Document:

CHANGE
      OF CONTROL AGREEMENT

    

    This
      Change of Control Agreement (the “Agreement”) is made and entered into effective
      as of ______________, by and between ______________ (the “Employee”) and RITA
      Medical Systems, Inc., a Delaware corporation (the “Company”).

    

    R
      E C I T
      A L S

    

    A. It
      is
      understood that another company or other entity may from time to time consider
      the possibility of acquiring the Company or that a change in control may
      otherwise occur, with or without the approval of the Company’s Board of
      Directors (the “Board”). The Board has identified the Employee, an officer of
      the Company, as a key employee whose continued employment with the Company
      is
      critical to the Company’s future success and has determined that it is important
      to provide Employee with an incentive to continue his or her employment with
      the
      Company in the event that the Company consummates a Change of Control
      transaction. For purposes of this Agreement, this shall include Employee’s
      employment in a majority-owned subsidiary or other surviving entity of an
      acquiring Company.

    

    B. To
      accomplish the foregoing objectives, the Board of Directors has directed the
      Company, upon execution of this Agreement by the Employee, to agree to the
      terms
      provided in this Agreement.

    

    C. The
      Board
      believes that it is imperative to provide the Employee with certain benefits
      upon a Change of Control and, under certain circumstances, upon termination
      of
      the Employee’s employment in connection with a Change of Control, which benefits
      are intended to provide the Employee with financial security and provide
      sufficient income and encourage-ment to the Employee to remain with the Company
      notwithstanding the possibility of a Change of Control.

    

    D. To
      accomplish the foregoing objectives, the Board of Directors has directed the
      Company, upon execution of this Agreement by the Employee, to agree to the
      terms
      provided in this Agreement.

    

    E. Certain
      capitalized terms used in the Agreement are defined in Section 3
      below.

    

    In
      consideration of the mutual covenants contained in this Agreement, and in
      consideration of the continuing employment of Employee by the Company, the
      parties agree as follows:

    

    1. At-Will
      Employment.
      The
      Company and the Employee acknowledge that the Employee’s employment is and shall
      continue to be at-will, as defined under applicable law. If the Employee’s
      employment terminates for any reason, more than two months prior to a Change
      of
      Control, the Employee shall not be entitled to any payments or benefits, other
      than as provided by this Agreement, or as may otherwise be available in
      accordance with the terms of the Company’s established employee plans and
      written policies at the time of termination. The terms of this Agreement shall
      terminate upon the earlier of (i) the date on which Employee ceases to be
      employed as an officer of the Company, other than as a result of an involuntary
      termination by the Company without Cause, (ii) the date that all
      obligations of the parties hereunder have been satisfied, or (iii) fourteen
      (14) months after a Change of Control. A termination of the terms of this
      Agreement pursuant to the preceding sentence shall be effective for all
      purposes, except that such termination shall not affect the payment or provision
      of compensation or benefits on account of a termination of employment occurring
      prior to the termination of the terms of this Agreement.

    

    
      
         

      

      
         

        
          

        

      

      
         

      

       

    

    2. Change
      of Control.

    

    (a) Cash
      Severance and Other Benefits.
      In the
      event of Employee’s Involuntary Termination (as defined below) within two months
      prior to or twelve (12) months after the Change of Control, the provisions
      of
      this Section 2(a) shall apply.

    

    (1) Cash
      Severance Amount.
      Employee shall be paid promptly after such Involuntary Termination a lump sum
      Cash Severance Amount, as determined below and as reduced for applicable state,
      federal and other income, employment or other required taxes. The Cash Severance
      amount shall be the Employee’s Annual Target Compensation multiplied by a
      fraction, the numerator of which is twelve (12) and denominator of which is
      twelve (12). Annual Target Compensation shall be (i) the greater of the
      Employee’s annual base salary on the date of the Involuntary Termination or the
      date of the Change of Control, plus (ii) all potential annual target bonuses
      or
      annual target commissions (as if earned at 100% attainment) under bonus or
      commission plans for which Employee was eligible and participating as of the
      date of the Involuntary Termination or Change of Control, whichever results
      in
      the greater amount. For clarity, the special 2006 Product Milestone Bonus shall
      not be considered to a part of the Annual Target Compensation. Notwithstanding
      the foregoing, to the extent required because the Employee is a “key employee”
within the meaning of Section 409A of the Internal Revenue Code of (1986)
      (“Code”), no payment hereunder may be made until six months after the date of
      the termination.

    

    (2) Earned
      but Unpaid Bonus
      or Commission Amounts.
      The
      Employee shall also be entitled to receive all previously earned but unpaid
      bonuses or commissions applicable to periods prior to the Change of Control
      based on the actual attainment metrics and payment terms as specified in the
      bonus or commission plans to the extent not previously paid, less applicable
      state, federal or other income, employment or other taxes.

    

    (3) Health
      and Life Coverage.
      The
      Employee’s Company sponsored health insurance (and that of any covered
      dependents) shall be continued on the same terms applicable prior to termination
      for the number of months covered by the cash severance above or until coverage
      is provided by Employee’s new employer if earlier. Continuation coverage rights,
      if any, under federal “COBRA” provisions shall commence when coverage hereunder
      expires. Company sponsored life insurance shall continue for twelve (12) months
      following termination unless comparable coverage is provided by Employee’s new
      employer.

    

    
      
         

      

      
        -2-

        
          

        

      

      
         

      

       

    

    (b) Stock
      Options and Restricted Stock.

    

    (1)
      Acceleration
      Upon a Change of Control. In
      the
      event of a Change of Control, on the effective date of the transaction, fifty
      percent (50%) of all unvested options to purchase the Company’s securities held
      by the Employee (the “Option”) prior to the effective date of the Change of
      Control transaction shall become fully vested and immediately exercisable and
      shall remain exercisable as specified in Section (2)(b)(2)(ii) of this
      Agreement, and repurchase rights of the Company with respect to fifty percent
      (50%) of the shares of restricted stock held by the Employee purchased by the
      Employee pursuant to the terms of a Stock Purchase Agreement shall immediately
      lapse. In addition, unless the vesting schedule in the original grant document
      or offer letter would provide for faster vesting, on each one month anniversary
      of the effective date of the Change of Control transaction 1/12 of all remaining
      unvested options held by the Employee shall become fully vested and immediately
      exercisable and shall remain exercisable as specified in Section (2)(b)(2)(ii)
      of this Agreement, and repurchase rights of the Company with respect to 1/12
      of
      all remaining shares of restricted stock held by Employee shall
      lapse.

    

    (2) Termination
      in Connection with a Change of Control.
      In the
      event of an Involuntary Termination of Employee at any time within two months
      prior to or twelve (12) months after a Change of Control all unvested options
      held by the Employee shall become fully vested and immediately exercisable
      and
      shall remain exercisable as specified in Section (2)(b)(2)(ii) of this
      Agreement, and repurchase rights of the Company with respect to all of the
      shares of restricted stock held by the Employee purchased by the Employee
      pursuant to the terms of a Stock Purchase Agreement shall immediately
      lapse.

    

    (i) Voluntary
      Resignation and Termination for Cause.
      If the
      Employee voluntarily resigns from the Company under circumstances which do
      not
      constitute an Involuntary Termination within two (2) months prior to a Change
      of
      Control or within twelve (12) months after a Change of Control , or is
      terminated for Cause, then the Employee shall not be entitled to any
      acceleration of the vesting of his or her unvested options or lapse of
      repurchase rights with respect to his or her restricted stock.

    

    (ii) Time
      of Exercise.
      Unless
      a longer period is provided for in the option agreement or new hire offer letter
      between the Employee and the Company with respect to an Option, in the event
      of
      the Employee’s termination of employment for any reason within two months prior
      to or twelve (12) months after
      a
      Change of Control, the Employee shall be entitled to exercise (A) consistent
      with the requirements of Section 409A of the Code and provided this provision
      does not result in a material compensation charge to the Company’s financial
      statements (as determined by the Company’s audit committee), all outstanding
      Options granted prior to _[insert
      date of this Agreement]___
      ___,
      2006 to the extent they are vested (including after giving effect to any
      acceleration of vesting under this Agreement or the option agreement or new
      hire
      offer letter) for a period equal to the longer of (x) the fifteenth day of
      the
      third month following the date on which the Option would have expired by its
      original terms or (y) the remainder of the calendar year in which the Option
      would have expired under its original terms and (b) outstanding Options granted
      after __[insert
      date of this Agreement]__
      ___,
      2006 to the extent they are vested (including after giving effect to any
      acceleration of vesting under this Agreement or the option agreement or new
      hire
      offer letter) during the twelve (12) months following termination. In
      no
      event may an Option be exercised later than the expiration date of the term
      of
      such Option as set forth in the option agreement for such Option.

    

    
      
         

      

      
        -3-

        
          

        

      

      
         

      

       

    

    3. Definition
      of Terms.
      The
      following terms referred to in this Agreement shall have the following
      meanings:

    

    (a) Change
      of Control.
“Change
      of Control” shall mean the consummation of any of the following
      events:

    

    (i) Ownership.
      Any
“Person” (as such term is used in Sections 13(d) and 14(d) of the Securities
      Exchange Act of 1934, as amended) is or becomes the “Beneficial Owner” (as
      defined in Rule 13d-3 under said Act), directly or indirectly, of securities
      of
      the Company representing fifty percent (50%) or more of the total voting power
      represented by the Company’s then outstanding voting securities without
      the
      approval of the Board of Directors of the Company; or

    

    (ii) Merger/Sale
      of Assets.
      A
      merger or consolidation of the Company whether or not approved by the Board
      of
      Directors of the Company, other than a merger or consolidation which would
      result in the voting securities of the Company outstanding immediately prior
      thereto continuing to represent (either by remaining outstanding or by being
      converted into voting securities of the surviving entity) at least fifty percent
      (50%) of the total voting power represented by the voting securities of the
      Company or such surviving entity outstanding immediately after such merger
      or
      consolidation, or the stockholders of the Company approve a plan of complete
      liquidation of the Company or an agreement for the sale or disposition by the
      Company of all or substantially all of the Company’s assets.

    

    (b) Cause.
“Cause”
      shall mean (i) gross negligence or willful misconduct in the performance of
      the Employee’s duties to the Company where such gross negligence or willful
      misconduct has resulted or is likely to result in substantial and material
      damage to the Company or its subsidiaries, (ii) repeated unexplained or
      unjustified absence from the Company, (iii) a material and willful
      violation of any federal or state law; (iv) commission of any act of fraud
      with respect to the Company; or (v) conviction of a felony or a crime
      involving moral turpitude causing material harm to the standing and reputation
      of the Company, in each case as determined in good faith by the Board of
      Directors of the Company.

    

    (c) Involuntary
      Termination.
      “Involuntary Termination” shall include any termination by the Company other
      than for Cause and shall also include the Employee’s voluntary termination for
“Good Reason” upon 30 days prior written notice to the Company by the Employee.
      Good Reason shall exist in the event of (i) a material reduction or change
      in
      job duties, responsibilities and requirements inconsistent with the Employee’s
      position with the Company and the Employee’s prior duties, responsibilities and
      requirements, taking into account the differences in job title and duties that
      are normally occasioned by reason of an acquisition of one company by another
      and that do not actually result in a material change in duties, responsibilities
      and requirements inconsistent with an employee’s prior position with the
      acquired company; (ii) any reduction of the Employee’s base and cash bonus
      compensation ; or (iii) the Employee’s refusal to relocate to a location more
      than 25 miles from the Company’s current location. Employee does not need to
      actually terminate employment with the Company to be entitled to payments and
      benefits hereunder in connection with a Good Reason based Involuntary
      Termination, but the Employee may at his or her sole discretion terminate
      employment in connection with an Involuntary Termination in connection with
      a
      Good Reason. For clarity, so long as the events giving rise to Good Reason
      occur
      within twelve (12) months of the Change of Control and the Employee gives the
      Company at least 30 days notice of such events before Employee terminates
      employment, such termination may occur more than twelve (12) months after a
      Change of Control. However, solely in order to terminate more than twelve (12)
      months following a Change of Control for Good Reason pursuant to the above,
      the
      Employee’s written notice must be received by the Company within 60 days of the
      events giving rise to Good Reason. 

    

    
      
         

      

      
        -4-

        
          

        

      

      
         

      

    

    

    4. 280G
      Payments.
      

    

    (a) In
      the
      event that the severance benefits provided for in this Agreement (the “Total
      Payments”) constitute “Parachute Payments” within the meaning of Code
      Section 280G , the excess of the Parachute Payments over three times the
      five year average of compensation as computed under Code Section 280G (such
      excess is referred to as the “280G Excess”) is greater than one hundred thousand
      dollars ($100,000) (the “Valley”) and the Employee is subject to the excise tax
      imposed by Section 4999 of the Code (the “Excise Tax”), then the Company
      shall pay to the Employee an additional amount or amounts (the “Gross-Up
      Payment”) such that the net amount retained by the Employee, after deduction of
      any Excise Tax on the Total Payments and any federal, state and local income
      and
      employment taxes and the Excise Tax upon the Gross-Up Payment, shall be equal
      to
      the Total Payments. If the 280G Excess is less than the Valley, the Employee
      may
      elect to either have the amount of Employee’s payments and benefits hereunder
      reduced to the point no Excise Tax is due or may receive all benefits hereunder
      and pay the Excise Tax without the benefit of any Gross-Up Payment from the
      Company. Unless the Company and the Employee otherwise agree in writing, any
      determination required under this Section 4 shall be made in writing
      by the
      Company’s independent tax advisors (the “Accountants”), whose determination
      shall be conclusive and binding upon the Employee and the Company for all
      purposes. For purposes of making the calculations required by this
      Section 4, the Accountants may make reasonable assumptions and
      approximations concerning applicable taxes and may rely on reasonable, good
      faith interpretations concerning the application of Section 280G and 4999
      of the Code. The Company and the Employee shall furnish to the Accountants
      such
      information and documents as the Accountants may reasonably request in order
      to
      make a determination under this Section. The Company shall bear all costs the
      Accountants may reasonably incur in connection with any calculations
      contemplated by this Section 4, including by reason of any state, federal
      or other government audit of such calculations.

    

    (b) The
      payment of severance benefits provided for in this Agreement shall be subject
      to
      all applicable income, employment and social tax rules and
      regulations.

    

    
      
         

      

      
        -5-

        
          

        

      

      
         

      

       

    

    5. Successors.
      Any
      successor to the Company (whether direct or indirect and whether by purchase,
      lease, merger, consolidation, liquidation or otherwise) to all or substantially
      all of the Company’s business and/or assets shall assume the obligations under
      this Agreement and agree expressly to perform the obligations under this
      Agreement in the same manner and to the same extent as the Company would be
      required to perform such obligations in the absence of a succession. The terms
      of this Agreement and all of the Employee’s rights hereunder shall inure to the
      benefit of, and be enforceable by, the Employee’s personal or legal
      representatives, executors, administrators, successors, heirs, distributees,
      devisees and legatees.

    

    6. Notice.
      Notices
      and all other communications contemplated by this Agreement shall be in writing
      and shall be deemed to have been duly given when personally delivered or when
      mailed by U.S. registered or certified mail, return receipt requested and
      postage prepaid. Mailed notices to the Employee shall be addressed to the
      Employee at the home address which the Employee most recently communicated
      to
      the Company in writing. In the case of the Company, mailed notices shall be
      addressed to its corporate headquarters, and all notices shall be directed
      to
      the attention of its Secretary.

    

    7. Miscellaneous
      Provisions.

    

    (a) No
      Duty to Mitigate.
      The
      Employee shall not be required to mitigate the amount of any payment
      contemplated by this Agreement (whether by seeking new employment or in any
      other manner), nor, except as otherwise provided in this Agreement, shall any
      such payment be reduced by any earnings that the Employee may receive from
      any
      other source.

    

    (b) Waiver.
      No
      provision of this Agreement shall be modified, waived or discharged unless
      the
      modification, waiver or discharge is agreed to in writing and signed by the
      Employee and by an authorized officer of the Company (other than the Employee).
      No waiver by either party of any breach of, or of compliance with, any condition
      or provision of this Agreement by the other party shall be considered a waiver
      of any other condition or provision or of the same condition or provision at
      another time.

    

    (c) Whole
      Agreement.
      No
      agreements, representations or understandings (whether oral or written and
      whether express or implied) which are not expressly set forth in this Agreement
      have been made or entered into by either party with respect to the subject
      matter hereof. This Agreement supersedes the Change in Control sections of
      any
      agreement, including any offer letter, prior Change in Control agreements,
      employment agreement, option grant document, etc. concerning the payments and
      benefits in a Change of Control as provided by this Agreement, dated prior
      to
      the date of this Agreement, and by execution of this Agreement both parties
      agree that any such predecessor agreement shall be deemed null and void.
      Notwithstanding the foregoing, in the event the Employee’s new hire offer letter
      specifies a longer period to exercise options in the event of a Change of
      Control than is specified in Section (2)(b)(2)(ii) of this Agreement, the period
      specified in the offer letter shall be used. Further, the portions of the
      Employee’s new hire offer letter related to any severance benefits related to a
      termination not in connection with a Change in Control shall remain in full
      effect and are not superseded by this Agreement.

    

    
      
         

      

      
        -6-

        
          

        

      

      
         

      

       

    

    (d) Choice
      of Law.
      The
      validity, interpretation, construction and performance of this Agreement shall
      be governed by the laws of the State of California without reference to conflict
      of laws provisions.

    

    (e) Severability.
      If any
      term or provision of this Agreement or the application thereof to any
      circumstance shall, in any jurisdiction and to any extent, be invalid or
      unenforceable, such term or provision shall be ineffective as to such
      jurisdiction to the extent of such invalidity or unenforceability without
      invalidating or rendering unenforceable the remaining terms and provisions
      of
      this Agreement or the application of such terms and provisions to circumstances
      other than those as to which it is held invalid or unenforceable, and a suitable
      and equitable term or provision shall be substituted therefore to carry out,
      insofar as may be valid and enforceable, the intent and purpose of the invalid
      or unenforceable term or provision.

    

    (f) Arbitration.
      Any
      dispute or controversy arising under or in connection with this Agreement may
      be
      settled at the option of either party by binding arbitration in the County
      of
      Santa Clara, California, in accordance with the rules of the American
      Arbitration Association then in effect. Judgment may be entered on the
      arbitrator’s award in any court having jurisdiction. Punitive damages shall not
      be awarded.

    

    (g) Legal
      Fees and Expenses.
      The
      parties shall each bear their own expenses, legal fees and other fees incurred
      in connection with this Agreement.

    

    (h) No
      Assignment of Benefits.
      The
      rights of any person to payments or benefits under this Agreement shall not
      be
      made subject to option or assignment, either by voluntary or involuntary
      assignment or by operation of law, including (without limitation) bankruptcy,
      garnishment, attachment or other creditor’s process, and any action in violation
      of this subsection (h) shall be void.

    

    (i) Employment
      Taxes.
      All
      payments made pursuant to this Agreement will be subject to withholding of
      applicable income and employment taxes.

    

    (j) Assignment
      by the Company.
      The
      Company may assign its rights under this Agreement to an affiliate, and an
      affiliate may assign its rights under this Agreement to another affiliate of
      the
      Company or to the Company; provided, however, that no assignment shall be made
      if the net worth of the assignee is less than the net worth of the Company
      at
      the time of assignment. In the case of any such assignment, the term “Company”
when used in a section of this Agreement shall mean the corporation that
      actually employs the Employee.

    

    (k) Counterparts.
      This
      Agreement may be executed in counterparts, each of which shall be deemed an
      original, but all of which together will constitute one and the same
      instrument.

    

    

    (SIGNATURE
      PAGE FOLLOWS)

    
       

      
         

      

      
        -7-

        
          

        

      

      
         

      

    

    IN
      WITNESS WHEREOF, each of the parties has executed this Agreement, in the case
      of
      the Company by its duly authorized officer, as of the day and year first above
      written.

     

    
      	
              RITA MEDICAL SYSTEMS, INC.

               

               

              
                By:
                  _____________________________

                 

                Title:
                  ____________________________

              

            	
              NAME:

               

               

              ______________________________

            

    

    

     

    
      
         

      

      
        -8-Unassociated Document

    Exhibit
      4.1

     

    FORM
      OF

     

    INDENTURE

     

    among

     

    TBW
      MORTGAGE TRUST [     ],

    Issuer,

    

    

    [    
      ],

    Indenture
      Trustee

     

    and

     

    [    
      ],

    Securities
      Administrator

    

     

    Dated
      as
      of [     ]

    
      
        
        

      

      
        
        

        
          

        

      

       

    

     

    TABLE
      OF
      CONTENTS

    

    
      	 	 	 	 	
              Page

            
	 	 	 	 	 
	
               ARTICLE
                I DEFINITIONS AND INCORPORATION BY REFERENCE

            	 	 
	 	 	 	 	 
	
              Section
                1.01

            	 	
              Definitions

            	 	
              2

            
	
              Section
                1.02

            	 	
              Rules
                of Construction

            	 	
              7

            
	 	 	 
	
               ARTICLE
                II THE NOTES

            	 	
            
	 	 	 
	
              Section
                2.01

            	 	
              Form

            	 	
              8

            
	
              Section
                2.02

            	 	
              Execution,
                Authentication and Delivery

            	 	
              8

            
	
              Section
                2.03

            	 	
              Limitations
                on Transfer of the Notes

            	 	
              9

            
	
              Section
                2.04

            	 	
              Registration;
                Registration of Transfer and Exchange

            	 	
              11

            
	
              Section
                2.05

            	 	
              Mutilated,
                Destroyed, Lost or Stolen Notes

            	 	
              13 

            
	
              Section
                2.06

            	 	
              Persons
                Deemed Owners

            	 	
              14

            
	
              Section
                2.07

            	 	
              Payment
                of Principal and Interest

            	 	
              14

            
	
              Section
                2.08

            	 	
              Cancellation

            	 	
              15

            
	
              Section
                2.09

            	 	
              Release
                of Collateral

            	 	
              15

            
	
              Section
                2.10

            	 	
              Book-Entry
                Notes

            	 	
              16

            
	
              Section
                2.11

            	 	
              Notices
                to Clearing Agency

            	 	
              17

            
	
              Section
                2.12

            	 	
              Definitive
                Notes

            	 	
              17

            
	
              Section
                2.13

            	 	
              Tax
                Treatment

            	 	
              17

            
	
              Section
                2.14

            	 	
              Restrictions
                on Transfer of Beneficial Ownership Interest in Class B
                Notes

            	 	
              17

            
	 	 	 	 	 
	
               ARTICLE
                III COVENANTS

            	 	 
	 	 	 	 	 
	
              Section
                3.01

            	 	
              Payment
                of Principal and Interest

            	 	
              18

            
	
              Section
                3.02

            	 	
              Maintenance
                of Office or Agency

            	 	
              18

            
	
              Section
                3.03

            	 	
              Money
                for Payments to be Held in Trust

            	 	
              18

            
	
              Section
                3.04

            	 	
              Existence

            	 	
              20

            
	
              Section
                3.05

            	 	
              Protection
                of Collateral

            	 	
              21

            
	
              Section
                3.06

            	 	
              Opinions
                as to Collateral

            	 	
              21

            
	
              Section
                3.07

            	 	
              Performance
                of Obligations

            	 	
              21

            
	
              Section
                3.08

            	 	
              Negative
                Covenants

            	 	
              22

            
	
              Section
                3.09

            	 	
              Annual
                Statement as to Compliance

            	 	
              23

            
	
              Section
                3.10

            	 	
              Treatment
                of Notes as Debt for Tax Purposes

            	 	
              23

            
	
              Section
                3.11

            	 	
              No
                Other Business

            	 	
              24

            
	
              Section
                3.12

            	 	
              No
                Borrowing

            	 	
              24

            
	
              Section
                3.13

            	 	
              Guarantees,
                Loans, Advances and Other Liabilities

            	 	
              24

            
	
              Section
                3.14

            	 	
              Capital
                Expenditures

            	 	
              24

            
	
              Section
                3.15

            	 	
              Removal
                of Administrator

            	 	
              24

            
	
              Section
                3.16

            	 	
              Restricted
                Payments

            	 	
              24

            
	
              Section
                3.17

            	 	
              Notice
                of Events of Default

            	 	
              24

            
	
              Section
                3.18

            	 	
              Further
                Instruments and Acts

            	 	
              24

            
	
              Section
                3.19

            	 	
              Covenants
                of the Issuer

            	 	
              24

            
	
              Section
                3.20

            	 	
              Representations
                and Warranties of the Issuer

            	 	
              25

            

    

     

     

    
      
        
        

      

      
        i

        
          

        

      

      
        
        

      

    

     

    
      	
               ARTICLE
                IV SATISFACTION AND DISCHARGE

            	 	 
	 	 	 	 	 
	
              Section
                4.01

            	 	
              Satisfaction
                and Discharge of Indenture

            	 	
              26

            
	
              Section
                4.02

            	 	
              Application
                of Trust Money

            	 	
              27

            
	
              Section
                4.03

            	 	
              Repayment
                of Moneys Held by Paying Agent

            	 	
              27

            
	
              Section
                4.04

            	 	
              Trust
                Money Received by Indenture Trustee

            	 	
              27

            
	 	 	 	 	 
	
               ARTICLE
                V REMEDIES

            	 	 
	 	 	 	 	 
	
              Section
                5.01

            	 	
              Events
                of Default

            	 	
              27

            
	
              Section
                5.02

            	 	
              Acceleration
                of Maturity; Rescission and Annulment

            	 	
              28

            
	
              Section
                5.03

            	 	
              Collection
                of Indebtedness and Suits for Enforcement by Indenture
                Trustee

            	 	
              29

            
	
              Section
                5.04

            	 	
              Remedies;
                Priorities

            	 	
              31

            
	
              Section
                5.05

            	 	
              Optional
                Preservation of the Collateral

            	 	
              33

            
	
              Section
                5.06

            	 	
              Limitation
                of Suits

            	 	
              33

            
	
              Section
                5.07

            	 	
              Unconditional
                Rights of Noteholders To Receive Principal and Interest

            	 	
              34

            
	
              Section
                5.08

            	 	
              Restoration
                of Rights and Remedies

            	 	
              34

            
	
              Section
                5.09

            	 	
              Rights
                and Remedies Cumulative

            	 	
              34

            
	
              Section
                5.10

            	 	
              Delay
                or Omission Not a Waiver

            	 	
              34

            
	
              Section
                5.11

            	 	
              Control
                by Noteholders

            	 	
              34

            
	
              Section
                5.12

            	 	
              Waiver
                of Past Defaults

            	 	
              35

            
	
              Section
                5.13

            	 	
              Undertaking
                for Costs

            	 	
              35

            
	
              Section
                5.14

            	 	
              Waiver
                of Stay or Extension Laws

            	 	
              36

            
	
              Section
                5.15

            	 	
              Action
                on Notes

            	 	
              36

            
	
              Section
                5.16

            	 	
              Performance
                and Enforcement of Certain Obligations

            	 	
              36

            
	 	 	 	 	
               

            
	
               ARTICLE
                VI THE INDENTURE TRUSTEE

            	 	 
	 	 	 	 	 
	
              Section
                6.01

            	 	
              Duties
                of Indenture Trustee

            	 	
              37

            
	
              Section
                6.02

            	 	
              Rights
                of Indenture Trustee

            	 	
              39

            
	
              Section
                6.03

            	 	
              Individual
                Rights of Indenture Trustee

            	 	
              40

            
	
              Section
                6.04

            	 	
              Indenture
                Trustee’s Disclaimer

            	 	
              40

            
	
              Section
                6.05

            	 	
              Notice
                of Defaults

            	 	
              40

            
	
              Section
                6.06

            	 	
              Reports
                by Indenture Trustee to Holders

            	 	
              40

            
	
              Section
                6.07

            	 	
              Compensation
                and Indemnity

            	 	
              40

            
	
              Section
                6.08

            	 	
              Replacement
                of Indenture Trustee

            	 	
              41

            
	
              Section
                6.09

            	 	
              Successor
                Indenture Trustee by Merger

            	 	
              42

            
	
              Section
                6.10

            	 	
              Appointment
                of Co-Indenture Trustee or Separate Indenture Trustee

            	 	
              42

            
	
              Section
                6.11

            	 	
              Eligibility;
                Disqualification

            	 	
              44

            
	
              Section
                6.12

            	 	
              Representations
                and Warranties

            	 	
              44

            
	
              Section
                6.13

            	 	
              Preferential
                Collection of Claims Against Issuer

            	 	
              44

            
	
              Section
                6.14

            	 	
              Reporting
                Requirements of the Commission

            	 	
              44

            
	 	 	 	 	
               

            
	
               ARTICLE
                VII NOTEHOLDERS’ LISTS AND REPORTS

            	 	 
	 	 	 	 	 
	
              Section
                7.01

            	 	
              Issuer
                To Furnish Indenture Trustee Names and Addresses of
                Noteholders

            	 	
              45

            
	
              Section
                7.02

            	 	
              Preservation
                of Information; Communications to Noteholders

            	 	
              45

            
	
              Section
                7.03

            	 	
              Reports
                by Issuer

            	 	
              46

            
	
              Section
                7.04

            	 	
              Reports
                by Indenture Trustee

            	 	
              46

            

    

     

     

    
      
        
        

      

      
        ii

        
          

        

      

      
        
        

      

    

     

    
      	
               ARTICLE
                VIII ACCOUNTS, DISBURSEMENTS AND RELEASES

            	 	 
	 	 	 	 	 
	
              Section
                8.01

            	 	
              Collection
                of Money

            	 	
              46

            
	
              Section
                8.02

            	 	
              Note
                Payment Account and Certificate Distribution Account

            	 	
              47

            
	
              Section
                8.03

            	 	
              General
                Provisions Regarding Accounts

            	 	
              47

            
	
              Section
                8.04

            	 	
              Release
                of Collateral

            	 	
              47

            
	 	 	 	 	
               

            
	
               ARTICLE
                IX SUPPLEMENTAL INDENTURES

            	 	 
	 	 	 	 	 
	
              Section
                9.01

            	 	
              Supplemental
                Indentures Without Consent of Noteholders

            	 	
              48

            
	
              Section
                9.02

            	 	
              Supplemental
                Indentures with Consent of Noteholders

            	 	
              49

            
	
              Section
                9.03

            	 	
              Execution
                of Supplemental Indentures

            	 	
              50

            
	
              Section
                9.04

            	 	
              Effect
                of Supplemental Indenture

            	 	
              50

            
	
              Section
                9.05

            	 	
              Conformity
                with Trust Indenture Act

            	 	
              50

            
	
              Section
                9.06

            	 	
              Reference
                in Notes to Supplemental Indentures

            	 	
              50

            
	
              Section
                9.07

            	 	
              Opinion
                of Counsel

            	 	
              50

            
	 	 	 	 	 
	
               ARTICLE
                X REDEMPTION OF NOTES

            	 	 
	 	 	 	 	 
	
              Section
                10.01

            	 	
              Redemption

            	 	
              51

            
	
              Section
                10.02

            	 	
              Form
                of Redemption Notice

            	 	
              51

            
	
              Section
                10.03

            	 	
              Notes
                  Payable on Redemption Date

            	 	
              52

            
	 	 	 	 	 
	
               ARTICLE
                XI MISCELLANEOUS

            	 	 
	 	 	 	 	 
	
              Section
                11.01

            	 	
              Compliance
                Certificates and Opinions, etc.

            	 	
              52

            
	
              Section
                11.02

            	 	
              Form
                of Documents Delivered to Indenture Trustee

            	 	
              52

            
	
              Section
                11.03

            	 	
              Acts
                of Noteholders

            	 	
              53

            
	
              Section
                11.04

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

            	 	
              54

            
	
              Section
                11.05

            	 	
              Notices
                to Noteholders; Waiver

            	 	
              54

            
	
              Section
                11.06

            	 	
              Conflict
                with Trust Indenture Act

            	 	
              55

            
	
              Section
                11.07

            	 	
              Effect
                of Headings and Table of Contents

            	 	
              55

            
	
              Section
                11.08

            	 	
              Successors
                and Assigns

            	 	
              55

            
	
              Section
                11.09

            	 	
              Severability

            	 	
              55

            
	
              Section
                11.10

            	 	
              Benefits
                of Indenture and Consents of Noteholders

            	 	
              55

            
	
              Section
                11.11

            	 	
              Legal
                Holidays

            	 	
              55

            
	
              Section
                11.12

            	 	
              Governing
                Law

            	 	
              56

            
	
              Section
                11.13

            	 	
              Counterparts

            	 	
              56

            
	
              Section
                11.14

            	 	
              Recording
                of Indenture

            	 	
              56

            
	
              Section
                11.15

            	 	
              Trust
                Obligations

            	 	
              56

            
	
              Section
                11.16

            	 	
              No
                Petition

            	 	
              57

            
	
              Section
                11.17

            	 	
              Inspection

            	 	
              57

            
	
              Section
                11.18

            	 	
              Agreements
                of Noteholders

            	 	
              57

            

    

     

     

    
      
        
        

      

      
        iii

        
          

        

      

      
        
        

      

    

     

    EXHIBITS

     

    
      	
              EXHIBIT
                A

            	
              Forms
                of Notes

            

    

    
      	
              EXHIBIT
                B-1

            	
              Form
                of Rule 144A Investment Letter

            

    

    
      	
              EXHIBIT
                B-2

            	
              Form
                of Non-Rule 144A Investment Letter

            

    

    
      	
              EXHIBIT
                C

            	
              Form
                of ERISA Transfer Affidavit

            

    

    
      
        
        

      

      
        iv

        
          

        

      

       

    

    

    This
      INDENTURE, dated as of [   ], is by and between TBW MORTGAGE TRUST
      [   ], a Delaware statutory trust (the “Issuer”), [   ], a
      national banking association, as indenture trustee and not in its individual
      capacity (the “Indenture Trustee”) and [   ], a national banking
      association, as securities administrator and not in its individual capacity
      (the
“Securities Administrator”).

     

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

     

    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 (as defined in the Transfer and Servicing Agreement); (ii) the
      Issuer’s rights and benefits but none of its obligations under the Transfer and
      Servicing Agreement (including the Issuer’s right to cause the Depositor to
      repurchase Mortgage Loans from the Issuer under the circumstances described
      therein); (iii) the Issuer’s rights and benefits but none of its obligations
      under the Administration Agreement; (v) the Issuer’s rights and benefits but
      none of its obligations under the Mortgage Loan Purchase Agreement; [(vi) the
      Issuer’s rights and benefits but none of its obligations under the Cap
      Agreements;] (vii) the Trust Accounts, all amounts and property in the Trust
      Accounts from time to time, and the Security Entitlements to all Financial
      Assets credited to the Trust Accounts from time to time; (viii) all Holdback
      Amounts on deposit in custodial accounts established by the [related] Servicer
      for the benefit of the Issuer; (ix) all other property of the Trust from time
      to
      time; and (x) 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”)]. [To be modified as applicable with respect to the related
      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
      in this Indenture to the best of its ability to the end that the interests
      of
      the Holders of the Notes may be adequately and effectively
      protected.

    
      
        
        

      

      
        1

        
          

        

      

       

    

    ARTICLE
      I

     

    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 Administration Agreement is in
      effect, any Vice President, Assistant Vice President, Trust Officer or more
      senior officer of the Securities Administrator who is authorized to act for
      the
      Securities Administrator in matters relating to the Issuer and to be acted
      upon
      by the Securities Administrator pursuant to the Administration Agreement and
      who
      is identified on the list of Authorized Officers delivered by the Securities
      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 2.10; 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 B 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.

     

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

     

    Commission:
      The
      Securities and Exchange Commission.

     

    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.

    
      
        
        

      

      
        2

        
          

        

      

       

    

    Depository
      Institution:
      Any
      depository institution or trust company, including the Indenture Trustee and
      the
      Securities Administrator, 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:
      The
      meaning specified in the Trust Agreement.

     

    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.

     

    Holdback
      Amount:
      With
      respect to any Holdback Mortgage Loan, any portion of the indebtedness evidenced
      by the related Mortgage Note that is not disbursed to the related Mortgagor,
      and
      is held in a custodial account established by the [related] Servicer for the
      benefit of the Trust.

     

    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.

    
      
        
        

      

      
        3

        
          

        

      

       

    

     

    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 approved by the Indenture Trustee in the
      exercise of reasonable care, 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:
      TBW Mortgage
      Trust [     ], 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 Priority Class
      Notes.

     

    Note:
      Any of
      the Class [     ], Class [     ] or
      Class [     ] Notes issued pursuant to this Indenture,
      substantially in the forms attached hereto as Exhibit A.

     

    Note
      Depository Agreement:
      The
      agreement dated [     ], between the Issuer and The
      Depository Trust Company, as the initial Clearing Agency, relating to the
      Notes.

     

    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
      and
Note
      Registrar:
      The
      respective meanings specified in Section 2.04. [The initial Note Registrar
      shall
      be the Securities 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 1.01, 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 Indenture Trustee 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 Indenture Trustee and the Securities Administrator);
      and

    
      
        
        

      

      
        4

        
          

        

      

       

    

     

    (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 Indenture
      Trustee and the Securities Administrator is presented that any such Notes are
      held by a bona fide 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 Master Servicer, the Servicer[s], the Securities
      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 shall be protected in relying upon any such
      request, demand, authorization, direction, notice, consent or waiver, only
      Notes
      that the Indenture Trustee knows 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 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 Master
      Servicer, the Servicer[s], the Securities Administrator or any Affiliate of
      any
      of the foregoing Persons.

     

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

     

    Paying
      Agent:
      Initially, the [Securities 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 to make payments to and from the Note Payment 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 2.05
      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 Note:
      Until
      the Class Principal Amounts of the Class [   ] Notes are reduced to
      zero and all sums payable to the Holders of the Class [   ] Notes have
      been paid in full, the Class [   ] Notes; when the Class Principal
      Amounts of the Class [   ] Notes are reduced to zero and all sums
      payable to the Holders of the Class [   ] Notes have been paid in
      full, the Class [   ] Notes; when the Class Principal Amounts of the
      Class [   ] and Class [   ] Notes are reduced to zero and
      all sums payable to the Holders of such Classes have been paid in full, the
      Class [   ] Notes.

    
      
        
        

      

      
        5

        
          

        

      

       

    

     

    Privately
      Offered Notes:
      The
      Class [   ] 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 Indenture Trustee or the Securities Administrator in the notice
      delivered pursuant to Section 10.02. 

     

    Redemption
      Price:
      In the
      case of a redemption of the Notes pursuant to Section 10.01 hereof, (i) an
      amount equal to the outstanding Class Principal Amount of such Notes together
      with accrued interest thereon (at the applicable Note Interest Rates), to the
      extent unpaid and (ii) any unpaid fees and unreimbursed expenses owed to
      the Owner Trustee, the Indenture Trustee or the Securities
      Administrator.

     

    Responsible
      Officer:
      Any
      Vice President, any Assistant Vice President, any Assistant Secretary, any
      Assistant Treasurer, any Corporate Trust officer or any other officer of the
      Indenture Trustee customarily performing functions similar to those performed
      by
      any of the above-designated officers 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. With respect
      to the Securities Administrator, any officer in the corporate trust department
      or similar group of the Securities 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:
      The
      Class [   ] Notes.

     

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

     

    Transfer
      and Servicing Agreement:
      The
      Transfer and Servicing Agreement dated as of [   ], among the Issuer,
      TBALT Corp., as depositor, [Taylor, Bean & Whitaker Mortgage Corp.], as
      seller and [a] servicer, [   ], as master servicer and securities
      administrator, [   ], as indenture trustee [and [   ] as a
      servicer], as such may be amended or supplemented from time to
      time.

     

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

    
      
        
        

      

      
        6

        
          

        

      

       

    

     

    (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 Transfer and Servicing Agreement.

     

    Section
      1.02. Incorporation
      by Reference of Trust Indenture Act.

     

    (a) 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:

     

    “Commission”
      means the Securities and Exchange Commission. 

     

    “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.

     

    (b) 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

    
      
        
        

      

      
        7

        
          

        

      

       

    

     

    (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
      II

     

    THE
      NOTES

     

    Section
      2.01. Form.
      (a) The
      Notes shall be designated as the “TBW Mortgage Trust [    
] Mortgage
      Backed Notes.” The Notes, together with the Securities 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.

     

    (b) [The
      Privately Offered Notes offered and sold in reliance on the exemption from
      registration under Rule 144A shall be issued initially in the form of one or
      more permanent global certificates in definitive, fully registered form with
      the
      applicable legends set forth in Exhibit A added to the forms of such Privately
      Offered Notes, which Notes shall be held by the Note Registrar, on behalf of
      the
      Indenture Trustee, as custodian for the Depository and registered in the name
      of
      a nominee of the Depository, duly executed by the Issuer and authenticated
      by
      the Note Registrar, on behalf of the Indenture Trustee, as hereinafter
      provided.]

     

    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 Note Registrar 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.

    
      
        
        

      

      
        8

        
          

        

      

       

    

     

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

     

    
      	
              Class

            	 	
              Class
                Principal Amount

            
	 	 	 
	
              [    
                ]

            	 	
              $[    
                ]

            
	
              [    
                ]

            	 	
              $[    
                ]

            
	
              [    
                ]

            	 	
              $[    
                ]

            

    

    

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

     

    The
      Notes
      (other than the Class [   ] Notes) will each be issued in minimum
      principal amount denominations of $[   ] and integral multiples of
      $[1] in excess thereof. The Class  [   ] Notes will each be
      issued in minimum principal amount denominations of $[   ] 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
      Note Registrar 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. Limitations
      on Transfer of the Notes.
      [a)
      No
      Privately Offered Note may be offered, sold, delivered or transferred
      (including, without limitation, by pledge or hypothecation) except under Rule
      144A under the Securities Act to qualified institutional buyers or “QIBs”
purchasing for their own account. Each Privately Offered Note shall bear a
      restrictive legend to the foregoing effect substantially in the form of the
      legends on the face of the form of Note at Exhibit A. 

     

    (b) Each
      Prospective Owner of a Privately Offered Note in the form of a Book-Entry Note
      shall be deemed to have represented and warranted, and each Prospective Owner
      of
      a Privately Offered Note in the form of a Definitive Note shall represent and
      warrant in writing in substantially the form set forth in Exhibit B-1 or Exhibit
      B-2 hereto, as applicable, to the Indenture Trustee and the Note Registrar
      and
      any of their respective successors that:

     

    (i) Such
      Person is duly authorized to purchase such Notes and its purchase of investments
      having the characteristics of such Notes 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;
      and

    
      
        
        

      

      
        9

        
          

        

      

       

    

     

    (ii) Such
      Person understands that each holder of such Note, by virtue of its acceptance
      thereof, assents to the terms, provisions and conditions of this
      Indenture.

     

    (c) Subject
      to subsection (f) below, each Prospective Owner of a Privately Offered Note
      in
      the form of a Book-Entry Note shall be deemed to have represented and warranted,
      and each Prospective Owner of a Privately Offered Note in the form of a
      Definitive Note shall represent and warrant in writing, in substantially the
      form set forth in Exhibit B-1 or Exhibit B-2 hereto, as applicable, to the
      Indenture Trustee and the Note Registrar and any of their respective successors
      that:

     

    (i) Such
      Person is a QIB as defined in Rule 144A under the Securities Act (“Rule 144A”)
      and is aware that the seller of such Note may be relying on the exemption from
      the registration requirements of the Securities Act provided by Rule 144A and
      is
      acquiring such Note for its own account or for the account of one or more QIBs
      for whom it is authorized to act; and

     

    (ii) Such
      Person understands that such Notes have not been registered under the Securities
      Act, and that, if in the future it decides to offer, resell, pledge or otherwise
      transfer such Notes, such Notes may be offered, resold, pledged or otherwise
      transferred only (A) pursuant to a registration statement which has been
      declared effective under the Securities Act or (B) for so long as such Notes
      are
      eligible for resale pursuant to Rule 144A under the Securities Act, to a person
      whom the seller reasonably believes is a QIB that is purchasing such Notes
      for
      its own account or for the account of a QIB to whom notice is given that the
      transfer is being made in reliance on Rule 144A, in each case in compliance
      with
      the requirements of this Indenture.]

     

    (d) 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 C 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 also a
      Book-Entry Note (or the acceptance by a Note Holder of the beneficial interest
      in such Note).

     

    To
      the
      extent permitted under applicable law (including, but not limited to, ERISA),
      none of the Indenture Trustee, the Securities 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(d)
      or
      for the Indenture Trustee (or any Paying Agent on its behalf) 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 Securities
      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, Securities 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.

    
      
        
        

      

      
        10

        
          

        

      

       

    

     

    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 neither the Indenture Trustee nor the Securities Administrator
      shall make any payments on such Note for as long as such Person is the Holder
      of
      such Note.

     

    The
      Note
      Registrar on behalf of the Depositor shall provide to any Holder of a Privately
      Offered Note (or Note Owner) and any prospective transferee designated by any
      such Holder (or Note Owner), information regarding such Privately Offered Note
      and the Mortgage Loans and such other information as shall be necessary to
      satisfy the condition to eligibility set forth in Rule 144A(d)(4) for transfer
      of any such Note without registration thereof under the Securities Act pursuant
      to the registration exemption provided by Rule 144A. Each Holder of a Privately
      Offered Note (or Note Owner) desiring to effect such a transfer shall, and
      does
      hereby agree to, indemnify the Issuer, the Owner Trustee, the Indenture Trustee,
      the Note Registrar and the Depositor against any liability that may result
      if
      the transfer is not so exempt or is not made in accordance with federal and
      state securities laws and any other restrictions specified in this Section
      2.03.
      Each holder of a Privately Offered Note in the form of a Book-Entry Note shall
      be deemed to have consented to such transfer restrictions.

     

    The
      Note
      Registrar shall cause each Note to 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. 

     

    (e) 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.

     

    (f) None
      of
      the Indenture Trustee, the Securities Administrator or the Note Registrar will
      have the ability to monitor transfers of the Notes while they are in book-entry
      form and neither will have any 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 Securities Administrator initially shall be the “Note Registrar” for
      the purpose of registering Notes and transfers of Notes as herein provided,
      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 a Responsible Officer thereof as to the names and addresses of
      the
      Holders of the Notes and the principal amounts and number of such Notes. 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.

    
      
        
        

      

      
        11

        
          

        

      

       

    

     

    If
      a
      Person other than the Securities Administrator is appointed by the Issuer as
      Note Registrar, the Issuer will give the Indenture Trustee and the Securities
      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 and the Securities Administrator shall have the right
      to
      inspect the Note Register at all reasonable times and to obtain copies thereof,
      and the Indenture Trustee and the Securities Administrator 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 Indenture Trustee or the Note Registrar on its
      behalf shall authenticate and the Noteholder shall be entitled to obtain from
      the Indenture Trustee or the Note Registrar on its behalf, 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 or Percentage
      Interest.

     

    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 or
      Percentage Interest, 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 Indenture Trustee or the Note Registrar on its behalf shall
      authenticate and the Noteholder shall be entitled to obtain from the Indenture
      Trustee or the Note Registrar on its behalf, 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.

    
      
        
        

      

      
        12

        
          

        

      

       

    

     

    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 or 9.06 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 Indenture Trustee or the Note Registrar
      on its behalf, or the Indenture Trustee or the Note Registrar on its behalf
      receives evidence to its satisfaction of the destruction, loss or theft of
      any
      Note, and (ii) there is delivered to the Indenture Trustee or the Note Registrar
      on its behalf such security or indemnity as may be required by it to hold the
      Issuer, the Indenture Trustee and the Note
      Registrar
      harmless, then, in the absence of actual notice to the Issuer, the Note
      Registrar, the Indenture Trustee or the Note Registrar that such Note has been
      acquired by a bona fide 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 Indenture Trustee or the
      Note
      Registrar on its behalf 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 Indenture Trustee or the Note Registrar on its behalf 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 bona fide 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, the Indenture Trustee or the Note Registrar
      in connection therewith.

     

    Upon
      the
      issuance of any replacement Note under this Section, the Issuer, the Indenture
      Trustee or the Note Registrar on its behalf 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 Indenture Trustee
      or
      the Note Registrar) connected therewith.

    
      
        
        

      

      
        13

        
          

        

      

       

    

     

    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
      Securities Administrator, the Indenture Trustee and any agent of the Issuer,
      the
      Securities 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 Securities Administrator, the
      Indenture Trustee or any agent of the Issuer, the Securities 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 Note Interest Rate as set forth
      in
      the Transfer 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 Securities Administrator shall determine LIBOR for each applicable
      Accrual Period on the LIBOR Determination Date, in accordance with the
      provisions of the Transfer and Servicing Agreement. All interest payments on
      each Class of Notes shall be made to the Noteholders of each such Class entitled
      thereto in the order of priority as set forth in Section [6.02] of the Transfer
      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
      Paying Agent with a copy to the Indenture Trustee, if the Indentured Trustee
      is
      not 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 Redemption 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.]

    
      
        
        

      

      
        14

        
          

        

      

       

    

     

    (b) The
      principal of the Notes shall be payable in installments on each Payment Date
      as
      provided herein and in such 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, 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 each Class
      of
      Notes shall be made to the Noteholders of each such Class entitled thereto
      in
      the order of priority as set forth in Section [6.02] of the Transfer and
      Servicing Agreement. The Indenture Trustee or the Paying Agent on its behalf,
      if
      the Indenture Trustee is not the Paying Agent, 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 be delivered to the Note Registrar and shall be promptly cancelled by
      the
      Note Registrar. 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 Indenture Trustee. 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 Note Registrar.

     

    Section
      2.09. Release
      of Collateral.
      (a)
      Except
      as otherwise provided in subsection (b) 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[s] (or if the Servicer[s] [do/does] not do so, the Master 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 Qualified 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 Transfer and
      Servicing Agreement and the deposit of all Liquidation Proceeds, Condemnation
      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 Article IX of the Transfer and
      Servicing Agreement.

    
      
        
        

      

      
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    (c) The
      Indenture Trustee shall, if requested by the [related] Servicer or the Master
      Servicer, temporarily release or cause the Custodian temporarily to release
      to
      such party the Mortgage File pursuant to the provisions of Section [5.12] of
      the
      Transfer and Servicing Agreement; provided,
      however,
      that
      the Mortgage File shall have been stamped to signify the Issuer’s pledge to the
      Indenture Trustee under the Indenture.

     

    Section
      2.10. Book-Entry
      Notes.
      Each
      Class of Notes will be issued in the form of typewritten Notes or Global
      Securities representing Book-Entry Notes, to be delivered to the Note Registrar,
      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
      of Book-Entry Notes thereof will receive a Definitive Note representing such
      Note Owner’s interest in such Book-Entry Note, except as provided in Section
      2.12. Unless and until definitive, fully registered Notes (the “Definitive
      Notes”) have been issued to such Owners of Book-Entry Notes 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 Securities 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 Book-Entry Notes
      and
      the giving of instructions or directions hereunder) as the sole holder of the
      Book-Entry Notes, and shall have no obligation to the Owners of Book-Entry
      Notes;

     

    (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 Owners of Book-Entry Notes shall be exercised only through the
      Clearing Agency and shall be limited to those established by law and agreements
      between such Owners of Book-Entry Notes 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, neither the
      Indenture Trustee nor the Note Registrar shall 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 Book-Entry 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 Owners of Book-Entry Notes and/or
      Clearing Agency Participants owning or representing, respectively, such required
      percentage of the beneficial interest in the Book-Entry Notes and has delivered
      such instructions to the Indenture Trustee.

    
      
        
        

      

      
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    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
      Owners of Book-Entry Notes pursuant to Section 2.12, the Indenture Trustee
      shall
      give all such notices and communications specified herein to be given to Owners
      of Book-Entry 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 Issuer 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 at least a majority of the Outstanding Balance of the
      Book-Entry Notes advise the Clearing Agency 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 Clearing Agency shall notify all Owners
      of Book-Entry Notes, the Indenture Trustee and the Note Registrar of the
      occurrence of any such event and of the availability of Definitive Notes to
      Owners of Book-Entry Notes requesting the same. 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, the Securities 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, the Securities Administrator and
      the
      Note Registrar shall recognize the Holders of such 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 will qualify as indebtedness of the Issuer
      secured by the Collateral. The Issuer, by entering into this Indenture, and
      each
      Noteholder (other than a Holder of a Retained Note), by its acceptance of a
      Note
      (and each applicable Note Owner by its acceptance of an interest in the related
      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.

     

    Section
      2.14. Restrictions
      on Transfer and Retention of Beneficial Ownership Interest in Class
      [     ] Notes.
      The
      Depositor will be the initial Note Owner of a 100% Percentage Interest in the
      Class [   ] Notes. The Depositor (or any other Holder of the Ownership
      Certificate) is hereby prohibited from transferring any beneficial ownership
      interest in the Class [   ] Notes that would cause a person other than
      the Depositor (or such other Holder of the Ownership Certificate) to be
      considered the beneficial owner of the Class [   ] Notes for federal
      income tax purposes, unless (i) the transferee simultaneously acquires
      beneficial ownership of the Ownership Certificate, or (ii) at the time of such
      transfer, the Indenture Trustee and the Note Registrar receive an Opinion of
      Counsel concluding that, at the time of transfer, the Class [   ]
 Notes will be classified as indebtedness for federal income tax
      purposes.

    
      
        
        

      

      
        17

        
          

        

      

       

    

     

    The
      Depositor (or any other Holder of the Ownership Certificate) is hereby required
      to transfer its entire beneficial ownership interest in the Class B Notes
      simultaneously with any transfer of the Ownership Certificate pursuant to the
      Trust Agreement to the transferee of the Ownership Certificate, unless the
      Indenture Trustee and the Note Registrar receive an Opinion of Counsel
      concluding that, at the time of such transfer of the Ownership Certificate,
      the
      Class B Notes will be classified as indebtedness for federal income tax
      purposes. The Depositor (or such other Holder of the Ownership Certificate)
      is
      hereby required to notify the Indenture Trustee and the Note Registrar of any
      transfer or retention of the Class B Notes in contravention of these
      restrictions.

     

    ARTICLE
      III

     

    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, and any other amounts due in respect
      of,
      the Notes in accordance with the terms of the Notes and this Indenture. Without
      limiting the foregoing, in accordance with Section 8.02(c), the Issuer will
      cause to be distributed all amounts on deposit in the Note Payment Account
      on a
      Payment Date and deposited therein pursuant to the Transfer and Servicing
      Agreement for the benefit of the Notes, to the Noteholders. 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 Note Payment
      Account pursuant to Section [6.02] of the Transfer and Servicing Agreement
      shall
      be made on behalf of the Issuer by the Securities 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.

    
      
        
        

      

      
        18

        
          

        

      

       

    

    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 Securities Administrator) shall promptly notify the Securities Administrator
      of its action or failure so to act.

     

    [The
      Securities 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 Securities Administrator. Any Paying
      Agent appointed by the Issuer shall be a Person that would be eligible to be
      an
      indenture trustee hereunder as provided in Section 6.11. The Issuer shall not
      appoint any Paying Agent (other than the Indenture Trustee or the Securities
      Administrator) that is not, at the time of such appointment, a Depository
      Institution.

     

    The
      Issuer shall cause each Paying Agent other than the Indenture Trustee or the
      [Securities Administrator], as initial Paying Agent, to execute and deliver
      to
      the Indenture Trustee and the Securities Administrator an instrument in which
      such Paying Agent shall agree with the Indenture Trustee (and if the Indenture
      Trustee or the Securities 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 pay such
      sums to such Persons as herein provided and as is provided in the Transfer
      and
      Servicing Agreement;

     

    (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 Securities Administrator all sums so
      held in trust by such Paying Agent;

     

    (iv) immediately
      resign as a Paying Agent and forthwith pay to the Securities 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
      Securities Administrator shall have first provided the calculations pertaining
      thereto and the amount of any resulting withholding taxes to the Indenture
      Trustee and the Paying Agent.

    
      
        
        

      

      
        19

        
          

        

      

       

    

     

    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 Securities Administrator all sums held in trust
      by
      such Paying Agent, such sums to be held by the Securities 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 Securities 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
      Securities 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 Indenture Trustee, the Securities Administrator or
      such
      Paying Agent with respect to such trust money shall thereupon cease;
provided,
      however,
      that
      the Indenture Trustee, the Securities 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
      Bond Buyer),
      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
      Indenture Trustee, the Securities 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 Indenture
      Trustee, the Securities 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.

    
      
        
        

      

      
        20

        
          

        

      

       

    

     

    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 solely at the expense
      of
      the Issuer, 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 authorizes the Indenture Trustee to file in any filing office
      any
      financing statement, amendment to financing statement (to the extent a
      Responsible Officer of the Indenture Trustee has actual knowledge or receives
      written notice that an amendment is required to be filed) or continuation
      statement required to be executed pursuant to this Section 3.05.

     

    Section
      3.06. Opinions
      as to Collateral.
      On the
      Closing Date, the Issuer shall furnish to 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. In addition
      to
      any other requirements under the Trust Indenture Act, the Issuer shall furnish
      to the Indenture Trustee, at least once every [two years and six months] after
      the Closing Date, 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, filing, refilling, re-recording and refilling of this Indenture
      as is
      necessary to maintain the lien of this Indenture, or stating that, in the
      opinion of such counsel, no such action is necessary to maintain such
      lien.

     

    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 Transfer 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 Securities Administrator, the Indenture Trustee and the Depositor
      pursuant to the Administration Agreement to assist the Issuer in performing
      its
      duties under this Indenture.

    
      
        
        

      

      
        21

        
          

        

      

       

    

     

    (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 Transfer 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 Transfer 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 Master
      Servicer of the Master Servicer’s rights and powers pursuant to Section [8.01]
      of the Transfer and Servicing Agreement, the Indenture Trustee shall proceed
      in
      accordance with Section [8.01] and [8.02] of the Transfer 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
      Indenture Trustee or the Holders of at least a majority in Outstanding Balance
      or Percentage Interest 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
      Securities Administrator, the Master Servicer, the Servicer[s] or the Depositor
      of its respective duties under the Transfer 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 the Indenture Trustee or 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, the Mortgage Loan Purchase Agreement
      or
      the Transfer 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, unless directed to do so by the Indenture
      Trustee;

    
      
        
        

      

      
        22

        
          

        

      

       

    

     

    (ii) claim
      any
      credit on, or make any deduction from the principal, interest or other amounts
      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 Transfer
      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 Transfer 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 Securities Administrator without cause unless the Rating Agency Condition
      shall have been satisfied in connection with such removal; or 

     

    (vi) 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 [   ]
      ), 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 Securities Administrator and the Indenture
      Trustee to, treat the Notes (other than the Class [   ] Notes and the
      Retained Notes during the time they are retained by the holder of the Ownership
      Certificate) as indebtedness for all federal, state and local tax
      purposes.

    
      
        
        

      

      
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    Section
      3.11. 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
      3.12. 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
      3.13. Guarantees,
      Loans, Advances and Other Liabilities.
      Except
      as contemplated by the Transfer 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
      3.14. 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
      3.15. Removal
      of Securities Administrator.
      So long
      as any Notes are Outstanding, the Issuer shall not remove the Securities
      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
      3.16. 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, this Indenture
      or any other Operative Agreement. The Issuer will not, directly or indirectly,
      make payments to or from the Trust Accounts except in accordance with this
      Indenture and the Operative Agreements.

     

    Section
      3.17. 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 and each Rating Agency written notice
      of
      each Event of Default hereunder, and each default on the part of the Securities
      Administrator, the Master Servicer, the Servicer[s] or the Depositor of its
      obligations under the Transfer and Servicing Agreement, to the extent a
      responsible officer of the Owner Trustee shall have written notice or actual
      knowledge thereof.

     

    Section
      3.18. Further
      Instruments and Acts.
      Upon
      request of the Indenture Trustee, 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
      3.19. 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, executing
      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.

    
      
        
        

      

      
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    Section
      3.20. 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 Transfer 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.

    
      
        
        

      

      
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    (b) The
      representations and warranties set forth in this Section 3.20 shall survive
      the
      Closing Date and shall not be waived.

     

    ARTICLE
      IV

     

    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) the rights,
      obligations and immunities of the Indenture Trustee hereunder (including the
      rights of the Indenture Trustee under Section 6.07 and the obligations of the
      Indenture Trustee under Sections 3.03 and 4.02) and (v) the rights of
      Noteholders as beneficiaries hereof with respect to the property so deposited
      with the Indenture Trustee or the Securities 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
      Transfer and Servicing Agreement has been terminated pursuant to Article IX
      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 Securities Administrator for cancellation;
      or

     

    (2) all
      Notes
      not theretofore delivered to the Securities 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
      Securities Administrator for the giving of notice of redemption by the
      Securities 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 Securities 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 Securities
      Administrator or the 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;

    
      
        
        

      

      
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    (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 Securities 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 Securities Administrator may determine, to
      the
      Holders of the particular Notes for the payment or redemption of which such
      moneys have been deposited with the Securities 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
      Transfer 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 Securities
      Administrator under the provisions of this Indenture with respect to such Notes
      shall, upon demand of the Issuer, be paid to the Indenture Trustee 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 such funds promptly to the Securities Administrator.

     

    ARTICLE
      V

     

    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):

    
      
        
        

      

      
        27

        
          

        

      

       

    

     

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

     

    (ii) failure
      to pay the entire principal of any Note when the same becomes due and payable
      under the Transfer 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;
      or

     

    (v) 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.

    
      
        
        

      

      
        28

        
          

        

      

       

    

     

    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 V 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 Securities 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 V, 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 Accrued
      Note
      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 Securities 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 such 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.

    
      
        
        

      

      
        29

        
          

        

      

       

    

     

    (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;

    
      
        
        

      

      
        30

        
          

        

      

       

    

     

    (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

     

    (v) to
      participate as a member of any official committee of creditors in the matters
      as
      it deems necessary or advisable;

     

    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 Securities 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;

    
      
        
        

      

      
        31

        
          

        

      

       

    

     

    (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(i) or (ii), unless (A) the Holders of 100% of the Outstanding
      Balance or Percentage Interest of the Notes consent thereto, (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 Securities 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 Voting Interests 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 V
      it
      shall remit such money or property to the Securities Administrator and the
      Securities Administrator shall pay out such money or property in the following
      order:

     

    [first:
      in the
      following order, 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 V and for any
      other
      unpaid amounts due to the Indenture Trustee hereunder; to the Custodian, the
      Securities Administrator and the Master Servicer, to the extent of any fees
      and
      expenses due and owing to each of them under any Operative 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 hereunder or under the Transfer and
      Servicing Agreement;

     

    second:
      to
      the
      Master Servicer and the Servicer[s] for any Servicing Fees then due and unpaid
      and any unreimbursed Monthly Advances and other servicing advances;

     

    third:
      to
      the
      applicable parties, any other outstanding expenses of the Trust remaining
      unpaid;

     

    fourth:
      to
      the
      Notes, all accrued and unpaid interest thereon and amounts in respect of
      principal paid to the Trust during the related Prepayment Period, in each case
      in according to the priorities set forth in Section [6.02] of the Transfer
      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

    
      
        
        

      

      
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    fifth:
      to
      the
      Certificate Paying Agent for any amounts to be distributed to the Holder of
      the
      Ownership Certificate.]

     

    The
      Securities 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 reasonable indemnity
      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.

    
      
        
        

      

      
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    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 and, if there is no single largest
      percentage in Outstanding Balance of the Notes, in its sole discretion may
      determine what action, if any, shall be taken, 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) 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
      V 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:

    
      
        
        

      

      
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    (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. In the event the Indenture Trustee
      takes any action or follows any direction pursuant to this Indenture, the
      Indenture Trustee shall be entitled to indemnification against any loss or
      expense caused by taking such action or following such direction in accordance
      with Section 6.07.

     

    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 or Percentage Interest 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).

    
      
        
        

      

      
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    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
      Securities Administrator shall be applied by the Securities 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 Securities
      Administrator, the Master Servicer or the [related] Servicer, as applicable,
      of
      each of their obligations to the Issuer under or in connection with the Mortgage
      Loan Purchase Agreement and the Transfer 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 Transfer and Servicing Agreement
      to the extent and in the manner directed by the Indenture Trustee, including
      the
      transmission of notices of default on the part of the Seller, the Depositor,
      the
      Securities Administrator, the Master Servicer or the [related] Servicer, as
      applicable, under the Mortgage Loan Purchase Agreement and Transfer and
      Servicing Agreement and the institution of legal or administrative actions
      or
      proceedings to compel or secure performance by the Seller, the Depositor, the
      Securities Administrator, the Master Servicer or the [related] Servicer, as
      applicable, of each of their applicable obligations under the Mortgage Loan
      Purchase Agreement and the Transfer and Servicing Agreement. 

    
      
        
        

      

      
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    (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
      Securities Administrator, the Master Servicer or the Servicer[s] under or in
      connection with the Transfer and Servicing Agreement or the Seller under or
      in
      connection with the Mortgage Loan Purchase Agreement, including the right or
      power to take any action to compel or secure performance or observance by the
      Seller, the Depositor, the Securities Administrator, the Master Servicer or
      the
      Servicer[s], of each of their respective obligations to the Issuer thereunder
      and to give any consent, request, notice, direction, approval, extension or
      waiver under the Transfer and Servicing Agreement, and any right of the Issuer
      to take such action shall be suspended.

     

    ARTICLE
      VI

     

    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 (b) 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;

    
      
        
        

      

      
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    (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
      V;
      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
      Transfer 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 Transfer and Servicing Agreement
      and such other documents and instruments as shall be necessary or appropriate
      in
      accordance with its duties and obligations under this Indenture.

     

    (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 its own cost
      and expense, 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.

    
      
        
        

      

      
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    (k) In
      the
      absence of bad faith, negligence or willful misconduct on the part of the
      Indenture Trustee or the Securities Administrator, neither the Indenture Trustee
      nor the Securities Administrator shall be responsible for the application of
      any
      money by any Paying Agent other than the Indenture Trustee or the Securities
      Administrator, respectively. Neither the Indenture Trustee nor the Securities
      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.

     

    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) In
      the
      event that the Indenture Trustee is also acting as Paying Agent, Note Registrar
      or Administrator hereunder or under any Operative Agreement, the rights and
      protections afforded to the Indenture Trustee pursuant to this Article VI shall
      be afforded to such Paying Agent, Note Registrar and Administrator.

     

    (g) The
      Indenture Trustee shall be under no obligation to exercise any of its rights
      or
      powers vested in it by this Indenture at the request, order or direction of
      any
      of the Holders pursuant to the provisions of this Indenture, unless such Holders
      shall have offered to the Indenture Trustee reasonable security or indemnity
      satisfactory to it against the costs, expenses and liabilities which may be
      incurred therein or thereby. 

    
      
        
        

      

      
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    (h) The
      Indenture Trustee shall not be bound to make any investigation into the facts
      or
      matters stated in any resolution, certificate (including any Officers’
Certificate), statement, instrument, opinion (including any Opinion of Counsel),
      notice, request, direction, consent, order, bond, debenture or other paper
      or
      document, unless requested to do so in writing by Holders of Notes representing
      not less than 25% of the Outstanding Balance of the Notes and provided that
      such
      Holders shall have offered to the Indenture Trustee reasonable security or
      indemnity satisfactory to it against the costs, expenses and liabilities which
      may be incurred thereby.

     

    (i) The
      Indenture Trustee shall not be required to give any bond or surety in respect
      of
      the performance of its powers and duties hereunder.

     

    (j) The
      permissive rights of the Indenture Trustee to do things enumerated in this
      Indenture 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[s] 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 Indenture Trustee to Holders.
      The
      Indenture Trustee shall deliver or shall cause the Securities Administrator
      to
      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, the
      Indenture Trustee Fee to be paid by the Master Servicer as provided in the
      Transfer and Servicing Agreement. 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 Accounts, as provided in the Transfer 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 Transfer 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 Transfer and Servicing Agreement and from funds in the Accounts, 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 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 shall not relieve the Issuer of its
      obligations hereunder. The Issuer shall defend any such claim, and the Indenture
      Trustee and any co-trustee may have separate counsel fees and expenses of such
      counsel shall be payable on behalf of the Issuer from funds in the Accounts.
      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.

    
      
        
        

      

      
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    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 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 (v) 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 90 days’ written notice
      thereof to the Depositor, the Issuer, each Noteholder and each Rating Agency.
      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 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.

    
      
        
        

      

      
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    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. 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 within 30 days 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 the Securities Administrator by Merger.
      (a) If
      the Indenture Trustee or the Securities 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 Securities
      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 Agreement. The Indenture
      Trustee or the Securities Administrator, as applicable, shall provide each
      Rating Agency prior written notice of any such transaction.

     

    In
      case
      at the time such successor or successors by merger, conversion or consolidation
      to the Securities Administrator shall succeed to the obligations of the
      Securities Administrator under this Indenture any of the Notes which shall
      have
      been authenticated by the Securities Administrator but not delivered, any such
      successor to the Securities Administrator may adopt the certificate of
      authentication of any predecessor securities administrator and deliver such
      Notes so authenticated; and in case at that time any of the Notes shall not
      have
      been authenticated, any successor to the Securities Administrator may
      authenticate such Notes either in the name of any predecessor hereunder or
      in
      the name of the successor to the Securities 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 Securities 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.

    
      
        
        

      

      
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    (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 VI. 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.

    
      
        
        

      

      
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    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 any 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 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 or its properties: (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.

     

    Section
      6.14. Reporting
      Requirements of the Commission.

     

    (a) [On
      or
      before March 1 of each calendar year, the Indenture Trustee shall deliver to
      the
      Owner Trustee, the Securities Administrator and the Depositor a report regarding
      its assessment of compliance with the criteria specified in paragraph (d) of
      Item 1122 of Regulation AB (§ 229.1122(d)), as of and for the period ending the
      end of each fiscal year, with respect to asset-backed security transactions
      taken as a whole involving the Sponsor, the Depositor, the Servicer[s], the
      Master Servicer and the Issuer, as applicable, and that are backed by the same
      asset type as the Mortgage Loans. Each such report shall include all of the
      statements required to be provided by the Indenture Trustee under paragraph
      (a)
      of Item 1122 of Regulation AB (§ 229.1122(a)).]

    
      
        
        

      

      
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    (b) [On
      or
      before March 1 of each calendar year, the Indenture Trustee shall deliver to
      the
      Owner Trustee, the Securities Administrator and the Depositor a report by a
      registered public accounting firm that attests to, and reports on, the
      assessment made by the Indenture Trustee pursuant to subsection (a) above.
      Each
      such report shall be made in accordance with standards for attestation
      engagements issued or adopted by the Public Company Accounting Oversight
      Board.]

     

    (c) [The
      Indenture Trustee shall promptly notify the Owner Trustee, the Securities
      Administrator and the Depositor of any legal proceedings pending against the
      Indenture Trustee of the type described in Item 1117 (§ 229.1117) of Regulation
      AB.]

     

    ARTICLE
      VII

     

    NOTEHOLDERS’
      LISTS AND REPORTS

     

    Section
      7.01. Issuer
      To Furnish Names and Addresses of Noteholders.
      The
      Note Registrar will furnish or cause to be furnished to the Indenture Trustee
      or
      at the Indenture Trustee’s direction (a) not more than [five] days after each
      Record Date, a list, in such form as the Indenture Trustee may reasonably
      require, of the names and addresses of the Holders of Notes as of such Record
      Date, and (b) at such other times as the Indenture Trustee may request in
      writing, within [30] days after receipt by the Note Registrar of any such
      request, a list of similar form and content as of a date not more than [10]
      days
      prior to the time such list is furnished; provided,
      however,
      that so
      long as the Indenture Trustee is the Note Registrar, no such list shall be
      required to be furnished.

     

    Section
      7.02. Preservation
      of Information; Communications to Noteholders.
      (sa)
      The Note
      Registrar 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 Indenture Trustee as provided in Section 7.01 and the names
      and
      addresses of Holders of Notes received by the Securities Administrator in its
      capacity as Note Registrar. The Indenture Trustee 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 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 Indenture Trustee 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 Securities Administrator, the Note Registrar
      and the Indenture Trustee that none of the Issuer, the Securities Administrator
      or the Indenture Trustee 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.

    
      
        
        

      

      
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    (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, Securities Administrator and the Note Registrar
      shall have the protection of TIA Section 3l2(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 entitled to rely exclusively
      on
      Officers’ Certificates); and

     

    (ii) supply
      to
      the Indenture Trustee (and the Indenture Trustee shall, or shall cause the
      Securities Administrator on behalf of the Indenture Trustee to, transmit by
      mail
      to all Noteholders described in TIA Section 313(c) to the extent required by
      applicable law) 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 [     ], 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
      VIII

     

    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, 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 Indenture Trustee 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 V.

    
      
        
        

      

      
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    Section
      8.02. Note
      Payment Account and Certificate Distribution Account.
      (a)
      On or
      prior to the Closing Date, the Securities Administrator shall establish and
      maintain in its name the Certificate Distribution Account (in its capacity
      as
      Securities Administrator), as provided in Article VI of the Transfer and
      Servicing Agreement and Article IV of the Trust Agreement, respectively.

     

    (b) On
      each
      Payment Date and Redemption Date, the Paying Agent (or, if the Securities
      Administrator acts as Paying Agent, the Securities Administrator) shall
      distribute all amounts on deposit in the Note Payment Account as provided in
      Section [6.02] of the Transfer and Servicing Agreement.

     

    (c) On
      each
      Payment Date and each Redemption Date, the Indenture Trustee hereby authorizes
      the Owner Trustee or the Certificate Paying Agent, as applicable, to make the
      distributions from the Certificate Distribution Account as required pursuant
      to
      Section [6.02] of the Transfer and Servicing Agreement and Section [4.02] of
      the
      Trust Agreement.

     

    Section
      8.03. General
      Provisions Regarding Accounts.
      Funds
      in the Note Payment Account maintained by the Securities Administrator shall
      be
      invested as provided in the Transfer and Servicing Agreement.

     

    Section
      8.04. 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
      Transfer 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 VIII 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) At
      such
      time as the Securities Administrator notifies the Indenture Trustee in writing
      that there are no Notes outstanding and all sums due to the Noteholders pursuant
      to the Transfer and Servicing Agreement and any fees and expenses of the
      Indenture Trustee, the Master Servicer, the Securities Administrator, the
      Custodian, the Owner Trustee and the Servicer[s] pursuant to this Indenture
      or
      any other Operative Agreement have been paid, the Indenture Trustee shall
      release any remaining portion of the Collateral that secured the Notes from
      the
      lien of this Indenture, and the Securities Administrator shall release to the
      Issuer or any other Person entitled thereto any funds then on deposit in the
      Note Payment Account [and the Indenture Trustee shall assign or transfer any
      outstanding Cap Agreements as directed by the Securities Administrator]. The
      Indenture Trustee shall release property from the lien of this Indenture and
      the
      Securities Administrator shall release the remaining funds on deposit in the
      Note Payment Account 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.

    
      
        
        

      

      
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    ARTICLE
      IX

     

    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 Offering Document, (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 VI;

    
      
        
        

      

      
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    (vii) to
      issue
      a Class of Notes that is subordinate in rights of payment of interest and
      principal to each Class of Notes issued pursuant to this Indenture on the
      Closing Date; provided,
      however,
      that no
      such supplemental indenture entered into pursuant to this subparagraph (vii)
      or,
      issuance or sale of such Class of Notes, shall adversely affect in any material
      respect the interests of any Holder not consenting thereto; or

     

    (viii) 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.

     

    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 Voting Interests 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[s] to make
      a
      Monthly Advance or alter the servicing standards set forth in the Transfer
      and
      Servicing Agreement or the Servicing Agreement[s], (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.

     

    The
      Indenture Trustee shall be entitled to conclusively rely on an Opinion of
      Counsel to determine 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. 

    
      
        
        

      

      
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    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 Indenture Trustee shall mail or shall
      cause to be mailed 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 IX 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, an
      Opinion of Counsel to the effect provided in Section 9.06. 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 IX 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 IX may, and if required by the Securities Administrator
      shall, bear a notation in a form approved by the Securities Administrator as
      to
      any matter provided for in such supplemental indenture. If the Issuer or the
      Securities Administrator shall so determine, new Notes so modified as to
      conform, in the opinion of the Indenture Trustee and the Issuer, to any such
      supplemental indenture may be prepared and executed by the Issuer and
      authenticated and delivered by the Securities Administrator in exchange for
      Outstanding Notes.

     

    Section
      9.07. Opinion
      of Counsel.
      In
      connection with any supplemental indenture pursuant to this Article IX, 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 IX have been met.

    
      
        
        

      

      
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    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
      X

     

    REDEMPTION
      OF NOTES

     

    Section
      10.01. Redemption.
      The
      Notes are subject to redemption pursuant to Section [9.02] of the Transfer
      and
      Servicing Agreement. The Issuer shall furnish each Rating Agency and the
      Indenture Trustee and the Securities Administrator notice of such redemption.
      If
      any Notes are to be redeemed pursuant to Section [9.02] of the Transfer and
      Servicing Agreement, the holder of the Ownership Certificate shall furnish
      notice of its exercise of its option to redeem the applicable Notes to the
      Indenture Trustee and the Securities Administrator not later than 30 days prior
      to the applicable Redemption Date and the party exercising its option to redeem
      such Notes shall deposit by 10:00 A.M. New York City time on the applicable
      Redemption Date with the Securities Administrator in the Note Payment Account
      the Redemption Price of the Notes to be redeemed, whereupon all such applicable
      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 Indenture Trustee or
      the
      Securities Administrator on its behalf by first-class mail, postage prepaid,
      or
      by facsimile mailed or transmitted not later than 5 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
      Redemption Price; and

     

    (iii) the
      place
      where such Notes are to be surrendered for payment of the Redemption 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 Indenture Trustee or the
      Securities Administrator on its behalf 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.

    
      
        
        

      

      
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    Section
      10.03. Notes
      Payable on Redemption Date.
      The
      applicable 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 Securities Administrator of the
      Redemption Price as required under Section 10.01, on the applicable Redemption
      Date become due and payable at the Redemption Price and (unless the Issuer
      shall
      default in the payment of the Redemption Price) no interest shall accrue on
      the
      Redemption Price for any period after the date to which accrued interest is
      calculated for purposes of calculating the Redemption Price.

     

    ARTICLE
      XI

     

    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.

    
      
        
        

      

      
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    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
      Seller, the Master Servicer, the Servicer[s], the Depositor, the Issuer or
      the
      Securities Administrator, stating that the information with respect to such
      factual matters is in the possession of the Seller, the Master Servicer, the
      Servicer[s], the Depositor, the Issuer or the Securities 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
      VI.

     

    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.

    
      
        
        

      

      
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    (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, 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 made, given, furnished or filed in writing to or
      with
      the Indenture Trustee at its Corporate Trust Office, or

     

    (ii) the
      Securities 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 Securities Administrator at its Corporate
      Trust Office, or

     

    (iii) the
      Issuer by the Indenture Trustee 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 Transfer 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 Securities 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 Transfer 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.

    
      
        
        

      

      
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    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.

    
      
        
        

      

      
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    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.

    
      
        
        

      

      
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    Section
      11.16. No
      Petition.
      The
      Indenture Trustee, by entering into this Indenture, and each Noteholder, by
      accepting a Note or interest therein, 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.

     

    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.

     

    Section
      11.18. Agreements
      of Noteholders.
      Each
      Noteholder, by accepting a Note, hereby acknowledges and agrees that, to the
      extent that the Noteholders are deemed to have any interest in any assets of
      the
      Depositor that constitute the assets of the trust for any other series of
      securities with respect to which the Depositor acts as depositor:

     

    (a) the
      interest of the Noteholders in such assets is subordinate to claims or rights
      of
      the holders of such other series of securities to such assets; and

     

    (b) this
      Indenture constitutes a subordination agreement for purposes of Section 510(a)
      of the Bankruptcy Code.

    
      
        
        

      

      
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    IN
      WITNESS WHEREOF, the Issuer, the Securities 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.

     

    
      	 	 	 
	 	
              TBW
                MORTGAGE TRUST [     ], 

              as
                Issuer

            
	 
 	 
 	 
 
	 	By:  	[    
              ],
	 	not in its individual capacity but
              solely
              as
	 	Owner
              Trustee
	 	 
	 	 
	 	By: 
	 	
              
                

              

            
	 	Name: 
	 	Title: 

    

     

    
      	
            	        
              	 
	 	[    
              ], not in its individual capacity but solely as Securities
              Administrator
	 	 
	 	 
	 	By: 
	 	
              
                

              

            
	 	Name: 
	 	Title: 

    

     

    
      	
            	        
              	 
	 	[    
              ], not in its individual capacity but solely as Indenture
              Trustee
	 	 
	 	 
	 	By: 
	 	
              
                

              

            
	 	Name: 
	 	Title: 

       

    

    
      
        
        

      

      
        
        

        
          

        

      

       

    

    EXHIBIT
      A

     

    FORMS
      OF
      NOTES

    
      
        
        

      

      
        A-1

        
          

        

      

       

    

     

    EXHIBIT
      B-1

     

    FORM
      OF
      RULE 144A INVESTMENT LETTER

     

     

     

    
      	 
	
               date

            

    

     

    [    
      ]

    as
      Note
      Registrar

    [    
      ]

    

    
      	
            	Re:	
              TBW
                Mortgage Trust [     ] 

              Mortgage
                Backed Notes, [Class [ __] Notes] 

            

    

     

    Ladies
      and Gentlemen:

     

    In
      connection with our acquisition of the above-referenced Notes (the “Notes”) we
      certify that (a) we understand that the Notes have not been registered under
      the
      Securities Act of 1933, as amended (the “Act”), or any state securities laws and
      are 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 investments in the Notes, (c) we have
      had
      the opportunity to ask questions of and receive answers from TBALT Corp. (the
      “Depositor”) concerning the purchase of the Notes and all matters relating
      thereto or any additional information deemed necessary to our decision to
      purchase the Notes, (d) we have not, nor has anyone acting on our behalf,
      offered, transferred, pledged, sold or otherwise disposed of the Notes or any
      interest in the Notes, or solicited any offer to buy, transfer, pledge or
      otherwise dispose of the Notes or any interest in the Notes 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 payment
      of the Notes under the Act or that would render the disposition of the Notes
      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 Notes, (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 Notes for our own account or for resale pursuant to Rule 144A
      and
      understand that such Notes 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.

     

    We
      hereby
      acknowledge that under the terms of the Indenture among TBW Mortgage
      Trust [     ], as Issuer, [     ], as
      Securities Administrator, and [     ], as Indenture Trustee,
      dated as of [     ], no transfer of the Notes shall be
      permitted to be made to any person unless the Note Registrar has received a
      certificate from such transferee in the form hereof.

    
      
        
        

      

      
        B-1-1

        
          

        

      

       

    

     

    We
      hereby
      indemnify the Depositor, Indenture Trustee, the Note Registrar and the Trust
      against any liability that may result to either of them if our transfer or
      other
      disposition of any Notes (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, the provisions
      of
      this certificate or the applicable provisions of the Indenture.

     

    
      	 	 	 
	 	Very truly yours,
	 	 
	 	
              
                
 Print
                Name of Purchaser

            
	 
 	 
 	 
 
	 	By:  	 
	 	
              
Name:
	 	Title:

    

     

    
      
        
        

      

      
        B-1-2

        
          

        

      

       

    

    EXHIBIT
      B-2

     

    FORM
      OF
      NON-RULE 144A INVESTMENT LETTER

    
       

      
        	 
	
                 date

              

      

       

    

     

    [    
      ]

    as
      Note
      Registrar

    [    
      ]

    

    
      	
            	Re:	
              TBW
                Mortgage Trust [     ] 

              Mortgage
                Backed Notes, [Class [     ] Notes] 

            

    

     

    Ladies
      and Gentlemen:

     

    In
      connection with our acquisition of the above-referenced Notes (the “Notes”) we
      certify that (a) we understand that the Notes have not been registered under
      the
      Securities Act of 1933, as amended (the “Act”), or any state securities laws and
      are being transferred to us in a transaction that is exempt from the
      registration requirements of the Act and any such laws, (b) we have had the
      opportunity to ask questions of and receive answers from the Depositor
      concerning the purchase of the Notes and all matters relating thereto or any
      additional information deemed necessary to our decision to purchase the Notes,
      (c) we are acquiring the Notes for investment for our own account and not with
      a
      view to any payment of such Notes (but without prejudice to our right at all
      times to sell or otherwise dispose of the Notes in accordance with clause (e)
      below), (d) we have not offered or sold any Notes to, or solicited offers to
      buy
      any Notes 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 (e) we
      will not sell, transfer or otherwise dispose of any Notes 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
      Note 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 Indenture (the
“Indenture”) dated as of [     ], among TBW Mortgage Trust
      [     ], as issuer, [     ], as
      Securities Administrator, and [     ], as indenture
      trustee.

     

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

     

    We
      hereby
      indemnify the Depositor, Indenture Trustee, the Note Registrar and the Trust
      against any liability that may result to either of them if our transfer or
      other
      disposition of any Notes (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, the provisions
      of
      this certificate or the applicable provisions of the Indenture.

    
      
        	 	 	 
	 	Very truly yours,
	 	 
	 	 
	 	
                
                  
 Print
                  Name of Purchaser

              
	 
 	 
 	 
 
	 	By:  	 
	 	
                
Name:
	 	Title:

      

    

     

    
      
        
        

      

      
        B-2-1

        
          

        

      

       

    

    EXHIBIT
      C

     

    FORM
      OF
      ERISA TRANSFER AFFIDAVIT

    
      
         

        
          	 
	
                   date

                

        

        

          
            	
                    STATE
                      OF NEW YORK

                  	
                    )

                  
	 	
                    )
                      ss.: 

                  
	
                    COUNTY
                      OF NEW YORK

                  	
                    )

                  

          

        

      

    

    
       

    

    
      	
            	
              Re:

            	
              TBW
                Mortgage Trust [     ]

              Mortgage
                Backed Notes 

            

    

     

    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. The
      Investor either (i) is not, and on ___________ [date of transfer] will not
      be,
      acquiring the Notes for, or on behalf 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), our 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 TBW
      Mortgage Trust [     ], as Issuer, [    
], as Securities Administrator, and [     ], as Indenture
      Trustee, dated as of [     ], no transfer of any Note shall
      be permitted to be made to any person unless the Securities Administrator has
      received a certificate from such transferee in the form hereof.

    
      
        
        

      

      
        C-1

        
          

        

      

       

    

    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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