
		on the records of the Trustee or the Depository or its nominee, as the case may
		be, as hereinafter provided.
	 

	 
		(ii) The Notes initially sold in offshore
		transactions in reliance on Regulation S shall be represented by one or
		more permanent global notes in definitive, fully registered form without
		interest coupons with the applicable legend set forth in
		Exhibit B hereto added to the form of such Notes (each, a
		“Regulation S Global Security”), which shall be deposited
		on behalf of the subscribers for such Notes represented thereby with the
		Trustee as custodian for the Depository and registered in the name of a nominee
		of the Depository for the respective accounts of Euroclear and Clearstream,
		Luxembourg or their respective depositories, duly executed by the Issuer and
		the Co-Issuer and authenticated by the Trustee as hereinafter provided. The
		aggregate principal amount of the Regulation S Global Securities may from
		time to time be increased or decreased by adjustments made on the records of
		the Trustee or the Depository or its nominee, as the case may be, as
		hereinafter provided.
	 

	 
		 
	 

	 
		 
	 

	 
		-84-
	 

	 
		 
	 

	 
	 

	 

	 
		(c) Book-Entry Provisions. This
		Section 2.2(c) shall apply only to Global Securities deposited with
		or on behalf of the Depository.
	 

	 
		Each of the Issuer and Co-Issuer shall
		execute and the Trustee shall, in accordance with this
		Section 2.2(c), authenticate and deliver initially one or more
		Global Securities that shall be (i) registered in the name of the nominee
		of the Depository for such Global Security or Global Securities and
		(ii) delivered by the Trustee to such Depository or pursuant to such
		Depository’s instructions or held by the Trustee’s agent as custodian
		for the Depository.
	 

	 
		Agent Members shall have no rights under
		this Indenture with respect to any Global Security held on their behalf by the
		Trustee, as custodian for the Depository or under the Global Security, and the
		Depository may be treated by the Issuer, the Co-Issuer, the Trustee, and any
		agent of the Issuer, the Co-Issuer or the Trustee as the absolute owner of such
		Global Security for all purposes whatsoever. Notwithstanding the foregoing,
		nothing herein shall prevent the Issuer, the Co-Issuer, the Trustee, or any
		agent of the Issuer, the Co-Issuer or the Trustee, from giving effect to any
		written certification, proxy or other authorization furnished by the Depository
		or impair, as between the Depository and its Agent Members, the operation of
		customary practices governing the exercise of the rights of a holder of any
		Global Security.
	 

	 
		(d) Delivery of Certificated Notes in
		Lieu of Global Securities. Except as provided in Section 2.10
		hereof, owners of beneficial interests in a Class of Global Securities shall
		not be entitled to receive physical delivery of a Certificated Note.
	 

	 
		Section 2.3 Authorized Amount; Stated Maturity; and
		Denominations.
	 

	 
		(a) The aggregate principal amount of Notes
		that may be authenticated and delivered under this Indenture is limited to
		$898,500,000, except for Notes authenticated and delivered upon registration of
		transfer of, or in exchange for, or in lieu of, other Notes pursuant to
		Sections 2.5, 2.6 or 8.5 hereof.
	 

	 
		As provided pursuant to the terms of the
		Notes, the Notes shall be divided into eleven (11) Classes having designations
		and original principal amounts as follows:
	 

	 
		 
	 

	 
			
				
				  Designation
				

			 	
				
				   
				

			 	
				
				  Original
 Principal
 Amount
				

			 
	

				
				  Class A-1 Senior Secured
				  Floating Rate 
 Term Notes Due 2046
				

			 	

				
				   
				

			 	

				
				  U.S.$520,000,000
				

			 
	
				
				  Class A-2 Second Priority
				  Senior Secured Floating Rate 
 Term Notes Due 2046
				

			 	
				
				   
				

			 	
				
				  U.S.$50,000,000
				

			 
	

				
				  Class B Third Priority Floating
				  Rate 
 Term Notes Due 2046
				

			 	

				
				   
				

			 	

				
				  U.S.$99,000,000
				

			 

 

	 
		 
	 

	 
		 
	 

	 
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				  Designation
				

			 	
				
				   
				

			 	
				
				  Original
 Principal
 Amount
				

			 
	
				
				  Class C Fourth Priority
				  Floating Rate Deferrable Interest 
 Term Notes Due 2046
				

			 	
				
				   
				

			 	
				
				  U.S.$51,500,000
				

			 
	

				
				  Class D Fifth Priority Floating
				  Rate Deferrable Interest
 Term Notes Due 2046
				

			 	

				
				   
				

			 	

				
				  U.S.$16,000,000
				

			 
	
				
				  Class E Sixth Priority Floating
				  Rate Deferrable Interest 
 Term Notes Due 2046
				

			 	
				
				   
				

			 	
				
				  U.S.$14,000,000
				

			 
	

				
				  Class F Seventh Priority
				  Floating Rate Deferrable Interest 
 Term Notes Due 2046
				

			 	

				
				   
				

			 	

				
				  U.S.$23,500,000
				

			 
	
				
				  Class G Eighth Priority
				  Floating Rate Deferrable Interest 
 Term Notes Due 2046
				

			 	
				
				   
				

			 	
				
				  U.S.$15,500,000
				

			 
	

				
				  Class H Ninth Priority Floating
				  Rate Deferrable Interest 
 Term Notes Due 2046
				

			 	

				
				   
				

			 	

				
				  U.S.$26,000,000
				

			 
	
				
				  Class J Tenth Priority Floating
				  Rate Deferrable Interest 
 Term Notes Due 2046
				

			 	
				
				   
				

			 	
				
				  U.S.$56,300,000
				

			 
	

				
				  Class K Eleventh Priority
				  Floating Rate Deferrable Interest 
 Term Notes Due 2046
				

			 	

				
				   
				

			 	

				
				  U.S.$26,700,000
				

			 

 

	 
		(b) The Notes shall be issuable in minimum
		denominations of $250,000 and integral multiples of $1,000 in excess thereof
		(plus any residual amount).
	 

	 
		Section 2.4 Execution, Authentication, Delivery and
		Dating.
	 

	 
		The Notes shall be executed on behalf of the
		Issuer and the Co-Issuer by an Authorized Officer of the Issuer and the
		Co-Issuer, respectively. The signature of such Authorized Officers on the Notes
		may be manual or facsimile.
	 

	 
		Notes bearing the manual or facsimile
		signatures of individuals who were at any time the Authorized Officers of the
		Issuer or the Co-Issuer shall bind the Issuer or the Co-Issuer, as the case may
		be, notwithstanding the fact that such individuals or any of them have ceased
		to hold such offices prior to the authentication and delivery of such Notes or
		did not hold such offices at the date of issuance of such Notes.
	 

	 
		At any time and from time to time after the
		execution and delivery of this Indenture, the Issuer and the Co-Issuer may
		deliver Notes executed by the Issuer and the Co-Issuer to the Trustee or the
		Authenticating Agent for authentication and the Trustee or the Authenticating
		Agent, upon Issuer Order, shall authenticate and deliver such Notes as provided
		in this Indenture and not otherwise.
	 

	 
		Each Note authenticated and delivered by the
		Trustee or the Authenticating Agent upon Issuer Order on the Closing Date shall
		be dated as of the Closing Date. All other Notes that 
	 

	 
		 
	 

	 
		 
	 

	 
		-86-
	 

	 
		 
	 

	 
	 

	 

	 
		are authenticated after the Closing Date for
		any other purpose under this Indenture shall be dated the date of their
		authentication.
	 

	 
		Notes issued upon transfer, exchange or
		replacement of other Notes shall be issued in authorized denominations
		reflecting the original aggregate principal amount of the Notes so transferred,
		exchanged or replaced, but shall represent only the current outstanding
		principal amount of the Notes so transferred, exchanged or replaced. In the
		event that any Note is divided into more than one Note in accordance with this
		Article 2, the original principal amount of such Note shall be
		proportionately divided among the Notes delivered in exchange therefor and
		shall be deemed to be the original aggregate principal amount of such
		subsequently issued Notes.
	 

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

	 
		Section 2.5 Registration, Registration of Transfer and
		Exchange.
	 

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

	 
		If a Person other than the Trustee is
		appointed by the Issuer and the Co-Issuer as Notes Registrar, the Issuer and
		the Co-Issuer shall give the Trustee prompt written notice of the appointment
		of a successor Notes Registrar and of the location, and any change in the
		location, of the Notes Registrar, and the Trustee shall have the right to
		inspect the Notes Register at all reasonable times and to obtain copies thereof
		and the Trustee shall have the right to rely upon a certificate executed on
		behalf of the Notes Registrar by an Officer thereof as to the names and
		addresses of the Holders of the Notes and the principal amounts and numbers of
		such Notes.
	 

	 
		Subject to this Section 2.5,
		upon surrender for registration of transfer of any Notes at the office or
		agency of the Issuer to be maintained as provided in Section 7.2,
		the Issuer and the Co-Issuer shall execute, and the Trustee shall authenticate
		and deliver, in the name of the designated transferee or transferees, one or
		more new Notes of any authorized denomination and of a like aggregate principal
		amount.
	 

	 
		At the option of the Holder, Notes may be
		exchanged for Notes of like terms, in any authorized denominations and of like
		aggregate principal amount, upon surrender of the Notes to be exchanged at such
		office or agency. Whenever any Note is surrendered for 
	 

	 
		 
	 

	 
		 
	 

	 
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		exchange, the Issuer and the Co-Issuer shall
		execute, and the Trustee shall authenticate and deliver, the Notes that the
		Noteholder making the exchange is entitled to receive.
	 

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

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

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

	 
		None of the Notes Registrar, the Issuer or
		the Co-Issuer shall be required (i) to issue, register the transfer of or
		exchange any Note during a period beginning at the opening of business 15 days
		before any selection of Notes to be redeemed and ending at the close of
		business on the day of the mailing of the relevant notice of redemption, or
		(ii) to register the transfer of or exchange any Note so selected for
		redemption.
	 

	 
		(b) No Note may be sold or transferred
		(including, without limitation, by pledge or hypothecation) unless such sale or
		transfer is exempt from the registration requirements of the Securities Act and
		is exempt from the registration requirements under applicable state securities
		laws.
	 

	 
		(c) No Note may be offered, sold, resold or
		delivered, within the United States or to, or for the benefit of, U.S. Persons
		except in accordance with Section 2.5(e) below and in accordance
		with Rule 144A to QIBs who are Qualified Purchasers purchasing for their
		own account or for the accounts of one or more QIBs who are Qualified
		Purchasers, for which the purchaser is acting as fiduciary or agent. The Notes
		may be offered, sold, resold or delivered, as the case may be, in offshore
		transactions to non-U.S. Persons in reliance on Regulation S. None of the
		Issuer, the Co-Issuer, the Trustee or any other Person may register the Notes
		under the Securities Act or any state securities laws.
	 

	 
		(d) Upon final payment due on the Stated
		Maturity of a Note, the Holder thereof shall present and surrender such Note at
		the Corporate Trust Office of the Trustee or at the office of the Paying Agent
		(outside the United States if then required by applicable law in the case of a
		Note in definitive form issued in exchange for a beneficial interest in a
		Regulation S Global Security pursuant to Section 2.10).

	 

	 
		(e) Transfers of Global Securities.
		Notwithstanding any provision to the contrary herein, so long as a Global
		Security remains outstanding and is held by or on behalf of the Depository,
		transfers of a Global Security, in whole or in part, shall only be made in
		accordance with Section 2.2(c) and this
		Section 2.5(e).
	 

	 
		 
	 

	 
		 
	 

	 
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		(i) Subject to clauses (ii) through
		(iv) of this Section 2.5(e), transfers of a Global Security shall
		be limited to transfers of such Global Security in whole, but not in part, to
		nominees of the Depository or to a successor of the Depository or such
		successor’s nominee.
	 

	 
		(ii) Regulation S Global Security to
		Rule 144A Global Security. If a holder of a beneficial interest in a
		Regulation S Global Security wishes to transfer all or a part of its
		interest in such Regulation S Global Security to a Person who wishes to
		take delivery thereof in the form of a Rule 144A Global Security, such
		holder may, subject to the terms hereof and the rules and procedures of
		Euroclear, Clearstream, Luxembourg or the Depository, as the case may be,
		exchange or cause the exchange of such interest for an equivalent beneficial
		interest in a Rule 144A Global Security of the same Class. Upon receipt by
		the Trustee, as Notes Registrar, of (A) instructions from Euroclear,
		Clearstream, Luxembourg or the Depository, as the case may be, directing the
		Trustee, as Notes Registrar, to cause such Rule 144A Global Security to be
		increased by an amount equal to such beneficial interest in such
		Regulation S Global Security but not less than the minimum denomination
		applicable to the related Class of Notes, and (B) a certificate
		substantially in the form of Exhibit D hereto given
		by the prospective transferee of such beneficial interest and stating, among
		other things, that such transferee acquiring such interest in a Rule 144A
		Global Security is a QIB and a Qualified Purchaser, is obtaining such
		beneficial interest in a transaction pursuant to Rule 144A and in
		accordance with any applicable securities laws of any state of the United
		States or any other applicable jurisdiction, then Euroclear, Clearstream,
		Luxembourg or the Trustee, as Notes Registrar, as the case may be, shall
		approve the instruction at the Depository to reduce such Regulation S
		Global Security by the aggregate principal amount of the interest in such
		Regulation S Global Security to be transferred and increase the
		Rule 144A Global Security specified in such instructions by an Aggregate
		Outstanding Amount equal to such reduction in such principal amount of the
		Regulation S Global Security.
	 

	 
		(iii) Rule 144A Global Security to
		Regulation S Global Security. If a holder of a beneficial interest in
		a Rule 144A Global Security wishes to transfer all or a part of its
		interest in such Rule 144A Global Security to a Person who wishes to take
		delivery thereof in the form of a Regulation S Global Security, such
		holder may, subject to the terms hereof and the rules and procedures of
		Euroclear, Clearstream, Luxembourg or the Depository, as the case may be,
		exchange or cause the exchange of such interest for an equivalent beneficial
		interest in a Regulation S Global Security of the same Class. Upon receipt
		by the Trustee, as Notes Registrar, of (A) instructions from Euroclear,
		Clearstream, Luxembourg or the Depository, as the case may be, directing the
		Trustee, as Notes Registrar, to cause such Regulation S Global Security to
		be increased by an amount equal to the beneficial interest in such
		Rule 144A Global Security but not less than the minimum denomination
		applicable to the related Class of Notes to be exchanged, and (B) a
		certificate substantially in the form of Exhibit C hereto given
		by the prospective transferee of such beneficial interest and stating, among
		other things, that such transferee acquiring such interest in a
		Regulation S Global Security is a not a U.S. Person and that such transfer
		is being made pursuant to Rule 903 or 904 under Regulation S, then
		Euroclear, Clearstream, Luxembourg or the Trustee, as Notes Registrar, as the
		case may be, shall approve the instruction at the Depository to reduce such
		Rule 144A Global 
	 

	 
		 
	 

	 
		 
	 

	 
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		Security by the aggregate principal amount
		of the interest in such Rule 144A Global Security to be transferred and
		increase the Regulation S Global Security specified in such instructions
		by an Aggregate Outstanding Amount equal to such reduction in the principal
		amount of the Rule 144A Global Security.
	 

	 
		(iv) Other Exchanges.
		(A) In the event that, pursuant to Section 2.10
		hereof, a Global Security is exchanged for Certificated Notes, such Notes may
		be exchanged for one another only in accordance with such procedures as are
		substantially consistent with the provisions above (including certification
		requirements intended to ensure that such transfers are to a QIB who is also a
		Qualified Purchaser or are to a non-U.S. Person, or otherwise comply with Rule
		144A or Regulation S, as the case may be) and as may be from time to time
		adopted by the Issuer, the Co-Issuer and the Trustee. 
	 

	 
		(B) A Class J Note or Class K Note
		represented by a Certificated Note may be transferred to a Qualified
		Institutional Buyer in the form of a Certificated Note upon receipt by the
		Trustee, as Notes Registrar, of a certificate substantially in the form of
		Exhibit E-2 hereto given by the prospective transferee of such
		beneficial interest and stating, among other things, that such transferee
		acquiring such interest in a Certificated Note is a QIB and a Qualified
		Purchaser, is obtaining such beneficial interest in a transaction pursuant to
		Rule 144A and in accordance with any applicable securities laws of any state of
		the United States or any other applicable jurisdiction. In connection with any
		such transfer, such prospective transferee shall be deemed to have made the
		applicable representations contained in Section 2.5(g)
		hereof.
	 

	 
		(C) A Class J Note or Class K Note
		represented by a Certificated Note may be transferred to a Person other than a
		U.S. Person in the form of a Certificated Note upon receipt by the Trustee, as
		Notes Registrar, of a certificate substantially in the form of Exhibit E-1
		hereto given by the prospective transferee of such beneficial interest and
		stating, among other things, that such transferee acquiring such interest in a
		Certificated Note is a not a U.S. Person and that such transfer is being made
		pursuant to Rule 903 or 904 under Regulation S. In connection with any such
		transfer, such prospective transferee shall be deemed to have made the
		applicable representations contained in Section 2.5(g)
		hereof.
	 

	 
		(f) Removal of Legend. If Notes are
		issued upon the transfer, exchange or replacement of Notes bearing the
		applicable legends set forth in Exhibits A and
		B hereto, and if a request is made to remove such
		applicable legend on such Notes, the Notes so issued shall bear such applicable
		legend, or such applicable legend shall not be removed, as the case may be,
		unless there is delivered to the Issuer and the Co-Issuer such satisfactory
		evidence, which may include an Opinion of Counsel of an attorney at law
		licensed to practice law in the State of New York (and addressed to the Issuer
		and the Trustee), as may be reasonably required by the Issuer and the
		Co-Issuer, if applicable, to the effect that neither such applicable legend nor
		the restrictions on transfer set forth therein are required to ensure that
		transfers thereof comply with the provisions of Rule 144A or
		Regulation S, as applicable, the Investment Company Act or 
	 

	 
		 
	 

	 
		 
	 

	 
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		ERISA. So long as the Issuer or the
		Co-Issuer is relying on an exemption under or promulgated pursuant to the
		Investment Company Act, the Issuer or the Co-Issuer shall not remove that
		portion of the legend required to maintain an exemption under or promulgated
		pursuant to the Investment Company Act. Upon provision of such satisfactory
		evidence, as confirmed in writing by the Issuer and the Co-Issuer, if
		applicable, to the Trustee, the Trustee, at the direction of the Issuer and the
		Co-Issuer, if applicable, shall authenticate and deliver Notes that do not bear
		such applicable legend.
	 

	 
		(g) Each beneficial owner of Rule 144A
		Global Securities shall be deemed to represent and agree as follows (terms used
		in this paragraph that are defined in Rule 144A are used herein as defined
		therein):
	 

	 
		(i) In the case of a Rule 144A Global
		Security, the owner is (A) a QIB and a Qualified Purchaser, (B) is
		aware that the sale of the Notes to it (other than the initial sale by the
		Issuer and the Co-Issuer, as applicable,) is being made in reliance on the
		exemption from registration provided by Rule 144A, and (C) is
		acquiring the Notes for its own account or for one or more accounts, each of
		which is a QIB and a Qualified Purchaser, and as to each of which the owner
		exercises sole investment discretion, (D) in a principal amount of not
		less than $100,000, for each such account.
	 

	 
		(ii) The owner understands that the Notes
		are being offered only in a transaction not involving any public offering in
		the United States within the meaning of the Securities Act, the Notes have not
		been and shall not be registered under the Securities Act, and, if in the
		future the owner decides to offer, resell, pledge or otherwise transfer the
		Notes, such Notes may only be offered, resold, pledged or otherwise transferred
		in accordance with this Indenture and the applicable legend on such Notes set
		forth in Exhibits A and
		B, as applicable. The owner acknowledges that no
		representation is made by the Issuer, the Co-Issuer, or the Initial Purchasers,
		as the case may be, as to the availability of any exemption under the
		Securities Act or any state securities laws for resale of the Notes.
	 

	 
		(iii) The owner is not purchasing the Notes
		with a view to the resale, distribution or other disposition thereof in
		violation of the Securities Act. The owner understands that an investment in
		the Notes involves certain risks, including the risk of loss of all or a
		substantial part of its investment under certain circumstances. The owner has
		had access to such financial and other information concerning the Issuer, the
		Co-Issuer and the Notes as it deemed necessary or appropriate in order to make
		an informed investment decision with respect to its purchase of the Notes,
		including an opportunity to ask questions of and request information from the
		Collateral Manager, the Issuer and the Co-Issuer.
	 

	 
		(iv) In connection with the purchase of the
		Notes (A) none of the Issuer, the Co-Issuer, the Initial Purchasers, the
		Collateral Manager or the Trustee is acting as a fiduciary or financial or
		investment adviser for the owner; (B) the owner is not relying (for
		purposes of making any investment decision or otherwise) upon any advice,
		counsel or representations (whether written or oral) of the Issuer, the
		Co-Issuer, the Initial Purchasers, the Collateral Manager or the Trustee other
		than in a current offering 
	 

	 
		 
	 

	 
		 
	 

	 
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		memorandum for such Notes and any
		representations expressly set forth in a written agreement with such party;
		(C) none of the Issuer, the Co-Issuer, the Initial Purchasers, the
		Collateral Manager or the Trustee has given to the owner (directly or
		indirectly through any other person) any assurance, guarantee, or
		representation whatsoever as to the expected or projected success,
		profitability, return, performance, result, effect, consequence, or benefit
		(including legal, regulatory, tax, financial, accounting, or otherwise) of its
		purchase, (D) the owner has consulted with its own legal, regulatory, tax,
		business, investment, financial, and accounting advisers to the extent it has
		deemed necessary, and it has made its own investment decisions (including
		decisions regarding the suitability of any transaction pursuant to this
		Indenture) based upon its own judgment and upon any advice from such advisers
		as it has deemed necessary and not upon any view expressed by the Issuer, the
		Co-Issuer, the Initial Purchasers, the Collateral Manager or the Trustee; and
		(E) the owner is purchasing the Notes with a full understanding of all of
		the terms, conditions and risks thereof (economic and otherwise), and is
		capable of assuming and willing to assume (financially and otherwise) these
		risks.
	 

	 
		(v) The owner understands that the Notes
		shall bear the applicable legend set forth in Exhibits A and
		B as applicable. The Rule 144A Global Securities may not at any
		time be held by or on behalf of any U.S. Person that is not a QIB who is a
		Qualified Purchaser. The owner must inform a prospective transferee of the
		transfer restrictions.
	 

	 
		(vi) Unless a prospective Holder of a Note
		otherwise provides another representation acceptable to the Trustee, the
		Collateral Manager, the Issuer and the Co-Issuer, each Holder of a Note, by its
		acquisition thereof, shall be deemed to have represented to the Issuer, the
		Co-Issuer, the Collateral Manager and the Trustee that either (A) no part
		of the funds being used to pay the purchase price for such Notes constitutes an
		asset of any “employee benefit plan” (as defined in Section 3(3)
		of ERISA) or “plan” (as defined in Section 4975(e)(1) of the
		Code) that is subject to ERISA or Section 4975 of the Code or any other
		plan which is subject to any federal, state or local law (“Similar Law”) that is substantially similar to
		Section 406 of ERISA or Section 4975 of the Code (each a
		“Benefit Plan” and funds of such a Benefit Plan,
		“Plan Assets”), or an entity whose underlying assets include
		Plan Assets of any such Benefit Plan, or (B) if the funds being used to
		pay the purchase price for such Notes include Plan Assets of any Benefit Plan,
		its purchase and holding are eligible for the exemptive relief from the
		prohibited transaction rules granted by Prohibited Transaction Class Exemption
		(“PTCE”) 84-14, PTCE 90-1, PTCE 91-38, PTCE 95-60, PTCE
		96-23, or a similar exemption, or in the case of any Benefit Plan subject to
		Similar Law, do not result in a non-exempt violation of Similar Law.
	 

	 
		(vii) The owner shall not, at any time,
		offer to buy or offer to sell the Notes by any form of general solicitation or
		advertising, including, but not limited to, any advertisement, article, notice
		or other communication published in any newspaper, magazine or similar medium
		or broadcast over television or radio or at a seminar or meeting whose
		attendees have been invited by general solicitations or advertising.
	 

	 
		 
	 

	 
		 
	 

	 
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		(viii) The owner is not a member of the
		public in the Cayman Islands, within the meaning of Section 194 of the
		Cayman Islands Companies Law (2004 Revision), unless the Notes that are being
		acquired by it are listed on the Cayman Islands Stock Exchange.
	 

	 
		(ix) The owner understands that each of the
		Issuer, Co-Issuer, Trustee or any Paying Agent shall require certification
		acceptable to it (A) as a condition to the payment of principal of and
		interest on any Notes without, or at a reduced rate of, U.S. withholding or
		backup withholding tax, and (B) to enable the Issuer, Co-Issuer, Trustee
		and any Paying Agent to determine their duties and liabilities with respect to
		any taxes or other charges that they may be required to pay, deduct or withhold
		from payments in respect of such Notes or the Holder of such Notes under any
		present or future law or regulation of the Cayman Islands or the United States
		or any present or future law or regulation of any political subdivision thereof
		or taxing authority therein or to comply with any reporting or other
		requirements under any such law or regulation. Such certification may include
		U.S. federal income tax forms (such as IRS Form W-8BEN (Certification of
		Foreign Status of Beneficial Owner), IRS Form W-8IMY (Certification of
		Foreign Intermediary Status), IRS Form W-9 (Request for Taxpayer
		Identification Number and Certification), or IRS Form W-8ECI
		(Certification of Foreign Person’s Claim for Exemption from Withholding on
		Income Effectively Connected with Conduct of a U.S. Trade or Business) or any
		successors to such IRS forms). In addition, the Issuer, Co-Issuer, Trustee or
		any Paying Agent may require certification acceptable to it to enable the
		Issuer to qualify for a reduced rate of withholding in any jurisdiction from or
		through which the Issuer receives payments on its assets. Each owner agrees to
		provide any certification requested pursuant to this paragraph and to update or
		replace such form or certification in accordance with its terms or its
		subsequent amendments.
	 

	 
		(x) The owner hereby agrees that, for
		purposes of U.S. federal, state and local income and franchise tax and any
		other income taxes, (A) the Issuer will be treated as a corporation,
		(B) the Notes will be treated as indebtedness, and (C) the Preferred
		Shares will be treated as equity; the owner agrees to such treatment and agrees
		to take no action inconsistent with such treatment, unless required by
		law.
	 

	 
		(xi) The owner, if not a “United States
		person” (as defined in Section 7701(a)(30) of the Code), either:
		(A) is not a bank (within the meaning of Section 881(c)(3)(A) of the
		Code); (B) if such owner is a bank (within the meaning of
		Section 881(c)(3)(A) of the Code), after giving effect to its purchase of
		the Notes, the owner (x) will not own more than 50% of the Preferred
		Shares (by number) or 50% by value of the aggregate of the Preferred Shares and
		all classes of Notes that are treated as equity for U.S. federal income tax
		purposes either directly or indirectly, and will not otherwise be related to
		the Issuer (within the meaning of section 267(b) of the Code) and (y) has
		not purchased the Notes in whole or in part to avoid any U.S. federal tax
		liability (including, without limitation, any U.S. withholding tax that would
		be imposed on the Collateral Debt Securities if held directly by the owner);
		(C) has provided an IRS Form W-8ECI representing that all payments
		received or to be received by it from the Issuer are effectively connected with
		the conduct of a trade or business in the United States; or (D) is
		eligible for benefits under an income tax treaty with the United States that
		eliminates U.S. federal income taxation of U.S. source interest not
		attributable to a 
	 

	 
		 
	 

	 
		 
	 

	 
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		permanent establishment in the United States
		and the Issuer is treated as a fiscally transparent entity (as defined in
		Treasury Regulations section 1.894-1(d)(3)(iii)) under the laws of the
		owner’s jurisdiction with respect to payments made on the Collateral Debt
		Securities held by the Issuer.
	 

	 
		(h) Each beneficial owner of
		Regulation S Global Securities shall be deemed to have made the
		representations set forth in clauses (ii), (iii), (iv), (vi), (vii),
		(viii), (ix), (x) and (xi) of Section 2.5(g) and shall be
		deemed to have further represented and agreed as follows:
	 

	 
		(i) The owner is aware that the sale of such
		Notes to it is being made in reliance on the exemption from registration
		provided by Regulation S and understands that the Notes offered in
		reliance on Regulation S will bear the appropriate legend set forth in
		Exhibit A or B, as
		applicable, and be represented by one or more Regulation S Global
		Securities. The Notes so represented may not at any time be held by or on
		behalf of U.S. Persons. Each of the owner and the related Holder is not, and
		shall not be, a U.S. Person. Before any interest in a Regulation S Global
		Security may be offered, resold, pledged or otherwise transferred to a person
		who takes delivery in the form of a Rule 144A Global Security, the
		transferee shall be required to provide the Trustee with a written
		certification substantially in the form of Exhibits C and
		D as applicable hereto as to compliance with the transfer
		restrictions. The owner must inform a prospective transferee of the transfer
		restrictions.
	 

	 
		(i) Any purported transfer of a Note not in
		accordance with this Section 2.5 shall be null and void and shall
		not be given effect for any purpose hereunder.
	 

	 
		(j) Notwithstanding anything contained in
		this Indenture to the contrary, neither the Trustee nor the Notes Registrar
		(nor any other Transfer Agent) shall be responsible or liable for compliance
		with applicable federal or state securities laws (including, without
		limitation, the Securities Act or Rule 144A or Regulation S
		promulgated thereunder), the Investment Company Act, ERISA or the Code (or any
		applicable regulations thereunder); provided, however, that if a
		specified transfer certificate or Opinion of Counsel is required by the express
		terms of this Section 2.5 to be delivered to the Trustee or Notes
		Registrar prior to registration of transfer of a Note, the Trustee and/or Notes
		Registrar, as applicable, is required to request, as a condition for
		registering the transfer of the Note, such certificate or Opinion of Counsel
		and to examine the same to determine whether it conforms on its face to the
		requirements hereof (and the Trustee or Notes Registrar, as the case may be,
		shall promptly notify the party delivering the same if it determines that such
		certificate or Opinion of Counsel does not so conform).
	 

	 
		(k) If the Trustee determines or is notified
		by the Issuer, Co-Issuer or the Collateral Manager that (i) a transfer or
		attempted or purported transfer of any interest in any Note was consummated in
		compliance with the provisions of this Section 2.5 on the basis of
		a materially incorrect certification from the transferee or purported
		transferee, (ii) a transferee failed to deliver to the Trustee any
		certification required to be delivered hereunder or (iii) the holder of
		any interest in a Note is in breach of any representation or agreement set
		forth in any certification or any deemed representation or agreement of such
		holder, the Trustee shall not register such attempted or purported transfer and
		if a transfer has been registered, such transfer 
	 

	 
		 
	 

	 
		 
	 

	 
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		shall be absolutely null and void
		ab initio and shall vest no rights in the purported transferee
		(such purported transferee, a “Disqualified Transferee”) and the last preceding holder of such interest
		in such Note that was not a Disqualified Transferee shall be restored to all
		rights as a Holder thereof retroactively to the date of transfer of such Note
		by such Holder.
	 

	 
		In addition, the Trustee may require that
		the interest in the Note referred to in (i), (ii) or (iii) in the
		preceding paragraph be transferred to any person designated by the Issuer or
		the Collateral Manager at a price determined by the Issuer or the Collateral
		Manager, as applicable, based upon its estimation of the prevailing price of
		such interest and each Holder, by acceptance of an interest in a Note,
		authorizes the Trustee to take such action. In any case, the Trustee shall not
		be held responsible for any losses that may be incurred as a result of any
		required transfer under this Section 2.5(l).
	 

	 
		(l) Each Holder of Notes approves and
		consents to (i) the initial purchase of the Collateral Debt Securities by
		the Issuer from Affiliates of the Collateral Manager on or prior to the Closing
		Date and (ii) any other transaction between the Issuer and the Collateral
		Manager or its Affiliates that are permitted under the terms of this Indenture
		or the Collateral Management Agreement.
	 

	 
		(m) Each transferee of a Class J Note and
		Class K Note will be required to make representations similar to the
		representations described in Section
		2.5(g)(vi) hereof. In addition, each
		transferee of a Class J Note or Class K Note will be obliged to indicate in the
		Investor Representation Letter (i) whether or not it is a Benefit Plan Investor
		or a Controlling Person and (ii) if it is an insurance company purchasing
		the Class J Note or Class K Note with assets of an “insurance company
		general account,” the maximum percentage of its investment that will be
		deemed to be plan assets at any time that it holds Class J Notes or Class K
		Note. No transfer of a Class J Note or Class K Note will be effective, and the
		Trustee will not recognize any such transfer, if such transfer would result in
		25% or more of the Class J Notes or Class K Note being held by Benefit Plan
		Investors (excluding, for purposes of such calculation, any Securities held by
		a Controlling Person).
	 

	 
		Section 2.6 Mutilated, Defaced, Destroyed, Lost or Stolen
		Note.
	 

	 
		If (a) any mutilated or defaced Note is
		surrendered to a Transfer Agent, or if there shall be delivered to the Issuer,
		the Co-Issuer, the Trustee and the relevant Transfer Agent (each a
		“Specified Person”) evidence to their reasonable satisfaction of the
		destruction, loss or theft of any Note, and (b) there is delivered to the
		Specified Person such security or indemnity as may be required by each
		Specified Person to save each of them and any agent of any of them harmless (an
		unsecured indemnity agreement delivered to the Trustee by an institutional
		investor with a net worth of at least $200,000,000 being deemed sufficient to
		satisfy such security or indemnity requirement), then, in the absence of notice
		to the Specified Persons that such Note has been acquired by a bona fide
		purchaser, the Issuer and the Co-Issuer shall execute and, upon Issuer Request,
		the Trustee shall authenticate and deliver, in lieu of any such mutilated,
		defaced, destroyed, lost or stolen Note, a new Note, of like tenor (including
		the same date of issuance) and equal principal amount, registered in the same
		manner, dated the date of its authentication, bearing interest from the date to
		which interest has been paid on the mutilated, defaced, destroyed, lost or
		stolen Note and bearing a number not contemporaneously outstanding.
	 

	 
		 
	 

	 
		 
	 

	 
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		If, after delivery of such new Note, a bona
		fide purchaser of the predecessor Note presents for payment, transfer or
		exchange such predecessor Note, any Specified Person shall be entitled to
		recover such new Note from the Person to whom it was delivered or any Person
		taking therefrom, and each Specified Person shall be entitled to recover upon
		the security or indemnity provided therefor to the extent of any loss, damage,
		cost or expense incurred by such Specified Person in connection
		therewith.
	 

	 
		In case any such mutilated, defaced,
		destroyed, lost or stolen Note has become due and payable, the Issuer and the
		Co-Issuer, if applicable, in their discretion may, instead of issuing a new
		Note, pay such Note without requiring surrender thereof except that any
		mutilated or defaced Note shall be surrendered.
	 

	 
		Upon the issuance of any new Note under
		this Section 2.6, the Issuer and the Co-Issuer, if applicable, may
		require the payment by the registered Holder thereof of a sum sufficient to
		cover any tax or other governmental charge that may be imposed in relation
		thereto and any other expenses (including the fees and expenses of the Trustee)
		connected therewith.
	 

	 
		Every new Note issued pursuant to this
		Section 2.6 in lieu of any mutilated, defaced, destroyed, lost or
		stolen Note shall constitute an original additional contractual obligation of
		the Issuer and the Co-Issuer, if applicable, and such new Note shall be
		entitled, subject to the second paragraph of this Section 2.6, to
		all the benefits of this Indenture equally and proportionately with any and all
		other Notes duly issued hereunder.
	 

	 
		The provisions of this
		Section 2.6 are exclusive and shall preclude (to the extent lawful)
		all other rights and remedies with respect to the replacement or payment of
		mutilated, defaced, destroyed, lost or stolen Notes.
	 

	 
		Section 2.7 Payment of Principal and Interest and Other Amounts;
		Principal and Interest Rights Preserved.
	 

	 
		(a) As provided in such Notes, the
		Class A-1 Notes shall accrue interest during each Interest Accrual Period
		at the Class A-1 Rate. As provided in such Notes, interest on each
		Class A-1 Note shall be due and payable on each Payment Date immediately
		following the related Interest Accrual Period in the proportion that the
		outstanding principal amount of such Class A-1 Note bears to the Aggregate
		Outstanding Amount of all Class A-1 Notes; provided,
		however, that the payment of interest on the Class A-1
		Notes is subordinated to the payment on each Payment Date of certain amounts in
		accordance with the Priority of Payments.
	 

	 
		(b) As provided in such Notes, the
		Class A-2 Notes shall accrue interest during each Interest Accrual Period
		at the Class A-2 Rate. As provided in such Notes, interest on each
		Class A-2 Note shall be due and payable on each Payment Date immediately
		following the related Interest Accrual Period in the proportion that the
		outstanding principal amount of such Class A-2 Note bears to the Aggregate
		Outstanding Amount of all Class A-2 Notes; provided,
		however, that the payment of interest on the Class A-2
		Notes is subordinated to the payment on each Payment Date of the interest due
		and payable on the Class A-1 Notes (including any Class A-1 Defaulted
		Interest Amount) and certain other amounts in accordance with the Priority of
		Payments.
	 

	 
		 
	 

	 
		 
	 

	 
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		(c) As provided in such Notes, the
		Class B Notes shall accrue interest during each Interest Accrual Period at
		the Class B Rate. As provided in such Notes, interest on each Class B
		Note shall be due and payable on each Payment Date immediately following the
		related Interest Accrual Period in the proportion that the outstanding
		principal amount of such Class B Note bears to the Aggregate Outstanding
		Amount of all Class B Notes; provided,
		however, that payment of interest on
		the Class B Notes is subordinated to the payment on each Payment Date of
		the interest due and payable on the Class A-1 Notes and the Class A-2
		Notes, (including any Class A-1 Defaulted Interest Amount and any
		Class A-2 Defaulted Interest Amount) and certain other amounts in
		accordance with the Priority of Payments.
	 

	 
		(d) As provided in such Notes, the
		Class C Notes shall accrue interest during each Interest Accrual Period at
		the Class C Rate. As provided in such Notes, interest on each Class C
		Note shall be due and payable on each Payment Date immediately following the
		related Interest Accrual Period in the proportion that the outstanding
		principal amount of such Class C Note bears to the Aggregate Outstanding
		Amount of all Class C Notes; provided, however, that payment of interest on the Class C Notes is
		subordinated to the payment on each Payment Date of the interest due and
		payable on the Class A-1 Notes, the Class A-2 Notes and the
		Class B Notes (including any Class A-1 Defaulted Interest Amount,
		Class A-2 Defaulted Interest Amount and Class B Defaulted Interest
		Amount) and certain other amounts in accordance with the Priority of
		Payments.
	 

	 
		As provided under the terms of the Notes,
		for so long as any Class B Notes are Outstanding, any payment of interest
		due on the Class C Notes which is not available to be paid (the
		“Class C Deferred Interest”) in accordance with the
		Priority of Payments on any Payment Date shall not be considered “due and
		payable” for the purpose of Section 5.1(a) hereof (and the
		failure to pay such Class C Deferred Interest shall not be an Event of
		Default) until the Payment Date on which funds are available to pay all or any
		portion of such Class C Deferred Interest in accordance with the Priority
		of Payments. On or after such Payment Date, only such portion of any payment of
		Class C Deferred Interest for which funds are available in accordance with
		the Priority of Payments shall be considered “due and payable” and
		the failure to pay such portion of Class C Deferred Interest shall be an
		Event of Default. Class C Deferred Interest shall be added to the
		principal amount of the Class C Notes, shall bear interest thereafter at
		the Class C Rate (to the extent lawful) and shall be payable on the first
		Payment Date on which funds are permitted to be used for such purpose in
		accordance with the Priority of Payments. On or after the Payment Date on which
		the Class B Notes are no longer Outstanding, to the extent interest is due
		(excluding any previously deferred Class C Deferred Interest) but not paid
		on the Class C Notes, the failure to pay such interest shall constitute an
		Event of Default hereunder.
	 

	 
		(e) As provided in such Notes, the
		Class D Notes shall accrue interest during each Interest Accrual Period at
		the Class D Rate. As provided in such Notes, interest on each Class D
		Note shall be due and payable on each Payment Date immediately following the
		related Interest Accrual Period in the proportion that the outstanding
		principal amount of such Class D Note bears to the Aggregate Outstanding
		Amount of all Class D Notes; provided,
		however, that payment of interest on
		the Class D Notes is subordinated to the payment on each Payment Date of
		the interest due and payable on the Class A-1 Notes, the Class A-2
		Notes, the Class B Notes and the Class C Notes (including any
		Class A-1 Defaulted Interest Amount, Class A-2 Defaulted Interest
		Amount, Class B Defaulted Interest Amount, Class C Defaulted Interest
		Amount and 
	 

	 
		 
	 

	 
		 
	 

	 
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		Class C Deferred Interest) and certain
		other amounts in accordance with the Priority of Payments.
	 

	 
		As provided under the terms of the Notes,
		for so long as any Class C Notes are Outstanding, any payment of interest
		due on the Class D Notes which is not available to be paid
		(“Class D Deferred Interest”) in accordance with the
		Priority of Payments on any Payment Date shall not be considered “due and
		payable” for the purpose of Section 5.1(a) hereof (and the
		failure to pay such Class D Deferred Interest shall not be an Event of
		Default) until the Payment Date on which funds are available to pay all or any
		portion of such Class D Deferred Interest in accordance with the Priority
		of Payments. On or after such Payment Date, only such portion of any payment of
		Class D Deferred Interest for which funds are available in accordance with
		the Priority of Payments shall be considered “due and payable” and
		the failure to pay such portion of Class D Deferred Interest shall be an
		Event of Default. Class D Deferred Interest shall be added to the
		principal amount of the Class D Notes, shall bear interest thereafter at
		the Class D Rate (to the extent lawful) and shall be payable on the first
		Payment Date on which funds are permitted to be used for such purpose in
		accordance with the Priority of Payments. On or after the Payment Date on which
		the Class C Notes are no longer Outstanding, to the extent interest is due
		(excluding any previously deferred Class D Deferred Interest) but not paid
		on the Class D Notes, the failure to pay such interest shall constitute an
		Event of Default hereunder.
	 

	 
		(f) As provided in such Notes, the
		Class E Notes shall accrue interest during each Interest Accrual Period at
		the Class E Rate. As provided in such Notes, interest on each Class E
		Note shall be due and payable on each Payment Date immediately following the
		related Interest Accrual Period in the proportion that the outstanding
		principal amount of such Class E Note bears to the Aggregate Outstanding
		Amount of all Class E Notes; provided, however, that payment of interest on the Class E Notes is
		subordinated to the payment on each Payment Date of the interest due and
		payable on the Class A-1 Notes, the Class A-2 Notes, the Class B
		Notes, the Class C Notes and the Class D Notes (including any
		Class A-1 Defaulted Interest Amount, Class A-2 Defaulted Interest
		Amount, Class B Defaulted Interest Amount, Class C Defaulted Interest
		Amount, Class C Deferred Interest, Class D Defaulted Interest Amount
		and Class D Deferred Interest) and certain other amounts in accordance
		with the Priority of Payments.
	 

	 
		As provided under the terms of the Notes,
		for so long as any Class D Notes are Outstanding, any payment of interest
		due on the Class E Notes which is not available to be paid (the
		“Class E Deferred Interest”) in accordance with the
		Priority of Payments on any Payment Date shall not be considered “due and
		payable” for the purpose of Section 5.1(a) hereof (and the
		failure to pay such Class E Deferred Interest shall not be an Event of
		Default) until the Payment Date on which funds are available to pay all or any
		portion of such Class E Deferred Interest in accordance with the Priority
		of Payments. On or after such Payment Date, only such portion of any payment of
		Class E Deferred Interest for which funds are available in accordance with
		the Priority of Payments shall be considered “due and payable” and
		the failure to pay such portion of Class E Deferred Interest shall be an
		Event of Default. Class E Deferred Interest shall be added to the
		principal amount of the Class E Notes, shall bear interest thereafter at
		the Class E Rate (to the extent lawful) and shall be payable on the first
		Payment Date on which funds are permitted to be used for such purpose in
		accordance with the Priority of Payments. On or after the Payment Date on which
		the Class D Notes are no longer Outstanding, to the extent interest is due
		
	 

	 
		 
	 

	 
		 
	 

	 
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		(excluding any previously deferred
		Class E Deferred Interest) but not paid on the Class E Notes, the
		failure to pay such interest shall constitute an Event of Default
		hereunder.
	 

	 
		(g) As provided in such Notes, the
		Class F Notes shall accrue interest during each Interest Accrual Period at
		the Class F Rate. As provided in such Notes, interest on each Class F
		Note shall be due and payable on each Payment Date immediately following the
		related Interest Accrual Period in the proportion that the outstanding
		principal amount of such Class F Note bears to the Aggregate Outstanding
		Amount of all Class F Notes; provided,
		however, that payment of interest on
		the Class F Notes is subordinated to the payment on each Payment Date of
		the interest due and payable on the Class A-1 Notes, the Class A-2
		Notes, the Class B Notes, the Class C Notes, the Class D Notes
		and the Class E Notes (including any Class A-1 Defaulted Interest
		Amount, Class A-2 Defaulted Interest Amount, Class B Defaulted
		Interest Amount, Class C Defaulted Interest Amount, Class C Deferred
		Interest, Class D Defaulted Interest Amount, Class D Deferred
		Interest, Class E Defaulted Interest Amount and Class E Deferred
		Interest) and certain other amounts in accordance with the Priority of
		Payments.
	 

	 
		As provided under the terms of the Notes,
		for so long as any Class E Notes are Outstanding, any payment of interest
		due on the Class F Notes which is not available to be paid
		(“Class F Deferred Interest”) in accordance with the
		Priority of Payments on any Payment Date shall not be considered “due and
		payable” for the purpose of Section 5.1(a) hereof (and the
		failure to pay such Class F Deferred Interest shall not be an Event of
		Default) until the Payment Date on which funds are available to pay all or any
		portion of such Class F Deferred Interest in accordance with the Priority
		of Payments. On or after such Payment Date, only such portion of any payment of
		Class F Deferred Interest for which funds are available in accordance with
		the Priority of Payments shall be considered “due and payable” and
		the failure to pay such portion of Class F Deferred Interest shall be an
		Event of Default. Class F Deferred Interest shall be added to the
		principal amount of the Class F Notes, shall bear interest thereafter at
		the Class F Rate (to the extent lawful) and shall be payable on the first
		Payment Date on which funds are permitted to be used for such purpose in
		accordance with the Priority of Payments. On or after the Payment Date on which
		the Class E Notes are no longer Outstanding, to the extent interest is due
		(excluding any previously deferred Class F Deferred Interest) but not paid
		on the Class F Notes, the failure to pay such interest shall constitute an
		Event of Default hereunder.
	 

	 
		(h) As provided in such Notes, the
		Class G Notes shall accrue interest during each Interest Accrual Period at
		the Class G Rate. As provided in such Notes, interest on each Class G
		Note shall be due and payable on each Payment Date immediately following the
		related Interest Accrual Period in the proportion that the outstanding
		principal amount of such Class G Note bears to the Aggregate Outstanding
		Amount of all Class G Notes; provided,
		however, that payment of interest on
		the Class G Notes is subordinated to the payment on each Payment Date of
		the interest due and payable on the Class A-1 Notes, the Class A-2
		Notes, the Class B Notes, the Class C Notes, the Class D Notes,
		the Class E Notes and the Class F Notes (including any Class A-1
		Defaulted Interest Amount, any Class A-2 Defaulted Interest Amount,
		Class B Defaulted Interest Amount, Class C Defaulted Interest Amount,
		Class C Deferred Interest, Class D Defaulted Interest Amount,
		Class D Deferred Interest, Class E Defaulted Interest Amount,
		Class E Deferred Interest, Class F Defaulted Interest Amount and
		Class F Deferred Interest) and certain other amounts in accordance with
		the Priority of Payments.
	 

	 
		 
	 

	 
		 
	 

	 
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		As provided under the terms of the Notes,
		for so long as any Class F Notes are Outstanding, any payment of interest
		due on the Class G Notes which is not available to be paid (the
		“Class G Deferred Interest”) in accordance with the
		Priority of Payments on any Payment Date shall not be considered “due and
		payable” for the purpose of Section 5.1(a) hereof (and the
		failure to pay such Class G Deferred Interest shall not be an Event of
		Default) until the Payment Date on which funds are available to pay all or any
		portion of such Class G Deferred Interest in accordance with the Priority
		of Payments. On or after such Payment Date, only such portion of any payment of
		Class G Deferred Interest for which funds are available in accordance with
		the Priority of Payments shall be considered “due and payable” and
		the failure to pay such portion of Class G Deferred Interest shall be an
		Event of Default. Class G Deferred Interest shall be added to the
		principal amount of the Class G Notes, shall bear interest thereafter at
		the Class G Rate (to the extent lawful) and shall be payable on the first
		Payment Date on which funds are permitted to be used for such purpose in
		accordance with the Priority of Payments. On or after the Payment Date on which
		the Class F Notes are no longer Outstanding, to the extent interest is due
		(excluding any previously deferred Class G Deferred Interest) but not paid
		on the Class G Notes, the failure to pay such interest shall constitute an
		Event of Default hereunder.
	 

	 
		(i) As provided in such Notes, the
		Class H Notes shall accrue interest during each Interest Accrual Period at
		the Class H Rate. As provided in such Notes, interest on each Class H
		Note shall be due and payable on each Payment Date immediately following the
		related Interest Accrual Period in the proportion that the outstanding
		principal amount of such Class H Note bears to the Aggregate Outstanding
		Amount of all Class H Notes; provided,
		however, that payment of interest on
		the Class H Notes is subordinated to the payment on each Payment Date of
		the interest due and payable on the Class A-1 Notes, the Class A-2
		Notes, the Class B Notes, the Class C Notes, the Class D Notes,
		the Class E Notes, the Class F Notes and the Class G Notes
		(including any Class A-1 Defaulted Interest Amount, any Class A-2
		Defaulted Interest Amount, Class B Defaulted Interest Amount, Class C
		Defaulted Interest Amount, Class C Deferred Interest, Class D
		Defaulted Interest Amount, Class D Deferred Interest, Class E
		Defaulted Interest Amount, Class E Deferred Interest, Class F
		Defaulted Interest Amount, Class F Deferred Interest, Class G
		Defaulted Interest Amount and Class G Deferred Interest) and certain other
		amounts in accordance with the Priority of Payments.
	 

	 
		As provided under the terms of the Notes,
		for so long as any Class G Notes are Outstanding, any payment of interest
		due on the Class H Notes which is not available to be paid
		(“Class H Deferred Interest”) in accordance with the
		Priority of Payments on any Payment Date shall not be considered “due and
		payable” for the purpose of Section 5.1(a) hereof (and the
		failure to pay such Class H Deferred Interest shall not be an Event of
		Default) until the Payment Date on which funds are available to pay all or any
		portion of such Class H Deferred Interest in accordance with the Priority
		of Payments. On or after such Payment Date, only such portion of any payment of
		Class H Deferred Interest for which funds are available in accordance with
		the Priority of Payments shall be considered “due and payable” and
		the failure to pay such portion of Class H Deferred Interest shall be an
		Event of Default. Class H Deferred Interest shall be added to the
		principal amount of the Class H Notes, shall bear interest thereafter at
		the Class H Rate (to the extent lawful) and shall be payable on the first
		Payment Date on which funds are permitted to be used for such purpose in
		accordance with the Priority of Payments. On or after the Payment Date on which
		the Class G Notes are no longer Outstanding, to the extent interest is due
		
	 

	 
		 
	 

	 
		 
	 

	 
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		(excluding any previously deferred
		Class H Deferred Interest) but not paid on the Class H Notes, the
		failure to pay such interest shall constitute an Event of Default
		hereunder.
	 

	 
		(j) As provided in such Notes, the
		Class J Notes shall accrue interest during each Interest Accrual Period at
		the Class J Rate. As provided in such Notes, interest on each Class J
		Note shall be due and payable on each Payment Date immediately following the
		related Interest Accrual Period in the proportion that the outstanding
		principal amount of such Class J Note bears to the Aggregate Outstanding
		Amount of all Class J Notes; provided,
		however, that payment of interest on
		the Class J Notes is subordinated to the payment on each Payment Date of
		the interest due and payable on the Class A-1 Notes, the Class A-2
		Notes, the Class B Notes, the Class C Notes, the Class D Notes,
		the Class E Notes, the Class F Notes, the Class G Notes and the
		Class H Notes (including any Class A-1 Defaulted Interest Amount, any
		Class A-2 Defaulted Interest Amount, Class B Defaulted Interest
		Amount, Class C Defaulted Interest Amount, Class C Deferred Interest,
		Class D Defaulted Interest Amount, Class D Deferred Interest,
		Class E Defaulted Interest Amount, Class E Deferred Interest,
		Class F Defaulted Interest Amount, Class F Deferred Interest,
		Class G Defaulted Interest Amount, Class G Deferred Interest,
		Class H Defaulted Interest Amount and Class H Deferred Interest) and
		certain other amounts in accordance with the Priority of Payments.
	 

	 
		As provided under the terms of the Notes,
		for so long as any Class H Notes are Outstanding, any payment of interest
		due on the Class J Notes which is not available to be paid
		(“Class J Deferred Interest”) in accordance with the
		Priority of Payments on any Payment Date shall not be considered “due and
		payable” for the purpose of Section 5.1(a) hereof (and the failure to pay such Class J
		Deferred Interest shall not be an Event of Default) until the Payment Date on
		which funds are available to pay all or any portion of such Class J
		Deferred Interest in accordance with the Priority of Payments. On or after such
		Payment Date, only such portion of any payment of Class J Deferred
		Interest for which funds are available in accordance with the Priority of
		Payments shall be considered “due and payable” and the failure to pay
		such portion of Class J Deferred Interest shall be an Event of Default.
		Class J Deferred Interest shall be added to the principal amount of the
		Class J Notes, shall bear interest thereafter at the Class J Rate (to
		the extent lawful) and shall be payable on the first Payment Date on which
		funds are permitted to be used for such purpose in accordance with the Priority
		of Payments. On or after the Payment Date on which the Class H Notes are
		no longer Outstanding, to the extent interest is due (excluding any previously
		deferred Class J Deferred Interest) but not paid on the Class J
		Notes, the failure to pay such interest shall constitute an Event of Default
		hereunder.
	 

	 
		(k) As provided in such Notes, the
		Class K Notes shall accrue interest during each Interest Accrual Period at
		the Class K Rate. As provided in such Notes, interest on each Class K
		Note shall be due and payable on each Payment Date immediately following the
		related Interest Accrual Period in the proportion that the outstanding
		principal amount of such Class K Note bears to the Aggregate Outstanding
		Amount of all Class K Notes; provided,
		however, that payment of interest on
		the Class K Notes is subordinated to the payment on each Payment Date of
		the interest due and payable on the Class A-1 Notes, the Class A-2
		Notes, the Class B Notes, the Class C Notes, the Class D Notes,
		the Class E Notes, the Class F Notes, the Class G Notes, the
		Class H Notes and the Class J Notes (including any Class A-1
		Defaulted Interest Amount, any Class A-2 Defaulted Interest Amount,
		Class B Defaulted Interest Amount, Class C Defaulted Interest Amount,
		Class C Deferred Interest, Class D Defaulted Interest Amount,
		Class D
	 

	 
		 
	 

	 
		 
	 

	 
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		Deferred Interest, Class E Defaulted
		Interest Amount, Class E Deferred Interest, Class F Defaulted
		Interest Amount, Class F Deferred Interest, Class G Defaulted
		Interest Amount, Class G Deferred Interest, Class H Defaulted
		Interest Amount, Class H Deferred Interest, Class J Defaulted
		Interest Amount and Class J Deferred Interest) and certain other amounts
		in accordance with the Priority of Payments.
	 

	 
		As provided under the terms of the Notes,
		for so long as any Class J Notes are Outstanding, any payment of interest
		due on the Class K Notes which is not available to be paid
		(“Class K Deferred Interest”) in accordance with the
		Priority of Payments on any Payment Date shall not be considered “due and
		payable” for the purpose of Section 5.1(a) hereof (and the failure to pay such Class K
		Deferred Interest shall not be an Event of Default) until the Payment Date on
		which funds are available to pay all or any portion of such Class K
		Deferred Interest in accordance with the Priority of Payments. On or after such
		Payment Date, only such portion of any payment of Class K Deferred
		Interest for which funds are available in accordance with the Priority of
		Payments shall be considered “due and payable” and the failure to pay
		such portion of Class K Deferred Interest shall be an Event of Default.
		Class K Deferred Interest shall be added to the principal amount of the
		Class K Notes, shall bear interest thereafter at the Class K Rate (to
		the extent lawful) and shall be payable on the first Payment Date on which
		funds are permitted to be used for such purpose in accordance with the Priority
		of Payments. On or after the Payment Date on which the Class J Notes are
		no longer Outstanding, to the extent interest is due (excluding any previously
		deferred Class K Deferred Interest) but not paid on the Class K
		Notes, the failure to pay such interest shall constitute an Event of Default
		hereunder.
	 

	 
		(l) Upon any Optional Redemption, Tax
		Redemption, Auction Call Redemption or Clean-up Call or other redemption or
		payment in full of the Notes, all net proceeds from such liquidation and all
		available Cash (other than the Issuer’s right, title and interest in the
		Excepted Assets), after the payment of the amounts referred to in
		clauses (1) through (33) of Section 11.1(a)(i) and clauses (1) through (17) of Section 11.1(a)(ii) will be distributed by Trustee to the Preferred Shares
		Paying Agent for distribution to the holders of the Preferred Shares, whereupon
		the Preferred Shares will be cancelled and deemed paid in full for all
		purposes.
	 

	 
		(m) As provided under the terms of each
		Class of Notes, interest shall cease to accrue on each Class of Notes, or in
		the case of a partial repayment, on such part, from the date of repayment or
		Stated Maturity unless payment of principal is improperly withheld or unless a
		Default has occurred with respect to such payments of principal.
	 

	 
		(n) As provided under the terms of each
		Class of Notes, the principal of each such Class of Notes shall at par and be
		due and payable on the Stated Maturity, unless the unpaid principal of such
		Class of Notes becomes due and payable at an earlier date by declaration of
		acceleration, call for redemption or otherwise; provided,
		however, that:
	 

	 
		(i) As provided under the terms of the
		Class A-1 Notes and the Class A-2 Notes, the payment of principal of
		the Class A-2 Notes (other than payment of principal pursuant to
		Section 9.6 or Section 9.7) may only occur after the principal of the
		Class A-1 Notes has been paid in full and is subordinated to the payment
		on each Payment Date of the principal and interest due and payable on the
		Class A-1 Notes and other amounts in 
	 

	 
		 
	 

	 
		 
	 

	 
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		accordance with the Priority of Payments and
		any payment of principal of the Class A-2 Notes which is not paid, in
		accordance with the Priority of Payments, on any Payment Date, shall not be
		considered “due and payable” solely for purposes of Section 5.1(b) until the Payment Date on which such principal may be
		paid in accordance with the Priority of Payments or all of the Class A-1
		Notes have been paid in full;
	 

	 
		(ii) As provided under the terms of the
		Class A-1 Notes, the Class A-2 Notes and the Class B Notes, the payment of
		principal of the Class B Notes (other than payment of principal pursuant
		to Section 9.6 or Section 9.7) may only occur after the principal of the
		Class A-1 Notes and the Class A-2 Notes has been paid in full and is
		subordinated to the payment on each Payment Date of the principal and interest
		due and payable on the Class A-1 Notes and the Class A-2 Notes and
		other amounts in accordance with the Priority of Payments and any payment of
		principal of the Class B Notes which is not paid, in accordance with the
		Priority of Payments, on any Payment Date, shall not be considered “due
		and payable” solely for purposes of Section 5.1(b) until the Payment Date on which such principal may be
		paid in accordance with the Priority of Payments or all of the Class A-1
		Notes and Class A-2 Notes have been paid in full;
	 

	 
		(iii) As provided under the terms of the
		Class A-1 Notes, the Class A-2 Notes, the Class B Notes and the Class C Notes,
		the payment of principal of the Class C Notes (other than payment of the
		amounts constituting Class C Deferred Interest, notwithstanding that such
		Class C Deferred Interest may be deemed to constitute additions to
		principal, and other than the payment of principal pursuant to Section 9.6
		or Section 9.7) may only occur after the principal of the
		Class A-1 Notes, the Class A-2 Notes and the Class B Notes has
		been paid in full and is subordinated to the payment on each Payment Date of
		the principal and interest due and payable on the Class A-1 Notes, the
		Class A-2 Notes, the Class B Notes and other amounts in accordance
		with the Priority of Payments and any payment of principal of the Class C
		Notes which is not paid, in accordance with the Priority of Payments, on any
		Payment Date, shall not be considered “due and payable” solely for
		purposes of Section 5.1(b) until the Payment Date on which such principal may be
		paid in accordance with the Priority of Payments or all of the Class A-1
		Notes, the Class A-2 Notes and the Class B Notes have been paid in
		full;
	 

	 
		(iv) As provided under the terms of the
		Class A-1 Notes, the Class A-2 Notes, the Class B Notes, the Class C Notes and
		the Class D Notes, the payment of principal of the Class D Notes (other
		than payment of the amounts constituting Class D Deferred Interest,
		notwithstanding that such Class D Deferred Interest may be deemed to
		constitute additions to principal, and other than the payment of principal
		pursuant to Section 9.6
		or Section 9.7) may only occur after the principal of the
		Class A-1 Notes, the Class A-2 Notes, the Class B Notes and the
		Class C Notes has been paid in full and is subordinated to the payment on
		each Payment Date of the principal and interest due and payable on the
		Class A-1 Notes, the Class A-2 Notes, the Class B Notes, the
		Class C Notes and other amounts in accordance with the Priority of
		Payments and any payment of principal of the Class D Notes which is not
		paid, in accordance with the Priority of Payments, on any Payment Date, shall
		not be considered “due and payable” solely for purposes of
		Section 5.1(b) until the Payment Date on which such principal may be
		paid in accordance
	 

	 
		 
	 

	 
		 
	 

	 
		-103-
	 

	 
		 
	 

	 
	 

	 

	 
		with the Priority of Payments or all of the
		Class A Notes, the Class B Notes and the Class C Notes have been
		paid in full;
	 

	 
		(v) As provided under the terms of the Class
		A-1 Notes, the Class A-2 Notes, the Class B Notes, the Class C Notes, the Class
		D Notes and the Class E Notes, the payment of principal of the Class E
		Notes (other than payment of the amounts constituting Class E Deferred
		Interest, notwithstanding that such Class E Deferred Interest may be
		deemed to constitute additions to principal, and other than the payment of
		principal pursuant to Section 9.6
		or Section 9.7) may only occur after the principal of the
		Class A-1 Notes, the Class A-2 Notes, the Class B Notes, the
		Class C Notes and the Class D Notes has been paid in full and is
		subordinated to the payment on each Payment Date of the principal and interest
		due and payable on the Class A-1 Notes, the Class A-2 Notes, the
		Class B Notes, the Class C Notes, the Class D Notes and other
		amounts in accordance with the Priority of Payments and any payment of
		principal of the Class E Notes which is not paid, in accordance with the
		Priority of Payments, on any Payment Date, shall not be considered “due
		and payable” solely for purposes of Section 5.1(b) until the Payment Date on which such principal may be
		paid in accordance with the Priority of Payments or all of the Class A-1
		Notes, the Class A-2 Notes, the Class B Notes, the Class C Notes
		and the Class D Notes have been paid in full;
	 

	 
		(vi) As provided under the terms of the
		Class A-1 Notes, the Class A-2 Notes, the Class B Notes, the Class C Notes, the
		Class D Notes, the Class E Notes and the Class F Notes, the payment of
		principal of the Class F Notes (other than payment of the amounts
		constituting Class F Deferred Interest, notwithstanding that such
		Class F Deferred Interest may be deemed to constitute additions to
		principal, and other than the payment of principal pursuant to Section 9.6
		or Section 9.7) may only occur after the principal of the
		Class A-1 Notes, the Class A-2 Notes, the Class B Notes, the
		Class C Notes, the Class D Notes and the Class E Notes has been
		paid in full and is subordinated to the payment on each Payment Date of the
		principal and interest due and payable on the Class A-1 Notes, the
		Class A-2 Notes, the Class B Notes, the Class C Notes, the
		Class D Notes, the Class E Notes and other amounts in accordance with
		the Priority of Payments and any payment of principal of the Class F Notes
		which is not paid, in accordance with the Priority of Payments, on any Payment
		Date, shall not be considered “due and payable” solely for purposes
		of Section 5.1(b) until the Payment Date on which such principal may be
		paid in accordance with the Priority of Payments or all of the Class A-1
		Notes, the Class A-2 Notes, the Class B Notes, the Class C
		Notes, the Class D Notes and the Class E Notes have been paid in
		full;
	 

	 
		(vii) As provided under the terms of the
		Class A-1 Notes, the Class A-2 Notes, the Class B Notes, the Class C Notes, the
		Class D Notes, the Class E Notes, the Class F Notes and the Class G Notes, the
		payment of principal of the Class G Notes (other than payment of the
		amounts constituting Class G Deferred Interest, notwithstanding that such
		Class G Deferred Interest may be deemed to constitute additions to
		principal, and other than the payment of principal pursuant to Section 9.6
		or Section 9.7) may only occur after the principal of the
		Class A-1 Notes, the Class A-2 Notes, the Class B Notes, the
		Class C Notes, the Class D Notes, the Class E Notes and the
		Class F Notes has been paid in full and is subordinated to the payment on
		each Payment Date of the principal and interest 
	 

	 
		 
	 

	 
		 
	 

	 
		-104-
	 

	 
		 
	 

	 
	 

	 

	 
		due and payable on the Class A-1 Notes,
		the Class A-2 Notes, the Class B Notes, the Class C Notes, the
		Class D Notes, the Class E Notes, the Class F Notes and other
		amounts in accordance with the Priority of Payments and any payment of
		principal of the Class G Notes which is not paid, in accordance with the
		Priority of Payments, on any Payment Date, shall not be considered “due
		and payable” solely for purposes of Section 5.1(b) until the Payment Date on which such principal may be
		paid in accordance with the Priority of Payments or all of the Class A-1
		Notes, the Class A-2 Notes, the Class B Notes, the Class C
		Notes, the Class D Notes, the Class E Notes and the Class F
		Notes have been paid in full; and
	 

	 
		(viii) As provided under the terms of the
		Class A-1 Notes, the Class A-2 Notes, the Class B Notes, the Class C Notes, the
		Class D Notes, the Class E Notes, the Class F Notes, the Class G Notes and the
		Class H Notes, the payment of principal of the Class H Notes (other than
		payment of the amounts constituting Class H Deferred Interest,
		notwithstanding that such Class H Deferred Interest may be deemed to
		constitute additions to principal, and other than the payment of principal
		pursuant to Section 9.6
		or Section 9.7) may only occur after the principal of the
		Class A-1 Notes, the Class A-2 Notes, the Class B Notes, the
		Class C Notes, the Class D Notes, the Class E Notes, the
		Class F Notes and the Class G Notes has been paid in full and is
		subordinated to the payment on each Payment Date of the principal and interest
		due and payable on the Class A-1 Notes, the Class A-2 Notes, the
		Class B Notes, the Class C Notes, the Class D Notes, the
		Class E Notes, the Class F Notes, the Class G Notes and other
		amounts in accordance with the Priority of Payments and any payment of
		principal of the Class H Notes which is not paid, in accordance with the
		Priority of Payments, on any Payment Date, shall not be considered “due
		and payable” solely for purposes of Section 5.1(b) until the Payment Date on which such principal may be
		paid in accordance with the Priority of Payments or all of the Class A-1
		Notes, the Class A-2 Notes, the Class B Notes, the Class C
		Notes, the Class D Notes, the Class E Notes, the Class F Notes
		and the Class G Notes have been paid in full.
	 

	 
		(ix) As provided under the terms of the
		Class A-1 Notes, the Class A-2 Notes, the Class B Notes, the Class C Notes, the
		Class D Notes, the Class E Notes, the Class F Notes, the Class G Notes, the
		Class H Notes and the Class J Notes, the payment of principal of the
		Class J Notes (other than payment of the amounts constituting Class J
		Deferred Interest, notwithstanding that such Class J Deferred Interest may
		be deemed to constitute additions to principal, and other than the payment of
		principal pursuant to Section 9.6
		or Section 9.7) may only occur after the principal of the
		Class A-1 Notes, the Class A-2 Notes, the Class B Notes, the
		Class C Notes, the Class D Notes, the Class E Notes, the
		Class F Notes, the Class G Notes and the Class H Notes has been
		paid in full and is subordinated to the payment on each Payment Date of the
		principal and interest due and payable on the Class A-1 Notes, the
		Class A-2 Notes, the Class B Notes, the Class C Notes, the
		Class D Notes, the Class E Notes, the Class F Notes, the
		Class G Notes and the Class H Notes and other amounts in accordance
		with the Priority of Payments and any payment of principal of the Class J
		Notes which is not paid, in accordance with the Priority of Payments, on any
		Payment Date, shall not be considered “due and payable” solely for
		purposes of Section 5.1(b) until the Payment Date on which such principal may be
		paid in accordance with the Priority of Payments or all of the 
	 

	 
		 
	 

	 
		 
	 

	 
		-105-
	 

	 
		 
	 

	 
	 

	 

	 
		Class A-1 Notes, the Class A-2
		Notes, the Class B Notes, the Class C Notes, the Class D Notes,
		the Class E Notes, the Class F Notes, the Class G Notes and the
		Class H Notes have been paid in full.
	 

	 
		(x) As provided under the terms of the
		Class A-1 Notes, the Class A-2 Notes, the Class B Notes, the
		Class C Notes, the Class D Notes, the Class E Notes, the
		Class F Notes, the Class G Notes, the Class H Notes and the
		Class J Notes, the payment of principal of the Class K Notes (other
		than payment of the amounts constituting Class K Deferred Interest,
		notwithstanding that such Class K Deferred Interest may be deemed to
		constitute additions to principal, and other than the payment of principal
		pursuant to Section 9.6
		or Section 9.7) may only occur after the principal of the
		Class A-1 Notes, the Class A-2 Notes, the Class B Notes, the
		Class C Notes, the Class D Notes, the Class E Notes, the
		Class F Notes, the Class G Notes, the Class H Notes and the
		Class J Notes has been paid in full and is subordinated to the payment on
		each Payment Date of the principal and interest due and payable on the
		Class A-1 Notes, the Class A-2 Notes, the Class B Notes, the
		Class C Notes, the Class D Notes, the Class E Notes, the
		Class F Notes, the Class G Notes, the Class H Notes and the
		Class J Notes and other amounts in accordance with the Priority of
		Payments and any payment of principal of the Class K Notes which is not
		paid, in accordance with the Priority of Payments, on any Payment Date, shall
		not be considered “due and payable” solely for purposes of
		Section 5.1(b) until the Payment Date on which such principal may be
		paid in accordance with the Priority of Payments or all of the Class A-1
		Notes, the Class A-2 Notes, the Class B Notes, the Class C
		Notes, the Class D Notes, the Class E Notes, the Class F Notes,
		the Class G Notes, the Class H Notes and the Class J Notes have
		been paid in full.
	 

	 
		(o) As provided under the terms of the
		Notes, as a condition to the payment of principal of and interest on any Note
		without the imposition of U.S. withholding tax, each of the Co-Issuers, the
		Trustee or any Paying Agent shall require certification acceptable to it to
		enable each of the Co-Issuers, the Trustee and any Paying Agent to determine
		their duties and liabilities with respect to any taxes or other charges that
		they may be required to pay, deduct or withhold from payments in respect of
		such Note or the Holder of such Note under any present or future law or
		regulation of the Cayman Islands or the United States or any present or future
		law or regulation of any political subdivision thereof or taxing authority
		therein or to comply with any reporting or other requirements under any such
		law or regulation. Such certification may include U.S. federal income tax forms
		(such as IRS Form W-8BEN (Certification of Foreign Status of Beneficial Owner),
		Form W-8IMY (Certification of Foreign Intermediary Status), IRS Form W-9
		(Request for Taxpayer Identification Number and Certification), or IRS Form
		W-8ECI (Certification of Foreign Person’s Claim for Exemption from
		Withholding on Income Effectively Connected with Conduct of a U.S. Trade or
		Business) or any successors to such IRS forms). In addition, each of the
		Co-Issuers, the Trustee or any Paying Agent may require certification
		acceptable to it to enable the Issuer to qualify for a reduced rate of
		withholding in any jurisdiction from or through which the Issuer receives
		payments on its assets. Each Holder and each beneficial owner of Notes agree to
		provide any certification requested pursuant to this paragraph and to update or
		replace such form or certification in accordance with its terms or its
		subsequent amendments.
	 

	 
		 
	 

	 
		 
	 

	 
		-106-
	 

	 
		 
	 

	 
	 

	 

	 
		(p) As provided under the terms of the
		Notes, payments in respect of interest on and principal of the Notes shall be
		payable by wire transfer in immediately available funds to a Dollar account
		maintained by the Holder or its nominee; provided that
		the Holder has provided wiring instructions to the Trustee on or before the
		related Record Date or, if wire transfer cannot be effected, by a Dollar check
		drawn on a bank in the United States, or by a Dollar check mailed to the Holder
		at its address in the Notes Register. The Issuer expects that the Depository or
		its nominee, upon receipt of any payment of principal or interest in respect of
		a Global Security held by the Depository or its nominee, shall immediately
		credit the applicable Agent Members’ accounts with payments in amounts
		proportionate to the respective beneficial interests in such Global Security as
		shown on the records of the Depository or its nominee. The Issuer also expects
		that payments by Agent Members to owners of beneficial interests in such Global
		Security held through Agent Members will be governed by standing instructions
		and customary practices, as is now the case with securities held for the
		accounts of customers registered in the names of nominees for such customers.
		Such payments will be the responsibility of the Agent Members. Upon final
		payment due on the Maturity of a Note, the Holder thereof shall present and
		surrender such Note at the Corporate Trust Office of the Trustee or at the
		office of the Paying Agent (outside of the United States if then required by
		applicable law in the case of a Certificated Note issued in exchange for a
		beneficial interest in the Regulation S Global Security) on or prior to
		such Maturity. None of the Issuer, the Co-Issuer, the Trustee or the Paying
		Agent will have any responsibility or liability with respect to any records
		maintained by the Holder of any Note with respect to the beneficial holders
		thereof or payments made thereby on account of beneficial interests held
		therein. In the case where any final payment of principal and interest is to be
		made on any Note (other than on the Stated Maturity thereof) the Issuer or,
		upon Issuer Request, the Trustee, in the name and at the expense of the Issuer
		shall, not more than 30 nor fewer than ten (10) Business Days prior to the
		date on which such payment is to be made, mail to the Persons entitled thereto
		at their addresses appearing on the Notes Register, a notice which shall state
		the date on which such payment will be made and the amount of such payment per
		$500,000 initial principal amount of Notes and shall specify the place where
		such Notes may be presented and surrendered for such payment.
	 

	 
		(q) As provided under the terms of the
		Notes, and subject to the provisions of such Notes corresponding to the
		Sections 2.7(a) through (n) and Section 2.7(v) hereof, Holders of Notes as of
		the Record Date in respect of a Payment Date shall be entitled to the interest
		accrued and payable in accordance with the Priority of Payments and principal
		payable in accordance with the Priority of Payments on such Payment Date. All
		such payments that are mailed or wired and returned to the Paying Agent shall
		be held for payment as herein provided at the office or agency of the Issuer
		and the Co-Issuer to be maintained as provided in Section 7.2
		(or returned to the Trustee).
	 

	 
		(r) As provided under the terms of the
		Notes, interest on any Note which is payable, and is punctually paid or duly
		provided for, on any Payment Date shall be paid to the Person in whose name
		that Note (or one or more predecessor Notes) is registered at the close of
		business on the Record Date for such interest.
	 

	 
		(s) As provided under the terms of the
		Notes, payments of principal to Holders of the Notes of each Class shall be
		made in the proportion that the Aggregate Outstanding Amount of the Notes of
		such Class registered in the name of each such Holder on
	 

	 
		 
	 

	 
		 
	 

	 
		-107-
	 

	 
		 
	 

	 
	 

	 

	 
		such Record Date bears to the Aggregate
		Outstanding Amount of all Notes of such Class on such Record Date.
	 

	 
		(t) As provided under the terms of the
		Notes, interest accrued with respect to the Notes shall be calculated as
		described in the applicable form of Note attached hereto.
	 

	 
		(u) As provided under the terms of the
		Notes, all reductions in the principal amount of a Note (or one or more
		predecessor Notes) effected by payments of installments of principal made on
		any Payment Date, Redemption Date or upon Maturity shall be binding upon all
		future Holders of such Note and of any Note issued upon the registration of
		transfer thereof or in exchange therefor or in lieu thereof, whether or not
		such payment is noted on such Note.
	 

	 
		(v) As provided under the terms of the
		Notes, and notwithstanding anything contained in this Indenture to the
		contrary, the obligations of the Issuer and the Co-Issuer under the Notes and
		this Indenture are non-recourse obligations of the Issuer and the Co-Issuer
		payable solely from the Assets and following realization of the Assets, all
		obligations of the Co-Issuers, and any claims of the Noteholders, the Trustee,
		the Advancing Agent and any other Secured Parties shall be extinguished and
		shall not thereafter revive. No recourse shall be had for the payment of any
		amount owing in respect of the Notes against any Officer, director, employee,
		shareholder, member, limited partner or incorporator of the Issuer, the
		Co-Issuer or any of their respective successors or assigns for any amounts
		payable under the Notes or this Indenture. It is understood that the foregoing
		provisions of this paragraph shall not (i) prevent recourse to the Assets
		for the sums due or to become due under any security, instrument or agreement
		which is part of the Assets or (ii) constitute a waiver, release or
		discharge of any indebtedness or obligation evidenced by the Notes or secured
		by this Indenture (to the extent it relates to the obligation to make payments
		on the Notes) until such Assets have been realized, whereupon any outstanding
		indebtedness or obligation in respect of the Notes or under this Indenture
		shall be extinguished and shall not thereafter revive. It is further understood
		that the foregoing provisions of this paragraph shall not limit the right of
		any Person to name the Issuer or the Co-Issuer as a party defendant in any
		Proceeding or in the exercise of any other remedy under the Notes or this
		Indenture, so long as no judgment in the nature of a deficiency judgment or
		seeking personal liability shall be asked for or (if obtained) enforced against
		any such Person or entity.
	 

	 
		(w) As provided under the terms of each
		Class of the Notes, but subject to the foregoing provisions of this Section 2.7, each Note delivered under this Indenture and upon
		registration of transfer of or in exchange for or in lieu of any other Note
		shall carry the rights of unpaid interest and principal that were carried by
		such other Note.
	 

	 
		(x) As provided under the terms of each
		Class of the Notes, and notwithstanding any of the foregoing provisions with
		respect to payments of principal of and interest on the Notes (but subject to
		Section 2.7(n)), if the Notes have become or been declared due and
		payable following an Event of Default and such acceleration of Maturity and its
		consequences have not been rescinded and annulled and the provisions of
		Section 5.5 are not applicable, then payments of principal of and
		interest on such Notes shall be made in accordance with Section 5.7
		hereof.
	 

	 
		 
	 

	 
		 
	 

	 
		-108-
	 

	 
		 
	 

	 
	 

	 

	 
		(y) Payments in respect of the Preferred
		Shares as contemplated by Sections 11.1(a)(i)(34) and 11.1(a)(ii)(17)
		shall be made by the Trustee to the Preferred Shares Paying Agent.
	 

	 
		Section 2.8 Persons Deemed Owners.
	 

	 
		As provided under the terms of the Notes,
		the Issuer, the Co-Issuer, the Trustee, and any agent of the Issuer, the
		Co-Issuer or the Trustee may treat as the owner of a Note the Person in whose
		name such Note is registered on the Notes Register on the applicable Record
		Date for the purpose of receiving payments of principal of and interest and
		other amounts on such Note and on any other date for all other purposes
		whatsoever (whether or not such Note is overdue), and none of the Issuer, the
		Co-Issuer or the Trustee nor any agent of the Issuer, the Co-Issuer or the
		Trustee shall be affected by notice to the contrary; provided,
		however, that the Depository, or its
		nominee, shall be deemed the owner of the Global Securities, and owners of
		beneficial interests in Global Securities will not be considered the owners of
		any Notes for the purpose of receiving notices. With respect to the Preferred
		Shares, on any Payment Date, the Trustee shall deliver to the Preferred Shares
		Paying Agent the distributions thereon for distribution to the Preferred
		Shareholders.
	 

	 
		Section 2.9 Cancellation.
	 

	 
		All Notes surrendered for payment,
		registration of transfer, exchange or redemption, or deemed lost or stolen,
		shall, if surrendered to any Person other than the Trustee, be delivered to the
		Trustee, and shall be promptly canceled by the Trustee and may not be reissued
		or resold. No Notes shall be authenticated in lieu of or in exchange for any
		Notes canceled as provided in this Section 2.9, except as expressly permitted by this Indenture. All
		canceled Notes held by the Trustee shall be destroyed or held by the Trustee in
		accordance with its standard retention policy unless the Issuer and the
		Co-Issuer shall direct by an Issuer Order that they be returned to them.

	 

	 
		Section 2.10 Global
		Securities; Temporary Notes.
	 

	 
		(a) In the event that the Depository
		notifies the Issuer and the Co-Issuer that it is unwilling or unable to
		continue as Depository for a Global Security or if at any time such Depository
		ceases to be a “Clearing Agency” registered under the Exchange Act
		and a successor depository is not appointed by the Issuer within 90 days of
		such notice, the Global Securities deposited with the Depository pursuant to
		Section 2.2 hereof shall be transferred to the beneficial owners
		thereof subject to the procedures and conditions set forth in this
		Section 2.10.
	 

	 
		(b) Any Global Security that is transferable
		to the beneficial owners thereof pursuant to Section 2.10(a) above shall be surrendered by the Depository to the
		Trustee’s Corporate Trust Office together with necessary instruction for
		the registration and delivery of Class A-1 Notes, Class A-2 Notes,
		Class B Notes, Class C Notes, Class D Notes, Class E Notes,
		Class F Notes, Class G Notes and Class H Notes in definitive
		registered form without interest coupons to the beneficial owners (or such
		owner’s nominee) holding the ownership interests in such Global Security.
		Any such transfer shall be made, without charge, and the Trustee shall
		authenticate and deliver, upon such transfer of each portion of such Global
		Security, an equal
	 

	 
		 
	 

	 
		 
	 

	 
		-109-
	 

	 
		 
	 

	 
	 

	 

	 
		aggregate principal amount of Certificated
		Notes of the same Class and authorized denominations. Any Certificated Notes
		delivered in exchange for an interest in a Global Security shall, except as
		otherwise provided by Section 2.5(f), bear the applicable legend set forth in
		Exhibit A or
		B, as applicable, and shall be subject to the transfer
		restrictions referred to in such applicable legend. The Holder of each such
		registered individual Global Security may transfer such Global Security by
		surrendering it at the Corporate Trust Office of the Trustee, or at the office
		of the Paying Agent.
	 

	 
		(c) Subject to the provisions of
		Section 2.10(b) above, the registered Holder of a Global Security may
		grant proxies and otherwise authorize any Person, including Agent Members and
		Persons that may hold interests through Agent Members, to take any action which
		a Holder is entitled to take under this Indenture or the Notes.
	 

	 
		(d) In the event of the occurrence of either
		of the events specified in Section 2.10(a) above, the Issuer and the Co-Issuer shall promptly make
		available to the Trustee a reasonable supply of Certificated Notes.
	 

	 
		Pending the preparation of Certificated
		Notes pursuant to this Section 2.10, the Issuer and the Co-Issuer may execute and, upon
		Issuer Order, the Trustee shall authenticate and deliver, temporary
		Class A-1 Notes, Class A-2 Notes, Class B Notes, Class C
		Notes, Class D Notes, Class E Notes, Class F Notes, Class G
		Notes or Class H Notes that are printed, lithographed, typewritten,
		mimeographed or otherwise reproduced, in any authorized denomination,
		substantially of the tenor of the Certificated Notes in lieu of which they are
		issued and with such appropriate insertions, omissions, substitutions and other
		variations as the Officers executing such Certificated Notes may determine, as
		conclusively evidenced by their execution of such Certificated Notes.
	 

	 
		If temporary Certificated Notes are issued,
		the Issuer and the Co-Issuer shall cause permanent Certificated Notes to be
		prepared without unreasonable delay. The Certificated Notes shall be printed,
		lithographed, typewritten or otherwise reproduced, or provided by any
		combination thereof, or in any other manner permitted by the rules and
		regulations of any applicable notes exchange, all as determined by the Officers
		executing such Certificated Notes. After the preparation of Certificated Notes,
		the temporary Notes shall be exchangeable for Certificated Notes upon surrender
		of the applicable temporary Class A-1 Notes, Class A-2 Notes,
		Class B Notes, Class C Notes, Class D Notes, Class E Notes,
		Class F Notes, Class G Notes or Class H Notes at the office or
		agency maintained by the Issuer and the Co-Issuer for such purpose, without
		charge to the Holder. Upon surrender for cancellation of any one or more
		temporary Class A-1 Notes, Class A-2 Notes, Class B Notes,
		Class C Notes, Class D Notes, Class E Notes, Class F Notes,
		Class G Notes or Class H Notes, the Issuer and the Co-Issuer shall
		execute, and the Trustee shall authenticate and deliver, in exchange therefor
		the same aggregate principal amount of Certificated Notes of authorized
		denominations. Until so exchanged, the temporary Class A-1 Notes,
		Class A-2 Notes, Class B Notes, Class C Notes, Class D
		Notes, Class E Notes, Class F Notes, Class G Notes or
		Class H Notes shall in all respects be entitled to the same benefits under
		this Indenture as Certificated Notes.
	 

	 
		 
	 

	 
		 
	 

	 
		-110-
	 

	 
		 
	 

	 
	 

	 

	 
		Section 2.11 U.S. Tax Treatment of Notes.
	 

	 
		(a) Each of the Issuer and the Co-Issuer
		intends that, for U.S. federal income tax purposes, the Notes be treated as
		debt. Each prospective purchaser and any subsequent transferee of a Note or any
		interest therein shall, by virtue of its purchase or other acquisition of such
		Note or interest therein, be deemed to have agreed to treat such Note as debt
		for U.S. federal income tax purposes.
	 

	 
		(b) If required to prevent the withholding
		or imposition of United States income tax, the Issuer shall deliver or cause to
		be delivered a United States Internal Revenue Service Form W-8BEN or successor
		applicable form, to each issuer, counterparty or paying agent with respect to
		any Collateral Debt Security at the time such Collateral Debt Security is
		purchased or entered into and thereafter prior to the expiration or
		obsolescence of such form.
	 

	 
		(c) The Issuer shall not file, or cause to
		be filed, any income or franchise tax return in the United States or any state
		of the United States unless it shall have obtained advice from Cadwalader,
		Wickersham & Taft LLP or an opinion of other nationally recognized U.S. tax
		counsel experienced in such matters prior to such filing that, under the laws
		of such jurisdiction, the Issuer is required to file such income or franchise
		tax return.
	 

	 
		(d) In the case of the Preferred Shares and
		any Class of Notes that is deemed equity for U.S. federal income tax purposes
		by the Internal Revenue Service (the “IRS”), if the Holder of
		such Security so requests, the Issuer agrees to timely provide each Holder of
		such a Security with a PFIC Annual Information Statement, signed by the Issuer
		or its authorized representative, on an annual basis that contains the
		following information as required under Treasury Regulation section
		1.1295-1(g)(i):
	 

	 
		(i) the first and last days of the taxable
		year of the Issuer to which the PFIC Annual Information Statement
		applies;
	 

	 
		(ii) sufficient information to enable each
		Holder of such Securities to calculate its pro rata share
		of the Issuer’s ordinary earnings and net capital gain for that taxable
		year;
	 

	 
		(iii) the amount of cash and the fair market
		value of other property distributed or deemed distributed to such Holder of
		such Securities during the taxable year of the Issuer to which the PFIC Annual
		Information Statement pertains; and
	 

	 
		(iv) a statement that the Issuer shall
		permit the Holder of any such Securities to inspect and copy the Issuer’s
		permanent books of account, records and such other documents as may be
		maintained by the Issuer to establish that the Issuer’s ordinary earnings
		and net capital gain are computed in accordance with U.S. federal income tax
		principles and to verify these amounts and the Holder’s pro rata
		interest thereof.
	 

	 
		Notwithstanding the foregoing, if the Holder
		of such Security so requests and such Holder informs the Issuer or its
		authorized representative of the par value of each Class of Securities held by
		such Holder during such taxable year (including, if any Securities were
		acquired or sold during such taxable year, the date such Securities were
		acquired or sold, and par
	 

	 
		 
	 

	 
		 
	 

	 
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		value of such Securities), the Issuer or its
		authorized representative will inform such Holder of its pro rata share
		of the Issuer’s ordinary earnings and net capital gain in a timely
		manner.
	 

	 
		(e) The Issuer and the Co-Issuer shall
		account for the aforementioned Securities and prepare any reports to
		Noteholders and tax authorities, consistent with the intentions expressed in
		Sections 2.11(a) above.
	 

	 
		Section 2.12 No Gross-Up.
	 

	 
		The Company shall not be obligated to pay
		any additional amounts to the Holders or beneficial owners of the Notes as a
		result of any withholding or deduction for, or on account of, any present or
		future taxes, duties, assessments or governmental charges.
	 

	 
		Section 2.13 Authenticating Agents.
	 

	 
		Upon the request of the Issuer and the
		Co-Issuer, the Trustee shall, and if the Trustee so chooses the Trustee may
		pursuant to this Indenture, appoint one or more Authenticating Agents with
		power to act on its behalf and subject to its direction in the authentication
		of Notes in connection with issuance, transfers and exchanges under
		Sections 2.4, 2.5,
		2.6 and 8.5 hereof, as
		fully to all intents and purposes as though each such Authenticating Agent had
		been expressly authorized by such Sections to authenticate such Notes. For all
		purposes of this Indenture, the authentication of Notes by an Authenticating
		Agent pursuant to this Section 2.13 shall be deemed to be the authentication of Notes by
		the Trustee.
	 

	 
		Any corporation or banking association into
		which any Authenticating Agent may be merged or converted or with which it may
		be consolidated, or any corporation or banking association resulting from any
		merger, consolidation or conversion to which any Authenticating Agent shall be
		a party, or any corporation succeeding to the corporate trust business of any
		Authenticating Agent, shall be the successor of such Authenticating Agent
		hereunder, without the execution or filing of any further act on the part of
		the parties hereto or such Authenticating Agent or such successor corporation.
		Any Authenticating Agent may at any time resign by giving written notice of
		resignation to the Trustee, the Issuer and the Co-Issuer. The Trustee may at
		any time terminate the agency of any Authenticating Agent by giving written
		notice of termination to such Authenticating Agent, the Issuer and the
		Co-Issuer. Upon receiving such notice of resignation or upon such a
		termination, the Trustee shall promptly appoint a successor Authenticating
		Agent and shall give written notice of such appointment to the Issuer.
	 

	 
		The Trustee agrees to pay to each
		Authenticating Agent appointed by it from time to time reasonable compensation
		for its services, and reimbursement for its reasonable expenses relating
		thereto and the Trustee shall be entitled to be reimbursed for such payments,
		subject to Section 6.7
		hereof. The provisions of Sections 2.9, 6.4 and
		6.5 hereof shall be applicable to any Authenticating
		Agent.
	 

	 
		Section 2.14 Forced Sale on Failure to Comply with
		Restrictions.
	 

	 
		(a) Notwithstanding anything to the contrary
		elsewhere in this Indenture, any transfer of a Note or interest therein to a
		U.S. Person who is determined not to have been both a QIB (except in the case
		of the Depositor) and a Qualified Purchaser at the time of acquisition
		of
	 

	 
		 
	 

	 
		 
	 

	 
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		the Note or interest therein shall be null
		and void and any such proposed transfer of which the Issuer, the Co-Issuer or
		the Trustee shall have notice may be disregarded by the Issuer, the Co-Issuer
		and the Trustee for all purposes.
	 

	 
		(b) If the Issuer determines that any Holder
		of a Note has not satisfied the applicable requirement described in
		Section 2.14(a) above (any such person a “Non-Permitted
		Holder”), then the Issuer shall promptly after discovery that such
		Person is a Non-Permitted Holder by the Issuer, the Co-Issuer or the Trustee
		(and notice by the Trustee or the Co-Issuer to the Issuer, if either of them
		makes the discovery), send notice to such Non-Permitted Holder demanding that
		such Non-Permitted Holder transfer its interest to a Person that is not a
		Non-Permitted Holder within 30 days of the date of such notice. If such
		Non-Permitted Holder fails to so transfer its Note or interest therein, the
		Issuer shall have the right, without further notice to the Non-Permitted
		Holder, to sell such Note or interest therein to a purchaser selected by the
		Issuer that is not a Non-Permitted Holder on such terms as the Issuer may
		choose. The Issuer, or the Trustee acting on behalf of the Issuer, may select
		the purchaser by soliciting one or more bids from one or more brokers or other
		market professionals that regularly deal in securities similar to the Note, and
		selling such Note to the highest such bidder. However, the Issuer or the
		Trustee may select a purchaser by any other means determined by it in its sole
		discretion. The Holder of such Note, the Non-Permitted Holder and each other
		Person in the chain of title from the Holder to the Non-Permitted Holder, by
		its acceptance of an interest in the Note, agrees to cooperate with the Issuer
		and the Trustee to effect such transfers. The proceeds of such sale, net of any
		commissions, expenses and taxes due in connection with such sale shall be
		remitted to the Non-Permitted Holder. The terms and conditions of any sale
		under this Section 2.14(b) shall be determined in the sole discretion of the
		Issuer, and the Issuer shall not be liable to any Person having an interest in
		the Note sold as a result of any such sale of exercise of such
		discretion.
	 

	 
		 
	 

	 
		 
	 

	 
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		ARTICLE 3
	 

	 
		CONDITIONS PRECEDENT; PLEDGED
		OBLIGATIONS
	 

	 
		Section 3.1 General Provisions.
	 

	 
		The Notes to be issued on the Closing Date
		shall be executed by the Issuer and the Co-Issuer upon compliance with
		Section 3.2 and shall be delivered to the Trustee for
		authentication and thereupon the same shall be authenticated and delivered by
		the Trustee upon Issuer Request and upon receipt by the Trustee of the items
		described below:
	 

	 
		(a) an Officer’s Certificate of the
		Issuer (i) evidencing the authorization by Board Resolution of the
		execution and delivery of this Indenture, the Collateral Management Agreement,
		each Hedge Agreement and related documents, the execution, authentication and
		delivery of the Notes and specifying the Stated Maturity of each Class of
		Notes, the principal amount of each Class of Notes and the applicable Note
		Interest Rate of each Class of Notes to be authenticated and delivered, and
		(ii) certifying that (A) the attached copy of the Board Resolution is
		a true and complete copy thereof, (B) such resolutions have not been
		rescinded and are in full force and effect on and as of the Closing Date,
		(C) the Directors authorized to execute and deliver such documents hold
		the offices and have the signatures indicated thereon and (D) at least
		$101,500,000 in cash and Collateral Debt Securities (face amount) on account of
		the sale on the Closing Date of the Preferred Shares shall have been
		received;
	 

	 
		(b) an Officer’s Certificate of the
		Co-Issuer (i) evidencing the authorization by Board Resolution of the
		execution and delivery of this Indenture and related documents, the execution,
		authentication and delivery of the Notes and specifying the Stated Maturity of
		each Class of Notes, the principal amount of each Class of Notes and the
		applicable Note Interest Rate of each Class of Notes to be authenticated and
		delivered, and (ii) certifying that (A) the attached copy of the
		Board Resolution is a true and complete copy thereof, (B) such resolutions
		have not been rescinded and are in full force and effect on and as of the
		Closing Date and (C) the Officers authorized to execute and deliver such
		documents hold the offices and have the signatures indicated thereon;
	 

	 
		(c) (i) either (A) certificates of the
		Issuer or other official document evidencing the due authorization, approval or
		consent of any governmental body or bodies, at the time having jurisdiction in
		the premises, together with an Opinion of Counsel of the Issuer that no other
		authorization, approval or consent of any governmental body is required for the
		valid issuance of such Notes, or (B) an Opinion of Counsel of the Issuer
		reasonably satisfactory in form and substance to the Trustee that no such
		authorization, approval or consent of any governmental body is required for the
		valid issuance of such Notes except as may have been given; and
	 

	 
		(ii) either (A) certificates of the
		Co-Issuer or other official document evidencing the due authorization, approval
		or consent of any governmental body or bodies, at the time having jurisdiction
		in the premises, together with an Opinion of Counsel of the Co-Issuer that no
		other authorization, approval or consent of any governmental body is required
		for the valid issuance of such Notes, or (B) an Opinion of 
	 

	 
		 
	 

	 
		 
	 

	 
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		Counsel of the Co-Issuer reasonably
		satisfactory in form and substance to the Trustee that no such authorization,
		approval or consent of any governmental body is required for the valid issuance
		of such Notes except as may have been given;
	 

	 
		(d) opinions of Cadwalader, Wickersham &
		Taft LLP, special U.S. counsel to the Issuer and the Co-Issuer (which opinions
		may be limited to the laws of the State of New York and the federal law of the
		United States and may assume, among other things, the correctness of the
		representations and warranties made or deemed made by the owners of Notes
		pursuant to Sections 2.5(g) and (i)) dated the
		Closing Date, satisfactory in form and substance to the Trustee;
	 

	 
		(e) an opinion of Maples and Calder, Cayman
		Islands counsel to the Issuer (which opinion shall be limited to the laws of
		the Cayman Islands), dated the Closing Date, satisfactory in form and substance
		to the Trustee;
	 

	 
		(f) an opinion of counsel to each Hedge
		Counterparty, dated the Closing Date;
	 

	 
		(g) an Officer’s Certificate, given on
		behalf of the Issuer and without personal liability, stating that the Issuer is
		not in Default under this Indenture and that the issuance of the Notes will not
		result in a breach of any of the terms, conditions or provisions of, or
		constitute a Default under, the Governing Documents of the Issuer, any
		indenture or other agreement or instrument to which the Issuer is a party or by
		which it is bound, or any order of any court or administrative agency entered
		in any Proceeding to which the Issuer is a party or by which it may be bound or
		to which it may be subject; that all conditions precedent provided in this
		Indenture relating to the authentication and delivery of the Notes applied for
		and all conditions precedent provided in the Preferred Shares Paying Agency
		Agreement relating to the issuance by the Issuer of the Preferred Shares have
		been complied with;
	 

	 
		(h) an Officer’s Certificate stating
		that the Co-Issuer is not in Default under this Indenture and that the issuance
		of the Securities will not result in a breach of any of the terms, conditions
		or provisions of, or constitute a Default under, the Governing Documents of the
		Co-Issuer, any indenture or other agreement or instrument to which the
		Co-Issuer is a party or by which it is bound, or any order of any court or
		administrative agency entered in any Proceeding to which the Co-Issuer is a
		party or by which it may be bound or to which it may be subject; that all
		conditions precedent provided in this Indenture relating to the authentication
		and delivery of the Notes applied for have been complied with; and that all
		expenses due or accrued with respect to the offering or relating to actions
		taken on or in connection with the Closing Date have been paid;
	 

	 
		(i) an executed counterpart of the initial
		Collateral Debt Securities Transfer Agreement and the Collateral Management
		Agreement;
	 

	 
		(j) an executed copy of each Hedge
		Agreement;
	 

	 
		(k) an executed counterpart of the Preferred
		Shares Paying Agency Agreement;
	 

	 
		 
	 

	 
		 
	 

	 
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		(l) an opinion of counsel to the Trustee,
		dated the Closing Date;
	 

	 
		(m) an Accountants’ Report confirming
		the following information as of the Closing Date: (i) the information
		(other than the Principal Balance and the Purchase Price) with respect to each
		Collateral Debt Security set forth on the Schedule of Closing Date Collateral
		Debt Securities attached hereto as Schedule E by reference
		to such sources as shall be specified therein and (ii) specifying the
		procedures undertaken by the accountants to review data and computations
		relating to the foregoing;
	 

	 
		(n) an Officer’s Certificate from the
		Collateral Manager confirming that, to the best knowledge of the
		Collateral Manager, each Collateral Debt Security set forth on the
		Schedule E attached
		hereto meets the Eligibility Criteria and that Schedule E correctly
		lists the Collateral Debt Securities to be Granted to the Trustee on the
		Closing Date, and the Aggregate Principal Amount of the Collateral Debt
		Securities;
	 

	 
		(o) evidence of preparation for filing at
		the appropriate filing office in the District of Columbia of a financing
		statement executed on behalf of the Issuer relating to the perfection of the
		lien of this Indenture;
	 

	 
		(p) an Issuer Order executed by the Issuer
		and the Co-Issuer directing the Trustee to (i) authenticate the Notes
		specified therein, in the amounts set forth therein and registered in the
		name(s) set forth therein and (ii) deliver the authenticated Notes as
		directed by the Issuer and the Co-Issuer; and
	 

	 
		(q) such other documents as the Trustee may
		reasonably require.
	 

	 
		Section 3.2 Security for Notes.
	 

	 
		Prior to the issuance of the Notes on the
		Closing Date, the Issuer shall cause the following conditions to be
		satisfied:
	 

	 
		(a) Grant of Security Interest; Delivery of Collateral Debt
		Securities. The Grant pursuant to the
		Granting clauses of this Indenture of all of the Issuer’s right, title and
		interest in and to the Assets and the transfer of all Collateral Debt
		Securities acquired in connection therewith purchased by the Issuer on the
		Closing Date (as set forth in the Schedule of Closing Date Collateral Debt
		Securities) to the Trustee, without recourse (except as expressly provided in
		each applicable Collateral Debt Security Transfer Agreement), in the manner
		provided in Section 3.3(a) and the crediting to the Custodial Account by the
		Custodial Securities Intermediary of such Collateral Debt Securities shall have
		occurred;
	 

	 
		(b) Certificate of the Issuer. A certificate of an Authorized Officer of the Issuer
		given on behalf of the Issuer and without personal liability, dated as of the
		Closing Date, delivered to the Trustee, to the effect that, in the case of each
		Collateral Debt Security pledged to the Trustee for inclusion in the Assets on
		the Closing Date and immediately prior to the delivery thereof on the Closing
		Date:
	 

	 
		 
	 

	 
		 
	 

	 
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		(i) the Issuer is the owner of such
		Collateral Debt Security free and clear of any liens, claims or encumbrances of
		any nature whatsoever except for those which are being released on the Closing
		Date;
	 

	 
		(ii) the Issuer has acquired its ownership
		in such Collateral Debt Security in good faith without notice of any adverse
		claim, except as described in paragraph (i) above;
	 

	 
		(iii) the Issuer has not assigned, pledged
		or otherwise encumbered any interest in such Collateral Debt Security (or, if
		any such interest has been assigned, pledged or otherwise encumbered, it has
		been released) other than interests Granted pursuant to this Indenture;
	 

	 
		(iv) the Underlying Instrument with respect
		to such Collateral Debt Security does not prohibit the Issuer from Granting a
		security interest in and assigning and pledging such Collateral Debt Security
		to the Trustee;
	 

	 
		(v) the information set forth with respect
		to such Collateral Debt Security in the Schedule of Closing Date Collateral
		Debt Securities is correct;
	 

	 
		(vi) the Collateral Debt Securities included
		in the Assets satisfy the requirements of the definition of Eligibility
		Criteria and the requirements of Section 3.2(a); and
	 

	 
		(vii) the Grant pursuant to the Granting
		Clauses of this Indenture shall result in a first priority security interest in
		favor of the Trustee for the benefit of the Holders of the Notes and each Hedge
		Counterparty in all of the Issuer’s right, title and interest in and to
		the Collateral Debt Securities pledged to the Trustee for inclusion in the
		Assets on the Closing Date.
	 

	 
		(c) Rating Letters.
		The Trustee’s receipt of a letter signed by each Rating Agency and
		confirming that (i) the Class A-1 Notes have been rated
		“Aaa” by Moody’s and “AAA” by S&P and Fitch,
		(ii) the Class A-2 Notes have been rated “Aaa” by
		Moody’s and “AAA” by S&P and Fitch, (iii) the
		Class B Notes have been rated at least “Aa2” by Moody’s and
		“AA” by S&P and Fitch, (iv) the Class C Notes have been
		rated at least “A1” by Moody’s and “A+” by S&P and
		Fitch, (v) the Class D Notes have been rated at least “A2”
		by Moody’s and “A” by S&P and Fitch, (vi) the
		Class E Notes have been rated at least “A3” by Moody’s and
		“A-“ by S&P and Fitch, (vii) the Class F Notes have
		been rated at least “Baa1” by Moody’s and “BBB+” by
		S&P and Fitch, (viii) the Class G Notes have been rated at least
		“Baa2” by Moody’s and “BBB” by S&P and Fitch, (ix)
		the Class H Notes have been rated at least “Baa3” by
		Moody’s and “BBB-“ by S&P and Fitch, (viii) the
		Class J Notes have been rated at least “Ba3” by Moody’s and
		“BB” by S&P and Fitch and (ix) the Class K Notes have
		been rated at least “B2” by Moody’s and “B” by S&P
		and Fitch and that such ratings are in full force and effect on the Closing
		Date.
	 

	 
		(d) Accounts.
		Evidence of the establishment of the Payment Account, the Collection Account,
		the Interest Collection Account, the Principal Collection Account, the Unused
		Proceeds Account, the Future Funding Obligations Account, the Liquidity
		Reserve
	 

	 
		 
	 

	 
		 
	 

	 
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		Account, the Expense Account, each Hedge
		Collateral Account, each Hedge Termination Account, the Preferred Shares
		Distribution Account, the Defeased Collateral Account, the Interest Reserve
		Account and the Custodial Account.
	 

	 
		(e) Deposit to Expense Account. On the Closing Date, the Issuer shall deposit into the
		Expense Account from the gross proceeds of the offering of the Securities,
		approximately $250,000.
	 

	 
		(f) Deposit to Future Funding Obligations
		Account. On the Closing Date, the
		Issuer or the Seller shall deposit into the Future Funding Obligations Account
		approximately $25,864,582.49 which, in the aggregate, is sufficient to fulfill
		the maximum funding obligations under all Unfunded Loans included in the
		Initial Collateral Debt Securities.
	 

	 
		(g) Deposit
		to Unused Proceeds Account. On the
		Closing Date, the Issuer shall deposit the Initial Deposit with the Trustee in
		an amount equal to approximately $121,458,169.00 (which is equal to the
		$140,920,000 deposit described in the Offering Memorandum, as adjusted to
		account for prepayments since May 11, 2006, deposits into the Future Funding
		Obligations Account and funding a corresponding portion of the Prepaid Discount
		Amount and reducing it from $15,920,000).
	 

	 
		(h) Deposit to Defeased Collateral Account. From time to time, the Trustee shall deposit into the
		Defeased Collateral Account substitute or additional collateral provided in
		connection with a defeasance of a Loan.
	 

	 
		(i) Deposit to Interest Reserve Account. On the Closing Date, the Trustee shall deposit into
		the Interest Reserve Account from the proceeds of the sale of the Notes an
		amount equal to $15,245,499.23.
	 

	 
		(j) Issuance of Preferred Shares. The Issuer shall have delivered to the Trustee
		evidence that the Preferred Shares have been, or contemporaneously with the
		issuance of the Notes will be, (1) issued by the Issuer and
		(2) acquired in their entirety by the Depositor.
	 

	 
		Section 3.3 Transfer of Pledged Obligations.
	 

	 
		(a) LaSalle Bank National Association is
		hereby appointed as Securities Intermediary (in such capacity, the
		“Custodial Securities
		Intermediary”) to hold all Pledged
		Obligations delivered to it in physical form at its office in Chicago,
		Illinois. Any successor to such Securities Intermediary shall be a U.S. state
		or national bank or trust company that is not an Affiliate of the Issuer or the
		Co-Issuer and has capital and surplus of at least $100,000,000. Subject to the
		limited right to relocate Pledged Obligations set forth in Section 7.5(b), the Custodial Securities Intermediary, as a Securities
		Intermediary, shall hold all Collateral Debt Securities in the Custodial
		Account and Eligible Investments and other investments purchased in accordance
		with this Indenture in the respective Accounts in which the funds used to
		purchase such investments are held in accordance with Article 10,
		and, in respect of each Account (other than the Payment Account and the
		Preferred Shares Distribution Account), the Trustee shall have entered into an
		agreement with the Issuer and the Custodial Securities Intermediary (the
		“Securities Account Control
		Agreement”) providing,
		inter alia, that the establishment and maintenance of such Account
		will be governed by a law satisfactory to the Issuer, the Trustee 
	 

	 
		 
	 

	 
		 
	 

	 
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		and the Custodial Securities Intermediary.
		To the maximum extent feasible, Pledged Obligations shall be transferred to the
		Trustee as Security Entitlements in the manner set forth in clause (i)
		below. In the event that the measures set forth in clause (i) below cannot
		be taken as to any Pledged Obligations, such Pledged Obligation may be
		transferred to the Trustee in the manner set forth in clauses (ii) through
		(vii) below, as appropriate. The security interest of the Trustee in
		Pledged Obligations shall be perfected and otherwise evidenced as
		follows:
	 

	 
		(i) in the case of such Pledged Obligations
		consisting of Security Entitlements by (A) the Issuer causing the
		Custodial Securities Intermediary, in accordance with the Securities Account
		Control Agreement, to indicate by book entry that a Financial Asset has been
		credited to the Custodial Account and (B) the Issuer causing the Custodial
		Securities Intermediary to agree pursuant to the Securities Account Control
		Agreement that it will comply with Entitlement Orders originated by the Trustee
		with respect to each such Security Entitlement without further consent by the
		Issuer;
	 

	 
		(ii) in the case of Pledged Obligations that
		are “uncertificated securities” (as such term is defined in the UCC)
		to the extent that any such uncertificated securities do not constitute
		Financial Assets forming the basis of Security Entitlements by the Trustee
		pursuant to clause (i) (the “Uncertificated Securities”), by the Issuer (A) causing the issuer(s) of such
		Uncertificated Securities to register on their respective books the Trustee as
		the registered owner thereof upon original issue or transfer thereof or
		(B) causing another Person, other than a Securities Intermediary, either
		to become the registered owner of such Uncertificated Securities on behalf of
		the Trustee, or such Person having previously become the registered owner, to
		acknowledge that it holds such Uncertificated Securities for the
		Trustee;
	 

	 
		(iii) in the case of Pledged Obligations
		consisting of Certificated Securities in registered form to the extent that any
		such Certificated Securities do not constitute Financial Assets forming the
		basis of Security Entitlements acquired by the Trustee pursuant to
		clause (i) (the “Registered
		Securities”), by the Issuer
		(A) causing (1) the Trustee to obtain possession of such Registered
		Securities in the State of Illinois or (2) another Person, other than a
		Securities Intermediary, either to acquire possession of such Registered
		Securities on behalf of the Trustee, or having previously acquired such
		Registered Securities, in either case, in the State of Illinois to acknowledge
		that it holds such Registered Securities for the Trustee and (B) causing
		(1) the endorsement of such Registered Securities to the Trustee or in
		blank by an effective endorsement; or (2) the registration of such
		Registered Securities in the name of the Trustee by the issuer thereof upon its
		original issue or registration of transfer;
	 

	 
		(iv) in the case of Pledged Obligations
		consisting of Certificated Securities in bearer form to the extent that any
		such Certificated Securities do not constitute Financial Assets forming the
		basis of Security Entitlements acquired by the Trustee pursuant to
		clause (i) (the “Bearer
		Securities”), by the Issuer
		causing (A) the Trustee to obtain possession of such Bearer Securities in
		the State of Illinois or (B) another Person, other than a Securities
		Intermediary, either to acquire possession of such Bearer Securities on behalf
		of the Trustee or, having previously acquired possession of such Bearer
		Securities,
	 

	 
		 
	 

	 
		 
	 

	 
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		in either case, in the State of Illinois to
		acknowledge that it holds such Bearer Securities for the Trustee;
	 

	 
		(v) in the case of Pledged Obligations that
		consist of Money or Instruments (the “Illinois Collateral”),
		to the extent that any such Illinois Collateral does not constitute a Financial
		Asset forming the basis of a Security Entitlement acquired by the Trustee
		pursuant to clause (i), by the Issuer causing (A) the Trustee to
		acquire possession of such Illinois Collateral in the State of Illinois or
		(B) another Person (other than the Issuer or a Person controlling,
		controlled by, or under common control with, the Issuer) (1) to
		(x) take possession of such Illinois Collateral in the State of Illinois
		and (y) authenticate a record acknowledging that it holds such possession
		for the benefit of the Trustee or (2) to (x) authenticate a record
		acknowledging that it will hold possession of such Illinois Collateral for the
		benefit of the Trustee and (y) take possession of such Illinois Collateral
		in the State of Illinois;
	 

	 
		(vi) in the case of Pledged Obligations that
		consist of UCC Accounts or General Intangibles (“Accounts
		Receivable”), by the Issuer (A) notifying, or causing the
		notification of, the account debtors (as such term is defined in
		Section 9-102(a) of the UCC) for such Accounts Receivable of the
		security interest of the Trustee in such Accounts Receivable and causing the
		Securities Intermediary to credit such Accounts Receivable to the Custodial
		Account and to treat such Accounts Receivable as Financial Assets within the
		meaning of Article 8 of the UCC and (B) to the extent that doing so
		would be effective to perfect a security interest in such Accounts Receivable
		under the UCC as in effect at the time of transfer of such Accounts Receivable
		to the Trustee hereunder, filing or causing the filing of a UCC financing
		statement that encompasses such Accounts Receivable with the Recorder of Deeds
		of the District of Columbia and such other offices as applicable; and
	 

	 
		(vii) to the maximum extent reasonably
		possible, in the case of any Loans or Participations that are not evidenced by
		Instruments, Certificated Securities or Uncertificated Securities, by the
		Issuer (A) taking all steps necessary (including obtaining any necessary
		consents to the transfer of the Loan or Participation, as applicable) to make
		the Custodial Securities Intermediary the registered owner thereof,
		(B) causing the Custodial Securities Intermediary to credit such Loans or
		Participations, as applicable, to the Custodial Account and to treat such Loans
		or Participations, as applicable, as Financial Assets within the meaning of
		Article 8 of the UCC and (C) to the extent that doing so would be
		effective to perfect a security interest in such Loans or Participations, as
		applicable, under the UCC as in effect at the time of transfer of such Loans or
		Participations to the Trustee hereunder, filing or causing the filing of a UCC
		financing statement that encompasses such Loans or Participations, as
		applicable, with the Recorder of Deeds of the District of Columbia and such
		other offices as applicable.
	 

	 
		(b) The Issuer hereby authorizes the filing
		of UCC financing statements describing as the collateral covered thereby
		“all of the debtor’s personal property and assets,” or words to
		that effect, notwithstanding that such wording may be broader in scope than the
		Assets described in this Indenture.
	 

	 
		 
	 

	 
		 
	 

	 
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		(c) Without limiting the foregoing, the
		Issuer and the Trustee on behalf of the Bank agree, and the Bank shall cause
		the Custodial Securities Intermediary, to take such different or additional
		action as the Trustee may reasonably request in order to maintain the
		perfection and priority of the security interest of the Trustee in the event of
		any change in applicable law or regulation, including Articles 8 and 9 of
		the UCC and Treasury Regulations governing transfers of interests in Government
		Items (it being understood that the Trustee shall be entitled to rely upon an
		Opinion of Counsel, including an Opinion of Counsel delivered in accordance
		with Section 3.1(d), as to the need to file any financing statements or
		continuation statements, the dates by which such filings are required to be
		made and the jurisdictions in which such filings are required to be
		made).
	 

	 
		(d) Without limiting any of the
		foregoing,
	 

	 
		(i) in connection with each Grant of a
		Collateral Debt Security hereunder, the Issuer shall deliver (or cause to be
		delivered by the applicable Seller) to the Custodial Securities Intermediary
		(A) the original of any note (or a copy of such note together with a lost
		note affidavit), certificate or other instrument constituting or evidencing
		such Collateral Debt Security and any other Underlying Instrument related to
		such Collateral Debt Security the delivery of which is necessary in order to
		perfect the security interest of the Trustee in such Collateral Debt Security
		granted pursuant to this Indenture and (B) copies of the other Underlying
		Instruments then in possession of the Issuer;
	 

	 
		(ii) from time to time upon the request of
		the Trustee or Collateral Manager, the Issuer shall deliver (or cause to be
		delivered) to the Custodial Securities Intermediary any Underlying Instrument
		in the possession of the Issuer and not previously delivered hereunder
		(including originals of Underlying Instruments not previously required to be
		delivered as originals) and as to which the Trustee or Collateral Manager, as
		applicable, shall have reasonably determined to be necessary or appropriate for
		the administration of such Collateral Debt Security hereunder or under the
		Collateral Management Agreement or for the protection of the security interest
		of the Trustee under this Indenture;
	 

	 
		(iii) in connection with any delivery of
		documents to the Custodial Securities Intermediary pursuant to clauses (i)
		and (ii) above, the Trustee shall deliver to the Collateral Manager, on
		behalf of the Issuer, a Trust Receipt in the form of Exhibit F
		acknowledging the receipt of such documents by the Custodial Securities
		Intermediary and that it is holding such documents subject to the terms of this
		Indenture;
	 

	 
		(iv) from time to time upon request of the
		Collateral Manager, the Custodial Securities Intermediary shall, upon delivery
		by the Collateral Manager of a duly completed Request for Release in the form
		of Exhibit G hereto, release to the Collateral Manager such of the
		Underlying Instruments then in its custody as the Collateral Manager reasonably
		so requests. By submission of any such Request for Release, the Collateral
		Manager shall be deemed to have represented and warranted that it has
		determined, in accordance with the Collateral Manager Servicing Standard, that
		the requested release is necessary for one or more of the purposes described in
		clause (ii) above. The Collateral Manager shall return to the Custodial
		Securities Intermediary each Underlying Instrument released from custody
		pursuant to this clause (iv) within 
	 

	 
		 
	 

	 
		 
	 

	 
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		20 Business Days of receipt thereof
		(except such Underlying Instruments as are released in connection with a sale,
		exchange or other disposition, in each case only as permitted under this
		Indenture, of the related Collateral Debt Security that is consummated within
		such 20-day period). Notwithstanding the foregoing provisions of this
		clause (iv), (A) any note, certificate or other instrument evidencing
		a Pledged Collateral Debt Security shall be released only for the purpose of
		(1) a sale, exchange or other disposition of such Pledged Collateral Debt
		Security that is permitted in accordance with the terms of this Indenture or
		(2) presentation, collection, renewal or registration of transfer of such
		Collateral Debt Security and (B) the Custodial Securities Intermediary may
		refuse to honor any Request for Release following the occurrence of an Event of
		Default under this Indenture.
	 

	 
		(e) As of the Closing Date (with respect to
		the Assets owned or existing as of the Closing Date) and each date on which an
		Asset is acquired (only with respect to each Asset so acquired), the Issuer
		represents and warrants as follows:
	 

	 
		(i) this Indenture creates a valid and
		continuing security interest (as defined in the UCC) in the Assets in favor of
		the Trustee for the benefit of the Noteholders and each Hedge Counterparty,
		which security interest is prior to all other liens, and is enforceable as such
		against creditors of and purchasers from the Issuer;
	 

	 
		(ii) the Issuer owns and has good and
		marketable title to such Assets free and clear of any lien, claim or
		encumbrance of any Person (subject to the fees, penalties and contingent
		interest payments retained by the Sellers in accordance with the terms of the
		Collateral Debt Securities Transfer Agreement);
	 

	 
		(iii) in the case of each Asset, the Issuer
		has acquired its ownership in such Asset in good faith without notice of any
		adverse claim as defined in Section 8-102(a)(1) of the UCC as in
		effect on the date hereof;
	 

	 
		(iv) other than the security interest
		granted to the Trustee for the benefit of the Noteholders and each Hedge
		Counterparty pursuant to this Indenture, the Issuer has not, pledged, assigned,
		sold, granted a security interest in, or otherwise conveyed any of the
		Assets;
	 

	 
		(v) the Issuer has not authorized the filing
		of and is not aware of any financing statements against the Issuer that include
		a description of collateral covering the Assets other than any financing
		statement relating to the security interest granted to the Trustee for the
		benefit of the Noteholders and each Hedge Counterparty hereunder or that has
		been terminated; the Issuer is not aware of any judgment or Pension Benefit
		Guarantee Corporation lien and tax lien filings against the Issuer;
	 

	 
		(vi) the Issuer has received all consents
		and approvals required by the terms of each Asset and the Underlying
		Instruments to grant to the Trustee its interest and rights in such Asset
		hereunder;
	 

	 
		(vii) the Issuer has caused or will have
		caused, within 10 days, the filing of all appropriate financing statements in
		the proper filing office in the appropriate jurisdictions 
	 

	 
		 
	 

	 
		 
	 

	 
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		under applicable law in order to perfect the
		security interest in the Assets granted to the Trustee for the benefit of the
		Noteholders and each Hedge Counterparty hereunder;
	 

	 
		(viii) each Asset is an Instrument, a
		General Intangible or a Certificated Security or Uncertificated Security or has
		been and will have been credited to a Securities Account;
	 

	 
		(ix) the Custodial Securities Intermediary
		has agreed to treat all assets credited to the Securities Account as Financial
		Assets;
	 

	 
		(x) the Issuer has delivered a fully
		executed Securities Account Control Agreement pursuant to which the Custodial
		Securities Intermediary has agreed to comply with all instructions originated
		by the Trustee relating to the Custodial Account without further consent of the
		Issuer; the Custodial Account is not in the name of any person other than the
		Issuer or the Trustee; the Issuer has not consented to the Securities
		Intermediary of the Custodial Account to comply with Entitlement Orders of any
		person other than the Trustee;
	 

	 
		(xi) (A) all original executed copies
		of each promissory note or other writings that constitute or evidence any
		pledged obligation that constitutes Instruments have been delivered to the
		Custodial Securities Intermediary for the benefit of the Trustee, (B) the
		Issuer has received a written acknowledgement from the Custodial Securities
		Intermediary that the Custodial Securities Intermediary is acting solely as
		agent of the Trustee and (C) none of the promissory notes or other
		writings that constitute or evidence such collateral has any marks or notations
		indicating that they have been pledged, assigned or otherwise conveyed by the
		Issuer to any Person other than the Trustee;
	 

	 
		(xii) (A) the Collection Accounts, the
		Unused Proceeds Account, the Future Funding Obligations Account, each Hedge
		Termination Account, each Hedge Collateral Account, the Expense Account, the
		Defeased Collateral Account, the Interest Reserve Account, the Liquidity
		Reserve Account, the Synthetic Security Issuer Account, the Synthetic Security
		Counterparty Account and the Payment Account (collectively, the
		“Deposit Accounts”) constitute “deposit accounts” within
		the meaning of the UCC, (B) the Issuer has taken all steps necessary to
		cause the Trustee to become the customer and account holder of the Deposit
		Accounts, (C) other than the security interest granted to the Trustee
		pursuant to this Indenture, the Issuer has not pledged, assigned, sold, granted
		a security interest in, or otherwise conveyed any of the Deposit Accounts, and
		(D) the Deposit Accounts are not in the name of any person other than the
		Issuer or the Trustee. The Issuer has not consented to the bank maintaining the
		Deposit Accounts to comply with the instructions of any person other than the
		Trustee; and
	 

	 
		(xiii) The Issuer has established procedures
		such that any Eligible Investments purchased with funds withdrawn from the
		Deposit Accounts will be either (i) credited to a Securities Account over
		which the Trustee will have a first priority perfected security interest,
		(ii) purchased in the name of the Trustee, or (iii) held in another
		manner sufficient to establish the Trustee’s first priority perfected
		security interest over such Eligible Investments.
	 

	 
		 
	 

	 
		 
	 

	 
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		(f) The Trustee shall only invest in
		Eligible Investments which the applicable Custodial Securities Intermediary
		agrees to credit to the applicable account. To the extent any Eligible
		Investment shall not be delivered to the Trustee by causing the Custodial
		Securities Intermediary to create a Security Entitlement in the Securities
		Account in favor of the Trustee, the Issuer shall deliver an Opinion of Counsel
		to the Trustee to the effect that any other delivery will effect a first
		priority security interest in favor of the Trustee in such Eligible
		Instrument.
	 

	 
		 
	 

	 
		 
	 

	 
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		ARTICLE 4
	 

	 
		 
	 

	 
		SATISFACTION AND DISCHARGE
	 

	 
		Section 4.1 Satisfaction and Discharge of Indenture.
	 

	 
		This Indenture shall be discharged and shall
		cease to be of further effect with respect to the Assets securing the Notes and
		the Issuer’s obligations under each Hedge Agreement except as to
		(i) rights of registration of transfer and exchange,
		(ii) substitution of mutilated, defaced, destroyed, lost or stolen Notes,
		(iii) rights of Noteholders to receive payments of principal thereof and
		interest thereon as provided herein, (iv) the rights, obligations and
		immunities of the Trustee on their behalf hereunder, (v) the rights of
		Noteholders as beneficiaries hereof with respect to the property deposited with
		the Trustee on their behalf and payable to all or any of them; and the Trustee,
		on demand of and at the expense of the Issuer, shall execute proper instruments
		acknowledging satisfaction and discharge of this Indenture, when:
	 

	 
		(a) either:
	 

	 
		(i) all Notes theretofore authenticated and
		delivered (other than (A) Notes which have been mutilated, defaced,
		destroyed, lost or stolen and which have been replaced or paid as provided in
		Section 2.6 and (B) Notes for whose payment Money has
		theretofore irrevocably been deposited in trust and thereafter repaid to the
		Issuer or discharged from such trust, as provided in Section 7.3) have been delivered to the Trustee for cancellation;
		or
	 

	 
		(ii) all Notes not theretofore delivered to
		the Trustee for cancellation (A) have become due and payable, or
		(B) will become due and payable at their Stated Maturity within one year,
		or (C) are to be called for redemption pursuant to Section 9.1
		or Section 9.2 under an arrangement satisfactory to the Trustee for
		the giving of notice of redemption by the Issuer and the Co-Issuer pursuant to
		Section 9.4 and the Issuer or the Co-Issuer, in the case of
		clauses (A), (B) or (C) of this subsection (ii), has
		irrevocably deposited or caused to be deposited with the Trustee, in trust for
		such purpose, Cash or non-callable direct obligations of the United States of
		America; provided that
		the obligations are entitled to the full faith and credit of the United States
		of America or are debt obligations which are rated “Aaa” by
		Moody’s, “AAA” by Fitch and “AAA” by S&P in an
		amount sufficient, as verified by a firm of certified public accountants which
		are nationally recognized, to pay and discharge the entire indebtedness
		(including, in the case of a redemption pursuant to Section 9.1
		or Section 9.2, the Redemption Price) on such Notes not theretofore
		delivered to the Trustee for cancellation, for principal and interest to the
		date of such deposit (in the case of Notes which have become due and payable),
		or to the Stated Maturity or the Redemption Date, as the case may be (and in
		each case in respect of the Notes, subject to the Priority of Payments);
		provided,
		further, that any such deposit of funds
		with the Trustee in satisfaction of this Indenture shall be subject to the
		Rating Agency Condition; provided,
		however, this
		subsection (ii) shall not 
	 

	 
		 
	 

	 
		 
	 

	 
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		apply if an election to act in accordance
		with the provisions of Section 5.5(a) shall have been made and not rescinded;
	 

	 
		(b) (i) the Issuer has paid or caused
		to be paid or provided for (to the satisfaction of the Person entitled thereto)
		all other sums payable hereunder and under the Collateral Management Agreement,
		the Master Trust Agreement, the Series Trust Agreements, the CDO Servicing
		Agreement, the Preferred Shares Paying Agency Agreement and the Company
		Administration Agreement, and (ii) all Hedge Agreements then in effect
		have been terminated and the Issuer has paid all amounts, including payments
		due and payable in connection with such termination and has paid all other
		outstanding amounts, including any outstanding payments due and payable for any
		previously terminated Hedge Agreement.
	 

	 
		(c) Each of the Issuer and the Co-Issuer has
		delivered to the Trustee an Officer’s Certificate and an Opinion of
		Counsel, each stating that all conditions precedent herein provided for
		relating to the satisfaction and discharge of this Indenture have been complied
		with.
	 

	 
		Notwithstanding the satisfaction and
		discharge of this Indenture, the rights and obligations of the Issuer, the
		Co-Issuer, the Trustee, and, if applicable, the Noteholders, as the case may
		be, under Sections 2.7, 4.2,
		5.4(d), 5.9,
		5.18, 6.7 and
		7.3 hereof shall survive.
	 

	 
		Section 4.2 Application of Trust Money.
	 

	 
		All Monies deposited with the Trustee
		pursuant to Section 4.1
		shall be held in trust and applied by it in accordance with the provisions of
		the Notes and this Indenture to the payment of the principal and interest,
		either directly or through the Paying Agent, as the Trustee may determine, to
		the Person entitled thereto of the principal and interest for whose payment
		such Money has been deposited with the Trustee; but such Money need not be
		segregated from other funds except to the extent required herein or when
		commingling of funds is prohibited by law.
	 

	 
		Section 4.3 Repayment of Monies Held by Paying Agent.
	 

	 
		In connection with the satisfaction and
		discharge of this Indenture with respect to the Notes, all Monies then held by
		the Paying Agent other than the Trustee under the provisions of this Indenture
		shall, upon demand of the Issuer and the Co-Issuer, be paid to the Trustee to
		be held and applied pursuant to Section 7.3
		hereof and, in the case of Monies payable on the Notes, in accordance with the
		Priority of Payments and thereupon such Paying Agent shall be released from all
		further liability with respect to such Monies.
	 

	 
		 
	 

	 
		 
	 

	 
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		ARTICLE 5
	 

	 
		 
	 

	 
		REMEDIES
	 

	 
		Section 5.1 Events of Default.
	 

	 
		“Event of Default,” wherever used
		herein, means any one of the following events (whatever the reason for such
		Event of Default and whether it shall be voluntary or involuntary or be
		effected by operation of law or pursuant to any judgment, decree or order of
		any court or any order, rule or regulation of any administrative or
		governmental body):
	 

	 
		(a) a default in the payment of any interest
		on any Note when the same becomes due and payable (provided that
		(a) if any Class A Notes or Class B Notes are Outstanding,
		solely for the purposes of this Section
		5.1(a), no interest shall be “due
		and payable” on any Class C Notes, Class D Notes, Class E
		Notes, Class F Notes, Class G Notes, Class H Notes, Class J
		Notes or Class K Notes, (b) if any Class C Notes are
		Outstanding, solely for the purposes of this Section 5.1(a),
		no interest shall be “due and payable” on any Class D Notes,
		Class E Notes, Class F Notes, Class G Notes, Class H Notes,
		Class J Notes or Class K Notes, (c) if any Class D Notes
		are Outstanding, solely for the purposes of this Section 5.1(a),
		no interest shall be “due and payable” on any Class E Notes,
		Class F Notes, Class G Notes, Class H Notes, Class J Notes
		or Class K Notes, (d) if any Class E Notes are Outstanding,
		solely for the purposes of this Section
		5.1(a), no interest shall be “due
		and payable” on any Class F Notes, Class G Notes, Class H
		Notes, Class J Notes or Class K Notes, (e) if any Class F
		Notes are Outstanding, solely for the purposes of this Section 5.1(a),
		no interest shall be “due and payable” on any Class G Notes
		Class H Notes, Class J Notes or Class K Notes, (f) if any
		Class G Notes are Outstanding, solely for the purposes of this
		Section 5.1(a), no interest shall be “due and payable” on
		any Class H Notes, Class J Notes or Class K Notes, (g) if
		any Class H Notes are Outstanding, solely for the purposes of this
		Section 5.1(a), no interest shall be “due and payable” on
		any Class J Notes or Class K Notes and (h) if any Class J
		Notes are Outstanding, solely for the purposes of this Section 5.1(a),
		no interest shall be “due and payable” on any Class K Notes,
		which default continues for a period of three Business Days or, in the case of
		a default in payment due to an administrative error or omission by the Trustee
		or Paying Agent, which default continues for five Business Days;
	 

	 
		(b) a default in the payment of principal
		(or the related Redemption Price, if applicable) of any Class A-1 Note
		when the same becomes due and payable, at its Stated Maturity or any Redemption
		Date, or if there are no Class A-1 Notes Outstanding a default in the
		payment of principal (or the related Redemption Price, if applicable) of any
		Class A-2 Note when the same becomes due and payable, at its Stated
		Maturity or any Redemption Date, or if there are no Class A-2 Notes
		Outstanding, a default in the payment of principal (or the related Redemption
		Price, if applicable) of any Class B Note when the same becomes due and
		payable at its Stated Maturity or any Redemption Date, or if there are no
		Class B Notes Outstanding, a default in the payment of principal (or the
		related Redemption Price, if applicable) of any Class C Note (plus any
		Class C Deferred Interest) when the same becomes due and payable at its
		Stated Maturity or any Redemption Date, or if there are no Class C Notes
		Outstanding, a default in the payment of principal (or the related Redemption
		Price, if applicable) of any Class D Note 
	 

	 
		 
	 

	 
		 
	 

	 
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		(plus any Class D Deferred Interest)
		when the same becomes due and payable at its Stated Maturity or any Redemption
		Date, or if there are no Class D Notes Outstanding, a default in the
		payment of principal (or the related Redemption Price, if applicable) of any
		Class E Note (including any Class E Deferred Interest) when the same
		becomes due and payable at its Stated Maturity or any Redemption Date, or if
		there are no Class E Notes Outstanding, a default in the payment of
		principal (or the related Redemption Price, if applicable) of any Class F
		Note (including Class F Deferred Interest) when the same becomes due and
		payable at its Stated Maturity or any Redemption Date, or if there are no
		Class F Notes Outstanding, a default in the payment of principal (or the
		related Redemption Price, if applicable) of any Class G Note (including
		any Class G Deferred Interest) when the same becomes due and payable at
		its Stated Maturity or any Redemption Date, or if there are no Class G
		Notes Outstanding, a default in the payment of principal (or the related
		Redemption Price, if applicable) of any Class H Note (including
		Class H Deferred Interest) when the same becomes due and payable at its
		Stated Maturity or any Redemption Date, or if there are no Class H Notes
		Outstanding, a default in the payment of principal (or the related Redemption
		Price, if applicable) of any Class J Note (including Class J Deferred
		Interest) when the same becomes due and payable at its Stated Maturity or any
		Redemption Date, or if there are no Class J Notes Outstanding, a default
		in the payment of principal (or the related Redemption Price, if applicable) of
		any Class K Note (including Class K Deferred Interest) when the same
		becomes due and payable at its Stated Maturity or any Redemption Date;
	 

	 
		(c) the failure on any Payment Date to
		disburse amounts available in the Payment Account in accordance with the
		Priority of Payments set forth under Section 11.1(a) (other than a
		default in payment described in clause (a) or (b) above), which
		failure continues for a period of three Business Days or, in the case of a
		failure to disburse such amounts due to an administrative error or omission by
		the Trustee or Paying Agent, which failure continues for five Business
		Days;
	 

	 
		(d) either the Issuer, the Co-Issuer or the
		pool of Assets becomes an investment company required to be registered under
		the Investment Company Act;
	 

	 
		(e) a default in the performance, or breach,
		of any other covenant or other agreement (other than the covenant to meet or
		improve the Collateral Quality Tests or the Coverage Tests) of the Issuer or
		the Co-Issuer hereunder or any representation or warranty of the Issuer or the
		Co-Issuer hereunder or in any certificate or other writing delivered pursuant
		hereto or in connection herewith proves to be incorrect in any material respect
		when made, and the continuation of such default or breach for a period of 30
		days (or, if such default, breach or failure has an adverse effect on the
		validity, perfection or priority of the security interest granted hereunder, 15
		days) after either the Issuer, the Co-Issuer or the Collateral Manager has
		actual knowledge thereof or after notice thereof to the Issuer, the Co-Issuer
		and the Collateral Manager by the Trustee or to the Issuer, the Co-Issuer, the
		Collateral Manager and the Trustee by Holders of at least 25% of the Aggregate
		Outstanding Amount of the Controlling Class; provided that a
		default in the performance by the Issuer of the obligations imposed on it by
		this Indenture in connection with the entry into a replacement Hedge Agreement
		upon the early termination of a Hedge Agreement shall not be an Event of
		Default if the Rating Agency Condition has been satisfied;
	 

	 
		 
	 

	 
		 
	 

	 
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		(f) the entry of a decree or order by a
		court having competent jurisdiction adjudging the Issuer or the Co-Issuer as
		bankrupt or insolvent, or approving as properly filed a petition seeking
		reorganization, arrangement, adjustment or composition of or in respect of the
		Issuer or the Co-Issuer under the Bankruptcy Code or any other applicable law,
		or appointing a receiver, liquidator, assignee, or sequestrator (or other
		similar official) of the Issuer or the Co-Issuer or of any substantial part of
		its property, respectively, or ordering the winding up or liquidation of its
		affairs, and the continuance of any such decree or order unstayed and in effect
		for a period of 60 consecutive days;
	 

	 
		(g) the institution by the Issuer or the
		Co-Issuer of proceedings to be adjudicated as bankrupt or insolvent, or the
		consent by it to the institution of bankruptcy or insolvency proceedings
		against it, or the filing by it of a petition or answer or consent seeking
		reorganization or relief under the Bankruptcy Code or any other similar
		applicable law, or the consent by it to the filing of any such petition or to
		the appointment of a receiver, liquidator, assignee, trustee or sequestrator
		(or other similar official) of the Issuer or the Co-Issuer or of any
		substantial part of its property, respectively, or the making by it of an
		assignment for the benefit of creditors, or the admission by it in writing of
		its inability to pay its debts generally as they become due, or the taking of
		any action by the Issuer in furtherance of any such action; or
	 

	 
		(h) one or more final judgments being
		rendered against the Issuer or the Co-Issuer which exceed, in the aggregate,
		U.S. $5,000,000 (or such lesser amount as any Rating Agency may specify) and
		which remain unstayed, undischarged and unsatisfied for 30 days after such
		judgment(s) becomes nonappealable, unless adequate funds have been reserved or
		set aside for the payment thereof, and unless (except as otherwise specified in
		writing by each Rating Agency) the Rating Agency Condition shall have been
		satisfied.
	 

	 
		Upon becoming aware of the occurrence of an
		Event of Default, the Issuer, shall promptly notify the Trustee, the Collateral
		Manager, the Noteholders, the Preferred Shares Paying Agent, the Preferred
		Shareholders, each Rating Agency, each Hedge Counterparty and, for so long as
		any Notes are listed on the Cayman Stock Exchange, the Cayman Stock Exchange in
		writing. If the Collateral Manager has actual knowledge of the occurrence of an
		Event of Default, the Collateral Manager shall promptly notify, in writing, the
		Trustee, the Noteholders, each Rating Agency and each Hedge Counterparty of the
		occurrence of such Event of Default.
	 

	 
		Section 5.2 Acceleration of Maturity; Rescission and
		Annulment.
	 

	 
		(a) If an Event of Default shall occur and
		be continuing (other than the Events of Default specified in Section 5.1(d), 5.1(f) or
		5.1(g)), the Trustee may (and shall at the direction of a
		Majority, by outstanding principal amount, of each Class of Notes voting as a
		separate Class (excluding in each case any Notes held by the Collateral
		Manager, any of its Affiliates or any funds (other than the Issuer) managed by
		the Collateral Manager or its Affiliates)) declare the principal of and accrued
		and unpaid interest on all the Notes to be immediately due and payable (and any
		such acceleration shall automatically terminate the Reinvestment Period). If an
		Event of Default described in Section 5.1(d), Section 5.1(f) or Section 5.1(g) above occurs, such an acceleration shall occur
		automatically and without any further action and any such acceleration shall
		automatically terminate the Reinvestment Period. 
	 

	 
		 
	 

	 
		 
	 

	 
		-129-
	 

	 
		 
	 

	 
	 

	 

	 
		If the Notes are accelerated, payments shall
		be made in the order and priority set forth in Section 11.1(a)(i) and Section 11.1(a)(ii) hereof.
	 

	 
		(b) At any time after such a declaration of
		acceleration of Maturity of the Notes has been made and before a judgment or
		decree for payment of the Money due has been obtained by the Trustee as
		hereinafter provided in this Article 5,
		a Majority of each and every Class of Notes (voting as a separate Class), by
		written notice to the Issuer and the Co-Issuer, the Trustee and each Hedge
		Counterparty, may rescind and annul such declaration and its consequences
		if:
	 

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

	 
		(A) all unpaid installments of interest on
		and principal of the Notes that would be due and payable hereunder if the Event
		of Default giving rise to such acceleration had not occurred;
	 

	 
		(B) to the extent that payment of such
		interest is lawful, interest on the Class C Deferred Interest at the
		Class C Rate, interest on the Class D Deferred Interest at the
		Class D Rate, interest on the Class E Deferred Interest at the
		Class E Rate, interest on the Class F Deferred Interest at the
		Class F Rate, interest on the Class G Deferred Interest at the
		Class G Rate, interest on the Class H Deferred Interest at the
		Class H Rate, interest on the Class J Deferred Interest at the
		Class J Rate and interest on the Class K Deferred Interest at the
		Class K Rate;
	 

	 
		(C) all unpaid taxes of the Issuer and the
		Co-Issuer, Company Administrative Expenses and other sums paid or advanced by
		or otherwise due and payable to the Trustee hereunder;
	 

	 
		(D) with respect to each Hedge Agreement,
		any amount then due and payable thereunder; and
	 

	 
		(E) with respect to the Collateral
		Management Agreement, any Senior Collateral Management Fee and Subordinate
		Collateral Management Fee then due and any Company Administrative Expense due
		and payable to the Collateral Manager thereunder.
	 

	 
		(ii) if any Hedge Agreement has been reduced
		or terminated, the Rating Agency Condition has been satisfied with respect to
		such reduction or termination; and
	 

	 
		(iii) the Trustee has determined that all
		Events of Default of which it has actual knowledge, other than the non-payment
		of the interest and principal on the Notes that have become due solely by such
		acceleration, have been cured and a Majority of the Controlling Class, by
		written notice to the Trustee and each Hedge Counterparty has agreed with such
		determination (which agreement shall not be unreasonably withheld or delayed)
		or waived as provided in Section 5.14.
	 

	 
		 
	 

	 
		 
	 

	 
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		At any such time that the Trustee shall
		rescind and annul such declaration and its consequences as permitted
		hereinabove, the Trustee shall preserve the Assets in accordance with the
		provisions of Section 5.5
		with respect to the Event of Default that gave rise to such declaration;
		provided,
		however, that if such preservation of
		the Assets is rescinded pursuant to Section 5.5, the Notes may be accelerated pursuant to the first
		paragraph of this Section 5.2, notwithstanding any previous rescission and annulment
		of a declaration of acceleration pursuant to this paragraph.
	 

	 
		No such rescission shall affect any
		subsequent Default or impair any right consequent thereon. In addition, no such
		rescission shall affect any Hedge Agreement if it has been terminated in
		accordance with its terms.
	 

	 
		(c) Subject to Sections 5.4 and 5.5, a Majority
		of the Controlling Class shall have the right to direct the Trustee in the
		conduct of any proceedings for any remedy available to the Trustee or in the
		sale of any or all of the Assets; provided that
		(i) such direction will not conflict with any rule of law or this
		Indenture; (ii) the Trustee determines that such action will not involve
		it in liability (unless the Trustee has received indemnity or reasonable
		security satisfactory to it against any such liability); and (iii) any
		direction to undertake a sale of the Assets may be made only as described in
		Section 5.17. The Trustee shall provide written notice of the
		receipt of such direction to each Hedge Counterparty promptly after receipt
		thereof.
	 

	 
		(d) As security for the payment by the
		Issuer of the compensation and expenses of the Trustee and any sums the Trustee
		may be entitled to receive as indemnification by the Issuer, the Issuer hereby
		grants the Trustee a lien on the Assets, which lien is senior to the lien of
		the Noteholders. The Trustee’s lien shall be subject to the Priority of
		Payments and exercisable by the Trustee only if the Notes have been declared
		due and payable following an Event of Default and such acceleration has not
		been rescinded or annulled.
	 

	 
		(e) A Majority of the Controlling Class,
		may, prior to the time a judgment or decree for the payment of money due has
		been obtained by the Trustee, waive any past Default on behalf of the holders
		of all the Notes and its consequences in accordance with
		Section 5.14.
	 

	 
		(f) In determining whether the holders of
		the requisite percentage of Notes have given any direction, notice or consent
		hereunder, (i) Notes owned by the Issuer, the Co-Issuer or any Affiliate
		thereof shall be disregarded and deemed not to be outstanding and (ii) in
		relation to (x) any amendment or other modification of, or assignment or
		termination of, any of the express rights or obligations of the Collateral
		Manager under the Collateral Management Agreement or this Indenture (including
		the exercise of any rights to remove the Collateral Manager or terminate the
		Collateral Management Agreement or approve or object to a replacement for the
		Collateral Manager except as specifically provided in the Collateral Management
		Agreement with respect to the termination of the Collateral Manager without
		cause and with respect to the replacement of the Collateral Manager in
		instances where the Collateral Manager has not been terminated for cause or
		where such replacement is not an Affiliate of the Collateral Manager) and
		(y) the exercise by the Noteholders of their right, in connection with
		certain Events of Default, to accelerate amounts due under the Notes, Notes
		owned by the Collateral Manager or any of its Affiliates, or by any accounts
		managed by them, shall be disregarded and deemed not to be outstanding unless
		the Collateral Manager or its Affiliates or 
	 

	 
		 
	 

	 
		 
	 

	 
		-131-
	 

	 
		 
	 

	 
	 

	 

	 
		funds managed by the Collateral Manager own
		all of the outstanding Notes. The Collateral Manager and its Affiliates shall
		be entitled to vote Notes held by them, and by accounts managed by them, with
		respect to all other matters other than those described in clause (ii)
		(unless the Collateral Manager or its Affiliates or funds managed by the
		Collateral Manager own all of the outstanding Notes, in which case the
		Collateral Manager may vote such Notes in all matters).
	 

	 
		Section 5.3 Collection of Indebtedness and Suits for Enforcement by
		Trustee.
	 

	 
		The Issuer covenants that if a Default shall
		occur in respect of the payment of any interest on any Class A-1 Note, the
		payment of principal on any Class A-1 Note (but only after interest with
		respect to the Class A-1 Notes and any amounts payable pursuant to
		Section 11.1(a) having a higher priority have been paid in full), the
		payment of interest on any Class A-2 Note (but only after interest with
		respect to the Class A-1 Notes and any amounts payable pursuant to
		Section 11.1(a) having a higher priority have been paid in full), the
		payment of principal on any Class A-2 Note (but only after interest and
		principal with respect to the Class A-1 Note and interest with respect to
		the Class A-2 Notes and any amounts payable pursuant to Section 11.1(a) having a higher priority have been paid in full), the
		payment of interest on any Class B Note (but only after interest with
		respect to the Class A-1 Notes and the Class A-2 Notes and any
		amounts payable pursuant to Section
		11.1(a) having a higher priority have
		been paid in full), the payment of principal on any Class B Note (but only
		after interest and principal with respect to the Class A-1 Notes and the
		Class A-2 Notes and interest with respect to the Class B Notes and
		any amounts payable pursuant to Section
		11.1(a) having a higher priority have
		been paid in full), the payment of interest on any Class C Note (but only
		after interest with respect to the Class A-1 Notes, the Class A-2
		Notes and the Class B Notes and any amounts payable pursuant to
		Section 11.1(a) having a higher priority have been paid in full), the
		payment of principal on any Class C Note (but only after interest and
		principal with respect to the Class A-1 Notes, the Class A-2 Notes
		and the Class B Notes and interest with respect to the Class C Notes
		and any amounts payable pursuant to Section 11.1(a) having a higher priority have been paid in full), the
		payment of interest on any Class D Note (but only after interest with
		respect to the Class A-1 Notes, the Class A-2 Notes, the Class B
		Notes and the Class C Notes and any amounts payable pursuant to
		Section 11.1(a) having a higher priority have been paid in full), the
		payment of principal on any Class D Note (but only after interest and
		principal with respect to the Class A-1 Notes, the Class A-2 Notes,
		the Class B Notes and the Class C Notes and interest with respect to
		the Class D Notes and any amounts payable pursuant to Section 11.1(a) having a higher priority have been paid in full), the
		payment of interest on any Class E Note (but only after interest with
		respect to the Class A-1 Notes, the Class A-2 Notes, the Class B
		Notes, the Class C Notes and the Class D Notes and any amounts
		payable pursuant to Section 11.1(a)
		having a higher priority have been paid
		in full), the payment of principal on any Class E Note (but only after
		interest and principal with respect to the Class A-1 Notes, the
		Class A-2 Notes, the Class B Notes, the Class C Notes and the
		Class D Notes and interest with respect to the Class E Notes and any
		amounts payable pursuant to Section
		11.1(a) having a higher priority have
		been paid in full), the payment of interest on any Class F Note (but only
		after interest with respect to the Class A-1 Notes, the Class A-2
		Notes, the Class B Notes, the Class C Notes, the Class D Notes
		and the Class E Notes and any amounts payable pursuant to Section 11.1(a) having a higher priority have been paid in full), or the
		payment of principal on any Class F Note (but only after interest and
		principal with respect to the Class A-1 Notes, the Class A-2 Notes,
		the Class B Notes, the Class C Notes, the Class D Notes and the
		Class E Notes and interest with respect to the Class F 
	 

	 
		 
	 

	 
		 
	 

	 
		-132-
	 

	 
		 
	 

	 
	 

	 

	 
		Notes and any amounts payable pursuant to
		Section 11.1(a) having a higher priority have been paid in full), the
		payment of interest on any Class G Note (but only after interest with
		respect to the Class A-1 Notes, the Class A-2 Notes, the Class B
		Notes, the Class C Notes, the Class D Notes, the Class E Notes
		and the Class F Notes and any amounts payable pursuant to Section 11.1(a) having a higher priority have been paid in full), the
		payment of principal on any Class G Note (but only after interest and
		principal with respect to the Class A-1 Notes, the Class A-2 Notes,
		the Class B Notes, the Class C Notes, the Class D Notes, the
		Class E Notes and the Class F Notes and interest with respect to the
		Class G Notes and any amounts payable pursuant to Section 11.1(a) having a higher priority have been paid in full), the
		payment of interest on any Class H Note (but only after interest with
		respect to the Class A-1 Notes, the Class A-2 Notes, the Class B
		Notes, the Class C Notes, the Class D Notes, the Class E Notes,
		the Class F Notes and the Class G Notes and any amounts payable
		pursuant to Section 11.1(a)
		having a higher priority have been paid
		in full), the payment of principal on any Class H Note (but only after
		interest and principal with respect to the Class A-1 Notes, the
		Class A-2 Notes, the Class B Notes, the Class C Notes, the
		Class D Notes, the Class E Notes, the Class F Notes and the
		Class G Notes and interest with respect to the Class H Notes and any
		amounts payable pursuant to Section
		11.1(a) having a higher priority have
		been paid in full), the payment of interest on any Class J Note (but only
		after interest with respect to the Class A-1 Notes, the Class A-2
		Notes, the Class B Notes, the Class C Notes, the Class D Notes,
		the Class E Notes, the Class F Notes, the Class G Notes and the
		Class H Notes and any amounts payable pursuant to Section 11.1(a) having a higher priority have been paid in full), the
		payment of principal on any Class J Note (but only after interest and
		principal with respect to the Class A-1 Notes, the Class A-2 Notes,
		the Class B Notes, the Class C Notes, the Class D Notes, the
		Class E Notes, the Class F Notes, the Class G Notes and the
		Class H Notes and interest with respect to the Class J Notes and any
		amounts payable pursuant to Section
		11.1(a) having a higher priority have
		been paid in full), the payment of interest on any Class K Note (but only
		after interest with respect to the Class A-1 Notes, the Class A-2
		Notes, the Class B Notes, the Class C Notes, the Class D Notes,
		the Class E Notes, the Class F Notes, the Class G Notes, the
		Class H Notes and the Class J Notes and any amounts payable pursuant
		to Section 11.1(a) having a higher priority have been paid in full), or the
		payment of principal on any Class K Note (but only after interest and
		principal with respect to the Class A-1 Notes, the Class A-2 Notes,
		the Class B Notes, the Class C Notes, the Class D Notes, the
		Class E Notes, the Class F Notes, the Class G Notes, the
		Class H Notes and the Class J Notes and interest with respect to the
		Class K Notes and any amounts payable pursuant to Section 11.1(a) having a higher priority have been paid in full) the
		Issuer and Co-Issuer shall, upon demand of the Trustee or any affected
		Noteholder, pay to the Trustee, for the benefit of the Holder of such Note, the
		whole amount, if any, then due and payable on such Note for principal and
		interest or other payment with interest on the overdue principal and, to the
		extent that payments of such interest shall be legally enforceable, upon
		overdue installments of interest, at the applicable interest rate and, in
		addition thereto, such further amount as shall be sufficient to cover the costs
		and expenses of collection, including the reasonable compensation, expenses,
		disbursements and advances of the Trustee and its respective agents and
		counsel.
	 

	 
		If the Issuer or the Co-Issuer fails to pay
		such amounts forthwith upon such demand, the Trustee, in its own name and as
		Trustee of an express trust, may institute a Proceeding for the collection of
		the sums so due and unpaid, and may prosecute such Proceeding to judgment or
		final decree, and may enforce the same against the Issuer and the Co-Issuer or
		
	 

	 
		 
	 

	 
		 
	 

	 
		-133-
	 

	 
		 
	 

	 
	 

	 

	 
		any other obligor upon the Notes and collect
		the Monies adjudged or decreed to be payable in the manner provided by law out
		of the Assets.
	 

	 
		If an Event of Default occurs and is
		continuing, the Trustee shall proceed to protect and enforce its rights and the
		rights of the Noteholders by such Proceedings (x) as directed by a Majority of
		the Controlling Class or (y) in the absence of direction by a Majority of the
		Controlling Class, as deemed most effectual by the Trustee. Such Proceedings
		shall be used for the specific enforcement of any covenant or agreement in this
		Indenture or in aid of the exercise of any power granted herein, or to enforce
		any other proper remedy or legal or equitable right vested in the Trustee by
		this Indenture or by law.
	 

	 
		In case there shall be pending Proceedings
		relative to the Issuer or the Co-Issuer under the Bankruptcy Code or any other
		applicable bankruptcy, insolvency or other similar law, or in case a receiver,
		assignee or trustee in bankruptcy or reorganization, liquidator, sequestrator
		or similar official shall have been appointed for or taken possession of the
		Issuer or the Co-Issuer, or their respective property, or in case of any other
		comparable Proceedings relative to the Issuer or the Co-Issuer, or the
		creditors or property of the Issuer or the Co-Issuer, the Trustee, regardless
		of whether the principal of any Notes shall then be due and payable as therein
		expressed or by declaration or otherwise and regardless of whether the Trustee
		shall have made any demand pursuant to the provisions of this
		Section 5.3, shall be entitled and empowered, by intervention in
		such Proceedings or otherwise:
	 

	 
		(a) to file and prove a claim or claims for
		the whole amount of principal and interest owing and unpaid in respect of the
		Notes and to file such other papers or documents as may be necessary or
		advisable in order to have the claims of the Trustee (including any claim for
		reasonable compensation to the Trustee and each predecessor Trustee, and their
		respective agents, attorneys and counsel, and for reimbursement of all expenses
		and liabilities incurred, and all advances made, by the Trustee and each
		predecessor Trustee, except as a result of negligence or bad faith) and of the
		Noteholders allowed in any Proceedings relative to the Issuer, the Co-Issuer or
		other obligor upon the Notes or to the creditors or property of the Issuer, the
		Co-Issuer or such other obligor;
	 

	 
		(b) unless prohibited by applicable law and
		regulations, to vote on behalf of the Holders of the Notes in any election of a
		trustee or a standby trustee in arrangement, reorganization, liquidation or
		other bankruptcy or insolvency proceedings or Person performing similar
		functions in comparable Proceedings; and
	 

	 
		(c) to collect and receive any Monies or
		other property payable to or deliverable on any such claims, and to distribute
		all amounts received with respect to the claims of the Noteholders and of the
		Trustee on their behalf; and any trustee, receiver or liquidator, custodian or
		other similar official is hereby authorized by each of the Noteholders to make
		payments to the Trustee, and, in the event that the Trustee shall consent to
		the making of payments directly to the Noteholders, to pay to the Trustee such
		amounts as shall be sufficient to cover reasonable compensation to the Trustee,
		each predecessor Trustee and their respective agents, attorneys and counsel,
		and all other reasonable expenses and liabilities incurred, and all advances
		made, by the Trustee and each predecessor Trustee except as a result of its own
		negligence or bad faith.
	 

	 
		 
	 

	 
		 
	 

	 
		-134-
	 

	 
		 
	 

	 
	 

	 

	 
		Nothing herein contained shall be deemed to
		authorize the Trustee to authorize or consent to or vote for or accept or adopt
		on behalf of any Noteholder, any plan of reorganization, arrangement,
		adjustment or composition affecting the Notes or the rights of any Holder
		thereof, or to authorize the Trustee to vote in respect of the claim of any
		Noteholder in any such Proceeding except, as aforesaid, to vote for the
		election of a trustee in bankruptcy or similar Person.
	 

	 
		All rights of action and of asserting claims
		under this Indenture, or under any of the Notes, may be enforced by the Trustee
		without the possession of any of the Notes or the production thereof in any
		trial or other Proceedings relative thereto, and any action or Proceedings
		instituted by the Trustee shall be brought in its own name as trustee of an
		express trust, and any recovery of judgment, shall be applied as set forth in
		Section 5.7.
	 

	 
		In any Proceedings brought by the Trustee on
		behalf of the Holders, the Trustee shall be held to represent all the Holders
		of the Notes.
	 

	 
		Notwithstanding anything in this
		Section 5.3 to the contrary, the Trustee may not sell or liquidate
		the Assets or institute Proceedings in furtherance thereof pursuant to this
		Section 5.3 unless the conditions specified in Section 5.5(a) are met.
	 

	 
		Section 5.4 Remedies.

	 

	 
		(a) If an Event of Default shall have
		occurred and be continuing, and the Notes have been declared due and payable
		and such declaration and its consequences have not been rescinded and annulled,
		the Issuer and the Co-Issuer agree that the Trustee may, after notice to the
		Noteholders and each Hedge Counterparty, and shall, upon direction by a
		Majority of the Controlling Class, to the extent permitted by applicable law,
		exercise one or more of the following rights, privileges and remedies:
	 

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

	 
		(ii) sell all or a portion of the Assets or
		rights of interest therein, at one or more public or private sales called and
		conducted in any manner permitted by law and in accordance with Section 5.17 hereof;
	 

	 
		(iii) institute Proceedings from time to
		time for the complete or partial foreclosure of this Indenture with respect to
		the Assets;
	 

	 
		(iv) exercise any remedies of a secured
		party under the UCC and take any other appropriate action to protect and
		enforce the rights and remedies of the Trustee and the Holders of the Notes
		hereunder; and
	 

	 
		(v) exercise any other rights and remedies
		that may be available at law or in equity;
	 

	 
		 
	 

	 
		 
	 

	 
		-135-
	 

	 
		 
	 

	 
	 

	 

	 
		provided,
		however, that the Trustee may not sell
		or liquidate the Assets or institute Proceedings in furtherance thereof
		pursuant to this Section 5.4
		unless either of the conditions specified in Section 5.5(a) is met.
	 

	 
		The Trustee may, but need not, obtain and
		rely upon an opinion of an Independent investment banking firm of national
		reputation with demonstrated capabilities in structuring and distributing notes
		or certificates similar to the Notes as to the feasibility of any action
		proposed to be taken in accordance with this Section 5.4
		and as to the sufficiency of the proceeds and other amounts receivable with
		respect to the Assets to make the required payments of principal of and
		interest on the Notes and other amounts payable hereunder, which opinion shall
		be conclusive evidence as to such feasibility or sufficiency.
	 

	 
		(b) If an Event of Default as described in
		Section 5.1(e) hereof shall have occurred and be continuing, the
		Trustee may, and at the request of the Holders of not less than 25% of the
		Aggregate Outstanding Amount of the Controlling Class shall, institute a
		Proceeding solely to compel performance of the covenant or agreement or to cure
		the representation or warranty, the breach of which gave rise to the Event of
		Default under such Section, and enforce any equitable decree or order arising
		from such Proceeding.
	 

	 
		(c) Upon any Sale, whether made under the
		power of sale hereby given or by virtue of judicial proceedings, any Noteholder
		or Noteholders or Preferred Shareholder or Preferred Shareholders or the
		Collateral Manager or any of its Affiliates may bid for and purchase the Assets
		or any part thereof and, upon compliance with the terms of Sale, may hold,
		retain, possess or dispose of such property in its or their own absolute right
		without accountability; and any purchaser at any such Sale may, in paying the
		purchase Money, turn in any of the Notes in lieu of Cash equal to the amount
		which shall, upon distribution of the net proceeds of such sale, be payable on
		the Notes so turned in by such Holder (taking into account the Class of such
		Notes). Such Notes, in case the amounts so payable thereon shall be less than
		the amount due thereon, shall be returned to the Holders thereof after proper
		notation has been made thereon to show partial payment.
	 

	 
		Upon any Sale, whether made under the power
		of sale hereby given or by virtue of judicial proceedings, the receipt of the
		Trustee or of the Officer making a sale under judicial proceedings shall be a
		sufficient discharge to the purchaser or purchasers at any sale for its or
		their purchase Money and such purchaser or purchasers shall not be obliged to
		see to the application thereof.
	 

	 
		Any such Sale, whether under any power of
		sale hereby given or by virtue of judicial proceedings, shall bind the Issuer,
		the Co-Issuer, the Trustee, the Noteholders and the Preferred Shareholders,
		shall operate to divest all right, title and interest whatsoever, either at law
		or in equity, of each of them in and to the property sold, and shall be a
		perpetual bar, both at law and in equity, against each of them and their
		successors and assigns, and against any and all Persons claiming through or
		under them.
	 

	 
		(d) Notwithstanding any other provision of
		this Indenture, neither the Trustee, the Advancing Agent nor any other Secured
		Parties may, prior to the date which is one year and one day, or, if longer,
		the applicable preference period then in effect after the payment in full of
		
	 

	 
		 
	 

	 
		 
	 

	 
		-136-
	 

	 
		 
	 

	 
	 

	 

	 
		all Notes, institute against, or join any
		other Person in instituting against, the Issuer or the Co-Issuer any
		bankruptcy, reorganization, arrangement, insolvency, moratorium or liquidation
		proceedings, or other proceedings under Cayman Islands, United States Federal
		or State bankruptcy or similar laws. Nothing in this Section 5.4
		shall preclude, or be deemed to stop, the Trustee (i) from taking any
		action prior to the expiration of the aforementioned one year and one day (or,
		if longer, the applicable preference period then in effect) period in
		(A) any case or proceeding voluntarily filed or commenced by the Issuer or
		the Co-Issuer or (B) any involuntary insolvency proceeding filed or
		commenced by a Person other than the Trustee, or (ii) from commencing
		against the Issuer or the Co-Issuer or any of their respective properties any
		legal action which is not a bankruptcy, reorganization, arrangement,
		insolvency, moratorium or liquidation proceeding.
	 

	 
		Section 5.5 Preservation of Assets.
	 

	 
		(a) Notwithstanding anything to the contrary
		herein, if an Event of Default shall have occurred and be continuing when any
		of the Notes are Outstanding, the Trustee shall retain the Assets securing the
		Notes, collect and cause the collection of the proceeds thereof and make and
		apply all payments and deposits and maintain all accounts in respect of the
		Assets and the Notes in accordance with the Priority of Payments and the
		provisions of Articles 10, 12 and
		13 unless either:
	 

	 
		(i) the Trustee, pursuant to Section 5.5(c), determines that the anticipated proceeds of a sale or
		liquidation of the Assets (after deducting the reasonable expenses of such sale
		or liquidation) would be sufficient to discharge in full the amounts then due
		and unpaid on the Notes, Company Administrative Expenses due and payable
		pursuant to clauses (3) and (31) of Section 11.1(a)(i) and clauses (1) and (15) of Section 11.1(a)(ii), the Senior Collateral Management Fees due and payable
		pursuant to clause (4) of Section 11.1(a)(i), the Subordinate Collateral Management Fees due and
		payable pursuant to clause (32) of Section 11.1(a)(i), any amounts due and unpaid to each Hedge Counterparty,
		including without limitation, any payments (however described) due and payable
		by the Issuer under each Hedge Agreement upon a termination of such Hedge
		Agreement (including any interest that may accrue thereon) and amounts due and
		payable to the Advancing Agent and the Trustee, in its capacity as Backup
		Advancing Agent, in respect of unreimbursed Interest Advances and Reimbursement
		Interest and amounts due and payable to the Advancing Agent in respect of
		unreimbursed Cure Advances and a Majority of the Controlling Class agrees with
		such determination; or
	 

	 
		(ii) the Holders of 66-2/3% of the Aggregate
		Outstanding Amount of each Class of Notes (each voting as a separate Class)
		(and each Hedge Counterparty, unless each shall be paid in full the amounts due
		and unpaid, including, without limitation, any payments (however described) due
		and payable by the Issuer under each Hedge Agreement upon a termination of such
		Hedge Agreement (including any interest that may accrue thereon)), direct,
		subject to the provisions of this Indenture, the sale and liquidation of the
		Assets.
	 

	 
		The Trustee shall give written notice of the
		retention of the Assets to the Issuer, the Co-Issuer, the Collateral Manager,
		each Hedge Counterparty and the Rating Agencies. So 
	 

	 
		 
	 

	 
		 
	 

	 
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		long as such Event of Default is continuing,
		any such retention pursuant to this Section 5.5(a) may be rescinded at any time when the conditions
		specified in clause (i) or (ii) above exist.
	 

	 
		(b) Nothing contained in Section 5.5(a) shall be construed to require the Trustee to sell the
		Assets securing the Notes if the conditions set forth in Section 5.5(a) are not satisfied. Nothing contained in Section 5.5(a) shall be construed to require the Trustee to preserve
		the Assets securing the Notes if prohibited by applicable law.
	 

	 
		(c) To assist the Trustee in determining
		whether the condition specified in Section 5.5(a)(i) exists, the Collateral Manager shall obtain bid prices
		with respect to each Pledged Collateral Debt Security from two dealers
		(Independent of the Collateral Manager and any of its Affiliates) at the time
		making a market in such Pledged Collateral Debt Securities (or, if there is
		only one market maker, then the Collateral Manager shall obtain a bid price
		from that market maker or, if no market maker, from a pricing service). The
		Collateral Manager shall compute the anticipated proceeds of sale or
		liquidation on the basis of the lowest of such bid prices for each such Pledged
		Collateral Debt Security and provide the Trustee with the results thereof. For
		the purposes of determining issues relating to the Market Value of the Pledged
		Collateral Debt Security and the execution of a sale or other liquidation
		thereof, the Trustee may, but need not, retain at the expense of the Issuer and
		rely on an opinion of an Independent investment banking firm of national
		reputation in connection with a determination (notwithstanding that such
		opinion will not be the basis for such determination) as to whether the
		condition specified in Section 5.5(a)(i) exists.
	 

	 
		The Trustee shall promptly deliver to the
		Noteholders and each Hedge Counterparty a report stating the results of any
		determination required to be made pursuant to Section 5.5(a)(i). The Trustee shall make the determinations required by
		Section 5.5(a)(i) within 30 days after an Event of Default if requested
		by a Majority of the Controlling Class.
	 

	 
		Section 5.6 Trustee May Enforce Claims Without Possession of
		Notes.
	 

	 
		All rights of action and claims under this
		Indenture or under any of the Notes may be prosecuted and enforced by the
		Trustee without the possession of any of the Notes or the production thereof in
		any trial or other Proceeding relating thereto, and any such action or
		Proceeding instituted by the Trustee shall be brought in its own name as
		trustee of an express trust. Any recovery of judgment in respect of the Notes
		shall be applied as set forth in Section 5.7
		hereof.
	 

	 
		In any Proceedings brought by the Trustee
		(and any Proceedings involving the interpretation of any provision of this
		Indenture to which the Trustee shall be a party), in respect of the Notes, the
		Trustee shall be held to represent all the Holders of the Notes.
	 

	 
		Section 5.7 Application of Money Collected.
	 

	 
		Any Money collected by the Trustee with
		respect to the Notes pursuant to this Article 5
		and any Money that may then be held or thereafter received by the Trustee with
		respect to the Notes hereunder shall be applied subject to Section 13.1 hereof and in accordance with the Priority of Payments
		set forth in Section 11.1 hereof, at the date or dates fixed by the
		Trustee.
	 

	 
		 
	 

	 
		 
	 

	 
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		Section 5.8 Limitation on Suits.
	 

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

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

	 
		(b) except as otherwise provided in
		Section 5.9 hereof, the Holders of at least 25% of the then
		Aggregate Outstanding Amount of the Controlling Class shall have made written
		request to the Trustee to institute Proceedings in respect of such Event of
		Default in its own name as Trustee hereunder and such Holder or Holders have
		delivered to the Trustee reasonable indemnity against the costs, expenses and
		liabilities to be incurred in compliance with such request;
	 

	 
		(c) the Trustee for 30 days after its
		receipt of such notice, request and offer of indemnity has failed to institute
		any such Proceeding; and
	 

	 
		(d) no direction inconsistent with such
		written request has been given to the Trustee during such 30 day period by a
		Majority of the Controlling Class; it being understood and intended that no one
		or more Holders of Notes shall have any right in any manner whatever by virtue
		of, or by availing of, any provision of this Indenture to affect, disturb or
		prejudice the rights of any other Holders of Notes of the same Class or to
		obtain or to seek to obtain priority or preference over any other Holders of
		the Notes of the same Class or to enforce any right under this Indenture,
		except in the manner herein provided and for the equal and ratable benefit of
		all the Holders of Notes of the same Class subject to and in accordance with
		Section 13.1 hereof and the Priority of Payments.
	 

	 
		In the event the Trustee shall receive
		conflicting or inconsistent requests and indemnity from two or more groups of
		Holders of the Controlling Class, each representing less than a Majority of the
		Controlling Class, the Trustee in its sole discretion may determine what
		action, if any, shall be taken, notwithstanding any other provisions of this
		Indenture.
	 

	 
		Section 5.9 Unconditional Rights of Noteholders to Receive Principal
		and Interest.
	 

	 
		Notwithstanding any other provision in this
		Indenture (except for Section 2.7(n) and 2.7(v)), the
		Holder of any Class of Note shall have the right, which is absolute and
		unconditional, to receive payment of the principal of and interest on such
		Class of Note as such principal, interest and other amounts become due and
		payable in accordance with the Priority of Payments and Section 13.1, and, subject to the provisions of Section 5.4(d) and Section 5.8
		to institute Proceedings for the enforcement of any such payment, and such
		right shall not be impaired without the consent of such Holder; provided,
		however, that the right of such Holder
		to institute proceedings for the enforcement of any such payment shall not be
		subject to the 25% threshold requirement set forth in Section 5.8(b).
	 

	 
		 
	 

	 
		 
	 

	 
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		Section 5.10 Restoration
		of Rights and Remedies.
	 

	 
		If the Trustee or any Noteholder has
		instituted any Proceeding to enforce any right or remedy under this Indenture
		and such Proceeding has been discontinued or abandoned for any reason, or has
		been determined adversely to the Trustee, or to such Noteholder, then and in
		every such case the Issuer, the Co-Issuer, the Trustee, and the Noteholder
		shall, subject to any determination in such Proceeding, be restored severally
		and respectively to their former positions hereunder, and thereafter all rights
		and remedies of the Trustee, and the Noteholders shall continue as though no
		such Proceeding had been instituted.
	 

	 
		Section 5.11 Rights and Remedies Cumulative.
	 

	 
		No right or remedy herein conferred upon or
		reserved to the Trustee, or to the Noteholders, is intended to be exclusive of
		any other right or remedy, and every right and remedy shall, to the extent
		permitted by law, be cumulative and in addition to every other right and remedy
		given hereunder or now or hereafter existing at law or in equity or otherwise.
		The assertion or employment of any right or remedy hereunder, or otherwise,
		shall not prevent the concurrent assertion or employment of any other
		appropriate right or remedy.
	 

	 
		Section 5.12 Delay or Omission Not Waiver.
	 

	 
		No delay or omission of the Trustee, or of
		any Noteholder to exercise any right or remedy accruing upon any Event of
		Default shall impair any such right or remedy or constitute a waiver of any
		such Event of Default or an acquiescence therein or a waiver of a subsequent
		Event of Default. Every right and remedy given by this Article 5
		or by law to the Trustee, or to the Noteholders may be exercised from time to
		time, and as often as may be deemed expedient, by the Trustee, or by the
		Noteholders, as the case may be.
	 

	 
		Section 5.13 Control by the Controlling Class.
	 

	 
		Notwithstanding any other provision of this
		Indenture, if an Event of Default shall have occurred and be continuing when
		any of the Notes are Outstanding, a Majority of the Controlling Class shall
		have the right to cause the institution of and direct the time, method and
		place of conducting any Proceeding for any remedy available to the Trustee for
		exercising any trust, right, remedy or power conferred on the Trustee in
		respect of the Notes; provided
		that:
	 

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

	 
		(b) the Trustee may take any other action
		deemed proper by the Trustee that is not inconsistent with such direction;
		provided,
		however, that, subject to
		Section 6.1, the Trustee need not take any action that it
		determines might involve it in liability (unless the Trustee has received
		satisfactory indemnity against such liability as set forth below);
	 

	 
		(c) the Trustee shall have been provided
		with indemnity satisfactory to it; and
	 

	 
		 
	 

	 
		 
	 

	 
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		(d) any direction to the Trustee to
		undertake a Sale of the Assets shall be by the Holders of Notes secured thereby
		representing 66-2/3% of the Aggregate Outstanding Amount of each Class of
		Notes.
	 

	 
		Section 5.14 Waiver of Past Defaults.
	 

	 
		Prior to the time a judgment or decree for
		payment of the Money due has been obtained by the Trustee, as provided in this
		Article 5, a Majority of each and every Class of Notes voting as a
		separate Class may on behalf of the Holders of all the Notes waive any past
		Event of Default in respect of the Notes and its consequences, except an Event
		of Default:
	 

	 
		(a) arising from the failure to pay
		principal of any Note;
	 

	 
		(b) arising from the failure to pay interest
		on any Note;
	 

	 
		(c) in respect of a covenant or provision
		hereof that under Section 8.2
		cannot be modified or amended without the waiver or consent of the Holder of
		each Outstanding Note and each Hedge Counterparty adversely affected
		thereby;
	 

	 
		(d) in respect of any covenant or provision
		hereof for the individual protection or benefit of the Trustee (without the
		Trustee’s express written consent thereto); or
	 

	 
		(e) a default that also materially adversely
		affects a Hedge Counterparty unless such Hedge Counterparty also agrees to such
		default.
	 

	 
		In the case of any such waiver, the Issuer,
		the Co-Issuer, the Trustee, and the Holders of the Notes shall be restored to
		their former positions and rights hereunder, respectively, but no such waiver
		shall extend to any subsequent or other Default or impair any right consequent
		thereto. The Trustee shall promptly give written notice of any such waiver to
		the Collateral Manager, each Noteholder and each Hedge Counterparty.
	 

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

	 
		Section 5.15 Undertaking for Costs.
	 

	 
		All parties to this Indenture agree, and
		each Holder of any Note by its acceptance thereof shall be deemed to have
		agreed, that any court may in its discretion require, in any suit for the
		enforcement of any right or remedy under this Indenture, or in any suit against
		the Trustee for any action taken, or omitted by it as Trustee, the filing by
		any party litigant in such suit of an undertaking to pay the costs of such
		suit, and that such court may in its discretion assess reasonable costs,
		including reasonable attorneys’ fees, against any party litigant in such
		suit, having due regard to the merits and good faith of the claims or defenses
		made by such party litigant; but the provisions of this Section 5.15 shall not apply to any suit instituted by the Trustee,
		to any suit instituted by any Noteholder, or group of Noteholders, holding in
		the aggregate more than 10% of the Aggregate Outstanding Amount of the
		Controlling Class, or to 
	 

	 
		 
	 

	 
		 
	 

	 
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		any suit instituted by any Noteholder for
		the enforcement of the payment of the principal of or interest on any Note or
		any other amount payable hereunder on or after the Stated Maturity (or, in the
		case of redemption, on or after the applicable Redemption Date).
	 

	 
		Section 5.16 Waiver of Stay or Extension Laws.
	 

	 
		Each of the Issuer and the Co-Issuer
		covenants (to the extent that it may lawfully do so) that it will not at any
		time insist upon, or plead, or in any manner whatsoever claim or take the
		benefit or advantage of, any stay or extension law wherever enacted, now or at
		any time hereafter in force, which may affect the covenants, the performance of
		or any remedies under this Indenture; and each of the Issuer and the Co-Issuer
		(to the extent that it may lawfully do so) hereby expressly waives all benefit
		or advantage of any such law, and covenants that it will not hinder, delay or
		impede the execution of any power herein granted to the Trustee, but will
		suffer and permit the execution of every such power as though no such law had
		been enacted.
	 

	 
		Section 5.17 Sale of Assets.
	 

	 
		(a) The power to effect any sale (a
		“Sale”) of any portion of the Assets pursuant to
		Sections 5.4 and 5.5
		hereof shall not be exhausted by any
		one or more Sales as to any portion of such Assets remaining unsold, but shall
		continue unimpaired until all amounts secured by the Assets shall have been
		paid or if there are insufficient proceeds to pay such amount until the entire
		Assets shall have been sold. The Trustee may upon notice to the Securityholders
		and each Hedge Counterparty, and shall, upon direction of a Majority of the
		Controlling Class, from time to time postpone any Sale by public announcement
		made at the time and place of such Sale; provided,
		however, that if the Sale is
		rescheduled for a date more than three Business Days after the date of the
		determination by the Trustee pursuant to Section 5.5
		hereof, such Sale shall not occur unless and until the Trustee has again made
		the determination required by Section 5.5
		hereof. The Trustee hereby expressly waives its rights to any amount fixed by
		law as compensation for any Sale; provided that
		the Trustee shall be authorized to deduct the reasonable costs, charges and
		expenses incurred by it in connection with such Sale from the proceeds thereof
		notwithstanding the provisions of Section 6.7
		hereof.
	 

	 
		(b) The Trustee may bid for and acquire any
		portion of the Assets in connection with a public Sale thereof, and may pay all
		or part of the purchase price by crediting against amounts owing on the Notes
		or other amounts secured by the Assets, all or part of the net proceeds of such
		Sale after deducting the reasonable costs, charges and expenses incurred by the
		Trustee in connection with such Sale notwithstanding the provisions of
		Section 6.7 hereof. The Notes need not be produced in order to
		complete any such Sale, or in order for the net proceeds of such Sale to be
		credited against amounts owing on the Notes. The Trustee may hold, lease,
		operate, manage or otherwise deal with any property so acquired in any manner
		permitted by law in accordance with this Indenture.
	 

	 
		(c) If any portion of the Assets consists of
		securities issued without registration under the Securities Act
		(“Unregistered
		Securities”), the Trustee may seek
		an Opinion of Counsel, or, if no such Opinion of Counsel can be obtained and
		with the consent of a Majority of the Controlling Class, seek a no action
		position from the Securities and Exchange Commission or any other relevant
		federal or State regulatory authorities, regarding the legality of 
	 

	 
		 
	 

	 
		 
	 

	 
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		a public or private Sale of such
		Unregistered Securities. In no event shall the Trustee be required to register
		Unregistered Securities under the Securities Act.
	 

	 
		(d) The Trustee shall execute and deliver an
		appropriate instrument of conveyance transferring its interest in any portion
		of the Assets in connection with a Sale thereof. In addition, the Trustee is
		hereby irrevocably appointed the agent and attorney in fact of the Issuer to
		transfer and convey its interest in any portion of the Assets in connection
		with a Sale thereof, and to take all action necessary to effect such Sale. No
		purchaser or transferee at such a Sale shall be bound to ascertain the
		Trustee’s authority, to inquire into the satisfaction of any conditions
		precedent or see to the application of any Monies.
	 

	 
		(e) In the event of any Sale of the Assets
		pursuant to Section 5.4
		or Section 5.5, payments shall be made in the order and priority set
		forth in Section 11.1(a)(i) and Section 11.1(a)(ii) in the same manner as if the Notes had been
		accelerated.
	 

	 
		Section 5.18 Action on the Notes.
	 

	 
		The Trustee’s right to seek and recover
		judgment on the Notes or under this Indenture shall not be affected by the
		seeking or obtaining of or application for any other relief under or with
		respect to this Indenture. Neither the lien of this Indenture nor any rights or
		remedies of the Trustee, or the Noteholders shall be impaired by the recovery
		of any judgment by the Trustee against the Issuer or the Co-Issuer or by the
		levy of any execution under such judgment upon any portion of the Assets or
		upon any of the assets of the Issuer or the Co-Issuer.
	 

	 
		 
	 

	 
		 
	 

	 
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		ARTICLE 6
	 

	 
		 
	 

	 
		THE TRUSTEE
	 

	 
		Section 6.1 Certain Duties and Responsibilities.
	 

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

	 
		(i) the Trustee undertakes to perform such
		duties and only such duties as are set forth in this Indenture, and no implied
		covenants or obligations shall be read into this Indenture against the Trustee;
		and
	 

	 
		(ii) in the absence of manifest error, or
		bad faith on its part, the Trustee may conclusively rely, as to the truth of
		the statements and the correctness of the opinions expressed therein, upon
		certificates or opinions furnished to the Trustee and conforming to the
		requirements of this Indenture; provided,
		however, that in the case of any such
		certificates or opinions which by any provision hereof are specifically
		required to be furnished to the Trustee, the Trustee shall be under a duty to
		examine the same to determine whether or not they substantially conform to the
		requirements of this Indenture and shall promptly, but in any event within
		three Business Days in the case of an Officer’s Certificate furnished by
		the Collateral Manager, notify the party delivering the same if such
		certificate or opinion does not conform. If a corrected form shall not have
		been delivered to the Trustee within 15 days after such notice from the
		Trustee, the Trustee shall so notify the Noteholders.
	 

	 
		(b) In case an Event of Default known to the
		Trustee has occurred and is continuing, the Trustee shall, prior to the receipt
		of directions, if any, from a Majority of the Controlling Class (or other
		Noteholders to the extent provided in Article 5
		hereof), exercise such of the rights and powers vested in it by this Indenture,
		and use the same degree of care and skill in its exercise as a prudent person
		would exercise or use under the circumstances in the conduct of such
		person’s own affairs.
	 

	 
		(c) If, in performing its duties under this
		Agreement, the Trustee is required to decide between alternative courses of
		action, the Trustee may request written instructions from the Collateral
		Manager as to courses of action desired by it. If the Trustee does not receive
		such instructions within two Business Days after it has requested them, it may,
		but shall be under no duty to, take or refrain from taking such action. The
		Trustee shall act in accordance with instructions received after such
		two-Business Day period except to the extent it has already taken, or committed
		itself to take, action inconsistent with such instructions. The Trustee shall
		be entitled to rely on the advice of legal counsel and Independent accountants
		in performing its duties hereunder and be deemed to have acted in good faith if
		it acts in accordance with such advice.
	 

	 
		(d) No provision of this Indenture shall be
		construed to relieve the Trustee from liability for its own negligent action,
		its own negligent failure to act, or its own willful misconduct, except
		that:
	 

	 
		 
	 

	 
		 
	 

	 
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		(i) this subsection shall not be construed
		to limit the effect of subsection (a) of this Section 6.1;
	 

	 
		(ii) the Trustee shall not be liable for any
		error of judgment made in good faith by a Trust Officer, unless it shall be
		proven that the Trustee was negligent in ascertaining the pertinent
		facts;
	 

	 
		(iii) the Trustee shall not be liable with
		respect to any action taken or omitted to be taken by it in good faith in
		accordance with the direction of the Issuer in accordance with this Indenture
		and/or the Controlling Class relating to the time, method and place of
		conducting any Proceeding for any remedy available to the Trustee in respect of
		any Note or exercising any trust or power conferred upon the Trustee under this
		Indenture;
	 

	 
		(iv) no provision of this Indenture shall
		require the Trustee to expend or risk its own funds or otherwise incur any
		financial liability in the performance of any of its duties hereunder, or in
		the exercise of any of its rights or powers contemplated hereunder, if it shall
		have reasonable grounds for believing that repayment of such funds or adequate
		indemnity against such risk or liability is not reasonably assured to it (if
		the amount of such funds or risk or liability does not exceed the amount
		payable to the Trustee pursuant to Section 11.1(a)(i)(3) and Section 11.1(a)(ii)(1) net of the amounts specified in Section 6.7(a)(i), the Trustee shall be deemed to be reasonably assured
		of such repayment) unless such risk or liability relates to its ordinary
		services under this Indenture, except where this Indenture provides otherwise;
		and
	 

	 
		(v) the Trustee shall not be liable to the
		Noteholders for any action taken or omitted by it at the direction of the
		Issuer, the Co-Issuer, the Collateral Manager, the Controlling Class and/or a
		Noteholder under circumstances in which such direction is required or permitted
		by the terms of this Indenture.
	 

	 
		(e) For all purposes under this Indenture,
		the Trustee shall not be deemed to have notice or knowledge of any Event of
		Default described in Section 5.1(d), 5.1(f), 5.1(g),
		5.1(h) or 5.1(i) or any
		Default described in Section 5.1(e) unless a Trust Officer assigned to and working in the
		Corporate Trust Office has actual knowledge thereof or unless written notice of
		any event which is in fact such an Event of Default or Default is received by
		the Trustee at the Corporate Trust Office, and such notice references, as
		applicable, the Notes generally, the Issuer, the Assets or this Indenture. For
		purposes of determining the Trustee’s responsibility and liability
		hereunder, whenever reference is made in this Indenture to such an Event of
		Default or a Default, such reference shall be construed to refer only to such
		an Event of Default or Default of which the Trustee is deemed to have notice as
		described in this Section 6.1.
	 

	 
		(f) Whether or not therein expressly so
		provided, every provision of this Indenture relating to the conduct or
		affecting the liability of or affording protection to the Trustee shall be
		subject to the provisions of Section 6.1(a), 6.1(b),
		6.1(c), 6.1(d) and
		6.1(e).
	 

	 
		(g) The Trustee shall, upon reasonable prior
		written notice to the Trustee, permit the Issuer, the Co-Issuer, the Collateral
		Manager or the Rating Agencies, during the Trustee’s normal business
		hours, to examine all books of account, records, reports and other 
	 

	 
		 
	 

	 
		 
	 

	 
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		papers of the Trustee relating to the Notes,
		to make copies and extracts therefrom (the reasonable out-of-pocket expenses
		incurred in making any such copies or extracts to be reimbursed to the Trustee
		by such Person) and to discuss the Trustee’s actions, as such actions
		relate to the Trustee’s duties with respect to the Notes, with the
		Trustee’s officers and employees responsible for carrying out the
		Trustee’s duties with respect to the Notes.
	 

	 
		(h) On the Closing Date in respect of the
		Initial Certification, and within 90 days after the Closing Date in respect of
		the Final Certification, the Trustee shall examine the Collateral File (as such
		term is defined in the Seller Collateral Debt Securities Transfer Agreements)
		in its possession, and shall deliver to the Depositor and the Co-Issuers a
		certification (the “Initial
		Certification” and the
		“Final
		Certification,” respectively, in
		the respective forms set forth as Exhibit L-1 and
		Exhibit L-2 hereto), which may be in electronic format (i) in the
		case of the Initial Certification, as to each Collateral Debt Security listed
		on Schedule E, except as may be specified in the schedule of exceptions to
		Collateral File delivery attached thereto, to the effect that each promissory
		note, subordinate note or mezzanine note has been endorsed as provided in the
		definition of Collateral File, and (ii) in the case of the Final Certification,
		as to each Collateral Debt Security listed on Schedule E, except as may be
		specified in the schedule of exceptions to Collateral File delivery attached
		thereto, to the effect that: (A) all documents pursuant to the definition of
		Collateral File required to be included in the Collateral File (to the extent
		required to be delivered pursuant to this Agreement), and with respect to all
		documents specified in the other clauses of the definition of Collateral File
		to the extent actually known by a responsible officer of the Trustee to be
		required pursuant to this Agreement, are in its possession, (B) such documents
		have been reviewed by it and have not been materially mutilated, damaged,
		defaced, torn or otherwise physically altered, and such documents relate to
		such Collateral Debt Security and (C) each promissory note, subordinate note or
		mezzanine note has been endorsed as provided in the definition of Collateral
		File.
	 

	 
		(i) It is acknowledged that the Trustee is
		under no duty or obligation (A) to determine whether any of the documents
		specified in the Collateral File exist or are required to be delivered by the
		Seller or any other Person or (B) to inspect, review or examine any of the
		documents, instruments, certificates or other papers relating to the Collateral
		Debt Securities delivered to it to determine that the same are genuine,
		enforceable, or appropriate for the represented purpose or that they are other
		than what they purport to be on their face.
	 

	 
		Section 6.2 Notice of Default.
	 

	 
		Promptly (and in no event later than three
		Business Days) after the occurrence of any Default known to the Trustee or
		after any declaration of acceleration has been made or delivered to the Trustee
		pursuant to Section 5.2, the Trustee shall transmit by mail to the Collateral
		Manager, the Cayman Stock Exchange (for so long as any Notes are listed on the
		Cayman Stock Exchange), each Hedge Counterparty and each Rating Agency (for so
		long as any Class of Notes is Outstanding and rated by such Rating Agency), to
		all Holders of Notes as their names and addresses appear on the Notes Register,
		notice of all Defaults hereunder known to the Trustee, unless such Default
		shall have been cured or waived.
	 

	 
		 
	 

	 
		 
	 

	 
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		Section 6.3 Certain Rights of Trustee.
	 

	 
		Except as otherwise provided in
		Section 6.1:
	 

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

	 
		(b) any request or direction of the Issuer
		or the Co-Issuer mentioned herein shall be sufficiently evidenced by an Issuer
		Request or Issuer Order, as the case may be;
	 

	 
		(c) whenever in the administration of this
		Indenture the Trustee shall (i) deem it desirable that a matter be proved
		or established prior to taking, suffering or omitting any action hereunder, the
		Trustee (unless other evidence be herein specifically prescribed) may, in the
		absence of bad faith on its part, rely upon an Officer’s Certificate or
		(ii) be required to determine the value of any Assets or funds hereunder
		or the cash flows projected to be received therefrom, the Trustee may, in the
		absence of bad faith on its part, rely on reports of nationally recognized
		accountants, investment bankers or other persons qualified to provide the
		information required to make such determination, including nationally
		recognized dealers in securities of the type being valued and securities
		quotation services;
	 

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

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

	 
		(f) the Trustee shall not be bound to make
		any investigation into the facts or matters stated in any resolution,
		certificate, statement, instrument, opinion, report, notice, request,
		direction, consent, order, note or other paper documents, but the Trustee, in
		its discretion, may and, upon the written direction of a Majority of the
		Controlling Class or of a Rating Agency, shall make such further inquiry or
		investigation into such facts or matters as it may see fit or as it shall be
		directed and shall have received indemnification reasonably acceptable to the
		Trustee, and, the Trustee shall be entitled, on reasonable prior notice to the
		Issuer, the Co-Issuer, the Collateral Manager and the CDO Servicer, to examine
		the books and records relating to the Notes and the Assets, as applicable, at
		the premises of the Issuer, the Co-Issuer and the Collateral Manager,
		personally or by agent or attorney during the Issuer’s, the
		Co-Issuer’s or the Collateral Manager’s normal business hours upon
		not less than three Business Days’ prior written notice; provided that
		the Trustee shall, and shall cause its agents to, hold in confidence all such
		information, except (i) to the extent disclosure may be required by law by
		
	 

	 
		 
	 

	 
		 
	 

	 
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		any regulatory authority and (ii) to
		the extent that the Trustee, in its sole judgment, may determine that such
		disclosure is consistent with its obligations hereunder;
	 

	 
		(g) the Trustee may execute any of the
		trusts or powers hereunder or perform any duties hereunder (except with respect
		to its duty to make any Interest Advance under the circumstances specified in
		Section 10.7) either directly or by or through agents or attorneys;
		provided that the Trustee shall not be responsible for any
		willful misconduct or negligence on the part of any agent appointed and
		supervised, or attorney appointed, with due care by it hereunder;
	 

	 
		(h) the Trustee shall not be liable for any
		action it takes or omits to take in good faith that it reasonably and prudently
		believes to be authorized or within its rights or powers hereunder;
	 

	 
		(i) the Trustee shall not be responsible for
		the accuracy of the books or records of, or for any acts or omissions of, the
		Depository, any Transfer Agent (other than the Trustee itself acting in that
		capacity), Clearstream, Luxembourg, Euroclear, any Calculation Agent (other
		than the Trustee itself acting in that capacity) or any Paying Agent (other
		than the Trustee itself acting in that capacity); and
	 

	 
		(j) the Trustee shall not be liable for the
		actions or omissions of the Collateral Manager; and without limiting the
		foregoing, the Trustee shall not (except to the extent, if at all, otherwise
		expressly stated in this Indenture) be under any obligation to monitor,
		evaluate or verify compliance by the Collateral Manager with the terms hereof
		or the Collateral Management Agreement, or to verify or independently determine
		the accuracy of information received by it from the Collateral Manager (or from
		any selling institution, agent bank, trustee or similar source) with respect to
		the Collateral Debt Securities.
	 

	 
		Section 6.4 Not
		Responsible for Recitals or Issuance of Notes.
	 

	 
		The recitals contained herein and in the
		Notes, other than the Certificate of Authentication thereon, shall be taken as
		the statements of the Issuer and the Co-Issuer, and the Trustee assumes no
		responsibility for their correctness. The Trustee makes no representation as to
		the validity or sufficiency of this Indenture (except as may be made with
		respect to the validity of the Trustee’s obligations hereunder), the
		Assets or the Notes. The Trustee shall not be accountable for the use or
		application by the Issuer or the Co-Issuer of the Notes or the proceeds thereof
		or any Money paid to the Issuer or the Co-Issuer pursuant to the provisions
		hereof.
	 

	 
		Section 6.5 May
		Hold Notes.
	 

	 
		The Trustee, the Paying Agent, the Notes
		Registrar or any other agent of the Issuer or the Co-Issuer, in its individual
		or any other capacity, may become the owner or pledgee of Notes and may
		otherwise deal with the Issuer and the Co-Issuer with the same rights it would
		have if it were not Trustee, Paying Agent, Notes Registrar or such other
		agent.
	 

	 
		Section 6.6 Money Held in Trust.
	 

	 
		Money held by the Trustee hereunder shall be
		held in trust to the extent required herein. The Trustee shall be under no
		liability for interest on any Money received by it 
	 

	 
		 
	 

	 
		 
	 

	 
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		hereunder except as otherwise agreed upon
		with the Issuer and except to the extent of income or other gain on investments
		which are deposits in or certificates of deposit of the Trustee in its
		commercial capacity and income or other gain actually received by the Trustee
		on Eligible Investments.
	 

	 
		Section 6.7 Compensation and Reimbursement.
	 

	 
		(a) The Issuer agrees:
	 

	 
		(i) to pay the Trustee on each Payment Date
		in accordance with the Priority of Payments, the fee specified in the Trustee
		Fee Proposal as compensation for all services rendered by it hereunder (which
		compensation shall not be limited by any provision of law in regard to the
		compensation of a trustee of an express trust);
	 

	 
		(ii) except as otherwise expressly provided
		herein, to reimburse the Trustee (subject to any written agreement between the
		Issuer and the Trustee) in a timely manner upon its request for all reasonable
		expenses, disbursements and advances (except as otherwise provided herein with
		respect to Interest Advances) incurred or made by the Trustee in accordance
		with any provision of this Indenture (including securities transaction charges
		to the extent not waived due to the Trustee’s receipt of payments from a
		financial institution with respect to certain Eligible Investments, as
		specified by the Collateral Manager and the reasonable compensation and
		expenses and disbursements of its agents and legal counsel and of any
		accounting firm or investment banking firm employed by the Trustee pursuant to
		Section 5.4, 5.5,
		10.9 or 10.11 hereof,
		except any such expense, disbursement or advance as may be attributable to its
		negligence, willful misconduct or bad faith);
	 

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

	 
		(iv) to pay the Trustee reasonable
		additional compensation together with its expenses (including reasonable
		counsel fees) for any collection action taken pursuant to Section 6.13 hereof.
	 

	 
		(b) The Issuer may remit payment for such
		fees and expenses to the Trustee or, in the absence thereof, the Trustee may
		from time to time deduct payment of its fees and expenses hereunder from Monies
		on deposit in the Payment Account in accordance with the Priority of
		Payments.
	 

	 
		(c) The Trustee in its capacity as Trustee,
		Paying Agent, Calculation Agent, Transfer Agent, Custodial Securities
		Intermediary, Backup Advancing Agent and Notes Registrar, hereby agrees not to
		cause the filing of a petition in bankruptcy against the Issuer or the
		Co-Issuer until at least one year and one day or, if longer, the applicable
		preference period 
	 

	 
		 
	 

	 
		 
	 

	 
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		then in effect after the payment in full of
		all Notes issued under this Indenture. This provision shall survive termination
		of this Agreement.
	 

	 
		(d) The Trustee agrees that the payment of
		all amounts to which it is entitled pursuant to sub-sections 6.7(a)(i), (a)(ii),
		(a)(iii) and (a)(iv) shall be
		subject to the Priority of Payments, shall be payable only to the extent funds
		are available in accordance with such Priority of Payments, shall be payable
		solely from the Assets and following realization of the Assets, any such claims
		of the Trustee against the Issuer shall be extinguished. The Trustee will have
		a lien upon the Assets to secure the payment of such payments to it in
		accordance with the Priority of Payments; provided that
		the Trustee shall not institute any proceeding for enforcement of such lien
		except in connection with an action taken pursuant to Section 5.3
		hereof for enforcement of the lien of this Indenture for the benefit of the
		Noteholders.
	 

	 
		Fees shall be accrued on the actual number
		of days in the related Interest Accrual Period. The Trustee shall receive
		amounts pursuant to this Section 6.7
		and Sections 11.1(a)(i) and (ii) only
		to the extent that such payment is made in accordance with the Priority of
		Payments and the failure to pay such amounts to the Trustee will not, by
		itself, constitute an Event of Default. Subject to Section 6.9, the Trustee shall continue to serve as Trustee under
		this Indenture notwithstanding the fact that the Trustee shall not have
		received amounts due to it hereunder. No direction by a Majority of the
		Controlling Class shall affect the right of the Trustee to collect amounts owed
		to it under this Indenture.
	 

	 
		If on any Payment Date when any amount shall
		be payable to the Trustee pursuant to this Indenture is not paid because there
		are insufficient funds available for the payment thereof, all or any portion of
		such amount not so paid shall be deferred and payable on any later Payment Date
		on which a fee shall be payable and sufficient funds are available therefor in
		accordance with the Priority of Payments.
	 

	 
		Section 6.8 Corporate Trustee Required; Eligibility.
	 

	 
		There shall at all times be a Trustee
		hereunder which shall be a corporation organized and doing business under the
		laws of the United States of America or of any State thereof, authorized under
		such laws to exercise corporate trust powers, having a combined capital and
		surplus of at least $200,000,000, subject to supervision or examination by
		federal or State authority, having a rating of at least “A2” by
		Moody’s, a rating of at least “BBB” by Fitch and a long-term
		senior unsecured debt rating of at least “A+” and a short-term debt
		rating of at least “A-1” by S&P and having an office within the
		United States. If such corporation publishes reports of condition at least
		annually, pursuant to law or to the requirements of the aforesaid supervising
		or examining authority, then for the purposes of this Section 6.8, 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. If at any time the Trustee shall cease
		to be eligible in accordance with the provisions of this Section 6.8, it shall resign immediately in the manner and with the
		effect hereinafter specified in this Article 6.
	 

	 
		 
	 

	 
		 
	 

	 
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		Section 6.9  Resignation and Removal; Appointment of
		Successor.
	 

	 
		(a) No resignation or removal of the Trustee
		and no appointment of a successor Trustee pursuant to this Article 6
		shall become effective until the acceptance of appointment by the successor
		Trustee under Section 6.10.
	 

	 
		(b) The Trustee may resign at any time by
		giving written notice thereof to the Issuer, the Co-Issuer, the Collateral
		Manager, each Hedge Counterparty, the Noteholders and each Rating Agency. Upon
		receiving such notice of resignation, the Issuer and the Co-Issuer shall
		promptly appoint a successor trustee or trustees by written instrument, in
		duplicate, executed by an Authorized Officer of the Issuer and an Authorized
		Officer of the Co-Issuer, one copy of which shall be delivered to the Trustee
		so resigning and one copy to the successor Trustee or Trustees, together with a
		copy to each Noteholder, each Hedge Counterparty and the Collateral Manager;
		provided that such successor Trustee shall be appointed only upon
		the written consent of a Majority of the Notes (or if there are no Notes
		Outstanding, a Majority of the Preferred Shares) or, at any time when an Event
		of Default shall have occurred and be continuing or when a successor Trustee
		has been appointed pursuant to Section 6.10, by Act of a Majority of the Controlling Class. If no
		successor Trustee shall have been appointed and an instrument of acceptance by
		a successor Trustee shall not have been delivered to the Trustee within 30 days
		after the giving of such notice of resignation, the resigning Trustee, the
		Controlling Class of Notes or any Holder of a Note, on behalf of himself and
		all others similarly situated, may petition any court of competent jurisdiction
		for the appointment of a successor Trustee.
	 

	 
		(c) The Trustee may be removed at any time
		by Act of the Holders of at least 66-2/3% of the Notes (or if there are no
		Notes Outstanding, a Majority of the Preferred Shares) or, at any time when an
		Event of Default shall have occurred and be continuing or when a successor
		Trustee has been appointed pursuant to Section 6.10, by Act of the Controlling Class, upon written notice
		delivered to the Trustee and to the Issuer and the Co-Issuer.
	 

	 
		(d) If at any time:
	 

	 
		(i) the Trustee shall cease to be eligible
		under Section 6.8 and shall fail to resign after written request therefor
		by the Issuer, the Co-Issuer, or by any Holder; or
	 

	 
		(ii) the Trustee shall become incapable of
		acting or there shall be instituted any proceeding pursuant to which it could
		be adjudged as bankrupt or insolvent or a receiver or liquidator of the Trustee
		or of its property shall be appointed or any public officer shall take charge
		or control of the Trustee or of its property or affairs for the purpose of
		rehabilitation, conservation or liquidation;
	 

	 
		then, in any such case (subject to
		Section 6.9(a)), (a) the Issuer or the Co-Issuer, by Issuer
		Order, subject to the written consent of each Hedge Counterparty, may remove
		the Trustee or (b) subject to Section 5.15, a Majority of the Controlling Class or any Holder may,
		on behalf of himself and all others similarly situated, petition any court of
		competent jurisdiction for the removal of the Trustee and the appointment of a
		successor Trustee.
	 

	 
		 
	 

	 
		 
	 

	 
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		(e) If the Trustee shall resign, be removed
		or become incapable of acting, or if a vacancy shall occur in the office of the
		Trustee for any reason, the Issuer and the Co-Issuer, by Issuer Order, subject
		to the written consent of each Hedge Counterparty and the Collateral Manager,
		shall promptly appoint a successor Trustee. If the Issuer and the Co-Issuer
		shall fail to appoint a successor Trustee within 60 days after such
		resignation, removal or incapability or the occurrence of such vacancy, a
		successor Trustee may be appointed by Act of a Majority of the Controlling
		Class delivered to the Issuer, the Co-Issuer, the Collateral Manager and the
		retiring Trustee. The successor Trustee so appointed shall, forthwith upon its
		acceptance of such appointment, become the successor Trustee and supersede any
		successor Trustee proposed by the Issuer and the Co-Issuer. If no successor
		Trustee shall have been so appointed by the Issuer and the Co-Issuer or a
		Majority of the Controlling Class and shall have accepted appointment in the
		manner hereinafter provided, subject to Section 5.15, each Hedge Counterparty, the Controlling Class or any
		Holder may, on behalf of itself or himself and all others similarly situated,
		petition any court of competent jurisdiction for the appointment of a successor
		Trustee.
	 

	 
		(f) The Issuer and the Co-Issuer shall give
		prompt notice of each resignation and each removal of the Trustee and each
		appointment of a successor Trustee by mailing written notice of such event by
		first class mail, postage prepaid, to each Rating Agency, each Hedge
		Counterparty, the Preferred Shares Paying Agent, the Collateral Manager and to
		the Holders of the Notes as their names and addresses appear in the Notes
		Register. Each notice shall include the name of the successor Trustee and the
		address of its Corporate Trust Office. If the Issuer or the Co-Issuer fail to
		mail such notice within ten days after acceptance of appointment by the
		successor Trustee, the successor Trustee shall cause such notice to be given at
		the expense of the Issuer or the Co-Issuer, as the case may be.
	 

	 
		Section 6.10 Acceptance of Appointment by Successor.
	 

	 
		Every successor Trustee appointed hereunder
		shall execute, acknowledge and deliver to the Issuer, the Co-Issuer, each Hedge
		Counterparty, the Collateral Manager, the CDO Servicer and the retiring Trustee
		an instrument accepting such appointment. Upon delivery of the required
		instruments, the resignation or removal of the retiring Trustee shall become
		effective and such successor Trustee, without any further act, deed or
		conveyance, shall become vested with all the rights, powers, trusts, duties and
		obligations of the retiring Trustee; but, on request of the Issuer and the
		Co-Issuer or a Majority of the Controlling Class or the Collateral Manager or
		the successor Trustee, such retiring Trustee shall, upon payment of its charges
		then unpaid, execute and deliver an instrument transferring to such successor
		Trustee all the rights, powers and trusts of the retiring Trustee, and shall
		duly assign, transfer and deliver to such successor Trustee all property and
		Money held by such retiring Trustee hereunder, subject nevertheless to its
		lien, if any, provided for in Section 6.7(d). Upon request of any such successor Trustee, the Issuer
		and the Co-Issuer shall execute any and all instruments for more fully and
		certainly vesting in and confirming to such successor Trustee all such rights,
		powers and trusts.
	 

	 
		No successor Trustee shall accept its
		appointment unless at the time of such acceptance such successor shall be
		qualified and eligible under this Article 6
		and (a) such successor shall have long term debt rated within the four
		highest rating categories by each Rating Agency, and (b) each Rating
		Agency has confirmed in writing that the employment of such successor would not
		adversely affect the rating on the Notes.
	 

	 
		 
	 

	 
		 
	 

	 
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		Section 6.11 Merger, Conversion, Consolidation or Succession to
		Business of Trustee.
	 

	 
		Any corporation or banking association into
		which the Trustee may be merged or converted or with which it may be
		consolidated, or any corporation or banking association resulting from any
		merger, conversion or consolidation to which the Trustee shall be a party, or
		any corporation succeeding to all or substantially all of the corporate trust
		business of the Trustee, shall be the successor of the Trustee hereunder,
		provided such entity shall be otherwise qualified and eligible
		under this Article 6,
		without the execution or filing of any paper or any further act on the part of
		any of the parties hereto. In case any of the Notes have been authenticated,
		but not delivered, by the Trustee then in office, any successor by merger,
		conversion or consolidation to such authenticating Trustee may adopt such
		authentication and deliver the Notes so authenticated with the same effect as
		if such successor Trustee had itself authenticated such Notes.
	 

	 
		Section 6.12 Co-Trustees and Separate Trustee.
	 

	 
		At any time or times, including for the
		purpose of meeting the legal requirements of any jurisdiction in which any part
		of the Assets may at the time be located, the Issuer, the Co-Issuer and the
		Trustee shall have power to appoint, one or more Persons to act as co-trustee
		jointly with the Trustee of all or any part of the Assets, with the power to
		file such proofs of claim and take such other actions pursuant to
		Section 5.6 herein and to make such claims and enforce such rights
		of action on behalf of the Holders of the Notes as such Holders themselves may
		have the right to do, subject to the other provisions of this Section 6.12.
	 

	 
		Each of the Issuer and the Co-Issuer shall
		join with the Trustee in the execution, delivery and performance of all
		instruments and agreements necessary or proper to appoint a co-trustee. If the
		Issuer and the Co-Issuer do not both join in such appointment within 15 days
		after the receipt by them of a request to do so, the Trustee shall have power
		to make such appointment.
	 

	 
		Should any written instrument from the
		Issuer or the Co-Issuer be required by any co-trustee, so appointed, more fully
		confirming to such co-trustee such property, title, right or power, any and all
		such instruments shall, on request, be executed, acknowledged and delivered by
		the Issuer or the Co-Issuer, as the case may be. The Issuer agrees to pay (but
		only from and to the extent of the Assets) to the extent funds are available
		therefor under subclauses (3) and (31) of Section 11.1(a)(i), for any reasonable fees and expenses in connection
		with such appointment.
	 

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

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

	 
		 
	 

	 
		 
	 

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

	 
		(c) the Trustee at any time, by an
		instrument in writing executed by it, with the concurrence of the Issuer and
		the Co-Issuer evidenced by an Issuer Order, may accept the resignation of or
		remove any co-trustee appointed under this Section 6.12, and in case an Event of Default has occurred and is
		continuing, the Trustee shall have the power to accept the resignation of, or
		remove, any such co-trustee without the concurrence of the Issuer or the
		Co-Issuer. A successor to any co-trustee so resigned or removed may be
		appointed in the manner provided in this Section 6.12;
	 

	 
		(d) no co-trustee hereunder shall be
		personally liable by reason of any act or omission of the Trustee
		hereunder;
	 

	 
		(e) the Trustee shall not be liable by
		reason of any act or omission of a co-trustee; and
	 

	 
		(f) any Act of Securityholders delivered to
		the Trustee shall be deemed to have been delivered to each co-trustee.
	 

	 
		Section 6.13 Certain Duties of Trustee Related to Delayed Payment of
		Proceeds.
	 

	 
		In the event that in any month the Trustee
		shall not have received a Scheduled Distribution, (a) the Trustee shall
		promptly notify the Issuer and the Collateral Manager in writing and
		(b) unless within three Business Days (or the end of the applicable grace
		period for such payment, if longer) after such notice such payment shall have
		been received by the Trustee, or the Issuer, in its absolute discretion (but
		only to the extent permitted by Section 10.2(a)), shall have made provision for such payment
		satisfactory to the Trustee in accordance with Section 10.2(a), the Trustee shall request the obligor of such Pledged
		Obligation, the trustee under the related Underlying Instrument or paying agent
		designated by either of them, as the case may be, to make such payment as soon
		as practicable after such request but in no event later than three Business
		Days after the date of such request. In the event that such payment is not made
		within such time period, the Trustee, subject to the provisions of
		clause (iv) of Section 6.1(d), shall take such action as the Collateral Manager
		reasonably shall direct in writing. Any such action shall be without prejudice
		to any right to claim a Default or Event of Default under this Indenture. In
		the event that the Issuer or the Collateral Manager requests a release of a
		Pledged Obligation in connection with any such action under the Collateral
		Management Agreement, such release shall be subject to Section 10.10 and Article 12
		of this Indenture, as the case may be. Notwithstanding any other provision
		hereof, the Trustee shall deliver to the Issuer or its designee any payment
		with respect to any Pledged Obligation received after the Due Date thereof to
		the extent the Issuer previously made provisions for such payment satisfactory
		to the 
	 

	 
		 
	 

	 
		 
	 

	 
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		Trustee in accordance with this
		Section 6.13 and such payment shall not be deemed part of the
		Assets.
	 

	 
		Section 6.14 Withholding.
	 

	 
		If any amount is required to be deducted or
		withheld from any payment to any Noteholder, such amount shall reduce the
		amount otherwise distributable to such Noteholder. The Trustee is hereby
		authorized to withhold or deduct from amounts otherwise distributable to any
		Noteholder sufficient funds for the payment of any tax that is legally required
		to be withheld or deducted (but such authorization shall not prevent the
		Trustee from contesting any such tax in appropriate proceedings and legally
		withholding payment of such tax, pending the outcome of such proceedings). The
		amount of any withholding tax imposed with respect to any Noteholder shall be
		treated as Cash distributed to such Noteholder at the time it is deducted or
		withheld by the Issuer or the Trustee, as applicable, and remitted to the
		appropriate taxing authority. If there is a possibility that withholding tax is
		payable with respect to a distribution, the Trustee may in its sole discretion
		withhold such amounts in accordance with this Section 6.14. If any Noteholder wishes to apply for a refund of any
		such withholding tax, the Trustee shall reasonably cooperate with such
		Noteholder in making such claim so long as such Noteholder agrees to reimburse
		the Trustee for any out-of-pocket expenses incurred.
	 

	 
		Section 6.15
		Representations and Warranties of the
		Trustee.
	 

	 
		The Trustee represents and warrants
		that:
	 

	 
		(a) the Trustee is a national banking
		association with trust powers, duly and validly existing under the laws of the
		United States of America, with corporate power and authority to execute,
		deliver and perform its obligations under this Indenture, and is duly eligible
		and qualified to act as trustee under this Indenture;
	 

	 
		(b) this Indenture has been duly authorized,
		executed and delivered by the Trustee and constitutes the valid and binding
		obligation of the Trustee, enforceable against it in accordance with its terms
		except (i) as limited by bankruptcy, fraudulent conveyance, fraudulent
		transfer, insolvency, reorganization, liquidation, receivership, moratorium or
		other similar laws now or hereafter in effect relating to creditors’
		rights generally and by general equitable principles, regardless of whether
		considered in a proceeding in equity or at law, and (ii) that the remedy
		of specific performance and injunctive and other forms of equitable relief may
		be subject to equitable defenses and to the discretion of the court before
		which any proceeding therefor may be brought;
	 

	 
		(c) neither the execution or delivery by the
		Trustee of this Indenture nor the performance by the Trustee of its obligations
		under this Indenture requires the consent or approval of, the giving of notice
		to or the registration or filing with, any governmental authority or agency
		under any existing law of the United States of America governing the banking or
		trust powers of the Trustee;
	 

	 
		(d) neither the execution, delivery and
		performance of this Indenture, nor the consummation of the transactions
		contemplated by this Indenture, (i) is prohibited by, or requires the
		Trustee to obtain any consent, authorization, approval or registration under,
		any law, statute,
	 

	 
		 
	 

	 
		 
	 

	 
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		rule, regulation, or any judgment, order,
		writ, injunction or decree that is binding upon the Trustee or any of its
		properties or assets, (ii) will violate the provisions of the Governing
		Documents of the Trustee or (iii) will violate any provision of, result in
		any default or acceleration of any obligations under, result in the creation or
		imposition of any lien pursuant to, or require any consent under, any material
		agreement to which the Trustee is a party or by which it or any of its property
		is bound, the violation of which would have a material adverse effect on the
		Trustee or its property; and
	 

	 
		(e) there are no proceedings pending or, to
		the best knowledge of the Trustee, threatened against the Trustee before any
		Federal, state or other governmental agency, authority, administrator or
		regulatory body, arbitrator, court or other tribunal, foreign or domestic,
		which could have a material adverse effect on the Pledged Obligations or the
		performance by the Trustee of its obligations under this Indenture.
	 

	 
		Section 6.16 Requests for Consents.
	 

	 
		In the event that the Trustee receives
		written notice of any proposed amendment, consent or waiver under the
		Underlying Instruments of any Collateral Debt Security (before or after any
		default) or in the event any action is required to be taken in respect to an
		Underlying Instrument, the Trustee shall promptly contact the Issuer and the
		Collateral Manager. The Collateral Manager may, on behalf of the Issuer,
		instruct the Trustee pursuant to an Issuer Order to, and the Trustee shall,
		with respect to which a Collateral Debt Security as to which a consent or
		waiver under the Underlying Instruments of such Collateral Debt Security
		(before or after any default) has been proposed or with respect to action
		required to be taken in respect of an Underlying Instrument, give consent,
		grant a waiver, vote or exercise any or all other rights or remedies with
		respect to any such Collateral Debt Security in accordance with such Issuer
		Order. In the absence of any instruction from the Collateral Manager, the
		Trustee shall not engage in any vote or take any action with respect to such a
		Collateral Debt Security.
	 

	 
		 
	 

	 
		 
	 

	 
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		ARTICLE 7
	 

	 
		 
	 

	 
		COVENANTS
	 

	 
		Section 7.1 Payment of Principal and Interest.
	 

	 
		The Issuer and the Co-Issuer shall duly and
		punctually pay the principal of and interest on each Class of Notes in
		accordance with the terms of such Notes and this Indenture. Amounts properly
		withheld under the Code or other applicable law by any Person from a payment to
		any Noteholder of interest and/or principal shall be considered as having been
		paid by the Issuer and the Co-Issuer, and, with respect to the Preferred
		Shares, by the Issuer, to such Preferred Shareholder for all purposes of this
		Indenture.
	 

	 
		The Trustee shall, unless prevented from
		doing so for reasons beyond its reasonable control, give notice to each
		Securityholder of any such withholding requirement no later than ten days prior
		to the related Payment Date from which amounts are required (as directed by the
		Issuer or the Collateral Manager on behalf of the Issuer) to be withheld,
		provided that despite the failure of the Trustee to give such
		notice amounts withheld pursuant to applicable tax laws shall be considered as
		having been paid by the Issuer and the Co-Issuer, as provided above.
	 

	 
		Section 7.2 Maintenance of Office or Agency.
	 

	 
		The Issuer and the Co-Issuer hereby appoint
		the Trustee as a Paying Agent for the payment of principal of and interest on
		the Notes and where Notes may be surrendered for registration of transfer or
		exchange and the Issuer and the Co-Issuer hereby appoint National Registered
		Agents Inc., 875 Avenue of the Americas, Suite 501, New York, New York 10001,
		as their agent where notices and demands to or upon the Co-Issuer in respect of
		the Notes or this Indenture, or the Issuer in respect of the Notes or this
		Indenture, may be served.
	 

	 
		The Issuer or the Co-Issuer may at any time
		and from time to time vary or terminate the appointment of any such agent or
		appoint any additional agents for any or all of such purposes; provided,
		however, that the Issuer and the
		Co-Issuer, if applicable, will maintain in the Borough of Manhattan, The City
		of New York, an office or agency where notices and demands to or upon the
		Issuer and the Co-Issuer in respect of the Notes and this Indenture may be
		served, and, subject to any laws or regulations applicable thereto, an office
		or agency outside of the United States where Notes may be presented and
		surrendered for payment; provided,
		further, that no paying agent shall be
		appointed in a jurisdiction which subjects payments on the Notes to withholding
		tax. The Issuer or the Co-Issuer, as the case may be, shall give prompt written
		notice to the Trustee, each Rating Agency and the Noteholders of the
		appointment or termination of any such agent and of the location and any change
		in the location of any such office or agency.
	 

	 
		If at any time the Issuer and the Co-Issuer,
		if applicable, shall fail to maintain any such required office or agency in the
		Borough of Manhattan, The City of New York, or outside the United States, or
		shall fail to furnish the Trustee with the address thereof, presentations and
		
	 

	 
		 
	 

	 
		 
	 

	 
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		surrenders may be made (subject to the
		limitations described in the preceding paragraph) at and notices and demands
		may be served on the Issuer and the Co-Issuer, and Notes may be presented and
		surrendered for payment to the appropriate Paying Agent at its main office and
		the Issuer and the Co-Issuer hereby appoint the same as their agent to receive
		such respective presentations, surrenders, notices and demands.
	 

	 
		Section 7.3 Money for Note Payments to be Held in
		Trust.
	 

	 
		All payments of amounts due and payable with
		respect to any Notes that are to be made from amounts withdrawn from the
		Payment Account shall be made on behalf of the Issuer and the Co-Issuer by the
		Trustee or a Paying Agent (in each case, from and to the extent of available
		funds in the Payment Account and subject to the Priority of Payments) with
		respect to payments on the Notes.
	 

	 
		When the Paying Agent is not also the Notes
		Registrar, the Issuer and the Co-Issuer shall furnish, or cause the Notes
		Registrar to furnish, no later than the fifth calendar day after each Record
		Date a list, if necessary, in such form as such Paying Agent may reasonably
		request, of the names and addresses of the Holders of Notes and of the
		certificate numbers of individual Notes held by each such Holder.
	 

	 
		Whenever the Paying Agent is not also the
		Trustee, the Issuer, the Co-Issuer, and such Paying Agent shall, on or before
		the Business Day next preceding each Payment Date or Redemption Date, as the
		case may be, direct the Trustee to deposit on such Payment Date with such
		Paying Agent, if necessary, an aggregate sum sufficient to pay the amounts then
		becoming due pursuant to the terms of this Indenture (to the extent funds are
		then available for such purpose in the Payment Account, and subject to the
		Priority of Payments), such sum to be held for the benefit of the Persons
		entitled thereto and (unless such Paying Agent is the Trustee) the Issuer and
		the Co-Issuer shall promptly notify the Trustee of its action or failure so to
		act. Any Monies deposited with a Paying Agent (other than the Trustee) in
		excess of an amount sufficient to pay the amounts then becoming due on the
		Notes with respect to which such deposit was made shall be paid over by such
		Paying Agent to the Trustee for application in accordance with
		Article 11. Any such Paying Agent shall be deemed to agree by
		assuming such role not to cause the filing of a petition in bankruptcy against
		the Issuer or the Co-Issuer for the non-payment to the Paying Agent of any
		amounts payable thereto until at least one year and one day or, if longer, the
		applicable preference period then in effect after the payment in full of all
		Notes issued under this Indenture.
	 

	 
		The initial Paying Agent shall be as set
		forth in Section 7.2. Any additional or successor Paying Agents shall be
		appointed by Issuer Order of the Issuer and Issuer Order of the Co-Issuer with
		written notice thereof to the Trustee; provided,
		however, that so long as any Class of
		the Notes are rated by a Rating Agency and with respect to any additional or
		successor Paying Agent for the Notes, either (i) such Paying Agent has a
		long-term debt rating of “Aa3” or higher by Moody’s,
		“AA-“ or higher by Fitch and “AA-“ or higher by S&P or
		a short-term debt rating of “P-1” by Moody’s, “F1+” by
		Fitch and “A1+” by S&P or (ii) each Rating Agency confirms
		that employing such Paying Agent shall not adversely affect the then-current
		ratings of the Notes. In the event that such successor Paying Agent ceases to
		have a long-term debt rating of “Aa3” or higher by Moody’s,
		“AA-“ or higher by Fitch or “AA-“ or higher by S&P or a
		
	 

	 
		 
	 

	 
		 
	 

	 
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		short-term debt rating of at least
		“P-1” by Moody’s, “F1+” by Fitch and “A-1+”
		by S&P, the Issuer and the Co-Issuer shall promptly remove such Paying
		Agent and appoint a successor Paying Agent. The Issuer and the Co-Issuer shall
		not appoint any Paying Agent that is not, at the time of such appointment, a
		depository institution or trust company subject to supervision and examination
		by federal and/or state and/or national banking authorities. The Issuer and the
		Co-Issuer shall cause the Paying Agent other than the Trustee to execute and
		deliver to the Trustee an instrument in which such Paying Agent shall agree
		with the Trustee (and if the Trustee acts as Paying Agent, it hereby so
		agrees), subject to the provisions of this Section 7.3, that such Paying Agent will:
	 

	 
		(a) allocate all sums received for payment
		to the Holders of Notes for which it acts as Paying Agent on each Payment Date
		and Redemption Date among such Holders in the proportion specified in the
		applicable report or Redemption Date Statement, as the case may be, in each
		case to the extent permitted by applicable law;
	 

	 
		(b) hold all sums held by it for the payment
		of amounts due with respect to the Notes for the benefit of the Persons
		entitled thereto until such sums shall be paid to such Persons or otherwise
		disposed of as herein provided and pay such sums to such Persons as herein
		provided;
	 

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

	 
		(d) if such Paying Agent is not the Trustee,
		immediately give the Trustee notice of any Default by the Issuer or the
		Co-Issuer (or any other obligor upon the Notes) in the making of any payment
		required to be made; and
	 

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

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

	 
		Except as otherwise required by applicable
		law, any Money deposited with the Trustee in trust or deposited with the Paying
		Agent for the payment of the principal of or interest on any Note and remaining
		unclaimed for two years after such principal or interest has become due and
		payable shall be paid to the Issuer; and the Holder of such Note shall
		thereafter, as an unsecured general creditor, look only to the Issuer for
		payment of such amounts and all liability of the Trustee or the Paying Agent
		with respect to such Money (but only to the extent of the 
	 

	 
		 
	 

	 
		 
	 

	 
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		amounts so paid to the Issuer or the
		Co-Issuer, as applicable) shall thereupon cease. The Trustee or the Paying
		Agent, before being required to make any such release of payment, may, but
		shall not be required to, adopt and employ, at the expense of the Issuer or the
		Co-Issuer, as the case may be, any reasonable means of notification of such
		release of payment, including, but not limited to, mailing notice of such
		release to Holders whose Notes have been called but have not been surrendered
		for redemption or whose right to or interest in Monies due and payable but not
		claimed is determinable from the records of the Paying Agent, at the last
		address of record of each such Holder.
	 

	 
		Section 7.4 Existence of the Issuer and Co-Issuer.
	 

	 
		(a) So long as any Note is outstanding and
		to the maximum extent permitted by applicable law, the Issuer shall maintain in
		full force and effect its existence and rights as an exempted company
		incorporated with limited liability under the laws of the Cayman Islands and
		shall obtain and preserve its qualification to do business as a foreign limited
		liability company in each jurisdiction in which such qualifications are or
		shall be necessary to protect the validity and enforceability of this
		Indenture, the Notes or any of the Assets; provided that
		the Issuer shall be entitled to change its jurisdiction of registration from
		the Cayman Islands to any other jurisdiction reasonably selected by the Issuer
		so long as (i) such change is not disadvantageous in any material respect
		to the Holders of the Notes or the Preferred Shares, (ii) written notice
		of such change shall have been given by the Trustee to the Holders of the Notes
		or Preferred Shares, the Preferred Shares Paying Agent and each Rating Agency
		fifteen Business Days prior to such change and (iii) on or prior to the
		15th Business Day following such notice the Trustee shall not have received
		written notice from a Majority of the Controlling Class or a Majority of the
		Preferred Shares objecting to such change. So long as any Note is outstanding,
		the Issuer will maintain at all times at least one director who is Independent
		of the Collateral Manager and its Affiliates.
	 

	 
		(b) So long as any Note is outstanding, the
		Co-Issuer shall maintain in full force and effect its existence and rights as a
		limited liability company organized under the laws of Delaware and shall obtain
		and preserve its qualification to do business as a foreign limited liability
		company in each jurisdiction in which such qualifications are or shall be
		necessary to protect the validity and enforceability of this Indenture or the
		Notes; provided,
		however, that the Co-Issuer shall be
		entitled to change its jurisdiction of formation from Delaware to any other
		jurisdiction reasonably selected by the Co-Issuer so long as (i) such
		change is not disadvantageous in any material respect to the Holders of the
		Notes, (ii) written notice of such change shall have been given by the
		Trustee to the Holders of the Notes and each Rating Agency fifteen Business
		Days prior to such change and (iii) on or prior to the 15th Business Day
		following such notice the Trustee shall not have received written notice from a
		Majority of the Controlling Class objecting to such change. So long as any Note
		is outstanding, the Co-Issuer shall maintain at all times at least one manager
		who is Independent of the Collateral Manager and its Affiliates.
	 

	 
		(c) So long as any Note is outstanding, the
		Issuer shall ensure that all corporate or other formalities regarding its
		existence are followed (including correcting any known misunderstanding
		regarding its separate existence). So long as any Note is outstanding, the
		Issuer shall not take any action or conduct its affairs in a manner that is
		likely to result in its
	 

	 
		 
	 

	 
		 
	 

	 
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		separate existence being ignored or its
		assets and liabilities being substantively consolidated with any other Person
		in a bankruptcy, reorganization or other insolvency proceeding. So long as any
		Note is outstanding, the Issuer shall maintain and implement administrative and
		operating procedures reasonably necessary in the performance of the
		Issuer’s obligations hereunder, and the Issuer shall at all times keep and
		maintain, or cause to be kept and maintained, separate books, records, accounts
		and other information customarily maintained for the performance of the
		Issuer’s obligations hereunder. Without limiting the foregoing, so long as
		any Note is outstanding, (i) the Issuer shall (A) pay its own
		liabilities only out of its own funds and (B) (if utilized) use separate
		stationery, invoices and checks, (ii) the Issuer shall not have any
		subsidiaries (other than the Co-Issuer), and (iii) the Issuer shall not
		(A) have any employees, (B) engage in any transaction with any
		shareholder that is not permitted under the terms of the Collateral Management
		Agreement, (C) pay dividends other than in accordance with the terms of
		this Indenture or (D) conduct business under an assumed name (i.e. no
		DBAs); provided that the foregoing shall not prohibit the Issuer from
		entering into the transactions contemplated by the Administration Agreement
		with the Company Administrator and the Preferred Shares Paying Agency Agreement
		with the Shares Registrar.
	 

	 
		(d) So long as any Note is outstanding, the
		Co-Issuer shall ensure that all limited liability company or other formalities
		regarding its existence are followed, as well as correcting any known
		misunderstanding regarding its separate existence. The Co-Issuer shall not take
		any action or conduct its affairs in a manner that is likely to result in its
		separate existence being ignored or its assets and liabilities being
		substantively consolidated with any other Person in a bankruptcy,
		reorganization or other insolvency proceeding. The Co-Issuer shall maintain and
		implement administrative and operating procedures reasonably necessary in the
		performance of the Co-Issuer’s obligations hereunder, and the Co-Issuer
		shall at all times keep and maintain, or cause to be kept and maintained,
		books, records, accounts and other information customarily maintained for the
		performance of the Co- Issuer’s obligations hereunder. Without limiting
		the foregoing, (i) the Co-Issuer shall not have any subsidiaries, and
		(ii) the Co-Issuer shall not (A) have any employees (other than its
		managers), (B) join in any transaction with any member that is not
		permitted under the terms of the Collateral Management Agreement or
		(C) pay dividends other than in accordance with the terms of this
		Indenture.
	 

	 
		Section 7.5 Protection of Assets.
	 

	 
		(a) The Trustee, on behalf of the Issuer,
		pursuant to any Opinion of Counsel received pursuant to Section 7.5(d) shall execute and deliver all such Financing
		Statements, continuation statements, instruments of further assurance and other
		instruments, and shall take such other action as may be necessary or advisable
		or desirable to secure the rights and remedies of the Holders and each Hedge
		Counterparty hereunder and to:
	 

	 
		(i) Grant more effectively all or any
		portion of the Assets;
	 

	 
		(ii) maintain or preserve the lien (and the
		priority thereof) of this Indenture or to carry out more effectively the
		purposes hereof;
	 

	 
		 
	 

	 
		 
	 

	 
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		(iii) perfect, publish notice of or protect
		the validity of any Grant made or to be made by this Indenture (including,
		without limitation, any and all actions necessary or desirable as a result of
		changes in law or regulations);
	 

	 
		(iv) enforce any of the Pledged Obligations
		or other instruments or property included in the Assets;
	 

	 
		(v) preserve and defend title to the Assets
		and the rights of the Trustee, the Holders of the Notes and each Hedge
		Counterparty in the Assets against the claims of all persons and parties;
		and
	 

	 
		(vi) pursuant to Sections 11.1(a)(i)(1) and 11.1(a)(ii)(1),
		pay or cause to be paid any and all taxes levied or assessed upon all or any
		part of the Assets.
	 

	 
		The Issuer hereby designates the Trustee,
		its agent and attorney-in-fact to execute any Financing Statement, continuation
		statement or other instrument required pursuant to this Section 7.5. The Trustee agrees that it will from time to time
		execute and cause to be filed Financing Statements and continuation statements
		(it being understood that the Trustee shall be entitled to rely upon an Opinion
		of Counsel described in Section 7.5(d), at the expense of the Issuer, as to the need to file
		such Financing Statements and continuation statements, the dates by which such
		filings are required to be made and the jurisdictions in which such filings are
		required to be made).
	 

	 
		(b) The Trustee shall not (i) except in
		accordance with Section 10.10(a),
		(b) or (c) and except
		for payments, deliveries and distributions otherwise expressly permitted under
		this Indenture, remove any portion of the Assets that consists of Cash or is
		evidenced by an instrument, certificate or other writing (A) from the
		jurisdiction in which it was held at the date as described in the Opinion of
		Counsel delivered at the Closing Date pursuant to Section 3.1(d) or (B) from the possession of the Person who held
		it on such date or (ii) cause or permit the Custodial Account or the
		Custodial Securities Intermediary to be located in a different jurisdiction
		from the jurisdiction in which such securities accounts and Custodial
		Securities Intermediary were located on the Closing Date, unless the Trustee
		shall have first received an Opinion of Counsel to the effect that the lien and
		security interest created by this Indenture with respect to such property will
		continue to be maintained after giving effect to such action or actions.

	 

	 
		(c) The Issuer shall pay or cause to be paid
		taxes, if any, levied on account of the beneficial ownership by the Issuer of
		any Pledged Obligations that secure the Notes.
	 

	 
		(d) For so long as the Notes are
		Outstanding, (i) on April 30, 2011 and (ii) every 60 months
		after such date, the Issuer (or the Collateral Manager on behalf of the Issuer)
		shall deliver to the Trustee for the benefit of the Trustee, the Collateral
		Manager, each Hedge Counterparty and each Rating Agency, at the expense of the
		Issuer, an Opinion of Counsel stating what is required, in the opinion of such
		counsel, as of the date of such opinion, to maintain the lien and security
		interest created by this Indenture with respect to the Assets, and confirming
		the matters set forth in the Opinion of Counsel, furnished pursuant to
		Section 3.1(d), with regard to the perfection and priority of such
		security interest (and such Opinion may 
	 

	 
		 
	 

	 
		 
	 

	 
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		likewise be subject to qualifications and
		assumptions similar to those set forth in the Opinion delivered pursuant to
		Section 3.1(d)); provided that
		the Issuer shall be required to deliver an Opinion of Counsel with respect to
		the foregoing matters within 60 days after any change in the jurisdiction of
		organization of the Trustee; and provided, further, that a Majority of the Controlling Class shall be
		entitled to direct the Issuer to deliver an additional Opinion of Counsel with
		respect to the foregoing matters, at the expense of such Holders, twice within
		any such 60 month period.
	 

	 
		Section 7.6 Notice of Any Amendments.
	 

	 
		Each of the Issuer and the Co-Issuer shall
		give notice to the Rating Agencies of, and satisfy the Rating Agency Condition
		with respect to, any amendments to its Governing Documents.
	 

	 
		Section 7.7 Performance of Obligations.
	 

	 
		(a) Each of the Issuer and the Co-Issuer
		shall not take any action, and will use its best effort not to permit any
		action to be taken by others, that would release any Person from any of such
		Person’s covenants or obligations under any instrument included in the
		Assets, except in the case of enforcement action taken with respect to any
		Defaulted Security in accordance with the provisions hereof and as otherwise
		required hereby.
	 

	 
		(b) The Issuer or the Co-Issuer may, with
		the prior written consent of the Majority of the Notes (or if there are no
		Notes Outstanding, a Majority of the Preferred Shares), contract with other
		Persons, including the Collateral Manager or the Trustee, for the performance
		of actions and obligations to be performed by the Issuer or the Co-Issuer, as
		the case may be, hereunder by such Persons and the performance of the actions
		and other obligations with respect to the Assets of the nature set forth in the
		Collateral Management Agreement by the Collateral Manager. Notwithstanding any
		such arrangement, the Issuer or the Co-Issuer, as the case may be, shall remain
		primarily liable with respect thereto. In the event of such contract, the
		performance of such actions and obligations by such Persons shall be deemed to
		be performance of such actions and obligations by the Issuer or the Co-Issuer;
		and the Issuer or the Co-Issuer shall punctually perform, and use its best
		efforts to cause the Collateral Manager or such other Person to perform, all of
		their obligations and agreements contained in the Collateral Management
		Agreement or such other agreement.
	 

	 
		Section 7.8 Negative Covenants.
	 

	 
		(a) The Issuer and the Co-Issuer shall
		not:
	 

	 
		(i) sell, assign, participate, transfer,
		exchange or otherwise dispose of, or pledge, mortgage, hypothecate or otherwise
		encumber (or permit such to occur or suffer such to exist), any part of the
		Assets, except as otherwise expressly permitted by this Indenture or the
		Collateral Management Agreement;
	 

	 
		(ii) claim any credit on, make any deduction
		from, or dispute the enforceability of, the payment of the principal or
		interest payable in respect of the Notes (other than amounts required to be
		paid, deducted or withheld in accordance with this 
	 

	 
		 
	 

	 
		 
	 

	 
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		Indenture or any applicable law or
		regulation of any governmental authority) or assert any claim against any
		present or future Noteholder by reason of the payment of any taxes levied or
		assessed upon any part of the Assets;
	 

	 
		(iii) (A) incur or assume or guarantee
		any indebtedness, other than the Notes and this Indenture and the transactions
		contemplated hereby; (B) issue any additional class of securities, other
		than the Notes, the Preferred Shares, the ordinary shares of the Issuer and the
		limited liability company membership interests of the Co-Issuer; or
		(C) issue any additional shares of stock, other than the ordinary shares
		of the Issuer and the Preferred Shares;
	 

	 
		(iv) (A) permit the validity or
		effectiveness of this Indenture or any Grant hereunder to be impaired, or
		permit the lien of this Indenture to be amended, hypothecated, subordinated,
		terminated or discharged, or permit any Person to be released from any
		covenants or obligations with respect to this Indenture or the Notes, except as
		may be expressly permitted hereby, (B) permit any lien, charge, adverse
		claim, security interest, mortgage or other encumbrance (other than the lien of
		this Indenture) to be created on or extend to or otherwise arise upon or burden
		the Assets or any part thereof, any interest therein or the proceeds thereof,
		except as may be expressly permitted hereby or (C) take any action that
		would permit the lien of this Indenture not to constitute a valid first
		priority security interest in the Assets, except as may be expressly permitted
		hereby;
	 

	 
		(v) amend the Collateral Management
		Agreement, except pursuant to the terms thereof;
	 

	 
		(vi) amend the CDO Servicing Agreement,
		except pursuant to the terms thereof;
	 

	 
		(vii) amend the Preferred Shares Paying
		Agency Agreement, except pursuant to the terms thereof;
	 

	 
		(viii) amend the Master Trust Agreement or
		form of Series Trust Agreement, except pursuant to the terms thereof;
	 

	 
		(ix) dissolve or liquidate in whole or in
		part, except as permitted hereunder;
	 

	 
		(x) make or incur any capital expenditures,
		except as reasonably required to perform its functions in accordance with the
		terms of this Indenture;
	 

	 
		(xi) become liable in any way, whether
		directly or by assignment or as a guarantor or other surety, for the
		obligations of the lessee under any lease, hire any employees or pay any
		dividends to its shareholders, except with respect to the Preferred Shares in
		accordance with the Priority of Payments and the Preferred Shares Paying Agency
		Agreement;
	 

	 
		(xii) maintain any bank accounts other than
		the Accounts and the bank account in the Cayman Islands in which
		(inter alia) the proceeds of the Issuer’s issued share 

	 

	 
		 
	 

	 
		 
	 

	 
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		capital and the transaction fees paid to the
		Issuer for agreeing to issue the Securities will be kept;
	 

	 
		(xiii) conduct business under an assumed
		name, or change its name without first delivering at least 30 days’ prior
		written notice to the Trustee, the Noteholders and the Rating Agencies, each
		Hedge Counterparty and an Opinion of Counsel to the effect that such name
		change will not adversely affect the security interest hereunder of the Trustee
		or the Secured Parties;
	 

	 
		(xiv) engage in any activity that would
		cause the Issuer to be subject to U.S. federal, state or local income or
		franchise tax; or
	 

	 
		(xv) except for any agreements (other than a
		Hedge Agreement) involving the purchase and sale of Collateral Debt Securities
		having customary purchase or sale terms and documented with customary loan
		trading documentation, enter into any agreements unless such agreements contain
		“non-petition” and “limited recourse” provisions.
	 

	 
		(b) Neither the Issuer nor the Trustee shall
		sell, transfer, exchange or otherwise dispose of Assets, or enter into or
		engage in any business with respect to any part of the Assets, except as
		expressly permitted or required by this Indenture or the Collateral Management
		Agreement.
	 

	 
		(c) The Co-Issuer shall not invest any of
		its assets in “securities” (as such term is defined in the Investment
		Company Act) and shall keep all of the Co-Issuer’s assets in Cash.
	 

	 
		(d) For so long as any of the Notes are
		Outstanding, the Co-Issuer shall not issue any limited liability company
		membership interests of the Co-Issuer to any Person other than the
		Issuer.
	 

	 
		(e) The Issuer shall not enter into any
		material new agreements (other than any Hedge Agreement, Hedge Counterparty
		Credit Support, Collateral Debt Security, Collateral Debt Security Transfer
		Agreement, the CDO Servicing Agreement, Master Trust Agreement, Series Trust
		Agreements or other agreement (including, without limitation, in connection
		with the sale of Assets by the Issuer) contemplated by this Indenture) without
		the prior written consent of Holders of a Majority of the Notes (or if there
		are no Notes Outstanding, a Majority of the Preferred Shares) and shall provide
		notice of all new agreements (other than any Hedge Agreement, Collateral Debt
		Security or other agreement specifically contemplated by this Indenture) the
		Holders of the Notes and each Hedge Counterparty. The foregoing
		notwithstanding, the Issuer may agree to any new agreements; provided that
		(i) the Issuer, or the Collateral Manager on behalf of the Issuer,
		determines that such new agreements would not, upon or after becoming
		effective, adversely affect the rights or interests of any Class or Classes of
		Noteholders and (ii) subject to satisfaction of the Rating Agency
		Condition.
	 

	 
		Section 7.9 Statement as to Compliance.
	 

	 
		(a) On or before May 31, in each calendar
		year, commencing in 2007 or immediately if there has been a Default in the
		fulfillment of an obligation under this Indenture, 
	 

	 
		 
	 

	 
		 
	 

	 
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		the Issuer shall deliver to the Trustee
		(which will deliver a copy to each Hedge Counterparty and each Rating Agency)
		an Officer’s Certificate given on behalf of the Issuer and without
		personal liability stating, as to each signer thereof, that, since the date of
		the last certificate or, in the case of the first certificate, the Closing
		Date, to the best of the knowledge, information and belief of such Officer, the
		Issuer has fulfilled all of its obligations under this Indenture during the
		prior calendar year or, if there has been a Default in the fulfillment of any
		such obligation, specifying each such Default known to them and the nature and
		status thereof.
	 

	 
		Section 7.10 Issuer and Co-Issuer May Consolidate or Merge Only on
		Certain Terms.
	 

	 
		(a) The Issuer shall not consolidate or
		merge with or into any other Person or transfer or convey all or substantially
		all of its assets to any Person, unless permitted by the Governing Documents
		and Cayman Islands law and unless:
	 

	 
		(i) the Issuer shall be the surviving
		entity, or the Person (if other than the Issuer) formed by such consolidation
		or into which the Issuer is merged or to which all or substantially all of the
		assets of the Issuer are transferred shall be an entity organized and existing
		under the laws of the Cayman Islands or such other jurisdiction approved by a
		Majority of each and every Class of the Notes (each voting as a separate
		Class), a Majority of the Preferred Shares and each Hedge Counterparty;
		provided that no such approval shall be required in connection
		with any such transaction undertaken solely to effect a change in the
		jurisdiction of registration pursuant to Section 7.4
		hereof; and provided,
		further, that the surviving entity
		shall expressly assume, by an indenture supplemental hereto, executed and
		delivered to the Trustee, each Noteholder and each Hedge Counterparty, the due
		and punctual payment of the principal of and interest on all Notes and other
		amounts payable hereunder and under each Hedge Agreement and the Collateral
		Management Agreement and the performance and observance of every covenant of
		this Indenture and under each Hedge Agreement and the Collateral Management
		Agreement on the part of the Issuer to be performed or observed, all as
		provided herein;
	 

	 
		(ii) each Rating Agency shall have been
		notified in writing of each proposed consolidation or merger of the Issuer and
		the Trustee shall have received written confirmation from each Rating Agency
		that the ratings issued with respect to each Class of Notes shall not be
		reduced or withdrawn as a result of the consummation of such
		transaction;
	 

	 
		(iii) if the Issuer is not the surviving
		entity, the Person formed by such consolidation or into which the Issuer is
		merged or to which all or substantially all of the assets of the Issuer are
		transferred shall have agreed with the Trustee (A) to observe the same
		legal requirements for the recognition of such formed or surviving entity as a
		legal entity separate and apart from any of its Affiliates as are applicable to
		the Issuer with respect to its Affiliates and (B) not to consolidate or
		merge with or into any other Person or transfer or convey all or substantially
		all of the Assets or all or substantially all of its assets to any other Person
		except in accordance with the provisions of this Section 7.10, 
	 

	 
		 
	 

	 
		 
	 

	 
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		unless in connection with a sale of the
		Assets pursuant to Article 5,
		Article 9 or Article 12;
	 

	 
		(iv) if the Issuer is not the surviving
		entity, the Person formed by such consolidation or into which the Issuer is
		merged or to which all or substantially all of the assets of the Issuer are
		transferred shall have delivered to the Trustee, each Hedge Counterparty, the
		Collateral Manager and each Rating Agency an Officer’s Certificate and an
		Opinion of Counsel each stating that such Person is duly organized, validly
		existing and in good standing in the jurisdiction in which such Person is
		organized; that such Person has sufficient power and authority to assume the
		obligations set forth in subsection (i) above and to execute and deliver
		an indenture supplemental hereto for the purpose of assuming such obligations;
		that such Person has duly authorized the execution, delivery and performance of
		an indenture supplemental hereto for the purpose of assuming such obligations
		and that such supplemental indenture is a valid, legal and binding obligation
		of such Person, enforceable in accordance with its terms, subject only to
		bankruptcy, reorganization, insolvency, moratorium and other laws affecting the
		enforcement of creditors’ rights generally and to general principles of
		equity (regardless of whether such enforceability is considered in a proceeding
		in equity or at law); that, immediately following the event which causes such
		Person to become the successor to the Issuer, (A) such Person has good and
		marketable title, free and clear of any lien, security interest or charge,
		other than the lien and security interest of this Indenture, to the Assets
		securing, in the case of a consolidation or merger of the Issuer, all of the
		Notes or, in the case of any transfer or conveyance of the Assets securing any
		of the Notes, such Notes, (B) the Trustee continues to have a valid
		perfected first priority security interest in the Assets securing, in the case
		of a consolidation or merger of the Issuer, all of the Notes, or, in the case
		of any transfer or conveyance of the Assets securing any of the Notes, such
		Notes and (C) such other matters as the Trustee, each Hedge Counterparty,
		the Collateral Manager or any Noteholder may reasonably require;
	 

	 
		(v) immediately after giving effect to such
		transaction, no Default or Event of Default shall have occurred and be
		continuing;
	 

	 
		(vi) the Issuer has received advice from
		Cadwalader, Wickersham & Taft LLP or an opinion of other nationally
		recognized U.S. tax counsel experienced in such matters that the Issuer or the
		Person referred to in clause (a) will not be treated as engaged in a U.S. trade
		or business or otherwise subject to U.S. federal income tax on a net income tax
		basis;
	 

	 
		(vii) the Issuer has received advice from
		Cadwalader, Wickersham & Taft LLP or an opinion of other nationally
		recognized U.S. tax counsel experienced in such matters that such action will
		not cause the Noteholders to experience any material change to the timing,
		character or source of the income from the Notes; and
	 

	 
		(viii) after giving effect to such
		transaction, the Issuer shall not be required to register as an investment
		company under the Investment Company Act.
	 

	 
		 
	 

	 
		 
	 

	 
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		(b) The Co-Issuer shall not consolidate or
		merge with or into any other Person or transfer or convey all or substantially
		all of its assets to any Person, unless no Notes remain Outstanding or:
	 

	 
		(i) the Co-Issuer shall be the surviving
		entity, or the Person (if other than the Co-Issuer) formed by such
		consolidation or into which the Co-Issuer is merged or to which all or
		substantially all of the assets of the Co-Issuer are transferred shall be a
		company organized and existing under the laws of Delaware or such other
		jurisdiction approved by a Majority of the Controlling Class and each Hedge
		Counterparty; provided that no such approval shall be required in connection
		with any such transaction undertaken solely to effect a change in the
		jurisdiction of formation pursuant to Section 7.4; and provided,
		further, that the surviving entity
		shall expressly assume, by an indenture supplemental hereto, executed and
		delivered to the Trustee and each Noteholder, the due and punctual payment of
		the principal of and interest on all Notes and the performance and observance
		of every covenant of this Indenture on the part of the Co-Issuer to be
		performed or observed, all as provided herein;
	 

	 
		(ii) each Rating Agency shall have been
		notified in writing of each proposed consolidation or merger of the Co-Issuer
		and the Trustee shall have received written confirmation from each Rating
		Agency that the ratings issued with respect to each Class of Notes shall not be
		reduced or withdrawn as a result of the consummation of such
		transaction;
	 

	 
		(iii) if the Co-Issuer is not the surviving
		entity, the Person formed by such consolidation or into which the Co-Issuer is
		merged or to which all or substantially all of the assets of the Co-Issuer are
		transferred shall have agreed with the Trustee (A) to observe the same
		legal requirements for the recognition of such formed or surviving entity as a
		legal entity separate and apart from any of its Affiliates as are applicable to
		the Co-Issuer with respect to its Affiliates and (B) not to consolidate or
		merge with or into any other Person or transfer or convey all or substantially
		all of its assets to any other Person except in accordance with the provisions
		of this Section 7.10;
	 

	 
		(iv) if the Co-Issuer is not the surviving
		entity, the Person formed by such consolidation or into which the Co-Issuer is
		merged or to which all or substantially all of the assets of the Co-Issuer are
		transferred shall have delivered to the Trustee and each Rating Agency an
		Officer’s Certificate and an Opinion of Counsel each stating that such
		Person is duly organized, validly existing and in good standing in the
		jurisdiction in which such Person is organized; that such Person has sufficient
		power and authority to assume the obligations set forth in subsection (i)
		above and to execute and deliver an indenture supplemental hereto for the
		purpose of assuming such obligations; that such Person has duly authorized the
		execution, delivery and performance of an indenture supplemental hereto for the
		purpose of assuming such obligations and that such supplemental indenture is a
		valid, legal and binding obligation of such Person, enforceable in accordance
		with its terms, subject only to bankruptcy, reorganization, insolvency,
		moratorium and other laws affecting the enforcement of creditors’ rights
		generally and to general principles of equity (regardless of whether such
		enforceability is 
	 

	 
		 
	 

	 
		 
	 

	 
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		considered in a proceeding in equity or at
		law); such other matters as the Trustee or any Noteholder may reasonably
		require;
	 

	 
		(v) immediately after giving effect to such
		transaction, no Default or Event of Default shall have occurred and be
		continuing;
	 

	 
		(vi) the Co-Issuer has received advice from
		Cadwalader, Wickersham & Taft LLP or an opinion of other nationally
		recognized U.S. tax counsel experienced in such matters that the Co-Issuer or
		the Person referred to in clause (a) will not be treated as engaged in a U.S.
		trade or business or otherwise subject to U.S. federal income tax on a net
		income tax basis;
	 

	 
		(vii) the Co-Issuer has received advice from
		Cadwalader, Wickersham & Taft LLP or an opinion of other nationally
		recognized U.S. tax counsel experienced in such matters that such action will
		not cause the Noteholders to experience any material change to the timing,
		character or source of the income from the Notes; and
	 

	 
		(viii) after giving effect to such
		transaction, the Co-Issuer shall not be required to register as an investment
		company under the Investment Company Act.
	 

	 
		Section 7.11 Successor Substituted.
	 

	 
		Upon any consolidation or merger, or
		transfer or conveyance of all or substantially all of the assets of the Issuer
		or the Co-Issuer, in accordance with Section 7.10 hereof, the Person formed by or surviving such
		consolidation or merger (if other than the Issuer or the Co-Issuer), or the
		Person to which such consolidation, merger, transfer or conveyance is made,
		shall succeed to, and be substituted for, and may exercise every right and
		power of, the Issuer or the Co-Issuer, as the case may be, under this Indenture
		with the same effect as if such Person had been named as the Issuer or the
		Co-Issuer, as the case may be, herein. In the event of any such consolidation,
		merger, transfer or conveyance, the Person named as the “Issuer” or
		the “Co-Issuer” in the first paragraph of this Indenture or any
		successor which shall theretofore have become such in the manner prescribed in
		this Article 7 may be dissolved, wound-up and liquidated at any time
		thereafter, and such Person thereafter shall be released from its liabilities
		as obligor and maker on all the Notes or Notes, as applicable, and from its
		obligations under this Indenture.
	 

	 
		Section 7.12 No Other Business.
	 

	 
		The Issuer shall not engage in any business
		or activity other than issuing and selling the Notes pursuant to this Indenture
		and any supplements thereto, issuing and selling the Preferred Shares in
		accordance with its Governing Documents, entering into the Transaction
		Documents, and acquiring, owning, holding and pledging the Assets in connection
		with the Notes and such other activities which are necessary, suitable or
		convenient to accomplish the foregoing or are incidental thereto or connected
		therewith. The Co-Issuer shall not engage in any business or activity other
		than issuing and selling the Notes pursuant to this Indenture and any
		supplements thereto and such other activities which are necessary, suitable or
		convenient to accomplish the foregoing or are incidental thereto or connected
		therewith.
	 

	 
		 
	 

	 
		 
	 

	 
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		Section 7.13 Reporting.
	 

	 
		At any time when the Issuer and/or the
		Co-Issuer is not subject to Section 13 or 15(d) of the Exchange Act and is
		not exempt from reporting pursuant to Rule 12g3-2(b) under the Exchange
		Act, upon the request of a Holder or beneficial owner of a Note, the Issuer
		and/or the Co-Issuer shall promptly furnish or cause to be furnished
		“Rule 144A Information” (as defined below) to such holder or
		beneficial owner, to a prospective purchaser of such Note designated by such
		holder or beneficial owner or to the Trustee for delivery to such holder or
		beneficial owner or a prospective purchaser designated by such holder or
		beneficial owner, as the case may be, in order to permit compliance by such
		holder or beneficial owner with Rule 144A under the Securities Act in
		connection with the resale of such Note by such holder or beneficial owner.
		“Rule 144A Information” shall be such information as is
		specified pursuant to Rule 144A(d)(4) under the Securities Act (or any
		successor provision thereto). The Trustee shall reasonably cooperate with the
		Issuer and/or the Co-Issuer in mailing or otherwise distributing (at the
		Issuer’s expense) to such Noteholders or prospective purchasers, at and
		pursuant to the Issuer’s and/or the Co-Issuer’s written direction the
		foregoing materials prepared by or on behalf of the Issuer and/or the
		Co-Issuer; provided,
		however, that the Trustee shall be
		entitled to prepare and affix thereto or enclose therewith reasonable
		disclaimers to the effect that such Rule 144A Information was not
		assembled by the Trustee, that the Trustee has not reviewed or verified the
		accuracy thereof, and that it makes no representation as to such accuracy or as
		to the sufficiency of such information under the requirements of Rule 144A
		or for any other purpose.
	 

	 
		Section 7.14 Calculation Agent.
	 

	 
		(a) The Issuer and the Co-Issuer hereby
		agree that for so long as any Notes remain Outstanding there shall at all times
		be an agent appointed to calculate LIBOR in respect of each Interest Accrual
		Period in accordance with the terms of Schedule F
		hereto (the “Calculation
		Agent”). The Issuer and the
		Co-Issuer have initially appointed the Trustee as Calculation Agent for
		purposes of determining LIBOR for each Interest Accrual Period. The Calculation
		Agent may be removed by the Issuer and the Co-Issuer at any time. The
		Calculation Agent may resign at any time by giving written notice thereof to
		the Issuer, the Co-Issuer, the Collateral Manager, each Hedge Counterparty, the
		Noteholders and each Rating Agency. If the Calculation Agent is unable or
		unwilling to act as such or is removed by the Issuer and the Co-Issuer in
		respect of any Interest Accrual Period, the Issuer and the Co-Issuer shall,
		with the prior written consent of each Hedge Counterparty, promptly appoint as
		a replacement Calculation Agent a leading bank which is engaged in transactions
		in Eurodollar deposits in the international Eurodollar market and which does
		not control or is not controlled by or under common control with the Issuer or
		the Co-Issuer. The Calculation Agent may not resign its duties without a
		successor having been duly appointed, and shall promptly inform the Hedge
		Counterparty of any such appointment. If no successor Calculation Agent shall
		have been appointed within 30 days after giving of a notice of resignation, the
		resigning Calculation Agent, each Hedge Counterparty, a Majority of the Notes
		or any Holder of a Note, on behalf of himself and all others similarly
		situated, may petition a court of competent jurisdiction for the appointment of
		a successor Calculation Agent.
	 

	 
		(b) The Calculation Agent shall be required
		to agree that, as soon as practicable after 11:00 a.m. (London time) on each
		LIBOR Determination Date (as defined in 
	 

	 
		 
	 

	 
		 
	 

	 
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		Schedule F hereto), but in no event later than 11:00 a.m. (New
		York time) on the London Banking Day immediately following each LIBOR
		Determination Date, the Calculation Agent shall calculate (x) LIBOR for
		the next Interest Accrual Period and (y) the amount of interest for such
		Interest Accrual Period payable in respect of each U.S. $1,000 principal amount
		of each Class of Notes (rounded to the nearest cent, with half a cent being
		rounded upward) on the related Payment Date, and will communicate such rates
		and amounts to the Issuer, the Co-Issuer, the Trustee, the Collateral Manager,
		the Paying Agent, each Hedge Counterparty and, if any Floating Rate Note is in
		the form of a Regulation S Global Security, to Euroclear and Clearstream,
		Luxembourg. The Calculation Agent shall also specify to the Issuer and the
		Co-Issuer the quotations upon which LIBOR is based, and in any event the
		Calculation Agent shall notify the Issuer and the Co-Issuer before 5:00 p.m.
		(New York time) on each LIBOR Determination Date if it has not determined and
		is not in the process of determining LIBOR and the Interest Distribution
		Amounts for each Class of Notes, together with the reasons therefor. The
		determination of the Class A-1 Rate, Class A-2 Rate, Class B
		Rate, Class C Rate, Class D Rate, Class E Rate, Class F
		Rate, Class G Rate, Class H Rate, Class J Rate and Class K
		Rate and the related Class A-1 Interest Distribution Amount,
		Class A-2 Interest Distribution Amount, Class B Interest Distribution
		Amount, Class C Interest Distribution Amount, Class D Interest
		Distribution Amount, Class E Interest Distribution Amount, Class F
		Interest Distribution Amount, Class G Interest Distribution Amount,
		Class H Interest Distribution Amount, Class J Interest Distribution
		Amount and Class K Interest Distribution Amount, respectively, by the
		Calculation Agent shall, absent manifest error, be final and binding on all
		parties.
	 

	 
		Section 7.15 Certain Tax Matters.
	 

	 
		The Issuer will provide, upon request of any
		Holder of any Class of Notes deemed equity for U.S. federal income tax
		purposes, any information with regard to any filing requirements that such
		Holder may have as a result of the Issuer being classified as a “passive
		foreign investment company” or a “controlled foreign
		corporation” (as applicable) for U.S. federal income tax purposes.
	 

	 
		Section 7.16 Maintenance of Listing.
	 

	 
		(a) For so long as any of the Senior Notes
		remain Outstanding, the Issuer and Co-Issuer shall use all reasonable efforts
		to arrange and maintain the listing of the Senior Notes on the Cayman Stock
		Exchange.
	 

	 
		(b) If the Senior Notes are listed on the
		Cayman Stock Exchange, the Issuer shall:
	 

	 
		(i) submit to the Cayman Stock Exchange
		draft copies of any proposed amendments to the Governing Documents which would
		affect the rights of the Holders of the Senior Notes listed on the Cayman Stock
		Exchange;
	 

	 
		(ii) pay the annual fee for listing the
		Senior Notes on the Cayman Stock Exchange, if any; and
	 

	 
		(iii) inform the Cayman Stock Exchange if
		the rating assigned to any of the Senior Notes is reduced or withdrawn.
	 

	 
		 
	 

	 
		 
	 

	 
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		(c) All notices, documents, reports and
		other announcements delivered to such Company Announcements Office shall be in
		the English language.
	 

	 
		(d) Notwithstanding the foregoing, if the
		Collateral Manager on behalf of the Co-Issuers determines that the maintenance
		of the listing of any Class of Senior Notes on the Cayman Stock Exchange (or
		any alternative listing on another securities exchange) is unduly onerous or
		burdensome, the Co-Issuers will have the right to cause such Class of Senior
		Notes to be delisted from the Cayman Stock Exchange (or such other securities
		exchange). Without limiting the Collateral Manager’s discretion with
		respect to any determination that maintaining or obtaining a listing is unduly
		onerous or burdensome, the Collateral Manager may take into account various
		factors, including any requirement, resulting from a listing, that either
		Co-Issuer prepare financial statements of any particular kind or provide
		additional disclosure of any particular kind, in each case including any such
		requirement arising out of disclosure or transparency directives of the
		European Union or any other law or governmental rule. Notwithstanding the
		foregoing, the consent of a Majority of the Controlling Class shall be required
		unless the reason for delisting relates to a legal/compliance, regulatory,
		accounting or tax issue.
	 

	 
		Section 7.17 Purchase of Assets.
	 

	 
		The Issuer (or the Collateral Manager on
		behalf of the Issuer) shall use reasonable commercial efforts to invest
		Principal Proceeds and any remaining Initial Deposit and any Reinvestment
		Income during the Ramp-Up Period in Collateral Debt Securities in accordance
		with the provisions hereof. Subject to the provisions of this Section 7.17, Principal Proceeds and all or any portion of any
		remaining Initial Deposit and any Reinvestment Income thereon may be applied
		prior to the Effective Date to purchase Collateral Debt Securities (which shall
		be, and hereby are, Granted to the Trustee pursuant to the Granting Clause of
		this Agreement) for inclusion in the Assets upon receipt by the Trustee of an
		Issuer Order executed by the Issuer (or the Collateral Manager on behalf of the
		Issuer) with respect thereto directing the Trustee to pay out the amount
		specified therein against delivery of the Collateral Debt Security specified
		therein and a certificate of an Authorized Officer of the Issuer (or the
		Collateral Manager, given to its best knowledge), dated as of the trade date,
		and delivered to the Trustee on or prior to the date of such purchase and
		Grant, to the effect that the criteria set forth below in this Section 7.17 will be satisfied (such criteria to be applied as of
		the trade date) after giving effect to such purchase and Grant of the
		Collateral Debt Securities:
	 

	 
		(a) the Eligibility Criteria are met with
		respect to the Collateral Debt Securities purchased;
	 

	 
		(b) the Reinvestment Criteria or Ramp-Up
		Criteria, as applicable, are satisfied after giving effect to such investment;
		and
	 

	 
		(c) the procedures relating to the
		perfection of the Trustee’s security interest in the Collateral Debt
		Securities described in this Agreement have been satisfied.
	 

	 
		 
	 

	 
		 
	 

	 
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		Section 7.18 Effective Date Actions.
	 

	 
		(a) The Issuer (or the Collateral Manager on
		behalf of the Issuer) shall cause to be delivered to the Trustee and each
		Rating Agency on the Effective Date an amended Schedule of Closing Date
		Collateral Debt Securities listing all Collateral Debt Securities Granted to
		the Trustee pursuant to Section 7.17 on or before the Effective Date, which schedule shall
		supersede any prior Schedule of Closing Date Collateral Debt Securities
		delivered to the Trustee.
	 

	 
		(b) Within ten (10) Business Days after the
		Effective Date, the Issuer (or the Collateral Manager on behalf of the Issuer)
		shall request each Rating Agency rating a Class of Notes to confirm within
		twenty (20) Business Days after the Effective Date, and to so notify in writing
		the Trustee and any Hedge Counterparty, that it has not reduced or withdrawn
		the ratings assigned by it on the Closing Date to such Class of Notes. If any
		rating assigned as of the Closing Date to any Class of Notes has not been so
		confirmed, or is reduced or withdrawn, within twenty (20) Business Days after
		the Effective Date by any such Rating Agency (a “Rating Confirmation Failure”), on the first Payment Date thereafter,
		(i) amounts on deposit in the Unused Proceeds Account (to the extent not
		disbursed in connection with an Unused Proceeds Pro Rata Amortization),
		(ii) as provided in Section 11.1(a)(i), all Interest Proceeds remaining after payment of
		amounts referred to in clauses (1) through (29) of Section 11.1(a)(i) and (iii) as provided in Section 11.1(a)(ii), all Principal Proceeds remaining after payment of the
		amounts referred to in clauses (1) through (10) of Section 11.1(a)(ii), in each case shall be disbursed in the manner
		described in such provisions.
	 

	 
		(c) The Collateral Manager on behalf of the
		Issuer shall cause to be delivered to the Trustee, each Hedge Counterparty and
		each Rating Agency, within six Business Days after the Effective Date, an
		Accountants’ Report, dated as of the Effective Date, confirming whether
		the Collateral Quality Tests and the Coverage Tests have been satisfied and the
		Collateral Debt Securities have an aggregate par amount equal to at least the
		Minimum Ramp-Up Amount and certifying the procedures applied and such
		accountants’ associated findings with respect to the Eligibility Criteria
		and specifying the procedures undertaken by them to review data and
		computations relating to such information. The Collateral Manager may on any
		date, prior to the 270th day following the Closing Date or the purchase of
		Collateral Debt Securities having an aggregate par amount equal to the Minimum
		Ramp-Up Amount, upon written notice to the Trustee, the Issuer and the
		Co-Issuer and each Rating Agency (with a copy to each Hedge Counterparty),
		declare that the Effective Date shall occur on the date specified in such
		notice; provided that each of the Collateral Quality Tests and the
		Coverage Tests will be satisfied as of such Effective Date and the Rating
		Agency Condition has been satisfied. The Issuer (or the Collateral Manager on
		behalf of the Issuer) shall cause to be delivered to S&P on the Effective
		Date a Microsoft Excel file that provides all of the inputs required to
		determine whether the S&P CDO Monitor Test has been satisfied.
	 

	 
		Section 7.19 Relationship With Affiliates.
	 

	 
		The Issuer shall maintain an
		arm’s-length relationship with its Affiliates.
	 

	 
		 
	 

	 
		 
	 

	 
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		ARTICLE 8
	 

	 
		SUPPLEMENTAL INDENTURES
	 

	 
		Section 8.1 Supplemental Indentures Without Consent of
		Securityholders.
	 

	 
		Without the consent of the Holders of any
		Notes or any Preferred Shareholders, the Issuer, the Co-Issuer, when authorized
		by Board Resolutions, and the Trustee, with the written consent of each Hedge
		Counterparty delivered to the Issuer, the Co-Issuer and the Trustee, and, at
		any time and from time to time subject to the requirement provided below in
		this Section 8.1, may enter into one or more indentures supplemental
		hereto, in form satisfactory to the Trustee, for any of the following
		purposes:
	 

	 
		(a) to evidence the succession of another
		Person to the Issuer or the Co-Issuer and the assumption by any such successor
		Person of the covenants of the Issuer or the Co-Issuer herein and in the
		Notes;
	 

	 
		(b) to add to the covenants of the Issuer,
		the Co-Issuer or the Trustee for the benefit of the Holders of the Notes,
		Preferred Shareholders, each Hedge Counterparty or to surrender any right or
		power herein conferred upon the Issuer or the Co-Issuer;
	 

	 
		(c) to convey, transfer, assign, mortgage or
		pledge any property to or with the Trustee, or add to the conditions,
		limitations or restrictions on the authorized amount, terms and purposes of the
		issue, authentication and delivery of the Notes;
	 

	 
		(d) to evidence and provide for the
		acceptance of appointment hereunder by a successor Trustee and to add to or
		change any of the provisions of this Indenture as shall be necessary to
		facilitate the administration of the trusts hereunder by more than one Trustee,
		pursuant to the requirements of Sections 6.9, 6.10 and 6.12
		hereof;
	 

	 
		(e) to correct or amplify the description of
		any property at any time subject to the lien of this Indenture, or to better
		assure, convey and confirm unto the Trustee any property subject or required to
		be subjected to the lien of this Indenture (including, without limitation, any
		and all actions necessary or desirable as a result of changes in law or
		regulations) or to subject to the lien of this Indenture any additional
		property;
	 

	 
		(f) to modify the restrictions on and
		procedures for resales and other transfers of Notes to reflect any changes in
		applicable law or regulation (or the interpretation thereof) or to enable the
		Issuer and the Co-Issuer to rely upon any exemption from registration under the
		Securities Act or the Investment Company Act or to remove restrictions on
		resale and transfer to the extent not required thereunder;
	 

	 
		(g) to accommodate the issuance, if any, of
		Notes in global or book-entry form through the facilities of the Depository
		Trust Company or otherwise;
	 

	 
		 
	 

	 
		 
	 

	 
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		(h) to enable the Issuer and the Trustee to
		rely upon any exemption from registration under the Exchange Act or the
		Investment Company Act or to remove certain existing restrictions to the extent
		not required under such exemption;
	 

	 
		(i) to prevent the Issuer, the Noteholders,
		the Preferred Shareholders or the Trustee from being subject to withholding or
		other taxes, fees or assessments or to prevent the Issuer from being treated as
		engaged in a United States trade or business for U.S. federal income tax
		purposes or otherwise subject to U.S. federal, state, local or foreign income
		or franchise tax on a net income tax basis; provided that
		such action will not cause the Noteholders to experience any material change to
		the timing, character or source of the income from the Notes;
	 

	 
		(j) to cure any ambiguity or manifest error
		or correct or supplement any provisions contained herein which may be defective
		or inconsistent with any provision contained herein or make any modification
		that is of a formal, minor or technical nature or which is beneficial to all
		Noteholders or which is made to correct a manifest error; 
	 

	 
		(k) to conform this Indenture to the
		provisions described in the Offering Memorandum dated May 11, 2006 (or any
		supplement thereto); and 
	 

	 
		(l) to comply with any reasonable requests
		made by any stock exchange in order to list or maintain the listing of any
		Notes on such stock exchange.
	 

	 
		The Trustee shall not enter into any such
		supplemental indenture unless the Trustee has received advice from Cadwalader,
		Wickersham & Taft LLP or an opinion of other nationally recognized U.S. tax
		counsel experienced in such matters that (i) the modification will not cause
		the Noteholders to experience any material change to the timing, character or
		source of the income from the Notes, and (ii) the proposed supplemental
		indenture will not cause the Issuer to be treated as engaged in a U.S. trade or
		business or otherwise subject to U.S. federal income tax on a net income tax
		basis.
	 

	 
		The Trustee is hereby authorized to join in
		the execution of any such supplemental indenture and to make any further
		appropriate agreements and stipulations which may be therein contained, but the
		Trustee shall not be obligated to enter into any such supplemental indenture
		which affects the Trustee’s own rights, duties, liabilities or immunities
		under this Indenture or otherwise, except to the extent required by law.

	 

	 
		If any Class of Notes is Outstanding and
		rated by a Rating Agency, the Trustee shall not enter into any such
		supplemental indenture if, as a result of such supplemental indenture, such
		Rating Agency would cause the rating of any such Notes to be reduced or
		withdrawn. At the cost of the Issuer, for so long as any Class of Notes shall
		remain Outstanding and is rated by a Rating Agency, the Trustee shall provide
		to such Rating Agency a copy of any proposed supplemental indenture at least 15
		days prior to the execution thereof by the Trustee, and, for so long as such
		Notes are Outstanding and so rated, request written confirmation that such
		Rating Agency will not, as a result of such supplemental indenture, cause the
		rating of any such Class of Notes to be reduced or withdrawn, and, as soon as
		practicable after the execution by the Trustee, the Issuer and the Co-Issuer of
		any such supplemental indenture, provide to such Rating Agency a copy of the
		executed supplemental indenture.
	 

	 
		 
	 

	 
		 
	 

	 
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		The Trustee shall not enter into any such
		supplemental indenture if, as a result of such supplemental indenture, the
		interests of any Holder of Securities would be materially and adversely
		affected thereby or such action will cause the Holders of the Notes to
		experience any material change to the timing, character or source of the income
		from the Notes, unless the Majority of each and every Class of Notes or the
		Preferred Shares so affected have approved such Supplemental Indenture. The
		Trustee may rely on a certification of the Collateral Manager or upon an
		Opinion of Counsel provided by and at the expense of the party requesting such
		supplemental indenture in determining whether or not the Holders of Securities
		would be adversely affected by such change (after giving notice of such change
		to the Holders of Securities). Such determination shall be conclusive and
		binding on all present and future Holders of Securities. The Trustee shall not
		be liable for any such determination made in good faith and in reliance upon an
		Opinion of Counsel delivered to the Trustee as described in
		Section 8.3 hereof.
	 

	 
		Section 8.2 Supplemental Indentures with Consent of
		Securityholders.
	 

	 
		Except as set forth below, with the written
		consent of (a) the Holders of not less than a Majority in Aggregate
		Outstanding Amount (excluding any Notes owned by the Collateral Manager or any
		of its Affiliates, or by any accounts managed by them) of the Notes of each
		Class materially and adversely affected thereby and the Holders of a Majority
		of Preferred Shares if materially and adversely affected thereby by Act of said
		Securityholders delivered to the Trustee and the Co-Issuers, and (b) the
		consent of each Hedge Counterparty (to the extent required by the related Hedge
		Agreement), and subject to satisfaction of the Rating Agency Condition, the
		Trustee and the Co-Issuers may enter into one or more indentures supplemental
		hereto to add any provisions to, or change in any manner or eliminate any of
		the provisions of, this Indenture or modify in any manner the rights of the
		Holders of the Notes of such Class or the Preferred Shares, as the case may be,
		under this Indenture. Unless notified by Holders of a Majority (excluding any
		Notes owned by the Collateral Manager or any of its Affiliates, or by any
		accounts managed by them) of the Notes of any Class of Notes or Preferred
		Shares that such Class of Notes or Preferred Shares will be materially and
		adversely affected, the Trustee may rely on a certification of the Collateral
		Manager in determining whether or not such Class of Notes or Preferred Shares
		would be materially and adversely affected by such change (after giving 15
		Business Days’ notice of such change to the Holders of such Class of
		Notes, the Holders of the Preferred Shares and each Hedge Counterparty). The
		Trustee may also rely on the consent of the Holders of the Preferred Shares or
		on a written Opinion of Counsel provided by and at the expense of the party
		requesting such supplemental indenture in determining whether or not the
		Holders of the Preferred Shares would be adversely affected by such change
		(after giving notice of such change to the Holders of the Preferred Shares).
		Such determinations shall be conclusive and binding on all present and future
		Noteholders and Holders of the Preferred Shares. The consent of the Holders of
		the Preferred Shares shall be binding on all present and future Holders of the
		Preferred Shares.
	 

	 
		Without the consent of (x) each Hedge
		Counterparty (to the extent set forth in the related Hedge Agreement),
		(y) all of the Holders of each Outstanding Class of Notes adversely
		affected and (z) all the Holders of the Preferred Shares adversely
		affected, and in each such case subject to satisfaction of the Rating Agency
		Condition, no supplemental indenture may:
	 

	 
		 
	 

	 
		 
	 

	 
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		(a) change the Stated Maturity of the
		principal of or the due date of any installment of interest on any Note, reduce
		the principal amount thereof or the Note Interest Rate thereon or the
		Redemption Price with respect to any Note, change the date of any scheduled
		distribution on the Preferred Shares, or the Redemption Price with respect
		thereto, or change the earliest date on which any Note may be redeemed at the
		option of the Issuer, change the provisions of this Indenture that apply the
		proceeds of any Assets to the payment of principal of or interest on Notes or
		of distributions to the Preferred Shares Paying Agent for the payment of
		distributions in respect of the Preferred Shares or change any place where, or
		the coin or currency in which, any Note or the principal thereof or interest
		thereon is payable, or impair the right to institute suit for the enforcement
		of any such payment on or after the Stated Maturity thereof (or, in the case of
		redemption, on or after the applicable Redemption Date);
	 

	 
		(b) reduce the percentage of the Aggregate
		Outstanding Amount of Holders of Notes of each Class or the Notional Amount of
		Preferred Shares of Preferred Shareholders whose consent is required for the
		authorization of any such supplemental indenture or for any waiver of
		compliance with certain provisions of this Indenture or certain Defaults
		hereunder or their consequences provided for in this Indenture;
	 

	 
		(c) impair or adversely affect the Assets
		except as otherwise permitted in this Indenture;
	 

	 
		(d) permit the creation of any lien ranking
		prior to or on a parity with the lien of this Indenture with respect to any
		part of the Assets or terminate such lien on any property at any time subject
		hereto or deprive the Holder of any Note, or the Holder of any Preferred Share
		as an indirect beneficiary, of the security afforded to such Holder by the lien
		of this Indenture;
	 

	 
		(e) reduce the percentage of the Aggregate
		Outstanding Amount of Holders of Notes of each Class whose consent is required
		to request the Trustee to preserve the Assets or rescind the Trustee’s
		election to preserve the Assets pursuant to Section 5.5
		or to sell or liquidate the Assets pursuant to Section 5.4
		or 5.5 hereof;
	 

	 
		(f) modify any of the provisions of this
		Section 8.2, except to increase any percentage of outstanding Notes
		whose holders’ consent is required for any such action or to provide that
		other provisions of this Indenture cannot be modified or waived without the
		consent of the Holder of each outstanding Note affected thereby;
	 

	 
		(g) modify the definition of the term
		“Outstanding” or the provisions of Section 11.1 or Section 13.1 hereof;
	 

	 
		(h) modify any of the provisions of this
		Indenture in such a manner as to affect the calculation of the amount of any
		payment of interest or principal on any Note on any Payment Date or of
		distributions to the Preferred Shares Paying Agent for the payment of
		distributions in respect of the Preferred Shares on any Payment Date (or any
		other date) or to affect the rights of the Holders of Securities to the benefit
		of any provisions for the redemption of such Securities contained
		herein;
	 

	 
		 
	 

	 
		 
	 

	 
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		provided,
		however, that no supplemental indenture
		may reduce the permitted minimum denominations of the Notes or modify any
		provisions regarding limited recourse or non-petition covenants with respect to
		the Issuer and the Co-Issuer.
	 

	 
		If any Class of Notes are Outstanding and
		rated by a Rating Agency, the Trustee shall not enter into any such
		supplemental indenture if, as a result of such supplemental indenture, such
		Rating Agency would cause the rating of any such Notes to be immediately
		reduced or withdrawn. At the cost of the Issuer, for so long as any Class of
		Notes shall remain Outstanding and is rated by a Rating Agency, the Trustee
		shall provide to such Rating Agency a copy of any proposed supplemental
		indenture at least 15 days prior to the execution thereof by the Trustee, and,
		for so long as such Notes are Outstanding and so rated, request written
		confirmation that such Rating Agency will not, as a result of such supplemental
		indenture, cause the rating of any such Class of Notes to be reduced or
		withdrawn.
	 

	 
		The Trustee shall be entitled to rely upon
		an Opinion of Counsel provided by and at the expense of the party requesting
		such supplemental indenture in determining whether or not the Holders of
		Securities would be adversely affected by such change (after giving notice of
		such change to the Holders of Securities). Such determination shall be
		conclusive and binding on all present and future Holders of Securities. The
		Trustee shall not be liable for any such determination made in good faith and
		in reliance upon an Opinion of Counsel delivered to the Trustee as described in
		Section 8.3 hereof.
	 

	 
		It shall not be necessary for any Act of
		Securityholders under this Section 8.2 to approve the particular
		form of any proposed supplemental indenture, but it shall be sufficient if such
		Act shall approve the substance thereof.
	 

	 
		Promptly after the execution by the Issuer,
		the Co-Issuer and the Trustee of any supplemental indenture pursuant to this
		Section 8.2, the Trustee, at the expense of the Issuer, shall mail
		to the Securityholders, each Hedge Counterparty, the Preferred Shares Paying
		Agent, the Collateral Manager, and, so long as the Notes are Outstanding and so
		rated, each Rating Agency a copy thereof based on an outstanding rating. Any
		failure of the Trustee to publish or mail such notice, or any defect therein,
		shall not, however, in any way impair or affect the validity of any such
		supplemental indenture.
	 

	 
		Section 8.3 Execution of Supplemental Indentures.
	 

	 
		In executing or accepting the additional
		trusts created by any supplemental indenture permitted by this Article 8
		or the modifications thereby of the trusts created by this Indenture, the
		Trustee shall be entitled to receive, and shall be fully protected in relying
		upon, an Opinion of Counsel stating that the execution of such supplemental
		indenture is authorized or permitted by this Indenture and that all conditions
		precedent thereto have been satisfied. The Trustee may, but shall not be
		obligated to, enter into any such supplemental indenture which affects the
		Trustee’s own rights, duties or immunities under this Indenture or
		otherwise. The Collateral Manager will be bound to follow any amendment or
		supplement to this Indenture of which it has received written notice at least
		ten Business Days prior to the execution and delivery of such amendment or
		supplement; provided,
		however, that with respect to any
		amendment or supplement to this Indenture which may, in the judgment of the
		Collateral Manager adversely 
	 

	 
		 
	 

	 
		 
	 

	 
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		affect the Collateral Manager, the
		Collateral Manager shall not be bound (and the Issuer agrees that it will not
		permit any such amendment to become effective) unless the Collateral Manager
		gives written consent to the Trustee and the Issuer to such amendment. The
		Issuer and the Trustee shall give written notice to the Collateral Manager of
		any amendment made to this Indenture pursuant to its terms. In addition, the
		Collateral Manager’s written consent shall be required prior to any
		amendment to this Indenture by which it is adversely affected.
	 

	 
		Section 8.4 Effect of Supplemental Indentures.
	 

	 
		Upon the execution of any supplemental
		indenture under this Article 8,
		this Indenture shall be modified in accordance therewith, and such supplemental
		indenture shall form a part of this Indenture for all purposes; and every
		Holder of Notes and Preferred Shares theretofore and thereafter authenticated
		and delivered hereunder shall be bound thereby.
	 

	 
		Section 8.5 Reference in Notes to Supplemental
		Indentures.
	 

	 
		Notes authenticated and delivered after the
		execution of any supplemental indenture pursuant to this Article 8
		may, and if required by the Trustee shall, bear a notice in form approved by
		the Trustee as to any matter provided for in such supplemental indenture. If
		the Issuer and the Co-Issuer shall so determine, new Notes, so modified as to
		conform in the opinion of the Trustee and the Issuer and the Co-Issuer to any
		such supplemental indenture, may be prepared and executed by the Issuer and the
		Co-Issuer and authenticated and delivered by the Trustee in exchange for
		Outstanding Notes.
	 

	 
		 
	 

	 
		 
	 

	 
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		ARTICLE 9
	 

	 
		REDEMPTION OF SECURITIES; REDEMPTION
		PROCEDURES
	 

	 
		Section 9.1 Clean-up Call; Tax Redemption and Optional
		Redemption.
	 

	 
		(a) The Notes may be redeemed at the option
		of and at the direction of the Collateral Manager, in whole but not in part, on
		any Payment Date (the “Clean-up
		Call Date”), on or after the
		Payment Date on which the Aggregate Outstanding Amount of the Notes has been
		reduced to 10% of the Aggregate Outstanding Amount of the Notes on the Closing
		Date, at a price equal to the applicable Redemption Price (such redemption, a
		“Clean-up Call”); provided
		that any payments due and payable upon
		a termination of each Hedge Agreement will be made on the Clean-up Call Date in
		accordance with the terms thereof and this Indenture; and provided,
		further, that the funds available to be
		used for such Clean-up Call will be sufficient to pay the Total Redemption
		Price. In connection with a Clean-up Call, the Issuer shall notify the Trustee
		and the Preferred Shares Paying Agent of such Clean-up Call and the Clean-up
		Call Date and direct the Trustee, in writing, to sell the Collateral Debt
		Securities to the Majority Preferred Shareholder or other Persons identified by
		the Collateral Manager, in accordance with Articles 9, 10 and 12, and upon
		any such sale the Trustee will release the lien on such Collateral Debt
		Securities.
	 

	 
		(b) The Notes and the Preferred Shares shall
		be redeemable, in whole but not in part, by Act of a Majority of the Holders of
		the Preferred Shares delivered to the Trustee, on the Payment Date (the
		“Tax Redemption
		Date”) following the occurrence of
		a Tax Event and satisfaction of the Tax Materiality Condition at a price equal
		to the applicable Redemption Price (such redemption, a “Tax Redemption”); provided
		that any payments due and payable upon
		a termination of each Hedge Agreement will be made in accordance with the terms
		thereof and this Indenture; and provided,
		further, the funds available to be used
		for such Tax Redemption will be sufficient to pay the Total Redemption Price.
		Upon the occurrence of a Tax Event, the Issuer and the Co-Issuer, at the
		direction of the Collateral Manager shall provide written notice thereof to the
		Trustee, the Cayman Stock Exchange (for so long as any Senior Notes are listed
		on the Cayman Stock Exchange), each Hedge Counterparty and each Rating Agency.
		In connection with a Tax Redemption, the Issuer shall notify the Trustee and
		the Preferred Shares Paying Agent of such Tax Redemption and the Tax Redemption
		Date and shall direct the Trustee, in writing, to sell the Collateral Debt
		Securities in the manner determined by the Collateral Manager and in accordance
		with Articles 9, 10 and 12, and upon any such sale the Trustee will
		release the lien upon such Collateral Debt Security.
	 

	 
		(c) The Notes and the Preferred Shares shall
		be redeemable, in whole but not in part, at a price equal to the applicable
		Redemption Price, on any Payment Date on or after the Payment Date occurring in
		May 2009 (the “Optional Redemption
		Date”) at the direction of the
		Issuer (such redemption, an “Optional Redemption”) (i) by Act of a Majority of the Preferred
		Shares delivered to the Trustee, or (ii) at the direction of the
		Collateral Manager unless a Majority of the Preferred Shares object;
		provided,
		however, that any payments due and
		payable upon a termination of each Hedge Agreement will be made in accordance
		with the terms thereof and this Indenture; and provided,
		further, that the funds available to be
		used for such Optional 
	 

	 
		 
	 

	 
		 
	 

	 
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		Redemption will be sufficient to pay the
		Total Redemption Price. In connection with an Optional Redemption, the Issuer
		shall notify the Trustee and the Preferred Shares Paying Agent of such Optional
		Redemption and the Optional Redemption Date and direct the Trustee, in writing,
		to sell the Collateral Debt Securities in the manner determined by the
		Collateral Manager and in accordance with Articles 9, 10 and 12, and upon
		any such sale the Trustee shall release the lien upon such Collateral Debt
		Securities.
	 

	 
		(d) The election by the Collateral Manager
		to redeem the Notes pursuant to a Clean-up Call shall be evidenced by an
		Officer’s Certificate from the Collateral Manager directing the Trustee to
		make the payment to the Paying Agent of the applicable Redemption Price of all
		of the Notes to be redeemed from funds in the Payment Account in accordance
		with the Priority of Payments. In connection with a Tax Redemption, the
		occurrence of a Tax Event and satisfaction of the Tax Materiality Condition
		shall be evidenced by an Issuer Order from the Issuer or from the Collateral
		Manager on behalf of the Issuer certifying that such conditions for a Tax
		Redemption have occurred. The election by the Collateral Manager to redeem the
		Notes pursuant to an Optional Redemption shall be evidenced by an
		Officer’s Certificate from the Collateral Manager on behalf of the Issuer
		certifying that the conditions for an Optional Redemption have occurred.

	 

	 
		(e) A redemption pursuant to Sections 9.1(a), 9.1(b) or
		9.1(c) shall not occur unless (1) (i) at least six
		(6) Business Days before the scheduled Redemption Date, the Collateral
		Manager shall have certified to the Trustee that the Collateral Manager on
		behalf of the Issuer has entered into a binding agreement or agreements, with
		(A) one or more financial institutions whose long-term unsecured debt
		obligations (other than such obligations whose rating is based on the credit of
		a person other than such institution) have a credit rating from each Rating
		Agency of at least equal to the highest rating of any Notes then Outstanding or
		whose short-term unsecured debt obligations have a credit rating of
		“P-1” by Moody’s as long as the term of such agreement is ninety
		(90) day or less and “A-1” by S&P (or any other entity that has
		the benefit of a credit facility, a warehouse agreement, a liquidity facility
		or a similar arrangement with a financial or other institution or entity that
		satisfies such criteria and such financial or other institution or entity
		irrevocably agrees to fund the purchase of all or part of the Collateral Debt
		Securities and the assignment or termination of the Hedge Agreements as set
		forth herein) or (B) one or more Affiliates of the Collateral Manager (or,
		in the case of a Clean-Up Call, the Preferred Shareholder or Affiliates
		thereof), to sell all or part of the Pledged Obligations (directly or by
		participation or other arrangement, provided that,
		in the case of a participation interest, the Issuer shall remain in existence),
		not later than the Business Day immediately preceding the scheduled Redemption
		Date or (ii) the Trustee shall have received written confirmation that the
		method of redemption satisfies the Rating Agency Condition and (2) the
		related Sale Proceeds (in immediately available funds), together with all other
		available funds (including proceeds from the sale of the Assets, Eligible
		Investments maturing on or prior to the scheduled Redemption Date, all amounts
		in the Collection Accounts and available Cash), shall be an aggregate amount
		sufficient to pay all amounts, payments, fees and expenses in accordance with
		the Priority of Payments due and owing on such Redemption Date.
	 

	 
		 
	 

	 
		 
	 

	 
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		Section 9.2 Auction Call
		Redemption.
	 

	 
		(a) During the period from and including the
		Payment Date occurring in May 2016 and to but not including the first Payment
		Date on which the Clean-up Call may be exercised (the “Auction Call Period”), the Notes and the Preferred Shares will be
		redeemed, in whole but not in part, if a Successful Auction is completed (such
		redemption, an “Auction Call
		Redemption”), at their applicable
		Redemption Prices; provided
		that any payments due and payable upon
		a termination of each Hedge Agreement will be made on the Auction Call
		Redemption Date in accordance with the terms thereof and this Indenture. An
		Auction Call Redemption may only occur on a Payment Date occurring in February,
		May, August or November during the Auction Call Period (such Payment Date, the
		“Auction Call Redemption
		Date”).
	 

	 
		(b) The Trustee shall sell and transfer the
		Collateral Debt Securities to the highest bidder for all of the Collateral Debt
		Securities (or to each highest bidder for one or more (but not all) of the
		Collateral Debt Securities), at the Auction, as long as:
	 

	 
		(i) the Auction has been conducted in
		accordance with the Auction Procedures, as evidenced by a certification of the
		Collateral Manager;
	 

	 
		(ii) at least one bidder delivers to the
		Collateral Manager a bid (which bid may be based upon a fixed spread above or
		below a generally recognized price index) for (x) the purchase of all of
		the Collateral Debt Securities or (y) the purchase of each Collateral Debt
		Security (which bid may be for one or more (but not all) of the Collateral Debt
		Securities);
	 

	 
		(iii) based on the Collateral Manager’s
		certification to the Trustee of the amount of the cash purchase price of each
		bid, the Trustee, in consultation with the Collateral Manager, determines that
		the Highest Auction Price would result in a cash purchase price for the
		Collateral Debt Securities which, together with the balance of all Eligible
		Investments and Cash in the Collection Accounts, the Payment Account, the
		Defeased Collateral Account, the Interest Reserve Account, the Liquidity
		Reserve Account, each Hedge Termination Account and the Expense Account, will
		be at least equal to the Total Redemption Price; and
	 

	 
		(iv) each bidder who offered the Highest
		Auction Price for all of the Collateral Debt Securities or for one or more of
		the Collateral Debt Securities enters into a written agreement with the Issuer
		(which the Issuer shall execute if the conditions set forth in clauses (i)
		through (iii) above are satisfied) obligating the highest bidder for all
		of the Collateral Debt Securities (or the highest bidder for one or more (but
		not all) of the Collateral Debt Securities) to purchase all (either
		individually or together with other bidders, as applicable) of the Collateral
		Debt Securities with the closing of such purchase (and full payment in Cash to
		the Trustee) to occur on or before the tenth Business Day prior to the
		scheduled Redemption Date.
	 

	 
		(c) If any of the foregoing conditions is
		not met with respect to any Auction, or if the highest bidder or the Collateral
		Manager, as the case may be, fails to pay the purchase
	 

	 
		 
	 

	 
		 
	 

	 
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		price on or before the sixth Business Day
		following the relevant Auction Date, (i) the Auction Call Redemption shall
		not occur on the Payment Date following the relevant Auction Date,
		(ii) the Trustee shall give notice of the withdrawal pursuant to
		Section 9.3, (iii) subject to subclause (iv) below, the
		Trustee shall decline to consummate such sale and shall not solicit any further
		bids or otherwise negotiate any further sale of Collateral Debt Securities in
		relation to such Auction and (iv) unless the Notes and the Preferred
		Shares are redeemed in full prior to the next succeeding Auction Date, or the
		Collateral Manager notifies the Trustee that market conditions are such that
		such Auction is not likely to be successful, the Trustee shall conduct another
		Auction on the next succeeding Auction Date.
	 

	 
		Section 9.3 Notice of Redemption.
	 

	 
		(a) In connection with an Optional
		Redemption, a Clean-up Call or a Tax Redemption pursuant to Section 9.1
		or an Auction Call Redemption pursuant to Section 9.2, the Collateral Manager on behalf of the Issuer and the
		Co-Issuer shall (i) set the applicable Record Date and (ii) at least
		30 days prior to the proposed Redemption Date (unless the Trustee agrees to a
		shorter notice period), notify the Trustee, the Cayman Stock Exchange, each
		Hedge Counterparty, the Rating Agencies and the Preferred Shares Paying Agent,
		of such proposed Redemption Date, the applicable Record Date, the principal
		amount of Notes to be redeemed on such Redemption Date and the Redemption Price
		of such Notes in accordance with Section 9.1
		or Section 9.2. The Redemption Price shall be determined no earlier
		than 60 days prior to the proposed Redemption Date.
	 

	 
		(b) Any such notice of an Auction Call
		Redemption, an Optional Redemption, a Clean-up Call or a Tax Redemption may be
		withdrawn by the Issuer and the Co-Issuer at the direction of the Collateral
		Manager up to the fourth Business Day prior to the scheduled Redemption Date by
		written notice to the Trustee, the Cayman Stock Exchange (for so long as any
		Senior Notes are listed on the Cayman Stock Exchange), each Hedge Counterparty,
		to each Holder of Notes to be redeemed, and the Collateral Manager only if
		(i) in the case of an Optional Redemption, a Clean-up Call or a Tax
		Redemption the Collateral Manager is unable to deliver the sale agreement or
		agreements or certifications referred to in Section 9.1(e), as the case may be or (ii) in the case of an
		Auction Call Redemption, the Auction is unable to be consummated pursuant to
		the Auction Procedures.
	 

	 
		Section 9.4 Notice of Redemption or Maturity by the
		Issuer.
	 

	 
		Notice of redemption pursuant to
		Section 9.1, Section 9.2
		or the Maturity of any Notes shall be given by first class mail, postage
		prepaid, mailed not less than ten (10) Business Days (or four (4) Business
		Days where the notice of an Auction Call Redemption, an Optional Redemption, a
		Clean-up Call or a Tax Redemption is withdrawn pursuant to Section 9.3(b)) prior to the applicable Redemption Date or Maturity, to
		each Holder of Notes to be redeemed, at its address in the Notes Register. In
		addition, so long as any Notes are listed on the Cayman Stock Exchange, notice
		of redemption or Maturity shall be published in the Cayman Stock
		Exchange’s Daily Official List or as otherwise required by the rules of
		the Cayman Stock Exchange not less than ten (10) Business Days prior to the
		applicable Redemption Date or Maturity.
	 

	 
		 
	 

	 
		 
	 

	 
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		All notices of redemption shall
		state:
	 

	 
		(a) the applicable Redemption Date;
	 

	 
		(b) the applicable Redemption Price;
	 

	 
		(c) that all the Notes are being paid in
		full, and that interest on the Notes shall cease to accrue on the Redemption
		Date specified in the notice; and
	 

	 
		(d) the place or places where such Notes to
		be redeemed in whole are to be surrendered for payment of the Redemption Price
		which shall be the office or agency of the Paying Agent as provided in
		Section 7.2.
	 

	 
		Notice of redemption shall be given by the
		Issuer and Co-Issuer, or at their request, by the Trustee in their names and at
		the expense of the Issuer. Failure to give notice of redemption, or any defect
		therein, to any Holder of any Note shall not impair or affect the validity of
		the redemption of any other Notes.
	 

	 
		Section 9.5 Notes Payable on Redemption Date.
	 

	 
		Notice of redemption having been given as
		aforesaid, the Notes to be redeemed shall, on the Redemption Date, become due
		and payable at the Redemption Price therein specified, and from and after the
		Redemption Date (unless the Issuer shall Default in the payment of the
		Redemption Price and accrued interest) the Notes shall cease to bear interest
		on the Redemption Date. Upon final payment on a Note to be redeemed, the Holder
		shall present and surrender such Note at the place specified in the notice of
		redemption on or prior to such Redemption Date; provided,
		however, that if there is delivered to
		the Issuer, the Co-Issuer and the Trustee such security or indemnity as may be
		required by them to save each of them harmless (an unsecured indemnity
		agreement delivered to the Issuer, the Co-Issuer and the Trustee by an
		institutional investor with a net worth of at least $200,000,000 being deemed
		to satisfy such security or indemnity requirement) and an undertaking
		thereafter to surrender such Note, then, in the absence of notice to the
		Issuer, the Co-Issuer and the Trustee that the applicable Note has been
		acquired by a bona fide purchaser, such final payment shall be made without
		presentation or surrender. Payments of interest on Notes of a Class so to be
		redeemed whose Stated Maturity is on or prior to the Redemption Date shall be
		payable to the Holders of such Notes, or one or more predecessor Notes,
		registered as such at the close of business on the relevant Record Date
		according to the terms and provisions of Section 2.7(m).
	 

	 
		If any Note called for redemption shall not
		be paid upon surrender thereof for redemption, the principal thereof shall,
		until paid, bear interest from the Redemption Date at the applicable Note
		Interest Rate for each successive Interest Accrual Period the Note remains
		Outstanding.
	 

	 
		Section 9.6 Mandatory Redemption.
	 

	 
		On any Payment Date on which any of the
		Coverage Tests applicable to any Class of Notes is not met on the most recent
		Measurement Date, the Notes shall be redeemed (a “Mandatory Redemption”), first from Interest Proceeds and then from
		Principal Proceeds in each case in accordance with the Priority of Payments in
		an amount necessary, and only to the extent necessary, to cause each of the
		Coverage Tests to be satisfied. Further, each Hedge Agreement
	 

	 
		 
	 

	 
		 
	 

	 
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		will be terminated in part in accordance
		with the terms thereof and any payments due and payable on the Hedge Agreement
		in connection with the termination of the Hedge Agreement will be made on such
		Payment Date in accordance with the terms thereof and this Indenture, including
		satisfaction of the Rating Agency Condition. Such Principal Proceeds and
		Interest Proceeds shall be applied to each of the outstanding Classes of Notes
		in accordance with its relative seniority in accordance with the Priority of
		Payments. On or promptly after such Mandatory Redemption, the Issuer and the
		Co-Issuer shall certify or cause to be certified to each of the Rating Agencies
		and the Trustee whether the Coverage Tests have been met.
	 

	 
		Section 9.7 Special Amortization.
	 

	 
		The Notes may be amortized in part by the
		Issuer (at the election and direction of the Collateral Manager) if, at any
		time during the Reinvestment Period, the Collateral Manager has been unable,
		for a period of at least 30 consecutive days, to identify Substitute Collateral
		Debt Securities that it determines would be appropriate and would meet the
		Eligibility Criteria in sufficient amounts to permit the reinvestment of all or
		a portion of the Principal Proceeds then on deposit in the Principal Collection
		Account in Substitute Collateral Debt Securities. The Collateral Manager shall
		notify the Trustee, the Issuer, the Co-Issuer and each Hedge Counterparty of
		such election (a “Special
		Amortization”) and the amount of
		Principal Proceeds to be amortized (such amount, the “Special Amortization Amount”), which notice shall be given prior to the
		Determination Date related to the next Payment Date. On the first Payment Date
		following the date on which such notice is given, the Special Amortization
		Amount will be applied to amortize the Notes in accordance with the Priority of
		Payments (i) on a pro
		rata basis among all Classes of Notes
		if each of the S&P Special Amortization Pro Rata Condition and the
		Moody’s Special Amortization Pro Rata Condition is satisfied with respect
		to the related Payment Date; provided that in no event will the cumulative
		principal amount of Notes that is amortized pursuant to this clause (i)
		exceed $500,000,000; or (ii) sequentially among all Classes of Notes, if
		either the S&P Special Amortization Pro Rata Condition or the Moody’s
		Special Amortization Pro Rata Condition is not satisfied with respect to the
		related Payment Date; provided,
		however, that any portion of the Special Amortization Amount
		that represents recoveries in respect of Defaulted Securities will be
		distributed sequentially in any event.
	 

	 
		 
	 

	 
		 
	 

	 
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		ARTICLE 10
	 

	 
		ACCOUNTS, ACCOUNTINGS AND
		RELEASES
	 

	 
		Section 10.1 Collection of Money; Custodial Account.
	 

	 
		(a) Except as otherwise expressly provided
		herein, the Trustee may demand payment or delivery of, and shall receive and
		collect, directly and without intervention or assistance of any fiscal agent or
		other intermediary, all Money and other property payable to or receivable by
		the Trustee pursuant to this Indenture, including all payments due on the
		Pledged Obligations in accordance with the terms and conditions of such Pledged
		Obligations. The Trustee shall segregate and hold all such Money and property
		received by it in trust for the Holders of the Notes and each Hedge
		Counterparty, and shall apply it as provided in this Indenture.
	 

	 
		(b) The Trustee shall credit all Collateral
		Debt Securities to an account designated as the “Custodial
		Account.”
	 

	 
		Section 10.2 Collection Accounts.
	 

	 
		(a) The Trustee shall, prior to the Closing
		Date, establish a segregated trust account which shall be designated as the
		“Collection Account” (which may be a subaccount of the Custodial
		Account) and will consist of two subaccounts, the “Interest Collection
		Account” and the “Principal Collection Account” (collectively,
		the “Collection
		Accounts”), which shall be held in
		trust in the name of the Trustee for the benefit of the Noteholders and each
		Hedge Counterparty and if applicable, for the reimbursement of the Advancing
		Agent or the trustee, in its capacity as Backup Advancing Agent, for
		Nonrecoverable Interest Advances as described under Section 10.7 into the Collection Accounts, as applicable, the
		Trustee shall from time to time deposit (i) all amounts, if any, received
		by the Issuer pursuant to the Hedge Agreements (other than amounts received by
		the Issuer by reason of an event of default or termination event (each as
		defined in the related Hedge Agreement) or other comparable event that are
		required, pursuant to Section 16.1(g) to be used for the purchase by the Issuer of a
		replacement Hedge Agreement) and amounts held in each Hedge Collateral Account
		pursuant to Section 16.1(e), (ii) all Sale Proceeds (unless simultaneously
		reinvested in Substitute Collateral Debt Securities, subject to the
		Reinvestment Criteria or Ramp-Up Criteria, as applicable), and (iii) all
		Interest Proceeds and all Principal Proceeds. In addition, the Issuer may, but
		under no circumstances shall be required to, deposit from time to time such
		Monies in the Collection Accounts as it deems, in its sole discretion, to be
		advisable. All Monies deposited from time to time in the Collection Accounts
		pursuant to this Indenture shall be held by the Trustee as part of the Assets
		and shall be applied to the purposes herein provided. The Collection Accounts
		shall remain at all times with the Corporate Trust Office or a financial
		institution having a long-term debt rating at least equal to “BBB+”
		or “A2,” as applicable, or a short-term debt rating at least equal to
		“A-1,” “P-1” or “F1,” as applicable.
	 

	 
		(b) All distributions of principal or
		interest received in respect of the Assets, and any Sale Proceeds from the sale
		or disposition of a Collateral Debt Security or other Assets
	 

	 
		 
	 

	 
		 
	 

	 
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		received by the Trustee in Dollars shall be
		immediately deposited into the Interest Collection Account or the Principal
		Collection Account, as Interest Proceeds or Principal Proceeds, respectively
		(unless, in the case of proceeds received from the sale or disposition of any
		Assets, such proceeds are simultaneously reinvested pursuant to Section 10.2(d) in Substitute Collateral Debt Securities, subject to
		the Reinvestment Criteria or Ramp-Up Criteria, as applicable, or in Eligible
		Investments). Subject to Sections 10.2(d), 10.2(e) and
		11.2, all such property, together with any securities in
		which funds included in such property are or will be invested or reinvested
		during the term of this Indenture, and any income or other gain realized from
		such investments, shall be held by the Trustee in the Collection Accounts as
		part of the Assets subject to disbursement and withdrawal as provided in this
		Section 10.2. Subject to Section 10.2(e) by Issuer Order (which may be in the form of standing
		instructions), the Issuer or the Collateral Manager, on behalf of the Issuer,
		shall at all times direct the Trustee to, and, upon receipt of such Issuer
		Order, the Trustee shall, invest all funds received into the Collection
		Accounts during a Due Period, and amounts received in prior Due Periods and
		retained in the Collection Accounts, as so directed in Eligible Investments
		having stated maturities no later than the Business Day immediately preceding
		the next Payment Date. The Trustee, within one Business Day after receipt of
		any Scheduled Distribution or other proceeds in respect of the Assets which is
		not Cash, shall so notify the Issuer and the Collateral Manager and the Issuer,
		or the Collateral Manager on behalf of the Issuer, shall, within five Business
		Days of receipt of such notice from the Trustee, sell such Scheduled
		Distribution or other non-Cash proceeds for Cash in an arm’s length
		transaction to a Person which is not an Affiliate of the Issuer or the
		Collateral Manager and deposit the proceeds thereof in the applicable
		Collection Account for investment pursuant to this Section 10.2; provided,
		however, that the Issuer, or the
		Collateral Manager on behalf of the Issuer, need not sell such Scheduled
		Distributions or other non-Cash proceeds if it delivers an Officer’s
		Certificate to the Trustee certifying that such Scheduled Distributions or
		other proceeds constitute Collateral Debt Securities or Eligible
		Investments.
	 

	 
		(c) If prior to the occurrence of an Event
		of Default, the Issuer, or the Collateral Manager on behalf of the Issuer,
		shall not have given any investment directions pursuant to Section 10.2(b), the Trustee shall seek instructions from the Issuer,
		or the Collateral Manager on behalf of the Issuer, within three Business Days
		after transfer of such funds to the applicable Collection Account. If the
		Trustee does not thereupon receive written instructions from the Issuer, or the
		Collateral Manager on behalf of the Issuer, within five Business Days after
		transfer of such funds to the applicable Collection Account, it shall invest
		and reinvest the funds held in the applicable Collection Account in one or more
		Eligible Investments described in clause (ii) of the definition of
		Eligible Investments maturing no later than the Business Day immediately
		preceding the next Payment Date. If after the occurrence of an Event of
		Default, the Issuer, or the Collateral Manager on behalf of the Issuer, shall
		not have given investment directions to the Trustee pursuant to Section 10.2(b) for three consecutive days, the Trustee shall invest
		and reinvest such Monies as fully as practicable in Eligible Investments
		described in clause (ii) of the definition of Eligible Investments
		maturing not later than the earlier of (i) 30 days after the date of
		such investment or (ii) the Business Day immediately preceding the next
		Payment Date. All interest and other income from such investments shall be
		deposited in the applicable Collection Account, any gain realized from such
		investments shall be credited to the applicable Collection Account, and any
		loss resulting from such investments shall be charged to the applicable
		Collection Account. The Trustee shall not in any way be held liable (except as
		a result of negligence, willful misconduct or bad faith) by reason of any
		insufficiency of such
	 

	 
		 
	 

	 
		 
	 

	 
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		applicable Collection Account resulting from
		any loss relating to any such investment, except with respect to investments in
		obligations of the Trustee or any Affiliate thereof.
	 

	 
		(d) During the Reinvestment Period (and
		thereafter to the extent necessary to acquire Collateral Debt Securities
		pursuant to contracts entered into during the Reinvestment Period), the
		Collateral Manager on behalf of the Issuer may by Issuer Order direct the
		Trustee to, and upon receipt of such Issuer Order the Trustee shall, reinvest
		Principal Proceeds in Collateral Debt Securities selected by the Collateral
		Manager as permitted under and in accordance with the requirements of
		Article 12 and such Issuer Order.
	 

	 
		(e) Subject to Section 10.2(f), the Trustee shall transfer to the Payment Account for
		application pursuant to Section 11.1(a) and in accordance with the calculations and the
		instructions contained in the Notes Valuation Report prepared by the Trustee on
		behalf of the Issuer pursuant to Section 10.9(e), on or prior to the Business Day prior to each Payment
		Date, any amounts then held in the Collection Accounts other than
		(i) Interest Proceeds or Principal Proceeds received after the end of the
		Due Period with respect to such Payment Date and (ii) amounts that the
		Issuer is entitled to reinvest in accordance with Section 12.2 and which the Issuer so elects to reinvest in
		accordance with the terms of this Indenture.
	 

	 
		(f) Notwithstanding the foregoing, the
		Trustee shall transfer to the Payment Account from amounts on deposit in the
		Interest Collection Account or the Principal Collection Account, such amounts,
		if any, that are due and payable to any Hedge Counterparty, in satisfaction of
		any Hedge Payment Amount (other than any amount due and payable by the Issuer
		under the related Hedge Agreement following an Event of Default or Termination
		Event (other than Illegality or Tax Event) (each as defined in the related
		Hedge Agreement) with respect to which such Hedge Counterpart is the Defaulting
		Party or the sole Affected Party (as defined in the related Hedge Agreement)),
		if any, then due and payable to such Hedge Counterparty in accordance with the
		terms of the related Hedge Agreement. Any required payments to Hedge
		Counterparties pursuant to the preceding sentence shall be made, first, from
		amounts on deposit in the Interest Collection Account and, second, to the
		extent amounts on deposit in the Interest Collection Account are insufficient,
		from amounts on deposit in the Principal Collection Account. The Trustee shall
		make each such transfer on or prior to the Business Day prior to the related
		payment date.
	 

	 
		Section 10.3 Payment Account.
	 

	 
		(a) The Trustee shall, prior to the Closing
		Date, establish a single, segregated trust account which shall be designated as
		the “Payment Account,” which shall be held in trust for the benefit
		of the Noteholders and each Hedge Counterparty and over which the Trustee shall
		have exclusive control and the sole right of withdrawal. Any and all funds at
		any time on deposit in, or otherwise to the credit of, the Payment Account
		shall be held in trust by the Trustee for the benefit of the Noteholders and
		each Hedge Counterparty. Except as provided in Sections 11.1 and 11.2, the only
		permitted withdrawal from or application of funds on deposit in, or otherwise
		to the credit of, the Payment Account shall be (i) to pay the interest on
		and the principal of the Notes and make other payments in respect of the Notes
		in accordance with their terms and the provisions of this Indenture,
		(ii) to pay the Preferred Share Paying Agent for deposit into the
		Preferred Share Distribution Account for distributions to the Preferred
		Shareholders in
	 

	 
		 
	 

	 
		 
	 

	 
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		accordance with the terms and the provisions
		of the Preferred Shares Paying Agency Agreement, (iii) upon Issuer Order,
		to pay other amounts specified therein, and (iv) otherwise to pay amounts
		payable pursuant to and in accordance with the terms of this Indenture, each in
		accordance with the Priority of Payments. The Trustee agrees to give the Issuer
		and the Co-Issuer immediate notice if it becomes aware that the Payment Account
		or any funds on deposit therein, or otherwise to the credit of the Payment
		Account, shall become subject to any writ, order, judgment, warrant of
		attachment, execution or similar process. Neither the Issuer nor the Co-Issuer
		shall have any legal, equitable or beneficial interest in the Payment Account
		other than in accordance with the Priority of Payments. The Payment Account
		shall remain at all times with the Corporate Trust Office or a financial
		institution having a long-term debt rating by each Rating Agency at least equal
		to “BBB+” or “A2,” as applicable, or a short-term debt
		rating by each Rating Agency at least equal to “A-1,” “P-1”
		or “F1,” as applicable. Amounts in the Payment Account shall not be
		invested.
	 

	 
		Section 10.4
		Unused Proceeds Account.
	 

	 
		(a) The Trustee shall prior to the Closing
		Date establish a single, segregated trust account which shall be designated as
		the “Unused Proceeds Account” which shall be held in trust in the
		name of the Trustee for the benefit of the Noteholders and each Hedge
		Counterparty, into which the amount specified in Section 3.2(g) shall be deposited. All Monies deposited from time to
		time in the Unused Proceeds Account pursuant to this Indenture shall be held by
		the Trustee as part of the Assets and shall be applied to the purposes herein
		provided.
	 

	 
		(b) The Trustee agrees to give the Issuer
		immediate notice if it becomes aware that the Unused Proceeds Account or any
		funds on deposit therein, or otherwise to the credit of the Unused Proceeds
		Account, shall become subject to any writ, order, judgment, warrant of
		attachment, execution or similar process. The Unused Proceeds Account shall
		remain at all times with the Corporate Trust Office of a financial institution
		having a long-term debt rating by each Rating Agency at least equal to
		“BBB+” or “A2,” as applicable, or a short-term debt rating
		at least equal to “A-1,” “P-1” or “F1,” as
		applicable.
	 

	 
		(c) During the Ramp-Up Period, the Issuer
		(or the Collateral Manager on behalf of the Issuer) may by Issuer Order direct
		the Trustee to, and upon receipt of such Issuer Order the Trustee shall, apply
		amounts on deposit in the Unused Proceeds Account to acquire Collateral Debt
		Securities selected by the Collateral Manager as permitted under and in
		accordance with the requirements of Section 7.17 and such Issuer Order.
	 

	 
		(d) To the extent not applied pursuant to
		Section 7.17, the Collateral Manager on behalf of the Issuer may
		direct the Trustee to, and upon such direction the Trustee shall, invest all
		funds in the Unused Proceeds Account in Eligible Investments designated by the
		Collateral Manager. All interest and other income from such investments shall
		be deposited in the Unused Proceeds Account, any gain realized from such
		investments shall be credited to the Unused Proceeds Account, and any loss
		resulting from such investments shall be charged to the Unused Proceeds
		Account. The Trustee shall not in any way be held liable (except as a result of
		negligence, willful misconduct or bad faith) by reason of any insufficiency of
		the Unused Proceeds Account resulting from any loss relating to any such
		investment, except with respect to investments in obligations of the Trustee or
		any Affiliate thereof. If the Trustee does not receive
	 

	 
		 
	 

	 
		 
	 

	 
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		investment instructions from an Authorized
		Officer of the Collateral Manager, the Trustee may invest funds received in the
		Unused Proceeds Account in Eligible Investments of the type described in
		clause (ii) of the definition thereto.
	 

	 
		(e) At the conclusion of the Ramp-Up Period,
		amounts on deposit in the Unused Proceeds Account shall be applied as
		follows:
	 

	 
		(i) If the Aggregate Principal Balance of
		the Pledged Collateral Debt Securities that the Issuer purchased (or in the
		case of CMBS Securities, Asset Backed Securities, CRE CDO Securities and REIT
		Debt Securities, that the Issuer entered into an irrevocable binding commitment
		to purchase, as certified by the Collateral Manager to the Trustee) since the
		Closing Date is at least equal to the Minimum Ramp-Up Amount and Rating
		Confirmation has been obtained in connection with the Effective Date, then
	 

	 
		(1) If the Aggregate Principal Balance of
		the Collateral Debt Securities exceeds $1,000,000,000 on the Effective Date,
		amounts remaining in the Unused Proceeds Account at the end of the Ramp-Up
		Period not to exceed an amount equal to 15% of such amounts, may, at the option
		of the Collateral Manager, be designated as Interest Proceeds. Any such
		election shall be made on a one-time basis and must be made no later than the
		20th Business Day after the Effective Date, with any such amounts in the Unused
		Proceeds Account so designated (and any interest or earnings thereon) deposited
		in the Interest Collection Account, treated as Interest Proceeds and applied in
		accordance with the Priority of Payments on the Payment Date relating to the
		Determination Date that immediately follows such election. 
	 

	 
		(2) Any amounts remaining in the Unused
		Proceeds Account on the 20th Business Day after the Effective Date and not
		designated as Interest Proceeds shall be deposited in the Principal Collection
		Account, treated as Principal Proceeds and applied in accordance with the
		Priority of Payments on the Payment Date relating to the Determination Date
		that immediately follows such 20th Business Day.
	 

	 
		(ii) If a Rating Confirmation Failure has
		occurred, then
	 

	 
		(1) all amounts in the Unused Proceeds
		Account shall be used on the immediately following Payment Date to pay
		principal of the Notes, first, to the payment of principal of the Class A-1
		Notes, second, to the payment of principal of the Class A-2 Notes, third, to
		the payment of principal of the Class B Notes, fourth, to the payment of
		principal of the Class C Notes, fifth, to the payment of principal of the Class
		D Notes, sixth, to the payment of principal of the Class E Notes, seventh, to
		the payment of principal of the Class F Notes, eighth, to the payment of
		principal of the Class G Notes, ninth, to the payment of principal of the Class
		H Notes, tenth, to the payment of principal of the Class J Notes and eleventh,
		to the payment of the Class K Notes, in each case until the ratings assigned on
		the Closing Date to each Class of Notes have been reinstated or such Class has
		been paid in full, and 
	 

	 
		 
	 

	 
		 
	 

	 
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		(2) if such ratings are reinstated and funds
		remain in the Unused Proceeds Account, such funds shall be deposited in the
		Principal Collection Account, treated as Principal Proceeds and applied in
		accordance with the Priority of Payments.
	 

	 
		(f) If on the 270th day after the Closing
		Date the Aggregate Principal Balance of the Pledged Collateral Debt Securities
		that the Issuer purchased (or in
		the case of CMBS Securities, Asset Backed Securities, CRE CDO Securities, and REIT Debt Securities, that
		the Issuer entered into an irrevocable binding
		commitment to purchase, as certified by the Collateral Manager to the Trustee)
		since the Closing Date is less than the Minimum Ramp-Up Amount and a
		Rating Confirmation Failure has not occurred, then all amounts in the Unused
		Proceeds Account shall be deposited in the Principal
		Collection Account within one Business Day, treated as Principal Proceeds and
		applied as an Unused Proceeds Pro Rata Amortization to redeem the each Class of
		Notes on the immediately following Payment Date on a pro rata basis (based on
		the Aggregate Outstanding Amount of each Class of
		Notes) in accordance with the Priority of Payments (an
		“Unused Proceeds Pro Rata
		Amortization”).
	 

	 
		Section 10.5
		Future Funding Obligations
		Account.
	 

	 
		(a) The Trustee shall prior to the Closing
		Date establish a single segregated trust account which shall be designated as
		the “Future Funding Obligations Account” which shall be held in trust
		in the name of the Trustee for the benefit of the Noteholders and each Hedge
		Counterparty, into which Future Funding Obligations Account the Trustee shall
		deposit funds for any additional funding commitments of the Issuer under any
		Unfunded Loans included in the Collateral Debt Securities. All amounts in the
		Future Funding Obligations Account shall be deposited in overnight funds in
		Eligible Investments and released to fulfill such commitments. The Future
		Funding Obligations Account shall remain at all times with the Corporate Trust
		Office or a financial institution having a long-term debt rating from each
		Rating Agency at least equal to “BBB+” or “A2,” as
		applicable, or a short-term debt rating at least equal to “A-1,”
		“P-1” or “F1,” as applicable.
	 

	 
		Funds in the Future Funding Obligations
		Account shall be available solely to fulfill any additional funding commitments
		of the Issuer under any Unfunded Loans included in the Collateral Debt
		Securities, and only funds in the Future Funding Obligations Account shall be
		used for such purpose. 
	 

	 
		Upon the purchase of any Collateral Debt
		Security that is a Future Advance Loan and the assumption of the related
		Unfunded Loan, the Collateral Manager may direct the Trustee to deposit
		Principal Proceeds or funds in the Unused Proceeds Account into the Future
		Funding Obligations Account in an amount equal to the Issuer’s maximum
		future funding obligation under the terms of such Unfunded Loan, and the
		Principal Proceeds or funds in the Unused Proceeds Account so deposited shall
		be considered part of the purchase price of such Future Advance Loan for
		purposes of Article 12.
		The Collateral Manager shall not permit all amounts then on deposit in the
		Future Funding Obligation Account to be less than the aggregate amount of all
		future funding obligations outstanding under the terms of all Unfunded Loans
		that constitute Collateral Debt Securities. 
	 

	 
		 
	 

	 
		 
	 

	 
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		The funds in the Future Funding Obligations
		Account may also be released at the direction of the Collateral Manager as
		follows: 
	 

	 
		(i) if the Issuer is the beneficiary of a
		letter of credit or a guarantee for the future funding obligation related to a
		Future Advance Loan as provided in the Eligibility Criteria, the Issuer may
		transfer the Unfunded Loan to the party that delivered the letter of credit or
		guaranty (and may enter into a participation agreement if necessary to order to
		separate the Unfunded Loan from the related Future Advance Loan) and the
		corresponding amounts in the Future Funding Obligations Account shall be
		transferred to the Principal Collection Account and treated as Principal
		Proceeds. Any transfer of an Unfunded Loan pursuant to this paragraph shall not
		be counted towards the annual limit on Discretionary Sales; or 
	 

	 
		(ii) if a Future Advance Loan is sold or
		otherwise disposed before the full commitment thereunder has been drawn, or if
		excess funds remain following the termination of the funding obligation giving
		rise to the deposit of such funds in the Future Funding Obligations Account,
		such Eligible Investments on deposit in the Future Funding Obligations Account
		for the purpose of fulfilling the related commitment shall be transferred to
		the Principal Collection Account as Principal Proceeds.
	 

	 
		(b) The Collateral Manager shall direct the
		Trustee to withdraw funds from the Future Funding Obligation Account to fund
		amounts drawn under any Unfunded Loan. Pursuant to an Issuer Order, all or a
		portion of the funds, as specified in such Issuer Order, on deposit in the
		Future Funding Obligation Account at any time in excess of the aggregate
		principal amount of commitments which may be drawn upon under the Unfunded Loan
		shall be transferred by the Trustee to the Collection Account as Principal
		Proceeds.
	 

	 
		(c) With respect to the Future Advance Loan,
		if the related future funding obligation is guaranteed by a Person or a letter
		of credit is provided meeting the requirements set forth in the definition of
		the Eligibility Criteria, such guarantor or letter of credit, as the case may
		be, shall be replaced as soon as commercially practicable if the same fails to
		meet such requirements.
	 

	 
		(d) If a future funding obligation is
		guaranteed or if a letter of credit meeting the requirements set forth in the
		definition of the Eligibility Criteria has been provided to the Issuer, the
		Trustee, at the direction of the Collateral Manager, shall draw on such
		guaranty or letter of credit in the following circumstances (but for no other
		purpose): (i) in order to fund any Unfunded Loan in the event that the party
		that is the primary obligor under such funding obligation fails to make such
		advance, (ii) the issuer of the letter of credit fails to deliver a renewal or
		extension of the letter of credit at least 30 days prior to its expiration or
		(iii) the credit ratings of the issuer of the letter of credit falls below the
		minimum requirements set forth in the definition of Eligibility
		Criteria.
	 

	 
		 
	 

	 
		 
	 

	 
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		Section 10.6
		Expense Account.
	 

	 
		(a) The Trustee shall prior to the Closing
		Date establish a single, segregated trust account which shall be designated as
		the “Expense Account” which shall be held in trust in the name of the
		Trustee for the benefit of the Noteholders and each Hedge Counterparty. The
		only permitted withdrawal from or application of funds on deposit in, or
		otherwise standing to the credit of, the Expense Account shall be to pay (on
		any day other than a Payment Date) accrued and unpaid Company Administrative
		Expenses of the Issuer and the Co-Issuer (other than accrued and unpaid
		expenses and indemnities payable to the Collateral Manager under the Collateral
		Management Agreement). On the Closing Date, the Trustee shall deposit into the
		Expense Account an amount equal to approximately U.S. $250,000 from the net
		proceeds received by the Issuer on such date from the initial issuance of the
		Notes. On or after the Effective Date, any amount remaining in the Expense
		Account may, at the election of the Collateral Manager be designated as
		Interest Proceeds. On the date on which substantially all of the Issuer’s
		assets have been sold or otherwise disposed of, the Issuer by Issuer Order
		executed by an Authorized Officer of the Collateral Manager shall direct the
		Trustee to, and, upon receipt of such Issuer Order, the Trustee shall, transfer
		all amounts on deposit in the Expense Account to the Interest Collection
		Account for application pursuant to Section 11.1(a)(i) as Interest Proceeds. Amounts credited to the Expense
		Account may be applied on or prior to the Determination Date preceding the
		first Payment Date to pay amounts due in connection with the offering of the
		Notes. 
	 

	 
		(b) The Trustee agrees to give the Issuer
		immediate notice if it becomes aware that the Expense Account or any funds on
		deposit therein, or otherwise to the credit of the Expense Account, shall
		become subject to any writ, order, judgment, warrant of attachment, execution
		or similar process. The Issuer shall not have any legal, equitable or
		beneficial interest in the Expense Account. The Expense Account shall remain at
		all times with the Corporate Trust Office of a financial institution having a
		long-term debt rating by each Rating Agency at least equal to “BBB+”
		or “Baa1,” as applicable.
	 

	 
		(c) The Collateral Manager on behalf of the
		Issuer may direct the Trustee to, and upon such direction the Trustee shall,
		invest all funds in the Expense Account in Eligible Investments designated by
		the Collateral Manager. All interest and other income from such investments
		shall be deposited in the Expense Account, any gain realized from such
		investments shall be credited to the Expense Account, and any loss resulting
		from such investments shall be charged to the Expense Account. The Trustee
		shall not in any way be held liable (except as a result of negligence, willful
		misconduct or bad faith) by reason of any insufficiency of such Expense Account
		resulting from any loss relating to any such investment, except with respect to
		investments in obligations of the Trustee or any Affiliate thereof. If the
		Trustee does not receive investment instructions from an Authorized Officer of
		the Collateral Manager, the Trustee may invest funds received in the Expense
		Account in Eligible Investments of the type described in clause (ii) of
		the definition thereto.
	 

	 
		Section 10.6A
		Defeased Collateral
		Account.
	 

	 
		(a) On or after the Closing Date, the
		Trustee, at the direction of the Issuer (or the Collateral Manager on the
		Issuer’s behalf) shall establish and maintain one or more segregated trust
		accounts which shall be designated as “Defeased Collateral Account”
		which shall be held in trust in the name of the Trustee for the benefit of the
		Noteholders and each
	 

	 
		 
	 

	 
		 
	 

	 
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		Hedge Counterparty, into which Defeased
		Collateral Account the Trustee shall deposit substitute or additional
		collateral provided in connection with a defeasance of a Loan. All amounts in
		the Defeased Collateral Account shall be deposited in overnight funds in
		Eligible Investments and released to fulfill such commitments. The Defeased
		Collateral Account shall remain at all times with the Corporate Trust Office or
		a financial institution having a long-term debt rating from each Rating Agency
		at least equal to “BBB+” or “A2,” as applicable, or a
		short-term debt rating at least equal to “A-1,” “P-1” or
		“F1,” as applicable. Amounts on deposit in a Defeased Collateral
		Account will be transferred by (or to) the Trustee for deposit into one of the
		Collection Accounts or the Payment Account as directed by the Issuer (or the
		Collateral Manager on the Issuer’s behalf).
	 

	 
		Section 10.6B Interest Reserve Account.
	 

	 
		(a) In connection with the transfer to the
		Issuer of a Whole Loan, B Note, Participation or Mezzanine Loan as to
		which interest is expected to be paid out of an interest reserve and there may
		not be enough money in the reserve to cover the debt service payment through
		the initial maturity date of such asset, the related Seller may fund an
		interest reserve account (the “Interest Reserve Account”). The Trustee will establish the Interest Reserve
		Account, which will be used by the Issuer in order to make up for any interest
		shortfalls on such Collateral Debt Security, including but not limited to,
		shortfalls that might result from (i) an increase in a LIBOR, (ii) a delay in
		converting any mortgaged property into a condo conversion property as
		contemplated under the related loan documents, or (iii) an “interest
		accrual option” exercisable by the borrowers under certain Loans. Each
		Interest Reserve Account will be established as a segregated trust account into
		which the funds from the Seller will be deposited. Amounts on deposit in the
		Interest Reserve Account will be transferred by (or to) the Trustee for deposit
		into one of the Interest Collection Account or the Payment Account (as Interest Proceeds), as directed
		by the Collateral Manager and applied in accordance with
		the Priority of Payments. At the direction of the Collateral Manager, at
		the maturity or repayment of a loan as to which a deposit was made into the Interest
		Reserve Account any amounts remaining in the Interest Reserve Account with
		respect to such loan will be transferred by (or to) the Trustee for deposit into the
		Interest Collection Account or Payment Account (as Interest Proceeds), as
		directed by the Collateral Manager, and applied in accordance with the Priority
		of Payments. All funds on deposit in the Interest
		Reserve Account shall be invested in Eligible Investments.
	 

	 
		Section 10.6C Liquidity Reserve Account.
	 

	 
		The Trustee will establish and maintain a
		segregated trust account (the “Liquidity Reserve Account”), into which on each date on which the Trustee
		receives an interest payment on a Non-Monthly Pay Asset the Trustee shall
		deposit an amount equal to one month’s worth of interest on such
		Collateral Debt Security into the Collection Account and will deposit the
		remaining portion into the Liquidity Reserve Account. On the Determination Date
		as to which the Trustee has not made a direct deposit of interest into the
		Collection Account on account of a Non-Monthly Pay Asset, the Trustee shall
		transfer from the Liquidity Reserve Account to the Collection Account, for
		distribution in accordance with the Priority of Payments, one month’s
		worth of interest to the extent interest in respect of such Non-Monthly Pay
		Asset was deposited into the Liquidity Reserve Account. All funds on deposit in
		the Liquidity Reserve Account shall be invested in Eligible Investments.

	 

	 
		 
	 

	 
		 
	 

	 
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		Section 10.6D Synthetic Security Counterparty Account; Synthetic
		Security Issuer Account.
	 

	 
		(a) (i) If and to the extent that any
		Synthetic Security requires the Issuer to secure its obligations with respect a
		Synthetic Security, the Trustee will establish one or more segregated trust
		accounts in the United States (each of which shall be designated as a
		“Synthetic Security Counterparty
		Account”), each of which shall be
		a securities account (as defined in the UCC). Separate Synthetic Security
		Counterparty Accounts shall be established for each Synthetic Security
		Counterparty. Each Synthetic Security Counterparty Account will be held in
		trust for the benefit of the related Synthetic Security Counterparty and
		(subject to the prior lien of the Synthetic Security Counterparty) the Secured
		Parties. As directed by the Collateral Manager, from time to time, the Trustee
		will deposit into each Synthetic Security Counterparty Account all Cash and
		Eligible Investments which are required to secure the obligations of the Issuer
		in accordance with the terms of the related Synthetic Securities or as
		otherwise required by the Rating Agencies. The Collateral Manager will direct
		any such deposit only during the Reinvestment Period and only to the extent
		that monies are available for the purchase of Substitute Collateral Debt
		Securities from Principal Proceeds. Except for investment earnings, the Issuer
		shall not have any right to withdraw moneys from the Synthetic Security
		Counterparty Accounts other than in accordance with this Section 10.6D(a) and Section 12.6.
	 

	 
		(ii) As directed by the Collateral Manager
		or the related Synthetic Security Counterparty, as appropriate, and in
		accordance with the applicable Synthetic Securities, amounts on deposit in a
		Synthetic Security Counterparty Account on behalf of a Synthetic Security
		Counterparty shall be invested in Eligible Investments which are permitted by
		the applicable Synthetic Securities and any related credit support documents.
		Income received on amounts on deposit in each Synthetic Security Counterparty
		Account shall be applied, as directed by the Collateral Manager, to the payment
		of any periodic amounts owed by the Issuer to such Synthetic Security
		Counterparty on the date any such amounts are due in accordance with the terms
		of the applicable Synthetic Securities and any related credit support
		documents. To the extent that the Issuer is entitled to receive income on
		Eligible Investments credited to a Synthetic Security Counterparty Account,
		after application of any such amounts and so long as the market value of the
		aggregate Principal Balance of all remaining Eligible Investments in such
		account is at least equal to the Aggregate Principal Balance of any and all
		outstanding Synthetic Securities entered into between the Issuer and such
		Synthetic Security Counterparty, any income then contained in such Synthetic
		Security Counterparty Account shall be withdrawn from such account and
		deposited in the Collection Account for distribution as Interest
		Proceeds.
	 

	 
		(iii) In connection with the occurrence of
		(x) a Credit Event, a Floating Amount Event or other event or condition
		giving rise to an obligation to transfer Synthetic Security Collateral to the
		related Synthetic Counterparty or (y) an event of default or a termination
		event (each as defined in the applicable Synthetic Security) under the related
		Synthetic Security, Eligible Investments contained in the related Synthetic
		Security Counterparty Account shall be liquidated and the proceeds thereof paid
		to the related Synthetic Security Counterparty in accordance with the terms of
		such Synthetic Security. Any amounts held in a Synthetic Security Counterparty
		Account in excess of
	 

	 
		 
	 

	 
		 
	 

	 
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		amounts required to be retained therein in
		accordance with the terms of the related Synthetic Security or Securities shall
		be withdrawn from such Synthetic Security Counterparty Account and deposited in
		the Collection Account for application in accordance with the terms of this
		Indenture.
	 

	 
		(iv) If a dispute should arise under a
		Synthetic Security, whether between the parties thereto or between one or both
		of the parties thereto and the calculation agent or other determining entity
		thereunder, and the Synthetic Security provides a procedure for the resolution
		of such dispute, the Trustee shall not take any action in respect of amounts in
		the related Synthetic Security Counterparty Account that relate to such
		Synthetic Security until such time as the Trustee has received written notice
		from such calculation agent or other determining entity that such dispute has
		been resolved and, thereupon, the Trustee shall follow the written instructions
		of such calculation agent or other determining entity in applying amounts in
		the related Synthetic Security Counterparty Account that relate to such
		Synthetic Security.
	 

	 
		(v) Cash and Eligible Investments on deposit
		in any Synthetic Security Counterparty Account shall not be considered to be an
		asset of the Issuer for purposes of any of the Collateral Quality Tests or the
		Coverage Tests, but the Synthetic Securities which relate to such Synthetic
		Security Counterparty Account shall be so considered an asset of the
		Issuer.
	 

	 
		(b) (i) If and to the extent that any
		Synthetic Security requires the Synthetic Security Counterparty to secure its
		obligations with respect to such Synthetic Security, the Trustee will establish
		at a segregated trust account which shall be designated as a Synthetic Security
		Issuer Account (each such account, a “Synthetic Security Issuer Account”) and will be a securities account (as defined in
		the UCC). The Trustee will deposit into each Synthetic Security Issuer Account
		all amounts which are required to secure the obligations of the Synthetic
		Security Counterparty in accordance with the terms of such Synthetic
		Securities. Except for investment earnings, a Synthetic Security Counterparty
		shall not have any right to withdraw moneys from any Synthetic Security Issuer
		Account other than in accordance with this Section 10.6D(b) and Section 12.6, the applicable Synthetic Securities and applicable
		law. No Secured Party (other than the Synthetic Security Counterparty to which
		the Synthetic Security Issuer Account relates) and no other entity (other than
		the Trustee for the benefit of the Secured Parties and the Issuer, to the
		extent provided herein) shall have any legal, equitable or beneficial interest
		in any Synthetic Security Issuer Account.
	 

	 
		(ii) As directed by the Collateral Manager
		and in accordance with the applicable Synthetic Security, amounts on deposit in
		a Synthetic Security Issuer Account on behalf of the Issuer shall be invested
		in Eligible Investments which are permitted by the applicable Synthetic
		Securities and any related credit support documents. Income received on amounts
		on deposit in each Synthetic Security Issuer Account shall be withdrawn from
		such account and paid to the related Synthetic Security Counterparty only in
		accordance with the applicable Synthetic Securities.
	 

	 
		(iii) Except as provided in this Indenture,
		amounts contained in any Synthetic Security Issuer Account shall be withdrawn
		by the Trustee and paid to the related
	 

	 
		 
	 

	 
		 
	 

	 
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		Synthetic Security Counterparty only in
		accordance with the terms of the related Synthetic Securities.
	 

	 
		(iv) Upon the occurrence of an event of
		default or a termination event (each as defined in the applicable Synthetic
		Security) under any Synthetic Security, Eligible Investments contained in the
		related Synthetic Security Issuer Account shall be liquidated and the proceeds
		thereof applied to the payment of any termination payment payable by the
		related Synthetic Security Counterparty to the Issuer as a result of such event
		of default or termination event, in any such case, only to the extent necessary
		to satisfy the obligations of the Synthetic Security Counterparty to the Issuer
		in accordance with the terms of such Synthetic Security. Any amounts held in a
		Synthetic Security Issuer Account in excess of amounts required to be retained
		therein in accordance with the terms of the related Synthetic Security or
		Securities shall be withdrawn from such Synthetic Security Issuer Account and
		paid to the related Synthetic Security Counterparty only, in accordance with
		the applicable Synthetic Security.
	 

	 
		(v) If a dispute should arise under a
		Synthetic Security, whether between the parties thereto or between one or both
		of the parties thereto and the calculation agent or other determining entity
		thereunder, and the Synthetic Security provides a procedure for the resolution
		of such dispute, the Trustee shall not take any action in respect of amounts in
		the related Synthetic Security Issuer Account that relate to such Synthetic
		Security until such time as the Trustee has received written notice from such
		calculation agent or other determining entity that such dispute has been
		resolved and, thereupon, the Trustee shall follow the written instructions of
		such calculation agent or other determining entity in applying amounts in the
		related Synthetic Security Issuer Account that relate to such Synthetic
		Security.
	 

	 
		Section 10.7 Interest Advances.
	 

	 
		(a) With respect to each Determination Date
		for which the sum of Interest Proceeds and, if applicable, Principal Proceeds,
		collected during the related Due Period that are available to pay interest on
		the Class A-1 Notes, the Class A-2 Notes and the Class B Notes
		in accordance with the Priority of Payments, are insufficient to remit the
		interest due and payable with respect to the Class A-1 Notes, the
		Class A-2 Notes and the Class B Notes on the following Payment Date
		(the amount of such insufficiency, an “Interest Shortfall”), the Trustee shall provide the Advancing Agent
		with written notice of such Interest Shortfall no later than the close of
		business on the second Business Day following such Determination Date. The
		Trustee shall provide the Advancing Agent with notice, prior to any funding of
		an Interest Advance by the Advancing Agent, of any additional interest
		remittances received by the Trustee after delivery of such initial notice that
		reduce such Interest Shortfall. No later than 5:00 p.m. (New York time) on the
		Business Day immediately preceding the related Payment Date (but in any event
		no earlier than one Business Day following the Advancing Agent’s receipt
		of notice of such Interest Shortfall), the Advancing Agent shall advance the
		difference between such amounts (each such advance, an “Interest Advance”) if such Interest Shortfall results from interest
		shortfalls on the Non-Advancing Collateral Debt Securities, by deposit of an
		amount equal to such Interest Advance in the Payment Account, subject to a
		determination of recoverability by the Advancing Agent as described in
		Section 10.7(b).
	 

	 
		 
	 

	 
		 
	 

	 
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		The obligation of the Advancing Agent or the
		Trustee, in its capacity as Back-up Advancing Agent, to make Interest Advances
		shall be subject to the following limitations:
	 

	 
		(i) Interest Advances shall only be made to
		the extent that Interest Proceeds (and, if applicable, Principal Proceeds)
		collected during the related Due Period are insufficient to pay in full
		interest due on the Class A Notes and the Class B Notes on any
		Payment Date in accordance with the Priority of Payments and such shortfall
		results from interest shortfalls on the Non-Advancing Collateral Debt
		Securities;
	 

	 
		(ii) Interest Advances in respect of any
		Payment Date shall be subject to a maximum limit equal to the lesser of
		(x) the Interest Shortfalls on the Class A Notes and Class B
		Notes that would otherwise occur and (y) the aggregate of the interest
		payments not received in respect of Non-Advancing Collateral Debt
		Securities;
	 

	 
		(iii) The Advancing Agent or the Trustee, in
		its capacity as Back-up Advancing Agent, shall not be required to make an
		Interest Advance (x) to the extent that the aggregate outstanding amount of all
		unreimbursed Interest Advances would exceed the aggregate outstanding principal
		amount of the Class A Notes and the Class B Notes or (y) if the
		Class A/B Par Value Ratio on the relevant Measurement Date is less than
		100%;
	 

	 
		(iv) The Advancing Agent or the Trustee, in
		its capacity as Back-up Advancing Agent, shall not be required to advance any
		payments in respect of principal, or in respect of interest with respect to any
		Class of Notes other than the Class A Notes and the Class B
		Notes; and
	 

	 
		(v) Interest Advances shall not be made with
		respect to any Interest Shortfall by the Advancing Agent or the Trustee, in its
		capacity as Back-up Advancing Agent, as applicable, if such Person has
		determined at that time that such advance would be a Nonrecoverable Interest
		Advance.
	 

	 
		Any Interest Advance made by the Advancing
		Agent or the Trustee, as Back-up Advancing Agent, with respect to a Payment
		Date that is in excess of the actual Interest Shortfall for such Payment Date
		shall be refunded to the Advancing Agent or the Trustee, as applicable, by the
		Trustee on the same Business Day that such Interest Advance was made (or, if
		such Interest Advance is made prior to final determination by the Trustee of
		such Interest Shortfall, on the Business Day of such final determination). The
		Advancing Agent shall provide the Trustee written notice of a determination by
		the Advancing Agent that a proposed Interest Advance would constitute a
		Nonrecoverable Interest Advance no later than the close of business on the
		Business Day immediately preceding the related Payment Date (or, in the event
		that the Advancing Agent did not receive notice of the related Interest
		Shortfall on the related Determination Date, no later than the close of
		business on the Business Day immediately following the Advancing Agent’s
		receipt of notice of such Interest Shortfall). If the Advancing Agent shall
		fail to make any required Interest Advance at or prior to the time at which
		distributions are to be made pursuant to Section 11.1(a), the Trustee, in its capacity as Backup
	 

	 
		 
	 

	 
		 
	 

	 
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		Advancing Agent, shall be required to make
		such Interest Advance, subject to a determination of recoverability by the
		Trustee as described in Section 10.7(b). The Trustee shall be
		entitled but not required to conclusively rely on any affirmative determination
		by the Advancing Agent that an Interest Advance would constitute a
		Nonrecoverable Interest Advance. Based upon available information at the time,
		the Trustee, in its capacity as Backup Advancing Agent, the Collateral Manager
		or the Advancing Agent will provide notice to each Rating Agency no later than
		the close of business on the Business Day following the related Determination
		Date if recovery of a Nonrecoverable Interest Advance would result in an
		Interest Shortfall on the next succeeding Payment Date.
	 

	 
		(b) Notwithstanding anything herein to the
		contrary, neither the Advancing Agent nor the Trustee, in its capacity as
		Backup Advancing Agent, as applicable, shall be required to make any Interest
		Advance unless such Person determines, in its sole discretion, exercised in
		good faith that such Interest Advance, or such proposed Interest Advance, plus
		interest expected to accrue thereon at the Reimbursement Rate, will be
		recoverable from subsequent payments or collections with respect to all
		Collateral Debt Securities and has determined in its reasonable judgment that
		the recovery would not result in an Interest Shortfall. In determining whether
		any proposed Interest Advance will be, or whether any Interest Advance
		previously made is, a Nonrecoverable Interest Advance, the Advancing Agent or
		the Trustee, in its capacity as Backup Advancing Agent, as applicable, will be
		entitled to take into account:</ p>
	 

	 
		(i) amounts that may be realized on each
		Underlying Mortgage Property in its “as is” or then current condition
		and occupancy;
	 

	 
		(ii) that the related Senior Tranches of any
		Collateral Debt Security may be required to be fully paid and any advances (and
		interest thereon) made in respect of such Senior Tranches may be required to be
		fully reimbursed, prior to any amounts recovered in respect of the Underlying
		Mortgage Properties are allocated or otherwise made available to the Collateral
		Debt Securities;
	 

	 
		(iii) the possibility and effects of future
		adverse change with respect to the Underlying Mortgage Properties, the
		potential length of time before such Interest Advance may be reimbursed and the
		resulting degree of uncertainty with respect to such reimbursement; and
	 

	 
		(iv) the fact that Interest Advances are
		intended to provide liquidity only and not credit support to the Class A-1
		Noteholders, the Class A-2 Noteholders and the Class B
		Noteholders.
	 

	 
		For purposes of any such determination of
		whether an Interest Advance constitutes or would constitute a Nonrecoverable
		Interest Advance, an Interest Advance will be deemed to be nonrecoverable if
		the Advancing Agent or the Trustee, in its capacity as Backup Advancing Agent,
		as applicable, determines that future Interest Proceeds and Principal Proceeds
		may be ultimately insufficient to fully reimburse such Interest Advance, plus
		interest thereon at the Reimbursement Rate within a reasonable period of time.
		Absent bad faith, the determination by the Advancing Agent or the Trustee, in
		its capacity as Backup Advancing Agent, as
	 

	 
		 
	 

	 
		 
	 

	 
		-199-
	 

	 
		 
	 

	 
	 

	 

	 
		applicable, as to the nonrecoverability of
		any Interest Advance shall be conclusive and binding on the Holders of the
		Notes.
	 

	 
		(c) The Advancing Agent and the Trustee, in
		its capacity as Backup Advancing Agent, will each be entitled to recover any
		previously unreimbursed Interest Advance made by it (including any
		Nonrecoverable Interest Advance), together with interest thereon, first, from
		Interest Proceeds and second (to the extent that there are insufficient
		Interest Proceeds for such reimbursement), from Principal Proceeds to the
		extent that such reimbursement would not trigger an additional Interest
		Shortfall; provided that if at any time an Interest Advance is determined to
		be a Nonrecoverable Interest Advance, the Advancing Agent or the Trustee, in
		its capacity as Backup Advancing Agent, shall be entitled to recover all
		outstanding Interest Advances from the Collection Accounts on any Business Day
		during any Interest Accrual Period prior to the related Determination Date (or
		on a Payment Date prior to any payment of interest on or principal of the Notes
		in accordance with the Priority of Payments) without regard to the triggering
		of any additional Interest Shortfall, first, from Interest Proceeds and second
		(to the extent that there are insufficient Interest Proceeds for such
		reimbursement), from Principal Proceeds, notwithstanding any resulting Interest
		Shortfall. The Advancing Agent shall be permitted (but not obligated) to defer
		or otherwise structure the timing of recoveries of Nonrecoverable Interest
		Advances in such manner as the Advancing Agent determines is in the best
		interest of the Class A Notes and the Class B Notes, as a collective whole,
		which may include being reimbursed for Nonrecoverable Interest Advances in
		installments.
	 

	 
		(d) The Advancing Agent and the Trustee, in
		its capacity as Backup Advancing Agent, will each be entitled with respect to
		any Interest Advance made by it (including Nonrecoverable Interest Advances) to
		interest accrued on the amount of such Interest Advance for so long as it is
		outstanding at the Reimbursement Rate.
	 

	 
		(e) The Advancing Agent’s and the
		Trustee’s obligations to make Interest Advances in respect of the
		Collateral Debt Securities will continue through the Stated Maturity of the
		Class A Notes and the Class B Notes, unless the Class A Notes and the
		Class B Notes are previously redeemed or repaid in full.
	 

	 
		(f) In no event will the Advancing Agent or
		the Trustee, in its capacity as Backup Advancing Agent, be required to advance
		any payments in respect of principal or with respect to any Class of Notes
		other than the Class A-1 Notes, the Class A-2 Notes and the
		Class B Notes.
	 

	 
		(g) In consideration of the performance of
		its obligations hereunder, the Advancing Agent shall be entitled to receive, at
		the times set forth herein and subject to the Priority of Payments, to the
		extent funds are available therefor, the Advancing Agent Fee. In consideration
		of the Trustee’s backup advancing obligations hereunder, the Trustee shall
		be entitled to receive, at the times set forth herein and subject to the
		Priority of Payments, to the extent funds are available therefor, the Backup
		Advancing Agent Fee (and, to the extent the Trustee makes an Interest Advance
		that the Advancing Agent was required, but failed, to make, the Trustee shall
		also be entitled to receive the Advancing Agent Fee for so long as such
		Interest Advance is outstanding).
	 

	 
		 
	 

	 
		 
	 

	 
		-200-
	 

	 
		 
	 

	 
	 

	 

	 
		(h) The determination by the Advancing Agent
		or the Trustee, in its capacity as Backup Advancing Agent, as applicable,
		(i) that it has made a Nonrecoverable Interest Advance or (ii) that
		any proposed Interest Advance, if made, would constitute a Nonrecoverable
		Interest Advance, shall be evidenced by an Officer’s Certificate delivered
		promptly to the Trustee (or, if applicable, retained thereby), the Issuer,
		S&P, Fitch and Moody’s, setting forth the basis for such
		determination; provided that failure to give such notice, or any defect therein,
		shall not impair or affect the validity of, or the Advancing Agent or the
		Trustee’s entitlement to reimbursement with respect to, any Interest
		Advance.
	 

	 
		(i) If a Scheduled Distribution on any
		Collateral Debt Security is not paid to the Trustee on the Due Date therefor,
		the Trustee shall provide the Advancing Agent with notice of such default on
		the Business Day immediately following such default. In addition, upon request,
		the Trustee shall provide the Advancing Agent (either electronically or in
		hard-copy format), with copies of all reports received from any trustee, trust
		administrator, master servicer or similar administrative entity with respect to
		the Collateral Debt Securities and the Trustee shall promptly make available to
		the Advancing Agent any other information reasonably available to the Trustee
		by reason of its acting as Trustee hereunder to permit the Advancing Agent to
		make a determination of recoverability with respect to any Interest Advance and
		to otherwise perform its advancing functions under this Indenture.
	 

	 
		(j) Notwithstanding anything in this
		Indenture to the contrary, the Advancing Agent shall be permitted (but not
		obligated) to defer or otherwise structure the timing of the recoveries of
		Nonrecoverable Interest Advances in such a manner as the Advancing Agent
		determines is in the best interest of the Class A Notes and the Class B
		Notes, as a collective whole, which may include being reimbursed for
		Nonrecoverable Interest Advances in installments.
	 

	 
		Section 10.8 Reports by Parties.
	 

	 
		The Trustee shall supply, in a timely
		fashion, to the Issuer, the Co-Issuer, the Preferred Shares Paying Agent and
		the Collateral Manager any information regularly maintained by the Trustee that
		the Issuer, the Co-Issuer, the Preferred Shares Paying Agent or the Collateral
		Manager may from time to time request with respect to the Pledged Obligations
		or the Accounts and provide any other information reasonably available to the
		Trustee by reason of its acting as Trustee hereunder and required to be
		provided by Section 10.9 or to permit the Collateral Manager to perform its
		obligations under the Collateral Management Agreement. The Trustee shall
		forward to the Collateral Manager and each Hedge Counterparty copies of notices
		and other writings received by it from the issuer of any Collateral Debt
		Security or from any Clearing Agency with respect to any Collateral Debt
		Security advising the holders of such security of any rights that the holders
		might have with respect thereto (including, without limitation, notices of
		calls and redemptions of securities) as well as all periodic financial reports
		received from such issuer and Clearing Agencies with respect to such issuer.
		Each of the Issuer and Collateral Manager shall promptly forward to the Trustee
		any information in their possession or reasonably available to them concerning
		any of the Pledged Obligations that the Trustee reasonably may request or that
		reasonably may be necessary to enable the Trustee to prepare any report or
		perform any duty or function on its part to be performed under the terms of
		this Indenture.
	 

	 
		 
	 

	 
		 
	 

	 
		-201-
	 

	 
		 
	 

	 
	 

	 

	 
		Section 10.9 Reports;
		Accountings.
	 

	 
		(a) The Trustee shall monitor the Assets on
		an ongoing basis and provide access to the information maintained by the
		Trustee to, and upon reasonable request of the Collateral Manager, shall assist
		the Collateral Manager in performing its duties under the Collateral Management
		Agreement, each in accordance with this Indenture.
	 

	 
		(b) The Trustee shall perform the following
		functions during the term of this Agreement:
	 

	 
		(i) Create and maintain a database with
		respect to the Collateral Debt Securities (the “Database”);
	 

	 
		(ii) Permit access to the information
		contained in the Database by the Collateral Manager and the Issuer;
	 

	 
		(iii) On a monthly basis monitor and update
		the Database for ratings changes;
	 

	 
		(iv) Update the Database for Collateral Debt
		Securities or Eligible Investments acquired or sold or otherwise disposed
		of;
	 

	 
		(v) Prepare and arrange for the delivery to
		each Rating Agency, the Collateral Manager, each Hedge Counterparty, the
		Initial Purchasers, and upon request therefor, any Holder of a Note shown on
		the Note Registrar, any Preferred Shareholder shown on the register maintained
		by the Share Registrar, and, for so long as any Senior Notes are listed on the
		Cayman Stock Exchange, the Cayman Stock Exchange of the Monthly Reports;

	 

	 
		(vi) prepare and arrange for the delivery to
		the Collateral Manager, each Hedge Counterparty, and upon request therefor, any
		Holder of a Note shown on the Notes Register, any Preferred Shareholder shown
		on the register maintained by the Share Registrar, the firm of Independent
		certified public accountants appointed pursuant to Section 10.11(a) hereof, each Rating Agency, the Depository (with
		instructions to forward it to each of its participants who are holders of any
		Notes) and, for so long as any Senior Notes are listed on the Cayman Stock
		Exchange, the Cayman Stock Exchange, of the Notes Valuation Report;
	 

	 
		(vii) Assist in preparation and arrange for
		the delivery to the Collateral Manager and each Hedge Counterparty of the
		Redemption Date Statement;
	 

	 
		(viii) Arrange for the delivery to each
		Rating Agency of all information or reports required under this Indenture,
		including, but not limited to, providing S&P, Moody’s and Fitch with
		(A) written notice of (1) any breaches under any of the Transaction
		Documents and (2) the termination or change of any parties to the
		Transaction Documents, in each case, for which the Trustee has received prior
		written notice pursuant to the terms of the Transaction Document and
		(B) each Monthly Report in Excel spreadsheet format; and
	 

	 
		 
	 

	 
		 
	 

	 
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		(ix) Assist the Independent certified public
		accountants in the preparation of those reports required under Section 10.11 hereof by providing access to the information contained
		in the Database.
	 

	 
		(c) The Trustee, on behalf of the Issuer,
		shall compile and provide or make available on its website initially located at
		www.cdotrustee.net to each Rating Agency, the Collateral Manager, each
		Hedge Counterparty, the Initial Purchasers, for so long as any Senior Notes are
		listed on the Cayman Stock Exchange, the Cayman Stock Exchange, and upon
		request therefor, any Holder of a Note shown on the Notes Register, any
		beneficial owner of a Note who provides to the Trustee a certification in the
		form of Exhibit H hereto, any Preferred Shareholder shown on the register
		maintained by the Share Registrar, not later than the fifth Business Day after
		the first day of each month commencing in August 2006 (or solely in the case of
		the first Monthly Report, the fifteenth Business Day), determined as of the
		last Business Day of the preceding month, a monthly report (the
		“Monthly Report”). The Monthly Report shall contain the following
		information and instructions with respect to the Pledged Obligations included
		in the Assets based in part on information provided by the Collateral
		Manager:
	 

	 
		(i) (1) the Aggregate Principal Balance
		of all Collateral Debt Securities, together with a calculation, in reasonable
		detail, of the sum of (A) the Aggregate Principal Balance of all
		Collateral Debt Securities (other than Defaulted Securities and Written Down
		Securities) plus (B) the Principal Balance of each Pledged Obligation
		which is Written Down Security and (C) the Principal Balance of each
		Pledged Obligation which is a Defaulted Security;
	 

	 
		(ii) the balance of all Eligible Investments
		and Cash in each of the Interest Collection Account, the Principal Collection
		Account, the Future Funding Obligations Account, the Defeased Collateral
		Account, the Interest Reserve Account and the Expense Account;
	 

	 
		(iii) the nature, source and amount of any
		proceeds in the Collection Accounts, including Interest Proceeds, Principal
		Proceeds and Sale Proceeds, received since the date of determination of the
		last Monthly Report;
	 

	 
		(iv) with respect to each Collateral Debt
		Security and each Eligible Investment that is part of the Assets, its Principal
		Balance, annual interest rate, average life, issuer, Moody’s Rating,
		S&P Rating and Fitch Rating;
	 

	 
		(v) the identity of each Collateral Debt
		Security that was sold or disposed of pursuant to Section 12.1
		(indicating whether such Collateral Debt Security is a Defaulted Security,
		Credit Risk Security, Buy/Sell Security or otherwise (in each case, as reported
		in writing to the Issuer by the Collateral Manager) and whether such Collateral
		Debt Security was sold pursuant to Section 12.1(a)(i) or
		(ii)) or Granted to the Trustee since the date of determination of the
		most recent Monthly Report;
	 

	 
		(vi) the identity of each Collateral Debt
		Security which became a Defaulted Security, Credit Risk Security, Buy/Sell
		Security or a Written Down Security since the date of determination of the last
		Monthly Report;
	 

	 
		 
	 

	 
		 
	 

	 
		-203-
	 

	 
		 
	 

	 
	 

	 

	 
		(vii) the identity of each Collateral Debt
		Security that has been upgraded or downgraded by one or more Rating
		Agencies;
	 

	 
		(viii) the Aggregate Principal Balance of
		all Fixed Rate Securities;
	 

	 
		(ix) the Aggregate Principal Balance of all
		Floating Rate Securities;
	 

	 
		(x) based on information provided by the
		Collateral Manager, the Aggregate Principal Balance of all Floating Rate
		Securities that constitute Covered Fixed Rate Securities;
	 

	 
		(xi) the Aggregate Principal Balance of all
		Collateral Debt Securities that are guaranteed as to ultimate or timely payment
		of principal or interest;
	 

	 
		(xii) with respect to each Specified Type of
		Collateral Debt Security, the Aggregate Principal Balance of all Collateral
		Debt Securities consisting of such Specified Type of Collateral Debt
		Securities;
	 

	 
		(xiii) based on information provided by the
		Collateral Manager, the identity of, and the Aggregate Principal Balance of all
		Collateral Debt Securities whose Moody’s Rating is determined as provided
		in each clause of the definition of “Moody’s Rating” and the
		identity of, and the Aggregate Principal Balance of all Collateral Debt
		Securities whose S&P Rating is determined as provided in each of the
		clauses of the definition of “S&P Rating,” identifying in
		reasonable detail the basis for such calculation with respect to Collateral
		Debt Securities with an S&P Rating assigned pursuant to Annex 1, 2 or 3 of
		Schedule D, based on information provided by the Collateral
		Manager;
	 

	 
		(xiv) with respect to each Collateral Debt
		Security, the Aggregate Principal Balance of all Collateral Debt Securities
		that are part of the same issuance;
	 

	 
		(xv) the Aggregate Principal Balance of all
		Collateral Debt Securities that are securities that provide for periodic
		payments of interest less frequently than monthly;
	 

	 
		(xvi) based upon the information supplied by
		the Collateral Manager, the Aggregate Principal Balance of all Collateral Debt
		Securities issued by any single issuer (provided that
		for avoidance of doubt, with respect to any Loan, the issuer of such Loan shall
		be deemed to be the borrower of such Loan);
	 

	 
		(xvii) based upon the information supplied
		by the Collateral Manager, the Aggregate Collateral Balance of the Collateral
		Debt Securities consisting of CMBS Securities issued in any single calendar
		year;
	 

	 
		(xviii) the Aggregate Principal Balance of
		all Collateral Debt Securities (other than CMBS Securities, CRE CDO Securities
		and REIT Debt Securities) backed by each single Property Type based on
		information provided by the Collateral Manager;
	 

	 
		(xix) the Aggregate Principal Balance of all
		Collateral Debt Securities (other than CMBS Securities, CRE CDO Securities and
		REIT Debt Securities) that are backed 
	 

	 
		 
	 

	 
		 
	 

	 
		-204-
	 

	 
		 
	 

	 
	 

	 

	 
		or otherwise invested in properties located
		in any single U.S. state (for each such state) based on information provided by
		the Collateral Manager;
	 

	 
		(xx) the Aggregate Principal Balance of all
		Collateral Debt Securities that are Non-Monthly Pay Assets;
	 

	 
		(xxi) the amounts that are transferred to
		the Liquidity Reserve Account for each Non-Monthly Pay Asset;
	 

	 
		(xxii) the Class A/B Par Value Ratio,
		the Class A/B Interest Coverage Ratio, the Class C/D/E Par Value
		Ratio, the Class C/D/E Interest Coverage Ratio, the Class F/G/H Par
		Value Ratio and the Class F/G/H Interest Coverage Ratio, and a statement
		as to whether the Interest Coverage Test and the Par Value Test are
		satisfied;
	 

	 
		(xxiii) the Moody’s Rating Factor and a
		statement as to whether the Moody’s Maximum Tranched Rating Factor Test is
		satisfied;
	 

	 
		(xxiv) the Herfindahl Score, the amount of
		Cash that has been received in respect of Principal Proceeds of the Collateral
		Debt Securities since the immediately preceding Measurement Date but has not
		been reinvested in additional Collateral Debt Securities (and what the
		Herfindahl score would have been had such Cash in respect of such Principal
		Proceeds not existed), a statement as to whether the Herfindahl Test was
		satisfied or deemed satisfied on the immediately preceding Measurement Date and
		a statement as to whether the Herfindahl Diversity Test is satisfied;
	 

	 
		(xxv) the Weighted Average Coupon and a
		statement as to whether the Minimum Weighted Average Coupon Test is
		satisfied;
	 

	 
		(xxvi) the Weighted Average Spread and a
		statement as to whether the Minimum Weighted Average Spread Test is
		satisfied;
	 

	 
		(xxvii) based upon information supplied by
		the Collateral Manager, the Average Life of each Collateral Debt Security, the
		Weighted Average Life and a statement as to whether the Weighted Average Life
		Test is satisfied;
	 

	 
		(xxviii) the Class A-1 Loss
		Differential, the Class A-2 Loss Differential, the Class B Loss
		Differential, the Class C Loss Differential, the Class D Loss
		Differential, the Class E Loss Differential, the Class F Loss
		Differential, the Class G Loss Differential, the Class H Loss
		Differential, the Class J Loss Differential and the Class K Loss
		Differential of the Current Portfolio and a statement as to whether the S&P
		CDO Monitor Test is satisfied;
	 

	 
		(xxix) the S&P Weighted Average Recovery
		Rate and a statement as to whether the S&P Recovery Test is
		satisfied;
	 

	 
		(xxx) the Fitch Loan Diversity Index Score
		and a statement as to whether the Fitch Loan Diversity Index Test is
		satisfied;
	 

	 
		 
	 

	 
		 
	 

	 
		-205-
	 

	 
		 
	 

	 
	 

	 

	 
		(xxxi) the Fitch Poolwide Expected Loss and
		a statement as to whether the Fitch Poolwide Expected Loss Test is
		satisfied;
	 

	 
		(xxxii) a calculation in reasonable detail
		necessary to determine compliance with each of the other Collateral Quality
		Tests;
	 

	 
		(xxxiii) the Principal Balance of each
		Collateral Debt Security that is on credit watch with negative
		implications;
	 

	 
		(xxxiv) the Principal Balance of each
		Collateral Debt Security that is on credit watch with positive
		implications;
	 

	 
		(xxxv) the amount of the current portion and
		the unpaid portion, if any, of the Senior Collateral Management Fee and the
		Subordinated Collateral Management Fee with respect to the related Payment
		Date;
	 

	 
		(xxxvi) based upon information supplied by
		the Collateral Manager, the current ratings of any Hedge Counterparty and the
		credit support provider of any Hedge Counterparty;
	 

	 
		(xxxvii) the aggregate notional amount as of
		the end of such month and each following month for all outstanding Transactions
		under all Hedge Agreements which the Issuer has entered into; and
	 

	 
		(xxxviii) such other information as the
		Collateral Manager, the Trustee or any Hedge Counterparty may reasonably
		request.
	 

	 
		(d) The Trustee, on behalf of the Issuer,
		shall perform the following functions and report to the Issuer, the Co-Issuer
		and the Collateral Manager on each Measurement Date:
	 

	 
		(i) Calculate the Class A/B Par Value
		Ratio and the Class A/B Interest Coverage Ratio and indicate whether the
		Class A/B Par Value Test and the Class A/B Interest Coverage Test are
		met;
	 

	 
		(ii) Calculate the Class C/D/E Par
		Value Ratio and the Class C/D/E Interest Coverage Ratio and indicate
		whether the Class C/D/E Par Value Test and the Class C/D/E Interest
		Coverage Test are met; and
	 

	 
		(iii) Calculate the Class F/G/H Par
		Value Ratio and the Class F/G/H Interest Coverage Ratio and indicate
		whether the Class F/G/H Par Value Test and the Class F/G/H Interest
		Coverage Test are met.
	 

	 
		(e) The Trustee, on behalf of the Issuer,
		shall perform the following functions and prepare a report thereof relating to
		the most recently ended Due Period determined as of each Determination Date not
		later than the Payment Date (the “Notes Valuation Report”), which shall contain the following information,
		based in part on information provided by the Collateral Manager:
	 

	 
		 
	 

	 
		 
	 

	 
		-206-
	 

	 
		 
	 

	 
	 

	 

	 
		(i) Calculate the percentage (based on the
		outstanding Aggregate Principal Balances of the Pledged Collateral Debt
		Securities) of the Pledged Collateral Debt Securities which have a maturity
		date occurring on or prior to each Payment Date;
	 

	 
		(ii) Identify the Principal Proceeds and
		Interest Proceeds;
	 

	 
		(iii) Determine the Net Outstanding
		Portfolio Balance as of the close of business on the last Business Day of each
		Due Period after giving effect to the Principal Proceeds as of the last
		Business Day of such Due Period, principal collections received from Collateral
		Debt Securities in the related Due Period, the reinvestment of such proceeds in
		Eligible Investments during such Due Period and the Collateral Debt Securities
		that were released during such Due Period;
	 

	 
		(iv) Determine the Aggregate Outstanding
		Amount of the Notes of each Class at the beginning of the Due Period and such
		Aggregate Outstanding Amount as a percentage of the original Aggregate
		Outstanding Amount of the Notes of such Class, the amount of principal payments
		to be made on the Notes of each Class on the next Payment Date, the amount of
		any Class C Deferred Interest on the Class C Notes, the amount of any
		Class D Deferred Interest on the Class D Notes, the amount of any
		Class E Deferred Interest on the Class E Notes, the amount of any
		Class F Deferred Interest on the Class F Notes, the amount of any
		Class G Deferred Interest on the Class G Notes, the amount of any
		Class H Deferred Interest on the Class H Notes, the amount of any
		Class J Deferred Interest on the Class J Notes, the amount of any
		Class K Deferred Interest on the Class K Notes, the Aggregate
		Outstanding Amount of the Notes of each Class after giving effect to the
		payment of principal (and with respect to the Class C Notes, the
		Class D Notes, the Class E Notes, the Class F Notes, the
		Class G Notes, the Class H Notes, the Class J Notes and the
		Class K Notes, Class C Deferred Interest, Class D Deferred
		Interest, Class E Deferred Interest, Class F Deferred Interest,
		Class G Deferred Interest, Class H Deferred Interest, Class J
		Deferred Interest or Class K Deferred Interest as applicable), on the
		related Payment Date and such Aggregate Outstanding Amount as a percentage of
		the original Aggregate Outstanding Amount of the Notes of such Class;
	 

	 
		(v) Calculate the Class A-1 Interest
		Distribution Amount, the Class A-2 Interest Distribution Amount, the
		Class B Interest Distribution Amount, the Class C Interest
		Distribution Amount, the Class D Interest Distribution Amount, the
		Class E Interest Distribution Amount, the Class F Interest
		Distribution Amount, the Class G Interest Distribution Amount, the
		Class H Interest Distribution Amount, the Class J Interest
		Distribution Amount and the Class K Interest Distribution Amount, for the
		related Payment Date and the aggregate amount paid for all prior Payment Dates
		in respect of such amounts;
	 

	 
		(vi) With the assistance of the Collateral
		Manager, determine the Company Administrative Expenses on an itemized basis,
		the Senior Collateral Management Fee and the Subordinate Collateral Management
		Fee payable by the Issuer on the related Payment Date;
	 

	 
		 
	 

	 
		 
	 

	 
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		(vii) With the assistance of the Collateral
		Manager as set forth in Section 10.9(f), determine (A) the balance on deposit in the
		Interest Collection Account and the Principal Collection Account at the end of
		the related Due Period, (B) the amounts payable from the Collection
		Accounts to the Payment Account in order to make payments pursuant to
		Section 11.1(a)(i) and Section 11.1(a)(ii) on the related Payment Date (the amounts payable
		pursuant to each such clause to be set forth and identified separately) and
		(C) the balance of Principal Proceeds and the balance of Interest Proceeds
		remaining in the Collection Accounts immediately after all payments and
		deposits to be made on the related Payment Date;
	 

	 
		(viii) Calculate the amount to be paid to
		each Hedge Counterparty and the amount to be paid by each Hedge Counterparty in
		each case, specifying (a) the amount to be paid under each Hedge Agreement
		(other than any payments due and payable upon a termination of the related
		Hedge Agreement) and (b) the amount owing as a result of a termination
		with respect to each Hedge Agreement;
	 

	 
		(ix) Calculate the amount to be paid to the
		Advancing Agent or the Trustee, as applicable, as reimbursement of Interest
		Advances and Reimbursement Interest and calculate the amount of the
		Nonrecoverable Interest Advances to be paid to the Advancing Agent or the
		Trustee, as applicable;
	 

	 
		(x) Calculate the amount on deposit in the
		Expense Account, the Unused Proceeds Account, the Future Funding Obligations
		Account, the Defeased Collateral Account, the Interest Reserve Account, each
		Hedge Collateral Account and each Hedge Termination Account;
	 

	 
		(xi) the nature, source and amount of any
		proceeds in the Collection Accounts, including Interest Proceeds, Principal
		Proceeds and Sale Proceeds, received since the date of determination of the
		last Monthly Report;
	 

	 
		(xii) with respect to each Collateral Debt
		Security and each Eligible Investment that is part of the Assets, its Principal
		Balance, annual interest rate, average life, issuer, Moody’s Rating,
		S&P Rating and Fitch Rating;
	 

	 
		(xiii) the identity of each Collateral Debt
		Security that was sold or disposed of pursuant to Section 12.1 (indicating whether such Collateral Debt Security is a
		Defaulted Security, Credit Risk Security, Buy/Sell Security or otherwise (in
		each case, as reported in writing to the Issuer by the Collateral Manager) and
		whether such Collateral Debt Security was sold pursuant to Section 12.1(a)(i) or (ii)) or Granted
		to the Trustee since the date of determination of the most recent Monthly
		Report;
	 

	 
		(xiv) subject to the availability of such
		information to the Collateral Manager and the delivery of such information by
		the Collateral Manager to the Trustee, with respect to each Collateral Debt
		Security on a semi-annual basis, the net cash flow on each real property
		underlying or related to such Collateral Debt Security; and
	 

	 
		 
	 

	 
		 
	 

	 
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		(xv) the identity of each Collateral Debt
		Security which became a Defaulted Security, Credit Risk Security, Buy/Sell
		Security or a Written Down Security since the date of determination of the last
		Monthly Report.
	 

	 
		(f) Upon receipt of each Monthly Report,
		each Notes Valuation Report and each Redemption Date Statement, the Collateral
		Manager shall compare the information contained in its records with respect to
		the Pledged Obligations and shall, within five Business Days after receipt of
		each such Monthly Report, such Notes Valuation Report or such Redemption Date
		Statement, notify the Issuer and the Trustee whether such information contained
		in the Monthly Report, the Notes Valuation Report or the Redemption Date
		Statement, as the case may be, conforms to the information maintained by the
		Collateral Manager with respect to the Pledged Obligations, or detail any
		discrepancies. If any discrepancy exists, the Trustee, the Issuer and the
		Collateral Manager shall attempt to resolve the discrepancy. If such
		discrepancy cannot be promptly resolved, the Trustee shall cause the firm of
		Independent certified public accountants appointed by the Issuer pursuant to
		Section 10.11 hereof to review such Monthly Report, Notes Valuation
		Report or Redemption Date Statement, as the case may be, and the Collateral
		Manager’s records and the Trustee’s records to determine the cause of
		such discrepancy. If such review reveals an error in the Monthly Report, Notes
		Valuation Report or Redemption Date Statement, as the case may be, or the
		Trustee’s or the Collateral Manager’s records, the Monthly Report,
		Notes Valuation Report or Redemption Date Statement, as the case may be, or the
		Trustee’s or the Collateral Manager’s records, shall be revised
		accordingly and, as so revised, shall be utilized in making all calculations
		pursuant to this Indenture. Each Rating Agency (in each case only so long as
		any Class of Notes is rated), the Initial Purchasers and the Collateral Manager
		shall be notified in writing of any such revisions by the Trustee on behalf of
		the Issuer.
	 

	 
		(g) The Trustee shall prepare the Notes
		Valuation Report and shall deliver or make available on its website initially
		located at www.cdotrustee.net such Notes Valuation Report to the Collateral Manager,
		each Hedge Counterparty, and upon request therefor, any Holder of a Note shown
		on the Notes Register, any beneficial owner of a Note who provides to the
		Trustee a certification in the form of Exhibit H
		hereto, any Holder of a Preferred Share shown on the register maintained by the
		Share Registrar, the firm of Independent certified public accountants appointed
		pursuant to Section 10.11(a) hereof, each Rating Agency, the Depository (with
		instructions to forward it to each of its participants who are holders of any
		Notes) and, for so long as any Senior Notes are listed on the Cayman Stock
		Exchange, the Cayman Stock Exchange not later than the related Payment Date.
		The Notes Valuation Report shall have attached to it (with the exception of the
		first Notes Valuation Report) the most recent Monthly Report. All information
		made available on the Trustee’s website will be restricted and the Trustee
		will only provide access to such reports to those parties entitled thereto
		pursuant to this Indenture. In connection with providing access to its website,
		the Trustee may require registration and the acceptance of a disclaimer.
		Questions regarding the Trustee’s website can be directed to the
		Trustee’s customer service desk at www.cdotrustee.net.
	 

	 
		 
	 

	 
		 
	 

	 
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		The Notes Valuation Report shall also
		contain the following statements:
	 

	 
		“Instruction to Participant: Please
		send
	 

	 
		this to the beneficial owners of the
		Notes”
	 

	 
		Reminder to Owners of each Class of
		Notes:
	 

	 
		Each owner or beneficial owner of Notes must
		be either a U.S. Person who is a qualified institutional buyer as defined in
		Rule 144A under the Securities Act of 1933 and a Qualified Purchaser as
		defined by the Investment Company Act of 1940 or not a U.S. Person, and if a
		U.S. Person, can represent as follows:
	 

	 
		(i) it is a Qualified Purchaser as defined
		by the Investment Company Act of 1940 or not a U.S. Person, and if a U.S.
		Person;
	 

	 
		(ii) it is acting for its own account or for
		the account of another who is a qualified institutional buyer and a qualified
		purchaser that is not included in (i) or (ii) above;
	 

	 
		(iii) it is not formed for the purpose of
		investing in the Notes;
	 

	 
		(iv) it, and each account for which it holds
		the Notes, shall hold at least the minimum denomination therefor; and
	 

	 
		(v) it will provide notice of these transfer
		restrictions to any transferee from it.
	 

	 
		(h) Each Notes Valuation Report (after
		approval by the Collateral Manager after giving effect to any revisions thereto
		in accordance with Section 10.9(f)) shall constitute instructions
		from the Collateral Manager, on behalf of the Issuer, to the Trustee to
		transfer funds from the Collection Accounts to the Payment Account pursuant to
		Section 10.2(e) and to withdraw on the related Payment Date from
		the Payment Account and pay or transfer the amounts set forth in the Notes
		Valuation Report, as applicable, in the manner specified, and in accordance
		with the priorities established, in Section 11.1 hereof.
	 

	 
		(i) Not more than five Business Days after
		receiving an Issuer Request requesting information regarding a redemption of
		the Notes of a Class as of a proposed Redemption Date set forth in such Issuer
		Request, the Trustee shall compute the following information and provide such
		information in a statement (the “Redemption Date Statement”) delivered to the Collateral Manager (which shall
		review such statement in the manner provided for in
		Section 10.9(f)), the Preferred Shares Paying Agent and each Hedge
		Counterparty:
	 

	 
		(i) the Aggregate Outstanding Amount of the
		Notes of the Class or Classes to be redeemed as of such Redemption Date;

	 

	 
		(ii) the amount of accrued interest due on
		such Notes as of the last day of the Interest Accrual Period immediately
		preceding such Redemption Date;
	 

	 
		(iii) the Redemption Price;
	 

	 
		 
	 

	 
		 
	 

	 
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		(iv) the sum of all amounts due and unpaid
		under Section 11.1(a) (other than amounts payable on the Notes
		being redeemed or to the Noteholders thereof);
	 

	 
		(v) the amount due and payable to each Hedge
		Counterparty pursuant to the applicable Hedge Agreement; and
	 

	 
		(vi) the amount in the Accounts available
		for application to the redemption of such Notes.
	 

	 
		(j) The Trustee shall make available on its
		website, initially located at www.cdotrustee.net, to S&P, together with
		each Monthly Report, any reports received by the Trustee with respect to the
		Loans and not previously delivered to S&P.
	 

	 
		(k) In the event of a sale by the Issuer of
		any Collateral Debt Security that is subject to an Asset Specific Hedge, the
		Issuer (at the direction Collateral Manager) shall provide written notice to
		each Hedge Counterparty under such Asset Specific Hedge at least five (5)
		Business Days prior to such sale.
	 

	 
		(l) The Issuer and the Collateral Manager
		shall cooperate with the Trustee in connection with the preparation of the
		reports described in this Section 10.9. Without limiting the generality of the foregoing, the
		Issuer (or the Collateral Manager on its behalf) shall supply in a timely
		fashion any information maintained by it that the Trustee may from time to time
		reasonably request with respect to the Collateral Debt Securities for purposes
		of preparing such reports, including without limitation the identification of
		the types or designations of Collateral Debt Securities and the locations of
		any properties securing any Collateral Debt Securities for purposes of
		calculating the Collateral Quality Tests. For purposes of monitoring rating
		changes by Rating Agencies, the Trustee shall be entitled to use and rely (in
		good faith) exclusively upon any reputable electronic financial information
		reporting service (including Bloomberg), and shall have no liability for an
		inaccuracies in the information reported by, of other error or omissions of,
		any such service, absent manifest errors.
	 

	 
		Section 10.10 Release of Pledged Collateral Debt Securities; Release
		of Assets.
	 

	 
		(a) If no Event of Default has occurred and
		is continuing and subject to Article 12
		hereof, the Issuer may, by Issuer Order delivered to the Trustee at least two
		Business Days prior to the settlement date for any sale of a Pledged Collateral
		Debt Security certifying that (i) it has sold such Pledged Collateral Debt
		Security pursuant to and in compliance with Article 12
		or (ii) in the case of a redemption pursuant to Section 9.1
		or Section 9.2 the proceeds from any such sale of Pledged Collateral
		Debt Securities are sufficient to redeem the Notes pursuant to Section 9.1
		or Section 9.2, direct the Trustee to release such Pledged Collateral
		Debt Security and, upon receipt of such Issuer Order, the Trustee shall deliver
		any such Pledged Collateral Debt Security, if in physical form, duly endorsed
		to the broker or purchaser designated in such Issuer Order or, if such Pledged
		Collateral Debt Security is represented by a Security Entitlement, cause an
		appropriate transfer thereof to be made, in each case against receipt of the
		sales price therefor as set forth in such Issuer Order; provided,
		however, that the Trustee may deliver any such Pledged
		Collateral Debt Security in physical form for examination (prior to receipt of
		the sales proceeds) in accordance with street delivery custom. The Trustee
		shall 
	 

	 
		 
	 

	 
		 
	 

	 
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		(i) deliver any agreements and other
		documents in its possession relating to such Pledged Collateral Debt Security
		and (ii) if applicable, duly assign each such agreement and other
		document, in each case, to the broker or purchaser designated in such Issuer
		Order.
	 

	 
		(b) The Issuer may, by Issuer Order,
		delivered to the Trustee at least three Business Days prior to the date set for
		redemption or payment in full of a Pledged Collateral Debt Security, certifying
		that such Pledged Collateral Debt Security is being redeemed or paid in full,
		direct the Trustee, or at the Trustee’s instructions, the Custodial
		Securities Intermediary, to deliver such Pledged Collateral Debt Security, if
		in physical form, duly endorsed, or, if such Pledged Collateral Debt Security
		is a Clearing Corporation Security, to cause it to be presented, to the
		appropriate paying agent therefor on or before the date set for redemption or
		payment, in each case against receipt of the applicable redemption price or
		payment in full thereof.
	 

	 
		(c) If no Event of Default has occurred and
		is continuing and subject to Article 12,
		the Issuer may, by Issuer Order delivered to the Trustee at least two Business
		Days prior to the date set for an exchange, tender or sale, certifying that a
		Collateral Debt Security is subject to an Offer and setting forth in reasonable
		detail the procedure for response to such Offer, direct the Trustee or at the
		Trustee’s instructions, the Custodial Securities Intermediary, to deliver
		such security, if in physical form, duly endorsed, or, if such security is a
		Clearing Corporation Security, to cause it to be delivered, in accordance with
		such Issuer Order, in each case against receipt of payment therefor.
	 

	 
		(d) If no Event of Default has occurred and
		is continuing and subject to Article 12,
		the Issuer (or the Collateral Manager on behalf of the Issuer) may, by Issuer
		Order delivered to the Trustee at least two Business Days prior to the
		applicable date of delivery of a security to a Synthetic Security Counterparty
		pursuant to a Synthetic Security certifying the delivery required, direct the
		Trustee, to deliver such security, if in physical form, duly endorsed or, if
		such security is a Clearing Corporation Security, to cause it to be delivered,
		in accordance with such Issuer Order.
	 

	 
		(e) The Trustee shall deposit any proceeds
		received by it from the disposition of a Pledged Collateral Debt Security in
		the Principal Collection Account unless simultaneously applied to the purchase
		of Substitute Collateral Debt Securities, subject to the Reinvestment Criteria
		or Ramp-Up Criteria, as applicable, or Eligible Investments under and in
		accordance with the requirements of Article 12
		and this Article 10. Neither the Trustee nor the Custodial Securities
		Intermediary shall be responsible for any loss resulting from delivery or
		transfer of any security prior to receipt of payment in accordance
		herewith.
	 

	 
		(f) The Trustee shall, upon receipt of an
		Issuer Order at such time as there are no Notes Outstanding and all obligations
		of the Issuer hereunder have been satisfied, release the Assets from the lien
		of this Indenture.
	 

	 
		Section 10.11 Reports
		by Independent Accountants.
	 

	 
		(a) On or about the Closing Date, the Issuer
		shall appoint a firm of Independent certified public accountants of recognized
		national reputation for purposes of preparing and delivering the reports or
		certificates of such accountants required by this 
	 

	 
		 
	 

	 
		 
	 

	 
		-212-
	 

	 
		 
	 

	 
	 

	 

	 
		Indenture. The Collateral Manager, on behalf
		of the Issuer, shall have the right to remove such firm or any successor firm.
		Upon any resignation by or removal of such firm, the Collateral Manager, on
		behalf of the Issuer, shall promptly appoint, by Issuer Order delivered to the
		Trustee, each Hedge Counterparty and each Rating Agency, a successor thereto
		that shall also be a firm of Independent certified public accountants of
		recognized national reputation. If the Collateral Manager, on behalf of the
		Issuer, shall fail to appoint a successor to a firm of Independent certified
		public accountants which has resigned or been removed, within 30 days after
		such resignation or removal, the Issuer shall promptly notify the Trustee of
		such failure in writing. If the Collateral Manager, on behalf of the Issuer,
		shall not have appointed a successor within 10 days thereafter, the Trustee
		shall promptly appoint a successor firm of Independent certified public
		accountants of recognized national reputation. The fees of such Independent
		certified public accountants and its successor shall be payable by the Issuer
		or by the Trustee as provided in the Priority of Payments.
	 

	 
		(b) Within 60 days after December 31 of each
		year (commencing with December 31, 2007), the Issuer shall cause to be
		delivered to the Trustee, the Collateral Manager, each Hedge Counterparty and
		each Rating Agency an Accountants’ Report specifying the procedures
		applied and the associated findings with respect to the Monthly Reports, the
		Notes Valuation Reports and any Redemption Date Statements prepared in the year
		ending on such date. At least 60 days prior to the Payment Date in April 2007
		(and, if at any time a successor firm of Independent certified public
		accountants is appointed, to the Payment Date following the date of such
		appointment), the Issuer shall deliver to the Trustee an Accountant’s
		Report specifying in advance the procedures that such firm will apply in making
		the aforementioned findings throughout the term of its service as accountants
		to the Issuer. The Trustee shall promptly forward a copy of such
		Accountant’s Report to the Collateral Manager and each Holder of Notes of
		the Controlling Class, at the address shown on the Note Register. The Issuer
		shall not approve the institution of such procedures if a Majority of the
		Aggregate Outstanding Amount of Notes of the Controlling Class, by written
		notice to the Issuer and the Trustee within 30 days after the date of the
		related notice to the Trustee, object thereto.
	 

	 
		Section 10.12 Reports to Rating Agencies.
	 

	 
		(a) In addition to the information and
		reports specifically required to be provided to each Rating Agency pursuant to
		the terms of this Indenture, the Trustee shall make available to each Rating
		Agency and each Hedge Counterparty with all information or reports delivered by
		the Trustee hereunder, and such additional information as each Rating Agency
		may from time to time reasonably request and the Trustee determines in its sole
		discretion may be obtained and provided without unreasonable burden or expense.
		The Issuer shall promptly notify the Trustee and the Preferred Shares Paying
		Agent if a Rating Agency’s rating of any Class of Notes has been, or it is
		known by the Issuer that such rating will be, reduced, or qualified or
		withdrawn.
	 

	 
		(b) The Issuer, or the Collateral Manager on
		behalf of the Issuer, shall provide the Rating Agencies with all information
		and reports delivered to the Trustee hereunder, and shall provide to Fitch (i)
		on an annual basis, the Operating Statement Analysis Report for each
		applicable Collateral Debt Security and (ii) on a quarterly basis, the
		file, shown in Exhibit I
		attached hereto, in excel format.
	 

	 
		 
	 

	 
		 
	 

	 
		-213-
	 

	 
		 
	 

	 
	 

	 

	 
		(c) All additional reports to be sent to the
		Rating Agencies pursuant to clause (a) above shall be sent by the Trustee
		to the Collateral Manager for its review and comment prior to such
		transmission.
	 

	 
		Section 10.13 United States Federal Income Tax
		Reporting.
	 

	 
		(a) If the Class J Notes or the Class K
		Notes (or any other Notes) are deemed equity for U.S. federal income tax
		purposes, the Collateral Manager shall provide to the Trustee, for further
		delivery to the Holders of the Class J Notes or the Class K Notes, as the case
		maybe (or any other Notes deemed equity for U.S. federal income tax purposes),
		information as the Collateral Manager may possess necessary for a Holder of
		Class J Notes or the Class K Notes, as the case may be (or any other Notes
		deemed equity for U.S. federal income tax purposes) to make an election to
		treat the Issuer as a Qualified Electing Fund under Section 1295 of the Code,
		and for such Holder to file returns consistent with such election.
	 

	 
		The Issuer shall provide the Trustee with
		such information as is required for the Trustee to perform its obligations
		under this Section 10.13.
	 

	 
		Section 10.14 Certain Procedures.
	 

	 
		(a) For so long as the Notes may be
		transferred only in accordance with Rule 144A or another exemption from
		registration under the Securities Act, the Issuer (or the Collateral Manager on
		behalf of the Issuer) will ensure that any Bloomberg screen containing
		information about the Rule 144A Global Notes includes the following (or
		similar) language:
	 

	 
		(i) the “Note Box” on the bottom
		of the “Security Display” page describing the Rule 144A Global
		Notes will state: “Iss’d Under 144A/3c7”;
	 

	 
		(ii) the “Security Display” page
		will have the flashing red indicator “See Other Available
		Information”; and
	 

	 
		(iii) the indicator will link to the
		“Additional Security Information” page, which will state that the
		Notes “are being offered in reliance on the exemption from registration
		under Rule 144A of the Securities Act to persons who are both
		(i) qualified institutional buyers (as defined in Rule 144A under the
		Securities Act) and (ii) qualified purchasers (as defined under
		Section 3(c)(7) under the Investment Company Act of 1940).
	 

	 
		(b) For so long as the Rule 144A Global
		Notes are registered in the name of DTC or its nominee, the Issuer (or the
		Collateral Manager on behalf of the Issuer) will instruct DTC to take these or
		similar steps with respect to the Rule 144A Global Notes:
	 

	 
		(i) the DTC 20-character security descriptor
		and 48-character additional descriptor will indicate with marker
		“3c7” that sales are limited to (i) QIBs and (ii) Qualified
		Purchasers;
	 

	 
		(ii) where the DTC deliver order ticket sent
		to purchasers by DTC after settlement is physical, it will have the
		20-character security descriptor printed on it. 
	 

	 
		 
	 

	 
		 
	 

	 
		-214-
	 

	 
		 
	 

	 
	 

	 

	 
		Where the DTC deliver order ticket is
		electronic, it will have a “3c7” indicator and a related user manual
		for participants, which will contain a description of the relevant restriction;
		and
	 

	 
		(iii) DTC will send an “Important
		Notice” outlining the 3(c)(7) restrictions applicable to the
		Rule 144A Global Notes to all DTC participants in connection with the
		initial offering of Notes by the issuers.
	 

	 
		 
	 

	 
		 
	 

	 
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		ARTICLE 11
	 

	 
		 
	 

	 
		APPLICATION OF MONIES
	 

	 
		Section 11.1 Disbursements of Monies from
		Payment Account.
	 

	 
		(a) Notwithstanding any other provision in
		this Indenture and as provided in the Notes with respect to the Noteholders,
		but subject to the other subsections of this Section 11.1 hereof, on each Payment Date, or Redemption Date the
		Trustee shall disburse amounts transferred to the Payment Account from the
		Interest Collection Account and the Principal Collection Account pursuant to
		Section 10.2 hereof in accordance with the following priorities (the
		“Priority of
		Payments”):
	 

	 
		(i) Interest Proceeds. On each Payment Date or Redemption Date, (except as
		otherwise provided in Section 11.1(c)) Interest Proceeds with respect to the related Due
		Period shall be distributed in the following order of priority:
	 

	 
		(1) to the payment of taxes and filing fees
		(including any registered office and government fees) owed by the Issuer, if
		any;
	 

	 
		(2) (a) first, to the extent not
		previously reimbursed, to the Advancing Agent or the Trustee, in its capacity
		as Backup Advancing Agent, the aggregate amount of any Nonrecoverable Interest
		Advances due and payable to such party, (b) second, to the extent not
		previously reimbursed, to the Advancing Agent, the aggregate amount of any
		Nonrecoverable Cure Advance due and payable to the Advancing Agent,
		(c) third, to the Advancing Agent, the Advancing Agent Fee and any
		previously due but unpaid Advancing Agent Fee (provided that
		the Advancing Agent has not failed to make any Interest Advance required to be
		made in respect of such Payment Date pursuant to the terms of this Indenture),
		(d) fourth, to the Advancing Agent and the Trustee, in its capacity as
		Backup Advancing Agent, (i) to the extent due and payable to such party,
		Reimbursement Interest and (ii) reimbursement of any outstanding Interest
		Advances not (in the case of this clause (ii)) to exceed the amount that
		would result in an Interest Shortfall with respect to such Payment Date and
		(e) fifth, to the extent due and payable to the Advancing Agent,
		reimbursement of any outstanding Cure Advance (but only to the extent that such
		payment would not result in an Interest Shortfall with respect to such Payment
		Date);
	 

	 
		(3) (a) first, to the payment to the
		Trustee, in its capacity as Backup Advancing Agent, the Backup Advancing Agent
		Fee (or if the Advancing Agent has failed to make any Interest Advance required
		to be made by the Advancing Agent in respect of such Payment Date pursuant to
		the terms of this Indenture, the Advancing Agent Fee otherwise payable to the
		Advancing Agent on such Payment Date) and any previously due but unpaid Backup
		Advancing Agent Fee, (b) second, to the payment to the Trustee of the
		accrued and unpaid fees in respect of its services equal to the greater of
		(i)  0.01% per annum of the Aggregate 
	 

	 
		 
	 

	 
		 
	 

	 
		-216-
	 

	 
		 
	 

	 
	 

	 

	 
		Collateral Balance and (ii) U.S.
		$25,000 per annum, (c) third, to the payment of other accrued and unpaid
		Company Administrative Expenses of the Trustee, the Paying Agent, the Preferred
		Shares Paying Agent and the Calculation Agent and (d) fourth, to the
		payment of any other accrued and unpaid Company Administrative Expenses, the
		aggregate of all such amounts in clauses (c) and (d) above
		(including such amounts paid since the previous Payment Date from the Expense
		Account) not to exceed 0.05% per annum of the Aggregate Collateral
		Balance;
	 

	 
		(4) to the payment of the Senior Collateral
		Management Fee and any previously due but unpaid Senior Collateral Management
		Fees;
	 

	 
		(5) pro rata on the
		basis of amounts payable under each Hedge Agreement (if any), to the payment of
		any amounts (including, without limitation, any Hedge Payment Amounts)
		scheduled to be paid to each Hedge Counterparty, if any, pursuant to any Hedge
		Agreement, along with any payments (however described) due and payable by the
		Issuer under any Hedge Agreement in connection with a termination (in whole or
		in part) of any Hedge Agreement (including any interest that may accrue
		thereon), other than by reason of an Event of Default (as defined in the
		related Hedge Agreement) or Termination Event (other than Illegality or Tax
		Event) (each as defined in the related Hedge Agreement) in each case, with
		respect to which the Hedge Counterparty is the Defaulting Party or the sole
		Affected Party (as defined in the related Hedge Agreement);
	 

	 
		(6) to the payment of the Class A-1
		Interest Distribution Amount, plus, any Class A-1 Defaulted Interest
		Amount;
	 

	 
		(7) to the payment of the Class A-2
		Interest Distribution Amount, plus, any Class A-2 Defaulted Interest
		Amount;
	 

	 
		(8) to the payment of the Class B
		Interest Distribution Amount, plus, any Class B Defaulted Interest
		Amount;
	 

	 
		(9) as long as any of the Class A Notes
		or the Class B Notes are outstanding, to the payment of the following
		amounts:
	 

	 
		(a) in the event that the Class A-1
		Notes become due and payable (x) as a result of an acceleration following
		an Event of Default, (y) pursuant to an Auction Call Redemption, an
		Optional Redemption, a Clean-up Call or a Tax Redemption or (z) upon the
		Stated Maturity of the Class A-1 Notes, to the payment in full of
		principal of the Class A-1 Notes;
	 

	 
		(b) in the event that the Class A-2
		Notes become due and payable (x) as a result of an acceleration following
		an Event of Default, (y) pursuant to an Auction Call Redemption, an
		Optional Redemption, a Clean-up Call or a Tax Redemption or (z) upon
		Stated Maturity of the Class A-2 Notes, to 
	 

	 
		 
	 

	 
		 
	 

	 
		-217-
	 

	 
		 
	 

	 
	 

	 

	 
		the payment in full of principal of, first,
		the Class A-1 Notes and second, the Class A-2 Notes;
	 

	 
		(c) in the event that the Class B Notes
		become due and payable (x) as a result of an acceleration following an
		Event of Default, (y) pursuant to an Auction Call Redemption, an Optional
		Redemption, a Clean-up Call or a Tax Redemption or (z) upon Stated
		Maturity of the Class B Notes, to the payment in full of principal of,
		first, the Class A-1 Notes, second, the Class A-2 Notes and third,
		the Class B Notes; or
	 

	 
		(d) in the event of a Mandatory Redemption
		of the Class A Notes and the Class B Notes, first, to the payment of
		principal of the Class A-1 Notes, second, to the payment of principal of
		the Class A-2 Notes and third, to the payment of principal of the
		Class B Notes, to the extent necessary to cause each of the Class A/B
		Coverage Tests to be satisfied (after giving effect to the payment of all
		amounts previously paid on such Payment Date pursuant to this Section 11.1(a)(i));
	 

	 
		(10) to the payment of the Class C
		Interest Distribution Amount, plus, any Class C Defaulted Interest
		Amount;
	 

	 
		(11) to the payment of the Class C
		Deferred Interest (if any);
	 

	 
		(12) to the payment of the Class D
		Interest Distribution Amount, plus, any Class D Defaulted Interest
		Amount;
	 

	 
		(13) to the payment of the Class D
		Deferred Interest (if any);
	 

	 
		(14) to the payment of the Class E
		Interest Distribution Amount, plus, any Class E Defaulted Interest
		Amount;
	 

	 
		(15) to the payment of the Class E
		Deferred Interest (if any);
	 

	 
		(16) as long as any of the Class C
		Notes, the Class D Notes or the Class E Notes are Outstanding, to the
		payment of the following amounts:
	 

	 
		(a) in the event that the Class C Notes
		become due and payable (x) as a result of an acceleration following an
		Event of Default, (y) pursuant to an Auction Call Redemption, an Optional
		Redemption, a Clean-up Call or a Tax Redemption or (z) upon Stated
		Maturity of the Class C Notes, to the payment in full of principal of
		first, the Class A-1 Notes, second, the Class A-2 Notes, third, the
		Class B Notes and fourth, the Class C Notes;
	 

	 
		(b) in the event that the Class D Notes
		become due and payable (x) as a result of an acceleration following an
		Event of Default, (y) pursuant to an Auction Call Redemption, an Optional
		Redemption, a Clean-up Call or a Tax Redemption or (z) upon Stated
		Maturity of the Class D Notes, to the payment in 
	 

	 
		 
	 

	 
		 
	 

	 
		-218-
	 

	 
		 
	 

	 
	 

	 

	 
		full of principal of first, the
		Class A-1 Notes, second, the Class A-2 Notes, third, the Class B
		Notes, fourth, the Class C Notes and fifth, the Class D Notes;

	 

	 
		(c) in the event that the Class E Notes
		become due and payable (x) as a result of an acceleration following an
		Event of Default, (y) pursuant to an Auction Call Redemption, an Optional
		Redemption, a Clean-up Call or a Tax Redemption or (z) upon Stated
		Maturity of the Class E Notes, to the payment in full of principal of
		first, the Class A-1 Notes, second, the Class A-2 Notes, third, the
		Class B Notes, fourth, the Class C Notes, fifth, the Class D
		Notes and sixth, the Class E Notes; or
	 

	 
		(d) in the event of a Mandatory Redemption
		of the Class C Notes, the Class D Notes and the Class E Notes,
		first, to the payment of principal of the Class A-1 Notes, second, to the
		payment of principal of the Class A-2 Notes, third, to the payment of
		principal of the Class B Notes, fourth, to the payment of principal of the
		Class C Notes, fifth, to the payment of principal of the Class D
		Notes and sixth, to the payment of principal of the Class E Notes, to the
		extent necessary to cause each of the Class C/D/E Coverage Tests to be
		satisfied (after giving effect to the payment of all amounts previously paid on
		such Payment Date pursuant to this Section 11.1(a)(i));
	 

	 
		(17) to the payment of the Class F
		Interest Distribution Amount, plus, any Class F Defaulted Interest
		Amount;
	 

	 
		(18) to the payment of the Class F
		Deferred Interest (if any);
	 

	 
		(19) to the payment of the Class G
		Interest Distribution Amount, plus, any Class G Defaulted Interest
		Amount;
	 

	 
		(20) to the payment of the Class G
		Deferred Interest (if any);
	 

	 
		(21) to the payment of the Class H
		Interest Distribution Amount, plus, any Class H Defaulted Interest
		Amount;
	 

	 
		(22) to the payment of the Class H
		Deferred Interest (if any);
	 

	 
		(23) as long as any of the Class F
		Notes, Class G Notes or Class H Notes are Outstanding, to the payment
		of the following amounts:
	 

	 
		(a) in the event that the Class F Notes
		become due and payable (x) as a result of an acceleration following an
		Event of Default, (y) pursuant to an Auction Call Redemption, an Optional
		Redemption, a Clean-up Call or a Tax Redemption or (z) upon Stated
		Maturity of the Class F Notes, to the payment in full of principal of
		first, the Class A-1 Notes, second, the Class A-2 Notes, third, the
		Class B Notes, fourth, the Class C Notes, fifth, the Class D
		Notes, sixth, the Class E Notes and seventh, the Class F
		Notes;
	 

	 
		 
	 

	 
		 
	 

	 
		-219-
	 

	 
		 
	 

	 
	 

	 

	 
		(b) in the event that the Class G Notes
		become due and payable (x) as a result of an acceleration following an
		Event of Default, (y) pursuant to an Auction Call Redemption, an Optional
		Redemption, a Clean-up Call or a Tax Redemption or (z) upon Stated
		Maturity of the Class G Notes, to the payment in full of principal of
		first, the Class A-1 Notes, second, the Class A-2 Notes, third, the
		Class B Notes, fourth, the Class C Notes, fifth, the Class D
		Notes, sixth, the Class E Notes, seventh, the Class F Notes and
		eighth, the Class G Notes;
	 

	 
		(c) in the event that the Class H Notes
		become due and payable (x) as a result of an acceleration following an
		Event of Default, (y) pursuant to an Auction Call Redemption, an Optional
		Redemption, a Clean-up Call or a Tax Redemption or (z) upon Stated
		Maturity of the Class H Notes, to the payment in full of principal of
		first, the Class A-1 Notes, second, the Class A-2 Notes, third, the
		Class B Notes, fourth, the Class C Notes, fifth, the Class D
		Notes, sixth, the Class E Notes, seventh, the Class F Notes, eighth,
		the Class G Notes and ninth, the Class H Notes; or
	 

	 
		(d) in the event of a Mandatory Redemption
		of the Class F Notes, the Class G Notes and the Class H Notes,
		first, to the payment of principal of the Class A-1 Notes, second, to the
		payment of principal of the Class A-2 Notes, third, to the payment of
		principal of the Class B Notes, fourth, to the payment of principal of the
		Class C Notes, fifth, to the payment of principal of the Class D
		Notes, sixth, to the payment of principal of the Class E Notes, seventh,
		to the payment of principal of the Class F Notes, eighth, to the payment
		of principal of the Class G Notes and ninth, to the payment of principal
		of the Class H Notes, to the extent necessary to cause the
		Class F/G/H Coverage Tests to be satisfied (after giving effect to the
		payment of all amounts previously paid on such Payment Date pursuant to this
		Section 11.1(a)(i));
	 

	 
		(24) to the payment of the Class J
		Interest Distribution Amount, plus any Class J Defaulted Interest
		Amount;
	 

	 
		(25) to the payment of the Class J
		Deferred Interest (if any);
	 

	 
		(26) as long as any of the Class J Notes are
		outstanding, in the event that the Class J Notes become due and payable
		(x) as a result of an acceleration following an Event of Default,
		(y) pursuant to an Auction Call Redemption, an Optional Redemption, a
		Clean-up Call or a Tax Redemption or (z) upon Stated Maturity of the
		Class J Notes, to the payment in full of principal of first, the
		Class A-1 Notes, second, the Class A-2 Notes, third, the Class B
		Notes, fourth, the Class C Notes, fifth, the Class D Notes, sixth,
		the Class E Notes, seventh, the Class F Notes, eighth, the
		Class G Notes, ninth, the Class H Notes and tenth, the Class J
		Notes;
	 

	 
		(27) to the payment of the Class K
		Interest Distribution Amount, plus any Class K Defaulted Interest
		Amount;
	 

	 
		 
	 

	 
		 
	 

	 
		-220-
	 

	 
		 
	 

	 
	 

	 

	 
		(28) to the payment of the Class K
		Deferred Interest (if any);
	 

	 
		(29) as long as any of the Class K Notes are
		outstanding, in the event that the Class K Notes become due and payable
		(x) as a result of an acceleration following an Event of Default,
		(y) pursuant to an Auction Call Redemption, an Optional Redemption, a
		Clean-up Call or a Tax Redemption or (z) upon Stated Maturity of the
		Class K Notes, to the payment in full of principal of first, the
		Class A-1 Notes, second, the Class A-2 Notes, third, the Class B
		Notes, fourth, the Class C Notes, fifth, the Class D Notes, sixth,
		the Class E Notes, seventh, the Class F Notes, eighth, the
		Class G Notes, ninth, the Class H Notes, tenth, the Class J
		Notes and eleventh, the Class K Notes;
	 

	 
		(30) on the first Payment Date following the
		occurrence of a Rating Confirmation Failure, to the extent that application of
		any unused proceeds remaining on deposit in the Unused Proceeds Account is
		insufficient to cause the ratings assigned to each Class of Notes to be
		reinstated or any affected Class to be paid in full (and the Trustee has been
		so advised by the Collateral Manager on or before the related Determination
		Date), to the payment of principal of each Class of Notes, (i) first, to
		the Class A-1 Notes, (ii) second, to the Class A-2 Notes,
		(iii) third, to the Class B Notes, (iv) fourth, to the
		Class C Notes, (v) fifth, to the Class D Notes, (vi) sixth,
		to the Class E Notes, (vii) seventh, to the Class F Notes,
		(viii) eighth, to the Class G Notes, (ix) ninth, to the
		Class H Notes, (x) tenth, to the Class J Notes and
		(xi) eleventh, to the Class K Notes, in each case until the ratings
		assigned on the Closing Date to each Class of Notes have been reinstated or
		such Class has been paid in full;
	 

	 
		(31) to the payment of any Company
		Administrative Expenses not paid pursuant to paragraph (3) above in the
		order specified therein;
	 

	 
		(32) to the payment of the Subordinate
		Collateral Management Fee and any accrued and unpaid Subordinate Collateral
		Management Fee;
	 

	 
		(33) pro rata on the
		basis of amounts payable under each Hedge Agreement (if any), to the payment of
		(i) any amounts (including, without limitation, any Hedge Payment Amounts)
		(including any interest accrued thereon), if any, payable by the Issuer to the
		Hedge Counterparty under the related Hedge Agreement following an Event of
		Default or Termination Event (other than Illegality or Tax Event) (each as
		defined in the related Hedge Agreement) with respect to which the Hedge
		Counterparty is the Defaulting Party or the sole Affected Party (as defined in
		the related Hedge Agreement) and (ii) any costs attributable to entering
		into an additional or replacement Hedge Agreement in accordance with this
		Indenture to the extent such amounts are payable but exceed the balance on
		deposit in the related Hedge Termination Account; and
	 

	 
		(34) any remaining Interest Proceeds to the
		Preferred Shares Paying Agent for deposit into the Preferred Shares
		Distribution Account for distribution 
	 

	 
		 
	 

	 
		 
	 

	 
		-221-
	 

	 
		 
	 

	 
	 

	 

	 
		to the holders of the Preferred Shares in
		accordance with the provisions of the Preferred Shares Paying Agency
		Agreement.
	 

	 
		(ii) Principal Proceeds. On each Payment Date or Redemption Date, Principal
		Proceeds with respect to the related Due Period shall be distributed in the
		following order of priority:
	 

	 
		(1) to the payment of the amounts referred
		to in paragraphs (1) through (8) of Section 11.1(a)(i) in the same order of priority specified therein, but
		only to the extent not paid in full thereunder;
	 

	 
		(2) to the extent that the amounts paid
		pursuant to paragraph (9) of Section 11.1(a)(i) are insufficient to pay such amounts in full thereunder
		and any Class A Notes or Class B Notes are outstanding, to the
		payment of the following amounts:
	 

	 
		(a) in the event that the Class A-1
		Notes are outstanding and become due and payable (x) as a result of an
		acceleration following an Event of Default, (y) pursuant to an Auction
		Call Redemption, an Optional Redemption, a Clean-up Call or a Tax Redemption or
		(z) upon the Stated Maturity of the Class A-1 Notes, to the payment
		in full of principal of the Class A-1 Notes;
	 

	 
		(b) in the event that the Class A-2
		Notes become due and payable (x) as a result of an acceleration following
		an Event of Default, (y) pursuant to an Auction Call Redemption, an
		Optional Redemption, a Clean-up Call or a Tax Redemption or (z) upon
		Stated Maturity of the Class A-2 Notes, to the payment in full of
		principal of, first, the Class A-1 Notes and second, the Class A-2
		Notes;
	 

	 
		(c) in the event that the Class B Notes
		become due and payable (x) as a result of an acceleration following an
		Event of Default, (y) pursuant to an Auction Call Redemption, an Optional
		Redemption, a Clean-up Call or a Tax Redemption or (z) upon Stated
		Maturity of the Class B Notes, to the payment in full of principal of,
		first, the Class A-1 Notes, second, the Class A-2 Notes and third,
		the Class B Notes; or
	 

	 
		(d) in the event of a Mandatory Redemption
		of the Class A Notes and the Class B Notes, first, to the payment of
		principal of the Class A-1 Notes, second, to the payment of principal of
		the Class A-2 Notes and third, to the payment of principal of the
		Class B Notes, to the extent necessary to cause each of the Class A/B
		Coverage Tests to be satisfied (after giving effect to the payment of all
		amounts previously paid on such Payment Date pursuant to Section 11.1(a)(i) and Section 11.1(a)(ii));
	 

	 
		(3) (a) if the Class A Notes and the
		Class B Notes are no longer Outstanding, to the payment of first, the
		amounts referred to in paragraph (10) of Section 11.1(a)(i) and second, the amounts referred to in
		paragraph (11) of Section 11.1(a)(i), but only to the extent not paid in full
		thereunder;
	 

	 
		 
	 

	 
		 
	 

	 
		-222-
	 

	 
		 
	 

	 
	 

	 

	 
		(b) if the Class A Notes, the
		Class B Notes and the Class C Notes are no longer Outstanding, to the
		payment of first, the amounts referred to in paragraph (12) of
		Section 11.1(a)(i) and second, the amounts referred to in
		paragraph (13) of Section 11.1(a)(i), but only to the extent not paid in full
		thereunder;
	 

	 
		(c) if the Class A Notes, the
		Class B Notes, the Class C Notes and the Class D Notes are no
		longer outstanding, to the payment of first, the amounts referred to in
		paragraph (14) of Section 11.1(a)(i) and second, the amounts referred to in
		paragraph (15) of Section 11.1(a)(i), but only to the extent not paid in full
		thereunder;
	 

	 
		(4) to the extent that the amounts paid
		pursuant to paragraph (16) of Section 11.1(a)(i) are insufficient to pay such amounts in full thereunder
		and any Class C Notes, Class D Notes or Class E Notes are
		outstanding, to the payment of the following amounts:
	 

	 
		(a) in the event that the Class C Notes
		become due and payable (x) as a result of an acceleration following an
		Event of Default, (y) pursuant to an Auction Call Redemption, an Optional
		Redemption, a Clean-up Call or a Tax Redemption or (z) upon Stated
		Maturity of the Class C Notes, to the payment in full of principal of
		first, the Class A-1 Notes, second, the Class A-2 Notes, third, the
		Class B Notes and fourth, the Class C Notes;
	 

	 
		(b) in the event that the Class D Notes
		become due and payable (x) as a result of an acceleration following an
		Event of Default, (y) pursuant to an Auction Call Redemption, an Optional
		Redemption, a Clean-up Call or a Tax Redemption or (z) upon Stated
		Maturity of the Class C Notes, to the payment in full of principal of
		first, the Class A-1 Notes, second, the Class A-2 Notes, third, the
		Class B Notes, fourth, the Class C Notes and fifth, the Class D
		Notes;
	 

	 
		(c) in the event that the Class E Notes
		become due and payable (x) as a result of an acceleration following an
		Event of Default, (y) pursuant to an Auction Call Redemption, an Optional
		Redemption, a Clean-up Call or a Tax Redemption or (z) upon Stated
		Maturity of the Class E Notes, to the payment in full of principal of
		first, the Class A-1 Notes, second, the Class A-2 Notes, third, the
		Class B Notes, fourth, the Class C Notes, fifth, the Class D
		Notes and sixth, the Class E Notes; or
	 

	 
		(d) in the event of a Mandatory Redemption
		of the Class C Notes, the Class D Notes and the Class E Notes,
		first, to the payment of principal of the Class A-1 Notes, second, to the
		payment of principal of the Class A-2 Notes, third, to the payment of
		principal of the Class B Notes, fourth, to the payment of principal of the
		Class C Notes, fifth, to the payment of principal of the Class D
		Notes and sixth, to the payment of principal of the Class E Notes, to the
		extent necessary to cause the Class C/D/E Coverage Tests to be satisfied
		(after 
	 

	 
		 
	 

	 
		 
	 

	 
		-223-
	 

	 
		 
	 

	 
	 

	 

	 
		giving effect to the payment of all amounts
		previously paid on such Payment Date pursuant to Section 11.1(a)(i) and Section 11.1(a)(ii));
	 

	 
		(5) (a) if the Class A Notes, the
		Class B Notes, the Class C Notes, the Class D Notes and the
		Class E Notes are no longer Outstanding, to the payment of first, the
		amounts referred to in paragraph (17) of Section 11.1(a)(i) and second, the amounts referred to in
		paragraph (18) of Section 11.1(a)(i), but only to the extent not paid in full
		thereunder;
	 

	 
		(b) if the Class A Notes, the
		Class B Notes, the Class C Notes, the Class D Notes, the
		Class E Notes and the Class F Notes are no longer Outstanding, to the
		payment of first, the amounts referred to in paragraph (19) of
		Section 11.1(a)(i) and second, the amounts referred to in
		paragraph (20) of Section 11.1(a)(i), but only to the extent not paid in full
		thereunder;
	 

	 
		(c) if the Class A Notes, the
		Class B Notes, the Class C Notes, the Class D Notes, the
		Class E Notes, the Class F Notes and the Class G Notes are no
		longer Outstanding, to the payment of first, the amounts referred to in
		paragraph (21) of Section 11.1(a)(i) and second, the amounts referred to in
		paragraph (22) of Section 11.1(a)(i), but only to the extent not paid in full
		thereunder;
	 

	 
		(6) to the extent that the amounts paid
		pursuant to paragraph (23) of Section 11.1(a)(i) are insufficient to pay such amounts in full thereunder
		and any Class F Notes, Class G Notes or Class H Notes are
		Outstanding, to the payment of the following amounts:
	 

	 
		(a) in the event that the Class F Notes
		become due and payable (x) as a result of an acceleration following an
		Event of Default, (y) pursuant to an Auction Call Redemption, an Optional
		Redemption, a Clean-up Call or a Tax Redemption or (z) upon Stated
		Maturity of the Class F Notes, to the payment in full of principal of
		first, the Class A-1 Notes, second, the Class A-2 Notes, third, the
		Class B Notes, fourth, the Class C Notes, fifth, the Class D
		Notes, sixth, the Class E Notes and seventh, the Class F
		Notes;
	 

	 
		(b) in the event that the Class G Notes
		become due and payable (x) as a result of an acceleration following an
		Event of Default, (y) pursuant to an Auction Call Redemption, an Optional
		Redemption, a Clean-up Call or a Tax Redemption or (z) upon Stated
		Maturity of the Class G Notes, to the payment in full of principal of
		first, the Class A-1 Notes, second, the Class A-2 Notes, third, the
		Class B Notes, fourth, the Class C Notes, fifth, the Class D
		Notes, sixth, the Class E Notes, seventh, the Class F Notes and
		eighth, the Class G Notes;
	 

	 
		(c) in the event that the Class H Notes
		become due and payable (x) as a result of an acceleration following an
		Event of Default, (y) pursuant to an Auction Call Redemption, an Optional
		Redemption, a Clean-up Call or a Tax Redemption or (z) upon Stated
		Maturity of the Class H Notes, to the payment in 
	 

	 
		 
	 

	 
		 
	 

	 
		-224-
	 

	 
		 
	 

	 
	 

	 

	 
		full of principal of first, the
		Class A-1 Notes, second, the Class A-2 Notes, third, the Class B
		Notes, fourth, the Class C Notes, fifth, the Class D Notes, sixth,
		the Class E Notes, seventh, the Class F Notes, eighth, the
		Class G Notes and ninth, the Class H Notes; or
	 

	 
		(d) in the event of a Mandatory Redemption
		of the Class F Notes, the Class G Notes and the Class H Notes,
		first, to the payment of principal of the Class A-1 Notes, second, to the
		payment of principal of the Class A-2 Notes, third, to the payment of
		principal of the Class B Notes, fourth, to the payment of principal of the
		Class C Notes, fifth, to the payment of principal of the Class D
		Notes, sixth, to the payment of principal of the Class E Notes, seventh,
		to the payment of principal of the Class F Notes, eighth, to the payment
		of principal of the Class G Notes and ninth, to the payment of principal
		of the Class H Notes, to the extent necessary to cause the
		Class F/G/H Coverage Tests to be satisfied (after giving effect to the
		payment of all amounts previously paid on such Payment Date pursuant to
		Section 11.1(a)(i) and Section 11.1(a)(ii);
	 

	 
		(7) if the Class A Notes, the Class B Notes,
		the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes, the
		Class G Notes and the Class H Notes are no longer outstanding, to the payment
		of first, the amounts referred to in paragraph (24) of Section 11.1(a)(i) and second, the amounts referred to in paragraph (25)
		of Section 11.1(a)(i), but only to the extent not paid in full
		thereunder;
	 

	 
		(8) to the extent that the amounts paid
		pursuant to paragraph (26) of Section 11.1(a)(i) are insufficient to pay such amounts in full thereunder
		and any Class J Notes become due and payable (x) as a result of an
		acceleration following an Event of Default, (y) pursuant to an Auction
		Call Redemption, an Optional Redemption, a Clean-up Call or a Tax Redemption or
		(z) upon Stated Maturity of the Class J Notes, to the payment in full
		of principal of first, the Class A-1 Notes, second, the Class A-2
		Notes, third, the Class B Notes, fourth, the Class C Notes, fifth,
		the Class D Notes, sixth, the Class E Notes, seventh, the
		Class F Notes, eighth, the Class G Notes, ninth, the Class H
		Notes and tenth, the Class J Notes; 
	 

	 
		(9) if the Class A Notes, the Class B Notes,
		the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes, the
		Class G Notes, the Class H Notes and the Class J Notes are no longer
		outstanding, to the payment of first, the amounts referred to in paragraph (27)
		of Section 11.1(a)(i) and second, the amounts referred to in paragraph (28)
		of Section 11.1(a)(i), but only to the extent not paid in full
		thereunder;
	 

	 
		(10) to the extent that the amounts paid
		pursuant to paragraph (29) of Section 11.1(a)(i) are insufficient to pay such amounts in full thereunder
		and any Class K Notes become due and payable (x) as a result of an
		acceleration following an Event of Default, (y) pursuant to an Auction
		Call Redemption, an Optional Redemption, a Clean-up Call or a Tax Redemption or
		(z) upon Stated Maturity of the Class K Notes, to the payment in full
		of principal of first, the Class A-1 Notes, 
	 

	 
		 
	 

	 
		 
	 

	 
		-225-
	 

	 
		 
	 

	 
	 

	 

	 
		second, the Class A-2 Notes, third, the
		Class B Notes, fourth, the Class C Notes, fifth, the Class D
		Notes, sixth, the Class E Notes, seventh, the Class F Notes, eighth,
		the Class G Notes, ninth, the Class H Notes, tenth, the Class J
		Notes and eleventh, the Class K Notes;
	 

	 
		(11) to the extent that the amounts paid
		pursuant to paragraph (30) of Section 11.1(a)(i) are insufficient to pay such amounts in full thereunder
		and any Notes are outstanding, on the first Payment Date following the
		occurrence of a Rating Confirmation Failure, to the payment of principal of
		each Class of Notes, (i) first, to the Class A-1 Notes,
		(ii) second, to the Class A-2 Notes, (iii) third, to the
		Class B Notes, (iv) fourth, to the Class C Notes,
		(v) fifth, the Class D Notes, (vi) sixth, the Class E
		Notes, (vii) seventh, the Class F Notes, (viii) eighth, the
		Class G Notes, (ix) ninth, the Class H Notes, (x) tenth,
		the Class J Notes and (xi) eleventh, the Class K Notes, in each
		case until the ratings assigned on the Closing Date to each Class of Notes have
		been reinstated or such Class has been paid in full;
	 

	 
		(12) on the Payment Date immediately
		following the 270th day after the Closing Date in connection with an
		Unused Proceeds Pro Rata Amortization, (based on the Aggregate Outstanding
		Amount of each Class), to all Classes of Notes on a pro rata basis
		in an amount equal to the funds remaining in the Unused Proceeds Account, such
		payment to be made on the Payment Date relating to the Due Period in which such
		270th day occurred;
	 

	 
		(13) prior to the last day of the
		Reinvestment Period, to the investment in Eligible Investments and reinvestment
		in Substitute Collateral Debt Securities subject to the Reinvestment Criteria
		or, if determined by the Collateral Manager, to pay any Special Amortization
		Amount, to amortize the Class A-1 Notes, the Class A-2 Notes, the
		Class B Notes, the Class C Notes, the Class D Notes, the
		Class E Notes, the Class F Notes, the Class G Notes, the
		Class H Notes, the Class J Notes and the Class K Notes as
		follows: (x) if each of the S&P Special Amortization Pro Rata
		Condition and the Moody’s Special Amortization Pro Rata Condition is
		satisfied with respect to such Payment Date, on a pro rata basis
		(based on the Aggregate Outstanding Amount of each Class) among all Classes of
		Notes, or (y) if either the S&P Special Amortization Pro Rata
		Condition or the Moody’s Special Amortization Pro Rata Condition is not
		satisfied with respect to such Payment Date, sequentially among all Classes of
		Notes; provided, however, that
		any portion of the Special Amortization Amount that represents recoveries in
		respect of Defaulted Securities will be distributed sequentially in any
		event;
	 

	 
		(14) after the Reinvestment Period
		(x) on each Payment Date that is not also a Redemption Date or the Stated
		Maturity of the Notes and (y) in the absence of an acceleration following
		an Event of Default, to the payment of principal of (i) first, the
		Class A-1 Notes, until the Class A-1 Notes have been paid in full,
		(ii) second, the Class A-2 Notes, until the Class A-2 Notes have
		been paid in full, (iii) third, the Class B Notes, until the
		Class B Notes have been paid in full, (iv) fourth, the Class C
		Notes, until the Class C Notes have been paid in full, 
	 

	 
		 
	 

	 
		 
	 

	 
		-226-
	 

	 
		 
	 

	 
	 

	 

	 
		(v) fifth, the Class D Notes,
		until the Class D Notes have been paid in full, (vi) sixth, the
		Class E Notes, until the Class E Notes have been paid in full,
		(vii) seventh, the Class F Notes, until the Class F Notes have
		been paid in full, (viii) eighth, the Class G Notes, until the
		Class G Notes have been paid in full, (ix) ninth, the Class H
		Notes, until the Class H Notes have been paid in full, (x) tenth, the
		Class J Notes, until the Class J Notes have been paid in full and
		(xi) eleventh, the Class K Notes, until the Class K Notes have
		been paid in full;
	 

	 
		(15) to the payment of amounts referred to
		in paragraph (31) of Section 11.1(a)(i) to the extent not paid thereunder;
	 

	 
		(16) to the payment of amounts referred to
		in paragraph (32) of Section 11.1(a)(i) to the extent not paid thereunder;
	 

	 
		(17) to the payment of amounts referred to
		in paragraph (33) of Section 11.1(a)(i) to the extent not paid thereunder; and
	 

	 
		(18) any remaining Principal Proceeds to the
		Preferred Shares Paying Agent for deposit into the Preferred Shares
		Distribution Account for distribution to the Holders of the Preferred Shares in
		accordance with the Preferred Shares Paying Agency Agreement.
	 

	 
		(b) On or before the Business Day prior to
		each Payment Date, the Issuer shall, pursuant to Section 10.2(e), remit or cause to be remitted to the Trustee for
		deposit in the Payment Account an amount of Cash sufficient to pay the amounts
		described in Section 11.1(a) required to be paid on such Payment Date.
	 

	 
		(c) If on any Payment Date the amount
		available in the Payment Account from amounts received in the related Due
		Period is insufficient to make the full amount of the disbursements required by
		the statements furnished by the Trustee pursuant to Section 10.9(e) hereof, the Trustee shall make the disbursements called
		for in the order and according to the priority set forth under Section 11.1(a) above, subject to Section 13.1 hereof, to the extent funds are available
		therefor.
	 

	 
		(d) Except as otherwise expressly provided
		in this Section 11.1, if on any Payment Date the amount available in the
		Payment Account from amounts received in the related Due Period are
		insufficient to make the full amount of the disbursements required by any
		lettered subclause of Section 11.1(a)(i) or Section 11.1(a)(ii), the Trustee shall make the disbursements called for by
		such subclause ratably in accordance with the respective amounts of such
		disbursements then due and payable to the extent funds are available therefor,
		unless such subclause provides otherwise.
	 

	 
		(e) In connection with the application of
		funds to pay Company Administrative Expenses of the Issuer, in accordance with
		clauses (3) and (4) of clause (i) of Section 11.1(a) and sub-clause (1) of clause (ii) of
		Section 11.1(a), the Trustee shall remit such funds, to the extent
		available, to the Issuer (or as the Issuer may otherwise direct), as directed
		by the Issuer to the Trustee or otherwise set forth in the written instructions
		delivered to the Trustee 
	 

	 
		 
	 

	 
		 
	 

	 
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		by the Issuer (net of amounts payable to the
		Trustee) no later than the Business Day prior to the applicable Payment Date.
		All such payments shall be made pursuant to the Priority of Payments.
	 

	 
		(f) In connection with the payment to each
		Hedge Counterparty pursuant to each Hedge Agreement of any amount scheduled to
		be paid from time to time between Payment Dates from amounts received with
		respect to the Collateral Debt Securities or otherwise as required pursuant to
		the terms of the related Hedge Agreement, such amounts shall be distributed to
		each Hedge Counterparty pursuant to the related Hedge Agreement.
	 

	 
		(g) In connection with any required payment
		by the Issuer to the CDO Servicer or CDO Special Servicer pursuant to the CDO
		Servicing Agreement of any amount scheduled to be paid from time to time
		between Payment Dates from amounts received with respect to the Collateral Debt
		Securities, such amounts shall be distributed to the CDO Servicer or CDO
		Special Servicer pursuant to the terms of the CDO Servicing Agreement.
	 

	 
		Section 11.2 Trust Accounts.
	 

	 
		All Monies held by, or deposited with the
		Trustee in the Collection Accounts, the Payment Account, the Expense Account,
		the Defeased Collateral Account, the Interest Reserve Account, the Liquidity
		Reserve Account, the Synthetic Security Issuer Account, the Synthetic Security
		Counterparty Account, the Hedge Collateral Account, the Hedge Termination
		Account, the Unused Proceeds Account or the Future Funding Obligations Account
		pursuant to the provisions of this Indenture, and not invested in Eligible
		Investments as herein provided, shall be deposited in one or more trust
		accounts, maintained at the Corporate Trust Office or at a financial
		institution whose long-term rating is at least equal to, “A2” by
		Moody’s and “BBB+” by S&P and Fitch to be held in trust for
		the benefit of the Noteholders, the Hedge Counterparties and/or the Synthetic
		Security Counterparties, as applicable. To the extent Monies deposited in such
		trust account exceed amounts insured by the Bank Insurance Fund or Savings
		Association Insurance Fund administered by the Federal Deposit Insurance
		Corporation, or any agencies succeeding to the insurance functions thereof, and
		are not fully collateralized by direct obligations of the United States of
		America, such excess shall be invested in Eligible Investments as directed by
		Issuer Order.
	 

	 
		 
	 

	 
		 
	 

	 
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		ARTICLE 12
	 

	 
		 
	 

	 
		SALE OF COLLATERAL DEBT
		SECURITIES
	 

	 
		Section 12.1 Sales of Collateral Debt Securities.
	 

	 
		(a) Except as otherwise expressly permitted
		or required by this Indenture, the Issuer shall not sell or otherwise dispose
		of any Collateral Debt Security, provided that
		subject to satisfaction of any applicable conditions in Section 10.10, so long as (A) no Event of Default has occurred
		and is continuing and (B) on or prior to the trade date for such sale the
		Collateral Manager has certified to the Trustee that each of the conditions
		applicable to such sale set forth below has been satisfied, the Collateral
		Manager on behalf of the Issuer acting pursuant to the Collateral Management
		Agreement may direct the Trustee in writing to sell, and the Trustee shall sell
		in the manner directed by the Collateral Manager in writing (which writing
		shall specify whether such security is a Defaulted Security, Credit Risk
		Security or Buy/Sell Security, if applicable, or whether such security is
		otherwise permitted to be sold pursuant to this Section 12.1(a)):
	 

	 
		(i) any Defaulted Security at any
		time;
	 

	 
		(ii) a Credit Risk Security, (A) during
		the Reinvestment Period, if the Collateral Manager has certified to the Trustee
		that it shall use commercially reasonable efforts to purchase one or more
		Substitute Collateral Debt Securities having an Aggregate Principal Balance no
		less than the Sale Proceeds (excluding accrued interest) from such sale, and
		after giving effect to such sale and to the purchase of Substitute Collateral
		Debt Securities with the Sale Proceeds thereof, in the reasonable business
		judgment of the Collateral Manager (which shall not be called into question
		solely as a result of subsequent events), the Reinvestment Criteria shall be
		met and (B) after the Reinvestment Period, at any time without regard to
		the foregoing restrictions;
	 

	 
		(iii) a Buy/Sell Security at any
		time;
	 

	 
		(iv) without limiting the foregoing,
		(x) any Collateral Debt Security that is not a Defaulted Security, a
		Credit Risk Security or a Buy/Sell Security, may be sold during the
		Reinvestment Period (such sale, a “Discretionary Sale”) if (A) the Aggregate Principal Balance of
		Collateral Debt Securities sold pursuant to this paragraph for a given calendar
		year does not exceed 15% of the Aggregate Collateral Balance at the beginning
		of that year, (B) the Collateral Manager believes in good faith that
		proceeds from the sale of such Collateral Debt Security can be reinvested,
		within five (5) Business Days after the trade date on which such
		Collateral Debt Security is sold in one or more Substitute Collateral Debt
		Securities having an Aggregate Principal Balance of not less than 100% of the
		Principal Balance of the Collateral Debt Security being sold and (C) after
		giving effect to such sale and to the purchase of Substitute Collateral Debt
		Securities with the Sale Proceeds thereof, the Reinvestment Criteria will be
		satisfied.
	 

	 
		 
	 

	 
		 
	 

	 
		-229-
	 

	 
		 
	 

	 
	 

	 

	 
		(b) As an alternative to Selling a Buy/Sell
		Security, the Collateral Manager may direct the Issuer to purchase the
		corresponding participation from the related participant either (a) in
		accordance with the Substitute Collateral Debt Securities and Reinvestment
		Criteria or (b) at any time, regardless of whether such purchase would occur
		during the Ramp-Up Period or the Reinvestment Period or whether the Ramp-Up
		Criteria or the Reinvestment Criteria, as applicable, would be satisfied
		thereafter, so long as the Issuer entered into a binding agreement with the
		Collateral Manager or any of its Affiliates or any other person rated at least
		“A-” by S&P, at least “A3” by Moody’s and at least
		“A-” by Fitch (or guaranteed in writing (in a form acceptable to
		S&P) by a Person that has such rating) to purchase such corresponding
		participation or note from the Issuer at a purchase price equal to that paid by
		the Issuer to such participant or Noteholder;
	 

	 
		(c) If a Collateral Debt Security that is a
		Defaulted Security is not sold by the Issuer (at the direction of the
		Collateral Manager) within three (3) years of such Collateral Debt Security
		becoming a Defaulted Security, the Collateral Manager, on behalf of the Issuer,
		shall use its commercially reasonable efforts to sell such Collateral Debt
		Security as soon as commercially practicable thereafter; and
	 

	 
		(d) The Collateral Manager (at its option
		and at any time) shall be permitted to effect a sale of a Credit Risk Security,
		a Defaulted Security or a Buy/Sell Security hereunder by purchasing (or causing
		its Affiliate to purchase) such Defaulted Security, Credit Risk Security or
		Buy/Sell Security from the Issuer for a cash purchase price that shall be equal
		to the sum of (i) the Aggregate Principal Balance thereof plus
		(ii) all accrued and unpaid interest thereon and (iii) all
		unreimbursed Cure Advances and unreimbursed servicing advances with regards to
		such asset. Notwithstanding anything to the contrary set forth herein, no
		Advisory Committee consent shall be required in connection with such cash
		purchase (the “Credit
		Risk/Defaulted/Buy-Sell Security Cash Purchase”).
	 

	 
		In addition and notwithstanding anything to
		the contrary set forth herein (and provided that no
		Event of Default has occurred and is continuing), the Collateral Manager shall
		be permitted to effect a sale of a Defaulted Security, a Credit Risk Security
		or a Buy/Sell Security hereunder by directing the Issuer to exchange such
		Defaulted Security, Credit Risk Security or Buy/Sell Security for (i) a
		Substitute Collateral Debt Security (that is not a Defaulted Security, a Credit
		Risk Security or a Buy/Sell Security) owned by an investment fund managed by
		the Collateral Manager (such Substitute Collateral Debt Security, the
		“Exchange Security”) or (ii) a combination of an Exchange
		Security and cash, provided
		that:
	 

	 
		(i) (A) the sum of (1) the
		Principal Balance of such Exchange Security plus (2) all accrued and
		unpaid interest thereon plus (3) the cash amount (if any) to be paid to
		the Issuer in respect of such exchange by such Affiliate of the Collateral
		Manager, shall be equal to or greater than (B) the sum of (1) the
		Principal Balance of such Defaulted Security, Credit Risk Security or Buy/Sell
		Security sought to be substituted plus (2) all accrued and unpaid interest
		thereon plus (3) all unreimbursed Cure Advances and unreimbursed servicing
		advances made with regards to such asset;
	 

	 
		(ii) the Reinvestment Criteria shall be
		satisfied (or, except for the Coverage Tests, if not satisfied, are maintained
		or improved) immediately after such exchange; and
	 

	 
		 
	 

	 
		 
	 

	 
		-230-
	 

	 
		 
	 

	 
	 

	 

	 
		(iii) the Aggregate Principal Balance of the
		Defaulted Securities and Credit Risk Securities so exchanged shall not exceed
		10% of the Aggregate Collateral Balance as of the Closing Date (such
		limitation, the “10%
		Limit”).
	 

	 
		(e) After the Issuer has notified the
		Trustee of an Optional Redemption, a Clean-Up Call or a Tax Redemption in
		accordance with Section 9.1
		or an Auction Call Redemption in accordance with Section 9.2, the Collateral Manager on behalf of the Issuer acting
		pursuant to the Collateral Management Agreement may at any time direct the
		Trustee in writing to sell, and the Trustee shall sell in the manner directed
		by the Collateral Manager in writing, any Collateral Debt Security without
		regard to the foregoing limitations in Section 12.1(a), provided
		that:
	 

	 
		(i) the Sale Proceeds therefrom must be used
		to pay certain expenses and redeem all of the Notes in whole but not in part
		pursuant to Sections 9.1 and Section 9.2, and upon any such sale the Trustee shall release such
		Collateral Debt Security pursuant to Section 10.10;
	 

	 
		(ii) the Issuer may not direct the Trustee
		to sell (and the Trustee shall not be required to release) a Collateral Debt
		Security pursuant to this Section 12.1(c) unless. the Collateral Manager certifies to the Trustee
		that in the Collateral Manager’s reasonable business judgment based on
		calculations included in the certification (which shall include the sales
		prices of the Collateral Debt Securities), the Sale Proceeds from the sale of
		one or more of the Collateral Debt Securities and all Cash and proceeds from
		Eligible Investments will be at least equal to the Total Redemption
		Price.
	 

	 
		(iii) in connection with an Optional
		Redemption, an Auction Call Redemption, a Clean-up Call or a Tax Redemption,
		all the Collateral Debt Securities to be sold pursuant to this Section 12.1(d) must be sold in accordance with the requirements set
		forth in Section 9.1(e) and Section 9.2, as applicable.
	 

	 
		(f) In the event that any Collateral Debt
		Security becomes the subject of a conversion, exchange, redemption or offer,
		whether voluntary or involuntary, the Issuer (or the Collateral Manager acting
		on behalf of the Issuer) shall take no action to acquire the asset or
		instrument into which such Collateral Debt Security is convertible or
		exchangeable unless such asset or instrument would qualify as a Substitute
		Collateral Debt Security. In the event of an involuntary exchange or conversion
		of a Collateral Debt Security, if the resulting asset or instrument would not
		qualify as a Substitute Collateral Debt Security, the Issuer (or the Collateral
		Manager acting on behalf of the Issuer) shall use its best efforts to sell such
		Collateral Debt Security prior to conversion or exchange and, in any event,
		shall refuse to accept, and shall not acquire or hold, the asset or instrument
		offered in exchange.
	 

	 
		(g) In the event a Loan, a REBL or a Credit
		Tenant Lease Loan becomes a Defaulted Security and any foreclosure or similar
		proceedings on the property securing such Defaulted Security would cause the
		Issuer to be subject to U.S. federal, state or local tax on a net income or
		similar basis (including in the event of a subsequent disposition of the
		property securing such Loan, REBL or Credit Tenant Lease Loan), unless an
		election has been made with respect to a Whole Loan, B Note, Participation, or
		Credit Tenant Lease Loan to treat such Loan 
	 

	 
		 
	 

	 
		 
	 

	 
		-231-
	 

	 
		 
	 

	 
	 

	 

	 
		as a “real estate mortgage investment
		conduit (a “REMIC”), the Issuer may not foreclose on, or otherwise
		beneficially own such property for such federal, state or local tax purposes
		(whether directly or thorough its ownership of the Series Trust Interests).
		Instead, the Issuer shall (A) either (i) sell such Defaulted Security (or
		the Series Trust Interest representing such Defaulted Security) or (ii) form a
		wholly-owned subsidiary treated as a corporation for U.S. federal income tax
		purposes, and which complies with S&P’s criteria for special purpose
		entities and shall deposit the Defaulted Security (or the Series Trust
		Interests representing such Defaulted Security) into the subsidiary and (B)
		thereafter such subsidiary will be required to hold, own and dispose of the
		Defaulted Security (or the Series Trust Interest representing such Defaulted
		Security). The Issuer shall at no time at or after such foreclosure own
		directly or through the Series Trust Interests any such property. The Issuer
		shall not sell the stock in such subsidiary if such subsidiary is a
		“United States real property holding corporation” (within the meaning
		of section 897 of the Code). If the subsidiary sells all of the assets for cash
		and pays any tax due thereon, the Issuer shall cause the subsidiary to
		liquidate into the Issuer. The Collateral Manager may direct the Issuer to
		direct the Trustee to elect to treat a Whole Loan, B Note, Participation or
		Credit Tenant Lease Loan as a REMIC pursuant to a REMIC trust agreement
		mutually agreed upon by the Issuer and the Trustee, subject to (i) the
		receipt of an opinion of counsel from Cadwalader, Wickersham & Taft LLP or
		another nationally recognized law firm experienced in such matters as to the
		qualification of such REMIC, (ii) the approval (which approval shall not
		be unreasonably withheld) of such REMIC documentation by the Trustee and
		(iii) the “residual interest” thereon being owned by a person
		having less than a 10% direct and constructive ownership interest in the
		Depositor.
	 

	 
		(h) In the event that any Notes remain
		Outstanding as of the Payment Date occurring six months prior to the Stated
		Maturity of the Notes, the Collateral Manager will be required to determine
		whether proceeds expected to be received on the Assets prior to the Stated
		Maturity of the Notes will be sufficient to pay in full the principal amount of
		(and accrued interest on) the Notes on the Stated Maturity. If the Collateral
		Manager determines, in its sole discretion, that such proceeds will not be
		sufficient to pay the outstanding principal amount of and accrued interest on
		the Notes (a “Note Liquidation
		Event”) on the Stated Maturity of
		the Notes, the Issuer will, at the direction of the Collateral Manager, be
		obligated to liquidate the portion of Collateral Debt Securities sufficient to
		pay the remaining principal amount of and interest on the Notes on or before
		the Stated Maturity. The Collateral Debt Securities to be liquidated by the
		Issuer will be selected by the Collateral Manager.
	 

	 
		Section 12.2 Reinvestment Criteria, Ramp-Up Criteria and Trading
		Restrictions.
	 

	 
		(a) Except as provided in Section 12.3(c), during the Reinvestment Period, Sale Proceeds and
		other Principal Proceeds will be reinvested in Substitute Collateral Debt
		Securities (which shall be, and hereby are, Granted to the Trustee pursuant to
		the Granting Clause of this Agreement) only if after giving effect to such
		reinvestment, the following criteria (the “Reinvestment Criteria”) are satisfied, as evidenced by an Officer’s
		Certificate of the Issuer or the Collateral Manager delivered to the Trustee,
		as of the date of the purchase (or, in the case of CMBS Securities, Asset
		Backed Securities, CRE CDO Securities and REIT Debt Securities, an irrevocable,
		binding commitment to purchase, as certified by the Collateral Manager to the
		Trustee) of such Substitute Collateral Debt Securities:
	 

	 
		 
	 

	 
		 
	 

	 
		-232-
	 

	 
		 
	 

	 
	 

	 

	 
		(i) such security satisfies the Eligibility
		Criteria;
	 

	 
		(ii) the Collateral Quality Tests are
		satisfied, or, if any Collateral Quality Test was not satisfied immediately
		prior to such reinvestment, the extent of compliance with such Collateral
		Quality Test will be maintained or improved following such reinvestment, except
		as otherwise specified in the Reinvestment Criteria below;
	 

	 
		(iii) the Coverage Tests are satisfied (or,
		if not satisfied, are maintained or improved);
	 

	 
		(iv) if immediately prior to such investment
		the S&P CDO Monitor Test or the S&P Recovery Test was not satisfied,
		such test result is maintained or improved after giving effect to such
		reinvestment; and
	 

	 
		(v) no Event of Default has occurred and is
		continuing.
	 

	 
		(b) Notwithstanding the foregoing
		provisions, (i) Cash on deposit in the Collection Accounts may be invested
		in Eligible Investments, pending investment in Substitute Collateral Debt
		Securities and (ii) if an Event of Default shall have occurred and be
		continuing, no Substitute Collateral Debt Security may be acquired unless it
		was the subject of a commitment entered into by the Issuer prior to the
		occurrence of such Event of Default.
	 

	 
		(c) Principal Proceeds (including Sale
		Proceeds) may not be reinvested following the Reinvestment Period, except for
		the circumstance in which the Reinvestment Period has been terminated early due
		to an Event of Default and the Issuer previously entered into an irrevocable
		binding commitment to purchase a Collateral Debt Security.
	 

	 
		(d) During the Ramp-Up Period, amounts on
		deposit in the Unused Proceeds Account may be invested in Substitute Collateral
		Debt Securities only if after giving effect to such investment, the following
		criteria (the “Ramp-Up
		Criteria”) are satisfied as of the
		date of the purchase (or, in the case of CMBS Securities, Asset Backed
		Securities, CRE CDO Securities and REIT Debt Securities, an irrevocable,
		binding commitment to purchase, as certified by the Collateral Manager to the
		Trustee) of such Substitute Collateral Debt Securities:
	 

	 
		(i) such security satisfies the Eligibility
		Criteria;
	 

	 
		(ii) the Coverage Tests are satisfied (or,
		if not satisfied, are maintained or improved);
	 

	 
		(iii) no Event of Default has occurred and
		is continuing (except that if the Issuer entered into an irrevocable and
		binding commitment to purchase a Collateral Debt Security prior to acquiring
		knowledge of the Event of Default it may honor that commitment); and
	 

	 
		(iv) if the Collateral Debt Security is not
		acquired from the Depositor, the Issuer has received the Prepaid Sales Discount
		from the Depositor for such purpose.
	 

	 
		 
	 

	 
		 
	 

	 
		-233-
	 

	 
		 
	 

	 
	 

	 

	 
		In consideration for certain payments it
		will receive on the Closing Date, the Depositor (and the Sellers as its
		members) has agreed, pursuant to the related Collateral Debt Securities
		Transfer Agreement, to reduce the price at which Collateral Debt Securities are
		sold to the Issuer during the Ramp-Up Period by an amount equal to the product
		of (i) the purchase price of such additional Collateral Debt Security and (ii)
		10.15% (such amount, the “Prepaid
		Sales Discount”). In no event
		shall the aggregate Prepaid Sales Discounts exceed $13,720,650.10 (which is
		equal to the $15,920,000 limit described in the Offering Memorandum as reduced
		as a result of deposits into the Future Funding Obligations Account). If
		instead of purchasing Collateral Debt Securities from the Depositor during the
		Ramp-Up Period, the Issuer purchases them from other Persons, the Depositor and
		the Sellers will be obligated, pursuant to the related Collateral Debt
		Securities Transfer Agreement, to return the Prepaid Sales Discount to the
		Issuer. The Issuer shall not purchase (or commit to purchase) Collateral Debt
		Securities during the Ramp-Up Period from persons other than the Depositor
		without first receiving the Prepaid Sales Discount from the Depositor for such
		purpose.
	 

	 
		Section 12.3 Conditions Applicable to all Transactions Involving Sale
		or Grant.
	 

	 
		(a) Any transaction effected after the
		Closing Date under this Article 12 or Section 10.10
		shall be conducted in accordance with the requirements of the Collateral
		Management Agreement, provided that, (1) the Collateral Manager
		shall not direct the Trustee to acquire any Substitute Collateral Debt Security
		for inclusion in the Assets from the Collateral Manager or any of its
		Affiliates as principal or to sell any Collateral Debt Security from the Assets
		to the Collateral Manager or any of its Affiliates as principal unless the
		transaction is effected in accordance with the Collateral Management Agreement
		and (2) the Collateral Manager shall not direct the Trustee to acquire any
		Substitute Collateral Debt Security for inclusion in the Assets from any
		account or portfolio for which the Collateral Manager serves as investment
		adviser or direct the Trustee to sell any Collateral Debt Security to any
		account or portfolio for which the Collateral Manager serves as investment
		adviser unless such transactions comply with the requirements of any applicable
		laws. The Trustee shall have no responsibility to oversee compliance with this
		clause by the other parties.
	 

	 
		(b) Upon any Grant pursuant to this
		Article 12, all of the Issuer’s right, title and interest to
		the Pledged Obligation or Securities shall be Granted to the Trustee pursuant
		to this Indenture, such Pledged Obligation or Securities shall be registered in
		the name of the Trustee, and, if applicable, the Trustee shall receive such
		Pledged Collateral Debt Security or Securities. The Trustee shall also receive,
		not later than the date of delivery of any Collateral Debt Security delivered
		after the Closing Date, an Officer’s Certificate of the Collateral Manager
		certifying that, as of the date of such Grant, such Grant complies with the
		applicable conditions of and is permitted by this Article 12
		(and setting forth, to the extent appropriate, calculations in reasonable
		detail necessary to determine such compliance).
	 

	 
		(c) Notwithstanding anything contained in
		this Article 12 to the contrary, the Issuer shall, subject to this
		Section 12.3(c), have the right to effect any transaction which has
		been consented to (i) by the Holders of Notes evidencing 100% of the
		Aggregate Outstanding Amount of each and every Class of Notes (or if there are
		no Notes Outstanding, 100% of the Preferred Shares) and (ii) each Hedge
		Counterparty, and of which each Rating Agency has been notified.
	 

	 
		 
	 

	 
		 
	 

	 
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		Section 12.4 Sale of Collateral Debt Securities with respect to an
		Auction Call Redemption.
	 

	 
		(a) Pre-Auction Process.
	 

	 
		(i) Each Auction will occur on the Business
		Day that is at least 13 Business Days prior to the proposed Auction Call
		Redemption Date (such date, the “Auction Date”).
	 

	 
		(ii) The Collateral Manager will initiate
		the Auction Procedures at least 24 Business Days before the proposed
		Auction Call Redemption Date by: (a) preparing a list of Collateral Debt
		Securities (including CUSIP Number, if any, par amount and issuer name for each
		Collateral Debt Security); (b) deriving a list of not less than three
		qualified bidders (the “Listed
		Bidders”) and requesting from each
		Listed Bidder bids by the applicable Auction Date; and (c) notifying the
		Trustee of the list of Listed Bidders (the “List”).
	 

	 
		(iii) The Collateral Manager will deliver a
		general solicitation package to the Listed Bidders consisting of: (a) a
		form of a purchase agreement (“Auction Purchase Agreement”) provided to the Trustee by the Collateral
		Manager (which shall provide that (I) upon satisfaction of all conditions
		precedent therein, the purchaser is irrevocably obligated to purchase, and the
		Issuer is irrevocably obligated to sell, the Collateral Debt Securities on the
		date and on the terms stated therein, (II) each bidder may tender a
		separate bid for one or more Collateral Debt Securities in an Auction,
		(III) if the Collateral Debt Securities are to be sold to different
		bidders, that the consummation of the purchase of all Collateral Debt
		Securities must occur simultaneously and that the closing of each purchase is
		conditional on the closing of the other purchases, (IV) if for any reason
		whatsoever the Trustee has not received, by a specified Business Day (which
		shall be more than ten Business Days before the proposed Auction Call
		Redemption Date), payment in full in immediately available funds of the
		purchase price for all Collateral Debt Securities, the obligations of the
		parties shall terminate and the Issuer shall have no obligation or liability
		whatsoever and (V) any prospective purchasers will be subject to the
		“limited recourse” and “non-petition” provisions set forth
		in this Indenture), (b) the minimum aggregate Cash purchase price (which
		shall be determined by the Collateral Manager as the Total Redemption Price
		less the balance of all Eligible Investments and Cash in the Collection
		Accounts, the Payment Account, the Future Funding Obligations Account, the
		Defeased Collateral Account, the Interest Reserve Account, each Hedge
		Termination Account and the Expense Account; (c) the list of Collateral
		Debt Securities; (d) a formal bid sheet (which will permit a bidder to bid
		for all of the Collateral Debt Securities or separately for any one or more
		(but not all) Collateral Debt Securities and will include a representation from
		the bidder that it is eligible to purchase all of the Collateral Debt
		Securities or any one or more (but not all) Collateral Debt Securities) to be
		provided to the Trustee by the Collateral Manager; (e) a detailed
		timetable; and (f) copies of all transfer documents provided to the
		Trustee by the Collateral Manager (including transfer certificates and
		subscription agreements which a bidder must execute pursuant to the underlying
		instruments and a list of the requirements 
	 

	 
		 
	 

	 
		 
	 

	 
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		which the bidder must satisfy under the
		underlying instruments (i.e., QIB status, Qualified Purchaser status,
		etc.)).
	 

	 
		(iv) The Collateral Manager will send
		solicitation packages to all Listed Bidders on the List at least 20 Business
		Days before the proposed Auction Call Redemption Date. The Listed Bidders will
		be required to submit any due diligence questions (or comments on the draft
		purchase agreement) in writing to the Collateral Manager by a date specified in
		the solicitation package. The Collateral Manager will be required to answer all
		reasonable and relevant questions by the date specified in the solicitation
		package and the Collateral Manager will distribute the questions and answers
		and the revised final Auction Purchase Agreement to all Listed Bidders (with a
		copy to the Issuer and the Trustee).
	 

	 
		(b) Auction Process.
	 

	 
		(i) LaSalle Bank National Association or its
		Affiliates may, but shall not be required to, bid at the Auction. The
		Collateral Manager and its Affiliates may bid in the Auction if the Collateral
		Manager deems such bidding to be appropriate but is not required to do
		so.
	 

	 
		(ii) On the Second Business Day prior to the
		Auction Date (the “Auction Bid
		Date”), all bids will be due by
		facsimile at the offices of the Trustee by 11:00 a.m. New York City time, with
		the winning bidder or bidders to be notified by 2:00 p.m. New York City time.
		All bids from Listed Bidders on the List will be due on the bid sheet contained
		in the solicitation package. Each bid shall be for the purchase and delivery to
		one purchaser (i) of all (but not less than all) of the Collateral Debt
		Securities or (ii) of one or more (but not all) of the Collateral Debt
		Securities.
	 

	 
		(iii) Unless the Trustee receives
		(A) at least one bid from a Listed Bidder to purchase all of the
		Collateral Debt Securities or (B) receives bids from one or more Listed
		Bidders (to purchase one or more (but not all) Collateral Debt Securities) for
		all Collateral Debt Securities in the aggregate, the Trustee will decline to
		consummate the sale.
	 

	 
		(iv) Subject to clause (iii) above,
		with the advice of the Collateral Manager, the Trustee shall select the bid or
		bids which result in the Highest Auction Price from one or more Listed Bidders
		(in excess of the specified minimum purchase price). “Highest Auction
		Price” means the higher of (i) the highest price bid by any Listed
		Bidder for all of the Collateral Debt Securities or (ii) the sum of the
		highest prices bid by one or more Listed Bidders (for one or more (but not all)
		Collateral Debt Securities) for all Collateral Debt Securities in the
		aggregate. In each case, the price bid by a Listed Bidder will be the dollar
		amount which the Collateral Manager certifies to the Trustee based on the
		Collateral Manager’s review of the bids, which certification shall be
		binding and conclusive.
	 

	 
		(v) Upon notification to the winning bidder
		or bidders, the winning bidder (or, if the Highest Auction Price requires the
		sale of the Collateral Debt Securities to more 
	 

	 
		 
	 

	 
		 
	 

	 
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		than one bidder, each winning bidder) will
		be required to deliver to the Trustee a signed counterpart of the Auction
		Purchase Agreement no later than 4:00 p.m. New York City time on the Auction
		Date. The winning bidder (or, if the Highest Auction Price requires the sale of
		the Collateral Debt Securities to more than one bidder, each winning bidder)
		will make payment in full of the purchase price on the Business Day (the
		“Auction Purchase Closing
		Date”) specified in the general
		solicitation package (which will be no later than ten Business Days prior to
		the proposed Auction Call Redemption Date). If a winning bidder so requests,
		the Trustee and the Issuer will enter into a bailee letter in the form agreed
		upon by the Trustee and the Collateral Manager to this Indenture (a
		“Bailee Letter”) with each winning bidder and its designated bank
		(which bank will be subject to approval by the Issuer or the Collateral Manager
		on behalf of the Issuer), provided that
		such bank enters into an account control agreement with the Trustee and the
		Issuer and has a long term debt rating of at least “BBB+” by Standard
		& Poor’s and (if rated by Fitch) at least “BBB+” by Fitch
		and (if rated by Moody’s) at least “A2” by Moody’s. If the
		above requirements are satisfied, the Trustee will deliver the Collateral Debt
		Securities (to be sold to such bidder) pursuant thereto to the bailee bank at
		least one Business Day prior to the closing on the sale of the Collateral Debt
		Securities and accept payment of the purchase price pursuant thereto. If
		payment in full of the purchase price is not made by the Auction Purchase
		Closing Date for any reason whatsoever (or, if the Collateral Debt Securities
		are to be sold to more than one bidder, if any bidder fails to make payment in
		full of the purchase price by the Auction Purchase Closing Date for any reason
		whatsoever), the Issuer will decline to consummate the sale of all Collateral
		Debt Securities, the Trustee and the Issuer will direct the bailee bank to
		return the Collateral Debt Securities to the Trustee, and (if notice of
		redemption has been given by the Trustee) the Trustee will give notice (in
		accordance with the terms of this Indenture) that the Auction Call Redemption
		will not occur.
	 

	 
		(vi) Notwithstanding the foregoing, but
		subject to the satisfaction of the conditions set forth in Section 9.2(b), the Majority Preferred Shareholder or any of its
		Affiliates, although it may not have been the highest bidder, will have the
		option to purchase any one or more Collateral Debt Securities for a purchase
		price equal to the highest bid therefor.
	 

	 
		(c) Notwithstanding anything to the contrary
		set forth in this Section 12.4, but subject to the satisfaction of the conditions set
		forth in Section 9.2(b), at the election of the Majority Preferred Shareholder,
		in lieu of initiating or conducting any Auction, the Majority Preferred
		Shareholder or any of its Affiliates will have the option to purchase all of
		the Collateral Debt Securities that would otherwise be subject to such Auction
		for a price equal to the Total Redemption Price. Such purchase of Collateral
		Debt Securities by the Majority Preferred Shareholder or its Affiliates
		pursuant to this Section 12.4(c) will be deemed to be a Successful Auction pursuant to
		this Indenture and the Notes and the Preferred Shares shall be redeemed, in
		whole and not in part, at their applicable Redemption Prices in accordance with
		the applicable provisions of Article 9.
	 

	 
		 
	 

	 
		 
	 

	 
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		Section 12.5
		Modifications to Collateral Quality
		Tests or Coverage Tests.
	 

	 
		In the event any of the Rating Agencies
		modifies the definitions or calculations relating to (i) the method of
		calculating any of its respective Collateral Quality Tests (a
		“Collateral Quality Test
		Modification”) or (ii) any of
		the Coverage Tests (a “Coverage
		Test Modification”), in either
		case in order to correspond with published changes in the guidelines,
		methodology or standards established by such Rating Agency, the Issuer may, but
		is under no obligation solely as a result of this Section 12.5 to, incorporate corresponding changes into this
		Indenture by an amendment hereto without the consent of the Holders of the
		Notes (but with written notice to the Noteholders) or the Preferred Shares if
		(x)(1) in the case of a Collateral Quality Test Modification, the Rating
		Agency Condition is satisfied with respect to the Rating Agency that made such
		modification or (2) in the case of a Coverage Test Modification, the
		Rating Agency Condition is satisfied with respect to each Rating Agency then
		rating the Notes and (y) written notice of such modification is delivered
		by the Collateral Manager to the Trustee and each Hedge Counterparty and by the
		Trustee to the Holders of the Notes and Preferred Shares (which notice may be
		included in the next regularly scheduled report to Noteholders). Any such
		Collateral Quality Test Modification or Coverage Test Modification, as the case
		may be, shall be effected without execution of a supplemental indenture;
		provided, however, that
		such amendment shall be (i) evidenced by a written instrument executed and
		delivered by each of the Co-Issuers and the Collateral Manager and delivered to
		the Trustee and each Hedge Counterparty, (ii) accompanied by delivery by
		the Issuer to the Trustee of (A) an Officer’s Certificate of the
		Issuer certifying that such amendment has been made pursuant to and in
		compliance with this Section 12.5 and (B) if requested by the Trustee, an Opinion of
		Counsel stating that such amendment is authorized or permitted by this
		Section 12.5 and that all applicable conditions precedent under this
		Section 12.5 have been satisfied, on which such Officer’s
		Certificate or such Officer’s Certificate and Opinion of Counsel, as the
		case may be, the Trustee shall be entitled to rely. Notwithstanding the
		foregoing, any such amendment reasonably determined by the Trustee to be unduly
		burdensome to the Trustee, shall not take effect without the Trustee’s
		express written consent.
	 

	 
		Section 12.6 Synthetic Securities.
	 

	 
		(a) For purposes of determining any of the
		Coverage Tests, in the event that a Collateral Debt Security is subject to an
		interest rate or currency swap agreement, the rate or amount that the Issuer is
		entitled to receive from the counterparty will be used in calculating such
		Coverage Test. In addition, for purposes of calculating the Coverage Tests,
		each Synthetic Security will be included as a Collateral Debt Security having
		the characteristics of the Synthetic Security and not of the related Reference
		Obligation. For purposes of the Collateral Quality Tests, unless expressly
		stated otherwise, in the event that a Collateral Debt Security is subject to a
		swap agreement, a rate or amount that the Issuer will be receiving from the
		counterparty under such swap agreement will be used. In addition, for purposes
		of the Collateral Quality Tests (except for the maximum percentage of Synthetic
		Securities), the Moody’s Maximum Tranched Rating Factor Test, the
		Moody’s Weighted Average Recovery Rate Test, the Herfindahl Diversity
		Test, the Minimum Weighted Average Coupon Test, the Minimum Weighted Average
		Spread Test, the Weighted Average Life Test, the S&P Recovery Test, and the
		Fitch Loan Diversity Index Test, each Synthetic Security will be treated as
		having the characteristics of the related Reference Obligation.
	 

	 
		 
	 

	 
		 
	 

	 
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		(b) As part of the purchase of a Synthetic
		Security, the Issuer, or the Collateral Manager on behalf of the Issuer, may be
		required to deposit Synthetic Security Collateral with a custodian or other
		third party (which shall be the Trustee, acting as collateral agent) and grant
		to the related Synthetic Security Counterparty a security interest in such
		Synthetic Security Collateral, and the Synthetic Security Counterparty may be
		required to post collateral for the benefit of the Issuer in accordance with
		the terms of such Synthetic Security. The Issuer may acquire, transfer or
		assign Synthetic Security Collateral, and the Trustee shall release funds in
		connection therewith, regardless of whether such Synthetic Security Collateral
		would constitute Collateral Debt Obligations, Eligible Investments or
		otherwise; provided, that the ownership of Synthetic Security Collateral
		will not cause the Issuer to be subject to income tax on a net income basis in
		any jurisdiction, nor will any payments received with respect to any Synthetic
		Security Collateral be subject to withholding tax on any jurisdiction, unless
		the Issuer is entitled to a full gross-up (on an after-tax basis) with respect
		to any such withholding tax. Such released funds shall, for purposes of this
		Indenture, be considered part of the purchase price of the related Synthetic
		Security. In the event the Trustee acts as collateral agent with respect to
		Synthetic Security Collateral, the Trustee shall deposit such Synthetic
		Security Collateral in one or more segregated trust accounts, which shall be
		held in trust in the name of the Trustee, as collateral agent, for the benefit
		of the related Synthetic Security counterparty, and shall apply the funds on
		deposit in such account(s), all in accordance with the terms of the related
		Synthetic Security. The Issuer shall grant to the Trustee a second priority
		security interest in any Synthetic Security Collateral, and shall cause the
		Synthetic Security Counterparty and the custodian or other third party
		(including, if applicable, the Trustee as collateral agent) holding the
		Synthetic Security Collateral to be notified of and acknowledge such second
		priority security interest. Any payments in respect of the Synthetic Security
		Collateral not retained by the Synthetic Security Counterparty are to be paid
		to the Trustee. Interest received by the Trustee on the Synthetic Security
		Collateral prior to the release of the Synthetic Security Collateral shall be
		Interest Proceeds; principal payments received by the trustee on the Synthetic
		Security Collateral prior to the release of the Synthetic Security Collateral
		shall either be Principal Proceeds or, if required under the terms of the
		related Synthetic Security, invested in Eligible Investments or any other
		Synthetic Security Collateral securities acceptable to the Issuer and the
		Synthetic Security Counterparty and maintained as Synthetic Security
		Collateral. Upon the release of the Synthetic Security Counterparty’s lien
		on any Synthetic Security Collateral held in relation to a Synthetic Security
		through the termination or sale of such Synthetic Security or otherwise, the
		Collateral Manager on behalf of the Issuer shall take or cause the taking of
		any and all other actions necessary to create in favor of the Trustee a valid,
		perfected, first-priority security interest in such Synthetic Security
		Collateral under applicable law and regulations (including, without limitation,
		Articles 8 and 9 of the UCC) in effect at the time of such release.
		Synthetic Security Collateral delivered to the Trustee following the
		termination or sale of such Synthetic Securities will be (i) sold prior to
		the next Payment Date to the extent it consists of Eligible Investments
		maturing after such Payment Date, (ii) retained by the Trustee or sold by
		the Collateral Manager at the sole discretion of the Collateral Manager to the
		extent it consists of Collateral Debt Securities or (iii) sold as soon as
		reasonably practical at the sole discretion of the Collateral Manager to the
		extent it consists of neither Eligible Investments nor Collateral Debt
		Securities.
	 

	 
		(c) Pursuant to Section 10.6D(a),
		amounts payable by the Issuer on a Synthetic Security after the date on which
		the Issuer acquired such Synthetic Security will be paid from amounts on
		deposit in the related Synthetic Security Counterparty Account.
	 

	 
		 
	 

	 
		 
	 

	 
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		Section 12.7
		Intercreditor Agreement.
	 

	 
		(a) With respect to Collateral Debt
		Securities that consist of two or more of a related Whole Loan, B Note,
		Participation or Mezzanine Loan that are not subject to a co-lender or
		intercreditor agreement due to the fact that such related Loans are both owned
		by the Issuer at the time the same were acquired by it, a co-lender agreement
		containing the basic terms that are generally accepted as market standard in
		the CMBS industry for such instruments shall be entered into before one of such
		Loans without being accompanied by the other is sold pursuant to the provisions
		of this Indenture.
	 

	 
		 
	 

	 
		 
	 

	 
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		ARTICLE 13
	 

	 
		NOTEHOLDERS’ RELATIONS
	 

	 
		Section 13.1 Subordination.
	 

	 
		(a) Anything in this Indenture or the Notes
		to the contrary notwithstanding, the Issuer and the Holders of the
		Class A-2 Notes, the Class B Notes, the Class C Notes, the
		Class D Notes, the Class E Notes, the Class F Notes, the
		Class G Notes, the Class H Notes, the Class J Notes and the
		Class K Notes agree for the benefit of the Holders of the Class A-1
		Notes and each Hedge Counterparty that the Class A-2 Notes, the
		Class B Notes, the Class C Notes, the Class D Notes, the
		Class E Notes, the Class F Notes, the Class G Notes, the
		Class H Notes, the Class J Notes and the Class K Notes and the
		Issuer’s rights in and to the Assets (the “Class A-2 Subordinate Interests”) shall be subordinate and junior to the
		Class A-1 Notes to the extent and in the manner set forth in this
		Indenture including as set forth in Section 11.1(a) and hereinafter provided. If any Event of Default has
		not been cured or waived and acceleration occurs in accordance with
		Article 5, including as a result of an Event of Default specified
		in Section 5.1(f) or 5.1(g), the
		Class A-1 Notes shall be paid in full before any further payment or
		distribution is made on account of the Class A-2 Subordinate Interests.
		The Holders of the Class A-2 Notes, the Class B Notes, the
		Class C Notes, the Class D Notes, the Class E Notes, the
		Class F Notes, the Class G Notes, the Class H Notes, the
		Class J Notes and the Class K Notes agree, for the benefit of the
		Holders of the Class A-1 Notes and each Hedge Counterparty, not to cause
		the filing of a petition in bankruptcy against the Issuer for failure to pay to
		them amounts due under the Class A-2 Notes, the Class B Notes, the
		Class C Notes, the Class D Notes, the Class E Notes, the
		Class F Notes, the Class G Notes, the Class H Notes, the
		Class J Notes and the Class K Notes hereunder until the payment in
		full of the Class A-1 Notes and not before one year and one day, or, if
		longer, the applicable preference period then in effect, has elapsed since such
		payment.
	 

	 
		(b) Anything in this Indenture or the Notes
		to the contrary notwithstanding, the Issuer and the Holders of the Class B
		Notes, the Class C Notes, the Class D Notes, the Class E Notes,
		the Class F Notes, the Class G Notes, the Class H Notes, the
		Class J Notes and the Class K Notes agree for the benefit of the
		Holders of the Class A-1 Notes and the Class A-2 Notes and each Hedge
		Counterparty that the Class B Notes, the Class C Notes, the
		Class D Notes, the Class E Notes, the Class F Notes, the
		Class G Notes, the Class H Notes, the Class J Notes and the
		Class K Notes and the Issuer’s rights in and to the Assets (the
		“Class B Subordinate
		Interests”) shall be subordinate
		and junior to the Class A-1 Notes and the Class A-2 Notes to the
		extent and in the manner set forth in this Indenture including as set forth in
		Section 11.1(a) and hereinafter provided. If any Event of Default has
		not been cured or waived and acceleration occurs in accordance with
		Article 5, including as a result of an Event of Default specified
		in Section 5.1(f) or 5.1(g), the
		Class A-1 Notes and the Class A-2 Notes shall be paid in full before
		any further payment or distribution is made on account of the Class B
		Subordinate Interests. The Holders of the Class B Notes, the Class C
		Notes, the Class D Notes, the Class E Notes, the Class F Notes,
		the Class G Notes, the Class H Notes, the Class J Notes and the
		Class K Notes agree, for the benefit of the Holders of the Class A-1
		Notes and the Class A-2 Notes and each Hedge Counterparty, not to cause
		the filing of a petition in bankruptcy against the Issuer for failure to pay to
		them amounts due under the Class B Notes, the Class C Notes,
		the
	 

	 
		 
	 

	 
		 
	 

	 
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		Class D Notes, the Class E Notes,
		the Class F Notes, the Class G Notes, the Class H Notes, the
		Class J Notes and the Class K Notes hereunder until the payment in
		full of the Class A-1 Notes and the Class A-2 Notes and not before
		one year and one day, or, if longer, the applicable preference period then in
		effect, has elapsed since such payment.
	 

	 
		(c) Anything in this Indenture or the Notes
		to the contrary notwithstanding, the Issuer and the Holders of the Class C
		Notes, the Class D Notes, the Class E Notes, the Class F Notes,
		the Class G Notes, the Class H Notes, the Class J Notes and the
		Class K Notes agree for the benefit of the Holders of the Class A-1
		Notes, the Class A-2 Notes, the Class B Notes and each Hedge
		Counterparty that the Class C Notes, the Class D Notes, the
		Class E Notes, the Class F Notes, the Class G Notes, the
		Class H Notes, the Class J Notes and the Class K Notes and the
		Issuer’s rights in and to the Assets (the “Class C
		Subordinate Interests”) shall be
		subordinate and junior to the Class A-1 Notes, the Class A-2 Notes
		and the Class B Notes to the extent and in the manner set forth in this
		Indenture including as set forth in Section 11.1(a) and hereinafter provided. If any Event of Default has
		not been cured or waived and acceleration occurs in accordance with
		Article 5, including as a result of an Event of Default specified
		in Section 5.1(f) or 5.1(g), the
		Class A-1 Notes, the Class A-2 Notes and the Class B Notes shall
		be paid in full before any further payment or distribution is made on account
		of the Class C Subordinate Interests. The Holders of the Class C
		Notes, the Class D Notes, the Class E Notes, the Class F Notes,
		the Class G Notes, the Class H Notes, the Class J Notes and the
		Class K Notes agree, for the benefit of the Holders of the Class A-1
		Notes, the Class A-2 Notes and the Class B Notes and each Hedge
		Counterparty, not to cause the filing of a petition in bankruptcy against the
		Issuer for failure to pay to them amounts due under the Class C Notes, the
		Class D Notes, the Class E Notes, the Class F Notes, the
		Class G Notes, the Class H Notes, the Class J Notes and the
		Class K Notes hereunder until the payment in full of the Class A-1
		Notes, the Class A-2 Notes and the Class B Notes and not before one
		year and one day, or, if longer, the applicable preference period then in
		effect, has elapsed since such payment.
	 

	 
		(d) Anything in this Indenture or the Notes
		to the contrary notwithstanding, the Issuer and the Holders of the Class D
		Notes, the Class E Notes, the Class F Notes, the Class G Notes,
		the Class H Notes, the Class J Notes and the Class K Notes agree
		for the benefit of the Holders of the Class A-1 Notes, the Class A-2
		Notes, the Class B Notes, the Class C Notes and each Hedge
		Counterparty that the Class D Notes, the Class E Notes, the
		Class F Notes, the Class G Notes, the Class H Notes, the
		Class J Notes and the Class K Notes and the Issuer’s rights in
		and to the Assets (the “Class D
		Subordinate Interests”) shall be
		subordinate and junior to the Class A-1 Notes, the Class A-2 Notes,
		the Class B Notes and the Class C Notes to the extent and in the
		manner set forth in this Indenture including as set forth in Section 11.1(a) and hereinafter provided. If any Event of Default has
		not been cured or waived and acceleration occurs in accordance with
		Article 5, including as a result of an Event of Default specified
		in Section 5.1(f) or 5.1(g), the
		Class A-1 Notes, the Class A-2 Notes, the Class B Notes and the
		Class C Notes shall be paid in full before any further payment or
		distribution is made on account of the Class D Subordinate Interests. The
		Holders of the Class D Notes, the Class E Notes, the Class F
		Notes, the Class G Notes, the Class H Notes, the Class J Notes
		and the Class K Notes agree, for the benefit of the Holders of the
		Class A-1 Notes, the Class A-2 Notes, the Class B Notes, and the
		Class C Notes and each Hedge Counterparty, not to cause the filing of a
		petition in bankruptcy against the Issuer for failure to pay to them amounts
		due under the Class D Notes, the Class E Notes, the Class F
		Notes, the Class G Notes, the Class H Notes, the Class J Notes
		and the 
	 

	 
		 
	 

	 
		 
	 

	 
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		Class K Notes hereunder until the
		payment in full of the Class A-1 Notes, the Class A-2 Notes, the
		Class B Notes and the Class C Notes and not before one year and one
		day, or, if longer, the applicable preference period then in effect, has
		elapsed since such payment.
	 

	 
		(e) Anything in this Indenture or the Notes
		to the contrary notwithstanding, the Issuer and the Holders of the Class E
		Notes, the Class F Notes, the Class G Notes, the Class H Notes,
		the Class J Notes and the Class K Notes agree for the benefit of the
		Holders of the Class A-1 Notes, the Class A-2 Notes, the Class B
		Notes, the Class C Notes and the Class D Notes and each Hedge
		Counterparty that the Class E Notes, the Class F Notes, the
		Class G Notes, the Class H Notes, the Class J Notes and the
		Class K Notes and the Issuer’s rights in and to the Assets (the
		“Class E Subordinate
		Interests”) shall be subordinate
		and junior to the Class A-1 Notes, the Class A-2 Notes, the
		Class C Notes and the Class D Notes to the extent and in the manner
		set forth in this Indenture including as set forth in Section 11.1(a) and hereinafter provided. If any Event of Default has
		not been cured or waived and acceleration occurs in accordance with
		Article 5, including as a result of an Event of Default specified
		in Section 5.1(f) or 5.1(g), the
		Class A-1 Notes, the Class A-2 Notes, the Class B Notes, the
		Class C Notes, and the Class D Notes shall be paid in full before any
		further payment or distribution is made on account of the Class E
		Subordinate Interests. The Holders of the Class E Notes, the Class F
		Notes, the Class G Notes, the Class H Notes, the Class J Notes
		and the Class K Notes agree, for the benefit of the Holders of the
		Class A-1 Notes, the Class A-2 Notes, the Class B Notes, the
		Class C Notes and the Class D Notes and each Hedge Counterparty, not
		to cause the filing of a petition in bankruptcy against the Issuer for failure
		to pay to them amounts due under the Class E Notes, the Class F
		Notes, the Class G Notes, the Class H Notes, the Class J Notes
		and the Class K Notes hereunder until the payment in full of the
		Class A-1 Notes, the Class A-2 Notes, the Class B Notes, the
		Class C Notes and the Class D Notes and not before one year and one
		day, or, if longer, the applicable preference period in effect, has elapsed
		since such payment.
	 

	 
		(f) Anything in this Indenture or the Notes
		to the contrary notwithstanding, the Issuer and the Holders of the Class F
		Notes, the Class G Notes, the Class H Notes, the Class J Notes
		and the Class K Notes agree for the benefit of the Holders of the
		Class A-1 Notes, the Class A-2 Notes, the Class B Notes, the
		Class C Notes, the Class D Notes, the Class E Notes and each
		Hedge Counterparty that the Class F Notes, the Class G Notes, the
		Class H Notes, the Class J Notes and the Class K Notes and the
		Issuer’s rights in and to the Assets (the “Class F
		Subordinate Interests”) shall be
		subordinate and junior to the Class A-1 Notes, the Class A-2 Notes,
		the Class B Notes, the Class C Notes, the Class D Notes and the
		Class E Notes to the extent and in the manner set forth in this Indenture
		including as set forth in Section 11.1(a) and hereinafter provided. If any Event of Default has
		not been cured or waived and acceleration occurs in accordance with
		Article 5, including as a result of an Event of Default specified
		in Section 5.1(f) or 5.1(g), the
		Class A-1 Notes, the Class A-2 Notes, the Class B Notes, the
		Class C Notes, the Class D Notes and the Class E Notes shall be
		paid in full before any further payment or distribution is made on account of
		the Class F Subordinate Interests. The Holders of the Class F Notes,
		the Class G Notes, the Class H Notes, the Class J Notes and the
		Class K Notes agree, for the benefit of the Holders of the Class A-1
		Notes, the Class A-2 Notes, the Class B Notes, the Class C
		Notes, the Class D Notes, the Class E Notes and each Hedge
		Counterparty, not to cause the filing of a petition in bankruptcy against the
		Issuer for failure to pay to them amounts due under the Class F Notes, the
		Class G Notes, the Class H Notes, the Class J Notes and the
		Class K Notes hereunder until the payment in full of the Class A-1
		Notes, the Class A-2 
	 

	 
		 
	 

	 
		 
	 

	 
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		Notes, the Class B Notes, the
		Class C Notes, the Class D Notes and the Class E Notes and not
		before one year and one day, or, if longer, the applicable preference period
		then in effect, has elapsed since such payment.
	 

	 
		(g) Anything in this Indenture or the Notes
		to the contrary notwithstanding, the Issuer and the Holders of the Class G
		Notes, the Class H Notes, the Class J Notes and the Class K
		Notes agree for the benefit of the Holders of the Class A-1 Notes, the
		Class A-2 Notes, the Class B Notes, the Class C Notes, the
		Class D Notes, the Class E Notes, the Class F Notes and each
		Hedge Counterparty that the Class G Notes, the Class H Notes, the
		Class J Notes and the Class K Notes and the Issuer’s rights in
		and to the Assets (the “Class G
		Subordinate Interests”) shall be
		subordinate and junior to the Class A-1 Notes, the Class A-2 Notes,
		the Class B Notes, the Class C Notes, the Class D Notes, the
		Class E Notes and the Class F Notes to the extent and in the manner
		set forth in this Indenture including as set forth in Section 11.1(a) and hereinafter provided. If any Event of Default has
		not been cured or waived and acceleration occurs in accordance with
		Article 5, including as a result of an Event of Default specified
		in Section 5.1(f) or 5.1(g), the
		Class A-1 Notes, the Class A-2 Notes, the Class B Notes, the
		Class C Notes, the Class D Notes, the Class E Notes and the
		Class F Notes shall be paid in full before any further payment or
		distribution is made on account of the Class G Subordinate Interests. The
		Holders of the Class G Notes, the Class H Notes, the Class J
		Notes and the Class K Notes agree, for the benefit of the Holders of the
		Class A-1 Notes, the Class A-2 Notes, the Class B Notes, the
		Class C Notes, the Class D Notes, the Class E Notes and the
		Class F Notes and each Hedge Counterparty, not to cause the filing of a
		petition in bankruptcy against the Issuer for failure to pay to them amounts
		due under the Class G Notes, the Class H Notes, the Class J
		Notes and the Class K Notes hereunder until the payment in full of the
		Class A-1 Notes, the Class A-2 Notes, the Class B Notes, the
		Class C Notes, the Class D Notes, the Class E Notes and the
		Class F Notes and not before one year and one day, or, if longer, the
		applicable preference period then in effect, has elapsed since such
		payment.
	 

	 
		(h) Anything in this Indenture or the Notes
		to the contrary notwithstanding, the Issuer and the Holders of the Class H
		Notes, the Class J Notes and the Class K Notes agree for the benefit
		of the Holders of the Class A-1 Notes, the Class A-2 Notes, the
		Class B Notes, the Class C Notes, the Class D Notes, the
		Class E Notes, the Class F Notes, the Class G Notes and each
		Hedge Counterparty that the Class H Notes, the Class J Notes and the
		Class K Notes and the Issuer’s rights in and to the Assets (the
		“Class H Subordinate
		Interests”) shall be subordinate
		and junior to the Class A-1 Notes, the Class A-2 Notes, the
		Class B Notes, the Class C Notes, the Class D Notes, the
		Class E Notes, the Class F Notes and the Class G Notes to the
		extent and in the manner set forth in this Indenture including as set forth in
		Section 11.1(a) and hereinafter provided. If any Event of Default has
		not been cured or waived and acceleration occurs in accordance with
		Article 5, including as a result of an Event of Default specified
		in Section 5.1(f) or 5.1(g), the
		Class A-1 Notes, the Class A-2 Notes, the Class B Notes, the
		Class C Notes, the Class D Notes, the Class E Notes, the
		Class F Notes and the Class G Notes shall be paid in full before any
		further payment or distribution is made on account of the Class H
		Subordinate Interests. The Holders of the Class H Notes, the Class J
		Notes and the Class K Notes agree, for the benefit of the Holders of the
		Class A-1 Notes, the Class A-2 Notes, the Class B Notes, the
		Class C Notes, the Class D Notes, the Class E Notes, the
		Class F Notes and the Class G Notes and each Hedge Counterparty, not
		to cause the filing of a petition in bankruptcy against the Issuer for failure
		to pay to them amounts due under the Class H Notes, the Class J Notes
		and the 
	 

	 
		 
	 

	 
		 
	 

	 
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		Class K Notes hereunder until the
		payment in full of the Class A-1 Notes, the Class A-2 Notes, the
		Class B Notes, the Class C Notes, the Class D Notes, the
		Class E Notes, the Class F Notes and the Class G Notes and not
		before one year and one day, or if longer, the applicable preference period
		then in effect, has elapsed since such payment.
	 

	 
		(i) Anything in this Indenture or the Notes
		to the contrary notwithstanding, the Issuer and the Holders of the Class J
		Notes and the Class K Notes agree for the benefit of the Holders of the
		Class A-1 Notes, the Class A-2 Notes, the Class B Notes, the
		Class C Notes, the Class D Notes, the Class E Notes, the
		Class F Notes, the Class G Notes, the Class H Notes and each
		Hedge Counterparty that the Class J Notes and the Class K Notes and
		the Issuer’s rights in and to the Assets (the “Class J
		Subordinate Interests”) shall be
		subordinate and junior to the Class A-1 Notes, the Class A-2 Notes,
		the Class B Notes, the Class C Notes, the Class D Notes, the
		Class E Notes, the Class F Notes, the Class G Notes and the
		Class H Notes to the extent and in the manner set forth in this Indenture
		including as set forth in Section 11.1(a) and hereinafter provided. If any Event of Default has
		not been cured or waived and acceleration occurs in accordance with
		Article 5, including as a result of an Event of Default specified
		in Section 5.1(f) or 5.1(g), the
		Class A-1 Notes, the Class A-2 Notes, the Class B Notes, the
		Class C Notes, the Class D Notes, the Class E Notes, the
		Class F Notes, the Class G Notes and the Class H Notes shall be
		paid in full before any further payment or distribution is made on account of
		the Class J Subordinate Interests. The Holders of the Class J Notes
		and the Class K Notes agree, for the benefit of the Holders of the
		Class A-1 Notes, the Class A-2 Notes, the Class B Notes, the
		Class C Notes, the Class D Notes, the Class E Notes, the
		Class F Notes, the Class G Notes and the Class H Notes and each
		Hedge Counterparty, not to cause the filing of a petition in bankruptcy against
		the Issuer for failure to pay to them amounts due under the Class J Notes
		and the Class K Notes hereunder until the payment in full of the
		Class A-1 Notes, the Class A-2 Notes, the Class B Notes, the
		Class C Notes, the Class D Notes, the Class E Notes, the
		Class F Notes, the Class G Notes and the Class H Notes and not
		before one year and one day, or if longer, the applicable preference period
		then in effect, has elapsed since such payment.
	 

	 
		(j) Anything in this Indenture or the Notes
		to the contrary notwithstanding, the Issuer and the Holders of the Class K
		Notes agree for the benefit of the Holders of the Class A-1 Notes, the
		Class A-2 Notes, the Class B Notes, the Class C Notes, the
		Class D Notes, the Class E Notes, the Class F Notes, the
		Class G Notes, the Class H Notes, the Class J Notes and each
		Hedge Counterparty that the Class K Notes and the Issuer’s rights in
		and to the Assets (the “Class K
		Subordinate Interests”) shall be
		subordinate and junior to the Class A-1 Notes, the Class A-2 Notes,
		the Class B Notes, the Class C Notes, the Class D Notes, the
		Class E Notes, the Class F Notes, Class G Notes, Class H
		Notes and the Class J Notes to the extent and in the manner set forth in
		this Indenture including as set forth in Section 11.1(a) and hereinafter provided. If any Event of Default has
		not been cured or waived and acceleration occurs in accordance with
		Article 5, including as a result of an Event of Default specified
		in Section 5.1(f) or 5.1(g), the
		Class A-1 Notes, the Class A-2 Notes, the Class B Notes, the
		Class C Notes, the Class D Notes, the Class E Notes, the
		Class F Notes, the Class G Notes, Class H Notes and the
		Class J Notes shall be paid in full before any further payment or
		distribution is made on account of the Class K Subordinate Interests. The
		Holders of the Class K Notes agree, for the benefit of the Holders of the
		Class A-1 Notes, the Class A-2 Notes, the Class B Notes, the
		Class C Notes, the Class D Notes, the Class E Notes, the
		Class F Notes, the Class G Notes, Class H Notes and the
		Class J Notes and each Hedge Counterparty, not to cause the filing of a
		petition in
	 

	 
		 
	 

	 
		 
	 

	 
		-245-
	 

	 
		 
	 

	 
	 

	 

	 
		bankruptcy against the Issuer for failure to
		pay to them amounts due under the Class K Notes hereunder until the
		payment in full of the Class A-1 Notes, the Class A-2 Notes, the
		Class B Notes, the Class C Notes, the Class D Notes, the
		Class E Notes, the Class F Notes, the Class G Notes, the
		Class H Notes and the Class J Notes and not before one year and one
		day, or if longer, the applicable preference period then in effect, has elapsed
		since such payment.
	 

	 
		(k) As provided by the Notes, in the event
		that notwithstanding the provisions of the Notes and this Indenture, any holder
		of any Subordinate Interests shall have received any payment or distribution in
		respect of such Subordinate Interests contrary to the provisions of this
		Indenture, then, unless and until the Class A-1 Notes, the Class A-2
		Notes, the Class B Notes, the Class C Notes, the Class D Notes,
		the Class E Notes, the Class F Notes, the Class G Notes, the
		Class H Notes and the Class J Notes, as the case may be, shall have
		been paid in full in accordance with this Indenture, such payment or
		distribution shall be received and held in trust for the benefit of, and shall
		forthwith be paid over and delivered to, the Trustee, which shall pay and
		deliver the same to the Holders of the Class A-1 Notes, the Class A-2
		Notes, the Class B Notes, the Class C Notes, the Class D Notes,
		the Class E Notes, the Class F Notes, the Class G Notes, the
		Class H Notes and the Class J Notes, as the case may be, in
		accordance with this Indenture.
	 

	 
		(l) Each Holder of Subordinate Interests
		agrees with all Holders of the Class A-1 Notes, the Class A-2 Notes,
		the Class B Notes, the Class C Notes, the Class D Notes, the
		Class E Notes, the Class F Notes, the Class G Notes, the
		Class H Notes and the Class J Notes, as the case may be, that such
		Holder of Subordinate Interests shall not demand, accept, or receive any
		payment or distribution in respect of such Subordinate Interests in violation
		of the provisions of this Indenture including this Section 13.1; provided,
		however, that after the Class A-1
		Notes, the Class A-2 Notes, the Class B Notes, the Class C
		Notes, the Class D Notes, the Class E Notes, the Class F Notes,
		the Class G Notes, the Class H Notes and the Class J Notes, as
		the case may be, have been paid in full, the Holders of Subordinate Interests
		shall be fully subrogated to the rights of the Holders of the Class A
		Notes, the Class B Notes, the Class C Notes, the Class D Notes,
		the Class E Notes, the Class F Notes, the Class G Notes, the
		Class H Notes and the Class J, Notes, as the case may be. Nothing in
		this Section 13.1 shall affect the obligation of the Issuer to pay
		Holders of Subordinate Interests.
	 

	 
		Section 13.2 Standard of Conduct.
	 

	 
		In exercising any of its or their voting
		rights, rights to direct and consent or any other rights as a Securityholder
		under this Indenture, subject to the terms and conditions of this Indenture,
		including, without limitation, Section 5.9, a Securityholder or Securityholders shall not have any
		obligation or duty to any Person or to consider or take into account the
		interests of any Person and shall not be liable to any Person for any action
		taken by it or them or at its or their direction or any failure by it or them
		to act or to direct that an action be taken, without regard to whether such
		action or inaction benefits or adversely affects any Securityholder, the
		Issuer, or any other Person, except for any liability to which such
		Securityholder may be subject to the extent the same results from such
		Securityholder’s taking or directing an action, or failing to take or
		direct an action, in bad faith or in violation of the express terms of this
		Indenture.
	 

	 
		 
	 

	 
		 
	 

	 
		-246-
	 

	 
		 
	 

	 
	 

	 

	 
		ARTICLE 14
	 

	 
		MISCELLANEOUS
	 

	 
		Section 14.1 Form of Documents Delivered
		to the Trustee.
	 

	 
		In any case where several matters are
		required to be certified by, or covered by an opinion of, any specified Person,
		it is not necessary that all such matters be certified by, or covered by the
		opinion of, only one such Person, or that they be so certified or covered by
		only one document, but one such Person may certify or give an opinion with
		respect to some matters and one or more other such Persons as to other matters,
		and any such Person may certify or give an opinion as to such matters in one or
		several documents.
	 

	 
		Any certificate or opinion of an Authorized
		Officer of the Issuer or the Co-Issuer may be based, insofar as it relates to
		legal matters, upon a certificate or opinion of, or representations by,
		counsel, unless such Authorized Officer knows, or in the exercise of reasonable
		care should know, that the certificate or opinion or representations with
		respect to the matters upon which his certificate or opinion is based are
		erroneous. Any such certificate of an Authorized Officer of the Issuer or the
		Co-Issuer or Opinion of Counsel may be based, insofar as it relates to factual
		matters, upon a certificate or opinion of, or representations by, the Issuer,
		the Co-Issuer, the Collateral Manager or any other Person, stating that the
		information with respect to such factual matters is in the possession of the
		Issuer, the Co-Issuer, the Collateral Manager or such other Person, unless such
		Authorized Officer of the Issuer or the Co-Issuer or such counsel knows that
		the certificate or opinion or representations with respect to such matters are
		erroneous. Any Opinion of Counsel may also be based, insofar as it relates to
		factual matters, upon a certificate or opinion of, or representations by, an
		Authorized Officer of the Issuer or the Co-Issuer, stating that the information
		with respect to such matters is in the possession of the Issuer or the
		Co-Issuer, unless such counsel knows that the certificate or opinion or
		representations with respect to such matters are erroneous.
	 

	 
		Where any Person is required to make, give
		or execute two or more applications, requests, consents, certificates,
		statements, opinions or other instruments under this Indenture, they may, but
		need not, be consolidated and form one instrument.
	 

	 
		Whenever in this Indenture it is provided
		that the absence of the occurrence and continuation of a Default or Event of
		Default is a condition precedent to the taking of any action by the Trustee at
		the request or direction of the Issuer or the Co-Issuer, then notwithstanding
		that the satisfaction of such condition is a condition precedent to the
		Issuer’s or the Co-Issuer’s rights to make such request or direction,
		the Trustee shall be protected in acting in accordance with such request or
		direction if it does not have knowledge of the occurrence and continuation of
		such Default or Event of Default as provided in Section 6.1(e).
	 

	 
		Section 14.2 Acts of Securityholders.
	 

	 
		(a) Any request, demand, authorization,
		direction, notice, consent, waiver or other action provided by this Indenture
		to be given or taken by Securityholders may be embodied
	 

	 
		 
	 

	 
		 
	 

	 
		-247-
	 

	 
		 
	 

	 
	 

	 

	 
		in and evidenced by one or more instruments
		of substantially similar tenor signed by such Securityholders in person or by
		an agent duly appointed in writing; and, except as herein otherwise expressly
		provided, such action shall become effective when such instrument or
		instruments are delivered to the Trustee, and, where it is hereby expressly
		required, to the Issuer and/or the Co-Issuer. Such instrument or instruments
		(and the action or actions embodied therein and evidenced thereby) are herein
		sometimes referred to as the “Act” of the Securityholders signing
		such instrument or instruments. Proof of execution of any such instrument or of
		a writing appointing any such agent shall be sufficient for any purpose of this
		Indenture and conclusive in favor of the Trustee, the Issuer and the Co-Issuer,
		if made in the manner provided in this Section 14.2.
	 

	 
		(b) The fact and date of the execution by
		any Person of any such instrument or writing may be proved in any manner which
		the Trustee deems sufficient.
	 

	 
		(c) The principal amount and registered
		numbers of Notes held by any Person, and the date of his holding the same,
		shall be proved by the Notes Register. The registered numbers of the Preferred
		Shares held by any Person, and the date of his holding the same, shall be
		proved by the register maintained with respect to the Preferred Shares.
	 

	 
		(d) Any request, demand, authorization,
		direction, notice, consent, waiver or other action by the Securityholder shall
		bind such Securityholder (and any transferee thereof) of such Security and of
		every Security issued upon the registration thereof or in exchange therefor or
		in lieu thereof, in respect of anything done, omitted or suffered to be done by
		the Trustee, the Preferred Shares Paying Agent, the Shares Registrar, the
		Issuer or the Co-Issuer in reliance thereon, whether or not notation of such
		action is made upon such Security.
	 

	 
		Section 14.3 Notices, etc., to the Trustee, the Issuer, the
		Co-Issuer, the Collateral Manager, the Initial Purchasers, each Hedge
		Counterparty and each Rating Agency.
	 

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

	 
		(a) the Trustee by any Securityholder or by
		the Issuer or the Co-Issuer shall be sufficient for every purpose hereunder if
		made, given, furnished or filed in writing to and mailed, by certified mail,
		return receipt requested, hand delivered, sent by overnight courier service
		guaranteeing next day delivery or by telecopy in legible form, to the Trustee
		addressed to it at 181 West Madison Street, 32nd Floor, Chicago,
		Illinois, 60602 Attention: CDO Trust Services Group – Marathon Real Estate
		CDO 2006-1, facsimile number: (312) 904-0524, with a copy to its Corporate
		Trust Office, or at any other address previously furnished in writing to the
		Issuer, the Co-Issuer or Securityholders by the Trustee;
	 

	 
		(b) the Issuer by the Trustee or by any
		Securityholder shall be sufficient for every purpose hereunder (unless
		otherwise herein expressly provided) if in writing and mailed, first class
		postage prepaid, hand delivered, sent by overnight courier service or by
		telecopy in legible form, to the Issuer addressed to it c/o Maples Finance
		Limited, P.O. Box 1093GT, Queensgate House, South Church Street, George Town,
		Grand Cayman, Cayman Islands, 
	 

	 
		 
	 

	 
		 
	 

	 
		-248-
	 

	 
		 
	 

	 
	 

	 

	 
		facsimile number: 345-945-7100, Attention:
		The Directors, or at any other address previously furnished in writing to the
		Trustee by the Issuer, with a copy to the Collateral Manager at its address set
		forth below;
	 

	 
		(c) the Co-Issuer by the Trustee or by any
		Securityholder shall be sufficient for every purpose hereunder (unless
		otherwise herein expressly provided) if in writing and mailed, first class
		postage prepaid, hand delivered, sent by overnight courier service or by
		telecopy in legible form, to the Co-Issuer addressed to it in c/o National
		Registered Agents, Inc., 160 Greentree Drive, Suite 101, Dover, Delaware 19904,
		facsimile number: (609) 716-0820, or at any other address previously furnished
		in writing to the Trustee by the Co-Issuer, with a copy to the Collateral
		Manager at its address set forth below;
	 

	 
		(d) the Preferred Shares Paying Agent shall
		be sufficient for every purpose hereunder if made, given, furnished or filed in
		writing to and mailed, by certified mail, return receipt requested, hand
		delivered, sent by overnight courier service guaranteeing next day delivery or
		by telecopy in legible form, to the Preferred Shares Paying Agent addressed to
		it at 181 W. Madison, 32nd Floor, Chicago,
		Illinois 60602, Attention: CDO Trust Services Group Marathon Real Estate CDO
		2006-1, facsimile number: (312) 904-0524, or at any other address previously
		furnished in writing by the Trustee;
	 

	 
		(e) the Collateral Manager by the Issuer,
		the Co-Issuer or the Trustee shall be sufficient for every purpose hereunder if
		in writing and mailed, first class postage prepaid, hand delivered, sent by
		overnight courier service or by telecopy in legible form, to the Collateral
		Manager addressed to it at 461 Fifth Avenue, New York, New York 10017,
		Attention: Andrew Rabinowitz, facsimile number: (212) 381-4499, with a copy to
		Craig H. Thaler, facsimile number: (212) 381-4497, or at any other address
		previously furnished in writing to the Issuer, the Co-Issuer or the
		Trustee;
	 

	 
		(f) each Rating Agency, as applicable, by
		the Issuer, the Co-Issuer, the Collateral Manager or the Trustee shall be
		sufficient for every purpose hereunder (unless otherwise herein expressly
		provided) if in writing and mailed, first class postage prepaid, hand
		delivered, sent by overnight courier service or by telecopy in legible form, to
		each Rating Agency addressed to it at Standard & Poor’s Ratings
		Services, a division of The McGraw-Hill Companies, Inc., 55 Water Street, 41st
		Floor, New York, New York 10041-0003, facsimile no. (212) 438-2664, Attention:
		Structured Finance Ratings, Asset-Backed Securities CBO/CLO Surveillance (and
		by electronic mail at cdosurveillance@standardandpoors.com; provided that
		all reports required to be submitted to S&P pursuant to this Indenture only
		shall be provided in electronic form to such e-mail address); Moody’s
		Investor Services, Inc., 99 Church Street, New York, New York 10007, facsimile
		no.: (212) 553-4170, Attention: CBO/CLO Monitoring (or by electronic mail at
		cdomonitoring@moodys.com) and Fitch Ratings, One State Street Plaza, New York,
		New York 10004, facsimile no.: (212) 558-2415, Attention: Credit Products
		Surveillance–Additional Reporting (or by electronic mail at
		cdo.surveillance@fitchratings.com) or such other address that a Rating Agency
		shall designate in the future;
	 

	 
		(g) each Hedge Counterparty by the Issuer,
		the Co-Issuer, the Collateral Manager or the Trustee shall be sufficient for
		every purpose hereunder if in writing and mailed, first class postage prepaid,
		hand delivered, sent by overnight courier service or by telecopy in
	 

	 
		 
	 

	 
		 
	 

	 
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		legible form, to each Hedge Counterparty
		addressed to it at the address specified in the related Hedge Agreement or at
		any other address previously furnished in writing to the Issuer, the Co-Issuer,
		the Collateral Manager and the Trustee by each Hedge Counterparty; and
	 

	 
		(h) the Initial Purchasers by the Issuer,
		the Co-Issuer, the Trustee or the Collateral Manager shall be sufficient for
		every purpose hereunder if in writing and mailed, first class postage prepaid,
		hand delivered, sent by overnight courier service or by telecopy in legible
		form to the Initial Purchasers: if sent to Greenwich Capital Markets, Inc.,
		shall be delivered to it at 600 Steamboat Road, Greenwich, Connecticut 06830,
		Attention: Perry Gershon, Telecopy No.: (203) 618-2134 with a copy to Paul
		Stevelman, Esq., facsimile no.: (203) 618-2132; if sent to Credit Suisse
		Securities (USA) LLC, shall be delivered to it at 11 Madison Avenue, New York,
		New York 10010, Attention: Barry Polen, with a copy to Casey McCutcheon, Esq.,
		Legal Compliance Department, facsimile no.: (917) 846-9964; if sent to Deutsche
		Bank Securities Inc., shall be delivered to it at 60 Wall Street, New York, New
		York 10005, Attention: Emile Van den Bol, facsimile no.: (212) 797-4461; if
		sent to BB&T Capital Markets, a division of Scott & Stringfellow, Inc.,
		shall be delivered to it at 1133 Sixth Avenue, 27th Floor, New York,
		New York 10036, Attention: Paul Richardson, facsimile no.: (646) 390-8844; if
		sent to CIBC World Markets, at 300 Madison Avenue, 5th Floor, New York New York
		10017, Attention: John Rozario, facsimile no.: (212)856-6596. 
	 

	 
		Section 14.4 Notices to Noteholders; Waiver.
	 

	 
		Except as otherwise expressly provided
		herein, where this Indenture provides for notice to Holders of Notes of any
		event,
	 

	 
		(a) such notice shall be sufficiently given
		to Holders of Notes if in writing and mailed, first class postage prepaid, to
		each Holder of a Note affected by such event, at the address of such Holder as
		it appears in the Notes Register, not earlier than the earliest date and not
		later than the latest date, prescribed for the giving of such notice;
	 

	 
		(b) such notice shall be in the English
		language;
	 

	 
		(c) such notice shall also be provided to
		the Cayman Stock Exchange (for so long as any Notes are listed on the Cayman
		Stock Exchange); and
	 

	 
		(d) all reports or notices to Preferred
		Shareholders shall be sufficiently given if provided in writing and mailed,
		first class postage prepaid, to the Preferred Shares Paying Agent.
	 

	 
		Notwithstanding clause (a) above, a
		Holder of Notes may give the Trustee written notice that it is requesting that
		notices to it be given by facsimile transmissions and stating the facsimile
		number for such transmission. Thereafter, the Trustee shall give notices to
		such Holder by facsimile transmission; provided that if
		such notice also requests that notices be given by mail, then such notice shall
		also be given by mail in accordance with clause (a) above.
	 

	 
		The Trustee shall deliver to the Holders of
		the Notes any information or notice requested to be so delivered by at least
		25% of the Holders of any Class of Notes.
	 

	 
		 
	 

	 
		 
	 

	 
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		Neither the failure to mail any notice, nor
		any defect in any notice so mailed, to any particular Holder of a Note shall
		affect the sufficiency of such notice with respect to other Holders of Notes.
		In case by reason of the suspension of regular mail service or by reason of any
		other cause, it shall be impracticable to give such notice by mail, then such
		notification to Holders of Notes shall be made with the approval of the Trustee
		and shall constitute sufficient notification to such Holders of Notes for every
		purpose hereunder.
	 

	 
		Where this Indenture provides for notice in
		any manner, such notice may be waived in writing by any Person entitled to
		receive such notice, either before or after the event, and such waiver shall be
		the equivalent of such notice. Waivers of notice by Noteholders shall be filed
		with the Trustee but such filing shall not be a condition precedent to the
		validity of any action taken in reliance upon such waiver.
	 

	 
		In the event that, by reason of the
		suspension of the regular mail service as a result of a strike, work stoppage
		or similar activity, it shall be impractical to mail notice of any event to
		Noteholders when such notice is required to be given pursuant to any provision
		of this Indenture, then any manner of giving such notice as shall be
		satisfactory to the Trustee shall be deemed to be a sufficient giving of such
		notice.
	 

	 
		For so long as any Notes are listed on the
		Cayman Stock Exchange and the rules of such exchange so require, all notices to
		Noteholders of such Notes will be published in the Daily Official List of the
		Cayman Stock Exchange.
	 

	 
		Section 14.5 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 14.6 Successors and Assigns.
	 

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

	 
		Section 14.7 Severability.
	 

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

	 
		Section 14.8 Benefits of Indenture.
	 

	 
		Nothing in this Indenture or in the
		Securities, expressed or implied, shall give to any Person, other than
		(i) the parties hereto and their successors hereunder and (ii) the
		Collateral Manager, each Hedge Counterparty, the Preferred Shareholders, the
		Preferred Shares Paying Agent, the Shares Registrar, the Noteholders and the
		CDO Servicer (each of whom, in the case of this subclause (ii), shall be
		an express third party beneficiary hereunder), any benefit or any legal or
		equitable right, remedy or claim under this Indenture.
	 

	 
		 
	 

	 
		 
	 

	 
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		Section 14.9 Governing Law.
	 

	 
		THIS INDENTURE AND EACH NOTE SHALL BE
		CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF STATE OF NEW YORK
		APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED THEREIN WITHOUT REGARD TO
		CONFLICT OF LAWS PRINCIPLES.
	 

	 
		Section 14.10 Submission to Jurisdiction.
	 

	 
		Each of the Issuer and the Co-Issuer hereby
		irrevocably submits to the non-exclusive jurisdiction of any New York State or
		federal court sitting in the Borough of Manhattan in The City of New York in
		any action or proceeding arising out of or relating to the Notes or this
		Indenture, and each of the Issuer and the Co-Issuer hereby irrevocably agrees
		that all claims in respect of such action or proceeding may be heard and
		determined in such New York State or federal court. Each of the Issuer and the
		Co-Issuer hereby irrevocably waives, to the fullest extent that they may
		legally do so, the defense of an inconvenient forum to the maintenance of such
		action or proceeding. Each of the Issuer and the Co-Issuer irrevocably consents
		to the service of any and all process in any action or proceeding by the
		mailing or delivery of copies of such process to it at the office of the
		Issuer’s and the Co-Issuer’s agent set forth in Section 7.2. Each of the Issuer and the Co-Issuer agrees that a
		final judgment in any such action or proceeding shall be conclusive and may be
		enforced in other jurisdictions by suit on the judgment or in any other manner
		provided by law.
	 

	 
		Section 14.11 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 14.12 Liability of Co-Issuers.
	 

	 
		Notwithstanding any other terms of this
		Indenture, the Notes or any other agreement entered into between,
		inter alios, the Issuer and the Co-Issuer or otherwise, neither the
		Issuer nor the Co-Issuer shall have any liability whatsoever to the Co-Issuer
		or the Issuer, respectively, under this Indenture, the Notes, any such
		agreement or otherwise and, without prejudice to the generality of the
		foregoing, neither the Issuer nor the Co-Issuer shall be entitled to take any
		steps to enforce, or bring any action or proceeding, in respect of this
		Indenture, the Notes, any such agreement or otherwise against the other
		Co-Issuer or the Issuer, respectively. In particular, neither the Issuer nor
		the Co-Issuer shall be entitled to petition or take any other steps for the
		winding up or bankruptcy of the Co-Issuer or the Issuer, respectively or shall
		have any claim in respect of any assets of the Co-Issuer or the Issuer,
		respectively.
	 

	 
		 
	 

	 
		 
	 

	 
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		ARTICLE 15
	 

	 
		ASSIGNMENT OF COLLATERAL DEBT SECURITIES
		TRANSFER AGREEMENTS
	 

	 
		AND COLLATERAL MANAGEMENT
		AGREEMENT
	 

	 
		Section 15.1 Assignment of Collateral Debt Securities Transfer
		Agreement and the Collateral Management Agreements.
	 

	 
		(a) The Issuer, in furtherance of the
		covenants of this Indenture and as security for the Notes and amounts payable
		to the Secured Parties hereunder and the performance and observance of the
		provisions hereof, hereby collaterally assigns, transfers, conveys and sets
		over to the Trustee, for the benefit of the Noteholders and each Hedge
		Counterparty, all of the Issuer’s estate, right, title and interest in, to
		and under each Collateral Debt Securities Transfer Agreement (now or hereafter
		entered into) and the Collateral Management Agreement (each, an
		“Article 15
		Agreement”), including, without
		limitation, (i) the right to give all notices, consents and releases
		thereunder, (ii) the right to give all notices of termination and to take
		any legal action upon the breach of an obligation of a Seller, the Depositor or
		the Collateral Manager thereunder, including the commencement, conduct and
		consummation of proceedings at law or in equity, (iii) the right to
		receive all notices, accountings, consents, releases and statements thereunder
		and (iv) the right to do any and all other things whatsoever that the
		Issuer is or may be entitled to do thereunder; provided,
		however, the Trustee hereby grants the
		Issuer a license to exercise all of the Issuer’s rights pursuant to the
		Article 15 Agreements without notice to or the consent of the Trustee
		(except as otherwise expressly required by this Indenture, including, without
		limitation, as set forth in subsection (f) of this Section 15.1) which license shall be and is hereby deemed to be
		automatically revoked upon the occurrence of an Event of Default hereunder
		until such time, if any, as such Event of Default is cured or waived.
	 

	 
		(b) The assignment made hereby is executed
		as collateral security, and the execution and delivery hereby shall not in any
		way impair or diminish the obligations of the Issuer under the provisions of
		each of the Article 15 Agreements, nor shall any of the obligations
		contained in each of the Article 15 Agreements be imposed on the
		Trustee.
	 

	 
		(c) Upon the retirement of the Notes, the
		payment by the Issuer of all amounts payable under each Hedge Agreement and the
		release of the Assets from the lien of this Indenture, this assignment and all
		rights herein assigned to the Trustee for the benefit of the Noteholders and
		each Hedge Counterparty shall cease and terminate and all the estate, right,
		title and interest of the Trustee in, to and under each of the Article 15
		Agreements shall revert to the Issuer and no further instrument or act shall be
		necessary to evidence such termination and reversion.
	 

	 
		(d) The Issuer represents that it has not
		executed any assignment of any of the Article 15 Agreements other than
		this collateral assignment.
	 

	 
		(e) The Issuer agrees that this assignment
		is irrevocable, and that it shall not take any action which is inconsistent
		with this assignment or make any other assignment inconsistent herewith. The
		Issuer shall, from time to time upon the request of the Trustee, 
	 

	 
		 
	 

	 
		 
	 

	 
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		execute all instruments of further assurance
		and all such supplemental instruments with respect to this assignment as the
		Trustee may specify.
	 

	 
		(f) The Issuer hereby agrees, and hereby
		undertakes to obtain the agreement and consent of the Seller, the Depositor and
		the Collateral Manager, as applicable, in the Collateral Debt Securities
		Transfer Agreements and the Collateral Management Agreement, as applicable, to
		the following:
	 

	 
		(i) each of the Seller, the Depositor and
		the Collateral Manager consents to the provisions of this collateral
		assignment;
	 

	 
		(ii) each of the Seller, the Depositor and
		the Collateral Manager, as applicable, acknowledges that the Issuer is
		collaterally assigning all of its right, title and interest in, to and under
		the Collateral Debt Securities Transfer Agreements and the Collateral
		Management Agreement, as applicable, to the Trustee for the benefit of the
		Noteholders, each Hedge Counterparty and each of the Seller, the Depositor and
		the Collateral Manager, as applicable, agrees that all of the representations,
		covenants and agreements made by each of the Seller, the Depositor and the
		Collateral Manager, as applicable, in the applicable Article 15 Agreement
		are also for the benefit of, and enforceable by, the Trustee on behalf of the
		Secured Parties;
	 

	 
		(iii) each of the Seller, the Depositor and
		the Collateral Manager, as applicable, shall deliver to the Trustee duplicate
		original copies of all notices, statements, communications and instruments
		delivered or required to be delivered to the Issuer pursuant to the applicable
		Article 15 Agreement;
	 

	 
		(iv) none of the Issuer, the Seller, the
		Depositor or the Collateral Manager shall enter into any agreement amending,
		modifying or terminating the applicable Article 15 Agreement, (other than
		in respect of an amendment or modification to cure any inconsistency, ambiguity
		or manifest error) or selecting or consenting to a successor collateral
		manager, without notifying each Rating Agency and without the prior written
		consent and written confirmation of each Rating Agency that such amendment,
		modification or termination will not cause its then-current ratings of the
		Notes to be reduced;
	 

	 
		(v) except as otherwise set forth herein and
		therein (including, without limitation, pursuant to Sections 12
		and 13 of the Collateral Management Agreement), the Collateral
		Manager shall continue to serve as Collateral Manager under the Collateral
		Management Agreement, notwithstanding that the Collateral Manager shall not
		have received amounts due it under the Collateral Management Agreement because
		sufficient funds were not then available hereunder to pay such amounts pursuant
		to the Priority of Payments. The Collateral Manager agrees not to cause the
		filing of a petition in bankruptcy against the Issuer for the nonpayment of the
		fees or other amounts payable to the Collateral Manager under the Collateral
		Management Agreement until the payment in full of all Notes issued under this
		Indenture and the expiration of a period equal to one year and one day or, if
		longer, the applicable preference period under Cayman Islands, United States
		Federal or State bankruptcy laws, following such payment; and
	 

	 
		 
	 

	 
		 
	 

	 
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		(vi) the Collateral Manager irrevocably
		submits to the non-exclusive jurisdiction of any New York State or federal
		court sitting in the Borough of Manhattan in The City of New York in any action
		or proceeding arising out of or relating to the Notes or this Indenture, and
		the Collateral Manager irrevocably agrees that all claims in respect of such
		action or proceeding may be heard and determined in such New York State or
		federal court. The Collateral Manager irrevocably waives, to the fullest extent
		it may legally do so, the defense of an inconvenient forum to the maintenance
		of such action or proceeding. The Collateral Manager irrevocably consents to
		the service of any and all process in any action or Proceeding by the mailing
		by certified mail, return receipt requested, or delivery requiring signature
		and proof of delivery of copies of such initial process to it at 461 Fifth
		Avenue, New York, New York 10017, Attention: Andrew Rabinowitz, facsimile
		number: (212) 381-4499, with a copy to Craig H. Thaler, facsimile number: (212)
		381-4497. The Collateral Manager agrees that a final and non-appealable
		judgment by a court of competent jurisdiction in any such action or proceeding
		shall be conclusive and may be enforced in other jurisdictions by suit on the
		judgment or in any other manner provided by law.
	 

	 
		 
	 

	 
		 
	 

	 
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		ARTICLE 16
	 

	 
		HEDGE AGREEMENT; CURE RIGHTS; PURCHASE
		RIGHTS; SUBSEQUENT
	 

	 
		COLLATERAL DEBT SECURITIES; PROVISIONS
		RELATED TO SERIES TRUSTS
	 

	 
		Section 16.1 Issuer’s Obligations under Hedge
		Agreement.
	 

	 
		(a) On the Closing Date and thereafter, and
		on and after any date on which the Issuer enters into an additional or
		replacement Hedge Agreement (including any related Hedge Counterparty Credit
		Support), the Issuer as directed by the Collateral Manager shall
		(i) require that each Hedge Counterparty thereto, or any third party
		(including an Affiliate of such Hedge Counterparty) that (A) has
		absolutely and unconditionally guaranteed the obligations of the Hedge
		Counterparty under the related Hedge Agreement (with such form of guaranty as
		shall be satisfactory to each Rating Agency then rating any Notes hereunder),
		(B) has entered into credit intermediation arrangements in respect of the
		obligations of the Hedge Counterparty under the related Hedge Agreement
		satisfactory to each Rating Agency then rating any Notes hereunder, (C) is
		the issuing bank on one or more letters of credit supporting the obligations of
		the Hedge Counterparty under the related Hedge Agreement and that shall be
		reasonably acceptable to each Rating Agency then rating any Notes hereunder or
		(D) has provided any other additional credit support and such inclusion of
		additional credit support shall have satisfied the Rating Agency Condition (any
		such third party, including an Affiliate of such Hedge Counterparty, a
		“Hedge Counterparty Credit Support
		Provider”)) has, at the time the
		Hedge Agreement is executed, with respect to itself as an issuer or with
		respect to its indebtedness, credit ratings at least equal to the Hedge
		Counterparty Collateral Threshold Ratings by each Rating Agency then rating any
		Notes hereunder, (ii) obtain a written confirmation from each Rating
		Agency then rating any Notes hereunder that any additional or replacement Hedge
		Agreement and the related Hedge Counterparty would not cause such Rating
		Agency’s then-current rating on any Class of Notes to be adversely
		qualified, reduced, suspended or withdrawn and (iii) assign and grant a
		security interest in such Hedge Agreement to the Trustee pursuant to this
		Indenture. Each Hedge Agreement will provide that no amendment, modification or
		waiver in respect of such Hedge Agreement, including any additional or
		replacement Hedge Agreement will be effective unless (A) evidenced by a
		writing executed by each party thereto, (B) the Trustee has acknowledged
		its consent thereto in writing and (C) each Rating Agency confirms that
		such amendment, modification or waiver will not cause the reduction or
		withdrawal of its then-current rating on any Class of Notes. For the avoidance
		of doubt, the Issuer may enter into any Hedge Agreement with respect to which
		the Rating Agency Condition is satisfied.
	 

	 
		(b) The Trustee shall, on behalf of the
		Issuer, pay amounts due to each Hedge Counterparty under the related Hedge
		Agreements in accordance with Section
		10.2(f), the Priority of Payments and
		Section 16.1(g) hereof.
	 

	 
		(c) The notional amount of certain Hedge
		Agreements providing for floating rate payments to the Issuer will be
		calculated as a percentage of the principal amount of the Notes originally
		anticipated to be Outstanding on each Payment Date based on certain
		assumptions. In accordance with the terms of each Hedge Agreement, such
		notional amount will be reduced by the Issuer (or the Collateral Manager on
		behalf of the Issuer) or each Hedge 
	 

	 
		 
	 

	 
		 
	 

	 
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		Counterparty on each Payment Date to the
		extent that (i) the outstanding principal amount of the Notes is less than
		the scheduled aggregate notional amount of the related Hedge Agreements for
		such Payment Date and/or (ii) the Net Outstanding Portfolio Balance is
		less than the scheduled aggregate notional amount of the related Hedge
		Agreements for such Payment Date; provided that if
		any Notes are then Outstanding, the Trustee shall first have received written
		evidence that the Rating Agency Condition with respect to Moody’s and
		S&P has been satisfied with respect to such reduction and Fitch shall have
		been notified of such reduction. Additionally, subject to satisfaction of the
		Rating Agency Condition with respect to Moody’s and S&P and the
		notification of Fitch in respect thereof, a termination in part of a Hedge
		Agreement and a corresponding reduction in the notional amount of the Hedge
		Agreement may occur, in the event of a Mandatory Redemption or Special
		Amortization of the Notes. The Issuer’s remaining obligations in
		accordance with the Priority of Payments will not be affected by any such
		reduction. Notwithstanding any right of the Issuer to terminate each Hedge
		Agreement or related Hedge Counterparty Credit Support upon the occurrence of a
		Termination Event or an Event of Default (each as defined in each Hedge
		Agreement) or otherwise pursuant to a Hedge Agreement, the Issuer shall not
		(x) terminate any Hedge Agreement or Hedge Counterparty Credit Support or
		(y) cause the non-replacement of any terminated Hedge Agreement, unless in
		each case the Issuer notifies Fitch thereof and obtains a written confirmation
		from Moody’s and S&P that such termination or non-replacement, as
		applicable, would not cause such Rating Agency’s then-current rating on
		any Class of Notes, as applicable, to be adversely qualified, reduced,
		suspended or withdrawn. 
	 

	 
		(d) Each Hedge Agreement shall provide for
		termination, and shall be capable of being terminated (i) by or on behalf
		of the Issuer upon the failure of the related Hedge Counterparty to post
		collateral under a Hedge Counterparty Credit Support within the time period
		specified in the related Hedge Agreement or provide other alternate credit
		enhancement in accordance with the related Hedge Agreement, and upon the
		failure of the related Hedge Counterparty to transfer (at the Hedge
		Counterparty’s sole cost and expense) all of its rights and obligations
		under the related Hedge Agreement to a Qualified Hedge Party within the time
		period specified in the related Hedge Agreement, after the failure of the
		related Hedge Counterparty (or any Hedge Counterparty Credit Support Provider)
		to have the Hedge Counterparty Collateral Threshold Ratings; (ii) by or on
		behalf of the Issuer upon the failure of the related Hedge Counterparty to
		transfer (at the related Hedge Counterparty’s sole cost and expense) all
		of its rights and obligations under the related Hedge Agreement to a Qualified
		Hedge Party within the time period specified in the related Hedge Agreement
		after the failure of the related Hedge Counterparty (or any Hedge Counterparty
		Credit Support Provider) to have the Hedge Counterparty Required Ratings
		(provided,
		however, that the related Hedge
		Counterparty shall continue to post collateral and use its best efforts to find
		a replacement pursuant to the related Hedge Agreement until the earlier to
		occur of termination of the related Hedge Agreement by or on behalf of the
		Issuer or consummation of a Permitted Transfer (as defined in and in accordance
		with the terms of the related Hedge Agreement)) unless the Issuer has received
		written confirmation from each Rating Agency that such failure would not cause
		such Rating Agency’s then-current rating on any Class of Notes to be
		adversely qualified, reduced, suspended or withdrawn, (iii) by the related
		Hedge Counterparty, upon the failure of the Issuer to make, when due, any
		scheduled periodic payments under the related Hedge Agreement, (iv) in
		whole or in part as provided in the related Hedge Agreement, upon the final
		sale of the Assets, an Auction Call Redemption, an Optional Redemption, a
		Clean-up Call or a Tax Redemption, (v) in 
	 

	 
	 

	 
		 
	 

	 
		 
	 

	 
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		part as provided in the related Hedge
		Agreement, subject to satisfaction of the Rating Agency Condition with respect
		to Moody’s and S&P, upon a Mandatory Redemption or a Special
		Amortization or (vi) as otherwise expressly provided for in the related
		Hedge Agreement. The Issuer shall satisfy the Rating Agency Condition with
		respect to Moody’s and S&P with respect to any such termination of any
		provision of Hedge Counterparty Credit Support and of any transfer of all of
		the rights and obligations of any Hedge Counterparty under any Hedge Agreement.
		Each Hedge Agreement shall provide that the Hedge Counterparty will agree that
		it will not file a petition in bankruptcy against the Issuer before one year
		and one day or, if longer, the applicable preference period then in effect,
		have elapsed since the final payments to the holders of the Notes.
	 

	 
		(e) The Trustee shall, on or prior to the
		Closing Date, establish a single, segregated trust account with respect to each
		Hedge Counterparty in the name of the Trustee, each designated as the
		“Hedge Collateral Account,” which shall be held in trust for the
		benefit of the Noteholders and the applicable Hedge Counterparty, over which
		the Trustee shall have exclusive control and the sole right of withdrawal, and
		in which no Person other than the Trustee and the Noteholders and the
		applicable Hedge Counterparty shall have any legal or beneficial interest. The
		Trustee shall deposit all collateral received from the related Hedge
		Counterparty under the related Hedge Agreement in the related Hedge Collateral
		Account. Any and all funds at any time on deposit in, or otherwise to the
		credit of, each Hedge Collateral Account shall be held in trust by the Trustee
		for the benefit of the Noteholders and for the related Hedge Counterparty in accordance with the
		terms of the Hedge Agreement. The only permitted withdrawal from or application
		of funds on deposit in, or otherwise to the credit of, each Hedge Collateral
		Account shall be (i) for application to obligations of the applicable
		Hedge Counterparty to the Issuer under the related Hedge Agreement in
		accordance with the terms of such Hedge Agreement or (ii) to return
		collateral to the applicable Hedge Counterparty when and as required by the
		related Hedge Agreement, which the Trustee shall return to the applicable Hedge
		Counterparty in accordance with the related Hedge Agreement. Each Hedge
		Collateral Account shall remain at all times with the Corporate Trust Office or
		a financial institution having a long-term debt rating at least equal to
		“A-” or “A2,” as applicable, or a short-term debt rating at
		least equal to “A-1,” “P-1” or “F1,” as
		applicable.
	 

	 
		(f) Upon the default by a Hedge Counterparty
		in the payment when due of its obligations to the Issuer under the related
		Hedge Agreement (following the expiration of any applicable grace period), the
		Trustee or the Collateral Manager shall forthwith provide facsimile notice
		thereof to the Issuer, each of the Rating Agencies and, if applicable, any
		Hedge Counterparty Credit Support Provider. When the Trustee becomes aware of
		such default, the Trustee shall make a demand on the applicable Hedge
		Counterparty, or any Hedge Counterparty Credit Support Provider, if applicable,
		demanding payment forthwith. The Trustee shall give notice to the Noteholders
		and further notice to the Collateral Manager upon the continuing failure by
		such Hedge Counterparty or any Hedge Counterparty Credit Support Provider to
		perform its obligations during the two Business Days following a demand made by
		the Trustee on such Hedge Counterparty or any such Hedge Counterparty Credit
		Support Provider.
	 

	 
		(g) Upon the termination or partial
		termination of each Hedge Agreement, the Issuer at the direction of the
		Collateral Manager and the Trustee shall take such commercially reasonable
		actions (following the expiration of any applicable grace period and after
		the
	 

	 
		 
	 

	 
		 
	 

	 
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		expiration of the applicable time period set
		forth in the related Hedge Agreement) to enforce the rights of the Issuer and
		the Trustee thereunder as may be permitted by the terms of the related Hedge
		Agreement and consistent with the terms hereof, and shall apply the proceeds of
		any such actions (including, without limitation, the proceeds of the
		liquidation of any collateral pledged by or on behalf of each Hedge
		Counterparty) to enter into an additional or replacement Hedge Agreements on
		substantially identical terms or on such other terms as required by the related
		Hedge Counterparty to any such additional or replacement Hedge Agreement as
		each Rating Agency may confirm in writing would not cause such Rating
		Agency’s then-current rating of any Class of Notes, as applicable, to be,
		adversely qualified, reduced, suspended or withdrawn. The Trustee shall,
		promptly after the Closing Date, in respect of each Hedge Counterparty,
		establish a single segregated trust account in the name of the Trustee, each
		designated the “Hedge Termination Account,” which shall be held in
		trust for the benefit of the Noteholders and each Hedge Counterparty and over
		which the Trustee will have exclusive control and the sole right of withdrawal,
		and in each of which no person other than the Trustee, the Noteholders and the
		Hedge Counterparty will have any legal or beneficial interest. Each Hedge
		Termination Account shall remain at all times with the Corporate Trust Office
		or a financial institution having a long-term debt rating at least equal to
		“A-“ or “A2,” as applicable, or a short-term debt rating at
		least equal to “A-1,” “P-1” or “F1,” as
		applicable. Notwithstanding anything contained in this Indenture to the
		contrary, any payments (other than payments relating to past-due scheduled
		payments on a Hedge Agreement) received by the Issuer or Trustee in connection
		with either (x) the termination (in whole or in part) of a related Hedge
		Agreement or (y) the execution of an additional or replacement Hedge
		Agreements shall be immediately transferred to the Trustee for deposit into the
		related Hedge Termination Account. Any costs attributable to entering into an
		additional or replacement Hedge Agreements (other than in connection with a
		Permitted Transfer as provided for and defined in the related Hedge Agreement)
		with respect to the related Hedge Counterparty shall be paid from the related
		Hedge Termination Account, and any such amounts which are payable but exceed
		the balance in the related Hedge Termination Account shall be borne solely by
		the Issuer and shall constitute expenses payable under clause (33) of
		Section 11.1(a)(i) hereof. Additionally, any amounts that are due and
		payable to a Hedge Counterparty upon a termination of a Hedge Agreement shall
		be paid from any amounts on deposit in the related Hedge Termination Account,
		and, to the extent the amounts on deposit in such Hedge Termination Account are
		insufficient to pay all such amounts, then such amounts will be payable in
		accordance with Sections 11.1(a)(i) and (ii) hereof. Any amounts remaining on deposit in a
		Hedge Termination Account related to a Hedge Agreement following payment to the
		Hedge Counterparty shall be transferred to the Principal Collection Account and
		shall constitute Principal Proceeds. If determining the amount payable under
		the terminated Hedge Agreement, the Issuer or the Collateral Manager on behalf
		of the Issuer shall seek quotations in accordance with the terms of the related
		Hedge Agreement from reference market-makers who satisfy the definition of
		Qualified Hedge Party herein. Each Hedge Agreement may provide that the
		applicable Hedge Counterparty is responsible for determining the amounts
		payable in certain circumstances. In addition, the Issuer or the Collateral
		Manager on behalf of the Issuer shall use commercially reasonable efforts to
		cause the termination of the related Hedge Agreement to become effective
		simultaneously with the effectiveness of a replacement thereto, described as
		aforesaid.
	 

	 
		(h) Notwithstanding anything to the contrary
		set forth herein, for so long as any Class of Notes is Outstanding under this
		Indenture and is rated by Fitch, if any Hedge 
	 

	 
		 
	 

	 
		 
	 

	 
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		Counterparty fails to maintain the Hedge
		Counterparty Collateral Threshold Rating with respect to Fitch, then such Hedge
		Counterparty shall, within 30 days, at such Hedge Counterparty’s
		election,
	 

	 
		(iii) obtain a guaranty of its obligations
		under each related Hedge Agreements from a Person that satisfies the Hedge
		Counterparty Collateral Threshold Rating with respect to Fitch;
	 

	 
		(iv) assign its obligations under the
		related Hedge Agreement to a Person that satisfies the Hedge Counterparty
		Collateral Threshold Rating with respect to Fitch; or
	 

	 
		(v) post collateral in respect of its
		obligations under the related Hedge Agreement.
	 

	 
		In addition, for so long as any Class of
		Notes is Outstanding under this Indenture and are rated by Fitch, if any Hedge
		Counterparty fails to maintain a rating by Fitch of at least (i)
		“BBB+” to the extent such Person has a long-term rating only or (ii)
		“BBB+” to the extent such person has both a long-term and short-term
		rating and the short-term rating is “F2” and, then such Hedge
		Counterparty shall within 30 days, at such Hedge Counterparty’s expense,
		either (i) transfer and assign its obligations under each related Hedge
		Agreement to a substitute Hedge Counterparty that has the same rating level of
		such Hedge Counterparty before the downgrade or (ii) provide alternative credit
		support satisfactory to Fitch.
	 

	 
		(i) Notwithstanding anything to the contrary
		set forth herein, for so long as any Class of Notes is Outstanding under this
		Indenture and is rated by (i) S&P if any Hedge Counterparty falls below (A)
		a rating by S&P of at least “A+” (if such Hedge Counterparty does
		not have a short-term debt rating from S&P) or (B) a short-term debt rating
		by S&P of at least “A-1”, or (ii) Fitch if any Hedge Counterparty
		falls below (A) a rating by Fitch of at least “A” (if such Hedge
		Counterparty does not have a short-term debt rating from Fitch) or (B) a rating
		by Fitch of at least “A” to the extent such Hedge Counterparty has
		both a long-term and short-term rating and the short-term rating of at least
		“F1,” then such Hedge Counterparty shall, within 30 days, post
		collateral in respect of its obligations under the related Hedge
		Agreement.
	 

	 
		For so long as any Class of Notes is
		Outstanding under this Indenture, if any Hedge Counterparty ceases to satisfy
		the Hedge Counterparty Required Rating, then the related Hedge Agreement shall
		provide that such Hedge Counterparty shall be required (within the time period
		specified in the Hedge Agreement and at its own cost or benefit) to transfer
		all of its rights and obligations under the Hedge Agreement to another
		counterparty the ratings of which at least satisfy the Hedge Counterparty
		Collateral Threshold Rating.
	 

	 
		Section 16.2 Collateral Debt Securities Transfer
		Agreements.
	 

	 
		Following the Closing Date, unless a
		Collateral Debt Securities Transfer Agreement is necessary to comply with the
		provisions of this Indenture, the Issuer may acquire Collateral Debt Securities
		in accordance with customary settlement procedures in the relevant markets. In
		any event, the Issuer shall obtain from any seller of a Loan, all Underlying
		Instruments with respect to each Collateral Debt Security and all Underlying
		Instruments related 
	 

	 
		 
	 

	 
		 
	 

	 
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		to any related Senior Tranche that govern,
		directly or indirectly, the rights and obligations of the owner of the
		Collateral Debt Security with respect to the Underlying Term Loan, the
		Underlying Mortgage Property and the Collateral Debt Security and any
		certificate evidencing the Collateral Debt Security.
	 

	 
		Section 16.3 Cure Rights.
	 

	 
		(a) If the Issuer, as holder of a Loan, has
		the right pursuant to the related Underlying Instruments to cure an event of
		default on the Underlying Term Loan, the Collateral Manager may, in accordance
		with the Collateral Manager Servicing Standard and subject to the Servicing
		Standard Override, exercise such cure right and direct that an advance be made
		by the Advancing Agent, solely out of its own funds for such purpose, with
		respect to the Loan as a reimbursable Cure Advance, all such amounts as are
		necessary to effect the timely cure of such event of default pursuant to the
		terms of the related Underlying Instruments; provided that
		such advances may only be made to the extent that the Collateral Manager
		reasonably believes that (i) such cash advances can be repaid from future
		payments on the related underlying commercial mortgage loan and in accordance
		with the Collateral Manager Servicing Standard (but subject to the Servicing
		Standard Override) and (ii) the particular advance would not, if made,
		constitute a Nonrecoverable Cure Advance. The determination by the Collateral
		Manager that it has made a Nonrecoverable Cure Advance or that any proposed
		Cure Advance, if made, would constitute a Nonrecoverable Cure Advance shall be
		made by the Collateral Manager in its reasonable, good faith judgment in
		accordance with the Collateral Manager Servicing Standard (but subject to the
		Servicing Standard Override) and shall be evidenced by an Officer’s
		Certificate delivered promptly to the Trustee, setting forth the basis for such
		determination, accompanied by an appraisal, if available, or an Independent
		broker’s opinion of the value of the Underlying Mortgage Property and any
		information that the Collateral Manager may have obtained that supports such
		determination. The Advancing Agent will be entitled to reimbursement from any
		subsequent payments or recoveries on each Collateral Debt Security in respect
		of which it makes a Cure Advance in accordance with the Priority of Payments if
		such reimbursement would not cause an Interest Shortfall; provided that, if at any time the Collateral Manager shall
		determine (subject to the limitations set forth in this Indenture and the
		Collateral Management Agreement) that a Cure Advance previously made is a
		Nonrecoverable Cure Advance, the Advancing Agent shall be entitled to
		reimbursements for such Nonrecoverable Cure Advance from subsequent payments or
		collections with respect to the Assets on any Business Day during any Interest
		Accrual Period prior to the related Determination Date (or on a Payment Date
		prior to any payment of interest on or principal of the Notes in accordance
		with the Priority of Payments). Notwithstanding the foregoing, the Advancing
		Agent will be permitted (but not obligated) to defer or otherwise structure the
		timing of recovery of any Nonrecoverable Cure Advance in such manner as the
		Collateral Manager determines is in the best interest of the Holders of the
		Class A Notes and the Class B Notes, as a collective whole, which may
		include being reimbursed for such Nonrecoverable Cure Advance in installments.
		The Trustee will not serve as Back-Up Advancing Agent with respect to Cure
		Advances.
	 

	 
		(b) On the Business Day preceding each
		Determination Date, the Collateral Manager may request by Officer’s
		Certificate delivered to the Trustee, reimbursement for any (x) Cure
		Advance or (y) Nonrecoverable Cure Advance, from any amounts received with
		respect to the related Collateral Debt Security or the Assets, respectively. No
		later than the Payment 
	 

	 
		 
	 

	 
		 
	 

	 
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		Date related to the Determination Date for
		which the Collateral Manager has delivered an Officer’s Certificate
		requesting reimbursement of a Cure Advance or a Nonrecoverable Cure Advance,
		the Trustee shall transfer to the Collateral Manager, by wire transfer to an
		account identified to the Trustee in writing, the amount of such Cure Advance
		or Nonrecoverable Cure Advance, as applicable.
	 

	 
		(c) Notwithstanding anything to the contrary
		set forth herein, the Collateral Manager shall not be required to direct the
		making of any Cure Advance that it determines in its reasonable, good faith
		judgment would constitute a Nonrecoverable Cure Advance as determined pursuant
		to Section 16.3(a).
	 

	 
		Section 16.4 Purchase Right; Majority Preferred Shares
		Holder.
	 

	 
		If the Issuer, as holder of a Participation
		or B Note, has the right pursuant to the related Underlying Instruments to
		purchase any related Senior Tranche(s), the Issuer may, and shall if directed
		by the Holder of a Majority of the Preferred Shares, exercise such right, if
		the Collateral Manager determines, in accordance with the Collateral Manager
		Servicing Standard, that the exercise of the option would be in the best
		interest of the Noteholders, but may not exercise such right if the Collateral
		Manager determines otherwise. The Collateral Manager shall deliver to the
		Trustee an Officer’s Certificate certifying such determination,
		accompanied by an Act of the Majority Preferred Shares Holder directing the
		Issuer to exercise such right. In connection with the purchase of any such
		Senior Tranche(s), the Issuer shall assign to the Majority Preferred Shares
		Holder or its designee all of its right, title and interest in such Senior
		Tranche(s) in exchange for a purchase price (such price and any other
		associated expense of such exercise to be paid by the Majority Preferred Shares
		Holder) of the Senior Tranche(s) (or, if the Underlying Instruments permit, the
		Issuer may assign the purchase right to the Majority Preferred Shares Holder or
		its designee; otherwise the Majority Preferred Shares Holder or its designee
		shall fund the purchase by the Issuer, which shall then assign the Senior
		Tranche(s) to the Majority Preferred Shares Holder or its designee), which
		amount shall be delivered by the Majority Preferred Shares Holder or its
		designee from its own funds to or upon the instruction of the Collateral
		Manager in accordance with terms of the Underlying Instruments related to the
		acquisition of such Senior Tranche(s). The Trustee or the Issuer shall execute
		and deliver at the Majority Preferred Shares Holder’s direction such
		instruments of transfer or assignment prepared by the Majority Preferred Shares
		Holder, in each case without recourse, as shall be necessary to transfer title
		to the Majority Preferred Shares Holder or its designee of the Senior
		Tranche(s) and the Trustee shall have no responsibility with regard to such
		Senior Tranche(s). As long as the Issuer owns the related Collateral Debt
		Security, the Issuer shall not exercise any purchase rights with respect to a
		Participation or B Note that is a pari passu interest relative to another
		Participation or B Note related to the same mortgage loan; provided, however, that the Collateral Manager may (in accordance with the
		Collateral Manager Servicing Standard) assign such right to third parties to
		the extent that it is able to do so pursuant to the terms of the related
		Underlying Instruments.
	 

	 
		 
	 

	 
		 
	 

	 
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		Section 16.5 Representations and Warranties Related to Subsequent
		Collateral Debt Securities.
	 

	 
		(a) with respect to each Subsequent
		Collateral Debt Security, upon the acquisition of such Subsequent Collateral
		Debt Security by the Issuer, the Issuer shall obtain from Marathon Structured
		Finance Fund, L.P. or one of its affiliates or another entity as to which the
		Rating Condition with respect to S&P has been satisfied, the following
		representations and warranties:
	 

	 
		(i) In the case of a Whole Loan,
		representations and warranties in form and substance substantially similar to
		the representations and warranties set forth as Schedule H
		with respect to the Whole Loan; and
	 

	 
		(ii) in the case of a B Note, the
		representations and warranties in form and substance substantially similar to
		the representations and warranties set forth as Schedule I
		with respect to such B Note;
	 

	 
		(iii) in the case of a participation
		interest in a mortgage loan or a mezzanine loan (for purposes of Schedule J, a
		“Participation”), the representations and warranties in form and
		substance substantially similar to the representations and warranties set forth
		as Schedule J
		with respect to such Participation;
	 

	 
		(iv) in the case of a Mezzanine Loan, the
		representations and warranties in form and substance substantially similar to
		the representations and warranties set forth as Schedule K
		with respect to such Mezzanine Loan;
	 

	 
		(v) in the case of a CMBS Security, the
		representations and warranties in form and substance substantially similar to
		the representations and warranties set forth as Schedule L
		with respect to such CMBS Security; and
	 

	 
		(vi) in the case of a CRE CDO Security, the
		representations and warranties in form and substance substantially similar to
		the representations and warranties set forth as Schedule L
		with respect to such CRE CDO Security.
	 

	 
		(vii) in the case of an Asset Backed
		Security, the representations and warranties in form and substance
		substantially similar to the representations and warranties set forth as
		Schedule L with respect to such Asset Backed Security.
	 

	 
		(viii) in the case of a Synthetic Security,
		the representations and warranties in form and substance substantially similar
		to the representations and warranties set forth as Schedule L
		with respect to such Synthetic Security.
	 

	 
		(ix) in the case of a Credit Tenant Lease
		Loan, the representations and warranties in form and substance substantially
		similar to the representations and warranties set forth as Schedule M
		with respect to such Credit Tenant Lease Loan.
	 

	 
		(x) in the case of a Repurchase Facility or
		a Loan secured by an asset that would be eligible to be a Collateral Debt
		Security, the representations and warranties in 
	 

	 
		 
	 

	 
		 
	 

	 
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		form and substance substantially similar to
		the representations and warranties set forth as Schedule N
		with respect to such Repurchase Facility.
	 

	 
		(xi) in the case of a Real Estate Bank Loan,
		the representations and warranties in form and substance substantially similar
		to the representations and warranties set forth as Schedule O
		with respect to such Real Estate Bank Loan.
	 

	 
		(b) The representations and warranties in
		Section 16.5(a) with respect to the acquisition of a Subsequent
		Collateral Debt Security may be subject to any modification, exception,
		limitation or qualification that the Collateral Manager determines to be
		acceptable in accordance with the Collateral Manager Servicing Standard;
		provided that the Collateral Manager will provide each Rating
		Agency with a report attached to each Monthly Report identifying each such
		modification, exception, limitation or qualification received with respect to
		the acquisition of any Subsequent Collateral Debt Security during the period
		covered by the Monthly Report, which report may contain explanations by the
		Collateral Manager as to its determinations. In the event that any Seller
		provides the representations and warranties that are substantially similar to
		those set forth in Section
		16.5(a) for any Subsequent Collateral
		Debt Security, the Collateral Manager may substitute such representations and
		warranties with those set forth in Section 16.5(a)
		for the Seller’s representations and warranties for such Subsequent
		Collateral Debt Security.
	 

	 
		(c) The Issuer (or the Collateral Manager on
		behalf of the Issuer) shall obtain a covenant from the Person making any
		representation or warranty to the Issuer pursuant to Section 16.5(a) that such Person shall repurchase the related
		Collateral Debt Security if any such representation or warranty is breached
		(but only after the expiration of any permitted cure periods and failure to
		cure such breach). The purchase price for any Collateral Debt Security
		repurchased (the “Repurchase
		Price”) shall be a price equal to
		the sum of the following (in each case, without duplication) as of the date of
		such repurchase: (i) the outstanding principal amount thereof,
		plus (ii) accrued and unpaid interest on such
		Collateral Debt Security, plus
		(iii) any unreimbursed advances, plus
		(iv) accrued and unpaid interest on advances on the Collateral Debt
		Security, plus (v) any reasonable costs and expenses (including,
		but not limited to, the cost of any enforcement action, incurred by the Issuer
		or the Trustee in connection with any such purchase by a seller).
	 

	 
		Section 16.6 Operating Advisor; Additional Debt; Servicing Standard
		Override.
	 

	 
		(a) If the Issuer, as holder of a B Note, a
		Participation or a Mezzanine Loan, has the right pursuant to the related
		Underlying Instruments to appoint the operating advisor, directing holder or
		Person serving a similar function under the Underlying Instruments, each of the
		Issuer, the Trustee and the Collateral Manager shall take such actions as are
		reasonably necessary to appoint the Collateral Manager to such position. If the
		Issuer, as holder of a B Note, a Participation or a Mezzanine Loan, has
		the right pursuant to the related Underlying Instruments to consent to the
		related borrower incurring any additional debt, such consent will be subject to
		satisfaction of the Rating Agency Condition to the extent required by the CDO
		Servicing Agreement.
	 

	 
		 
	 

	 
		 
	 

	 
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		(b) Any of the Collateral Manager’s
		decisions that are made with respect to cure rights or consents under the
		Underlying Term Loan shall be subject to the Servicing Standard
		Override.
	 

	 
		Section 16.7 Form of Grantor Trust Agreements; Collateral Debt
		Securities Purchase Agreement.
	 

	 
		On the Closing Date, the Issuer will
		purchase the Initial Collateral Debt Securities (other than the Synthetic
		Securities) pursuant to the Collateral Debt Securities Transfer Agreement. To
		the extent required to satisfy the Eligibility Criteria set forth in
		Section 12.2(a), upon acquisition of Loans that are not Registered
		Loans (“Non-Registered
		Loans”), such Non-Registered Loan
		shall be deposited into a newly formed trust either before or at the time the
		Issuer acquires such Non-Registered Loan (individually or collectively, as the
		context may require, the “Underlying Trust”) which trust will be created under a series trust
		agreement (individually or collectively, as the context may require, the
		“Series Trust
		Agreement”) between the Issuer, as
		depositor, and LaSalle Bank National Association, as Underlying Trustee. The
		Underlying Trust will issue one or more Series Trust Interests (individually or
		collectively, as the context may require) each representing an interest in the
		related Non-Registered Loan. With respect to section 3.02 of the Master Trust
		Agreement, the Issuer hereby appoints the Collateral Manager as its United
		States representative.
	 

	 
		 
	 

	 
		 
	 

	 
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		ARTICLE 17
	 

	 
		 
	 

	 
		ADVANCING AGENT
	 

	 
		Section 17.1 Liability of the Advancing Agent.
	 

	 
		The Advancing Agent shall be liable in
		accordance herewith only to the extent of the obligations specifically imposed
		upon and undertaken by the Advancing Agent. The Advancing Agent shall promptly
		provide notice to the Issuer, the Co-Issuer, the Collateral Manager, each Hedge
		Counterparty and the Trustee of (i) any voluntary or involuntary proceeding or
		petition seeking winding up, liquidation, reorganization or other relief under
		any bankruptcy, insolvency, receivership or similar law now or hereinafter in
		effect, (ii) the appointment of a receiver, trustee, custodian, sequestrator,
		conservator or similar official for the Advancing Agent or for a substantial
		part of its assets and (iii) any general assignment made by the Advancing Agent
		for the benefit of its creditors.
	 

	 
		Section 17.2 Merger or Consolidation of the Advancing
		Agent.
	 

	 
		(a) The Advancing Agent will keep in full
		effect its existence, rights and franchises as a corporation under the laws of
		the jurisdiction in which it was formed, and will obtain and preserve its
		qualification to do business as a foreign corporation in each jurisdiction in
		which such qualification is or shall be necessary to protect the validity and
		enforceability of this Indenture to perform its duties under this
		Indenture.
	 

	 
		(b) Any Person into which the Advancing
		Agent may be merged or consolidated, or any corporation resulting from any
		merger or consolidation to which the Advancing Agent shall be a party, or any
		Person succeeding to the business of the Advancing Agent shall be the successor
		of the Advancing Agent, 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 (it being understood and agreed by the parties
		hereto that the consummation of any such transaction by the Advancing Agent
		shall have no effect on the Trustee’s obligations under Section 10.7, which obligations shall continue pursuant to the terms
		of Section 10.7).
	 

	 
		Section 17.3 Limitation on Liability of the Advancing Agent and
		Others.
	 

	 
		None of the Advancing Agent or any of its
		affiliates, directors, officers, employees or agents shall be under any
		liability for any action taken or for refraining from the taking of any action
		in good faith pursuant to this Indenture, or for errors in judgment;
		provided, however, that this provision shall not protect the Advancing
		Agent against liability to the Issuer or Noteholders for any breach of
		warranties or representations made herein or any liability which would
		otherwise be imposed by reason of willful misfeasance, bad faith or gross
		negligence in the performance of duties or by reason of negligent disregard of
		obligations and duties hereunder. The Advancing Agent and any director,
		officer, employee or agent of the Advancing Agent 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 Advancing Agent and 
	 

	 
		 
	 

	 
		 
	 

	 
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		any director, officer, employee or agent of
		the Advancing Agent shall be indemnified by the Issuer pursuant to the
		priorities set forth in Section 11.1(a) and held harmless against any loss, liability or
		expense incurred in connection with any legal action relating to this Indenture
		or the Notes, other than (with respect to the Advancing Agent) any loss,
		liability or expense (i) specifically required to be borne by the
		Advancing Agent pursuant to the terms hereof or otherwise incidental to the
		performance of obligations and duties hereunder (except as any such loss,
		liability or expense shall be otherwise reimbursable pursuant to this
		Indenture); or (ii) incurred by reason of any breach of a representation,
		warranty or covenant made herein, any misfeasance, bad faith or gross
		negligence by the Advancing Agent in the performance of its obligations or
		duties hereunder.
	 

	 
		Section 17.4 Representations and Warranties of the Advancing
		Agent.
	 

	 
		The Advancing Agent represents and warrants
		that:
	 

	 
		(a) the Advancing Agent (i) has been
		duly organized, is validly existing and is in good standing under the laws of
		the State of Delaware, (ii) has full power and authority to own the
		Advancing Agent’s assets and to transact the business in which it is
		currently engaged, and (iii) is duly qualified and in good standing under
		the laws of each jurisdiction where the Advancing Agent’s ownership or
		lease of property or the conduct of the Advancing Agent’s business
		requires, or the performance of this Indenture would require, such
		qualification, except for failures to be so qualified that would not in the
		aggregate have a material adverse effect on the ability of the Advancing Agent
		to perform its obligations under, or on the validity or enforceability of, the
		provisions of this Indenture applicable to the Advancing Agent;
	 

	 
		(b) the Advancing Agent has full power and
		authority to execute, deliver and perform this Indenture; this Indenture has
		been duly authorized, executed and delivered by the Advancing Agent and
		constitutes a legal, valid and binding agreement of the Advancing Agent,
		enforceable against it in accordance with the terms hereof, except that the
		enforceability hereof may be subject to (i) bankruptcy, insolvency,
		reorganization, moratorium or other similar laws now or hereafter in effect
		relating to creditors’ rights and (ii) general principles of equity
		(regardless of whether such enforcement is considered in a proceeding in equity
		or at law);
	 

	 
		(c) neither the execution and delivery of
		this Indenture nor the performance by the Advancing Agent of its duties
		hereunder conflicts with or will violate or result in a breach or violation of
		any of the terms or provisions of, or constitutes a default under: (i) 
		the limited partnership agreement of the Advancing Agent, (ii) the terms
		of any indenture, contract, lease, mortgage, deed of trust, note agreement or
		other evidence of indebtedness or other agreement, obligation, condition,
		covenant or instrument to which the Advancing Agent is a party or is bound,
		(iii) any law, decree, order, rule or regulation applicable to the
		Advancing Agent of any court or regulatory, administrative or governmental
		agency, body or authority or arbitrator having jurisdiction over the Advancing
		Agent or its properties, and which would have, in the case of any of (i), (ii)
		or (iii) of this subsection (c), either individually or in the
		aggregate, a material adverse effect on the ability of the Advancing Agent to
		perform its obligations under this Indenture;
	 

	 
		 
	 

	 
		 
	 

	 
		-267-
	 

	 
		 
	 

	 
	 

	 

	 
		(d) no litigation is pending or, to the best
		of the Advancing Agent’s knowledge, threatened, against the Advancing
		Agent that would materially and adversely affect the execution, delivery or
		enforceability of this Indenture or the ability of the Advancing Agent to
		perform any of its obligations under this Indenture in accordance with the
		terms hereof; and
	 

	 
		(e) no consent, approval, authorization or
		order of or declaration or filing with any government, governmental
		instrumentality or court or other person is required for the performance by the
		Advancing Agent of its duties hereunder, except such as have been duly made or
		obtained.
	 

	 
		Section 17.5 Resignation and Removal; Appointment of
		Successor.
	 

	 
		(a) No resignation or removal of the
		Advancing Agent and no appointment of a successor Advancing Agent pursuant to
		this Article 17 shall become effective until the acceptance of
		appointment by the successor Advancing Agent under Section 17.6.
	 

	 
		(b) The Advancing Agent may resign at any
		time by giving written notice thereof to the Issuer, the Co-Issuer, the
		Trustee, the Collateral Manager, each Hedge Counterparty, the Noteholders and
		each Rating Agency.
	 

	 
		(c) The Advancing Agent may be removed at
		any time by Act of the Holders of at least 66-2/3% of the Preferred Shares upon
		written notice delivered to the Trustee and to the Issuer and the
		Co-Issuer.
	 

	 
		(d) If the Advancing Agent fails to make an
		Interest Advance required by this Indenture with respect to a Distribution
		Date, the Trustee, in its capacity as Backup Advancing Agent, shall be required
		to make such Interest Advance and shall be entitled to receive, in
		consideration thereof, the Advancing Agent Fee (in lieu of the Backup Advancing
		Agent Fee) in accordance with the Priority of Payments. If the Advancing Agent
		fails to make a required Interest Advance and it has not determined such
		Interest Advance to be a Nonrecoverable Interest Advance, the Collateral
		Manager may, and at the direction of the Controlling Class shall, terminate
		such Advancing Agent and replace such Advancing Agent with a successor
		advancing agent the appointment of which satisfies the Rating Agency Condition.
		In the event that the Collateral Manager has not terminated and replaced such
		Advancing Agent within 30 days of such Advancing Agent’s failure to make a
		required Interest Advance, the Trustee may terminate such Advancing Agent and
		appoint a successor Advancing Agent.
	 

	 
		(e) Subject to Section 17.5(d), if the
		Advancing Agent shall resign or be removed, upon receiving such notice of
		resignation or removal, the Issuer and the Co-Issuer shall promptly appoint a
		successor advancing agent by written instrument, in duplicate, executed by an
		Authorized Officer of the Issuer and an Authorized Officer of the Co-Issuer,
		one copy of which shall be delivered to the Advancing Agent so resigning and
		one copy to the successor Advancing Agent, together with a copy to each
		Noteholder, the Trustee, each Hedge Counterparty and the Collateral Manager;
		provided that such successor Advancing Agent shall be appointed
		only subject to satisfaction of the Rating Agency Condition and upon the
		written consent of a Majority of the Preferred Shares. If no successor
		Advancing Agent shall have been appointed and an instrument of acceptance by a
		successor Advancing Agent shall not have been 
	 

	 
		 
	 

	 
		 
	 

	 
		-268-
	 

	 
		 
	 

	 
	 

	 

	 
		delivered to the Advancing Agent within
		30 days after the giving of such notice of resignation, the resigning
		Advancing Agent, the Trustee or any Preferred Shareholder, on behalf of himself
		and all others similarly situated, may petition any court of competent
		jurisdiction for the appointment of a successor Advancing Agent.
	 

	 
		(f) The Issuer and the Co-Issuer shall give
		prompt notice of each resignation and each removal of the Advancing Agent and
		each appointment of a successor Advancing Agent by mailing written notice of
		such event by first class mail, postage prepaid, to each Rating Agency, each
		Hedge Counterparty and to the Holders of the Notes as their names and addresses
		appear in the Notes Register.
	 

	 
		(g) No resignation or removal of the
		Advancing Agent and no appointment of a Successor Advancing Agent shall become
		effective until the acceptance of appointment by the Successor Advancing
		Agent.
	 

	 
		Section 17.6 Acceptance of Appointment by Successor Advancing
		Agent.
	 

	 
		(a) Every successor Advancing Agent
		appointed hereunder shall execute, acknowledge and deliver to the Issuer, the
		Co-Issuer, each Hedge Counterparty, the Collateral Manager, the Trustee and the
		retiring Advancing Agent an instrument accepting such appointment. Upon
		delivery of the required instruments, the resignation or removal of the
		retiring Advancing Agent shall become effective and such successor Advancing
		Agent, without any further act, deed or conveyance, shall become vested with
		all the rights, powers, trusts, duties and obligations of the retiring
		Advancing Agent.
	 

	 
		(b) No appointment of a successor Advancing
		Agent shall become effective unless each Rating Agency has confirmed in writing
		that the employment of such successor would not adversely affect the rating on
		the Notes.
	 

	 
		 
	 

	 
		 
	 

	 
		-269-
	 

	 
		 
	 

	 
	 

	 

	 
		IN WITNESS WHEREOF, the parties hereto have
		executed and delivered this Indenture as of the day and year first above
		written.
	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  Executed as a Deed
				

				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Marathon Real Estate CDO 2006-1,
				  Ltd., as Issuer
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  By: 
				

			 	
				
				   /s/ Hugh Thompson 
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name: Hugh Thompson

				  Title: Director
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  Witness:
				

			 	
				
				   
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Marathon Real Estate CDO 2006-1,
				  LLC, as Co-Issuer
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  By: 
				

			 	
				
				   /s/ Donald J. Puglisi 
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name: Donald J. Puglisi

				  Title: Manager
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  LaSalle Bank National Association,
				  solely as Trustee, Paying Agent, Calculation Agent, Transfer Agent, Custodial
				  Securities Intermediary, Backup Advancing Agent and Notes Registrar and not in
				  its individual capacity
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  By: 
				

			 	
				
				   /s/ Koren Sumser 
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name: Koren Sumser

				  Title: Senior Vice President
				

			 

 

	 
		 
	 

	 
		 
	 

	 
	 

	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  Marathon Structured Finance Fund,
				  L.P., as Advancing Agent
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  By: 
				

			 	
				
				   /s/ Andrew Rabinowitz 
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name: Andrew Rabinowitz, CPA,
				  ESQ.
 Title: Authorized Signatory

				

			 

 

	 
		 
	 

	 
		 
	 

   
	 
		IN WITNESS WHEREOF, the parties hereto have
		executed and delivered this Indenture as of the day and year first above
		written.
	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  Executed as a Deed
				

				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Marathon Real Estate CDO 2006-1,
				  Ltd., as Issuer
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  By: 
				

			 	
				
				   /s/ Hugh Thompson 
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name: Hugh Thompson

				  Title: Director
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  Witness:
				

			 	
				
				  /s/ Monique McLaughlin
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Marathon Real Estate CDO 2006-1,
				  LLC, as Co-Issuer
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  By: 
				

			 	
				
				   /s/ Donald J. Puglisi 
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name: Donald J. Puglisi

				  Title: Manager
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  LaSalle Bank National Association,
				  solely as Trustee, Paying Agent, Calculation Agent, Transfer Agent, Custodial
				  Securities Intermediary, Backup Advancing Agent and Notes Registrar and not in
				  its individual capacity
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  By: 
				

			 	
				
				   /s/ Koren Sumser 
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name: Koren Sumser

				  Title: Senior Vice President
				

			 

 

	 
		 
	 

	 
		 
	 

	 
	 

	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  Marathon Structured Finance Fund,
				  L.P., as Advancing Agent
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  By: 
				

			 	
				
				   /s/ Andrew Rabinowitz 
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name: Andrew Rabinowitz, CPA,
				  ESQ.
 Title: Authorized SignatoryNUMBER                                                          UNITS

U-__________

  SEE REVERSE FOR      INTERAMERICAN ACQUISITION GROUP INC.
CERTAIN DEFINITIONS

                                                                           CUSIP

          UNITS CONSISTING OF ONE SHARE OF COMMON STOCK AND ONE WARRANT
                   EACH TO PURCHASE ONE SHARE OF COMMON STOCK

THIS CERTIFIES THAT
                    ------------------------------------------------------------                                                                                                                                    -

is the owner of                                                           Units.
                ---------------------------------------------------------

Each Unit ("Unit") consists of one (1) share of common stock, par value $.0001
per share ("Common Stock"), of InterAmerican Acquisition Group Inc., a Delaware
corporation (the "Company"), and one warrant (the "Warrants"). Each Warrant
entitles the holder to purchase one (1) share of Common Stock for $5.00 per
share (subject to adjustment). Each Warrant will become exercisable on the later
of (i) the Company's completion of a merger, capital stock exchange, asset
acquisition or other similar business combination and (ii) ___________, 2008,
and will expire unless exercised before 5:00 p.m., New York City Time, on
____________, 2011, or earlier upon redemption (the "Expiration Date"). The
Common Stock and Warrants comprising the Units represented by this certificate
are not transferable separately prior to __________, 2007, subject to earlier
separation in the discretion of Chardan Capital Markets, LLC. The terms of the
Warrants are governed by a Warrant Agreement, dated as of _______, 2007, between
the Company and Continental Stock Transfer & Trust Company, as Warrant Agent,
and are subject to the terms and provisions contained therein, all of which
terms and provisions the holder of this certificate consents to by acceptance
hereof. Copies of the Warrant Agreement are on file at the office of the Warrant
Agent at 17 Battery Place, New York, New York 10004, and are available to any
Warrant holder on written request and without cost.

     This certificate is not valid unless countersigned by the Transfer Agent
     and Registrar of the Company. Witness the facsimile seal of the Company and
     the facsimile signature of its duly authorized officers.

                                 [SEAL OMITTED]
                      INTERAMERICAN ACQUISITION GROUP INC.
                                    CORPORATE
                                    DELAWARE
                                      SEAL
                                      2005

By

   -------------------------------               -------------------------------
       Chairman of the Board                                Secretary

                      INTERAMERICAN ACQUISITION GROUP INC.

     The Company will furnish without charge to each stockholder who so
requests, a statement of the powers, designations, preferences and relative,
participating, optional or other special rights of each class of stock or series
thereof of the Company and the qualifications, limitations, or restrictions of
such preferences and/or rights.

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

TEN COM -  as tenants in common                           UNIF GIFT MIN ACT - ______ Custodian _______
TEN ENT -  as tenants by the entireties                                       (Cust)           (Minor)
JT TEN -   as joint tenants with right of survivorship                  under Uniform Gifts to Minors
           and not as tenants in common                                 Act _______________
                                                                                (State)

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

     For value received, ___________________________ hereby sell, assign and
transfer unto

PLEASE INSERT SOCIAL SECURITY OR OTHER
   IDENTIFYING NUMBER OF ASSIGNEE

--------------------------------------

--------------------------------------

--------------------------------------------------------------------------------
  (PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE)

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

                                                                           Units
--------------------------------------------------------------------------

represented by the within Certificate, and do hereby irrevocably constitute and

appoint
        ------------------------------------------------------------------------

Attorney to transfer the said Units on the books of the within named Company

will full power of substitution in the premises.

Dated
      --------------

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

Signature(s) Guaranteed:

-------------------------------------------------------
THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE
GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND
LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN
AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM,
PURSUANT TO S.E.C. RULE 17Ad-15).

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00125-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00125-of-00352.parquet"}]]