Document:

EXHIBIT 4.1

FIRST AMENDMENT

TO

POOLING AND SERVICING AGREEMENT

WASHINGTON MUTUAL MORTGAGE PASS-THROUGH CERTIFICATES, WMALT SERIES 2006-1

This first amendment (this “Amendment”) to the Pooling and Servicing Agreement, dated as of January 1, 2006 (the “Pooling
Agreement”) respecting the Washington Mutual Mortgage Pass-Through Certificates, WMALT Series 2006-1 (the “Certificates”), by and among WaMu Asset Acceptance Corp., as depositor (the “Company”), Washington Mutual Bank,
as Servicer, (the “Servicer”), LaSalle Bank National Association, as Trustee (the “Trustee”), and Christiana Bank & Trust Company, as Delaware Trustee (the “Delaware Trustee”), is made as of April 1, 2006
by and among the Company, the Servicer and the Trustee.

RECITALS

A.        Pursuant to Section 10.01(a)(vi) of the Pooling Agreement, the Pooling Agreement may be amended by the Company,
the Servicer and the Trustee, without the consent of any of the Certificateholders and, if such amendment does not modify the rights or obligations of the Delaware Trustee under the Pooling Agreement, without the consent of the Delaware Trustee, to add any provision
to, or amend any provision in, the Pooling Agreement, if such amendment or addition does not adversely affect in any material respect the interests of any Certificateholder, provided that (i) each Class PPP Certificateholder has consented to such amendment, if the
amendment modifies the rights of the Class PPP Certificateholders to receive Assigned Prepayment Premiums, and (ii) the Company has obtained a letter from each Rating Agency stating that the amendment would not result in the downgrading or withdrawal of the
respective ratings then assigned to the Certificates.

B.         The Holder of the Class PPP Certificates has consented to this Amendment.

C.        The Company has obtained a letter from each Rating Agency stating that this Amendment would not result in the
downgrading or withdrawal of the respective ratings assigned to the Certificates.

AMENDMENT

NOW THEREFORE, in consideration of the foregoing recitals and the mutual agreements herein contained, the Company, the Servicer and the Trustee agree as
follows:

Section 1.  Amendment.  The definition of “Prepayment Premium” in Article I of the Pooling Agreement is hereby
amended and restated to read as follows:

“Prepayment Premium:  With respect to any Mortgage Loan, any fee or premium required to be paid by the
Mortgagor if the Mortgagor voluntarily prepays such Mortgage Loan in full as provided in the related Mortgage Note or Mortgage, except for any such fee or premium required to be paid more than three years after origination thereof.”

                        Section 2.  Governing
Law. This Amendment shall be construed in accordance with the laws of the State of Delaware without giving effect to its conflict of law provisions and the obligations, rights and remedies of the parties hereunder shall be determined in accordance with such laws
without giving effect to conflict of laws provisions.

                        Section 3.  Other
Provisions. Capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Pooling Agreement.  Except as amended hereby, the Pooling Agreement shall continue in full force and effect.

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

 

  	 	

WaMu ASSET ACCEPTANCE CORP.

 

By:_______/s/ Thomas G. Lehmann___________

Name: Thomas G. Lehmann

Title: First Vice President

 

WASHINGTON MUTUAL BANK,

as Servicer

 

By:________/s/ Barbara Loper______________

Name: Barbara Loper

Title: Vice President

 

LASALLE BANK NATIONAL ASSOCIATION,

as Trustee

 

By:  _________/s/ Rita Lopez________________

Name:  Rita Lopez

Title:  Vice President

       

 

 

[Signature page to First Amendment to Pooling and Servicing Agreement for WMALT Series 2006-1]EX-10.1

EXECUTION COPY

TRUST AGREEMENT

by and among

MUNIMAE TE BOND SUBSIDIARY, LLC

as Trustor

MUNIMAE PORTFOLIO SERVICES, LLC

as Servicer

and

U.S. BANK TRUST NATIONAL ASSOCIATION,

as Trustee

Dated as of November 1, 2006

Relating to

$192,486,341.05

TEBS Tax-Exempt Multifamily Housing Certificates,

Series 2006A

Consisting of

$191,535,000 Class A Certificates

$951,341.05 Class B Certificate

1

TRUST AGREEMENT

This TRUST AGREEMENT, dated as of November 1, 2006 (this “Agreement”), is by and among
MUNIMAE TE BOND SUBSIDIARY, LLC, as trustor (in such capacity, together with its successors and
assigns, the “Trustor”), MUNIMAE PORTFOLIO SERVICES, LLC, as servicer (in such capacity, together
with its successors and assigns, the “Servicer”), and U.S. BANK TRUST NATIONAL ASSOCIATION, as
trustee (in such capacity, together with its successors and assigns, the “Trustee”).

WHEREAS, the Trustor has deposited with the Trustee on the date of the execution and delivery
hereof, certain tax-exempt multifamily housing revenue bonds (or certificates evidencing ownership
interests therein) listed on Schedule I hereto (the “Bonds”) and pursuant to the terms
hereof has provided for the creation, execution and delivery of certain TEBS Tax-Exempt Multifamily
Housing Certificates, Series 2006A (the “Certificates”), evidencing undivided ownership interests
in the Bonds, including future principal, premium, if any, and interest payments with respect to
such Bonds;

WHEREAS, pursuant to that certain Credit Enhancement Agreement, dated as of November 1, 2006
(the “Credit Enhancement Agreement”), Municipal Mortgage Investments III, LLC, a Maryland limited
liability company (the “Credit Enhancement Provider”), (i) has guaranteed on a limited recourse
basis (a) the full and punctual payment when due (whether at stated maturity, upon acceleration or
otherwise) of the interest on the Bonds in an amount up to the amount necessary to make any and all
distributions set forth in Sections 4.02(a)(i) and 4.02(a)(ii) hereof, (b) the full and punctual
payment of the tender price, scheduled principal payment or the redemption price, as applicable,
when due on the Bonds in connection with any remarketing, scheduled principal payment or redemption
(including any mandatory sinking fund redemption) thereof on or prior to the Final Distribution
Date (as defined herein) in an amount up to the amount necessary to make any and all distributions
set forth in Section 4.03(a)(i) hereof and (c) upon the occurrence of a Trust Termination Event or
the Final Distribution Date (each as defined herein), the full and punctual payment when due
(whether at stated maturity, upon acceleration, redemption or tender) of the interest on or
principal or tender price of the Bonds in an amount up to the amount necessary to make any and all
distributions set forth in Sections 4.02(a)(i), 4.02(a)(ii) and 4.03(a)(ii) hereof and (ii) has
pledged certain multifamily housing revenue bonds (or certificates evidencing ownership interests
therein) listed on Schedule I thereto (the “Credit Enhancement Assets”) to the Trustee, as pledgee,
and delivered the Credit Enhancement Assets to the Trustee, as custodian (in such capacity, the
“Credit Enhancement Custodian”), to provide security for the Credit Enhancement Provider’s
obligations under the Credit Enhancement Agreement;

WHEREAS, the Servicer agrees to act as the servicer of the Bonds on behalf of the Holders of
the Certificates and to carry out the duties set forth herein pertaining to the Certificates; and

WHEREAS, the Trustee agrees to act as the trustee of the Bonds on behalf of the Holders of the
Certificates and to carry out the duties set forth herein pertaining to the Certificates;

NOW, THEREFORE, for and in consideration of the premises and the mutual promises contained in
this document, the parties hereto agree as follows:

ARTICLE I

DEFINITIONS AND CONSTRUCTION

Section 1.01. Certain Definitions. The following terms shall have the following meanings,
unless the context otherwise requires:

“Accrued Certificate Distributions” shall mean, with respect to each Class A Certificate on
any date, accrued and unpaid distributions at the applicable Certificate Rate on the Certificate
Balance thereof.

“Act of Bankruptcy” shall mean, with respect to any Person, (i) a petition for involuntary
bankruptcy shall have been filed against such Person, which either shall result in an order
granting the bankruptcy relief requested in such petition (including but not limited to an order
for relief under Chapter 7, 9 or 11 under the Bankruptcy Code) or shall remain undismissed and
unstayed for a period of 60 days; (ii) a decree or order of a court or agency or supervisory
authority having jurisdiction in the premises for the appointment of a conservator, receiver or
liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or
similar proceeding, or for the winding up or liquidation of its affairs, shall have been entered
against such Person, which shall remain undismissed and unstayed for a period of 60 days; (iii) the
appointment of, or the taking of possession by, a receiver, custodian, trustee or liquidator of
such Person or of a substantial part of its property for purposes of distributing such Person’s
assets or winding up such Person’s affairs which shall remain unstayed for a period of 60 days; or
(iv) such Person shall have: (a) commenced a voluntary action under applicable bankruptcy laws,
(b) filed a petition seeking to take advantage of any other laws, domestic or foreign, to effect
such Person’s bankruptcy, insolvency, reorganization, debt adjustment, winding up or composition or
adjustment of debts, (c) consented to or failed to contest for 60 days a petition filed against it
in an involuntary case under such bankruptcy laws or other laws, (d) taken any formal action which
results in a written statement of action duly approved by an authorized committee or governing
body, as appropriate, that admits without condition such Person’s inability to make payments on its
debts as they become due, (e) generally not been paying principal of or interest on its material
obligations as they become due (except as a result of a dispute regarding such obligations), or
(f) made a general assignment for the benefit of creditors.

“Agent Member” shall mean a member of, or participant in, the Securities Depository and, at
any time when DTC is the Securities Depository, shall include a “DTC Participant” as such term is
used in the rules and regulations of DTC.

“Adjusted Bond Coupon Amount” shall mean, on any Scheduled Distribution Date or Special
Distribution Date, an amount equal to the amount of interest that would have accrued, calculated on
a 30/360 or actual/actual basis, depending on the basis of calculation used for the underlying
Bonds, on the aggregate principal amount of the Bonds held in the Trust (i) with respect to a
Scheduled Distribution Date, for the month ended immediately prior to such Distribution Date,
adjusted for any distributions of principal made in such month on a Special Distribution Date;
(ii) with respect to a Special Distribution Date (other than a Final Distribution Date, Trust
Termination Date or Optional Liquidation Date), for the period beginning on the first day of the
calendar month in which such distribution is made and ending on the third Business Day before the
Special Distribution Date; or (iii) with respect to a Final Distribution Date, Trust Termination
Date or Optional Liquidation Date, for the period beginning on the first day of the calendar month
in which such distribution is made and ending on the Final Distribution Date, Trust Termination
Date or Optional Liquidation Date, as applicable, if such Bonds had borne interest at a per annum
rate equal to the Bond with the lowest yield less the Trustee Fee, the Servicing Fee and Trust
Expenses, if any, payable on such Distribution Date. For purposes of the foregoing, with respect
to any Bond acquired with amortizable bond premium, interest accruing on such obligation shall be
determined on the basis of the principles set forth in Section 171 of the Code.

“Aggregate Distributable Principal Amount” shall equal, on (i) each Scheduled Distribution
Date, the principal due and payable on the Bonds since the previous Scheduled Distribution Date as
a result of scheduled payments thereof, (ii) each Special Distribution Date resulting from a
redemption of Bonds, the principal due and payable on the Bonds as a result of an unscheduled
payment of principal on the Bonds giving rise to the Special Distribution Date, (iii) the date of
any liquidation or sale of the Bonds, the Outstanding principal amount of the Bonds liquidated or
sold, and (iv) the Final Distribution Date, the Outstanding principal amount of the Bonds.

“Agreement” shall mean this Trust Agreement, as the same may from time to time be further
amended and restated, supplemented or otherwise modified under the terms hereof.

“Authorized Denominations” shall mean, with respect to each Class A Certificate, an initial
Certificate Balance of $100,000 and integral multiples of $5,000 in excess thereof, provided,
however, that one Class A Certificate may be issued in such other amount as is necessary to include
the remainder of such Class; and with respect to the Class B Certificate, one Class B Certificate
for the full amount of the Certificate Balance of the Class B Certificate.

“Authorized Trustee Officer” shall mean the Chairman of the Board, each Executive Officer,
President, Senior Vice President, Executive Vice President, Vice President, Assistant Vice
President, Secretary, Assistant Secretary, Treasurer, Assistant Treasurer and Trust Officer of the
Trustee and every other officer or employee of the Trustee designated as such by any of the
foregoing for purposes hereof in a communication to the other parties hereto.

“Base Price” shall mean, with respect to any issue of Bonds on any date of calculation after
the Closing Date, the price, expressed as a percentage of par, calculated by the Servicer, as
adjusted, in the case of Bonds (i) with an Initial Base Price in excess of 100%, by amortizing the
premium on a constant yield to maturity basis (compounding at the end of each interest period) over
the remaining term; provided that if the Bonds are callable, the premium shall be amortized to the
expected call date and expected call price, all in accordance with Section 171 of the Code;
(ii) issued with original issue discount without regard to Initial Base Price, by accruing the
original issue discount on a constant yield to maturity basis (as reduced by any acquisition
premium), all in accordance with the provisions of Sections 1271 through 1288 of the Code; and
(iii) with an Initial Base Price less than 100%, by accruing the market discount portion, if any,
of the acquisition discount on a straight-line basis in accordance with the provisions of
Sections 1271 through 1288 of the Code.

“Beneficial Owner” shall mean any Person owning Certificates through an Agent Member directly
or, at any time when DTC is the Securities Depository, through an “Indirect DTC Participant” as
such term is used in the rules and regulations of DTC.

“Bond Indenture” shall mean, with respect to each issue of Bonds, the trust indenture
authorizing the issuance of such Bonds, as amended, restated and/or supplemented from time to time.

“Bond Issuer” shall mean each state or local governmental entity listed as an issuer of Bonds
on Schedule I hereto.

“Bond Servicer” shall mean each entity acting in its capacity as servicer for each of the
Bonds.

“Bond Trustee” shall mean each entity acting in its capacity as trustee for each of the Bonds.

“Bonds” shall mean the tax-exempt multifamily housing revenue bonds (or certificates
evidencing beneficial ownership interests therein) listed on Schedule I hereto and any
Replacement Bonds so long as the interest on such securities is excluded from the gross income of
the owners thereof for federal income tax purposes; all as described herein.

“Business Day” shall mean any day on which banks in New York, New York are open for commercial
banking purposes and that is not a day on which the New York Stock Exchange is authorized or
obligated by law or executive order to close.

“Capital Account” as to any Holder, the account determined and maintained for such Holder by
the Tax Matters Partner in accordance with the provisions of Sections 10.03 and 10.04 of this
Agreement.

“Certificate Balance” shall mean, with respect to each Certificate on any date of
determination, an amount equal to (i) the initial Certificate Balance thereof minus (ii) any
Principal Collections distributed to the Holder (or any predecessor Holder) thereof in accordance
with the terms of this Agreement.

“Certificate Rate” shall mean the per annum rate at which interest accrues on the Certificate
Balance of the Class A Certificates. The Certificate Rate shall initially be equal to the initial
Certificate Rate set forth in Section 3.01 and shall be subject to adjustment on the Remarketing
Date as provided in Section 3.16.

“Certificate Register” shall mean the register established and maintained by the Trustee
pursuant to Section 3.08 in which the registration and transfer of the Certificates is recorded.

“Certificates” shall mean the TEBS Tax-Exempt Multifamily Housing Certificates, Series 2006A,
created by and executed and delivered pursuant to the terms of this Agreement.

“Class” shall mean either the Class A Certificates or the Class B Certificate, collectively,
as a class.

“Class A Certificates” shall mean the senior class of Certificates issued pursuant to this
Agreement and designated as such in Section 3.01.

“Class B Certificate” shall mean the residual Certificate issued pursuant to this Agreement
and designated as such in Section 3.01.

“Closing Date” shall mean November 16, 2006.

“Code” shall mean the Internal Revenue Code of 1986, as amended.

“Credit Enhancement Agreement” shall mean the Credit Enhancement Agreement, dated as of
November 1, 2006, by and among the Credit Enhancement Provider, the Trustee, on behalf of the
Trust, and the Credit Enhancement Custodian.

“Credit Enhancement Assets” shall mean the tax-exempt multifamily housing revenue bonds (or
certificates evidencing beneficial ownership interests therein) delivered pursuant to the Credit
Enhancement Agreement.

“Credit Enhancement Custodian” shall mean U.S. Bank Trust National Association, as custodian
under the Credit Enhancement Agreement.

“Credit Enhancement Provider” shall mean Municipal Mortgage Investments III, LLC, a Maryland
limited liability company.

“Defaulted Bonds” shall mean any issue of Bonds in which there has been a payment default or
with respect to which a Determination of Taxability has occurred.

“Definitive Certificates” shall mean registered definitive certificates in substantially the
forms set forth in Exhibit A and Exhibit B hereto.

“Determination of Taxability” shall mean a determination that interest on any of the Bonds is
includable in the gross income of the owners thereof (including the Certificateholders) for federal
income tax purposes (including by reason of such Bonds being declared invalid, illegal or
unenforceable by a court of competent jurisdiction, whether or not such declaration is appealable
or deemed to be final under applicable procedural law, or by operation of law), as a result of the
entry of any decree or judgment by a court of competent jurisdiction, or the taking of any official
action by the Internal Revenue Service, whether or not such decree, judgment or action is
appealable or deemed to be final under applicable procedural law, or delivery to the Trustor, the
Servicer and the Trustee of an opinion of nationally recognized bond counsel acceptable to the
Trustor, the Servicer and the Trustee to the effect that the interest borne by the Bonds is
includable in the gross income of the recipients thereof (including the Certificateholders) for
federal income tax purposes (including by reason of such Bonds being declared invalid, illegal or
unenforceable by a court of competent jurisdiction, whether or not such declaration is appealable
or deemed to be final under applicable procedural law, or by operation of law).

“Distribution Date” shall mean a Scheduled Distribution Date or a Special Distribution Date,
as the context requires.

“DTC” shall mean The Depository Trust Company or its successors.

“Election to Retain” shall have the meaning set forth in Section 3.15(b).

“Electronic Means” shall mean telecopy, telex, facsimile transmission or other similar
electronic means of communication.

“Exercise Price” shall have the meaning set forth in Section 5.02(c).

“Failed Remarketing” shall have the meaning set forth in Section 3.15(d).

“Final Distribution Date” shall mean July 10, 2019.

“Gain” shall mean the excess, if any, of (i) the proceeds of a sale, redemption (other than a
mandatory sinking fund redemption) or liquidation of a Bond (excluding accrued and unpaid
interest), over (ii) the product of the principal amount of such Bond times the Base Price of such
Bond. When Gain is determined by the valuation of more than one Bond, Gain shall be determined on
a net basis with valuation losses offsetting valuation gains.

“Gain Share” shall mean 10% of any applicable Gain.

“Gain Share Subaccount” shall mean the subaccount within the Trust Account established
pursuant to Section 2.02(a)(iii).

“Holder” or “Certificateholder” shall mean the Person in whose name a Certificate is
registered in the Certificate Register.

“Initial Base Price” shall mean, with respect to each issue of the Bonds, the applicable Base
Price for such Bonds on the Closing Date as set forth on Schedule I hereto.

“Initial Purchaser” shall mean Merrill Lynch, Pierce, Fenner & Smith Incorporated.

“Interest Collections” shall have the meaning set forth in Section 4.02.

“Interest Subaccount” shall mean the subaccount within the Trust Account established pursuant
to Section 2.02(a)(i).

“Investment Company Act” shall mean the Investment Company Act of 1940, as amended.

“Liquidation Proceeds Subaccount” shall mean the subaccount within the Trust Account
established pursuant to Section 2.02(a)(iv).

“Maximum Contribution Amount” means the maximum amount of additional capital contributions
required of the Holder of the Class B Certificate pursuant to Section 5.04 equal to the amount of
the Shortfall that does not exceed the sum of any unpaid Accrued Certificate Distributions plus 50%
of the Outstanding Certificate Balance of the Class A Certificates immediately preceding the
liquidation of the Bonds as the result of a Trust Termination Event or the final distribution on
the Final Distribution Date.

“Opinion of Counsel” shall mean an opinion in writing signed by Kutak Rock LLP or any other
attorney or firm of attorneys acceptable to the Trustee who may but need not be counsel for the
Trustee or the Trustor.

“Optional Liquidation” shall have the meaning set forth in Section 5.02.

“Optional Liquidation Date” shall mean the date selected by the Holder of the Class B
Certificate for Optional Liquidation of Class A Certificates, which date must be a Remarketing Date
for such Class A Certificates.

“Outstanding” shall mean, when used with reference to any Certificates, as of a particular
date, all such Certificates previously created, executed and delivered under this Agreement,
except:

(i) any such Certificate previously cancelled by the Trustee or delivered to
the Trustee for cancellation;

(ii) any such Certificate or portion thereof for whose payment on the
Remarketing Date or Final Distribution Date money in the necessary amount has been
paid to the Trustee by the Bond Issuer of the Bonds underlying such Certificate and
is held by the Trustee in trust for or was paid by the Trustee to the Holder of such
Certificate pursuant to this Agreement; or

(iii) any such Certificate in exchange for or in lieu of which other
Certificates have been issued and delivered pursuant to this Agreement.

“Person” includes an individual, association, unincorporated organization, corporation,
limited liability company, partnership, joint venture, business trust or a government or an agency
or a political subdivision thereof, or any other entity.

“Principal Collections” shall have the meaning set forth in Section 4.03(a).

“Principal Component” shall mean all proceeds from the sale or liquidation of Bonds less
accrued and unpaid interest, and Gain thereon.

“Principal Subaccount” shall mean the subaccount within the Trust Account established pursuant
to Section 2.02(a)(ii).

“Private Placement Memorandum” shall mean the Private Placement Memorandum delivered in
connection with the issuance of the Class A Certificates, together with any amendments or
supplements thereto.

“Property” shall mean any of the multifamily housing properties financed with proceeds of the
Bonds.

“Property Owner” shall mean the owner of any Property and its successors and assigns.

“Qualified Institutional Buyer” shall mean a “qualified institutional buyer” as defined in
Rule 144A(a)(1) promulgated under the Securities Act.

“Qualified Purchaser” shall mean a “qualified purchaser” as defined in Section 2(a)(51) of the
Investment Company Act.

“Quotation of Bond Price” shall be calculated separately with respect to each issue of Bonds
and shall mean a price for such Bonds, including accrued and unpaid interest, determined by the
Servicer by soliciting bids from at least three broker-dealers located in New York, New York
selected by the Servicer and such other potential purchasers as the Servicer determines to approach
and shall be the highest such bid at which the Servicer reasonably believes the principal amount of
all such Bonds which are the subject of the action for which the Quotation of Bond Price is
required could be sold.

“Record Date” shall mean, with respect to any Distribution Date, the second Business Day next
preceding such Distribution Date.

“Remarketing Agent” shall mean the Person appointed by the Trustor to act as remarketing agent
with respect to the Class A Certificates pursuant to Article IX, or any successor in such capacity.

“Remarketing Agreement” shall have the meaning set forth in Section 9.01.

“Remarketing Date” shall mean November 10, 2013 and any subsequent Remarketing Date as
determined pursuant to Section 3.16.

“Replaced Bonds” shall have the meaning set forth in Section 8.09(a).

“Replacement Bond” shall mean any bond, trust certificate or other security that is purchased
or obtained through substitution by the Trust after the Closing Date, which such security is
accompanied by an opinion of bond counsel or special tax counsel dated as of the issuance date of
such trust certificate or other security generally to the effect that, based on then existing law
and subject to certain customary conditions, interest on the such trust certificates or other
securities is excluded from gross income for federal income tax purposes.

“Residual Distribution Amount” means the amount payable to the Holder of the Class B
Certificate on each Distribution Date pursuant to Sections 4.02 and 4.03.

“Scheduled Distribution Date” shall mean the 10th day of each calendar month (or if
any such day is not a Business Day, the next succeeding Business Day) commencing on December 10,
2006.

“Securities Act” shall mean the Securities Act of 1933, as amended.

“Securities Depository” shall mean DTC or any other securities depository registered under
Section 17A of the Securities Exchange Act and selected by the Trustee, which maintains a
book-entry system in respect of the Certificates pursuant to Section 3.12.

“Securities Exchange Act” shall mean the Securities Exchange Act of 1934, as amended.

“Servicer” shall mean MuniMae Portfolio Services, LLC, a Maryland limited liability company,
in its capacity as servicer under this Agreement, or any successor or assignee in such capacity.

“Servicing Fee” shall mean the annual servicing fee to which the Servicer is entitled as
compensation for acting as Servicer under this Agreement, calculated at the rate of 1.5 basis
points, applied to the daily average Certificate Balance of the Outstanding Certificates at the
time of such calculation; provided, however, that so long as MuniMae Portfolio Services, LLC or one
of its affiliates is Servicer, there shall be no Servicing Fee paid to the Servicer. The Servicing
Fee shall be subject to adjustment to the then market rate as provided in Section 8.06 if the
initial Servicer resigns or is removed.

“Shortfall” shall have the meaning set forth in Section 5.04.

“Special Distribution Date” shall mean the third Business Day following any date on which
principal is paid on the Bonds, other than in connection with scheduled payments of principal
thereof, including in connection with any redemption, sale or liquidation thereof; provided,
however, in connection with any sale or liquidation of Bonds in connection with a Final
Distribution Date, Trust Termination Date or Optional Liquidation Date, such date shall be the
Special Distribution Date.

“Tax Matters Partner” shall have such meaning as is set forth in Section 6231(a)(7) of the
Code and used in Subtitle F, chapter 63C of the Code.

“Trust” shall have the meaning set forth in Section 2.01.

“Trust Account” shall mean the account established by this Agreement pursuant to
Section 2.02(a) and maintained by the Trustee for the benefit of the Holders.

“Trust Assets” shall have the meaning set forth in Section 2.01.

“Trust Expenses” shall mean all reasonable and customary out of pocket expenses, disbursements
and advances incurred or made by the Trustee in accordance with any provision of this Agreement or
in the administration or the enforcement of any provision hereof (including the reasonable
compensation, expenses and disbursements of its agents and counsel).

“Trust Termination Date” shall mean the date on which the Trust is terminated upon the
occurrence of a Trust Termination Event.

“Trust Termination Event” shall have the meaning set forth in Section 5.01(a).

“Trustee” shall mean U.S. Bank Trust National Association, in its capacity as trustee under
this Agreement, or any successor or assign in such capacity.

“Trustee Fee” shall mean the fee to which the Trustee is entitled as compensation for acting
as Trustee under this Agreement, calculated at the rate of 2.0 basis points, applied to the daily
average Certificate Balance of the Outstanding Certificates at the time of such calculation.

“Trustor” shall mean MuniMae TE Bond Subsidiary, LLC, a Maryland limited liability company, in
its capacity as trustor under this Agreement, or any successor or assign in such capacity.

Section 1.02. Rules of Construction. Unless the context or use indicates another or different
meaning or intent, the following rules shall apply to the construction of this Agreement:

(a) Words importing the singular number shall include the plural number and vice versa.

(b) The captions and headings herein are solely for convenience of reference and shall
not constitute a part of this Agreement nor shall they affect its meaning, construction or
effect.

(c) The words “hereof,” “herein,” “hereto” and other words of similar import refer to
this Agreement as a whole.

(d) All references herein to a particular time of day shall be to New York City time.

(e) Reference to Sections and Articles shall be to Sections and Articles hereof unless
a different document is specified.

ARTICLE II

ESTABLISHMENT OF TRUST

Section 2.01. Creation of Trust. A trust named “TEBS Tax-Exempt Multifamily Housing
Certificates, Series 2006A Trust” (the “Trust”) is hereby created under the laws of the State of
New York for the benefit of the Holders of the Certificates. The assets of the Trust (the “Trust
Assets”) shall consist of (a) the Bonds, (b) any Replacement Bonds transferred to the Trust after
the Closing Date pursuant to Section 8.09, (c) the rights of the Trust under the Credit Enhancement
Agreement, (d) all payments on or collections in respect of the Bonds accrued on or after the
Closing Date, together with any proceeds thereof, and (e) all funds from time to time deposited
with the Trustee in accounts related to the Trust. The Trust shall be irrevocable. The
Certificates shall evidence undivided fractional beneficial interests in the Trust. The income
received by the Trust and the proceeds of any liquidation of Trust Assets shall be distributed
solely in accordance with this Agreement.

Section 2.02. Establishment of Trust Account and Ownership.

(a) The Trustee shall establish a Trust Account for the benefit of the Holders of the
Certificates, in which the Trustee shall hold the Bonds delivered to it by or on behalf of
the Trustor on or after the Closing Date, together with all moneys received as principal,
premium, if any, or interest with respect to the Bonds pending disbursement as hereinafter
provided. The Trustee shall establish the following subaccounts within the Trust Account
corresponding to the characterization of moneys to be deposited therein:

(i) an Interest Subaccount;

	 	 	 
	(ii)

(iii)

(iv)

	 	a Principal Subaccount;

a Gain Share Subaccount; and

a Liquidation Proceeds Subaccount.

(b) The Trustee shall hold and retain the Bonds in trust for the benefit and account of
the Holders of Certificates as the beneficial owners of the Bonds. Subject to Section 7.02,
the Trustee shall assume full responsibility and risk for the safekeeping of the Bonds on
deposit with it and all moneys received by it as principal of or premium, if any, or
interest on the Bonds.

(c) The Bonds, and all moneys received as principal of and premium, if any, and
interest on the Bonds, shall remain in the custody of the Trustee and shall be kept in the
Trust Account, which shall be a segregated account created by separate recordation within
the trust department of the Trustee. The Trustee shall invest amounts in the Trust Account
(and any subaccounts therein), at the written direction of the Trustor, in (i) any
obligations or securities of any state or political subdivision thereof (whether or not
backed by the full faith and credit of the government issuer) maturing on or before the next
succeeding Remarketing Date or Distribution Date on which such amounts will be required to
make distributions on the Certificates, the interest on which obligations or securities,
under present law, will not be includable in the gross income of the owners thereof for
federal income tax purposes; and (ii) any money market funds which invest solely in
obligations or securities described in the foregoing clause (i) without regard to maturity.
The Trust may invest in obligations the interest on which is an item of preference for
purposes of the Federal alternative minimum tax. In the absence of written direction from
the Trustor, the Trustee shall invest amounts in the Trust Account (and any subaccounts
therein) in investments described in clause (ii) above. The Trustee shall not have the
power or authority to transfer, assign, hypothecate, pledge or otherwise dispose of any of
the assets of the Trust Account to any person, except as expressly permitted by the
provisions of this Agreement or as required by law. All investment earnings on any moneys
in any Subaccount within the Trust Account shall be deposited into the Interest Subaccount.

Section 2.03. Obligations of Trustee and Trustor.

(a) The Trustee has no obligations with respect to the Bonds except as otherwise
expressly provided in this Agreement.

(b) The Trustor will be liable without limitation for all debts and obligations of, and
claims against, the Trust (including, but not limited to, all debts and obligations of, and
claims against, the Trust arising under this Agreement or otherwise); provided, however,
that the Trustor shall not be responsible for the payment to Holders or Beneficial Owners of
Certificates of any amount that represents, directly or indirectly, principal of or premium,
if any, or interest on the Bonds.

The Trustor covenants to faithfully perform at all times all of its covenants, undertakings
and agreements contained in this Agreement and in any Certificate executed and delivered hereunder.
The Trustor represents that (i) it is duly authorized to execute this Agreement and to deposit, or
cause to be deposited, the Bonds with the Trustee pursuant hereto; (ii) all action on its part for
the issuance of the Certificates and the execution and delivery of this Agreement has been duly and
effectively taken; and (iii) based on an opinion of counsel, such Certificates in the hands of the
Holders thereof will be valid rights to receive payments in respect of the Bonds in the manner
herein and in the Certificates specified, enforceable according to their terms, notwithstanding the
bankruptcy, insolvency or liquidation of the Trustor.

Section 2.04. Holders’ Direct Interests. Each Certificate evidences ownership of and the
right to receive certain future payments of principal of and premium, if any, and interest on an
undivided interest in the Bonds. Each Holder of Certificates shall have all the rights and
privileges of an owner of a proportionate principal amount of Bonds to the extent provided in this
Agreement except that, except as otherwise provided herein, the Trustee shall have the right to
hold the Bonds on behalf of such Holder.

ARTICLE III

THE CERTIFICATES

Section 3.01. Classes of Certificates.

(a) The Certificates have been issued in two Classes, consisting of the Class A
Certificates and the Class B Certificate with a residual interest. As of the Closing Date,
the Class A Certificates and the Class B Certificate shall have the aggregate Outstanding
Certificate Balances, and the Class A Certificates shall have the initial Certificate Rate
and initial Remarketing Date, set forth in the following table:

2

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Aggregate	 	 
	 	 	Initial Certificate	 	Outstanding	 	Initial Remarketing
	Designation	 	Rate	 	Certificate Balance	 	Date
	Class A
	 	 	4.26	%	 	$	191,535,000.00	 	 	November 10, 2013

	Class B
	 	 	N/A	 	 	$	951,341.05	 	 	 	 	 
	 
	 	TOTAL:
	 	$	192,486,341.05	 	 	 	 	 

The Class B Certificate shall be paid the Residual Distribution Amount on each Distribution
Date.

(b) Accrued Certificate Distributions on the Certificates shall be calculated on the
basis of a 360-day year comprised of twelve 30-day months. Accrued Certificate
Distributions shall accrue on the Outstanding Certificate Balance of the Class A
Certificates at the Certificate Rate as in effect from time to time. The Certificate Rate
for the Class A Certificates is subject to adjustment on the initial Remarketing Date and
each subsequent Remarketing Date as set forth in Section 3.16; provided that the aggregate
amount of Accrued Certificate Distributions payable on the Class A Certificates on any
Distribution Date shall not exceed the Adjusted Bond Coupon Amount.

Section 3.02. Voting of Bonds.

(a) In the event that the Trustee receives a request from a Bond Issuer, a Property
Owner, a Bond Servicer or a Bond Trustee for its consent to any amendment, modification or
waiver of any Bonds or other action modifying any Bonds, or any document relating thereto,
or receives any other solicitation for any action with respect to any Bond or any documents
relating to any securitization of the Bonds, the Trustee shall request instructions from the
Class B Certificate Holder. The Trustee shall consent or vote, or refrain from consenting
or voting, in accordance with the written instructions given, or not given, by the Holder of
the Class B Certificate; provided, however, that, notwithstanding anything to the contrary
stated herein, the Trustee shall at no time vote in favor or consent to any matter (i) that
would alter the timing or amount of any payment on the Bonds, including, without limitation,
any demand to accelerate the Bonds, or (ii) that would result in the exchange or
substitution of any Bonds pursuant to a plan for the refunding or refinancing of such Bonds,
except in each case with the unanimous written consent of both the Holders of the Class A
Certificates and the Holder of the Class B Certificate.

(b) Except as set forth in Section 3.02(a), the Trustee shall not take any action as
the nominal holder or owner of any of the Bonds, either alone or as part of a group of
holders or owners of such Bonds, except in accordance with the affirmative written direction
of the Holder of the Class B Certificate after notifying such Holder of such action.

(c) The Trustee shall have no liability for any failure to act resulting from the late
return of, or failure to return, any such proxy sent by the Trustee to the Holders of the
Certificates.

Section 3.03. Limitation on Issuance of Certificates. No Certificates may be issued under the
provisions of this Agreement except in accordance with the provisions of this Article.

Section 3.04. Form and Numbering of Certificates. The Certificates are designated “TEBS
Tax-Exempt Multifamily Housing Certificates, Series 2006A,” followed by the appropriate Class
designation. The Definitive Certificates are issuable in fully registered form in Authorized
Denominations. Each Class A Certificate and the Class B Certificate issued on or after the Closing
Date shall be substantially in the form set forth in Exhibit A and Exhibit B
hereto, respectively, with such appropriate variations, omissions and insertions as may be
necessary or appropriate to conform to the provisions of this Agreement. All such Certificates may
have endorsed thereon such letters, numbers or other marks of identification and such legends or
text as may be necessary or appropriate to conform to any applicable rules and regulations of any
governmental authority or of any securities exchange or Securities Depository or any usage or
requirement of law with respect thereto.

Section 3.05. Execution of Certificates; Manner of Payment.

(a) Certificates issued on or after the Closing Date shall be executed with the manual
signature of an Authorized Trustee Officer. In case any Authorized Trustee Officer whose
signature shall appear on any Certificates shall cease to be such officer before the
delivery of such Certificates, such signature shall nevertheless be valid and sufficient for
all purposes the same as if such person had remained in office until such delivery.

(b) Distributions of principal, premium, if any, and interest with respect to the Bonds
to which the Holders of the Certificates are entitled hereunder shall be payable in any coin
or currency of the United States of America that is legal tender for the payment of public
and private debts on the respective dates of payment thereof. The final distribution with
respect to all Certificates shall be payable at the principal corporate trust office of the
Trustee upon the presentation and surrender of such Certificates as the same shall become
due and payable.

(c) Payments on the Bonds to which the Holder of any Certificate is entitled which is
payable, and is punctually paid or duly provided for, on any Distribution Date shall be paid
by check to the Person in whose name such Certificate is registered in the Certificate
Register at the close of business on the relevant Record Date. Payments shall be made by
wire transfer of immediately available funds as provided in Section 3.13 and otherwise to
any Holder within the continental United States of not less than $1,000,000 in aggregate
initial Certificate Balance of Class A Certificates and the Holder of the Class B
Certificate, at the option of such Holder, according to wire instructions given to the
Trustee in writing for such purpose.

(d) Subject to the foregoing provisions of this Section 3.05 and Section 3.14, each
Certificate delivered under this Agreement upon registration of transfer of or in exchange
for or in lieu of any other Certificate shall carry all the rights to interest accrued and
unpaid, and to accrue, on the Bonds which were carried by such other Certificate and each
such Certificate shall entitle the Holder thereof to receive interest payments from such
date, so that neither gain nor loss in interest shall result from such transfer, exchange or
substitution.

Section 3.06. Validity of Certificates. Only such Certificates as shall have been duly
executed by an Authorized Trustee Officer shall be entitled to any benefit or security under this
Agreement. No Certificate shall be valid or become obligatory for any purpose unless and until
such Certificate shall have been duly executed by an Authorized Trustee Officer, and such signature
of an Authorized Trustee Officer upon any such Certificate shall be conclusive evidence that such
Certificate has been duly executed and delivered under this Agreement.

Section 3.07. Exchange of Certificates. Subject to Sections 3.08 and 3.11, Certificates, upon
surrender thereof at the corporate trust office of the Trustee, together with an assignment duly
executed by the Holder or such Holder’s attorney or legal representative in such form as shall be
satisfactory to the Trustee, may, at the option of the Holder thereof, be exchanged for an equal
aggregate stated amount of Certificates of the same Class and terms, of any Authorized
Denominations, entitling the Holder thereof to receive payments in the same manner and in the same
form as the Certificates so surrendered for exchange.

Section 3.08. Registration and Transfer of Certificates.

(a) The Trustee shall establish and maintain the Certificate Register for the
registration and registration of transfer of Certificates as provided in this Agreement.
Said Certificate Register shall be available at all reasonable times for inspection by the
Trustor, the Servicer and their respective agents and representatives, and the Trustee shall
provide to the Trustor and the Servicer, upon their written request, an accurate copy of the
names and addresses of the Holders set forth in the Certificate Register.

(b) The transfer of any Certificate may be registered only upon the Certificate
Register upon surrender thereof to the Trustee together with an assignment duly executed by
the Holder or such Holder’s attorney or legal representative in such form as shall be
satisfactory to the Trustee and in compliance with Section 3.14. Upon any such registration
of transfer, the Trustee shall execute and deliver in exchange for such Certificate a new
registered Certificate or Certificates, registered in the name of the transferee, of any
Authorized Denomination in the aggregate Certificate Balance equal to the Certificate
Balance of such Certificate surrendered for transfer, of the same Class and terms, and
entitling the Holder thereof to receive payments in the same manner and in the same form as
the Certificates so surrendered for transfer.

(c) In all cases in which Certificates shall be exchanged or the transfer of
Certificates shall be registered hereunder, the Trustee shall execute and deliver at the
earliest practicable time Certificates in accordance with the provisions of this Agreement.
All Certificates surrendered in any such exchange or registration of transfer shall be
cancelled by the Trustee. No service charge shall be made for any registration, transfer or
exchange of Certificates, but the Trustee may require payment of a sum sufficient to cover
any tax or other governmental charge that may be imposed in connection with any transfer or
exchange of Certificates.

Section 3.09. Ownership of Certificates. The Trustor, the Trustee, the Servicer and any agent
of the Trustor, the Trustee or the Servicer may treat the Person in whose name any Certificate is
registered, including, without limitation, any Securities Depository or its nominee, as the owner
of such Certificate for the purpose of voting pursuant to Section 3.02, receiving distributions
with respect to such Certificate, and for all other purposes whatsoever, whether or not such
Certificate be overdue, and, to the extent permitted by law, neither the Trustor, the Trustee, the
Servicer nor any such agent shall be affected by notice to the contrary.

Section 3.10. Authorization of Certificates; Delivery of Certificates.

(a) On the Closing Date, there shall be issued and Outstanding under this Agreement
Class A Certificates and a Class B Certificate in the aggregate Outstanding Certificate
Balances set forth in Section 3.01.

(b) The Outstanding Certificates shall be executed on the Closing Date substantially in
the respective forms and in the manner set forth herein, but before the Certificates shall
be entitled to any benefit or security under this Agreement, there shall be delivered to or
deposited with the Trustee the following:

(i) the Bonds pursuant to Section 2.01;

(ii) a fully executed counterpart of this Agreement;

(iii) a fully executed counterpart of the Credit Enhancement Agreement and
evidence that the Credit Enhancement Assets have been deposited with the Credit
Enhancement Custodian;

(iv) opinions of Gallagher, Evelius & Jones, LLP, and New York counsel to the
Trustor and the Servicer, as to the due authorization, execution and delivery of and
the validity of and enforceability against each of the Trustor and the Servicer of
this Agreement, in form and substance satisfactory to the Trustee;

(v) opinions of Gallagher, Evelius & Jones, LLP, and New York counsel to the
Credit Enhancement Provider, as to the due authorization, execution and delivery of
and the validity of and enforceability against the Credit Enhancement Provider of
the Credit Enhancement Agreement, in form and substance satisfactory to the Trustee;

(vi) an opinion of Nixon Peabody LLP, counsel to the Trustee and the Credit
Enhancement Custodian, as to the due authorization, execution and delivery of and
the validity of and enforceability against the Trustee and the Credit Enhancement
Custodian of this Agreement and the Credit Enhancement Agreement, in form and
substance satisfactory to the Trustor;

(vii) an opinion of Kutak Rock LLP as to certain securities law matters, in
form and substance satisfactory to the Trustor and the Trustee;

(viii) an opinion of Kutak Rock LLP as to certain tax law matters, in form and
substance satisfactory to the Trustor and the Trustee; and

(ix) such other documents, certificates and opinions as the Trustor or the
Trustee may require.

When such documents shall have been filed with the Trustee, the Certificates shall be entitled
to all the benefits and security of this Agreement.

Section 3.11. Mutilated, Destroyed or Lost Certificates.

(a) In case any Certificate shall become mutilated or be destroyed or lost, the Trustee
shall execute and deliver a new Certificate of like date, Class, terms and tenor in exchange
and substitution for and upon the cancellation of such mutilated Certificate or in lieu of
and in substitution for such destroyed or lost Certificate, and the Holder shall pay the
reasonable expenses and charges of the Trustee in connection therewith and, in case of a
destroyed or lost Certificate, the Holder shall file with the Trustee evidence satisfactory
to it that such Certificate was destroyed or lost, and of such Holder’s ownership thereof,
and shall furnish the Trustor and the Trustee with such security and/or indemnity as shall
be satisfactory to them.

(b) Any replacement Certificate issued pursuant to this Section shall constitute
complete and indefeasible evidence of ownership in the Bonds, as if originally issued,
whether or not the mutilated, destroyed or lost Certificate shall be found at any time.

Section 3.12. Book-Entry Only System for Class A Certificates.

(a) Except as otherwise provided herein, one fully registered global Certificate for
the entire amount of the Class A Certificates shall be registered in the name of the
Securities Depository or its nominee, and ownership thereof shall be maintained in
book-entry form by the Securities Depository for the account of the Agent Members thereof.
Such Class A Certificate shall be registered in the name of Cede & Co., as the nominee of
DTC. Transfers of beneficial ownership interests in the Class A Certificates that are
registered in the name of Cede & Co. will be accomplished by book entries made by the
Securities Depository and in turn by the Agent Members who act on behalf of the Beneficial
Owners of Class A Certificates.

(b) Neither the Trustee, the Trustor nor any of their respective affiliates shall have
any responsibility or obligation with respect to:

(i) the accuracy of the records of the Securities Depository or any Agent
Member with respect to any beneficial ownership interest in the Class A
Certificates;

(ii) the delivery to any Agent Member, any Beneficial Owner of the Class A
Certificates or any other Person, other than the Securities Depository, of any
notice with respect to the Class A Certificates;

(iii) the payment to any Agent Member, any Beneficial Owner of the Class A
Certificates or any other Person, other than the Securities Depository, of any
amount distributable with respect to the Class A Certificates; or

(iv) the failure of the Securities Depository to effect any transfer.

(c) So long as the Class A Certificates are registered in the name of a Securities
Depository or its nominee, the Trustee shall treat the Securities Depository as, and deem
the Securities Depository to be, the absolute owner of the Class A Certificates for all
purposes whatsoever, including without limitation:

(i) the payment of distributions to Holders of the Class A Certificates;

(ii) giving notices of mandatory tender and purchase and other matters with
respect to the Class A Certificates;

(iii) registering transfers with respect to the Class A Certificates;

(iv) voting; and

(v) the selection of Class A Certificates for mandatory tender and purchase.

(d) If at any time (i) the Securities Depository notifies the Trustee that it is
unwilling or unable to continue as Securities Depository with respect to the Class A
Certificates, or the Securities Depository shall no longer be registered or in good standing
under the Securities Exchange Act or other applicable statute or regulation and a successor
Securities Depository is not appointed by the Servicer within 90 days after it receives
notice from the Trustee or becomes aware of such condition, as the case may be, or (ii) the
Trustor, at its sole option, elects to terminate the book-entry system through the
Securities Depository, then the Trustee at the expense of the Trustor shall execute and
deliver Definitive Certificates representing the Class A Certificates in exchange for the
global Certificates. Such Definitive Certificates shall be registered in such names and be
in such Authorized Denominations as the Securities Depository, pursuant to instructions from
the Agent Members or otherwise, shall instruct the Trustee. The Trustee shall deliver such
Definitive Certificates representing the Class A Certificates to the Persons in whose names
such Class A Certificates are so registered.

(e) Except as otherwise provided herein, one fully registered Class B Certificate shall
be registered in the name of the Holder thereof or its nominee.

Section 3.13. Method of Payment. So long as the Class A Certificates are registered in the
name of the Securities Depository or a nominee thereof, distributions of principal, premium, if
any, and interest (other than at maturity) with respect to such Certificates shall be made to the
Securities Depository by wire transfer provided proper wire instructions are received by the
Trustee prior to the applicable Record Date therefor.

Section 3.14. Limitations on Transfer.

(a) Certificates and any beneficial interests therein may only be issued and sold or
transferred to (i) Qualified Institutional Buyers purchasing the Certificates for their own
account that are also (ii) Qualified Purchasers, in each case meeting the additional
requirements of Section 3.14(b). Neither the Certificates nor any interest therein may be
transferred or resold except pursuant to an exemption from the registration requirements of
the Investment Company Act and the Securities Act.

(b) Each transferee of a Certificate or any beneficial interest therein will be deemed
to represent at time of transfer that (i) it is a Qualified Institutional Buyer, (ii) it is
a Qualified Purchaser, (iii) it is not formed for the purpose of investing in the
Certificates, unless each of its beneficial owners is a Qualified Purchaser, (iv) it is not
a dealer described in paragraph (a)(l)(ii) of Rule 144A promulgated under the Securities Act
(“Rule 144A”), unless such transferee owns and invests on a discretionary basis at least
U.S. $25 million in securities of issuers that are not affiliated persons of such dealer,
(v) it is not a plan referred to in paragraph (a)(1)(i)(D) or (E) of Rule l44A or a trust
fund referred to in paragraph (a)(I)(i)(F) of Rule l44A that holds the assets of such plan,
unless investment decisions are made solely by the fiduciary, trustee or sponsor of such
plan, and (vi) it, and each account for which it is purchasing, is purchasing Certificates
in at least the minimum denomination.

(c) The Certificates shall bear legends stating that they have not been registered
under the Securities Act and are subject to the transfer requirements described in
subsections (a) and (b) of this Section 3.14. By purchasing a Certificate or any interest
therein, each purchaser shall be deemed to have agreed to these transfer requirements.

(d) The Certificates and related documentation, including this Agreement, may be
amended or supplemented from time to time by the Trustor and the Trustee to modify the
restrictions on and procedures for resale and other transfers of the Certificates and
interests therein to reflect any change in applicable law or regulation (or the
interpretation thereof) or in practices relating to the resale or other transfer of
restricted securities generally if the Trustor and the Trustee shall have received an
Opinion of Counsel to the effect that such amendment or supplement is necessary or
appropriate.

(e) In order to preserve the exemption for resales and transfers provided by Rule 144A
under the Securities Act, the Trustor shall provide to any Holder of a Certificate and any
prospective purchaser designated by such Holder, upon request of such Holder or such
prospective purchaser, such information required by Rule 144A as will enable the resale of
such Certificate to be made pursuant to Rule 144A. However, the Trustor shall not be
required to provide with respect to a Certificate more information than is required by
Rule 144A as of the date such Certificate is issued but may elect to do so if necessary
under subsequent revisions of Rule 144A. In connection with the same, the Trustor shall
comply with Rule 144A(d)(4) of the Securities Act. In addition, the Trustor may from time
to time modify the foregoing restrictions on resale and other transfers, without the consent
but upon notice to the Holders of the Certificates, in order to reflect any amendment to
Rule 144A or change in the interpretation thereof or practices thereunder if the Trustor and
the Trustee shall have received an Opinion of Counsel to the effect that such amendment or
supplement is necessary or appropriate.

(f) The Certificates shall not be listed on any “established securities market.” For
this purpose, an “established securities market” includes any national securities exchange
registered under the Securities Exchange Act or exempted from registration because of the
limited volume of transactions, any local exchange and any over the counter market
characterized by an interdealer quotation system which regularly disseminates quotations of
obligations by identified brokers or dealers, by electronic means or otherwise.

(g) With respect to certain DTC-related actions, the Trustor on behalf of the Trust
shall ensure that the CUSIP numbers assigned to the Class A Certificates have a “fixed
field” attachment that contains indicators for Rule 144A and the Investment Company Act
exemption. If at any time Class A Certificates that are registered with DTC or any other
securities depository are issued or transferred to an entity unrelated to the Trustor, the
Trustor on behalf of the Trust shall cause (or shall require the Remarketing Agent to cause)
the relevant Bloomberg Financial Markets screen to contain customary indicators for Rule
144A and the Investment Company Act exemption. These indicators shall state clearly that
sales of the Class A Certificates are restricted to Qualified Institutional Buyers that are
also Qualified Purchasers, and should include the following disclosures:

(i) The “Note Box” on the bottom of the “Security Display” page describing the
Class A Certificates should state “Issued Under 144A/3(c)(7) Investment Company Act
exemption”;

(ii) The “Security Display” page should have a flashing red indicator stating
“See Other Available Information”; and

(iii) Such indicator should link to the “Additional Security Information” page,
which should state that the Class A Certificates are being offered in reliance on
the exemption from registration under Rule 144A to Persons who are Qualified
Institutional Buyers and Qualified Purchasers.

(h) Notwithstanding any other express or implied agreement to the contrary, the Trust,
the Trustor, the Servicer and each Holder of Class A Certificates agree that each of them
and each of their employees, representatives, and other agents may disclose, immediately
upon commencement of discussions, to any and all persons, without limitation of any kind,
the tax treatment and tax structure of the transaction and all materials of any kind
(including opinions or other tax analyses) that are provided to any of them relating to such
tax treatment and tax structure, except where confidentiality is reasonably necessary to
comply with U.S. federal or state securities laws. For purposes of this paragraph, the
terms “tax,” “tax treatment,” “tax structure,” and “tax benefit” are defined under Treasury
Regulation §1.6011-4(c).

(i) Each Holder of the Certificates acknowledges that it has been afforded an
opportunity to request and to review and it has received, all information considered by it
to be necessary to make an investment decision in purchasing the Certificates.

(j) Notwithstanding anything herein to the contrary, the Trustor shall not transfer the
Class B Certificate to any other entity without the consent of Class A Certificateholders
constituting a majority of the Outstanding Certificate Balance of the Class A Certificates
unless it has provided documentation, to the reasonable satisfaction of the Initial
Purchaser, that either (i) the Trustor, (ii) an affiliate of the Trustor or (iii) a
non-affiliated entity has guaranteed all the obligations related to additional capital
contributions of the Holder of the Class B Certificate pursuant to Section 5.04, provided
that (a) with respect to an affiliate of the Trustor, such affiliate either (1) maintains a
rating of at least “Aa3,” “AA-” or its equivalent from a nationally recognized rating agency
or (2) secures such guaranty with a letter of credit or similar credit facility from a
financial institution that maintains a rating of at least “Aa3,” “AA-” or its equivalent
from a nationally recognized rating agency and (b) with respect to an entity that is not an
affiliate of the Trustor, such entity secures such guaranty with a letter of credit or
similar credit facility from a financial institution that maintains a rating of at least
“Aa3,” “AA-” or its equivalent from a nationally recognized rating agency; and, in each
case, the transfer of the Class B Certificate shall be accompanied by an opinion of the
guarantor’s counsel to the effect that such guaranty is valid, binding and enforceable and
an opinion of nationally recognized bond counsel to the effect that such transfer and
guaranty will not adversely affect the tax treatment of any payments required to be made by
the Holder of the Class B Certificate pursuant to Section 5.04 as a result of such guaranty
structure.

(k) Each transferee or purchaser of Class A Certificates or any beneficial interest
therein will be deemed to acknowledge by its purchase or transfer of Class A Certificates
that (i) it has been afforded an opportunity to request from the Trustor and the Trust and
to review, and it has received, all additional information considered by it to be necessary
to verify the accuracy of the information in the Private Placement Memorandum and to make an
investment decision, (ii) it has not relied on the Initial Purchaser or any person
affiliated with the Initial Purchaser in connection with its investigation of the accuracy
of the information contained in the Private Placement Memorandum or its investment decision
and (iii) except for information provided directly by the Trustor or the Trust pursuant to
(i) above, no person has been authorized to give any information or to make any
representation concerning the Class A Certificates other than those contained in the Private
Placement Memorandum and, if given or made, such other information or representation should
not be relied upon as having been authorized by any of the Trustor, the Trust or the Initial
Purchaser.

(l) The Class A Certificates may not be purchased by any employee benefit plan subject
to the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), any plan,
including an individual retirement account or Keogh plan, subject to Section 4975 of the
Code or any entity who assets include “plan assets” of any such plan. Each transferee or
purchaser of Class A Certificates or any beneficial interest therein will be deemed to have
represented and warranted at the time of transfer or purchase to the Trust, the Trustor and
the Initial Purchaser by its purchase or transfer of Class A Certificates that its purchase
or acquisition of Class A Certificates will not violate the restriction in the immediately
preceding sentence.

(m) No Certificates may be transferred in violation of this Section 3.14 or, if as a
result of a proposed transfer the Trust would be treated as a publicly traded partnership
taxable as a corporation for federal income tax purposes; and any such transfer shall be
void ab initio and shall have no effect.

Section 3.15. Mandatory Tender and Remarketing on the Remarketing Date.

(a) Not less than ten Business Days prior to the Remarketing Date, the Servicer shall
determine (i) the market value of each issue of the Bonds, based on a Quotation of Bond
Price, and (ii) whether any Gain Share would be payable to the Holders of the Class A
Certificates if the Bonds were liquidated at a price equal to such market value on such
date. On such date of determination, the Servicer shall notify the Trustor and the Trustee
by telephone (confirmed in writing) or Electronic Means and mail written notice to the
Holders of the Class A Certificates, in each case specifying such market value and, if any
Gain Share would be so payable, the amount thereof.

(b) The Class A Certificates shall be subject to mandatory tender for purchase at a
price equal to the Outstanding Certificate Balance thereof plus Accrued Certificate
Distributions, if any, and any Gain Share in the event of an Optional Liquidation, if any,
on the Remarketing Date, after giving effect to distributions pursuant to Sections 4.02 and
4.03 on such date. Each Class A Certificate shall be tendered to the Trustee on the
Remarketing Date for purchase unless the applicable Certificateholder has elected to retain
its Class A Certificate. Any such election by a Holder to retain its Class A Certificates
(an “Election to Retain”), which is subject to the rights of the Holder of the Class B
Certificate to cause an Optional Liquidation of the Class A Certificates, must be exercised
not later than five Business Days prior to the Remarketing Date by delivery to the Trustee
and the Remarketing Agent of a notice substantially in the form set forth as Exhibit
C hereto.

(c) The Trustee shall provide notice of the Remarketing Date to each Holder of Class A
Certificates pursuant to Section 4.06.

(d) The Class A Certificates as to which no Election to Retain has been exercised shall
be subject to purchase on the Remarketing Date and shall be purchased at the price set forth
in Section 3.15(b). Unless the Holder of the Class B Certificate has elected to cause an
Optional Liquidation of the Class A Certificates, such Class A Certificates shall be
remarketed pursuant to Article IX. Failure to deliver Class A Certificates as to which no
Election to Retain has been exercised shall not prevent the remarketing and mandatory
purchase of such Class A Certificates and such Class A Certificates shall be deemed tendered
and purchased whether or not delivered to the Trustee. Any Election to Retain not made in
substantial compliance with the terms of this Agreement shall be invalid and shall be
rejected; provided that with the written consent of the Trustor, the Trustee may waive any
defect, irregularity or informality in any Election to Retain. The determination by the
Trustee as to whether an Election to Retain is made in accordance with the terms of this
Agreement shall be binding upon the Holders and Beneficial Owners of the Certificates, the
Trustor, the Servicer and the Remarketing Agent. If an Election to Retain is rejected, the
Class A Certificates with respect to which it is made will be subject to purchase on the
applicable Remarketing Date. The Trustee shall notify the Remarketing Agent and the
Servicer of the aggregate Outstanding Certificate Balance of Class A Certificates for which
it shall have received an Election to Retain.

(e) In the event that all of the Class A Certificates subject to mandatory tender on
the Remarketing Date have not been purchased on account of an Optional Liquidation and
cannot be successfully remarketed as provided herein (a “Failed Remarketing”), the Class A
Certificates shall not be remarketed, or subject to tender or purchase on the Remarketing
Date, and a Trust Termination Event shall occur.

Section 3.16. Determination of Subsequent Remarketing Dates and Certificate Rates.

(a) The Certificate Rate for the Class A Certificates from and including the Closing
Date to but excluding the initial Remarketing Date shall be the initial Certificate Rate set
forth in Section 3.01.

(b) At least thirty days prior to any Remarketing Date, the Servicer, with the advice
of the Remarketing Agent, shall determine the subsequent Remarketing Date for such Series of
Class A Certificates based upon the prevailing market conditions and the objective of the
Trustor at the time of the applicable Remarketing Date. The Servicer shall provide written
notice of the subsequent Remarketing Date to the Trustee in writing. In no event shall any
subsequent Remarketing Date be a date past the Final Distribution Date.

(c) Provided that the Remarketing Agent has not received a notice of Optional
Liquidation pursuant to Section 5.02, not less than fifteen Business Days prior to the
applicable Remarketing Date, the Remarketing Agent shall determine the Certificate Rate that
will be in effect for the Class A Certificates from and after the Remarketing Date to but
not including the next Remarketing Date or the Final Distribution Date in accordance with
the procedures and standards set forth in this Section 3.16. The Remarketing Agent shall
immediately upon determination inform the Trustee, the Trustor and the Servicer by telephone
(confirmed in writing) or Electronic Means of the Certificate Rate for such Class A
Certificates so determined. The determination of the Certificate Rate for such Class A
Certificates by the Remarketing Agent shall be conclusive and binding, in the absence of
manifest error, upon the Trustee, the Trustor, the Servicer and the Holders and Beneficial
Owners of the Certificates.

(d) The Certificate Rate for such Class A Certificates to be established in respect of
the applicable Remarketing Date shall be the per annum rate determined by the Remarketing
Agent as the lowest Certificate Rate that, in its judgment and taking into account the
prevailing market conditions, would result in a resale of the Class A Certificates at a
price equal to par; provided, however, that in no event shall the Certificate Rate for such
Class A Certificates be set such that the aggregate amount of distributions payable with
respect to the Class A Certificates, would on any Distribution Date exceed the Adjusted Bond
Coupon Amount. If the Remarketing Agent fails to determine such Certificate Rate for such
Class A Certificates on or before ten days prior to the Remarketing Date, the Class A
Certificates shall be remarketed for a period of one year with a Certificate Rate equal to
the lower of 75% of the rate on one year US Treasury Notes at that time or the interest rate
on the underlying Bonds with such first anniversary date treated as a new Remarketing Date.
For purposes of establishing the Certificate Rate in respect of the Remarketing Date, the
Trustor shall obtain from the Holder of the Class B Certificate and deliver to the
Remarketing Agent a certification in the form attached hereto as Exhibit D not less
than ten Business Days prior to the Remarketing Date.

ARTICLE IV

DISTRIBUTIONS IN RESPECT OF THE CERTIFICATES

Section 4.01. Deposit of Funds Received on Bonds.

(a) The Trustee shall deposit funds received representing interest on the Bonds in the
Interest Subaccount, pending distribution pursuant to Section 4.02.

(b) The Trustee shall deposit funds received representing (i) regularly scheduled
principal payments on the Bonds, (ii) unscheduled principal payments due and payable on the
Bonds as a result of a redemption or mandatory tender of the Bonds and (iii) the Principal
Component of any proceeds received from the sale or liquidation of the Bonds in the
Principal Subaccount, pending distribution pursuant to Section 4.03.

(c) The Trustee shall deposit any Gain received in connection with the liquidation of
the Bonds into the Gain Share Subaccount or the Liquidation Proceeds Subaccount, as provided
in Section 6.01(b) to be disbursed pursuant to Section 6.01(c) or 6.01(d), respectively.

Section 4.02. Distributions of Interest.

(a) On each Special Distribution Date and each Scheduled Distribution Date, the Trustee
shall distribute the funds on deposit in the Interest Subaccount (the “Interest
Collections”) in the following order of priority, each priority being fully paid before such
funds are used to pay any lower priority and no payment being made on any priority if such
funds have been exhausted in the payment of higher priorities:

(i) to the Trustee, an amount equal to the Trustee Fee;

(ii) to the Holders of Class A Certificates, an amount equal to the Accrued
Certificate Distributions on the Class A Certificates; provided that with respect to
a Special Distribution Date on which less than all of the Bonds have been redeemed,
sold, or liquidated, the amount distributable shall be limited to the Accrued
Certificate Distributions on the Certificate Balance of the Class A Certificates
being redeemed on such date;

(iii) to the Trustee, an amount equal to any unreimbursed Trust Expenses;

(iv) to the Servicer, an amount equal to the Servicing Fee;

(v) to the Credit Enhancement Provider, any unreimbursed amounts on the Credit
Enhancement Agreement; and

(vi) to the Holder of the Class B Certificate, any remaining Interest
Collections.

(b) If the funds on deposit in the Interest Subaccount are insufficient to pay the
Accrued Certificate Distributions on the Class A Certificates pursuant to priority (i) and
(ii) in Section 4.02(a), the Trustee shall demand payment under the Credit Enhancement
Agreement in the amount of any such shortfall. The Trustee shall distribute the proceeds of
such demand for payment under the Credit Enhancement Agreement, upon receipt, to the Holders
of the Class A Certificates, pro rata, up to an amount equal to the unpaid Accrued
Certificate Distributions thereon. If the proceeds of any such demand on the Credit
Enhancement Agreement resulting from the liquidation of the Credit Enhancement Assets are
insufficient to pay the unpaid portion of any Accrued Certificate Distributions that is due
on the Class A Certificates, the Trustee shall declare a Trust Termination Event pursuant to
Section 5.01.

Section 4.03. Distributions of Principal.

(a) On each Special Distribution Date and each Scheduled Distribution Date, the Trustee
shall distribute the funds on deposit in the Principal Subaccount (the “Principal
Collections”) in the following order of priority, each priority being fully paid before such
funds are used to pay any lower priority and no payment being made on any priority if such
funds have been exhausted in the payment of higher priorities:

(i) to the Holders of Class A Certificates, pro rata among such Holders, in
reduction of the Certificate Balance thereof, until such balance is reduced to zero,
an amount equal to the pro rata portion (based on the Outstanding Certificate
Balance of the Class A Certificates divided by the Outstanding Certificate Balance
of the Certificates) of the Aggregate Distributable Principal Amount of the
Principal Collections for such Distribution Date;

(ii) to the Trustee, an amount equal to any portion of the Trust Expenses
remaining unreimbursed after the application of Interest Collections pursuant to
Section 4.02(a)(iii);

(iii) to the Servicer, an amount equal to any portion of the Servicing Fee
remaining unpaid after the application of Interest Collections pursuant to
Section 4.02(a)(iv);

(iv) to the Holder of the Class B Certificate, an amount up to the Outstanding
Certificate Balance thereof;

(v) to the Credit Enhancement Provider, an amount up to the aggregate amount of
any unreimbursed payments made under the Credit Enhancement Agreement; and

(vi) to the Holder of the Class B Certificate, any remaining Principal
Collections.

(b) If the funds on deposit in the Principal Subaccount are insufficient to pay the
Aggregate Distributable Principal Amount of the Principal Collections pursuant to priority
(i) in Section 4.03(a), the Trustee shall demand payment under the Credit Enhancement
Agreement in the amount of any such shortfall. The Trustee shall distribute the proceeds of
such demand for payment under the Credit Enhancement Agreement, upon receipt, to the Holders
of the Class A Certificates, pro rata, up to an amount equal to the unpaid Aggregate
Distributable Principal Amount. If the proceeds of any such demand on the Credit
Enhancement Agreement resulting from the liquidation of the Credit Enhancement Assets are
insufficient to pay the unpaid portion of any Aggregate Distributable Principal Amount that
is due and payable to the Holders of the Class A Certificates, the Trustee shall declare a
Trust Termination Event pursuant to Section 5.01.

Section 4.04. Defaults on Bonds.

(a) Upon receipt of notice of any default on the Bonds from any Bond Issuer or any
applicable fiduciary, or upon actual knowledge thereof by an officer of the Trustee assigned
to its corporate trust office, the Trustee shall promptly give notice of such default to the
Holders of the Certificates. Such notice shall set forth (i) the identity of the issue of
Bonds, (ii) the date and nature of such default, (iii) the amount of principal and the
amount of interest to which such default relates, and (iv) any other information which the
Trustee deems appropriate.

(b) If any action to be taken by the applicable fiduciary in connection with a default
on the Bonds requires the vote, consent or other direction from the owners of such Bonds,
the Trustee shall so vote, consent or otherwise direct solely as directed by the Holders of
Certificates as provided in Section 3.02.

Section 4.05. Late Fees. Notwithstanding Sections 4.02 and 4.03, any late fees received by
the Trustee in respect to any Bond or Property and identifiable as such shall be paid by the
Trustee to the Servicer.

Section 4.06. Notice of Mandatory Tender. Not more than fifteen nor less than seven Business
Days prior to any date on which the Class A Certificates are subject to mandatory tender and
purchase pursuant to Section 3.15, 5.02 or 5.03, the Trustee shall mail notice of such mandatory
tender to the Holders of the Class A Certificates at their addresses appearing on the Certificate
Register. If and for so long as the Class A Certificates are held in book-entry form, such notice
shall be provided solely to the Securities Depository or its nominee as Holder of such
Certificates. Failure to mail any such notice of mandatory tender or any defect therein shall not
affect the validity of the proceedings for such mandatory tender and purchase. Any such notice of
mandatory tender provided in connection with the Remarketing Date pursuant to Section 3.15 shall
include the following information:

(a) the applicable Remarketing Date;

(b) that any Holder or Beneficial Owner of Class A Certificates shall have the right to
an Election to Retain which must be exercised no later than five Business Days prior to the
Remarketing Date and in accordance with the procedures of the Securities Depository, if
applicable; and

(c) the subsequent Remarketing Date and Certificate Rate determined pursuant to Section
3.16 to be in effect from the current Remarketing Date to the subsequent Remarketing Date of
such Class A Certificates.

ARTICLE V

TRUST TERMINATION, OPTIONAL

LIQUIDATION AND FINAL DISTRIBUTION

Section 5.01. Trust Termination Events.

(a) Each of the following constitutes a “Trust Termination Event” under this Agreement:

(i) any failure to pay Accrued Certificate Distributions due on the Class A
Certificates on any Distribution Date;

(ii) any failure to pay Aggregate Distributable Principal Amount due and
payable to Holders of the Class A Certificates on any Distribution Date;

(iii) any failure to pay the purchase price of Class A Certificates equal to at
least the Outstanding Certificate Balance of such Class A Certificates plus Accrued
Certificate Distributions thereon tendered on any Remarketing Date, any Optional
Liquidation Date or the Final Distribution Date from the remarketing proceeds or
liquidation of Bonds; and

(iv) an Act of Bankruptcy with respect to the Holder of the Class B Certificate
or, if applicable, such other entity as may be required pursuant to Section 3.14(j)
to make the additional capital contributions of the Holder of the Class B
Certificate pursuant to Section 5.04;

provided, however, a bankruptcy or insolvency event described in the foregoing clause (iv)
will not constitute a Termination Event for one year after the date of occurrence of such
bankruptcy or insolvency event. Upon the occurrence of a Trust Termination Event, the Trust
will be terminated.

(b) Upon the occurrence of a Trust Termination Event, the Trustee shall promptly
(i) notify the Trustor and the Servicer of the occurrence thereof, (ii) mail written notice
of the occurrence thereof to each Holder of Certificates and (iii) to the extent necessary,
demand payment under the Credit Enhancement Agreement in an amount sufficient to pay the
Holder of the Class A Certificates the aggregate Outstanding Certificate Balance of the
Class A Certificates, plus Accrued Certificate Distributions thereon pursuant to the
priorities set forth herein.

(c) Upon receipt of notice of the occurrence of a Trust Termination Event, the Servicer
shall, based upon a Quotation of Bond Price, promptly determine the highest price at which
the Bonds can be liquidated, and the Servicer shall liquidate the Bonds at such price. If
the Bonds are not liquidated at a price, together with the proceeds of the demand on the
Credit Enhancement Agreement resulting from the liquidation of the Credit Enhancement Assets
pursuant to Section 5.01(b) and available funds in the Trust Account, to the extent
necessary, sufficient to pay the aggregate Outstanding Certificate Balance of the Class A
Certificates, plus Accrued Certificate Distributions thereon, the provisions of Section 5.04
shall apply. Any liquidation of Bonds pursuant to this subsection shall be subject to a
right of first refusal of the Holder of the Class B Certificate. The exercise price for any
such right of first refusal of the Holder of the Class B Certificate (the “Exercise Price”)
shall be an amount equal to the greater of (i) the amount necessary to pay the aggregate
Outstanding Certificate Balance of the Class A Certificates, plus Accrued Certificate
Distributions thereon, to the Holders of the Class A Certificates pursuant to the priorities
set forth herein and (ii) the amount obtained with respect to the Quotation of Bond Price
set forth above.

(d) The Principal Component of the proceeds of such liquidation, shall be treated as
principal payments and distributed as provided in Section 4.03. Accrued and unpaid interest
on such Bonds shall be treated as interest payments and distributed as provided in Section
4.02. Any Gain shall be distributed as provided in Section 6.01. Any draws on the Credit
Enhancement Agreement shall be deemed proceeds of such liquidation for purposes of this
subsection (d).

(e) Upon the distribution of the proceeds from the liquidation of the Bonds, together
with the proceeds of any demand on the Credit Enhancement Agreement resulting from the
liquidation of the Credit Enhancement Assets, and the proceeds of any demand on the Holder
of the Class B Certificate pursuant to Section 5.04, as applicable, and payment in full to
the Holders of the Class A Certificates, the Trust shall terminate.

Section 5.02. Optional Liquidation of Bonds and Termination of Trust.

(a) On each Remarketing Date, the Trust shall be subject to liquidation, in whole but
not in part (“Optional Liquidation”) at the direction of the Holder of the Class B
Certificate upon 30 days’ prior written notice in the form of Exhibit D attached
hereto to the Trustor, the Trustee and the Servicer, provided that the proceeds of such
liquidation shall be sufficient to cause the Holders of the Class A Certificates to receive,
after giving effect to any distributions pursuant to Sections 4.02 and 4.03 on such date, at
least the aggregate Outstanding Certificate Balance thereof plus Accrued Certificate
Distributions thereon.

(b) On the applicable Optional Liquidation Date, the Servicer shall sell and liquidate
all of the Bonds, on behalf of the Trust, at the highest price obtainable under then current
market conditions based on Quotation of Bond Price (subject to a right of first refusal of
the Holder of the Class B Certificate at the Exercise Price) provided that the proceeds
received from the liquidation of the applicable Bonds on a Optional Liquidation Date will be
sufficient to pay 100% of the Outstanding Certificate Balance and Accrued Certificate
Distributions on the Class A Certificates subject to the Optional Liquidation. The
Principal Component of the proceeds of such liquidation, shall be treated as principal
payments and distributed as provided in Section 4.03. Accrued and unpaid interest on such
Bonds shall be treated as interest payments and distributed as provided in Section 4.02.
Any Gain shall be distributed as provided in Section 6.01. If proceeds received from the
liquidation of the applicable Bonds on an Optional Liquidation Date will not be sufficient
to pay 100% of the Outstanding Certificate Balance and Accrued Certificate Distributions on
the Class A Certificates subject to the Optional Liquidation, a Trust Termination Event
shall occur.

(c) Upon the distribution of the proceeds of the liquidation of the Bonds pursuant to
Section 5.02(b), assuming the event described in the last sentence thereof has not occurred,
the Certificates shall be cancelled and the Trust shall terminate.

(d) On a Remarketing Date, if the Class B Certificateholder has not directed an
Optional Liquidation, the Class A Certificates shall be subject to remarketing and Class A
Certificates for which no Election to Retain has timely been made shall be required to be
tendered to the Trustee on the Remarketing Date for purchase and tender pursuant to
Section 3.15 and remarketing pursuant to Section 9.02.

Section 5.03. Final Distribution Date and Termination of the Trust.

(a) The Class A Certificates shall be subject to mandatory tender for purchase and
cancellation on the Final Distribution Date at a price equal to the Outstanding Certificate
Balance of the Class A Certificates, plus Accrued Certificate Distributions thereon.

(b) On the Final Distribution Date, the Servicer shall sell and liquidate all of the
Bonds, on behalf of the Trust, at the highest price obtainable under then current market
conditions based upon Quotation of Bond Price (subject to a right of first refusal of the
Holder of the Class B Certificate at the Exercise Price). To the extent that the proceeds of
such liquidation are insufficient to pay the Outstanding Certificate Balance of the Class A
Certificates, plus Accrued Certificate Distributions thereon, on the Final Distribution Date
pursuant to the priorities set forth herein, the Trustee shall make a demand on the Credit
Enhancement Agreement for an amount equal to such deficiency. The Principal Component of the
proceeds of such liquidation shall be treated as principal payments and applied as provided
in Section 4.03. Accrued and unpaid interest on such Bonds shall be treated as interest
payments and applied as provided in Section 4.02. Any Gain shall be distributed pursuant to
the provisions of Section 6.01. Any draws on the Credit Enhancement Agreement shall be
deemed proceeds of such liquidation for purposes of this subsection (b). To the extent that
the proceeds of such liquidation and a demand on the Credit Enhancement Agreement resulting
from the liquidation of the Credit Enhancement Assets are insufficient to pay the
Outstanding Certificate Balance of the Class A Certificates, plus Accrued Certificate
Distributions thereon, on the Final Distribution Date, the provisions of Section 5.04 shall
apply.

(c) Upon the distribution of the proceeds from the liquidation of the Bonds, together
with the proceeds of any demand on the Credit Enhancement Agreement resulting from the
liquidation of the Credit Enhancement Assets, and the proceeds of any demand on the Holder
of the Class B Certificate pursuant to Section 5.04, as applicable, and payment in full to
the Holders of the Class A Certificates, the Trust shall terminate.

Section 5.04. Additional Capital Contributions. If in connection with a Trust Termination
Event or the final distribution on the Final Distribution Date, the proceeds from the liquidation
of all of the Bonds, together with any other Trust Assets and the proceeds of the demand on the
Credit Enhancement Agreement resulting from the liquidation of the Credit Enhancement Assets, are
insufficient to pay any unpaid Accrued Certificate Distributions and 100% of the Outstanding
Certificate Balance of the Class A Certificates pursuant to the priorities set forth herein, then
the Holder of the Class B Certificate shall, within five days of the date of the liquidation of the
Bonds, make a one-time contribution to the Trust in an amount equal to the amount of such
deficiency, if any (“Shortfall”), to be paid to the Holders of the Class A Certificates, up to an
amount equal to the Maximum Contribution Amount. Any contribution by the Holder of the Class B
Certificate to the Trust pursuant to this Section 5.04 shall be first be treated as a Interest
Collection for purposes of Section 4.02(a)(i) and (ii) and then as a Principal Collection for
purposes of Section 4.03(a)(i). To the extent of any payment made under this Section 5.04 by the
Holder of the Class B Certificate, the Holder of the Class B Certificate shall be entitled to any
rights, if any, of the Trust to recover any amounts associated with such payment from any third
party.

Section 5.05. Credit Enhancement Agreement. On the Closing Date, the Trustee shall, on behalf
of the Trust, enter into the Credit Enhancement Agreement with the Credit Enhancement Provider.
The Trustee shall make demands on the Credit Enhancement Agreement, in accordance with its terms,
to the extent necessary pursuant to Sections 4.02(b), 4.03(b), 5.01(b) and 5.03(b).

ARTICLE VI

DETERMINATION AND PAYMENT OF BOND LIQUIDATION PRICE AND GAIN SHARE

Section 6.01. Determination and Payment of Gain Share.

(a) The Trustee shall have no responsibility for the calculation of the Gain Share, nor
shall it have any responsibility for the payment thereof except from and to the extent of
amounts deposited for such purpose in the Gain Share Subaccount.

(b) The Trustee shall make the following deposits from the proceeds of the liquidation
of any Bonds: (i) an amount equal to the Principal Component into the Principal Subaccount,
(ii) an amount equal to the accrued and unpaid interest on such Bonds into the Interest
Subaccount, (iii) an amount equal to ten percent (10%) of any Gain into Gain Share
Subaccount to be applied to pay the related payment of Gain Share described in Section
6.01(c) below; and (iv) any remaining proceeds of such liquidation into the Liquidation
Proceeds Subaccount.

(c) The Trustee shall apply all amounts deposited into the Gain Share Subaccount to the
payment of Gain Share on any Optional Liquidation Date, Trust Termination Date, Final
Distribution Date or other Special Distribution Date to the Holders of all Outstanding Class
A Certificates on a pro rata basis.

(d) The Trustee shall pay all amounts deposited into the Liquidation Proceeds
Subaccount to the Holder of the Class B Certificate.

ARTICLE VII

THE TRUSTEE

Section 7.01. Acceptance of Duties. The Trustee hereby accepts and agrees to fulfill the
obligations imposed upon it by this Agreement, but only upon the terms and conditions set forth in
this Article VII and subject to the provisions of this Agreement, to all of which the Trustor, the
Servicer and the Holders agree. The Trustee shall be responsible for performing such duties and
only such duties as are specifically set forth in the Agreement and no implied covenants, duties or
obligations (whether of a fiduciary nature or otherwise) shall be read into the Agreement or
implied in law against the Trustee.

Section 7.02. Limited Liability.

(a) The Trustee shall incur no liability to any Holder of any Certificate if, by reason
of any provision of any present or future law, or regulation thereunder, of any governmental
authority, or by reason of any natural disaster or war or other circumstance beyond its
control, the Trustee is prevented from doing or performing any act or thing which the terms
of this Agreement provide should be done or performed.

(b) The Trustee shall assume no obligation and shall not be subject to any liability to
Holders of Certificates or the Trustor in the performance of its duties, other than by
reason of willful misconduct, bad faith or negligence. The Trustee is not under any
obligation to take any action which may tend to involve it in any expense or liability, the
recovery or payment of which within a reasonable time is not, in its reasonable opinion,
assured to it. The Trustee may own and deal in Bonds, in obligations of the same issue and
maturity as the Bonds and in the Certificates, as though it were not the Trustee under this
Agreement.

(c) The Trustee shall not be charged with knowledge of any event or condition unless an
officer assigned to the department administering this Agreement has actual knowledge
thereof.

(d) The Trustee shall be entitled to rely on and shall be under no obligation to verify
any determination of any statistical amount, price, valuation, mathematical value or market
price furnished to the Trustee by the Servicer including, without limitation, any Base Price
or Gain Share.

(e) The Trustee shall not be liable to any Owner or Beneficial Owner of any Certificate
for any action or non-action by it in reasonable reliance upon any Opinion of Counsel, the
advice of or information from legal counsel, accountants, any Owner or Beneficial Owner of a
Certificate or any other person reasonably believed by it to be competent to give such
advice or information. The Trustee may rely and shall be protected in acting upon any
written notice, request, direction or other document reasonably believed by it to be genuine
and to have been signed or presented by the proper party or parties.

(f) Except for the authority and authenticity of any signatures of signatories of the
Trustee appearing on the Certificates, the Trustee makes no representations as to the
validity or sufficiency of the Certificates or as to the validity, sufficiency, worth or
tax-exempt status of the Bonds relating thereto.

(g) The Trustee may perform any of the duties hereunder through agents, attorneys or a
custodian and shall not be liable for the acts or omissions of any person appointed with due
care.

Section 7.03. Fidelity Bond. The Trustee is required at all times to maintain a fidelity bond
or other insurance (which may be self-insurance) in reasonable form and amount to protect against
loss due to dishonest or fraudulent action by its employees in connection with its obligations
under this Agreement.

Section 7.04. Indemnification of Trustee.

(a) The Trustor agrees to indemnify the Trustee against, and hold it harmless from, any
liability or expense relating to, or in any way connected with acting as Trustee, other than
any loss, liability or expense that (i) constitutes a specific liability of the Trustee in
its individual capacity under this Agreement, (ii) is incurred by reason of willful
misfeasance, bad faith or negligence in the performance of the Trustee’s duties under this
Agreement or (iii) results from a breach of, or is incurred by reason of the Trustee’s
reckless disregard of the Trustee’s obligations and duties under this Agreement. Without
limiting the generality of the foregoing, the Trustee shall have no duty or responsibility
for and shall not be deemed to have been negligent with respect to, and the Trustor shall
indemnify and hold harmless the Trustee against, any liability arising out of any claim
(i) that the Bonds are not genuine, (ii) that any disclosure with respect to the Bonds or
the Certificates required by applicable federal and state laws was not made, or (iii) that
registration of the Certificates or any investment company relating to the Certificates and
this Agreement is required by applicable federal or state securities laws and the Trustor
failed to effect such registration (provided, however, that the Trustee shall abide by the
transfer restrictions set forth in Section 3.14).

(b) If the indemnification provided for in the preceding paragraph is invalid or
unenforceable in accordance with its terms, then the Trustor shall contribute to the amount
paid or payable by the Trustee as a result of such liability in such proportion as is
appropriate to reflect the relative benefits received by the Trustor, on one hand, and the
Trustee, on the other, from the issuance and sale of such Certificates. For this purpose
the benefits received by the Trustor shall be the aggregate amount received by the Trustor
upon the sale of such Certificates, less the costs and expenses of such sale, including the
cost of acquisition of the Bonds or parts thereof evidenced thereby, and the benefits
received by the Trustee shall be the aggregate amount of fees received by the Trustee, less
costs and expenses incurred in relation to such Certificates. If, however, the allocation
provided by the immediately preceding two sentences is not permitted by applicable law, then
the Trustor shall contribute to such amount paid or payable by the Trustee, in such
proportion as is appropriate to reflect not only such relative benefits but also the
relative fault of the Trustor, on the one hand, and the Trustee, on the other, in connection
with the actions or omissions which resulted in such liability, as well as any other
relevant equitable considerations.

(c) In case any claim shall be made or action brought against the Trustee for any
reason for which indemnity may be sought against the Trustor as provided above, the Trustee
shall promptly notify the Trustor in writing setting forth the particulars of such claim or
action and the Trustor may assume the defense thereof. In the event that the Trustor
assumes the defense, the Trustee shall have the right to retain separate counsel in any such
action but shall bear the fees and expenses of such counsel unless (i) the Trustor shall
have specifically authorized the retaining of such counsel or (ii) the parties to such suit
include the Trustee and the Trustor, and the Trustee has been advised in writing by counsel
that representation of both the Trustor and the Trustee would be inappropriate due to actual
conflicting interests between them, in which case the Trustor shall not be entitled to
assume the defense of such suit notwithstanding its obligation to bear the reasonable fees
and expenses of such counsel.

(d) The term “liability,” as used in this Section, shall include any actual, out of
pocket losses, claims, damages, expenses (including without limitation the Trustee’s
reasonable costs and expenses in defending itself against any losses, claims or
investigations of any nature whatsoever) or other liabilities, joint or several, arising for
any reason under this Agreement relating to or in any way connected with the Trustee acting
as Trustee (including without limitation any unpaid Trust Expenses and any liabilities
arising from violation of applicable laws or trademarks or service marks) or in any way
related to the Bonds or the Property.

(e) The obligations of the Trustor under this Section shall be in addition to any
liability which the Trustor may otherwise have and shall extend, upon the same terms and
conditions, to each employee, officer and director of the Trustee and to each person, if
any, who controls the Trustee within the meaning of the Securities Exchange Act.

(f) Upon any removal or resignation of the Trustee, the Trustee’s right to
indemnification and the Trustor’s obligations to indemnify the Trustee hereunder shall
survive such removal or resignation.

Section 7.05. Information Concerning the Bonds. The Trustee, on or before the fifth day of
each month, shall mail or distribute electronically to the Trustor and the Servicer (i) a copy of
each item received by the Trustee as record owner of the Bonds during the preceding calendar month,
and (ii) any other information that the Trustor or the Servicer may reasonably request. All
records and files pertaining to the Certificates or the Bonds in the custody of the Trustee shall
be open at all reasonable times to the inspection of the Trustor, the Servicer, the Holders of the
Certificates and their agents and representatives.

Section 7.06. Resignation and Removal.

(a) The Trustee may at any time resign as Trustee by giving written notice of its
election to do so to the Trustor and the Servicer. The Trustor or the Holder of the Class B
Certificate or the Holders of a majority of the Outstanding Certificate Balance of the
Class A Certificates may at any time upon 45 days prior written notice to the Trustee remove
the Trustee. Any such resignation or removal shall take effect only upon the appointment by
the Trustor of a successor Trustee subject to, and agreeing to comply with, the terms and
conditions of this Agreement. If at any time the Trustee becomes incapable of acting or is
adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its property is
appointed, or any public officer takes charge or control of the Trustee or of its property
or affairs for the purpose of rehabilitation, conservation or liquidation, then any Holder
of a Certificate may, on behalf of itself and all others similarly situated, petition any
court of competent jurisdiction for the removal of the Trustee and the appointment of a
successor Trustee.

(b) If at any time the Trustee notifies the Trustor that it elects to resign as
Trustee, or if at any time the Trustor or the Holder of the Class B Certificate or the
Holders of a majority of the Outstanding Certificate Balance of the Class A Certificates
elect to remove the Trustee, the Trustor shall appoint a successor Trustee, which is to be a
commercial bank with trust powers or a trust company having its principal office in the
United States of America and having a combined capital and surplus of at least $50,000,000
or all of whose obligations are guaranteed by a Person with a capital and surplus or net
worth of such amount. If no successor Trustee has been so appointed within 45 days of
notice of such resignation or removal, the Trustee may petition any court of competent
jurisdiction for the appointment of a successor Trustee. Any corporation or association
into or with which the Trustee may be merged, consolidated or converted will be the
successor of such Trustee without the execution or filing of any document or any further
act.

(c) Notwithstanding the foregoing, no resignation or removal of the Trustee in
accordance with the provisions hereof shall become effective until its successor Trustee has
accepted its appointment hereunder.

Section 7.07. Payment of Trustee Fee. On each Distribution Date, as set forth in Section
4.02, the Trustee shall be entitled to be paid the Trustee Fee. The amount of the Trustee Fee
shall not be available for distributions to Holders in respect of their Certificates.

Section 7.08. Credit Enhancement Custodian. All rights and immunities of the Trustee under
this Article VII shall be equally applicable to the Credit Enhancement Custodian.

Section 7.09. Statements to Holders.

(a) On each Scheduled Distribution Date, the Trustee shall mail to the Trustor, the
Servicer and each Holder a statement setting forth the following information:

(i) the amount of Interest Collections for the month immediately prior to such
Scheduled Distribution Date, adjusted for any distribution of interest made in such
month on a Special Distribution Date;

(ii) the amount of Principal Collections for the month immediately prior to
such Scheduled Distribution Date, adjusted for any distribution of principal made in
such month on a Special Distribution Date;

(iii) the amount of distributions of interest paid with respect to each Class
of the Certificates on such Scheduled Distribution Date and each Special
Distribution Date occurring after the immediately preceding Scheduled Distribution
Date;

(iv) the amount of distributions of principal paid with respect to each Class
of the Certificates on such Scheduled Distribution Date and each Special
Distribution Date occurring after the immediately preceding Scheduled Distribution
Date;

(v) the Outstanding Certificate Balance of each Class of the Certificates after
all distributions of principal have been made on such Scheduled Distribution Date;

(vi) the Servicing Fees, if any, paid on such Scheduled Distribution Date and
each Special Distribution Date occurring after the immediately preceding Scheduled
Distribution Date and any portion of such fees remaining unpaid;

(vii) the Trustee Fees and Trust Expenses paid on such Scheduled Distribution
Date and each Special Distribution Date occurring after the immediately preceding
Scheduled Distribution Date and any portion of such fees remaining unpaid;

(viii) the Outstanding aggregate principal amount of each issue of the Bonds;

(ix) the Outstanding aggregate principal amount of each issue of the Credit
Enhancement Assets; and

(x) the occurrence of any event described under Section 5.01(a)(iv).

ARTICLE VIII

ADMINISTRATION AND SERVICING OF BONDS

Section 8.01. Servicing of Bonds.

(a) The Servicer shall service and administer the Bonds, on behalf of the Trust, in
accordance with its reasonable and standard servicing procedures applied in good faith for
servicing multifamily housing bonds similar to the Bonds held in its own portfolio or
otherwise serviced by it, and shall have full power and authority to do any and all things
in connection with such servicing and administration which it may deem necessary or
desirable; provided that (i) the Servicer shall not take any action or permit any action
which is within its control to be taken which would (A) impair the status of the Trust as a
partnership under the Code, or (B) render interest in respect of any such Bond not to be
excludable from gross income of the recipient thereof pursuant to Section 103 of the Code;
and (ii) the Servicer shall take any additional action, including making any additional
filings, which it has taken in respect of all other multifamily housing bonds similar to the
Bonds held in its own portfolio or otherwise serviced by it which may be necessary pursuant
to changes in the applicable law of certain jurisdictions in order to perfect the interest
of the Trust in the Bonds.

(b) The Servicer may perform its obligation to service the Bonds either directly or
through agents or independent contractors; provided, however, that the Servicer shall remain
fully responsible for its duties hereunder notwithstanding the appointment by it of any
agent or independent contractor to service the Bonds. The Trustee or the Certificateholders
shall furnish the Servicer with any powers of attorney and other documents necessary or
appropriate to enable the Servicer to implement its servicing and administrative duties
hereunder.

(c) The Servicer shall use its best reasonable efforts to collect, on behalf of the
Trust, all payments due with respect to the Bonds in accordance with such normal and
customary practices it shall deem necessary or advisable, and shall have the power and
authority, acting alone, to do any and all things in connection therewith as it may deem
necessary or advisable.

(d) The relationship of the Servicer to the Trustee under this Agreement is intended by
the parties to be that of an independent contractor and not that of a joint venturer,
partner or agent.

Section 8.02. Servicing Compensation; Payment of Certain Expenses by Servicer.

(a) As compensation for acting as Servicer hereunder, the Servicer shall be entitled to
receive the Servicing Fee pursuant to Sections 4.02 and 4.03.

(b) The Servicer shall be required to pay all expenses incurred by it in connection
with its servicing activities hereunder including payment of taxes imposed on the Servicer,
the fees and disbursements of independent accountants, outside auditor fees (including
attorneys’ fees, data processing costs, expenses incurred in connection with reports to the
Trustee and the Holders and other related expenses incurred in connection with administering
the Bonds) and shall not be entitled to reimbursement therefor except as specifically
provided herein. The Servicer agrees to perform all its duties and obligations under this
Agreement, regardless of its receipt of servicing compensation hereunder.

Section 8.03. Access to Certain Documentation and Certain Information Regarding Bonds. The
Servicer will provide to the Trustee access to the documentation in its possession regarding the
Bonds, such access being afforded without charge but only during normal business hours at the
offices of the Servicer designated by it. The Trustee shall, and is hereby authorized by the
Holders to, cooperate with the Servicer in effecting such access.

Section 8.04. Calculations. All calculations required to be made by the Servicer pursuant to
this Agreement, including, without limitation, calculations made in connection with reports
furnished to the Trustee in accordance with Section 7.09, shall be based on all information
available to the Servicer at that time.

Section 8.05. Liability of Servicer.

(a) The Servicer shall be liable in accordance herewith only to the extent of the
obligations specifically undertaken by the Servicer herein.

(b) Neither the Servicer nor any of its directors, officers, employees or agents shall
be under any liability to the Trustee, the Trust or the Holders or Beneficial Owners for
taking any action or for refraining from taking any action pursuant to this Agreement or for
errors in judgment; provided, however, that this provision shall not protect the Servicer or
any such Person against any liability which would otherwise be imposed by reason of willful
misfeasance, bad faith or negligence in the performance of duties or by reason of reckless
disregard of obligations and duties hereunder.

(c) The Servicer and its directors, officers, employees or agents may rely in good
faith on any document of any kind prima facie properly executed and submitted by any Person
respecting any matters arising hereunder. The Servicer will defend and indemnify the
Trustee, the Trust and the Holders against any and all costs, expenses, losses, damages,
claims and liabilities in respect of any negligent action taken by, or negligent omission
of, the Servicer with respect to its servicing obligations regarding any Bonds.

(d) The Servicer shall not be under any obligation to appear in, prosecute or defend
any legal action which is not incidental to its duties to service the Bonds in accordance
with this Agreement and which in its opinion may cause it to incur any expense or liability.

Section 8.06. Resignation or Removal of Servicer.

(a) The Servicer may at any time resign as Servicer by giving written notice of its
election to do so to the Trustee and the Trustor, at any time, may remove the Servicer upon
90 days prior written notice to the Servicer and the Trustee; provided, however, that no
resignation or removal of the Servicer shall become effective until a successor Servicer
shall have been appointed and shall have assumed all of its responsibilities, duties and
obligations under this Agreement pursuant to a writing satisfactory to the Trustor and the
Trustee. Upon receipt of notice of the resignation of the Servicer, or upon notification of
the Servicer by the Trustor of its decision to remove the Servicer, the Trustor shall
promptly appoint a successor Servicer. In the event that the Trustor shall not have
appointed a successor Servicer within 90 days of such notice of resignation or removal, the
Trustee shall be entitled to appoint, or petition a court of competent jurisdiction to
appoint, any established servicer of multifamily housing bonds or similar obligations as
successor Servicer hereunder. From and after such appointment and assumption, such
successor Servicer shall be entitled receive to the Servicing Fee as provided in
Section 8.02; provided, however, that the amount of the Servicing Fee may be increased by
the Trustor to a then reasonable market rate. The Trustee, the resigning or terminated
Servicer and such successor Servicer shall take such action, consistent with this Agreement,
as shall be necessary to effectuate an orderly transfer of the servicing functions in
accordance with the provisions of this Section.

Section 8.07. Notification to Holders. Upon any resignation or removal of a Servicer and any
appointment of a successor Servicer, the Trustee shall give prompt written notice thereof to each
Holder at its respective address appearing in the Certificate Register.

Section 8.08. Liability of Trustor.

(a) The Trustor shall be liable in accordance herewith only to the extent of the
obligations specifically undertaken by the Trustor herein.

(b) Neither the Trustor nor any of its directors, officers, employees or agents shall
be under any liability to the Trustee, the Trust or the Holders or Beneficial Owners for
taking any action or for refraining from taking any action pursuant to this Agreement or for
errors in judgment; provided, however, that this provision shall not protect the Trustor or
any such Person against any liability which would otherwise be imposed by reason of willful
misfeasance, bad faith or negligence in the performance of duties or by reason of reckless
disregard of obligations and duties hereunder.

(c) The Trustor and its directors, officers, employees or agents 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 Trustor will defend and indemnify the Trustee,
the Trust and the Holders against any and all costs, expenses, losses, damages, claims and
liabilities in respect of any negligent action taken by, or negligent omission of, the
Trustor with respect to its servicing obligations regarding any Bonds.

(d) The Trustor shall not be under any obligation to appear in, prosecute or defend any
legal action which is not incidental to its duties to service the Bonds in accordance with
this Agreement and which in its opinion may cause it to incur any expense or liability.

Section 8.09. Substitution of Bonds.

(a) Prior to a Trust Termination Event, the Servicer may, and within 60 days after
receiving notice of a Determination of Taxability shall promptly, substitute Replacement
Bonds for Defaulted Bonds or for Principal Collections received in respect of Defaulted
Bonds, without the consent of the Holders of the Class A Certificates; provided that after
giving effect to such substitution of Bonds (i) the annual interest collections on the
Replacement Bonds are equal to at least 100% of the scheduled annual interest collections on
the replaced securities (“Replaced Bonds”) and (ii) the Outstanding principal balance of the
Replacement Bonds is equal to at least 100% of the Outstanding principal balance of the
Replaced Bonds. In addition, prior to a Trust Termination Event, the Servicer may
substitute Replacement Bonds for Bonds that are not Defaulted Bonds, or Principal
Collections received in respect of Bonds that are not Defaulted Bonds; provided that after
giving effect to such substitution (i) no more than 20% of the aggregate principal amount of
Bonds that at the time of their replacement are not Defaulted Bonds have been replaced since
the later of the Closing Date or the immediately preceding Remarketing Date; (ii) the annual
interest collections on the Replacement Bonds are equal to at least 110% of the scheduled
annual interest collections on the Replaced Bonds; (iii) the Outstanding principal balance
of the Replacement Bonds is equal to at least 110% of the Outstanding principal balance of
the Replaced Bonds; and (iv) the Trust would expect to continue to be eligible to use the
Monthly Closing Election described in Section 10.07. After the permitted substitution for
Defaulted Bonds or for Bonds that are not Defaulted Bonds set forth above, the consent of
the Holders of a majority of the Outstanding Certificate Balance of the Class A Certificates
will be required for the substitution of Bonds.

(b) No Bond may be a Replacement Bond if it has more than a de minimis amount of market
discount for federal income tax purposes.

(c) In the case of any Replaced Bonds, Gain Share shall be calculated as of the time of
substitution based on the original Base Price of the Replaced Bonds and the Base Price of
the Replacement Bonds at the time of substitution. Gain Share of the Replacement Bonds
shall be calculated at the applicable time based on the Base Price of the Replacement Bonds
at the time of substitution. Gain Share, if any, on Replaced Bonds shall not be paid until
the Trust terminates.

ARTICLE IX

REMARKETING

Section 9.01. Appointment of Remarketing Agent. Not later than the 90th day prior to the
initial Remarketing Date and any subsequent Remarketing Date, the Trustor shall appoint a
remarketing agent (the “Remarketing Agent”) for the Class A Certificates. The Remarketing Agent
shall serve as such under the terms and provisions hereof and of an agreement (the “Remarketing
Agreement”) satisfactory to the Trustor, the Trustee and the Servicer. The Remarketing Agent, and
any successor thereto, shall be a member of the National Association of Securities Dealers, Inc.,
having capitalization of at least $50,000,000, and be authorized by law to perform all the duties
imposed upon it by this Agreement and the Remarketing Agreement.

Section 9.02. Remarketing Procedures.

(a) On the Business Day on which notices of Election to Retain are due, the Trustee
shall give notice to the Remarketing Agent, the Trustor and the Servicer, by Electronic
Means, of the aggregate Outstanding Certificate Balance of Class A Certificates for which
the Trustee has not received an Election to Retain. Such Class A Certificates shall be
subject to mandatory tender and purchase on the Remarketing Date as provided in
Section 3.15(b).

(b) On the date notice of the aggregate Outstanding Certificate Balance of Class A
Certificates subject to mandatory tender and purchase is received by the Remarketing Agent
pursuant to Section 9.02(a), the Remarketing Agent shall, subject to the limitations set
forth in Section 3.14, commence to offer for sale and use its best efforts to sell such
Class A Certificates at a purchase price equal to the Outstanding Certificate Balance
thereof. Delivery in connection with any such sale shall be made against payment on the
Remarketing Date.

(c) The Remarketing Agent shall hold all moneys delivered to it in connection with such
remarketing in trust in non-commingled funds solely for the benefit of the person or entity
which has delivered such moneys until such moneys are delivered to the Trustee as provided
in Section 9.03.

Section 9.03. Actions of Remarketing Agent. On the applicable Remarketing Date, the
Remarketing Agent shall:

(a) on or before 11:30 a.m. notify the Trustee and the Servicer by Electronic Means of
the aggregate purchase price of the Class A Certificates which have been remarketed and the
aggregate purchase price of the Class A Certificates as to which a failure to remarket has
occurred;

(b) deliver instructions as to registration and denominations of remarketed
Certificates to the Trustee by Electronic Means no later than 1:00 p.m.; and

(c) on or before 1:30 p.m., pay the proceeds of remarketed Certificates to the Trustee
in immediately available funds for distribution to the tendering Holders.

ARTICLE X

PARTNERSHIP TAX MATTERS

Section 10.01. Allocations.

(a) All net income and net gain of the Trust shall be apportioned among and allocated
to the related Holders of Class A Certificates and the Holder of the Class B Certificate in
the same cumulative amounts as cumulative amounts of net income and net gain received are
distributed to the Holders of Class A Certificates and Holder of the Class B Certificate.
Any net loss shall be allocated one hundred percent to the Holder of the Class B
Certificate; provided, however, that if such allocation results in a deficit balance in the
Capital Account (hereinafter defined) of the Holder of the Class B Certificate in excess of
the obligation to make an additional capital contribution pursuant to Section 5.04, such
excess shall be allocated to Holders of Class A Certificates in proportion to the
Certificate Balances of the Class A Certificates held by each such Holder. Any original
issue discount, market discount and bond premium of the Trust shall be allocated one hundred
percent (100%) to the Holder of the Class B Certificate.

(b) As used in this Article X, the words “income,” “gain,” “deduction” or “loss” mean
the tax items of the Trust for each Fiscal Year or portion thereof (including income exempt
from tax and expenditures described in Section 705(a)(2)(B) of the Code, or treated as being
so described pursuant to Treas. Reg. §1.704-1(b)(2)(iv)(i)). Where the context requires,
gain or loss shall include related federal tax items such as capital gain or loss. Income,
gain, deduction or loss of the Trust shall be determined in accordance with federal tax
accounting principles, as modified by Treas. Reg. §1.704-1(b)(2)(iv).

(c) Notwithstanding any other provision of this Agreement, (i) “partner nonrecourse
deductions” (as defined in Treas. Reg. Section 1.704-2(i)), if any, of the Holders shall be
allocated for each period to the Holder that bears the economic risk of loss within the
meaning of Treas. Reg. Section 1.704-2(i), and (ii) “nonrecourse deductions” (as defined in
Treas. Reg. Section 1.704-2(b)) and “excess nonrecourse liabilities” (as defined in Treas.
Reg. Section 1.752-3(a)), if any, of the Trust shall be allocated to the Holders in
accordance with their respective shares of net income and net gain. This Agreement shall be
deemed to include “qualified income offset,” “minimum gain chargeback” and “partner
nonrecourse debt minimum gain chargeback” provisions within the meaning of Treas. Reg. under
Section 704(b) of the Code. Accordingly, notwithstanding any other provision of this
Agreement, items of gross income shall be allocated to the Holders on a priority basis to
the extent and in the manner required by such provisions.

Section 10.02. Consent to Methods. The methods set forth in this Article X by which
allocations of net income, net gain, net loss, original issue discount, market discount and bond
premium are made and apportioned are hereby expressly consented to by each Holder as an express
condition to becoming a Holder.

Section 10.03. Capital Accounts.

(a) General. A separate capital account (“Capital Account”) shall be maintained by the
Trustor on behalf of the Trust for each Holder of Certificates in accordance with this
Section 10.03. The Trustee shall not have any responsibility for the establishment,
maintenance or adjustment of Capital Accounts. Each Holder’s Capital Account shall be
increased by (i) the amount of money contributed, or deemed contributed, by such Holder to
the capital of the Trust and (ii) such Holder’s share of net income or net gain (including,
in the case of the Holder of the Class B Certificate, original issue discount and market
discount) of the Trust for Federal income tax purposes. Each Holder’s Capital Account shall
be decreased by the amount of distributions to such Holder and the Holder of the Class B
Certificate’s Capital Account shall also be decreased by its share of net loss of the Trust
for federal income tax purposes.

(b) Multiple Class of Interests. If a Holder has Certificates which represent more
than one class of interests in the Trust or Certificates of the same class acquired at
different times, such Holder shall have a single Capital Account that reflects all such
interests, regardless of the class of interests in the Trust owned by such Holder and
regardless of the time or manner in which such interests were acquired.

(c) Contributions of Property. In the event that property (other than cash) is
contributed by a Holder to the Trust, the computation of Capital Accounts, as set forth in
this Section 10.03, shall be adjusted as follows:

(i) the contributing Holder’s Capital Account shall be increased by the fair
market value of the property contributed to the Trust by such Holder (net of
liabilities secured by such contributed property that the Trust is considered to
assume or take subject to under Section 752 of the Code); and

(ii) as and if required by Treas. Reg. §§1.704-l(b)(2)(iv)(g) and
1.704-l(b)(4)(i), if such Holder’s Capital Account reflects a fair market value for
property which differs from such property’s adjusted tax basis, such Holder’s
Capital Account thereafter shall be adjusted to take account of the amount of Book
Gain and Book Loss, as defined below, allocated to such Holder pursuant to Section
10.04 and shall not thereafter take into account the net income, net gain and net
loss of the Trust for federal income tax purposes allocated to such Holder pursuant
to this Article 10.

(d) Distributions of Property. In the event that property is distributed by the Trust
to a Holder, the following special rules shall apply:

(i) the Capital Account of the Holder receiving the distribution first shall be
adjusted to the extent required (as provided in Treas. Reg. §1.704-l(b)(2)(iv)(e))
to reflect the manner in which the unrealized income, gain, loss and deduction
inherent in such property (that has not already been reflected in such Holder’s
Capital Account) would be allocated to such Holder if there were a taxable
disposition by such Holder of such property for its fair market value on the date of
distribution; and

(ii) the Capital Account of the Holder who is receiving the distribution of
property from the Trust shall be reduced by the fair market value of the property at
the time of distribution (net of liabilities secured by such property that such
Holder is considered to assume or take subject to under Section 752 of the Code).

(e) Intention. The foregoing provisions are intended to satisfy the capital account
maintenance requirements of Treas. Reg. §§1.704-l(b) and 1.704-2 and such provisions shall
be modified to the extent required by such section or any successor provision thereto.

(f) Liquidation. It is intended that prior to a distribution of the proceeds from a
liquidation of the Trust, the positive Capital Account balance of each of the Holders shall
be equal to the amount that such Holder is entitled to receive from a liquidation of the
Trust. Accordingly, notwithstanding anything to the contrary in this Article X, to the
extent permissible under Sections 704(b) of the Code and the Treasury Regulations.
promulgated thereunder, net income, net gain and net loss and, if necessary, items thereof,
of the Trust for the year of liquidation of the Trust (or, if earlier, the year in which all
or substantially all of the Trust’s assets are sold, transferred or disposed of) shall be
allocated among the Holders so as to bring the positive Capital Account balance of each
Holder as close as possible to the amount that such Holder would receive if the Trust were
liquidated.

Section 10.04. Allocation of Book Items. The adjusted tax basis of Trust Assets may be
adjusted in the reasonable discretion of the Tax Matters Partner to equal their respective gross
fair market values, as reasonably determined by the Tax Matters Partner, at the times specified in
Treas. Reg. §1.704-1(b)(2)(iv)(f). In cases where property of the Trust is, under Treas. Reg.
§1.704-1(b)(2)(iv)(g), properly reflected in the Capital Account of a Holder at a fair market value
that differs from the adjusted tax basis of such property (such difference is hereinafter referred
to as the “Book Disparity”), then depreciation, amortization and gain or loss as computed for book
purposes with respect to such property (“Book Depreciation,” “Book Amortization,” “Book Gain,” and
“Book Loss,” respectively) will be greater or less than the depreciation, amortization or gain or
loss as computed for tax purposes. The Tax Matters Partner shall adopt, pursuant to Treas. Reg.
§1.704-l(b)(2)(iv)(g), a reasonable method of computing Book Depreciation and Book Amortization.
Such Book Depreciation and Book Amortization shall be allocated among the Holders and reflected in
the Holders’ Capital Account under Section 10.03, in a manner so as to eliminate, to the extent
possible, the Book Disparity.

Section 10.05. Mandatory Allocations. Any allocation of net income, net gain or net loss of
Trust (or items thereof) for federal income tax purposes which is required to be allocated among
the Holders to take into account the disparity between the fair market value of the Trust asset and
its adjusted basis (e.g., allocations under Section 704(c) of the Code for contributed property)
shall be allocated among the Holders in accordance with the requirements of the Code and the
Regulations.

Section 10.06. Tax Matters Partner.

(a) Each Holder of Certificates acknowledges by its purchase of a Certificate that it
understands and intends that the arrangement created hereunder is a partnership for income
tax purposes and that it intends and expects to be treated as a partner thereof for such
purposes. The provisions of this Agreement shall be interpreted and applied in a manner
consistent with such intent. Each Holder of Certificates further acknowledges and agrees
that a partnership is created hereunder solely for income tax purposes and that this
Agreement does not create a partnership for any other purpose. No election to treat the
Trust other than as a partnership for federal income tax purposes or any relevant state tax
purposes shall be made by or on behalf of the Trust, or by any Holder. Each Holder of a
Class A Certificate and the Holder of the Class B Certificate, by acceptance of its
Certificate, agrees that such Certificate evidences the ownership of an equity interest in
the Trust (i.e., a partnership interest) for federal income tax purposes.

(b) The Holder of the Class B Certificate is hereby designated as the “Tax Matters
Partner” for the Trust in accordance with Section 6231(a)(7) of the Code and, in connection
therewith and in addition to all other powers given thereunder, shall have all the authority
needed to fully perform the functions of Tax Matters Partner under the Trust including,
without limitation, the power to retain all attorneys and accountants of its choice and the
right to enter into settlements (that are binding on the Holders of Class A Certificates and
Holder of the Class B Certificate) with the IRS without the consent of any Holders of Class
A Certificates or the Holder of the Class B Certificate. The designation made in this
Section 10.06 is hereby expressly consented to by each Holder of Class A Certificates and
the Holder of the Class B Certificate as an express condition to becoming a Holder of Class
A Certificates or the Holder of the Class B Certificate. The Tax Matters Partner may, in
its sole and absolute discretion, make or refrain from making any election which the Trust
may be permitted to make for any federal, state or local tax purposes, including without
limitation an election under Section 754 of the Code to adjust the income tax basis of the
Trust Assets upon the occurrence of certain events. In connection with its formation, the
Trust shall obtain an employee identification number. The Tax Matters Partner and its
accountants, are each authorized to obtain such number and each of the foregoing is
authorized to delegate such authority to its agents. Each Holder of the Class A
Certificates and the Holder of the Class B Certificate by acceptance of its Certificate of
interest therein, is deemed to consent to the foregoing.

Section 10.07. Monthly Closing Election.

(a) The Tax Matters Partner shall make an election (the “Monthly Closing Election”)
under Revenue Procedure 2003-84, effective as of the later of the date the trust has more
than one owner for tax purposes and the date the Trust has more than a de minimis amount of
assets (the “Start-Up Date”). This election is binding on all present and future Holders of
Class A Certificates and Holder of the Class B Certificate, and other persons treated as
partners in the Trust for federal income tax purposes and each of their nominees (each, a
“Partner” for this purpose) and each Partner, by acceptance of its Certificate or interest
therein, is deemed to consent to this election.

(b) The Trust shall not acquire any asset unless the Servicer has received a
certificate from the Trustor that the acquisition of that asset will not cause less than
95 percent of the Trusts’ gross income (for this purpose, including the gross amount of
interest income that is excluded from gross income) to be (or reasonably expected to be)
from:

(i) interest on tax-exempt obligations as defined in Section 1275(a)(3) of the
Code and Treasury Regulation §1.1275-1(e);

(ii) exempt-interest dividends as defined in Section 852(b)(5) of the Code that
are paid by a RIC as defined in Section 851(a) of the Code; and

(iii) gain from the sale, redemption, or other disposition of assets generating
the income described in subclauses (i) and (ii) above, and income from the temporary
investment (for a period no greater than 7 months) of the proceeds of the
disposition, but only if the assets that are sold, redeemed, or disposed are
original assets of the Trust. For this purpose, an asset is an original asset of
the Trust if the asset is contributed to the Trust or is acquired with capital
contributed to the Trust (and not with the proceeds of the sale, redemption, or
other disposition of a Trust Asset).

(c) The Trust shall not incur any liability or expense, if doing so would prevent
substantially all of the Trust’s expenses and deductions from being properly allocable to:

(i) producing, collecting, managing, protecting, and conserving the income
described in subparagraph (i) (ii) or (iii) above,

(ii) acquiring, managing, conserving, maintaining, or disposing of property
held for the production of the income described in Section 10.07(b)(i)(ii) or (iii),
above;

(iii) servicing the equity in the Trust; and

(iv) for purposes of this Section 10.07(c), the costs of collecting, managing,
computing, and supplying the information required, under Revenue Procedure 2003-84,
to be provided to the IRS and to the Partners, shall not be taken into account.

(d) The Trust shall file an abbreviated Form 1065, “U.S. Return of Partnership Income,”
as required by, and in the format outlined in Section 8.01 of, Revenue Procedure 2003-84,
for its first taxable year as soon as reasonably possible after the Start-Up Date but in no
event later than the date that the partnership’s income tax return for that taxable year
would ordinarily be due. The Tax Matters Partner and its accountants are each authorized to
sign the abbreviated Form 1065, and each of the foregoing is authorized to delegate such
authority to its agents. Each Partner, by acceptance of its Class A Certificate or Class B
Certificate or interest therein, is deemed to consent to the foregoing and to authorize the
filing of the abbreviated Form 1065 on behalf of the Trust and itself. Copies of the
abbreviated Form 1065 will be made available to Partners upon request.

(e) The Trust shall comply with the following requirements respecting information
reporting and record retention:

(i) Within 45 days of a request by the IRS or a Partner (or a beneficial owner
or nominee of a beneficial owner of a Class A Certificate or a Class B Certificate),
make available all the information necessary to compute a Partner’s monthly
tax-exempt income, taxable income, gain, loss, deduction, or credit, including
sufficient information for a Partner to determine the portion of the tax-exempt
interest that may be subject to the alternative minimum tax and information
regarding each Partner’s share of any bond premium amortization under Section 171 of
the Code, any market or original issue discount, and capital gain or loss. The
Trust shall not charge any fee to the IRS or a Partner for providing the information
required to be provided by this paragraph. If any Partner specifically requests
such information for any tax reporting reason, however, the Tax Matters Partner may
charge such Partner a reasonable fee (disclosed in advance) but not the IRS for
providing any information required to be provided to or on behalf of such Partner by
this Section 10.07(e)(i).

(ii) Except in the case of a regulated investment company with respect to which
a manager or advisor (an “Electing Manager”) has elected under Section 8.04 of
Revenue Procedure 2003-84 to be responsible for collecting, retaining and providing
to the IRS the beneficial ownership information otherwise required to be collected,
retained and provided to the IRS, each Holder of Class A Certificates, Holder of the
Class B Certificate, beneficial owner of a Class A Certificate or Partner on whose
behalf another person holds and interest in a Certificate as a nominee shall, and by
its acceptance of its Class A Certificate or the Class B Certificate or any interest
therein is deemed to agree to, notify the Tax Matters Partner on behalf of the Trust
of its beneficial ownership of a Class A Certificate or the Class B Certificate and
provide the Tax Matters Partner on behalf of the Trust all information as required
by Section 8.04 of Revenue Procedure 2003-84 substantially contemporaneously with,
or immediately following, the acquisition of any Class A Certificate or the Class B
Certificate. No particular format is required of such notice, provided, however,
such notice must be in writing, by fax, email, or other similar electronic
communication medium and in a format reasonably satisfactory to the Tax Matters
Partner (or its designated agent).

(iii) Each Electing Manager shall, and by notifying the Trust of its election
is deemed to agree to, collect, retain and provide to the IRS or the Trust the
information required to be collected, retained and provided to the IRS or the Trust
as required under Revenue Procedure 2003-84. In addition, each Electing Manager
shall (or cause one of its agents to) notify the Tax Matters Partner on behalf of
the Trust (or its designated agent) of the names, CUSIP numbers or other identifying
information and amounts of Class A Certificates or the Class B Certificate that are
owned or have been owned by all of the regulated investment companies that it
manages or advises (i) either (a) substantially contemporaneously with, or
immediately following, the acquisition of any Class A Certificate or the Class B
Certificate or (b) otherwise, at least quarterly and (ii) within 10 business days of
a request for such information if the IRS (or a regulated investment company it
manages) has requested such information from the Trust. No particular format is
required of such notice, provided, however, such notice must be in writing, by fax,
email, or other similar electronic communication medium and in a format reasonably
satisfactory to the Tax Matters Partner (or its designated agent).

(iv) The Tax Matters Partner on behalf of the Trust shall retain sufficient
records, including records regarding the legal and beneficial ownership of Class A
Certificates and the Class B Certificate provided to it by Partners and by Electing
Managers, to comply with its obligations under Revenue Procedure 2003-84.

(f) The Tax Matters Partner will notify the Holders of Class A Certificates, Holder of
the Class B Certificate, beneficial owners of the Class A Certificates or Partners, or their
nominees (or, in the case of Class A Certificates or the Class B Certificate held by a
regulated investment company with respect to which an election is in place for a manager to
be responsible collecting, retaining, and providing beneficial ownership information to the
IRS, the Electing Manager) and the Servicer if it becomes aware (in its sole but reasonable
judgment) that there is a material risk that Trust does not qualify for the Monthly Closing
Election.

ARTICLE XI

MISCELLANEOUS

Section 11.01. Governing Law. THIS AGREEMENT WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED IN SAID
STATE.

Section 11.02. Notices. Any notice or other instrument in writing which is authorized or
required by this Agreement to be given shall be sufficiently given if addressed to and received by
the addressee at its office specified below, or at such other place as the addressee may from time
to time designate to the parties hereto in writing:

	 	 	 	If to the Trustor or the Servicer, addressed:

	 	 	 	 	 
	MuniMae TE Bond Subsidiary, LLC

	621 East Pratt Street
Suite 300
Baltimore, Maryland 21201
Attention: Chris Levey
Telephone:
	 	 	(443) 263-2900	 
	Facsimile:
	 	 	(410) 727-5387	 

with a copy to:

	 	 	 	 	 	 	 	 	 
	   Gallagher Evelius & Jones LLP

	 
	 	218 N. Charles Street	 	 	 	 
	   Suite 400
	 	 	 	 
	   Baltimore, Maryland  21201
	 	 	 	 
	   Attention: Steven Goldberg

	   Telephone:
	 	 	(410) 727-7702	 
	   Facsimile:
	 	 	(410) 468-2786	 
	If to the Trustee, addressed:
	 	 	 	 	 	 	 	 

	 	 	 	 	 
	U.S. Bank Trust National Association

	19th Floor
100 Wall Street
New York, New York 10006
Attention:
	 	Jason Gregory

	Telephone:
	 	 	(212) 361-6171	 
	Facsimile:
	 	 	(212) 361-6148	 

If to the Remarketing Agent, addressed to the address specified in the Remarketing Agreement.

Section 11.03. Binding Agreement. This Agreement shall extend to and shall be binding upon
the parties hereto and their respective successors and assigns.

Section 11.04. Amendments.

(a) This Agreement may be amended at any time by an instrument executed by the Trustor,
the Servicer and the Trustee without the consent of any of the Holders of the Certificates
to cure any ambiguity, to correct or supplement any provisions of this Agreement or for the
purpose of adding any provisions to or changing in any manner or eliminating any of the
provisions of this Agreement or of modifying in any manner the rights of the Holders of the
Certificates or for the purpose of evidencing the assumption of the obligations of the
Servicer hereunder by another Person as provided in Section 8.06; provided, however, that
such action shall not, as evidenced by an officer’s certificate of the Trustor, adversely
affect in any material respect the interests of any Holder of a Certificate which has not
consented thereto.

(b) In addition, this Agreement may be amended at any time and from time to time by an
instrument executed by the Trustor, the Servicer and the Trustee, with the consent of the
Holders of a majority of the Outstanding Certificate Balance of the Class A Certificates and
with the consent of the Holder of the Class B Certificate, for the purpose of adding any
provisions to or changing in any manner or eliminating any of the provisions of the Trust
Agreement or of modifying in any manner the rights of the Holders; provided, however, that
no such amendment shall (i) increase or reduce in any manner the amount of, or accelerate or
delay the timing of, collections of amounts on the Bonds or distributions that are required
to be made to the Holders or (ii) reduce the aforesaid percentage of the Holders’ interests
required to consent to any such amendment, without the consent of the Holders of all of the
Outstanding Certificates.

Section 11.05. Termination and Severability.

(a) This Agreement is to remain in effect until the earlier to occur of (i) the
termination of the Trust pursuant to Article V and the distribution of all amounts due and
owing and any remaining Trust Assets in accordance therewith and (ii) the date upon which
all of the Bonds have been paid in full at the maturity or early redemption thereof and the
payment on such Bonds has been distributed to Holders of Certificates in accordance with
this Agreement. The discharge of any indenture or other document related to any of the
Bonds will not result in a termination of this Agreement; provided, however, this Agreement
shall terminate in accordance with Section 5.01 upon the occurrence of a Trust Termination
Event.

(b) If at any time the Trustee is prevented or forbidden from acting or performing any
of its duties under the terms of this Agreement by reason of any present or future law or
regulation of the United States of America or any other governmental agency or authority,
then this Agreement shall be amended to delete herefrom those duties that the Trustee is so
prevented or forbidden from performing, and if the Trustee is so prevented from performing
all or substantially all of its duties hereunder, then this Agreement may be terminated by
either of the parties hereto upon 90 days’ written notice to the Holders and the Trust
Assets shall be liquidated and distributed as provided in Section 5.01.

Section 11.06. Counterparts. This Agreement may be executed in any number of counterparts,
each of which, when executed and delivered, shall be deemed an original, but all of which together
constitute one and the same agreement.

[Remainder of page intentionally left blank]

3

IN WITNESS WHEREOF, MuniMae TE Bond Subsidiary, LLC, MuniMae Portfolio Services, LLC
and U.S. Bank Trust National Association have caused this Trust Agreement to be executed by their
duly authorized officers and their respective seals to be affixed hereto, all as of the date first
written above.

	 	 	 
	MUNIMAE TE BOND SUBSIDIARY, LLC,

	 
	 	 
	as Trustor

By

	 	

/s/ Christopher B. Levey
	
 
	 	 

	 	 	Christopher B. Levey

Senior Vice President

[Signatures continued on next page]

4

[Signature page to Trust Agreement]

MUNIMAE PORTFOLIO SERVICES, LLC, as Servicer

	 	 	 	By
/s/ Christopher B. Levey

	 	 	Christopher B. Levey

Senior Vice President

[Signatures continued on next page]

5

[Signature page to Trust Agreement]

U.S. BANK TRUST NATIONAL ASSOCIATION,

	 	 	 
	as Trustee

By

	 	

/s/ Charles P. Sheridan, III
	
 
	 	 

	 	 	Charles P. Sheridan, III

Vice President

[Signatures continued on next page]

6

[Signature page to Trust Agreement]

ACKNOWLEDGED AND ACCEPTED:

MERRILL LYNCH, PIERCE FENNER & SMITH,

INCORPORATED, as Sole Holder

of the Class A Certificates

By /s/ Susanne Forsyth

Susanne Forsyth

Authorized Signatory

[Signatures continued on next page]

7

	 	 	 
	ACKNOWLEDGED AND ACCEPTED:

	 	

	MUNIMAE TE BOND SUBSIDIARY, LLC,

	 	

	 
	 	 
	as Sole Holder of the Class B Certificate

	 
	 	 
	By

	 	/s/ Christopher B. Levey
	
 
	 	 

	 	 	Christopher B. Levey

Senior Vice President

8

EXHIBIT A

FORM OF CLASS A CERTIFICATE

THIS CLASS A CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE U.S. SECURITIES ACT
OF 1933, AS AMENDED (THE “SECURITIES ACT”), ANY STATE SECURITIES LAWS IN THE UNITED STATES OR THE
SECURITIES LAWS OF ANY OTHER JURISDICTION AND MAY NOT BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE
TRANSFERRED WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, UNITED STATES
PERSONS, EXCEPT AS PERMITTED BY THIS LEGEND. THE HOLDER HEREOF, BY ITS ACCEPTANCE OF THIS CLASS A
CERTIFICATE, REPRESENTS, ACKNOWLEDGES AND AGREES THAT THIS CLASS A CERTIFICATE AND ANY BENEFICIAL
INTEREST THEREIN MAY ONLY BE ISSUED AND SOLD OR TRANSFERRED TO: (I) A QUALIFIED INSTITUTIONAL
BUYERS (AS DEFINED IN RULE 144A(a)(1) UNDER THE SECURITIES ACT) PURCHASING THE CLASS A CERTIFICATES
FOR THEIR OWN ACCOUNT THAT ARE ALSO (II) QUALIFIED PURCHASERS (WITHIN THE MEANING OF SECTION
3(c)(7) UNDER THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED, HEREINAFTER, THE “INVESTMENT COMPANY
ACT”). NEITHER THE CLASS A CERTIFICATES NOR ANY INTEREST THEREIN MAY BE TRANSFERRED OR RESOLD
EXCEPT PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE INVESTMENT COMPANY ACT
AND THE SECURITIES ACT.

EACH TRANSFEREE OF A CLASS A CERTIFICATE OR ANY BENEFICIAL INTEREST THEREIN WILL BE DEEMED TO
REPRESENT AT THE TIME OF TRANSFER THAT (I) THE TRANSFEREE IS A QUALIFIED INSTITUTIONAL BUYER, (II)
IT IS A QUALIFIED PURCHASER, (III) IT IS NOT FORMED FOR THE PURPOSE OF INVESTING IN THE CLASS A
CERTIFICATES, UNLESS EACH OF ITS BENEFICIAL OWNERS IS A QUALIFIED PURCHASER, (IV) IT IS NOT A
DEALER DESCRIBED IN PARAGRAPH (a)(l)(ii) OF RULE 144A UNDER THE SECURITIES ACT, UNLESS SUCH
TRANSFEREE OWNS AND INVESTS ON A DISCRETIONARY BASIS AT LEAST U.S. $25 MILLION IN SECURITIES OF
ISSUERS THAT ARE NOT AFFILIATED PERSONS OF SUCH DEALER, (V) IT IS NOT A PLAN REFERRED TO IN
PARAGRAPH (a)(l)(i)(D) or (E) OF RULE 144A UNDER SECURITIES ACT OR A TRUST FUND REFERRED TO IN
PARAGRAPH (a)(I)(i)(F) OF RULE 144A UNDER THE SECURITIES ACT THAT HOLDS THE ASSETS OF SUCH PLAN,
UNLESS INVESTMENT DECISIONS ARE MADE SOLELY BY THE FIDUCIARY, TRUSTEE OR SPONSOR OF SUCH PLAN, AND
(VI) IT, AND EACH ACCOUNT FOR WHICH IT IS PURCHASING, IS PURCHASING THE CLASS A CERTIFICATES IN AT
LEAST THE MINIMUM DENOMINATION. ACCORDINGLY, AN INVESTOR IN THIS CLASS A CERTIFICATE MUST BE
PREPARED TO BEAR THE ECONOMIC RISK OF THE INVESTMENT FOR AN INDEFINITE PERIOD OF TIME.

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR REGISTRATION OF TRANSFER,
EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH
OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE
& CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL,
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.] 1

FOR PAYMENTS DUE WITH RESPECT TO THE CERTIFICATES

INDICATED BELOW

TEBS Tax-Exempt Multifamily Housing Certificates,

Series 2006A

$191,535,000 Class A Certificates

NUMBER: RA-     

CUSIP NO.: 878203AA6

INITIAL CERTIFICATE RATE: 4.26% per annum to the Remarketing Date

REMARKETING DATE: November 10, 2013

FINAL DISTRIBUTION DATE: July 10, 2019

SCHEDULED DISTRIBUTION DATES: 10th day of each calendar month (or, if any such day is
not a Business Day, the next succeeding Business Day), commencing December 10, 2006

REGISTERED OWNER: Cede & Co.

PRINCIPAL AMOUNT: $191,535,000

Cede & Co., or registered assigns, is the owner of this certificate (this “Class A
Certificate”) with interest distributions at the indicated Initial Certificate Rate on the
indicated Distribution Dates and subject to certain rights as set forth below. This Class A
Certificate is also entitled to receive on each Scheduled Distribution Date, each Special
Distribution Date and the indicated Final Distribution Date distributions of a portion of any
principal and premium payments with respect to the tax-exempt multifamily housing revenue bonds (or
certificates evidencing beneficial ownership interests therein) (collectively, the “Bonds”) held by
U.S. Bank Trust National Association, as Trustee (the “Trustee”) pursuant to the terms of the Trust
Agreement, dated as of November 1, 2006 (the “Trust Agreement”), among MuniMae TE Bond Subsidiary,
LLC, as Trustor (the “Trustor”), MuniMae Portfolio Services, LLC, as Servicer, and the Trustee,
pursuant to which this and other certificates (the “Certificates”), evidencing undivided beneficial
ownership interests in the Trust established by the Trust Agreement, are executed and delivered by
the Trustee. This Class A Certificate is subject to the provisions of and is entitled to the
benefits of the Trust Agreement, a copy of which is available for inspection by the holder hereof
at the principal corporate trust office of the Trustee in the Borough of Manhattan, City and State
of New York.

This Class A Certificate is subject to mandatory tender for purchase at a price equal to the
outstanding Certificate Balance thereof plus accrued interest thereon at the Certificate Rate on
November 10, 2013 in accordance with the Trust Agreement. Holders of this Class A Certificate
shall have the right to elect to retain this Class A Certificate on the Remarketing Date as
described in the Trust Agreement.

The Trust is subject to optional liquidation, in whole but not in part, at the direction of
the holder of the Class B Certificate on November 10, 2013 and any subsequent Remarketing Date, as
described in the Trust Agreement.

This Class A Certificate shall be credited to an account of the Trustee with The Depository
Trust Company, New York, New York. Principal, premium and interest distributions on this Class A
Certificate are payable to the holder hereof in the manner set forth in the Trust Agreement.

As provided in the Trust Agreement and subject to certain limitations therein set forth, the
transfer of this Class A Certificate is registrable in the Certificate Register, upon surrender of
this Class A Certificate for registration of transfer at the designated office of the Trustee in
New York City, duly endorsed by, or accompanied by a written instrument of transfer in form
satisfactory to the Trustee duly executed by the holder hereof or such holder’s attorney duly
authorized in writing, together with cash in the amount required by the Trust Agreement, and
thereupon one or more new Certificates of the authorized denominations and evidencing the same
aggregate Certificate Balance of the Certificates will be issued to the designated transferee or
transferees.

As provided in the Trust Agreement and subject to certain limitations therein set forth,
Certificates are exchangeable for Certificates of a like aggregate Certificate Balance but of a
different authorized denomination, as requested by the holder surrendering the same.

For any such registration of transfer or exchange, the Trustee may require payment of a sum
sufficient to cover any tax or other governmental charge payable in connection therewith.

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

1 This language shall only be included on the
Class A Certificates if the Class A Certificates are placed into a Security
Depository.

9

This Class A Certificate shall not be valid or become obligatory for any purpose unless and
until duly executed by manual signature.

U.S. BANK TRUST NATIONAL ASSOCIATION,

as Trustee

By:

Authorized Signatory

Date Issued: November 16, 2006

10

ASSIGNMENT

FOR VALUE RECEIVED, the undersigned does hereby sell, assign and transfer unto

(Name, Address and Taxpayer Identification Number of Assignee)

all its right, title and interest in and to the within Certificate and hereby irrevocably
constitutes and appoints      attorney to register the transfer of the within
Certificate on the books kept for the registration thereof, with full power of substitution in the
premises.

	 	 	 
	Dated:

	 	Signature
	 
	 	 
	Signatures(s) Guaranteed:

	 	

	 
	 	 
	Notice: Signature(s) must be

guaranteed by an “eligible

guarantor institution” meeting the

requirements of the Trustee, which

requirements will include

membership or participation in

STAMP or such other “signature

guarantee program” as may be

determined by the Trustee in

addition to, or in substitution

for, STAMP, all in accordance with

the Securities Exchange Act of

1934, a amended.

	 	

Notice: The signature on this

assignment must correspond

with the name as written upon

the face of this Certificate

in every particular, without

alteration or enlargement or

any change whatsoever.

11

EXHIBIT B

FORM OF CLASS B CERTIFICATE

THIS CLASS B CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE U.S. SECURITIES ACT
OF 1933, AS AMENDED (THE “SECURITIES ACT”), ANY STATE SECURITIES LAWS IN THE UNITED STATES OR THE
SECURITIES LAWS OF ANY OTHER JURISDICTION AND MAY NOT BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE
TRANSFERRED WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, UNITED STATES
PERSONS, EXCEPT AS PERMITTED BY THIS LEGEND. THE HOLDER HEREOF, BY ITS ACCEPTANCE OF THIS CLASS B
CERTIFICATE, REPRESENTS, ACKNOWLEDGES AND AGREES THAT THIS CLASS B CERTIFICATE AND ANY BENEFICIAL
INTEREST THEREIN MAY ONLY BE ISSUED AND SOLD OR TRANSFERRED TO: A QUALIFIED INSTITUTIONAL BUYERS
(AS DEFINED IN RULE 144A(a)(1) UNDER THE SECURITIES ACT) PURCHASING THE CLASS B CERTIFICATE FOR ITS
OWN ACCOUNT THAT ARE ALSO (II) QUALIFIED PURCHASERS (WITHIN THE MEANING OF SECTION 3(c)(7) UNDER
THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED, HEREINAFTER, THE “INVESTMENT COMPANY ACT”).
NEITHER THE CLASS B CERTIFICATE NOR ANY INTEREST THEREIN MAY BE TRANSFERRED OR RESOLD EXCEPT
PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE INVESTMENT COMPANY ACT AND THE
SECURITIES ACT.

EACH TRANSFEREE OF THE CLASS B CERTIFICATE OR ANY BENEFICIAL INTEREST THEREIN WILL BE DEEMED
TO REPRESENT AT THE TIME OF TRANSFER THAT (I) THE TRANSFEREE IS A QUALIFIED INSTITUTIONAL BUYER,
(II) IT IS A QUALIFIED PURCHASER, (III) IT IS NOT FORMED FOR THE PURPOSE OF INVESTING IN THE CLASS
B CERTIFICATE, UNLESS EACH OF ITS BENEFICIAL OWNERS IS A QUALIFIED PURCHASER, (IV) IT IS NOT A
DEALER DESCRIBED IN PARAGRAPH (a)(l)(ii) OF RULE 144A UNDER THE SECURITIES ACT, UNLESS SUCH
TRANSFEREE OWNS AND INVESTS ON A DISCRETIONARY BASIS AT LEAST U.S. $25 MILLION IN SECURITIES OF
ISSUERS THAT ARE NOT AFFILIATED PERSONS OF SUCH DEALER, (V) IT IS NOT A PLAN REFERRED TO IN
PARAGRAPH (a)(1)(i)(D) OR (E) OF RULE 144A UNDER THE SECURITIES ACT OR A TRUST FUND REFERRED TO IN
PARAGRAPH (a)(I)(i)(F) OF RULE 144A UNDER THE SECURITIES ACT THAT HOLDS THE ASSETS OF SUCH PLAN,
UNLESS INVESTMENT DECISIONS ARE MADE SOLELY BY THE FIDUCIARY, TRUSTEE OR SPONSOR OF SUCH PLAN, AND
(VI) IT, AND THE ACCOUNT FOR WHICH IT IS PURCHASING, IS PURCHASING THE CLASS B CERTIFICATE IN ITS
CORRECT DENOMINATION. ACCORDINGLY, AN INVESTOR IN THIS CLASS B CERTIFICATE MUST BE PREPARED TO
BEAR THE ECONOMIC RISK OF THE INVESTMENT FOR AN INDEFINITE PERIOD OF TIME.

FOR PAYMENTS DUE WITH RESPECT TO THE CERTIFICATES

INDICATED BELOW

TEBS Tax-Exempt Multifamily Housing Certificates,

Series 2006A

$951,341.05 Class B Certificate

NUMBER: RB-     

CUSIP NO.: 878203AB4

FINAL DISTRIBUTION DATE: July 10, 2019

SCHEDULED DISTRIBUTION DATES: 10th day of each calendar month (or, if any such day is
not a Business Day, the next succeeding Business Day), commencing December 10, 2006

	 	 	REGISTERED OWNER: U.S. Bank Trust National Association, as Class B Certificate            Custodian under
the Trust Agreement

PRINCIPAL AMOUNT: $951,341.05

The indicated Registered Owner, or registered assigns, is the owner of this certificate (this
“Class B Certificate”) with interest distributions on the indicated Distribution Dates and subject
to certain rights as set forth below. This Class B Certificate is also entitled to receive,
subject to the rights of the Class A Certificates, on each Scheduled Distribution Date, each
Special Distribution Date and the indicated Final Distribution Date distributions of a portion of
any principal and premium payments with respect to the tax-exempt multifamily housing revenue bonds
(or certificates evidencing beneficial ownership interests therein) (collectively, the “Bonds”)
held by U.S. Bank Trust National Association, as Trustee (the “Trustee”) pursuant to the terms of
the Trust Agreement, dated as of November 1, 2006 (the “Trust Agreement”), among MuniMae TE Bond
Subsidiary, LLC, as Trustor (the “Trustor”), MuniMae Portfolio Services, LLC, as Servicer, and the
Trustee, pursuant to which this and other certificates (the “Certificates”), evidencing undivided
beneficial ownership interests in the Trust established by the Trust Agreement, are executed and
delivered by the Trustee. This Class B Certificate is subject to the provisions of and is entitled
to the benefits of the Trust Agreement, a copy of which is available for inspection by the holder
hereof at the principal corporate trust office of the Trustee in the Borough of Manhattan, City and
State of New York.

The Trust is subject to optional liquidation, in whole but not in part, at the direction of
the holder of the Class B Certificate on November 10, 2013 and any subsequent Remarketing Date, as
described in the Trust Agreement.

Principal, premium and interest distributions on this Class B Certificate are payable to the
holder hereof in the manner set forth in the Trust Agreement.

For any such registration of transfer or exchange, the Trustee may require payment of a sum
sufficient to cover any tax or other governmental charge payable in connection therewith.

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

12

This Class B Certificate shall not be valid or become obligatory for any purpose unless and
until duly executed by manual signature.

U.S. BANK TRUST NATIONAL ASSOCIATION,

as Trustee

By:

Authorized Signatory

Date Issued: November 16, 2006

13

ASSIGNMENT

FOR VALUE RECEIVED, the undersigned does hereby sell, assign and transfer unto

(Name, Address and Taxpayer Identification Number of Assignee)

all its right, title and interest in and to the within Certificate and hereby irrevocably
constitutes and appoints      attorney to register the transfer of the within
Certificate on the books kept for the registration thereof, with full power of substitution in the
premises.

	 	 	 
	Dated:

	 	Signature
	 
	 	 
	Signatures(s) Guaranteed:

	 	

	 
	 	 
	Notice: Signature(s) must be

guaranteed by an “eligible

guarantor institution” meeting the

requirements of the Trustee, which

requirements will include

membership or participation in

STAMP or such other “signature

guarantee program” as may be

determined by the Trustee in

addition to, or in substitution

for, STAMP, all in accordance with

the Securities Exchange Act of

1934, a amended.

	 	

Notice: The signature on this

assignment must correspond

with the name as written upon

the face of this Certificate

in every particular, without

alteration or enlargement or

any change whatsoever.

14

EXHIBIT C

FORM OF NOTICE OF ELECTION TO RETAIN UPON MANDATORY TENDER

TO BE SUBMITTED TO THE REMARKETING AGENT AND THE TRUSTEE

NOTICE OF ELECTION TO RETAIN

Relating to the

TEBS Tax-Exempt Multifamily Housing Certificates, Series 2006A

Class A

                      
    , 20   

[REMARKETING AGENT]

     

     

     

as Remarketing Agent

U.S. Bank Trust National Association, as Trustee

19th Floor

100 Wall Street

New York, NY 10005

Ladies and Gentlemen:

The undersigned hereby advises you that it is the Holder or Beneficial Owner of $     
Certificate Balance of the above referenced Certificates and that it hereby exercises pursuant to
Section 3.15 of the Trust Agreement its election to retain $     Certificate Balance of such
Certificates upon the Remarketing Date occurring on      , 20  . Capitalized
terms not defined herein shall have the meaning assigned to them in the Trust Agreement, dated as
of November 1, 2006, among MuniMae TE Bond Subsidiary, LLC, as Trustor, MuniMae Portfolio Services,
LLC, as Servicer, and U.S. Bank Trust National Association, as Trustee.

	 	 	 	 	 	 	 	 	 
	Date:	 	                                  	 	 
	 	 	 	 	 	 	 	 	(Name of Holder or Beneficial Owner)

	 	 	 
	Mailing Address of Holder

or Beneficial Owner:

	 	

	                                                      

	 	By:                                                                                   
	 

	 	 
	                                                      

	 	Printed Name:
	 

	 	

15

                                                       Title:EXHIBIT D

FORM OF CLASS B CERTIFICATEHOLDER CERTIFICATION WITH

RESPECT TO REMARKETING

TO BE SUBMITTED TO THE REMARKETING AGENT

Class B Certificateholder Certification with Respect to Remarketing

Relating to the

TEBS Tax-Exempt Multifamily Housing Certificates, Series 2006A

                      
    , 20     

[REMARKETING AGENT]

     

     

     

	 	 	 
	as Remarketing Agent

Re:

	 	

$191,535,000 Class A Certificates

TEBS Tax-Exempt Multifamily Housing Certificates,
Series 2006A

Ladies and Gentlemen:

1. In connection with the remarketing of the above-captioned Certificates on      ,
     (the “Remarketing Date”), the undersigned hereby certifies that it [strike out one of the
following] does/does not have a present intention to exercise its right to cause an optional
liquidation of the Trust prior to the Final Distribution Date pursuant to Section 5.02 of the Trust
Agreement, dated as of November 1, 2006 (the “Trust Agreement”), among MuniMae TE Bond Subsidiary,
LLC, as Trustor, MuniMae Portfolio Services, LLC, as Servicer, and U.S. Bank Trust National
Association, as Trustee.

2. If the undersigned does have a present intention to cause an optional liquidation of the
Trust prior to the Final Distribution Date, the earliest date on which the undersigned reasonably
expects such option would be exercised is [insert date]                               ,
                          .

3. The foregoing certification is provided pursuant to Section 3.16(d) of the Trust Agreement
and is solely for the benefit of the Remarketing Agent in establishing the Certificate Rate for the
Class A Certificates to be in effect from and after the Remarketing Date. The undersigned makes
such certification with a full reservation of its rights to cause an optional liquidation of the
Trust on any Optional Liquidation Date pursuant to Section 5.02 of the Trust Agreement.

4. This certification is not intended to, and may not, be relied on by Holders or Beneficial
Owners of the Class A Certificates or by any person other than the Remarketing Agent.

5. Capitalized terms used herein, unless otherwise defined herein, shall have the meanings set
forth in the Trust Agreement.

                                        

(Name of Holder or Beneficial Owner)

By                                                        
                      

Name:

Title:

16

TABLE OF CONTENTS

Page

ARTICLE I

DEFINITIONS AND CONSTRUCTION

	 	 	 	 	 	 	 	 	 
	Section 1.01.
	 	Certain Definitions
	 	 	2	 
	Section 1.02.
	 	Rules of Construction
	 	 	10	 

ARTICLE II

ESTABLISHMENT OF TRUST

	 	 	 	 	 	 	 	 	 
	Section 2.01.
	 	Creation of Trust
	 	 	10	 
	Section 2.02.
	 	Establishment of Trust Account and Ownership
	 	 	11	 
	Section 2.03.
	 	Obligations of Trustee and Trustor
	 	 	12	 
	Section 2.04.
	 	Holders’ Direct Interests
	 	 	12	 

ARTICLE III

THE CERTIFICATES

	 	 	 	 	 	 	 	 	 
	Section 3.01.
	 	Classes of Certificates
	 	 	12	 
	Section 3.02.
	 	Voting of Bonds
	 	 	13	 
	Section 3.03.
	 	Limitation on Issuance of Certificates
	 	 	14	 
	Section 3.04.
	 	Form and Numbering of Certificates
	 	 	14	 
	Section 3.05.
	 	Execution of Certificates; Manner of Payment
	 	 	14	 
	Section 3.06.
	 	Validity of Certificates
	 	 	15	 
	Section 3.07.
	 	Exchange of Certificates
	 	 	15	 
	Section 3.08.
	 	Registration and Transfer of Certificates
	 	 	15	 
	Section 3.09.
	 	Ownership of Certificates
	 	 	16	 
	Section 3.10.
	 	Authorization of Certificates; Delivery of Certificates
	 	 	16	 
	Section 3.11.
	 	Mutilated, Destroyed or Lost Certificates
	 	 	17	 
	Section 3.12.
	 	Book-Entry Only System for Class A Certificates
	 	 	17	 
	Section 3.13.
	 	Method of Payment
	 	 	18	 
	Section 3.14.
	 	Limitations on Transfer
	 	 	19	 
	Section 3.15.
	 	Mandatory Tender and Remarketing on the Remarketing Date
	 	 	22	 
	Section 3.16.
	 	Determination of Subsequent Remarketing Dates and Certificate Rates
	 	 	23	 

ARTICLE IV

DISTRIBUTIONS IN RESPECT OF THE CERTIFICATES

	 	 	 	 	 	 	 	 	 
	Section 4.01.
	 	Deposit of Funds Received on Bonds
	 	 	24	 
	Section 4.02.
	 	Distributions of Interest
	 	 	24	 
	Section 4.03.
	 	Distributions of Principal
	 	 	25	 
	Section 4.04.
	 	Defaults on Bonds
	 	 	26	 
	Section 4.05.
	 	Late Fees
	 	 	26	 
	Section 4.06.
	 	Notice of Mandatory Tender
	 	 	26	 

ARTICLE V

TRUST TERMINATION, OPTIONAL LIQUIDATION AND FINAL DISTRIBUTION

	 	 	 	 	 	 	 	 	 
	Section 5.01.
	 	Trust Termination Events
	 	 	27	 
	Section 5.02.
	 	Optional Liquidation of Bonds and Termination of Trust
	 	 	28	 
	Section 5.03.
	 	Final Distribution Date and Termination of the Trust
	 	 	29	 
	Section 5.04.
	 	Additional Capital Contributions
	 	 	30	 
	Section 5.05.
	 	Credit Enhancement Agreement
	 	 	30	 

ARTICLE VI

DETERMINATION AND PAYMENT OF BOND LIQUIDATION PRICE AND GAIN SHARE

	 	 	Section 6.01. Determination and Payment of Gain Share 30	 

ARTICLE VII

THE TRUSTEE

	 	 	 	 	 	 	 	 	 
	Section 7.01.
	 	Acceptance of Duties
	 	 	31	 
	Section 7.02.
	 	Limited Liability
	 	 	31	 
	Section 7.03.
	 	Fidelity Bond
	 	 	32	 
	Section 7.04.
	 	Indemnification of Trustee
	 	 	32	 
	Section 7.05.
	 	Information Concerning the Bonds
	 	 	34	 
	Section 7.06.
	 	Resignation and Removal
	 	 	34	 
	Section 7.07.
	 	Payment of Trustee Fee
	 	 	34	 
	Section 7.08.
	 	Credit Enhancement Custodian
	 	 	35	 
	Section 7.09.
	 	Statements to Holders
	 	 	35	 

ARTICLE VIII

ADMINISTRATION AND SERVICING OF BONDS

	 	 	 	 	 	 	 	 	 	 	 	 	 
	Section 8.01.
	 	Servicing of Bonds
	 	 	36	 	 	 	 	 
	Section 8.02.
	 	Servicing Compensation; Payment of Certain Expenses by Servicer
	 	 	36	 	 	 	 	 
	Section 8.03.
	 	Access to Certain Documentation and Certain Information Regarding Bonds
	 	 	 	 	 	 	37	 
	Section 8.04.
	 	Calculations
	 	 	37	 	 	 	 	 
	Section 8.05.
	 	Liability of Servicer
	 	 	37	 	 	 	 	 
	Section 8.06.
	 	Resignation or Removal of Servicer
	 	 	37	 	 	 	 	 
	Section 8.07.
	 	Notification to Holders
	 	 	38	 	 	 	 	 
	Section 8.08.
	 	Liability of Trustor
	 	 	38	 	 	 	 	 
	Section 8.09.
	 	Substitution of Bonds
	 	 	39	 	 	 	 	 

ARTICLE IX

REMARKETING

	 	 	 	 	 	 	 	 	 
	Section 9.01.
	 	Appointment of Remarketing Agent
	 	 	39	 
	Section 9.02.
	 	Remarketing Procedures
	 	 	40	 
	Section 9.03.
	 	Actions of Remarketing Agent
	 	 	40	 

ARTICLE X

PARTNERSHIP TAX MATTERS

	 	 	 	 	 	 	 	 	 
	Section 10.01.
	 	Allocations
	 	 	40	 
	Section 10.02.
	 	Consent to Methods
	 	 	41	 
	Section 10.03.
	 	Capital Accounts
	 	 	41	 
	Section 10.04.
	 	Allocation of Book Items
	 	 	43	 
	Section 10.05.
	 	Mandatory Allocations
	 	 	43	 
	Section 10.06.
	 	Tax Matters Partner
	 	 	43	 
	Section 10.07.
	 	Monthly Closing Election
	 	 	44	 

ARTICLE XI

MISCELLANEOUS

	 	 	 	 	 	 	 	 	 
	Section 11.01.
	 	Governing Law
	 	 	47	 
	Section 11.02.
	 	Notices
	 	 	47	 
	Section 11.03.
	 	Binding Agreement
	 	 	48	 
	Section 11.04.
	 	Amendments
	 	 	48	 
	Section 11.05.
	 	Termination and Severability
	 	 	49	 
	Section 11.06.
	 	Counterparts
	 	 	49	 

17

	 	 	 	 	 	 	 	 	 
	SCHEDULE I
	 	DESCRIPTION OF THE BONDS
	 	 	 	 
	EXHIBIT A
	 	FORM OF CLASS A CERTIFICATE
	 	 	 	 
	EXHIBIT B
	 	FORM OF CLASS B CERTIFICATE
	 	 	 	 
	EXHIBIT C
	 	FORM OF NOTICE OF ELECTION TO RETAIN UPON
	 	 	 	 
	 
	 	MANDATORY TENDER TO BE SUBMITTED TO THE
	 	 	 	 
	 
	 	REMARKETING AGENT AND THE TRUSTEE
	 	 	 	 
	EXHIBIT D
	 	FORM OF CLASS B CERTIFICATE HOLDER CERTIFICATION
	 	 	 	 
	 
	 	WITH RESPECT TO REMARKETING TO BE SUBMITTED
	 	 	 	 
	 
	 	TO REMARKETING AGENT
	 	 	 	 

18

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