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    EXHIBIT
      4.2

    
 

     

     

    AMENDED
      AND RESTATED TRUST AGREEMENT

     

     

    among

     

     

    INDYMAC
      ABS, INC.,

    as
      Depositor,

     

     

     

    ________________________________________,

    as
      Owner
      Trustee

     

    

     

    and

     

     

     

    
      ________________________________________,

    

    as
      Trust
      Administrator

     

    

     

    Dated
      _________ , 200_

     

    
 

     

    [                                ]
      200__-[   ]

     

    Mortgage
      Backed Notes

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      	
              TABLE
                OF CONTENTS

               

            
	
              ARTICLE
                I

              DEFINITIONS

               

            
	
              Section
                1.01.

            	
              Definitions..

            
	
              Section
                1.02.

            	
              Other
                Definitional Provisions

               

            
	
              ARTICLE
                II

              ORGANIZATION

               

            
	
              Section
                2.01.

            	
              Name

            
	
              Section
                2.02.

            	
              Office

            
	
              Section
                2.03.

            	
              Purpose
                and Powers

            
	
              Section
                2.04.

            	
              Appointment
                of the Owner Trustee

            
	
              Section
                2.05.

            	
              Initial
                Capital Contribution; Declaration of Trust.

            
	
              Section
                2.06.

            	
              Issuance
                of Initial Certificates..

            
	
              Section
                2.07.

            	
              [Reserved]

            
	
              Section
                2.08.

            	
              Situs
                of Trust.

            
	
              Section
                2.09.

            	
              Title
                to Trust Property.

            
	
              Section
                2.10.

            	
              Representations
                and Warranties of the Depositor.

            
	
              Section
                2.11.

            	
              Tax
                Treatment

            
	
              Section
                2.12.

            	
              Investment
                Company

               

            
	
              ARTICLE
                III

              THE
                CERTIFICATES AND TRANSFERS OF INTERESTS

               

            
	
              Section
                3.01.

            	
              The
                Certificates

            
	
              Section
                3.02.

            	
              Execution,
                Authentication and Delivery of the Certificates.

            
	
              Section
                3.03.

            	
              Registration
                of and Limitations on Transfers and Exchanges of the
                Certificates

            
	
              Section
                3.04.

            	
              Lost,
                Stolen, Mutilated or Destroyed Certificate

            
	
              Section
                3.05.

            	
              Persons
                Deemed Certificateholders

            
	
              Section
                3.06.

            	
              Access
                to List of Certificateholders’ Names and Addresses

            
	
              Section
                3.07.

            	
              [Reserved]

            
	
              Section
                3.08.

            	
              Maintenance
                of Office or Agency..

            
	
              Section
                3.09.

            	
              Certificate
                Paying Agent.

            
	
              Section
                3.10.

            	
              Initial
                Beneficiary

               

            
	
              ARTICLE
                IV

              APPLICATION
                OF TRUST FUNDS; CERTAIN DUTIES

               

            
	
              Section
                4.01.

            	
              Collection
                Account

            
	
              Section
                4.02.

            	
              Application
                of Trust Funds.

            
	
              Section
                4.03.

            	
              Method
                of Payment.

            
	
              Section
                4.04.

            	
              [Reserved]

            
	
              Section
                4.05.

            	
              Segregation
                of Moneys; No Interest

               

            
	
              ARTICLE
                V

              AUTHORITY
                AND DUTIES OF THE OWNER TRUSTEE; ACTION BY CERTIFICATEHOLDERS

               

            
	
              Section
                5.01.

            	
              General
                Authority

            
	
              Section
                5.02.

            	
              General
                Duties.

            
	
              Section
                5.03.

            	
              Action
                Upon Instruction.

            
	
              Section
                5.04.

            	
              No
                Duties Except as Specified under Specified Documents or in
                Instructions.

            
	
              Section
                5.05.

            	
              Restrictions.

            
	
              Section
                5.06.

            	
              Prior
                Notice to the Certificateholders with Respect to Certain
                Matters

            
	
              Section
                5.07.

            	
              Action
                by the Holder with Respect to Bankruptcy

            
	
              Section
                5.08.

            	
              Restrictions
                on the Ownership Certificate Holder’s Power

               

            
	
              ARTICLE
                VI

              CONCERNING
                THE OWNER TRUSTEE

               

            
	
              Section
                6.01.

            	
              Acceptance
                of Trusts and Duties

            
	
              Section
                6.02.

            	
              Furnishing
                of Documents

            
	
              Section
                6.03.

            	
              Books
                and Records

            
	
              Section
                6.04.

            	
              Representations
                and Warranties.

            
	
              Section
                6.05.

            	
              Reliance;
                Advice of Counsel.

            
	
              Section
                6.06.

            	
              Not
                Acting in Individual Capacity.

            
	
              Section
                6.07.

            	
              Owner
                Trustee Not Liable for Certificates or Collateral

            
	
              Section
                6.08.

            	
              Owner
                Trustee May Own Notes

            
	
              Section
                6.09.

            	
              Licenses.

            
	
              Section
                6.10.

            	
              Doing
                Business in Other Jurisdictions

            
	
              Section
                6.11.

            	
              Sarbanes-Oxley
                Act Certification.

               

            
	
              ARTICLE
                VII

              INDEMNIFICATION
                AND COMPENSATION

               

            
	
              Section
                7.01.

            	
              Trust
                Expenses

            
	
              Section
                7.02.

            	
              Indemnification

            
	
              Section
                7.03.

            	
              Compensation.

            
	
              Section
                7.04.

            	
              Lien
                on Trust Estate

               

            
	
              ARTICLE
                VIII

              TERMINATION
                OF AGREEMENT

               

            
	
              Section
                8.01.

            	
              Termination
                of Agreement.

               

            
	
              ARTICLE
                IX

              SUCCESSOR
                OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES

               

            
	
              Section
                9.01.

            	
              Eligibility
                Requirements for Owner Trustee

            
	
              Section
                9.02.

            	
              Resignation
                or Removal of Owner Trustee

            
	
              Section
                9.03.

            	
              Successor
                Owner Trustee

            
	
              Section
                9.04.

            	
              Merger
                or Consolidation of Owner Trustee.

            
	
              Section
                9.05.

            	
              Appointment
                of Co-Trustee or Separate Trustee

               

            
	
              ARTICLE
                X

              MISCELLANEOUS

               

            
	
              Section
                10.01.

            	
              Supplements
                and Amendments

            
	
              Section
                10.02.

            	
              No
                Legal Title to Trust Estate in Certificateholders

            
	
              Section
                10.03.

            	
              Pledge
                of Collateral by Owner Trustee is Binding

            
	
              Section
                10.04.

            	
              Limitations
                on Rights of Others.

            
	
              Section
                10.05.

            	
              Notices

            
	
              Section
                10.06.

            	
              Severability

            
	
              Section
                10.07.

            	
              Separate
                Counterparts

            
	
              Section
                10.08.

            	
              Successors
                and Assigns

            
	
              Section
                10.09.

            	
              Headings

            
	
              Section
                10.10.

            	
              Governing
                Law

            
	
              Section
                10.11.

            	
              No
                Petition.

            
	
              Section
                10.12.

            	
              No
                Recourse

            
	
              Section
                10.13.

            	
              Customer
                Identification.

               

            
	
              ARTICLE
                XI

              OFFICERS

               

            
	
              Section
                11.01.

            	
              Appointment
                of Officers

            
	
              Section
                11.02.

            	
              Officers
                to Provide Information to the Owner Trustee

            
	 	 
	
               

               

            	 
	
              Exhibit
                A

            	
              Forms
                of Certificates

            
	
              Exhibit
                B

            	
              [Reserved]

            
	
              Exhibit
                C

            	
              Form
                of Certificate of Trust

            
	
              Exhibit
                D-1

            	
              Form
                of Rule 144A Investment Letter

            
	
              Exhibit
                D-2

            	
              Form
                of Non-Rule 144A Investment Letter

            
	
              Exhibit
                E

            	
              Form
                of Certificate of Beneficial Owner

            
	
              Exhibit
                F

            	
              [Form
                of Representation and Warranty Regarding Transferee’s Status as a REIT,
                Qualified REIT Subsidiary or Disregarded
                Entity]

            

    

    

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    This
      TRUST AGREEMENT, dated _________ , 200_, is by and among INDYMAC ABS, INC.,
      a
      Delaware corporation (the “Depositor”), _________________________, a
      _______________________, as Owner Trustee (the “Owner Trustee”), and
      _____________________, a _______________________, as Trust Administrator (the
      “Trust Administrator”).

     

    WHEREAS,
      pursuant to the Sale and Servicing Agreement, Depositor intends to sell,
      transfer and assign to a Delaware statutory trust created hereunder certain
      Mortgage Loans and related assets (collectively, the “Collateral”), which
      statutory trust would then pledge such Collateral under an indenture in order
      to
      secure the issuance of its Mortgage Backed Notes, Series 200_-__, the net
      proceeds of which would be applied toward the purchase of the
      Collateral;

     

    WHEREAS,
      the Depositor and the Owner Trustee entered into a Trust Agreement dated
      __________, 200_ (the “Original Trust Agreement”), and filed with the Secretary
      of State of the State of Delaware a Certificate of Trust on __________, 200_,
      creating _________ Mortgage Investment Trust 200_-__ (the “Trust”);
      and

     

    WHEREAS,
      the Depositor, the Owner Trustee and the Trust Administrator desire to enter
      into this Amended and Restated Agreement in order to amend and restate in its
      entirety the Original Trust Agreement and to provide for the operation of the
      Trust upon the terms and conditions more particularly set forth
      herein.

     

    NOW
      THEREFORE, in consideration of the premises and mutual agreements herein
      contained, the parties hereto hereby agree as follows:

     

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    ARTICLE
      I

     

    DEFINITIONS

     

    Section
      1.01.  Definitions.
      For all
      purposes of this Agreement, the following terms shall have the meanings set
      forth below.

     

    Actual
      Knowledge:
      With
      respect to (i) the Owner Trustee, any officer within the Corporate Trust Office
      of the Owner Trustee responsible for administering the Trust hereunder, or
      under
      the Operative Agreements, who has actual knowledge of an action taken or an
      action not taken with regard to the Trust. Actions taken or actions not taken
      of
      which the Owner Trustee should have had knowledge, or has constructive
      knowledge, do not meet the definition of Actual Knowledge hereunder. With
      respect to the Trust Administrator, any Responsible Officer of the Trust
      Administrator who has actual knowledge of an action taken or an action not
      taken
      with regard to the Trust. Actions taken or actions not taken of which the Trust
      Administrator should have had knowledge, or has constructive knowledge, do
      not
      meet the definition of Actual Knowledge hereunder.

     

    Agreement
      or Trust Agreement:
      This
      Amended and Restated Trust Agreement and any amendments or modifications
      hereof.

     

    Authorized
      Officer:
      With
      respect to the Trust, any officer of the Owner Trustee who is authorized to
      act
      for the Owner Trustee in matters relating to the Trust and who is identified
      on
      the list of Authorized Officers delivered by the Owner Trustee to the Indenture
      Trustee on the Closing Date (as such list may be modified or supplemented from
      time to time thereafter) and, so long as the Sale and Servicing Agreement is
      in
      effect, any Vice President, Assistant Vice President, Trust Officer, or more
      senior officer of the Trust Administrator who is authorized to act for the
      Trust
      Administrator in matters relating to the Trust and to be acted upon by the
      Trust
      Administrator pursuant to the Sale and Servicing Agreement and who is identified
      on the list of Authorized Officers delivered by the Trust Administrator to
      the
      Indenture Trustee on the Closing Date (as such list may be modified or
      supplemented from time to time thereafter).

     

    Bank:
      _________________________ in its individual capacity and not as Owner Trustee
      under this Agreement.

     

    Certificate:
      Any
      Ownership Certificate issued pursuant to this Agreement.

     

    Certificate
      of Trust:
      The
      Certificate of Trust to be filed by the Owner Trustee for the Trust pursuant
      to
      Section 3810(a) of the Delaware Trust Statute in the form of Exhibit C
      hereto.

     

    Certificate
      Paying Agent:
      Initially, the Trust Administrator, in its capacity as Certificate Paying Agent,
      or any successor to the Trust Administrator in such capacity.

     

    Certificate
      Register:
      The
      register maintained by the Certificate Registrar in which the Certificate
      Registrar shall provide for the registration of the Certificates and of
      transfers and exchanges of such Certificates.

     

    Certificate
      Registrar:
      Initially, the Trust Administrator, in its capacity as Certificate Registrar,
      or
      any successor to the Trust Administrator in such capacity.

     

    Certificateholder
      or Holder:
      The
      Person in whose name a Certificate is registered in the Certificate
      Register.

     

    Code:
      The
      Internal Revenue Code of 1986, as amended.

     

    Collateral:
      As
      defined in the Indenture.

     

    Corporate
      Trust Office:
      With
      respect to (i) the Owner Trustee, the corporate trust administration office
      of
      the Owner Trustee located at _________________________________, or at such
      other
      address as the Owner Trustee may designate by notice to the Trust Administrator,
      or the principal office of any successor Owner Trustee (the address (which
      shall
      be in the State of Delaware) of which the successor owner trustee will notify
      the Certificateholders); (ii) the Trust Administrator, the principal corporate
      trust office of the Trust Administrator at which, at any particular time, its
      corporate trust business shall be administered, which office at the date hereof
      for purposes of transfers and exchanges and for presentment and surrender of
      the
      Certificates and for payment thereof is located at _____________________,
      ________________________________, Attention: _______________________, and for
      all other purposes is located at _____________________, _______________,
      Attention: _______________________________; and (iii) the Certificate Registrar,
      the principal office of the Certificate Registrar at which at any particular
      time its corporate trust business shall be administered, which office at the
      date of execution of this Agreement is located at the Corporate Trust Office
      of
      the Trust Administrator, or at such other address as the Certificate Registrar
      may designate from time to time by notice to the Securityholders and the Trust,
      or the principal corporate trust office of any successor Certificate Registrar
      at the address designated by such successor Certificate Registrar by notice
      to
      the Securityholders and the Trust.

     

    Delaware
      Trust Statute:
      Chapter
      38 of Title 12 of the Delaware Code, 12 Del.C. Section 3801 et
      seq.,
      as the
      same may be amended from time to time.

     

    Depositor:
      IndyMac
      ABS, Inc., a Delaware corporation.

     

    [Disregarded
      Entity:
      An
      entity that is both (a) solely owned by a REIT or Qualified REIT Subsidiary
      and
      (b) disregarded as an entity separate from its owner within the meaning of
      Section 301.7701-2(c)(2) of the Treasury Regulations.]

     

    ERISA:
      The
      Employee Retirement Income Security Act of 1974, as amended.

     

    Expenses:
      The
      meaning specified in Section 7.02.

     

    Indenture:
      The
      indenture dated as of _________ , 200_, among the Issuer, the Trust
      Administrator and the Indenture Trustee, as such may be amended or supplemented
      from time to time.

     

    Indenture
      Trustee:
      _____________________________, not in its individual capacity but solely as
      Indenture Trustee, or any successor in interest.

     

    Initial
      Holder:
      _________ _____________________________, or any successor in interest, in the
      case of the Ownership Certificate.

     

    Net
      Proceeds from the Notes:
      The
      proceeds received by the Trust from time to time from the issuance and sale
      of
      its Notes, less the costs and expenses incurred in connection with the issuance
      and sale of such Notes.

     

    Non-U.S.
      Person:
      Any
      person other than a “United States person” as defined in Section 7701(a)(30) of
      the Code.

     

    Note:
      Any of
      the [Class AF-1A], [Class AF-1B], [Class AF-2], [Class AF-3], [Class AF-4],
      [Class AF-5A], [Class AF-5B], [Class AF-6], [Class MF-1], [Class MF-2], [Class
      MF-3], [Class MF-4], [Class MF-5], [Class MF-6], [Class MF-7], [Class MF-8],
      [Class BF], [Class 2-AV-1], [Class 2-AV-2]; [Class 3-AV-1], [Class 3-AV-2],
      [Class 3-AV-3], [Class 3-AV-4], [Class MV-1], [Class MV-2], [Class MV-3], [Class
      MV-4], [Class MV-5], [Class MV-6], [Class MV-7], [Class MV-8], [Class BV],
      [Class PF] and [Class PV] Notes issued pursuant to the Indenture.

     

    Noteholder:
      A
      Person in whose name a Note is registered on the Note Register.

     

    Officer:
      Those
      officers of the Trust referred to in Article XI.

     

    Opinion
      of Counsel:
      One or
      more written opinions of counsel who may, except as otherwise expressly provided
      in this Agreement, be employees of or counsel to the Depositor and who shall
      be
      satisfactory to the Owner Trustee and the Trust Administrator, which opinion
      shall be addressed to the Owner Trustee and the Trust
      Administrator.

     

    Original
      Trust Agreement:
      As
      defined in the recitals hereof.

     

    Ownership
      Certificate:
      An
      equity certificate representing a 100% undivided beneficial interest in the
      Trust in substantially the form annexed hereto as part of Exhibit
      A.

     

    Owner
      Trustee:
      _________________________, a _______________________, and any successor in
      interest, not in its individual capacity, but solely as owner trustee under
      the
      Trust Agreement.

     

    Percentage
      Interest:
      With
      respect to any Ownership Certificate, the percentage set forth on the face
      thereof.

     

    Proposer:
      The
      Certificateholder making a written request pursuant to Section
      5.07.

     

    Prospective
      Holder:
      Each
      prospective purchaser and any subsequent transferee of the Ownership
      Certificate.

     

    [Qualified
      REIT Subsidiary:
      A
      direct or indirect 100% owned subsidiary of a REIT that satisfies the
      requirements of Section 856(i) of the Code.]

     

    [REIT:
      A real
      estate investment trust within the meaning of Sections 856 and 857 of the
      Code.]

     

    Responsible
      Officer:
      With
      respect to (i) the Owner Trustee, any officer within the Corporate Trust Office
      of the Owner Trustee with direct responsibility for the administration of the
      Trust and also, with respect to a particular matter, any other officer to whom
      such matter is referred because of such officer’s knowledge of, and familiarity
      with, the particular subject; and (ii) the Trust Administrator, any officer
      within the Corporate Trust Office of the Trust Administrator with direct
      responsibility for the administration of the Trust and also, with respect to
      a
      particular matter, any other officer to whom such matter is referred because
      of
      such officer’s knowledge of, and familiarity with, the particular
      subject.

     

    Sale
      and Servicing Agreement:
      The
      sale and servicing agreement dated as of _________ , 200_, by and among the
      Issuer, the Depositor, the Trust Administrator, the Servicer, _______________,
      as seller, _________________, as servicer and the Indenture Trustee, as such
      may
      be amended or supplemented from time to time.

     

    Secretary
      of State:
      The
      Secretary of State of the State of Delaware.

     

    Security:
      Any of
      the Certificates or Notes.

     

    Securityholder:
      Any
      Certificateholder or Noteholder.

     

    Seller:
      _____________________, a _______________.

     

    Servicer:
      _____________________, or any successor in interest.

     

    Trust:
      The
      trust established pursuant to this Agreement which shall carry on its business
      operations under the name of
“[                                ]
      200__-[   ].”

     

    Trust
      Administrator:
      _____________________, or any successor in interest.

     

    Section
      1.02.  Other
      Definitional Provisions.

     

    Capitalized
      terms used herein and not defined herein shall have the same meanings assigned
      to them in the Sale and Servicing Agreement or in the Indenture, as
      applicable.

     

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

     

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

     

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

     

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

     

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

     

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    ARTICLE
      II

     

    ORGANIZATION

     

    Section
      2.01.  Name.
      The
      trust established under this Agreement shall be referred to as “[Residential
      Asset Securitization Trust][IndyMac INDX Mortgage Loan Trust]
      200__-[A][AR][IP],” in which name the Owner Trustee and the Officers may conduct
      the activities contemplated hereby, including the making and executing of
      contracts and other instruments on behalf of the Trust and sue and be
      sued.

     

    Section
      2.02.  Office.
      The
      principal office of the Trust shall be in care of the Owner Trustee, at its
      Corporate Trust Office. The Trust shall also have an office in care of the
      Trust
      Administrator at its Corporate Trust Office.

     

    Section
      2.03.  Purpose
      and Powers.
      The
      Trust shall have the power and authority to engage in any of the following
      activities:

     

    (a)  to
      issue
      the Notes pursuant to the Indenture and the Certificates pursuant to this
      Agreement and to sell, transfer and exchange such Notes and
      Certificates;

     

    (b)  with
      the
      proceeds of the sale of the Notes and the Certificates, to pay the
      organizational, start-up and transactional expenses of the Trust and to pay
      the
      balance of the Net Proceeds from the Notes to the Depositor in consideration
      of
      the transfer to the Trust of the Collateral;

     

    (c)  to
      assign, grant, transfer, pledge, mortgage and convey the Trust Estate pursuant
      to the Indenture and to hold, manage and distribute to the Certificateholders
      pursuant to the terms of the Sale and Servicing Agreement any portion of the
      Collateral released from the lien of, and remitted to the Trust pursuant to,
      the
      Indenture;

     

    (d)  to
      enter
      into and perform its obligations under the Operative Agreements and the Interest
      Rate Cap Agreements to which it is to be a party;

     

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

     

    (f)  subject
      to compliance with the Operative Agreements, to engage in such other activities
      as may be required in connection with conservation of the Trust Estate and
      the
      making of distributions and payments to the Certificateholders and the
      Noteholders.

     

    The
      Trust
      is hereby authorized to engage in the foregoing activities. The Trust shall
      not
      engage in any activity other than in connection with the foregoing or other
      than
      as required or authorized by the terms of this Agreement or the Operative
      Agreements.

     

    Section
      2.04.  Appointment
      of the Owner Trustee.
      The
      Depositor hereby appoints the Bank to act as owner trustee (the “Owner Trustee”)
      of the Trust effective as of the date hereof to have all the rights, powers
      and
      duties set forth herein with respect to accomplishing the purposes of the
      Trust.

     

    The
      Owner
      Trustee is hereby authorized to execute this Agreement, the Indenture, the
      Sale
      and Servicing Agreement and any other Operative Agreement on behalf of the
      Trust. The Owner Trustee is hereby authorized to take all actions required
      or
      permitted to be taken by it in accordance with the terms of this
      Agreement.

     

    Section
      2.05.  Initial
      Capital Contribution; Declaration of Trust.

     

    (a)  The
      Depositor hereby sells, assigns, transfers, conveys and sets over to the Trust,
      as of the date hereof, the sum of $1. The Owner Trustee hereby acknowledges
      receipt in trust from the Depositor, as of the Closing Date, of the foregoing
      contribution, which shall constitute the initial corpus of the Trust Estate.
      The
      Depositor shall pay organizational expenses of the Trust as they may arise
      or
      shall, upon the request of the Owner Trustee, promptly reimburse the Owner
      Trustee for any such expenses paid by the Owner Trustee.

     

    (b)  The
      Owner
      Trustee hereby declares that it will hold the Trust Estate in trust upon and
      subject to the conditions set forth herein for the use and benefit of the
      Certificateholders, subject to the obligations of the Trust under the Operative
      Agreements. It is the intention of the parties hereto that the Trust constitute
      a statutory trust under the Delaware Trust Statute and that this Agreement
      constitute the governing instrument of such statutory trust. No later than
      the
      Closing Date, the Owner Trustee shall cause the filing of the Certificate of
      Trust with the Secretary of State. Except as otherwise provided in this
      Agreement, the rights of the Certificateholders will be those of beneficial
      owners of the Trust.

     

    Section
      2.06.  Issuance
      of Initial Certificates.
      Upon
      the formation of the Trust by the initial contribution by the Depositor pursuant
      to Section 2.05, the Owner Trustee will issue the Certificates to the Initial
      Holders.

     

    Section
      2.07.  [Reserved]

     

    Section
      2.08.  Situs
      of Trust.
      The
      Trust will be located in the State of Delaware. All bank accounts maintained
      by
      the Owner Trustee on behalf of the Trust shall be located in the States of
      Delaware, New York or the jurisdiction where the Trust Administrator maintains
      bank accounts with respect to collections on the Collateral. The only office
      of
      the Trust will be as described in Section 2.02 hereof. The Trust shall not
      have
      any employees; provided,
      however,
      that
      nothing herein shall restrict or prohibit the Owner Trustee from having
      employees within or without the State of Delaware. Payments will be received
      by
      the Trust only in Delaware, New York, the jurisdiction in which the Trust
      Administrator maintains the Collection Account or such other jurisdiction
      designated by the Depositor, and payments will be made by the Trust only from
      the Collection Account or from Delaware, New York or such other jurisdiction
      designated by the Depositor.

     

    Section
      2.09.  Title
      to Trust Property.

     

    (a)  Subject
      to the Indenture, title to all of the Trust Estate shall be vested at all times
      in the Trust as a separate legal entity until this Agreement terminates pursuant
      to Article VIII hereof; provided,
      however,
      that if
      the laws of any jurisdiction require that title to any part of the Trust Estate
      be vested in the trustee of the Trust, then title to that part of the Trust
      Estate shall be deemed to be vested in the Owner Trustee or any co-trustee
      or
      separate trustee, as the case may be, appointed pursuant to Article IX of this
      Agreement.

     

    (b)  The
      Certificateholders shall have beneficial but not legal title to any part of
      the
      Trust Estate. No transfer by operation of law or otherwise of any interest
      of
      the Certificateholders shall operate to terminate this Agreement or the trusts
      created hereunder or entitle any transferee to an accounting or to the transfer
      to it of any part of the Trust Estate.

     

    Section
      2.10.  Representations
      and Warranties of the Depositor.
      The
      Depositor hereby represents and warrants to the Owner Trustee and the Trust
      Administrator as of the Closing Date, as follows:

     

    (a)  The
      Depositor is duly organized and validly existing as a corporation in good
      standing under the laws of the State of Delaware, with power and authority
      to
      own its properties and to conduct its business as such properties are currently
      owned and such business is presently conducted and had at all relevant times,
      and now has, power, authority and the legal right to acquire and own the
      Mortgage Loans.

     

    (b)  The
      Depositor is duly qualified to do business as a foreign corporation in good
      standing and has obtained all necessary licenses and approvals in all
      jurisdictions in which the ownership or lease of property or the conduct of
      its
      business shall require such qualifications.

     

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

     

    (d)  The
      consummation of the transactions contemplated by this Agreement and the
      fulfillment of the terms hereof and thereof do not conflict with, result in
      any
      breach of any of the terms and provisions of, or constitute (with or without
      notice or lapse of time) a default under, the certificate of incorporation
      or
      by-laws of the Depositor, or any indenture, agreement or other instrument to
      which the Depositor is a party or by which it is bound; nor result in the
      creation or imposition of any lien upon any of its properties pursuant to the
      terms of any such indenture, agreement or other instrument (other than pursuant
      to the Operative Agreements); nor violate any law or, to the best of the
      Depositor’s knowledge, any order, rule or regulation applicable to the Depositor
      of any court or of any Federal or state regulatory body, administrative agency
      or other governmental instrumentality having jurisdiction over the Depositor
      or
      its properties.

     

    (e)  There
      are
      no proceedings or investigations, pending or, to the best knowledge of the
      Depositor, threatened before any court, regulatory body, administrative agency
      or other governmental instrumentality having jurisdiction over the Depositor
      or
      its properties: (i) asserting the invalidity of this Agreement or any other
      Operative Agreement to which the Depositor is a party, (ii) seeking to prevent
      the consummation of any of the transactions contemplated by this Agreement
      or
      any other Operative Agreement to which the Depositor is a party or (iii) seeking
      any determination or ruling that might materially and adversely affect the
      performance by the Depositor of its obligations under, or the validity or
      enforceability of, this Agreement or any other Operative Agreement to which
      the
      Depositor is a party.

     

    (f)  The
      representations and warranties of the Depositor made pursuant to the Sale and
      Servicing Agreement are true and correct.

     

    (g)  This
      Agreement is not required to be qualified under the Trust Indenture Act of
      1939,
      as amended, and the Trust is not required to be registered as an “investment
      company” under the Investment Company Act of 1940, as amended.

     

    Section
      2.11.  Tax
      Treatment.
      [The
      Depositor, the Owner Trustee and the Initial Holder intend that the Trust be
      treated for federal income tax purposes as a Qualified REIT Subsidiary. The
      Trust Administrator will, subject to clause (v) of the fourth paragraph of
      Section 3.03 of the Indenture, perform the calculation of accrual of original
      issue discount and the amortization of premium on the Securities.] The Seller
      will prepare and file any income tax returns required for the Trust and make
      any
      other tax filings required under the Code.

     

    Section
      2.12.  Investment
      Company.
      Neither
      the Depositor nor any holder of a Certificate shall take any action which would
      cause the Trust to become an “investment company” which would be required to
      register under the Investment Company Act of 1940, as amended.

     

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    ARTICLE
      III

     

    THE
      CERTIFICATES AND TRANSFERS OF INTERESTS

     

    Section
      3.01.  The
      Certificates.
      The
      Ownership Certificate shall initially be issued as a single certificate in
      definitive, fully registered form and shall initially be registered in the
      name
      of the applicable Initial Holder. No Ownership Certificate shall be issued
      in
      authorized denominations of less than a 100% Percentage Interest in such
      Certificate. The Certificates shall be executed on behalf of the Trust by manual
      or facsimile signature of an Authorized Officer of the Owner Trustee and
      authenticated in the manner provided in Section 3.02. Each Certificate bearing
      the manual signatures of individuals who were, at the time when such signatures
      shall have been affixed, authorized to sign on behalf of the Trust, shall be
      validly issued and entitled to the benefit of this Agreement, notwithstanding
      that such individuals or any of them shall have ceased to be so authorized
      prior
      to the authentication and delivery of each such Certificate or did not hold
      such
      offices at the date of authentication and delivery of each such Certificate.
      A
      Person shall become a Certificateholder and shall be entitled to the rights
      and
      subject to the obligations of a Certificateholder hereunder upon such Person’s
      acceptance of a Certificate duly registered in such Person’s name pursuant to
      Section 3.03.

     

    Section
      3.02.  Execution,
      Authentication and Delivery of the Certificates.

     

    Concurrently
      with the sale of the Collateral to the Trust pursuant to the Sale and Servicing
      Agreement, the Owner Trustee shall cause the Certificates issued hereunder
      to be
      executed and authenticated on behalf of the Trust and delivered to the Initial
      Holder, without further corporate action by the Depositor. No Certificate shall
      entitle its Holder to any benefit under this Agreement or be valid for any
      purpose unless there shall appear on such Certificate a certificate of
      authentication substantially in the form set forth as part of Exhibit A hereto,
      executed by the Owner Trustee or the Certificate Registrar, as the Owner
      Trustee’s authenticating agent, by manual signature; such authentication shall
      constitute conclusive evidence that such Certificate shall have been duly
      authenticated and delivered hereunder. All Certificates shall be dated the
      date
      of their authentication.

     

    Section
      3.03.  Registration
      of and Limitations on Transfers and Exchanges of the
      Certificates.
      The
      Certificate Registrar shall keep or cause to be kept, at the office or agency
      maintained pursuant to Section 3.08, a Certificate Register in which, subject
      to
      such reasonable regulations as it may prescribe, the Certificate Registrar
      shall
      provide for the registration of the Certificates and of transfers and exchanges
      of the Certificates as set forth herein, provided,
      however,
      that no
      Ownership Certificate shall be issued in any such transfer and exchange
      representing less than a 100% Percentage Interest in such Certificate; and
      provided,
      further,
      that no
      Ownership Certificate shall be issued in any such transfer and exchange except
      in accordance with the provisions and conditions set forth below in this Section
      3.03. The Trust Administrator shall be the initial Certificate Registrar. If
      the
      Certificate Registrar resigns or is removed, the Owner Trustee, with the consent
      of the Depositor, shall appoint a successor Certificate Registrar.

     

    Subject
      to satisfaction of the conditions set forth below, upon surrender for
      registration of transfer of a Certificate at the office or agency maintained
      pursuant to Section 3.08, the Owner Trustee shall execute, authenticate and
      deliver (or cause the Trust Administrator as its authenticating agent to
      authenticate and deliver), in the name of the designated transferee, a new
      Certificate evidencing the Percentage Interest of the Certificate so surrendered
      and dated the date of authentication by the Owner Trustee or the Certificate
      Registrar.

     

    Every
      Certificate presented or surrendered for registration of transfer or exchange
      shall be accompanied by a written instrument of transfer in form satisfactory
      to
      the Owner Trustee and the Certificate Registrar duly executed by each
      Certificateholder or such Certificateholder’s attorney duly authorized in
      writing. Each Certificate surrendered for registration of transfer or exchange
      shall be cancelled and subsequently disposed of by the Certificate Registrar
      in
      accordance with its customary practice.

     

    No
      service charge shall be made for any registration of transfer or exchange of
      a
      Certificate, but the Owner Trustee or the Certificate Registrar may require
      payment of a sum sufficient to cover any tax or governmental charge that may
      be
      imposed in connection with any transfer or exchange of a Certificate or any
      other expense arising as a result of any registration of transfer or
      exchange.

     

    The
      preceding provisions of this Section notwithstanding, the Owner Trustee shall
      not make and the Certificate Registrar shall not register transfer or exchanges
      of a Certificate for a period of 15 days preceding the due date for any payment
      with respect to such Certificate.

     

    No
      transfer of a Certificate shall be made unless such transfer is exempt from
      the
      registration requirements of the Securities Act and any applicable state
      securities laws or is made in accordance with said Act and laws. Except in
      the
      case of an initial transfer to an Initial Holder, in the event of any such
      transfer, the Certificate Registrar or the Depositor shall prior to such
      transfer require the transferee to execute (i) an investment letter (in the
      form
      attached hereto as Exhibit D-1) certifying to the Trust, the Owner Trustee,
      the
      Trust Administrator, the Certificate Registrar and the Depositor that such
      transferee is a “qualified institutional buyer” under Rule 144A under the
      Securities Act, or (ii) an investment letter (in the form attached hereto as
      Exhibit D-2) certifying to the Trust, the Owner Trustee, the Trust
      Administrator, the Certificate Registrar and the Depositor that such transferee
      is an “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) of
      the Securities Act), and any expense associated with the preparation and
      execution of any such investment letter shall not be an expense of the Trust,
      the Owner Trustee, the Trust Administrator, the Certificate Registrar or the
      Depositor. A Certificateholder desiring to effect the transfer of a Certificate
      shall, and does hereby agree to, indemnify the Trust, the Owner Trustee, the
      Trust Administrator, the Certificate Registrar and the Depositor against any
      and
      all liability that may result if the transfer is not so exempt or is not made
      in
      accordance with such federal and state laws.

     

    Except
      in
      the case of an initial transfer to an Initial Holder, no transfer of a
      Certificate shall be made unless the Certificate Registrar shall have received
      a
      representation letter (in the form attached hereto as Exhibit D-1 or D-2) from
      the proposed transferee of such Certificate to the effect that such proposed
      transferee is not an employee benefit plan or other retirement arrangement
      subject to Section 406 of ERISA, or Section 4975 of the Code or any
      substantially similar applicable law, or a Person acting on behalf of or using
      the assets of any such plan, which representation letter shall not be an expense
      of the Trust, the Owner Trustee, the Trust Administrator, the Certificate
      Registrar or the Depositor.

     

    Prior
      to
      and as a condition of the registration of any transfer, sale or other
      disposition of the Ownership Certificate, the Initial Holder of the Ownership
      Certificate and each Prospective Holder of an Ownership Certificate shall
      represent and warrant in writing, in the case of each Initial Holder, in
      substantially the form set forth in Exhibit E hereto, and in the case of each
      Prospective Holder, in substantially the form set forth in Exhibit F hereto,
      to
      the Owner Trustee, the Trust Administrator and the Certificate Registrar and
      any
      of their respective successors that:

     

    (i)  Such
      Person is duly authorized to purchase the Ownership Certificate and its purchase
      of investments having the characteristics of the Ownership Certificate is
      authorized under, and not directly or indirectly in contravention of, any law,
      charter, trust instrument or other operative document, investment guidelines
      or
      list of permissible or impermissible investments that is applicable to the
      investor;

     

    (ii)  Such
      Person understands that each holder of an Ownership Certificate, by virtue
      of
      its acceptance thereof, assents to the terms, provisions and conditions of
      the
      Agreement; and

     

    (iii)  [Such
      Person is a REIT, a Qualified REIT Subsidiary or a Disregarded
      Entity.]

     

    The
      Owner
      Trustee shall cause each Certificate to contain a legend, substantially similar
      to the applicable legends provided in Exhibit A hereto, stating that transfer
      of
      such Certificate is subject to certain restrictions and referring prospective
      purchasers of the Certificates to this Section 3.03 with respect to such
      restrictions.

     

    Section
      3.04.  Lost,
      Stolen, Mutilated or Destroyed Certificate.
      If (a)
      a mutilated Certificate is surrendered to the Certificate Registrar, or (b)
      the
      Certificate Registrar receives evidence to its satisfaction that a Certificate
      has been destroyed, lost or stolen, and there is delivered to the Certificate
      Registrar proof of ownership satisfactory to the Certificate Registrar, together
      with such security or indemnity as required by the Certificate Registrar and
      the
      Owner Trustee to save each of them harmless, then in the absence of notice
      to
      the Certificate Registrar or the Owner Trustee that such Certificate has been
      acquired by a protected purchaser, the Owner Trustee shall execute on behalf
      of
      the Trust, and the Owner Trustee or the Certificate Registrar shall authenticate
      and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost
      or stolen Certificate, a new Certificate of like tenor and Percentage Interest.
      In connection with the issuance of any new Certificate under this Section 3.04,
      the Owner Trustee or the Certificate Registrar may require the payment of a
      sum
      sufficient to cover any expenses of the Owner Trustee or the Certificate
      Registrar (including any fees and expenses of counsel) and any tax or other
      governmental charge that may be imposed in connection therewith. Any duplicate
      Certificate issued pursuant to this Section 3.04 shall constitute conclusive
      evidence of ownership in the Trust, as if originally issued, whether or not
      the
      lost, stolen or destroyed Certificate shall be found at any time.

     

    Section
      3.05.  Persons
      Deemed Certificateholders.
      Prior
      to due presentation of a Certificate for registration of transfer, the Owner
      Trustee, the Certificate Registrar or any Certificate Paying Agent may treat
      any
      Certificateholder as the owner of such Certificate for the purpose of receiving
      distributions pursuant to Section 4.02 and for all other purposes whatsoever,
      and none of the Trust, the Owner Trustee, the Certificate Registrar or any
      Certificate Paying Agent shall be bound by any notice to the
      contrary.

     

    Section
      3.06.  Access
      to List of Certificateholders’ Names and Addresses.
      The
      Certificate Registrar shall furnish or cause to be furnished to the Depositor
      or
      the Owner Trustee, within 15 days after receipt by the Certificate Registrar
      of
      a written request therefor from the Depositor or the Owner Trustee, in such
      form
      as the Depositor or the Owner Trustee, as the case may be, may reasonably
      require, the name and address of each Certificateholder as of the most recent
      Record Date. A Certificateholder, by receiving and holding a Certificate, shall
      be deemed to have agreed not to hold any of the Trust, the Depositor, the
      Certificate Registrar and the Owner Trustee accountable or liable for damages
      by
      reason of the disclosure of its name and address, regardless of the source
      from
      which such information was derived.

     

    Section
      3.07.  [Reserved]

     

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

     

    Section
      3.09.  Certificate
      Paying Agent.

     

    (a)  The
      Owner
      Trustee may appoint, and hereby appoints, the Trust Administrator as Certificate
      Paying Agent under this Agreement. The Certificate Paying Agent shall make
      distributions to each Certificateholder from the Collection Account pursuant
      to
      Section 4.02 hereof and Sections [5.08] and [6.02] of the Sale and Servicing
      Agreement and, upon request, shall report the amounts of such distributions
      to
      the Owner Trustee. The Certificate Paying Agent shall have the revocable power
      to withdraw funds from the Collection Account for the purpose of making the
      distributions referred to above. The Trust Administrator hereby accepts such
      appointment and further agrees that it will be bound by the provisions of this
      Agreement and the Sale and Servicing Agreement relating to the Certificate
      Paying Agent and shall:

     

    (i)  hold
      all
      sums held by it for the payment of amounts due with respect to the Certificates
      in trust for the benefit of the Person entitled thereto until such sums shall
      be
      paid to such Person or otherwise disposed of as herein provided;

     

    (ii)  give
      the
      Owner Trustee notice of any default by the Trust of which a Responsible Officer
      of the Trust Administrator has actual knowledge in the making of any payment
      required to be made with respect to the Certificates;

     

    (iii)  at
      any
      time during the continuance of any such default, upon the written request of
      the
      Owner Trustee forthwith pay to the Owner Trustee on behalf of the Trust all
      sums
      so held in Trust by such Certificate Paying Agent;

     

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

     

    (v)  not
      institute bankruptcy proceedings against the Trust in connection with this
      Agreement.

     

    (b)  In
      the
      event that the Trust Administrator shall no longer be the Certificate Paying
      Agent hereunder, the Owner Trustee, with the consent of the Depositor, shall
      appoint a successor to act as Certificate Paying Agent (which shall be a bank
      or
      trust company). The Owner Trustee shall cause such successor Certificate Paying
      Agent or any additional Certificate Paying Agent appointed by the Owner Trustee
      to execute and deliver to the Owner Trustee an instrument in which such
      successor Certificate Paying Agent or additional Certificate Paying Agent shall
      agree with the Owner Trustee that as Certificate Paying Agent, such successor
      Certificate Paying Agent or additional Certificate Paying Agent will hold all
      sums, if any, held by it for payment in trust for the benefit of each
      Certificateholder entitled thereto until such sums shall be paid to such
      Certificateholder. The Certificate Paying Agent shall return all unclaimed
      funds
      to the Owner Trustee, and upon removal of a Certificate Paying Agent, such
      Certificate Paying Agent shall also return all funds in its possession to the
      Owner Trustee. The provisions of Sections 5.03, 5.04, 6.01, 6.05, 6.07, 6.08,
      7.01 and 7.02 shall apply to the Trust Administrator also in its role as
      Certificate Paying Agent for so long as the Trust Administrator shall act as
      Certificate Paying Agent and, to the extent applicable, to any other Certificate
      Paying Agent appointed hereunder. Any reference in this Agreement to the
      Certificate Paying Agent shall include any co-paying agent unless the context
      requires otherwise.

     

    Section
      3.10.  Initial
      Beneficiary.
      Upon
      the formation of the Trust by the contribution by the Depositor pursuant to
      Section 2.05 and until the issuance of the Certificates, the Depositor shall
      be
      the sole beneficiary of the Trust.

     

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    ARTICLE
      IV

     

    APPLICATION
      OF TRUST FUNDS; CERTAIN DUTIES

     

    Section
      4.01.  Collection
      Account.
      All of
      the right, title and interest of the Trust in all funds on deposit from time
      to
      time in the Collection Account and in all proceeds thereof shall be held for
      the
      benefit of each Certificateholder and such other persons entitled to payments
      therefrom. Except as otherwise expressly provided herein or in the Sale and
      Servicing Agreement, the Collection Account shall be under the sole dominion
      and
      control of the Owner Trustee for the benefit of the
      Certificateholders.

     

    The
      Collection Account shall be subject to and established and maintained in
      accordance with the applicable provisions of the Sale and Servicing Agreement
      and the Indenture, including, without limitation, the provisions of Sections
      [5.08] and [6.02] of the Sale and Servicing Agreement regarding distributions
      from the Collection Account.

     

    Section
      4.02.  Application
      of Trust Funds.

     

    (a)  On
      each
      Payment Date, the Owner Trustee shall direct the Certificate Paying Agent to
      distribute to each Certificateholder, from amounts on deposit in the Collection
      Account, the distributions as provided in Sections [5.08] and [6.02] of the
      Sale
      and Servicing Agreement with respect to such Payment Date. The Owner Trustee
      hereby directs the Certificate Paying Agent to distribute on each Payment Date
      to each Certificateholder amounts on deposit in the Collection Account in
      accordance with Sections [5.08] and [6.02] of the Sale and Servicing Agreement
      and the Certificate Paying Agent hereby acknowledges such
      direction.

     

    (b)  All
      payments to be made under this Agreement by the Certificate Paying Agent shall
      be made only from the income and proceeds, including Net Proceeds from the
      Notes, of the Trust Estate and only to the extent that the Certificate Paying
      Agent has received such income or proceeds. The Bank shall not be liable to
      any
      Certificateholder, the Indenture Trustee or the Trust Administrator for any
      amounts payable pursuant to this Section 4.02 except to the extent that
      non-payment is due to the Owner Trustee’s acts or omissions amounting to willful
      misconduct or gross negligence.

     

    (c)  Distributions
      to any Certificateholder shall be subordinated to the creditors of the Trust,
      including, without limitation, the Noteholders.

     

    Section
      4.03.  Method
      of Payment.
      Subject
      to Section 8.01(c), distributions required to be made to any Certificateholder
      on any Payment Date as provided in Section 4.02 shall be made to the each Person
      who was a Certificateholder on the preceding Record Date either by wire
      transfer, in immediately available funds, to the account of each such
      Certificateholder at a bank or other entity having appropriate facilities
      therefor, if such respective Certificateholder shall have provided to the
      Certificate Registrar appropriate written instructions at least five Business
      Days prior to such Payment Date or, if not, by check mailed to each such
      Certificateholder at the respective address of such Certificateholder appearing
      in the Certificate Register.

     

    Section
      4.04.  [Reserved]

     

    Section
      4.05.  Segregation
      of Moneys; No Interest.
      Moneys
      received by or on behalf of the Owner Trustee hereunder and deposited into
      the
      Collection Account will be segregated except to the extent required otherwise
      by
      law or the provisions of the Sale and Servicing Agreement. The Owner Trustee
      shall not be liable for payment of any interest in respect of such
      moneys.

     

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    ARTICLE
      V

     

    AUTHORITY
      AND DUTIES OF THE OWNER TRUSTEE;

    ACTION
      BY
      CERTIFICATEHOLDERS

     

    Section
      5.01.  General
      Authority.
      The
      Owner Trustee is authorized and directed to execute and deliver the Notes,
      the
      Certificates, the other Operative Agreements to which the Trust is to be a
      party, each certificate or other document attached as an exhibit to or
      contemplated by the Operative Agreements to which the Trust is to be a party
      and
      any amendment or other agreement or instrument described herein, all as approved
      by the Depositor, as evidenced conclusively by the Owner Trustee’s execution
      thereof, and, on behalf of the Trust, to direct the Trust Administrator to
      authenticate the Notes. In addition to the foregoing, the Owner Trustee is
      authorized, but shall not be obligated, to take all actions required of the
      Trust pursuant to the Operative Agreements.

     

    Section
      5.02.  General
      Duties.

     

    (a)  It
      shall
      be the duty of the Owner Trustee to discharge (or cause to be discharged) all
      of
      its responsibilities pursuant to the terms of this Agreement and the other
      Operative Agreements to which the Trust is a party and to administer the Trust
      in the interest of the Certificateholders, subject to the Operative Agreements
      and in accordance with the provisions of this Agreement. Notwithstanding the
      foregoing, the Owner Trustee shall be deemed to have discharged its duties
      and
      responsibilities hereunder and under the Operative Agreements to the extent
      the
      Trust Administrator has agreed in the Sale and Servicing Agreement or this
      Agreement, respectively, to perform any act or to discharge any duty of the
      Owner Trustee or the Trust hereunder or under any Operative Agreement, and
      the
      Owner Trustee shall not be held liable for the default or failure of the Trust
      Administrator to carry out its obligations under the this Agreement or the
      Sale
      and Servicing Agreement or any other Operative Agreement, respectively;
      and

     

    (b)  It
      shall
      be the duty of the Depositor under the Sale and Servicing Agreement to obtain
      and preserve the Trust’s qualification to do business in each jurisdiction in
      which such qualification is or shall be necessary to protect the validity and
      enforceability of the Indenture, the Notes, the Collateral and each other
      instrument and agreement included in the Trust Estate. It shall be the duty
      of
      the Owner Trustee to cooperate with the Depositor with respect to such
      matters.

     

    Section
      5.03.  Action
      Upon Instruction.

     

    (a)  Subject
      to Article V and in accordance with the terms of the Operative Agreements,
      the
      Ownership Certificate Holder may by written instruction direct the Owner Trustee
      in the management of the Trust, but only to the extent consistent with the
      limited purpose of the Trust. Such direction may be exercised at any time by
      written instruction of the Ownership Certificate Holder pursuant to this Article
      V.

     

    (b)  Notwithstanding
      the foregoing, the Owner Trustee shall not be required to take any action
      hereunder or under any Operative Agreement if the Owner Trustee shall have
      reasonably determined, or shall have been advised by counsel, that such action
      is likely to result in liability on the part of the Owner Trustee or is contrary
      to the terms hereof or of any Operative Agreement or is otherwise contrary
      to
      law.

     

    (c)  Whenever
      the Owner Trustee is unable to decide between alternative courses of action
      permitted or required by the terms of this Agreement or under any other
      Operative Agreement, or in the event that the Owner Trustee is unsure as to
      the
      application of any provision of this Agreement or any other Operative Agreement
      or any such provision is ambiguous as to its application, or is, or appears
      to
      be, in conflict with any other applicable provision, or in the event that this
      Agreement permits any determination by the Owner Trustee or is silent or is
      incomplete as to the course of action that the Owner Trustee is required to
      take
      with respect to a particular set of facts, the Owner Trustee may promptly give
      notice (in such form as shall be appropriate under the circumstances) to the
      Ownership Certificate Holder requesting instruction as to the course of action
      to be adopted, and to the extent the Owner Trustee acts in good faith in
      accordance with any written instruction of the Ownership Certificate Holder,
      the
      Owner Trustee shall not be liable on account of such action to any Person.
      If
      the Owner Trustee shall not have received appropriate instruction within 10
      days
      of such notice (or within such shorter period of time as reasonably may be
      specified in such notice or may be necessary under the circumstances) it may,
      but shall be under no duty to, take or refrain from taking such action not
      inconsistent with this Agreement or any other Operative Agreement, as it shall
      deem to be in the best interests of each Certificateholder, and the Owner
      Trustee shall have no liability to any Person for such action or
      inaction.

     

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

     

    Section
      5.05.  Restrictions.

     

    (a)  The
      Owner
      Trustee shall not take any action that is inconsistent with the purposes of
      the
      Trust set forth in Section 2.03. The Ownership Certificate Holder shall not
      direct the Owner Trustee to take action that would violate the provisions of
      this Section 5.05.

     

    (b)  The
      Owner
      Trustee shall not, except as provided herein, convey or transfer any of the
      Trust’s properties or assets, including those included in the Trust Estate, to
      any person unless such conveyance or transfer shall not violate the provisions
      of the Indenture.

     

    Section
      5.06.  Prior
      Notice to the Certificateholders with Respect to Certain Matters.
      With
      respect to the following matters, the Owner Trustee shall not take action unless
      at least 30 days before the taking of such action, the Owner Trustee shall
      have
      notified each Certificateholder in writing of the proposed action and each
      Certificateholder shall have notified the Owner Trustee in writing prior to
      the
      30th day after such notice is given that each Certificateholder has consented
      to
      such action or provided alternative direction:

     

    (a)  The
      initiation of any claim or lawsuit by the Trust (except claims or lawsuits
      brought in connection with the collection of cash distributions due and owing
      under the Collateral) and the compromise of any action, claim or lawsuit brought
      by or against the Trust (except with respect to the aforementioned claims or
      lawsuits for collection of cash distributions due and owing under the
      Collateral);

     

    (b)  the
      election by the Trust to file an amendment to the Certificate of Trust (unless
      such amendment is required to be filed under the Delaware Trust
      Statute);

     

    (c)  the
      amendment of the Indenture by a supplemental indenture or of this Agreement
      or
      any other Operative Agreement in circumstances where the consent of any
      Noteholder is required;

     

    (d)  the
      amendment or other change of the Indenture by a supplemental indenture or of
      this Agreement, the Interest Rate Cap Agreements or any other Operative
      Agreement in circumstances where the consent of any Noteholder is not required
      and such amendment materially adversely affects the interests of any
      Certificateholder;

     

    (e)  the
      amendment of the Sale and Servicing Agreement in circumstances where the consent
      of any Securityholder is required;

     

    (f)  the
      amendment, change or modification of the Sale and Servicing Agreement, except
      to
      cure any ambiguity or to amend or supplement any provision in a manner or add
      any provision that would not materially and adversely affect the interests
      of
      any Certificateholder;

     

    (g)  the
      appointment pursuant to the Indenture of a successor Note Registrar, Paying
      Agent or Indenture Trustee or pursuant to this Agreement of a successor
      Certificate Registrar or Certificate Paying Agent or the consent to the
      assignment by the Note Registrar, Paying Agent, Indenture Trustee, Certificate
      Registrar or Certificate Paying Agent of its obligations under the Indenture
      or
      this Agreement, as applicable;

     

    (h)  the
      consent to the calling or waiver of any default of any Operative
      Agreement;

     

    (i)  the
      consent to the assignment by the Indenture Trustee of its obligations under
      any
      Operative Agreement;

     

    (j)  except
      as
      provided in Article VIII hereof, dissolve, terminate or liquidate the Trust
      in
      whole or in part;

     

    (k)  the
      merger, conversion or consolidation of the Trust with or into any other entity,
      or conveyance or transfer of all or substantially all of the Trust’s assets to
      any other entity;

     

    (l)  the
      incurrence, assumption or guaranty by the Trust of any indebtedness other than
      as set forth in this Agreement;

     

    (m)  the
      taking of any action which conflicts with any Operative Agreement or would
      make
      it impossible to carry on the ordinary business of the Trust or change the
      Trust’s purpose and powers set forth in this Agreement;

     

    (n)  the
      confession of a judgment against the Trust;

     

    (o)  the
      possession of the Trust assets, or assignment of the Trust’s right to property,
      for other than a Trust purpose; or

     

    (p)  the
      lending of funds by the Trust to any entity.

     

    In
      addition, the Trust shall not commingle its assets with those of any other
      entity. The Trust shall maintain its financial and accounting books and records
      separate from those of any other entity. Except as expressly set forth herein,
      the Trust shall pay its indebtedness, operating expenses and liabilities from
      its own funds, and the Trust shall neither incur any indebtedness nor pay the
      indebtedness, operating expenses and liabilities of any other entity. Except
      as
      expressly set forth herein, the Trust shall not engage in any dissolution,
      liquidation, consolidation, merger or sale of assets. The Trust shall maintain
      appropriate minutes or other records of all appropriate actions and shall
      maintain its office separate from the offices of the Depositor or any of its
      Affiliates. The Trust shall not engage in any business activity in which it
      is
      not currently engaged other than as contemplated by the Operative Agreements
      and
      related documentation. The Trust shall not form, or cause to be formed, any
      subsidiaries and shall not own or acquire any asset other than as contemplated
      by the Operative Agreements and related documentation. Other than as
      contemplated by the Operative Agreements and related documentation, the Trust
      shall not follow the directions or instructions of the Depositor. The Trust
      shall conduct its own business in its own name. The Trust shall observe all
      formalities required under the Delaware Trust Statute. The Trust shall not
      hold
      out its credit as being available to satisfy the obligations of any other person
      or entity. The Trust shall not acquire the obligations or securities of its
      Affiliates or the Seller. Other than as contemplated by the Operative Agreements
      and related documentation, the Trust shall not pledge its assets for the benefit
      of any other person or entity. The Trust shall correct any known
      misunderstanding regarding its separate identity. The Trust shall not identify
      itself as a division of any other person or entity.

     

    For
      accounting purposes, the Trust shall be treated as an entity separate and
      distinct from each Certificateholder. The pricing and other material terms
      of
      all transactions and agreements to which the Trust is a party shall be
      intrinsically fair to all parties thereto. This Agreement is and shall be the
      only agreement among the parties thereto with respect to the creation, operation
      and termination of the Trust.

     

    The
      Owner
      Trustee shall not have the power, except upon the written direction of the
      Ownership Certificate Holder, and to the extent otherwise consistent with the
      Operative Agreements, to (i) remove or replace the Indenture Trustee, or (ii)
      institute a bankruptcy against the Trust. So long as the Indenture remains
      in
      effect, to the extent permitted by applicable law, the Ownership Certificate
      Holder shall have no power to commence, and shall not commence, any bankruptcy
      with respect to the Trust or direct the Owner Trustee to commence any bankruptcy
      with respect to the Trust.

     

    The
      Owner
      Trustee shall not have the power, except upon the written direction of the
      Ownership Certificate Holder, to (i) remove the Trust Administrator under the
      Sale and Servicing Agreement pursuant to Section [7.10] thereof, (ii) appoint
      a
      successor Trust Administrator pursuant to Section [7.10] of the Sale and
      Servicing Agreement, or (iii) except as expressly provided in the Indenture,
      to
      sell the Collateral after the termination of the Indenture. The Owner Trustee
      shall take the actions referred to in the preceding sentence only upon written
      instructions signed and authorized by the Ownership Certificate
      Holder.

     

    Section
      5.07.  Action
      by the Holder with Respect to Bankruptcy.
      The
      Owner Trustee shall not have the power to commence or consent to a bankruptcy
      relating to the Trust without the prior approval of the Ownership Certificate
      Holder and the delivery to the Owner Trustee by the Ownership Certificate Holder
      of a certificate certifying that the Ownership Certificate Holder reasonably
      believes that the Trust is insolvent. This paragraph shall survive for one
      year
      and one day following termination of this Agreement. So long as the Indenture
      remains in effect, the Ownership Certificate Holder shall not have the power
      to
      institute, and shall not institute, any bankruptcy with respect to the Trust
      or
      direct the Owner Trustee to take such action.

     

    Section
      5.08.  Restrictions
      on the Ownership Certificate Holder’s Power.
      The
      Ownership Certificate Holder shall not direct the Owner Trustee to take or
      to
      refrain from taking any action if such action or inaction would be contrary
      to
      any obligation of the Trust or the Owner Trustee under this Agreement or any
      of
      the Operative Agreements or would be contrary to Section 2.03 nor shall the
      Owner Trustee be obligated to follow any such direction, if given.

     

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    ARTICLE
      VI

     

    CONCERNING
      THE OWNER TRUSTEE

     

    Section
      6.01.  Acceptance
      of Trusts and Duties.
      The
      Owner Trustee accepts the trusts hereby created and agrees to perform the same
      but only upon the terms of this Agreement and the terms of the Sale and
      Servicing Agreement. The Owner Trustee also agrees to disburse all moneys
      actually received by it constituting part of the Trust Estate upon the terms
      of
      this Agreement. The Bank shall not be answerable or accountable hereunder or
      under any other Operative Agreements under any circumstances, except (i) for
      its
      own willful misconduct, gross negligence or bad faith, (ii) in the case of
      the
      inaccuracy of any representation or warranty contained in Section 6.04, (iii)
      for liabilities arising from the failure by the Bank to perform obligations
      expressly undertaken by it in the last sentence of Section 5.04, or (iv) for
      taxes, fees or other charges based on or measured by any fees, commissions
      or
      compensation received by the Bank in connection with any of the transactions
      contemplated by this Agreement, any other Operative Agreements or the Notes.
      In
      particular, but not by way of limitation:

     

    (a)  The
      Bank
      shall not be liable for any error of judgment made in good faith by a
      Responsible Officer of the Owner Trustee;

     

    (b)  The
      Bank
      shall not be liable with respect to any action taken or omitted to be taken
      by
      the Owner Trustee in accordance with the instructions of any
      Certificateholder;

     

    (c)  No
      provision of this Agreement shall require the Bank to expend or risk funds
      or
      otherwise incur any financial liability in the performance of any of the Owner
      Trustee’s rights or powers hereunder or under any other Operative Agreements if
      the Bank shall have reasonable grounds for believing that repayment of such
      funds or adequate indemnity against such risk or liability is not reasonably
      assured or provided to it;

     

    (d)  Under
      no
      circumstance shall the Bank be liable for indebtedness evidenced by or arising
      under any of the Operative Agreements, including the principal of and interest
      on the Notes;

     

    (e)  The
      Bank
      shall not be liable with respect to any action taken or omitted to be taken
      by
      the Depositor, the Trust Administrator, the Servicer, the Indenture Trustee,
      any
      Officer or the Certificate Paying Agent under this Agreement or any other
      Operative Agreement or otherwise and the Bank shall not be obligated to perform
      or monitor the performance of any obligations or duties under this Agreement
      or
      the other Operative Agreements which are to be performed by the Certificate
      Paying Agent under this Agreement, the Trust Administrator under the Transfer
      and Servicing, the Indenture Trustee under the Indenture or by any other Person
      under any of the Operative Agreements; and

     

    (f)  The
      Bank
      shall not be responsible for or in respect of the recitals herein, the validity
      or sufficiency of this Agreement or for the due execution hereof by the
      Depositor or for the form, character, genuineness, sufficiency, value or
      validity of any of the Trust Estate or for or in respect of the validity or
      sufficiency of the Operative Agreements, other than the certificate of
      authentication on the Certificates, and the Bank shall in no event assume or
      incur any liability, duty or obligation to any Noteholder, the Depositor or
      to
      any Certificateholder, other than as expressly provided for herein.

     

    Section
      6.02.  Furnishing
      of Documents.
      The
      Owner Trustee will furnish to the Trust Administrator (for distribution to
      each
      Certificateholder), promptly upon receipt of a written request therefor,
      duplicates or copies of all reports, notices, requests, demands, certificates,
      financial statements and any other instruments furnished to the Owner Trustee
      hereunder or under the Operative Agreements unless the Trust Administrator
      shall
      have already received the same.

     

    Section
      6.03.  Books
      and Records.
      The
      Owner Trustee shall keep or cause to be kept proper books of record and account
      of all the transactions under this Agreement, including a record of the name
      and
      address of each Certificateholder. The Owner Trustee shall be deemed to have
      complied with this Section 6.03 by the appointment of the Trust Administrator
      and the Certificate Paying Agent to perform the duties hereunder.

     

    Section
      6.04.  Representations
      and Warranties.

     

    (a)  The
      Bank
      represents and warrants to the Depositor, for the benefit of each
      Certificateholder, as follows:

     

    (i)  the
      Bank
      is a _______________________ duly organized and validly existing under the
      laws
      of the __________________________ and has the power and authority to execute,
      deliver and perform its obligations under this Agreement and (assuming due
      authorization, execution and delivery of this Agreement by the Depositor and
      Trust Administrator), has the power and authority as Owner Trustee to execute
      and deliver the Operative Agreements and to perform its obligations thereunder
      and, assuming the due authorization, execution and delivery hereof by the other
      parties hereto, this Agreement constitutes a legal, valid and binding obligation
      of the Bank or the Owner Trustee, as the case may be, enforceable against the
      Bank or the Owner Trustee, as the case may be, in accordance with its terms,
      except that (a) the enforceability thereof may be limited by bankruptcy,
      insolvency, moratorium, receivership and other similar laws relating to
      creditors’ rights generally and (b) the remedy of specific performance and
      injunctive and other forms of equitable relief may be subject to equitable
      defenses and to the discretion of the court before which any proceeding therefor
      may be brought;

     

    (ii)  the
      Bank
      has no reason to believe that anyone authorized to act on its behalf has offered
      any interest in and to the Trust for sale to, or solicited any offer to acquire
      any of the same from, anyone;

     

    (iii)  the
      execution, delivery and performance by the Bank, either in its individual
      capacity or as Owner Trustee, as the case may be, of the Operative Agreements
      will not result in any violation of, or be in any conflict with, or constitute
      a
      default under any of the provisions of any indenture, mortgage, chattel
      mortgage, deed of trust, conditional sales contract, lease, note or bond
      purchase agreement, license, judgment, order or other agreement to which the
      Bank is a party or by which it or any of its properties is bound;

     

    (iv)  the
      execution and delivery by the Bank of this Agreement, and the performance of
      its
      duties as Owner Trustee hereunder, do not require the consent or approval of,
      the giving of notice to, or the registration with, or the taking of any other
      action with respect to, any governmental authority or agency of the State of
      Delaware (except as may be required by the Delaware Trust Statute);
      and

     

    (v)  there
      are
      no pending or, to the best of its knowledge, threatened actions or proceedings
      against the Bank before any court, administrative agency or tribunal which,
      if
      determined adversely to it, would materially and adversely affect its ability,
      either in its individual capacity or as Owner Trustee, as the case may be,
      to
      perform its obligations under this Agreement or the Operative
      Agreements.

     

    (b)  _____________________,
      as Trust Administrator, hereby represents and warrants to the Depositor, for
      the
      benefit of each Certificateholder, that:

     

    (i)  it
      is a
      _______________________ duly organized and validly existing in good standing
      under the laws of the ______________, and has the power and authority to
      execute, deliver and perform its obligations under this Agreement and, assuming
      the due authorization, execution and delivery hereof by the other parties
      hereto, this Agreement constitutes a legal, valid and binding obligation of
      the
      Trust Administrator, enforceable against the Trust Administrator in accordance
      with its terms, except that (a) the enforceability thereof may be limited by
      bankruptcy, insolvency, moratorium, receivership and other similar laws relating
      to creditors’ rights generally and (b) the remedy of specific performance and
      injunctive and other forms of equitable relief may be subject to equitable
      defenses and to the discretion of the court before which any proceeding therefor
      may be brought;

     

    (ii)  it
      has
      taken all action necessary to authorize the execution and delivery by it of
      this
      Agreement, and this Agreement will be executed and delivered by one of its
      officers who is duly authorized to execute and deliver this Agreement on its
      behalf; and

     

    (iii)  neither
      the execution nor the delivery by it of this Agreement nor the consummation
      by
      it of the transactions contemplated hereby nor compliance by it with any of
      the
      terms or provisions hereof will contravene any federal, governmental rule or
      regulation governing the banking or trust powers of the Trust Administrator
      or
      any judgment or order binding on it, or constitute any default under its charter
      documents or by-laws or any indenture, mortgage, contract, agreement or
      instrument to which it is a party or by which any of its properties may be
      bound.

     

    Section
      6.05.  Reliance;
      Advice of Counsel.

     

    (a)  Except
      as
      provided in Section 6.01, the Owner Trustee shall incur no liability to anyone
      in acting upon any signature, instrument, notice, resolution, request, consent,
      order, certificate, report, opinion, bond or other document or paper believed
      by
      it to be genuine and believed by it to be signed by the proper party or parties.
      The Owner Trustee may accept a certified copy of a resolution of the board
      of
      directors or other governing body of any corporate or partnership entity as
      conclusive evidence that such resolution has been duly adopted by such body
      and
      that the same is in full force and effect. As to any fact or matter the manner
      of ascertainment of which is not specifically prescribed herein, the Owner
      Trustee may for all purposes hereof rely on a certificate, signed by the
      president or any vice president (or the general partner, in the case of a
      partnership) and by the treasurer or any assistant treasurer or the secretary
      or
      any assistant secretary of the relevant party, as to such fact or matter, and
      such certificate shall constitute full protection to the Owner Trustee for
      any
      action taken or omitted to be taken by it in good faith in reliance
      thereon.

     

    (b)  In
      its
      exercise or administration of the trusts and powers hereunder, including its
      obligations under Section 5.02(b), and in the performance of its duties and
      obligations under this Agreement or the other Operative Agreements, the Owner
      Trustee may employ agents and attorneys and enter into agreements (including
      the
      Sale and Servicing Agreement) with any of them, and the Owner Trustee shall
      not
      be answerable for the default or misconduct of any such agents or attorneys
      if
      such agents or attorneys shall have been selected by the Owner Trustee with
      reasonable care. If, and to the extent, the Seller shall have failed to
      reimburse the Owner Trustee for all reasonable expenses and indemnities incurred
      pursuant to this Section 6.05(b), as provided in Section 7.01 and Section 7.02,
      the Owner Trustee may seek reimbursement therefor from the Trust
      Estate.

     

    (c)  In
      the
      administration of the trusts and performance of its duties hereunder, the Owner
      Trustee may consult with counsel, accountants and other skilled Persons to
      be
      selected and employed by it, and the Owner Trustee shall not be liable for
      anything done, suffered or omitted in good faith by it in accordance with the
      reasonable advice or opinion of any such counsel, accountants or other skilled
      Persons. If, and to the extent, the Seller shall have failed to reimburse the
      Owner Trustee for all reasonable expenses and indemnities incurred pursuant
      to
      this Section 6.05(c), as provided in Section 7.01 and Section 7.02, the Owner
      Trustee may seek reimbursement therefor from the Trust Estate.

     

    Section
      6.06.  Not
      Acting in Individual Capacity.
      Except
      as provided in this Article VI, in accepting the trusts hereby created the
      Owner
      Trustee acts solely as trustee hereunder and not in its individual capacity,
      and
      all persons having any claim against the Owner Trustee by reason of the
      transactions contemplated by the Operative Agreements shall look only to the
      Trust Estate for payment or satisfaction thereof.

     

    Section
      6.07.  Owner
      Trustee Not Liable for Certificates or Collateral.
      The
      recitals contained herein and in the Certificates (other than the signatures
      and
      countersignatures of the Owner Trustee on the Certificates) shall be taken
      as
      the statements of the Depositor, and the Owner Trustee assumes no responsibility
      for the correctness thereof. The Owner Trustee makes no representations as
      to
      the validity or sufficiency of this Agreement, of any Operative Agreement or
      of
      the Certificates (other than the signatures and countersignatures of the Owner
      Trustee on the Certificates) or the Notes, or of any Collateral or related
      documents. The Owner Trustee shall at no time have any responsibility or
      liability for or with respect to the legality, validity and enforceability
      of
      any Collateral, or the perfection and priority of any security interest created
      by any Collateral or the maintenance of any such perfection and priority, or
      for
      or with respect to the sufficiency of the Trust Estate or its ability to
      generate the payments to be distributed to Certificateholders under this
      Agreement or the Noteholders under the Indenture, including, without limitation:
      the existence, condition and ownership of any Collateral; the existence and
      enforceability of any insurance thereon; the existence and contents of any
      Collateral on any computer or other record thereof; the validity of the
      assignment of any Collateral to the Trust or of any intervening assignment;
      the
      completeness of any Collateral; the performance or enforcement of any
      Collateral; the compliance by the Depositor with any warranty or representation
      made under any Operative Agreements or in any related document or the accuracy
      of any such warranty or representation or any action of the Trust Administrator
      or the Indenture Trustee taken in the name of the Owner Trustee.

     

    Section
      6.08.  Owner
      Trustee May Own Notes.
      The
      Owner Trustee in its individual capacity may become an owner or pledgee of
      Notes
      and may deal with the Depositor, the Trust Administrator and the Indenture
      Trustee in banking transactions with the same rights as it would have if it
      were
      not Owner Trustee.

     

    Section
      6.09.  Licenses.
      The
      Depositor shall cause the Trust to use its best efforts to obtain and maintain
      the effectiveness of any licenses required in connection with this Agreement
      and
      the other Operative Agreements and the transactions contemplated hereby and
      thereby until such time as the Trust shall terminate in accordance with the
      terms hereof. It shall be the duty of the Owner Trustee to cooperate with the
      Depositor with respect to such matters.

     

    Section
      6.10.  Doing
      Business in Other Jurisdictions.
      Notwithstanding anything contained herein to the contrary, neither the Bank
      nor
      the Owner Trustee shall be required to take any action in any jurisdiction
      other
      than in the State of Delaware if the taking of such action will (i) require
      the
      consent or approval or authorization or order of or the giving of notice to,
      or
      the registration with or the taking of any other action in respect of, any
      state
      or other governmental authority or agency of any jurisdiction other than the
      State of Delaware; (ii) result in any fee, tax or other governmental charge
      under the laws of any jurisdiction or any political subdivisions thereof in
      existence on the date hereof other than the State of Delaware becoming payable
      by the Bank or the Owner Trustee; or (iii) subject the Bank or the Owner Trustee
      to personal jurisdiction in any jurisdiction other than the State of Delaware
      for causes of action arising from acts unrelated to the consummation of the
      transactions by the Bank or the Owner Trustee, as the case may be, contemplated
      hereby. The Owner Trustee shall be entitled to obtain advice of counsel (which
      advice shall be an expense of the Trust) to determine whether any action
      required to be taken pursuant to this Agreement results in the consequences
      described in clauses (i), (ii) and (iii) of the preceding sentence. In the
      event
      that such counsel advises the Owner Trustee that such action will result in
      such
      consequences, the Owner Trustee will appoint a co-trustee pursuant to Section
      9.05 hereof to proceed with such action.

     

    Section
      6.11.  Sarbanes-Oxley
      Act Certification.

     

    Notwithstanding
      anything to the contrary herein or in any Operative Agreement, the Owner Trustee
      shall not be required to execute, deliver or certify on behalf of the Trust
      or
      any other Person any filings, certificates, affidavits or other instruments
      in
      connection with certifications required under the Sarbanes-Oxley Act of
      2002.

     

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    ARTICLE
      VII

     

    INDEMNIFICATION
      AND COMPENSATION

     

    Section
      7.01.  Trust
      Expenses.
      The
      Seller shall pay the organizational expenses of the Trust as they may arise
      or
      shall, upon the request of the Owner Trustee, promptly reimburse the Owner
      Trustee for any such expenses paid by the Owner Trustee in connection therewith.
      The Seller shall also pay (or reimburse the Bank for) all reasonable expenses
      of
      the Owner Trustee hereunder, including, without limitation, the reasonable
      compensation, expenses and disbursements of such agents, representatives,
      experts and counsel as the Owner Trustee may employ in connection with the
      exercise and performance of its rights and duties under the Operative
      Agreements.

     

    Section
      7.02.  Indemnification.
      The
      Seller agrees to assume liability for, and indemnify the Bank and its
      successors, assigns, officers, directors, agents and servants, against and
      from,
      any and all liabilities, obligations, losses, damages, taxes, claims, actions,
      suits, costs, expenses and disbursements (including reasonable legal fees and
      expenses) of any kind and nature whatsoever (collectively, “Expenses”) which may
      be imposed on, incurred by or asserted at any time against the Bank (whether
      or
      not indemnified against by other parties) in any way relating to or arising
      out
      of this Agreement, any Operative Agreement, the Collateral, the administration
      of the Trust Estate or the action or inaction of the Owner Trustee hereunder,
      except only that the Seller shall not be required to indemnify the Bank for
      Expenses arising or resulting from any of the matters described in the third
      sentence of Section 6.01. The indemnities contained in this Section 7.02 shall
      survive the resignation or termination of the Owner Trustee or the termination
      of this Agreement. In the event of any claim, action or proceeding for which
      indemnity will be sought pursuant to this Section, the Owner Trustee’s choice of
      legal counsel shall be subject to the approval of the Seller, which approval
      shall not be unreasonably withheld.

     

    Section
      7.03.  Compensation.
      The
      Bank shall receive as compensation for its services hereunder such fees as
      are
      set forth in the Fee Letter Agreement between the Bank and the Seller. The
      Trust
      Administrator shall pay the annual fee of the Owner Trustee, and the Seller
      shall pay the initial fee of the Owner Trustee.

     

    Section
      7.04.  Lien
      on Trust Estate.
      The
      Bank shall have a lien on the Trust Estate for any compensation or indemnity
      due
      hereunder, such lien to be subject only to prior liens of the Indenture. The
      Bank shall not bring any proceedings to foreclose on such lien if and to the
      extent the Trust Estate is subject to the lien of the Indenture. Any amount
      paid
      to the Owner Trustee pursuant to this Article VII shall be deemed not to be
      part
      of the Trust Estate immediately after such payment.

     

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    ARTICLE
      VIII

     

    TERMINATION
      OF AGREEMENT

     

    Section
      8.01.  Termination
      of Agreement.

     

    (a)  This
      Agreement (other than Article VII) shall terminate and the trusts created hereby
      shall dissolve and terminate and the Trust Estate shall, subject to the
      Indenture and Sections 4.01 and 7.04 and Section 3808 of the Delaware Trust
      Statute, be distributed to the Certificateholders, and this Agreement shall
      be
      of no further force or effect, upon the earlier of (i) the full payment of
      principal and interest due on all Classes of the Notes; and (ii) the sale or
      other final disposition by the Indenture Trustee or the Owner Trustee, as the
      case may be, of all the Trust Estate and the final distribution by the Trust
      Administrator or the Owner Trustee, as the case may be, of all moneys or other
      property or proceeds of the Trust Estate in accordance with the terms of the
      Indenture, the Sale and Servicing Agreement and Section 4.02. The bankruptcy,
      liquidation or dissolution of any Certificateholder shall not operate to
      terminate this Agreement, nor entitle such Certificateholder’s legal
      representatives to claim an accounting or to take any action or proceeding
      in
      any court for a partition or winding up of the Trust Estate, nor otherwise
      affect the rights, obligations and liabilities of the parties
      hereto.

     

    (b)  Except
      as
      provided in Section 8.01(a), none of the Depositor or any Certificateholder
      shall be entitled to revoke or terminate the Trust established
      hereunder.

     

    (c)  Notice
      of
      any termination of the Trust, specifying the Payment Date upon which
      Certificateholders shall surrender their Certificates to the Certificate Paying
      Agent for payment of the final distribution and cancellation, shall be given
      by
      the Certificate Paying Agent by letter to the Certificateholders and the Rating
      Agencies mailed within five Business Days of receipt of notice of the final
      payment on the Notes pursuant to the Sale and Servicing Agreement, stating
      (i)
      the Payment Date upon or with respect to which final payment of the Certificates
      shall be made upon presentation and surrender of the Certificates at the office
      of the Certificate Paying Agent therein designated, (ii) the amount of any
      such
      final payment and (iii) that the Record Date otherwise applicable to such
      Payment Date is not applicable, payments being made only upon presentation
      and
      surrender of the Certificates at the office of the Certificate Paying Agent
      therein specified. The Certificate Paying Agent shall give such notice to the
      Owner Trustee and the Certificate Registrar at the time such notice is given
      to
      the Certificateholders. Upon presentation and surrender of the Certificates,
      the
      Certificate Paying Agent shall cause to be distributed to the applicable
      Certificateholder amounts distributable on such Payment Date pursuant to Section
      [5.08] and Section [6.02] of the Sale and Servicing Agreement.

     

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

     

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    ARTICLE
      IX

     

    SUCCESSOR
      OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES

     

    Section
      9.01.  Eligibility
      Requirements for Owner Trustee.
      The
      Owner Trustee shall at all times be a corporation satisfying the provisions
      of
      Section 3807(a) of the Delaware Trust Statute; authorized to exercise corporate
      powers; having a combined capital and surplus of at least $50,000,000 and
      subject to supervision or examination by Federal or state authorities; and
      having (or having a parent which has) a short-term debt rating of at least
“A-1”
or the equivalent by, or which is otherwise acceptable to, the Rating Agencies.
      If such corporation shall publish reports of condition at least annually,
      pursuant to law or to the requirements of the aforesaid supervising or examining
      authority, then for the purpose of this Section, the combined capital and
      surplus of such corporation shall be deemed to be its combined capital and
      surplus as set forth in its most recent report of condition so published. In
      case at any time the Owner Trustee shall cease to be eligible in accordance
      with
      the provisions of this Section, the Owner Trustee shall resign immediately
      in
      the manner and with the effect specified in Section 9.02.

     

    Section
      9.02.  Resignation
      or Removal of Owner Trustee.
      The
      Owner Trustee may at any time resign and be discharged from the trusts hereby
      created by giving 30 days’ prior written notice thereof to the Depositor, the
      Certificateholders and the Indenture Trustee. As a condition to the
      effectiveness of any such resignation, at least 15 calendar days prior to the
      effective date of such resignation, the Owner Trustee shall provide (x) written
      notice to the Depositor of any successor pursuant to this Section and (y) in
      writing and in form and substance reasonably satisfactory to the Depositor,
      all
      information reasonably requested by the Depositor in order to comply with its
      reporting obligation under Item 6.02 of Form 8-K with respect to the resignation
      of the Owner Trustee. Upon receiving such notice of resignation, the Depositor
      shall promptly appoint (subject to the consent of the Certificateholders, which
      consent shall not be unreasonably withheld) a successor Owner Trustee by written
      instrument, in duplicate, one copy of which instrument shall be delivered to
      the
      resigning Owner Trustee and one copy to the successor Owner Trustee. If no
      successor Owner Trustee shall have been so appointed and have accepted
      appointment within 30 days after the giving of such notice of resignation,
      the
      resigning Owner Trustee may petition any court of competent jurisdiction for
      the
      appointment of a successor Owner Trustee.

     

    If
      at any
      time the Owner Trustee shall cease to be eligible in accordance with the
      provisions of Section 9.01 and shall fail to resign after written request
      therefor by the Depositor, or if at any time the Owner Trustee shall be legally
      unable to act, or shall be adjudged bankrupt or insolvent, or a receiver of
      the
      Owner Trustee or of its property shall be appointed, or any public officer
      shall
      take charge or control of the Owner Trustee or of its property or affairs for
      the purpose of rehabilitation, conservation or liquidation or the Owner Trustee
      shall fail to fulfill its obligations under Section 9.02 with respect to notice
      to the Depositor or Article [XI] of the Sale and Servicing Agreement, and such
      failure continues for the lesser of 10 calendar days or such period in which
      the
      applicable Exchange Act Report can be filed timely (without taking into account
      any extensions), then the Depositor may remove the Owner Trustee. If the
      Depositor shall remove the Owner Trustee under the authority of the immediately
      preceding sentence, the Depositor shall promptly appoint (subject to the consent
      of the Certificateholders, which consent shall not be unreasonably withheld)
      a
      successor Owner Trustee by written instrument in duplicate, one copy of which
      instrument shall be delivered to the outgoing Owner Trustee so removed and
      one
      copy to the successor Owner Trustee and payment of all fees owed to the outgoing
      Owner Trustee.

     

    Any
      resignation or removal of the Owner Trustee and appointment of a successor
      Owner
      Trustee pursuant to any of the provisions of this Section shall not become
      effective until acceptance of appointment by the successor Owner Trustee
      pursuant to Section 9.03 and payment of all fees and expenses owed to the
      outgoing Owner Trustee. The Trust Administrator shall provide notice of such
      resignation or removal of the Owner Trustee to the Rating Agencies.

     

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

     

    No
      successor Owner Trustee shall accept appointment as provided in this Section
      unless at the time of such acceptance such successor Owner Trustee shall be
      eligible pursuant to Section 9.01.

     

    Upon
      acceptance of appointment by a successor Owner Trustee pursuant to this Section,
      the Trust Administrator shall mail notice of the successor of such Owner Trustee
      to all Certificateholders, the Indenture Trustee, the Noteholders and the Rating
      Agencies. If the Trust Administrator fails to mail such notice within 10 days
      after acceptance of appointment by the successor Owner Trustee, the successor
      Owner Trustee shall cause such notice to be mailed at the expense of the Trust
      Administrator.

     

    Section
      9.04.  Merger
      or Consolidation of Owner Trustee.
      Any
      Person into which the Owner Trustee may be merged or converted or with which
      it
      may be consolidated or any Person resulting from any merger, conversion or
      consolidation to which the Owner Trustee shall be a party, or any Person
      succeeding to all or substantially all of the corporate trust business of the
      Owner Trustee, shall be the successor of the Owner Trustee hereunder,
provided
      such
      Person shall be eligible pursuant to Section 9.01, without the execution or
      filing of any instrument or any further act on the part of any of the parties
      hereto, anything herein to the contrary notwithstanding.

     

    As
      a
      condition to the effectiveness of any merger or consolidation, at least 15
      calendar days prior to the effective date of any merger or consolidation of
      the
      Owner Trustee, the Owner Trustee shall provide (x) written notice to the
      Depositor and the Servicer of any successor pursuant to this Section and (y)
      in
      writing and in form and substance reasonably satisfactory to the Depositor,
      all
      information reasonably requested by the Depositor in order to comply with its
      reporting obligation under Item 6.02 of Form 8-K with respect to a successor
      Owner Trustee.

     

    Section
      9.05.  Appointment
      of Co-Trustee or Separate Trustee.
      Notwithstanding any other provisions of this Agreement, at any time, for the
      purpose of meeting any legal requirements of any jurisdiction in which any
      part
      of the Trust Estate or any Collateral may at the time be located, and for the
      purpose of performing certain duties and obligations of the Owner Trustee with
      respect to the Trust and the Certificates under the Sale and Servicing
      Agreement, the Owner Trustee shall have the power and shall execute and deliver
      all instruments to appoint one or more Persons approved by the Owner Trustee
      to
      act as co-trustee, jointly with the Owner Trustee, or separate trustee or
      separate trustees, of all or any part of the Trust Estate, and to vest in such
      Person, in such capacity, such title to the Trust, or any part thereof, and,
      subject to the other provisions of this Section, such powers, duties,
      obligations, rights and trusts as the Owner Trustee may consider necessary
      or
      desirable. No co-trustee or separate trustee under this Agreement shall be
      required to meet the terms of eligibility as a successor trustee pursuant to
      Section 9.01 and no notice of the appointment of any co-trustee or separate
      trustee shall be required pursuant to Section 9.03.

     

    The
      Owner
      Trustee hereby appoints the Trust Administrator for the purpose of establishing
      and maintaining the Collection Account and making the distributions therefrom
      to
      the Persons entitled thereto pursuant to Section [5.08] and Section [6.02]
      of
      the Sale and Servicing Agreement.

     

    Each
      separate trustee and co-trustee shall, to the extent permitted by law, be
      appointed and act subject to the following provision and
      conditions:

     

    (a)  all
      rights, powers, duties and obligations conferred or imposed upon the Owner
      Trustee shall be conferred upon and exercised or performed by the Owner Trustee
      and such separate trustee or co-trustee jointly (it being understood that such
      separate trustee or co-trustee is not authorized to act separately without
      the
      Owner Trustee joining in such act), except to the extent that under any law
      of
      any jurisdiction in which any particular act or acts are to be performed, the
      Owner Trustee shall be incompetent or unqualified to perform such act or acts,
      in which event such rights, powers, duties, and obligations (including the
      holding of title to the Trust or any portion thereof in any such jurisdiction)
      shall be exercised and performed singly by such separate trustee or co-trustee,
      but solely at the direction of the Owner Trustee;

     

    (b)  no
      trustee under this Agreement shall be personally liable by reason of any act
      or
      omission of any other trustee under this Agreement; and

     

    (c)  the
      Trust
      Administrator and the Owner Trustee acting jointly may at any time accept the
      resignation of or remove any separate trustee or co-trustee.

     

    Any
      notice, request or other writing given to the Owner Trustee shall be deemed
      to
      have been given to the separate trustees and co-trustees, as if given to each
      of
      them. Every instrument appointing any separate trustee or co-trustee, other
      than
      this Agreement, shall refer to this Agreement and to the conditions of this
      Article. Each separate trustee and co-trustee, upon its acceptance of
      appointment, shall be vested with the estates specified in its instrument of
      appointment, either jointly with the Owner Trustee or separately, as may be
      provided therein, subject to all the provisions of this Agreement, specifically
      including every provision of this Agreement relating to the conduct of,
      affecting the liability of, or affording protection to, the Owner Trustee.
      Each
      such instrument shall be filed with the Owner Trustee and a copy thereof given
      to the Trust Administrator.

     

    Any
      separate trustee or co-trustee may at any time appoint the Owner Trustee as
      its
      Agent or attorney-in-fact with full power and authority, to the extent not
      prohibited by law, to do any lawful act under or in respect of this Agreement
      on
      its behalf and in its name. If any separate trustee or co-trustee shall die,
      become incapable of acting, resign or be removed, all of its estates,
      properties, rights, remedies and trusts shall vest in and be exercised by the
      Owner Trustee, to the extent permitted by law, without the appointment of a
      new
      or successor trustee.

     

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    ARTICLE
      X

     

    MISCELLANEOUS

     

    Section
      10.01.  Supplements
      and Amendments.
      This
      Agreement may be amended by the Depositor, the Trust Administrator and the
      Owner
      Trustee, with the consent of the Certificateholder and with prior written notice
      to the Rating Agencies, but without the consent of any of the Noteholders or
      the
      Indenture Trustee, (i) to cure any ambiguity, (ii) to conform the provisions
      of
      this Agreement to the information contained in the Prospectus or to correct
      or
      supplement any provision herein, (iii) to make any other provision with respect
      to matters or questions arising under this Agreement or (iv) to add, delete,
      or
      amend any provision in order to comply with any requirements imposed by the
      Code, ERISA and their related regulations; provided,
      however,
      that
      such action shall not, as evidenced by an Opinion of Counsel, adversely affect
      in any material respect the interests of any Noteholder or Certificateholder
      or
      adversely affect the tax status of the Trust. An amendment shall not be deemed
      to adversely affect in any material respect the interests of any Noteholder
      or
      Certificateholder and no opinion referred to in the preceding proviso shall
      be
      required to be delivered if the Person requesting the amendment obtains a letter
      from each Rating Agencies stating that the amendment would not result in the
      downgrading or withdrawal of the respective ratings then assigned to each
      applicable Class of Notes and Certificates. Notwithstanding the preceding
      sentence, an opinion shall be required with respect to tax matters as set forth
      in this paragraph.

     

    This
      Agreement may also be amended from time to time by the Depositor, the Trust
      Administrator and the Owner Trustee, with the prior written consent of the
      Rating Agencies, the holders of Notes evidencing more than 662⁄3% of the
      Outstanding Balance of the Notes and the Certificateholder, for the purpose
      of
      adding any provisions to or changing in any manner or eliminating any of the
      provisions of this Agreement or modifying in any manner the rights of
      Certificateholders; provided,
      however,
      that no
      such amendment shall, as evidenced by an Opinion of Counsel, adversely affect
      the tax status of the Trust; and provided,
      further,
      that no
      such amendment shall (a) increase or reduce in any manner the amount of, or
      delay the timing of, collections of payments on the Collateral or payments
      that
      shall be required to be made for the benefit of the Noteholders or any
      Certificateholder or (b) reduce the aforesaid percentage of the Outstanding
      Balance of the Notes required to consent to or to waive the requirement for
      any
      Certificateholder to consent to any such amendment, in either case of clause
      (a)
      or (b) without the consent of the holders of all the outstanding Notes and
      each
      Certificateholder.

     

    Notwithstanding
      the foregoing, no provision of Sections 2.03 or 5.06 hereof may be amended
      in
      any manner unless (i) 100% of the Outstanding Balance of the Noteholders have
      consented in writing thereto, (ii) the Rating Agencies have consent in writing
      thereto or (iii) the Notes have been paid in full and the Indenture has been
      discharged.

     

    Promptly
      after the execution of any such amendment or consent, the Trust Administrator
      shall furnish written notification of the substance of such amendment or consent
      to each Certificateholder, the Indenture Trustee and the Rating
      Agencies.

     

    It
      shall
      not be necessary for the consent of the Certificateholders or the Noteholders
      pursuant to this Section 10.01 to approve the particular form of any proposed
      amendment or consent, but it shall be sufficient if such consent shall approve
      the substance thereof. The manner of obtaining such consents (and any other
      consents of the Certificateholders provided for in this Agreement or in any
      other Operative Agreement) and of evidencing the authorization of the execution
      thereof by the Certificateholders shall be subject to such reasonable
      requirements as the Owner Trustee may prescribe.

     

    Promptly
      after the execution of any amendment to the Certificate of Trust, the Owner
      Trustee shall cause the filing of such amendment with the Secretary of
      State.

     

    Prior
      to
      the execution of any amendment to this Agreement or the Certificate of Trust,
      the Owner Trustee and the Trust Administrator shall be entitled to receive
      and
      rely upon an Opinion of Counsel, at the expense of the Trust, stating that
      the
      execution of such amendment is authorized or permitted by this Agreement.
      Neither the Owner Trustee nor the Trust Administrator shall be obligated to
      enter into any such amendment which affects the Owner Trustee’s or Trust
      Administrator’s own rights, duties or immunities under this Agreement or
      otherwise.

     

    Section
      10.02.  No
      Legal Title to Trust Estate in Certificateholders.
      The
      Certificateholders shall not have legal title to any part of the Trust Estate
      and shall only be entitled to receive distributions with respect to their
      respective undivided beneficial interest therein pursuant to Section 4.02 once
      all amounts then owing with respect to the Notes have been paid in accordance
      with the Indenture. No transfer, by operation of law of any right, title and
      interest of any Certificateholder in and to its undivided beneficial interest
      in
      the Trust Estate or hereunder shall operate to terminate this Agreement or
      the
      trusts hereunder or entitle any successor transferee to an accounting or to
      the
      transfer to it of legal title to any part of the Trust Estate.

     

    Section
      10.03.  Pledge
      of Collateral by Owner Trustee is Binding.
      The
      pledge of the Collateral to the Indenture Trustee by the Trust made under the
      Indenture and pursuant to the terms of this Agreement shall bind each
      Certificateholder and shall be effective to transfer or convey the rights of
      the
      Trust and each Certificateholder in and to such Collateral to the extent set
      forth in the Indenture. No purchaser or other grantee shall be required to
      inquire as to the authorization, necessity, expediency or regularity of such
      pledge or as to the application of any proceeds with respect thereto by the
      Owner Trustee.

     

    Section
      10.04.  Limitations
      on Rights of Others.
      Nothing
      in this Agreement, whether express or implied (except for Section 7.04), shall
      be construed to give to any Person other than the Owner Trustee and the
      Certificateholders any legal or equitable right in the Trust Estate or under
      or
      in respect of this Agreement or any covenants, conditions or provisions
      contained herein.

     

    Section
      10.05.  Notices.
      Unless
      otherwise expressly specified or permitted by the terms hereof, all notices
      shall be in writing and delivered by hand, by courier or mailed by certified
      mail, postage prepaid, (a) if to the Owner Trustee or the Trust, addressed
      to it
      at the Corporate Trust Office of the Owner Trustee or to such other address
      as
      the Owner Trustee may have set forth in a written notice to the
      Certificateholders and the Depositor addressed to it at the address set forth
      for such Certificateholders in the Certificate Register; (b) if to the Trust
      Administrator, addressed to it at the Corporate Trust Office of the Trust
      Administrator; and (c) if to the Depositor, addressed to it at IndyMac ABS,
      Inc., 155 North Lake Avenue, Pasadena, California 91101, Attention: _________
      200_-__. Whenever any notice in writing is required to be given by the Owner
      Trustee or the Trust Administrator, such notice shall be deemed given and such
      requirement satisfied if such notice is mailed by certified mail, postage
      prepaid, addressed as provided above.

     

    Section
      10.06.  Severability.
      Any
      provision of this Agreement which is prohibited or unenforceable in any
      jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
      such prohibition or unenforceability without invalidating the remaining
      provisions hereof, and any such prohibition or unenforceability in any
      jurisdiction shall not invalidate or render unenforceable such provision in
      any
      other jurisdiction.

     

    Section
      10.07.  Separate
      Counterparts.
      This
      Agreement may be executed by the parties hereto in separate counterparts, each
      of which when so executed and delivered shall be an original, but all such
      counterparts shall together constitute but one and the same
      instrument.

     

    Section
      10.08.  Successors
      and Assigns.
      All
      representations, warranties, covenants and agreements contained herein shall
      be
      binding upon, and inure to the benefit of, the Owner Trustee and its successors
      and assigns and the Depositor and each Certificateholder and its respective
      successors, all as herein provided. Any request, notice, direction, consent,
      waiver or other instrument or action by any Certificateholder shall bind the
      successors of each such Certificateholder.

     

    Section
      10.09.  Headings.
      The
      headings of the various Articles and Sections herein are for convenience of
      reference only and shall not define or limit any of the terms or provisions
      hereof.

     

    Section
      10.10.  Governing
      Law.
      THIS
      AGREEMENT SHALL IN ALL RESPECTS BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
      WITH, THE LAWS OF THE STATE OF DELAWARE WITHOUT REFERENCE TO THE CONFLICT OF
      LAWS PROVISIONS THEREOF, INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY AND
      PERFORMANCE, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER
      SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

     

    Section
      10.11.  No
      Petition.

     

    (a)  The
      Owner
      Trustee and the Trust Administrator, by entering into this Agreement, each
      Certificateholder, by accepting the Certificates, and the Indenture Trustee
      and
      each Noteholder, by accepting the benefits of this Agreement, hereby covenant
      and agree that they will not at any time institute against the Depositor or
      the
      Trust, or join in any institution against the Depositor or the Trust of, any
      bankruptcy under any United States federal or state bankruptcy or similar law
      in
      connection with any obligations relating to the Certificates, the Notes, this
      Agreement or any of the other Operative Agreements; provided,
      however,
      nothing
      contained herein shall prohibit the Indenture Trustee from filing proofs of
      claim.

     

    (b)  The
      Depositor shall not be liable for the default or misconduct of the Trust
      Administrator, the Owner Trustee, the Indenture Trustee or the Certificate
      Paying Agent under any of the Operative Agreements or otherwise and the
      Depositor shall have no obligation or liability to perform the obligations
      of
      the Trust under this Agreement or the Operative Agreements that are required
      to
      be performed by the Trust Administrator under the Sale and Servicing Agreement
      or the Indenture Trustee under the Indenture.

     

    Section
      10.12.  No
      Recourse.
      Each
      Certificateholder by accepting a Certificate acknowledges that such
      Certificateholder’s Certificate represents a beneficial interest in the Trust
      only and does not represent an interest in or an obligation of the Depositor,
      the Trust Administrator, the Owner Trustee, any co-trustee, the Bank or any
      Affiliate thereof (other than the Trust) and no recourse may be had against
      such
      parties or their assets, except as may be expressly set forth or contemplated
      in
      this Agreement, the Certificates or the other Operative Agreements.

     

    Section
      10.13.  Customer
      Identification.

     

    The
      Depositor’s legal name, principal place of business, local office or other
      physical location street address is IndyMac ABS, Inc., 155 North Lake Avenue,
      Pasadena, California 91101, and its government issued identification number
      is
      [         ]. The Seller’s legal
      name, principal place of business, local office or other physical location
      street address is _________
      __________________________________________________________________. In
      connection with any federal, state or local laws requiring financial
      institutions to obtain, verify and record information that identifies each
      person or entity who opens an account, the Owner Trustee may request, and the
      Seller and the Depositor agree to promptly provide to the Owner Trustee, copies
      of documentation which substantiates the identity of the Depositor or the
      Seller, as applicable. Such documentation may include, but is not limited to,
      financial statements, government licenses, certified copies of formation
      documents or identification documentation of principals claiming to represent
      such party.

     

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    ARTICLE
      XI

     

    OFFICERS

     

    Section
      11.01.  Appointment
      of Officers.
      The
      Trust may have one or more Officers who are hereby empowered to take and are
      responsible for performing all ministerial duties on behalf of the Trust
      pursuant to this Agreement and the other Operative Agreements, including,
      without limitation, the execution of the Officers’ Certificate (as defined in
      the Indenture), the Trust Order (as defined in the Indenture), the Trust Request
      (as defined in the Indenture), the annual compliance report required under
      Section 3.09 of the Indenture, and any annual reports, documents and other
      reports which the Trust is required to file with the Securities and Exchange
      Commission pursuant to Section 13 or 15(d) of the Securities Exchange Act of
      1934, as amended. Each of the Chairman of the Board, the Chief Executive
      Officer, the President, each Senior Vice President and each Vice President
      of
      the Depositor is hereby appointed as an Officer of the Trust. The Depositor
      shall promptly deliver to the Owner Trustee and the Indenture Trustee a list
      of
      its officers who shall become the Officers of the Trust pursuant to this Section
      11.01.

     

    Section
      11.02.  Officers
      to Provide Information to the Owner Trustee.
      It
      shall be the duty of each Officer to keep the Owner Trustee reasonably and
      promptly informed as to material events relating to the Trust, including,
      without limitation, all claims pending or threatened against the Trust, the
      purchase and sale of any material portion of the Trust Estate and the execution
      by such Officer on behalf of the Trust of any material agreements or
      instruments.

     

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

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

     

     

    IndyMac
      ABS, INC., as Depositor

     

     

    By:
      _____________________________________

    Name:

    Title:

     

     

    ________________________________________,

    not
      in
      its individual capacity but solely as

    Owner
      Trustee

     

     

    By:
      _____________________________________

    Name:

    Title:

     

     

    ________________________________________,

    not
      in
      its individual capacity but solely as Trust Administrator

     

     

    By:
      _____________________________________

    Name:

    Title:

     

     

    Acknowledged
      and Agreed, solely

    for
      purposes of Sections 2.11, 7.01, 7.02, 7.03 and 10.13:

     

     

    _________________________________

     

     

    By:
      ______________________________

    Name:

    Title:

     

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    EXHIBIT
      A

     

    FORM
      OF
      NOTES

     

    

    [See
      certificates delivered at closing.]

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    EXHIBIT
      B

     

    [RESERVED]

     

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    EXHIBIT
      C

     

    FORM
      OF
      CERTIFICATE OF TRUST OF

     

    [                                ]
      200__-[   ]

     

    THIS
      Certificate of Trust of
      [                                ]
      200__-[   ] (the “Trust”), is being duly executed and filed by
      the undersigned, as trustee, to form a statutory trust under the Delaware
      Statutory Trust Act (12 DEL. C., Sections 3801 et seq.) (the
“Act”).

     

    1. NAME.
      The
      name of the statutory trust formed hereby is
“[                                ]
      200__-[   ].”

     

    2. DELAWARE
      TRUSTEE. The name and business address of the trustee of the Trust in the State
      of Delaware are _________________________, ____________________, Attention:
      ________________.

     

    3. EFFECTIVE
      DATE. This Certificate of Trust shall be effective upon filing.

     

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

     

     

    _________________________________________,

    as
      Owner
      Trustee

     

     

    By:
      ______________________________________

    Name:

    Title:

     

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    EXHIBIT
      D-1

     

    FORM
      OF
      RULE 144A INVESTMENT LETTER

     

                                                                                                                                                                           
      __________________

    Date

     

    _________________________,

    as
      Certificate Registrar

    _________________________

    _________________________

    

    Attention:
      Corporate Trust Department

     

    Re:  
      [                                ]
      200__-[   ]

            
      Ownership Certificate 

     

     

    Ladies
      and Gentlemen:

     

    In
      connection with our acquisition of the _________ Mortgage Investment Trust
      200_-__ Ownership Certificate (the “Certificate”), we certify that (a) we
      understand that the Certificate has not been registered under the Securities
      Act
      of 1933, as amended (the “Act”), or any state securities laws and is being
      transferred to us in a transaction that is exempt from the registration
      requirements of the Act and any such laws, (b) we have such knowledge and
      experience in financial and business matters that we are capable of evaluating
      the merits and risks of investment in the Certificate, (c) we have had the
      opportunity to ask questions of and receive answers from IndyMac ABS, Inc.
      (the
“Depositor”) concerning the purchase of the Certificate and all matters relating
      thereto or any additional information deemed necessary to our decision to
      purchase the Certificate, (d) we have not, nor has anyone acting on our behalf,
      offered, transferred, pledged, sold or otherwise disposed of the Certificate
      or
      any interest in the Certificate, or solicited any offer to buy, transfer, pledge
      or otherwise dispose of the Certificate or any interest in the Certificate
      from
      any person in any manner, or made any general solicitation by means of general
      advertising or in any other manner, or taken any other action that would
      constitute a distribution of the Certificate under the Act or that would render
      the disposition of the Certificate a violation of Section 5 of the Act or any
      state securities laws or require registration pursuant thereto, and we will
      not
      act, or authorize any person to act, in such manner with respect to the
      Certificate and (e) we are a “qualified institutional buyer” as that term is
      defined in Rule 144A under the Act (“Rule 144A”). We are aware that the sale to
      us is being made in reliance on Rule 144A.

     

    We
      are
      acquiring the Certificate for our own account or for resale pursuant to Rule
      144A and understand that such Certificate may be resold, pledged or transferred
      only (1) to a person reasonably believed to be a qualified institutional buyer
      that purchases for its own account or for the account of a qualified
      institutional buyer to whom notice is given that the resale, pledge or transfer
      is being made in reliance on Rule 144A or (2) pursuant to another exemption
      from
      registration under the Act.

     

    In
      addition, we hereby certify that we are not an employee benefit plan or other
      retirement arrangement subject to Section 406 of the Employee Retirement Income
      Security Act of 1974, as amended (“ERISA”), or to Section 4975 of the Internal
      Revenue Code of 1986, as amended (or to any other substantially similar law)
      or
      any person acting on behalf of or using the assets of any such
      plan.

     

    We
      hereby
      acknowledge that under the terms of the Amended and Restated Trust Agreement
      among IndyMac ABS, Inc., as Depositor, _________________________, as Owner
      Trustee, and _____________________, as Trust Administrator, dated _________
      ,
      200_, no transfer of the Certificate shall be permitted to be made to any person
      unless the Certificate Registrar has received a certificate from such transferee
      in the form hereof.

     

    We
      hereby
      indemnify the Depositor, Certificate Registrar and the Owner Trustee against
      any
      liability that may result to either of them if our transfer or other disposition
      of the Certificate (or any interest therein) is not exempt from the registration
      requirements of the Act and any applicable state securities laws or is not
      made
      in accordance with such federal and state laws.

     

    Very
      truly yours,

     

    [Name
      of
      Transferee]

     

     

    By:
      ____________________________________

    Name:

    Title:

     

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    EXHIBIT
      D-2

     

    FORM
      OF
      NON-RULE 144A INVESTMENT LETTER

     

                                                                                                                                                                           
      __________________

    Date

     

    __________________________,

    as
      Certificate Registrar

    __________________________

    __________________________

    

    Attention:
      Corporate Trust Department

     

    Re:  
      [                                ]
      200__-[   ]

            
      Ownership Certificate 

     

     

    Ladies
      and Gentlemen:

     

    In
      connection with our acquisition of the _________ Mortgage Investment Trust
      200_-__ Ownership Certificate (the “Certificate”) we certify that (a) we
      understand that the Certificate has not been registered under the Securities
      Act
      of 1933, as amended (the “Act”), or any state securities laws and is being
      transferred to us in a transaction that is exempt from the registration
      requirements of the Act and any such laws, (b) we are an “accredited investor,”
as defined in Rule 501(a)(1), (2), (3) or (7) under the Act, and have such
      knowledge and experience in financial and business matters that we are capable
      of evaluating the merits and risks of investment in the Certificate, (c) we
      have
      had the opportunity to ask questions of and receive answers from the Depositor
      concerning the purchase of the Certificate and all matters relating thereto
      or
      any additional information deemed necessary to our decision to purchase the
      Certificate, (d) we are acquiring the Certificate for investment for our own
      account and not with a view to any distribution of such Certificate (but without
      prejudice to our right at all times to sell or otherwise dispose of the
      Certificate in accordance with clause (f) below), (e) we have not offered or
      sold any Certificate to, or solicited offers to buy any Certificate from, any
      person, or otherwise approached or negotiated with any person with respect
      thereto, or taken any other action that would result in a violation of Section
      5
      of the Act or any state securities laws and (f) we will not sell, transfer
      or
      otherwise dispose of any Certificate unless (1) such sale, transfer or other
      disposition is made pursuant to an effective registration statement under the
      Act and in compliance with any relevant state securities laws or is exempt
      from
      such registration requirements and, if requested, we will at our expense provide
      an opinion of counsel satisfactory to the addressees of this certificate that
      such sale, transfer or other disposition may be made pursuant to an exemption
      from the Act, (2) the purchaser or transferee of such Certificate has executed
      and delivered to you a certificate to substantially the same effect as this
      certificate and (3) the purchaser or transferee has otherwise complied with
      any
      conditions for transfer set forth in the Amended and Restated Trust Agreement
      dated _________ , 200_, among IndyMac ABS, Inc., as Depositor,
      _________________________, as Owner Trustee and __________________, as Trust
      Administrator (the “Trust Agreement”).

     

    In
      addition, we hereby certify that we are not an employee benefit plan or other
      retirement arrangement subject to Section 406 of the Employee Retirement Income
      Security Act of 1974, as amended (“ERISA”), or to Section 4975 of the Internal
      Revenue Code of 1986, as amended (or to any other substantially similar law)
      or
      any person acting on behalf of or using the assets of any such
      plan.

     

    We
      hereby
      acknowledge that under the terms of the Trust Agreement, no transfer of the
      Certificate shall be permitted to be made to any person unless the Certificate
      Registrar has received a certificate from such transferee in the form
      hereof.

     

    We
      hereby
      indemnify the Owner Trustee, the Depositor and the Certificate Registrar against
      any liability that may result to either of them if our transfer or other
      disposition of the Certificate (or any interest therein) is not exempt from
      the
      registration requirements of the Act and any applicable state securities laws
      or
      is not made in accordance with such federal and state laws.

     

    Very
      truly yours,

     

    [Name
      of
      Transferee]

     

     

    By:
      _____________________________________

    Name:

    Title:

     

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    EXHIBIT
      E

     

    FORM
      OF
      CERTIFICATE OF BENEFICIAL OWNER

     

    _________________________

    _________________________
      

    _________________________

    Attention:
      _________ 200_-__

    

    _________________________

    _________________________

    _________________________

    Attention:
      _________ 200_-__

     

    
      	 	
              Re:

            	
              [                                ]
                200__-[   ]

            

    

     

     

    Ladies
      and Gentlemen:

     

    This
      representation and warranty is delivered pursuant to Section 3.03 of the Amended
      and Restated Trust Agreement dated _________ , 200_ (the “Agreement”), among
      IndyMac ABS, Inc., as depositor (the “Depositor”), _________________________, as
      owner trustee (the “Owner Trustee”), and _____________________, as trust
      administrator (the “Trust Administrator”), in connection with the transfer by
      [Residential Asset Securitization Trust][IndyMac INDX Mortgage Loan Trust]
      200__-[A][AR][IP] (the “Trust”) to the undersigned as beneficial owner (the
“Beneficial Owner”) of a 100% Percentage Interest in the Ownership Certificate.
      Capitalized terms used but not defined in this document have the meanings
      ascribed to them in the Agreement.

     

    The
      Beneficial Owner hereby certifies that it has received a copy of the Agreement
      and that it understands the restrictions on transferability of the Ownership
      Certificate and the indemnity provisions set forth in Section 3.03 of the
      Agreement. In connection with the transfer of the Ownership Certificate to
      the
      Beneficial Owner, the Beneficial Owner represents and warrants
      that:

     

    
      	 	
              (1)

            	
              [The
                Beneficial Owner either (i) qualifies for taxation as a real estate
                investment trust (a “REIT”) within the meaning of Sections 856 and 857 of
                the Internal Revenue Code of 1986, as amended (the “Code”), (ii) is a
                qualified REIT subsidiary within the meaning of Section 856(i) of
                the Code
                or (iii) is an entity (a “Disregarded Entity”) that is both (A) solely
                owned by an entity described in (i) or (ii) and (B) is disregarded
                as an
                entity separate from its owner within the meaning of Section
                301.7701-2(c)(2) of the Treasury
                Regulations.]

            

    

     

    
      	 	
              (2)

            	
              The
                Beneficial Owner hereby agrees to be subject to the indemnification
                provisions set out in Section 3.03 of the
                Agreement.

            

    

     

    
      	 	
              (3)

            	
              The
                Beneficial Owner hereby agrees to be subject to the provisions governing
                events of default set out in the Indenture among the Trust, as issuer,
                _____________________, as Trust Administrator, and
                _____________________________, as indenture trustee, dated as of
                _________
                , 200_.

            

    

     

    
      	 	
              (4)

            	
              [The
                Beneficial Owner hereby agrees to notify the Trust within sixty (60)
                days
                of the date on which the Beneficial Owner discovers that it has failed
                to
                qualify as a REIT, a qualified REIT subsidiary or Disregarded Entity
                at
                any time at which the Beneficial Owner owns the Ownership
                Certificate.]

            

    

     

    
      	 	
              (5)

            	
              The
                Beneficial Owner is not, and on _________ , 200_, will not be, an
                employee
                benefit plan or other retirement arrangement subject to Section 406
                of the
                Employee Retirement Income Security Act of 1974, as amended (“ERISA”) or
                Section 4975 of the Code or any substantially similar applicable
                law
                (collectively, a “Plan”) or a person acting on behalf of or investing the
                assets of any such Plan to acquire the Ownership
                Certificate.

            

    

     

    
      	 	
              (6)

            	
              The
                Beneficial Owner hereby acknowledges that under the terms of the
                Agreement, no transfer of the Ownership Certificate shall be permitted
                to
                be made to any person unless the Certificate Registrar has received
                a
                certificate from such transferee to the effect that such transferee
                is not
                a Plan and is not using the assets of any Plan to acquire the Ownership
                Certificate.

            

    

     

    
      	 	
              (7)

            	
              The
                Beneficial Owner will not transfer the Ownership Certificate to any
                person
                or entity (i) as to which the Purchaser has reason to believe does
                not
                satisfy the requirements set forth in this affidavit, and (ii) without
                obtaining from the prospective Purchaser an affidavit substantially
                in
                this form and providing to the Certificate Registrar a written statement
                substantially in the form of Exhibit F to the
                Agreement.

            

    

     

    
      	 	
              (8)

            	
              No
                Beneficial Note will be transferred to a party unrelated to the Beneficial
                Owner of the Ownership Certificate unless the Retained Note will
                be
                treated as indebtedness for U.S. federal income tax purposes immediately
                after the transfer.

            

    

     

    
      	 	
              (9)

            	
              The
                Holder of the Ownership Certificate will not take any action or inaction
                that would cause the Trust to be subject to any United States federal
                income taxation.

            

    

     

    

    [SIGNATURE
      PAGE FOLLOWS]

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

     

    Very
      truly yours,

     

     

    _________
      ____________________

     

     

    By:
      ___________________________________

    Name:

    Title:

     

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    [EXHIBIT
      F]

     

    FORM
      OF
      REPRESENTATION AND WARRANTY REGARDING TRANSFEREE’S STATUS AS A REIT OR QUALIFIED
      REIT SUBSIDIARY

     

    This
      representation and warranty is delivered pursuant to Section 3.03 of the Amended
      and Restated Trust Agreement dated _________ , 200_ (the “Agreement”), among
      IndyMac ABS, Inc., as depositor (the “Depositor”), _________________________, as
      owner trustee (the “Owner Trustee”), and _____________________, as trust
      administrator (the “Trust Administrator”), in connection with the transfer by
      [_____________________] [transferor] to the undersigned as beneficial owner
      (the
“Beneficial Owner”) of a 100% Percentage Interest in the Ownership Certificate.
      Capitalized terms used but not defined in this document have the meanings
      ascribed to them in the Agreement.

     

    The
      Beneficial Owner hereby certifies that it has received a copy of the Agreement
      and that it understands the restrictions on transferability of the Ownership
      Certificate set forth in Section 3.03 of the Agreement and the indemnity
      provisions set forth in Section 7.02 of the Agreement. In connection with the
      transfer of the Ownership Certificate to the Beneficial Owner, the Beneficial
      Owner represents and warrants that:

     

    
      	 	
              (1)

            	
              The
                Beneficial Owner either (i) qualifies for taxation as a real estate
                investment trust (a “REIT”) within the meaning of Sections 856 and 857 of
                the Internal Revenue Code of 1986, as amended (the “Code”), (ii) is a
                qualified REIT subsidiary within the meaning of Section 856(i) of
                the Code
                (a “Qualified REIT Subsidiary”) or (iii) is an entity (a “Disregarded
                Entity”) that is both (A) solely owned by an entity described in (i) or
                (ii) and (B) is disregarded as an entity separate from its owner
                within
                the meaning of Section 301.7701-2(c)(2) of the Treasury
                Regulations.

            

    

     

    
      	 	
              (2)

            	
              The
                Beneficial Owner hereby agrees to be subject to the indemnification
                provisions set out in Section 7.02 of the Agreement, and hereby warrants
                that the Beneficial Owner shall indemnify the Trust for any income
                tax
                imposed upon the Trust due to the Beneficial Owner’s failure to qualify as
                a REIT, as a Qualified REIT Subsidiary or as a Disregarded Entity
                at any
                time at which such Beneficial Owner owns the Ownership
                Certificate.

            

    

     

    
      	 	
              (3)

            	
              The
                Beneficial Owner hereby agrees to be subject to the provisions governing
                events of default set out in the Indenture among _________ Mortgage
                Investment Trust 200_-__ (the “Trust”), as issuer, _____________________,
                as trust administrator, and _____________________________, as indenture
                trustee, dated as of _________ ,
                200_.

            

    

     

    
      	 	
              (4)

            	
              The
                Beneficial Owner hereby agrees to notify the Trust within sixty (60)
                days
                of the date on which the Beneficial Owner discovers that it has failed
                to
                qualify as a REIT, a Qualified REIT Subsidiary or Disregarded Entity
                at
                any time at which the Beneficial Owner owns the Ownership
                Certificate.

            

    

     

    
      	 	
              (5)

            	
              The
                Beneficial Owner is not, and on [_________] [date of transfer] will
                not
                be, an employee benefit plan or other retirement arrangement subject
                to
                Section 406 of the Employee Retirement Income Security Act of 1974,
                as
                amended (“ERISA”) or Section 4975 of the Code or any substantially similar
                applicable law (collectively, a “Plan”) or a person acting on behalf of or
                investing the assets of any such Plan to acquire the Ownership
                Certificate.

            

    

     

    
      	 	
              (6)

            	
              The
                Beneficial Owner hereby acknowledges that under the terms of the
                Agreement, no transfer of the Ownership Certificate shall be permitted
                to
                be made to any person unless the Certificate Registrar has received
                a
                certificate from such transferee to the effect that such transferee
                (i) is
                not a Plan and is not using the assets of any Plan to acquire the
                Ownership Certificate and (ii) is a REIT, a Qualified REIT Subsidiary
                or
                Disregarded Entity.

            

    

     

    
      	 	
              (7)

            	
              The
                Beneficial Owner will not transfer the Ownership Certificate to any
                person
                or entity (i) as to which the Purchaser has reason to believe does
                not
                satisfy the requirements set forth in this affidavit, and (ii) without
                obtaining from the prospective Purchaser an affidavit substantially
                in
                this form and providing to the Certificate Registrar a written statement
                substantially in the form of Exhibit F to the
                Agreement.

            

    

     

    
      	 	
              (8)

            	
              The
                Holder of the Ownership Certificate will not take any action or inaction
                that would cause the Trust to be subject to any United States federal
                income taxation.

            

    

     

     

    [NAME
      OF
      BENEFICIAL OWNER],

     

     

    By:
      ___________________________________

    Name:

    Title:]Unassociated Document

    EXHIBIT
      4.3

    

    INDENTURE

     

    among

     

    [                                ]
      200__-[   ]

    Issuer

     

    

    ______________________,

    Trust
      Administrator

    

    and

     

    ____________________________________

    Indenture
      Trustee

     

    Dated
      as
      of ________, 200_

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    TABLE
      OF
      CONTENTS

     

     

    ARTICLE
      ONE

    DEFINITIONS
      AND INCORPORATION BY REFERENCE

     

    
      	
              Section
                1.01.

            	
              Definitions

            
	
              Section
                1.02.

            	
              Incorporation
                by Reference of Trust Indenture Act

            
	
              Section
                1.03.

            	
              Rules
                of Construction

            

    

     

    ARTICLE
      TWO

    THE
      NOTES

     

    
      	
              Section
                2.01.

            	
              Form

            
	
              Section
                2.02.

            	
              Execution,
                Authentication and Delivery

            
	
              Section
                2.03.

            	
              Limitation
                on Transfer of Notes

            
	
              Section
                2.04.

            	
              Registration;
                Registration of Transfer and Exchange

            
	
              Section
                2.05.

            	
              Mutilated,
                Destroyed, Lost or Stolen Notes

            
	
              Section
                2.06.

            	
              Persons
                Deemed Owners

            
	
              Section
                2.07.

            	
              Payment
                of Principal and Interest

            
	
              Section
                2.08.

            	
              Cancellation

            
	
              Section
                2.09.

            	
              Release
                of Collateral

            
	
              Section
                2.10.

            	
              Book-Entry
                Notes

            
	
              Section
                2.11.

            	
              Notices
                to Clearing Agency

            
	
              Section
                2.12.

            	
              Definitive
                Notes

            
	
              Section
                2.13.

            	
              Tax
                Treatment

            

    

     

    ARTICLE
      THREE

    COVENANTS

     

    
      	
              Section
                3.01.

            	
              Payment
                of Principal and Interest

            
	
              Section
                3.02.

            	
              Maintenance
                of Office or Agency

            
	
              Section
                3.03.

            	
              Money
                for Payments to be Held in Trust

            
	
              Section
                3.04.

            	
              Existence

            
	
              Section
                3.05.

            	
              Protection
                of Collateral

            
	
              Section
                3.06.

            	
              Opinions
                as to Collateral

            
	
              Section
                3.07.

            	
              Performance
                of Obligations

            
	
              Section
                3.08.

            	
              Negative
                Covenants

            
	
              Section
                3.09.

            	
              Annual
                Statement as to Compliance

            
	
              Section
                3.10.

            	
              Treatment
                of Notes as Debt for Tax Purposes

            
	
              Section
                3.11.

            	
              [Reserved]

            
	
              Section
                3.12.

            	
              No
                Other Business

            
	
              Section
                3.13.

            	
              No
                Borrowing

            
	
              Section
                3.14.

            	
              [Reserved].

            
	
              Section
                3.15.

            	
              Guarantees,
                Loans, Advances and Other Liabilities

            
	
              Section
                3.16.

            	
              Capital
                Expenditures

            
	
              Section
                3.17.

            	
              Removal
                of Trust Administrator

            
	
              Section
                3.18.

            	
              Restricted
                Payments

            
	
              Section
                3.19.

            	
              Notice
                of Events of Default

            
	
              Section
                3.20.

            	
              Further
                Instruments and Acts

            
	
              Section
                3.21.

            	
              Covenants
                of the Issuer

            
	
              Section
                3.22.

            	
              Representations
                and Warranties of the Issuer

            

    

     

    ARTICLE
      FOUR

    SATISFACTION
      AND DISCHARGE

     

    
      	
              Section
                4.01.

            	
              Satisfaction
                and Discharge of Indenture

            
	
              Section
                4.02.

            	
              Application
                of Trust Money

            
	
              Section
                4.03.

            	
              Repayment
                of Moneys Held by Paying Agent

            
	
              Section
                4.04.

            	
              Trust
                Money Received by Indenture Trustee

            

    

     

    ARTICLE
      FIVE

    REMEDIES

     

    
      	
              Section
                5.01.

            	
              Events
                of Default

            
	
              Section
                5.02.

            	
              Acceleration
                of Maturity; Rescission and Annulment

            
	
              Section
                5.03.

            	
              Collection
                of Indebtedness and Suits for Enforcement by Indenture
                Trustee

            
	
              Section
                5.04.

            	
              Remedies;
                Priorities

            
	
              Section
                5.05.

            	
              Optional
                Preservation of the Collateral

            
	
              Section
                5.06.

            	
              Limitation
                of Suits

            
	
              Section
                5.07.

            	
              Unconditional
                Rights of Noteholders To Receive Principal and Interest

            
	
              Section
                5.08.

            	
              Restoration
                of Rights and Remedies

            
	
              Section
                5.09.

            	
              Rights
                and Remedies Cumulative

            
	
              Section
                5.10.

            	
              Delay
                or Omission Not a Waiver

            
	
              Section
                5.11.

            	
              Control
                by Noteholders

            
	
              Section
                5.12.

            	
              Waiver
                of Past Defaults

            
	
              Section
                5.13.

            	
              Undertaking
                for Costs

            
	
              Section
                5.14.

            	
              Waiver
                of Stay or Extension Laws

            
	
              Section
                5.15.

            	
              Action
                on Notes

            
	
              Section
                5.16.

            	
              Performance
                and Enforcement of Certain
                Obligations

            

    

     

    ARTICLE
      SIX

    THE
      INDENTURE TRUSTEE

     

    
      	
              Section
                6.01.

            	
              Duties
                of Indenture Trustee

            
	
              Section
                6.02.

            	
              Rights
                of Indenture Trustee

            
	
              Section
                6.03.

            	
              Individual
                Rights of Indenture Trustee

            
	
              Section
                6.04.

            	
              Indenture
                Trustee’s Disclaimer

            
	
              Section
                6.05.

            	
              Notice
                of Defaults

            
	
              Section
                6.06.

            	
              Reports
                by Trust Administrator to Holders

            
	
              Section
                6.07.

            	
              Compensation
                and Indemnity

            
	
              Section
                6.08.

            	
              Replacement
                of Indenture Trustee

            
	
              Section
                6.09.

            	
              Successor
                Indenture Trustee or Trust Administrator by Merger

            
	
              Section
                6.10.

            	
              Appointment
                of Co-Indenture Trustee or Separate Indenture Trustee

            
	
              Section
                6.11.

            	
              Eligibility;
                Disqualification

            
	
              Section
                6.12.

            	
              Representations
                and Warranties

            
	
              Section
                6.13.

            	
              Preferential
                Collection of Claims Against Issuer

            

    

     

    ARTICLE
      SEVEN

    NOTEHOLDERS’
      LISTS AND REPORTS

     

    
      	
              Section
                7.01.

            	
              Note
                Registrar To Furnish to the Indenture Trustee the Names and Addresses
                of
                Noteholders

            
	
              Section
                7.02.

            	
              Preservation
                of Information; Communications to Noteholders

            
	
              Section
                7.03.

            	
              Reports
                by Issuer

            
	
              Section
                7.04.

            	
              Reports
                by Indenture Trustee

            

    

     

    ARTICLE
      EIGHT

    ACCOUNTS,
      DISBURSEMENTS AND RELEASES

     

    
      	
              Section
                8.01.

            	
              Collection
                of Money

            
	
              Section
                8.02.

            	
              Collection
                Account

            
	
              Section
                8.03.

            	
              Release
                of Collateral

            

    

     

    ARTICLE
      NINE

    SUPPLEMENTAL
      INDENTURES

     

    
      	
              Section
                9.01.

            	
              Supplemental
                Indentures Without Consent of Noteholders

            
	
              Section
                9.02.

            	
              Supplemental
                Indentures with Consent of Noteholders

            
	
              Section
                9.03.

            	
              Execution
                of Supplemental Indentures

            
	
              Section
                9.04.

            	
              Effect
                of Supplemental Indenture

            
	
              Section
                9.05.

            	
              Conformity
                with Trust Indenture Act

            
	
              Section
                9.06.

            	
              Reference
                in Notes to Supplemental Indentures

            
	
              Section
                9.07.

            	
              Opinion
                of Counsel

            

    

     

    ARTICLE
      TEN

    REDEMPTION
      OF NOTES

     

    
      	
              Section
                10.01.

            	
              Redemption

            
	
              Section
                10.02.

            	
              Form
                of Redemption Notice

            
	
              Section
                10.03.

            	
              Notes
                Payable on Applicable Redemption
                Date

            

    

     

    ARTICLE
      ELEVEN

    MISCELLANEOUS

     

    
      	
              Section
                11.01.

            	
              Compliance
                Certificates and Opinions, etc

            
	
              Section
                11.02.

            	
              Form
                of Documents Delivered to Indenture Trustee

            
	
              Section
                11.03.

            	
              Acts
                of Noteholders

            
	
              Section
                11.04.

            	
              Notices,
                etc., to Indenture Trustee, Trust Administrator, Issuer and Rating
                Agencies

            
	
              Section
                11.05.

            	
              Notices
                to Noteholders; Waiver

            
	
              Section
                11.06.

            	
              Conflict
                with Trust Indenture Act

            
	
              Section
                11.07.

            	
              Effect
                of Headings and Table of Contents

            
	
              Section
                11.08.

            	
              Successors
                and Assigns

            
	
              Section
                11.09.

            	
              Severability

            
	
              Section
                11.10.

            	
              Benefits
                of Indenture and Consents of Noteholders

            
	
              Section
                11.11.

            	
              Legal
                Holidays

            
	
              Section
                11.12.

            	
              Governing
                Law

            
	
              Section
                11.13.

            	
              Counterparts

            
	
              Section
                11.14.

            	
              Recording
                of Indenture

            
	
              Section
                11.15.

            	
              Trust
                Obligations

            
	
              Section
                11.16.

            	
              No
                Petition

            
	
              Section
                11.17.

            	
              Inspection

            

    

    

    

    EXHIBITS

     

    
      	
              EXHIBIT
                A

            	
              Forms
                of Notes

            
	
              EXHIBIT
                B

            	
              Form
                of ERISA Transfer Affidavit

            

    

    

     

    
      
        
          

        

         

      

      
         

        
          

        

      

      
         

        
          

        

      

    

    This
      INDENTURE, dated as of ________, 200_, is among
      [                                ]
      200__-[   ], a Delaware statutory trust (the “Issuer”),
      ______________________, as Trust Administrator (the “Trust Administrator”) and
      ____________________________________, as indenture trustee and not in its
      individual capacity (the “Indenture Trustee”).

     

    Each
      party agrees as follows for the benefit of the other party, for the equal and
      ratable benefit of the Holders of the Issuer’s variable rate Notes in the
      Classes specified herein (the “Notes”):

     

    GRANTING
      CLAUSE

     

    The
      Issuer hereby Grants to the Indenture Trustee at the Closing Date, as Indenture
      Trustee for the benefit of the Holders of the Notes, all of the Issuer’s right,
      title and interest, whether now owned or hereafter acquired, in and to: (i)
      the
      Trust Estate; (ii) the Issuer’s rights and benefits but none of its obligations
      under the Sale and Servicing Agreement (including the Issuer’s right to cause
      the Seller to repurchase Mortgage Loans from the Issuer under the circumstances
      described therein); (iii) the Trust Account and the Interest Rate Cap Account
      and all amounts and property in the Trust Account and the Interest Rate Cap
      Account from time to time, and the Security Entitlements to all Financial Assets
      credited to such accounts from time to time; (iv) all other property of the
      Trust from time to time; and (v) all present and future claims, demands, causes
      of action and choses in action in respect of any or all of the foregoing and
      all
      payments on or under and all proceeds of every kind and nature whatsoever in
      respect of any or all of the foregoing, including all proceeds of the conversion
      thereof, voluntary or involuntary, into cash or other liquid property, all
      cash
      proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel
      paper, checks, deposit accounts, insurance proceeds, condemnation awards, rights
      to payment of any and every kind and other forms of obligations and receivables,
      instruments and other property which at any time constitute all or part of
      or
      are included in the proceeds of any of the foregoing (collectively, the
“Collateral”).

     

    The
      foregoing Grant is made in trust to secure the payment of principal of and
      interest on, and any other amounts owing in respect of, the Notes, and to secure
      (i) the payment of all amounts due on the Notes in accordance with their terms,
      (ii) the payment of all other sums payable under the Indenture with respect
      to
      the Notes, and (iii) compliance with the provisions of this Indenture, all
      as
      provided in this Indenture.

     

    The
      Indenture Trustee, as Indenture Trustee on behalf of the Holders of the Notes,
      acknowledges such Grant, accepts the trusts under this Indenture in accordance
      with the provisions of this Indenture and agrees to perform its duties required
      of it in this Indenture in accordance with its terms.

     

    ARTICLE
      ONE

     

    DEFINITIONS
      AND INCORPORATION BY REFERENCE

     

    Section
      1.01.   Definitions.
      (a)
      Except
      as otherwise specified herein or as the context may otherwise require, the
      following terms have the respective meanings set forth below for all purposes
      of
      this Indenture.

     

    Act:
      The
      meaning specified in Section 11.03(a).

     

    Authorized
      Officer:
      With
      respect to the Issuer, any officer of the Owner Trustee who is authorized to
      act
      for the Owner Trustee in matters relating to the Issuer and who is identified
      on
      the list of Authorized Officers delivered by the Owner Trustee to the Indenture
      Trustee on the Closing Date (as such list may be modified or supplemented from
      time to time thereafter) and, so long as the Sale and Servicing Agreement is
      in
      effect, any Vice President, Assistant Vice President, Trust Officer or more
      senior officer of the Trust Administrator who is authorized to act for the
      Trust
      Administrator in matters relating to the Issuer and to be acted upon by the
      Trust Administrator pursuant to the Sale and Servicing Agreement and who is
      identified on the list of Authorized Officers delivered by the Trust
      Administrator to the Indenture Trustee on the Closing Date (as such list may
      be
      modified or supplemented from time to time thereafter).

     

    Book-Entry
      Notes:
      Beneficial interests in Notes designated as “Book-Entry Notes” in this
      Indenture, ownership and transfers of which shall be evidenced or made through
      book entries by a Clearing Agency as described in Section 2.11; provided, that
      after the occurrence of a condition whereupon Definitive Notes are to be issued
      to Note Owners, such Book-Entry Notes shall no longer be “Book-Entry
      Notes.”

     

    Certificate
      of Trust:
      The
      certificate of trust of the Issuer substantially in the form of Exhibit C to
      the
      Trust Agreement.

     

    Clearing
      Agency:
      An
      organization registered as a “clearing agency” pursuant to Section 17A of the
      Exchange Act, as amended. As of the Closing Date, the Clearing Agency shall
      be
      The Depository Trust Company.

     

    Clearing
      Agency Participant:
      A
      broker, dealer, bank, other financial institution or other Person for whom
      from
      time to time a Clearing Agency effects book entry transfers and pledges of
      securities deposited with the Clearing Agency.

     

    Clearstream:
      Clearstream Banking, société anonyme, and any successor thereto.

     

    Collateral:
      The
      meaning specified in the Granting Clause of this Indenture.

     

    Commission:
      The
      Securities and Exchange Commission.

     

    Corporate
      Trust Office:
      With
      respect to the Indenture Trustee, the designated office of the Indenture Trustee
      in the State of _________ at which at any particular time its corporate trust
      business with respect to this Agreement is administered, which office at the
      date of the execution of this Agreement is located at
      ______________________________, Attn: ________________, and which is the address
      to which notices to and correspondence with the Indenture Trustee should be
      directed, or at such other address as the Indenture Trustee may designate from
      time to time by notice to the Holders, the Issuer and the Trust Administrator
      or
      the principal corporate trust office of any successor Indenture Trustee. With
      respect to the Note Registrar and presentment of Notes for registration of
      transfer, exchange or final payment, __________________________________________,
      Attention: __________________, and for all other purposes,
      ________________________________, Attention: _________________.

     

    Current
      Interest:
      As
      defined in the Sale and Servicing Agreement.

     

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

     

    Definitive
      Notes:
      The
      meaning specified in Section 2.10.

     

    Depository
      Institution:
      Any
      depository institution or trust company, including the Indenture Trustee, that
      (a) is incorporated under the laws of the United States of America or any State
      thereof, (b) is subject to supervision and examination by federal or state
      banking authorities and (c) has outstanding unsecured commercial paper or other
      short term unsecured debt obligations that are rated in the highest rating
      category by each Rating Agency, or is otherwise acceptable to each Rating
      Agency.

     

    Disregarded
      Entity:
      An
      entity that is both (a) solely owned by a REIT or Qualified REIT Subsidiary
      and
      (b) disregarded as an entity separate from its owner within the meaning of
      Section 301.7701-2(c)(2) of the Treasury Regulations.

     

    Eligible
      Corporation:
      A
      domestic corporation described in section 860L(a)(2) of the Code that (i) is
      not
      the obligor on any debt instrument held as part of the Trust, and (ii) is not
      related, within the meaning of section 860L(g), to any person who is an obligor
      on any debt instrument held as part of the Trust.

     

    Euroclear:
      Euroclear SA/NV, as operator of the Euroclear System.

     

    Event
      of Default:
      The
      meaning specified in Section 5.01.

     

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

     

    Executive
      Officer:
      With
      respect to any corporation or limited liability company, the Chief Executive
      Officer, Chief Operating Officer, Chief Financial Officer, President, Manager,
      Executive Vice President, any Vice President, the Secretary or the Treasurer
      of
      such entity; and with respect to any partnership, any general partner
      thereof.

     

    Global
      Securities:
      The
      meaning specified in Section 2.01(a).

     

    Grant:
      Mortgage, pledge, bargain, sell, warrant, alienate, remise, release, convey,
      assign, transfer, create, and grant a lien upon and a security interest in
      and a
      right of set off against, deposit, set over and confirm pursuant to this
      Indenture. A Grant of the Collateral or of any other agreement or instrument
      shall include all rights, powers and options (but none of the obligations)
      of
      the granting party thereunder, including the immediate and continuing right
      to
      claim for, collect, receive and give receipt for principal and interest payments
      in respect of the Collateral and all other moneys payable thereunder, to give
      and receive notices and other communications, to make waivers or other
      agreements, to exercise all rights and options, to bring Proceedings in the
      name
      of the granting party or otherwise, and generally to do and receive anything
      that the granting party is or may be entitled to do or receive thereunder or
      with respect thereto.

     

    Holder
      or
Noteholder:
      A
      Person in whose name a Note is registered on the Note Register.

     

    Independent:
      When
      used with respect to any specified Person, that such Person (a) is in fact
      independent of the Issuer, any other obligor on the Notes, the Seller and any
      Affiliate of any of the foregoing Persons, (b) does not have any direct
      financial interest or any material indirect financial interest in the Issuer,
      any such other obligor, the Seller or any Affiliate of any of the foregoing
      Persons and (c) is not connected with the Issuer, any such other obligor, the
      Seller or any Affiliate of any of the foregoing Persons as an officer, employee,
      promoter, underwriter, trustee, partner, director or person performing similar
      functions.

     

    Independent
      Certificate:
      A
      certificate or opinion to be delivered to the Indenture Trustee under the
      circumstances described in, and otherwise complying with, the applicable
      requirements of Section 11.01, made by an Independent appraiser or other expert
      appointed by an Issuer Order, and such opinion or certificate shall state that
      the signer has read the definition of “Independent” in this Indenture and that
      the signer is Independent within the meaning thereof.

     

    Issuer:
      ___________ Mortgage Investment Trust 200_-__, a Delaware statutory trust,
      or
      any successor and, for purposes of any provision contained herein and required
      by the TIA, each other obligor on the Notes.

     

    Issuer
      Order
      or
Issuer
      Request:
      A
      written order or request signed in the name of the Issuer by any one of its
      Authorized Officers and delivered to the Indenture Trustee.

     

    Non
      Priority Class Note:
      As of
      any date of determination, any Outstanding Note other than the related Notes
      that comprise the Priority Class Notes.

     

    Note:
      Any of
      the [Class AF-1A], [Class AF-1B], [Class AF-2], [Class AF-3], [Class AF-4],
      [Class AF-5A], [Class AF-5B], [Class AF-6], [Class MF-1], [Class MF-2], [Class
      MF-3], [Class MF-4], [Class MF-5], [Class MF-6], [Class MF-7], [Class MF-8],
      [Class BF], [Class 2-AV-1], [Class 2-AV-2], [Class 3-AV-1], [Class 3-AV-2],
      [Class 3-AV-3], [Class 3-AV-4], [Class MV-1], [Class MV-2], [Class MV-3], [Class
      MV-4], [Class MV-5], [Class MV-6], [Class MV-7], [Class MV-8], [Class BV],
      [Class PF], [Class PV], [Class CF] or [Class CV] Notes issued pursuant to this
      Indenture, substantially in the forms attached hereto as Exhibit A.

     

    Note
      Owner or Owner:
      With
      respect to a Book-Entry Note, the Person that is the beneficial owner of such
      Book-Entry Note, as reflected on the books of the Clearing Agency or on the
      books of a Person maintaining an account with such Clearing Agency (directly
      as
      a Clearing Agency Participant or as an indirect participant, in each case in
      accordance with the rules of such Clearing Agency), and with respect to a
      Definitive Note, the Person that is the registered owner of such Note as
      reflected in the Note Register.

     

    Note
      Register:
      The
      meaning specified in Section 2.04.

     

    Note
      Registrar:
      The
      meaning specified in Section 2.04. The initial Note Registrar shall be the
      Trust
      Administrator.

     

    Officer’s
      Certificate:
      A
      certificate signed by any Authorized Officer of the Issuer, under the
      circumstances described in, and otherwise complying with, the applicable
      requirements of Section 11.01, and delivered to the Indenture Trustee. Unless
      otherwise specified, any reference in this Indenture to an Officer’s Certificate
      shall be to an Officer’s Certificate of any Authorized Officer of the
      Issuer.

     

    Outstanding:
      As of
      the date of determination, all Notes theretofore authenticated and delivered
      under this Indenture except:

     

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

     

    (ii) Notes
      the
      payment for which money in the necessary amount has been theretofore deposited
      with the Trust Administrator or any Paying Agent in trust for the Holders of
      such Notes (provided,
      however,
      that if
      such Notes are to be redeemed, notice of such redemption has been duly given
      pursuant to this Indenture or provision for such notice has been made,
      satisfactory to the Trust Administrator); and

     

    (iii) Notes
      in
      exchange for or in lieu of which other Notes have been authenticated and
      delivered pursuant to this Indenture unless proof satisfactory to the Trust
      Administrator is presented that any such Notes are held by a protected
      purchaser;

     

    provided,
      that in
      determining whether the Holders of the requisite Outstanding Balance of the
      Notes have given any request, demand, authorization, direction, notice, consent
      or waiver hereunder or under any Operative Agreement, Notes owned by the Issuer,
      any other obligor upon the Notes, the Depositor, the Owner Trustee, the
      Indenture Trustee, the Servicer, the Trust Administrator or any Affiliate of
      any
      of the foregoing Persons shall be disregarded and deemed not to be Outstanding,
      except that, in determining whether the Indenture Trustee or Trust Administrator
      shall be protected in relying upon any such request, demand, authorization,
      direction, notice, consent or waiver, only Notes that the Indenture Trustee
      or
      Trust Administrator has actual knowledge to be so owned shall be so disregarded
      (unless such action requires the consent, waiver, request or demand of [100]%
      of
      the Outstanding Balance represented by a particular Class and [100]% of the
      Outstanding Balance represented by such Class is registered in the name of
      one
      or more of the foregoing entities). Notes so owned that have been pledged in
      good faith may be regarded as Outstanding if the pledgee establishes to the
      satisfaction of the Indenture Trustee or Trust Administrator the pledgee’s right
      so to act with respect to such Notes and that the pledgee is not the Issuer,
      any
      other obligor upon the Notes, the Depositor, the Owner Trustee, the Indenture
      Trustee, the Servicer, the Trust Administrator or any Affiliate of any of the
      foregoing Persons.

     

    Outstanding
      Balance:
      The
      aggregate principal amount of the Notes Outstanding as of the date of
      determination.

     

    Paying
      Agent:
      Initially, the Trust Administrator or any other Person that meets the
      eligibility standards for the Indenture Trustee specified in Section 6.11 and
      is
      authorized by the Issuer, in accordance with the provision of Section 3.03,
      to
      make payments to and distributions from the Trust Account, including payments
      of
      principal of or interest on the Notes on behalf of the Issuer.

     

    Predecessor
      Note:
      With
      respect to any particular Note, every previous Note evidencing all or a portion
      of the same debt as that evidenced by such particular Note; and, for the purpose
      of this definition, any Note authenticated and delivered under Section 2.04
      in
      lieu of a mutilated, lost, destroyed or stolen Note shall be deemed to evidence
      the same debt as the mutilated, lost, destroyed or stolen Note.

     

    Priority
      Class Notes:
      Until
      the Class Principal Amounts of the Senior Notes are reduced to zero and all
      sums
      payable to the Holders of the Senior Notes have been paid in full, the Senior
      Notes; when the Class Principal Amounts of the Senior Notes have been reduced
      to
      zero and all amounts payable to the Holders of the Senior Notes have been paid
      in full, (i) with respect to the Fixed Rate Notes, the [Class MF-1] Notes;
      when
      the Class Principal Amounts of the Senior Notes and the [Class MF-1] Notes
      have
      been reduced to zero and all sums payable to the Holders of such Classes have
      been paid in full, the [Class MF-2] Notes; when the Class Principal Amounts
      of
      the Senior Notes, the [Class MF-1] Notes and the [Class MF-2] Notes have been
      reduced to zero and all sums payable to the Holders of such Classes have been
      paid in full, the [Class MF-3] Notes; when the Class Principal Amounts of the
      Senior Notes, the [Class MF-1] Notes, the [Class MF-2] Notes and the [Class
      MF-3] Notes have been reduced to zero and all sums payable to the Holders of
      such Classes have been paid in full, the [Class MF-4] Notes; when the Class
      Principal Amounts of the Senior Notes, the [Class MF-1] Notes, the [Class MF-2]
      Notes, the [Class MF-3] Notes and the [Class MF-4] Notes have been reduced
      to
      zero and all sums payable to the Holders of such Classes have been paid in
      full;
      when the Class Principal Amounts of the Senior Notes, the [Class MF-1], the
      [Class MF-2], the [Class MF-3] Notes, and the [Class MF-4] Notes, have been
      reduced to zero and all sums payable to the Holders of such Classes have been
      paid in full, the [Class MF-5] Notes; when the Class Principal Amounts of the
      Senior Notes, the [Class MF-1] Notes, the [Class MF-2] Notes, the[Class MF-3]
      Notes, the [Class MF-4] Notes and the [Class MF-5] Notes have been reduced
      to
      zero and all sums payable to the Holders of such Classes have been paid in
      full,
      the [Class MF-6] Notes; when the Class Principal Amounts of the Senior Notes,
      the [Class MF-1] Notes, the [Class MF-2] Notes, the [Class MF-3] Notes, [Class
      MF-4] Notes, the [Class MF-5] Notes and the [Class MF-6] Notes have been reduced
      to zero and all sums payable to the Holders of such Classes have been paid
      in
      full, the [Class MF-7] Notes; and when the Class Principal Amounts of the Senior
      Notes, the [Class MF-1] Notes, the [Class MF-2] Notes, the [Class MF-3] Notes,
      the [Class MF-4] Notes, the [Class MF-5] Notes, the [Class MF-6] Notes and
      the
      [Class MF-7] Notes have been reduced to zero and all sums payable to the Holders
      of such Classes have been paid in full, the [Class MF-8] Notes, when the Class
      Principal Amounts of the Senior Notes, the [Class MF-1] Notes, the [Class MF-2]
      Notes, the [Class MF-3] Notes, [Class MF-4] Notes, the [Class MF-5] Notes,
      the
      [Class MF-6] Notes and the [Class MF-7] Notes have been reduced to zero and
      all
      sums payable to the Holders of such Classes have been paid in full, the [Class
      MF-8] Notes; and when the Class Principal Amounts of the Senior Notes, the
      [Class MF-1] Notes, the [Class MF-2] Notes, the [Class MF-3] Notes, the [Class
      MF-4] Notes, the [Class MF-5] Notes, the [Class MF-6] Notes, the [Class MF-7]
      Notes and the [Class MF-8] Notes have been reduced to zero and all sums payable
      to the Holders of such Classes have been paid in full, the [Class BF] Notes
      and
      (ii) with respect to the Adjustable Rate Notes, the [Class MV-1] Notes; when
      the
      Class Principal Amounts of the Senior Notes and the [Class MV-1] Notes have
      been
      reduced to zero and all sums payable to the Holders of such Classes have been
      paid in full, the [Class MV-2] Notes; when the Class Principal Amounts of the
      Senior Notes, the [Class MV-1] Notes and the [Class MV-2] Notes have been
      reduced to zero and all sums payable to the Holders of such Classes have been
      paid in full, the [Class MV-3] Notes; when the Class Principal Amounts of the
      Senior Notes, the [Class MV-1] Notes, the [Class MV-2] Notes and the [Class
      MV-3] Notes have been reduced to zero and all sums payable to the Holders of
      such Classes have been paid in full, the [Class MV-4] Notes; when the Class
      Principal Amounts of the Senior Notes, the [Class MV-1] Notes, the [Class MV-2]
      Notes, the [Class MV-3] Notes and the [Class MV-4] Notes have been reduced
      to
      zero and all sums payable to the Holders of such Classes have been paid in
      full;
      when the Class Principal Amounts of the Senior Notes, the [Class MV-1], the
      [Class MV-2], the [Class MV-3] Notes, and the [Class MV-4] Notes, have been
      reduced to zero and all sums payable to the Holders of such Classes have been
      paid in full, the [Class MV-5] Notes; when the Class Principal Amounts of the
      Senior Notes, the [Class MV-1] Notes, the [Class MV-2] Notes, the[Class MV-3]
      Notes, the [Class MV-4] Notes and the [Class MV-5] Notes have been reduced
      to
      zero and all sums payable to the Holders of such Classes have been paid in
      full,
      the [Class MV-6] Notes; when the Class Principal Amounts of the Senior Notes,
      the [Class MV-1] Notes, the [Class MV-2] Notes, the [Class MV-3] Notes, [Class
      MV-4] Notes, the [Class MV-5] Notes and the [Class MV-6] Notes have been reduced
      to zero and all sums payable to the Holders of such Classes have been paid
      in
      full, the [Class MV-7] Notes; and when the Class Principal Amounts of the Senior
      Notes, the [Class MV-1] Notes, the [Class MV-2] Notes, the [Class MV-3] Notes,
      the [Class MV-4] Notes, the [Class MV-5] Notes, the [Class MV-6] Notes and
      the
      [Class MV-7] Notes have been reduced to zero and all sums payable to the Holders
      of such Classes have been paid in full, the [Class MV-8] Notes; when the Class
      Principal Amounts of the Senior Notes, the [Class MV-1] Notes, the [Class MV-2]
      Notes, the [Class MV-3] Notes, [Class MV-4] Notes, the [Class MV-5] Notes,
      the
      [Class MV-6] Notes and the [Class MV-7] Notes have been reduced to zero and
      all
      sums payable to the Holders of such Classes have been paid in full, the [Class
      MV-8] Notes; and when the Class Principal Amounts of the Senior Notes, the
      [Class MV-1] Notes, the [Class MV-2] Notes, the [Class MV-3] Notes, the [Class
      MV-4] Notes, the [Class MV-5] Notes, the [Class MV-6] Notes, the [Class MV-7]
      Notes and the [Class MV-8] Notes have been reduced to zero and all sums payable
      to the Holders of such Classes have been paid in full, the [Class BF]
      Notes.

     

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

     

    Prospective
      Owner:
      Each
      prospective purchaser and any subsequent transferee of a Note.

     

    Rating
      Agency Condition:
      With
      respect to any action to which the Rating Agency Condition applies, that each
      Rating Agency shall have been given [10] days (or such shorter period as is
      acceptable to each Rating Agency) prior notice thereof and that each Rating
      Agency shall have notified the Depositor, the Issuer and the Indenture Trustee
      in writing that such action will not result in a reduction or withdrawal of
      the
      then current rating of the rated Notes.

     

    Redemption
      Date:
      In the
      case of a redemption of the Notes pursuant to Section 10.01, the Payment Date
      specified by the Trust Administrator in the notice delivered pursuant to Section
      10.02.

     

    Responsible
      Officer:
      When
      used with respect to the Indenture Trustee, any vice president, any assistant
      vice president, any associate, or any other officer of the Indenture Trustee
      customarily performing functions similar to those performed by any of the above
      designated officers who at such time shall be officers to whom, with respect
      to
      a particular matter, such matter is referred because of such officer’s knowledge
      of and familiarity with the particular subject and who shall have direct
      responsibility for the administration of this Agreement. With respect to the
      Trust Administrator, any officer in the corporate trust department or similar
      group of the Trust Administrator with direct responsibility for the
      administration of this Agreement and also, with respect to a particular
      corporate trust matter, any other officer to whom such matter is referred
      because of his or her knowledge of and familiarity with the particular
      subject.

     

    [Retained
      Notes:
      Means
      those certain classes, or portions of certain classes, of Notes which, at the
      time of their issuance, ________________________ or one of its qualified REIT
      subsidiaries or a Disregarded Entity acquires beneficial ownership
      thereof.]

     

    Sale
      and Servicing Agreement:
      The
      Sale and Servicing Agreement dated as of ________, 200_, among the Issuer,
      IndyMac ABS, Inc., as depositor, ______________________, as seller, servicer
      and
      trust administrator, the Indenture Trustee, ________________________, as seller
      and _____________________, as servicer, as such may be amended or supplemented
      from time to time.

     

    Senior
      Notes:
      Any of
      the [Class AF-1A], [Class AF-1B], [Class AF-2], [Class AF-3], [Class AF-4],
      [Class AF-5A], [Class AF-5B], [Class AF-6], [Class 2-AV-1], [Class 2-AV-2],
      [Class 3-AV-1], [Class 3-AV-2], [Class 3-AV-3] or [Class 3-AV-4]
      Notes.

     

    State:
      Any one
      of the 50 States of the United States of America or the District of
      Columbia.

     

    Trust:
      The Delaware statutory trust known as “[
      ] 200__
      [ ].”

     

    Trust
      Indenture Act or TIA:
      The
      Trust Indenture Act of 1939 as in force on the date hereof, unless otherwise
      specifically provided.

     

    (b)  Except
      as
      otherwise specified herein or as the context may otherwise require, capitalized
      terms used but not otherwise defined herein shall have the meanings assigned
      to
      them in the Sale and Servicing Agreement.

     

    Section
      1.02.   Incorporation
      by Reference of Trust Indenture Act.
      Whenever this Indenture refers to a provision of the TIA, the provision is
      incorporated by reference in and made a part of this Indenture. The following
      TIA terms used in this Indenture have the following meanings:

     

    “indenture
      securities” means the Notes.

     

    “indenture
      security holder” means a Noteholder.

     

    “indenture
      to be qualified” means this Indenture.

     

    “indenture
      trustee” or “institutional trustee” means the Indenture Trustee.

     

    “obligor”
      on the indenture securities means the Issuer and any other obligor on the
      indenture securities.

     

    (a)  All
      other
      TIA terms used in this Indenture that are defined in the TIA, defined by TIA
      reference to another statute or defined by rule of the Securities and Exchange
      Commission have the respective meanings assigned to them by such
      definitions.

     

    Section
      1.03.   Rules
      of Construction.
      Unless
      the context otherwise requires:

     

    (i)  a
      term
      has the meaning assigned to it;

     

    (ii)  an
      accounting term not otherwise defined has the meaning assigned to it in
      accordance with generally accepted accounting principles as in effect from
      time
      to time;

     

    (iii)  “or”
is
      not exclusive;

     

    (iv)  “including”
      means including without limitation;

     

    (v)  words
      in
      the singular include the plural and words in the plural include the
      singular;

     

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

     

    (vii)  terms
      defined in the UCC and not otherwise defined herein shall have the meaning
      assigned to them in the UCC; and

     

    (viii)  to
“U.S.
      dollars”, “dollars”, or the sign “$” shall be construed as references to United
      States dollars which are freely transferable by residents and non-residents
      of
      the United States of America and convertible by such persons into any other
      freely convertible currency unless such transferability or convertibility is
      restricted by any law or regulation of general application in which event
      references to “U.S. dollars”, “dollars”, or the sign “$” shall be construed as
      references to such coin or currency of the United States of America as at the
      time of payment shall be legal tender for the payment of public and private
      debts in the United States of America, and “cents” shall be construed
      accordingly.

     

    ARTICLE
      TWO

     

    THE
      NOTES

     

    Section
      2.01.   Form.
      (a)
      The
      Notes shall be designated as the “[ ] 200__ [ ]” The Notes, together with the
      Trust Administrator’s certificate of authentication, shall be in substantially
      the forms set forth in Exhibit A with such appropriate insertions, omissions,
      substitutions and other variations as are required or permitted by this
      Indenture, and may have such letters, numbers or other marks of identification
      and such legends or endorsements placed thereon as may, consistently herewith,
      be determined by the officers executing such Notes, as evidenced by their
      execution of the Notes. Any portion of the text of any Note may be set forth
      on
      the reverse thereof, with an appropriate reference thereto on the face of the
      Note.

     

    The
      Definitive Notes and the global certificates (“Global Securities”) representing
      the Book-Entry Notes shall be typewritten, printed, lithographed or engraved
      or
      produced by any combination of these methods (with or without steel engraved
      borders), all as determined by the officers executing such Notes, as evidenced
      by their execution of such Notes.

     

    Each
      Note
      shall be dated the date of its authentication. The terms of the Notes set forth
      in Exhibit A are part of the terms of this Indenture.

     

    Section
      2.02.   Execution,
      Authentication and Delivery.
      The
      Notes shall be executed on behalf of the Issuer by any Authorized Officer of
      the
      Owner Trustee. The signature of any such Authorized Officer on the Notes may
      be
      manual or facsimile.

     

    Notes
      bearing the manual or facsimile signature of individuals who were at any time
      Authorized Officers of the Owner Trustee or the Trust Administrator shall bind
      the Issuer, notwithstanding that such individuals or any of them have ceased
      to
      hold such offices prior to the authentication and delivery of such Notes or
      did
      not hold such offices at the date of such Notes.

     

    The
      Trust
      Administrator shall, upon Issuer Order, authenticate and deliver the Notes
      for
      original issue in the aggregate principal amounts with respect to each Class
      as
      specified below:

     

    
      	
              Class

            	
              Class
                Principal Amount

            
	
              [Class
                AF-1A]

            	
              $__________

            
	
              [Class
                AF-1B]

            	
              $__________

            
	
              [Class
                AF-2]

            	
              $__________

            
	
              [Class
                AF-3]

            	
              $__________

            
	
              [Class
                AF-4]

            	
              $__________

            
	
              [Class
                AF-5A]

            	
              $__________

            
	
              [Class
                AF-5B]

            	
              $__________

            
	
              [Class
                AF-6]

            	
              $__________

            
	
              [Class
                MF-1]

            	
              $__________

            
	
              [Class
                MF-2]

            	
              $__________

            
	
              [Class
                MF-3]

            	
              $__________

            
	
              [Class
                MF-4]

            	
              $__________

            
	
              [Class
                MF-5]

            	
              $__________

            
	
              [Class
                MF-6]

            	
              $__________

            
	
              [Class
                MF-7]

            	
              $__________

            
	
              [Class
                MF-8]

            	
              $__________

            
	
              [Class
                BF]

            	
              $__________

            
	
              [Class
                2-AV-1]

            	
              $__________

            
	
              [Class
                2-AV-2]

            	
              $__________

            
	
              [Class
                3-AV-1]

            	
              $__________

            
	
              [Class
                3-AV-2]

            	
              $__________

            
	
              [Class
                3-AV-3]

            	
              $__________

            
	
              [Class
                3-AV-4]

            	
              $__________

            
	
              [Class
                MV-1]

            	
              $__________

            
	
              [Class
                MV-2]

            	
              $__________

            
	
              [Class
                MV-3]

            	
              $__________

            
	
              [Class
                MV-4]

            	
              $__________

            
	
              [Class
                MV-5]

            	
              $__________

            
	
              [Class
                MV-6]

            	
              $__________

            
	
              [Class
                MV-7]

            	
              $__________

            
	
              [Class
                MV-8]

            	
              $__________

            
	
              [Class
                BV]

            	
              $__________

            

    

    ___________________________

     

    The
      aggregate principal amounts of such Classes of Notes outstanding at any time
      may
      not exceed such respective amounts.

     

    The
      [Class AF-1A], [Class AF-1B], [Class AF-2], [Class AF-3], [Class AF-4], [Class
      AF-5A], [Class AF-5B], [Class AF-6], [Class 2-AV-1], [Class 2-AV-2], [Class
      3-AV-1], [Class 3-AV-2], [Class 3-AV-3] or [Class 3-AV-4] Notes will be issued
      in minimum denominations of $[25,000] and integral multiples of $[1] in excess
      thereof. The [Class MF-1], [Class MF-2], [Class MF-3], [Class MF-4], [Class
      MF-5], [Class MF-6], [Class MF-7], [Class MF-8], [Class BF], [Class MV-1],
      [Class MV-2], [Class MV-3], [Class MV-4], [Class MV-5], [Class MV-6], [Class
      MV-7], [Class MV-8] or [Class BV] Notes will be issued in minimum denominations
      of $[100,000] and integral multiples of $[1] in excess thereof.

     

    No
      Note
      shall be entitled to any benefit under this Indenture or be valid or obligatory
      for any purpose, unless there appears on such Note a certificate of
      authentication substantially in the form provided for herein executed by the
      Trust Administrator by the manual signature of one of its authorized
      signatories, and such certificate upon any Note shall be conclusive evidence,
      and the only evidence, that such Note has been duly authenticated and delivered
      hereunder.

     

    Section
      2.03.   Limitation
      on Transfer of Notes.
      (a)
      No
      transfer of a Note in the form of a Definitive Note shall be made unless the
      Note Registrar shall have received a representation from the transferee of
      such
      Note, acceptable to and in form and substance satisfactory to the Note Registrar
      and the Depositor (such requirement is satisfied only by the Note Registrar’s
      receipt of a transfer affidavit from the transferee substantially in the form
      of
      Exhibit B hereto), to the effect that such transferee (i) is not acquiring
      such
      note for, or with the assets of, an employee benefit plan or other retirement
      arrangement that is subject to Section 406 of ERISA or to Section 4975 of the
      Code or to any substantially similar law (“Similar Law”), or any entity deemed
      to hold the plan assets of the foregoing (collectively, “Benefit Plans”), or
      (ii) its acquisition and holding of such Notes for, or with the assets of,
      a
      Benefit Plan will not result in a non-exempt prohibited transaction under
      Section 406 of ERISA or Section 4975 of the Code which is not covered under
      Prohibited Transaction Class Exemption (“PTCE”) 84-14, PTCE 90-1, PTCE 91-38,
      PTCE 95-60, PTCE 96-23 or some other applicable exemption, and will not result
      in a non-exempt violation of any Similar Law.

     

    In
      the
      case of a Note that is a Book-Entry Note, for purposes of clauses (i) or (ii)
      of
      the preceding paragraph, such representations shall be deemed to have been
      made
      to the Note Registrar by the transferee’s acceptance of such Note that is a
      Book-Entry Note (or the acceptance by a Note Holder of the beneficial interest
      in such Note).

     

    None
      of
      the Indenture Trustee, the Trust Administrator, the Note Registrar or the
      Depositor shall have any liability to any Person for any registration of
      transfer of any Note that is in fact not permitted by this Section 2.03(a)
      or
      for the Trust Administrator or the Paying Agent making any payments due on
      such
      Note to the Holder thereof or taking any other action with respect to such
      Holder under the provisions of this Agreement so long as the transfer was
      registered by the Note Registrar in accordance with the foregoing requirements.
      In addition, none of the Indenture Trustee, the Trust Administrator, the Note
      Registrar or the Depositor shall be required to monitor, determine or inquire
      as
      to compliance with the transfer restrictions with respect to any Note in the
      form of a Book-Entry Note, and none of the Indenture Trustee, the Trust
      Administrator, the Note Registrar or the Depositor shall have any liability
      for
      transfers of Book-Entry Notes or any interests therein made in violation of
      the
      restrictions on transfer described in the Prospectus and this
      Agreement.

     

    In
      the
      event that a Note is transferred to a Person that does not meet the requirements
      of this Section 2.03, such transfer shall be of no force and effect, shall
      be
      void ab
      initio,
      and
      shall not operate to transfer any rights to such Person, notwithstanding any
      instructions to the contrary to the Issuer, the Indenture Trustee or any
      intermediary; and the Trust Administrator shall not make any payments on such
      Note for as long as such Person is the Holder of such Note.

     

    Each
      Note
      shall contain a legend substantially similar to the applicable legend provided
      in Exhibit A hereto stating that transfer of such Notes is subject to certain
      restrictions as set forth herein.

     

    (b)  Any
      purported transfer of a Note (or any interest therein) not in accordance with
      this Section 2.03 shall be null and void and shall not be given effect for
      any
      purpose hereunder.

     

    (c)  The
      Trust
      Administrator will not have the ability to monitor transfers of the Notes while
      they are in book-entry form and will have no liability for transfers of
      Book-Entry Notes in violation of any of the transfer restrictions described
      in
      this Section 2.03.

     

    Section
      2.04.   Registration;
      Registration of Transfer and Exchange.
      The
      Issuer shall cause the Note Registrar to keep a register (the “Note Register”)
      in which, subject to such reasonable regulations as it may prescribe and the
      restrictions on transfers of the Notes set forth herein, the Issuer shall
      provide for the registration of Notes and the registration of transfers of
      Notes. The Trust Administrator initially shall be the “Note Registrar” for the
      purpose of registering Notes and transfers of Notes as herein provided. Upon
      any
      resignation of any Note Registrar, the Issuer shall promptly appoint a successor
      or, if it elects not to make such an appointment, assume the duties of Note
      Registrar.

     

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

     

    Subject
      to Section 2.03, upon surrender for registration of transfer of any Note at
      the
      office or agency of the Issuer to be maintained as provided in Section 3.02,
      the
      Issuer shall execute, and the Note Registrar shall authenticate and the
      Noteholder shall be entitled to obtain from the Note Registrar, in the name
      of
      the designated transferee or transferees, one or more new Notes of the same
      Class in any authorized denominations, of a like aggregate principal
      amount.

     

    At
      the
      option of the Holder, Notes may be exchanged for other Notes of the same Class
      in any authorized denominations, of a like aggregate principal amount, upon
      surrender of the Notes to be exchanged at such office or agency. Whenever any
      Notes are so surrendered for exchange, the Issuer shall execute, and the Note
      Registrar shall authenticate and the Noteholder shall be entitled to obtain
      from
      the Trust Administrator, the Notes which the Noteholder making the exchange
      is
      entitled to receive.

     

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

     

    Every
      Note presented or surrendered for registration of transfer or exchange shall
      be
      duly endorsed by, or be accompanied by a written instrument of transfer in
      form
      satisfactory to the Note Registrar duly executed by, the Holder thereof or
      such
      Holder’s attorney duly authorized in writing, with such signature guaranteed by
      an “eligible guarantor institution” meeting the requirements of the Note
      Registrar, which requirements include membership or participation in the
      Securities Transfer Agent’s Medallion Program (“STAMP”) or such other “signature
      guarantee program” as may be determined by the Note Registrar in addition to, or
      in substitution for, STAMP.

     

    No
      service charge shall be made to a Holder for any registration of transfer or
      exchange of Notes, but the Issuer or the Note Registrar may require payment
      of a
      sum sufficient to cover any tax or other governmental charge that may be imposed
      in connection with any registration of transfer or exchange of Notes, other
      than
      exchanges pursuant to Section 2.05 not involving any transfer.

     

    The
      preceding provisions of this Section notwithstanding, the Issuer shall not
      be
      required to make and the Note Registrar need not register transfers or exchanges
      of Notes selected for redemption or of any Note for a period of [15] days
      preceding the due date for any payment with respect to such Note.

     

    Section
      2.05.   Mutilated,
      Destroyed, Lost or Stolen Notes.
      If (i)
      any mutilated Note is surrendered to the Trust Administrator, or the Trust
      Administrator receives evidence to its satisfaction of the destruction, loss
      or
      theft of any Note, and (ii) there is delivered to the Trust Administrator such
      security or indemnity as may be required by it to hold the Issuer and the Trust
      Administrator harmless, then, in the absence of actual notice to the Issuer,
      the
      Note Registrar or the Trust Administrator that such Note has been acquired
      by a
      protected purchaser, and upon certification provided by the Holder of such
      Note
      that the requirements of Section 8-405 of the Relevant UCC are met, the Issuer
      shall execute, and upon its request the Note Registrar shall authenticate and
      deliver, in exchange for or in lieu of any such mutilated, destroyed, lost
      or
      stolen Note, a replacement Note; provided,
      however,
      that if
      any such destroyed, lost or stolen Note, but not a mutilated Note, shall have
      become or within [seven] days shall be due and payable, or shall have been
      called for redemption, instead of issuing a replacement Note, the Issuer may
      pay
      such destroyed, lost or stolen Note when so due or payable or upon the
      Redemption Date without surrender thereof. If, after the delivery of such
      replacement Note or payment of a destroyed, lost or stolen Note pursuant to
      the
      proviso to the preceding sentence, a bona fide purchaser of the original Note
      in
      lieu of which such replacement Note was issued presents for payment such
      original Note, the Issuer and the Note Registrar shall be entitled to recover
      such replacement Note (or such payment) from the Person to whom it was delivered
      or any Person taking such replacement Note from such Person to whom such
      replacement Note was delivered or any assignee of such Person, except a
      protected purchaser, and shall be entitled to recover upon the security or
      indemnity provided therefor to the extent of any loss, damage, cost or expense
      incurred by the Issuer or the Trust Administrator in connection
      therewith.

     

    Upon
      the
      issuance of any replacement Note under this Section, the Issuer, the Trust
      Administrator or the Note Registrar may require the payment by the Holder of
      such Note of a sum sufficient to cover any tax or other governmental charge
      that
      may be imposed in relation thereto and any other reasonable expenses (including
      the fees and expenses of the Trust Administrator) connected
      therewith.

     

    Every
      replacement Note issued pursuant to this Section in replacement of any
      mutilated, destroyed, lost or stolen Note shall constitute an original
      additional contractual obligation of the Issuer, whether or not the mutilated,
      destroyed, lost or stolen Note shall be at any time enforceable by anyone,
      and
      shall be entitled to all the benefits of this Indenture equally and
      proportionately with any and all other Notes duly issued hereunder.

     

    The
      provisions of this Section are exclusive and shall preclude (to the extent
      lawful) all other rights and remedies with respect to the replacement or payment
      of mutilated, destroyed, lost or stolen Notes.

     

    Section
      2.06.   Persons
      Deemed Owners.
      Prior
      to due presentment for registration of transfer of any Note, the Issuer, the
      Trust Administrator, the Indenture Trustee and any agent of the Issuer, the
      Trust Administrator or the Indenture Trustee may treat the Person in whose
      name
      any Note is registered (as of the day of determination) as the owner of such
      Note for the purpose of receiving payments of principal of and interest, if
      any,
      on such Note and for all other purposes whatsoever, whether or not such Note
      be
      overdue, and none of the Issuer, the Trust Administrator, the Indenture Trustee
      or any agent of the Issuer, the Trust Administrator or the Indenture Trustee
      shall be affected by notice to the contrary.

     

    Section
      2.07.   Payment
      of Principal and Interest.
      (a)
      Each
      Class of Notes shall accrue interest at the applicable Note Interest Rate as
      set
      forth in the Sale and Servicing Agreement, and such interest shall be payable
      on
      each Payment Date, subject to Section 3.01. Interest shall be computed on each
      Class of Notes on the basis of a 360-day year and the actual number of days
      elapsed in each Accrual Period. With respect to each outstanding Class of Notes,
      the Trust Administrator shall determine LIBOR for each applicable Accrual Period
      on the second LIBOR Business Day prior thereto, in accordance with the
      provisions of the Sale and Servicing Agreement. All interest payments on each
      Class of Notes shall be made in the order provided for in Section [6.02] of
      the
      Sale and Servicing Agreement. Any installment of interest or principal payable
      on any Note shall be paid on the applicable Payment Date to the Person in whose
      name such Note (or one or more Predecessor Notes) is registered on the Record
      Date by check mailed first-class postage prepaid to such Person’s address as it
      appears on the Note Register on such Record Date or, upon written request made
      to the Note Registrar and the Paying Agent at least [five] Business Days prior
      to the related Record Date, by the Holder of a Note having an initial Note
      Principal Amount of not less than $[2,500,000] by wire transfer in immediately
      available funds to an account specified in the request and at the expense of
      such Noteholder, except that, unless Definitive Notes have been issued pursuant
      to Section 2.12, with respect to Notes registered on the Record Date in the
      name
      of the nominee of the Clearing Agency (initially, such nominee to be Cede &
Co.), payment will be made by wire transfer in immediately available funds
      to
      the account designated by such nominee, except for the final installment of
      principal payable with respect to such Note on a Payment Date or on the
      applicable Maturity Date for such Class of Notes (and except for the Termination
      Price for any Note called for redemption pursuant to Section 10.01), which
      shall
      be payable as provided below. The funds represented by any such checks returned
      undelivered shall be held in accordance with Section 3.03.

     

    (b)  The
      principal of the Notes shall be payable in installments on each Payment Date
      as
      provided herein and in the Notes, subject to Section 3.01. Notwithstanding
      the
      foregoing, the entire unpaid principal amount of the Notes shall be due and
      payable, if not previously paid, on the date on which an Event of Default shall
      have occurred and be continuing, or if the Indenture Trustee or Holders of
      the
      Notes representing not less than a majority of the Outstanding Balance of the
      Priority Class Notes have declared the Notes to be immediately due and payable
      in the manner provided in Section 5.02. All principal payments on a Class of
      Notes shall be made in accordance with Section [6.02] of the Sale and Servicing
      Agreement. The Trust Administrator shall notify the Person in whose name a
      Note
      is registered at the close of business on the Record Date preceding the Payment
      Date on which the Issuer expects that the final installment of principal of
      and
      interest on such Note will be paid. Such notice shall be mailed or transmitted
      by facsimile no later than [five] Business Days prior to such final Payment
      Date
      and shall specify that such final installment will be payable only upon
      presentation and surrender of such Note and shall specify the place where such
      Note may be presented and surrendered for payment of such installment. Notices
      in connection with redemptions of Notes shall be mailed to Noteholders as
      provided in Section 10.02.

     

    Section
      2.08.   Cancellation.
      All
      Notes surrendered for payment, registration of transfer, exchange or redemption
      shall, if surrendered to any Person other than the Trust Administrator, be
      delivered to the Trust Administrator and shall be promptly cancelled by the
      Trust Administrator. The Issuer may at any time deliver to the Note Registrar
      for cancellation any Notes previously authenticated and delivered hereunder
      which the Issuer may have acquired in any manner whatsoever, and all Notes
      so
      delivered shall be promptly cancelled by the Trust Administrator. No Notes
      shall
      be authenticated in lieu of or in exchange for any Notes cancelled as provided
      in this Section, except as expressly permitted by this Indenture. All cancelled
      Notes may be held or disposed of by the Note Registrar in accordance with its
      standard retention or disposal policy as in effect at the time unless the Issuer
      shall direct by an Issuer Order that they be destroyed or returned to it;
      provided, that such Issuer Order is timely and the Notes have not been
      previously disposed of by the Trust Administrator.

     

    Section
      2.09.   Release
      of Collateral.
      (a)
      Except
      as otherwise provided in subsections (b) and (c) of this Section and the terms
      of the Operative Agreements, the Indenture Trustee shall release property from
      the lien of this Indenture only upon receipt by it of an Issuer Request
      accompanied by (i) an Officer’s Certificate, (ii) an Opinion of Counsel, (iii)
      certificates in accordance with TIA Sections 314(c) and (d)(1), and (iv)(A)
      Independent Certificates in accordance with TIA Sections 314(c) and 314(d)(1)
      or
      (B) an Opinion of Counsel in lieu of such Independent Certificates to the effect
      that the TIA does not require any such Independent Certificates; provided that
      no such Independent Certificates or Opinion of Counsel in lieu of such
      Independent Certificates shall be necessary in respect of property released
      from
      the lien of the Indenture in accordance with the provisions hereof if such
      property consists solely of cash.

     

    (b)  The
      Servicer, on behalf of the Issuer, shall be entitled to obtain a release from
      the lien of this Indenture for any Mortgage Loan and the Mortgaged Property
      at
      any time (i) after a payment by the Seller or the Issuer of the Purchase Price
      of the Mortgage Loan, (ii) after a Qualifying Substitute Mortgage Loan is
      substituted for such Mortgage Loan and payment of the Substitution Amount,
      if
      any, (iii) after liquidation of the Mortgage Loan in accordance with the Sale
      and Servicing Agreement and the deposit of all Liquidation Proceeds and
      Insurance Proceeds in the Collection Account, (iv) upon the termination of
      a
      Mortgage Loan (due to, among other causes, a prepayment in full of the Mortgage
      Loan and sale or other disposition of the related Mortgaged Property), or (v)
      as
      contemplated by Section [9.02] of the Sale and Servicing Agreement.

     

    Section
      2.10.   Book-Entry
      Notes.
      Each
      Class of Notes will be issued in the form of typewritten Notes or Global
      Securities representing the Book-Entry Notes, to be delivered to, or to the
      Trust Administrator as custodian for, the initial Clearing Agency, by, or on
      behalf of, the Issuer. The Book-Entry Notes shall be registered initially on
      the
      Note Register in the name of Cede & Co., the nominee of the initial Clearing
      Agency, and no Owner thereof will receive a Definitive Note representing such
      Note Owner’s interest in such Note, except as provided in Section 2.12. Unless
      and until definitive, fully registered Notes (the “Definitive Notes”) have been
      issued to such Note Owners pursuant to Section 2.12:

     

    (i)  the
      provisions of this Section shall be in full force and effect;

     

    (ii)  the
      Note
      Registrar, the Indenture Trustee and the Trust Administrator shall be entitled
      to deal with the Clearing Agency for all purposes of this Indenture (including
      the payment of principal of and interest on the Notes and the giving of
      instructions or directions hereunder) as the sole holder of the Notes, and
      shall
      have no obligation to the Note Owners;

     

    (iii)  to
      the
      extent that the provisions of this Section conflict with any other provisions
      of
      this Indenture, the provisions of this Section shall control;

     

    (iv)  the
      rights of Note Owners shall be exercised only through the Clearing Agency and
      shall be limited to those established by law and agreements between such Note
      Owners and the Clearing Agency and/or the Clearing Agency Participants pursuant
      to the Note Depository Agreement. Unless and until Definitive Notes are issued
      pursuant to Section 2.12, the Note Registrar shall not register any transfer
      of
      a beneficial interest in a Book-Entry Note; and the initial Clearing Agency
      will
      make book entry transfers among the Clearing Agency Participants and receive
      and
      transmit payments of principal of and interest on the Notes to such Clearing
      Agency Participants; and

     

    (v)  whenever
      this Indenture requires or permits actions to be taken based upon instructions
      or directions of Holders of Notes evidencing a specified percentage of the
      Outstanding Balance of the Notes (or the Priority Class Notes), the Clearing
      Agency shall be deemed to represent such percentage only to the extent that
      it
      has received instructions to such effect from Note Owners and/or Clearing Agency
      Participants owning or representing, respectively, such required percentage
      of
      the beneficial interest in the Notes and has delivered such instructions to
      the
      Indenture Trustee or the Trust Administrator, as the case may be.

     

    Section
      2.11.   Notices
      to Clearing Agency.
      Whenever a notice or other communication to the Noteholders is required under
      this Indenture, unless and until Definitive Notes shall have been issued to
      such
      Note Owners pursuant to Section 2.12, the Trust Administrator shall give all
      such notices and communications specified herein to be given to Holders of
      the
      Notes to the Clearing Agency, and shall have no obligation to such Note
      Owners.

     

    Section
      2.12.   Definitive
      Notes.
      If (i)
      the Clearing Agency is no longer willing or able to properly discharge its
      responsibilities with respect to the Book-Entry Notes and the Depositor is
      unable to locate a qualified successor or (ii) after the occurrence of an Event
      of Default hereunder, Note Owners of the Book-Entry Notes representing
      beneficial interests aggregating not less than [50]% of the Outstanding Balance
      of the Book-Entry Notes advise the Clearing Agency and the Trust Administrator
      in writing that the continuation of a book entry system through the Clearing
      Agency is no longer in the best interests of such Note Owners, then the Trust
      Administrator shall direct the Clearing Agency to notify all Note Owners and
      the
      Note Registrar of the occurrence of any such event and of the availability
      of
      Definitive Notes for their Book-Entry Notes. Upon surrender to the Note
      Registrar of the typewritten Notes representing the Book-Entry Notes by the
      Clearing Agency, accompanied by registration instructions, the Issuer shall
      execute and the Note Registrar shall authenticate the Definitive Notes in
      accordance with the instructions of the Clearing Agency. None of the Issuer,
      the
      Note Registrar, Trust Administrator or the Indenture Trustee shall be liable
      for
      any delay in delivery of such instructions and may conclusively rely on, and
      shall be protected in relying on, such instructions. Upon the issuance of
      Definitive Notes, the Indenture Trustee and the Trust Administrator shall
      recognize the Holders of the Definitive Notes as Noteholders.

     

    Section
      2.13.   Tax
      Treatment.
      The
      Issuer has entered into this Indenture, and the Notes will be issued, with
      the
      intention that, for federal, state and local income, single business and
      franchise tax purposes, the Notes (other than the Retained Notes) will qualify
      as indebtedness of the Issuer secured by the Collateral. The Issuer, by entering
      into this Indenture, and each Noteholder, by its acceptance of a Note (and
      each
      Note Owner by its acceptance of an interest in the applicable Book-Entry Note),
      agree to treat the Notes for federal, state and local income, single business
      and franchise tax purposes as indebtedness of the Issuer.

     

    ARTICLE
      THREE

     

    COVENANTS

     

    Section
      3.01.   Payment
      of Principal and Interest.
      The
      Issuer will duly and punctually pay (or will cause to be duly and punctually
      paid) the principal of and interest on the Notes in accordance with the terms
      of
      the Notes and this Indenture. Amounts properly withheld under the Code by any
      Person from a payment to any Noteholder of interest and/or principal shall
      be
      considered as having been paid by the Issuer to such Noteholder for all purposes
      of this Indenture.

     

    The
      Notes
      shall be non-recourse obligations of the Issuer and shall be limited in right
      of
      payment to amounts available from the Collateral as provided in this Indenture.
      The Issuer shall not otherwise be liable for payments of the Notes, and none
      of
      the owners, agents, officers, directors, employees, or successors or assigns
      of
      the Issuer shall be personally liable for any amounts payable, or performance
      due, under the Notes or this Indenture. If any other provision of this Indenture
      shall be deemed to conflict with the provisions of this Section 3.01, the
      provisions of this Section 3.01 shall control.

     

    Section
      3.02.   Maintenance
      of Office or Agency.
      The
      Note Registrar on behalf of the Issuer will maintain an office or agency where
      Notes may be surrendered for registration of transfer or exchange, and where
      notices and demands to or upon the Issuer in respect of the Notes and this
      Indenture may be served.

     

    Section
      3.03.   Money
      for Payments to be Held in Trust.
      As
      provided in Section 8.02, all payments of amounts due and payable with respect
      to any Notes that are to be made from amounts withdrawn from the Collection
      Account pursuant to Article [VI] of the Sale and Servicing Agreement shall
      be
      made on behalf of the Issuer by the Trust Administrator or by another Paying
      Agent, and no amounts so withdrawn from the such account for payments of Notes
      shall be paid over to the Issuer except as provided in this
      Section.

     

    On
      or
      before the Business Day preceding each Payment Date, the Issuer shall deposit
      or
      cause to be deposited in the Collection Account an aggregate sum sufficient
      to
      pay the amounts then becoming due under the Notes, such sum to be held in trust
      for the benefit of the Persons entitled thereto, and (unless the Paying Agent
      is
      the Trust Administrator) shall promptly notify the Trust Administrator of its
      action or failure so to act.

     

    The
      Trust
      Administrator is hereby appointed the initial Paying Agent. Any successor Paying
      Agent shall be appointed by Issuer Order with written notice thereof to the
      Indenture Trustee and the Trust Administrator. Any Paying Agent appointed by
      the
      Issuer shall be a Person that would be eligible to be Trust Administrator
      hereunder as provided in Section 6.11. The Issuer shall not appoint any Paying
      Agent (other than the Trust Administrator) which is not, at the time of such
      appointment, a Depository Institution.

     

    The
      Issuer shall cause each Paying Agent other than the Trust Administrator, as
      initial Paying Agent, to execute and deliver to the Indenture Trustee and the
      Trust Administrator an instrument in which such Paying Agent shall agree with
      the Indenture Trustee (and if the Trust Administrator acts as Paying Agent,
      it
      hereby so agrees), subject to the provisions of this Section, that such Paying
      Agent will:

     

    (i)  hold
      all
      sums held by it for the payment of amounts due with respect to the Notes in
      trust for the benefit of the Persons entitled thereto until such sums shall
      be
      paid to such Persons or otherwise disposed of as herein provided and in the
      Sale
      and Servicing Agreement and pay such sums to such Persons as herein
      provided;

     

    (ii)  give
      the
      Indenture Trustee notice of any default by the Issuer of which the Paying Agent
      has actual knowledge in the making of any payment required to be made with
      respect to the Notes;

     

    (iii)  at
      any
      time during the continuance of any such default, upon the written request of
      the
      Indenture Trustee, forthwith pay to the Trust Administrator all sums so held
      in
      trust by such Paying Agent;

     

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

     

    (v)  comply
      with all requirements of the Code with respect to the withholding from any
      payments made by it on any Notes of any applicable withholding taxes imposed
      thereon and with respect to any applicable reporting requirements in connection
      therewith; provided,
      however,
      that
      with respect to reporting requirements applicable to original issue discount,
      the accrual of market discount or the amortization of premium on the Notes,
      the
      Depositor shall have first provided the calculations pertaining thereto and
      the
      amount of any resulting withholding taxes to the Trust Administrator and the
      Paying Agent.

     

    The
      Issuer may at any time, for the purpose of obtaining the satisfaction and
      discharge of this Indenture or for any other purpose, by Issuer Order direct
      any
      Paying Agent to pay to the Trust Administrator all sums held in trust by such
      Paying Agent, such sums to be held by the Trust Administrator upon the same
      trusts as those upon which the sums were held by such Paying Agent; and upon
      such payment by any Paying Agent to the Trust Administrator, such Paying Agent
      shall be released from all further liability with respect to such
      money.

     

    Subject
      to applicable laws with respect to escheat of funds, any money held by the
      Trust
      Administrator or any Paying Agent in trust for the payment of any amount due
      with respect to any Note and remaining unclaimed for two years after such amount
      has become due and payable shall be discharged from such trust and be paid
      to
      the Issuer on Issuer Request; and the Holder of such Note shall thereafter,
      as
      an unsecured general creditor, look only to the Issuer for payment thereof
      (but
      only to the extent of the amounts so paid to the Issuer), and all liability
      of
      the Trust Administrator or such Paying Agent with respect to such trust money
      shall thereupon cease; provided,
      however,
      that the
      Trust Administrator or such Paying Agent, before being required to make any
      such
      repayment, shall at the expense and direction of the Issuer cause to be
      published once, in a newspaper published in the English language, customarily
      published on each Business Day and of general circulation in The City of New
      York (including, but not limited to, The
      Wall Street Journal),
      notice
      that such money remains unclaimed and that, after a date specified therein,
      which shall not be less than [30] days from the date of such publication, any
      unclaimed balance of such money then remaining will be repaid to the Issuer.
      The
      Trust Administrator or Paying Agent shall also adopt and employ, at the expense
      and direction of the Issuer, any other reasonable means of notification of
      such
      repayment (including, but not limited to, mailing notice of such repayment
      to
      Holders whose Notes have been called but have not been surrendered for
      redemption or whose right to or interest in moneys due and payable but not
      claimed is determinable from the records of the Trust Administrator or of any
      Paying Agent, at the last address of record for each such Holder).

     

    Section
      3.04.   Existence.
      (a)
      The
      Issuer will keep in full effect its existence, rights and franchises as a
      statutory trust under the laws of the State of Delaware (unless it becomes,
      or
      any successor Issuer hereunder is or becomes, organized under the laws of any
      other State or of the United States of America, in which case the Issuer will
      keep in full effect its existence, rights and franchises under the laws of
      such
      other jurisdiction) and will obtain and preserve its qualification to do
      business in each jurisdiction in which such qualification is or shall be
      necessary to protect the validity and enforceability of this Indenture, the
      Notes, the Collateral and each other instrument or agreement included in the
      Collateral.

     

    (b)  Any
      successor to the Owner Trustee appointed pursuant to Section 9.03 of the Trust
      Agreement shall be the successor Owner Trustee under this Indenture without
      the
      execution or filing of any paper, instrument or further act to be done on the
      part of the parties hereto.

     

    (c)  Upon
      any
      consolidation or merger of or other succession to the Owner Trustee, the Person
      succeeding to the Owner Trustee under the Trust Agreement may exercise every
      right and power of the Owner Trustee under this Indenture with the same effect
      as if such Person had been named as the Owner Trustee herein.

     

    Section
      3.05.   Protection
      of Collateral.
      The
      Issuer will from time to time execute, deliver and file all such supplements
      and
      amendments hereto and all such financing statements, continuation statements,
      instruments of further assurance and other instruments, and will take such
      other
      action necessary or advisable to:

     

    (i)  maintain
      or preserve the lien and security interest (and the priority thereof) of this
      Indenture or carry out more effectively the purposes hereof,

     

    (ii)  perfect,
      publish notice of or protect the validity of any Grant made or to be made by
      this Indenture;

     

    (iii)  enforce
      any rights with respect to the Collateral; or

     

    (iv)  preserve
      and defend title to the Collateral and the rights of the Indenture Trustee
      and
      the Noteholders in such Collateral against the claims of all persons and
      parties.

     

    The
      Issuer hereby designates the Trust Administrator as its agent and attorney
      in
      fact to prepare and file amendments, if a Responsible Officer of the Trust
      Administrator has actual knowledge of a need to amend, and to prepare and file
      continuation statements or other instruments required to be filed pursuant
      to
      this Section 3.05 and hereby authorizes it to file in any filing office such
      amendment to financing statement, or continuation statement required to be
      filed
      pursuant to this Section 3.05.

     

    Section
      3.06.   Opinions
      as to Collateral.
      On the
      Closing Date, the Issuer shall furnish to the Trust Administrator and the
      Indenture Trustee an Opinion of Counsel to the effect that either, in the
      opinion of such counsel, such action has been taken with respect to the
      recording and filing of this Indenture, any indentures supplemental hereto,
      and
      any other requisite documents, and with respect to the execution and filing
      of
      any financing statements and continuation statements, as are necessary to make
      effective the lien and security interest of this Indenture, or stating that,
      in
      the opinion of such counsel, no such action is necessary to make such lien
      and
      security interest effective.

     

    Section
      3.07.   Performance
      of Obligations.
      (a)
      The
      Issuer will not take any action and will use its best efforts not to permit
      any
      action to be taken by others that would release any Person from any of such
      Person’s material covenants or obligations under any instrument or agreement
      included in the Collateral or that would result in the amendment, hypothecation,
      subordination, termination or discharge of, or impair the validity or
      effectiveness of, any such instrument or agreement, except as expressly provided
      in this Indenture, the Sale and Servicing Agreement or such other instrument
      or
      agreement.

     

    (b)  The
      Issuer may contract with other Persons to assist it in performing its duties
      under this Indenture, and any performance of such duties by a Person identified
      to the Indenture Trustee in an Officer’s Certificate of the Issuer shall be
      deemed to be action taken by the Issuer. Initially, the Issuer has contracted
      with the Trust Administrator pursuant to the Sale and Servicing Agreement to
      assist the Issuer in performing certain of its duties under this
      Indenture.

     

    (c)  The
      Issuer will punctually perform and observe all of its obligations and agreements
      contained in this Indenture, the Operative Agreements and in the instruments
      and
      agreements included in the Collateral, including but not limited to filing
      or
      causing to be filed all financing statements and continuation statements
      required to be filed by the terms of this Indenture and the Sale and Servicing
      Agreement in accordance with and within the time periods provided for herein
      and
      therein.

     

    (d)  If
      a
      responsible officer of the Owner Trustee shall have written notice or actual
      knowledge of the occurrence of an Event of Default under the Sale and Servicing
      Agreement, the Issuer shall promptly notify the Indenture Trustee and each
      Rating Agency thereof.

     

    (e)  As
      promptly as possible after the giving of notice of termination to the Servicer
      of the Servicer’s rights and powers pursuant to Section [8.01(a)] of the Sale
      and Servicing Agreement, the Indenture Trustee shall proceed in accordance
      with
      Section [8.01] and [8.02] of the Sale and Servicing Agreement

     

    (f)  Without
      derogating from the absolute nature of the assignment granted to the Indenture
      Trustee under this Indenture or the rights of the Indenture Trustee hereunder,
      the Issuer agrees (i) that it will not, without the prior written consent of
      the
      Holders of at least a majority in Outstanding Balance of the Notes affected
      thereby, amend, modify, waive, supplement, terminate or surrender, or agree
      to
      any amendment, modification, supplement, termination, waiver or surrender of,
      the terms of any Collateral or the Operative Agreements (except to the extent
      otherwise provided in any such Operative Agreement), or waive timely performance
      or observance by the Trust Administrator, Servicer or the Depositor of its
      respective duties under the Sale and Servicing Agreement; and (ii) that any
      such
      amendment shall not (A) increase or reduce in any manner the amount of, or
      accelerate or delay the timing of, payments that are required to be made for
      the
      benefit of the Noteholders or (B) reduce the aforesaid percentage of the Notes
      that is required to consent to any such amendment, without the consent of the
      Holders of all the Outstanding Notes affected thereby. If any such amendment,
      modification, supplement or waiver shall be so consented to by such Holders,
      the
      Issuer agrees, promptly following a request by the Indenture Trustee to do
      so,
      to execute and deliver, in its own name and at its own expense, such agreements,
      instruments, consents and other documents as the Indenture Trustee may deem
      necessary or appropriate in the circumstances.

     

    Section
      3.08.   Negative
      Covenants.
      So long
      as any Notes are Outstanding, the Issuer shall not:

     

    (i)  except
      as
      expressly permitted by this Indenture or the Sale and Servicing Agreement,
      sell,
      transfer, exchange or otherwise dispose of any of the properties or assets
      of
      the Issuer, including those included in the Collateral;

     

    (ii)  claim
      any
      credit on, or make any deduction from the principal or interest payable in
      respect of, the Notes (other than amounts properly withheld from such payments
      under the Code) or assert any claim against any present or former Noteholder
      by
      reason of the payment of the taxes levied or assessed upon any part of the
      Collateral;

     

    (iii)  (A)
      permit the validity or effectiveness of this Indenture to be impaired, or permit
      the lien of this Indenture to be amended, hypothecated, subordinated, terminated
      or discharged, or permit any Person to be released from any covenants or
      obligations with respect to the Notes under this Indenture except as may be
      expressly permitted hereby, (B) permit any lien, charge, excise, claim, security
      interest, mortgage or other encumbrance (other than the lien of this Indenture)
      to be created on or extend to or otherwise arise upon or burden the Collateral
      or any part thereof or any interest therein or the proceeds thereof (other
      than
      tax liens, mechanics’ liens and other liens that arise by operation of law, in
      each case with respect to any Collateral and arising solely as a result of
      an
      action or omission of a Borrower or as otherwise permitted in the Sale and
      Servicing Agreement) or (C) permit the lien of this Indenture not to constitute
      a valid first priority (other than with respect to any such tax, mechanics’ or
      other lien) or as otherwise permitted in the Sale and Servicing Agreement)
      security interest in the Collateral;

     

    (iv)  dissolve
      or liquidate in whole or in part or merge or consolidate with any other
      Person;

     

    (v)  remove
      the Trust Administrator without cause unless the Rating Agency Condition shall
      have been satisfied in connection with such removal;

     

    (vi)  [take
      any
      other action or fail to take any action that would jeopardize the status of
      the
      Holder of the Ownership Certificate as a REIT, Qualified REIT Subsidiary or
      Disregarded Entity under the Code or result in an imposition of tax on the
      Issuer]; or

     

    (vii)  except
      with the prior written consent of the Noteholders, take any action described
      in
      Section 5.06 of the Trust Agreement.

     

    Section
      3.09.   Annual
      Statement as to Compliance.
      The
      Issuer will deliver to the Indenture Trustee, within [120] days after the end
      of
      each fiscal year of the Issuer (commencing with the fiscal year 200_), an
      Officer’s Certificate stating, as to the Authorized Officer signing such
      Officer’s Certificate, that:

     

    (i)  a
      review
      of the activities of the Issuer during such year and of its performance under
      this Indenture has been made under such Authorized Officer’s supervision;
      and

     

    (ii)  to
      the
      best of such Authorized Officer’s knowledge, based on such review, the Issuer
      has complied with all conditions and covenants under this Indenture throughout
      such year or, if there has been a default in its compliance with any such
      condition or covenant, specifying each such default known to such Authorized
      Officer and the nature and status thereof.

     

    Section
      3.10.   Treatment
      of Notes as Debt for Tax Purposes.
      The
      Issuer shall, and shall cause the Trust Administrator and the Servicer to,
      treat
      the Notes as indebtedness for all federal, state and local income, single
      business, and franchise tax purposes.

     

    Section
      3.11.   [Reserved]

     

    Section
      3.12.   No
      Other Business.
      The
      Issuer shall not engage in any business other than financing, purchasing,
      owning, selling and managing the Collateral in the manner contemplated by this
      Indenture and the Operative Agreements and activities incidental
      thereto.

     

    Section
      3.13.   No
      Borrowing.
      The
      Issuer shall not issue, incur, assume, guarantee or otherwise become liable,
      directly or indirectly, for any indebtedness other than the Notes.

     

    Section
      3.14.   [Reserved].

     

    Section
      3.15.   Guarantees,
      Loans, Advances and Other Liabilities.
      Except
      as contemplated by the Sale and Servicing Agreement or this Indenture, the
      Issuer shall not make any loan or advance or credit to, or guarantee (directly
      or indirectly or by an instrument having the effect of assuring another’s
      payment or performance on any obligation or capability of so doing or
      otherwise), endorse or otherwise become contingently liable, directly or
      indirectly, in connection with the obligations, stocks or dividends of, or
      own,
      purchase, repurchase or acquire (or agree contingently to do so) any stock,
      obligations, assets or securities of, or any other interest in, or make any
      capital contribution to, any other Person.

     

    Section
      3.16.   Capital
      Expenditures.
      The
      Issuer shall not make any expenditure (by long-term or operating lease or
      otherwise) for capital assets (either realty or personalty).

     

    Section
      3.17.   Removal
      of Trust Administrator.
      So long
      as any Notes are Outstanding, the Issuer shall not remove the Trust
      Administrator without cause unless the Issuer has received a letter from each
      Rating Agency to the effect that such removal will not cause the then current
      ratings on the Notes to be qualified, reduced or withdrawn.

     

    Section
      3.18.   Restricted
      Payments.
      The
      Issuer shall not, directly or indirectly, (i) pay any dividend or make any
      payment (by reduction of capital or otherwise), whether in cash, property,
      securities or a combination thereof, to the Owner Trustee or any owner of a
      beneficial interest in the Issuer or otherwise with respect to any ownership
      or
      equity interest or security in or of the Issuer, (ii) redeem, purchase, retire
      or otherwise acquire for value any such ownership or equity interest or security
      or (iii) set aside or otherwise segregate any amounts for any such purpose;
      provided,
      however,
      the
      Issuer may make, or cause to be made, payments and distributions as contemplated
      by, and to the extent funds are available for such purpose under, the Sale
      and
      Servicing Agreement, this Indenture or the Trust Agreement. The Issuer will
      not,
      directly or indirectly, make payments to or from the Collection Account except
      in accordance with this Indenture and the Operative Agreements.

     

    Section
      3.19.   Notice
      of Events of Default.
      The
      Issuer shall promptly, and in no event more than [three] Business Days following
      such event, give the Indenture Trustee, Trust Administrator and each Rating
      Agency written notice of each Event of Default hereunder, and each default
      on
      the part of the Trust Administrator, Servicer or the Depositor of its
      obligations under the Sale and Servicing Agreement, to the extent a responsible
      officer of the Owner Trustee shall have written notice or actual knowledge
      thereof.

     

    Section
      3.20.   Further
      Instruments and Acts.
      Upon
      request of the Indenture Trustee or the Trust Administrator, the Issuer will
      execute and deliver such further instruments and do such further acts as may
      be
      reasonably necessary or proper to carry out more effectively the purpose of
      this
      Indenture.

     

    Section
      3.21.   Covenants
      of the Issuer.
      All
      covenants of the Issuer in this Indenture are covenants of the Issuer and are
      not covenants of the Owner Trustee in its individual capacity. The Owner Trustee
      is, and any successor Owner Trustee under the Trust Agreement will be, entering
      into this Indenture on behalf of the Issuer solely as Owner Trustee under the
      Trust Agreement and not in its respective individual capacity, and in no case
      whatsoever shall the Owner Trustee or any such successor Owner Trustee be
      personally liable on, or for any loss in respect of, any of the statements,
      representations, warranties or obligations of the Issuer hereunder, as to all
      of
      which the parties hereto agree to look solely to the property of the
      Issuer.

     

    Section
      3.22.   Representations
      and Warranties of the Issuer.
      (a)
      With
      respect to the Mortgage Notes, the Issuer represents and warrants
      that:

     

    (i)  This
      Indenture creates a valid and continuing security interest (as defined in the
      applicable Uniform Commercial Code (the “UCC”) in the Mortgage Notes in favor of
      the Indenture Trustee, which security interest is prior to all other liens,
      and
      is enforceable as such against creditors of and purchasers from the
      Issuer;

     

    (ii)  The
      Mortgage Notes constitute “instruments” within the meaning of the applicable
      UCC;

     

    (iii)  The
      Issuer owns and has good title to the Mortgage Notes free and clear of any
      lien,
      claim or encumbrance of any Person;

     

    (iv)  The
      Issuer has received all consents and approvals required by the terms of the
      Mortgage Notes to the pledge of the Mortgage Notes hereunder to the Indenture
      Trustee;

     

    (v)  All
      original executed copies of each Mortgage Note have been or will be delivered
      to
      the Indenture Trustee (or its custodian), as set forth in the Sale and Servicing
      Agreement;

     

    (vi)  The
      Issuer has received a written acknowledgement from the Indenture Trustee (or
      its
      custodian) that it is holding the Mortgage Notes solely on behalf and for the
      benefit of the Indenture Trustee;

     

    (vii)  Other
      than the security interest granted to the Indenture Trustee pursuant to this
      Indenture, the Issuer has not pledged, assigned, sold, granted a security
      interest in, or otherwise conveyed any of the Mortgage Notes. The Issuer has
      not
      authorized the filing of and is not aware of any financing statements against
      the Issuer that include a description of the collateral covering the Mortgage
      Notes other than a financing statement relating to the security interest granted
      to the Indenture Trustee hereunder or that has been terminated. The Issuer
      is
      not aware of any judgment or tax lien filings against the Issuer;
      and

     

    (viii)  None
      of
      the Mortgage Notes has any marks or notations indicating that they have been
      pledged, assigned or otherwise conveyed to any Person other than the Indenture
      Trustee.

     

    (b)  The
      representations and warranties set forth in this Section 3.22 shall survive
      the
      Closing Date and shall not be waived.

     

    ARTICLE
      FOUR

     

    SATISFACTION
      AND DISCHARGE

     

    Section
      4.01.   Satisfaction
      and Discharge of Indenture.
      This
      Indenture shall cease to be of further effect with respect to the Notes, except
      as to (i) rights of registration of transfer and exchange, (ii) substitution
      of
      mutilated, destroyed, lost or stolen Notes, (iii) rights of Noteholders to
      receive payments of principal thereof and interest thereon, (iv) Sections 3.03,
      3.04, 3.05, 3.08, 3.12 and 3.13, (v) the rights, obligations and immunities
      of
      the Indenture Trustee hereunder (including the rights of the Indenture Trustee
      under Section 6.07), (vi) the rights, obligations and immunities of the Trust
      Administrator hereunder (including the obligations of the Trust Administrator
      under Section 4.02) and (vii) the rights of Noteholders as beneficiaries hereof
      with respect to the property so deposited with the Trust Administrator payable
      to all or any of them, and the Indenture Trustee, on demand of and at the
      expense of the Issuer, shall execute proper instruments acknowledging
      satisfaction and discharge of this Indenture with respect to the Notes, when
      either (I) the Sale and Servicing Agreement has been terminated pursuant to
      Section [9.01] thereof or (II)

     

    	(A)  	
            either

          

     

    (1)  all
      Notes
      theretofore authenticated and delivered (other than (i) Notes that have been
      destroyed, lost or stolen and that have been replaced or paid as provided in
      Section 2.05 and (ii) Notes for whose payment money has theretofore been
      deposited in trust or segregated and held in trust by the Issuer and thereafter
      repaid to the Issuer or discharged from such trust, as provided in Section
      3.03)
      have been delivered to the Trust Administrator for cancellation; or

     

    (2)  all
      Notes
      not theretofore delivered to the Trust Administrator for
      cancellation

     

    a.  have
      become due and payable,

     

    b.  will
      become due and payable at the applicable Maturity Date within one year,
      or

     

    c.  are
      to be
      called for redemption within one year under arrangements satisfactory to the
      Trust Administrator for the giving of notice of redemption by the Trust
      Administrator in the name, and at the expense, of the Issuer,

     

    and
      the
      Issuer, in the case of a., b. or c. above, has irrevocably deposited or caused
      to be irrevocably deposited with the Trust Administrator cash or direct
      obligations of or obligations guaranteed by the United States of America (which
      will mature prior to the date such amounts are payable), in trust for such
      purpose, in an amount sufficient to pay and discharge the entire indebtedness
      on
      such Notes not theretofore delivered to the Trust Administrator or Note
      Registrar for cancellation when due to the Maturity Date or Redemption Date
      (if
      the Notes are called for redemption pursuant to Section 10.01 hereof), as the
      case may be;

     

    	(B)  	
            the
              Issuer has paid or caused to be paid all other sums payable hereunder
              by
              the Issuer;

          

     

    	(C)  	
            the
              Issuer has delivered to the Indenture Trustee an Officer’s Certificate and
              an Opinion of Counsel (at the Issuer’s expense) and (if required by the
              TIA or the Indenture Trustee) an Independent Certificate from a firm
              of
              certified public accountants, each meeting the applicable requirements
              of
              Section 11.01 hereof and, subject to Section 11.02 hereof, each stating
              that all conditions precedent herein provided for relating to the
              satisfaction and discharge of this Indenture with respect to the Notes
              have been complied with; and

          

     

    	(D)  	
            the
              Issuer has delivered to each Rating Agency notice of such satisfaction
              and
              discharge.

          

     

    Section
      4.02.   Application
      of Trust Money.
      All
      moneys deposited with the Trust Administrator pursuant to Sections 3.03 and
      4.01
      hereof shall be held in trust and applied by it, in accordance with the
      provisions of the Notes and this Indenture, to the payment, either directly
      or
      through any Paying Agent, as the Trust Administrator may determine, to the
      Holders of the particular Notes for the payment or redemption of which such
      moneys have been deposited with the Trust Administrator, of all sums due and
      to
      become due thereon for principal and interest; but such moneys need not be
      segregated from other funds except to the extent required herein or in the
      Sale
      and Servicing Agreement or required by law.

     

    Section
      4.03.   Repayment
      of Moneys Held by Paying Agent.
      In
      connection with the satisfaction and discharge of this Indenture with respect
      to
      the Notes, all moneys then held by any Paying Agent other than the Trust
      Administrator under the provisions of this Indenture with respect to such Notes
      shall, upon demand of the Issuer, be paid to the Trust Administrator to be
      held
      and applied according to Section 3.03 and thereupon such Paying Agent shall
      be
      released from all further liability with respect to such moneys.

     

    Section
      4.04.   Trust
      Money Received by Indenture Trustee.
      If the
      Indenture Trustee receives any moneys in respect of the Collateral (other than
      with respect to any amounts in respect of any payments or reimbursements of
      fees, expenses or indemnity amounts properly owing to the Indenture Trustee
      pursuant to the terms of any of the Operative Agreements), the Indenture Trustee
      shall remit promptly such funds to the Trust Administrator.

     

    ARTICLE
      FIVE

     

    REMEDIES

     

    Section
      5.01.   Events
      of Default.
“Event
      of Default”, wherever used herein, means any one of the following events
      (whatever the reason for such Event of Default and whether it shall be voluntary
      or involuntary or be effected by operation of law or pursuant to any judgment,
      decree or order of any court or any order, rule or regulation of any
      administrative or governmental body):

     

    (i)  Default
      for one month or more in the payment of any Current Interest on the Notes when
      the same becomes due and payable under Section [6.02] of the Sale and Servicing
      Agreement;

     

    (ii)  failure
      to pay the entire principal of any Note when the same becomes due and payable
      under the Sale and Servicing Agreement or on the applicable Maturity
      Date;

     

    (iii)  failure
      to observe or perform any covenant or agreement of the Issuer made in this
      Indenture (other than a covenant or agreement, a default in the observance
      or
      performance of which is elsewhere in this Section specifically dealt with),
      or
      any representation or warranty of the Issuer made in this Indenture or in any
      certificate or other writing delivered pursuant hereto or in connection herewith
      proving to have been incorrect in any material respect as of the time when
      the
      same shall have been made, and such default shall continue or not be cured,
      or
      the circumstance or condition in respect of which such misrepresentation or
      warranty was incorrect shall not have been eliminated or otherwise cured, for
      a
      period of [30] days after there shall have been given, by registered or
      certified mail, to the Issuer by the Indenture Trustee or to the Issuer and
      the
      Indenture Trustee by the Holders of at least [25]% of the Outstanding Balance
      of
      the Notes, a written notice specifying such default or incorrect representation
      or warranty and requiring it to be remedied and stating that such notice is
      a
      notice of Default hereunder;

     

    (iv)  the
      filing of a decree or order for relief by a court having jurisdiction in the
      premises in respect of the Issuer or any substantial part of the Collateral
      in
      an involuntary case under any applicable federal or state bankruptcy, insolvency
      or other similar law now or hereafter in effect, or appointing a receiver,
      liquidator, assignee, custodian, trustee, sequestrator or similar official
      of
      the Issuer or for any substantial part of the Collateral, or ordering the
      winding up or liquidation of the Issuer’s affairs, and such decree or order
      shall remain unstayed and in effect for a period of [60] consecutive
      days;

     

    (v)  [the
      receipt of notice from the Holder of the Ownership Certificate to the Indenture
      Trustee of such Holder’s failure to qualify as a REIT, a Qualified REIT
      Subsidiary or a Disregarded Entity]; or

     

    (vi)  the
      commencement by the Issuer of a voluntary case under any applicable federal
      or
      state bankruptcy, insolvency or other similar law now or hereafter in effect,
      or
      the consent by the Issuer to the entry of an order for relief in an involuntary
      case under any such law, or the consent by the Issuer to the appointment or
      taking possession by a receiver, liquidator, assignee, custodian, trustee,
      sequestrator or similar official of the Issuer or for any substantial part
      of
      the Collateral, or the making by the Issuer of any general assignment for the
      benefit of creditors, or the failure by the Issuer generally to pay its debts
      as
      such debts become due, or the taking of any action by the Issuer in furtherance
      of any of the foregoing.

     

    The
      Issuer shall deliver to the Indenture Trustee, within [five] days after the
      occurrence thereof, written notice in the form of an Officer’s Certificate of
      any event which with the giving of notice and the lapse of time would become
      an
      Event of Default under clause (iii), its status and what action the Issuer
      is
      taking or proposes to take with respect thereto.

     

    Section
      5.02.   Acceleration
      of Maturity; Rescission and Annulment.
      If an
      Event of Default should occur and be continuing, then and in every such case
      the
      Indenture Trustee may, or shall, at the direction of the Holders of Notes
      representing not less than a majority of the Outstanding Balance of the Priority
      Class Notes, declare all the Notes to be immediately due and payable, by a
      notice in writing to the Issuer (and to the Indenture Trustee if given by
      Noteholders), and upon any such declaration the unpaid principal amount of
      such
      Notes, together with accrued and unpaid interest on the Notes through the date
      of acceleration, shall become immediately due and payable.

     

    At
      any
      time after such declaration of acceleration of maturity has been made and before
      a judgment or decree for payment of the money due has been obtained by the
      Indenture Trustee as hereinafter in this Article Five provided, the Holders
      of
      Notes representing a majority of the Outstanding Balance of the Priority Class
      Notes, by written notice to the Issuer and the Indenture Trustee, may rescind
      and annul such declaration and its consequences if:

     

    (i)  the
      Issuer has paid or deposited with the Trust Administrator a sum sufficient
      to
      pay:

     

    	(A)  	
            all
              payments of principal of and interest on all affected Priority Class
              Notes
              and all other amounts that would then be due hereunder or upon such
              Notes
              if the Event of Default giving rise to such acceleration had not occurred;
              and

          

     

    	(B)  	
            all
              sums paid or advanced by the Indenture Trustee hereunder and the
              reasonable compensation, expenses, disbursements and advances of the
              Indenture Trustee and its agents and counsel;
              and

          

     

    (ii)  all
      Events of Default, other than the nonpayment of the principal of the Notes
      that
      has become due solely by such acceleration, have been cured or waived as
      provided in Section 5.12.

     

    No
      such
      rescission shall affect any subsequent default or impair any right consequent
      thereto.

     

    The
      Holders of Non Priority Class Notes shall have no right to exercise any
      Noteholders’ rights referred to in this Article Five, except to the extent
      expressly provided herein.

     

    Section
      5.03.   Collection
      of Indebtedness and Suits for Enforcement by Indenture Trustee.
      (a)
      The
      Issuer covenants that if (i) default is made in the payment of any Current
      Interest on any Note when the same becomes due and payable, and such default
      continues for a period of [five] days, or (ii) default is made in the payment
      of
      the principal of any Note when the same becomes due and payable on the
      applicable Maturity Date, the Issuer will, upon demand of the Indenture Trustee,
      pay to the Trust Administrator, for the benefit of the Holders of the Notes,
      the
      whole amount then due and payable on such Notes for principal and interest,
      with
      interest on the overdue principal and, to the extent payment at such rate of
      interest shall be legally enforceable, on overdue installments of interest
      at
      the rate borne by the Notes and, in addition thereto, pay to the Indenture
      Trustee such further amount as shall be sufficient to cover the costs and
      expenses of collection, including the reasonable compensation, expenses,
      disbursements and advances of the Indenture Trustee and its agents and
      counsel.

     

    (b)  In
      case
      the Issuer shall fail forthwith to pay such amounts upon such demand, the
      Indenture Trustee, in its own name and as trustee of an express trust, may
      institute a Proceeding for the collection of the sums so due and unpaid, and
      may
      prosecute such Proceeding to judgment or final decree, and may enforce the
      same
      against the Issuer upon such Notes and collect in the manner provided by law
      out
      of the property of the Issuer upon such Notes, wherever situated, the moneys
      adjudged or decreed to be payable.

     

    (c)  If
      an
      Event of Default occurs and is continuing, the Indenture Trustee may, in its
      discretion, or shall, at the direction of the Holders of Priority Class Notes
      representing not less than a majority of the Outstanding Balance thereof, as
      more particularly provided in Section 5.04, proceed to protect and enforce
      its
      rights and the rights of the Noteholders, by such appropriate Proceedings as
      the
      Indenture Trustee shall deem most effective to protect and enforce any such
      rights, whether for the specific enforcement of any covenant or agreement in
      this Indenture or in aid of the exercise of any power granted herein, or to
      enforce any other proper remedy or legal or equitable right vested in the
      Indenture Trustee by this Indenture or by law.

     

    (d)  In
      case
      there shall be pending, relative to the Issuer or any other obligor upon the
      Notes or any Person having or claiming an ownership interest in the Collateral,
      Proceedings under Title 11 of the United States Code or any other applicable
      federal or state bankruptcy, insolvency or other similar law, or in case a
      receiver, assignee or trustee in bankruptcy or reorganization, or liquidator,
      sequestrator or similar official shall have been appointed for or taken
      possession of the Issuer or its property or such other obligor or Person, or
      in
      case of any other comparable judicial Proceedings relative to the Issuer or
      other obligor upon the Notes, or to the creditors or property of the Issuer
      or
      such other obligor, the Indenture Trustee, irrespective of whether the principal
      of any Notes shall then be due and payable as therein expressed or by
      declaration or otherwise and irrespective of whether the Indenture Trustee
      shall
      have made any demand pursuant to the provisions of this Section, shall be
      entitled and empowered, by intervention in such Proceedings or
      otherwise:

     

    (i)  to
      file
      and prove a claim or claims for the whole amount of principal and interest
      owing
      and unpaid in respect of the Notes and to file such other papers or documents
      as
      may be necessary or advisable in order to have the claims of the Indenture
      Trustee (including any claim for reasonable compensation to the Indenture
      Trustee and each predecessor Indenture Trustee, and their respective agents,
      attorneys and counsel, and for reimbursement of all expenses and liabilities
      incurred, and all advances made, by the Indenture Trustee and each predecessor
      Indenture Trustee, except as a result of negligence or bad faith) and of the
      Noteholders allowed in such Proceedings;

     

    (ii)  unless
      prohibited by applicable law and regulations, to vote on behalf of the Holders
      of Notes in any election of a trustee, a standby trustee or Person performing
      similar functions in any such Proceedings;

     

    (iii)  to
      collect and receive any moneys or other property payable or deliverable on
      any
      such claims and to distribute all amounts received with respect to the claims
      of
      the Noteholders and of the Indenture Trustee on their behalf; and

     

    (iv)  to
      file
      such proofs of claim and other papers or documents as may be necessary or
      advisable in order to have the claims of the Indenture Trustee or the Holders
      of
      Notes allowed in any Proceedings relative to the Issuer, its creditors and
      its
      property;

     

    and
      any
      trustee, receiver, liquidator, custodian or other similar official in any such
      Proceeding is hereby authorized by each of such Noteholders to make payments
      to
      the Trust Administrator and, in such event or in the event that the Indenture
      Trustee shall consent to the making of payments directly to such Noteholders,
      to
      pay to the Indenture Trustee such amounts as shall be sufficient to cover
      reasonable compensation to the Indenture Trustee, each predecessor Indenture
      Trustee and their respective agents, attorneys and counsel, and all other
      expenses and liabilities incurred by it or its agents, and all advances made,
      by
      the Indenture Trustee and each predecessor Indenture Trustee except as a result
      of negligence or bad faith.

     

    (e)  Nothing
      herein contained shall be deemed to authorize the Indenture Trustee to authorize
      or consent to or vote for or accept or adopt on behalf of any Noteholder any
      plan of reorganization, arrangement, adjustment or composition affecting the
      Notes or the rights of any Holder thereof or to authorize the Indenture Trustee
      to vote in respect of the claim of any Noteholder in any such proceeding except,
      as aforesaid, to vote for the election of a trustee in bankruptcy or similar
      Person.

     

    (f)  All
      rights of action and of asserting claims under this Indenture, or under any
      of
      the Notes, may be enforced by the Indenture Trustee without the possession
      of
      any of the Notes or the production thereof in any trial or other Proceedings
      relative thereto, and any such action or Proceedings instituted by the Indenture
      Trustee shall be brought in its own name as trustee of an express trust, and
      any
      recovery of judgment, subject to the payment of the expenses, disbursements
      and
      compensation of the Indenture Trustee, each predecessor Indenture Trustee and
      their respective agents and attorneys, shall be for the ratable benefit of
      the
      Holders of the Notes.

     

    (g)  In
      any
      Proceedings brought by the Indenture Trustee (and also any Proceedings involving
      the interpretation of any provision of this Indenture to which the Indenture
      Trustee shall be a party), the Indenture Trustee shall be held to represent
      all
      the Holders of the Notes, and it shall not be necessary to make any Noteholder
      a
      party to any such Proceedings.

     

    Section
      5.04.   Remedies;
      Priorities.
      (a)
      If an
      Event of Default shall have occurred and be continuing, the Indenture Trustee
      may, and at the direction of Holders of Priority Class Notes representing a
      majority of the Outstanding Balance thereof shall, do one or more of the
      following (subject to Section 5.05):

     

    (i)  institute
      Proceedings in its own name and as trustee of an express trust for the
      collection of all amounts then payable on the Notes or under this Indenture
      with
      respect thereto, whether by declaration or otherwise, enforce any judgment
      obtained and collect from the Issuer and any other obligor upon such Notes
      moneys adjudged due;

     

    (ii)  institute
      Proceedings from time to time for the complete or partial foreclosure of this
      Indenture with respect to the Collateral;

     

    (iii)  exercise
      any remedies of a secured party under the Relevant UCC and take any other
      appropriate action to protect and enforce the rights and remedies of the
      Indenture Trustee and the Holders of the Notes; and

     

    (iv)  sell
      the
      Collateral or any portion thereof or rights or interest therein, at one or
      more
      public or private sales called and conducted in any manner permitted by
      law;

     

    provided,
      however,
      that the
      Indenture Trustee may not sell or otherwise liquidate any Collateral following
      an Event of Default, other than an Event of Default described in Section
      5.01(a)(i) or (ii), unless (A) the Holders of [100]% of the Outstanding Balance
      of the Notes consent thereto or (B) the proceeds of such sale or liquidation
      distributable to the Noteholders are sufficient to discharge in full all amounts
      then due and unpaid upon such Notes for principal and interest or (C) the
      Indenture Trustee determines, based on information provided by the Trust
      Administrator, that the Collateral will not continue to provide sufficient
      funds
      for the payment of principal of and interest on the Notes as they would have
      become due if the Notes had not been declared due and payable, and the Indenture
      Trustee obtains the consent of Holders of [66-2/3]% of the Outstanding Balance
      of the Notes. In determining such sufficiency or insufficiency with respect
      to
      clauses (B) and (C), the Indenture Trustee may, but need not, obtain and rely
      upon an opinion of an Independent investment banking or accounting firm of
      national reputation as to the feasibility of such proposed action and as to
      the
      sufficiency of the Collateral for such purpose.

     

    (b)  If
      the
      Indenture Trustee collects any money or property pursuant to this Article Five,
      it shall pay out the money or property in the following order:

     

    first:
      to the
      Indenture Trustee, for any costs or expenses, including any reasonable
      out-of-pocket attorneys’ fees, incurred by it in connection with the enforcement
      of the remedies provided for in this Article Five and for any other unpaid
      amounts due to the Indenture Trustee hereunder, to the Trust Administrator
      for
      any amounts due and owing to it under the Sale and Servicing Agreement and
      to
      the Owner Trustee, to the extent of any fees and expenses due and owing to
      it
      (including pursuant to Section 7.03 of the Trust Agreement) and for any other
      unpaid amounts due to the Owner Trustee under the Sale and Servicing
      Agreement;

     

    second:
      to the
      Servicer for any Servicing Fees then due and unpaid and any unreimbursed
      Advances and other servicing advances;

     

    third:
      to the
      Notes, all accrued and unpaid interest thereon and amounts in respect of
      principal according to the priorities set forth in Section [6.02] of the Sale
      and Servicing Agreement; provided,
      however,
      that
      accrued and unpaid interest shall be paid to Noteholders of each Class of Notes
      before any payments in respect of principal; and

     

    fourth:
      to the
      Owner Trustee or its Paying Agent for any amounts to be distributed to the
      Holder of the Ownership Certificate.

     

    The
      Trust
      Administrator may fix a record date and payment date for any payment to
      Noteholders pursuant to this Section. At least [15] days before such record
      date, the Issuer shall mail to each Noteholder and the Indenture Trustee a
      notice that states the record date, the payment date and the amount to be
      paid.

     

    Section
      5.05.   Optional
      Preservation of the Collateral.
      If the
      Notes have been declared to be due and payable under Section 5.02 following
      an
      Event of Default and such declaration and its consequences have not been
      rescinded and annulled, the Indenture Trustee may, but need not, elect to
      maintain possession of the Collateral. It is the desire of the parties hereto
      and the Noteholders that there be at all times sufficient funds for the payment
      of principal of and interest on the Notes, and the Indenture Trustee shall
      take
      such desire into account when determining whether or not to maintain possession
      of the Collateral. In determining whether to maintain possession of the
      Collateral, the Indenture Trustee may, but need not, obtain and rely upon an
      opinion (at the expense of the Issuer) of an Independent investment banking
      or
      accounting firm of national reputation as to the feasibility of such proposed
      action and as to the sufficiency of the Collateral for such
      purpose.

     

    Section
      5.06.   Limitation
      of Suits.
      Other
      than as otherwise expressly provided herein in the case of an Event of Default,
      no Holder of any Note shall have any right to institute any Proceeding, judicial
      or otherwise, with respect to this Indenture, or for the appointment of a
      receiver or trustee, or for any other remedy hereunder, unless:

     

    (i)  such
      Holder has previously given written notice to the Indenture Trustee of a
      continuing Event of Default;

     

    (ii)  the
      Holders of not less than [25]% of the Outstanding Balance of the Notes have
      made
      written request to the Indenture Trustee to institute such Proceeding in respect
      of such Event of Default in its own name as Indenture Trustee
      hereunder;

     

    (iii)  such
      Holder or Holders have offered to the Indenture Trustee indemnity reasonably
      satisfactory to it against the costs, expenses and liabilities to be incurred
      in
      complying with such request;

     

    (iv)  the
      Indenture Trustee for [60] days after its receipt of such notice, request and
      offer of indemnity has failed to institute such Proceedings; and

     

    (v)  no
      direction inconsistent with such written request has been given to the Indenture
      Trustee during such [60] day period by the Holders of a majority of the
      Outstanding Balance of the Notes.

     

    It
      is
      understood and intended that no one or more Holders of Notes shall have any
      right in any manner whatever by virtue of, or by availing of, any provision
      of
      this Indenture to affect, disturb or prejudice the rights of any other Holders
      of Notes or to obtain or to seek to obtain priority or preference over any
      other
      Holders or to enforce any right under this Indenture, except in the manner
      herein provided.

     

    In
      the
      event the Indenture Trustee shall receive conflicting or inconsistent requests
      and indemnity from two or more groups of Holders of Notes, each representing
      less than a majority of the Outstanding Balance of the Notes, the Indenture
      Trustee shall take the action requested by the Holders of the largest percentage
      in Outstanding Balance of the Notes, notwithstanding any other provisions of
      this Indenture.

     

    Section
      5.07.   Unconditional
      Rights of Noteholders To Receive Principal and Interest.
      Notwithstanding any other provisions in this Indenture, the Holder of any Note
      shall have the right, which is absolute and unconditional, to receive payment
      of
      the principal of and interest, if any, on such Note on or after the respective
      due dates thereof expressed in such Note or in this Indenture (or, in the case
      of redemption, on or after the Redemption Date) and to institute suit for the
      enforcement of any such payment, and such right shall not be impaired without
      the consent of such Holder.

     

    Section
      5.08.   Restoration
      of Rights and Remedies.
      If the
      Indenture Trustee or any Noteholder has instituted any Proceeding to enforce
      any
      right or remedy under this Indenture and such Proceeding has been discontinued
      or abandoned for any reason or has been determined adversely to the Indenture
      Trustee or to such Noteholder, then and in every such case the Issuer, the
      Indenture Trustee and the Noteholders shall, subject to any determination in
      such Proceeding, be restored severally and respectively to their former
      positions hereunder, and thereafter all rights and remedies of the Indenture
      Trustee and the Noteholders shall continue as though no such Proceeding had
      been
      instituted.

     

    Section
      5.09.   Rights
      and Remedies Cumulative.
      No
      right or remedy herein conferred upon or reserved to the Indenture Trustee
      or to
      the Noteholders is intended to be exclusive of any other right or remedy, and
      every right and remedy shall, to the extent permitted by law, be cumulative
      and
      in addition to every other right and remedy given hereunder or now or hereafter
      existing at law or in equity or otherwise. The assertion or employment of any
      right or remedy hereunder, or otherwise, shall not prevent the concurrent
      assertion or employment of any other appropriate right or remedy.

     

    Section
      5.10.   Delay
      or Omission Not a Waiver.
      No
      delay or omission of the Indenture Trustee or any Holder of any Note to exercise
      any right or remedy accruing upon any Default or Event of Default shall impair
      any such right or remedy or constitute a waiver of any such Default or Event
      of
      Default or an acquiescence therein. Every right and remedy given by this Article
      Five or by law to the Indenture Trustee or to the Noteholders may be exercised
      from time to time, and as often as may be deemed expedient, by the Indenture
      Trustee or by the Noteholders, as the case may be.

     

    Section
      5.11.   Control
      by Noteholders.
      Except
      as otherwise provided in Section 5.02, the Holders of a majority of the
      Outstanding Balance of the Notes shall have the right to direct the time, method
      and place of conducting any Proceeding for any remedy available to the Indenture
      Trustee with respect to the Notes or exercising any trust or power conferred
      on
      the Indenture Trustee; provided that:

     

    (i)  such
      direction shall not be in conflict with any rule of law or with this
      Indenture;

     

    (ii)  subject
      to the express terms of Section 5.04, any direction to the Indenture Trustee
      to
      sell or liquidate the Collateral shall be by Holders of Notes representing
      not
      less than [100]% of the Outstanding Balance of the Notes;

     

    (iii)  if
      the
      conditions set forth in Section 5.05 have been satisfied and the Indenture
      Trustee elects to retain the Collateral pursuant to such Section, then any
      direction to the Indenture Trustee by Holders of Notes representing less than
      [100]% of the Outstanding Balance of the Notes to sell or liquidate the
      Collateral shall be of no force and effect; and

     

    (iv)  the
      Indenture Trustee may take any other action deemed proper by the Indenture
      Trustee that is not inconsistent with such direction.

     

    Notwithstanding
      the rights of the Noteholders set forth in this Section, subject to Section
      6.01(g), the Indenture Trustee need not take any action that it determines
      might
      involve it in liability or might materially adversely affect the rights of
      any
      Noteholders not consenting to such action.

     

    Section
      5.12.   Waiver
      of Past Defaults.
      Prior
      to the declaration of the acceleration of the maturity of the Notes as provided
      in Section 5.02, the Holders of Notes of not less than a majority of the
      Outstanding Balance of the Notes may waive, in writing, any past Default or
      Event of Default and its consequences except a Default (a) in payment of
      principal of or interest on any of the Notes or (b) in respect of a covenant
      or
      provision hereof which cannot be modified or amended without the consent of
      the
      Holder of each Note. In the case of any such waiver, the Issuer, the Indenture
      Trustee and the Holders of the Notes shall be restored to their former positions
      and rights hereunder, respectively; but no such waiver shall extend to any
      subsequent or other Default or impair any right consequent thereto.

     

    Upon
      any
      such waiver, such Default shall cease to exist and be deemed to have been cured
      and not to have occurred, and any Event of Default arising therefrom shall
      be
      deemed to have been cured and not to have occurred, for every purpose of this
      Indenture; but no such waiver shall extend to any subsequent or other Default
      or
      Event of Default or impair any right consequent thereto.

     

    Section
      5.13.   Undertaking
      for Costs.
      All
      parties to this Indenture agree, and each Holder of a Note by such Holder’s
      acceptance thereof shall be deemed to have agreed, that any court may in its
      discretion require, in any suit for the enforcement of any right or remedy
      under
      this Indenture, or in any suit against the Indenture Trustee for any action
      taken, suffered or omitted by it as Indenture Trustee, the filing by any party
      litigant in such suit of an undertaking to pay the costs of such suit, and
      that
      such court may in its discretion assess reasonable costs, including reasonable
      attorneys’ fees, against any party litigant in such suit, having due regard to
      the merits and good faith of the claims or defenses made by such party litigant;
      but the provisions of this Section shall not apply to (a) any suit instituted
      by
      the Indenture Trustee, (b) any suit instituted by any Noteholder, or group
      of
      Noteholders, in each case holding in the aggregate more than [10]% of the
      Outstanding Balance of the Notes or (c) any suit instituted by any Noteholder
      for the enforcement of the payment of principal of or interest on any Note
      on or
      after the respective due dates expressed in such Note and in this Indenture
      (or,
      in the case of redemption, on or after the Redemption Date).

     

    Section
      5.14.   Waiver
      of Stay or Extension Laws.
      The
      Issuer covenants (to the extent that it may lawfully do so) that it will not
      at
      any time insist upon, or plead or in any manner whatsoever claim or take the
      benefit or advantage of, any stay or extension law wherever enacted, now or
      at
      any time hereafter in force, that may affect the covenants or the performance
      of
      this Indenture; and the Issuer (to the extent that it may lawfully do so) hereby
      expressly waives all benefit or advantage of any such law, and covenants that
      it
      will not hinder, delay or impede the execution of any power herein granted
      to
      the Indenture Trustee, but will suffer and permit the execution of every such
      power as though no such law had been enacted.

     

    Section
      5.15.   Action
      on Notes.
      The
      Indenture Trustee’s right to seek and recover judgment on the Notes or under
      this Indenture shall not be affected by the seeking, obtaining or application
      of
      any other relief under or with respect to this Indenture. Neither the lien
      of
      this Indenture nor any rights or remedies of the Indenture Trustee or the
      Noteholders shall be impaired by the recovery of any judgment by the Indenture
      Trustee against the Issuer or by the levy of any execution under such judgment
      upon any portion of the Collateral or upon any of the assets of the Issuer.
      Any
      money or property collected by the Indenture Trustee and remitted to the Trust
      Administrator shall be applied by the Trust Administrator in accordance with
      Section 5.04(b).

     

    Section
      5.16.   Performance
      and Enforcement of Certain Obligations.
      (a)
      Promptly
      following a request from the Indenture Trustee to do so, the Issuer shall take
      all such lawful action as the Indenture Trustee may request to compel or secure
      the performance and observance by the Seller, the Depositor, the Trust
      Administrator or the Servicer, as applicable, of each of their obligations
      to
      the Issuer under or in connection with the Sale and Servicing Agreement, and
      to
      exercise any and all rights, remedies, powers and privileges lawfully available
      to the Issuer under or in connection with the Sale and Servicing Agreement,
      including the transmission of notices of default on the part of the Seller,
      the
      Depositor, the Trust Administrator or the Servicer, as applicable, under the
      Sale and Servicing Agreement and the institution of legal or administrative
      actions or proceedings to compel or secure performance by the Seller, the
      Depositor, the Trust Administrator or the Servicer of each of their applicable
      obligations under the Sale and Servicing Agreement.

     

    (b)  If
      an
      Event of Default has occurred and is continuing, the Indenture Trustee may,
      and
      at the direction (which direction shall be in writing or by telephone (confirmed
      in writing promptly thereafter)) of the Holders of a majority of the Outstanding
      Balance of the Priority Class Notes shall, exercise all rights, remedies,
      powers, privileges and claims of the Issuer against the Depositor, the Trust
      Administrator or the Servicer under or in connection with the Sale and Servicing
      Agreement, including the right or power to take any action to compel or secure
      performance or observance by the Seller, the Depositor or the Servicer, of
      each
      of their applicable obligations to the Issuer thereunder and to give any
      consent, request, notice, direction, approval, extension or waiver under the
      Sale and Servicing Agreement, and any right of the Issuer to take such action
      shall be suspended.

     

    ARTICLE
      SIX

     

    THE
      INDENTURE TRUSTEE

     

    Section
      6.01.   Duties
      of Indenture Trustee.
      (a)
      If an
      Event of Default has occurred and is continuing, the Indenture Trustee shall
      exercise the rights and powers vested in it by this Indenture and use the same
      degree of care and skill in its exercise as a prudent person would exercise
      or
      use under the circumstances in the conduct of such person’s own
      affairs.

     

    (b)  Except
      during the continuance of an Event of Default:

     

    (i)  the
      Indenture Trustee undertakes to perform such duties and only such duties as
      are
      specifically set forth in this Indenture and shall not be liable except for
      the
      performance of such duties and obligations as are specifically set forth in
      this
      Indenture and no implied covenants or obligations shall be read into this
      Indenture against the Indenture Trustee; and

     

    (ii)  in
      the
      absence of bad faith on its part, the Indenture Trustee may conclusively rely,
      as to the truth of the statements and the correctness of the opinions expressed
      therein, upon certificates or opinions furnished to the Indenture Trustee and
      on
      their face conforming to the requirements of this Indenture; however, the
      Indenture Trustee shall examine the certificates and opinions to determine
      whether or not they conform on their face to the requirements of this
      Indenture.

     

    (c)  The
      Indenture Trustee may not be relieved from liability for its own negligent
      action, its own negligent failure to act, its own willful misconduct or its
      own
      bad faith, except that:

     

    (i)  this
      paragraph does not limit the effect of paragraph (a) of this
      Section;

     

    (ii)  the
      Indenture Trustee shall not be liable for any error of judgment made in good
      faith by a Responsible Officer unless it is proved that the Indenture Trustee
      was negligent in ascertaining the pertinent facts;

     

    (iii)  the
      Indenture Trustee shall not be liable with respect to any action it takes or
      omits to take in good faith in accordance with this Indenture or upon a
      direction received by it from the requisite Noteholders pursuant to Article
      Five; and

     

    (iv)  the
      Indenture Trustee shall not be required to take notice or be deemed to have
      notice or knowledge of (a) any failure by the Issuer to comply with its
      obligations hereunder or in the Operative Agreements or (b) any Default or
      Event
      of Default, unless a Responsible Officer of the Indenture Trustee assigned
      to
      and working in its corporate trust department obtains actual knowledge of such
      Default or Event of Default or shall have received written notice thereof.
      In
      the absence of such actual knowledge or notice, the Indenture Trustee may
      conclusively assume that there is no Default or Event of Default.

     

    (d)  Every
      provision of this Indenture that in any way relates to the Indenture Trustee
      is
      subject to the provisions of this Section.

     

    (e)  The
      Indenture Trustee shall not be liable for indebtedness evidenced by or arising
      under any of the Operative Agreements, including principal of or interest on
      the
      Notes, or interest on any money received by it except as the Indenture Trustee
      may agree in writing with the Issuer.

     

    (f)  Money
      held in trust by the Indenture Trustee need not be segregated from other funds
      except to the extent required by law or the terms of this Indenture or the
      Sale
      and Servicing Agreement.

     

    (g)  No
      provision of this Indenture shall require the Indenture Trustee to expend,
      advance or risk its own funds or otherwise incur financial liability in the
      performance of any of its duties hereunder or in the exercise of any of its
      rights or powers, if it shall have reasonable grounds to believe that repayment
      of such funds or adequate indemnity against such risk or liability is not
      reasonably assured to it provided,
      however,
      that the
      Indenture Trustee shall not refuse or fail to perform any of its duties
      hereunder solely as a result of nonpayment of its normal fees and
      expenses.

     

    (h)  Every
      provision of this Indenture or any Operative Agreement relating to the conduct
      or affecting the liability of or affording protection to the Indenture Trustee
      shall be subject to the provisions of this Section, Section 6.02 and to the
      provisions of the TIA.

     

    (i)  The
      Indenture Trustee shall execute and deliver the Sale and Servicing Agreement
      and
      perform its duties thereunder.

     

    (j)  The
      Indenture Trustee shall not have any duty or obligation to manage, make any
      payment with respect to, register, record, sell, dispose of, or otherwise deal
      with the Collateral, or to otherwise take or refrain from taking any action
      under, or in connection with, any document contemplated hereby to which the
      Indenture Trustee is a party, except as expressly provided (i) in accordance
      with the powers granted to and the authority conferred upon the Indenture
      Trustee pursuant to this Agreement or any other Operative Agreement, and (ii)
      in
      accordance with any document or instruction delivered to the Indenture Trustee
      pursuant to the terms of this Agreement; and no implied duties or obligations
      shall be read into this Agreement or any Operative Agreement against the
      Indenture Trustee. The Indenture Trustee agrees that it will, at the cost and
      expense of the Issuer, promptly take all action as may be necessary to discharge
      any liens on any part of the Collateral that result from actions by, or claims
      against itself (in its individual capacity, and not in the capacity of Indenture
      Trustee) that are not related to the administration of the
      Collateral.

     

    (k)  Neither
      the Indenture Trustee nor the Trust Administrator shall have any liability
      or
      responsibility for the acts or omissions of the other Person, it being
      understood that this Indenture shall not be construed to render them agents
      of
      one another.

     

    (l)  In
      order
      to comply with its duties under the USA Patriot Act of 2001, the Indenture
      Trustee shall obtain and verify certain information and documentation from
      the
      other parties to this Indenture including, but not limited to, each such party’s
      name, address, and other identifying information.

     

    Section
      6.02.   Rights
      of Indenture Trustee.
      (a)
      The
      Indenture Trustee may rely on any document believed by it to be genuine and
      to
      have been signed or presented by the proper person. The Indenture Trustee need
      not investigate any fact or matter stated in the document.

     

    (b)  Before
      the Indenture Trustee acts or refrains from acting, it may require an Officer’s
      Certificate or an Opinion of Counsel, which shall not be at the expense of
      the
      Indenture Trustee. The Indenture Trustee shall not be liable for any action
      it
      takes or omits to take in good faith in reliance on an Officer’s Certificate or
      Opinion of Counsel. The right of the Indenture Trustee to perform any
      discretionary act enumerated in this Indenture or in any Operative Agreement
      shall not be construed as a duty and the Indenture Trustee shall not be
      answerable for other than its negligence or willful misconduct in the
      performance of such act.

     

    (c)  The
      Indenture Trustee may execute any of the trusts or powers hereunder or perform
      any duties hereunder either directly or by or through agents or attorneys or
      a
      custodian or nominee.

     

    (d)  The
      Indenture Trustee shall not be liable for any action it takes or omits to take
      in good faith which it believes to be authorized or within its rights or powers;
      provided, that the Indenture Trustee’s conduct does not constitute willful
      misconduct, negligence or bad faith.

     

    (e)  The
      Indenture Trustee may consult with counsel, and any Opinion of Counsel with
      respect to legal matters relating to this Indenture, any Operative Agreement
      and
      the Notes shall be full and complete authorization and protection from liability
      in respect to any action taken, omitted or suffered by it hereunder in good
      faith and in accordance with any Opinion of Counsel of such
      counsel.

     

    (f)  The
      permissive rights of the Indenture Trustee enumerated herein shall not be
      construed as duties.

     

    Section
      6.03.   Individual
      Rights of Indenture Trustee.
      The
      Indenture Trustee in its individual or any other capacity may become the owner
      or pledgee of Notes and may otherwise deal with the Issuer or its Affiliates
      with the same rights it would have if it were not Indenture Trustee. Any Paying
      Agent, Note Registrar, co registrar or co paying agent may do the same with
      like
      rights. However, the Indenture Trustee must comply with Section
      6.11.

     

    Section
      6.04.   Indenture
      Trustee’s Disclaimer.
      The
      Indenture Trustee shall not be responsible for and makes no representation
      as to
      the validity or adequacy of any of the Operative Agreements or the Notes or
      the
      sufficiency of the Collateral; it shall not be accountable for the Issuer’s use
      of the proceeds from the Notes, and it shall not be responsible for any
      statement of the Issuer or the Servicer in this Indenture, any Operative
      Agreement or in any other document issued in connection with the sale of the
      Notes or in the Notes.

     

    Section
      6.05.   Notice
      of Defaults.
      If a
      Default occurs and is continuing and if a Responsible Officer of the Indenture
      Trustee has actual knowledge thereof, the Indenture Trustee shall give prompt
      written notice thereof to each Noteholder.

     

    Section
      6.06.   Reports
      by Trust Administrator to Holders.
      The
      Trust Administrator shall deliver to each Noteholder such information with
      respect to the Notes as may be required to enable such holder to prepare its
      federal and state income tax returns and shall file such information returns
      with the Internal Revenue Service with respect to payments or accruals of
      interest on the Notes as are required to be filed under the Code or applicable
      Treasury Regulations.

     

    Section
      6.07.   Compensation
      and Indemnity.
      The
      Indenture Trustee shall be entitled, as compensation for its services, a fee
      to
      be paid by the Servicer as provided in a separate agreement between such
      parties. The Indenture Trustee’s compensation shall not be limited by any law on
      compensation of a trustee of an express trust. The Indenture Trustee and any
      co-trustee shall be reimbursed on behalf of the Issuer from funds in the
      Collection Account, as provided in the Sale and Servicing Agreement, for all
      reasonable ordinary out of pocket expenses incurred or made by it, including
      costs of collection, in addition to the compensation for its services (as
      provided in the Sale and Servicing Agreement). Reimbursable expenses under
      this
      Section shall include the reasonable compensation and expenses, disbursements
      and advances of the Indenture Trustee’s agents, counsel, accountants and
      experts. The Issuer shall indemnify the Indenture Trustee, any co-trustee and
      their respective employees, directors and agents, as provided in the Sale and
      Servicing Agreement and from funds in the Collection Account, against any and
      all claim, loss, liability or expense (including attorneys’ fees) incurred by it
      in connection with the administration of this trust and the performance of
      its
      duties hereunder or under any Operative Agreement. The Indenture Trustee or
      co-trustee, as applicable, shall notify the Issuer and the Trust Administrator
      promptly of any claim for which it may seek indemnity. Failure by the Indenture
      Trustee or the co-trustee, as applicable, to so notify the Issuer and the Trust
      Administrator shall not relieve the Issuer or the Trust Administrator of its
      obligations hereunder. The Issuer shall defend any such claim, and the Indenture
      Trustee and any co-trustee may have separate counsel and the fees and expenses
      of such counsel shall be payable on behalf of the Issuer from funds in the
      Collection Account. The Issuer shall not be required to reimburse any expense
      or
      indemnify against any loss, liability or expense incurred by the Indenture
      Trustee or any co-trustee, as applicable, through the Indenture Trustee’s or
      co-trustee’s, as the case may be, own willful misconduct, negligence or bad
      faith.

     

    The
      Issuer’s obligations to the Indenture Trustee and any co-trustee pursuant to
      this Section shall survive the resignation or removal of the Indenture Trustee
      and the termination of discharge of this Indenture. When the Indenture Trustee
      or any co-trustee incurs expenses after the occurrence of a Default specified
      in
      Section 5.01(iv) or (vi) with respect to the Issuer, the expenses are intended
      to constitute expenses of administration under Title 11 of the United States
      Code or any other applicable federal or state bankruptcy, insolvency or similar
      law.

     

    Section
      6.08.   Replacement
      of Indenture Trustee.
      No
      resignation or removal of the Indenture Trustee and no appointment of a
      successor Indenture Trustee shall become effective until the acceptance of
      appointment by the successor Indenture Trustee pursuant to this Section. The
      Indenture Trustee may resign at any time by giving [30] days’ written notice
      thereof to the Depositor, the Issuer, each Noteholder and each Rating Agency.
      As
      a condition to the effectiveness of any such resignation, at least 15 calendar
      days prior to the effective date of such resignation, the Indenture Trustee
      shall provide (x) written notice to the Depositor of any successor pursuant
      to
      this Section and (y) in writing and in form and substance reasonably
      satisfactory to the Depositor, all information reasonably requested by the
      Depositor in order to comply with its reporting obligation under Item 6.02
      of
      Form 8-K with respect to the resignation of the Indenture Trustee. The Issuer
      shall remove the Indenture Trustee if:

     

    (i)  the
      Indenture Trustee fails to comply with Section 6.11;

     

    (ii)  the
      Indenture Trustee is adjudged bankrupt or insolvent;

     

    (iii)  a
      receiver or other public officer takes charge of the Indenture Trustee or its
      property; or

     

    (iv)  the
      Indenture Trustee otherwise becomes incapable of acting.

     

    If
      the
      Indenture Trustee fails to fulfill its obligations under this Section 6.08
      with
      respect to notice to the Depositor or Article [XI] of the Sale and Servicing
      Agreement, and such failure continues for the lesser of 10 calendar days or
      such
      period in which the applicable Exchange Act Report can be filed timely (without
      taking into account any extensions), the Depositor may terminate the Indenture
      Trustee. If the Indenture Trustee resigns or is removed or if a vacancy exists
      in the office of the Indenture Trustee for any reason (the Indenture Trustee
      in
      such event being referred to herein as the retiring Indenture Trustee), the
      Issuer shall promptly appoint a successor Indenture Trustee that satisfies
      the
      eligibility requirements of Section 6.11 and shall provide written notice to
      the
      Depositor of any successor pursuant to this Section.

     

    The
      resigning or removed Indenture Trustee agrees to cooperate with any successor
      Indenture Trustee in effecting the termination of the resigning or removed
      Indenture Trustee’s responsibilities and rights hereunder and shall promptly
      provide such successor Indenture Trustee all documents and records reasonably
      requested by it to enable it to assume the Indenture Trustee’s functions
      hereunder.

     

    A
      successor Indenture Trustee shall deliver a written acceptance of its
      appointment to the retiring Indenture Trustee and to the Issuer and shall
      provide to the Depositor, in writing and in form and substance reasonably
      satisfactory to the Depositor, all information reasonably requested by the
      Depositor in order to comply with its reporting obligation under Item 6.02
      of
      Form 8-K with respect to the resignation of the Indenture Trustee. Thereupon
      the
      resignation or removal of the retiring Indenture Trustee shall become effective,
      and the successor Indenture Trustee shall have all the rights, powers and duties
      of the Indenture Trustee under this Indenture. The successor Indenture Trustee
      shall mail a notice of its succession to Noteholders. The retiring Indenture
      Trustee shall promptly transfer all property held by it as Indenture Trustee
      to
      the successor Indenture Trustee.

     

    If
      a
      successor Indenture Trustee does not take office after the retiring Indenture
      Trustee resigns or is removed, the retiring Indenture Trustee, the Issuer or
      the
      Holders of a majority in Outstanding Balance of the Notes may petition any
      court
      of competent jurisdiction for the appointment of a successor Indenture
      Trustee.

     

    If
      the
      Indenture Trustee fails to comply with Section 6.11, any Noteholder may petition
      any court of competent jurisdiction for the removal of the Indenture Trustee
      and
      the appointment of a successor Indenture Trustee.

     

    Section
      6.09.   Successor
      Indenture Trustee or Trust Administrator by Merger.
      (a)
      If the
      Indenture Trustee or Trust Administrator consolidates with, merges or converts
      into, or transfers all or substantially all its corporate trust business or
      assets to, another corporation or banking association, as applicable, the
      resulting, surviving or transferee corporation without any further act shall
      be
      the successor Indenture Trustee or successor Trust Administrator, as the case
      may be; provided, that such corporation or banking association shall be
      otherwise qualified and eligible hereunder and under any other Operative
      Document. The Indenture Trustee shall provide each Rating Agency prior written
      notice of any such transaction.
      As a
      condition to the effectiveness of any merger or consolidation, at least 15
      calendar days prior to the effective date of any merger or consolidation of
      the
      Indenture Trustee, the Indenture Trustee shall provide (x) written notice to
      the
      Depositor and the Servicer of any successor pursuant to this Section and (y)
      in
      writing and in form and substance reasonably satisfactory to the Depositor,
      all
      information reasonably requested by the Depositor in order to comply with its
      reporting obligation under Item 6.02 of Form 8-K with respect to a successor
      Indenture Trustee.

     

    (b)  In
      case
      at the time such successor or successors by merger, conversion or consolidation
      shall succeed to the Trust Administrator, for any of the Notes which have been
      authenticated by the Trust Administrator but not delivered, such successor
      Trust
      Administrator may adopt the certificate of authentication of any predecessor
      trust administrator and deliver such Notes so authenticated; and in case at
      that
      time any of the Notes shall not have been authenticated, any successor Trust
      Administrator may authenticate such Notes either in the name of any predecessor
      hereunder or in the name of the successor Trust Administrator; and in all such
      cases such certificates shall have the full force which it is anywhere in the
      Notes or in this Indenture provided that the certificate of the Trust
      Administrator shall have.

     

    Section
      6.10.   Appointment
      of Co-Indenture Trustee or Separate Indenture Trustee.
      (a)
      Notwithstanding any other provisions of this Indenture, at any time, for the
      purpose of meeting any legal requirement of any jurisdiction in which any part
      of the Collateral may at the time be located, the Indenture Trustee shall have
      the power and may execute and deliver all instruments to appoint one or more
      Persons to act as a co-trustee or co-trustees, or separate trustee or separate
      trustees, of all or any part of the Trust, and to vest in such Person or
      Persons, in such capacity and for the benefit of the Noteholders, such title
      to
      the Collateral, or any part hereof, and, subject to the other provisions of
      this
      Section, such powers, duties, obligations, rights and trusts as the Indenture
      Trustee may consider necessary or desirable. No co-trustee or separate trustee
      hereunder shall be required to meet the terms of eligibility as a successor
      trustee under Section 6.11 and no notice to Noteholders of the appointment
      of
      any co-trustee or separate trustee shall be required under Section 6.08
      hereof.

     

    (b)  Every
      separate trustee and co-trustee shall, to the extent permitted by law, be
      appointed and act subject to the following provisions and
      conditions:

     

    (i)  all
      rights, powers, duties and obligations conferred or imposed upon the Indenture
      Trustee shall be conferred or imposed upon and exercised or performed by the
      Indenture Trustee and such separate trustee or co-trustee jointly (it being
      understood that such separate trustee or co-trustee is not authorized to act
      separately without the Indenture Trustee joining in such act), except to the
      extent that under any law of any jurisdiction in which any particular act or
      acts are to be performed the Indenture Trustee shall be incompetent or
      unqualified to perform such act or acts, in which event such rights, powers,
      duties and obligations (including the holding of title to the Collateral or
      any
      portion thereof in any such jurisdiction) shall be exercised and performed
      singly by such separate trustee or co-trustee, but solely at the direction
      of
      the Indenture Trustee;

     

    (ii)  no
      trustee hereunder shall be personally liable by reason of any act or omission
      of
      any other trustee hereunder; and

     

    (iii)  the
      Indenture Trustee may at any time accept the resignation of or remove any
      separate trustee or co-trustee.

     

    (c)  Any
      notice, request or other writing given to the Indenture Trustee shall be deemed
      to have been given to each of the then separate trustees and co-trustees, as
      effectively as if given to each of them. Every instrument appointing any
      separate trustee or co-trustee shall refer to this Indenture and the conditions
      of this Article Six. Each separate trustee and co-trustee, upon its acceptance
      of the trusts conferred, shall be vested with the estates or property specified
      in its instrument of appointment, either jointly with the Indenture Trustee
      or
      separately, as may be provided therein, subject to all the provisions of this
      Indenture, specifically including every provision of this Indenture relating
      to
      the conduct of, affecting the liability of, or affording protection to, the
      Indenture Trustee. Every such instrument shall be filed with the Indenture
      Trustee.

     

    (d)  Any
      separate trustee or co-trustee may at any time constitute the Indenture Trustee,
      its agent or attorney in fact with full power and authority, to the extent
      not
      prohibited by law, to do any lawful act under or in respect of this Indenture
      on
      its behalf and in its name. If any separate trustee or co-trustee shall die,
      become incapable of acting, resign or be removed, all of its estates,
      properties, rights, remedies and trusts shall vest in and be exercised by the
      Indenture Trustee, to the extent permitted by law, without the appointment
      of a
      new or successor trustee.

     

    Section
      6.11.   Eligibility;
      Disqualification.
      The
      Indenture Trustee shall at all times (i) satisfy the requirements of TIA Section
      310(a), (ii) have a combined capital and surplus of at least $[100,000,000]
      as
      set forth in its most recently published annual report of condition, (iii)
      have
      a long term debt rating equivalent to “A” or better by the Rating Agencies or be
      otherwise acceptable to the Rating Agencies and (iv) not be an Affiliate of
      the
      Issuer or the Owner Trustee. The Indenture Trustee shall comply with TIA Section
      310(b), including the optional provision permitted by the second sentence of
      TIA
      Section 310(b)(9); provided,
      however,
      that
      there shall be excluded from the operation of TIA Section 310(b)(1) any
      indenture or indentures under which other securities of the Issuer are
      outstanding if the requirements for such exclusion set forth in TIA Section
      310(b)(1) are met.

     

    Section
      6.12.   Representations
      and Warranties.
      The
      Indenture Trustee hereby represents that:

     

    (a)  the
      Indenture Trustee is duly organized and validly existing as a national banking
      association in good standing under the laws of the United States with power
      and
      authority to own its properties and to conduct its business as such properties
      are currently owned and such business is presently conducted;

     

    (b)  the
      Indenture Trustee has the power and authority to execute and deliver this
      Indenture and to carry out its terms; and the execution, delivery and
      performance of this Indenture have been duly authorized by the Indenture Trustee
      by all necessary corporate action;

     

    (c)  the
      consummation of the transactions contemplated by this Indenture and the
      fulfillment of the terms hereof do not conflict with, result in any breach
      of
      any of the terms and provisions of, or constitute (with or without notice or
      lapse of time) a default under the articles of organization or bylaws of the
      Indenture Trustee or, to the knowledge of the Indenture Trustee, any material
      agreement or other instrument to which the Indenture Trustee is a party or
      by
      which it is bound; and

     

    (d)  to
      the
      Indenture Trustee’s best knowledge, there are no proceedings or investigations
      pending or threatened before any court, regulatory body, administrative agency
      or other governmental instrumentality having jurisdiction over the Indenture
      Trustee: (i) asserting the invalidity of this Indenture, (ii) seeking to prevent
      the consummation of any of the transactions contemplated by this Indenture
      or
      (iii) seeking any determination or ruling that might materially and adversely
      affect the performance by the Indenture Trustee of its obligations under, or
      the
      validity or enforceability of, this Indenture.

     

    Section
      6.13.   Preferential
      Collection of Claims Against Issuer.
      The
      Indenture Trustee shall comply with TIA Section 311(a), excluding any creditor
      relationship listed in TIA Section 311(b). An Indenture Trustee which has
      resigned or been removed shall be subject to TIA Section 311(a) to the extent
      indicated.

     

    ARTICLE
      SEVEN

     

    NOTEHOLDERS’
      LISTS AND REPORTS

     

    Section
      7.01.   Note
      Registrar To Furnish to the Indenture Trustee the Names and Addresses of
      Noteholders.
      The
      Note Registrar will furnish or cause to be furnished to the Indenture Trustee
      at
      such times as the Indenture Trustee may request in writing, within [30] days
      after receipt by the Note Registrar of any such request, a list in such form
      as
      the Indenture Trustee may reasonably require, of the names and addresses of
      the
      Holders of Notes as of a date not more than [10] days prior to the time such
      list is furnished.

     

    Section
      7.02.   Preservation
      of Information; Communications to Noteholders.
      (a)
      The
      Trust Administrator shall preserve, in as current a form as is reasonably
      practicable, the names and addresses of the Holders of Notes contained in the
      most recent list furnished to the Trust Administrator as provided in Section
      7.01 and the names and addresses of Holders of Notes received by the Trust
      Administrator in its capacity as Note Registrar. The Trust Administrator may
      destroy any list furnished to it as provided in such Section 7.01 upon receipt
      of a new list so furnished. If three or more Noteholders, or one or more Holders
      of a Class of Notes evidencing not less than [25]% of the Outstanding Balance
      thereof (hereinafter referred to as “Applicants”), apply in writing to the Trust
      Administrator or the Indenture Trustee, and such application states that the
      Applicants desire to communicate with other holders with respect to their rights
      under this Indenture or under the Notes, then the Trust Administrator shall,
      within [five] Business Days after the receipt of such application, afford such
      Applicants access, during normal business hours, to the current list of Holders.
      Every Holder, by receiving and holding a Note, agrees with the Issuer, the
      Indenture Trustee and the Trust Administrator that neither the Issuer, the
      Indenture Trustee nor the Trust Administrator shall be held accountable by
      reason of the disclosure of any such information as to the names and addresses
      of the Holders under this Indenture, regardless of the source from which such
      information was derived.

     

    (b)  Noteholders
      may communicate pursuant to TIA Section 312(b) with other Noteholders with
      respect to their rights under this Indenture or under the Notes.

     

    (c)  The
      Issuer, the Indenture Trustee and the Trust Administrator shall have the
      protection of TIA Section 312(c).

     

    Section
      7.03.   Reports
      by Issuer.
      (a)
      The
      Issuer shall:

     

    (i)  file
      with
      the Indenture Trustee and the Commission in accordance with the rules and
      regulations prescribed from time to time by the Commission such additional
      information, documents and reports with respect to compliance by the Issuer
      with
      the conditions and covenants of this Indenture as may be required from time
      to
      time by such rules and regulations. Delivery of such information, documents
      and
      reports to the Indenture Trustee is for informational purposes only and the
      Indenture Trustee’s receipt of such reports shall not constitute constructive
      notice of any information contained therein or determinable from information
      contained therein, including the Issuer’s compliance with any of its covenants
      hereunder (as to which the Indenture Trustee is entitle to rely exclusively
      on
      Officers’ Certificates); and

     

    (ii)  supply
      to
      the Trust Administrator (and the Trust Administrator shall transmit by mail
      to
      all Noteholders described in TIA Section 313(c)) such summaries of any
      information, documents and reports required to be filed by the Issuer pursuant
      to clause (i) of this Section 7.03(a) and by rules and regulations prescribed
      from time to time by the Commission.

     

    (b)  Unless
      the Issuer otherwise determines, the fiscal year of the Issuer shall end on
      December 31 of each year.

     

    Section
      7.04.   Reports
      by Indenture Trustee.
      If
      required by TIA Section 313(a), within [60] days after each March 1, beginning
      with March 1, 200_, the Indenture Trustee shall mail to each Noteholder as
      required by TIA Section 313(c) a brief report dated as of such date that
      complies with TIA Section 313(a). The Indenture Trustee also shall comply with
      TIA Section 313(b).

     

    A
      copy of
      each report at the time of its mailing to Noteholders shall be filed by the
      Indenture Trustee with the Commission and each securities exchange, if any,
      on
      which the Notes are listed. The Issuer shall notify the Indenture Trustee if
      and
      when the Notes are listed on any securities exchange.

     

    ARTICLE
      EIGHT

     

    ACCOUNTS,
      DISBURSEMENTS AND RELEASES

     

    Section
      8.01.   Collection
      of Money.
      Except
      as otherwise expressly provided herein, the Indenture Trustee may demand payment
      or delivery of, and shall receive and collect (or direct such funds to the
      Trust
      Administrator), directly and without intervention or assistance of any fiscal
      agent or other intermediary, all money and other property payable to or
      receivable by the Indenture Trustee pursuant to this Indenture. The Trust
      Administrator shall apply all such money received by it as provided in this
      Indenture. Except as otherwise expressly provided in this Indenture, if any
      default occurs in the making of any payment or performance under any agreement
      or instrument that is part of the Collateral, the Indenture Trustee may take
      such action as may be appropriate to enforce such payment or performance,
      including the institution and prosecution of appropriate Proceedings. Any such
      action shall be without prejudice to any right to claim a Default or Event
      of
      Default under this Indenture and any right to proceed thereafter as provided
      in
      Article Five.

     

    Section
      8.02.   Collection
      Account.
      On each
      Payment Date and Redemption Date, the Paying Agent (or, if the Trust
      Administrator acts as Paying Agent, the Trust Administrator) shall distribute
      all amounts on deposit in the Collection Account as provided in Sections [5.08]
      and [6.02] of the Sale and Servicing Agreement. On the Closing Date and on
      each
      anniversary of the Closing Date, the Trust Administrator shall pay from its
      own
      funds the Owner Trustee’s annual fee.

     

    Section
      8.03.   Release
      of Collateral.
      (a)
      Subject
      to the payment of its fees and expenses pursuant to Section 6.07, the Indenture
      Trustee may, and when required by the provisions of this Indenture and the
      Sale
      and Servicing Agreement shall, execute instruments to release property from
      the
      lien of this Indenture, or convey the Indenture Trustee’s interest in the same,
      in a manner and under circumstances that are not inconsistent with the
      provisions of this Indenture. No party relying upon an instrument executed
      by
      the Indenture Trustee as provided in this Article Eight shall be bound to
      ascertain the Indenture Trustee’s authority, inquire into the satisfaction of
      any conditions precedent or see to the application of any monies.

     

    (b)  The
      Indenture Trustee shall, at such time as the Trust Administrator notifies the
      Indenture Trustee in writing that there are no Notes outstanding and all sums
      due to the Noteholders pursuant to the Sale and Servicing Agreement and all
      fees
      and expenses of the Indenture Trustee, the Servicer and the Trust Administrator
      pursuant to this Indenture or any other Operative Agreement have been paid,
      release any remaining portion of the Collateral that secured the Notes from
      the
      lien of this Indenture and the Trust Administrator shall release to the Issuer
      or any other Person entitled thereto any funds then on deposit in the Trust
      Account and assign or transfer any outstanding Interest Rate Cap Agreements.
      The
      Indenture Trustee shall release property from the lien of this Indenture
      pursuant to this subsection (b) only upon receipt of an Issuer Request
      accompanied by an Officer’s Certificate, an Opinion of Counsel and (if required
      by the TIA) Independent Certificates in accordance with TIA Sections 314(c)
      and
      314(d)(1) meeting the applicable requirements of Section 11.01
      hereof.

     

    ARTICLE
      NINE

     

    SUPPLEMENTAL
      INDENTURES

     

    Section
      9.01.   Supplemental
      Indentures Without Consent of Noteholders.
      (a)
      Without
      the consent of the Holders of any Notes but with prior notice to each Rating
      Agency, the Issuer and the Indenture Trustee, when authorized by an Issuer
      Order, at any time and from time to time, may enter into one or more indentures
      supplemental hereto (which shall conform to the provisions of the Trust
      Indenture Act as in force at the date of the execution thereof), in form
      satisfactory to the Indenture Trustee, for any of the following
      purposes:

     

    (i)  to
      correct or amplify the description of any property at any time subject to the
      lien of this Indenture, or better to assure, convey and confirm unto the
      Indenture Trustee any property subject or required to be subjected to the lien
      of this Indenture, or to subject to the lien of this Indenture additional
      property;

     

    (ii)  to
      evidence the succession, in compliance with the applicable provisions hereof,
      of
      another person to the Issuer, and the assumption by any such successor of the
      covenants of the Issuer herein and in the Notes contained;

     

    (iii)  to
      add to
      the covenants of the Issuer, for the benefit of the Holders of the Notes, or
      to
      surrender any right or power herein conferred upon the Issuer;

     

    (iv)  to
      convey, transfer, assign, mortgage or pledge any property to or with the
      Indenture Trustee;

     

    (v)  (A)
      to
      cure any ambiguity, (B) to correct or supplement any provision herein or in
      any
      supplemental indenture that may be inconsistent with any other provisions herein
      or in any supplemental indenture or to conform the provisions hereof to those
      of
      the Prospectus, (C) to obtain or maintain a rating for a Class of Notes from
      a
      nationally recognized statistical rating organization, (D) to make any other
      provisions with respect to matters or questions arising under this Indenture;
      provided,
      however,
      that no
      such supplemental indenture entered into pursuant to clause (D) of this
      subparagraph (v) shall adversely affect in any material respect the interests
      of
      any Holder not consenting thereto;

     

    (vi)  to
      evidence and provide for the acceptance of the appointment hereunder by a
      successor trustee with respect to the Notes and to add to or change any of
      the
      provisions of this Indenture as shall be necessary to facilitate the
      administration of the trusts hereunder by more than one trustee, pursuant to
      the
      requirements of Article Six; or

     

    (vii)  to
      modify, eliminate or add to the provisions of this Indenture to such extent
      as
      shall be necessary to effect the qualification of this Indenture under the
      TIA
      or under any similar federal statute hereafter enacted and to add to this
      Indenture such other provisions as may be expressly required by the
      TIA.

     

    [provided,
      however,
      that no
      such supplemental indenture shall be entered into unless the Indenture Trustee
      shall have received an Opinion of Counsel stating that as a result of such
      supplemental indenture, the Trust will not be subject to federal income tax
      as
      long as an entity that qualifies as a REIT under the Code holds directly, or
      indirectly through one or more Qualified REIT Subsidiaries or a Disregarded
      Entity, a 100% ownership interest in the Ownership Certificate, and the
      Indenture Trustee receives an Officer’s Certificate from the Holder of the
      Ownership Certificate that the Holder of the Ownership Certificate either
      qualifies as a REIT, a Qualified REIT Subsidiary or a Disregarded Entity under
      the Code and the Holder of the Ownership Certificate holds a 100% ownership
      Interest in the Ownership Certificate.]

     

    The
      Indenture Trustee is hereby authorized to join in the execution of any such
      supplemental indenture and to make any further appropriate agreements and
      stipulations that may be therein contained.

     

    (b)  A
      letter
      from each Rating Agency addressed and delivered to the Indenture Trustee to
      the
      effect that any supplemental indenture entered into pursuant to this Section
      9.01 will not cause the then current ratings on the Notes to be qualified,
      reduced or withdrawn shall constitute conclusive evidence that such amendment
      does not adversely affect in any material respect the interests of the
      Noteholders.

     

    Section
      9.02.   Supplemental
      Indentures with Consent of Noteholders.
      The
      Issuer and the Indenture Trustee, when authorized by an Issuer Order, also
      may,
      with prior notice to each Rating Agency and with the consent of the Holders
      of
      not less than [66-2/3]% of the Outstanding Balance of the Notes, by Act of
      such
      Holders delivered to the Issuer and the Indenture Trustee, enter into an
      indenture or indentures supplemental hereto for the purpose of adding any
      provisions to or changing in any manner or eliminating any of the provisions
      of
      this Indenture or of modifying in any manner the rights of the Holders of the
      Notes under this Indenture; provided,
      however,
      that no
      such supplemental indenture shall, adversely affect the interests of the
      Noteholders without the consent of the Holder of each Outstanding Note affected
      thereby (i) reduce in any manner the amount of, or delay the timing of, payments
      in respect of any Note, (ii) alter the obligations of the Servicer to make
      an
      Advance or alter the servicing standards set forth in the Sale and Servicing
      Agreement or the Servicing Agreement, (iii) reduce the aforesaid percentages
      of
      Notes the Holders of which are required to consent to any such supplemental
      indenture, without the consent of the Holders of all Notes affected thereby,
      or
      (iv) permit the creation of any lien ranking prior to or on a parity with the
      lien of this Indenture with respect to any part of the Collateral or, except
      as
      otherwise permitted or contemplated herein, terminate the lien of this Indenture
      on any property at any time subject hereto or deprive the Holder of any Note
      of
      the security provided by the lien of this Indenture [and provided,
      further,
      that
      such action shall not, as evidenced by an Opinion of Counsel, subject the Trust
      to federal income tax as long as an entity that qualifies as a REIT under the
      Code holds directly, or indirectly through one or more Qualified REIT
      Subsidiaries or Disregarded Entities, a 100% ownership interest in the Ownership
      Certificate, and provided
      further,
      that the
      Indenture Trustee receives an Officer’s Certificate from the Holder of the
      Ownership Certificate that the Holder of the Ownership Certificate either
      qualifies as a REIT, a Qualified REIT Subsidiary or a Disregarded Entity under
      the Code and the Holder of the Ownership Certificate holds a 100% ownership
      Interest in the Ownership Certificate.]

     

    The
      Indenture Trustee shall be entitled to conclusively rely on an Opinion of
      Counsel as to whether or not any Notes would be affected by any supplemental
      indenture and any such determination shall be conclusive upon the Holders of
      all
      Notes, whether theretofore or thereafter authenticated and delivered
      hereunder.

     

    It
      shall
      not be necessary for any Act of Noteholders under this Section to approve the
      particular form of any proposed supplemental indenture, but it shall be
      sufficient if such Act shall approve the substance thereof.

     

    Promptly
      after the execution by the Issuer and the Indenture Trustee of any supplemental
      indenture pursuant to this Section, the Issuer shall mail to the Holders of
      the
      Notes to which such amendment or supplemental indenture relates and each Rating
      Agency a notice setting forth in general terms the substance of such
      supplemental indenture. Any failure of the Indenture Trustee to mail such
      notice, or any defect therein, shall not, however, in any way impair or affect
      the validity of any such supplemental indenture.

     

    Section
      9.03.   Execution
      of Supplemental Indentures.
      In
      executing, or permitting the additional trusts created by, any supplemental
      indenture permitted by this Article Nine or the modification thereby of the
      trusts created by this Indenture, the Indenture Trustee shall be entitled to
      receive, and subject to Section 6.02, shall be fully protected in relying upon,
      in addition to the documents required under Section 11.01, an Opinion of Counsel
      to the effect provided in Section 9.07. The Indenture Trustee may, but shall
      not
      be obligated to, enter into any such supplemental indenture that affects the
      Indenture Trustee’s own rights, duties, liabilities or immunities under this
      Indenture or otherwise.

     

    Section
      9.04.   Effect
      of Supplemental Indenture.
      Upon
      the execution of any supplemental indenture pursuant to the provisions hereof,
      this Indenture shall be and shall be deemed to be modified and amended in
      accordance therewith with respect to the Notes affected thereby, and the
      respective rights, limitations of rights, obligations, duties, liabilities
      and
      immunities under this Indenture of the Indenture Trustee, the Issuer and the
      Holders of the Notes shall thereafter be determined, exercised and enforced
      hereunder subject in all respects to such modifications and amendments, and
      all
      the terms and conditions of any such supplemental indenture shall be and be
      deemed to be part of the terms and conditions of this Indenture for any and
      all
      purposes.

     

    Section
      9.05.   Conformity
      with Trust Indenture Act.
      Every
      amendment of this Indenture and every supplemental indenture executed pursuant
      to this Article Nine shall conform to the requirements of the Trust Indenture
      Act as then in effect so long as this Indenture shall then be qualified under
      the Trust Indenture Act.

     

    Section
      9.06.   Reference
      in Notes to Supplemental Indentures.
      Notes
      authenticated and delivered after the execution of any supplemental indenture
      pursuant to this Article Nine may, and if required by the Trust Administrator
      shall, bear a notation in a form approved by the Trust Administrator as to
      any
      matter provided for in such supplemental indenture. If the Issuer or the Trust
      Administrator shall so determine, new Notes so modified as to conform, in the
      opinion of the Trust Administrator and the Issuer, to any such supplemental
      indenture may be prepared and executed by the Issuer and authenticated and
      delivered by the Trust Administrator in exchange for Outstanding
      Notes.

     

    Section
      9.07.   Opinion
      of Counsel.
      In
      connection with any supplemental indenture pursuant to this Article Nine, the
      Indenture Trustee shall be entitled to receive an Opinion of Counsel to the
      effect that such supplemental indenture is authorized or permitted by this
      Indenture and that all conditions precedent to the execution of such
      supplemental indenture in accordance with the relevant provisions of this
      Article Nine have been met.

     

    Nothing
      in this Section shall be construed to require that any Person obtain the consent
      of the Indenture Trustee to any amendment or waiver or any provision of any
      document where the making of such amendment or the giving of such waiver without
      obtaining the consent of the Indenture Trustee is not prohibited by this
      Indenture or by the terms of the document that is the subject of the proposed
      amendment or waiver.

     

    ARTICLE
      TEN

     

    REDEMPTION
      OF NOTES

     

    Section
      10.01.   Redemption.
      The
      Notes are subject to redemption pursuant to Section [9.02] of the Sale and
      Servicing Agreement. The Issuer shall furnish each Rating Agency, the Trust
      Administrator and the Indenture Trustee notice of such redemption at least
      [15]
      days prior to such redemption. If the Notes are to be redeemed pursuant to
      Section [9.02] of the Sale and Servicing Agreement,
      _________________________________ or the Servicer, as applicable, shall furnish
      notice of its exercise of its option to redeem the Notes to the Indenture
      Trustee and the Trust Administrator not later than [15] days prior to the
      applicable Redemption Date and _________________________________ or the
      Servicer, as applicable, shall deposit by 10:00 A.M. New York City time on
      the
      applicable Redemption Date with the Trust Administrator in the Collection
      Account the Termination Price of the Notes to be redeemed, whereupon all such
      Notes shall be due and payable on the applicable Redemption Date upon the
      furnishing of a notice complying with Section 10.02 hereof to each Holder of
      the
      Notes.

     

    Section
      10.02.   Form
      of Redemption Notice.
      Notice
      of redemption under Section 10.01 shall be given by the Trust Administrator
      by
      first class mail, postage prepaid, or by facsimile mailed or transmitted not
      later than [10] days prior to the applicable Redemption Date to each Holder
      of
      Notes, as of the close of business on the Record Date preceding the applicable
      Redemption Date, at such Holder’s address or facsimile number appearing in the
      Note Register.

     

    All
      notices of redemption shall state:

     

    (i)  the
      Redemption Date;

     

    (ii)  the
      Termination Price; and

     

    (iii)  the
      place
      where such Notes are to be surrendered for payment of the Termination Price
      (which shall be the office or agency of the Issuer to be maintained as provided
      in Section 3.02).

     

    Notice
      of
      redemption of the Notes shall be given by the Trust Administrator in the name
      and at the expense of the Issuer. Failure to give notice of redemption, or
      any
      defect therein, to any Holder of any Note shall not impair or affect the
      validity of the redemption of any other Note.

     

    Section
      10.03.   Notes
      Payable on Applicable Redemption Date.
      The
      Notes or portions thereof to be redeemed shall, following notice of redemption
      as required under Section 10.02 (in the case of redemption pursuant to Section
      10.01) and remittance to the Trust Administrator of the Termination Price as
      required under Section 10.01, on the applicable Redemption Date become due
      and
      payable at the Termination Price and (unless the Issuer shall default in the
      payment of the Termination Price) no interest shall accrue on the Termination
      Price for any period after the date to which accrued interest is calculated
      for
      purposes of calculating the Termination Price.

     

    ARTICLE
      ELEVEN

     

    MISCELLANEOUS

     

    Section
      11.01.   Compliance
      Certificates and Opinions, etc.
      Upon
      any application or request by the Issuer to the Indenture Trustee to take any
      action under any provision of this Indenture, the Issuer shall furnish to the
      Indenture Trustee: (i) an Officer’s Certificate stating that all conditions
      precedent, if any, provided for in this Indenture relating to the proposed
      action have been complied with, (ii) an Opinion of Counsel stating that in
      the
      opinion of such counsel all such conditions precedent, if any, have been
      complied with, and (iii) (if required by the TIA) an Independent Certificate
      from a firm of certified public accountants meeting the applicable requirements
      of this Section, except that, in the case of any such application or request
      as
      to which the furnishing of such documents is specifically required by any
      provision of this Indenture, no additional certificate or opinion need be
      furnished.

     

    Every
      certificate or opinion with respect to compliance with a condition or covenant
      provided for in this Indenture shall include:

     

    (i)  a
      statement that each signatory of such certificate or opinion has read or has
      caused to be read such covenant or condition and the definitions herein relating
      thereto;

     

    (ii)  a
      brief
      statement as to the nature and scope of the examination or investigation upon
      which the statements or opinions contained in such certificate or opinion are
      based;

     

    (iii)  a
      statement that, in the opinion of each such signatory, such signatory has made
      such examination or investigation as is necessary to enable such signatory
      to
      express an informed opinion as to whether or not such covenant or condition
      has
      been complied with; and

     

    (iv)  a
      statement as to whether, in the opinion of each such signatory, such condition
      or covenant has been complied with.

     

    Section
      11.02.   Form
      of Documents Delivered to Indenture Trustee.
      In any
      case where several matters are required to be certified by, or covered by an
      opinion of, any specified Person, it is not necessary that all such matters
      be
      certified by, or covered by the opinion of, only one such Person, or that they
      be so certified or covered by only one document, but one such Person may certify
      or give an opinion with respect to some matters and one or more other such
      Persons as to other matters, and any such Person may certify or give an opinion
      as to such matters in one or several documents.

     

    Any
      certificate or opinion of an Authorized Officer of the Issuer may be based,
      insofar as it relates to legal matters, upon a certificate or opinion of, or
      representations by, counsel, unless such officer knows, or in the exercise
      of
      reasonable care should know, that the certificate or opinion or representations
      with respect to the matters upon which such officer’s certificate or opinion is
      based are erroneous. Any such certificate of an Authorized Officer or Opinion
      of
      Counsel may be based, insofar as it relates to factual matters, upon a
      certificate or opinion of, or representations by, an officer or officers of
      the
      Servicer, Sub-Servicer, the Depositor, the Issuer or the Trust Administrator,
      stating that the information with respect to such factual matters is in the
      possession of the Servicer, the Sub-Servicer, the Depositor, the Issuer or
      the
      Trust Administrator, unless such counsel knows, or in the exercise of reasonable
      care should know, that the certificate or opinion or representations with
      respect to such matters are erroneous.

     

    Where
      any
      Person is required to make, give or execute two or more applications, requests,
      consents, certificates, statements, opinions or other instruments under this
      Indenture, they may, but need not, be consolidated and form one
      instrument.

     

    Whenever
      in this Indenture, in connection with any application or certificate or report
      to the Indenture Trustee, it is provided that the Issuer shall deliver any
      document as a condition of the granting of such application, or as evidence
      of
      the Issuer’s compliance with any term hereof, it is intended that the truth and
      accuracy, at the time of the granting of such application or at the effective
      date of such certificate or report (as the case may be), of the facts and
      opinions stated in such document shall in such case be conditions precedent
      to
      the right of the Issuer to have such application granted or to the sufficiency
      of such certificate or report. The foregoing shall not, however, be construed
      to
      affect the Indenture Trustee’s right to rely upon the truth and accuracy of any
      statement or opinion contained in any such document as provided in Article
      Six.

     

    Section
      11.03.   Acts
      of Noteholders.
      (a)
      Any
      request, demand, authorization, direction, notice, consent, waiver or other
      action provided by this Indenture to be given or taken by Noteholders may be
      embodied in and evidenced by one or more instruments of substantially similar
      tenor signed by such Noteholders in person or by agents duly appointed in
      writing; and except as herein otherwise expressly provided such action shall
      become effective when such instrument or instruments are delivered to the
      Indenture Trustee and, where it is hereby expressly required, to the Issuer.
      Such instrument or instruments (and the action embodied therein and evidenced
      thereby) are herein sometimes referred to as the “Act” of the Noteholders
      signing such instrument or instruments. Proof of execution of any such
      instrument or of a writing appointing any such agent shall be sufficient for
      any
      purpose of this Indenture and (subject to Section 6.01) conclusive in favor
      of
      the Indenture Trustee and the Issuer, if made in the manner provided in this
      Section.

     

    (b)  The
      fact
      and date of the execution by any person of any such instrument or writing may
      be
      proved in any manner that the Indenture Trustee deems sufficient.

     

    (c)  The
      ownership of Notes shall be proved by the Note Register.

     

    (d)  Any
      request, demand, authorization, direction, notice, consent, waiver or other
      action by the Holder of any Notes shall bind the Holder of every Note issued
      upon the registration thereof or in exchange therefor or in lieu thereof, in
      respect of anything done, omitted or suffered to be done by the Indenture
      Trustee or the Issuer in reliance thereon, whether or not notation of such
      action is made upon such Note.

     

    Section
      11.04.   Notices,
      etc., to Indenture Trustee, Trust Administrator, Issuer and Rating
      Agencies.
      Any
      request, demand, authorization, direction, notice, consent, waiver or Act of
      Noteholders or other documents provided or permitted by this Indenture shall
      be
      in writing and if such request, demand, authorization, direction, notice,
      consent, waiver or Act of Noteholders is to be made upon, given or furnished
      to
      or filed with:

     

    (i)  the
      Indenture Trustee by any Noteholder or by the Issuer shall be sufficient for
      every purpose hereunder if in writing and mailed by certified mail, return
      receipt requested, to the Indenture Trustee at its Corporate Trust Office,
      or

     

    (ii)  the
      Trust
      Administrator by the Indenture Trustee, any Noteholder or by the Issuer shall
      be
      sufficient for every purpose hereunder if made, given, furnished or filed in
      writing to or with the Trust Administrator at its Corporate Trust Office,
      or

     

    (iii)  the
      Issuer by the Indenture Trustee, the Trust Administrator or any Noteholder
      shall
      be sufficient for every purpose hereunder if in writing and mailed first class,
      postage prepaid to the Issuer addressed to the address provided in the Sale
      and
      Servicing Agreement, or at any other address previously furnished in writing
      to
      the Indenture Trustee by the Issuer. The Issuer shall promptly transmit any
      notice received by it from the Noteholders to the Indenture
      Trustee.

     

    Notices
      required to be given to the Rating Agencies by the Issuer, the Indenture
      Trustee, the Trust Administrator or the Owner Trustee shall be in writing,
      personally delivered or mailed by certified mail, return receipt requested,
      to
      the address provided in the Sale and Servicing Agreement or such other address
      as shall be designated by written notice to the other parties.

     

    Section
      11.05.   Notices
      to Noteholders; Waiver.
      Where
      this Indenture provides for notice to Noteholders of any event, such notice
      shall be sufficiently given (unless otherwise herein expressly provided) if
      in
      writing and mailed, first class, postage prepaid to each Noteholder affected
      by
      such event, at such Holder’s address as it appears on the Note Register, not
      later than the latest date, and not earlier than the earliest date, prescribed
      for the giving of such notice. In any case where notice to Noteholders is given
      by mail, neither the failure to mail such notice nor any defect in any notice
      so
      mailed to any particular Noteholder shall affect the sufficiency of such notice
      with respect to other Noteholders, and any notice that is mailed in the manner
      herein provided shall conclusively be presumed to have been duly
      given.

     

    Where
      this Indenture provides for notice in any manner, such notice may be waived
      in
      writing by any Person entitled to receive such notice, either before or after
      the event, and such waiver shall be the equivalent of such notice. Waivers
      of
      notice by Noteholders shall be filed with the Indenture Trustee but such filing
      shall not be a condition precedent to the validity of any action taken in
      reliance upon such a waiver.

     

    In
      case,
      by reason of the suspension of regular mail service as a result of a strike,
      work stoppage or similar activity, it shall be impractical to mail notice of
      any
      event to Noteholders when such notice is required to be given pursuant to any
      provision of this Indenture, then any manner of giving such notice as shall
      be
      satisfactory to the Indenture Trustee shall be deemed to be a sufficient giving
      of such notice.

     

    Where
      this Indenture provides for notice to the Rating Agencies, failure to give
      such
      notice shall not affect any other rights or obligations created hereunder,
      and
      shall not under any circumstance constitute a Default or Event of
      Default.

     

    Section
      11.06.   Conflict
      with Trust Indenture Act.
      If any
      provision hereof limits, qualifies or conflicts with another provision hereof
      that is required to be included in this Indenture by any of the provisions
      of
      the Trust Indenture Act, such required provision shall control.

     

    The
      provisions of TIA Sections 310 through 317 that impose duties on any person
      (including the provisions automatically deemed included herein unless expressly
      excluded by this Indenture) are a part of and govern this Indenture, whether
      or
      not physically contained herein.

     

    Section
      11.07.   Effect
      of Headings and Table of Contents.
      The
      Article and Section headings herein and the Table of Contents are for
      convenience only and shall not affect the construction hereof.

     

    Section
      11.08.   Successors
      and Assigns.
      All
      covenants and agreements in this Indenture and the Notes by the Issuer shall
      bind its successors and assigns, whether so expressed or not. All agreements
      of
      the Indenture Trustee in this Indenture shall bind its successors, co-trustees
      and agents.

     

    Section
      11.09.   Severability.
      In case
      any provision in this Indenture or in the Notes shall be invalid, illegal or
      unenforceable, the validity, legality and enforceability of the remaining
      provisions shall not in any way be affected or impaired thereby.

     

    Section
      11.10.   Benefits
      of Indenture and Consents of Noteholders.
      Nothing
      in this Indenture or in the Notes, express or implied, shall give to any Person,
      other than the parties hereto and their successors hereunder, the Owner Trustee
      and the Noteholders, any benefit or any legal or equitable right, remedy or
      claim under this Indenture. Each Noteholder and Note Owner, by acceptance of
      a
      Note or, in the case of a Note Owner, a beneficial interest in a Note, consents
      to and agrees to be bound by the terms and conditions of this
      Indenture.

     

    Section
      11.11.   Legal
      Holidays.
      In any
      case where the date on which any payment is due shall not be a Business Day,
      then (notwithstanding any other provision of the Notes or this Indenture)
      payment need not be made on such date, but may be made on the next succeeding
      Business Day with the same force and effect as if made on the date on which
      nominally due, and no interest shall accrue for the period from and after any
      such nominal date.

     

    Section
      11.12.   Governing
      Law.
      THIS
      INDENTURE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF
      THE
      STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS (OTHER
      THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW), AND THE OBLIGATIONS, RIGHTS
      AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH
      SUCH LAWS.

     

    Section
      11.13.   Counterparts.
      This
      Indenture may be executed in any number of counterparts, each of which so
      executed shall be deemed to be an original, but all such counterparts shall
      together constitute but one and the same instrument.

     

    Section
      11.14.   Recording
      of Indenture.
      If this
      Indenture is subject to recording in any appropriate public recording offices,
      such recording is to be effected by the Issuer and at its expense accompanied
      by
      an Opinion of Counsel (which may be counsel to the Indenture Trustee or any
      other counsel reasonably acceptable to the Indenture Trustee) to the effect
      that
      such recording is necessary either for the protection of the Noteholders or
      any
      other Person secured hereunder or for the enforcement of any right or remedy
      granted to the Indenture Trustee under this Indenture.

     

    Section
      11.15.   Trust
      Obligations.
      (a)
      No
      recourse may be taken, directly or indirectly, with respect to the obligations
      of the Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under
      this Indenture or any certificate or other writing delivered in connection
      herewith or therewith, against (i) the Indenture Trustee or the Owner Trustee
      in
      their respective individual capacities, (ii) any owner of a beneficial interest
      in the Issuer or (iii) any partner, owner, beneficiary, agent, officer,
      director, employee or agent of the Indenture Trustee or the Owner Trustee in
      its
      respective individual capacity, any holder of a beneficial interest in the
      Issuer, the Owner Trustee or the Indenture Trustee or of any successor or assign
      of the Indenture Trustee or the Owner Trustee in its individual capacity, except
      as any such Person may have expressly agreed (it being understood that the
      Indenture Trustee and the Owner Trustee have no such obligations in their
      respective individual capacities) and except that any such partner, owner or
      beneficiary shall be fully liable, to the extent provided by applicable law,
      for
      any unpaid consideration for stock, unpaid capital contribution or failure
      to
      pay any installment or call owing to such entity. For all purposes of this
      Indenture, in the performance of any duties or obligations of the Issuer
      hereunder, the Owner Trustee shall be subject to, and entitled to the benefits
      of, the terms and provisions of Articles VI, VII and VIII of the Trust
      Agreement.

     

    (b)  In
      addition, (i) this Indenture is executed and delivered by
      _________________________, not individually or personally but solely as Owner
      Trustee, in the exercise of the powers and authority conferred and vested in
      it,
      (ii) each of the representations, undertakings and agreements herein made on
      the
      part of the Issuer or the Owner Trustee is made and intended not as personal
      representations, undertakings and agreements by _________________________ but
      is
      made and intended for the purpose for binding only the Trust, (iii) nothing
      herein contained shall be construed as creating any liability on
      _________________________, individually or personally, to perform any covenant
      either expressed or implied contained herein, all such liability, if any, being
      expressly waived by the Indenture Trustee and by any Person claiming by, through
      or under the Indenture Trustee, and (iv) under no circumstances shall
      _________________________ be personally liable for the payment of any
      indebtedness or expenses of the Issuer or be liable for the breach or failure
      of
      any obligation, representation, warranty or covenant made or undertaken by
      the
      Issuer under this Indenture or the Operative Agreements.

     

    Section
      11.16.   No
      Petition.
      The
      Indenture Trustee, by entering into this Indenture, and each Noteholder, by
      accepting a Note, hereby covenant and agree that they will not at any time
      institute against the Depositor or the Issuer, or join in any institution
      against the Depositor or the Issuer of, any bankruptcy, reorganization,
      arrangement, insolvency or liquidation proceedings, or other proceedings under
      any United States federal or state bankruptcy or similar law in connection
      with
      any obligations relating to the Notes, this Indenture or any of the Operative
      Agreements; provided,
      however,
      nothing
      contained herein shall prevent the Indenture Trustee from filing proofs of
      claim.

     

    Section
      11.17.   Inspection.
      The
      Issuer agrees that, on reasonable prior notice, it will permit any
      representative of the Indenture Trustee, during the Issuer’s normal business
      hours, to examine all the books of account, records, reports and other papers
      of
      the Issuer, to make copies and extracts therefrom, to cause such books to be
      audited by Independent Public Accountants, and to discuss the Issuer’s affairs,
      finances and accounts with the Issuer’s officers, employees and Independent
      certified public accountants, all at such reasonable times and as often as
      may
      be reasonably requested. The Indenture Trustee shall, and shall cause its
      representatives to, hold in confidence all such information except to the extent
      disclosure may be required by law (and all reasonable applications for
      confidential treatment are unavailing) and except to the extent that the
      Indenture Trustee may reasonably determine that such disclosure is consistent
      with its obligations hereunder; provided,
      further,
      that the
      Indenture Trustee may disclose on a confidential basis any such information
      to
      its agents, attorneys and auditors in connection with the performance of its
      responsibilities hereunder.

     

    

    
      
         

      

      
         

        
          

        

      

      
         

        
          

        

      

    

    

    IN
      WITNESS WHEREOF, the Issuer, the Trust Administrator and the Indenture Trustee
      have caused this Indenture to be duly executed by their respective officers,
      thereunto duly authorized and duly attested, all as of the day and year first
      above written.

     

    
      	
              [                                ]
                200__-[   ], as Issuer

               

            
	
              By:

            	
              not
                in its individual capacity but solely as Owner Trustee

            
	 	 
	
              By:

            	 
	
              Name:

            	 
	
              Title:

            	 
	 	 
	 	 
	
              as
                Trust Administrator

            
	 	 
	 	 
	
              By:

            	 
	
              Name:

            	 
	
              Title:

            	 
	 	 
	 	 
	
              ________________________,
                not in its individual capacity but solely as Indenture
                Trustee

            
	 	 
	 	 
	
              By:

            	 
	
              Name:

            	 
	
              Title:

            	 
	 	 
	 	 
	
              By:

            	 
	
              Name:

            	 
	
              Title:

            	 

    

    

     

    
      
         

      

      
         

        
          

        

      

      
         

        
          

        

      

    

    EXHIBIT
      A

     

    FORMS
      OF
      NOTES

     

    

    [See
      notes delivered at closing.]

    
      
         

      

      
         

        
          

        

      

      
         

        
          

        

      

    

    

     

    EXHIBIT
      B

     

    FORM
      OF
      ERISA TRANSFER AFFIDAVIT

     

    _______________________

                                                                                                    date
 

     

    
      	
              STATE
                OF NEW YORK

            	
              )

            	 
	 	
              )

            	
              ss.:

            
	
              COUNTY
                OF NEW YORK

            	
              )

            	 

    

     

    Re:
       [                                ]
      200__-[   ]  

     

    1. The
      undersigned is the ______________________ of ______________________ (the
“Investor”), a [corporation duly organized] and existing under the laws of
      __________, on behalf of which he makes this affidavit.

     

    2. Either
      (i) the Investor is not, and on ___________ [date of transfer] will not be,
      acquiring the Notes for, or with the assets of, an employee benefit plan or
      other retirement arrangement that is subject to Section 406 of the Employee
      Retirement Income Security Act of 1974, as amended (“ERISA”), or to Section 4975
      of the Internal Revenue Code of 1986, as amended (or to any substantially
      similar law (“Similar Law”)) or any entity deemed to hold the plan assets of the
      foregoing (a “Benefit Plan”) or (ii) the Investor’s acquisition and holding of
      the Notes for, or on behalf of, a Benefit Plan will not result in a non-exempt
      prohibited transaction under Section 406 of ERISA or Section 4975 of the Code
      which is not covered under Prohibited Transaction Class Exemption (“PTCE”)
      84-14, PTCE 90-1, PTCE 91-38, PTCE 95-60, PTCE 96-23 or some other applicable
      exemption, and will not result in a non-exempt violation of any Similar
      Law.

     

    3. The
      Investor hereby acknowledges that under the terms of the Indenture among
      [                                ]
      200__-[   ], as Issuer, ______________________, as Trust
      Administrator, and ____________________________________, as Indenture Trustee,
      dated as of ________, 200_, no transfer of any Note shall be permitted to be
      made to any person unless the Trust Administrator has received a certificate
      from such transferee in the form hereof.

     

    
      
         

         

         

      

      
         

        
          

        

      

      
         

      

    

    

    IN
      WITNESS WHEREOF, the Investor has caused this instrument to be executed on
      its
      behalf, pursuant to proper authority, by its duly authorized officer, duly
      attested, this ____ day of _______________, 20__.

     

    
      	
              [Investor]

            
	 	 
	
              By:

            	 
	
              Name:

            	 
	
              Title:

            	 

    

    

     

    ATTEST:

     

    ___________________________

     

     

    
      	
              STATE
                OF 

            	
              )

            	 
	 	
              )

            	
              ss.:

            
	
              COUNTY
                OF___________

            	
              )

            	 

    

    

     

    Personally
      appeared before me the above-named ___________________, known or proved to
      me to
      be the same person who executed the foregoing instrument and to be the
      _________________ of the Investor, and acknowledged that he executed the same
      as
      his free act and deed and the free act and deed of the Investor.

     

    Subscribed
      and sworn before me this _____ day of ___________ 20___.

     

    
      	 	 
	 	
              NOTARY
                PUBLIC

               

               

              My
                commission expires the

              ____
                day of __________, 20__.

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