Document:

Pooling and Servicing Agreement

 Exhibit 4.1 
  
 SG MORTGAGE SECURITIES, LLC, 
  
 Depositor, 
  
 [WELLS FARGO], 
  
 Master Servicer, 
  
 and 
  
 [TRUSTEE], 
  
 Trustee 
  
 POOLING AND SERVICING AGREEMENT 
  
 Dated as of [DATE] 
  
 Mortgage Asset-Backed [and Manufactured Housing Contract] 
 Pass-Through Certificates,

  
 Series
[                ] 
  

  
 TABLE OF CONTENTS

  

					
	 	  	 	  	Page

	 ARTICLE I
	  	DEFINITIONS	  	3
			
	 Section 1.01
	  	 Definitions
	  	3
			
	 Section 1.02
	  	 Determination of LIBOR
	  	50
			
	 ARTICLE II
	  	CONVEYANCE OF MORTGAGE LOANS; ORIGINAL ISSUANCE OF CERTIFICATES	  	51
			
	 Section 2.01
	  	 Conveyance of Mortgage Loans
	  	51
			
	 Section 2.02
	  	 Acceptance by Trustee
	  	55
			
	 Section 2.03
	  	 Representations, Warranties and Covenants of the Master Servicer and the Depositor
	  	56
			
	 Section 2.04
	  	 Representations and Warranties of Sellers
	  	59
			
	 Section 2.05
	  	 Execution and Authentication of Certificates; Conveyance of REMIC I Regular Interests
	  	61
			
	 Section 2.06
	  	 Purposes and Powers of the Trust
	  	62
			
	 ARTICLE III
	  	ADMINISTRATION AND SERVICING OF MORTGAGE LOANS	  	62
			
	 Section 3.01
	  	 Master Servicer to Act as Servicer
	  	62
			
	 Section 3.02
	  	 Subservicing Agreements Between Master Servicer and Subservicers; Enforcement of Subservicers’ Obligations
	  	65
			
	 Section 3.03
	  	 Successor Subservicers
	  	66
			
	 Section 3.04
	  	 Liability of the Master Servicer
	  	67
			
	 Section 3.05
	  	 No Contractual Relationship Between Subservicer and Trustee or Certificateholders
	  	67
			
	 Section 3.06
	  	 Assumption or Termination of Subservicing Agreements by Trustee
	  	67
			
	 Section 3.07
	  	 Collection of Certain Mortgage Loan Payments; Deposits to Custodial Account
	  	68
			
	 Section 3.08
	  	 Subservicing Accounts; Servicing Accounts
	  	70
			
	 Section 3.09
	  	 Access to Certain Documentation and Information Regarding the Mortgage Loans
	  	72
			
	 Section 3.10
	  	 Permitted Withdrawals from the Custodial Account
	  	72
			
	 Section 3.11
	  	 Maintenance of Primary Insurance Coverage
	  	74
			
	 Section 3.12
	  	 Maintenance of Fire Insurance and Omissions and Fidelity Coverage
	  	75

  

 -i- 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	  	 	  	Page

	 Section 3.13
	  	 Enforcement of Due-on-Sale Clauses; Assumption and Modification Agreements; Certain Assignments
	  	76
			
	 Section 3.14
	  	 Realization Upon Defaulted Mortgage Loans
	  	78
			
	 Section 3.15
	  	 Trustee to Cooperate; Release of Mortgage Files
	  	81
			
	 Section 3.16
	  	 Servicing and Other Compensation; Compensating Interest
	  	82
			
	 Section 3.17
	  	 Reports to the Trustee and the Depositor
	  	83
			
	 Section 3.18
	  	 Annual Statement as to Compliance
	  	83
			
	 Section 3.19
	  	 Annual Independent Public Accountants’ Servicing Report
	  	84
			
	 Section 3.20
	  	 Right of the Depositor in Respect of the Master Servicer
	  	84
			
	 Section 3.21
	  	 Advance Facility
	  	85
			
	 ARTICLE IV
	  	 PAYMENTS TO CERTIFICATEHOLDERS
	  	89
			
	 Section 4.01
	  	 Certificate Account
	  	89
			
	 Section 4.02
	  	 Distributions
	  	89
			
	 Section 4.03
	  	 Statements to Certificateholders; Statements to Rating Agencies; Exchange Act Reporting
	  	94
			
	 Section 4.04
	  	 Distribution of Reports to the Trustee and the Depositor; Advances by the Master Servicer
	  	97
			
	 Section 4.05
	  	 Allocation of Realized Losses
	  	98
			
	 Section 4.06
	  	 Reports of Foreclosures and Abandonment of Mortgaged Property
	  	101
			
	 Section 4.07
	  	 Optional Purchase of Defaulted Mortgage Loans
	  	101
			
	 Section 4.08
	  	 Hedge Agreement
	  	101
			
	 ARTICLE V
	  	 THE CERTIFICATES
	  	102
			
	 Section 5.01
	  	 The Certificates
	  	102
			
	 Section 5.02
	  	 Registration of Transfer and Exchange of Certificates
	  	104
			
	 Section 5.03
	  	 Mutilated, Destroyed, Lost or Stolen Certificates
	  	110
			
	 Section 5.04
	  	 Persons Deemed Owners
	  	110
			
	 Section 5.05
	  	 Appointment of Paying Agent
	  	110
			
	 ARTICLE VI
	  	 THE DEPOSITOR AND THE MASTER SERVICER
	  	111
			
	 Section 6.01
	  	 Respective Liabilities of the Depositor and the Master Servicer
	  	111

  

 -ii- 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	  	 	  	Page

	 Section 6.02
	  	 Merger or Consolidation of the Depositor or the Master Servicer; Assignment of Rights and Delegation of Duties by Master
Servicer
	  	111
			
	 Section 6.03
	  	 Limitation on Liability of the Depositor, the Master Servicer and Others
	  	112
			
	 Section 6.04
	  	 Depositor and Master Servicer Not to Resign
	  	113
			
	 ARTICLE VII
	  	DEFAULT	  	113
			
	 Section 7.01
	  	 Events of Default
	  	113
			
	 Section 7.02
	  	 Trustee or Depositor to Act; Appointment of Successor
	  	115
			
	 Section 7.03
	  	 Notification to Certificateholders
	  	116
			
	 Section 7.04
	  	 Waiver of Events of Default
	  	116
			
	 ARTICLE VIII
	  	CONCERNING THE TRUSTEE	  	117
			
	 Section 8.01
	  	 Duties of Trustee
	  	117
			
	 Section 8.02
	  	 Certain Matters Affecting the Trustee
	  	118
			
	 Section 8.03
	  	 Trustee Not Liable for Certificates or Mortgage Loans
	  	120
			
	 Section 8.04
	  	 Trustee May Own Certificates
	  	120
			
	 Section 8.05
	  	 Master Servicer to Pay Trustee’s Fees and Expenses; Indemnification
	  	120
			
	 Section 8.06
	  	 Eligibility Requirements for Trustee
	  	121
			
	 Section 8.07
	  	 Resignation and Removal of the Trustee
	  	122
			
	 Section 8.08
	  	 Successor Trustee
	  	123
			
	 Section 8.09
	  	 Merger or Consolidation of Trustee
	  	123
			
	 Section 8.10
	  	 Appointment of Co-Trustee or Separate Trustee
	  	123
			
	 Section 8.11
	  	 Appointment of Custodians
	  	124
			
	 Section 8.12
	  	 Appointment of Office or Agency
	  	125
			
	 Section 8.13
	  	 DTC Letter of Representations
	  	125
			
	 Section 8.14
	  	 Hedge Agreement
	  	125
			
	 ARTICLE IX
	  	TERMINATION	  	125
			
	 Section 9.01
	  	 Termination Upon Purchase or Liquidation of All Mortgage Loans
	  	125
			
	 Section 9.02
	  	 Additional Termination Requirements
	  	130

  

 -iii- 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	  	 	  	Page

	 ARTICLE X
	  	REMIC PROVISIONS	  	130
			
	 Section 10.01
	  	 REMIC Administration
	  	130
			
	 Section 10.02
	  	 Master Servicer, REMIC Administrator and Trustee Indemnification
	  	134
			
	 ARTICLE XI
	  	MISCELLANEOUS PROVISIONS	  	135
			
	 Section 11.01
	  	 Amendment
	  	135
			
	 Section 11.02
	  	 Recordation of Agreement; Counterparts
	  	137
			
	 Section 11.03
	  	 Limitation on Rights of Certificateholders
	  	138
			
	 Section 11.04
	  	 Governing Law
	  	138
			
	 Section 11.05
	  	 Notices
	  	139
			
	 Section 11.06
	  	 Notices to Rating Agencies
	  	139
			
	 Section 11.07
	  	 Severability of Provisions
	  	140
			
	 Section 11.08
	  	 Supplemental Provisions for Resecuritization
	  	140

  

 -iv- 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	  	 	  	Page

	 Exhibit A
	  	Form of Class A Certificate	  	A-1
	 Exhibit B-1
	  	Form of Class M Certificate	  	B-1-1
	 Exhibit B-2
	  	Form of Class B Certificate	  	B-2-1
	 Exhibit C
	  	Form of Class SB Certificate	  	C-1
	 Exhibit D
	  	Form of Class R Certificate	  	D-1
	 Exhibit E
	  	Form of Custodial Agreement	  	E-1
	 Exhibit F
	  	Mortgage Loan Schedule	  	F-1
	 Exhibit G
	  	Form of Request for Release	  	G-1
	 Exhibit H-1
	  	Form of Transfer Affidavit and Agreement	  	H-1-1
	 Exhibit H-2
	  	Form of Transferor Certificate	  	H-2-1
	 Exhibit I
	  	Form of Investor Representation Letter	  	I-1
	 Exhibit J
	  	Form of Transferor Representation Letter	  	J-1
	 Exhibit K
	  	Text of Amendment to Pooling and Servicing Agreement Pursuant to Section 11.01(e) for a Limited Guaranty	  	K-1
	 Exhibit L
	  	Form of Limited Guaranty	  	L-1
	 Exhibit M
	  	Form of Lender Certification for Assignment of Mortgage Loan	  	M-1
	 Exhibit N
	  	Form of Rule 144A Investment Representation	  	N-1
	 Exhibit O
	  	[Reserved]	  	O-1
	 Exhibit P
	  	Form of ERISA Letter	  	P-1
	 Exhibit Q
	  	Reserved	  	Q-1
	 Exhibit R
	  	Assignment Agreement	  	R-1
	 Exhibit S
	  	[Reserved]	  	S-1
	 Exhibit T-1
	  	Form of 10-K Certification	  	T-1-1
	 Exhibit T-2
	  	Form of Back-Up Certification	  	T-2-1
	 Exhibit U
	  	Information to be Provided by the Master Servicer to the Rating Agencies Relating to Reportable Modified Mortgage Loans	  	U-1

  

 -v- 

  
 This Pooling and Servicing
Agreement, effective as of [DATE], among SG Mortgage Securities, LLC, as the depositor (together with its permitted successors and assigns, the “Depositor”), [WELLS FARGO], as Master Servicer (together with its permitted successors and
assigns, the “Master Servicer”), and [TRUSTEE], a banking association organized under the laws of the United States, as trustee (together with its permitted successors and assigns, the “Trustee”). 
  
 PRELIMINARY STATEMENT: 
  
 The Depositor intends to sell mortgage asset-backed pass-through certificates
(collectively, the “Certificates”), to be issued hereunder in [            ] Classes, which in the aggregate will evidence the entire beneficial ownership interest in the
Mortgage Loans (as defined herein) and certain other related assets. 
  
 REMIC I 
  
 As provided herein, the REMIC
Administrator will make an election to treat the segregated pool of assets consisting of the Mortgage Loans and certain other related assets (exclusive of the Hedge Agreement) subject to this Agreement as a real estate mortgage investment conduit (a
“REMIC”) for federal income tax purposes, and such segregated pool of assets will be designated as “REMIC I.” The Class R-I Certificates will represent the sole Class of “residual interests” in REMIC I for purposes of
the REMIC Provisions (as defined herein) under federal income tax law. The following table irrevocably sets forth the designation, remittance rate (the “Uncertificated REMIC I Pass-Through Rate”) and initial Uncertificated Principal
Balance for each of the “regular interests” in REMIC I (the “REMIC I Regular Interests”). The “latest possible maturity date” (determined solely for purposes of satisfying Treasury regulation Section
1.860G-1(a)(4)(iii)) for each REMIC I Regular Interest shall be the Maturity Date. None of the REMIC I Regular Interests will be certificated. 
  

							
	 Designation

	 	 Uncertificated REMIC I
 Pass-Through Rate

	 	 Initial Uncertificated
REMIC I
 Principal Balance

	 	 Latest Possible
Maturity Date

	 LT1
	 	Variable(1)	 	 	 	 
	 LT2
	 	Variable (1)	 	 	 	 
	 LT3
	 	0.00%	 	 	 	 
	 LT4
	 	Variable (1)	 	 	 	 

	(1)	Calculated as provided in the definition of Uncertificated REMIC I Pass-Through Rate. 

  
 REMIC II 
  
 As provided herein, the REMIC Administrator will make an election to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a
REMIC for federal income tax purposes, and such segregated pool of assets will be designated as REMIC II. The Class R-II Certificates will represent the sole Class of “residual interests” in REMIC II for purposes of the REMIC Provisions
under federal income tax law. The following table irrevocably sets forth the designation, Pass-Through Rate, aggregate Initial Certificate Principal 

  

 
Balance, certain features, month of Final Scheduled Distribution Date and initial ratings for each Class of Certificates comprising the interests
representing “regular interests” in REMIC II. The “latest possible maturity date” (determined solely for purposes of satisfying Treasury Regulation Section 1.860G-1(a)(4)(iii)) for each Class of REMIC II Regular Interests shall
be the Maturity Date. 
  

															
	 Designation

	  	 Type

	  	 Pass-
Through
Rate

	  	Aggregate Initial
Certificate
Principal Balance

	  	 Features

	  	Month of
Final Scheduled
Distribution
Date

	  	Initial Ratings

	 	  	 	  	 	  	 	  	 	  	 	  	S&P

	  	Moody’s

	 Class A-[1]
	  	Regular(1)	  	Adjustable(2)(3)	  	 	  	Senior/Adjustable Rate	  	 	  	AAA	  	Aaa
	 Class A-[2]
	  	Regular(1)	  	Adjustable(2)(3)	  	 	  	Senior/Adjustable Rate	  	 	  	AAA	  	Aaa
	 Class A-[3]
	  	Regular(1)	  	Adjustable(2)(3)	  	 	  	Senior/Adjustable Rate	  	 	  	AAA	  	Aaa
	 Class A-[4]
	  	Regular(1)	  	Adjustable(2)(3)	  	 	  	Senior/Adjustable Rate	  	 	  	AAA	  	Aaa
	 Class M-1
	  	Regular(1)	  	Adjustable(2)(3)	  	 	  	Mezzanine/Adjustable Rate	  	 	  	AA+	  	Aaa
	 Class M-2
	  	Regular(1)	  	Adjustable(2)(3)	  	 	  	Mezzanine/Adjustable Rate	  	 	  	AA+	  	Aa1
	 Class M-3
	  	Regular(1)	  	Adjustable(2)(3)	  	 	  	Mezzanine/Adjustable Rate	  	 	  	AA	  	Aa2
	 Class M-4
	  	Regular(1)	  	Adjustable(2)(3)	  	 	  	Mezzanine/Adjustable Rate	  	 	  	AA-	  	Aa3
	 Class M-5
	  	Regular(1)	  	Adjustable(2)(3)	  	 	  	Mezzanine/Adjustable Rate	  	 	  	A+	  	A1
	 Class M-6
	  	Regular(1)	  	Adjustable(2)(3)	  	 	  	Mezzanine/Adjustable Rate	  	 	  	A	  	A2
	 Class M-7
	  	Regular(1)	  	Adjustable(2)(3)	  	 	  	Mezzanine/Adjustable Rate	  	 	  	A-	  	A3
	 Class M-8
	  	Regular(1)	  	Adjustable(2)(3)	  	 	  	Mezzanine/Adjustable Rate	  	 	  	BBB+	  	Baa1
	 Class M-9
	  	Regular(1)	  	Adjustable(2)(3)	  	 	  	Mezzanine/Adjustable Rate	  	 	  	BBB	  	Baa2
	 Class M-10
	  	Regular(1)	  	Adjustable(2)(3)	  	 	  	Mezzanine/Adjustable Rate	  	 	  	BBB-	  	Baa3
	 Class B-1
	  	Regular(1)	  	Adjustable(2)(3)	  	 	  	Subordinate/Adjustable Rate	  	 	  	BB+	  	Ba1
	 Class B-2
	  	Regular(1)	  	Adjustable(2)(3)	  	 	  	Subordinate/Adjustable Rate	  	 	  	BB+	  	Ba2
	 Class B-3
	  	Regular(1)	  	Adjustable(2)(3)	  	 	  	Subordinate/Adjustable Rate	  	 	  	BB+	  	N/R
	 Class B-4
	  	Regular(1)	  	Adjustable(2)(3)	  	 	  	Subordinate/Adjustable Rate	  	 	  	BB	  	N/R
	 Class SB
	  	Regular(4)	  	(4)	  	 	  	Subordinate	  	 	  	N/R	  	N/R

	(1)	The Class A, Class M and Class B Certificates will represent ownership of REMIC II Regular Interests together with certain rights to payments to be made from amounts
received under the Hedge Agreement which will be deemed made for federal income tax purposes outside of REMIC II by the holder of the Class SB Certificates as the owner of the Hedge Agreement. 

  

	(2)	The REMIC II Regular Interests ownership of which is represented by the Class A, Class M and Class B Certificates, will accrue interest at a per annum rate equal to
the lesser of (i) LIBOR plus the applicable Margin and (ii) the REMIC Net WAC Rate and the provisions for the payment of Basis Risk Shortfalls herein, which payments will not be part of the entitlement of the REMIC II Regular Interests related to
such Certificates. 

  

	(3)	The Class A, Class M and Class B Certificates will also entitle their holders to certain payments from the Holder of the Class SB Certificates from amounts to which
the related REMIC II Regular Interest is entitled and from amounts received under the Hedge Agreement, which will not be a part of their ownership of the REMIC II Regular Interests. 

  

	(4)	The Class SB Certificates will accrue interest as described in the definition of Accrued Certificate Interest. The Class SB Certificates will not accrue interest on
their Certificate Principal Balance. The Class SB Certificates will represent ownership of two REMIC II Regular Interests, a principal only regular interest designated REMIC II Regular Interest SB-PO and an interest only regular interest designated
REMIC II Regular Interest SB-IO, which will be entitled to distributions as set forth herein. The rights of the Holder of the Class SB Certificates to payments from the Hedge Agreement shall be outside and apart from its rights under the REMIC II
Regular Interests SB-IO and SB-PO. 

  

 2 

 In consideration of the mutual agreements herein contained, the Depositor, the Master Servicer and the
Trustee agree as follows: 
  
 ARTICLE I 
 DEFINITIONS 
  
 Section 1.01 Definitions. 
  
 Whenever used in this Agreement, the following words and phrases, unless the context otherwise requires, shall have the meanings specified in this
Article. 
  
 Accrued Certificate Interest: With respect to
each Distribution Date and each Class of Class A Certificates, Class M Certificates and Class B Certificates, interest accrued during the related Interest Accrual Period on the Certificate Principal Balance thereof immediately prior to such
Distribution Date at the related Pass-Through Rate for that Distribution Date. 
  
 The amount of Accrued Certificate Interest on each Class of Certificates shall be reduced by the amount of Prepayment Interest Shortfalls on the related Mortgage Loans during the prior calendar month to the extent not
covered by Compensating Interest pursuant to Section 3.16, and by Relief Act Shortfalls on the related Mortgage Loans during the related Due Period. All such reductions with respect to the Mortgage Loans will be allocated among the Certificates in
proportion to the amounts of Accrued Certificate Interest payable on such Certificates on such Distribution Date absent such reductions. 
  
 Accrued Certificate Interest on each Class of Class A Certificates, Class M Certificates and Class B Certificates for any Distribution Date shall also be
reduced by any interest shortfalls resulting from the failure of the Hedge Agreement Provider to make the required Hedge Payment for such Distribution Date, with all such reductions allocated to the Class A Certificates, Class M
Certificates and Class B Certificates on a pro rata basis, based on the portion of the Hedge Payment each such Class was entitled to, but did not receive, on such Distribution Date. 
  
 Accrued Certificate Interest for any Distribution Date shall further be reduced by the interest portion of Realized Losses
allocated to any Class of Certificates pursuant to Section 4.05. 
  
 Accrued Certificate Interest shall accrue on the basis of a 360-day year and the actual number of days in the related Interest Accrual Period. 
  
 With respect to each Distribution Date and the Class SB Certificates, interest accrued during the preceding Interest Accrual Period at the related
Pass-Through Rate on the Notional Amount as specified in the definition of Pass-Through Rate, immediately prior to such Distribution Date, reduced by any interest shortfalls with respect to the Mortgage Loans, including Prepayment Interest
Shortfalls to the extent not covered by Compensating Interest pursuant to Section 3.16 or by Excess Cash Flow pursuant to Section 4.02(c)(v) and (vi). Accrued Certificate Interest on the Class SB Certificates shall accrue on the basis of a 360-day
year and the actual number of days in the related Interest Accrual Period. 
  

 3 

 Adjusted Mortgage Rate: With respect to any Mortgage Loan and any date of determination, the
Mortgage Rate borne by the related Mortgage Note, less the rate at which the related Subservicing Fee accrues. 
  
 Adjustment Date: With respect to each adjustable-rate Mortgage Loan, each date set forth in the related Mortgage Note on which an adjustment to the
interest rate on such Mortgage Loan becomes effective. 
  
 Advance: With respect to any Mortgage Loan, any advance made by the Master Servicer, pursuant to Section 4.04. 
  
 Affiliate: With respect to any Person, any other Person controlling, controlled by or under common control with such first Person. For purposes of
this definition, “control” means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling”
and “controlled” have meanings correlative to the foregoing. 
  
 Agreement: This Pooling and Servicing Agreement and all amendments hereof and supplements hereto. 
  
 Amount Held for Future Distribution: With respect to any Distribution Date, the total of the amounts held in the Custodial Account at the close of
business on the preceding Determination Date on account of (i) Liquidation Proceeds, Subsequent Recoveries, Insurance Proceeds, REO Proceeds, Principal Prepayments, Mortgage Loan purchases made pursuant to Section 2.02, 2.03, 2.04 or 4.07 and
Mortgage Loan substitutions made pursuant to Section 2.03 or 2.04 received or made in the month of such Distribution Date (other than such Liquidation Proceeds, Subsequent Recoveries, Insurance Proceeds, REO Proceeds and purchases of Mortgage Loans
that the Master Servicer has deemed to have been received in the preceding month in accordance with Section 3.07(b)) and (ii) payments which represent early receipt of scheduled payments of principal and interest due on a date or dates subsequent to
the Due Date in the related Due Period. 
  
 Appraised
Value: With respect to any Mortgaged Property, the lesser of (i) the appraised value of such Mortgaged Property based upon the appraisal made at the time of the origination of the related Mortgage Loan, and (ii) the sales price of the Mortgaged
Property at such time of origination, except in the case of a Mortgaged Property securing a refinanced or modified Mortgage Loan as to which it is either the appraised value based upon the appraisal made at the time of origination of the loan which
was refinanced or modified or the appraised value determined in an appraisal at the time of refinancing or modification, as the case may be. 
  
 Assignment: An assignment of the Mortgage, notice of transfer or equivalent instrument, in recordable form, sufficient under the laws of the
jurisdiction wherein the related Mortgaged Property is located to reflect of record the sale of the Mortgage Loan to the Trustee for the benefit of Certificateholders, which assignment, notice of transfer or equivalent instrument may be in the form
of one or more blanket assignments covering Mortgages secured by Mortgaged Properties located in the same county, if permitted by law and accompanied by an Opinion of Counsel to that effect. 
  

 4 

 Assignment Agreement: The Assignment and Assumption Agreement, dated the Closing Date, between the
Seller and the Depositor relating to the transfer and assignment of the Mortgage Loans, attached hereto as Exhibit R. 
  
 Available Distribution Amount: With respect to any Distribution Date, an amount equal to (a) the sum of (i) the amount relating to the Mortgage
Loans on deposit in the Custodial Account as of the close of business on the immediately preceding Determination Date, including any Subsequent Recoveries, and amounts deposited in the Custodial Account in connection with the substitution of
Qualified Substitute Mortgage Loans, (ii) the amount of any Advance made on the immediately preceding Certificate Account Deposit Date with respect to the Mortgage Loans, (iii) any amount deposited in the Certificate Account on the related
Certificate Account Deposit Date pursuant to the second paragraph of Section 3.12(a) in respect of the Mortgage Loans, (iv) any amount that the Master Servicer is not permitted to withdraw from the Custodial Account pursuant to Section 3.16(e) in
respect of the Mortgage Loans, and (v) any amount deposited in the Certificate Account pursuant to Section 4.07 or 9.01 in respect of the Mortgage Loans, reduced by (b) the sum as of the close of business on the immediately preceding Determination
Date of (x) the Amount Held for Future Distribution with respect to the Mortgage Loans, and (y) amounts permitted to be withdrawn by the Master Servicer from the Custodial Account in respect of the Mortgage Loans pursuant to clauses (ii)-(x),
inclusive, of Section 3.10(a). 
  
 Balloon Loan: Each of
the Mortgage Loans having an original term to maturity that is shorter than the related amortization term. 
  
 Balloon Payment: With respect to any Balloon Loan, the related Monthly Payment payable on the stated maturity date of such Balloon Loan.

  
 Bankruptcy Code: The Bankruptcy Code of 1978, as
amended. 
  
 Basis Risk Shortfalls: With respect to any
Distribution Date and any Class of Class A Certificates, Class M Certificates or Class B Certificates, the sum of (a) with respect to any Distribution Date on which the Net WAC Cap Rate is used to determine the Pass-Through Rate of such Class, an
amount equal to the excess of (x) Accrued Certificate Interest for such Class calculated at a per annum rate equal to the lesser of (i) LIBOR plus the related Margin for such Distribution Date and (ii) the Weighted Average Maximum Net Mortgage Rate,
over (y) Accrued Certificate Interest for such Class calculated using the Net WAC Cap Rate plus, an amount equal to any reduction in the Accrued Certificate Interest of such Class due to the failure of the Hedge Agreement Provider to make any
required Hedge Payment with respect to such Distribution Date, (b) any shortfalls for such Class calculated pursuant to clause (a) above remaining unpaid from prior Distribution Dates, and (c) one month’s interest on the amount in clause (b)
(based on the number of days in the preceding Interest Accrual Period) at a per annum rate equal to LIBOR plus the related Margin for such Distribution Date.  
  
 Book-Entry Certificate: Any Certificate registered in the name of the Depository or its nominee. 
  

 5 

 Business Day: Any day other than (i) a Saturday or a Sunday or (ii) a day on which banking
institutions in the State of New York (and such other state or states in which the Custodial Account or the Certificate Account are at the time located) are required or authorized by law or executive order to be closed. 
  
 Capitalization Reimbursement Amount: With respect to any Distribution
Date, the amount of Advances or Servicing Advances that were added to the Stated Principal Balance of the Mortgage Loans during the prior calendar month and reimbursed to the Master Servicer or Subservicer on or prior to such Distribution Date
pursuant to Section 3.10(a)(vii). 
  
 Cash Liquidation:
With respect to any defaulted Mortgage Loan other than a Mortgage Loan as to which an REO Acquisition occurred, a determination by the Master Servicer that it has received all Insurance Proceeds, Liquidation Proceeds and other payments or cash
recoveries which the Master Servicer reasonably and in good faith expects to be finally recoverable with respect to such Mortgage Loan. 
  
 Certificate: Any Class A Certificate, Class M Certificate, Class B Certificate, Class SB Certificate or Class R Certificate. 
  
 Certificate Account: The account or accounts created and maintained
pursuant to Section 4.01, which shall be entitled “[TRUSTEE], as trustee, in trust for the registered holders of SG Mortgage Securities, LLC Mortgage Asset-Backed [and Manufactured Housing Contract] Pass-Through Certificates, Series
[                    ]” and which account shall be held for the benefit of the Certificateholders and which must be an Eligible Account.

  
 Certificate Account Deposit Date: With respect to any
Distribution Date, the Business Day prior thereto. 
  
 Certificateholder or Holder: The Person in whose name a Certificate is registered in the Certificate Register, except that neither a Disqualified Organization nor a Non-United States Person shall be a holder of a Class R Certificate
for any purpose hereof. Solely for the purpose of giving any consent or direction pursuant to this Agreement, any Certificate, other than a Class R Certificate registered in the name of the Depositor, the Master Servicer or any Subservicer or any
Affiliate thereof shall be deemed not to be outstanding and the Percentage Interest or Voting Rights evidenced thereby shall not be taken into account in determining whether the requisite amount of Percentage Interests or Voting Rights necessary to
effect any such consent or direction has been obtained. All references herein to “Holders” or “Certificateholders” shall reflect the rights of Certificate Owners as they may indirectly exercise such rights through the Depository
and participating members thereof, except as otherwise specified herein; provided, however, that the Trustee shall be required to recognize as a “Holder” or “Certificateholder” only the Person in whose name a Certificate
is registered in the Certificate Register. Unless otherwise indicated in this Agreement, the Custodial Agreement or the Assignment Agreement, whenever reference is made to the actions taken by the Trustee on behalf of the Certificateholders.

  
 Certificate Owner: With respect to a Book-Entry
Certificate, the Person who is the beneficial owner of such Certificate, as reflected on the books of an indirect participating 

  

 6 

 
brokerage firm for which a Depository Participant acts as agent, if any, and otherwise on the books of a Depository Participant, if any, and otherwise on the
books of the Depository. 
  
 Certificate Principal Balance:
With respect to any Class A Certificate, Class M Certificate or Class B Certificate, on any date of determination, an amount equal to (i) the Initial Certificate Principal Balance of such Certificate as specified on the face thereof, minus (ii) the
sum of (x) the aggregate of all amounts previously distributed with respect to such Certificate (or any predecessor Certificate) and applied to reduce the Certificate Principal Balance thereof pursuant to Section 4.02(c) and (y) the aggregate of all
reductions in Certificate Principal Balance deemed to have occurred in connection with Realized Losses which were previously allocated to such Certificate (or any predecessor Certificate) pursuant to this Agreement; provided, that with
respect to any Distribution Date, the Certificate Principal Balance of each class of Class A Certificates, Class M Certificates and Class B Certificates to which a Realized Loss was previously allocated and remains unreimbursed will be increased,
sequentially, to the Class A Certificates, on a pro rata basis based on the amount of Realized Loss previously allocated thereto and remaining unreimbursed, then to the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class M-7,
Class M-8, Class M-9, Class M-10, Class B-1, Class B-2, Class B-3 and Class B-4 Certificates, in that order, in each case to the extent of Realized Losses previously allocated thereto and remaining unreimbursed, but only to the extent of Subsequent
Recoveries received during the preceding calendar month. 
  
 With
respect to any Class SB Certificate, on any date of determination, an amount equal to the Percentage Interest evidenced by such Certificate, multiplied by an amount equal to (i) the excess, if any, of (A) the then aggregate Stated Principal Balance
of the Mortgage Loans over (B) the then aggregate Certificate Principal Balance of the Class A Certificates, Class M Certificates and Class B Certificates then outstanding, which represents the sum of (i) the Initial Principal Balance of the REMIC
II Regular Interest SB-PO, as reduced by Realized Losses allocated thereto and payments deemed made thereon, and (ii) accrued and unpaid interest on the REMIC II Regular Interest SB-IO, as reduced by Realized Losses allocated thereto. 
  
 The Class R Certificates will not have a Certificate Principal Balance.

  
 Certificate Register: The register maintained and the
registrar appointed pursuant to Section 5.02. 
  
 Class:
Collectively, all of the Certificates or uncertificated interests bearing the same designation. 
  
 Class A-[1] Certificate: Any one of the Class A-[1] Certificates executed by the Trustee and authenticated by the Certificate Registrar
substantially in the form annexed hereto as Exhibit A and evidencing (i) an interest designated as a “regular interest” in REMIC II for purposes of the REMIC Provisions and (ii) the right to receive payments under the Hedge Agreement.

  
 Class A-[1] Margin: Initially,
[            ]% per annum, and on any Distribution Date on or after the first Distribution Date after the second possible Optional Termination Date,
[            ]% per annum. 
  

 7 

 Class A-[2] Certificate: Any one of the Class A-[2] Certificates executed by the Trustee and
authenticated by the Certificate Registrar substantially in the form annexed hereto as Exhibit A and evidencing (i) an interest designated as a “regular interest” in REMIC II for purposes of the REMIC Provisions and (ii) the right to
receive payments under the Hedge Agreement. 
  
 Class A-[2]
Margin: Initially, [            ]% per annum, and on any Distribution Date on or after the first Distribution Date after the second possible Optional Termination Date,
[            ]% per annum. 
  
 Class A-[3] Certificate: Any one of the Class A-[3] Certificates executed by the Trustee and authenticated by the Certificate Registrar substantially in the form annexed hereto as Exhibit A and evidencing (i)
an interest designated as a “regular interest” in REMIC II for purposes of the REMIC Provisions and (ii) the right to receive payments under the Hedge Agreement. 
  
 Class A-[3] Margin: Initially, [            ]% per
annum, and on any Distribution Date on or after the first Distribution Date after the second possible Optional Termination Date, [            ]% per annum. 
  
 Class A-[4] Certificate: Any one of the Class A-[4] Certificates
executed by the Trustee and authenticated by the Certificate Registrar substantially in the form annexed hereto as Exhibit A and evidencing (i) an interest designated as a “regular interest” in REMIC II for purposes of the REMIC Provisions
and (ii) the right to receive payments under the Hedge Agreement. 
  
 Class A-[4] Margin: Initially, [            ]% per annum, and on any Distribution Date on or after the first Distribution Date after the second possible Optional
Termination Date, [            ]% per annum. 
  
 Class A Certificates: Collectively, the Class A-[1] Certificates, Class A-[2] Certificates, Class A-[3] Certificates and Class A-[4] Certificates.

  
 Class A Interest Remittance Amount: With respect to any
Distribution Date, the portion of the Available Distribution Amount for that Distribution Date attributable to interest received or advanced with respect to the Mortgage Loans plus, with respect to payments on the Class A Certificates pursuant to
Section 4.02(c)(iii)(A) only, the amount necessary to make such payments paid from amounts received on the Hedge Agreement for such Distribution Date. 
  
 Class A Principal Distribution Amount: With respect to any Distribution Date (a) prior to the Stepdown Date or on or after the Stepdown Date if a
Trigger Event is in effect for that Distribution Date, the Principal Distribution Amount for that Distribution Date or (b) on or after the Stepdown Date if a Trigger Event is not in effect for that Distribution Date, the lesser of: 
  
 (i) the Principal Distribution Amount for that Distribution
Date; and 
  
 (ii) the excess, if any, of (A) the
aggregate Certificate Principal Balance of the Class A Certificates immediately prior to that Distribution Date over (B) the lesser of (x) 

  

 8 

 
the product of (1) the applicable Subordination Percentage and (2) the aggregate Stated Principal Balance of the Mortgage Loans after giving effect to
distributions to be made on that Distribution Date and (y) the excess, if any, of the aggregate Stated Principal Balance of the Mortgage Loans after giving effect to distributions to be made on that Distribution Date, over the Overcollateralization
Floor. 
  
 Class B-1 Certificate: Any one of the Class B-1
Certificates executed by the Trustee and authenticated by the Certificate Registrar substantially in the form annexed hereto as Exhibit B-2 and evidencing (i) an interest designated as a “regular interest” in REMIC II for purposes of the
REMIC Provisions and (ii) the right to receive payments under the Hedge Agreement. 
  
 Class B-1 Margin: Initially, [            ]% per annum, and on any Distribution Date on or after the first Distribution Date after the second
possible Optional Termination Date, [            ]% per annum. 
  
 Class B-1 Principal Distribution Amount: With respect to any Distribution Date (a) prior to the Stepdown Date or on or after the Stepdown Date if a
Trigger Event is in effect for that Distribution Date, the remaining Principal Distribution Amount for that Distribution Date after distribution of the Class A Principal Distribution Amount and the Class M Principal Distribution Amount or (b) on or
after the Stepdown Date if a Trigger Event is not in effect for that Distribution Date, the lesser of: 
  
 (i) the remaining Principal Distribution Amount for that Distribution Date after distribution of the Class A Principal Distribution Amount
and the Class M Principal Distribution Amount; and 
  
 (ii) the excess, if any, of (A) the sum of (1) the aggregate Certificate Principal Balance of the Class A Certificates and Class M Certificates (after taking into account the payment of the Class A Principal Distribution Amount and the
Class M Principal Distribution Amount for that Distribution Date) and (2) the Certificate Principal Balance of the Class B-1 Certificates immediately prior to that Distribution Date over (B) the lesser of (x) the product of (1) the applicable
Subordination Percentage and (2) the aggregate Stated Principal Balance of the Mortgage Loans after giving effect to distributions to be made on that Distribution Date and (y) the excess, if any, of the aggregate Stated Principal Balance of the
Mortgage Loans after giving effect to distributions to be made on that Distribution Date, over the Overcollateralization Floor. 
  
 Class B-2 Certificate: Any one of the Class B-2 Certificates executed by the Trustee and authenticated by the Certificate Registrar substantially
in the form annexed hereto as Exhibit B-2 and evidencing (i) an interest designated as a “regular interest” in REMIC II for purposes of the REMIC Provisions and (ii) the right to receive payments under the Hedge Agreement. 
  
 Class B-2 Margin: Initially,
[            ]% per annum, and on any Distribution Date on or after the first Distribution Date after the second possible Optional Termination Date,
[            ]% per annum. 
  
 Class B-2 Principal Distribution Amount: With respect to any Distribution Date (a) prior to the Stepdown Date or on or after the Stepdown Date if a Trigger Event is in effect for that 

  

 9 

 
Distribution Date, the remaining Principal Distribution Amount for that Distribution Date after distribution of the Class A Principal Distribution Amount,
the Class M Principal Distribution Amount and the Class B-1 Principal Distribution Amount or (b) on or after the Stepdown Date if a Trigger Event is not in effect for that Distribution Date, the lesser of: 
  
 (i) the remaining Principal Distribution Amount for that
Distribution Date after distribution of the Class A Principal Distribution Amount, the Class M Principal Distribution Amount and the Class B-1 Principal Distribution Amount; and 
  
 (ii) the excess, if any, of (A) the sum of (1) the aggregate Certificate Principal Balance of the Class A
Certificates, Class M Certificates and Class B-1 Certificates (after taking into account the payment of the Class A Principal Distribution Amount, the Class M Principal Distribution Amount and the Class B-1 Principal Distribution Amount for that
Distribution Date) and (2) the Certificate Principal Balance of the Class B-2 Certificates immediately prior to that Distribution Date over (B) the lesser of (x) the product of (1) the applicable Subordination Percentage and (2) the aggregate Stated
Principal Balance of the Mortgage Loans after giving effect to distributions to be made on that Distribution Date and (y) the excess, if any, of the aggregate Stated Principal Balance of the Mortgage Loans after giving effect to distributions to be
made on that Distribution Date, over the Overcollateralization Floor. 
  
 Class B-3 Certificate: Any one of the Class B-3 Certificates executed by the Trustee and authenticated by the Certificate Registrar substantially in the form annexed hereto as Exhibit B-2 and evidencing (i) an interest designated as
a “regular interest” in REMIC II for purposes of the REMIC Provisions and (ii) the right to receive payments under the Hedge Agreement. 
  
 Class B-3 Margin: Initially, [            ]% per annum, and on any Distribution
Date on or after the first Distribution Date after the second possible Optional Termination Date, [            ]% per annum. 
  
 Class B-3 Principal Distribution Amount: With respect to any
Distribution Date (a) prior to the Stepdown Date or on or after the Stepdown Date if a Trigger Event is in effect for that Distribution Date, the remaining Principal Distribution Amount for that Distribution Date after distribution of the Class A
Principal Distribution Amount, the Class M Principal Distribution Amount, the Class B-1 Principal Distribution Amount and the Class B-2 Principal Distribution Amount or (b) on or after the Stepdown Date if a Trigger Event is not in effect for that
Distribution Date, the lesser of: 
  
 (i) the
remaining Principal Distribution Amount for that Distribution Date after distribution of the Class A Principal Distribution Amount, the Class M Principal Distribution Amount, the Class B-1 Principal Distribution Amount and the Class B-2 Principal
Distribution Amount; and 
  
 (ii) the excess, if
any, of (A) the sum of (1) the aggregate Certificate Principal Balance of the Class A Certificates, Class M Certificates, Class B-1 Certificates and Class B-2 Certificates (after taking into account the payment of the Class A Principal Distribution
Amount, the Class M Principal Distribution Amount, the Class B-1 Principal 

  

 10 

 
Distribution Amount and the Class B-2 Principal Distribution Amount for that Distribution Date) and (2) the Certificate Principal Balance of the Class B-3
Certificates immediately prior to that Distribution Date over (B) the lesser of (x) the product of (1) the applicable Subordination Percentage and (2) the aggregate Stated Principal Balance of the Mortgage Loans after giving effect to distributions
to be made on that Distribution Date and (y) the excess, if any, of the aggregate Stated Principal Balance of the Mortgage Loans after giving effect to distributions to be made on that Distribution Date, over the Overcollateralization Floor.

  
 Class B-4 Certificate: Any one of the Class B-4
Certificates executed by the Trustee and authenticated by the Certificate Registrar substantially in the form annexed hereto as Exhibit B-2 and evidencing (i) an interest designated as a “regular interest” in REMIC II for purposes of the
REMIC Provisions and (ii) the right to receive payments under the Hedge Agreement. 
  
 Class B-4 Margin: Initially, [            ]% per annum, and on any Distribution Date on or after the first Distribution Date after the second
possible Optional Termination Date, [            ]   % per annum. 
  
 Class B-4 Principal Distribution Amount: With respect to any Distribution Date (a) prior to the Stepdown Date or on or after the Stepdown Date if a
Trigger Event is in effect for that Distribution Date, the remaining Principal Distribution Amount for that Distribution Date after distribution of the Class A Principal Distribution Amount, the Class M Principal Distribution Amount, the Class B-1
Principal Distribution Amount, the Class B-2 Principal Distribution Amount and the Class B-3 Principal Distribution Amount or (b) on or after the Stepdown Date if a Trigger Event is not in effect for that Distribution Date, the lesser of:

  
 (i) the remaining Principal Distribution
Amount for that Distribution Date after distribution of the Class A Principal Distribution Amount, the Class M Principal Distribution Amount, the Class B-1 Principal Distribution Amount, the Class B-2 Principal Distribution Amount and the Class B-3
Principal Distribution Amount; and 
  
 (ii) the
excess, if any, of (A) the sum of (1) the aggregate Certificate Principal Balance of the Class A Certificates, Class M Certificates, Class B-1 Certificates, Class B-2 Certificates and Class B-3 Certificates (after taking into account the payment of
the Class A Principal Distribution Amount, the Class M Principal Distribution Amount, the Class B-1 Principal Distribution Amount, the Class B-2 Principal Distribution Amount and the Class B-3 Principal Distribution Amount for that Distribution
Date) and (2) the Certificate Principal Balance of the Class B-4 Certificates immediately prior to that Distribution Date over (B) the lesser of (x) the product of (1) the applicable Subordination Percentage and (2) the aggregate Stated Principal
Balance of the Mortgage Loans after giving effect to distributions to be made on that Distribution Date and (y) the excess, if any, of the aggregate Stated Principal Balance of the Mortgage Loans after giving effect to distributions to be made on
that Distribution Date, over the Overcollateralization Floor. 
  
 Class B Certificates: Collectively, the Class B-1 Certificates, Class B-2 Certificates, Class B-3 Certificates and Class B-4 Certificates. 
  

 11 

 Class M-1 Certificate: Any one of the Class M-1 Certificates executed by the Trustee and
authenticated by the Certificate Registrar substantially in the form annexed hereto as Exhibit B-1 and evidencing (i) an interest designated as a “regular interest” in REMIC II for purposes of the REMIC Provisions and (ii) the right to
receive payments under the Hedge Agreement. 
  
 Class M-1
Margin: Initially, [            ]% per annum, and on any Distribution Date on or after the first Distribution Date after the second possible Optional Termination Date,
[            ]% per annum. 
  
 Class M-1 Principal Distribution Amount: With respect to any Distribution Date (a) prior to the Stepdown Date or on or after the Stepdown Date if a
Trigger Event is in effect for that Distribution Date, the remaining Principal Distribution Amount for that Distribution Date after distribution of the Class A Principal Distribution Amount or (b) on or after the Stepdown Date if a Trigger Event is
not in effect for that Distribution Date, the lesser of: 
  
 (i) the remaining Principal Distribution Amount for that Distribution Date after distribution of the Class A Principal Distribution Amount; and 
  
 (ii) the excess, if any, of (A) the sum of (1) the aggregate Certificate Principal Balance of the Class A
Certificates (after taking into account the payment of the Class A Principal Distribution Amount for that Distribution Date) and (2) the Certificate Principal Balance of the Class M-1 Certificates immediately prior to that Distribution Date over (B)
the lesser of (x) the product of (1) the applicable Subordination Percentage and (2) the aggregate Stated Principal Balance of the Mortgage Loans after giving effect to distributions to be made on that Distribution Date and (y) the excess, if any,
of the aggregate Stated Principal Balance of the Mortgage Loans after giving effect to distributions to be made on that Distribution Date, over the Overcollateralization Floor. 
  
 Class M-2 Certificate: Any one of the Class M-2 Certificates executed by the Trustee and authenticated by the
Certificate Registrar substantially in the form annexed hereto as Exhibit B-1 and evidencing (i) an interest designated as a “regular interest” in REMIC II for purposes of the REMIC Provisions and (ii) the right to receive payments under
the Hedge Agreement. 
  
 Class M-2 Margin: Initially,
[            ]% per annum, and on any Distribution Date on or after the first Distribution Date after the second possible Optional Termination Date,
[            ]% per annum. 
  
 Class M-2 Principal Distribution Amount: With respect to any Distribution Date (a) prior to the Stepdown Date or on or after the Stepdown Date if a Trigger Event is in effect for that Distribution Date, the
remaining Principal Distribution Amount for that Distribution Date after distribution of the Class A Principal Distribution Amount and the Class M-1 Principal Distribution Amount or (b) on or after the Stepdown Date if a Trigger Event is not in
effect for that Distribution Date, the lesser of: 
  
 (iii) the remaining Principal Distribution Amount for that Distribution Date after distribution of the Class A Principal Distribution Amount and the Class M-1 Principal Distribution Amount; and 
  

 12 

 (iv) the excess, if any, of (A) the sum of (1) the aggregate Certificate Principal
Balance of the Class A Certificates and Class M-1 Certificates (after taking into account the payment of the Class A Principal Distribution Amount and the Class M-1 Principal Distribution Amount for that Distribution Date) and (2) the Certificate
Principal Balance of the Class M-2 Certificates immediately prior to that Distribution Date over (B) the lesser of (x) the product of (1) the applicable Subordination Percentage and (2) the aggregate Stated Principal Balance of the Mortgage Loans
after giving effect to distributions to be made on that Distribution Date and (y) the excess, if any, of the aggregate Stated Principal Balance of the Mortgage Loans after giving effect to distributions to be made on that Distribution Date, over the
Overcollateralization Floor. 
  
 Class M-3 Certificate: Any
one of the Class M-3 Certificates executed by the Trustee and authenticated by the Certificate Registrar substantially in the form annexed hereto as Exhibit B-1 and evidencing (i) an interest designated as a “regular interest” in REMIC II
for purposes of the REMIC Provisions and (ii) the right to receive payments under the Hedge Agreement. 
  
 Class M-3 Margin: Initially, [            ]% per annum, and on any Distribution
Date on or after the first Distribution Date after the second possible Optional Termination Date, [            ]% per annum. 
  
 Class M-3 Principal Distribution Amount: With respect to any
Distribution Date (a) prior to the Stepdown Date or on or after the Stepdown Date if a Trigger Event is in effect for that Distribution Date, the remaining Principal Distribution Amount for that Distribution Date after distribution of the Class A
Principal Distribution Amount, the Class M-1 Principal Distribution Amount and the Class M-2 Principal Distribution Amount or (b) on or after the Stepdown Date if a Trigger Event is not in effect for that Distribution Date, the lesser of:

  
 (v) the remaining Principal Distribution
Amount for that Distribution Date after distribution of the Class A Principal Distribution Amount, the Class M-1 Principal Distribution Amount and the Class M-2 Principal Distribution Amount; and 
  
 (vi) the excess, if any, of (A) the sum of (1) the aggregate
Certificate Principal Balance of the Class A Certificates, Class M-1 Certificates and Class M-2 Certificates (after taking into account the payment of the Class A Principal Distribution Amount, the Class M-1 Principal Distribution Amount and the
Class M-2 Principal Distribution Amount for that Distribution Date) and (2) the Certificate Principal Balance of the Class M-3 Certificates immediately prior to that Distribution Date over (B) the lesser of (x) the product of (1) the applicable
Subordination Percentage and (2) the aggregate Stated Principal Balance of the Mortgage Loans after giving effect to distributions to be made on that Distribution Date and (y) the excess, if any, of the aggregate Stated Principal Balance of the
Mortgage Loans after giving effect to distributions to be made on that Distribution Date, over the Overcollateralization Floor. 
  
 Class M-4 Certificate: Any one of the Class M-4 Certificates executed by the Trustee and authenticated by the Certificate Registrar substantially
in the form annexed hereto as Exhibit B-1 and evidencing (i) an interest designated as a “regular interest” in REMIC II for purposes of the REMIC Provisions and (ii) the right to receive payments under the Hedge Agreement. 
  

 13 

 Class M-4 Margin: Initially,
[            ]% per annum, and on any Distribution Date on or after the first Distribution Date after the second possible Optional Termination Date,
[            ]% per annum. 
  
 Class M-4 Principal Distribution Amount: With respect to any Distribution Date (a) prior to the Stepdown Date or on or after the Stepdown Date if a Trigger Event is in effect for that Distribution Date, the
remaining Principal Distribution Amount for that Distribution Date after distribution of the Class A Principal Distribution Amount, the Class M-1 Principal Distribution Amount, the Class M-2 Principal Distribution Amount and the Class M-3 Principal
Distribution Amount or (b) on or after the Stepdown Date if a Trigger Event is not in effect for that Distribution Date, the lesser of: 
  
 (vii) the remaining Principal Distribution Amount for that Distribution Date after distribution of the Class A Principal Distribution
Amount, the Class M-1 Principal Distribution Amount, the Class M-2 Principal Distribution Amount and the Class M-3 Principal Distribution Amount; and 
  
 (viii) the excess, if any, of (A) the sum of (1) the aggregate Certificate Principal Balance of the Class A Certificates, Class M-1
Certificates, Class M-2 Certificates and Class M-3 Certificates (after taking into account the payment of the Class A Principal Distribution Amount, the Class M-1 Principal Distribution Amount, the Class M-2 Principal Distribution Amount and the
Class M-3 Principal Distribution Amount for that Distribution Date) and (2) the Certificate Principal Balance of the Class M-4 Certificates immediately prior to that Distribution Date over (B) the lesser of (x) the product of (1) the applicable
Subordination Percentage and (2) the aggregate Stated Principal Balance of the Mortgage Loans after giving effect to distributions to be made on that Distribution Date and (y) the excess, if any, of the aggregate Stated Principal Balance of the
Mortgage Loans after giving effect to distributions to be made on that Distribution Date, over the Overcollateralization Floor. 
  
 Class M-5 Certificate: Any one of the Class M-5 Certificates executed by the Trustee and authenticated by the Certificate Registrar substantially
in the form annexed hereto as Exhibit B-1 and evidencing (i) an interest designated as a “regular interest” in REMIC II for purposes of the REMIC Provisions and (ii) the right to receive payments under the Hedge Agreement. 
  
 Class M-5 Margin: Initially,
[            ]% per annum, and on any Distribution Date on or after the first Distribution Date after the second possible Optional Termination Date,
[            ]% per annum. 
  
 Class M-5 Principal Distribution Amount: With respect to any Distribution Date (a) prior to the Stepdown Date or on or after the Stepdown Date if a Trigger Event is in effect for that Distribution Date, the
remaining Principal Distribution Amount for that Distribution Date after distribution of the Class A Principal Distribution Amount, the Class M-1 Principal Distribution Amount, the Class M-2 Principal Distribution Amount, the Class M-3 Principal
Distribution Amount and the Class M-4 Principal Distribution Amount or (b) on or after the Stepdown Date if a Trigger Event is not in effect for that Distribution Date, the lesser of: 
  
 (ix) the remaining Principal Distribution Amount for that Distribution Date after distribution of the Class
A Principal Distribution Amount, the Class M-1 Principal Distribution Amount, the Class M-2 Principal Distribution Amount, the Class M-3 Principal Distribution Amount and the Class M-4 Principal Distribution Amount; and 
  

 14 

 (x) the excess, if any, of (A) the sum of (1) the aggregate Certificate Principal Balance
of the Class A Certificates, Class M-1 Certificates, Class M-2 Certificates, Class M-3 Certificates and Class M-4 Certificates (after taking into account the payment of the Class A Principal Distribution Amount, the Class M-1 Principal Distribution
Amount, the Class M-2 Principal Distribution Amount, the Class M-3 Principal Distribution Amount and the Class M-4 Principal Distribution Amount for that Distribution Date) and (2) the Certificate Principal Balance of the Class M-5 Certificates
immediately prior to that Distribution Date over (B) the lesser of (x) the product of (1) the applicable Subordination Percentage and (2) the aggregate Stated Principal Balance of the Mortgage Loans after giving effect to distributions to be made on
that Distribution Date and (y) the excess, if any, of the aggregate Stated Principal Balance of the Mortgage Loans after giving effect to distributions to be made on that Distribution Date, over the Overcollateralization Floor. 
  
 Class M-6 Certificate: Any one of the Class M-6 Certificates executed
by the Trustee and authenticated by the Certificate Registrar substantially in the form annexed hereto as Exhibit B-1 and evidencing (i) an interest designated as a “regular interest” in REMIC II for purposes of the REMIC Provisions and
(ii) the right to receive payments under the Hedge Agreement. 
  
 Class M-6 Margin: Initially, [            ]% per annum, and on any Distribution Date on or after the first Distribution Date after the second possible Optional
Termination Date, [            ]% per annum. 
  
 Class M-6 Principal Distribution Amount: With respect to any Distribution Date (a) prior to the Stepdown Date or on or after the Stepdown Date if a
Trigger Event is in effect for that Distribution Date, the remaining Principal Distribution Amount for that Distribution Date after distribution of the Class A Principal Distribution Amount, the Class M-1 Principal Distribution Amount, the Class M-2
Principal Distribution Amount, the Class M-3 Principal Distribution Amount, the Class M-4 Principal Distribution Amount and the Class M-5 Principal Distribution Amount or (b) on or after the Stepdown Date if a Trigger Event is not in effect for that
Distribution Date, the lesser of: 
  
 (xi) the
remaining Principal Distribution Amount for that Distribution Date after distribution of the Class A Principal Distribution Amount, the Class M-1 Principal Distribution Amount, the Class M-2 Principal Distribution Amount, the Class M-3 Principal
Distribution Amount, the Class M-4 Principal Distribution Amount and the Class M-5 Principal Distribution Amount; and 
  
 (xii) the excess, if any, of (A) the sum of (1) the aggregate Certificate Principal Balance of the Class A Certificates, Class M-1
Certificates, Class M-2 Certificates, Class M-3 Certificates, Class M-4 Certificates and Class M-5 Certificates (after taking into account the payment of the Class A Principal Distribution Amount, the Class M-1 

  

 15 

 
Principal Distribution Amount, the Class M-2 Principal Distribution Amount, the Class M-3 Principal Distribution Amount, the Class M-4 Principal Distribution
Amount and the Class M-5 Principal Distribution Amount for that Distribution Date) and (2) the Certificate Principal Balance of the Class M-6 Certificates immediately prior to that Distribution Date over (B) the lesser of (x) the product of (1) the
applicable Subordination Percentage and (2) the aggregate Stated Principal Balance of the Mortgage Loans after giving effect to distributions to be made on that Distribution Date and (y) the excess, if any, of the aggregate Stated Principal Balance
of the Mortgage Loans after giving effect to distributions to be made on that Distribution Date, over the Overcollateralization Floor. 
  
 Class M-7 Certificate: Any one of the Class M-7 Certificates executed by the Trustee and authenticated by the Certificate Registrar substantially
in the form annexed hereto as Exhibit B-1 and evidencing (i) an interest designated as a “regular interest” in REMIC II for purposes of the REMIC Provisions and (ii) the right to receive payments under the Hedge Agreement. 
  
 Class M-7 Margin: Initially,
[            ]% per annum, and on any Distribution Date on or after the first Distribution Date after the second possible Optional Termination Date,
[            ]% per annum. 
  
 Class M-7 Principal Distribution Amount: With respect to any Distribution Date (a) prior to the Stepdown Date or on or after the Stepdown Date if a Trigger Event is in effect for that Distribution Date, the
remaining Principal Distribution Amount for that Distribution Date after distribution of the Class A Principal Distribution Amount, the Class M-1 Principal Distribution Amount, the Class M-2 Principal Distribution Amount, the Class M-3 Principal
Distribution Amount, the Class M-4 Principal Distribution Amount, the Class M-5 Principal Distribution Amount and the Class M-6 Principal Distribution Amount or (b) on or after the Stepdown Date if a Trigger Event is not in effect for that
Distribution Date, the lesser of: 
  
 (xiii) the
remaining Principal Distribution Amount for that Distribution Date after distribution of the Class A Principal Distribution Amount, the Class M-1 Principal Distribution Amount, the Class M-2 Principal Distribution Amount, the Class M-3 Principal
Distribution Amount, the Class M-4 Principal Distribution Amount, the Class M-5 Principal Distribution Amount and the Class M-6 Principal Distribution Amount; and 
  
 (xiv) the excess, if any, of (A) the sum of (1) the aggregate Certificate Principal Balance of the Class A
Certificates, Class M-1 Certificates, Class M-2 Certificates, Class M-3 Certificates, Class M-4 Certificates, Class M-5 Certificates and Class M-6 Certificates (after taking into account the payment of the Class A Principal Distribution Amount, the
Class M-1 Principal Distribution Amount, the Class M-2 Principal Distribution Amount, the Class M-3 Principal Distribution Amount, the Class M-4 Principal Distribution Amount, the Class M-5 Principal Distribution Amount and the Class M-6 Principal
Distribution Amount for that Distribution Date) and (2) the Certificate Principal Balance of the Class M-7 Certificates immediately prior to that Distribution Date over (B) the lesser of (x) the product of (1) the applicable Subordination Percentage
and (2) the aggregate Stated Principal Balance of the Mortgage 

  

 16 

 
Loans after giving effect to distributions to be made on that Distribution Date and (y) the excess, if any, of the aggregate Stated Principal Balance of the
Mortgage Loans after giving effect to distributions to be made on that Distribution Date, over the Overcollateralization Floor. 
  
 Class M-8 Certificate: Any one of the Class M-8 Certificates executed by the Trustee and authenticated by the Certificate Registrar substantially
in the form annexed hereto as Exhibit B-1 and evidencing (i) an interest designated as a “regular interest” in REMIC II for purposes of the REMIC Provisions and (ii) the right to receive payments under the Hedge Agreement. 
  
 Class M-8 Margin: Initially,
[            ]% per annum, and on any Distribution Date on or after the first Distribution Date after the second possible Optional Termination Date,
[            ]% per annum. 
  
 Class M-8 Principal Distribution Amount: With respect to any Distribution Date (a) prior to the Stepdown Date or on or after the Stepdown Date if a Trigger Event is in effect for that Distribution Date, the
remaining Principal Distribution Amount for that Distribution Date after distribution of the Class A Principal Distribution Amount, the Class M-1 Principal Distribution Amount, the Class M-2 Principal Distribution Amount, the Class M-3 Principal
Distribution Amount, the Class M-4 Principal Distribution Amount, the Class M-5 Principal Distribution Amount, the Class M-6 Principal Distribution Amount and the Class M-7 Principal Distribution Amount or (b) on or after the Stepdown Date if a
Trigger Event is not in effect for that Distribution Date, the lesser of: 
  
 (xv) the remaining Principal Distribution Amount for that Distribution Date after distribution of the Class A Principal Distribution Amount, the Class M-1 Principal Distribution Amount, the Class M-2 Principal
Distribution Amount, the Class M-3 Principal Distribution Amount, the Class M-4 Principal Distribution Amount, the Class M-5 Principal Distribution Amount, the Class M-6 Principal Distribution Amount and the Class M-7 Principal Distribution Amount;
and 
  
 (xvi) the excess, if any, of (A) the sum
of (1) the aggregate Certificate Principal Balance of the Class A Certificates, Class M-1 Certificates, Class M-2 Certificates, Class M-3 Certificates, Class M-4 Certificates, Class M-5 Certificates, Class M-6 Certificates and Class M-7 Certificates
(after taking into account the payment of the Class A Principal Distribution Amount, the Class M-1 Principal Distribution Amount, the Class M-2 Principal Distribution Amount, the Class M-3 Principal Distribution Amount, the Class M-4 Principal
Distribution Amount, the Class M-5 Principal Distribution Amount, the Class M-6 Principal Distribution Amount and the Class M-7 Principal Distribution Amount for that Distribution Date) and (2) the Certificate Principal Balance of the Class M-8
Certificates immediately prior to that Distribution Date over (B) the lesser of (x) the product of (1) the applicable Subordination Percentage and (2) the aggregate Stated Principal Balance of the Mortgage Loans after giving effect to distributions
to be made on that Distribution Date and (y) the excess, if any, of the aggregate Stated Principal Balance of the Mortgage Loans after giving effect to distributions to be made on that Distribution Date, over the Overcollateralization Floor.

  

 17 

 Class M-9 Certificate: Any one of the Class M-9 Certificates executed by the Trustee and
authenticated by the Certificate Registrar substantially in the form annexed hereto as Exhibit B-1 and evidencing (i) an interest designated as a “regular interest” in REMIC II for purposes of the REMIC Provisions and (ii) the right to
receive payments under the Hedge Agreement. 
  
 Class M-9
Margin: Initially, [            ]% per annum, and on any Distribution Date on or after the first Distribution Date after the second possible Optional Termination Date,
[            ]% per annum. 
  
 Class M-9 Principal Distribution Amount: With respect to any Distribution Date (a) prior to the Stepdown Date or on or after the Stepdown Date if a Trigger Event is in effect for that Distribution Date, the
remaining Principal Distribution Amount for that Distribution Date after distribution of the Class A Principal Distribution Amount, the Class M-1 Principal Distribution Amount, the Class M-2 Principal Distribution Amount, the Class M-3 Principal
Distribution Amount, the Class M-4 Principal Distribution Amount, the Class M-5 Principal Distribution Amount, the Class M-6 Principal Distribution Amount, the Class M-7 Principal Distribution Amount and the Class M-8 Principal Distribution Amount
or (b) on or after the Stepdown Date if a Trigger Event is not in effect for that Distribution Date, the lesser of: 
  
 (xvii) the remaining Principal Distribution Amount for that Distribution Date after distribution of the Class A Principal Distribution
Amount, the Class M-1 Principal Distribution Amount, the Class M-2 Principal Distribution Amount, the Class M-3 Principal Distribution Amount, the Class M-4 Principal Distribution Amount, the Class M-5 Principal Distribution Amount, the Class M-6
Principal Distribution Amount, the Class M-7 Principal Distribution Amount and the Class M-8 Principal Distribution Amount; and 
  
 (xviii) the excess, if any, of (A) the sum of (1) the aggregate Certificate Principal Balance of the Class A Certificates, Class M-1
Certificates, Class M-2 Certificates, Class M-3 Certificates, Class M-4 Certificates, Class M-5 Certificates, Class M-6 Certificates, Class M-7 Certificates and Class M-8 Certificates (after taking into account the payment of the Class A Principal
Distribution Amount, the Class M-1 Principal Distribution Amount, the Class M-2 Principal Distribution Amount, the Class M-3 Principal Distribution Amount, the Class M-4 Principal Distribution Amount, the Class M-5 Principal Distribution Amount, the
Class M-6 Principal Distribution Amount, the Class M-7 Principal Distribution Amount and the Class M-8 Principal Distribution Amount for that Distribution Date) and (2) the Certificate Principal Balance of the Class M-9 Certificates immediately
prior to that Distribution Date over (B) the lesser of (x) the product of (1) the applicable Subordination Percentage and (2) the aggregate Stated Principal Balance of the Mortgage Loans after giving effect to distributions to be made on that
Distribution Date and (y) the excess, if any, of the aggregate Stated Principal Balance of the Mortgage Loans after giving effect to distributions to be made on that Distribution Date, over the Overcollateralization Floor. 
  
 Class M-10 Certificate: Any one of the Class M-10 Certificates
executed by the Trustee and authenticated by the Certificate Registrar substantially in the form annexed hereto as Exhibit 

  

 18 

 
B-1 and evidencing (i) an interest designated as a “regular interest” in REMIC II for purposes of the REMIC Provisions and (ii) the right to
receive payments under the Hedge Agreement. 
  
 Class M-10
Margin: Initially, [            ]% per annum, and on any Distribution Date on or after the first Distribution Date after the second possible Optional Termination Date,
[            ]% per annum. 
  
 Class M-10 Principal Distribution Amount: With respect to any Distribution Date (a) prior to the Stepdown Date or on or after the Stepdown Date if a Trigger Event is in effect for that Distribution Date, the
remaining Principal Distribution Amount for that Distribution Date after distribution of the Class A Principal Distribution Amount, the Class M-1 Principal Distribution Amount, the Class M-2 Principal Distribution Amount, the Class M-3 Principal
Distribution Amount, the Class M-4 Principal Distribution Amount, the Class M-5 Principal Distribution Amount, the Class M-6 Principal Distribution Amount, the Class M-7 Principal Distribution Amount, the Class M-8 Principal Distribution Amount and
the Class M-9 Principal Distribution Amount or (b) on or after the Stepdown Date if a Trigger Event is not in effect for that Distribution Date, the lesser of: 
  

(xix) the remaining Principal Distribution Amount for that Distribution Date after distribution of the Class A Principal Distribution
Amount, the Class M-1 Principal Distribution Amount, the Class M-2 Principal Distribution Amount, the Class M-3 Principal Distribution Amount, the Class M-4 Principal Distribution Amount, the Class M-5 Principal Distribution Amount, the Class M-6
Principal Distribution Amount, the Class M-7 Principal Distribution Amount, the Class M-8 Principal Distribution Amount and the Class M-9 Principal Distribution Amount; and 
  
 (xx) the excess, if any, of (A) the sum of (1) the aggregate Certificate Principal Balance of the Class A
Certificates, Class M-1 Certificates, Class M-2 Certificates, Class M-3 Certificates, Class M-4 Certificates, Class M-5 Certificates, Class M-6 Certificates, Class M-7 Certificates, Class M-8 Certificates and Class M-9 Certificates (after taking
into account the payment of the Class A Principal Distribution Amount, the Class M-1 Principal Distribution Amount, the Class M-2 Principal Distribution Amount, the Class M-3 Principal Distribution Amount, the Class M-4 Principal Distribution
Amount, the Class M-5 Principal Distribution Amount, the Class M-6 Principal Distribution Amount, the Class M-7 Principal Distribution Amount, the Class M-8 Principal Distribution Amount and the Class M-9 Principal Distribution Amount for that
Distribution Date) and (2) the Certificate Principal Balance of the Class M-10 Certificates immediately prior to that Distribution Date over (B) the lesser of (x) the product of (1) the applicable Subordination Percentage and (2) the aggregate
Stated Principal Balance of the Mortgage Loans after giving effect to distributions to be made on that Distribution Date and (y) the excess, if any, of the aggregate Stated Principal Balance of the Mortgage Loans after giving effect to distributions
to be made on that Distribution Date, over the Overcollateralization Floor. 
  
 Class M Certificates: Collectively, the Class M-1 Certificates, Class M-2 Certificates, Class M-3 Certificates, Class M-4 Certificates, Class M-5 Certificates, Class M-6 Certificates, 

  

 19 

 
Class M-7 Certificates, Class M-8 Certificates, Class M-9 Certificates and Class M-10 Certificates. 
  
 Class M Principal Distribution Amount: With respect to any
Distribution Date, the sum of the Class M-1 Principal Distribution Amount, Class M-2 Principal Distribution Amount, Class M-3 Principal Distribution Amount, Class M-4 Principal Distribution Amount, Class M-5 Principal Distribution Amount, Class M-6
Principal Distribution Amount, Class M-7 Principal Distribution Amount, Class M-8 Principal Distribution Amount, Class M-9 Principal Distribution Amount and Class M-10 Principal Distribution Amount for such Distribution Date. 
  
 Class R Certificate: Collectively, the Class R-I Certificates and
Class R-II Certificates. 
  
 Class R-I Certificate: Any one
of the Class R-I Certificates executed by the Trustee and authenticated by the Certificate Registrar substantially in the form annexed hereto as Exhibit D and evidencing an interest designated as a “residual interest” in REMIC I for
purposes of the REMIC Provisions. 
  
 Class R-II
Certificate: Any one of the Class R-II Certificates executed by the Trustee and authenticated by the Certificate Registrar substantially in the form annexed hereto as Exhibit D and evidencing an interest designated as a “residual
interest” in REMIC II for purposes of the REMIC Provisions. 
  
 Class SB Certificate: Any one of the Class SB Certificates executed by the Trustee and authenticated by the Certificate Registrar substantially in the form annexed hereto as Exhibit C and evidencing an interest comprised of
“regular interests” in REMIC II for purposes of the REMIC Provisions, together with certain rights to payments under the Hedge Agreement. 
  
 Closing Date: [DATE]. 
  
 Code: The Internal Revenue Code of 1986. 
  
 Commission: The Securities and Exchange Commission. 
  

Compensating Interest: With respect to any Distribution Date, any amount paid by the Master Servicer in accordance with Section 3.16(f).

  
 Corporate Trust Office: The principal office of the
Trustee at which at any particular time its corporate trust business with respect to this Agreement shall be administered, which office at the date of the execution of this instrument is located at [TRUSTEE NAME AND ADDRESS]. 
  
 Credit Repository: Equifax, Transunion and Experian, or their
successors in interest. 
  
 Curtailment: Any Principal
Prepayment made by a Mortgagor which is not a Principal Prepayment in Full. 
  
 Custodial Account: The custodial account or accounts created and maintained pursuant to Section 3.07 in the name of a depository institution, as custodian for the holders of the 

  

 20 

 
Certificates, for the holders of certain other interests in mortgage loans serviced or sold by the Master Servicer and for the Master Servicer, into which
the amounts set forth in Section 3.07 shall be deposited directly. Any such account or accounts shall be an Eligible Account. 
  
 Custodial Agreement: An agreement that may be entered into among the Depositor, the Master Servicer, the Trustee and a Custodian in substantially
the form of Exhibit E hereto. 
  
 Custodian: [CUSTODIAN],
or any successor custodian appointed pursuant to a Custodial Agreement. 
  
 Cut-off Date: [DATE]. 
  
 Cut-off Date
Balance: $                    . 
  
 Cut-off Date Principal Balance: With respect to any Mortgage Loan, the unpaid principal balance thereof at the Cut-off Date after giving effect to
all installments of principal due on or prior thereto (or due in the month of the Cut-off Date), whether or not received. 
  
 Debt Service Reduction: With respect to any Mortgage Loan, a reduction in the scheduled Monthly Payment for such Mortgage Loan by a court of
competent jurisdiction in a proceeding under the Bankruptcy Code, except such a reduction constituting a Deficient Valuation or any reduction that results in a permanent forgiveness of principal. 
  
 Deficient Valuation: With respect to any Mortgage Loan, a valuation by
a court of competent jurisdiction of the Mortgaged Property in an amount less than the then outstanding indebtedness under the Mortgage Loan, or any reduction in the amount of principal to be paid in connection with any scheduled Monthly Payment
that constitutes a permanent forgiveness of principal, which valuation or reduction results from a proceeding under the Bankruptcy Code. 
  
 Definitive Certificate: Any definitive, fully registered Certificate. 
  
 Deleted Mortgage Loan: A Mortgage Loan replaced or to be replaced with a Qualified Substitute Mortgage Loan.

  
 Delinquent: As used herein, a Mortgage Loan is
considered to be: “30 to 59 days” or “30 or more days” delinquent when a payment due on any scheduled due date remains unpaid as of the close of business on the next following monthly scheduled due date; “60 to 89 days”
or “60 or more days” delinquent when a payment due on any scheduled due date remains unpaid as of the close of business on the second following monthly scheduled due date; and so on. The determination as to whether a Mortgage Loan falls
into these categories is made as of the close of business on the last business day of each month. For example, a Mortgage Loan with a payment due on July 1 that remained unpaid as of the close of business on August 31 would then be considered to be
30 to 59 days delinquent. Delinquency information as of the Cut-off Date is determined and prepared as of the close of business on the last business day immediately prior to the Cut-off Date. 
  
 Depositor: As defined in the preamble hereto. 
  

 21 

 Depository: The Depository Trust Company, or any successor Depository hereafter named. The nominee
of the initial Depository for purposes of registering those Certificates that are to be Book-Entry Certificates is Cede & Co. The Depository shall at all times be a “clearing corporation” as defined in Section 8-102(a)(5) of the
Uniform Commercial Code of the State of New York and a “clearing agency” registered pursuant to the provisions of Section 17A of the Exchange Act. 
  
 Depository Participant: A broker, dealer, bank or other financial institution or other Person for whom from time to time a Depository effects
book-entry transfers and pledges of securities deposited with the Depository. 
  
 Destroyed Mortgage Note: A Mortgage Note the original of which was permanently lost or destroyed and has not been replaced. 
  
 Determination Date: With respect to any Distribution Date, the 20th day (or if such 20th day is not a Business Day,
the Business Day immediately following such 20th day) of the month of the related Distribution Date. 
  
 Disqualified Organization: Any organization defined as a “disqualified organization” under Section 860E(e)(5) of the Code, including, if
not otherwise included, any of the following: (i) the United States, any State or political subdivision thereof, any possession of the United States, or any agency or instrumentality of any of the foregoing (other than an instrumentality which is a
corporation if all of its activities are subject to tax and, except for Freddie Mac, a majority of its board of directors is not selected by such governmental unit), (ii) a foreign government, any international organization, or any agency or
instrumentality of any of the foregoing, (iii) any organization (other than certain farmers’ cooperatives described in Section 521 of the Code) which is exempt from the tax imposed by Chapter 1 of the Code (including the tax imposed by Section
511 of the Code on unrelated business taxable income) and (iv) rural electric and telephone cooperatives described in Section 1381(a)(2)(C) of the Code. A Disqualified Organization also includes any “electing large partnership,” as defined
in Section 775(a) of the Code and any other Person so designated by the Trustee based upon an Opinion of Counsel that the holding of an Ownership Interest in a Class R Certificate by such Person may cause any REMIC or any Person having an Ownership
Interest in any Class of Certificates (other than such Person) to incur a liability for any federal tax imposed under the Code that would not otherwise be imposed but for the Transfer of an Ownership Interest in a Class R Certificate to such Person.
The terms “United States,” “State” and “international organization” shall have the meanings set forth in Section 7701 of the Code or successor provisions. 
  
 Distribution Date: The [    ]th day of any month beginning in [MONTH] or, if such
[        ]th day is not a Business Day, the Business Day immediately following such th day. 
  
 DTC Letter: The Letter of Representations, dated [DATE], among the Trustee on behalf of the Trust Fund, [TRUSTEE NAME], in its individual capacity
as agent thereunder and the Depository. 
  

 22 

 Due Date: With respect to any Distribution Date and any Mortgage Loan, the day during the related
Due Period on which the Monthly Payment is due. 
  
 Due
Period: With respect to any Distribution Date, the calendar month of such Distribution Date. 
  
 Eligible Account: An account that is any of the following: (i) maintained with a depository institution the debt obligations of which have been
rated by each Rating Agency in its highest rating available, or (ii) an account or accounts in a depository institution in which such accounts are fully insured to the limits established by the FDIC, provided that any deposits not so insured shall,
to the extent acceptable to each Rating Agency, as evidenced in writing, be maintained such that (as evidenced by an Opinion of Counsel delivered to the Trustee and each Rating Agency) the registered Holders of Certificates have a claim with respect
to the funds in such account or a perfected first security interest against any collateral (which shall be limited to Permitted Investments) securing such funds that is superior to claims of any other depositors or creditors of the depository
institution with which such account is maintained, or (iii) in the case of the Custodial Account, a trust account or accounts maintained in the corporate trust department of [TRUSTEE NAME], or (iv) in the case of the Certificate Account, a trust
account or accounts maintained in the corporate trust division of [TRUSTEE NAME], or (v) an account or accounts of a depository institution acceptable to each Rating Agency (as evidenced in writing by each Rating Agency that use of any such account
as the Custodial Account or the Certificate Account will not reduce the rating assigned to any Class of Certificates by such Rating Agency below the lower of the then-current rating or the rating assigned to such Certificates as of the Closing Date
by such Rating Agency). 
  
 Eligible Master Servicing
Compensation: With respect to any Distribution Date, the lesser of (a) x/x of [            ]% of the Stated Principal Balance of the related Mortgage Loans immediately preceding
such Distribution Date and (b) the sum of the Servicing Fee and all income and gain on amounts held in the Custodial Account and the Certificate Account and payable to the Certificateholders with respect to such Distribution Date; provided that for
purposes of this definition the amount of the Servicing Fee will not be reduced pursuant to Section 7.02(a) except as may be required pursuant to the last sentence of such Section. 
  
 ERISA: The Employee Retirement Income Security Act of 1974, as amended. 
  
 Event of Default: As defined in Section 7.01. 
  
 Excess Cash Flow: With respect to any Distribution Date, an amount
equal to the sum of (A) the excess of (i) the Available Distribution Amount for that Distribution Date increased by the amount, if any, paid from the Hedge Payment for that Distribution Date pursuant to Section 4.02(c)(iii) over (ii) the sum of (a)
the Interest Distribution Amount for that Distribution Date and (b) the lesser of (1) the aggregate Certificate Principal Balance of Class A Certificates, Class M Certificates and Class B Certificates immediately prior to such Distribution Date and
(2) the Principal Remittance Amount for that Distribution Date to the extent not applied to pay interest on the Class A Certificates, Class M Certificates and Class B Certificates on such Distribution Date and (B) the Overcollateralization Reduction
Amount, if any, for that Distribution Date. 
  

 23 

 Excess Overcollateralization Amount: With respect to any Distribution Date, the excess, if any, of
(a) the Overcollateralization Amount on such Distribution Date over (b) the Required Overcollateralization Amount for such Distribution Date. 
  
 Exchange Act: The Securities Exchange Act of 1934, as amended. 
  
 Expense Fee Rate: With respect to any Mortgage Loan as of any date of determination, the sum of the applicable
Servicing Fee Rate and the per annum rate at which the applicable Subservicing Fee accrues. 
  
 Fannie Mae: Fannie Mae, a federally chartered and privately owned corporation organized and existing under the Federal National Mortgage Association Charter Act, or any successor thereto. 
  
 FDIC: Federal Deposit Insurance Corporation or any successor thereto.

  
 Final Distribution Date: The Distribution Date on which
the final distribution in respect of the Certificates will be made pursuant to Section 9.01, which Final Distribution Date shall in no event be later than the end of the 90-day liquidation period described in Section 9.02. 
  
 Final Scheduled Distribution Date: Solely for purposes of the face of
the Certificates, as follows: with respect to the Class A-[1] Certificates, the Distribution Date occurring in [MONTH], with respect to the Class A-[2] Certificates, the Distribution Date occurring in [MONTH]; with respect to the Class A-[3]
Certificates, the Distribution Date occurring in [MONTH]; and with respect to the Class A-[4] Certificates, Class M Certificates and Class B Certificates, the Distribution Date occurring in [MONTH]. No event of default under this Agreement will
arise or become applicable solely by reason of the failure to retire the entire Certificate Principal Balance of any Class of Class A Certificates, Class M Certificates or Class B Certificates on or before its Final Scheduled Distribution Date.

  
 Fitch: Fitch Ratings, or its successors in interest.

  
 Foreclosure Profits: With respect to any Distribution
Date or related Determination Date and any Mortgage Loan, the excess, if any, of Liquidation Proceeds, Insurance Proceeds and REO Proceeds (net of all amounts reimbursable therefrom pursuant to Section 3.10(a)(ii)) in respect of each Mortgage Loan
or REO Property for which a Cash Liquidation or REO Disposition occurred in the related Prepayment Period over the sum of the unpaid principal balance of such Mortgage Loan or REO Property (determined, in the case of an REO Disposition, in
accordance with Section 3.14) plus accrued and unpaid interest at the Mortgage Rate on such unpaid principal balance from the Due Date to which interest was last paid by the Mortgagor to the first day of the month following the month in which such
Cash Liquidation or REO Disposition occurred. 
  
 Form 10-K
Certification: As defined in Section 4.03(e). 
  
 Freddie
Mac: Freddie Mac, a corporate instrumentality of the United States created and existing under Title III of the Emergency Home Finance Act of 1970, as amended, or any successor thereto. 
  

 24 

 Gross Margin: With respect to each adjustable-rate Mortgage Loan, the fixed percentage set forth
in the related Mortgage Note and indicated on the Mortgage Loan Schedule as the “NOTE MARGIN,” which percentage is added to the related Index on each Adjustment Date to determine (subject to rounding in accordance with the related Mortgage
Note, the Periodic Cap, the Maximum Mortgage Rate and the Minimum Mortgage Rate) the interest rate to be borne by such Mortgage Loan until the next Adjustment Date. 
  
 Hedge Agreement: The confirmation, dated as of the Closing Date, between the Trustee, on behalf of the Trust Fund,
and the Hedge Agreement Provider, relating to the Class A Certificates, Class M Certificates and Class B Certificates, or any replacement, substitute, collateral or other arrangement in lieu thereof. 
  
 Hedge Agreement Provider: [HEDGE AGREEMENT PROVIDER], and its
successors and assigns or any party to any replacement, substitute, collateral or other arrangement in lieu thereof. 
  
 Hedge Payment: For any Distribution Date, the payment, if any, due under the Hedge Agreement in respect of such Distribution Date. 
  
 Hedge Shortfall Amount: For any Distribution Date, the amount, if any,
by which the payment on the Class A Certificates, Class M Certificates and Class B Certificates pursuant to Section 4.02(c)(iii) is paid from the Hedge Payment for such Distribution Date pursuant to the provisions thereof or would have been so paid
but for the failure of the Hedge Agreement Provider to make a payment required under the Hedge Agreement. 
  
 Hedge Shortfall Carry-Forward Amount: For any Distribution Date, the aggregate Hedge Shortfall Amounts for prior Distribution Dates to the extent
not reimbursed to the Class SB Certificates pursuant to Section 4.02(c)(x). 
  
 HUD: The United States Department of Housing and Urban Development. 
  
 Independent: When used with respect to any specified Person, means such a Person who (i) is in fact independent of the Depositor, the Master
Servicer and the Trustee, or any Affiliate thereof, (ii) does not have any direct financial interest or any material indirect financial interest in the Depositor, the Master Servicer or the Trustee or in an Affiliate thereof, and (iii) is not
connected with the Depositor, the Master Servicer or the Trustee as an officer, employee, promoter, underwriter, trustee, partner, director or person performing similar functions. 
  
 Index: With respect to any adjustable-rate Mortgage Loan and as to any Adjustment Date therefor, the related index as
stated in the related Mortgage Note. 
  
 Initial Certificate
Principal Balance: With respect to each Class of Certificates (other than the Class R Certificates), the Certificate Principal Balance of such Class of Certificates as of the Closing Date as set forth in the Preliminary Statement hereto.

  
 Insurance Proceeds: Proceeds paid in respect of the
Mortgage Loans pursuant to any Primary Insurance Policy or any other related insurance policy covering a Mortgage Loan, to the extent such proceeds are payable to the mortgagee under the Mortgage, any Subservicer, the 

  

 25 

 
Master Servicer or the Trustee and are not applied to the restoration of the related Mortgaged Property or released to the Mortgagor in accordance with the
procedures that the Master Servicer would follow in servicing mortgage loans held for its own account. 
  
 Interest Accrual Period: With respect to the Distribution Date in [MONTH], the period commencing the Closing Date and ending on the day preceding
the Distribution Date in [MONTH], and with respect to any Distribution Date after the Distribution Date in [MONTH], the period commencing on the Distribution Date in the month immediately preceding the month in which such Distribution Date occurs
and ending on the day preceding such Distribution Date. 
  
 Interest Distribution Amount: For any Distribution Date, the amounts payable pursuant to Section 4.02(c)(i)-(iii). 
  
 Interim Certification: As defined in Section 2.02. 
  
 Late Collections: With respect to any Mortgage Loan, all amounts received during any Due Period, whether as late payments of Monthly Payments or as
Insurance Proceeds, Liquidation Proceeds or otherwise, which represent late payments or collections of Monthly Payments due but delinquent for a previous Due Period and not previously recovered. 
  
 LIBOR: With respect to any Distribution Date, the arithmetic mean of
the London interbank offered rate quotations for one-month U.S. Dollar deposits, expressed on a per annum basis, determined in accordance with Section 1.02. 
  
 LIBOR Business Day: Any day other than (i) a Saturday or Sunday or (ii) a day on which banking institutions in London, England are required or
authorized by law to be closed. 
  
 LIBOR Certificates:
Collectively, the Class A Certificates, Class M Certificates and Class B Certificates. 
  
 LIBOR Rate Adjustment Date: With respect to each Distribution Date, the second LIBOR Business Day immediately preceding the commencement of the related Interest Accrual Period. 
  
 Liquidation Proceeds: Amounts (other than Insurance Proceeds) received
by the Master Servicer in connection with the taking of an entire Mortgaged Property by exercise of the power of eminent domain or condemnation or in connection with the liquidation of a defaulted Mortgage Loan through trustee’s sale,
foreclosure sale or otherwise, other than REO Proceeds and Subsequent Recoveries. 
  
 Loan-to-Value Ratio: As of any date, the fraction, expressed as a percentage, the numerator of which is the current principal balance of the related Mortgage Loan at the date of determination and the
denominator of which is the Appraised Value of the related Mortgaged Property. 
  
 Margin: The Class A-[1] Margin, Class A-[2] Margin, Class A-[3] Margin, Class A-[4] Margin, Class M-1 Margin, Class M-2 Margin, Class M-3 Margin, Class M-4 Margin, Class M-5 Margin, Class M-6 Margin, Class M-7
Margin, Class M-8 Margin, Class M-9 Margin, Class M-10 

  

 26 

 
Margin, Class B-1 Margin, Class B-2 Margin, Class M-3 Margin or Class B-4 Margin, as applicable. 
  
 Marker Rate: With respect to the Class SB Certificates or the REMIC II
Regular Interest SB-IO and any Distribution Date, a per annum rate equal to two (2) times the weighted average of the Uncertificated REMIC I Pass-Through Rates for REMIC I Regular Interest LT2 and REMIC I Regular Interest LT3. 
  
 Master Servicer: As defined in the preamble hereto. 

 
 Maturity Date: With respect to each Class of Certificates
representing ownership of REMIC II Regular Interests or REMIC I Regular Interests issued by each of REMIC I and REMIC II, the latest possible maturity date, solely for purposes of Section 1.860G-1(a)(4)(iii) of the Treasury Regulations, by which the
Certificate Principal Balance of each such Class of Certificates representing a regular interest in the Trust Fund would be reduced to zero, which is, for each such regular interest, [DATE], which is the Distribution Date occurring in the month
following the last scheduled monthly payment of the Mortgage Loans. 
  
 Maximum Mortgage Rate: With respect to any adjustable-rate Mortgage Loan, the per annum rate indicated on the Mortgage Loan Schedule as the “NOTE CEILING,” which rate is the maximum interest rate that may be applicable to
such Mortgage Loan at any time during the life of such Mortgage Loan. 
  
 Maximum Net Mortgage Rate: With respect to any adjustable-rate Mortgage Loan and any date of determination, the Maximum Mortgage Rate minus the Expense Fee Rate. 
  
 MERS: Mortgage Electronic Registration Systems, Inc., a corporation organized and existing under the laws of the
State of Delaware, or any successor thereto. 
  
 MERS® System: The system of recording transfers of
Mortgages electronically maintained by MERS. 
  
 MIN: The
Mortgage Identification Number for Mortgage Loans registered with MERS on the MERS® System. 
  
 Minimum
Mortgage Rate: With respect to any adjustable-rate Mortgage Loan, a per annum rate equal to the greater of (i) the Note Margin and (ii) the rate indicated on the Mortgage Loan Schedule as the “NOTE FLOOR,” which rate may be applicable
to such Mortgage Loan at any time during the life of such Mortgage Loan. 
  
 Modified Mortgage Loan: Any Mortgage Loan that has been the subject of a Servicing Modification. 
  
 Modified Net Mortgage Rate: With respect to any Mortgage Loan that is the subject of a Servicing Modification, the Net Mortgage Rate minus the rate
per annum by which the Mortgage Rate on such Mortgage Loan was reduced. 
  

 27 

 MOM Loan: With respect to any Mortgage Loan, MERS acting as the mortgagee of such Mortgage Loan,
solely as nominee for the originator of such Mortgage Loan and its successors and assigns, at the origination thereof. 
  
 Monthly Payment: With respect to any Mortgage Loan (including any REO Property) and the Due Date in any Due Period, the payment of principal and
interest due thereon in accordance with the amortization schedule at the time applicable thereto (after adjustment, if any, for Curtailments and for Deficient Valuations occurring prior to such Due Date but before any adjustment to such amortization
schedule by reason of any bankruptcy, other than a Deficient Valuation, or similar proceeding or any moratorium or similar waiver or grace period and before any Servicing Modification that constitutes a reduction of the interest rate on such
Mortgage Loan). 
  
 Moody’s: Moody’s Investors
Service, Inc., or its successors in interest. 
  
 Mortgage:
With respect to each Mortgage Note, the mortgage, deed of trust or other comparable instrument creating a first or junior lien on an estate in fee simple or leasehold interest in real property securing a Mortgage Note. 
  
 Mortgage File: The mortgage documents listed in Section 2.01
pertaining to a particular Mortgage Loan and any additional documents required to be added to the Mortgage File pursuant to this Agreement. 
  
 Mortgage Loans: Such of the mortgage loans transferred and assigned to the Trustee pursuant to Section 2.01 as from time to time are held or deemed
to be held as a part of the Trust Fund, the Mortgage Loans originally so held being identified in the initial Mortgage Loan Schedule, and Qualified Substitute Mortgage Loans held or deemed held as part of the Trust Fund including, without
limitation, each related Mortgage Note, Mortgage and Mortgage File and all rights appertaining thereto. 
  
 Mortgage Loan Schedule: The lists of the Mortgage Loans attached hereto as Exhibit F-1 and Exhibit F-2 (as amended from time to time to reflect the
addition of Qualified Substitute Mortgage Loans), which lists shall set forth at a minimum the following information as to each Mortgage Loan: 
  
 (i) the Mortgage Loan identifying number (“LOAN #”); 
  
 (ii) [reserved]; 
  

(iii) the maturity of the Mortgage Note (“MATURITY DATE,” or “MATURITY DT”); 
  
 (iv) for the adjustable-rate Mortgage Loans, the Mortgage
Rate as of origination (“ORIG RATE”); 
  
 (v) the Mortgage Rate as of the Cut-off Date (“CURR RATE”); 
  
 (vi) the Net Mortgage Rate as of the Cut-off Date (“CURR NET”); 
  

 28 

 (vii) the scheduled monthly payment of principal, if any, and interest as of the Cut-off
Date (“ORIGINAL P & I” or “CURRENT P & I”); 
  
 (viii) the Cut-off Date Principal Balance (“PRINCIPAL BAL”); 
  
 (ix) the Loan-to-Value Ratio at origination (“LTV”); 
  
 (x) a code “T,” “BT” or “CT” under the column “LN FEATURE,”
indicating that the Mortgage Loan is secured by a second or vacation residence (the absence of any such code means the Mortgage Loan is secured by a primary residence); 
  
 (xi) a code “N” under the column “OCCP CODE,” indicating that the Mortgage Loan is
secured by a non-owner occupied residence (the absence of any such code means the Mortgage Loan is secured by an owner occupied residence); 
  
 (xii) for the adjustable-rate Mortgage Loans, the Maximum Mortgage Rate (“NOTE CEILING”); 
  
 (xiii) for the adjustable-rate Mortgage Loans, the maximum
Net Mortgage Rate (“NET CEILING”); 
  
 (xiv) for the adjustable-rate Mortgage Loans, the Note Margin (“NOTE MARGIN”); 
  
 (xv) for the adjustable-rate Mortgage Loans, the first Adjustment Date after the Cut-off Date (“NXT INT CHG DT”); 
  
 (xvi) for the adjustable-rate Mortgage Loans, the Periodic
Cap (“PERIODIC DECR” or “PERIODIC INCR”); 
  
 (xvii) [reserved]; and 
  
 (xviii) for the adjustable-rate Mortgage Loans, the rounding of the semi-annual or annual adjustment to the Mortgage Rate (“NOTE METHOD”). 
  
 Such schedules may consist of multiple reports that collectively set forth all of the information required. 
  
 Mortgage Note: The originally executed note or other evidence of
indebtedness evidencing the indebtedness of a Mortgagor under a Mortgage Loan, together with any modification thereto. 
  
 Mortgage Rate: With respect to any Mortgage Loan, the interest rate borne by the related Mortgage Note, or any modification thereto other than a
Servicing Modification. The Mortgage Rate on the adjustable-rate Mortgage Loans will adjust on each Adjustment Date to equal the sum (rounded to the nearest multiple of
[            ]% or up to the nearest [            ]%, which are indicated by a “U” on the Mortgage Loan
Schedule, except in the case of the adjustable-rate Mortgage Loans indicated by an “X” on the Mortgage Loan Schedule under the heading “NOTE 

  

 29 

 
METHOD”), of the related Index plus the Note Margin, in each case subject to the applicable Periodic Cap, Maximum Mortgage Rate and Minimum Mortgage
Rate. 
  
 Mortgaged Property: The underlying real property
securing a Mortgage Loan. 
  
 Mortgagor: The obligor on a
Mortgage Note. 
  
 Net Mortgage Rate: With respect to any
Mortgage Loan as of any date of determination, a per annum rate equal to the Mortgage Rate for such Mortgage Loan as of such date minus the related Expense Fee Rate. 
  
 Net WAC Cap Rate: With respect to any Distribution Date, the sum of (a) the product of (i) a per annum rate equal to
the weighted average of the Net Mortgage Rates (or, if applicable, the Modified Net Mortgage Rates) on the Mortgage Loans using the Net Mortgage Rates in effect for the Monthly Payments due on such Mortgage Loans during the related Due Period,
weighted on the basis of the respective Stated Principal Balances thereof for such Distribution Date and (ii) a fraction equal to 30 divided by the actual number of days in the related Interest Accrual Period, and (b) a per annum rate equal to (i)
the amount, if any, required to be paid under the Hedge Agreement with respect to such Distribution Date divided by (ii) the aggregate Certificate Principal Balance of the Class A Certificates, Class M Certificates and Class B Certificates
immediately prior to such Distribution Date, multiplied by a fraction, the numerator of which is 30, and the denominator of which is the actual number of days in the related Interest Accrual Period. 
  
 Non-United States Person: Any Person other than a United States
Person. 
  
 Nonrecoverable Advance: Any Advance previously
made or proposed to be made by the Master Servicer or Subservicer in respect of a Mortgage Loan (other than a Deleted Mortgage Loan) which, in the good faith judgment of the Master Servicer, will not, or, in the case of a proposed Advance, would
not, be ultimately recoverable by the Master Servicer from related Late Collections, Insurance Proceeds, Liquidation Proceeds or REO Proceeds. To the extent that any Mortgagor is not obligated under the related Mortgage documents to pay or reimburse
any portion of any Servicing Advances that are outstanding with respect to the related Mortgage Loan as a result of a modification of such Mortgage Loan by the Master Servicer, which forgives amounts which the Master Servicer or Subservicer had
previously advanced, and the Master Servicer determines that no other source of payment or reimbursement for such advances is available to it, such Servicing Advances shall be deemed to be Nonrecoverable Advances. The determination by the Master
Servicer that it has made a Nonrecoverable Advance shall be evidenced by a certificate of a Servicing Officer, Responsible Officer or Vice President or its equivalent or senior officer of the Master Servicer, delivered to the Depositor, the Trustee,
and the Master Servicer setting forth such determination, which shall include any other information or reports obtained by the Master Servicer such as property operating statements, rent rolls, property inspection reports and engineering reports,
which may support such determinations. Notwithstanding the above, the Trustee shall be entitled to rely upon any determination by the Master Servicer that any Advance previously made is a Nonrecoverable Advance or that any proposed Advance, if made,
would constitute a Nonrecoverable Advance. 
  

 30 

 Nonsubserviced Mortgage Loan: Any Mortgage Loan that, at the time of reference thereto, is not
subject to a Subservicing Agreement. 
  
 Note Margin: With
respect to each adjustable-rate Mortgage Loan, the fixed percentage set forth in the related Mortgage Note and indicated on the Mortgage Loan Schedule as the “NOTE MARGIN,” which percentage is added to the Index on each Adjustment Date to
determine (subject to rounding in accordance with the related Mortgage Note, the Periodic Cap, the Maximum Mortgage Rate and the Minimum Mortgage Rate) the interest rate to be borne by such Mortgage Loan until the next Adjustment Date. 

 
 Notional Amount: With respect to the Class SB Certificates or the
REMIC II Regular Interest SB-IO, immediately prior to any Distribution Date, the aggregate of the Uncertificated Principal Balances of the REMIC I Regular Interests. 
  
 Officers’ Certificate: A certificate signed by the Chairman of the Board, the President, a Vice President,
Assistant Vice President, Director, Managing Director, the Treasurer, the Secretary, an Assistant Treasurer or an Assistant Secretary of the Depositor or the Master Servicer, as the case may be, and delivered to the Trustee, as required by this
Agreement. 
  
 Opinion of Counsel: A written opinion of
counsel acceptable to the Trustee and the Master Servicer and which counsel may be counsel for the Depositor or the Master Servicer, provided that any opinion of counsel (i) referred to in the definition of “Disqualified Organization” or
(ii) relating to the qualification of any REMIC hereunder as a REMIC or compliance with the REMIC Provisions must, unless otherwise specified, be an opinion of Independent counsel. 
  
 Optional Termination Date: Any Distribution Date on or after which the Stated Principal Balance (after giving effect
to distributions to be made on such Distribution Date) of the Mortgage Loans is less than 10.00% of the Cut-off Date Balance. 
  
 Outstanding Mortgage Loan: With respect to the Due Date in any Due Period, a Mortgage Loan (including an REO Property) that was not the subject of
a Principal Prepayment in Full, Cash Liquidation or REO Disposition and that was not purchased, deleted or substituted for prior to such Due Date pursuant to Section 2.02, 2.03, 2.04 or 4.07. 
  
 Overcollateralization Amount: With respect to any Distribution Date,
the excess, if any, of (a) the aggregate Stated Principal Balance of the Mortgage Loans before giving effect to distributions of principal to be made on such Distribution Date over (b) the aggregate Certificate Principal Balance of the Class A
Certificates, Class M Certificates and Class B Certificates immediately prior to such date. 
  
 Overcollateralization Floor: An amount equal to the product of [            ]% and the Cut-off Date Balance. 
  
 Overcollateralization Increase Amount: With respect to any
Distribution Date, the lesser of (a) Excess Cash Flow for that Distribution Date (to the extent not used to cover the amounts described in clauses (b)(iv) and (b)(v) of the definition of Principal Distribution Amount as of 

  

 31 

 
such Distribution Date) and (b) the excess of (1) the Required Overcollateralization Amount for such Distribution Date over (2) the Overcollateralization
Amount for such Distribution Date. 
  
 Overcollateralization
Reduction Amount: With respect to any Distribution Date on which the Excess Overcollateralization Amount is, after taking into account all other distributions to be made on such Distribution Date, greater than zero, the Overcollateralization
Reduction Amount shall be equal to the lesser of (i) the Excess Overcollateralization Amount for that Distribution Date and (ii) the Principal Remittance Amount on such Distribution Date. 
  
 Ownership Interest: With respect to any Certificate, any ownership or security interest in such Certificate,
including any interest in such Certificate as the Holder thereof and any other interest therein, whether direct or indirect, legal or beneficial, as owner or as pledgee. 
  
 Pass-Through Rate: With respect to each Class of Class A Certificates, Class M Certificates and Class B Certificates
and any Distribution Date, the lesser of (i) a per annum rate equal to LIBOR plus the related Margin for such Distribution Date and (ii) the Net WAC Cap Rate for such Distribution Date. 
  
 With respect to the Class SB Certificates or the REMIC II Regular Interest SB-IO, a per annum rate equal to the percentage
equivalent of a fraction, the numerator of which is the sum of the amounts calculated pursuant to clauses (i) through (iii) below, and the denominator of which is the aggregate principal balance of the REMIC I Regular Interests. For purposes of
calculating the Pass-Through Rate for the Class SB Certificates or the REMIC II Regular Interest SB-IO, the numerator is equal to the sum of the following components: 
  
 (i) the Uncertificated Pass-Through Rate for REMIC I Regular Interest LT1 minus the related Marker Rate,
applied to a notional amount equal to the Uncertificated Principal Balance of REMIC I Regular Interest LT1; 
  
 (ii) the Uncertificated Pass-Through Rate for REMIC I Regular Interest LT2 minus the related Marker Rate, applied to a notional amount
equal to the Uncertificated Principal Balance of REMIC I Regular Interest LT2; and 
  
 (iii) the Uncertificated Pass-Through Rate for REMIC I Regular Interest LT4 minus twice the related Marker Rate, applied to a notional
amount equal to the Uncertificated Principal Balance of REMIC I Regular Interest LT4. 
  
 Paying Agent: [PAYING AGENT] or any successor Paying Agent appointed by the Trustee. 
  
 Percentage Interest: With respect to any Class A Certificate, Class M Certificate or Class B Certificate, the undivided percentage ownership
interest in the related Class evidenced by such Certificate, which percentage ownership interest shall be equal to the Initial Certificate Principal Balance thereof divided by the aggregate Initial Certificate Principal Balance of all of the
Certificates of the same Class. The Percentage Interest with respect to a Class SB Certificate or Class R Certificate shall be stated on the face thereof. 
  

 32 

 Periodic Cap: With respect to each adjustable-rate Mortgage Loan, the periodic rate cap that
limits the increase or the decrease of the related Mortgage Rate on any Adjustment Date pursuant to the terms of the related Mortgage Note. 
  
 Permitted Investments: One or more of the following: 
  
 (i) obligations of or guaranteed as to principal and interest by the United States or any agency or instrumentality thereof when such
obligations are backed by the full faith and credit of the United States; 
  
 (ii) repurchase agreements on obligations specified in clause (i) maturing not more than one month from the date of acquisition thereof, provided that the unsecured obligations of the party agreeing to repurchase such
obligations are at the time rated by each Rating Agency in its highest short-term rating available; 
  
 (iii) federal funds, certificates of deposit, demand deposits, time deposits and bankers’ acceptances (which shall each have an
original maturity of not more than 90 days and, in the case of bankers’ acceptances, shall in no event have an original maturity of more than 365 days or a remaining maturity of more than 30 days) denominated in United States dollars of any
U.S. depository institution or trust company incorporated under the laws of the United States or any state thereof or of any domestic branch of a foreign depository institution or trust company; provided that the debt obligations of such depository
institution or trust company at the date of acquisition thereof have been rated by each Rating Agency in its highest short-term rating available; and, provided further that, if the original maturity of such short-term obligations of a domestic
branch of a foreign depository institution or trust company shall exceed 30 days, the short-term rating of such institution shall be A-1+ in the case of Standard & Poor’s if Standard & Poor’s is a Rating Agency; 
  
 (iv) commercial paper and demand notes (having original
maturities of not more than 365 days) of any corporation incorporated under the laws of the United States or any state thereof which on the date of acquisition has been rated by each Rating Agency in its highest short term rating available; provided
that such commercial paper and demand notes shall have a remaining maturity of not more than 30 days; 
  
 (v) a money market fund or a qualified investment fund rated by each Rating Agency in its highest long-term rating available (which may be
managed by the Trustee or one of its Affiliates); and 
  
 (vi) other obligations or securities that are acceptable to each Rating Agency as a Permitted Investment hereunder and will not reduce the rating assigned to any Class of Certificates by such Rating Agency below the lower of the
then-current rating or the rating assigned to such Certificates as of the Closing Date by such Rating Agency, as evidenced in writing; 
  
 provided, however, that no instrument shall be a Permitted Investment if it represents, either (1) the right to receive only interest payments with respect to the
underlying debt instrument or (2) the right to receive both principal and interest payments derived from obligations underlying 

  

 33 

 
such instrument and the principal and interest payments with respect to such instrument provide a yield to maturity greater than xxx% of the yield to
maturity at par of such underlying obligations. References herein to the highest rating available on unsecured long-term debt shall mean AAA in the case of Standard & Poor’s and Fitch and Aaa in the case of Moody’s, and for purposes of
this Agreement, any references herein to the highest rating available on unsecured commercial paper and short-term debt obligations shall mean the following: A-1 in the case of Standard & Poor’s, P-1 in the case of Moody’s and F-1 in
the case of Fitch; provided, however, that any Permitted Investment that is a short-term debt obligation rated A-1 by Standard & Poor’s must satisfy the following additional conditions: (i) the total amount of debt from A-1 issuers must be
limited to the investment of monthly principal and interest payments (assuming fully amortizing collateral); (ii) the total amount of A-1 investments must not represent more than xx% of the aggregate outstanding Certificate Principal Balance of the
Certificates and each investment must not mature beyond 30 days; (iii) the terms of the debt must have a predetermined fixed dollar amount of principal due at maturity that cannot vary; and (iv) if the investments may be liquidated prior to their
maturity or are being relied on to meet a certain yield, interest must be tied to a single interest rate index plus a single fixed spread (if any) and must move proportionately with that index. Any Permitted Investment may be purchased by or through
the Trustee or its Affiliates. 
  
 Permitted Transferee:
Any Transferee of a Class R Certificate, other than a Disqualified Organization or Non-United States Person. 
  
 Person: Any individual, corporation, limited liability company, partnership, joint venture, association, joint-stock company, trust, unincorporated
organization or government or any agency or political subdivision thereof. 
  
 Prepayment Assumption: With respect to the Class A, Class M and Class B Certificates, the prepayment assumption to be used for determining the accrual of original issue discount and premium and market discount
on such Certificates for federal income tax purposes, which (a) with respect to the fixed-rate Mortgage Loans, assumes a constant prepayment rate of [            ]% per annum of the
then outstanding Stated Principal Balance of the fixed-rate Mortgage Loans in the first month of the life of such Mortgage Loans and an additional [            ]% per annum in each
month thereafter until the tenth month, and beginning in the tenth month and in each month thereafter during the life of the fixed-rate Mortgage Loans, a constant prepayment rate of
[            ]% per annum each month (“xx% HEP”) and (b) with respect to the adjustable-rate Mortgage Loans assumes a prepayment assumption of
[            ]% of the constant prepayment rate in month one, increasing by approximately [            ]% from
month 2 until month 12, a constant prepayment rate of [            ]% from month 12 to month 22, a constant prepayment rate of
[            ]% from month 23 to month 27, and a constant prepayment rate of [            ]% thereafter, used for
determining the accrual of original issue discount and premium and market discount on the Class A, Class M and Class B Certificates for federal income tax purposes. The constant prepayment rate assumes that the stated percentage of the outstanding
Stated Principal Balance of the adjustable-rate Mortgage Loans is prepaid over the course of a year. 
  
 Prepayment Interest Shortfall: With respect to any Distribution Date and any Mortgage Loan (other than a Mortgage Loan relating to an REO Property)
that was the subject of (a) a Principal Prepayment in Full during the related Prepayment Period, an amount equal to the 

  

 34 

 
excess of one month’s interest at the related Net Mortgage Rate (or Modified Net Mortgage Rate in the case of a Modified Mortgage Loan) on the Stated
Principal Balance of such Mortgage Loan over the amount of interest (adjusted to the related Net Mortgage Rate (or Modified Net Mortgage Rate in the case of a Modified Mortgage Loan)) paid by the Mortgagor for such Prepayment Period to the date of
such Principal Prepayment in Full or (b) a Curtailment during the prior calendar month, an amount equal to one month’s interest at the related Net Mortgage Rate (or Modified Net Mortgage Rate in the case of a Modified Mortgage Loan) on the
amount of such Curtailment. 
  
 Prepayment Period: With
respect to any Distribution Date, the calendar month preceding the month of distribution. 
  
 Primary Insurance Policy: Each primary policy of mortgage guaranty insurance as indicated by a numeric code on the Mortgage Loan Schedule with the exception of code “A23,” “A34” or
“A96” under the column “MI CO CODE.” 
  
 Principal Distribution Amount: With respect to any Distribution Date, the lesser of (a) the excess of (x) the Available Distribution Amount over (y) the Interest Distribution Amount, and (b) the sum of: 
  
 (i) the principal portion of each Monthly Payment received
or Advanced with respect to the related Due Period on each Outstanding Mortgage Loan; 
  
 (ii) the Stated Principal Balance of any Mortgage Loan repurchased during the related Prepayment Period (or deemed to have been so
repurchased in accordance with Section 3.07(b)) pursuant to Section 2.02, 2.03, 2.04 or 4.07 and the amount of any shortfall deposited in the Custodial Account in connection with the substitution of a Deleted Mortgage Loan pursuant to Section 2.03
or 2.04 during the related Prepayment Period; 
  
 (iii) the principal portion of all other unscheduled collections, other than Subsequent Recoveries, on the Mortgage Loans (including, without limitation, Principal Prepayments in Full, Curtailments, Insurance Proceeds, Liquidation Proceeds
and REO Proceeds) received during the related Prepayment Period (or deemed to have been so received) to the extent applied by the Master Servicer as recoveries of principal of the Mortgage Loans pursuant to Section 3.14; 
  
 (iv) the lesser of (1) the Subsequent Recoveries for such
Distribution Date and (2) the principal portion of any Realized Losses allocated to any Class of Certificates on a prior Distribution Date and remaining unpaid; 
  
 (v) the lesser of (1) the Excess Cash Flow for such Distribution Date (to the extent not used pursuant to
clause (iv) of this definition on such Distribution Date) and (2) the principal portion of any Realized Losses incurred (or deemed to have been incurred) on any Mortgage Loans in the calendar month preceding such Distribution; and 
  

 35 

 (vi) the lesser of (1) the Excess Cash Flow for that Distribution Date (to the extent not
used pursuant to clauses (iv) and (v) of this definition on such Distribution Date) and (2) the Overcollateralization Increase Amount for such Distribution Date; 
  
 minus 
  
 (vii) (A) the amount of any Overcollateralization Reduction Amount for such Distribution Date and (B) the amount of any Capitalization
Reimbursement Amount for such Distribution Date. 
  
 Principal
Prepayment: Any payment of principal or other recovery on a Mortgage Loan, including a recovery that takes the form of Liquidation Proceeds or Insurance Proceeds, which is received in advance of its scheduled Due Date and is not accompanied by
an amount as to interest representing scheduled interest on such payment due on any date or dates in any month or months subsequent to the month of prepayment. 
  

Principal Prepayment in Full: Any Principal Prepayment made by a Mortgagor of the entire principal balance of a Mortgage Loan. 
  
 Principal Remittance Amount: With respect to any Distribution Date,
all amounts described in clauses (b)(i) through (iii) of the definition of Principal Distribution Amount for that Distribution Date. 
  
 Program Guide: [Insert description]. 
  
 Purchase Price: With respect to any Mortgage Loan (or REO Property) required to be or otherwise purchased on any date pursuant to Section 2.02,
2.03, 2.04 or 4.07, an amount equal to the sum of (i) 100% of the Stated Principal Balance thereof plus the principal portion of any related unreimbursed Advances and (ii) unpaid accrued interest at either (a) the Adjusted Mortgage Rate (or Modified
Net Mortgage Rate in the case of a Modified Mortgage Loan) plus the rate per annum at which the Servicing Fee is calculated, or (b) in the case of a purchase made by the Master Servicer, at the Net Mortgage Rate (or Modified Net Mortgage Rate in the
case of a Modified Mortgage Loan), in each case on the Stated Principal Balance thereof to the first day of the month following the month of purchase from the Due Date to which interest was last paid by the Mortgagor. 
  
 Qualified Substitute Mortgage Loan: A Mortgage Loan substituted by the
Seller or the Depositor for a Deleted Mortgage Loan which must, on the date of such substitution, as confirmed in an Officers’ Certificate delivered to the Trustee, (i) have an outstanding principal balance, after deduction of the principal
portion of the monthly payment due in the month of substitution (or in the case of a substitution of more than one Mortgage Loan for a Deleted Mortgage Loan, an aggregate outstanding principal balance, after such deduction), not in excess of the
Stated Principal Balance of the Deleted Mortgage Loan (the amount of any shortfall to be deposited by the Seller, in the Custodial Account in the month of substitution); (ii) have a Mortgage Rate and a Net Mortgage Rate no lower than and not more
than 1% per annum higher than the Mortgage Rate and Net Mortgage Rate, respectively, of the Deleted Mortgage Loan as of the date of substitution; (iii) have a Loan-to-Value Ratio at the time of substitution no higher than that of the Deleted
Mortgage Loan at the time of substitution; (iv) have a remaining term to 

  

 36 

 
stated maturity not greater than (and not more than one year less than) that of the Deleted Mortgage Loan; (v) comply with each representation and warranty
set forth in Sections 2.03 and 2.04 and Section 4 of the Assignment Agreement (other than the representations and warranties set forth therein with respect to the number of loans (including the related percentage) in excess of zero which meet or do
not meet a specified criteria); (vi) not be 30 days or more Delinquent; (vii) not be subject to the requirements of HOEPA (as defined in the Assignment Agreement); (viii) have a policy of title insurance, in the form and amount that is in material
compliance with the Program Guide, that was effective as of the closing of such Mortgage Loan, is valid and binding, and remains in full force and effect, unless the Mortgage Property is located in the State of Iowa where an attorney’s
certificate has been provided as described in the Program Guide; (ix) if the Deleted Loan is not a Balloon Loan, not be a Balloon Loan; (x) have a Mortgage Rate that adjusts with the same frequency and based upon the same Index as that of the
Deleted Mortgage Loan; (xi) have a Note Margin not less than that of the Deleted Mortgage Loan; (xii) have a Periodic Rate Cap that is equal to that of the Deleted Mortgage Loan; and (xiii) have a next Adjustment Date no later than that of the
Deleted Mortgage Loan. 
  
 Rating Agency: Each of Standard
& Poor’s and Moody’s. If any agency or a successor is no longer in existence, “Rating Agency” shall be such statistical credit rating agency, or other comparable Person, designated by the Depositor, notice of which
designation shall be given to the Trustee and the Master Servicer. 
  
 Realized Loss: With respect to each Mortgage Loan (or REO Property) as to which a Cash Liquidation or REO Disposition has occurred, an amount (not less than zero) equal to (i) the Stated Principal Balance of the Mortgage Loan (or REO
Property) as of the date of Cash Liquidation or REO Disposition, plus (ii) interest (and REO Imputed Interest, if any) at the Net Mortgage Rate from the Due Date as to which interest was last paid or advanced to Certificateholders up to the last day
of the month in which the Cash Liquidation (or REO Disposition) occurred on the Stated Principal Balance of such Mortgage Loan (or REO Property) outstanding during each Due Period that such interest was not paid or advanced, minus (iii) the
proceeds, if any, received during the month in which such Cash Liquidation (or REO Disposition) occurred, to the extent applied as recoveries of interest at the Net Mortgage Rate and to principal of the Mortgage Loan, net of the portion thereof
reimbursable to the Master Servicer or any Subservicer with respect to related Advances, Servicing Advances or other expenses as to which the Master Servicer or Subservicer is entitled to reimbursement thereunder but which have not been previously
reimbursed. With respect to each Mortgage Loan which is the subject of a Servicing Modification, (a) (1) the amount by which the interest portion of a Monthly Payment or the principal balance of such Mortgage Loan was reduced or (2) the sum of any
other amounts owing under the Mortgage Loan that were forgiven and that constitute Servicing Advances that are reimbursable to the Master Servicer or a Subservicer, and (b) any such amount with respect to a Monthly Payment that was or would have
been due in the month immediately following the month in which a Principal Prepayment or the Purchase Price of such Mortgage Loan is received or is deemed to have been received. With respect to each Mortgage Loan which has become the subject of a
Deficient Valuation, the difference between the principal balance of the Mortgage Loan outstanding immediately prior to such Deficient Valuation and the principal balance of the Mortgage Loan as reduced by the Deficient Valuation. With respect to
each Mortgage Loan which has become the object of a Debt Service Reduction, the amount of such Debt Service Reduction. Notwithstanding the above, neither a Deficient 

  

 37 

 
Valuation nor a Debt Service Reduction shall be deemed a Realized Loss hereunder so long as the Master Servicer has notified the Trustee in writing that the
Master Servicer is diligently pursuing any remedies that may exist in connection with the representations and warranties made regarding the related Mortgage Loan and either (A) the related Mortgage Loan is not in default with regard to payments due
thereunder or (B) delinquent payments of principal and interest under the related Mortgage Loan and any premiums on any applicable primary hazard insurance policy and any related escrow payments in respect of such Mortgage Loan are being advanced on
a current basis by the Master Servicer or a Subservicer, in either case without giving effect to any Debt Service Reduction. 
  
 Realized Losses allocated to the Class SB Certificates shall be allocated first to the REMIC II Regular Interest SB-IO in reduction of the accrued but
unpaid interest thereon until such accrued and unpaid interest shall have been reduced to zero and then to the REMIC II Regular Interest SB-PO in reduction of the Principal Balance thereof. 
  
 To the extent the Master Servicer receives Subsequent Recoveries with respect
to any Mortgage Loan, the amount of the Realized Loss with respect to that Mortgage Loan will be reduced to the extent such recoveries are applied to reduce the Certificate Principal Balance of any Class of Certificates on any Distribution Date.

  
 Record Date: With respect to each Distribution Date and
the LIBOR Certificates, the Business Day immediately preceding such Distribution Date. With respect to each Distribution Date and the Certificates (other than the LIBOR Certificates), the close of business on the last Business Day of the month next
preceding the month in which the related Distribution Date occurs, except in the case of the first Record Date which shall be the Closing Date. 
  
 Reference Bank Rate: As defined in Section 1.02. 
  
 Regular Certificates: The Class A Certificates, Class M Certificates, Class B Certificates and Class SB Certificates. 
  
 Relief Act: The Servicemembers Civil Relief Act, formerly known as the
Soldiers’ and Sailors’ Civil Relief Act of 1940. 
  
 Relief Act Shortfalls: Interest shortfalls on the Mortgage Loans resulting from the Relief Act or similar legislation or regulations. 
  
 REMIC: A “real estate mortgage investment conduit” within the meaning of Section 860D of the Code. As used herein, the term
“REMIC” shall mean REMIC I or REMIC II. 
  
 REMIC
Administrator: [REMIC ADMINISTRATOR]. If [REMIC ADMINISTRATOR] is found by a court of competent jurisdiction to no longer be able to fulfill its obligations as REMIC Administrator under this Agreement the Master Servicer or Trustee acting as
successor Master Servicer shall appoint a successor REMIC Administrator, subject to assumption of the REMIC Administrator obligations under this Agreement. 
  
 REMIC Interest Amount: For any Distribution Date and each Class of Class A Certificates, Class M Certificates and Class B Certificates, the
Accrued Certificate Interest for 

  

 38 

 
such Class reduced by the portion thereof attributable to the excess, if any, of the related Pass-Through Rate for such Distribution Date over the related
REMIC Net WAC Rate for such Distribution Date. 
  
 REMIC
Net WAC Rate: For any Distribution Date, a per annum rate equal to the weighted average of the Net Mortgage Rates (or, if applicable, the Modified Net Mortgage Rates) on the Mortgage Loans using the Net Mortgage Rates in effect for the Monthly
Payments due on such Mortgage Loans during the related Due Period, weighted on the basis of the respective Stated Principal Balances thereof for such Distribution Date and (ii) a fraction equal to 30 divided by the actual number of days in the
related Interest Accrual Period. 
  
 REMIC I: The
segregated pool of assets subject hereto, constituting a portion of the primary trust created hereby and to be administered hereunder, exclusive of the Hedge Agreement, which are not assets of any REMIC, with respect to which a separate REMIC
election is to be made, consisting of: 
  
 (i)
the Mortgage Loans and the related Mortgage Files; 
  
 (ii) all payments on and collections in respect of the Mortgage Loans due after the Cut-off Date (other than Monthly Payments due in the month of the Cut-off Date) as shall be on deposit in the Custodial Account or in the Certificate
Account and identified as belonging to the Trust Fund; 
  
 (iii) property which secured a Mortgage Loan and which has been acquired for the benefit of the Certificateholders by foreclosure or deed in lieu of foreclosure; 
  
 (iv) the hazard insurance policies and Primary Insurance Policies pertaining to the Mortgage Loans, if any;
and 
  
 (v) all proceeds of clauses (i) through
(iv) above. 
  
 REMIC I Distribution Amount: For any
Distribution Date, the Available Distribution Amount shall be distributed to the REMIC I Regular Interests and the Class R-I Certificates in the following amounts and priority: 
  
 (i) to the extent of the Available Distribution Amount, to REMIC II as the holder of REMIC I Regular
Interests LT1, LT2, LT3 and LT4, pro rata, in an amount equal to (A) their Uncertificated Accrued Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates; and 
  
 (ii) to the extent of the Available Distribution Amount
remaining after the distributions made pursuant to clause (i) above, to REMIC II as the holder of the REMIC I Regular Interests, in an amount equal to: 
  
 (A) in respect of the REMIC I Regular Interests LT2, LT3 and LT4, their respective Principal Distribution Amounts; 
  

 39 

 (B) in respect of the REMIC I Regular Interest LT1 any remainder until the Uncertificated
Principal Balance thereof is reduced to zero; 
  
 (C) any remainder in respect of the REMIC I Regular Interests LT2, LT3 and LT4, pro rata according to their respective Uncertificated Principal Balances as reduced by the distributions deemed made pursuant to (A) above, until their
respective Uncertificated Principal Balances are reduced to zero; and 
  
 (iii) any remaining amounts to the Holders of the Class R-I Certificates. 
  
 REMIC I Principal Reduction Amounts: For any Distribution Date, the amounts by which the principal balances of the REMIC I Regular Interests LT1,
LT2, LT3 and LT4, respectively, will be reduced on such Distribution Date by the allocation of Realized Losses and the distribution of principal, determined as follows: 
  
 For purposes of the succeeding formulas the following symbols shall have the meanings set forth below: 
  
 Y1 =     the aggregate principal balance of the REMIC I Regular Interest LT1 after distributions on the prior Distribution Date. 

 
 Y2 =     the principal balance of the REMIC I Regular Interest LT2 after distributions on the prior Distribution Date. 
  
 Y3 =     the principal balance of the REMIC I Regular Interest LT3 after distributions on the prior Distribution Date. 
  
 Y4 =     the principal balance of the REMIC I Regular Interest LT4 after distributions on the prior Distribution Date (note: Y3 = Y4). 
  
 DY1 =     the REMIC I Regular
Interest LT1 Principal Reduction Amount. 
  
 DY2 =
    the REMIC I Regular Interest LT2 Principal Reduction Amount. 
  
 DY3 =     the REMIC I Regular Interest LT3 Principal Reduction Amount. 
  
 DY4 =     the REMIC I Regular Interest LT4 Principal Reduction Amount. 
  
 P0 =     the aggregate principal balance of the REMIC I Regular Interests LT1, LT2, LT3 and LT4 after distributions and the allocation of Realized Losses on the prior Distribution Date. 
  
 P1 =     the aggregate principal balance of the REMIC I Regular Interests LT1, LT2, LT3 and LT4 after distributions and the allocation of
Realized Losses to be made on such Distribution Date. 
  
 DP =     P0 - P1 = the aggregate of the REMIC I Regular Interests LT1, LT2, LT3 and LT4 Principal
Reduction Amounts. 
  

 40 

 =     the aggregate of the principal portions of Realized Losses to be allocated to,
and the principal distributions to be made on, the Certificates on such Distribution Date (including distributions of accrued and unpaid interest on the Class SB Certificates for prior Distribution Dates). 
  
 R0 =     the Net WAC Cap Rate (stated as a monthly rate) after giving effect to amounts distributed and Realized Losses allocated on the prior
Distribution Date. 
  
 R1 =     the Net WAC Cap Rate (stated as a monthly rate) after giving effect to amounts to be distributed and Realized Losses to be
allocated on such Distribution Date. 
  
 μ = (Y2 + Y3)/P0. The initial value of μ on the Closing Date for use on the first Distribution Date shall be 0.0001. 
  
 g0 =     the lesser of (A) the sum for all Classes of
Certificates, other than the Class SB Certificates, of the product for each Class of (i) the monthly interest rate (as limited by the REMIC Net WAC Rate, if applicable) for such Class applicable for distributions to be made on such Distribution Date
and (ii) the aggregate Certificate Principal Balance for such Class after distributions and the allocation of Realized Losses on the prior Distribution Date and (B) R0*P0. 
  
 g1 = the lesser of (A) the sum for all Classes of Certificates, other than the Class
SB Certificates, of the product for each Class of (i) the monthly interest rate (as limited by the REMIC Net WAC Rate, if applicable) for such Class applicable for distributions to be made on the next succeeding Distribution Date and (ii) the
aggregate Certificate Principal Balance for such Class after distributions and the allocation of Realized Losses to be made on such Distribution Date and (B) R1*P1. 
  
 Then, based on the foregoing definitions: 
  
 DY1 = DP -
DY2
- DY3 - DY4; 
  
 DY2 = (μ/2){( g0R1 - g1R0)/R0R1}; 
  
 DY3 = μDP - DY2; and 
  
 DY4 = DY3. 
  
 if both DY2 and DY3, as so determined, are non-negative
numbers. Otherwise: 
  

	 	(1)	If DY2, as so determined, is negative, then 

  
 DY2 = 0; 
  
 DY3 = μ{g1R0P0 - g0R1P1}/{g1R0}; 
  
 DY4 = DY3; and 
  
 DY1 = DP - DY2 - DY3 - DY4. 

 

 41 

	 	(2)	If DY3, as so determined, is negative, then 

  
 DY3 = 0; 
  
 DY2 = μ{g1R0P0 - g0R1P1}/{2R1R0P1 - g1R0}; 
  
 DY4 = DY3; and 
  
 DY1 = DP - DY2 - DY3 - DY4. 

 
 REMIC I Realized Losses: Realized Losses on the Mortgage Loans
shall be allocated to the REMIC I Regular Interests as follows: The interest portion of Realized Losses on the Mortgage Loans, if any, shall be allocated among the REMIC I Regular Interests LT1, LT2 and LT4 pro rata according to the amount of
interest accrued but unpaid thereon, in reduction thereof. Any interest portion of such Realized Losses in excess of the amount allocated pursuant to the preceding sentence shall be treated as a principal portion of Realized Losses not attributable
to any specific Mortgage Loan and allocated pursuant to the succeeding sentences. The principal portion of Realized Losses on the Mortgage Loans, if any, shall be allocated first, to the REMIC I Regular Interests LT2, LT3 and LT4 pro rata according
to their respective Principal Reduction Amounts to the extent thereof in reduction of the Uncertificated Principal Balance of such REMIC I Regular Interests and, second, the remainder, if any, of such principal portion of such Realized Losses shall
be allocated to the REMIC I Regular Interest LT1 in reduction of the Uncertificated Principal Balance thereof. 
  
 REMIC I Regular Interests: REMIC I Regular Interest LT1, REMIC II Regular Interest LT2, REMIC II Regular Interest LT3 and REMIC II Regular Interest
LT4. 
  
 REMIC I Regular Interest LT1: A regular interest
in REMIC I that is held as an asset of REMIC II, that has an initial principal balance equal to the related Uncertificated Principal Balance, that bears interest at the related Uncertificated REMIC I Pass-Through Rate, and that has such other terms
as are described herein. 
  
 REMIC I Regular Interest LT1
Principal Distribution Amount: For any Distribution Date, the excess, if any, of the REMIC I Regular Interest LT1 Principal Reduction Amount for such Distribution Date over the Realized Losses allocated to the REMIC I Regular Interest LT1 on
such Distribution Date. 
  
 REMIC I Regular Interest LT2: A
regular interest in REMIC I that is held as an asset of REMIC II, that has an initial principal balance equal to the related Uncertificated Principal Balance, that bears interest at the related Uncertificated REMIC I Pass-Through Rate, and that has
such other terms as are described herein. 
  
 REMIC I Regular
Interest LT2 Principal Distribution Amount: For any Distribution Date, the excess, if any, of the REMIC I Regular Interest LT2 Principal Reduction Amount for such Distribution Date over the Realized Losses allocated to the REMIC I Regular
Interest LT2 on such Distribution Date. 
  

 42 

 REMIC I Regular Interest LT3: A regular interest in REMIC II that is held as an asset of REMIC II,
that has an initial principal balance equal to the related Uncertificated Principal Balance, that bears interest at the related Uncertificated REMIC I Pass-Through Rate, and that has such other terms as are described herein. 
  
 REMIC I Regular Interest LT3 Principal Distribution Amount: For any
Distribution Date, the excess, if any, of the REMIC I Regular Interest LT3 Principal Reduction Amount for such Distribution Date over the Realized Losses allocated to the REMIC I Regular Interest LT3 on such Distribution Date. 
  
 REMIC I Regular Interest LT4: A regular interest in REMIC II that is
held as an asset of REMIC II, that has an initial principal balance equal to the related Uncertificated Principal Balance, that bears interest at the related Uncertificated REMIC I Pass-Through Rate, and that has such other terms as are described
herein. 
  
 REMIC I Regular Interest LT4 Principal Distribution
Amount: For any Distribution Date, the excess, if any, of the REMIC I Regular Interest LT4 Principal Reduction Amount for such Distribution Date over the Realized Losses allocated to the REMIC I Regular Interest LT4 on such Distribution Date.

  
 REMIC II: The segregated pool of assets subject hereto,
constituting a portion of the primary trust created hereby and to be administered hereunder, with respect to which a separate REMIC election is to be made, consisting of the REMIC I Regular Interests. 
  
 REMIC II Regular Interest SB-PO: A separate non-certificated
beneficial ownership interest in REMIC II issued hereunder and designated as a REMIC II Regular Interest. REMIC II Regular Interest SB-PO shall have no entitlement to interest, and shall be entitled to distributions of principal subject to the terms
and conditions hereof, in aggregate amount equal to the initial Certificate Principal Balance of the Class SB Certificates as set forth in the Preliminary Statement hereto. 
  
 REMIC II Regular Interest SB-IO: A separate non-certificated beneficial ownership interest in REMIC II issued
hereunder and designated as a REMIC II Regular Interest. REMIC II Regular Interest SB-IO shall have no entitlement to principal, and shall be entitled to distributions of interest subject to the terms and conditions hereof, in aggregate amount equal
to the interest distributable with respect to the Class SB Certificates pursuant to the terms and conditions hereof. 
  
 REMIC II Regular Interests: REMIC II Regular Interests SB-IO and SB-PO, together with the regular interests in REMIC II represented by the Class A
Certificates, Class M Certificates and Class B Certificates exclusive of the rights of such Certificates to payments of Basis Risk Shortfall Amounts and to payments derived from the Hedge Agreement. 
  
 REMIC Provisions: Provisions of the federal income tax law relating to
real estate mortgage investment conduits, which appear at Sections 860A through 860G of Subchapter M of Chapter 1 of the Code, and related provisions, and temporary and final regulations (or, to the extent not inconsistent with such temporary or
final regulations, proposed regulations) and 

  

 43 

 
published rulings, notices and announcements promulgated thereunder, as the foregoing may be in effect from time to time. 
  
 REO Acquisition: The acquisition by the Master Servicer on behalf of
the Trustee for the benefit of the Certificateholders of any REO Property pursuant to Section 3.14. 
  
 REO Disposition: With respect to any REO Property, a determination by the Master Servicer that it has received substantially all Insurance
Proceeds, Liquidation Proceeds, REO Proceeds and other payments and recoveries (including proceeds of a final sale) which the Master Servicer expects to be finally recoverable from the sale or other disposition of the REO Property. 
  
 REO Imputed Interest: With respect to any REO Property, for any
period, an amount equivalent to interest (at a rate equal to the Net Mortgage Rate that would have been applicable to the related Mortgage Loan had it been outstanding) on the unpaid principal balance of the Mortgage Loan as of the date of
acquisition thereof for such period. 
  
 REO Proceeds:
Proceeds, net of expenses, received in respect of any REO Property (including, without limitation, proceeds from the rental of the related Mortgaged Property) which proceeds are required to be deposited into the Custodial Account only upon the
related REO Disposition. 
  
 REO Property: A Mortgaged
Property acquired by the Master Servicer on behalf of the Trust Fund for the benefit of the Certificateholders through foreclosure or deed in lieu of foreclosure in connection with a defaulted Mortgage Loan. 
  
 Reportable Modified Mortgage Loan: Any Mortgage Loan that (a) has been
subject to an interest rate reduction, (b) has been subject to a term extension or (c) has had amounts owing on such Mortgage Loan capitalized by adding such amount to the Stated Principal Balance of such Mortgage Loan; provided,
however, that a Mortgage Loan modified in accordance with (a) above for a temporary period shall not be a Reportable Modified Mortgage Loan if such Mortgage Loan has not been delinquent in payments of principal and interest for six months
since the date of such modification if that interest rate reduction is not made permanent thereafter. 
  
 Repurchase Event: As defined in the Assignment Agreement. 
  

Request for Release: A request for release, the form of which is attached as Exhibit G hereto, or an electronic request in a form acceptable to
the Custodian. 
  
 Required Insurance Policy: With respect
to any Mortgage Loan, any insurance policy which is required to be maintained from time to time under this Agreement, the Program Guide or the related Subservicing Agreement in respect of such Mortgage Loan. 
  
 Required Overcollateralization Amount: With respect to any
Distribution Date, an amount equal to the Overcollateralization Floor. The Required Overcollateralization Amount may be reduced so long as written confirmation is obtained from each Rating Agency that such reduction shall not reduce the ratings
assigned to any Class of Certificates by such Rating 

  

 44 

 
Agency below the lower of the then current rating or the rating assigned to such Certificates as of the Closing Date by such Rating Agency. 
  
 Responsible Officer: When used with respect to the Trustee, any
officer of the Corporate Trust Department of the Trustee, including any Senior Vice President, any Vice President, any Assistant Vice President, any Assistant Secretary, any Trust Officer or Assistant Trust Officer, or any other officer of the
Trustee, in each case, with direct responsibility for the administration of this Agreement. 
  
 Rule 144A: Rule 144A under the Securities Act of 1933, as in effect from time to time. 
  
 Seller: With respect to any Mortgage Loan, a Person, including any Subservicer, that executed a Seller’s Agreement applicable to such Mortgage
Loan. 
  
 Seller’s Agreement: An agreement for the
origination and sale of Mortgage Loans generally in the form of the seller contract referred to or contained in the Program Guide, or in such other form as has been approved by the Master Servicer and the Depositor. 
  
 Senior Enhancement Percentage: For any Distribution Date, the
fraction, expressed as a percentage, the numerator of which is the sum of (i) the aggregate Certificate Principal Balance of the Class M Certificates and Class B Certificates and (ii) the Overcollateralization Amount, in each case prior to the
distribution of the Principal Distribution Amount on such Distribution Date and the denominator of which is the aggregate Stated Principal Balance of the Mortgage Loans after giving effect to distributions to be made on that Distribution Date.

  
 Servicing Accounts: The account or accounts created and
maintained pursuant to Section 3.08. 
  
 Servicing
Advances: All customary, reasonable and necessary “out of pocket” costs and expenses incurred in connection with a default, delinquency or other unanticipated event by the Master Servicer or a Subservicer in the performance of its
servicing obligations, including, but not limited to, the cost of (i) the preservation, restoration and protection of a Mortgaged Property or, with respect to a cooperative loan, the related cooperative apartment, (ii) any enforcement or judicial
proceedings, including foreclosures, including any expenses incurred in relation to any such proceedings that result from the Mortgage Loan being registered on the MERS® System, (iii) the management and liquidation of any REO Property, (iv) any mitigation procedures implemented in
accordance with Section 3.07, and (v) compliance with the obligations under Sections 3.01, 3.08, 3.11, 3.12(a) and 3.14, including, if the Master Servicer or any Affiliate of the Master Servicer provides services such as appraisals and brokerage
services that are customarily provided by Persons other than servicers of mortgage loans, reasonable compensation for such services. 
  
 Servicing Fee: With respect to any Mortgage Loan and Distribution Date, the fee payable monthly to the Master Servicer in respect of master
servicing compensation that accrues at an annual rate equal to the Servicing Fee Rate multiplied by the Stated Principal Balance of such Mortgage Loan as of the related Due Date in the related Due Period, as may be adjusted pursuant to Section
3.16(e). 
  

 45 

 Servicing Fee Rate: With respect to any Mortgage Loan, the per annum rate designated on the
Mortgage Loan Schedule as the “MSTR SERV FEE,” as may be adjusted with respect to successor Master Servicers as provided in Section 7.02, which rate shall never be greater than the Mortgage Rate of such Mortgage Loan. 
  
 Servicing Modification: Any reduction of the interest rate on or the
outstanding principal balance of a Mortgage Loan, any extension of the final maturity date of a Mortgage Loan, and any increase to the Stated Principal Balance of a Mortgage Loan by adding to the Stated Principal Balance unpaid principal and
interest and other amounts owing under the Mortgage Loan, in each case pursuant to a modification of a Mortgage Loan that is in default, or for which, in the judgment of the Master Servicer, default is reasonably foreseeable in accordance with
Section 3.07(a). 
  
 Servicing Officer: Any officer of the
Master Servicer involved in, or responsible for, the administration and servicing of the Mortgage Loans whose name and specimen signature appear on a list of servicing officers furnished to the Trustee by the Master Servicer on the Closing Date, as
such list may from time to time be amended. 
  
 [SG
Exemption: As defined in Section 5.02(e)(ii).] 
  
 Sixty-Plus Delinquency Percentage: With respect to any Distribution Date and the Mortgage Loans, the arithmetic average, for each of the three Distribution Dates ending with such Distribution Date, of the fraction, expressed as a
percentage, equal to (x) the aggregate Stated Principal Balance of the Mortgage Loans that are 60 or more days delinquent in payment of principal and interest for that Distribution Date, including Mortgage Loans in foreclosure and REO, over (y) the
aggregate Stated Principal Balance of all of the Mortgage Loans immediately preceding that Distribution Date. 
  
 Standard & Poor’s: Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc. or its successors in
interest. 
  
 Startup Date: The day designated as such
pursuant to Article X. 
  
 Stated Principal Balance: With
respect to any Mortgage Loan or related REO Property, at any given time, (i) the sum of (a) the Cut-off Date Principal Balance of the Mortgage Loan and (b) any amount by which the Stated Principal Balance of the Mortgage Loan has been increased
pursuant to a Servicing Modification, minus (ii) the sum of (a) the principal portion of the Monthly Payments due with respect to such Mortgage Loan or REO Property during each Due Period ending with the Due Period relating to the most recent
Distribution Date which were received or with respect to which an Advance was made, (b) all Principal Prepayments with respect to such Mortgage Loan or REO Property, and all Insurance Proceeds, Liquidation Proceeds and REO Proceeds, to the extent
applied by the Master Servicer as recoveries of principal in accordance with Section 3.14 with respect to such Mortgage Loan or REO Property, in each case which were distributed pursuant to Section 4.02 on any previous Distribution Date, and (c) any
Realized Loss incurred with respect to such Mortgage Loan allocated to Certificateholders with respect thereto for any previous Distribution Date. 
  

 46 

 Stepdown Date: That Distribution Date which is the earlier to occur of (a) the Distribution Date
immediately succeeding the Distribution Date on which the aggregate Certificate Principal Balance of the Class A Certificates has been reduced to zero and (b) the later to occur of (i) the Distribution Date in [MONTH] and (ii) the first Distribution
Date on which the Senior Enhancement Percentage is equal to or greater than [            ]% 
  
 Subordination: The provisions described in Section 4.05 relating to the allocation of Realized Losses. 
  
 Subordination Percentage: With respect to each Class of Class A
Certificates, Class M Certificates and Class B Certificates, the respective percentage set forth below. 
  

				
	 Class

	  	Percentage

	 
	 A
	  	xx.xx	%
	 M-1
	  	xx.xx	%
	 M-2
	  	xx.xx	%
	 M-3
	  	xx.xx	%
	 M-4
	  	xx.xx	%
	 M-5
	  	xx.xx	%
	 M-6
	  	xx.xx	%
	 M-7
	  	xx.xx	%
	 M-8
	  	xx.xx	%
	 M-9
	  	xx.xx	%
	 M-10
	  	xx.xx	%
	 B-1
	  	xx.xx	%
	 B-2
	  	xx.xx	%
	 B-3
	  	xx.xx	%
	 B-4
	  	xx.xx	%

  
 Subsequent
Recoveries: As of any Distribution Date, amounts received by the Master Servicer (net of any related expenses permitted to be reimbursed pursuant to Section 3.10) or surplus amounts held by the Master Servicer to cover estimated expenses
(including, but not limited to, recoveries in respect of the representations and warranties made by the Seller pursuant to the applicable Seller’s Agreement and assigned to the Trustee pursuant to Section 2.04) specifically related to a
Mortgage Loan that was the subject of a Cash Liquidation or an REO Disposition prior to the related Prepayment Period and that resulted in a Realized Loss. 
  
 Subserviced Mortgage Loan: Any Mortgage Loan that, at the time of reference thereto, is subject to a Subservicing
Agreement. 
  
 Subservicer: Any Person with whom the Master
Servicer has entered into a Subservicing Agreement and who generally satisfied the requirements set forth in the Program Guide in respect of the qualification of a Subservicer as of the date of its approval as a Subservicer by the Master Servicer.

  

 47 

 Subservicer Advance: Any delinquent installment of principal and interest on a Mortgage Loan which
is advanced by the related Subservicer (net of its Subservicing Fee) pursuant to the Subservicing Agreement. 
  
 Subservicing Account: An account established by a Subservicer in accordance with Section 3.08. 
  
 Subservicing Agreement: The written contract between the Master
Servicer and any Subservicer relating to servicing and administration of certain Mortgage Loans as provided in Section 3.02, generally in the form of the servicer contract referred to or contained in the Program Guide or in such other form as has
been approved by the Master Servicer and the Depositor. 
  
 Subservicing Fee: With respect to any Mortgage Loan, the fee payable monthly to the related Subservicer (or, in the case of a Nonsubserviced Mortgage Loan, to the Master Servicer) in respect of subservicing and other compensation
that accrues with respect to each Distribution Date at an annual rate designated as “SUBSERV FEE” on the Mortgage Loan Schedule. 
  
 Tax Returns: The federal income tax return on Internal Revenue Service Form 1066, U.S. Real Estate Mortgage Investment Conduit Income Tax Return,
including Schedule Q thereto, Quarterly Notice to Residual Interest Holders of REMIC Taxable Income or Net Loss Allocation, or any successor forms, to be filed on behalf of any REMIC hereunder due to its classification as a REMIC under the REMIC
Provisions, together with any and all other information, reports or returns that may be required to be furnished to the Certificateholders or filed with the Internal Revenue Service or any other governmental taxing authority under any applicable
provisions of federal, state or local tax laws. 
  
 Telerate
Screen Page 3750: As defined in Section 1.02. 
  
 Transfer: Any direct or indirect transfer, sale, pledge, hypothecation or other form of assignment of any Ownership Interest in a Certificate. 
  

Transfer Affidavit and Agreement: As defined in Section 5.02(e). 
  
 Transferee: Any Person who is acquiring by Transfer any Ownership Interest in a Certificate. 
  
 Transferor: Any Person who is disposing by Transfer of any Ownership
Interest in a Certificate. 
  

 48 

 Trigger Event: A Trigger Event is in effect with respect to any Distribution Date on or after the
Stepdown Date if either (a) the product of [            ] and the Sixty-Plus Delinquency Percentage, as determined on that Distribution Date, equals or exceeds the Senior Enhancement
Percentage for that Distribution Date or (b) on or after the Distribution Date in [MONTH], the aggregate amount of Realized Losses on the Mortgage Loans as a percentage of the Cut-Off Date Balance exceeds the applicable amount set forth below:

  

			
	[MONTH] to [MONTH]:	  	xx.xx% with respect to [MONTH], plus an additional x/x of [            ]% for each month thereafter.
		
	[MONTH] to [MONTH]:	  	xx.xx% with respect to [MONTH], plus an additional x/x of [            ]% for each month thereafter.
		
	[MONTH] to [MONTH]:	  	xx.xx% with respect to [MONTH], plus an additional x/x of [            ]% for each month thereafter.
		
	[MONTH] and thereafter:	  	xx.xx%.

  
 Trustee: As
defined in the preamble hereto. 
  
 Trust Fund: The
segregated pool of assets subject hereto, consisting of: (i) the Mortgage Loans and the related Mortgage Files; (ii) all payments on and collections in respect of the Mortgage Loans due after the Cut-off Date (other than Monthly Payments due in the
month of the Cut-off Date) as shall be on deposit in the Custodial Account or in the Certificate Account and identified as belonging to the Trust Fund; (iii) property which secured a Mortgage Loan and which has been acquired for the benefit of the
Certificateholders by foreclosure or deed in lieu of foreclosure; (iv) the hazard insurance policies and Primary Insurance Policies pertaining to the Mortgage Loans, if any; and (v) all proceeds of clauses (i) through (iv) above. 

 
 Uncertificated Accrued Interest: With respect to any REMIC I
Regular Interest for any Distribution Date, one month’s interest at the related Uncertificated REMIC I Pass-Through Rate for such Distribution Date, accrued on its Uncertificated Principal Balance immediately prior to such Distribution Date.
Uncertificated Accrued Interest for the REMIC I Regular Interests shall accrue on the basis of a 360-day year consisting of twelve 30-day months. For purposes of calculating the amount of Uncertificated Accrued Interest for the REMIC I Regular
Interests for any Distribution Date, any Prepayment Interest Shortfalls and Relief Act Shortfalls (to the extent not covered by Compensating Interest) relating to the Mortgage Loans for any Distribution Date shall be allocated among REMIC I Regular
Interests LT1, LT2, LT3 and LT4 pro rata, based on, and to the extent of, Uncertificated Accrued Interest, as calculated without application of this sentence. Uncertificated Accrued Interest on REMIC II Regular Interest SB-PO shall be zero.
Uncertificated Accrued Interest on REMIC II Regular Interest SB-IO for each Distribution Date shall equal Accrued Certificate Interest for the Class SB Certificates. 
  
 Uncertificated Principal Balance: The principal amount of any REMIC I Regular Interest outstanding as of any date of
determination. The Uncertificated Principal Balance of each REMIC I Regular Interest shall never be less than zero. With respect to the REMIC II Regular Interest SB-PO the initial amount set forth with respect thereto in the Preliminary Statement as
reduced by distributions deemed made in respect thereof pursuant to Section 4.02 and Realized Losses allocated thereto pursuant to Section 4.05. 
  

 49 

 Uncertificated REMIC I Pass-Through Rate: With respect to any Distribution Date and (i) REMIC I
Regular Interests LT1 and LT2, the weighted average of the Net Mortgage Rates of the Mortgage Loans, (ii) REMIC I Regular Interest LT3, zero (0.00%), and (iii) REMIC I Regular Interest LT4, twice the weighted average of the Net Mortgage Rates of the
Mortgage Loans. 
  
 Uniform Single Attestation Program for
Mortgage Bankers: The Uniform Single Attestation Program for Mortgage Bankers, as published by the Mortgage Bankers Association of America and effective with respect to fiscal periods ending on or after December 15, 1995. 
  
 Uninsured Cause: Any cause of damage to property subject to a Mortgage
such that the complete restoration of such property is not fully reimbursable by the hazard insurance policies. 
  
 United States Person: A citizen or resident of the United States, a corporation, partnership or other entity (treated as a corporation or
partnership for United States federal income tax purposes) created or organized in, or under the laws of, the United States, any state thereof, or the District of Columbia (except in the case of a partnership, to the extent provided in Treasury
regulations) provided that, for purposes solely of the restrictions on the transfer of Class R Certificates, no partnership or other entity treated as a partnership for United States federal income tax purposes shall be treated as a United
States Person unless all persons that own an interest in such partnership either directly or through any entity that is not a corporation for United States federal income tax purposes are required by the applicable operative agreement to be United
States Persons, or an estate that is described in Section 7701(a)(30)(D) of the Code, or a trust that is described in Section 7701(a)(30)(E) of the Code. 
  
 Voting Rights: The portion of the voting rights of all of the Certificates which is allocated to any Certificate.
[            ]% of all of the Voting Rights shall be allocated among Holders of the Class A Certificates, Class M Certificates and Class B Certificates, in proportion to the
outstanding Certificate Principal Balances of their respective Certificates; [            ]% of all of the Voting Rights shall be allocated to the Holders of the Class SB
Certificates; and [            ]% of all of the Voting Rights shall be allocated to each of the Holders of the Class R-I Certificates and the Class R-II Certificates; in each case to
be allocated among the Certificates of such Class in accordance with their respective Percentage Interests. 
  
 Weighted Average Maximum Net Mortgage Rate: For any Distribution Date, the weighted average of the Maximum Net Mortgage Rates of the
adjustable-rate Mortgage Loans, or Net Mortgage Rates in the case of the fixed-rate Mortgage Loans, multiplied by a fraction equal to 30 divided by the actual number of days in the related Interest Accrual Period. 
  
 Section 1.02 Determination of LIBOR. 
  
 LIBOR applicable to the calculation of the Pass-Through Rate on the LIBOR
Certificates for any Interest Accrual Period will be determined as of each LIBOR Rate Adjustment Date. On each LIBOR Rate Adjustment Date, or if such LIBOR Rate Adjustment Date is not a Business Day, then on the next succeeding Business Day, LIBOR
shall be established by the Trustee and, as to any Interest Accrual Period, will equal the rate for one month United States dollar deposits that appears on the Telerate Screen Page 3750 as of 11:00 a.m., London time, on such LIBOR 

  

 50 

 
Rate Adjustment Date. “Telerate Screen Page 3750” means the display designated as page 3750 on the Bridge Telerate Service (or such other page as
may replace page 3750 on that service for the purpose of displaying London interbank offered rates of major banks). If such rate does not appear on such page (or such other page as may replace that page on that service, or if such service is no
longer offered, LIBOR shall be so established by use of such other service for displaying LIBOR or comparable rates as may be selected by the Trustee after consultation with the Master Servicer), the rate will be the Reference Bank Rate. The
“Reference Bank Rate” will be determined on the basis of the rates at which deposits in U.S. Dollars are offered by the reference banks (which shall be any three major banks that are engaged in transactions in the London interbank market,
selected by the Trustee after consultation with the Master Servicer) as of 11:00 a.m., London time, on the LIBOR Rate Adjustment Date to prime banks in the London interbank market for a period of one month in amounts approximately equal to the
aggregate Certificate Principal Balance of the LIBOR Certificates then outstanding. The Trustee shall request the principal London office of each of the reference banks to provide a quotation of its rate. If at least two such quotations are
provided, the rate will be the arithmetic mean of the quotations rounded up to the next multiple of 1/16%. If on such date fewer than two quotations are provided as requested, the rate will be the arithmetic mean of the rates quoted by one or more
major banks in New York City, selected by the Trustee after consultation with the Master Servicer, as of 11:00 a.m., New York City time, on such date for loans in U.S. Dollars to leading European banks for a period of one month in amounts
approximately equal to the aggregate Certificate Principal Balance of the LIBOR Certificates then outstanding. If no such quotations can be obtained, the rate will be LIBOR for the prior Distribution Date; provided however, if, under the priorities
described above, LIBOR for a Distribution Date would be based on LIBOR for the previous Distribution Date for the third consecutive Distribution Date, the Trustee, shall select an alternative comparable index (over which the Trustee has no control),
used for determining one-month Eurodollar lending rates that is calculated and published (or otherwise made available) by an independent party. The establishment of LIBOR by the Trustee on any LIBOR Rate Adjustment Date and the Trustee’s
subsequent calculation of the Pass-Through Rates applicable to the LIBOR Certificates for the relevant Interest Accrual Period, in the absence of manifest error, will be final and binding. Promptly following each LIBOR Rate Adjustment Date the
Trustee shall supply the Master Servicer with the results of its determination of LIBOR on such date. Furthermore, the Trustee shall supply to any Certificateholder so requesting by calling 1-xxx-xxx-xxxx the Pass-Through Rate on the LIBOR
Certificates for the current and the immediately preceding Interest Accrual Period. 
  
 ARTICLE II 
 CONVEYANCE OF MORTGAGE LOANS; 
 ORIGINAL ISSUANCE OF CERTIFICATES 
  
 Section 2.01 Conveyance of Mortgage Loans. 
  
 (a) The Depositor, concurrently with the execution and delivery hereof, does hereby assign to the Trustee in respect of the Trust Fund without recourse
all the right, title and interest of the Depositor in and to (i) the Mortgage Loans, including all interest and principal on or with respect to the Mortgage Loans due on or after the Cut-off Date (other than Monthly Payments due in the month of the
Cut-off Date); and (ii) all proceeds of the foregoing. 
  

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 (b) In connection with such assignment, and contemporaneously with the delivery of this Agreement, the
Depositor delivered or caused to be delivered hereunder to the Trustee, the Hedge Agreement (the delivery of which shall evidence that the fixed payment for the Hedge Agreement have been paid and the Trustee and the Trust Fund shall have no further
payment obligation thereunder and that such fixed payment has been authorized hereby), and except as set forth in Section 2.01(c) below and subject to Section 2.01(d) below, the Depositor does hereby deliver to, and deposit with, the Trustee, or to
and with one or more Custodians, as the duly appointed agent or agents of the Trustee for such purpose, the following documents or instruments (or copies thereof as permitted by this Section) with respect to each Mortgage Loan so assigned:

  
 (i) The original Mortgage Note, endorsed
without recourse to the order of the Trustee and showing an unbroken chain of endorsements from the originator thereof to the Person endorsing it to the Trustee, or with respect to any Destroyed Mortgage Note, an original lost note affidavit from
the Seller stating that the original Mortgage Note was lost, misplaced or destroyed, together with a copy of the related Mortgage Note; 
  
 (ii) The original Mortgage, noting the presence of the MIN of the Mortgage Loan and language indicating that the Mortgage Loan is a MOM
Loan if the Mortgage Loan is a MOM Loan, with evidence of recording indicated thereon or, if the original Mortgage has not yet been returned from the public recording office, a copy of the original Mortgage with evidence of recording indicated
thereon; 
  
 (iii) Unless the Mortgage Loan is
registered on the MERS® System, the assignment
(which may be included in one or more blanket assignments if permitted by applicable law) of the Mortgage to the Trustee with evidence of recording indicated thereon or a copy of such assignment with evidence of recording indicated thereon;

  
 (iv) The original recorded assignment or
assignments of the Mortgage showing an unbroken chain of title from the originator to the Person assigning it to the Trustee (or to MERS, if the Mortgage Loan is registered on the MERS® System and noting the presence of a MIN) with evidence of recordation noted thereon or
attached thereto, or a copy of such assignment or assignments of the Mortgage with evidence of recording indicated thereon; and 
  
 (v) The original of each modification, assumption agreement or preferred loan agreement, if any, relating to such Mortgage Loan, or a copy
of each modification, assumption agreement or preferred loan agreement. 
  
 The Depositor may, in lieu of delivering the original of the documents set forth in Section 2.01(b)(ii), (iii), (iv) and (v) (or copies thereof as permitted by Section 2.01(b)) to the Trustee or the Custodian or Custodians, deliver such
documents to the Master Servicer, and the Master Servicer shall hold such documents in trust for the use and benefit of all present and future Certificateholders until such time as is set forth in the next sentence. Within thirty Business Days
following the earlier of (i) the receipt of the original of all of the documents or instruments set forth in Section 2.01(b)(ii), (iii), (iv) and (v) (or copies thereof as permitted by such Section) for any Mortgage Loan and (ii) a written request
by the Trustee to deliver those 

  

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documents with respect to any or all of the Mortgage Loans then being held by the Master Servicer, the Master Servicer shall deliver a complete set of such
documents to the Trustee or the Custodian or Custodians that are the duly appointed agent or agents of the Trustee. 
  
 The Depositor, the Master Servicer and the Trustee agree that it is not intended that any mortgage loan be included in the Trust Fund that is (i) a
“High-Cost Home Loan” as defined in the New Jersey Home Ownership Act effective November 27, 2003, (ii) a “High-Cost Home Loan” as defined in the New Mexico Home Loan Protection Act effective January 1, 2004, (iii) a “High
Cost Home Mortgage Loan” as defined in the Massachusetts Predatory Home Practices Act effective November 7, 2004 or (iv) a “High-Cost Home Loan” as defined in the Indiana High Cost Home Loan Law effective March 1, 2005. 
  
 (c) Notwithstanding the provisions of Section 2.01(b), in the event that in
connection with any Mortgage Loan, if the Depositor cannot deliver the original of the Mortgage, any assignment, modification, assumption agreement or preferred loan agreement (or copy thereof as permitted by Section 2.01(b)) with evidence of
recording thereon concurrently with the execution and delivery of this Agreement because of (i) a delay caused by the public recording office where such Mortgage, assignment, modification, assumption agreement or preferred loan agreement as the case
may be, has been delivered for recordation, or (ii) a delay in the receipt of certain information necessary to prepare the related assignments, the Depositor shall deliver or cause to be delivered to the Trustee or the respective Custodian a copy of
such Mortgage, assignment, modification, assumption agreement or preferred loan agreement. 
  
 The Depositor shall promptly cause to be recorded in the appropriate public office for real property records the Assignment referred to in clause (iii) of Section 2.01(b), except (a) in states where, in the opinion of
counsel acceptable to the Master Servicer, such recording is not required to protect the Trustee’s interests in the Mortgage Loan or (b) if MERS is identified on the Mortgage or on a properly recorded assignment of the Mortgage, as applicable,
as the mortgagee of record solely as nominee for the Seller and its successors and assigns. If any Assignment is lost or returned unrecorded to the Depositor because of any defect therein, the Depositor shall prepare a substitute Assignment or cure
such defect, as the case may be, and cause such Assignment to be recorded in accordance with this paragraph. The Depositor shall promptly deliver or cause to be delivered to the Trustee or the respective Custodian such Mortgage or Assignment, as
applicable (or copy thereof as permitted by Section 2.01(b)), with evidence of recording indicated thereon upon receipt thereof from the public recording office or from the related Subservicer or Seller. 
  
 If the Depositor delivers to the Trustee or Custodian any Mortgage Note or
Assignment of Mortgage in blank, the Depositor shall, or shall cause the Custodian to, complete the endorsement of the Mortgage Note and the Assignment of Mortgage in the name of the Trustee in conjunction with the Interim Certification issued by
the Custodian, as contemplated by Section 2.02. 
  
 Any of the
items set forth in Sections 2.01(b)(ii), (iii), (iv) and (v) and that may be delivered as a copy rather than the original may be delivered to the Trustee or the Custodian. 
  

 53 

 In connection with the assignment of any Mortgage Loan registered on the MERS® System, the Depositor further agrees that it will cause, at the
Depositor’s own expense, within 30 Business Days after the Closing Date, the MERS® System to indicate that such Mortgage Loans have been assigned by the Depositor to the Trustee in accordance with this Agreement for the benefit of the Certificateholders by including (or deleting, in the case
of Mortgage Loans which are repurchased in accordance with this Agreement) in such computer files (a) the code in the field which identifies the specific Trustee and (b) the code in the field “Pool Field” which identifies the series of the
Certificates issued in connection with such Mortgage Loans. The Depositor further agrees that it will not, and will not permit the Master Servicer to, and the Master Servicer agrees that it will not, alter the codes referenced in this paragraph with
respect to any Mortgage Loan during the term of this Agreement unless and until such Mortgage Loan is repurchased in accordance with the terms of this Agreement. 
  
 (d) It is intended that the conveyances by the Depositor to the Trustee of the Mortgage Loans as provided for in this
Section 2.01 and the Uncertificated Regular Interests be construed as a sale by the Depositor to the Trustee of the Mortgage Loans and the Uncertificated Regular Interests for the benefit of the Certificateholders. Further, it is not intended that
any such conveyance be deemed to be a pledge of the Mortgage Loans and the Uncertificated Regular Interests by the Depositor to the Trustee to secure a debt or other obligation of the Depositor. Nonetheless, (a) this Agreement is intended to be and
hereby is a security agreement within the meaning of Articles 8 and 9 of the New York Uniform Commercial Code and the Uniform Commercial Code of any other applicable jurisdiction; (b) the conveyances provided for in this Section 2.01 shall be deemed
to be (1) a grant by the Depositor to the Trustee of a security interest in all of the Depositor’s right (including the power to convey title thereto), title and interest, whether now owned or hereafter acquired, in and to (A) the Mortgage
Loans, including the related Mortgage Note, the Mortgage, any insurance policies and all other documents in the related Mortgage File, (B) all amounts payable pursuant to the Mortgage Loans in accordance with the terms thereof, (C) any
Uncertificated Regular Interests and any and all general intangibles, payment intangibles, accounts, chattel paper, instruments, documents, money, deposit accounts, certificates of deposit, goods, letters of credit, advices of credit and investment
property and other property of whatever kind or description now existing or hereafter acquired consisting of, arising from or relating to any of the foregoing, and (D) all proceeds of the conversion, voluntary or involuntary, of the foregoing into
cash, instruments, securities or other property, including without limitation all amounts from time to time held or invested in the Certificate Account or the Custodial Account, whether in the form of cash, instruments, securities or other property
and (2) an assignment by the Depositor to the Trustee of any security interest in any and all of the Seller’s right (including the power to convey title thereto), title and interest, whether now owned or hereafter acquired, in and to the
property described in the foregoing clauses (1)(A), (B), (C) and (D) granted by the Seller to the Depositor pursuant to the Assignment Agreement; (c) the possession by the Trustee, the Custodian or any other agent of the Trustee of Mortgage Notes or
such other items of property as constitute instruments, money, payment intangibles, negotiable documents, goods, deposit accounts, letters of credit, advices of credit, investment property, certificated securities or chattel paper shall be deemed to
be “possession by the secured party,” or possession by a purchaser or a person designated by such secured party, for purposes of perfecting the security interest pursuant to the [______] Uniform Commercial Code and the Uniform Commercial
Code of any other applicable jurisdiction as in effect (including, without limitation, Sections 8-106, 9-313 and 9-106 thereof); and 

  

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(d) notifications to persons holding such property, and acknowledgments, receipts or confirmations from persons holding such property, shall be deemed
notifications to, or acknowledgments, receipts or confirmations from, securities intermediaries, bailees or agents of, or persons holding for, (as applicable) the Trustee for the purpose of perfecting such security interest under applicable law.

  
 The Depositor and, at the Depositor’s direction, the
Seller and the Trustee shall, to the extent consistent with this Agreement, take such reasonable actions as may be necessary to ensure that, if this Agreement were deemed to create a security interest in the Mortgage Loans and the Uncertificated
Regular Interests and the other property described above, such security interest would be deemed to be a perfected security interest of first priority under applicable law and will be maintained as such throughout the term of this Agreement. Without
limiting the generality of the foregoing, the Depositor shall prepare and deliver to the Trustee not less than 15 days prior to any filing date and, the Trustee shall forward for filing, or shall cause to be forwarded for filing, at the expense of
the Depositor, all filings necessary to maintain the effectiveness of any original filings necessary under the Uniform Commercial Code as in effect in any jurisdiction to perfect the Trustee’s security interest in or lien on the Mortgage Loans
and the Uncertificated Regular Interests, as evidenced by an Officers Certificate of the Depositor, including without limitation (x) continuation statements, and (y) such other statements as may be occasioned by (1) any change of name of the Seller,
the Depositor or the Trustee (such preparation and filing shall be at the expense of the Trustee, if occasioned by a change in the Trustee’s name), (2) any change of location of the place of business or the chief executive office of the Seller
or the Depositor, (3) any transfer of any interest of the Seller or the Depositor in any Mortgage Loan or (4) any transfer of any interest of the Seller or the Depositor in any Uncertificated Regular Interests. 
  
 Section 2.02 Acceptance by Trustee. 
  
 The Trustee acknowledges receipt (or, with respect to Mortgage Loans subject
to a Custodial Agreement, and based solely upon a receipt or certification executed by the Custodian, receipt by the respective Custodian as the duly appointed agent of the Trustee) of the documents referred to in Section 2.01(b)(i) (except that for
purposes of such acknowledgement only, a Mortgage Note may be endorsed in blank and an Assignment of Mortgage may be in blank) and declares that it, or a Custodian as its agent, holds and will hold such documents and the other documents constituting
a part of the Mortgage Files delivered to it, or a Custodian as its agent, in trust for the use and benefit of all present and future Certificateholders. The Trustee or Custodian (such Custodian being so obligated under a Custodial Agreement)
agrees, for the benefit of Certificateholders, to review each Mortgage File delivered to it pursuant to Section 2.01(b) within 90 days after the Closing Date to ascertain that all required documents (specifically as set forth in Section 2.01(b)),
have been executed and received, and that such documents relate to the Mortgage Loans identified on the Mortgage Loan Schedule, as supplemented, that have been conveyed to it, and to deliver to the Trustee a certificate (the “Interim
Certification”) to the effect that all documents required to be delivered pursuant to Section 2.01(b) have been executed and received and that such documents relate to the Mortgage Loans identified on the Mortgage Loan Schedule, except for any
exceptions listed on Schedule A attached to such Interim Certification. Upon delivery of the Mortgage Files by the Depositor or the Master Servicer, the Trustee shall acknowledge receipt (or, with respect to Mortgage Loans 

  

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subject to a Custodial Agreement, and based solely upon a receipt or certification executed by the Custodian, receipt by the respective Custodian as the duly
appointed agent of the Trustee) of the documents referred to in Section 2.01(b). 
  
 If the Custodian, as the Trustee’s agent, finds any document or documents constituting a part of a Mortgage File to be missing or defective, upon receipt of notification from the Custodian as specified in the
succeeding sentence, the Trustee shall promptly so notify or cause the Custodian to notify the Master Servicer and the Depositor. Pursuant to Section 2.3 of the Custodial Agreement, the Custodian will notify the Master Servicer, the Depositor and
the Trustee of any such omission or defect found by it in respect of any Mortgage File held by it in respect of the items received by it pursuant to the Custodial Agreement. If such omission or defect materially and adversely affects the interests
in the related Mortgage Loan of the Certificateholders, the Master Servicer shall promptly notify the related Subservicer or Seller of such omission or defect and request that such Subservicer or Seller correct or cure such omission or defect within
60 days from the date the Master Servicer was notified of such omission or defect and, if such Subservicer or Seller does not correct or cure such omission or defect within such period, that such Subservicer or Seller purchase such Mortgage Loan
from the Trust Fund at its Purchase Price, in either case within 90 days from the date the Master Servicer was notified of such omission or defect; provided that if the omission or defect would cause the Mortgage Loan to be other than a
“qualified mortgage” as defined in Section 860G(a)(3) of the Code, any such cure or repurchase must occur within 90 days from the date such breach was discovered. The Purchase Price for any such Mortgage Loan shall be deposited or caused
to be deposited by the Master Servicer in the Custodial Account maintained by it pursuant to Section 3.07 and, upon receipt by the Trustee of written notification of such deposit signed by a Servicing Officer, the Trustee or any Custodian, as the
case may be, shall release to the Master Servicer the related Mortgage File and the Trustee shall execute and deliver such instruments of transfer or assignment prepared by the Master Servicer, in each case without recourse, as shall be necessary to
vest in the Subservicer or Seller or its designee, as the case may be, any Mortgage Loan released pursuant hereto and thereafter such Mortgage Loan shall not be part of the Trust Fund. In furtherance of the foregoing and Section 2.04, if the
Subservicer or Seller that repurchases the Mortgage Loan is not a member of MERS and the Mortgage is registered on the MERS® System, the Master Servicer, at its own expense and without any right of reimbursement, shall cause MERS to execute and deliver an assignment of the
Mortgage in recordable form to transfer the Mortgage from MERS to such Subservicer or Seller and shall cause such Mortgage to be removed from registration on the MERS® System in accordance with MERS’ rules and regulations. It is understood and agreed that the obligation of the
Subservicer or Seller, to so cure or purchase any Mortgage Loan as to which a material and adverse defect in or omission of a constituent document exists shall constitute the sole remedy respecting such defect or omission available to
Certificateholders or the Trustee on behalf of Certificateholders. 
  
 Section 2.03 Representations, Warranties and Covenants of the Master Servicer and the Depositor. 
  
 (a) The Master Servicer hereby represents and warrants to the Trustee for the benefit of the Certificateholders that: 
  
 (i) The Master Servicer is a corporation duly organized,
validly existing and in good standing under the laws governing its creation and existence and is or will be in compliance with the laws of each state in which any Mortgaged Property is located to the extent necessary to ensure the enforceability of
each Mortgage Loan in accordance with the terms of this Agreement; 
  

 56 

 (ii) The execution and delivery of this Agreement by the Master Servicer and its
performance and compliance with the terms of this Agreement will not violate the Master Servicer’s Certificate of Incorporation or Bylaws or constitute a material default (or an event which, with notice or lapse of time, or both, would
constitute a material default) under, or result in the material breach of, any material contract, agreement or other instrument to which the Master Servicer is a party or which may be applicable to the Master Servicer or any of its assets;

  
 (iii) This Agreement, assuming due
authorization, execution and delivery by the Trustee and the Depositor, constitutes a valid, legal and binding obligation of the Master Servicer, enforceable against it in accordance with the terms hereof subject to applicable bankruptcy,
insolvency, reorganization, moratorium and other laws affecting the enforcement of creditors’ rights generally and to general principles of equity, regardless of whether such enforcement is considered in a proceeding in equity or at law;

  
 (iv) The Master Servicer is not in default
with respect to any order or decree of any court or any order, regulation or demand of any federal, state, municipal or governmental agency, which default might have consequences that would materially and adversely affect the condition (financial or
other) or operations of the Master Servicer or its properties or might have consequences that would materially adversely affect its performance hereunder; 
  
 (v) No litigation is pending or, to the best of the Master Servicer’s knowledge, threatened against the Master Servicer which would
prohibit its entering into this Agreement or performing its obligations under this Agreement; 
  
 (vi) The Master Servicer shall comply in all material respects in the performance of this Agreement with all reasonable rules and
requirements of each insurer under each Required Insurance Policy; 
  
 (vii) No information, certificate of an officer, statement furnished in writing or report delivered to the Depositor, any Affiliate of the Depositor or the Trustee by the Master Servicer will, to the knowledge of the
Master Servicer, contain any untrue statement of a material fact or omit a material fact necessary to make the information, certificate, statement or report not misleading; 
  
 (viii) The Master Servicer has examined each existing, and will examine each new, Subservicing Agreement and
is or will be familiar with the terms thereof. The terms of each existing Subservicing Agreement and each designated Subservicer are acceptable to the Master Servicer and any new Subservicing Agreements will comply with the provisions of Section
3.02; 
  

 57 

 (ix) [The Master Servicer is a member of MERS in good standing, and will comply in all
material respects with the rules and procedures of MERS in connection with the servicing of the Mortgage Loans that are registered with MERS;] and 
  
 (x) The Servicing Guide of the Master Servicer requires that the Subservicer for each Mortgage Loan accurately and fully reports its
borrower credit files to each of the Credit Repositories in a timely manner. 
  
 It is understood and agreed that the representations and warranties set forth in this Section 2.03(a) shall survive delivery of the respective Mortgage Files to the Trustee or any Custodian. Upon discovery by either the Depositor, the
Master Servicer, the Trustee or any Custodian of a breach of any representation or warranty set forth in this Section 2.03(a) which materially and adversely affects the interests of the Certificateholders in any Mortgage Loan, the party discovering
such breach shall give prompt written notice to the other parties (any Custodian being so obligated under a Custodial Agreement). Within 90 days of its discovery or its receipt of notice of such breach, the Master Servicer shall either (i) cure such
breach in all material respects or (ii) to the extent that such breach is with respect to a Mortgage Loan or a related document, purchase such Mortgage Loan from the Trust Fund at the Purchase Price and in the manner set forth in Section 2.02;
provided that if the breach would cause the Mortgage Loan to be other than a “qualified mortgage” as defined in Section 860G(a)(3) of the Code, any such cure or repurchase must occur within 90 days from the date such breach was discovered.
The obligation of the Master Servicer to cure such breach or to so purchase such Mortgage Loan shall constitute the sole remedy in respect of a breach of a representation and warranty set forth in this Section 2.03(a) available to the
Certificateholders or the Trustee on behalf of the Certificateholders. 
  
 (b) The Depositor hereby represents and warrants to the Trustee for the benefit of the Certificateholders that as of the Closing Date (or, if otherwise specified below, as of the date so specified): (i) immediately prior to the conveyance
of the Mortgage Loans to the Trustee, the Depositor had good title to, and was the sole owner of, each Mortgage Loan free and clear of any pledge, lien, encumbrance or security interest (other than rights to servicing and related compensation) and
such conveyance validly transfers ownership of the Mortgage Loans to the Trustee free and clear of any pledge, lien, encumbrance or security interest; and (ii) each Mortgage Loan constitutes a qualified mortgage under Section 860G(a)(3)(A) of the
Code and Treasury Regulations Section 1.860G-2(a)(1). 
  
 It is
understood and agreed that the representations and warranties set forth in this Section 2.03(b) shall survive delivery of the respective Mortgage Files to the Trustee or any Custodian. 
  
 Upon discovery by any of the Depositor, the Master Servicer, the Trustee or any Custodian of a breach of any of the
representations and warranties set forth in this Section 2.03(b) which materially and adversely affects the interests of the Certificateholders in any Mortgage Loan, the party discovering such breach shall give prompt written notice to the other
parties(any Custodian being so obligated under a Custodial Agreement); provided, however, that in the event of a breach of the representation and warranty set forth in Section 2.03(b)(ii), the party discovering such breach shall give such
notice within five days of 

  

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discovery. Within 90 days of its discovery or its receipt of notice of breach, the Depositor shall either (i) cure such breach in all material respects or
(ii) purchase such Mortgage Loan from the Trust Fund at the Purchase Price and in the manner set forth in Section 2.02 herof; provided that the Depositor shall have the option to substitute a Qualified Substitute Mortgage Loan or Loans for such
Mortgage Loan if such substitution occurs within two years following the Closing Date; provided that if the omission or defect would cause the Mortgage Loan to be other than a “qualified mortgage” as defined in Section 860G(a)(3) of the
Code, any such cure, substitution or repurchase must occur within 90 days from the date such breach was discovered. Any such substitution shall be effected by the Depositor under the same terms and conditions as provided in Section 2.04 for
substitutions by the Seller. It is understood and agreed that the obligation of the Depositor to cure such breach or to so purchase or substitute for any Mortgage Loan as to which such a breach has occurred and is continuing shall constitute the
sole remedy respecting such breach available to the Certificateholders or the Trustee on behalf of the Certificateholders. Notwithstanding the foregoing, the Depositor shall not be required to cure breaches or purchase or substitute for Mortgage
Loans as provided in this Section 2.03(b) if the substance of the breach of a representation set forth above also constitutes fraud in the origination of the Mortgage Loan. 
  
 Section 2.04 Representations and Warranties of Sellers. 
  
 The Depositor, as assignee of the Seller under the Assignment Agreement, hereby assigns to the Trustee for the benefit of
the Certificateholders all of its right, title and interest in respect of the Assignment Agreement and each Seller’s Agreement applicable to a Mortgage Loan as and to the extent set forth in the Assignment Agreement. Insofar as the Assignment
Agreement or such Seller’s Agreement relates to the representations and warranties made by the Seller in respect of such Mortgage Loan and any remedies provided thereunder for any breach of such representations and warranties, such right, title
and interest may be enforced by the Master Servicer on behalf of the Trustee and the Certificateholders. Upon the discovery by the Depositor, the Master Servicer, the Trustee or any Custodian of a breach of any of the representations and warranties
made in a Seller’s Agreement or the Assignment Agreement in respect of any Mortgage Loan or of any Repurchase Event which materially and adversely affects the interests of the Certificateholders in such Mortgage Loan, the party discovering such
breach shall give prompt written notice to the other parties(any Custodian being so obligated under a Custodial Agreement). The Master Servicer shall promptly notify the Seller of such breach or Repurchase Event and request that the Seller either
(i) cure such breach or Repurchase Event in all material respects within 90 days from the date the Master Servicer was notified of such breach or Repurchase Event or (ii) purchase such Mortgage Loan from the Trust Fund at the Purchase Price and in
the manner set forth in Section 2.02. 
  
 Upon the discovery by
the Depositor, the Master Servicer, the Trustee or any Custodian of a breach of any of such representations and warranties set forth in the Assignment Agreement in respect of any Mortgage Loan which materially and adversely affects the interests of
the Certificateholders in such Mortgage Loan, the party discovering such breach shall give prompt written notice to the other parties (any Custodian being so obligated under a Custodial Agreement) at the same time as notice is given pursuant to the
preceding paragraph of any corresponding breach of representation or warranty made in Seller’s Agreement. The Master Servicer shall promptly notify the Seller of such breach of a representation or warranty set forth 

  

 59 

 
in the Assignment Agreement and request that the Seller either (i) cure such breach in all material respects within 90 days from the date the Master Servicer
was notified of such breach or (ii) purchase such Mortgage Loan from the Trust Fund within 90 days of the date of such written notice of such breach at the Purchase Price and in the manner set forth in Section 2.02, but only if the Mortgage Loan has
not been purchased by the Seller due to a breach of representation and warranty of the Seller’s Agreement as set forth in the preceding paragraph; provided that the Seller shall have the option to substitute a Qualified Substitute Mortgage Loan
or Loans for such Mortgage Loan if such substitution occurs within two years following the Closing Date; provided that if the breach would cause the Mortgage Loan to be other than a “qualified mortgage” as defined in Section 860G(a)(3) of
the Code, any such cure or substitution must occur within 90 days from the date the breach was discovered. If the breach of representation and warranty that gave rise to the obligation to repurchase or substitute a Mortgage Loan pursuant to Section
4 of the Assignment Agreement was the representation and warranty set forth in clause (xlvii) of Section 4 thereof, then the Master Servicer shall request that the Seller pay to the Trust Fund, concurrently with and in addition to the remedies
provided in the preceding sentence, an amount equal to any liability, penalty or expense that was actually incurred and paid out of or on behalf of the Trust Fund, and that directly resulted from such breach, or if incurred and paid by the Trust
Fund thereafter, concurrently with such payment. In the event that the Seller elects to substitute a Qualified Substitute Mortgage Loan or Loans for a Deleted Mortgage Loan pursuant to this Section 2.04, the Seller] shall deliver to the Trustee for
the benefit of the Certificateholders with respect to such Qualified Substitute Mortgage Loan or Loans, the original Mortgage Note, the Mortgage, an Assignment of the Mortgage in recordable form, and such other documents and agreements as are
required by Section 2.01, with the Mortgage Note endorsed as required by Section 2.01. No substitution will be made in any calendar month after the Determination Date for such month. Monthly Payments due with respect to Qualified Substitute Mortgage
Loans in the month of substitution shall not be part of the Trust Fund and will be retained by the Master Servicer and remitted by the Master Servicer to the Seller on the next succeeding Distribution Date. For the month of substitution,
distributions to the Certificateholders will include the Monthly Payment due on a Deleted Mortgage Loan for such month and thereafter the Seller shall be entitled to retain all amounts received in respect of such Deleted Mortgage Loan. The Master
Servicer shall amend or cause to be amended the Mortgage Loan Schedule for the benefit of the Certificateholders to reflect the removal of such Deleted Mortgage Loan and the substitution of the Qualified Substitute Mortgage Loan or Loans and the
Master Servicer shall deliver the amended Mortgage Loan Schedule to the Trustee. Upon such substitution, the Qualified Substitute Mortgage Loan or Loans shall be subject to the terms of this Agreement and the related Subservicing Agreement in all
respects, the Seller shall be deemed to have made the representations and warranties with respect to the Qualified Substitute Mortgage Loan made in the Seller Agreements as of the date of substitution, the Seller shall be deemed to have made the
representations and warranties with respect to the Qualified Substitute Mortgage Loan (other than those of a statistical nature) contained in the Assignment Agreement as of the date of substitution, and the covenants, representations and warranties
set forth in this Section 2.04, and in Section 2.03(b). 
  
 In
connection with the substitution of one or more Qualified Substitute Mortgage Loans for one or more Deleted Mortgage Loans, the Master Servicer shall determine the amount (if any) by which the aggregate principal balance of all such Qualified
Substitute Mortgage Loans as of the date of substitution is less than the aggregate Stated Principal Balance of all such 

  

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Deleted Mortgage Loans (in each case after application of the principal portion of the Monthly Payments due in the month of substitution that are to be
distributed to the Certificateholders in the month of substitution). The Seller shall deposit the amount of such shortfall into the Custodial Account on the day of substitution, without any reimbursement therefor. The Seller shall give notice in
writing to the Trustee of such event, which notice shall be accompanied by an Officers’ Certificate as to the calculation of such shortfall and (subject to Section 10.01(f)) by an Opinion of Counsel to the effect that such substitution will not
cause (a) any federal tax to be imposed on the Trust Fund, including without limitation, any federal tax imposed on “prohibited transactions” under Section 860F(a)(1) of the Code or on “contributions after the startup date” under
Section 860G(d)(1) of the Code or (b) any portion of any REMIC created hereunder to fail to qualify as a REMIC at any time that any Certificate is outstanding. 
  

It is understood and agreed that the obligation of the Seller to cure such breach or purchase or substitute for such Mortgage Loan as to which such a
breach has occurred and is continuing and to make any additional payments required under the Assignment Agreement in connection with a breach of the representation and warranty in clause (xlvii) of Section 4 thereof shall constitute the sole remedy
respecting such breach available to the Certificateholders or the Trustee on behalf of the Certificateholders. If the Master Servicer is also the Seller, then the Trustee shall also have the right to give the notification and require the purchase or
substitution provided for in the second preceding paragraph in the event of such a breach of a representation or warranty made by the Seller in the Assignment Agreement. In connection with the purchase of or substitution for any such Mortgage Loan
by the Seller, the Trustee shall assign to the Seller all of the right, title and interest in respect of the Seller’s Agreement and the Assignment Agreement applicable to such Mortgage Loan. 
  
 Section 2.05 Execution and Authentication of Certificates; Conveyance of
REMIC I Regular Interests. 
  
 (a) The Trustee acknowledges
the assignment to it of the Mortgage Loans and the delivery of the Mortgage Files to it, or any Custodian on its behalf, subject to any exceptions noted, together with the assignment to it of all other assets included in the Trust Fund, receipt of
which is hereby acknowledged. Concurrently with such delivery and in exchange therefor, the Trustee, pursuant to the written request of the Depositor executed by an officer of the Depositor, has executed and caused to be authenticated and delivered
to or upon the order of the Depositor the Certificates in authorized denominations which evidence ownership of the entire Trust Fund. 
  
 (b) The Depositor, concurrently with the execution and delivery hereof, does hereby transfer, assign, set over and otherwise convey in trust to the
Trustee without recourse all the right, title and interest of the Depositor in and to the REMIC I Regular Interests for the benefit of the holders of the Regular Certificates and the Class R-II certificates. The Trustee acknowledges receipt of the
REMIC I Regular Interests (each of which are uncertificated) and declares that it holds and will hold the same in trust for the exclusive use and benefit of the holders of the Regular Certificates and the Class R-II Certificates. The interests
evidenced by the Class R-II Certificate, together with the Regular Certificates, constitute the entire beneficial ownership interest in REMIC II. 
  

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 Section 2.06 Purposes and Powers of the Trust. 
  
 The purpose of the trust, as created hereunder, is to engage in the following
activities: 
  
 (a) to sell the Certificates to the Depositor in
exchange for the Mortgage Loans; 
  
 (b) to enter into and perform
its obligations under this Agreement; 
  
 (c) to engage in those
activities that are necessary, suitable or convenient to accomplish the foregoing or are incidental thereto or connected therewith; and 
  
 (d) subject to compliance with this Agreement, to engage in such other activities as may be required in connection with conservation of the Trust Fund and
the making of distributions to the Certificateholders. 
  
 The
trust is hereby authorized to engage in the foregoing activities. Notwithstanding the provisions of Section 11.01, the trust shall not engage in any activity other than in connection with the foregoing or other than as required or authorized by the
terms of this Agreement while any Certificate is outstanding, and this Section 2.06 may not be amended, without the consent of the Certificateholders evidencing a majority of the aggregate Voting Rights of the Certificates. 
  
 ARTICLE III 
 ADMINISTRATION AND SERVICING OF MORTGAGE LOANS 
  
 Section 3.01 Master Servicer to Act as Servicer. 
  
 (a) The Master Servicer shall service and administer the Mortgage Loans in accordance with the terms of this Agreement and the respective Mortgage Loans,
following such procedures as it would employ in its good faith business judgment and which are normal and usual in its general mortgage servicing activities, and shall have full power and authority, acting alone or through Subservicers as provided
in Section 3.02, to do any and all things which it may deem necessary or desirable in connection with such servicing and administration. Without limiting the generality of the foregoing, the Master Servicer in its own name or in the name of a
Subservicer is hereby authorized and empowered by the Trustee when the Master Servicer or the Subservicer, as the case may be, believes it appropriate in its best judgment, to execute and deliver, on behalf of the Certificateholders and the Trustee
or any of them, any and all instruments of satisfaction or cancellation, or of partial or full release or discharge, or of consent to assumption or modification in connection with a proposed conveyance, or of assignment of any Mortgage and Mortgage
Note in connection with the repurchase of a Mortgage Loan and all other comparable instruments, or with respect to the modification or re-recording of a Mortgage for the purpose of correcting the Mortgage, the subordination of the lien of the
Mortgage in favor of a public utility company or government agency or unit with powers of eminent domain, the taking of a deed in lieu of foreclosure, the commencement, prosecution or completion of judicial or non-judicial foreclosure, the
conveyance of a Mortgaged Property to the related insurer, the acquisition of any property acquired by foreclosure or deed in lieu of foreclosure, or the management, marketing and conveyance of any property acquired by foreclosure or deed in lieu of
foreclosure with respect to the Mortgage Loans and with respect to the Mortgaged Properties. The Master Servicer further is authorized and empowered by the Trustee, on behalf of the 

  

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Certificateholders and the Trustee, in its own name or in the name of the Subservicer, when the Master Servicer or the Subservicer, as the case may be,
believes it is appropriate in its best judgment to register any Mortgage Loan on the MERS® System, or cause the removal from the registration of any Mortgage Loan on the MERS® System, to execute and deliver, on behalf of the Trustee and the Certificateholders or any of them, any and all instruments of assignment and other
comparable instruments with respect to such assignment or re-recording of a Mortgage in the name of MERS, solely as nominee for the Trustee and its successors and assigns. Any expenses incurred in connection with the actions described in the
preceding sentence shall be borne by the Master Servicer in accordance with Section 3.16(c), with no right of reimbursement; provided, that if, as a result of MERS discontinuing or becoming unable to continue operations in connection with the
MERS® System, it becomes necessary to remove any
Mortgage Loan from registration on the MERS® System
and to arrange for the assignment of the related Mortgages to the Trustee, then any related expenses shall be reimbursable to the Master Servicer as set forth in Section 3.10(a)(ii). Notwithstanding the foregoing, subject to Section 3.07(a), the
Master Servicer shall not permit any modification with respect to any Mortgage Loan that would both constitute a sale or exchange of such Mortgage Loan within the meaning of Section 1001 of the Code and any proposed, temporary or final regulations
promulgated thereunder (other than in connection with a proposed conveyance or assumption of such Mortgage Loan that is treated as a Principal Prepayment in Full pursuant to Section 3.13(d)) and cause any REMIC created hereunder to fail to qualify
as a REMIC under the Code. The Trustee shall furnish the Master Servicer with any powers of attorney and other documents necessary or appropriate to enable the Master Servicer to service and administer the Mortgage Loans. The Trustee shall not be
liable for any action taken by the Master Servicer or any Subservicer pursuant to such powers of attorney or other documents. In servicing and administering any Nonsubserviced Mortgage Loan, the Master Servicer shall, to the extent not inconsistent
with this Agreement, comply with the Program Guide as if it were the originator of such Mortgage Loan and had retained the servicing rights and obligations in respect thereof. 
  
 If the Mortgage relating to a Mortgage Loan did not have a lien senior to the Mortgage Loan on the related Mortgaged
Property as of the Cut-off Date, then the Master Servicer, in such capacity, may not consent to the placing of a lien senior to that of the Mortgage on the related Mortgaged Property. If the Mortgage relating to a Mortgage Loan had a lien senior to
the Mortgage Loan on the related Mortgaged Property as of the Cut-off Date, then the Master Servicer, in such capacity, may consent to the refinancing of the prior senior lien, provided that the following requirements are met: 
  
 (i) (A) the Mortgagor’s debt-to-income ratio resulting
from such refinancing is less than the original debt-to-income ratio as set forth on the Mortgage Loan Schedule; provided, however, that in no instance shall the resulting Combined Loan-to-Value Ratio (“Combined Loan-to-Value Ratio”) of
such Mortgage Loan be higher than that permitted by the Program Guide; or 
  
 (B) the resulting Combined Loan-to-Value Ratio of such Mortgage Loan is no higher than the Combined Loan-to-Value Ratio prior to such refinancing; provided, however, if such refinanced mortgage loan is a “rate
and term” mortgage loan (meaning, the Mortgagor does not receive any cash from the refinancing), the Combined Loan-to-Value Ratio may increase to the extent of 

  

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either (x) the reasonable closing costs of such refinancing or (y) any decrease in the value of the related Mortgaged Property, if the Mortgagor is in good
standing as defined by the Program Guide; 
  
 (ii) the interest rate, or, in the case of an adjustable rate existing senior lien, the maximum interest rate, for the loan evidencing the refinanced senior lien is no more than [______]% higher than the interest rate or the maximum
interest rate, as the case may be, on the loan evidencing the existing senior lien immediately prior to the date of such refinancing; provided, however (A) if the loan evidencing the existing senior lien prior to the date of refinancing has an
adjustable rate and the loan evidencing the refinanced senior lien has a fixed rate, then the current interest rate on the loan evidencing the refinanced senior lien may be up to [______]% higher than the then-current loan rate of the loan
evidencing the existing senior lien and (B) if the loan evidencing the existing senior lien prior to the date of refinancing has a fixed rate and the loan evidencing the refinanced senior lien has an adjustable rate, then the maximum interest rate
on the loan evidencing the refinanced senior lien shall be less than or equal to (x) the interest rate on the loan evidencing the existing senior lien prior to the date of refinancing plus (y) [______]%; and 
  
 (iii) the loan evidencing the refinanced senior lien is not
subject to negative amortization. 
  
 (b) The Master Servicer
shall, to the extent consistent with the servicing standards set forth herein, take whatever actions as may be necessary to file a claim under or enforce or allow the Trustee to file a claim under or enforce any title insurance policy with respect
to any Mortgage Loan including, without limitation, joining in or causing Seller or Subservicer (or any other party in possession of any title insurance policy) to join in any claims process, negotiations, actions or proceedings necessary to make a
claim under or enforce any title insurance policy. Notwithstanding anything in this Agreement to the contrary, the Master Servicer shall not (unless the Mortgagor is in default with respect to the Mortgage Loan or such default is, in the judgment of
the Master Servicer, reasonably foreseeable) make or permit any modification, waiver, or amendment of any term of any Mortgage Loan that would both (i) effect an exchange or reissuance of such Mortgage Loan under Section 1001 of the Code (or final,
temporary or proposed Treasury regulations promulgated thereunder) (other than in connection with a proposed conveyance or assumption of such Mortgage Loan that is treated as a Principal Prepayment in Full pursuant to Section 3.13(d)) and (ii) cause
any REMIC formed hereunder to fail to qualify as a REMIC under the Code or the imposition of any tax on “prohibited transactions” or “contributions” after the startup date under the REMIC Provisions. 
  
 (c) In connection with servicing and administering the Mortgage Loans, the
Master Servicer and any Affiliate of the Master Servicer (i) may perform services such as appraisals and brokerage services that are customarily provided by Persons other than servicers of mortgage loans, and shall be entitled to reasonable
compensation therefor in accordance with Section 3.10 and (ii) may, at its own discretion and on behalf of the Trustee, obtain credit information in the form of a “credit score” from a Credit Repository. 
  

 64 

 (d) All costs incurred by the Master Servicer or by Subservicers in effecting the timely payment of taxes
and assessments on the properties subject to the Mortgage Loans shall not, for the purpose of calculating monthly distributions to the Certificateholders, be added to the amount owing under the related Mortgage Loans, notwithstanding that the terms
of such Mortgage Loan so permit, and such costs shall be recoverable to the extent permitted by Section 3.10(a)(ii). 
  
 (e) The Master Servicer may enter into one or more agreements in connection with the offering of pass-through certificates evidencing interests in one or
more of the Certificates providing for the payment by the Master Servicer of amounts received by the Master Servicer as servicing compensation hereunder and required to cover certain Prepayment Interest Shortfalls on the Mortgage Loans, which
payment obligation will thereafter be an obligation of the Master Servicer hereunder. 
  
 (f) The relationship of the Master Servicer (and of any successor to the Master Servicer) to the Depositor under this Agreement is intended by the parties to be that of an independent contractor and not that of a
joint venturer, partner or agent. 
  
 (g) The Master Servicer
shall comply with the terms of Section 9 of the Assignment Agreement. 
  
 Section 3.02 Subservicing Agreements Between Master Servicer and Subservicers; Enforcement of Subservicers’ Obligations. 
  
 (a) The Master Servicer may continue in effect Subservicing Agreements entered into by the Seller and Subservicers prior to the execution and delivery of
this Agreement, and may enter into new Subservicing Agreements with Subservicers, for the servicing and administration of all or some of the Mortgage Loans. Each Subservicer shall be either (i) an institution the accounts of which are insured by the
FDIC or (ii) another entity that engages in the business of originating or servicing mortgage loans, and in either case shall be authorized to transact business in the state or states in which the related Mortgaged Properties it is to service are
situated, if and to the extent required by applicable law to enable the Subservicer to perform its obligations hereunder and under the Subservicing Agreement, and in either case shall be a Freddie Mac, Fannie Mae or HUD approved mortgage servicer.
Each Subservicer of a Mortgage Loan shall be entitled to receive and retain, as provided in the related Subservicing Agreement and in Section 3.07, the related Subservicing Fee from payments of interest received on such Mortgage Loan after payment
of all amounts required to be remitted to the Master Servicer in respect of such Mortgage Loan. For any Mortgage Loan that is a Nonsubserviced Mortgage Loan, the Master Servicer shall be entitled to receive and retain an amount equal to the
Subservicing Fee from payments of interest. Unless the context otherwise requires, references in this Agreement to actions taken or to be taken by the Master Servicer in servicing the Mortgage Loans include actions taken or to be taken by a
Subservicer on behalf of the Master Servicer. Each Subservicing Agreement will be upon such terms and conditions as are generally required by, permitted by or consistent with the Program Guide and are not inconsistent with this Agreement and as the
Master Servicer and the Subservicer have agreed. With the approval of the Master Servicer, a Subservicer may delegate its servicing obligations to third-party servicers, but such Subservicer will remain obligated under the related Subservicing
Agreement. The 

  

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Master Servicer and a Subservicer may enter into amendments thereto or a different form of Subservicing Agreement, and the form referred to or included in
the Program Guide is merely provided for information and shall not be deemed to limit in any respect the discretion of the Master Servicer to modify or enter into different Subservicing Agreements; provided, however, that any such amendments or
different forms shall be consistent with and not violate the provisions of either this Agreement or the Program Guide in a manner which would materially and adversely affect the interests of the Certificateholders. The Program Guide and any other
Subservicing Agreement entered into between the Master Servicer and any Subservicer shall require the Subservicer to accurately and fully report its borrower credit files to each of the Credit Repositories in a timely manner. 
  
 (b) As part of its servicing activities hereunder, the Master Servicer, for
the benefit of the Trustee and the Certificateholders, shall use its best reasonable efforts to enforce the obligations of each Subservicer under the related Subservicing Agreement and of Seller under the Seller’s Agreement, to the extent that
the non-performance of any such obligation would have a material and adverse effect on a Mortgage Loan, including, without limitation, the obligation to purchase a Mortgage Loan on account of defective documentation, as described in Section 2.02, or
on account of a breach of a representation or warranty, as described in Section 2.04. Such enforcement, including, without limitation, the legal prosecution of claims, termination of Subservicing Agreements or Seller’s Agreements, as
appropriate, and the pursuit of other appropriate remedies, shall be in such form and carried out to such an extent and at such time as the Master Servicer would employ in its good faith business judgment and which are normal and usual in its
general mortgage servicing activities. The Master Servicer shall pay the costs of such enforcement at its own expense, and shall be reimbursed therefor only (i) from a general recovery resulting from such enforcement to the extent, if any, that such
recovery exceeds all amounts due in respect of the related Mortgage Loan or (ii) from a specific recovery of costs, expenses or attorneys fees against the party against whom such enforcement is directed. For purposes of clarification only, the
parties agree that the foregoing is not intended to, and does not, limit the ability of the Master Servicer to be reimbursed for expenses that are incurred in connection with the enforcement of the Seller’s obligations and are reimbursable
pursuant to Section 3.10(a)(vii). 
  
 Section 3.03 Successor
Subservicers. 
  
 The Master Servicer shall be entitled to
terminate any Subservicing Agreement that may exist in accordance with the terms and conditions of such Subservicing Agreement and without any limitation by virtue of this Agreement; provided, however, that in the event of termination of any
Subservicing Agreement by the Master Servicer or the Subservicer, the Master Servicer shall either act as servicer of the related Mortgage Loan or enter into a Subservicing Agreement with a successor Subservicer which will be bound by the terms of
the related Subservicing Agreement. If the Master Servicer or any Affiliate of the Master Servicer acts as servicer, it will not assume liability for the representations and warranties of the Subservicer which it replaces. If the Master Servicer
enters into a Subservicing Agreement with a successor Subservicer, the Master Servicer shall use reasonable efforts to have the successor Subservicer assume liability for the representations and warranties made by the terminated Subservicer in
respect of the related Mortgage Loans and, in the event of any such assumption by the successor Subservicer, the 

  

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Master Servicer may, in the exercise of its business judgment, release the terminated Subservicer from liability for such representations and warranties.

  
 Section 3.04 Liability of the Master Servicer.

  
 Notwithstanding any Subservicing Agreement, any of the
provisions of this Agreement relating to agreements or arrangements between the Master Servicer or a Subservicer or reference to actions taken through a Subservicer or otherwise, the Master Servicer shall remain obligated and liable to the Trustee,
and Certificateholders for the servicing and administering of the Mortgage Loans in accordance with the provisions of Section 3.01 without diminution of such obligation or liability by virtue of such Subservicing Agreements or arrangements or by
virtue of indemnification from the Subservicer or the Depositor and to the same extent and under the same terms and conditions as if the Master Servicer alone were servicing and administering the Mortgage Loans. The Master Servicer shall be entitled
to enter into any agreement with a Subservicer or Seller for indemnification of the Master Servicer and nothing contained in this Agreement shall be deemed to limit or modify such indemnification. 
  
 Section 3.05 No Contractual Relationship Between Subservicer and Trustee
or Certificateholders. 
  
 Any Subservicing Agreement that may
be entered into and any other transactions or services relating to the Mortgage Loans involving a Subservicer in its capacity as such and not as an originator shall be deemed to be between the Subservicer and the Master Servicer alone, and the
Trustee and Certificateholders shall not be deemed parties thereto and shall have no claims, rights, obligations, duties or liabilities with respect to the Subservicer in its capacity as such except as set forth in Section 3.06. The foregoing
provision shall not in any way limit a Subservicer’s obligation to cure an omission or defect or to repurchase a Mortgage Loan as referred to in Section 2.02. 
  
 Section 3.06 Assumption or Termination of Subservicing Agreements by Trustee. 
  
 (a) In the event the Master Servicer shall for any reason no longer be the
master servicer (including by reason of an Event of Default), the Trustee, as successor Master Servicer, its designee or its successor shall thereupon assume all of the rights and obligations of the Master Servicer under each Subservicing Agreement
that may have been entered into. The Trustee, its designee or the successor servicer for the Trustee shall be deemed to have assumed all of the Master Servicer’s interest therein and to have replaced the Master Servicer as a party to the
Subservicing Agreement to the same extent as if the Subservicing Agreement had been assigned to the assuming party except that the Master Servicer shall not thereby be relieved of any liability or obligations under the Subservicing Agreement.

  
 (b) The Master Servicer shall, upon request of the Trustee but
at the expense of the Master Servicer, deliver to the assuming party all documents and records relating to each Subservicing Agreement and the Mortgage Loans then being serviced and an accounting of amounts collected and held by it and otherwise use
its best efforts to effect the orderly and efficient transfer of each Subservicing Agreement to the assuming party. 
  

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 Section 3.07 Collection of Certain Mortgage Loan Payments; Deposits to Custodial Account.

  
 (a) The Master Servicer shall make reasonable efforts to
collect all payments called for under the terms and provisions of the Mortgage Loans, and shall, to the extent such procedures shall be consistent with this Agreement and the terms and provisions of any related Primary Insurance Policy, follow such
collection procedures as it would employ in its good faith business judgment and which are normal and usual in its general mortgage servicing activities. Consistent with the foregoing, the Master Servicer may in its discretion (subject to the terms
and conditions of the Assignment Agreement) (i) waive any late payment charge or any prepayment charge or penalty interest in connection with the prepayment of a Mortgage Loan and (ii) extend the Due Date for payments due on a Mortgage Loan in
accordance with the Program Guide, provided, however, that the Master Servicer shall first determine that any such waiver or extension will not impair the coverage of any related Primary Insurance Policy or materially adversely affect
the lien of the related Mortgage. Notwithstanding anything in this Section to the contrary, the Master Servicer or any Subservicer shall not enforce any prepayment charge to the extent that such enforcement would violate any applicable law. In the
event of any such arrangement, the Master Servicer shall make timely advances on the related Mortgage Loan during the scheduled period in accordance with the amortization schedule of such Mortgage Loan without modification thereof by reason of such
arrangements unless otherwise agreed to by the Holders of the Classes of Certificates affected thereby; provided, however, that no such extension shall be made if any advance would be a Nonrecoverable Advance. Consistent with the terms of this
Agreement, the Master Servicer may also waive, modify or vary any term of any Mortgage Loan or consent to the postponement of strict compliance with any such term or in any manner grant indulgence to any Mortgagor if in the Master Servicer’s
determination such waiver, modification, postponement or indulgence is not materially adverse to the interests of the Certificateholders(taking into account any estimated Realized Loss that might result absent such action), provided,
however, that the Master Servicer may not modify materially or permit any Subservicer to modify any Mortgage Loan, including without limitation any modification that would change the Mortgage Rate, forgive the payment of any principal or
interest (unless in connection with the liquidation of the related Mortgage Loan or except in connection with prepayments to the extent that such reamortization is not inconsistent with the terms of the Mortgage Loan), capitalize any amounts owing
on the Mortgage Loan by adding such amount to the outstanding principal balance of the Mortgage Loan, or extend the final maturity date of such Mortgage Loan, unless such Mortgage Loan is in default or, in the judgment of the Master Servicer, such
default is reasonably foreseeable. No such modification shall reduce the Mortgage Rate on a Mortgage Loan below the greater of (A) x/x of the Mortgage Rate as in effect on the Cut-off Date and (B) x/x of the Mortgage Rate as in effect on the date of
such modification, but not less than the sum of the Servicing Fee Rate and the per annum rate at which the Subservicing Fee accrues. The final maturity date for any Mortgage Loan shall not be extended beyond the Maturity Date. Also, the aggregate
principal balance of all Reportable Modified Mortgage Loans subject to Servicing Modifications (measured at the time of the Servicing Modification and after giving effect to any Servicing Modification) can be no more than xx% of the aggregate
principal balance of the Mortgage Loans as of the Cut-off Date, provided, that such limit may be increased from time to time if each Rating Agency provides written confirmation that an increase in excess of that limit will not reduce the rating
assigned to any Class of Certificates by such Rating Agency below the lower of the then-current rating or the 

  

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rating assigned to such Certificates as of the Closing Date by such Rating Agency. In addition, any amounts owing on a Mortgage Loan added to the outstanding
principal balance of such Mortgage Loan must be fully amortized over the term of such Mortgage Loan, and such amounts may be added to the outstanding principal balance of a Mortgage Loan only once during the life of such Mortgage Loan. Also, the
addition of such amounts described in the preceding sentence shall be implemented in accordance with the Program Guide and may be implemented only by Subservicers that have been approved by the Master Servicer for such purposes. In connection with
any Curtailment of a Mortgage Loan, the Master Servicer, to the extent not inconsistent with the terms of the Mortgage Note and local law and practice, may permit the Mortgage Loan to be re-amortized such that the Monthly Payment is recalculated as
an amount that will fully amortize the remaining principal balance thereof by the original maturity date based on the original Mortgage Rate; provided, that such reamortization shall not be permitted if it would constitute a reissuance of the
Mortgage Loan for federal income tax purposes. 
  
 (b) The Master
Servicer shall establish and maintain a Custodial Account in which the Master Servicer shall deposit or cause to be deposited on a daily basis, except as otherwise specifically provided herein, the following payments and collections remitted by
Subservicers or received by it in respect of the Mortgage Loans subsequent to the Cut-off Date (other than in respect of Monthly Payments due before or in the month of the Cut-off Date): 
  
 (i) All payments on account of principal, including Principal Prepayments made by Mortgagors on the Mortgage
Loans and the principal component of any Subservicer Advance or of any REO Proceeds received in connection with an REO Property for which an REO Disposition has occurred; 
  
 (ii) All payments on account of interest at the Adjusted Mortgage Rate on the Mortgage Loans, including the
interest component of any Subservicer Advance or of any REO Proceeds received in connection with an REO Property for which an REO Disposition has occurred; 
  
 (iii) Insurance Proceeds, Subsequent Recoveries and Liquidation Proceeds (net of any related expenses of the Subservicer); 
  
 (iv) All proceeds of any Mortgage Loans purchased pursuant
to Section 2.02, 2.03, 2.04 or 4.07 (including amounts received from the Seller pursuant to the last paragraph of Section 4 of the Assignment Agreement in respect of any liability, penalty or expense that resulted from a breach of the representation
and warranty set forth in clause (xlvii) of Section 4 of the Assignment Agreement) and all amounts required to be deposited in connection with the substitution of a Qualified Substitute Mortgage Loan pursuant to Section 2.03 or 2.04; and 

 
 (v) Any amounts required to be deposited pursuant to
Section 3.07(c) and any payments or collections received in the nature of prepayment charges. 
  
 The foregoing requirements for deposit in the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments on the Mortgage Loans which are not
part of the Trust Fund (consisting of Monthly Payments due 

  

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before or in the month of the Cut-off Date) and payments or collections consisting of late payment charges or assumption fees may but need not be deposited
by the Master Servicer in the Custodial Account. In the event any amount not required to be deposited in the Custodial Account is so deposited, the Master Servicer may at any time withdraw such amount from the Custodial Account, any provision herein
to the contrary notwithstanding. The Custodial Account may contain funds that belong to one or more trust funds created for mortgage pass-through certificates of other series and may contain other funds respecting payments on mortgage loans
belonging to the Master Servicer or serviced or master serviced by it on behalf of others. Notwithstanding such commingling of funds, the Master Servicer shall keep records that accurately reflect the funds on deposit in the Custodial Account that
have been identified by it as being attributable to the Mortgage Loans. With respect to Insurance Proceeds, Liquidation Proceeds, REO Proceeds, Subsequent Recoveries and the proceeds of the purchase of any Mortgage Loan pursuant to Sections 2.02,
2.03, 2.04 and 4.07 received in any calendar month, the Master Servicer may elect to treat such amounts as included in the Available Distribution Amount for the Distribution Date in the month of receipt, but is not obligated to do so. If the Master
Servicer so elects, such amounts will be deemed to have been received (and any related Realized Loss shall be deemed to have occurred) on the last day of the month prior to the receipt thereof. 
  
 (c) The Master Servicer shall use its best efforts to cause the institution
maintaining the Custodial Account to invest the funds in the Custodial Account attributable to the Mortgage Loans in Permitted Investments which shall mature not later than the Certificate Account Deposit Date next following the date of such
investment (with the exception of the Amount Held for Future Distribution) and which shall not be sold or disposed of prior to their maturities. All income and gain realized from any such investment shall be for the benefit of the Master Servicer as
additional servicing compensation and shall be subject to its withdrawal or order from time to time. The amount of any losses incurred in respect of any such investments attributable to the investment of amounts in respect of the Mortgage Loans
shall be deposited in the Custodial Account by the Master Servicer out of its own funds immediately as realized. 
  
 (d) The Master Servicer shall give notice to the Trustee and the Depositor of any change in the location of the Custodial Account and the location of the
Certificate Account prior to the use thereof. 
  
 Section 3.08
Subservicing Accounts; Servicing Accounts. 
  
 (a) In those
cases where a Subservicer is servicing a Mortgage Loan pursuant to a Subservicing Agreement, the Master Servicer shall cause the Subservicer, pursuant to the Subservicing Agreement, to establish and maintain one or more Subservicing Accounts which
shall be an Eligible Account or, if such account is not an Eligible Account, shall generally satisfy the requirements of the Program Guide and be otherwise acceptable to the Master Servicer and each Rating Agency. The Subservicer will be required
thereby to deposit into the Subservicing Account on a daily basis all proceeds of Mortgage Loans received by the Subservicer, less its Subservicing Fees and unreimbursed advances and expenses, to the extent permitted by the Subservicing Agreement.
If the Subservicing Account is not an Eligible Account, the Master Servicer shall be deemed to have received such monies upon receipt thereof by the Subservicer. The Subservicer shall not be required to deposit in the Subservicing Account payments
or 

  

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collections in the nature of late charges or assumption fees, or payments or collections received in the nature of prepayment charges to the extent that the
Subservicer is entitled to retain such amounts pursuant to the Subservicing Agreement. On or before the date specified in the Program Guide, but in no event later than the Determination Date, the Master Servicer shall cause the Subservicer, pursuant
to the Subservicing Agreement, to remit to the Master Servicer for deposit in the Custodial Account all funds held in the Subservicing Account with respect to each Mortgage Loan serviced by such Subservicer that are required to be remitted to the
Master Servicer. The Subservicer will also be required, pursuant to the Subservicing Agreement, to advance on such scheduled date of remittance amounts equal to any scheduled monthly installments of principal and interest less its Subservicing Fees
on any Mortgage Loans for which payment was not received by the Subservicer. This obligation to advance with respect to each Mortgage Loan will continue up to and including the first of the month following the date on which the related Mortgaged
Property is sold at a foreclosure sale or is acquired by the Trust Fund by deed in lieu of foreclosure or otherwise. All such advances received by the Master Servicer shall be deposited promptly by it in the Custodial Account. 
  
 (b) The Subservicer may also be required, pursuant to the Subservicing
Agreement, to remit to the Master Servicer for deposit in the Custodial Account interest at the Adjusted Mortgage Rate (or Modified Net Mortgage Rate plus the rate per annum at which the Servicing Fee accrues in the case of a Modified Mortgage Loan)
on any Curtailment received by such Subservicer in respect of a Mortgage Loan from the related Mortgagor during any month that is to be applied by the Subservicer to reduce the unpaid principal balance of the related Mortgage Loan as of the first
day of such month, from the date of application of such Curtailment to the first day of the following month. Any amounts paid by a Subservicer pursuant to the preceding sentence shall be for the benefit of the Master Servicer as additional servicing
compensation and shall be subject to its withdrawal or order from time to time pursuant to Sections 3.10(a)(iv) and (v). 
  
 (c) In addition to the Custodial Account and the Certificate Account, the Master Servicer shall for any Nonsubserviced Mortgage Loan, and shall cause the
Subservicers for Subserviced Mortgage Loans to, establish and maintain one or more Servicing Accounts and deposit and retain therein all collections from the Mortgagors (or advances from Subservicers) for the payment of taxes, assessments, hazard
insurance premiums, Primary Insurance Policy premiums, if applicable, or comparable items for the account of the Mortgagors. Each Servicing Account shall satisfy the requirements for a Subservicing Account and, to the extent permitted by the Program
Guide or as is otherwise acceptable to the Master Servicer, may also function as a Subservicing Account. Withdrawals of amounts related to the Mortgage Loans from the Servicing Accounts may be made only to effect timely payment of taxes,
assessments, hazard insurance premiums, Primary Insurance Policy premiums, if applicable, or comparable items, to reimburse the Master Servicer or Subservicer out of related collections for any payments made pursuant to Sections 3.11 (with respect
to the Primary Insurance Policy) and 3.12(a) (with respect to hazard insurance), to refund to any Mortgagors any sums as may be determined to be overages, to pay interest, if required, to Mortgagors on balances in the Servicing Account or to clear
and terminate the Servicing Account at the termination of this Agreement in accordance with Section 9.01 or in accordance with the Program Guide. As part of its servicing duties, the Master Servicer shall, and the Subservicers will, pursuant to the
Subservicing Agreements, be required to pay to the Mortgagors interest on funds in this account to the extent required by law. 
  

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 (d) The Master Servicer shall advance the payments referred to in the preceding subsection that are not
timely paid by the Mortgagors or advanced by the Subservicers on the date when the tax, premium or other cost for which such payment is intended is due, but the Master Servicer shall be required so to advance only to the extent that such advances,
in the good faith judgment of the Master Servicer, will be recoverable by the Master Servicer out of Insurance Proceeds, Liquidation Proceeds or otherwise. 
  
 Section 3.09 Access to Certain Documentation and Information Regarding the Mortgage Loans. 
  
 In the event that compliance with this Section 3.09 shall make any Class of
Certificates legal for investment by federally insured savings and loan associations, the Master Servicer shall provide, or cause the Subservicers to provide, to the Trustee, the Office of Thrift Supervision or the FDIC and the supervisory agents
and examiners thereof access to the documentation regarding the Mortgage Loans required by applicable regulations of the Office of Thrift Supervision, such access being afforded without charge but only upon reasonable request and during normal
business hours at the offices designated by the Master Servicer. The Master Servicer shall permit such representatives to photocopy any such documentation and shall provide equipment for that purpose at a charge reasonably approximating the cost of
such photocopying to the Master Servicer. 
  
 Section 3.10
Permitted Withdrawals from the Custodial Account. 
  
 (a)
The Master Servicer may, from time to time as provided herein, make withdrawals from the Custodial Account of amounts on deposit therein pursuant to Section 3.07 that are attributable to the Mortgage Loans for the following purposes: 
  
 (i) to make deposits into the Certificate Account in the
amounts and in the manner provided for in Section 4.01; 
  
 (ii) to reimburse itself or the related Subservicer for previously unreimbursed Advances, Servicing Advances or other expenses made pursuant to Sections 3.01, 3.07(a), 3.08, 3.11, 3.12(a), 3.14 and 4.04 or otherwise
reimbursable pursuant to the terms of this Agreement, such withdrawal right being limited to amounts received on the related Mortgage Loans (including, for this purpose, REO Proceeds, Insurance Proceeds, Liquidation Proceeds and proceeds from the
purchase of a Mortgage Loan pursuant to Section 2.02, 2.03, 2.04 or 4.07) which represent (A) Late Collections of Monthly Payments for which any such advance was made in the case of Subservicer Advances or Advances pursuant to Section 4.04 and (B)
recoveries of amounts in respect of which such advances were made in the case of Servicing Advances; 
  
 (iii) to pay to itself or the related Subservicer (if not previously retained by such Subservicer) out of each payment received by the
Master Servicer on account of interest on a Mortgage Loan as contemplated by Sections 3.14 and 3.16, an amount equal to that remaining portion of any such payment as to interest (but not in excess of the Servicing Fee and the Subservicing Fee, if
not previously retained) which, when deducted, will result in the remaining amount of such interest being interest at a rate per 

  

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annum equal to the Net Mortgage Rate (or Modified Net Mortgage Rate in the case of a Modified Mortgage Loan) on the amount specified in the amortization
schedule of the related Mortgage Loan as the principal balance thereof at the beginning of the period respecting which such interest was paid after giving effect to any previous Curtailments; 
  
 (iv) to pay to itself as additional servicing compensation
any interest or investment income earned on funds and other property deposited in or credited to the Custodial Account that it is entitled to withdraw pursuant to Section 3.07(c); 
  
 (v) to pay to itself as additional servicing compensation any Foreclosure Profits, and any amounts remitted
by Subservicers as interest in respect of Curtailments pursuant to Section 3.08(b); 
  
 (vi) to pay to itself, a Subservicer, the Seller, the Depositor or any other appropriate Person, as the case may be, with respect to each
Mortgage Loan or property acquired in respect thereof that has been purchased or otherwise transferred pursuant to Section 2.02, 2.03, 2.04, 4.07 or 9.01, all amounts received thereon and not required to be distributed to Certificateholders as of
the date on which the related Stated Principal Balance or Purchase Price is determined; 
  
 (vii) to reimburse itself or the related Subservicer for any Nonrecoverable Advance or Advances in the manner and to the extent provided
in subsection (c) below, and any Advance or Servicing Advance made in connection with a modified Mortgage Loan that is in default or, in the judgment of the Master Servicer, default is reasonably foreseeable pursuant to Section 3.07(a), to the
extent the amount of the Advance or Servicing Advance was added to the Stated Principal Balance of the Mortgage Loan in a prior calendar month; 
  
 (viii) to reimburse itself or the Depositor for expenses incurred by and reimbursable to it or the Depositor pursuant to Section 3.01(a),
3.11, 3.13, 3.14(c), 6.03, 10.01 or otherwise, or in connection with enforcing any repurchase, substitution or indemnification obligation of Seller (other than the Depositor or an Affiliate of the Depositor) pursuant to the Seller’s Agreement;

  
 (ix) to reimburse itself for amounts expended
by it (a) pursuant to Section 3.14 in good faith in connection with the restoration of property damaged by an Uninsured Cause, and (b) in connection with the liquidation of a Mortgage Loan or disposition of an REO Property to the extent not
otherwise reimbursed pursuant to clause (ii) or (viii) above; and 
  
 (x) to withdraw any amount deposited in the Custodial Account that was not required to be deposited therein pursuant to Section 3.07, including any payoff fees or penalties or any other additional amounts payable to
the Master Servicer or Subservicer pursuant to the terms of the Mortgage Note. 
  
 (b) Since, in connection with withdrawals pursuant to clauses (ii), (iii), (v) and (vi), the Master Servicer’s entitlement thereto is limited to collections or other recoveries on the related Mortgage Loan, the
Master Servicer shall keep and maintain separate accounting, on a 

  

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Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Custodial Account pursuant to such clauses. 
  
 (c) The Master Servicer shall be entitled to reimburse itself or the related
Subservicer for any advance made in respect of a Mortgage Loan that the Master Servicer determines to be a Nonrecoverable Advance by withdrawal from the Custodial Account of amounts on deposit therein attributable to the Mortgage Loans on any
Certificate Account Deposit Date succeeding the date of such determination. Such right of reimbursement in respect of a Nonrecoverable Advance relating to an Advance made pursuant to Section 4.04 on any such Certificate Account Deposit Date shall be
limited to an amount not exceeding the portion of such advance previously paid to Certificateholders (and not theretofore reimbursed to the Master Servicer or the related Subservicer). 
  
 Section 3.11 Maintenance of Primary Insurance Coverage. 
  
 (a) The Master Servicer shall not take, or permit any Subservicer to take, any action which would result in noncoverage
under any applicable Primary Insurance Policy of any loss which, but for the actions of the Master Servicer or Subservicer, would have been covered thereunder. To the extent coverage is available, the Master Servicer shall keep or cause to be kept
in full force and effect each such Primary Insurance Policy until the principal balance of the related Mortgage Loan secured by a Mortgaged Property is reduced to xx% or less of the Appraised Value at origination in the case of such a Mortgage Loan
having a Loan-to-Value Ratio at origination in excess of xx%, provided that such Primary Insurance Policy was in place as of the Cut-off Date and the Master Servicer had knowledge of such Primary Insurance Policy. The Master Servicer shall not
cancel or refuse to renew any such Primary Insurance Policy applicable to a Nonsubserviced Mortgage Loan, or consent to any Subservicer canceling or refusing to renew any such Primary Insurance Policy applicable to a Mortgage Loan subserviced by it,
that is in effect at the date of the initial issuance of the Certificates and is required to be kept in force hereunder unless the replacement Primary Insurance Policy for such canceled or non-renewed policy is maintained with an insurer whose
claims-paying ability is acceptable to each Rating Agency for mortgage pass-through certificates having a rating equal to or better than the lower of the then-current rating or the rating assigned to the Certificates as of the Closing Date by such
Rating Agency. 
  
 (b) In connection with its activities as
administrator and servicer of the Mortgage Loans, the Master Servicer agrees to present or to cause the related Subservicer to present, on behalf of the Master Servicer, the Subservicer, if any, the Trustee and Certificateholders, claims to the
insurer under any Primary Insurance Policies, in a timely manner in accordance with such policies, and, in this regard, to take or cause to be taken such reasonable action as shall be necessary to permit recovery under any Primary Insurance Policies
respecting defaulted Mortgage Loans. Pursuant to Section 3.07, any Insurance Proceeds collected by or remitted to the Master Servicer under any Primary Insurance Policies shall be deposited in the Custodial Account, subject to withdrawal pursuant to
Section 3.10. 
  

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 Section 3.12 Maintenance of Fire Insurance and Omissions and Fidelity Coverage. 
  
 (a) The Master Servicer shall cause to be maintained for each Mortgage Loan
fire insurance with extended coverage in an amount which is equal to the lesser of the principal balance owing on such Mortgage Loan (together with the principal balance of any mortgage loan secured by a lien that is senior to the Mortgage Loan) or
xx% of the insurable value of the improvements; provided, however, that such coverage may not be less than the minimum amount required to fully compensate for any loss or damage on a replacement cost basis. To the extent it may do so without
breaching the related Subservicing Agreement, the Master Servicer shall replace any Subservicer that does not cause such insurance, to the extent it is available, to be maintained. The Master Servicer shall also cause to be maintained on property
acquired upon foreclosure, or deed in lieu of foreclosure, of any Mortgage Loan, fire insurance with extended coverage in an amount which is at least equal to the amount necessary to avoid the application of any co-insurance clause contained in the
related hazard insurance policy. Pursuant to Section 3.07, any amounts collected by the Master Servicer under any such policies (other than amounts to be applied to the restoration or repair of the related Mortgaged Property or property thus
acquired or amounts released to the Mortgagor in accordance with the Master Servicer’s normal servicing procedures) shall be deposited in the Custodial Account, subject to withdrawal pursuant to Section 3.10. Any cost incurred by the Master
Servicer in maintaining any such insurance shall not, for the purpose of calculating monthly distributions to Certificateholders, be added to the amount owing under the Mortgage Loan, notwithstanding that the terms of the Mortgage Loan so permit.
Such costs shall be recoverable by the Master Servicer out of related late payments by the Mortgagor or out of Insurance Proceeds and Liquidation Proceeds to the extent permitted by Section 3.10. It is understood and agreed that no earthquake or
other additional insurance is to be required of any Mortgagor or maintained on property acquired in respect of a Mortgage Loan other than pursuant to such applicable laws and regulations as shall at any time be in force and as shall require such
additional insurance. Whenever the improvements securing a Mortgage Loan are located at the time of origination of such Mortgage Loan in a federally designated special flood hazard area, the Master Servicer shall cause flood insurance (to the extent
available) to be maintained in respect thereof. Such flood insurance shall be in an amount equal to the lesser of (i) the amount required to compensate for any loss or damage to the Mortgaged Property on a replacement cost basis and (ii) the maximum
amount of such insurance available for the related Mortgaged Property under the national flood insurance program (assuming that the area in which such Mortgaged Property is located is participating in such program). 
  
 In the event that the Master Servicer shall obtain and maintain a blanket
fire insurance policy with extended coverage insuring against hazard losses on all of the Mortgage Loans, it shall conclusively be deemed to have satisfied its obligations as set forth in the first sentence of this Section 3.12(a), it being
understood and agreed that such policy may contain a deductible clause, in which case the Master Servicer shall, in the event that there shall not have been maintained on the related Mortgaged Property a policy complying with the first sentence of
this Section 3.12(a) and there shall have been a loss which would have been covered by such policy, deposit in the Certificate Account the amount not otherwise payable under the blanket policy because of such deductible clause. Any such deposit by
the Master Servicer shall be made on the Certificate Account Deposit Date next preceding the Distribution Date which occurs in the month following the month in which payments under any such policy would have been deposited 

  

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in the Custodial Account. In connection with its activities as administrator and servicer of the Mortgage Loans, the Master Servicer agrees to present, on
behalf of itself, the Trustee and Certificateholders, claims under any such blanket policy. 
  
 (b) The Master Servicer shall obtain and maintain at its own expense and keep in full force and effect throughout the term of this Agreement a blanket fidelity bond and an errors and omissions insurance policy
covering the Master Servicer’s officers and employees and other persons acting on behalf of the Master Servicer in connection with its activities under this Agreement. The amount of coverage shall be at least equal to the coverage that would be
required by Fannie Mae or Freddie Mac, whichever is greater, with respect to the Master Servicer if the Master Servicer were servicing and administering the Mortgage Loans for Fannie Mae or Freddie Mac. In the event that any such bond or policy
ceases to be in effect, the Master Servicer shall obtain a comparable replacement bond or policy from an issuer or insurer, as the case may be, meeting the requirements, if any, of the Program Guide and acceptable to the Depositor. Coverage of the
Master Servicer under a policy or bond obtained by an Affiliate of the Master Servicer and providing the coverage required by this Section 3.12(b) shall satisfy the requirements of this Section 3.12(b). 
  
 Section 3.13 Enforcement of Due-on-Sale Clauses; Assumption and
Modification Agreements; Certain Assignments. 
  
 (a) When any
Mortgaged Property is conveyed by the Mortgagor, the Master Servicer or Subservicer, to the extent it has knowledge of such conveyance, shall enforce any due-on-sale clause contained in any Mortgage Note or Mortgage, to the extent permitted under
applicable law and governmental regulations, but only to the extent that such enforcement will not adversely affect or jeopardize coverage under any Required Insurance Policy. Notwithstanding the foregoing: (i) the Master Servicer shall not be
deemed to be in default under this Section 3.13(a) by reason of any transfer or assumption which the Master Servicer is restricted by law from preventing; and (ii) if the Master Servicer determines that it is reasonably likely that any Mortgagor
will bring, or if any Mortgagor does bring, legal action to declare invalid or otherwise avoid enforcement of a due-on-sale clause contained in any Mortgage Note or Mortgage, the Master Servicer shall not be required to enforce the due-on-sale
clause or to contest such action. 
  
 (b) Subject to the Master
Servicer’s duty to enforce any due-on-sale clause to the extent set forth in Section 3.13(a), in any case in which a Mortgaged Property is to be conveyed to a Person by a Mortgagor, and such Person is to enter into an assumption or modification
agreement or supplement to the Mortgage Note or Mortgage which requires the signature of the Trustee, or if an instrument of release signed by the Trustee is required releasing the Mortgagor from liability on the Mortgage Loan, the Master Servicer
is authorized, subject to the requirements of the sentence next following, to execute and deliver, on behalf of the Trustee, the assumption agreement with the Person to whom the Mortgaged Property is to be conveyed and such modification agreement or
supplement to the Mortgage Note or Mortgage or other instruments as are reasonable or necessary to carry out the terms of the Mortgage Note or Mortgage or otherwise to comply with any applicable laws regarding assumptions or the transfer of the
Mortgaged Property to such Person; provided, however, none of such terms and requirements shall both constitute a “significant modification” effecting an exchange or 

  

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reissuance of such Mortgage Loan under the Code (or final, temporary or proposed Treasury regulations promulgated thereunder) and cause any REMIC created
hereunder to fail to qualify as a REMIC under the Code or the imposition of any tax on “prohibited transactions” or “contributions” after the Startup Date under the REMIC Provisions. The Master Servicer shall execute and deliver
such documents only if it reasonably determines that (i) its execution and delivery thereof will not conflict with or violate any terms of this Agreement or cause the unpaid balance and interest on the Mortgage Loan to be uncollectible in whole or
in part, (ii) any required consents of insurers under any Required Insurance Policies have been obtained and (iii) subsequent to the closing of the transaction involving the assumption or transfer (A) the Mortgage Loan will continue to be secured by
a first mortgage lien pursuant to the terms of the Mortgage, (B) such transaction will not adversely affect the coverage under any Required Insurance Policies, (C) the Mortgage Loan will fully amortize over the remaining term thereof, (D) no
material term of the Mortgage Loan (including the interest rate on the Mortgage Loan) will be altered nor will the term of the Mortgage Loan be changed and (E) if the seller/transferor of the Mortgaged Property is to be released from liability on
the Mortgage Loan, the buyer/transferee of the Mortgaged Property would be qualified to assume the Mortgage Loan based on generally comparable credit quality and such release will not (based on the Master Servicer’s or Subservicer’s good
faith determination) adversely affect the collectability of the Mortgage Loan. Upon receipt of appropriate instructions from the Master Servicer in accordance with the foregoing, the Trustee shall execute any necessary instruments for such
assumption or substitution of liability as directed by the Master Servicer. Upon the closing of the transactions contemplated by such documents, the Master Servicer shall cause the originals or true and correct copies of the assumption agreement,
the release (if any), or the modification or supplement to the Mortgage Note or Mortgage to be delivered to the Trustee or the Custodian and deposited with the Mortgage File for such Mortgage Loan. Any fee collected by the Master Servicer or such
related Subservicer for entering into an assumption or substitution of liability agreement will be retained by the Master Servicer or such Subservicer as additional servicing compensation. 
  
 (c) The Master Servicer or the related Subservicer, as the case may be, shall
be entitled to approve a request from a Mortgagor for a partial release of the related Mortgaged Property, the granting of an easement thereon in favor of another Person, any alteration or demolition of the related Mortgaged Property or other
similar matters if it has determined, exercising its good faith business judgment in the same manner as it would if it were the owner of the related Mortgage Loan, that the security for, and the timely and full collectability of, such Mortgage Loan
would not be adversely affected thereby and that any REMIC created hereunder would not fail to continue to qualify as a REMIC under the Code as a result thereof and (subject to Section 10.01(f)) that no tax on “prohibited transactions” or
“contributions” after the Startup Date would be imposed on any REMIC created hereunder as a result thereof. Any fee collected by the Master Servicer or the related Subservicer for processing such a request will be retained by the Master
Servicer or such Subservicer as additional servicing compensation. 
  
 (d) Subject to any other applicable terms and conditions of this Agreement, the Trustee and Master Servicer shall be entitled to approve an assignment in lieu of satisfaction with respect to any Mortgage Loan, provided the obligee with
respect to such Mortgage Loan following such proposed assignment provides the Trustee and Master Servicer with a “Lender Certification for Assignment of Mortgage Loan” in the form attached hereto as Exhibit M, in 

  

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form and substance satisfactory to the Trustee and Master Servicer, providing the following: (i) that the Mortgage Loan is secured by Mortgaged Property
located in a jurisdiction in which an assignment in lieu of satisfaction is required to preserve lien priority, minimize or avoid mortgage recording taxes or otherwise comply with, or facilitate a refinancing under, the laws of such jurisdiction;
(ii) that the substance of the assignment is, and is intended to be, a refinancing of such Mortgage Loan and that the form of the transaction is solely to comply with, or facilitate the transaction under, such local laws; (iii) that the Mortgage
Loan following the proposed assignment will have a rate of interest more than the greater of (A) xx% and (B) xx% of the annual yield of the unmodified Mortgage Loan, below or above the rate of interest on such Mortgage Loan prior to such proposed
assignment; and (iv) that such assignment is at the request of the borrower under the related Mortgage Loan. Upon approval of an assignment in lieu of satisfaction with respect to any Mortgage Loan, the Master Servicer shall receive cash in an
amount equal to the unpaid principal balance of and accrued interest on such Mortgage Loan, and the Master Servicer shall treat such amount as a Principal Prepayment in Full with respect to such Mortgage Loan for all purposes hereof. 
  
 Section 3.14 Realization Upon Defaulted Mortgage Loans. 
  
 (a) The Master Servicer shall foreclose upon or otherwise comparably convert
(which may include an REO Acquisition) the ownership of properties securing such of the Mortgage Loans as come into and continue in default and as to which no satisfactory arrangements can be made for collection of delinquent payments pursuant to
Section 3.07. Alternatively, the Master Servicer may take other actions in respect of a defaulted Mortgage Loan, which may include (i) accepting a short sale (a payoff of the Mortgage Loan for an amount less than the total amount contractually owed
in order to facilitate a sale of the Mortgaged Property by the Mortgagor) or permitting a short refinancing (a payoff of the Mortgage Loan for an amount less than the total amount contractually owed in order to facilitate refinancing transactions by
the Mortgagor not involving a sale of the Mortgaged Property), (ii) arranging for a repayment plan or (iii) agreeing to a modification in accordance with Section 3.07. In connection with such foreclosure or other conversion or action, the Master
Servicer shall, consistent with Section 3.11, follow such practices and procedures as it shall deem necessary or advisable, as shall be normal and usual in its general mortgage servicing activities and as shall be required or permitted by the
Program Guide; provided that the Master Servicer shall not be liable in any respect hereunder if the Master Servicer is acting in connection with any such foreclosure or other conversion or action in a manner that is consistent with the provisions
of this Agreement. The Master Servicer, however, shall not be required to expend its own funds or incur other reimbursable charges in connection with any foreclosure, or attempted foreclosure which is not completed, or towards the correction of any
default on a related senior mortgage loan, or towards the restoration of any property unless it shall determine (i) that such restoration and/or foreclosure will increase the proceeds of liquidation of the Mortgage Loan to Holders of Certificates of
one or more Classes after reimbursement to itself for such expenses or charges and (ii) that such expenses and charges will be recoverable to it through Liquidation Proceeds, Insurance Proceeds, or REO Proceeds (respecting which it shall have
priority for purposes of withdrawals from the Custodial Account pursuant to Section 3.10, whether or not such expenses and charges are actually recoverable from related Liquidation Proceeds, Insurance Proceeds or REO Proceeds). In the event of such
a determination by the Master Servicer pursuant to this Section 3.14(a), the Master Servicer shall be entitled to reimbursement of its funds so expended pursuant to Section 3.10. In addition, the 

  

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Master Servicer may pursue any remedies that may be available in connection with a breach of a representation and warranty with respect to any such Mortgage
Loan in accordance with Sections 2.03 and 2.04. However, the Master Servicer is not required to continue to pursue both foreclosure (or similar remedies) with respect to the Mortgage Loans and remedies in connection with a breach of a representation
and warranty if the Master Servicer determines in its reasonable discretion that one such remedy is more likely to result in a greater recovery as to the Mortgage Loan. Upon the occurrence of a Cash Liquidation or REO Disposition, following the
deposit in the Custodial Account of all Insurance Proceeds, Liquidation Proceeds and other payments and recoveries referred to in the definition of “Cash Liquidation” or “REO Disposition,” as applicable, upon receipt by the
Trustee of written notification of such deposit signed by a Servicing Officer, the Trustee or any Custodian, as the case may be, shall release to the Master Servicer the related Mortgage File and the Trustee shall execute and deliver such
instruments of transfer or assignment prepared by the Master Servicer, in each case without recourse, as shall be necessary to vest in the Master Servicer or its designee, as the case may be, the related Mortgage Loan, and thereafter such Mortgage
Loan shall not be part of the Trust Fund. Notwithstanding the foregoing or any other provision of this Agreement, in the Master Servicer’s sole discretion with respect to any defaulted Mortgage Loan or REO Property as to either of the following
provisions, (i) a Cash Liquidation or REO Disposition may be deemed to have occurred if substantially all amounts expected by the Master Servicer to be received in connection with the related defaulted Mortgage Loan or REO Property have been
received, and (ii) for purposes of determining the amount of any Liquidation Proceeds, Insurance Proceeds, REO Proceeds or other unscheduled collections or the amount of any Realized Loss, the Master Servicer may take into account minimal amounts of
additional receipts expected to be received or any estimated additional liquidation expenses expected to be incurred in connection with the related defaulted Mortgage Loan or REO Property. 
  
 (b) In the event that title to any Mortgaged Property is acquired by the
Trust Fund as an REO Property by foreclosure or by deed in lieu of foreclosure, the deed or certificate of sale shall be issued to the Trustee or to its nominee on behalf of Certificateholders. Notwithstanding any such acquisition of title and
cancellation of the related Mortgage Loan, such REO Property shall (except as otherwise expressly provided herein) be considered to be an Outstanding Mortgage Loan held in the Trust Fund until such time as the REO Property shall be sold. Consistent
with the foregoing for purposes of all calculations hereunder so long as such REO Property shall be considered to be an Outstanding Mortgage Loan it shall be assumed that, notwithstanding that the indebtedness evidenced by the related Mortgage Note
shall have been discharged, such Mortgage Note and the related amortization schedule in effect at the time of any such acquisition of title (after giving effect to any previous Curtailments and before any adjustment thereto by reason of any
bankruptcy or similar proceeding or any moratorium or similar waiver or grace period) remain in effect. 
  
 (c) In the event that the Trust Fund acquires any REO Property as aforesaid or otherwise in connection with a default or imminent default on a Mortgage
Loan, the Master Servicer on behalf of the Trust Fund shall dispose of such REO Property as soon as practicable, giving due consideration to the interests of the Certificateholders, but in all cases, within three full years after the taxable year of
its acquisition by the Trust Fund for purposes of Section 860G(a)(8) of the Code (or such shorter period as may be necessary under applicable state (including any state in which such property is located) law to maintain the status of each 

  

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REMIC created hereunder as a REMIC under applicable state law and avoid taxes resulting from such property failing to be foreclosure property under
applicable state law) or, at the expense of the Trust Fund, request, more than 60 days before the day on which such grace period would otherwise expire, an extension of such grace period unless the Master Servicer (subject to Section 10.01(f))
obtains for the Trustee an Opinion of Counsel, addressed to the Trustee and the Master Servicer, to the effect that the holding by the Trust Fund of such REO Property subsequent to such period will not result in the imposition of taxes on
“prohibited transactions” as defined in Section 860F of the Code or cause any REMIC created hereunder to fail to qualify as a REMIC (for federal (or any applicable State or local) income tax purposes) at any time that any Certificates are
outstanding, in which case the Trust Fund may continue to hold such REO Property (subject to any conditions contained in such Opinion of Counsel). The Master Servicer shall be entitled to be reimbursed from the Custodial Account for any costs
incurred in obtaining such Opinion of Counsel, as provided in Section 3.10. Notwithstanding any other provision of this Agreement, no REO Property acquired by the Trust Fund shall be rented (or allowed to continue to be rented) or otherwise used by
or on behalf of the Trust Fund in such a manner or pursuant to any terms that would (i) cause such REO Property to fail to qualify as “foreclosure property” within the meaning of Section 860G(a)(8) of the Code or (ii) subject any REMIC
created hereunder to the imposition of any federal income taxes on the income earned from such REO Property, including any taxes imposed by reason of Section 860G(c) of the Code, unless the Master Servicer has agreed to indemnify and hold harmless
the Trust Fund with respect to the imposition of any such taxes. 
  
 (d) The proceeds of any Cash Liquidation, REO Disposition or purchase or repurchase of any Mortgage Loan pursuant to the terms of this Agreement, as well as any recovery (other than Subsequent Recoveries) resulting from a collection of
Liquidation Proceeds, Insurance Proceeds or REO Proceeds, will be applied in the following order of priority: first, to reimburse the Master Servicer or the related Subservicer in accordance with Section 3.10(a)(ii); second, to the
Certificateholders to the extent of accrued and unpaid interest on the Mortgage Loan, and any related REO Imputed Interest, at the Net Mortgage Rate (or the Modified Net Mortgage Rate in the case of a Modified Mortgage Loan), to the Due Date in the
related Due Period prior to the Distribution Date on which such amounts are to be distributed; third, to the Certificateholders as a recovery of principal on the Mortgage Loan (or REO Property); fourth, to all Servicing Fees and
Subservicing Fees payable therefrom (and the Master Servicer and the Subservicer shall have no claims for any deficiencies with respect to such fees which result from the foregoing allocation); and fifth, to Foreclosure Profits. 

 
 (e) In the event of a default on a Mortgage Loan one or more of whose
obligors is not a United States Person, in connection with any foreclosure or acquisition of a deed in lieu of foreclosure (together, “foreclosure”) in respect of such Mortgage Loan, the Master Servicer shall cause compliance with the
provisions of Treasury Regulation Section 1.1445-2(d)(3) (or any successor thereto) necessary to assure that no withholding tax obligation arises with respect to the proceeds of such foreclosure except to the extent, if any, that proceeds of such
foreclosure are required to be remitted to the obligors on such Mortgage Loan. 
  

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 Section 3.15 Trustee to Cooperate; Release of Mortgage Files. 
  
 (a) Upon becoming aware of the payment in full of any Mortgage Loan, or upon
the receipt by the Master Servicer of a notification that payment in full will be escrowed in a manner customary for such purposes, the Master Servicer shall immediately notify the Trustee (if it holds the related Mortgage File) or the Custodian by
a certification of a Servicing Officer (which certification shall include a statement to the effect that all amounts received or to be received in connection with such payment which are required to be deposited in the Custodial Account pursuant to
Section 3.07 have been or will be so deposited), substantially in the form attached hereto as Exhibit G, or, in the case of a Custodian, an electronic request in a form acceptable to the Custodian, requesting delivery to it of the Mortgage File.
Upon receipt of such certification and request, the Trustee shall promptly release, or cause the Custodian to release, the related Mortgage File to the Master Servicer. The Master Servicer is authorized to execute and deliver to the Mortgagor the
request for reconveyance, deed of reconveyance or release or satisfaction of mortgage or such instrument releasing the lien of the Mortgage, together with the Mortgage Note with, as appropriate, written evidence of cancellation thereon and to cause
the removal from the registration on the MERS®
System of such Mortgage and to execute and deliver, on behalf of the Trustee and the Certificateholders or any of them, any and all instruments of satisfaction or cancellation or of partial or full release, including any applicable UCC termination
statements. No expenses incurred in connection with any instrument of satisfaction or deed of reconveyance shall be chargeable to the Custodial Account or the Certificate Account. 
  
 (b) From time to time as is appropriate for the servicing or foreclosure of any Mortgage Loan, the Master Servicer shall
deliver to the Custodian, with a copy to the Trustee, a certificate of a Servicing Officer substantially in the form attached as Exhibit G hereto, or, in the case of a Custodian, an electronic request in a form acceptable to the Custodian,
requesting that possession of all, or any document constituting part of, the Mortgage File be released to the Master Servicer and certifying as to the reason for such release and that such release will not invalidate any insurance coverage provided
in respect of the Mortgage Loan under any Required Insurance Policy. Upon receipt of the foregoing, the Trustee shall deliver, or cause the Custodian to deliver, the Mortgage File or any document therein to the Master Servicer. The Master Servicer
shall cause each Mortgage File or any document therein so released to be returned to the Trustee, or the Custodian as agent for the Trustee when the need therefor by the Master Servicer no longer exists, unless (i) the Mortgage Loan has been
liquidated and the Liquidation Proceeds relating to the Mortgage Loan have been deposited in the Custodial Account or (ii) the Mortgage File or such document has been delivered directly or through a Subservicer to an attorney, or to a public trustee
or other public official as required by law, for purposes of initiating or pursuing legal action or other proceedings for the foreclosure of the Mortgaged Property either judicially or non-judicially, and the Master Servicer has delivered directly
or through a Subservicer to the Trustee a certificate of a Servicing Officer certifying as to the name and address of the Person to which such Mortgage File or such document was delivered and the purpose or purposes of such delivery. In the event of
the liquidation of a Mortgage Loan, the Trustee shall deliver the Request for Release with respect thereto to the Master Servicer upon the Trustee’s receipt of notification from the Master Servicer of the deposit of the related Liquidation
Proceeds in the Custodial Account. 
  

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 (c) The Trustee or the Master Servicer on the Trustee’s behalf shall execute and deliver to the
Master Servicer, if necessary, any court pleadings, requests for trustee’s sale or other documents necessary to the foreclosure or trustee’s sale in respect of a Mortgaged Property or to any legal action brought to obtain judgment against
any Mortgagor on the Mortgage Note or Mortgage or to obtain a deficiency judgment, or to enforce any other remedies or rights provided by the Mortgage Note or Mortgage or otherwise available at law or in equity. Together with such documents or
pleadings (if signed by the Trustee), the Master Servicer shall deliver to the Trustee a certificate of a Servicing Officer requesting that such pleadings or documents be executed by the Trustee and certifying as to the reason such documents or
pleadings are required and that the execution and delivery thereof by the Trustee shall not invalidate any insurance coverage under any Required Insurance Policy or invalidate or otherwise affect the lien of the Mortgage, except for the termination
of such a lien upon completion of the foreclosure or trustee’s sale. 
  
 Section 3.16 Servicing and Other Compensation; Compensating Interest. 
  
 (a) The Master Servicer, as compensation for its activities hereunder, shall be entitled to receive on each Distribution Date the amounts provided for by
clauses (iii), (iv), (v) and (vi) of Section 3.10(a), subject to clause (e) below. The amount of servicing compensation provided for in such clauses shall be accounted for on a Mortgage Loan-by-Mortgage Loan basis. In the event that Liquidation
Proceeds, Insurance Proceeds and REO Proceeds (net of amounts reimbursable therefrom pursuant to Section 3.10(a)(ii)) in respect of a Cash Liquidation or REO Disposition exceed the unpaid principal balance of such Mortgage Loan plus unpaid interest
accrued thereon (including REO Imputed Interest) at a per annum rate equal to the related Net Mortgage Rate (or the Modified Net Mortgage Rate in the case of a Modified Mortgage Loan), the Master Servicer shall be entitled to retain therefrom and to
pay to itself and/or the related Subservicer, any Foreclosure Profits and any Servicing Fee or Subservicing Fee considered to be accrued but unpaid. 
  
 (b) Additional servicing compensation in the form of assumption fees, late payment charges, investment income on amounts in the Custodial Account or the
Certificate Account or otherwise shall be retained by the Master Servicer or the Subservicer to the extent provided herein, subject to clause (e) below. Prepayment charges shall be deposited into the Certificate Account and shall be paid on each
Distribution Date to the holders of the Class SB Certificates. 
  
 (c) The Master Servicer shall be required to pay, or cause to be paid, all expenses incurred by it in connection with its servicing activities hereunder (including payment of premiums for the Primary Insurance Policies, if any, to the
extent such premiums are not required to be paid by the related Mortgagors, and the fees and expenses of the Trustee and any Custodian) and shall not be entitled to reimbursement therefor except as specifically provided in Sections 3.10 and 3.14.

  
 (d) The Master Servicer’s right to receive servicing
compensation may not be transferred in whole or in part except in connection with the transfer of all of its responsibilities and obligations of the Master Servicer under this Agreement. 
  

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 (e) Notwithstanding clauses (a) and (b) above, the amount of servicing compensation that the Master
Servicer shall be entitled to receive for its activities hereunder for the period ending on each Distribution Date shall be reduced (but not below zero) by the amount of Compensating Interest (if any) for such Distribution Date used to cover
Prepayment Interest Shortfalls as provided in Section 3.16(f) below. Such reduction shall be applied during such period as follows: first, to any Servicing Fee or Subservicing Fee to which the Master Servicer is entitled pursuant to Section
3.10(a)(iii); and second, to any income or gain realized from any investment of funds held in the Custodial Account or the Certificate Account to which the Master Servicer is entitled pursuant to Sections 3.07(c) or 4.01(b), respectively. In making
such reduction, the Master Servicer shall not withdraw from the Custodial Account any such amount representing all or a portion of the Servicing Fee to which it is entitled pursuant to Section 3.10(a)(iii) and shall not withdraw from the Custodial
Account or Certificate Account any such amount to which it is entitled pursuant to Section 3.07(c) or 4.01(b). 
  
 (f) With respect to any Distribution Date, Prepayment Interest Shortfalls on the Mortgage Loans will be covered first, by the Master Servicer, but only to
the extent such Prepayment Interest Shortfalls do not exceed Eligible Master Servicing Compensation. 
  
 Section 3.17 Reports to the Trustee and the Depositor. 
  
 Not later than fifteen days after each Distribution Date, the Master Servicer shall forward to the Trustee and the Depositor a statement, certified by a
Servicing Officer, setting forth the status of the Custodial Account as of the close of business on such Distribution Date as it relates to the Mortgage Loans and showing, for the period covered by such statement, the aggregate of deposits in or
withdrawals from the Custodial Account in respect of the Mortgage Loans for each category of deposit specified in Section 3.07 and each category of withdrawal specified in Section 3.10. 
  
 Section 3.18 Annual Statement as to Compliance. 
  
 The Master Servicer shall deliver to the Depositor and the Trustee on or before the earlier of (a) March 31 of each year,
beginning with the first March 31 that occurs at least six months after the Cut-off Date or (b) with respect to any calendar year during which the Depositor’s annual report on Form 10-K is required to be filed in accordance with the Exchange
Act and the rules and regulations of the Commission, on or before the date on which the annual report on Form 10-K is required to be filed in accordance with the Exchange Act and the rules and regulations of the Commission, an Officers’
Certificate stating, as to each signer thereof, that (i) a review of the activities of the Master Servicer during the preceding calendar year related to its servicing of mortgage loans and of its performance under the pooling and servicing
agreements, including this Agreement, has been made under such officers’ supervision, (ii) to the best of such officers’ knowledge, based on such review, the Master Servicer has complied in all material respects with the minimum servicing
standards set forth in the Uniform Single Attestation Program for Mortgage Bankers and has fulfilled all of its material obligations relating to this Agreement in all material respects throughout such year, or, if there has been material
noncompliance with such servicing standards or a default in the fulfillment in all material respects of any such obligation relating to this Agreement, such statement shall include a description of such noncompliance or specify each such default, as
the case may be, known to 

  

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such officer and the nature and status thereof and (iii) to the best of such officers’ knowledge, each Subservicer has complied in all material respects
with the minimum servicing standards set forth in the Uniform Single Attestation Program for Mortgage Bankers and has fulfilled all of its material obligations under its Subservicing Agreement in all material respects throughout such year, or, if
there has been material noncompliance with such servicing standards or a material default in the fulfillment of such obligations relating to this Agreement, such statement shall include a description of such noncompliance or specify each such
default, as the case may be, known to such officer and the nature and status thereof. 
  
 Section 3.19 Annual Independent Public Accountants’ Servicing Report. 
  
 On or before the earlier of (a) March 31 of each year, beginning with the first March 31 that occurs at least six months after the Cut-off Date, or (b)
with respect to any calendar year during which the Depositor’s annual report on Form 10-K is required to be filed in accordance with the Exchange Act and the rules and regulations of the Commission, on or before the date on which the annual
report is required to be filed in accordance with the Exchange Act and the rules and regulations of the Commission, the Master Servicer at its expense shall cause a firm of independent public accountants, which shall be members of the American
Institute of Certified Public Accountants, to furnish a report to the Depositor and the Trustee stating its opinion that, on the basis of an examination conducted by such firm substantially in accordance with standards established by the American
Institute of Certified Public Accountants, the assertions made pursuant to Section 3.18 regarding compliance with the minimum servicing standards set forth in the Uniform Single Attestation Program for Mortgage Bankers during the preceding calendar
year are fairly stated in all material respects, subject to such exceptions and other qualifications that, in the opinion of such firm, such accounting standards require it to report. In rendering such statement, such firm may rely, as to matters
relating to the direct servicing of mortgage loans by Subservicers, upon comparable statements for examinations conducted by independent public accountants substantially in accordance with standards established by the American Institute of Certified
Public Accountants (rendered within one year of such statement) with respect to such Subservicers. In the event such firm requires the Trustee to agree to the procedures performed by such firm, the Master Servicer shall direct the Trustee in writing
to so agree; it being understood and agreed that the Trustee shall deliver such letter of agreement in conclusive reliance upon the direction of the Master Servicer, and the Trustee shall not make any independent inquiry or investigation as to, and
shall have no obligation or liability in respect of, the sufficiency, validity or correctness of such procedures. 
  
 Section 3.20 Right of the Depositor in Respect of the Master Servicer. 
  
 The Master Servicer shall afford the Depositor and the Trustee, upon reasonable notice, during normal business hours access
to all records maintained by the Master Servicer in respect of its rights and obligations hereunder and access to officers of the Master Servicer responsible for such obligations. Upon request, the Master Servicer shall furnish the Depositor with
its most recent financial statements and such other information as the Master Servicer possesses regarding its business, affairs, property and condition, financial or otherwise. The Master Servicer shall also cooperate with all reasonable requests
for information including, but not limited to, notices, tapes and copies of files, regarding itself, the Mortgage Loans or the Certificates from any Person or Persons identified by the Depositor or the Seller. The Depositor 

  

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may enforce the obligation of the Master Servicer hereunder and may, but it is not obligated to, perform or cause a designee to perform, any defaulted
obligation of the Master Servicer hereunder or exercise the rights of the Master Servicer hereunder; provided that the Master Servicer shall not be relieved of any of its obligations hereunder by virtue of such performance by the Depositor or its
designee. Neither the Depositor nor the Trustee shall have the responsibility or liability for any action or failure to act by the Master Servicer and the Depositor is not obligated to supervise the performance of the Master Servicer under this
Agreement or otherwise. 
  
 Section 3.21 Advance Facility.

  
 (a) The Master Servicer is hereby authorized to enter into a
financing or other facility (any such arrangement, an “Advance Facility”) under which (1) the Master Servicer sells, assigns or pledges to another Person (an “Advancing Person”) the Master Servicer’s rights under this
Agreement to be reimbursed for any Advances or Servicing Advances and/or (2) an Advancing Person agrees to fund some or all Advances and/or Servicing Advances required to be made by the Master Servicer pursuant to this Agreement. No consent of the
Depositor, the Trustee, the Certificateholders or any other party shall be required before the Master Servicer may enter into an Advance Facility. Notwithstanding the existence of any Advance Facility under which an Advancing Person agrees to fund
Advances and/or Servicing Advances on the Master Servicer’s behalf, the Master Servicer shall remain obligated pursuant to this Agreement to make Advances and Servicing Advances pursuant to and as required by this Agreement. If the Master
Servicer enters into an Advance Facility, and for so long as an Advancing Person remains entitled to receive reimbursement for any Advances including Nonrecoverable Advances (“Advance Reimbursement Amounts”) and/or Servicing Advances
including Nonrecoverable Advances (“Servicing Advance Reimbursement Amounts” and together with Advance Reimbursement Amounts, “Reimbursement Amounts”) (in each case to the extent such type of Reimbursement Amount is included in
the Advance Facility), as applicable, pursuant to this Agreement, then the Master Servicer shall identify such Reimbursement Amounts consistent with the reimbursement rights set forth in Section 3.10(a)(ii) and (vii) and remit such Reimbursement
Amounts in accordance with this Section 3.21 or otherwise in accordance with the documentation establishing the Advance Facility to such Advancing Person or to a trustee, agent or custodian (an “Advance Facility Trustee”) designated by
such Advancing Person in an Advance Facility Notice described below in Section 3.21(b). Notwithstanding the foregoing, if so required pursuant to the terms of the Advance Facility, the Master Servicer may direct, and if so directed in writing, the
Trustee is hereby authorized to and shall pay to the Advance Facility Trustee the Reimbursement Amounts identified pursuant to the preceding sentence. An Advancing Person whose obligations hereunder are limited to the funding of Advances and/or
Servicing Advances shall not be required to meet the qualifications of a Master Servicer or a Subservicer pursuant to Section 3.02(a) or 6.02(c) and shall not be deemed to be a Subservicer under this Agreement. Notwithstanding anything to the
contrary herein, in no event shall Advance Reimbursement Amounts or Servicing Advance Reimbursement Amounts be included in the Available Distribution Amount or distributed to Certificateholders. 
  
 (b) If the Master Servicer enters into an Advance Facility and makes the
election set forth in Section 3.21(a), the Master Servicer and the related Advancing Person shall deliver to the Trustee a written notice and payment instruction (an “Advance Facility Notice”), providing 

  

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the Trustee with written payment instructions as to where to remit Advance Reimbursement Amounts and/or Servicing Advance Reimbursement Amounts (each to the
extent such type of Reimbursement Amount is included within the Advance Facility) on subsequent Distribution Dates. The payment instruction shall require the applicable Reimbursement Amounts to be distributed to the Advancing Person or to an Advance
Facility Trustee designated in the Advance Facility Notice. An Advance Facility Notice may only be terminated by the joint written direction of the Master Servicer and the related Advancing Person (and any related Advance Facility Trustee).

  
 (c) Reimbursement Amounts shall consist solely of amounts in
respect of Advances and/or Servicing Advances made with respect to the Mortgage Loans for which the Master Servicer would be permitted to reimburse itself in accordance with Section 3.10(a)(ii) and (vii), assuming the Master Servicer or the
Advancing Person had made the related Advance(s) and/or Servicing Advance(s). Notwithstanding the foregoing, except with respect to reimbursement of Nonrecoverable Advances as set forth in Section 3.10(c) of this Agreement, no Person shall be
entitled to reimbursement from funds held in the Collection Account for future distribution to Certificateholders pursuant to this Agreement. Neither the Depositor nor the Trustee shall have any duty or liability with respect to the calculation of
any Reimbursement Amount, nor shall the Depositor or the Trustee have any responsibility to track or monitor the administration of the Advance Facility and the Depositor shall not have any responsibility to track, monitor or verify the payment of
Reimbursement Amounts to the related Advancing Person or Advance Facility Trustee. The Master Servicer shall maintain and provide to any successor master servicer a detailed accounting on a loan-by-loan basis as to amounts advanced by, sold, pledged
or assigned to, and reimbursed to any Advancing Person. The successor master servicer shall be entitled to rely on any such information provided by the Master Servicer, and the successor master servicer shall not be liable for any errors in such
information. 
  
 (d) Upon the direction of and at the expense of
the Master Servicer, the Trustee agrees to execute such acknowledgments, certificates, and other documents reasonably satisfactory to the Trustee provided by the Master Servicer and reasonable satisfactory to the Trustee recognizing the interests of
any Advancing Person or Advance Facility Trustee in such Reimbursement Amounts as the Master Servicer may cause to be made subject to Advance Facilities pursuant to this Section 3.21, and such other documents in connection with such Advance Facility
as may be reasonably requested from time to time by any Advancing Person or Advance Facility Trustee and reasonably satisfactory to the Trustee. 
  
 (e) Reimbursement Amounts collected with respect to each Mortgage Loan shall be allocated to outstanding unreimbursed Advances or Servicing Advances (as
the case may be) made with respect to that Mortgage Loan on a “first-in, first out” (“FIFO”) basis, subject to the qualifications set forth below: 
  
 (i) Any successor Master Servicer to the Master Servicer (a “Successor Master Servicer”) and the
Advancing Person or Advance Facility Trustee shall be required to apply all amounts available in accordance with this Section 3.21(e) to the reimbursement of Advances and Servicing Advances in the manner provided for herein; provided, however, that
after the succession of a Successor Master Servicer, (A) to the extent that any Advances or Servicing Advances with respect to any particular Mortgage 

  

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Loan are reimbursed from payments or recoveries, if any, from the related Mortgagor, and Liquidation Proceeds or Insurance Proceeds, if any, with respect to
that Mortgage Loan, reimbursement shall be made, first, to the Advancing Person or Advance Facility Trustee in respect of Advances and/or Servicing Advances related to that Mortgage Loan to the extent of the interest of the Advancing Person or
Advance Facility Trustee in such Advances and/or Servicing Advances, second to the Master Servicer in respect of Advances and/or Servicing Advances related to that Mortgage Loan in excess of those in which the Advancing Person or Advance Facility
Trustee Person has an interest, and third, to the Successor Master Servicer in respect of any other Advances and/or Servicing Advances related to that Mortgage Loan, from such sources as and when collected, and (B) reimbursements of Advances and
Servicing Advances that are Nonrecoverable Advances shall be made pro rata to the Advancing Person or Advance Facility Trustee, on the one hand, and any such Successor Master Servicer, on the other hand, on the basis of the respective aggregate
outstanding unreimbursed Advances and Servicing Advances that are Nonrecoverable Advances owed to the Advancing Person, Advance Facility Trustee or Master Servicer pursuant to this Agreement, on the one hand, and any such Successor Master Servicer,
on the other hand, and without regard to the date on which any such Advances or Servicing Advances shall have been made. In the event that, as a result of the FIFO allocation made pursuant to this Section 3.21(e), some or all of a Reimbursement
Amount paid to the Advancing Person or Advance Facility Trustee relates to Advances or Servicing Advances that were made by a Person other than the Master Servicer or the Advancing Person or Advance Facility Trustee, then the Advancing Person or
Advance Facility Trustee shall be required to remit any portion of such Reimbursement Amount to the Person entitled to such portion of such Reimbursement Amount. Without limiting the generality of the foregoing, the Master Servicer shall remain
entitled to be reimbursed by the Advancing Person or Advance Facility Trustee for all Advances and Servicing Advances funded by the Master Servicer to the extent the related Reimbursement Amount(s) have not been assigned or pledged to an Advancing
Person or Advance Facility Trustee. The documentation establishing any Advance Facility shall require the Master Servicer to provide to the related Advancing Person or Advance Facility Trustee loan by loan information with respect to each
Reimbursement Amount distributed to such Advancing Person or Advance Facility Trustee on each date of remittance thereof to such Advancing Person or Advance Facility Trustee, to enable the Advancing Person or Advance Facility Trustee to make the
FIFO allocation of each Reimbursement Amount with respect to each Mortgage Loan. 
  
 (ii) By way of illustration, and not by way of limiting the generality of the foregoing, if the Master Servicer resigns or is terminated
at a time when the Master Servicer is a party to an Advance Facility, and is replaced by a Successor Master Servicer, and the Successor Master Servicer directly funds Advances or Servicing Advances with respect to a Mortgage Loan and does not assign
or pledge the related Reimbursement Amounts to the related Advancing Person or Advance Facility Trustee, then all payments and recoveries received from the related Mortgagor or received in the form of Liquidation Proceeds with respect to such
Mortgage Loan (including Insurance Proceeds collected in connection with a liquidation of such Mortgage Loan) will be allocated first to the Advancing Person or Advance Facility Trustee until the related Reimbursement Amounts attributable to such
Mortgage Loan that are owed to the Master 

  

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Servicer and the Advancing Person, which were made prior to any Advances or Servicing Advances made by the Successor Master Servicer, have been reimbursed in
full, at which point the Successor Master Servicer shall be entitled to retain all related Reimbursement Amounts subsequently collected with respect to that Mortgage Loan pursuant to Section 3.10 of this Agreement. To the extent that the Advances or
Servicing Advances are Nonrecoverable Advances to be reimbursed on an aggregate basis pursuant to Section 3.10 of this Agreement, the reimbursement paid in this manner will be made pro rata to the Advancing Person or Advance Facility Trustee, on the
one hand, and the Successor Master Servicer, on the other hand, as described in clause (i)(B) above. 
  
 (f) The Master Servicer shall remain entitled to be reimbursed for all Advances and Servicing Advances funded by the Master Servicer to the extent the
related rights to be reimbursed therefor have not been sold, assigned or pledged to an Advancing Person. 
  
 (g) Any amendment to this Section 3.21 or to any other provision of this Agreement that may be necessary or appropriate to effect the terms of an Advance
Facility as described generally in this Section 3.21, including amendments to add provisions relating to a successor master servicer, may be entered into by the Trustee, the Depositor and the Master Servicer without the consent of any
Certificateholder, with written confirmation from each Rating Agency that the amendment will not result in the reduction of the ratings on any class of the Certificates below the lesser of the then current or original ratings on such Certificates
and delivery of an Opinion of Counsel as required under Section 11.01(c), notwithstanding anything to the contrary in Section 11.01 of or elsewhere in this Agreement. 
  
 (h) Any rights of set-off that the Trust Fund, the Trustee, the Depositor, any Successor Master Servicer or any other Person
might otherwise have against the Master Servicer under this Agreement shall not attach to any rights to be reimbursed for Advances or Servicing Advances that have been sold, transferred, pledged, conveyed or assigned to any Advancing Person.

  
 (i) At any time when an Advancing Person shall have ceased
funding Advances and/or Servicing Advances (as the case may be) and the Advancing Person or related Advance Facility Trustee shall have received Reimbursement Amounts sufficient in the aggregate to reimburse all Advances and/or Servicing Advances
(as the case may be) the right to reimbursement for which were assigned to the Advancing Person, then upon the delivery of a written notice signed by the Advancing Person and the Master Servicer or its successor or assign) to the Trustee terminating
the Advance Facility Notice (the “Notice of Facility Termination”), the Master Servicer or its Successor Master Servicer shall again be entitled to withdraw and retain the related Reimbursement Amounts from the Custodial Account pursuant
to Section 3.10. 
  
 (j) After delivery of any Advance Facility
Notice, and until any such Advance Facility Notice has been terminated by a Notice of Facility Termination, this Section 3.21 may not be amended or otherwise modified without the prior written consent of the related Advancing Person. 
  

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 ARTICLE IV 
 PAYMENTS TO CERTIFICATEHOLDERS 
  
 Section 4.01 Certificate Account. 
  
 (a) The
Master Servicer acting as agent of the Trustee shall establish and maintain a Certificate Account in which the Master Servicer shall cause to be deposited on behalf of the Trustee on or before 2:00 P.M. New York time on each Certificate Account
Deposit Date by wire transfer of immediately available funds an amount equal to the sum of (i) any Advance for the immediately succeeding Distribution Date, (ii) any amount required to be deposited in the Certificate Account pursuant to Section
3.12(a), (iii) any amount required to be deposited in the Certificate Account pursuant to Section 3.16(e) or 4.07, (iv) any amount required to be paid pursuant to Section 9.01, and (v) other amounts constituting the Available Distribution Amount for
the immediately succeeding Distribution Date. 
  
 (b) The Trustee
shall, upon written request from the Master Servicer, invest or cause the institution maintaining the Certificate Account to invest the funds in the Certificate Account in Permitted Investments designated in the name of the Trustee for the benefit
of the Certificateholders, which shall mature not later than the Business Day next preceding the Distribution Date next following the date of such investment (except that (i) if such Permitted Investment is an obligation of the institution that
maintains such account or fund for which such institution serves as custodian, then such Permitted Investment may mature on such Distribution Date and (ii) any other investment may mature on such Distribution Date if the Trustee shall advance funds
on such Distribution Date to the Certificate Account in the amount payable on such investment on such Distribution Date, pending receipt thereof to the extent necessary to make distributions on the Certificates) and shall not be sold or disposed of
prior to maturity. All income and gain realized from any such investment shall be for the benefit of the Master Servicer and shall be subject to its withdrawal or order from time to time. The amount of any losses incurred in respect of
any such investments shall be deposited in the Certificate Account by the Master Servicer out of its own funds immediately as realized. 
  
 Section 4.02 Distributions. 
  
 (a) On each Distribution Date, the Trustee (or the Paying Agent on behalf of the Trustee) shall allocate and distribute the Available Distribution Amount,
if any, for such date to the interests issued in respect of REMIC I and REMIC II as specified in this Section. 
  
 (b) (1) On each Distribution Date, the REMIC I Distribution Amount shall be distributed by REMIC I to REMIC II on account of the REMIC I Regular Interests
and to Holders of the Class R-I Certificates in the amounts and with the priorities set forth in the definition thereof. 
  
 (2) Notwithstanding the distributions described in this Section 4.02(b), distribution of funds from the Certificate Account shall be made
only in accordance with Section 4.02(c). 
  
 (c) On each
Distribution Date (x) the Master Servicer on behalf of the Trustee or (y) the Paying Agent appointed by the Trustee, shall distribute to each Certificateholder of record on 

  

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the next preceding Record Date (other than as provided in Section 9.01 respecting the final distribution) either in immediately available funds (by wire
transfer or otherwise) to the account of such Certificateholder at a bank or other entity having appropriate facilities therefor, if such Certificateholder has so notified the Master Servicer or the Paying Agent, as the case may be, or, if such
Certificateholder has not so notified the Master Servicer or the Paying Agent by the Record Date, by check mailed to such Certificateholder at the address of such Holder appearing in the Certificate Register such Certificateholder’s share
(which share with respect to each Class of Certificates, shall be based on the aggregate of the Percentage Interests represented by Certificates of the applicable Class held by such Holder of the following amounts), in the following order of
priority, in each case to the extent of the Available Distribution Amount on deposit in the Certificate Account (except, with respect to clauses (iii), (vii) and (x) below, to the extent of the remaining Available Distribution Amount plus the
remaining Hedge Payment or, with respect to clause (x)(B) below, to the extent of prepayment charges on deposit in the Certificate Account): 
  
 (i) to the Class A Certificateholders, the REMIC Interest Amount payable on the Class A Certificates with respect to such Distribution
Date, plus any related amounts accrued pursuant to this clause (i) but remaining unpaid from any prior Distribution Date being paid from and in reduction of the Available Distribution Amount for such Distribution Date; 
  
 (ii) to the Class M Certificateholders and Class B
Certificateholders, from the amount, if any, of the Available Distribution Amount remaining after the foregoing distributions, the REMIC Interest Amount payable on the Class M Certificates and Class B Certificates with respect to such Distribution
Date, plus any related amounts accrued pursuant to this clause (ii) but remaining unpaid from any prior Distribution Date, sequentially, to the Class M-1 Certificateholders, Class M-2 Certificateholders, Class M-3 Certificateholders, Class M-4
Certificateholders, Class M-5 Certificateholders, Class M-6 Certificateholders, Class M-7 Certificateholders, Class M-8 Certificateholders, Class M-9 Certificateholders, Class M-10 Certificateholders, Class B-1 Certificateholders, Class B-2
Certificateholders, Class B-3 Certificateholders and Class B-4 Certificateholders, in that order, being paid from and in reduction of the Available Distribution Amount for such Distribution Date; 
  
 (iii) to the Class A Certificateholders, Class M
Certificateholders and Class B Certificateholders, the related Accrued Certificate Interest in excess of the REMIC Interest Amount, if any, pro rata, based upon the amount of the related Accrued Certificate Interest in excess of the REMIC Interest
Amount due thereon, being paid from and in reduction of the Hedge Payment for such Distribution Date; 
  
 (iv) the Principal Distribution Amount shall be distributed as follows, to be applied to reduce the Certificate Principal Balance of the
applicable Certificates in each case to the extent of the remaining Principal Distribution Amount: 
  
 (A) first, the Class A Principal Distribution Amount, sequentially, to the Class A-[1] Certificateholders, Class A-[2]
Certificateholders, Class A-[3] Certificateholders and Class A-[4] Certificateholders, in that order, until the 

  

 90 

 
aggregate Certificate Principal Balance of the Class A Certificates has been reduced to zero; 
  
 (B) second, to the Class M-1 Certificateholders, the Class M-1 Principal Distribution Amount, until
the Certificate Principal Balance of the Class M-1 Certificates has been reduced to zero; 
  
 (C) third, to the Class M-2 Certificateholders, the Class M-2 Principal Distribution Amount, until the Certificate Principal
Balance of the Class M-2 Certificates has been reduced to zero; 
  
 (D) fourth, to the Class M-3 Certificateholders, the Class M-3 Principal Distribution Amount, until the Certificate Principal Balance of the Class M-3 Certificates has been reduced to zero; 
  
 (E) fifth, to the Class M-4 Certificateholders, the
Class M-4 Principal Distribution Amount, until the Certificate Principal Balance of the Class M-4 Certificates has been reduced to zero; 
  
 (F) sixth, to the Class M-5 Certificateholders, the Class M-5 Principal Distribution Amount, until the Certificate Principal
Balance of the Class M-5 Certificates has been reduced to zero; 
  
 (G) seventh, to the Class M-6 Certificateholders, the Class M-6 Principal Distribution Amount, until the Certificate Principal Balance of the Class M-6 Certificates has been reduced to zero; 
  
 (H) eighth, to the Class M-7 Certificateholders, the
Class M-7 Principal Distribution Amount, until the Certificate Principal Balance of the Class M-7 Certificates has been reduced to zero; 
  
 (I) ninth, to the Class M-8 Certificateholders, the Class M-8 Principal Distribution Amount, until the Certificate Principal
Balance of the Class M-8 Certificates has been reduced to zero; 
  
 (J) tenth, to the Class M-9 Certificateholders, the Class M-9 Principal Distribution Amount, until the Certificate Principal Balance of the Class M-9 Certificates has been reduced to zero; 
  
 (K) eleventh, to the Class M-10 Certificateholders,
the Class M-10 Principal Distribution Amount, until the Certificate Principal Balance of the Class M-10 Certificates has been reduced to zero; 
  
 (L) twelfth, to the Class B-1 Certificateholders, the Class B-1 Principal Distribution Amount, until the Certificate Principal
Balance of the Class B-1 Certificates has been reduced to zero; 
  

 91 

 (M) thirteenth, to the Class B-2 Certificateholders, the Class B-2 Principal
Distribution Amount, until the Certificate Principal Balance of the Class B-2 Certificates has been reduced to zero; 
  
 (N) fourteenth, to the Class B-3 Certificateholders, the Class B-3 Principal Distribution Amount, until the Certificate Principal
Balance of the Class B-3 Certificates has been reduced to zero; and 
  
 (O) fifteenth, to the Class B-4 Certificateholders, the Class B-4 Principal Distribution Amount, until the Certificate Principal Balance of the Class B-4 Certificates has been reduced to zero; 
  
 (v) to the Class A Certificateholders, Class M
Certificateholders and Class B Certificateholders, the amount of any Prepayment Interest Shortfalls allocated thereto for such Distribution Date, on a pro rata basis based on Prepayment Interest Shortfalls allocated thereto to the extent not offset
by Eligible Master Servicing Compensation on such Distribution Date; 
  
 (vi) to the Class A Certificateholders, Class M Certificateholders and Class B Certificateholders, the amount of any Prepayment Interest Shortfalls previously allocated thereto remaining unpaid from prior Distribution
Dates together with interest thereon at the related Pass-Through Rate, on a pro rata basis based on unpaid Prepayment Interest Shortfalls previously allocated thereto; 
  
 (vii) (A) to the Class A Certificateholders, Class M Certificateholders and Class B Certificateholders, the
amount of any unpaid Basis Risk Shortfalls allocated thereto, sequentially, to the Class A Certificateholders, on a pro rata basis based on the amount of unpaid Basis Risk Shortfalls allocated thereto, and then, to the Class M-1, Class M-2, Class
M-3, Class M-4, Class M-5, Class M-6, Class M-7, Class M-8, Class M-9, Class M-10, Class B-1, Class B-2, Class B-3 and Class B-4 Certificateholders, in that order, the amount of any unpaid Basis Risk Shortfalls allocated thereto, in each case being
paid from and in reduction of the Hedge Payment remaining after the distributions in clause (iii) above, and (B) from the Available Distribution Amount remaining after making the distributions in clause (vi) above, first, to the Class A
Certificateholders, the amount of any Basis Risk Shortfalls allocated thereto and remaining unpaid after the distributions described in clause (vii)(A) above, on a pro rata basis based on the amount of unpaid Basis Risk Shortfalls allocated thereto
and then, sequentially, to the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class M-7, Class M-8, Class M-9, Class M-10, Class B-1, Class B-2, Class B-3 and Class B-4 Certificateholders, in that order, the amount of any Basis
Risk Shortfalls allocated thereto and remaining unpaid after the distributions described in clause (vii)(A) above; 
  
 (viii) to the Class A Certificateholders, Class M Certificateholders and Class B Certificateholders, Relief Act Shortfalls allocated
thereto for such Distribution Date, on a pro rata basis based on Relief Act Shortfalls allocated thereto for such Distribution Date, 
  

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 (ix) to the Class A Certificateholders, the principal portion of any Realized Losses
previously allocated thereto and remaining unreimbursed, on a pro rata basis based on their respective principal portion of any Realized Losses previously allocated to those Certificates and remaining unreimbursed, and then, sequentially, to the
Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class M-7, Class M-8, Class M-9, Class M-10, Class B-1, Class B-2, Class B-3 and Class B-4 Certificateholders, in that order, the principal portion of any Realized Losses previously
allocated thereto and remaining unreimbursed; 
  
 (x) to the Class SB Certificates, (A) from the amount, if any, of the Excess Cash Flow remaining after the foregoing distributions, the sum of (I) Accrued Certificate Interest thereon, (II) the amount of any Overcollateralization Reduction
Amount for such Distribution Date, (III) the amount of any Hedge Shortfall Amount for such Distribution Date, (IV) the amount of any Hedge Shortfall Carry-Forward Amount for such Distribution Date and (V) for any Distribution Date after the
Certificate Principal Balance of each Class of Class A Certificates, Class M Certificates and Class B Certificates has been reduced to zero, the Overcollateralization Amount, (B) from prepayment charges on deposit in the Certificate Account, any
prepayment charges received on the Mortgage Loans during the related Prepayment Period and (C) from the Hedge Payment, if any, the amount of such Hedge Payment remaining after the foregoing distributions; and 
  
 (xi) to the Class R-II Certificateholders, the balance, if
any, of the Excess Cash Flow. 
  
 (d) Notwithstanding the
foregoing clause (c), upon the reduction of the Certificate Principal Balance of a Class of Class A Certificates, Class M Certificates or Class B Certificates to zero, such Class of Certificates will not be entitled to further distributions pursuant
to Section 4.02. 
  
 (e) Each distribution with respect to a
Book-Entry Certificate shall be paid to the Depository, as Holder thereof, and the Depository shall be responsible for crediting the amount of such distribution to the accounts of its Depository Participants in accordance with its normal
procedures. Each Depository Participant shall be responsible for disbursing such distribution to the Certificate Owners that it represents and to each indirect participating brokerage firm (a “brokerage firm” or “indirect
participating firm”) for which it acts as agent. Each brokerage firm shall be responsible for disbursing funds to the Certificate Owners that it represents. None of the Trustee, the Certificate Registrar, the Depositor or the
Master Servicer shall have any responsibility therefor except as otherwise provided by this Agreement or applicable law. 
  
 (f) Except as otherwise provided in Section 9.01, if the Master Servicer anticipates that a final distribution with respect to any Class of Certificates
will be made on the next Distribution Date, the Master Servicer shall, no later than the Determination Date in the month of such final distribution, notify the Trustee and the Trustee shall, no later than two (2) Business Days after such
Determination Date, mail on such date to each Holder of such Class of Certificates a notice to the effect that: (i) the Trustee anticipates that the final distribution with respect to such Class of Certificates will be made on such Distribution Date
but only upon presentation and surrender of such Certificates at the office of the Trustee or as otherwise 

  

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specified therein, and (ii) no interest shall accrue on such Certificates from and after the end of the prior calendar month. In the event that
Certificateholders required to surrender their Certificates pursuant to Section 9.01(c) do not surrender their Certificates for final cancellation, the Trustee shall cause funds distributable with respect to such Certificates to be held in the
Certificate Account for the benefit of such Certificateholders as provided in Section 9.01(d). 
  
 Section 4.03 Statements to Certificateholders; Statements to Rating Agencies; Exchange Act Reporting. 
  
 (a) Concurrently with each distribution charged to the Certificate Account and with respect to each Distribution Date the Master Servicer shall forward to
the Trustee and the Trustee shall forward by mail or otherwise make available electronically on its website (which may be obtained by any Certificateholder by telephoning the Trustee at xxx-xxx-xxxx) to each Holder and the Depositor a statement
setting forth the following information as to each Class of Certificates, in each case to the extent applicable: 
  
 (i) (A) the amount of such distribution to the Certificateholders of such Class applied to reduce the Certificate Principal Balance
thereof, and (B) the aggregate amount included therein representing Principal Prepayments; 
  
 (ii) the amount of such distribution to Holders of such Class of Certificates allocable to interest; 
  
 (iii) if the distribution to the Holders of such Class of
Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall; 
  
 (iv) the amount of any Advance by the Master Servicer with respect to the Mortgage Loans pursuant to Section
4.04; 
  
 (v) the number and aggregate Stated
Principal Balance of the Mortgage Loans in the aggregate after giving effect to the distribution of principal on such Distribution Date; 
  
 (vi) the aggregate Certificate Principal Balance of each Class of the Certificates, after giving effect to the amounts distributed on such
Distribution Date, separately identifying any reduction thereof due to Realized Losses other than pursuant to an actual distribution of principal; 
  
 (vii) on the basis of the most recent reports furnished to it by Subservicers, (A) the number and aggregate principal balances of Mortgage
Loans that are Delinquent (1) 30-59 days, (2) 60-89 days and (3) 90 or more days and the number and aggregate principal balance of Mortgage Loans that are in foreclosure, (B) the number and aggregate principal balances of the Mortgage Loans in the
aggregate that are Reportable Modified Mortgage Loans that are in foreclosure and are REO Property, indicating in each case capitalized Mortgage Loans, other Servicing Modifications and totals, and (C) for all Reportable Modified Mortgage Loans, the
number and aggregate principal 

  

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balances of the Mortgage Loans in the aggregate that have been liquidated, the subject of pay-offs and that have been repurchased by the Master Servicer or
Seller; 
  
 (viii) the number, aggregate
principal balance and book value of any REO Properties with respect to the Mortgage Loans; 
  
 (ix) the aggregate Accrued Certificate Interest remaining unpaid, if any, for each Class of Certificates, after giving effect to the
distribution made on such Distribution Date; 
  
 (x) the aggregate amount of Realized Losses with respect to the Mortgage Loans for such Distribution Date and the aggregate amount of Realized Losses with respect to the Mortgage Loans incurred since the Cut-off Date; 
  
 (xi) the Pass-Through Rate on each Class of Certificates,
the Net WAC Cap Rate and the Weighted Average Maximum Net Mortgage Rate; 
  
 (xii) the Basis Risk Shortfalls and Prepayment Interest Shortfalls; 
  
 (xiii) the Overcollateralization Amount and the Required Overcollateralization Amount following such Distribution Date; 
  
 (xiv) the number and aggregate principal balance of the
Mortgage Loans repurchased under Section 4.07; 
  
 (xv) the aggregate amount of any recoveries with respect to the Mortgage Loans on previously foreclosed loans from the Seller due to a breach of representation or warranty; 
  
 (xvi) the weighted average remaining term to maturity of the Mortgage Loans after giving effect to the
amounts distributed on such Distribution Date; 
  
 (xvii) the weighted average Mortgage Rates of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date; 
  
 (xviii) the amount, if any, required to be paid under the Hedge Agreement for such Distribution Date and any shortfall in amounts
previously required to be paid under the Hedge Agreement for prior Distribution Dates; and 
  
 (xix) the occurrence of the Stepdown Date; and 
  

(xx) the aggregate amount of Realized Losses since the Cut-off Date for the Mortgage Loans. 
  
 In the case of information furnished pursuant to clauses (i) and (ii) above,
the amounts shall be expressed as a dollar amount per Certificate with a $xxx,xxx denomination. In addition to the statement provided to the Trustee as set forth in this Section 4.03(a), the Master Servicer shall provide to any manager of a trust
fund consisting of some or all of the Certificates, upon 

  

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reasonable request, such additional information as is reasonably obtainable by the Master Servicer at no additional expense to the Master Servicer. Also, at
the request of a Rating Agency, the Master Servicer shall provide the information relating to the Reportable Modified Mortgage Loans substantially in the form attached hereto as Exhibit U to such Rating Agency within a reasonable period of time;
provided, however, that the Master Servicer shall not be required to provide such information more than four times in a calendar year to any Rating Agency. 
  
 (b) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to
be prepared, and the Trustee shall forward, or cause to be forwarded, upon the Trustee’s receipt thereof, to each Person who at any time during the calendar year was the Holder of a Certificate, other than a Class R Certificate, a statement
containing the information set forth in clauses (i) and (ii) of subsection (a) above aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Master Servicer and
Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer and Trustee pursuant to any requirements of the Code. 
  
 (c) Within a reasonable period of time after the end of each calendar year,
the Master Servicer shall prepare, or cause to be prepared, and the Trustee shall forward, or cause to be forwarded, to each Person who at any time during the calendar year was the Holder of a Class R Certificate, a statement containing the
applicable distribution information provided pursuant to this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was the Holder of a Class R Certificate. Such obligation of the Master Servicer shall
be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer and forwarded by the Trustee pursuant to any requirements of the Code. 
  
 (d) As soon as reasonably practicable, upon the written request of any Class
SB Certificateholder or Class R Certificateholder, the Master Servicer shall provide the requesting Certificateholder with such information as is necessary and appropriate, in the Master Servicer’s sole discretion, for purposes of satisfying
applicable reporting requirements under Rule 144A. 
  
 (e) The
Master Servicer shall, on behalf of the Depositor and in respect of the Trust Fund, sign and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of
the Commission thereunder. In connection with the preparation and filing of such periodic reports, the Trustee shall timely provide to the Master Servicer (I) a list of Certificateholders as shown on the Certificate Register as of the end of each
calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges or complaints involving the Trustee, as trustee hereunder, or the Trust Fund that are received by the Trustee, (III) notice of
all matters that, to the actual knowledge of a Responsible Officer of the Trustee, have been submitted to a vote of the Certificateholders, other than those matters that have been submitted to a vote of the Certificateholders at the request of the
Depositor or the Master Servicer, and (IV) notice of any failure of the Trustee to make any distribution to the Certificateholders as required pursuant to this Agreement. Neither the Master Servicer nor the Trustee shall have any liability with
respect to the Master Servicer’s failure to properly prepare or file such periodic reports 

  

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resulting from or relating to the Master Servicer’s inability or failure to obtain any information not resulting from the Master Servicer’s own
negligence or willful misconduct. Any Form 10-K filed with the Commission in connection with this clause (e) shall include a certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form
attached as Exhibit T-1 hereto or such other form as may be required or permitted by the Commission (the “Form 10-K Certification”), in compliance with Rule 13a-14 and 15d-14 under the Exchange Act and any additional directives of the
Commission. This Section 4.03(e) may be amended in accordance with this Agreement without the consent of the Certificateholders. In connection with the Form 10-K Certification, the Trustee shall provide the Master Servicer with a back-up
certification substantially in the form attached hereto as Exhibit T-2. 
  
 Section 4.04 Distribution of Reports to the Trustee and the Depositor; Advances by the Master Servicer. 
  
 (a) Prior to the close of business on the Business Day next succeeding each Determination Date, the Master Servicer shall furnish a written statement
(which may be in a mutually agreeable electronic format) to the Trustee, any Paying Agent and the Depositor (the information in such statement to be made available to Certificateholders by the Master Servicer on request) (provided that the Master
Servicer shall use its best efforts to deliver such written statement not later than 12:00 p.m. New York time on the second Business Day prior to the Distribution Date) setting forth (i) the Available Distribution Amount, (ii) the amounts required
to be withdrawn from the Custodial Account and deposited into the Certificate Account on the immediately succeeding Certificate Account Deposit Date pursuant to clause (iii) of Section 4.01(a), (iii) the amount of Prepayment Interest Shortfalls and
Basis Risk Shortfalls and (iv) the Hedge Payment, if any, for such Distribution Date. The determination by the Master Servicer of such amounts shall, in the absence of obvious error, be presumptively deemed to be correct for all purposes hereunder
and the Trustee shall be protected in relying upon the same without any independent check or verification. 
  
 (b) On or before 2:00 P.M. New York time on each Certificate Account Deposit Date, the Master Servicer shall either (i) remit to the Trustee for deposit
in the Certificate Account from its own funds, or funds received therefor from the Subservicers, an amount equal to the Advances to be made by the Master Servicer in respect of the related Distribution Date, which shall be in an aggregate amount
equal to the sum of (A) the aggregate amount of Monthly Payments other than Balloon Payments (with each interest portion thereof adjusted to a per annum rate equal to the Net Mortgage Rate), less the amount of any related Servicing Modifications,
Debt Service Reductions or Relief Act Shortfalls, on the Outstanding Mortgage Loans as of the related Due Date in the related Due Period, which Monthly Payments were due during the related Due Period and not received as of the close of business as
of the related Determination Date; provided that no Advance shall be made if it would be a Nonrecoverable Advance and (B) with respect to each Balloon Loan delinquent in respect of its Balloon Payment as of the close of business on the related
Determination Date, an amount equal to the assumed Monthly Payment (with each interest portion thereof adjusted to a per annum rate equal to the Net Mortgage Rate) that would have been due on the related Due Date based on the original amortization
schedule for such Balloon Loan until such Balloon Loan is finally liquidated, over any payments of interest or principal (with each interest portion thereof adjusted to a per annum rate equal to the Net Mortgage Rate) received from the related
Mortgagor as of the close of 

  

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business on the related Determination Date and allocable to the Due Date during the related Due Period for each month until such Balloon Loan is finally
liquidated, (ii) withdraw from amounts on deposit in the Custodial Account and remit to the Trustee for deposit in the Certificate Account all or a portion of the Amount Held for Future Distribution in discharge of any such Advance, or (iii) make
advances in the form of any combination of clauses (i) and (ii) aggregating the amount of such Advance. Any portion of the Amount Held for Future Distribution so used shall be replaced by the Master Servicer by deposit in the Certificate Account on
or before 11:00 A.M. New York time on any future Certificate Account Deposit Date to the extent that funds attributable to the Mortgage Loans that are available in the Custodial Account for deposit in the Certificate Account on such Certificate
Account Deposit Date shall be less than payments to Certificateholders required to be made on the following Distribution Date. The Master Servicer shall be entitled to use any Advance made by a Subservicer as described in Section 3.07(b) that has
been deposited in the Custodial Account on or before such Distribution Date as part of the Advance made by the Master Servicer pursuant to this Section 4.04. The determination by the Master Servicer that it has made a Nonrecoverable Advance or that
any proposed Advance, if made, would constitute a Nonrecoverable Advance, shall be evidenced by a certificate of a Servicing Officer delivered to the Depositor and the Trustee. In the event that the Master Servicer determines as of the Business Day
preceding any Certificate Account Deposit Date that it will be unable to deposit in the Certificate Account an amount equal to the Advance required to be made for the immediately succeeding Distribution Date, it shall give notice to the Trustee of
its inability to advance (such notice may be given by telecopy), not later than 3:00 P.M., New York time, on such Business Day, specifying the portion of such amount that it will be unable to deposit. Not later than 3:00 P.M., New York time, on the
Certificate Account Deposit Date the Trustee shall, unless by 12:00 Noon, New York time, on such day the Trustee shall have been notified in writing (by telecopy) that the Master Servicer shall have directly or indirectly deposited in the
Certificate Account such portion of the amount of the Advance as to which the Master Servicer shall have given notice pursuant to the preceding sentence, pursuant to Section 7.01, (a) terminate all of the rights and obligations of the Master
Servicer under this Agreement in accordance with Section 7.01 and (b) assume the rights and obligations of the Master Servicer hereunder, including the obligation to deposit in the Certificate Account an amount equal to the Advance for the
immediately succeeding Distribution Date. The Trustee shall deposit all funds it receives pursuant to this Section 4.04(b) into the Certificate Account. 
  
 Section 4.05 Allocation of Realized Losses. 
  
 (a) Prior to each Distribution Date, the Master Servicer shall determine the total amount of Realized Losses, if any, that resulted from any Cash
Liquidation, Servicing Modifications, Debt Service Reduction, Deficient Valuation or REO Disposition that occurred during the related Prepayment Period or, in the case of a Servicing Modification that constitutes a reduction of the interest rate on
a Mortgage Loan, the amount of the reduction in the interest portion of the Monthly Payment due in the month in which such Distribution Date occurs. The amount of each Realized Loss shall be evidenced by an Officers’ Certificate.

  

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 (b) All Realized Losses on the Mortgage Loans shall be allocated as follows: 
  
 (i) first, to Excess Cash Flow in the amounts and
priority as provided in Section 4.02; 
  
 (ii)
second, in reduction of the Overcollateralization Amount, until such amount has been reduced to zero; 
  
 (iii) third, to the Class B-4 Certificates, until the aggregate Certificate Principal Balance thereof has been reduced to zero;

  
 (iv) fourth, to the Class B-3
Certificates, until the aggregate Certificate Principal Balance thereof has been reduced to zero; 
  
 (v) fifth, to the Class B-2 Certificates, until the aggregate Certificate Principal Balance thereof has been reduced to zero;

  
 (vi) sixth, to the Class B-1
Certificates, until the aggregate Certificate Principal Balance thereof has been reduced to zero; 
  
 (vii) seventh, to the Class M-10 Certificates, until the aggregate Certificate Principal Balance thereof has been reduced to zero;

  
 (viii) eighth, to the Class M-9
Certificates, until the aggregate Certificate Principal Balance thereof has been reduced to zero; 
  
 (ix) ninth, to the Class M-8 Certificates, until the aggregate Certificate Principal Balance thereof has been reduced to zero;

  
 (x) tenth, to the Class M-7
Certificates, until the aggregate Certificate Principal Balance thereof has been reduced to zero; 
  
 (xi) eleventh, to the Class M-6 Certificates, until the aggregate Certificate Principal Balance thereof has been reduced to zero;

  
 (xii) twelfth, to the Class M-5
Certificates, until the aggregate Certificate Principal Balance thereof has been reduced to zero; 
  
 (xiii) thirteenth, to the Class M-4 Certificates, until the aggregate Certificate Principal Balance thereof has been reduced to
zero; 
  
 (xiv) fourteenth, to the Class
M-3 Certificates, until the aggregate Certificate Principal Balance thereof has been reduced to zero; 
  
 (xv) fifteenth, to the Class M-2 Certificates, until the aggregate Certificate Principal Balance thereof has been reduced to zero;

  
 (xvi) sixteenth, to the Class M-1
Certificates, until the aggregate Certificate Principal Balance thereof has been reduced to zero; and 
  

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 (xvii) seventeenth, to the Class A Certificates on a pro rata basis, based on
their then outstanding Certificate Principal Balances prior to giving effect to distributions to be made on such Distribution Date, until the aggregate Certificate Principal Balance of each such Class has been reduced to zero. 
  
 (c) An allocation of a Realized Loss on a “pro rata basis” among
two or more specified Classes of Certificates means an allocation on a pro rata basis, among the various Classes so specified, to each such Class of Certificates on the basis of their then outstanding Certificate Principal Balances prior to giving
effect to distributions to be made on such Distribution Date in the case of the principal portion of a Realized Loss or based on the Accrued Certificate Interest thereon payable on such Distribution Date in the case of an interest portion of a
Realized Loss. Any allocation of the principal portion of Realized Losses (other than Debt Service Reductions) to the Class A Certificates, Class M Certificates or Class B Certificates shall be made by reducing the Certificate Principal Balance
thereof by the amount so allocated, which allocation shall be deemed to have occurred on such Distribution Date; provided, that no such reduction shall reduce the aggregate Certificate Principal Balance of the Certificates below the aggregate
Stated Principal Balance of the Mortgage Loans. Allocations of the interest portions of Realized Losses (other than any interest rate reduction resulting from a Servicing Modification) shall be made by operation of the definition of
“Accrued Certificate Interest” for each Class for such Distribution Date. Allocations of the interest portion of a Realized Loss resulting from an interest rate reduction in connection with a Servicing Modification shall be made by
operation of the priority of payment provisions of Section 4.02(c). Allocations of the principal portion of Debt Service Reductions shall be made by operation of the priority of payment provisions of Section 4.02(c). All Realized Losses and all
other losses allocated to a Class of Certificates hereunder will be allocated among the Certificates of such Class in proportion to the Percentage Interests evidenced thereby. 
  
 (d) All Realized Losses on the Mortgage Loans shall be allocated on each Distribution Date to the REMIC I Regular Interests
as provided in the definition of REMIC I Realized Losses. 
  
 (e)
Realized Losses allocated to the Excess Cash Flow or the Overcollateralization Amount pursuant to paragraphs (a), (b) or (c) of this Section, the definition of Accrued Certificate Interest and the operation of Section 4.02(c) shall be deemed
allocated to the Class SB Certificates. Realized Losses allocated to the Class SB Certificates shall, to the extent such Realized Losses represent Realized Losses on an interest portion, be allocated to the REMIC II Regular Interest SB-IO. Realized
Losses allocated to the Excess Cash Flow pursuant to paragraph (b) of this Section shall be deemed to reduce Accrued Certificate Interest on the REMIC I Regular Interest SB-IO. Realized Losses allocated to the Overcollateralization Amount pursuant
to paragraph (b) of this Section shall be deemed first to reduce the principal balance of the REMIC II Regular Interest SB-PO until such principal balance shall have been reduced to zero and thereafter to reduce accrued and unpaid interest on the
REMIC II Regular Interest SB-IO. 
  

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 Section 4.06 Reports of Foreclosures and Abandonment of Mortgaged Property. 
  
 The Master Servicer or the Subservicers shall file information returns with
respect to the receipt of mortgage interest received in a trade or business, the reports of foreclosures and abandonments of any Mortgaged Property and the informational returns relating to cancellation of indebtedness income with respect to any
Mortgaged Property required by Sections 6050H, 6050J and 6050P of the Code, respectively, and deliver to the Trustee an Officers’ Certificate on or before March 31 of each year, beginning with the first March 31 that occurs at least six months
after the Cut-off Date, stating that such reports have been filed. Such reports shall be in form and substance sufficient to meet the reporting requirements imposed by such Sections 6050H, 6050J and 6050P of the Code. 
  
 Section 4.07 Optional Purchase of Defaulted Mortgage Loans.

  
 (a) With respect to any Mortgage Loan which is delinquent in
payment by 90 days or more, the Master Servicer may, at its option, purchase such Mortgage Loan from the Trustee at the Purchase Price therefor; provided, that such Mortgage Loan that becomes 90 days or more delinquent during any given
Calendar Quarter shall only be eligible for purchase pursuant to this Section during the period beginning on the first Business Day of the following Calendar Quarter, and ending at the close of business on the second-to-last Business Day of such
following Calendar Quarter; and provided, further, that such Mortgage Loan is 90 days or more delinquent at the time of repurchase. Such option if not exercised shall not thereafter be reinstated as to any Mortgage Loan, unless the
delinquency is cured and the Mortgage Loan thereafter again becomes delinquent in payment by 90 days or more in a subsequent Calendar Quarter. 
  
 (b) In addition, with respect to any Mortgage Loan for which a Realized Loss was incurred during any Prepayment Period, the Master Servicer may, at its
option, purchase such Mortgage Loan from the Trustee at the Purchase Price therefor during such Prepayment Period. 
  
 (c) If at any time the Master Servicer makes a payment to the Certificate Account covering the amount of the Purchase Price for such a Mortgage Loan as
provided in clauses (a) and (b) above, and the Master Servicer provides to the Trustee a certification signed by a Servicing Officer stating that the amount of such payment has been deposited in the Certificate Account, then the Trustee shall
execute the assignment of such Mortgage Loan at the request of the Master Servicer without recourse to the Master Servicer which shall succeed to all the Trustee’s right, title and interest in and to such Mortgage Loan, and all security and
documents relative thereto. Such assignment shall be an assignment outright and not for security. The Master Servicer will thereupon own such Mortgage, and all such security and documents, free of any further obligation to the Trustee or the
Certificateholders with respect thereto. 
  
 Section 4.08 Hedge
Agreement. 
  
 (a) In the event that the Trustee does not
receive by the Business Day preceding a Distribution Date the amount as specified by the Master Servicer pursuant to Section 4.04(a)(iv) as the amount to be paid with respect to such Distribution Date by the Hedge Agreement Provider under the Hedge
Agreement, the Trustee shall enforce the obligation of the Hedge Agreement Provider thereunder. The parties hereto acknowledge that the Hedge Agreement 

  

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Provider shall be making all calculations, and determine the amounts to be paid, under the Hedge Agreement. Absent manifest error, the Trustee may
conclusively rely on such calculations and determination and any notice received by it from the Master Servicer pursuant to Section 4.04(a)(iv). 
  
 (b) The Trustee shall deposit or cause to be deposited any amount received under the Hedge Agreement into the Certificate Account on the date such amount
is received from the Hedge Agreement Provider under the Hedge Agreement (including termination payments, if any). All payments received under the Hedge Agreement shall be distributed in accordance with the priorities set forth in Section 4.02(c).

  
 (c) In the event that the Hedge Agreement, or any replacement
thereof, terminates prior to the Distribution Date in [MONTH], the Master Servicer, but at no expense to the Master Servicer, on behalf of the Trustee, to the extent that the termination value under such Hedge Agreement is sufficient therefor and
only to the extent of the termination payment received from the Hedge Agreement Provider, shall (i) cause a new hedge counterparty to assume the obligations of such terminated hedge counterparty or (ii) cause a new hedge counterparty to enter into a
new interest rate hedge agreement with the Trust Fund having substantially similar terms as those set forth in the terminated Hedge Agreement. 
  
 ARTICLE V 
 THE CERTIFICATES

  
 Section 5.01 The Certificates. 
  
 (a) The Class A Certificates, Class M Certificates, Class B Certificates,
Class SB Certificates and Class R Certificates shall be substantially in the forms set forth in Exhibits A, B, C, D and E, respectively, and shall, on original issue, be executed and delivered by the Trustee to the Certificate Registrar for
authentication and delivery to or upon the order of the Depositor upon receipt by the Trustee or one or more Custodians of the documents specified in Section 2.01. Each Class of Class A Certificates, Class M-1 Certificates, Class M-2 Certificates,
Class M-3 Certificates and Class M-4 Certificates shall be issuable in minimum dollar denominations of $250,000 and integral multiples of $1 in excess thereof. The Class M-5 Certificates, Class M-6 Certificates, Class M-7 Certificates, Class M-8
Certificates, Class M-9 Certificates, Class M-10 Certificates and each Class of Class B Certificates shall be issuable in minimum dollar denominations of $250,000 and integral multiples of $1 in excess thereof. The Class SB Certificates shall be
issuable in registered, certificated form in minimum percentage interests of [            ]% and integral multiples of
[            ]% in excess thereof. Each Class of Class R Certificates shall be issued in registered, certificated form in minimum percentage interests of
[            ]% and integral multiples of [            ]% in excess thereof; provided, however, that one
Class R Certificate of each Class will be issuable to the REMIC Administrator as “tax matters person” pursuant to Section 10.01(c) in a minimum denomination representing a Percentage Interest of not less than
[            ]%. The Certificates shall be executed by manual or facsimile signature on behalf of an authorized officer of the Trustee. Certificates bearing the manual or
facsimile signatures of individuals who were at any time the proper officers of the Trustee shall bind the Trustee, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of
such Certificate or did not hold 

  

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such offices at the date of such Certificates. No Certificate shall be entitled to any benefit under this Agreement, or be valid for any purpose,
unless there appears on such Certificate a certificate of authentication substantially in the form provided for herein executed by the Certificate Registrar by manual signature, and such certificate upon any Certificate shall be conclusive evidence,
and the only evidence, that such Certificate has been duly authenticated and delivered hereunder. All Certificates shall be dated the date of their authentication. 
  
 (b) The Class A Certificates, Class B Certificates and Class M Certificates shall initially be issued as one or more
Certificates registered in the name of the Depository or its nominee and, except as provided below, registration of such Certificates may not be transferred by the Trustee except to another Depository that agrees to hold such Certificates for the
respective Certificate Owners with Ownership Interests therein. The Certificate Owners shall hold their respective Ownership Interests in and to each Class A Certificate, Class B Certificate and Class M Certificate through the book-entry facilities
of the Depository and, except as provided below, shall not be entitled to Definitive Certificates in respect of such Ownership Interests. All transfers by Certificate Owners of their respective Ownership Interests in the Book-Entry Certificates
shall be made in accordance with the procedures established by the Depository Participant or brokerage firm representing such Certificate Owner. Each Depository Participant shall transfer the Ownership Interests only in the Book-Entry Certificates
of Certificate Owners it represents or of brokerage firms for which it acts as agent in accordance with the Depository’s normal procedures. 
  
 The Trustee, the Master Servicer and the Depositor may for all purposes (including the making of payments due on the respective Classes of Book-Entry
Certificates) deal with the Depository as the authorized representative of the Certificate Owners with respect to the respective Classes of Book-Entry Certificates for purposes of exercising the rights of Certificateholders hereunder. The
rights of Certificate Owners with respect to the respective Classes of Book-Entry Certificates shall be limited to those established by law and agreements between such Certificate Owners and the Depository Participants and brokerage firms
representing such Certificate Owners. Multiple requests and directions from, and votes of, the Depository as Holder of any Class of Book-Entry Certificates with respect to any particular matter shall not be deemed inconsistent if they are
made with respect to different Certificate Owners. The Trustee may establish a reasonable record date in connection with solicitations of consents from or voting by Certificateholders and shall give notice to the Depository of such record
date. If (i)(A) the Depositor advises the Trustee in writing that the Depository is no longer willing or able to properly discharge its responsibilities as Depository and (B) the Depositor is unable to locate a qualified successor or (ii) the
Depositor at its option advises the Trustee in writing that it elects to terminate the book-entry system through the Depository, the Trustee shall notify all Certificate Owners, through the Depository, of the occurrence of any such event and of the
availability of Definitive Certificates to Certificate Owners requesting the same. Upon surrender to the Trustee of the Book-Entry Certificates by the Depository, accompanied by registration instructions from the Depository for registration
of transfer, the Trustee shall issue the Definitive Certificates. 
  
 In addition, if an Event of Default has occurred and is continuing, each Certificate Owner materially adversely affected thereby may at its option request a Definitive Certificate evidencing such Certificate
Owner’s Percentage Interest in the related Class of Certificates. In 

  

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order to make such request, such Certificate Owner shall, subject to the rules and procedures of the Depository, provide the Depository or the related
Depository Participant with directions for the Certificate Registrar to exchange or cause the exchange of the Certificate Owner’s interest in such Class of Certificates for an equivalent Percentage Interest in fully registered definitive form.
Upon receipt by the Certificate Registrar of instructions from the Depository directing the Certificate Registrar to effect such exchange (such instructions to contain information regarding the Class of Certificates and the Certificate Principal
Balance being exchanged, the Depository Participant account to be debited with the decrease, the registered holder of and delivery instructions for the Definitive Certificate, and any other information reasonably required by the Certificate
Registrar), (i) the Certificate Registrar shall instruct the Depository to reduce the related Depository Participant’s account by the aggregate Certificate Principal Balance of the Definitive Certificate, (ii) the Trustee shall execute and the
Certificate Registrar shall authenticate and deliver, in accordance with the registration and delivery instructions provided by the Depository, a Definitive Certificate evidencing such Certificate Owner’s Percentage Interest in such Class of
Certificates and (iii) the Trustee shall execute and the Certificate Registrar shall authenticate a new Book-Entry Certificate reflecting the reduction in the aggregate Certificate Principal Balance of such Class of Certificates by the amount of the
Definitive Certificates. 
  
 Neither the Depositor, the Master
Servicer nor the Trustee shall be liable for any actions taken by the Depository or its nominee, including, without limitation, any delay in delivery of any instructions required under this section and may conclusively rely on, and shall be
protected in relying on, such instructions. Upon the issuance of Definitive Certificates, the Trustee and the Master Servicer shall recognize the Holders of the Definitive Certificates as Certificateholders hereunder. 
  
 (c) Each of the Certificates is intended to be a “security”
governed by Article 8 of the Uniform Commercial Code as in effect in the State of New York and any other applicable jurisdiction, to the extent that any of such laws may be applicable. 
  
 Section 5.02 Registration of Transfer and Exchange of Certificates. 
  
 (a) The Trustee shall cause to be kept at one of the offices or agencies to
be appointed by the Trustee in accordance with the provisions of Section 8.12 a Certificate Register in which, subject to such reasonable regulations as it may prescribe, the Trustee shall provide for the registration of Certificates and of
transfers and exchanges of Certificates as herein provided. The Trustee is initially appointed Certificate Registrar for the purpose of registering Certificates and transfers and exchanges of Certificates as herein provided. The
Certificate Registrar, or the Trustee, shall provide the Master Servicer with a certified list of Certificateholders as of each Record Date prior to the related Determination Date. 
  
 (b) Upon surrender for registration of transfer of any Certificate at any office or agency of the Trustee maintained for
such purpose pursuant to Section 8.12 and, in the case of any Class SB Certificate or Class R Certificate, upon satisfaction of the conditions set forth below, the Trustee shall execute and the Certificate Registrar shall authenticate and
deliver, in the name of the designated transferee or transferees, one or more new Certificates of a like Class and aggregate Percentage Interest. 
  

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 (c) At the option of the Certificateholders, Certificates may be exchanged for other Certificates of
authorized denominations of a like Class and aggregate Percentage Interest, upon surrender of the Certificates to be exchanged at any such office or agency. Whenever any Certificates are so surrendered for exchange the Trustee shall execute
and the Certificate Registrar shall authenticate and deliver the Certificates of such Class which the Certificateholder making the exchange is entitled to receive. Every Certificate presented or surrendered for transfer or exchange shall (if
so required by the Trustee or the Certificate Registrar) be duly endorsed by, or be accompanied by a written instrument of transfer in form satisfactory to the Trustee and the Certificate Registrar duly executed by, the Holder thereof or his
attorney duly authorized in writing. 
  
 (d) No transfer, sale,
pledge or other disposition of a Class B Certificate, Class SB Certificate or Class R Certificate shall be made unless such transfer, sale, pledge or other disposition is exempt from the registration requirements of the Securities Act of 1933, as
amended (the “1933 Act”), and any applicable state securities laws or is made in accordance with said Act and laws. Except as otherwise provided in this Section 5.02(d), in the event that a transfer of a Class B Certificate, Class
SB Certificate or Class R Certificate is to be made, (i) unless the Depositor directs the Trustee otherwise, the Trustee shall require a written Opinion of Counsel acceptable to and in form and substance satisfactory to the Trustee and the Depositor
that such transfer may be made pursuant to an exemption, describing the applicable exemption and the basis therefor, from said Act and laws or is being made pursuant to said Act and laws, which Opinion of Counsel shall not be an expense of the
Trustee, the Trust Fund, the Depositor or the Master Servicer, and (ii) the Trustee shall require the transferee to execute a representation letter, substantially in the form of Exhibit I hereto, and the Trustee shall require the transferor to
execute a representation letter, substantially in the form of Exhibit J hereto, each acceptable to and in form and substance satisfactory to the Depositor and the Trustee certifying to the Depositor and the Trustee the facts surrounding such
transfer, which representation letters shall not be an expense of the Trustee, the Trust Fund, the Depositor or the Master Servicer. In lieu of the requirements set forth in the preceding sentence, transfers of Class B Certificates, Class SB
Certificates or Class R Certificates may be made in accordance with this Section 5.02(d) if the prospective transferee of such a Certificate provides the Trustee and the Master Servicer with an investment letter substantially in the form of
Exhibit N attached hereto, which investment letter shall not be an expense of the Trustee, the Depositor, or the Master Servicer, and which investment letter states that, among other things, such transferee (i) is a “qualified institutional
buyer” as defined under Rule 144A, acting for its own account or the accounts of other “qualified institutional buyers” as defined under Rule 144A, and (ii) is aware that the proposed transferor intends to rely on the exemption from
registration requirements under the 1933 Act provided by Rule 144A. The Holder of a Class B Certificate, Class SB Certificate or Class R Certificate desiring to effect any transfer, sale, pledge or other disposition shall, and does hereby
agree to, indemnify the Trustee, the Depositor, the Master Servicer and the Certificate Registrar against any liability that may result if the transfer, sale, pledge or other disposition is not so exempt or is not made in accordance with such
federal and state laws and this Agreement. If any transfer of a Class B Certificate held by a transferor and to be held by a transferee in book-entry form is to made without registration under the 1933 Act, the transferor shall be deemed to have
made each of the certifications set forth in Exhibit J hereto as of the transfer date and the transferee shall be deemed to have made each of the certifications set forth in Exhibit N hereto as of the transfer date, in each case as if such Class B
Certificate were in physical form. 
  

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 (e) (i) In the case of any Class B Certificate or Class SB Certificate presented for registration
in the name of any Person, either (i) the Trustee shall require an Opinion of Counsel acceptable to and in form and substance satisfactory to the Trustee, the Depositor and the Master Servicer to the effect that the purchase or holding of such Class
SB Certificate or Class R Certificate is permissible under applicable law, will not constitute or result in any non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code (or comparable provisions of any subsequent
enactments), and will not subject the Trustee, the Depositor or the Master Servicer to any obligation or liability (including obligations or liabilities under ERISA or Section 4975 of the Code) in addition to those undertaken in this Agreement,
which Opinion of Counsel shall not be an expense of the Trustee, the Depositor or the Master Servicer, or (ii) the prospective transferee shall be required to provide the Trustee, the Depositor and the Master Servicer with a certification to the
effect set forth in Exhibit P (with respect to a Class SB Certificate) or in paragraph fifteen of Exhibit H-1 (with respect to a Class R Certificate), which the Trustee may rely upon without further inquiry or investigation, or such other
certifications as the Trustee may deem desirable or necessary in order to establish that such transferee or the Person in whose name such registration is requested is not an employee benefit plan or other plan or arrangement subject to the
prohibited transaction provisions of ERISA or Section 4975 of the Code, or any Person (including an insurance company investing its general accounts, an investment manager, a named fiduciary or a trustee of any such plan) who is using “plan
assets” of any such plan to effect such acquisition (each of the foregoing, a “Plan Investor”). 
  
 (ii) [Any Transferee of a Class B Certificate or Class M Certificate will be deemed to have represented by virtue of its purchase or
holding of such Certificate (or interest therein) that either (a) such Transferee is not a Plan Investor, (b) it has acquired and is holding such Certificate in reliance on U.S. Department of Labor Prohibited Transaction Exemption (“PTE”)
[            ], as most recently amended, [            ] Fed. Reg.
[            ] ([DATE]) (the “SG Exemption”), and that it understands that there are certain conditions to the availability of the SG Exemption including that such
Certificate must be rated, at the time of purchase, not lower than “BBB-” (or its equivalent) by Fitch, Standard & Poor’s or Moody’s or (c) (x) such Transferee is an insurance company, (y) the source of funds used to purchase
or hold such Certificate (or interest therein) is an “insurance company general account” (as defined in Prohibited Transaction Class Exemption (“PTCE”) 95-60), and (z) the conditions set forth in Sections I and III of PTCE 95-60
have been satisfied (each entity that satisfies this clause (c), a “Complying Insurance Company”).] 
  
 (iii) If any Class B Certificate or Class M Certificate (or any interest therein) is acquired or held by any Person that does not
satisfy the conditions described in paragraph (ii) above, then the last preceding Transferee that either (x) is not a Plan Investor, [(y) acquired such Certificate in compliance with the SG Exemption] or (z) is a Complying Insurance Company shall be
restored, to the extent permitted by law, to all rights and obligations as Certificate Owner thereof retroactive to the date of such Transfer of such Class B Certificate or Class M Certificate. The Trustee shall be under no liability to any Person
for making any payments due on such Certificate to such preceding Transferee. 
  
 (iv) Any purported Certificate Owner whose acquisition or holding of any Class B Certificate or Class M Certificate (or interest therein) was effected in violation of 

  

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the restrictions in this Section 5.02(e) shall indemnify and hold harmless the Depositor, the Trustee, the Master Service, any Subservicer, any underwriter
and the Trust Fund from and against any and all liabilities, claims, costs or expenses incurred by such parties as a result of such acquisition or holding. 
  
 (f) (i) Each Person who has or who acquires any Ownership Interest in a Class R Certificate shall be deemed by the acceptance or acquisition of
such Ownership Interest to have agreed to be bound by the following provisions and to have irrevocably authorized the Trustee or its designee under clause (iii)(A) below to deliver payments to a Person other than such Person and to negotiate the
terms of any mandatory sale under clause (iii)(B) below and to execute all instruments of transfer and to do all other things necessary in connection with any such sale. The rights of each Person acquiring any Ownership Interest in a Class R
Certificate are expressly subject to the following provisions: 
  
 (A) Each Person holding or acquiring any Ownership Interest in a Class R Certificate shall be a Permitted Transferee and shall promptly notify the Trustee of any change or impending change in its status as a Permitted
Transferee. 
  
 (B) In connection with any
proposed Transfer of any Ownership Interest in a Class R Certificate, the Trustee shall require delivery to it, and shall not register the Transfer of any Class R Certificate until its receipt of: 
  
 (I) an affidavit and agreement (a “Transfer Affidavit
and Agreement,” in the form attached hereto as Exhibit H-1) from the proposed Transferee, in form and substance satisfactory to the Master Servicer, representing and warranting, among other things, that it is a Permitted Transferee, that it is
not acquiring its Ownership Interest in the Class R Certificate that is the subject of the proposed Transfer as a nominee, trustee or agent for any Person who is not a Permitted Transferee, that for so long as it retains its Ownership Interest in a
Class R Certificate, it will endeavor to remain a Permitted Transferee, and that it has reviewed the provisions of this Section 5.02(f) and agrees to be bound by them, and 
  
 (II) a certificate, in the form attached hereto as Exhibit H-2, from the Holder wishing to transfer the
Class R Certificate, in form and substance satisfactory to the Master Servicer, representing and warranting, among other things, that no purpose of the proposed Transfer is to impede the assessment or collection of tax. 
  
 (C) Notwithstanding the delivery of a Transfer Affidavit and
Agreement by a proposed Transferee under clause (B) above, if a Responsible Officer of the Trustee who is assigned to this Agreement has actual knowledge that the proposed Transferee is not a Permitted Transferee, no Transfer of an Ownership
Interest in a Class R Certificate to such proposed Transferee shall be effected. 
  

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 (D) Each Person holding or acquiring any Ownership Interest in a Class R Certificate
shall agree (x) to require a Transfer Affidavit and Agreement from any other Person to whom such Person attempts to transfer its Ownership Interest in a Class R Certificate and (y) not to transfer its Ownership Interest unless it provides a
certificate to the Trustee in the form attached hereto as Exhibit H-2. 
  
 (E) Each Person holding or acquiring an Ownership Interest in a Class R Certificate, by purchasing an Ownership Interest in such Certificate, agrees to give the Trustee written notice that it is a “pass-through
interest holder” within the meaning of Temporary Treasury Regulations Section 1.67-3T(a)(2)(i)(A) immediately upon acquiring an Ownership Interest in a Class R Certificate, if it is, or is holding an Ownership Interest in a Class R Certificate
on behalf of, a “pass-through interest holder.” 
  
 (ii) The Trustee shall register the Transfer of any Class R Certificate only if it shall have received the Transfer Affidavit and Agreement, a certificate of the Holder requesting such transfer in the form attached
hereto as Exhibit H-2 and all of such other documents as shall have been reasonably required by the Trustee as a condition to such registration. Transfers of the Class R Certificates to Non-United States Persons and Disqualified Organizations
(as defined in Section 860E(e)(5) of the Code) are prohibited. 
  
 (A) If any Disqualified Organization shall become a holder of a Class R Certificate, then the last preceding Permitted Transferee shall be restored, to the extent permitted by law, to all rights and obligations as
Holder thereof retroactive to the date of registration of such Transfer of such Class R Certificate. If a Non-United States Person shall become a holder of a Class R Certificate, then the last preceding United States Person shall be restored,
to the extent permitted by law, to all rights and obligations as Holder thereof retroactive to the date of registration of such Transfer of such Class R Certificate. If a transfer of a Class R Certificate is disregarded pursuant to the
provisions of Treasury Regulations Section 1.860E-1 or Section 1.860G-3, then the last preceding Permitted Transferee shall be restored, to the extent permitted by law, to all rights and obligations as Holder thereof retroactive to the date of
registration of such Transfer of such Class R Certificate. The Trustee shall be under no liability to any Person for any registration of Transfer of a Class R Certificate that is in fact not permitted by this Section 5.02(f) or for making any
payments due on such Certificate to the holder thereof or for taking any other action with respect to such holder under the provisions of this Agreement. 
  
 (B) If any purported Transferee shall become a Holder of a Class R Certificate in violation of the restrictions in this Section 5.02(f)
and to the extent that the retroactive restoration of the rights of the Holder of such Class R Certificate as described in clause (iii)(A) above shall be invalid, illegal or unenforceable, then the Master Servicer shall have the right, without
notice to the holder or any prior holder of such Class R Certificate to sell such Class R Certificate to a purchaser selected by the Master Servicer on such terms as the 

  

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Master Servicer may choose. Such purported Transferee shall promptly endorse and deliver each Class R Certificate in accordance with the instructions
of the Master Servicer. Such purchaser may be the Master Servicer itself or any Affiliate of the Master Servicer. The proceeds of such sale, net of the commissions (which may include commissions payable to the Master Servicer or its
Affiliates), expenses and taxes due, if any, will be remitted by the Master Servicer to such purported Transferee. The terms and conditions of any sale under this clause (iii)(B) shall be determined in the sole discretion of the Master
Servicer, and the Master Servicer shall not be liable to any Person having an Ownership Interest in a Class R Certificate as a result of its exercise of such discretion. 
  
 (iii) The Master Servicer, on behalf of the Trustee, shall make available, upon written request from the
Trustee, all information necessary to compute any tax imposed 
  
 (A) as a result of the Transfer of an Ownership Interest in a Class R Certificate to any Person who is a Disqualified Organization, including the information regarding “excess inclusions” of such Class R
Certificates required to be provided to the Internal Revenue Service and certain Persons as described in Treasury Regulations Sections 1.860D-1(b)(5) and 1.860E-2(a)(5), and 
  
 (B) as a result of any regulated investment company, real estate investment trust, common trust fund,
partnership, trust, estate or organization described in Section 1381 of the Code that holds an Ownership Interest in a Class R Certificate having as among its record holders at any time any Person who is a Disqualified Organization.
Reasonable compensation for providing such information may be required by the Master Servicer from such Person. 
  
 (iv) The provisions of this Section 5.02(f) set forth prior to this clause (v) may be modified, added to or eliminated, provided
that there shall have been delivered to the Trustee the following: 
  
 (A) Written notification from each Rating Agency to the effect that the modification, addition to or elimination of such provisions will not cause such Rating Agency to downgrade its then-current ratings, if any, of
Class A Certificates or Class M Certificates below the lower of the then-current rating or the rating assigned to such Certificates as of the Closing Date by such Rating Agency; and 
  
 (B) a certificate of the Master Servicer stating that the
Master Servicer has received an Opinion of Counsel, in form and substance satisfactory to the Master Servicer, to the effect that such modification, addition to or absence of such provisions will not cause any REMIC created hereunder to cease to
qualify as a REMIC and will not cause (x) any REMIC created hereunder to be subject to an entity-level tax caused by the Transfer of any Class R Certificate to a Person that is a Disqualified Organization or (y) a Certificateholder or another Person
to 

  

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be subject to a REMIC-related tax caused by the Transfer of a Class R Certificate to a Person that is not a Permitted Transferee. 
  
 (g) No service charge shall be made for any transfer or exchange of
Certificates of any Class, but the Trustee may require payment of a sum sufficient to cover any tax or governmental charge that may be imposed in connection with any transfer or exchange of Certificates. 
  
 (h) All Certificates surrendered for transfer and exchange shall be destroyed
by the Certificate Registrar. 
  
 Section 5.03 Mutilated,
Destroyed, Lost or Stolen Certificates. 
  
 If (i) any
mutilated Certificate is surrendered to the Certificate Registrar, or the Trustee and the Certificate Registrar receive evidence to their satisfaction of the destruction, loss or theft of any Certificate, and (ii) there is delivered to the Trustee
and the Certificate Registrar such security or indemnity as may be required by them to save each of them harmless, then, in the absence of notice to the Trustee or the Certificate Registrar that such Certificate has been acquired by a bona fide
purchaser, the Trustee shall execute and the Certificate Registrar shall authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Certificate, a new Certificate of like tenor, Class and Percentage
Interest but bearing a number not contemporaneously outstanding. Upon the issuance of any new Certificate under this Section, the Trustee may require the payment of a sum sufficient to cover any tax or other governmental charge that may be
imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee and the Certificate Registrar) connected therewith. Any duplicate Certificate issued pursuant to this Section shall constitute complete and
indefeasible evidence of ownership in the Trust Fund, as if originally issued, whether or not the lost, stolen or destroyed Certificate shall be found at any time. 
  
 Section 5.04 Persons Deemed Owners. 
  
 Prior to due presentation of a Certificate for registration of transfer, the Depositor, the Master Servicer, the Trustee,
the Certificate Registrar and any agent of the Depositor, the Master Servicer, the Trustee or the Certificate Registrar may treat the Person in whose name any Certificate is registered as the owner of such Certificate for the purpose of receiving
distributions pursuant to Section 4.02 and for all other purposes whatsoever, except as and to the extent provided in the definition of “Certificateholder,” and neither the Depositor, the Master Servicer, the Trustee, the Certificate
Registrar nor any agent of the Depositor, the Master Servicer, the Trustee or the Certificate Registrar shall be affected by notice to the contrary except as provided in Section 5.02(f). 
  
 Section 5.05 Appointment of Paying Agent. 
  
 The Trustee may appoint a Paying Agent for the purpose of making distributions to Certificateholders pursuant to Section
4.02. In the event of any such appointment, on or prior to each Distribution Date the Master Servicer on behalf of the Trustee shall deposit or cause to be deposited with the Paying Agent a sum sufficient to make the payments to
Certificateholders in the amounts and in the manner provided for in Section 4.02, such sum to be held in trust for the 

  

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benefit of Certificateholders. The Trustee shall cause each Paying Agent to execute and deliver to the Trustee an instrument in which such Paying
Agent shall agree with the Trustee that such Paying Agent will hold all sums held by it for the payment to Certificateholders in trust for the benefit of the Certificateholders entitled thereto until such sums shall be paid to such
Certificateholders. Any sums so held by such Paying Agent shall be held only in Eligible Accounts to the extent such sums are not distributed to the Certificateholders on the date of receipt by such Paying Agent. 
  
 ARTICLE VI 
 THE DEPOSITOR AND THE MASTER SERVICER 
  
 Section 6.01 Respective Liabilities of the Depositor and the Master Servicer. 
  
 The Depositor and the Master Servicer shall each be liable in accordance herewith only to the extent of the obligations
specifically and respectively imposed upon and undertaken by the Depositor and the Master Servicer herein. By way of illustration and not limitation, the Depositor is not liable for the servicing and administration of the Mortgage Loans, nor
is it obligated by Section 7.01 or Section 10.01 to assume any obligations of the Master Servicer or to appoint a designee to assume such obligations, nor is it liable for any other obligation hereunder that it may, but is not obligated to, assume
unless it elects to assume such obligation in accordance herewith. 
  
 Section 6.02 Merger or Consolidation of the Depositor or the Master Servicer; Assignment of Rights and Delegation of Duties by Master Servicer. 
  

(a) The Depositor and the Master Servicer shall each keep in full effect its existence, rights and franchises as a corporation under the laws of the
state of its incorporation, and will each obtain and preserve its qualification to do business as a foreign corporation in each jurisdiction in which such qualification is or shall be necessary to protect the validity and enforceability of this
Agreement, the Certificates or any of the Mortgage Loans and to perform its respective duties under this Agreement. 
  
 (b) Any Person into which the Depositor or the Master Servicer may be merged or consolidated, or any corporation resulting from any merger or
consolidation to which the Depositor or the Master Servicer shall be a party, or any Person succeeding to the business of the Depositor or the Master Servicer, shall be the successor of the Depositor or the Master Servicer, as the case may be,
hereunder, without the execution or filing of any paper or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding; provided, however, that the successor or surviving Person to the Master
Servicer shall be qualified to service mortgage loans on behalf of Fannie Mae or Freddie Mac; and provided further that each Rating Agency’s ratings, if any, of any Class A Certificates, Class M Certificates or Class B
Certificates in effect immediately prior to such merger or consolidation will not be qualified, reduced or withdrawn as a result thereof (as evidenced by a letter to such effect from each Rating Agency). 
  
 (c) Notwithstanding anything else in this Section 6.02 and Section 6.04 to
the contrary, the Master Servicer may assign its rights and delegate its duties and obligations under 

  

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this Agreement; provided that the Person accepting such assignment or delegation shall be a Person which is qualified to service mortgage loans on
behalf of Fannie Mae or Freddie Mac, is reasonably satisfactory to the Trustee and the Depositor, is willing to service the Mortgage Loans and executes and delivers to the Depositor and the Trustee an agreement, in form and substance reasonably
satisfactory to the Depositor and the Trustee, which contains an assumption by such Person of the due and punctual performance and observance of each covenant and condition to be performed or observed by the Master Servicer under this Agreement;
provided further that each Rating Agency’s rating of the Classes of Certificates that have been rated in effect immediately prior to such assignment and delegation will not be qualified, reduced or withdrawn as a result of such
assignment and delegation (as evidenced by a letter to such effect from each Rating Agency). In the case of any such assignment and delegation, the Master Servicer shall be released from its obligations under this Agreement, except that the
Master Servicer shall remain liable for all liabilities and obligations incurred by it as Master Servicer hereunder prior to the satisfaction of the conditions to such assignment and delegation set forth in the next preceding sentence. 

 
 Section 6.03 Limitation on Liability of the Depositor, the Master
Servicer and Others. 
  
 None of the Depositor, the Master
Servicer or any of the directors, officers, employees or agents of the Depositor or the Master Servicer shall be under any liability to the Trust Fund or the Certificateholders for any action taken or for refraining from the taking of any action in
good faith pursuant to this Agreement, or for errors in judgment; provided, however, that this provision shall not protect the Depositor, the Master Servicer or any such Person against any breach of warranties, representations or covenants
made herein or any liability which would otherwise be imposed by reason of willful misfeasance, bad faith or gross negligence in the performance of duties or by reason of reckless disregard of obligations and duties hereunder. The Depositor,
the Master Servicer and any director, officer, employee or agent of the Depositor or the Master Servicer may rely in good faith on any document of any kind prima facie properly executed and submitted by any Person respecting any matters arising
hereunder. The Depositor, the Master Servicer and any director, officer, employee or agent of the Depositor or the Master Servicer shall be indemnified by the Trust Fund and held harmless against any loss, liability or expense incurred in
connection with any legal action relating to this Agreement or the Certificates, other than any loss, liability or expense related to any specific Mortgage Loan or Mortgage Loans (except as any such loss, liability or expense shall be otherwise
reimbursable pursuant to this Agreement) and any loss, liability or expense incurred by reason of willful misfeasance, bad faith or gross negligence in the performance of duties hereunder or by reason of reckless disregard of obligations and duties
hereunder. Neither the Depositor nor the Master Servicer shall be under any obligation to appear in, prosecute or defend any legal or administrative action, proceeding, hearing or examination that is not incidental to its respective duties
under this Agreement and which in its opinion may involve it in any expense or liability; provided, however, that the Depositor or the Master Servicer may in its discretion undertake any such action, proceeding, hearing or examination that it
may deem necessary or desirable in respect to this Agreement and the rights and duties of the parties hereto and the interests of the Certificateholders hereunder. In such event, the legal expenses and costs of such action, proceeding,
hearing or examination and any liability resulting therefrom shall be expenses, costs and liabilities of the Trust Fund, and the Depositor and the Master Servicer shall be entitled to be reimbursed therefor out of amounts attributable to the
Mortgage Loans on deposit in the 

  

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Custodial Account as provided by Section 3.10 and, on the Distribution Date(s) following such reimbursement, the aggregate of such expenses and costs shall
be allocated in reduction of the Accrued Certificate Interest on each Class entitled thereto in the same manner as if such expenses and costs constituted a Prepayment Interest Shortfall. 
  
 Section 6.04 Depositor and Master Servicer Not to Resign. 
  
 Subject to the provisions of Section 6.02, neither the Depositor nor the
Master Servicer shall resign from its respective obligations and duties hereby imposed on it except upon determination that its duties hereunder are no longer permissible under applicable law. Any such determination permitting the resignation
of the Depositor or the Master Servicer shall be evidenced by an Opinion of Counsel (at the expense of the resigning party) to such effect delivered to the Trustee. No such resignation by the Master Servicer shall become effective until the
Trustee or a successor servicer shall have assumed the Master Servicer’s responsibilities and obligations in accordance with Section 7.02. 
  
 ARTICLE VII 
 DEFAULT 

 
 Section 7.01 Events of Default. 
  
 Event of Default, wherever used herein, means any one of the following events
(whatever reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or
governmental body): 
  
 (i) the Master Servicer
shall fail to distribute or cause to be distributed to Holders of Certificates of any Class any distribution required to be made under the terms of the Certificates of such Class and this Agreement and, in either case, such failure shall continue
unremedied for a period of 5 days after the date upon which written notice of such failure, requiring such failure to be remedied, shall have been given to the Master Servicer by the Trustee or the Depositor or to the Master Servicer, the Depositor
and the Trustee by the Holders of Certificates of such Class evidencing Percentage Interests aggregating not less than 25%; or 
  
 (ii) the Master Servicer shall fail to observe or perform in any material respect any other of the covenants or agreements on the part of
the Master Servicer contained in the Certificates of any Class or in this Agreement and such failure shall continue unremedied for a period of 30 days (except that such number of days shall be 15 in the case of a failure to pay the premium for any
Required Insurance Policy) after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Master Servicer by the Trustee or the Depositor, or to the Master Servicer, the Depositor and the
Trustee by the Holders of Certificates of any Class evidencing, as to such Class, Percentage Interests aggregating not less than 25%, or 
  
 (iii) a decree or order of a court or agency or supervisory authority having jurisdiction in the premises in an involuntary case under any
present or future federal or state bankruptcy, insolvency or similar law or appointing a conservator or receiver or 

  

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liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its
affairs, shall have been entered against the Master Servicer and such decree or order shall have remained in force undischarged or unstayed for a period of 60 days; or 
  
 (iv) the Master Servicer shall consent to the appointment of a conservator or receiver or liquidator in any
insolvency, readjustment of debt, marshalling of assets and liabilities, or similar proceedings of, or relating to, the Master Servicer or of, or relating to, all or substantially all of the property of the Master Servicer; or 
  
 (v) the Master Servicer shall admit in writing its inability
to pay its debts generally as they become due, file a petition to take advantage of, or commence a voluntary case under, any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors, or voluntarily suspend
payment of its obligations; or 
  
 (vi) the
Master Servicer shall notify the Trustee pursuant to Section 4.04(b) that it is unable to deposit in the Certificate Account an amount equal to the Advance. 
  
 If an Event of Default described in clauses (i)-(v) of this Section shall occur, then, and in each and every such case, so long as such Event of Default
shall not have been remedied, either the Depositor or the Trustee shall at the direction of Holders of Certificates entitled to at least xx% of the Voting Rights by notice in writing to the Master Servicer (and to the Depositor), terminate all of
the rights and obligations of the Master Servicer under this Agreement and in and to the Mortgage Loans and the proceeds thereof, other than its rights as a Certificateholder hereunder; provided, however, that a successor to the Master
Servicer is appointed pursuant to Section 7.02 and such successor Master Servicer shall have accepted the duties of Master Servicer effective upon the resignation of the Master Servicer. If an Event of Default described in clause (vi) shall occur,
the Trustee shall, by notice to the Master Servicer and the Depositor, immediately terminate all of the rights and obligations of the Master Servicer under this Agreement and in and to the Mortgage Loans and the proceeds thereof, other than its
rights as a Certificateholder hereunder as provided in Section 4.04(b). On or after the receipt by the Master Servicer of such written notice, all authority and power of the Master Servicer under this Agreement, whether with respect to the
Certificates (other than as a Holder thereof) or the Mortgage Loans or otherwise, shall subject to Section 7.02 pass to and be vested in the Trustee or the Trustee’s designee appointed pursuant to Section 7.02; and, without limitation, the
Trustee is hereby authorized and empowered to execute and deliver, on behalf of the Master Servicer, as attorney-in-fact or otherwise, any and all documents and other instruments, and to do or accomplish all other acts or things necessary or
appropriate to effect the purposes of such notice of termination, whether to complete the transfer and endorsement or assignment of the Mortgage Loans and related documents, or otherwise. The Master Servicer agrees to cooperate with the Trustee in
effecting the termination of the Master Servicer’s responsibilities and rights hereunder, including, without limitation, the transfer to the Trustee or its designee for administration by it of all cash amounts which shall at the time be
credited to the Custodial Account or the Certificate Account or thereafter be received with respect to the Mortgage Loans. No such termination shall release the Master Servicer for any liability that it would otherwise have hereunder for any act or
omission prior to the effective time of such termination. 

  

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Notwithstanding any termination of the activities of [Wells Fargo] in its capacity as Master Servicer hereunder, [Wells Fargo] shall be entitled to receive,
out of any late collection of a Monthly Payment on a Mortgage Loan which was due prior to the notice terminating [Wells Fargo]’s rights and obligations as Master Servicer hereunder and received after such notice, that portion to which [Wells
Fargo] would have been entitled pursuant to Sections 3.10(a)(ii), (vi) and (vii) as well as its Servicing Fee in respect thereof, and any other amounts payable to [Wells Fargo] hereunder the entitlement to which arose prior to the termination of its
activities hereunder. Upon the termination of [Wells Fargo] as Master Servicer hereunder the Depositor shall deliver to the Trustee, as successor Master Servicer, a copy of the Program Guide. 
  
 Section 7.02 Trustee or Depositor to Act; Appointment of Successor.

  
 (a) On and after the time the Master Servicer receives a
notice of termination pursuant to Section 7.01 or resigns in accordance with Section 6.04, the Trustee or, upon notice to the Depositor and with the Depositor’s consent (which shall not be unreasonably withheld) a designee (which meets the
standards set forth below) of the Trustee, shall be the successor in all respects to the Master Servicer in its capacity as servicer under this Agreement and the transactions set forth or provided for herein and shall be subject to all the
responsibilities, duties and liabilities relating thereto placed on the Master Servicer (except for the responsibilities, duties and liabilities contained in Sections 2.02 and 2.03(a), excluding the duty to notify related Subservicers as set forth
in such Sections, and its obligations to deposit amounts in respect of losses incurred prior to such notice or termination on the investment of funds in the Custodial Account or the Certificate Account pursuant to Sections 3.07(c) and 4.01(b) by the
terms and provisions hereof); provided, however, that any failure to perform such duties or responsibilities caused by the preceding Master Servicer’s failure to provide information required by Section 4.04 shall not be considered a
default by the Trustee hereunder as successor Master Servicer. As compensation therefor, the Trustee as successor Master Servicer shall be entitled to all funds relating to the Mortgage Loans which the Master Servicer would have been entitled to
charge to the Custodial Account or the Certificate Account if the Master Servicer had continued to act hereunder and, in addition, shall be entitled to the income from any Permitted Investments made with amounts attributable to the Mortgage Loans
held in the Custodial Account or the Certificate Account. If the Trustee has become the successor to the Master Servicer in accordance with Section 6.04 or Section 7.01, then notwithstanding the above, the Trustee may, if it shall be
unwilling to so act, or shall, if it is unable to so act, appoint, or petition a court of competent jurisdiction to appoint, any established housing and home finance institution, which is also a Fannie Mae or Freddie Mac-approved mortgage servicing
institution, having a net worth of not less than $xxx,xxx,xxx as the successor to the Master Servicer hereunder in the assumption of all or any part of the responsibilities, duties or liabilities of the Master Servicer hereunder. Pending
appointment of a successor to the Master Servicer hereunder, the Trustee shall become successor to the Master Servicer and shall act in such capacity as hereinabove provided. In connection with such appointment and assumption, the Trustee may
make such arrangements for the compensation of such successor out of payments on Mortgage Loans as it and such successor shall agree; provided, however, that no such compensation shall be in excess of that permitted the initial Master
Servicer hereunder. The Depositor, the Trustee, the Custodian and such successor shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. The Servicing Fee for any successor
Master Servicer appointed pursuant to this Section 7.02 will be lowered with respect to those Mortgage 

  

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Loans, if any, where the Subservicing Fee accrues at a rate of less than xx% per annum in the event that the successor Master Servicer is not servicing such
Mortgage Loans directly and it is necessary to raise the related Subservicing Fee to a rate of xx% per annum in order to hire a Subservicer with respect to such Mortgage Loans. The Master Servicer shall pay the reasonable expenses of the Trustee in
connection with any servicing transfer hereunder. 
  
 (b) [In
connection with the termination or resignation of the Master Servicer hereunder, either (i) the successor Master Servicer, including the Trustee if the Trustee is acting as successor Master Servicer, shall represent and warrant that it is a member
of MERS in good standing and shall agree to comply in all material respects with the rules and procedures of MERS in connection with the servicing of the Mortgage Loans that are registered with MERS, in which case the predecessor Master Servicer
shall cooperate with the successor Master Servicer in causing MERS to revise its records to reflect the transfer of servicing to the successor Master Servicer as necessary under MERS’ rules and regulations, or (ii) the predecessor Master
Servicer shall cooperate with the successor Master Servicer in causing MERS to execute and deliver an assignment of Mortgage in recordable form to transfer the Mortgage from MERS to the Trustee and to execute and deliver such other notices,
documents and other instruments as may be necessary or desirable to effect a transfer of such Mortgage Loan or servicing of such Mortgage Loan on the MERS® System to the successor Master Servicer. The predecessor Master Servicer shall file or cause to be filed any such assignment in the
appropriate recording office. The predecessor Master Servicer shall bear any and all fees of MERS, costs of preparing any assignments of Mortgage, and fees and costs of filing any assignments of Mortgage that may be required under this
subsection (b). The successor Master Servicer shall cause such assignment to be delivered to the Trustee or the Custodian promptly upon receipt of the original with evidence of recording thereon or a copy certified by the public recording
office in which such assignment was recorded.] 
  
 Section 7.03
Notification to Certificateholders. 
  
 (a) Upon any such
termination or appointment of a successor to the Master Servicer, the Trustee shall give prompt written notice thereof to Certificateholders at their respective addresses appearing in the Certificate Register. 
  
 (b) Within 60 days after the occurrence of any Event of Default, the Trustee
shall transmit by mail to all Holders of Certificates notice of each such Event of Default hereunder known to the Trustee, unless such Event of Default shall have been cured or waived as provided in Section 7.04. 
  
 Section 7.04 Waiver of Events of Default. 
  
 The Holders representing at least 66 2/3% of the Voting Rights of
Certificates affected by a default or Event of Default hereunder may waive any default or Event of Default; provided, however, that (a) a default or Event of Default under clause (i) of Section 7.01 may be waived only by all of the Holders of
Certificates affected by such default or Event of Default and (b) no waiver pursuant to this Section 7.04 shall affect the Holders of Certificates in the manner set forth in Section 11.01(b)(i), (ii) or (iii). Upon any such waiver of a
default or Event of Default by the Holders representing the requisite percentage of Voting Rights of Certificates affected by 

  

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such default or Event of Default, such default or Event of Default shall cease to exist and shall be deemed to have been remedied for every purpose
hereunder. No such waiver shall extend to any subsequent or other default or Event of Default or impair any right consequent thereon except to the extent expressly so waived. 
  
 ARTICLE VIII 
 CONCERNING THE TRUSTEE 
  
 Section 8.01 Duties
of Trustee. 
  
 (a) The Trustee, prior to the occurrence of an
Event of Default and after the curing of all Events of Default which may have occurred, undertakes to perform such duties and only such duties as are specifically set forth in this Agreement. In case an Event of Default has occurred (which
has not been cured or waived), the Trustee shall exercise such of the rights and powers vested in it by this Agreement, and use the same degree of care and skill in their exercise as a prudent investor would exercise or use under the circumstances
in the conduct of such investor’s own affairs. 
  
 (b) The
Trustee, upon receipt of all resolutions, certificates, statements, opinions, reports, documents, orders or other instruments furnished to the Trustee which are specifically required to be furnished pursuant to any provision of this Agreement, shall
examine them to determine whether they conform to the requirements of this Agreement. The Trustee shall notify the Certificateholders of any such documents which do not materially conform to the requirements of this Agreement in the event
that the Trustee, after so requesting, does not receive satisfactorily corrected documents. The Trustee shall forward or cause to be forwarded in a timely fashion the notices, reports and statements required to be forwarded by the Trustee
pursuant to Sections 4.03, 7.03, and 10.01. The Trustee shall furnish in a timely fashion to the Master Servicer such information as the Master Servicer may reasonably request from time to time for the Master Servicer to fulfill its duties as
set forth in this Agreement. The Trustee covenants and agrees that it shall perform its obligations hereunder in a manner so as to maintain the status of each REMIC created hereunder as a REMIC under the REMIC Provisions and (subject to
Section 10.01(f)) to prevent the imposition of any federal, state or local income, prohibited transaction, contribution or other tax on the Trust Fund to the extent that maintaining such status and avoiding such taxes are reasonably within the
control of the Trustee and are reasonably within the scope of its duties under this Agreement. 
  
 (c) No provision of this Agreement shall be construed to relieve the Trustee from liability for its own negligent action, its own negligent failure to act or its own willful misconduct; provided, however, that:

  
 (i) Prior to the occurrence of an Event of
Default, and after the curing or waiver of all such Events of Default which may have occurred, the duties and obligations of the Trustee shall be determined solely by the express provisions of this Agreement, the Trustee shall not be liable except
for the performance of such duties and obligations as are specifically set forth in this Agreement, no implied covenants or obligations shall be read into this Agreement against the Trustee and, in the absence of bad faith on the part of the
Trustee, the Trustee may conclusively rely, as to the truth of the statements and the 

  

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correctness of the opinions expressed therein, upon any certificates or opinions furnished to the Trustee by the Depositor or the Master Servicer and which
on their face, do not contradict the requirements of this Agreement; 
  
 (ii) The Trustee shall not be personally liable for an error of judgment made in good faith by a Responsible Officer or Responsible Officers of the Trustee, unless it shall be proved that the Trustee was negligent in
ascertaining the pertinent facts; 
  
 (iii) The
Trustee shall not be personally liable with respect to any action taken, suffered or omitted to be taken by it in good faith in accordance with the direction of the Certificateholders holding Certificates which evidence, Percentage Interests
aggregating not less than xx% of the affected Classes as to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Agreement;

  
 (iv) The Trustee shall not be charged with
knowledge of any default (other than a default in payment to the Trustee) specified in clauses (i) and (ii) of Section 7.01 or an Event of Default under clauses (iii), (iv) and (v) of Section 7.01 unless a Responsible Officer of the Trustee assigned
to and working in the Corporate Trust Office obtains actual knowledge of such failure or event or the Trustee receives written notice of such failure or event at its Corporate Trust Office from the Master Servicer, the Depositor or any
Certificateholder; and 
  
 (v) Except to the
extent provided in Section 7.02, no provision in this Agreement shall require the Trustee to expend or risk its own funds (including, without limitation, the making of any Advance) or otherwise incur any personal financial liability in the
performance of any of its duties as Trustee hereunder, or in the exercise of any of its rights or powers, if the Trustee shall have reasonable grounds for believing that repayment of funds or adequate indemnity against such risk or liability is not
reasonably assured to it. 
  
 (d) The Trustee shall timely pay,
from its own funds, the amount of any and all federal, state and local taxes imposed on the Trust Fund or its assets or transactions including, without limitation, (A) ”prohibited transaction” penalty taxes as defined in Section 860F of
the Code, if, when and as the same shall be due and payable, (B) any tax on contributions to a REMIC after the Closing Date imposed by Section 860G(d) of the Code and (C) any tax on “net income from foreclosure property” as defined in
Section 860G(c) of the Code, but only if such taxes arise out of a breach by the Trustee of its obligations hereunder, which breach constitutes negligence or willful misconduct of the Trustee. 
  
 Section 8.02 Certain Matters Affecting the Trustee. 
  
 (a) Except as otherwise provided in Section 8.01: 
  
 (i) The Trustee may rely and shall be protected in acting or
refraining from acting upon any resolution, Officers Certificate, certificate of auditors or any other certificate, statement, instrument, opinion, report, notice, request, consent, order, 

  

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appraisal, bond or other paper or document believed by it to be genuine and to have been signed or presented by the proper party or parties; 
  
 (ii) The Trustee may consult with counsel, and any Opinion
of Counsel shall be full and complete authorization and protection in respect of any action taken or suffered or omitted by it hereunder in good faith and in accordance with such Opinion of Counsel; 
  
 (iii) The Trustee shall be under no obligation to exercise
any of the trusts or powers vested in it by this Agreement or to institute, conduct or defend any litigation hereunder or in relation hereto at the request, order or direction of any of the Certificateholders pursuant to the provisions of this
Agreement, unless such Certificateholders shall have offered to the Trustee reasonable security or indemnity against the costs, expenses and liabilities which may be incurred therein or thereby; nothing contained herein shall, however, relieve the
Trustee of the obligation, upon the occurrence of an Event of Default (which has not been cured), to exercise such of the rights and powers vested in it by this Agreement, and to use the same degree of care and skill in their exercise as a prudent
investor would exercise or use under the circumstances in the conduct of such investor’s own affairs; 
  
 (iv) The Trustee shall not be personally liable for any action taken, suffered or omitted by it in good faith and believed by it to be
authorized or within the discretion or rights or powers conferred upon it by this Agreement; 
  
 (v) Prior to the occurrence of an Event of Default hereunder and after the curing of all Events of Default which may have occurred, the
Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, bond or other paper or document, unless
requested in writing so to do by the Holders of Certificates of any Class evidencing, as to such Class, Percentage Interests, aggregating not less than xx%; provided, however, that if the payment within a reasonable time to the Trustee of the
costs, expenses or liabilities likely to be incurred by it in the making of such investigation is, in the opinion of the Trustee, not reasonably assured to the Trustee by the security afforded to it by the terms of this Agreement, the Trustee may
require reasonable indemnity against such expense or liability as a condition to so proceeding. The reasonable expense of every such examination shall be paid by the Master Servicer, if an Event of Default shall have occurred and is
continuing, and otherwise by the Certificateholder requesting the investigation; 
  
 (vi) The Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents
or attorneys provided that the Trustee shall remain liable for any acts of such agents or attorneys; and 
  
 (vii) To the extent authorized under the Code and the regulations promulgated thereunder, each Holder of a Class R Certificate hereby
irrevocably appoints and authorizes the Trustee to be its attorney-in-fact for purposes of signing any Tax Returns required to be filed on behalf of the Trust Fund. The Trustee shall sign on behalf of the 

  

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Trust Fund and deliver to the Master Servicer in a timely manner any Tax Returns prepared by or on behalf of the Master Servicer that the Trustee is required
to sign as determined by the Master Servicer pursuant to applicable federal, state or local tax laws, provided that the Master Servicer shall indemnify the Trustee for signing any such Tax Returns that contain errors or omissions. 

 
 (b) Following the issuance of the Certificates (and except as provided for
in Section 2.04), the Trustee shall not accept any contribution of assets to the Trust Fund unless (subject to Section 10.01(f)) it shall have obtained or been furnished with an Opinion of Counsel to the effect that such contribution will not (i)
cause any REMIC created hereunder to fail to qualify as a REMIC at any time that any Certificates are outstanding or (ii) cause the Trust Fund to be subject to any federal tax as a result of such contribution (including the imposition of any federal
tax on “prohibited transactions” imposed under Section 860F(a) of the Code). 
  
 Section 8.03 Trustee Not Liable for Certificates or Mortgage Loans. 
  
 The recitals contained herein and in the Certificates (other than the execution of the Certificates and relating to the acceptance and receipt of the
Mortgage Loans) shall be taken as the statements of the Depositor or the Master Servicer as the case may be, and the Trustee assumes no responsibility for their correctness. The Trustee makes no representations as to the validity or
sufficiency of this Agreement or of the Certificates (except that the Certificates shall be duly and validly executed and authenticated by it as Certificate Registrar) or of any Mortgage Loan or related document, or of MERS or the MERS® System. Except as otherwise provided herein, the
Trustee shall not be accountable for the use or application by the Depositor or the Master Servicer of any of the Certificates or of the proceeds of such Certificates, or for the use or application of any funds paid to the Depositor or the Master
Servicer in respect of the Mortgage Loans or deposited in or withdrawn from the Custodial Account or the Certificate Account by the Depositor or the Master Servicer. 
  
 Section 8.04 Trustee May Own Certificates. 
  
 The Trustee in its individual or any other capacity may become the owner or pledgee of Certificates with the same rights it
would have if it were not Trustee. 
  
 Section 8.05 Master
Servicer to Pay Trustee’s Fees and Expenses; Indemnification. 
  
 (a) The Master Servicer covenants and agrees to pay to the Trustee and any co-trustee from time to time, and the Trustee and any co-trustee shall be entitled to, reasonable compensation (which shall not be limited by any provision of law in
regard to the compensation of a trustee of an express trust) for all services rendered by each of them in the execution of the trusts hereby created and in the exercise and performance of any of the powers and duties hereunder of the Trustee and any
co-trustee, and the Master Servicer shall pay or reimburse the Trustee and any co-trustee upon request for all reasonable expenses, disbursements and advances incurred or made by the Trustee or any co-trustee in accordance with any of the provisions
of this Agreement (including the reasonable compensation and the expenses and disbursements of its counsel and of all persons not regularly in its employ, and the expenses incurred by the Trustee or any co-trustee in connection with the appointment
of an office or agency pursuant to 

  

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Section 8.12) except any such expense, disbursement or advance as may arise from its negligence or bad faith. 
  
 (b) The Master Servicer agrees to indemnify the Trustee for, and to hold the
Trustee harmless against, any loss, liability or expense incurred without negligence or willful misconduct on its part, arising out of, or in connection with, the acceptance and administration of the Trust Fund, including its obligation to execute
the DTC Letter in its individual capacity, and including the costs and expenses (including reasonable legal fees and expenses) of defending itself against any claim in connection with the exercise or performance of any of its powers or duties under
this Agreement, and the Master Servicer further agrees to indemnify the Trustee for, and to hold the Trustee harmless against, any loss, liability or expense arising out of, or in connection with, the provisions set forth in the third paragraph of
Section 2.01(b), including without limitation, all costs, liabilities and expenses (including reasonable legal fees and expenses) of investigating and defending itself against any claim, action or proceeding, pending or threatened, relating to the
provisions of such paragraph, provided that: 
  
 (i) with respect to any such claim, the Trustee shall have given the Master Servicer written notice thereof promptly after the Trustee shall have actual knowledge thereof; 
  
 (ii) while maintaining control over its own defense, the Trustee shall cooperate and consult fully with the
Master Servicer in preparing such defense; and 
  
 (iii) notwithstanding anything in this Agreement to the contrary, the Master Servicer shall not be liable for settlement of any claim by the Trustee entered into without the prior consent of the Master Servicer which consent shall not be
unreasonably withheld. No termination of this Agreement shall affect the obligations created by this Section 8.05(b) of the Master Servicer to indemnify the Trustee under the conditions and to the extent set forth herein.
Notwithstanding the foregoing, the indemnification provided by the Master Servicer in this Section 8.05(b) shall not pertain to any loss, liability or expense of the Trustee, including the costs and expenses of defending itself against any
claim, incurred in connection with any actions taken by the Trustee at the direction of Certificateholders pursuant to the terms of this Agreement. 
  
 Section 8.06 Eligibility Requirements for Trustee. 
  
 The Trustee hereunder shall at all times be a national banking association or a New York banking corporation having its principal office in a state and
city acceptable to the Depositor and organized and doing business under the laws of such state or the United States of America, authorized under such laws to exercise corporate trust powers, having a combined capital and surplus of at least
$xxx,xxx,xxx and subject to supervision or examination by federal or state authority. If such corporation or national banking association publishes reports of condition at least annually, pursuant to law or to the requirements of the
aforesaid supervising or examining authority, then for purposes of this Section the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so
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with the provisions of this Section, the Trustee shall resign immediately in the manner and with the effect specified in Section 8.07 below. 
  
 Section 8.07 Resignation and Removal of the Trustee. 
  
 (a) The Trustee may at any time resign and be discharged from the trusts
hereby created by giving written notice thereof to the Depositor and the Master Servicer. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor trustee by written instrument, in duplicate, one copy of
which instrument shall be delivered to the resigning Trustee and one copy to the successor trustee. If no successor trustee shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of
resignation, then the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee. 
  
 (b) If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 and shall fail to resign after written request
therefor by the Depositor, or if at any time the Trustee shall become incapable of acting, or shall be adjudged bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or
control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Depositor may remove the Trustee and appoint a successor trustee by written instrument, in duplicate, one copy of which
instrument shall be delivered to the Trustee so removed and one copy to the successor trustee. In addition, in the event that the Depositor determines that the Trustee has failed (i) to distribute or cause to be distributed to
Certificateholders any amount required to be distributed hereunder, if such amount is held by the Trustee or its Paying Agent (other than the Master Servicer or the Depositor) for distribution or (ii) to otherwise observe or perform in any material
respect any of its covenants, agreements or obligations hereunder, and such failure shall continue unremedied for a period of 5 days (in respect of clause (i) above) or 30 days (in respect of clause (ii) above) after the date on which written notice
of such failure, requiring that the same be remedied, shall have been given to the Trustee by the Depositor, then the Depositor may remove the Trustee and appoint a successor trustee by written instrument delivered as provided in the preceding
sentence. In connection with the appointment of a successor trustee pursuant to the preceding sentence, the Depositor shall, on or before the date on which any such appointment becomes effective, obtain from each Rating Agency written
confirmation that the appointment of any such successor trustee will not result in the reduction of the ratings on any Class of the Certificates below the lesser of the then current or original ratings on such Certificates. 
  
 (c) The Holders of Certificates entitled to at least xx% of the Voting Rights
may at any time remove the Trustee and appoint a successor trustee by written instrument or instruments, in triplicate, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered to
the Depositor, one complete set to the Trustee so removed and one complete set to the successor so appointed. 
  
 (d) Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section shall become
effective upon acceptance of appointment by the successor trustee as provided in Section 8.08 below. 
  

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 Section 8.08 Successor Trustee. 
  
 (a) Any successor trustee appointed as provided in Section 8.07 shall execute, acknowledge and deliver to the Depositor and
to its predecessor trustee an instrument accepting such appointment hereunder, and thereupon the resignation or removal of the predecessor trustee shall become effective and such successor trustee shall become effective and such successor trustee,
without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties and obligations of its predecessor hereunder, with the like effect as if originally named as trustee herein. The predecessor trustee
shall deliver to the successor trustee all Mortgage Files and related documents and statements held by it hereunder (other than any Mortgage Files at the time held by a Custodian, which shall become the agent of any successor trustee hereunder), and
the Depositor, the Master Servicer and the predecessor trustee shall execute and deliver such instruments and do such other things as may reasonably be required for more fully and certainly vesting and confirming in the successor trustee all such
rights, powers, duties and obligations. 
  
 (b) No successor
trustee shall accept appointment as provided in this Section unless at the time of such acceptance such successor trustee shall be eligible under the provisions of Section 8.06. 
  
 (c) Upon acceptance of appointment by a successor trustee as provided in this Section, the Depositor shall mail notice of
the succession of such trustee hereunder to all Holders of Certificates at their addresses as shown in the Certificate Register. If the Depositor fails to mail such notice within 10 days after acceptance of appointment by the successor
trustee, the successor trustee shall cause such notice to be mailed at the expense of the Depositor. 
  
 Section 8.09 Merger or Consolidation of Trustee. 
  
 Any corporation or national banking association into which the Trustee may be merged or converted or with which it may be consolidated or any corporation
or national banking association resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any corporation or national banking association succeeding to the business of the Trustee, shall be the successor of the
Trustee hereunder, provided such corporation or national banking association shall be eligible under the provisions of Section 8.06, without the execution or filing of any paper or any further act on the part of any of the parties hereto,
anything herein to the contrary notwithstanding. The Trustee shall mail notice of any such merger or consolidation to the Certificateholders at their address as shown in the Certificate Register. 
  
 Section 8.10 Appointment of Co-Trustee or Separate Trustee.

  
 (a) Notwithstanding any other provisions hereof, at any time,
for the purpose of meeting any legal requirements of any jurisdiction in which any part of the Trust Fund or property securing the same may at the time be located, the Master Servicer and the Trustee acting jointly shall have the power and shall
execute and deliver all instruments to appoint one or more Persons approved by the Trustee to act as co-trustee or co-trustees, jointly with the Trustee, or separate trustee or separate trustees, of all or any part of the Trust Fund, and to vest in
such Person or Persons, in such capacity, such title to the Trust Fund, or any part thereof, and, subject 

  

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to the other provisions of this Section 8.10, such powers, duties, obligations, rights and trusts as the Master Servicer and the Trustee may consider
necessary or desirable. If the Master Servicer shall not have joined in such appointment within 15 days after the receipt by it of a request so to do, or in case an Event of Default shall have occurred and be continuing, the Trustee alone
shall have the power to make such appointment. No co-trustee or separate trustee hereunder shall be required to meet the terms of eligibility as a successor trustee under Section 8.06, and no notice to Holders of Certificates of the
appointment of co-trustee(s) or separate trustee(s) shall be required under Section 8.08. 
  
 (b) In the case of any appointment of a co-trustee or separate trustee pursuant to this Section 8.10, all rights, powers, duties and obligations conferred or imposed upon the Trustee shall be conferred or imposed upon
and exercised or performed by the Trustee, and such separate trustee or co-trustee jointly, except to the extent that under any law of any jurisdiction in which any particular act or acts are to be performed (whether as Trustee hereunder or as
successor to the Master Servicer hereunder), the Trustee shall be incompetent or unqualified to perform such act or acts, in which event such rights, powers, duties and obligations (including the holding of title to the Trust Fund or any portion
thereof in any such jurisdiction) shall be exercised and performed by such separate trustee or co-trustee at the direction of the Trustee. 
  
 (c) Any notice, request or other writing given to the 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 Agreement and the conditions of this Article VIII. 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 Trustee or separately, as may be provided therein, subject to all the provisions of this Agreement, specifically
including every provision of this Agreement relating to the conduct of, affecting the liability of, or affording protection to, the Trustee. Every such instrument shall be filed with the Trustee. 
  
 (d) Any separate trustee or co-trustee may, at any time, constitute the
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 Agreement on its behalf and in its name. If any separate trustee or co-trustee shall die,
become incapable of acting, resign or be removed, all of its estates, properties, rights, remedies and trusts shall vest in and be exercised by the Trustee, to the extent permitted by law, without the appointment of a new or successor trustee.

  
 Section 8.11 Appointment of Custodians. 
  
 The Trustee may, with the consent of the Master Servicer and the Depositor,
or shall, at the direction of the Master Servicer and the Depositor, appoint one or more Custodians who are not Affiliates of the Depositor or the Master Servicer to hold all or a portion of the Mortgage Files as agent for the Trustee, by entering
into a Custodial Agreement. The Trustee is hereby directed to enter into a Custodial Agreement with Wells Fargo Bank, N.A. Subject to Article VIII, the Trustee agrees to comply with the terms of each Custodial Agreement and to enforce the
terms and provisions thereof against the Custodian for the benefit of the Certificateholders. Each Custodian shall be a depository institution subject to supervision by federal or state authority, shall have a combined capital and surplus of
at least $xxx,xxx,xxx and 

  

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shall be qualified to do business in the jurisdiction in which it holds any Mortgage File. Each Custodial Agreement may be amended only as provided in
Section 11.01. The Trustee shall notify the Certificateholders of the appointment of any Custodian (other than the Custodian appointed as of the Closing Date) pursuant to this Section 8.11. 
  
 Section 8.12 Appointment of Office or Agency. 
  
 The Trustee shall maintain an office or agency in the City of
[                            ] where Certificates may be surrendered for registration of transfer or
exchange. The Trustee initially designates its offices located at the Corporate Trust Office for the purpose of keeping the Certificate Register. The Trustee shall maintain an office at the address stated in Section 11.05(c) where notices and
demands to or upon the Trustee in respect of this Agreement may be served. 
  
 Section 8.13 DTC Letter of Representations. 
  
 The Trustee is hereby authorized and directed to, and agrees that it shall, enter into the DTC Letter on behalf of the Trust Fund and in its individual capacity as agent thereunder. 
  
 Section 8.14 Hedge Agreement. 
  
 The Trustee is hereby authorized and directed to, and agrees that it shall,
enter into the Hedge Agreement on behalf of the Trust Fund. 
  
 ARTICLE IX 
 TERMINATION 
  
 Section 9.01 Termination Upon Purchase or Liquidation of All Mortgage Loans. 
  
 (a) Subject to Section 9.02, the respective obligations and responsibilities of the Depositor, the Master Servicer and the
Trustee created hereby in respect of the Certificates (other than the obligation of the Trustee to make certain payments after the Final Distribution Date to Certificateholders and the obligation of the Depositor to send certain notices as
hereinafter set forth) shall terminate upon the last action required to be taken by the Trustee on the Final Distribution Date pursuant to this Article IX following the earlier of: 
  
 (i) the later of the final payment or other liquidation (or any Advance with respect thereto) of the last
Mortgage Loan remaining in the Trust Fund or the disposition of all property acquired upon foreclosure or deed in lieu of foreclosure of any Mortgage Loan, or 
  

(ii) at the option of the Master Servicer or the Holder of Class SB Certificates as provided in Section 9.01(f) below, the purchase of
all Mortgage Loans and all property acquired in respect of any Mortgage Loan remaining in the Trust Fund, at a price equal to 100% of the unpaid principal balance of each Mortgage Loan (or, if less than such unpaid principal balance, the fair market
value of the related underlying property of such Mortgage Loan with respect to Mortgage Loans as to which title has been acquired if such fair market value is less than such unpaid principal balance) (and if such purchase is 

  

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made by the Master Servicer only, net of any unreimbursed Advances attributable to principal) on the day of repurchase, plus accrued interest thereon at the
Net Mortgage Rate (or Modified Net Mortgage Rate in the case of any Modified Mortgage Loan), to, but not including, the first day of the month in which such repurchase price is distributed; 
  
 provided, however, that in no event shall the trust created hereby continue beyond the
expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late ambassador of the United States to the Court of St. James, living on the date hereof; and provided further, that the purchase
price set forth above shall be increased as is necessary, as determined by the Master Servicer, to avoid disqualification of any REMIC created hereunder as a REMIC. 
  
 The purchase price paid by the Master Servicer or the Holder of the Class SB Certificates, as applicable, pursuant to
Section 9.01(a)(ii) shall also include any amounts owed by the Seller pursuant to the last paragraph of Section 4 of the Assignment Agreement in respect of any liability, penalty or expense that resulted from a breach of the representation and
warranty set forth in clause (xlvii) of Section 4 of the Assignment Agreement that remain unpaid on the date of such purchase. 
  
 The right of the Master Servicer or the Holder of Class SB Certificates, as applicable, to purchase all of the Mortgage Loans pursuant to clause (ii)
above is conditioned upon the date of such purchase occurring on or after the Optional Termination Date. If such right is exercised by the Master Servicer, the Master Servicer shall be deemed to have been reimbursed for the full amount of any
unreimbursed Advances theretofore made by it with respect to the Mortgage Loans being purchased. In addition, the Master Servicer shall provide to the Trustee the certification required by Section 3.15, and the Trustee and any Custodian shall,
promptly following payment of the purchase price, release to the Master Servicer or the Holder of the Class SB Certificates, as applicable, the Mortgage Files pertaining to the Mortgage Loans being purchased. 
  
 In addition to the foregoing, on any Distribution Date on or after the
Optional Termination Date, the Master Servicer or the Holder of Class SB Certificates as provided in Section 9.01(f), shall have the right, at its option, to purchase the Class A Certificates, Class M Certificates, Class B Certificates and Class SB
Certificates in whole, but not in part, at a price equal to the sum of the outstanding Certificate Principal Balance of such Certificates plus the sum of one month’s Accrued Certificate Interest thereon, any previously unpaid Accrued
Certificate Interest, and any unpaid Prepayment Interest Shortfalls previously allocated thereto and, in the case of Prepayment Interest Shortfalls, accrued interest thereon at the applicable Pass-Through Rate, plus, with respect to any optional
termination by the Holder of Class SB Certificates, an amount equal to all accrued and unpaid Servicing Fees and reimbursement for all unreimbursed Advances and Servicing Advances, in each case through the date of such optional termination. If the
Master Servicer or the Holder of Class SB Certificates, as applicable, exercises this right to purchase the outstanding Class A Certificates, Class M Certificates, Class B Certificates and Class SB Certificates, the Master Servicer or the Holder of
Class SB Certificates, as applicable, will promptly terminate the respective obligations and responsibilities created hereby in respect of these Certificates pursuant to this Article IX. 
  

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 (b) The Master Servicer or the Holder of Class SB Certificates, as applicable, shall give the Trustee
(and the Master Servicer if the Holder of Class SB Certificates is exercising its option) not less than 60 days’ prior notice of the Distribution Date on which (1) the Master Servicer or the Holder of Class SB Certificates, as applicable,
anticipates that the final distribution will be made to Certificateholders as a result of the exercise by the Master Servicer or the Holder of Class SB Certificates as applicable, of its right to purchase the Mortgage Loans or on which (2) the
Master Servicer or the Holder of Class SB Certificates, as applicable, anticipates that the Certificates will be purchased as a result of the exercise by the Master Servicer or the Holder of Class SB Certificates, as applicable, to purchase the
outstanding Certificates. Notice of any termination, specifying the anticipated Final Distribution Date (which shall be a date that would otherwise be a Distribution Date) upon which the Certificateholders may surrender their Certificates to the
Trustee (if so required by the terms hereof) for payment of the final distribution and cancellation or notice of any purchase of the outstanding Certificates, specifying the Distribution Date upon which the Holders may surrender their Certificates
to the Trustee for payment, shall be given promptly by the Master Servicer (if it is exercising the right to purchase the Mortgage Loans or to purchase the outstanding Certificates), or by the Trustee (in any other case) by letter to the
Certificateholders (with a copy to the Certificate Registrar) mailed not earlier than the 15th day and not later than the 25th day of the month next preceding the month of such final distribution specifying: 
  
 (i) the anticipated Final Distribution Date upon which final
payment of the Certificates is anticipated to be made upon presentation and surrender of Certificates at the office or agency of the Trustee therein designated where required pursuant to this Agreement or, in the case of the purchase by the Master
Servicer or the Holder of Class SB Certificates, as applicable, of the outstanding Certificates, the Distribution Date on which such purchase is made, 
  
 (ii) the amount of any such final payment or, in the case of the purchase of the outstanding Certificates, the purchase price, in either
case, if known, and 
  
 (iii) that the Record
Date otherwise applicable to such Distribution Date is not applicable, and that payment will be made only upon presentation and surrender of the Certificates at the office or agency of the Trustee therein specified. 
  
 If the Master Servicer or the Trustee is obligated to give notice to
Certificateholders as required above, it shall give such notice to the Certificate Registrar at the time such notice is given to Certificateholders. In the event of a purchase of the Mortgage Loans by the Master Servicer or the Holder of Class SB
Certificates, as applicable, the Master Servicer or the Holder of Class SB Certificates, as applicable, shall deposit in the Certificate Account before the Final Distribution Date in immediately available funds an amount equal to the purchase price
computed as provided above. As a result of the exercise by the Master Servicer or the Holder of Class SB Certificates, as applicable, of its right to purchase the outstanding Certificates, the Master Servicer or the Holder of Class SB Certificates,
as applicable, shall deposit in the Certificate Account before the Distribution Date on which such purchase is to occur, in immediately available funds, an amount equal to the purchase price for the Certificates computed as provided above, and
provide notice of such deposit to the Trustee. The Trustee shall withdraw from such account the amount specified in subsection (c) below and distribute such amount to 

  

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the Certificateholders as specified in subsection (c) below. The Master Servicer or the Holder of Class SB Certificates, as applicable, shall provide
to the Trustee written notification of any change to the anticipated Final Distribution Date as soon as practicable. If the Trust Fund is not terminated on the anticipated Final Distribution Date, for any reason, the Trustee shall promptly mail
notice thereof to each affected Certificateholder. 
  
 (c) Upon
presentation and surrender of Class A Certificates, Class M Certificates, Class B Certificates and Class SB Certificates by the Certificateholders thereof, the Trustee shall distribute to such Certificateholders (i) the amount otherwise
distributable on such Distribution Date, if not in connection with the Master Servicer’s or the Holder’s of Class SB Certificates, as applicable, election to repurchase the Mortgage Loans or the outstanding Class A Certificates, Class M
Certificates, Class B Certificates and Class SB Certificates, or (ii) if the Master Servicer or the Holder of Class SB Certificates, as applicable, elected to so repurchase the Mortgage Loans or the outstanding Class A Certificates, Class M
Certificates, Class B Certificates and Class SB Certificates, an amount equal to the price paid pursuant to Section 9.01(a) as follows: first, with respect to any optional termination by the Holder of the Class SB Certificates, payment of any
accrued and unpaid Servicing Fees and reimbursement for all unreimbursed Advances and Servicing Advances, in each case through the date of such optional termination, to the Master Servicer, second, with respect to the Class A Certificates, pari
passu, the outstanding Certificate Principal Balance thereof, plus Accrued Certificate Interest thereon for the related Interest Accrual Period and any previously unpaid Accrued Certificate Interest, third, with respect to the Class M-1
Certificates, the outstanding Certificate Principal Balance thereof, plus Accrued Certificate Interest thereon for the related Interest Accrual Period and any previously unpaid Accrued Certificate Interest, fourth, with respect to the Class M-2
Certificates, the outstanding Certificate Principal Balance thereof, plus Accrued Certificate Interest thereon for the related Interest Accrual Period and any previously unpaid Accrued Certificate Interest, fifth, with respect to the Class M-3
Certificates, the outstanding Certificate Principal Balance thereof, plus Accrued Certificate Interest thereon for the related Interest Accrual Period and any previously unpaid Accrued Certificate Interest, sixth, with respect to the Class M-4
Certificates, the outstanding Certificate Principal Balance thereof, plus Accrued Certificate Interest thereon for the related Interest Accrual Period and any previously unpaid Accrued Certificate Interest, seventh, with respect to the Class M-5
Certificates, the outstanding Certificate Principal Balance thereof, plus Accrued Certificate Interest thereon for the related Interest Accrual Period and any previously unpaid Accrued Certificate Interest, eighth, with respect to the Class M-6
Certificates, the outstanding Certificate Principal Balance thereof, plus Accrued Certificate Interest thereon for the related Interest Accrual Period and any previously unpaid Accrued Certificate Interest, ninth, with respect to the Class B
Certificates, the outstanding Certificate Principal Balance thereof, plus Accrued Certificate Interest thereon for the related Interest Accrual Period and any previously unpaid Accrued Certificate Interest, tenth, to the Class A Certificates, Class
M Certificates and Class B Certificates, the amount of any Prepayment Interest Shortfalls allocated thereto for such Distribution Date or remaining unpaid from prior Distribution Dates and accrued interest thereon at the applicable Pass-Through
Rate, on a pro rata basis based on Prepayment Interest Shortfalls allocated thereto for such Distribution Date or remaining unpaid from prior Distribution Dates, and eleventh, to the Class SB Certificates. 
  
 (d) In the event that any Certificateholders shall not surrender their
Certificates for final payment and cancellation on or before the Final Distribution Date, the Master Servicer (if it 

  

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exercised its right to purchase the Mortgage Loans) or the Trustee (in any other case), shall give a second written notice to the remaining
Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice any Certificate shall not have been surrendered for cancellation, the Trustee
shall take appropriate steps as directed by the Master Servicer to contact the remaining Certificateholders concerning surrender of their Certificates. The costs and expenses of maintaining the Certificate Account and of contacting
Certificateholders shall be paid out of the assets which remain in the Certificate Account. If within nine months after the second notice any Certificates shall not have been surrendered for cancellation, the Trustee shall pay to the Master Servicer
all amounts distributable to the holders thereof and the Master Servicer shall thereafter hold such amounts until distributed to such Holders. No interest shall accrue or be payable to any Certificateholder on any amount held in the Certificate
Account or by the Master Servicer as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance with this Section 9.01 and the Certificateholders shall look only to the Master Servicer
for such payment. 
  
 (e) If any Certificateholders do not
surrender their Certificates on or before the Distribution Date on which a purchase of the outstanding Certificates is to be made, the Master Servicer shall give a second written notice to such Certificateholders to surrender their Certificates for
payment of the purchase price therefor. If within six months after the second notice any Certificate shall not have been surrendered for cancellation, the Trustee shall take appropriate steps as directed by the Master Servicer to contact the Holders
of such Certificates concerning surrender of their Certificates. The costs and expenses of maintaining the Certificate Account and of contacting Certificateholders shall be paid out of the assets which remain in the Certificate Account. If within
nine months after the second notice any Certificates shall not have been surrendered for cancellation in accordance with this Section 9.01, the Trustee shall pay to the Master Servicer all amounts distributable to the Holders thereof and shall have
no further obligation or liability therefor and the Master Servicer shall thereafter hold such amounts until distributed to such Holders. No interest shall accrue or be payable to any Certificateholder on any amount held in the Certificate Account
or by the Master Servicer as a result of such Certificateholder’s failure to surrender its Certificate(s) for payment in accordance with this Section 9.01. Any Certificate that is not surrendered on the Distribution Date on which a purchase
pursuant to this Section 9.01 occurs as provided above will be deemed to have been purchased and the Holder as of such date will have no rights with respect thereto except to receive the purchase price therefor minus any costs and expenses
associated with such Certificate Account and notices allocated thereto. Any Certificates so purchased or deemed to have been purchased on such Distribution Date shall remain outstanding hereunder. The Master Servicer shall be for all purposes the
Holder thereof as of such date. 
  
 (f) With respect to the first
possible Optional Termination Date, the Master Servicer shall have the sole option to exercise the purchase options described in Section 9.01(a) and the Holder of the Class SB Certificates shall have no claim thereto. If, however, the Master
Servicer elects not to exercise one of its options to purchase pursuant to Section 9.01(a) with respect to the first possible Optional Termination Date, the Holder of Class SB Certificates shall have the sole option to exercise the purchase options
described in Section 9.01(a) on the second possible Optional Termination Date and the Master Servicer shall have no claim thereto. If the Holder of Class SB Certificates elects not to exercise one of its options to purchase pursuant to
Section 

  

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9.01(a) with respect to the second possible Optional Termination Date, it shall lose such right and have no claim to exercise any purchase options pursuant
to this Section 9.01 thereafter. Beginning with the third possible Optional Termination Date and thereafter, the Master Servicer shall again have the sole option to exercise the purchase options described in Section 9.01(a). 
  
 Section 9.02 Additional Termination Requirements. 
  
 (a) Each of REMIC I and REMIC II, as the case may be, shall be terminated in
accordance with the following additional requirements, unless the Trustee and the Master Servicer have received an Opinion of Counsel (which Opinion of Counsel shall not be an expense of the Trustee) to the effect that the failure of any REMIC
created hereunder to comply with the requirements of this Section 9.02 will not (i) result in the imposition on the Trust Fund of taxes on “prohibited transactions,” as described in Section 860F of the Code, or (ii) cause any REMIC created
hereunder to fail to qualify as a REMIC at any time that any Certificate is outstanding: 
  
 (i) The Master Servicer shall establish a 90-day liquidation period for each of REMIC I and REMIC II and specify the first day of such
period in a statement attached to the Trust Fund’s final Tax Return pursuant to Treasury regulations §1.860F-1. The Master Servicer also shall satisfy all of the requirements of a qualified liquidation for each of REMIC I and REMIC II,
under Section 860F of the Code and the regulations thereunder; 
  
 (ii) The Master Servicer shall notify the Trustee at the commencement of such 90-day liquidation period and, at or prior to the time of making of the final payment on the Certificates, the Trustee shall sell or
otherwise dispose of all of the remaining assets of the Trust Fund in accordance with the terms hereof; and 
  
 (iii) If the Master Servicer is exercising its right to purchase the assets of the Trust Fund, the Master Servicer shall, during the
90-day liquidation period and at or prior to the Final Distribution Date, purchase all of the assets of the Trust Fund for cash; 
  
 (b) Each Holder of a Certificate and the Trustee hereby irrevocably approves and appoints the Master Servicer as its attorney-in-fact to adopt a plan of
complete liquidation for each of REMIC I and REMIC II at the expense of the Trust Fund in accordance with the terms and conditions of this Agreement. 
  
 ARTICLE X 
 REMIC PROVISIONS

  
 Section 10.01 REMIC Administration. 
  
 (a) The REMIC Administrator shall make an election to treat each of REMIC I
and REMIC II as a REMIC under the Code and, if necessary, under applicable state law. Such election will be made on Form 1066 or other appropriate federal tax or information return (including Form 8811) or any appropriate state return for the
taxable year ending on the last day of the calendar year in which the Certificates are issued. The REMIC I Regular Interests shall be designated as the “regular interests” and the Class R-I Certificates shall be designated as the
sole 

  

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Class of “residual interests” in REMIC I. The REMIC II Regular Interests shall be designated as the “regular interests” and the Class
R-II Certificates shall be designated as the sole Class of “residual interests” in REMIC II. The REMIC Administrator and the Trustee shall not permit the creation of any “interests” (within the meaning of Section 860G of the
Code) in REMIC I or REMIC II other than the REMIC I Regular Interests, the REMIC II Regular Interests and the Certificates. 
  
 (b) The Closing Date is hereby designated as the “startup day” of each of REMIC I and REMIC II within the meaning of Section 860G(a)(9) of the
Code (the “Startup Date”). 
  
 (c) The REMIC
Administrator shall hold a Class R Certificate in each REMIC representing a [            ]% Percentage Interest of the Class R Certificates in each REMIC and shall be
designated as the “tax matters person” with respect to each of REMIC I and REMIC II in the manner provided under Treasury regulations Section 1.860F-4(d) and Treasury regulations Section 301.6231(a)(7)-1. The REMIC Administrator, as
tax matters person, shall (i) act on behalf of each of REMIC I and REMIC II in relation to any tax matter or controversy involving the Trust Fund and (ii) represent the Trust Fund in any administrative or judicial proceeding relating to an
examination or audit by any governmental taxing authority with respect thereto. The legal expenses, including without limitation attorneys’ or accountants’ fees, and costs of any such proceeding and any liability resulting therefrom
shall be expenses of the Trust Fund and the REMIC Administrator shall be entitled to reimbursement therefor out of amounts attributable to the Mortgage Loans on deposit in the Custodial Account as provided by Section 3.10 unless such legal expenses
and costs are incurred by reason of the REMIC Administrator’s willful misfeasance, bad faith or gross negligence. If the REMIC Administrator is no longer the Master Servicer hereunder, at its option the REMIC Administrator may continue
its duties as REMIC Administrator and shall be paid reasonable compensation not to exceed $xxx,xxx per year by any successor Master Servicer hereunder for so acting as the REMIC Administrator. 
  
 (d) The REMIC Administrator shall prepare or cause to be prepared all of the
Tax Returns that it determines are required with respect to the REMICs created hereunder and deliver such Tax Returns in a timely manner to the Trustee and the Trustee shall sign and file such Tax Returns in a timely manner. The expenses of
preparing such returns shall be borne by the REMIC Administrator without any right of reimbursement therefor. The REMIC Administrator agrees to indemnify and hold harmless the Trustee with respect to any tax or liability arising from the
Trustee’s signing of Tax Returns that contain errors or omissions. The Trustee and Master Servicer shall promptly provide the REMIC Administrator with such information as the REMIC Administrator may from time to time request for the
purpose of enabling the REMIC Administrator to prepare Tax Returns. 
  
 (e) The REMIC Administrator shall provide (i) to any Transferor of a Class R Certificate such information as is necessary for the application of any tax relating to the transfer of a Class R Certificate to any Person who is not a Permitted
Transferee, (ii) to the Trustee and the Trustee shall forward to the Certificateholders such information or reports as are required by the Code or the REMIC Provisions including reports relating to interest, original issue discount, if any, and
market discount or premium (using the Prepayment Assumption) and (iii) to the Internal Revenue Service the name, title, address and telephone number of the person who will serve as the representative of each REMIC created hereunder. 
  

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 (f) The Master Servicer and the REMIC Administrator shall take such actions and shall cause each REMIC
created hereunder to take such actions as are reasonably within the Master Servicer’s or the REMIC Administrator’s control and the scope of its duties more specifically set forth herein as shall be necessary or desirable to maintain the
status thereof as a REMIC under the REMIC Provisions (and the Trustee shall assist the Master Servicer and the REMIC Administrator, to the extent reasonably requested by the Master Servicer and the REMIC Administrator to do so). In performing
their duties as more specifically set forth herein, the Master Servicer and the REMIC Administrator shall not knowingly or intentionally take any action, cause the Trust Fund to take any action or fail to take (or fail to cause to be taken) any
action reasonably within their respective control and the scope of duties more specifically set forth herein, that, under the REMIC Provisions, if taken or not taken, as the case may be, could (i) endanger the status of any REMIC created hereunder
as a REMIC or (ii) result in the imposition of a tax upon any REMIC created hereunder (including but not limited to the tax on prohibited transactions as defined in Section 860F(a)(2) of the Code (except as provided in Section 2.04) and the tax on
contributions to a REMIC set forth in Section 860G(d) of the Code) (either such event, in the absence of an Opinion of Counsel or the indemnification referred to in this sentence, an “Adverse REMIC Event”) unless the Master Servicer or the
REMIC Administrator, as applicable, has received an Opinion of Counsel (at the expense of the party seeking to take such action or, if such party fails to pay such expense, and the Master Servicer or the REMIC Administrator, as applicable,
determines that taking such action is in the best interest of the Trust Fund and the Certificateholders, at the expense of the Trust Fund, but in no event at the expense of the Master Servicer, the REMIC Administrator or the Trustee) to the effect
that the contemplated action will not, with respect to the Trust Fund created hereunder, endanger such status or, unless the Master Servicer or the REMIC Administrator or both, as applicable, determine in its or their sole discretion to indemnify
the Trust Fund against the imposition of such a tax, result in the imposition of such a tax. Wherever in this Agreement a contemplated action may not be taken because the timing of such action might result in the imposition of a tax on the
Trust Fund, or may only be taken pursuant to an Opinion of Counsel that such action would not impose a tax on the Trust Fund, such action may nonetheless be taken provided that the indemnity given in the preceding sentence with respect to any taxes
that might be imposed on the Trust Fund has been given and that all other preconditions to the taking of such action have been satisfied. The Trustee shall not take or fail to take any action (whether or not authorized hereunder) as to which
the Master Servicer or the REMIC Administrator, as applicable, has advised it in writing that it has received an Opinion of Counsel to the effect that an Adverse REMIC Event could occur with respect to such action or inaction, as the case may be.
In addition, prior to taking any action with respect to the Trust Fund or its assets, or causing the Trust Fund to take any action, which is not expressly permitted under the terms of this Agreement, the Trustee shall consult with the Master
Servicer or the REMIC Administrator, as applicable, or its designee, in writing, with respect to whether such action could cause an Adverse REMIC Event to occur with respect to the Trust Fund and the Trustee shall not take any such action or cause
the Trust Fund to take any such action as to which the Master Servicer or the REMIC Administrator, as applicable, has advised it in writing that an Adverse REMIC Event could occur. The Master Servicer or the REMIC Administrator, as
applicable, may consult with counsel to make such written advice, and the cost of same shall be borne by the party seeking to take the action not expressly permitted by this Agreement, but in no event at the expense of the Master Servicer or the
REMIC Administrator. At all times as may be required by the Code, the 

  

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Master Servicer or the REMIC Administrator, as applicable, will to the extent within its control and the scope of its duties more specifically set forth
herein, maintain substantially all of the assets of the REMIC as “qualified mortgages” as defined in Section 860G(a)(3) of the Code and “permitted investments” as defined in Section 860G(a)(5) of the Code. 
  
 (g) In the event that any tax is imposed on “prohibited
transactions” of any REMIC created hereunder as defined in Section 860F(a)(2) of the Code, on “net income from foreclosure property” of any REMIC as defined in Section 860G(c) of the Code, on any contributions to any REMIC after the
Startup Date therefor pursuant to Section 860G(d) of the Code, or any other tax imposed by the Code or any applicable provisions of state or local tax laws, such tax shall be charged (i) to the Master Servicer, if such tax arises out of or results
from a breach by the Master Servicer in its role as Master Servicer or REMIC Administrator of any of its obligations under this Agreement or the Master Servicer has in its sole discretion determined to indemnify the Trust Fund against such tax, (ii)
to the Trustee, if such tax arises out of or results from a breach by the Trustee of any of its obligations under this Article X, or (iii) otherwise against amounts on deposit in the Custodial Account as provided by Section 3.10 and on the
Distribution Date(s) following such reimbursement the aggregate of such taxes shall be allocated in reduction of the Accrued Certificate Interest on each Class entitled thereto in the same manner as if such taxes constituted a Prepayment Interest
Shortfall. 
  
 (h) The Trustee and the Master Servicer shall, for
federal income tax purposes, maintain books and records with respect to each REMIC on a calendar year and on an accrual basis or as otherwise may be required by the REMIC Provisions. 
  
 (i) Following the Startup Date, neither the Master Servicer nor the Trustee shall accept any contributions of assets to any
REMIC unless (subject to Section 10.01(f)) the Master Servicer and the Trustee shall have received an Opinion of Counsel (at the expense of the party seeking to make such contribution) to the effect that the inclusion of such assets in any REMIC
will not cause any REMIC created hereunder to fail to qualify as a REMIC at any time that any Certificates are outstanding or subject any such REMIC to any tax under the REMIC Provisions or other applicable provisions of federal, state and local law
or ordinances. 
  
 (j) Neither the Master Servicer nor the Trustee
shall (subject to Section 10.01(f)) enter into any arrangement by which any REMIC created hereunder will receive a fee or other compensation for services nor permit any REMIC created hereunder to receive any income from assets other than
“qualified mortgages” as defined in Section 860G(a)(3) of the Code or “permitted investments” as defined in Section 860G(a)(5) of the Code. 
  

(k) Solely for purposes of Section 1.860G-1(a)(4)(iii) of the Treasury Regulations, the “latest possible maturity date” by which the
principal balance of each regular interest in each REMIC would be reduced to zero is [DATE], which is the Distribution Date in the month following the last scheduled payment on any Mortgage Loan. 
  
 (l) Within 30 days after the Closing Date, the REMIC Administrator shall
prepare and file with the Internal Revenue Service Form 8811, “Information Return for Real Estate Mortgage Investment Conduits (REMIC) and Issuers of Collateralized Debt Obligations” for the Trust Fund. 
  

 133 

 (m) Neither the Trustee nor the Master Servicer shall sell, dispose of or substitute for any of the
Mortgage Loans (except in connection with (i) the default, imminent default or foreclosure of a Mortgage Loan, including but not limited to, the acquisition or sale of a Mortgaged Property acquired by deed in lieu of foreclosure, (ii) the bankruptcy
of the Trust Fund, (iii) the termination of any REMIC pursuant to Article IX of this Agreement or (iv) a purchase of Mortgage Loans pursuant to Article II or III of this Agreement) or acquire any assets for any REMIC or sell or dispose of any
investments in the Custodial Account or the Certificate Account for gain, or accept any contributions to any REMIC after the Closing Date unless it has received an Opinion of Counsel that such sale, disposition, substitution or acquisition will not
(a) affect adversely the status of any REMIC created hereunder as a REMIC or (b) unless the Master Servicer has determined in its sole discretion to indemnify the Trust Fund against such tax, cause any REMIC to be subject to a tax on
“prohibited transactions” or “contributions” pursuant to the REMIC Provisions. 
  
 Section 10.02 Master Servicer, REMIC Administrator and Trustee Indemnification. 
  
 (a) The Trustee agrees to indemnify the Trust Fund, the Depositor, the REMIC Administrator and the Master Servicer for any
taxes and costs including, without limitation, any reasonable attorneys fees imposed on or incurred by the Trust Fund, the Depositor or the Master Servicer, as a result of a breach of the Trustee’s covenants set forth in Article VIII or this
Article X. In the event that [Wells Fargo] is no longer the Master Servicer, the Trustee shall indemnify [Wells Fargo] for any taxes and costs including, without limitation, any reasonable attorneys fees imposed on or incurred by [Wells
Fargo] as a result of a breach of the Trustee’s covenants set forth in Article VIII or this Article X. 
  
 (b) The REMIC Administrator agrees to indemnify the Trust Fund, the Depositor, the Master Servicer and the Trustee for any taxes and costs (including,
without limitation, any reasonable attorneys’ fees) imposed on or incurred by the Trust Fund, the Depositor, the Master Servicer or the Trustee, as a result of a breach of the REMIC Administrator’s covenants set forth in this Article X
with respect to compliance with the REMIC Provisions, including without limitation, any penalties arising from the Trustee’s execution of Tax Returns prepared by the REMIC Administrator that contain errors or omissions; provided, however, that
such liability will not be imposed to the extent such breach is a result of an error or omission in information provided to the REMIC Administrator by the Master Servicer in which case Section 10.02(c) will apply. 
  
 (c) The Master Servicer agrees to indemnify the Trust Fund, the Depositor,
the REMIC Administrator and the Trustee for any taxes and costs (including, without limitation, any reasonable attorneys’ fees) imposed on or incurred by the Trust Fund, the Depositor, the REMIC Administrator or the Trustee, as a result of a
breach of the Master Servicer’s covenants set forth in this Article X or in Article III with respect to compliance with the REMIC Provisions, including without limitation, any penalties arising from the Trustee’s execution of Tax Returns
prepared by the Master Servicer that contain errors or omissions. 
  

 134 

 ARTICLE XI 
 MISCELLANEOUS PROVISIONS 
  
 Section 11.01 Amendment. 
  
 (a) This Agreement or
any Custodial Agreement may be amended from time to time by the Depositor, the Master Servicer and the Trustee, without the consent of any of the Certificateholders: 
  
 (i) to cure any ambiguity, 
  
 (ii) to correct or supplement any provisions herein or therein, which may be inconsistent with any other
provisions herein or therein or to correct any error, 
  
 (iii) to modify, eliminate or add to any of its provisions to such extent as shall be necessary or desirable to maintain the qualification of any REMIC created hereunder as a REMIC at all times that any Certificate is outstanding or to
avoid or minimize the risk of the imposition of any tax on the Trust Fund pursuant to the Code that would be a claim against the Trust Fund, provided that the Trustee has received an Opinion of Counsel to the effect that (A) such action is
necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and (B) such action will not adversely affect in any material respect the interests of any Certificateholder, 
  
 (iv) to change the timing and/or nature of deposits into the
Custodial Account or the Certificate Account or to change the name in which the Custodial Account is maintained, provided that (A) the Certificate Account Deposit Date shall in no event be later than the related Distribution Date, (B) such
change shall not, as evidenced by an Opinion of Counsel, adversely affect in any material respect the interests of any Certificateholder and (C) such change shall not result in a reduction of the rating assigned to any Class of Certificates below
the lower of the then-current rating or the rating assigned to such Certificates as of the Closing Date, as evidenced by a letter from each Rating Agency to such effect, 
  
 (v) to modify, eliminate or add to the provisions of Section 5.02(f) or any other provision hereof
restricting transfer of the Class R Certificates by virtue of their being the “residual interests” in the Trust Fund provided that (A) such change shall not result in reduction of the rating assigned to any such Class of
Certificates below the lower of the then-current rating or the rating assigned to such Certificates as of the Closing Date, as evidenced by a letter from each Rating Agency to such effect, and (B) such change shall not (subject to Section 10.01(f)),
as evidenced by an Opinion of Counsel (at the expense of the party seeking so to modify, eliminate or add such provisions), cause the Trust Fund or any of the Certificateholders (other than the transferor) to be subject to a federal tax caused by a
transfer to a Person that is not a Permitted Transferee, or 
  
 (vi) to make any other provisions with respect to matters or questions arising under this Agreement or such Custodial Agreement which shall not be materially inconsistent with the provisions of this Agreement,
provided that such action shall not, as 

  

 135 

 
evidenced by an Opinion of Counsel, adversely affect in any material respect the interests of any Certificateholder and is authorized or permitted under
Section 11.01. 
  
 (b) This Agreement or any Custodial Agreement
may also be amended from time to time by the Depositor, the Master Servicer, the Trustee and the Holders of Certificates evidencing in the aggregate not less than xx% of the Percentage Interests of each Class of Certificates with a Certificate
Principal Balance greater than zero affected thereby for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement or such Custodial Agreement or of modifying in any manner the rights of
the Holders of Certificates of such Class; provided, however, that no such amendment shall: 
  
 (i) reduce in any manner the amount of, or delay the timing of, payments which are required to be distributed on any Certificate without
the consent of the Holder of such Certificate, 
  
 (ii) adversely affect in any material respect the interest of the Holders of Certificates of any Class in a manner other than as described in clause (i) without the consent of Holders of Certificates of such Class evidencing, as to such
Class, Percentage Interests aggregating not less than xx%, or 
  
 (iii) reduce the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to any such amendment, in any such case without the consent of the Holders of all Certificates of such
Class then outstanding. 
  
 (c) Notwithstanding any contrary
provision of this Agreement, the Trustee shall not consent to any amendment to this Agreement unless it shall have first received an Opinion of Counsel (at the expense of the party seeking such amendment) to the effect that such amendment or the
exercise of any power granted to the Master Servicer, the Depositor or the Trustee in accordance with such amendment will not result in the imposition of a federal tax on the Trust Fund or cause any REMIC created hereunder to fail to qualify as a
REMIC at any time that any Certificate is outstanding; provided, that if the indemnity described in Section 10.01(f) with respect to any taxes that might be imposed on the Trust Fund has been given, the Trustee shall not require the delivery
to it of the Opinion of Counsel described in this Section 11.01(c). The Trustee may but shall not be obligated to enter into any amendment pursuant to this Section that affects its rights, duties and immunities and this Agreement or otherwise;
provided, however, such consent shall not be unreasonably withheld. 
  
 (d) Promptly after the execution of any such amendment the Trustee shall furnish written notification of the substance of such amendment to each Certificateholder. It shall not be necessary for the consent of
Certificateholders under this Section 11.01 to approve the particular form of any proposed amendment, but it shall be sufficient if such consent shall approve the substance thereof. The manner of obtaining such consents and of evidencing the
authorization of the execution thereof by Certificateholders shall be subject to such reasonable regulations as the Trustee may prescribe. 
  

 136 

 (e) The Depositor shall have the option, in its sole discretion, to obtain and deliver to the Trustee any
corporate guaranty, payment obligation, irrevocable letter of credit, surety bond, insurance policy or similar instrument or a reserve fund, or any combination of the foregoing, for the purpose of protecting the Holders of the Class R Certificates
against any or all Realized Losses or other shortfalls. Any such instrument or fund shall be held by the Trustee for the benefit of the Class R Certificateholders, but shall not be and shall not be deemed to be under any circumstances included in
any REMIC. To the extent that any such instrument or fund constitutes a reserve fund for federal income tax purposes, (i) any reserve fund so established shall be an outside reserve fund and not an asset of such REMIC, (ii) any such reserve fund
shall be owned by the Depositor, and (iii) amounts transferred by such REMIC to any such reserve fund shall be treated as amounts distributed by such REMIC to the Depositor or any successor, all within the meaning of Treasury regulations Section
1.860G-2(h) in effect as of the Cut-off Date. In connection with the provision of any such instrument or fund, this Agreement and any provision hereof may be modified, added to, deleted or otherwise amended in any manner that is related or
incidental to such instrument or fund or the establishment or administration thereof, such amendment to be made by written instrument executed or consented to by the Depositor and such related insurer but without the consent of any Certificateholder
and without the consent of the Master Servicer or the Trustee being required unless any such amendment would impose any additional obligation on, or otherwise adversely affect the interests of the Certificateholders, the Master Servicer or the
Trustee, as applicable; provided that the Depositor obtains an Opinion of Counsel (which need not be an opinion of Independent counsel) to the effect that any such amendment will not cause (a) any federal tax to be imposed on the Trust Fund,
including without limitation, any federal tax imposed on “prohibited transactions” under Section 860F(a)(1) of the Code or on “contributions after the startup date” under Section 860G(d)(1) of the Code and (b) any REMIC created
hereunder to fail to qualify as a REMIC at any time that any Certificate is outstanding. In the event that the Depositor elects to provide such coverage in the form of a limited guaranty provided by the Seller, the Depositor may elect that the text
of such amendment to this Agreement shall be substantially in the form attached hereto as Exhibit K (in which case the Seller’s Subordinate Certificate Loss Obligation as described in such exhibit shall be established by the Seller’s
consent to such amendment) and that the limited guaranty shall be executed in the form attached hereto as Exhibit L, with such changes as the Depositor shall deem to be appropriate; it being understood that the Trustee has reviewed and approved the
content of such forms and that the Trustee’s consent or approval to the use thereof is not required. 
  
 Section 11.02 Recordation of Agreement; Counterparts. 
  
 (a) To the extent permitted by applicable law, this Agreement is subject to recordation in all appropriate public offices for real property records in all
the counties or other comparable jurisdictions in which any or all of the properties subject to the Mortgages are situated, and in any other appropriate public recording office or elsewhere, such recordation to be effected by the Master Servicer and
at its expense on direction by the Trustee (pursuant to the request of the Holders of Certificates entitled to at least xx% of the Voting Rights), but only upon direction accompanied by an Opinion of Counsel to the effect that such recordation
materially and beneficially affects the interests of the Certificateholders. 
  
 (b) For the purpose of facilitating the recordation of this Agreement as herein provided and for other purposes, this Agreement may be executed simultaneously in any number 

  

 137 

 
of counterparts, each of which counterparts shall be deemed to be an original, and such counterparts shall constitute but one and the same instrument.

  
 Section 11.03 Limitation on Rights of
Certificateholders. 
  
 (a) The death or incapacity of any
Certificateholder shall not operate to terminate this Agreement or the Trust Fund, nor entitle such Certificateholder’s legal representatives or heirs to claim an accounting or to take any action or proceeding in any court for a partition or
winding up of the Trust Fund, nor otherwise affect the rights, obligations and liabilities of any of the parties hereto. 
  
 (b) No Certificateholder shall have any right to vote (except as expressly provided herein) or in any manner otherwise control the operation and
management of the Trust Fund, or the obligations of the parties hereto, nor shall anything herein set forth, or contained in the terms of the Certificates, be construed so as to constitute the Certificateholders from time to time as partners or
members of an association; nor shall any Certificateholder be under any liability to any third person by reason of any action taken by the parties to this Agreement pursuant to any provision hereof. 
  
 (c) No Certificateholder shall have any right by virtue of any provision of
this Agreement to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Agreement, unless such Holder previously shall have given to the Trustee a written notice of default and of the continuance thereof,
as hereinbefore provided, and unless also the Holders of Certificates of any Class evidencing in the aggregate not less than xx% of the related Percentage Interests of such Class, shall have made written request upon the Trustee to institute such
action, suit or proceeding in its own name as Trustee hereunder and shall have offered to the Trustee such reasonable indemnity as it may require against the costs, expenses and liabilities to be incurred therein or thereby, and the Trustee, for 60
days after its receipt of such notice, request and offer of indemnity, shall have neglected or refused to institute any such action, suit or proceeding it being understood and intended, and being expressly covenanted by each Certificateholder with
every other Certificateholder and the Trustee, that no one or more Holders of Certificates of any Class shall have any right in any manner whatever by virtue of any provision of this Agreement to affect, disturb or prejudice the rights of the
Holders of any other of such Certificates of such Class or any other Class, or to obtain or seek to obtain priority over or preference to any other such Holder, or to enforce any right under this Agreement, except in the manner herein provided and
for the common benefit of Certificateholders of such Class or all Classes, as the case may be. For the protection and enforcement of the provisions of this Section 11.03, each and every Certificateholder and the Trustee shall be entitled to
such relief as can be given either at law or in equity. 
  
 Section 11.04 Governing Law. 
  
 This agreement
and the Certificates shall be governed by and construed in accordance with the laws of the State of New York and the obligations, rights and remedies of the parties hereunder shall be determined in accordance with such laws. 
  

 138 

 Section 11.05 Notices. 
  
 All demands and notices hereunder shall be in writing and shall be deemed to have been duly given if personally delivered at
or mailed by registered mail, postage prepaid (except for notices to the Trustee which shall be deemed to have been duly given only when received), to (a) in the case of the Depositor, 1221 Avenue of the Americas, New York, NY 10020, or such other
address as may hereafter be furnished to the Master Servicer and the Trustee in writing by the Depositor; (b) in the case of the Master Servicer, [WELLS FARGO NAME & ADDRESS], or such other address as may be hereafter furnished to the Depositor
and the Trustee by the Master Servicer in writing; (c) in the case of the Trustee, the Corporate Trust Office or such other address as may hereafter be furnished to the Depositor and the Master Servicer in writing by the Trustee; (d) in the case of
Standard & Poor’s, 55 Water Street, New York, New York 10041; Attention: Mortgage Surveillance or such other address as may be hereafter furnished to the Depositor, Trustee and Master Servicer by Standard & Poor’s; (e) in the case
of Moody’s, 99 Church Street, New York, New York 10007, Attention: ABS Monitoring Department, or such other address as may be hereafter furnished to the Depositor, the Trustee and the Master Servicer in writing by Moody’s, and (f) in the
case of the Hedge Agreement Provider, [HEDGE AGREEMENT PROVIDER NAME and ADDRESS], or such other address as may be hereafter furnished to the Depositor, the Trustee and the Master Servicer in writing by the Hedge Agreement Provider.
Any notice required or permitted to be mailed to a Certificateholder shall be given by first Class Mail, postage prepaid, at the address of such holder as shown in the Certificate Register. Any notice so mailed within the time
prescribed in this Agreement shall be conclusively presumed to have been duly given, whether or not the Certificateholder receives such notice. 
  
 Section 11.06 Notices to Rating Agencies. 
  
 The Depositor, the Master Servicer or the Trustee, as applicable, shall notify each Rating Agency and each Subservicer at such time as it is otherwise
required pursuant to this Agreement to give notice of the occurrence of, any of the events described in clause (a), (b), (c), (d), (g), (h), (i) or (j) below or provide a copy to each Rating Agency and each Subservicer at such time as otherwise
required to be delivered pursuant to this Agreement of any of the statements described in clauses (e) and (f) below: 
  
 (a) a material change or amendment to this Agreement, 
  
 (b) the occurrence of an Event of Default, 
  
 (c) the termination or appointment of a successor Master Servicer or Trustee or a change in the majority ownership of the Trustee, 
  
 (d) the filing of any claim under the Master Servicer’s blanket fidelity
bond and the errors and omissions insurance policy required by Section 3.12 or the cancellation or modification of coverage under any such instrument, 
  
 (e) the statement required to be delivered to the Holders of each Class of Certificates pursuant to Section 4.03, 
  

 139 

 (f) the statements required to be delivered pursuant to Sections 3.18 and 3.19, 
  
 (g) a change in the location of the Custodial Account or the Certificate
Account, 
  
 (h) the occurrence of any monthly cash flow shortfall
to the Holders of any Class of Certificates resulting from the failure by the Master Servicer to make an Advance pursuant to Section 4.04, 
  
 (i) the occurrence of the Final Distribution Date, and 
  
 (j) the repurchase of or substitution for any Mortgage Loan, provided, however, that with respect to notice of the occurrence of the events
described in clauses (d), (g) or (h) above, the Master Servicer shall provide prompt written notice to each Rating Agency and each Subservicer of any such event known to the Master Servicer. 
  
 Section 11.07 Severability of Provisions. 
  
 If any one or more of the covenants, agreements, provisions or terms of this
Agreement shall be for any reason whatsoever held invalid, then such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions or terms of this Agreement and shall in no way affect the
validity or enforceability of the other provisions of this Agreement or of the Certificates or the rights of the Holders thereof. 
  
 Section 11.08 Supplemental Provisions for Resecuritization. 
  
 (a) This Agreement may be supplemented by means of the addition of a separate Article hereto (a “Supplemental
Article”) for the purpose of resecuritizing any of the Certificates issued hereunder, under the following circumstances. With respect to any Class or Classes of Certificates issued hereunder, or any portion of any such Class, as to which
the Depositor or any of its Affiliates (or any designee thereof) is the registered Holder (the “Resecuritized Certificates”), the Depositor may deposit such Resecuritized Certificates into a new REMIC, grantor trust or custodial
arrangement (a ”Restructuring Vehicle”) to be held by the Trustee pursuant to a Supplemental Article. The instrument adopting such Supplemental Article shall be executed by the Depositor, the Master Servicer and the Trustee;
provided, that neither the Master Servicer nor the Trustee shall withhold their consent thereto if their respective interests would not be materially adversely affected thereby. To the extent that the terms of the Supplemental Article
do not in any way affect any provisions of this Agreement as to any of the Certificates initially issued hereunder, the adoption of the Supplemental Article shall not constitute an “amendment” of this Agreement. Each Supplemental
Article shall set forth all necessary provisions relating to the holding of the Resecuritized Certificates by the Trustee, the establishment of the Restructuring Vehicle, the issuing of various classes of new certificates by the Restructuring
Vehicle and the distributions to be made thereon, and any other provisions necessary to the purposes thereof. In connection with each Supplemental Article, the Depositor shall deliver to the Trustee an Opinion of Counsel to the effect that
(i) the Restructuring Vehicle will qualify as a REMIC, grantor trust or other entity not subject to taxation for federal income tax purposes and (ii) the adoption of the Supplemental Article will not endanger the status of any REMIC created
hereunder as a REMIC or result in the imposition of a tax upon the Trust Fund (including but not limited to the tax on prohibited transaction as defined in Section 860F(a)(2) of the Code and the tax on contributions to a REMIC as set forth in
Section 860G(d) of the Code. 
  

 140 

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

			
	SG MORTGAGE SECURITIES, LLC
		
	 By:
	 	 
	 	 	 Name:

	 	 	 Title:

	
	[WELLS FARGO]
		
	 By:
	 	 
	 	 	 Name:

	 	 	 Title:

	
	[TRUSTEE]
	as Trustee
		
	 By:
	 	 
	 	 	 Name:

	 	 	 Title:

  

			
	 STATE OF _____________
	 	)
	 	 	) ss.:
	 COUNTY OF ___________
	 	)

  
 On the
         day of             , 20     before me, a notary public in and for said State, personally appeared
                    , known to me to be a Vice President of SG Mortgage Securities, LLC, one of the entities that executed the within
instrument, and also known to me to be the person who executed it on behalf of said company, and acknowledged to me that such company executed the within instrument. 
  
 IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and year in this certificate first
above written. 
  

	
	Notary Public
	
	 
	 

  
 [Notarial Seal] 
  

			
	 STATE OF _____________
	 	)
	 	 	) ss.:
	 COUNTY OF ___________
	 	)

  
 On the
         day of             , 20     before me, a notary public in and for said State, personally appeared
                    , known to me to be an Associate of [Wells Fargo], one of the entities that executed the within instrument, and also known
to me to be the person who executed it on behalf of said corporation, and acknowledged to me that such corporation executed the within instrument. 
  
 IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and year in this certificate first above written. 
  

	
	Notary Public
	
	 
	 

  
 [Notarial Seal] 
  

			
	 STATE OF _____________
	 	)
	 	 	) ss.:
	 COUNTY OF ___________
	 	)

  
 On the
         day of                     , 20     before me, a notary
public in and for said State, personally appeared                         , known to me to be a Vice President of
[TRUSTEE], a [national banking association] organized under the laws of the United States that executed the within instrument, and also known to me to be the person who executed it on behalf of said banking corporation and acknowledged to me that
such banking corporation executed the within instrument. 
  
 IN
WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and year in this certificate first above written. 
  

	
	Notary Public
	
	 
	 

  
 [Notarial Seal]Trust Agreement

 Exhibit 4.2 
  

  
 SG MORTGAGE SECURITIES, LLC,

  
 as Depositor 
  
 and 
  
 [OWNER TRUSTEE] 
  
 as Owner Trustee 
  

 
 TRUST AGREEMENT 
  
 Dated as of [DATE] 
  

  
 [ISSUER] 
 Home Loan Asset-Backed Certificates, 
 Series [            ] 
  

  

  
 TABLE OF CONTENTS

  

					
	 	  	 	  	Page

	 ARTICLE I
	  	 DEFINITIONS
	  	1
	 Section 1.01.
	  	 Definitions
	  	1
	 Section 1.02.
	  	 Other Definitional Provisions
	  	1
			
	 ARTICLE II
	  	 ORGANIZATION
	  	2
	 Section 2.01.
	  	 Name
	  	2
	 Section 2.02.
	  	 Office
	  	2
	 Section 2.03.
	  	 Purposes and Powers
	  	2
	 Section 2.04.
	  	 Appointment of Owner Trustee
	  	3
	 Section 2.05.
	  	 Initial Capital Contribution of Trust Estate
	  	3
	 Section 2.06.
	  	 Declaration of Trust
	  	3
	 Section 2.07.
	  	 Title to Trust Property
	  	4
	 Section 2.08.
	  	 Situs of Trust
	  	4
	 Section 2.09.
	  	 Representations and Warranties of the Depositor
	  	4
	 Section 2.10.
	  	 Payment of Trust Fees
	  	5
			
	 ARTICLE III
	  	 CONVEYANCE OF THE MORTGAGE LOANS; CERTIFICATES
	  	5
	 Section 3.01.
	  	 Conveyance of the Mortgage Loans
	  	5
	 Section 3.02.
	  	 Initial Ownership
	  	5
	 Section 3.03.
	  	 Issuance of Certificates
	  	5
	 Section 3.04.
	  	 Authentication of Certificates
	  	6
	 Section 3.05.
	  	 Registration of and Limitations on Transfer and Exchange of Certificates
	  	6
	 Section 3.06.
	  	 Mutilated, Destroyed, Lost or Stolen Certificates
	  	11
	 Section 3.07.
	  	 Persons Deemed Certificateholders
	  	11
	 Section 3.08.
	  	 Access to List of Certificateholders’ Names and Addresses
	  	12
	 Section 3.09.
	  	 Maintenance of Office or Agency
	  	12
	 Section 3.10.
	  	 Certificate Paying Agent; Certain Distributions on the Class A-[IO] Notes
	  	12
	 Section 3.11.
	  	 Cooperation
	  	14
	 Section 3.12.
	  	 Subordination
	  	14
	 Section 3.13.
	  	 No Priority Among Certificates
	  	14
			
	 ARTICLE IV
	  	 AUTHORITY AND DUTIES OF OWNER TRUSTEE
	  	14
	 Section 4.01.
	  	 General Authority
	  	14
	 Section 4.02.
	  	 General Duties
	  	15
	 Section 4.03.
	  	 Action upon Instruction
	  	15
	 Section 4.04.
	  	 No Duties Except as Specified under Specified Documents or in Instructions
	  	15
	 Section 4.05.
	  	 Restrictions
	  	16
	 Section 4.06.
	  	 Prior Notice to Certificateholders and the Enhancer with Respect to Certain Matters
	  	16

  

 i 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	  	 	  	Page

	 Section 4.07.
	  	 Action by Certificateholders with Respect to Certain Matters
	  	17
	 Section 4.08.
	  	 Action by Certificateholders with Respect to Bankruptcy
	  	17
	 Section 4.09.
	  	 Restrictions on Certificateholders’ Power
	  	17
	 Section 4.10.
	  	 Majority Control
	  	17
	 Section 4.11.
	  	 Doing Business in Other Jurisdictions
	  	17
			
	 ARTICLE V
	  	 APPLICATION OF TRUST FUNDS
	  	18
	 Section 5.01.
	  	 Distributions
	  	18
	 Section 5.02.
	  	 Method of Payment
	  	20
	 Section 5.03.
	  	 Signature on Returns
	  	20
	 Section 5.04.
	  	 Statements to Certificateholders
	  	20
			
	 ARTICLE VI
	  	 CONCERNING THE OWNER TRUSTEE
	  	20
	 Section 6.01.
	  	 Acceptance of Trusts and Duties
	  	20
	 Section 6.02.
	  	 Furnishing of Documents
	  	22
	 Section 6.03.
	  	 Representations and Warranties
	  	22
	 Section 6.04.
	  	 Reliance; Advice of Counsel
	  	22
	 Section 6.05.
	  	 Not Acting in Individual Capacity
	  	23
	 Section 6.06.
	  	 Owner Trustee Not Liable for Certificates or Related Documents
	  	23
	 Section 6.07.
	  	 Owner Trustee May Own Certificates and Notes
	  	23
			
	 ARTICLE VII
	  	 COMPENSATION OF OWNER TRUSTEE
	  	24
	 Section 7.01.
	  	 Owner Trustee’s Fees and Expenses
	  	24
	 Section 7.02.
	  	 Indemnification
	  	24
			
	 ARTICLE VIII
	  	 TERMINATION OF TRUST AGREEMENT
	  	25
	 Section 8.01.
	  	 Termination of Trust Agreement
	  	25
	 Section 8.02.
	  	 Additional Termination Requirements
	  	26
			
	 ARTICLE IX
	  	 SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES
	  	27
	 Section 9.01.
	  	 Eligibility Requirements for Owner Trustee
	  	27
	 Section 9.02.
	  	 Replacement of Owner Trustee
	  	27
	 Section 9.03.
	  	 Successor Owner Trustee
	  	28
	 Section 9.04.
	  	 Merger or Consolidation of Owner Trustee
	  	28
	 Section 9.05.
	  	 Appointment of Co-Trustee or Separate Trustee
	  	28
			
	 ARTICLE X
	  	 MISCELLANEOUS
	  	30
	 Section 10.01.
	  	 Amendments
	  	30
	 Section 10.02.
	  	 No Legal Title to Trust Estate
	  	31

  

 ii 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	  	 	  	Page

	 Section 10.03.
	  	 Limitations on Rights of Others
	  	31
	 Section 10.04.
	  	 Notices
	  	32
	 Section 10.05.
	  	 Severability
	  	32
	 Section 10.06.
	  	 Separate Counterparts
	  	32
	 Section 10.07.
	  	 Successors and Assigns
	  	32
	 Section 10.08.
	  	 No Petition
	  	32
	 Section 10.09.
	  	 No Recourse
	  	33
	 Section 10.10.
	  	 Headings
	  	33
	 Section 10.11.
	  	 GOVERNING LAW
	  	33
	 Section 10.12.
	  	 Integration
	  	33
	 Section 10.13.
	  	 Rights of Enhancer to Exercise Rights of Certificateholders
	  	33

  

 iii 

 EXHIBITS 
  

			
	 Exhibit A - Form of Class SB Certificate
	  	A-1
	 Exhibit B - Certificate of Trust
	  	B-1
	 Exhibit C - Form of Rule 144A Investment Representation
	  	C-1
	 Exhibit D - Form of Investor Representation Letter
	  	D-1
	 Exhibit E - Form of Transferor Representation Letter
	  	E-1
	 Exhibit F - Form of Certificate of Non-Foreign Status
	  	F-1
	 Exhibit G - Form of ERISA Representation Letter
	  	G-1
	 Exhibit H - Form of Representation Letter
	  	H-1
	 Exhibit I - Form of Class R Certificates
	  	I-1
	 Exhibit J-1 - Form of Transfer Affidavit and Agreement
	  	J-1-1
	 Exhibit J-2 - Form of Transferor Certificate
	  	J-2-1

  

 iv 

 This trust agreement, dated as of [DATE] (as amended from time to time, the “Trust Agreement”),
is between SG MORTGAGE SECURITIES, LLC, a Delaware limited liability company, as depositor (the “Depositor”), and [OWNER TRUSTEE], a
[                    ] banking corporation, as owner trustee (the “Owner Trustee”). 
  
 WITNESSETH: 
  
 WHEREAS, the Depositor and the Owner Trustee desire to form a Delaware statutory trust; 
  
 NOW, THEREFORE, in consideration of the mutual agreements herein contained,
the Depositor and the Owner Trustee agree as follows: 
  
 ARTICLE I

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

  

 (d) The definitions contained in this Trust Agreement are applicable to the singular as
well as the plural forms of such terms and to the masculine as well as to the feminine and neuter genders of such terms. 
  
 (e) Any agreement, instrument or statute defined or referred to herein or in any instrument or certificate delivered in connection
herewith means such agreement, instrument or statute as from time to time amended, modified or supplemented and includes (in the case of agreements or instruments) references to all attachments thereto and instruments incorporated therein;
references to a Person are also to its permitted successors and assigns. 
  
 ARTICLE II 
  
 Organization 
  
 Section 2.01. Name. The trust created hereby shall be known as
“[ISSUER NAME],” in which name the Owner Trustee may conduct the business of the Trust, make and execute contracts and other instruments on behalf of the Trust and sue and be sued. 
  
 Section 2.02. Office. The office of the Trust shall be in care of the
Owner Trustee at the Corporate Trust Office or at such other address in Delaware as the Owner Trustee may designate by written notice to the Certificateholders, the Depositor and the Enhancer. 
  
 Section 2.03. Purposes and Powers. The purpose of the Trust is to
engage in the following activities: 
  
 (i) to
issue the Notes pursuant to the Indenture and the Certificates pursuant to this Trust Agreement and to sell the Notes and the Certificates; 
  
 (ii) to purchase the Mortgage Loans and to pay the organizational, start-up and transactional expenses of the Trust; 
  
 (iii) to assign, grant, transfer, pledge and convey the
Mortgage Loans pursuant to the Indenture and to hold, manage and distribute to the Certificateholders pursuant to Section 5.01 any portion of the Mortgage Loans released from the Lien of, and remitted to the Trust pursuant to, the Indenture;

  
 (iv) to enter into and perform its
obligations under the Basic Documents to which it is to be a party; 
  
 (v) to engage in those activities, including entering into agreements, that are necessary, suitable or convenient to accomplish the foregoing or are incidental thereto or connected therewith, including, without
limitation, to accept additional contributions of equity that are not subject to the Lien of the Indenture; and 
  
 (vi) subject to compliance with the Basic Documents, to engage in such other activities as may be required in connection with conservation
of the Trust Estate and the making of distributions to the Securityholders. 
  

 2 

 The Trust is hereby authorized to engage in the foregoing activities. The Trust shall not engage in any
activity other than in connection with the foregoing or other than as required or authorized by the terms of this Trust Agreement or the other Basic Documents while any Note is outstanding without the consent of the Certificateholders of
Certificates evidencing a majority of the aggregate Certificate Percentage Interest of each Class of Certificates, the Indenture Trustee, the Enhancer and the Noteholders of Notes representing a majority of the aggregate Voting Rights of the Notes.

  
 Section 2.04. Appointment of Owner Trustee. The
Depositor hereby appoints the Owner Trustee as trustee of the Trust effective as of the date hereof, to have all the rights, powers and duties set forth herein. 
  

Section 2.05. Initial Capital Contribution of Trust Estate. In consideration of the delivery by the Owner Trustee, on behalf of the Trust, of
the Securities to the Depositor or its designee, upon the order of the Depositor, the Depositor, as of the Closing Date and concurrently with the execution and delivery hereof, does hereby transfer, assign, set over and otherwise convey to the
Trust, without recourse, but subject to the other terms and provisions of this Trust Agreement, all of the right, title and interest of the Depositor in and to the Trust Estate. The foregoing transfer, assignment, set over and conveyance does not,
and is not intended to, result in a creation or an assumption by the Trust of any obligation of the Depositor or any other Person in connection with the Trust Estate or under any agreement or instrument relating thereto, except as specifically set
forth herein. 
  
 The Owner Trustee, on behalf of the Trust,
acknowledges the conveyance to the Trust by the Depositor, as of the Closing Date, of the Trust Estate, including all right, title and interest of the Depositor in and to the Trust Estate. Concurrently with such conveyance and in exchange therefor,
the Trust has pledged the Trust Estate to the Indenture Trustee and has executed the Certificates and the Notes and caused them to be duly authenticated and delivered. 
  
 Section 2.06. Declaration of Trust. The Owner Trustee hereby declares that it shall hold the Trust Estate in trust
upon and subject to the conditions set forth herein for the use and benefit of the Certificateholders, subject to the obligations of the Trust under the Basic Documents. It is the intention of the parties hereto that the Trust constitute a statutory
trust under the Statutory Trust Statute and that this Trust Agreement constitute the governing instrument of such statutory trust. Effective as of the date hereof, the Owner Trustee shall have all rights, powers and duties set forth herein and in
the Statutory Trust Statute with respect to accomplishing the purposes of the Trust. It is the intention of the parties hereto that, solely for federal, state and local income and franchise tax purposes, the Trust shall be treated as an entity
wholly owned by the Depositor or an affiliate thereof, with the assets of the entity being the Trust Estate. It is the further intention of the parties that an election to be treated as a REMIC (“REMIC I”) for federal income tax purposes
be made with respect to the Trust Estate, that a second election to be treated as a REMIC be made with respect to the REMIC I Regular Interests (“REMIC II”) and that a third election to be treated as a REMIC be made with respect to the
REMIC II Regular Interests (“REMIC III”). The Issuer will provide for the administration of REMIC I, REMIC II and REMIC III pursuant to Article XI of the Indenture. The provisions of this Trust Agreement shall be interpreted to further
such intentions. Neither the Depositor nor any Certificateholder shall 

  

 3 

 
have any personal liability for any liability or obligation of the Trust, other than the indemnification obligation provided in Section 7.2 herein.

  
 Section 2.07. Title to Trust Property. Legal title to
the Trust Estate shall be vested at all times in the Trust as a separate legal entity except where applicable law in any jurisdiction requires title to any part of the Trust Estate to be vested in a trustee or trustees, in which case title shall be
deemed to be vested in the Owner Trustee, a co-trustee and/or a separate trustee, as the case may be. 
  
 Section 2.08. Situs of Trust. The Trust will be located and administered in the State of Delaware. All bank accounts maintained by the Owner
Trustee on behalf of the Trust shall be located in the State of Delaware or the State of [COMPANY STATE]. The Trust shall not have any employees in any state other than Delaware; provided, however, that nothing herein shall restrict or prohibit the
Owner Trustee from having employees within or without the State of Delaware or taking actions outside the State of Delaware in order to comply with Section 2.03 hereof. Payments will be received by the Trust only in Delaware or [COMPANY STATE], and
payments will be made by the Trust only from Delaware or [COMPANY STATE]. The only office of the Trust will be at the Corporate Trust Office of the Owner Trustee in Delaware. 
  
 Section 2.09. Representations and Warranties of the Depositor. The Depositor hereby represents and warrants to the
Owner Trustee and the Enhancer that: 
  
 (a) The
Depositor is duly organized and validly existing as a corporation in good standing under the laws of the State of Delaware, with power and authority to own its properties and to conduct its business as such properties are currently owned and such
business is at present conducted. 
  
 (b) The
Depositor is duly qualified to do business as a foreign corporation in good standing and has obtained all necessary licenses and approvals in all jurisdictions in which the ownership or lease of its property or the conduct of its business shall
require such qualifications and in which the failure to so qualify would have a material adverse effect on the business, properties, assets or condition (financial or otherwise) of the Depositor and the ability of the Depositor to perform under this
Trust Agreement. 
  
 (c) The Depositor has the
power and authority to execute and deliver this Trust Agreement and to carry out its terms; the Depositor has full power and authority to sell and assign the property to be sold and assigned to and deposited with the Trust as part of the Trust and
the Depositor has duly authorized such sale and assignment and deposit to the Trust by all necessary corporate action; and the execution, delivery and performance of this Trust Agreement have been duly authorized by the Depositor by all necessary
corporate action. 
  
 (d) The consummation of the
transactions contemplated by this Trust Agreement and the fulfillment of the terms hereof do not conflict with, result in any material breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time) a material
default under, the articles of incorporation or bylaws of the Depositor; nor violate any law or, to the best of the Depositor’s knowledge, any order, rule or regulation applicable to the Depositor 

  

 4 

 
of any court or of any federal or state regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Depositor
or its properties. 
  
 Section 2.10. Payment of Trust Fees.
The Owner Trustee shall pay the Trust’s fees and expenses incurred with respect to the performance of the Trust’s duties under the Indenture. 
  
 ARTICLE III 
  
 Conveyance of the Mortgage Loans; Certificates 
  
 Section 3.01. Conveyance of the Mortgage Loans. The Depositor, concurrently with the execution and delivery hereof, does hereby transfer, convey
and assign to the Trust, on behalf of the Securityholders and the Enhancer, without recourse, all its right, title and interest in and to the Mortgage Loans, including but not limited to any rights of the Depositor under the Purchase Agreement. The
Depositor shall also provide the Indenture Trustee with the Policy. 
  
 The parties hereto intend that, for non-tax purposes, the transaction set forth herein be a sale by the Depositor to the Trust of all of its right, title and interest in and to the Mortgage Loans. In the event that, for non-tax purposes,
the transaction set forth herein is not deemed to be a sale, the Depositor hereby grants to the Trust a security interest in all of its right, title and interest in, to and under the Mortgage Loans, all distributions thereon and all proceeds
thereof; and this Trust Agreement shall constitute a security agreement under applicable law. 
  
 Section 3.02. Initial Ownership. Upon the formation of the Trust by the contribution by the Depositor pursuant to Section 2.05 hereof and the conveyance of the Mortgage Loans pursuant to Section 3.01 above and
the issuance of the Certificates, [SELLER] (“[SELLER]”) shall be the sole Certificateholder of each Class of Certificates. 
  
 Section 3.03. Issuance of Certificates. The Certificates of each Class shall be issued in minimum denominations of a Percentage Interest of xx.xx%
and integral multiples of x.xxx% in excess thereof. The Class SB Certificates shall be issued in substantially the form attached hereto as Exhibit A. The Class R-I Certificates, the Class R-II Certificates and the Class R-III Certificates shall be
issued in substantially the form attached hereto as Exhibit I. 
  
 The Certificates shall be executed on behalf of the Trust by manual or facsimile signature of an authorized officer of the Owner Trustee and authenticated in the manner provided in Section 3.04 below. Certificates bearing the manual or
facsimile signatures of individuals who were, at the time when such signatures shall have been affixed, authorized to sign on behalf of the Trust, shall be validly issued and entitled to the benefit of this Trust Agreement, notwithstanding that such
individuals or any of them shall have ceased to be so authorized prior to the authentication and delivery of such Certificates or did not hold such offices at the date of authentication and delivery of such Certificates. A Person shall become a
Certificateholder and shall be entitled to the rights and subject to the obligations of a Certificateholder hereunder upon such Person’s acceptance of a Certificate duly registered in such Person’s name, pursuant to Section 3.05 hereof.

  
 A transferee of a Certificate shall become a Certificateholder
and shall be entitled to the rights and subject to the obligations of a Certificateholder hereunder upon such transferee’s 

  

 5 

 
acceptance of a Certificate duly registered in such transferee’s name pursuant to and upon satisfaction of the conditions set forth in Section 3.05
hereof. 
  
 Section 3.04. Authentication of Certificates.
Concurrently with the acquisition of the Mortgage Loans by the Trust, the Owner Trustee or the Certificate Paying Agent shall cause the Certificates in an initial Percentage Interest of 100.00% to be executed on behalf of the Trust, authenticated
and delivered to or upon the written order of [SELLER], signed by its chairman of the board, its president or any vice president, without further corporate action by [SELLER], in authorized denominations. No Certificate shall entitle the
Certificateholder thereof to any benefit under this Trust Agreement or be valid for any purpose unless there shall appear on such Certificate a certificate of authentication substantially in the form set forth in Exhibit A or Exhibit I hereto,
executed by the Owner Trustee or the Certificate Paying Agent, by manual signature, and such authentication shall constitute conclusive evidence that such Certificate has been duly authenticated and delivered hereunder. All Certificates shall be
dated the date of their authentication. 
  
 Section 3.05.
Registration of and Limitations on Transfer and Exchange of Certificates. The Certificate Registrar shall keep or cause to be kept, at the office or agency maintained pursuant to Section 3.09 hereof, a Certificate Register in which, subject
to such reasonable regulations as it may prescribe, the Certificate Registrar shall provide for the registration of Certificates and of transfers and exchanges of Certificates as herein provided. The Indenture Trustee shall be the initial
Certificate Registrar. If the Certificate Registrar resigns or is removed, the Owner Trustee shall appoint a successor Certificate Registrar. 
  
 Subject to satisfaction of the conditions set forth below, upon surrender for registration of transfer of any Certificate at the office or agency
maintained pursuant to Section 3.09 hereof, the Owner Trustee shall execute, authenticate and deliver (or shall cause the Certificate Registrar as its authenticating agent to authenticate and deliver), in the name of the designated transferee or
transferees, one or more new Certificates in authorized denominations of a like aggregate amount dated the date of authentication by the Owner Trustee or any authenticating agent. At the option of a Certificateholder, Certificates may be exchanged
for other Certificates of authorized denominations of a like aggregate amount upon surrender of the Certificates to be exchanged at the office or agency maintained pursuant to Section 3.09 hereof. 
  
 Every Certificate presented or surrendered for registration of transfer or
exchange shall be accompanied by a written instrument of transfer in form satisfactory to the Certificate Registrar duly executed by the Certificateholder or such Certificateholder’s attorney duly authorized in writing. Each Certificate
surrendered for registration of transfer or exchange shall be cancelled and subsequently disposed of by the Certificate Registrar in accordance with its customary practice. 
  
 No service charge shall be made for any registration of transfer or exchange of Certificates, but the Owner Trustee or the
Certificate Registrar may require payment of a sum sufficient to cover any tax or governmental charge that may be imposed in connection with any transfer or exchange of Certificates. 
  

 6 

 Except as described below, each Certificateholder shall establish its non-foreign status by submitting to
the Certificate Paying Agent an IRS Form W-9 and the Certificate of Non-Foreign Status (in substantially the form attached hereto as Exhibit F). 
  
 A Certificate may be transferred to a Certificateholder unable to establish its non-foreign status as described in the preceding paragraph only if such
Certificateholder provides an Opinion of Counsel to the Depositor, the Certificate Registrar and the Enhancer, which Opinion of Counsel shall not be an expense of the Trust, the Owner Trustee, the Certificate Registrar or the Depositor, satisfactory
to the Depositor and the Enhancer, that such transfer (1) will not affect the tax status of the Owner Trust and (2) will not adversely affect the interests of any Securityholder or the Enhancer, including, without limitation, as a result of the
imposition of any United States federal withholding taxes on the Owner Trust (except to the extent that such withholding taxes would be payable solely from amounts otherwise distributable to the Certificate of the prospective transferee). If such
transfer occurs and such foreign Certificateholder becomes subject to such United States federal withholding taxes, any such taxes will be withheld by the Certificate Paying Agent at the direction of the Tax Matters Partner. Each Certificateholder
unable to establish its non-foreign status shall submit to the Certificate Paying Agent a copy of its Form W-8-BEN or such successor form as required by then-applicable regulations and shall resubmit such form every three years or with such
frequency as required by then-applicable regulations. 
  
 No
transfer, sale, pledge or other disposition of a Certificate shall be made unless such transfer, sale, pledge or other disposition is exempt from the registration requirements of the Securities Act and any applicable state securities laws or is made
in accordance with the Securities Act and such state laws. In the event of any such transfer, the Certificate Registrar or the Depositor shall prior to such transfer require the transferee to execute (A) either (i) (a) an investment letter in
substantially the form attached hereto as Exhibit C (or in such form and substance reasonably satisfactory to the Certificate Registrar and the Depositor) which investment letters shall not be an expense of the Trust, the Owner Trustee, the
Certificate Registrar, the Master Servicer or the Depositor and which investment letter states that, among other things, such transferee (a) is a “qualified institutional buyer” as defined under Rule 144A, acting for its own account or the
accounts of other “qualified institutional buyers” as defined under Rule 144A, and (b) is aware that the proposed transferor intends to rely on the exemption from registration requirements under the Securities Act, provided by Rule 144A or
(ii) (a) a written Opinion of Counsel acceptable to and in form and substance satisfactory to the Certificate Registrar and the Depositor that such transfer may be made pursuant to an exemption, describing the applicable exemption and the basis
therefor, from the Securities Act and such state laws or is being made pursuant to the Securities Act and such state laws, which Opinion of Counsel shall not be an expense of the Trust, the Owner Trustee, the Certificate Registrar, the Master
Servicer or the Depositor and (b) the transferee executes a representation letter, substantially in the form of Exhibit D hereto, and the transferor executes a representation letter, substantially in the form of Exhibit E hereto, each acceptable to
and in form and substance satisfactory to the Certificate Registrar and the Depositor certifying the facts surrounding such transfer, which representation letters shall not be an expense of the Trust, the Owner Trustee, the Certificate Registrar,
the Master Servicer or the Depositor and (B) the Certificate of Non-Foreign Status (in substantially the form attached hereto as Exhibit F) acceptable to and in form and substance reasonably satisfactory to the Certificate Registrar and the
Depositor, which certificate 

  

 7 

 
shall not be an expense of the Trust, the Owner Trustee, the Certificate Registrar or the Depositor. If such Certificateholder is unable to
provide a Certificate of Non-Foreign Status, such Certificateholder must provide an Opinion of Counsel as described in the preceding paragraph. The Certificateholder desiring to effect such transfer shall, and does hereby agree to,
indemnify the Trust, the Owner Trustee, the Certificate Registrar, the Master Servicer and the Depositor against any liability that may result if the transfer is not so exempt or is not made in accordance with such federal and state laws. No
transfer of Certificates or any interest therein shall be made to any Plan, any Person acting, directly or indirectly, on behalf of any such Plan or any Person acquiring such Certificates with Plan Assets unless the Depositor, the Owner Trustee, the
Certificate Registrar and the Master Servicer are provided with an Opinion of Counsel that establishes to the satisfaction of the Depositor, the Owner Trustee, the Certificate Registrar and the Master Servicer that the purchase of Certificates is
permissible under applicable law, will not constitute or result in any prohibited transaction under ERISA or Section 4975 of the Code and will not subject the Depositor, the Owner Trustee, the Certificate Registrar or the Master Servicer to any
obligation or liability (including obligations or liabilities under ERISA or Section 4975 of the Code) in addition to those undertaken in this Trust Agreement, which Opinion of Counsel shall not be an expense of the Depositor, the Owner Trustee, the
Certificate Registrar or the Master Servicer. In lieu of such Opinion of Counsel, a Plan, any Person acting, directly or indirectly, on behalf of any such Plan or any Person acquiring such Certificates with Plan Assets of a Plan may provide a
certification in the form of Exhibit G to this Trust Agreement, which the Depositor, the Owner Trustee, the Certificate Registrar and the Master Servicer may rely upon without further inquiry or investigation. Neither an Opinion of Counsel nor a
certification will be required in connection with the initial transfer of any such Certificate by the Depositor to an Affiliate of the Depositor (in which case, the Depositor or any such Affiliate shall be deemed to have represented that such
Affiliate is not a Plan or a Person investing Plan Assets of any Plan) and the Owner Trustee shall be entitled to conclusively rely upon a representation (which, upon the request of the Owner Trustee, shall be a written representation) from the
Depositor of the status of such transferee as an Affiliate of the Depositor. 
  
 In addition, with respect to each Class R Certificate, (i) Each Person who has or who acquires any Ownership Interest in a Class R Certificate shall be deemed by the acceptance or acquisition of such Ownership
Interest to have agreed to be bound by the following provisions and to have irrevocably authorized the Certificate Paying Agent or its designee under clause (iii)(A) below to deliver payments to a Person other than such Person and to negotiate the
terms of any mandatory sale under clause (iii)(B) below and to execute all instruments of transfer and to do all other things necessary in connection with any such sale. The rights of each Person acquiring any Ownership Interest in a Class R
Certificate are expressly subject to the following provisions: 
  
 (A) Each Person holding or acquiring any Ownership Interest in a Class R Certificate shall be a Permitted Transferee and shall promptly notify the Owner Trustee of any change or impending change in its status as a
Permitted Transferee. 
  
 (B) In connection with
any proposed Transfer of any Ownership Interest in a Class R Certificate, the Certificate Registrar shall require delivery to it, and shall not register the Transfer of any Class R Certificate until its receipt of, 

  

 8 

 
(I) an affidavit and agreement (a “Transfer Affidavit and Agreement,” in the form attached hereto as Exhibit J-1) from the proposed Transferee, in
form and substance satisfactory to the Master Servicer, representing and warranting, among other things, that it is a Permitted Transferee, that it is not acquiring its Ownership Interest in the Class R Certificate that is the subject of the
proposed Transfer as a nominee, trustee or agent for any Person who is not a Permitted Transferee, that for so long as it retains its Ownership Interest in a Class R Certificate, it will endeavor to remain a Permitted Transferee, and that it has
reviewed the provisions of this Section 3.05 and agrees to be bound by them, and (II) a certificate, in the form attached hereto as Exhibit J-2, from the Certificateholder of a Class R Certificate wishing to transfer the Class R Certificate, in form
and substance satisfactory to the Master Servicer, representing and warranting, among other things, that no purpose of the proposed Transfer is to impede the assessment or collection of tax. 
  
 (C) Notwithstanding the delivery of a Transfer Affidavit and
Agreement by a proposed Transferee under clause (B) above, if a Responsible Officer of the Certificate Registrar who is assigned to this Agreement has actual knowledge that the proposed Transferee is not a Permitted Transferee, no Transfer of an
Ownership Interest in a Class R Certificate to such proposed Transferee shall be effected. 
  
 (D) Each Person holding or acquiring any Ownership Interest in a Class R Certificate shall agree (x) to require a Transfer Affidavit and
Agreement from any other Person to whom such Person attempts to transfer its Ownership Interest in a Class R Certificate and (y) not to transfer its Ownership Interest unless it provides a certificate to the Certificate Registrar in the form
attached hereto as Exhibit J-2. 
  
 (E) Each
Person holding or acquiring an Ownership Interest in a Class R Certificate, by purchasing an Ownership Interest in such Certificate, agrees to give the Certificate Registrar written notice that it is a “pass-through interest holder” within
the meaning of Temporary Treasury Regulations Section 1.67-3T(a)(2)(i)(A) immediately upon acquiring an Ownership Interest in a Class R Certificate, if it is, or is holding an Ownership Interest in a Class R Certificate on behalf of, a
“pass-through interest holder.” 
  
 (ii) The Certificate Registrar will register the Transfer of any Class R Certificate only if it shall have received the Transfer Affidavit and Agreement, a certificate of the Certificateholder of a Class R Certificate requesting such
transfer in the form attached hereto as Exhibit J-1 and all of such other documents as shall have been reasonably required by the Certificate Registrar as a condition to such registration. Transfers of the Class R Certificates to Non-United States
Persons and Disqualified Organizations (as defined in Section 860E(e)(5) of the Code) are prohibited. 
  
 (iii) (A) If any Disqualified Organization shall become a holder of a Class R Certificate, then the last preceding Permitted Transferee
shall be restored, to the 

  

 9 

 
extent permitted by law, to all rights and obligations as Certificateholder of a Class R Certificate thereof retroactive to the date of registration of such
Transfer of such Class R Certificate. If a Non-United States Person shall become a holder of a Class R Certificate, then the last preceding United States Person shall be restored, to the extent permitted by law, to all rights and obligations as
Certificateholder of a Class R Certificate thereof retroactive to the date of registration of such Transfer of such Class R Certificate. If a transfer of a Class R Certificate is disregarded pursuant to the provisions of Treasury Regulations Section
1.860E-1 or Section 1.860G-3, then the last preceding Permitted Transferee shall be restored, to the extent permitted by law, to all rights and obligations as Certificateholder of a Class R Certificate thereof retroactive to the date of registration
of such Transfer of such Class R Certificate. The Certificate Registrar shall be under no liability to any Person for any registration of Transfer of a Class R Certificate that is in fact not permitted by this Section 3.05 or for making any payments
due on such Certificate to the holder thereof or for taking any other action with respect to such holder under the provisions of this Agreement. 
  
 (B) If any purported Transferee shall become a Certificateholder of a Class R Certificate in violation of the restrictions in this Section
3.05 and to the extent that the retroactive restoration of the rights of the Certificateholder of such Class R Certificate as described in clause (iii)(A) above shall be invalid, illegal or unenforceable, then the Master Servicer shall have the
right, without notice to the holder or any prior holder of such Class R Certificate, to sell such Class R Certificate to a purchaser selected by the Master Servicer on such terms as the Master Servicer may choose. Such purported Transferee shall
promptly endorse and deliver each Class R Certificate in accordance with the instructions of the Master Servicer. Such purchaser may be the Master Servicer itself or any Affiliate of the Master Servicer. The proceeds of such sale, net of the
commissions (which may include commissions payable to the Master Servicer or its Affiliates), expenses and taxes due, if any, will be remitted by the Master Servicer to such purported Transferee. The terms and conditions of any sale under this
clause (iii)(B) shall be determined in the sole discretion of the Master Servicer, and the Master Servicer shall not be liable to any Person having an Ownership Interest in a Class R Certificate as a result of its exercise of such discretion.

  
 (iv) The Certificate Paying Agent shall make
available, upon written request from the Internal Revenue Service and any potentially affected Person, all information necessary to compute any tax imposed (A) as a result of the Transfer of an Ownership Interest in a Class R Certificate to any
Person who is a Disqualified Organization, including the information regarding “excess inclusions” of such Class R Certificates required to be provided to the Internal Revenue Service and certain Persons as described in Treasury
Regulations Sections 1.860D-1(b)(5) and 1.860E-2(a)(5), and (B) as a result of any regulated investment company, real estate investment trust, common trust fund, partnership, trust, estate or organization described in Section 1381 of the Code that
holds an Ownership Interest in a Class R Certificate having as among its record holders at any time any Person who is a Disqualified Organization. Reasonable compensation for 

  

 10 

 
providing such information may be required by the REMIC Administrator before it will provide such information to any such potentially affected Person.

  
 (v) The provisions of this Section 3.05 set
forth prior to this clause (v) may be modified, added to or eliminated, provided that there shall have been delivered to the Owner Trustee and Certificate Registrar the following: 
  
 (A) written notification from each Rating Agency to the effect that the modification, addition to or
elimination of such provisions will not cause such Rating Agency to downgrade its then-current ratings, if any, if determined without regard to the Policy, of any Class of the Notes below the lower of the then-current rating or the rating assigned
to such Notes as of the Closing Date by such Rating Agency, if determined without regard to the Policy; and 
  
 (B) subject to Section 10.01(f) hereof, an Officers’ Certificate of the Master Servicer stating that the Master Servicer has received
an Opinion of Counsel, in form and substance satisfactory to the Master Servicer and the Enhancer, to the effect that such modification, addition to or absence of such provisions will not cause any portion of any of the REMICs to cease to qualify as
a REMIC and will not cause (x) any portion of any of the REMICs to be subject to an entity-level tax caused by the Transfer of any Class R Certificate to a Person that is a Disqualified Organization or (y) a Certificateholder or another Person to be
subject to a REMIC-related tax caused by the Transfer of a Class R Certificate to a Person that is not a Permitted Transferee. 
  
 Section 3.06. Mutilated, Destroyed, Lost or Stolen Certificates. If (a) any mutilated Certificate shall be surrendered to the Certificate
Registrar, or if the Certificate Registrar shall receive evidence to its satisfaction of the destruction, loss or theft of any Certificate and (b) there shall be delivered to the Certificate Registrar and the Owner Trustee such security or indemnity
as may be required by them to save each of them and the Issuer from harm, then in the absence of notice to the Certificate Registrar or the Owner Trustee that such Certificate has been acquired by a bona fide purchaser, the Owner Trustee on behalf
of the Trust shall execute and the Owner Trustee or the Certificate Paying Agent, as the Trust’s authenticating agent, shall authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Certificate, a
new Certificate of like tenor and denomination. In connection with the issuance of any new Certificate under this Section 3.06, the Owner Trustee or the Certificate Registrar may require the payment of a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection therewith. Any duplicate Certificate issued pursuant to this Section 3.06 shall constitute conclusive evidence of ownership in the Trust, as if originally issued, whether or not the lost, stolen
or destroyed Certificate shall be found at any time. 
  
 Section
3.07. Persons Deemed Certificateholders. Prior to due presentation of a Certificate for registration of transfer, the Owner Trustee, the Certificate Registrar or any Certificate Paying Agent may treat the Person in whose name any Certificate
is registered in the Certificate Register as the owner of such Certificate for the purpose of receiving distributions pursuant to Section 5.02 hereof and for all other purposes whatsoever, and none of the Trust, the 

  

 11 

 
Owner Trustee, the Certificate Registrar or any Paying Agent shall be bound by any notice to the contrary. 
  
 Section 3.08. Access to List of Certificateholders’ Names and
Addresses. The Certificate Registrar shall furnish or cause to be furnished to the Depositor or the Owner Trustee, within 15 days after receipt by the Certificate Registrar of a written request therefor from the Depositor or the Owner Trustee, a
list, in such form as the Depositor or the Owner Trustee, as the case may be, may reasonably require, of the names and addresses of the Certificateholders as of the most recent Record Date. If three or more Certificateholders, or one or more
Certificateholders evidencing not less than 25% of the Certificate Percentage Interest of any Class, apply in writing to the Owner Trustee or the Certificate Registrar, and such application states that the applicants desire to communicate with other
Certificateholders, with respect to their rights under this Agreement or under the Certificates and such application is accompanied by a copy of the communication that such applicants propose to transmit, then the Owner Trustee shall, within five
(5) Business Days after the receipt of such application, afford such applicants access during normal business hours to the current list of Certificateholders. Each Certificateholder, by receiving and holding a Certificate, shall be deemed to have
agreed not to hold any of the Trust, the Depositor, the Certificate Registrar or the Owner Trustee accountable by reason of the disclosure of its name and address, regardless of the source from which such information was derived. 
  
 Section 3.09. Maintenance of Office or Agency. The Owner Trustee, on
behalf of the Trust, shall maintain in [The City of New York] an office or offices or agency or agencies where Certificates may be surrendered for registration of transfer or exchange and where notices and demands to or upon the Owner Trustee in
respect of the Certificates and the Basic Documents may be served. The Owner Trustee initially designates the Corporate Trust Office of the Indenture Trustee (or such other office as the Indenture Trustee may specify to the Owner Trustee) as its
office for such purposes. The Owner Trustee shall give prompt written notice to the Depositor, the Certificateholders and the Enhancer of any change in the location of the Certificate Register or any such office or agency. 
  
 Section 3.10. Certificate Paying Agent; Certain Distributions on the Class
A-[IO] Notes. 
  
 (a) The Certificate Paying
Agent shall make distributions to Certificateholders from the Distribution Account on behalf of the Trust in accordance with the provisions of the Certificates and Section 5.01 hereof from payments remitted to the Certificate Paying Agent by the
Indenture Trustee pursuant to Section 3.05 of the Indenture. The Trust hereby appoints the Indenture Trustee as Certificate Paying Agent. The Class SB Certificateholders hereby direct the Indenture Trustee to pay any amounts representing the amount
of any Interest Shortfalls on the Class A-[IO] Notes for such Payment Date and any previous Payment Date and previously unpaid, that would be payable to the Class SB Certificates pursuant to Section 3.05(a)(xi) of the Indenture, to the holders of
the Class A-[IO] Notes in accordance with Section 3.05(b) of the Indenture. By accepting the Class SB Certificate, a Class SB Certificateholder acknowledges that it will be treated as having received any such amount for federal income tax purposes
before being deemed to have paid such amount to Class A-[IO] Noteholders. The Certificate Paying Agent shall: 
  
 (i) hold all sums held by it for the payment of amounts due with respect to the Certificates in trust for the benefit of the Persons
entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided; 
  

 12 

 (ii) give the Owner Trustee notice of any default by the Trust of which it has actual
knowledge in the making of any payment required to be made with respect to the Certificates; 
  
 (iii) at any time during the continuance of any such default, upon the written request of the Owner Trustee, forthwith pay to the Owner
Trustee on behalf of the Trust all sums so held in trust by such Certificate Paying Agent; 
  
 (iv) immediately resign as Certificate Paying Agent and forthwith pay to the Owner Trustee on behalf of the Trust all sums held by it in
trust for the payment of Certificates if at any time it ceases to meet the standards required to be met by the Certificate Paying Agent at the time of its appointment; 
  
 (v) comply with all requirements of the Code with respect to the withholding from any payments made by it on
any Certificates of any applicable withholding taxes imposed thereon and with respect to any applicable reporting requirements in connection therewith; and 
  
 (vi) deliver to the Owner Trustee a copy of the report to Certificateholders prepared with respect to each Payment Date by the Master
Servicer pursuant to Section 4.01 of the Master Servicing Agreement. 
  
 (b) The Trust may revoke such power and remove the Certificate Paying Agent if the Owner Trustee determines in its sole discretion that the Certificate Paying Agent shall have failed to perform its obligations under
this Trust Agreement in any material respect. The Indenture Trustee shall be permitted to resign as Certificate Paying Agent upon 30 days’ written notice to the Owner Trustee and the Enhancer; provided the Indenture Trustee is also resigning as
Paying Agent under the Indenture at such time. In the event that the Indenture Trustee shall no longer be the Certificate Paying Agent under this Trust Agreement and Paying Agent under the Indenture, the Owner Trustee shall appoint a successor to
act as Certificate Paying Agent (which shall be a bank or trust company) and which shall also be the successor Paying Agent under the Indenture. The Owner Trustee shall cause such successor Certificate Paying Agent or any additional Certificate
Paying Agent appointed by the Owner Trustee to execute and deliver to the Owner Trustee an instrument to the effect set forth in this Section 3.10 as it relates to the Certificate Paying Agent. The Certificate Paying Agent shall return all unclaimed
funds to the Trust and upon removal of a Certificate Paying Agent such Certificate Paying Agent shall also return all funds in its possession to the Trust. The provisions of Sections 6.01, 6.03, 6.04 and 7.01 hereof shall apply to the Certificate
Paying Agent to the extent applicable. Any reference in this Trust Agreement to the Certificate Paying Agent shall include any co-paying agent unless the context requires otherwise. 
  
 (c) The Certificate Paying Agent shall establish and maintain with itself the Distribution Account in which
the Certificate Paying Agent shall deposit, on the same day as it is 

  

 13 

 
received from the Indenture Trustee, each remittance received by the Certificate Paying Agent with respect to payments made pursuant to the Indenture.
Pending any such distribution, funds deposited in the Distribution Account on a Payment Date and not distributed to the Certificateholders on such Payment Date shall be invested by the Certificate Paying Agent in Permitted Investments selected by
the Master Servicer (or if no selection is made by the Master Servicer in Permitted Investments described in clause (v) of the definition thereof) maturing no later than the Business Day preceding the next succeeding Payment Date (except that any
investment in the institution with which the Distribution Account is maintained may mature on such Payment Date and shall not be sold or disposed of prior to the maturity). All investment income earned in respect of funds on deposit in the
Distribution Account shall be credited to the Distribution Account. The Certificate Paying Agent shall make all distributions on the Certificates as provided in Section 3.05 of the Indenture and Section 5.01(a) of this Trust Agreement from moneys on
deposit in the Distribution Account. 
  
 Section 3.11.
Cooperation. The Owner Trustee shall cooperate in all respects with any reasonable request by the Enhancer for action to preserve or enforce the Enhancer’s rights or interest under this Trust Agreement or the Insurance Agreement,
consistent with this Trust Agreement and without limiting the rights of the Certificateholders as otherwise expressly set forth in this Trust Agreement. 
  
 Section 3.12. Subordination. Except as otherwise provided in the Basic Documents, for so long as any Notes are outstanding or unpaid, the
Certificateholders will generally be subordinated in right of payment, under the Certificates or otherwise, to payments to the Noteholders under, or otherwise related to, the Indenture. If an Event of Default has occurred and is continuing under the
Indenture, the Certificates will be fully subordinated to obligations owing by the Trust to the Noteholders and the Enhancer under, or otherwise related to, the Indenture, and no distributions will be made on the Certificates until the Noteholders,
the Indenture Trustee and the Enhancer have been irrevocably paid in full. 
  
 Section 3.13. No Priority Among Certificates. All Certificateholders shall rank equally as to amounts distributable upon the liquidation, dissolution or winding up of the Trust, with no preference or priority
being afforded to any Certificateholders over any other Certificateholders, except that amounts distributable will be distributed first to the Class SB Certificates, in an amount equal to the Class SB Distribution Amount, before being distributed to
any other Class of Certificates. 
  
 ARTICLE IV 
  
 Authority and Duties of Owner Trustee 
  
 Section 4.01. General Authority. The Owner Trustee is authorized and
directed to execute and deliver the Basic Documents to which the Trust is to be a party and each certificate or other document attached as an exhibit to or contemplated by the Basic Documents to which the Trust is to be a party, as well as any
certificate that supports the factual assumptions made in any Opinion of Counsel delivered on the Closing Date, and any amendment or other agreement or instrument described herein, in each case, in such form as the Owner Trustee shall approve, as
evidenced conclusively by the Owner Trustee’s execution thereof. In addition to the foregoing, 

  

 14 

 
the Owner Trustee is obligated to take all actions required of the Trust pursuant to the Basic Documents. 
  
 Section 4.02. General Duties. The Owner Trustee shall be responsible
for administering the Trust pursuant to the terms of this Trust Agreement and the other Basic Documents to which the Trust is a party and in the interest of the Certificateholders, subject to the Basic Documents and in accordance with the provisions
of this Trust Agreement. 
  
 Section 4.03. Action upon
Instruction. 
  
 (a) Subject to this Article
IV and Section 10.13 of this Trust Agreement and in accordance with the terms of the Basic Documents, the Certificateholders may by written instruction direct the Owner Trustee in the management of the Trust. Such direction may be exercised at any
time by written instruction of the Certificateholders pursuant to this Article IV. 
  
 (b) Notwithstanding the foregoing, the Owner Trustee shall not be required to take any action hereunder or under any Basic Document if the
Owner Trustee shall have reasonably determined, or shall have been advised by counsel, that such action is likely to result in liability on the part of the Owner Trustee or is contrary to the terms hereof or of any other Basic Document or is
otherwise contrary to law. 
  
 (c) Whenever the
Owner Trustee is unable to decide between alternative courses of action permitted or required by the terms of this Trust Agreement or under any other Basic Document, or in the event that the Owner Trustee is unsure as to the application of any
provision of this Trust Agreement or any other Basic Document or any such provision is ambiguous as to its application, or is, or appears to be, in conflict with any other applicable provision, or in the event that this Trust Agreement permits any
determination by the Owner Trustee or is silent or is incomplete as to the course of action that the Owner Trustee is required to take with respect to a particular set of facts, the Owner Trustee shall promptly give notice (in such form as shall be
appropriate under the circumstances) to the Certificateholders (with a copy to the Enhancer) requesting instruction as to the course of action to be adopted, and to the extent the Owner Trustee acts in good faith in accordance with any written
instructions received from Certificateholders of Certificates representing a majority of the aggregate Certificate Percentage Interest of each Class of Certificates, the Owner Trustee shall not be liable on account of such action to any Person. If
the Owner Trustee shall not have received appropriate instruction within 10 days of such notice (or within such shorter period of time as reasonably may be specified in such notice or may be necessary under the circumstances) it may, but shall be
under no duty to, take or refrain from taking such action not inconsistent with this Trust Agreement or the other Basic Documents, as it shall deem to be in the best interests of the Certificateholders, and the Owner Trustee shall have no liability
to any Person for such action or inaction. 
  
 Section 4.04. No
Duties Except as Specified under Specified Documents or in Instructions. The Owner Trustee shall not have any duty or obligation to manage, make any payment with respect to, register, record, sell, dispose of, or otherwise deal with the Trust
Estate, or to otherwise take or refrain from taking any action under, or in connection with, any document contemplated hereby to which the Owner Trustee is a party, except as expressly provided (i) in accordance with the powers granted to and the
authority conferred upon the Owner Trustee 

  

 15 

 
pursuant to this Trust Agreement, (ii) in accordance with the Basic Documents and (iii) in accordance with any document or instruction delivered to the Owner
Trustee pursuant to Section 4.03 hereof; and no implied duties or obligations shall be read into this Trust Agreement or any other Basic Document against the Owner Trustee. The Owner Trustee shall have no responsibility for filing any financing or
continuation statement in any public office at any time or to otherwise perfect or maintain the perfection of any security interest or lien granted to it hereunder or to prepare or file any filing with the Commission for the Trust or to record this
Trust Agreement or any other Basic Document. The Owner Trustee nevertheless agrees that it will, at its own cost and expense, promptly take all action as may be necessary to discharge any liens on any part of the Trust Estate that result from
actions by, or claims against, the Owner Trustee that are not related to the ownership or the administration of the Trust Estate. 
  
 Section 4.05. Restrictions. 
  
 (a) The Owner Trustee shall not take any action (i) that is inconsistent with the purposes of the Trust set forth in Section 2.03 hereof
or (ii) that, to the actual knowledge of the Owner Trustee, would cause the Trust to be treated as an association (or a publicly-traded partnership) taxable as a corporation or a taxable mortgage pool for federal income tax purposes or would cause
REMIC I, REMIC II or REMIC III to fail to qualify as a REMIC at any time that any of the Notes or Certificates are outstanding or any obligations are due and owing to the Enhancer under the Insurance Agreement. The Certificateholders shall not
direct the Owner Trustee to take action that would violate the provisions of this Section 4.05. 
  
 (b) The Owner Trustee shall not convey or transfer any of the Trust’s properties or assets, including those included in the Trust
Estate, to any person unless (i) it shall have received an Opinion of Counsel to the effect that such transaction will not have any material adverse tax consequence to the Trust or any Certificateholder and (ii) such conveyance or transfer shall not
violate the provisions of Section 3.16(b) of the Indenture. 
  
 Section 4.06. Prior Notice to Certificateholders and the Enhancer with Respect to Certain Matters. With respect to the following matters, the Owner Trustee shall not take action unless, at least 30 days before the taking of such
action, the Owner Trustee shall have notified the Certificateholders and the Enhancer in writing of the proposed action and the Certificateholders of Certificates representing a majority of the aggregate Certificate Percentage Interest of each Class
of Certificates shall not have notified the Owner Trustee in writing prior to the 30th day after such notice is given that such Certificateholders have withheld consent or provided alternative direction: 
  
 (a) the initiation of any Proceeding by the Trust (except
Proceedings brought in connection with the collection of cash distributions due and owing under the Mortgage Loans) and the compromise of any Proceeding brought by or against the Trust (except with respect to the aforementioned Proceedings for
collection of cash distributions due and owing under the Mortgage Loans); 
  
 (b) the election by the Trust to file an amendment to the Certificate of Trust (unless such amendment is required to be filed under the Statutory Trust Statute); 
  

 16 

 (c) the amendment of any of the Basic Documents in circumstances where the consent of any
Noteholder is required; 
  
 (d) the amendment of
any of the Basic Documents in circumstances where the consent of any Noteholder is not required and such amendment materially and adversely affects the interest of the Certificateholders; 
  
 (e) the appointment pursuant to the Indenture of a successor
Note Registrar, Paying Agent or Indenture Trustee or pursuant to this Trust Agreement of a successor Certificate Registrar or Certificate Paying Agent or the consent to the assignment by the Note Registrar, Paying Agent, Indenture Trustee,
Certificate Registrar or Certificate Paying Agent of its obligations under the Indenture or this Trust Agreement, as applicable. 
  
 Section 4.07. Action by Certificateholders with Respect to Certain Matters. The Owner Trustee shall not have the power, except upon the written
direction of Certificateholders of Certificates evidencing not less than a majority of the aggregate Certificate Percentage Interest of each Class of Certificates, and with the consent of the Enhancer, to (a) remove the Master Servicer under the
Master Servicing Agreement pursuant to Section 7.01 thereof or (b) except as expressly provided in the Basic Documents, sell the Mortgage Loans after the termination of the Indenture. 
  
 Section 4.08. Action by Certificateholders with Respect to Bankruptcy. The Owner Trustee shall not have the power to
commence a voluntary Proceeding in bankruptcy relating to the Trust without the unanimous prior approval of all Certificateholders, and with the consent of the Enhancer, and the delivery to the Owner Trustee by each such Certificateholder of a
certificate certifying that such Certificateholder reasonably believes that the Trust is insolvent. 
  
 Section 4.09. Restrictions on Certificateholders’ Power. The Certificateholders shall not direct the Owner Trustee to take or to refrain from
taking any action if such action or inaction would be contrary to any obligation of the Trust or the Owner Trustee under this Trust Agreement or any of the other Basic Documents or would be contrary to Section 2.03 hereof, nor shall the Owner
Trustee be obligated to follow any such direction, if given. 
  
 Section 4.10. Majority Control. Except as expressly provided herein, any action that may be taken by the Certificateholders under this Trust Agreement may be taken by the Certificateholders of Certificates evidencing not less than a
majority of the aggregate Certificate Percentage Interest of the Class specified, if any. Except as expressly provided herein, any written notice of the Certificateholders of a Class delivered pursuant to this Trust Agreement shall be effective if
signed by the Certificateholders of Certificates evidencing not less than a majority of the aggregate Certificate Percentage Interest of such Class at the time of the delivery of such notice. 
  
 Section 4.11. Doing Business in Other Jurisdictions. Notwithstanding
anything contained herein to the contrary, neither the [OWNER TRUSTEE] nor the Owner Trustee shall be required to take any action in any jurisdiction other than in the State of Delaware if the taking of such action will, even after the appointment
of a co-trustee or separate trustee in accordance with Section 9.05 hereof, (i) require the consent or approval or authorization or order of or the 

  

 17 

 
giving of notice to, or the registration with or the taking of any other action in respect of, any state or other governmental authority or agency of any
jurisdiction other than the State of Delaware; (ii) result in any fee, tax or other governmental charge under the laws of the State of Delaware becoming payable by [OWNER TRUSTEE], or (iii) subject [OWNER TRUSTEE] to personal jurisdiction in any
jurisdiction other than the State of Delaware for causes of action arising from acts unrelated to the consummation of the transactions by [OWNER TRUSTEE] or the Owner Trustee, as the case may be, contemplated hereby. 
  
 ARTICLE V 
  
 Application of Trust Funds 
  
 Section 5.01. Distributions. 
  
 (a) On each Payment Date occurring in the months of March, June, September and December, on any date on which the Trust is terminated
pursuant to Section 8.01 hereof, and on each other Payment Date for which the Certificate Paying Agent has received written notice from the Certificateholders by the Determination Date relating to such Payment Date requesting funds on deposit in the
Distribution Account to be distributed, the Certificate Paying Agent shall distribute to the Certificateholders all funds on deposit in the Distribution Account and available therefor as provided in Section 3.05 of the Indenture. Such amounts shall
be distributed, first, to the Certificateholders of the Class SB Certificates, in an amount equal to the Class SB Distribution Amount for such Payment Date and the Class SB Distribution Amount for any previous Payment Date to the extent not
previously paid, and second, to the Certificateholders of the Class R Certificates, any amounts remaining. All distributions made pursuant to this Section to any Class of Certificates shall be distributed to the Certificateholders of such Class pro
rata based on the respective Percentage Interests thereof. 
  
 (b) In the event that any withholding tax is imposed on the distributions (or allocations of income) to a Certificateholder, such tax shall reduce the amount otherwise distributable to such Certificateholder in
accordance with this Section 5.01. The Certificate Paying Agent is hereby authorized and directed to retain or cause to be retained from amounts otherwise distributable to the Certificateholders sufficient funds for the payment of any tax that is
legally owed by the Trust (but such authorization shall not prevent the Owner Trustee from contesting any such tax in appropriate Proceedings, and withholding payment of such tax, if permitted by law, pending the outcome of such Proceedings). The
amount of any withholding tax imposed with respect to a Certificateholder shall be treated as cash distributed to such Certificateholder at the time it is withheld by the Certificate Paying Agent and remitted to the appropriate taxing authority. If
there is a possibility that withholding tax is payable with respect to a distribution (such as a distribution to a non-U.S. Certificateholder), the Certificate Paying Agent may in its sole discretion withhold such amounts in accordance with this
paragraph (b). 
  
 (c) Distributions to
Certificateholders shall be subordinated to the creditors of the Trust, including the Noteholders. 
  
 (d) Allocations of profits, income and losses, as determined for federal income tax purposes, shall be made among the Classes of
Certificates in accordance with the REMIC 

  

 18 

 
provisions and within each Class of Certificates to the Certificateholders on a pro rata basis based on the Certificate Percentage Interests thereof.

  
 (e) On each Distribution Date, principal
collections on the Mortgage Loans and Liquidation Loss Amounts shall be allocated sequentially to the Class LT I and Class LT II Interests until the principal balance of each such class is reduced to zero. The REMIC I Regular Interests shall each
have pass-through rates equal to the Weighted Average Net Loan Rate of the Mortgage Loans. The Class R-1 Certificate shall have no principal balance and no pass-through rate and shall be entitled to only those distributable assets, if any, remaining
in REMIC I on each Distribution Date after all amounts required to be distributed to the REMIC I Regular Interests and applicable Trust Estate expenses have been paid. It is expected that there shall not be any distributions on the Class R 1
Certificate. 
  
 (f) Any Excess Spread up to an
amount equal to the Overcollateralization Increase Amount (the “Turbo Amount”) that is payable from Interest Collections on the Mortgage Loans will not be paid as interest to the REMIC II Regular Interests, but instead a portion of the
interest payable with respect to the [            ]. Interest which equals 1% of the Turbo Amount will be payable as a reduction of the principal balances of the Class
MTA-[1] and Class MTA-[2] Interests in the same manner in which the Turbo Amount is allocated among the Class A-[1] and Class A-[2] Notes, respectively (and will be accrued and added to principal on the Class MT-M Interests). Principal payments on
Mortgage Loans shall be allocated xx% to the Class MT-M Interest and xx% to the Class MTA-[1] and Class MTA-[2] Interests until paid in full. The aggregate amount of principal allocated to the Class MTA-[1] and MTA-[2] Interests shall be apportioned
among such classes in the same manner as principal on the Mortgage Loans is payable with respect to the Class A-[1] and A-[2] Notes, respectively. Notwithstanding the above, principal payments on the Mortgage Loans that are attributable to the
Overcollateralization Release Amount shall be allocated to the Class MT-M Interest. Liquidation Loss Amounts shall be applied such that after all distributions have been made on such Payment Date: (i) the principal balances of the Class MTA-[1] and
MTA-[2] Interests are each xx% of the principal balances of the Class A-[1] and Class A-[2] Notes, respectively; and (ii) the principal balance of the Class MT-M Interest is equal to the Mortgage Loan Principal Balance less an amount equal to the
sum of the principal balances of the Class MTA-[1] and MTA-[2] Interests. 
  
 (g) (i) Principal will be allocated to and apportioned among the Class A-[1] and Class A-[2] Note in the same proportion as principal from the Mortgage Loans is payable with respect to such classes, except that a
portion of such principal in an amount equal to the Overcollateralization Release Amount shall first be allocated as a payment of interest to the Class SB Certificates, and all principal will be allocated as a payment of interest to the Class SB
Certificates after the principal balance of the Class A-[1] and Class A-[2] Notes has been reduced to zero. 
  
 (ii) Except as provided in clause (iii) below, interest will be allocated among the Class A-[1] and Class A-[2] Notes in the same
proportion as interest is payable on such classes. 
  

 19 

 (iii) Any interest with respect to each REMIC II Regular Interest in excess of the
product of (i) 100 times the weighted average coupon of the Class MTA-[1], Class MTA-[2], and Class MT-M REMIC II Regular Interests where each of such classes, other than the Class MT-M, is first subject to a cap and floor equal to the Class A-[1]
and Class A-[2] pass-through rates, respectively, and the Class MT-M Interest is subject to a cap equal to 0%, and (ii) the principal balance of such REMIC II Certificate, shall not be allocated to the Class A-[1] or Class A-[2] Notes but will be
allocated to the Class SB Certificates. 
  
 (iv)
On each Distribution Date, available funds, if any, remaining in REMIC II after payments of interest and principal, as designated above, will be distributed to the Class R-2 Certificate. It is expected that there shall not be any distributions on
the Class R-2 Certificate. 
  
 Section 5.02. Method of
Payment. Subject to Section 8.01(c) hereof, distributions required to be made to Certificateholders on any Payment Date as provided in Section 5.01 above shall be made to each Certificateholder of record on the preceding Record Date by wire
transfer, in immediately available funds, to the account of each Certificateholder at a bank or other entity having appropriate facilities therefor, if such Certificateholder shall have provided to the Certificate Registrar appropriate written
instructions at least five Business Days prior to such Payment Date or, if not, by check or money order mailed to such Certificateholder at the address of such Certificateholder appearing in the Certificate Register. 
  
 Section 5.03. Signature on Returns. The REMIC Administrator, as agent
for the Owner Trustee, shall sign on behalf of the Trust the tax returns of REMIC I, REMIC II and REMIC III. The Owner Trustee shall give the REMIC Administrator all such powers of attorney as are needed to enable the REMIC Administrator to prepare
and sign such tax returns. In the event that approval from the applicable District Director of the Internal Revenue Service for the REMIC Administrator to sign the tax returns is not forthcoming following application, the REMIC Administrator shall
prepare and the Owner Trustee shall sign the tax returns for REMIC I, REMIC II and REMIC III. 
  
 Section 5.04. Statements to Certificateholders. On each Payment Date, the Certificate Paying Agent shall make available to each Certificateholder
the statement or statements provided to the Owner Trustee and the Certificate Paying Agent by the Master Servicer pursuant to Section 4.01 of the Master Servicing Agreement with respect to such Payment Date. 
  
 ARTICLE VI 
  
 Concerning the Owner Trustee 
  
 Section 6.01. Acceptance of Trusts and Duties. The Owner Trustee accepts the trusts hereby created and agrees to perform its duties hereunder with
respect to such trusts, but only upon the terms of this Trust Agreement. The Owner Trustee and the Certificate Paying Agent also agree to disburse all moneys actually received by it constituting part of the Trust Estate upon the terms of this Trust
Agreement and the other Basic Documents. The Owner Trustee shall not be answerable or accountable hereunder or under any Basic Document under any circumstances, 

  

 20 

 
except (i) for its own willful misconduct, negligence or bad faith or negligent failure to act or (ii) in the case of the inaccuracy of any representation or
warranty contained in Section 6.03 below expressly made by the Owner Trustee. In particular, but not by way of limitation (and subject to the exceptions set forth in the preceding sentence): 
  
 (a) no provision of this Trust Agreement or any other Basic
Document shall require the Owner Trustee to expend or risk funds or otherwise incur any financial liability in the performance of any of its rights, duties or powers hereunder or under any other Basic Document if the Owner Trustee shall have
reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured or provided to it; 
  

(b) under no circumstances shall the Owner Trustee be liable for indebtedness evidenced by or arising under any of the Basic Documents,
including the principal of and interest on the Notes; 
  
 (c) the Owner Trustee shall not be responsible for or in respect of the validity or sufficiency of this Trust Agreement or for the due execution hereof by the Depositor for the form, character, genuineness, sufficiency, value or validity of
any of the Trust Estate, or for or in respect of the validity or sufficiency of the Basic Documents, the Notes, the Certificates, other than the certificate of authentication on the Certificates, if executed by the Owner Trustee and the Owner
Trustee shall in no event assume or incur any liability, duty, or obligation to any Noteholder or to any Certificateholder, other than as expressly provided for herein or in the other Basic Documents; 
  
 (d) the execution, delivery, authentication and performance
by the Owner Trustee of this Trust Agreement will not require the authorization, consent or approval of, the giving of notice to, the filing or registration with, or the taking of any other action with respect to, any governmental authority or
agency; 
  
 (e) the Owner Trustee shall not be
liable for the default or misconduct of the Depositor, Indenture Trustee or the Master Servicer under any of the Basic Documents or otherwise and the Owner Trustee shall have no obligation or liability to perform the obligations of the Trust under
this Trust Agreement or the other Basic Documents that are required to be performed by the Indenture Trustee under the Indenture or the Sellers under the Purchase Agreement; and 
  
 (f) the Owner Trustee shall be under no obligation to exercise any of the rights or powers vested in it or
duties imposed by this Trust Agreement, or to institute, conduct or defend any litigation under this Trust Agreement or otherwise or in relation to this Trust Agreement or any other Basic Document, at the request, order or direction of any of the
Certificateholders, unless such Certificateholders have offered to the Owner Trustee security or indemnity satisfactory to it against the costs, expenses and liabilities that may be incurred by the Owner Trustee therein or thereby. The right of the
Owner Trustee to perform any discretionary act enumerated in this Trust Agreement or in any other Basic Document shall not be construed as a duty, and the Owner Trustee shall not be answerable for other than its negligence, bad faith or willful
misconduct in the performance of any such act. 
  

 21 

 Section 6.02. Furnishing of Documents. The Owner Trustee shall furnish to the Securityholders
promptly upon receipt of a written reasonable request therefor, duplicates or copies of all reports, notices, requests, demands, certificates, financial statements and any other instruments furnished to the Trust under the Basic Documents.

  
 Section 6.03. Representations and Warranties. The Owner
Trustee hereby represents and warrants to the Depositor, for the benefit of the Certificateholders, that: 
  
 (a) It is a banking corporation duly organized and validly existing in good standing under the laws of the State of Delaware. It has all
requisite corporate power and authority to execute, deliver and perform its obligations under this Trust Agreement; 
  
 (b) It has taken all corporate action necessary to authorize the execution and delivery by it of this Trust Agreement, and this Trust
Agreement will be executed and delivered by one of its officers who is duly authorized to execute and deliver this Trust Agreement on its behalf; 
  
 (c) Neither the execution nor the delivery by it of this Trust Agreement, nor the consummation by it of the transactions contemplated
hereby nor compliance by it with any of the terms or provisions hereof will contravene any federal or Delaware law, governmental rule or regulation governing the banking or trust powers of the Owner Trustee or any judgment or order binding on it, or
constitute any default under its charter documents or bylaws or any indenture, mortgage, contract, agreement or instrument to which it is a party or by which any of its properties may be bound; 
  
 (d) This Trust Agreement, assuming due authorization,
execution and delivery by the Owner Trustee and the Depositor, constitutes a valid, legal and binding obligation of the Owner Trustee, enforceable against it in accordance with the terms hereof subject to applicable bankruptcy, insolvency,
reorganization, moratorium and other laws affecting the enforcement of creditors’ rights generally and to general principles of equity, regardless of whether such enforcement is considered in a proceeding in equity or at law; 
  
 (e) The Owner Trustee is not in default with respect to any
order or decree of any court or any order, regulation or demand of any federal, state, municipal or governmental agency, which default might have consequences that would materially and adversely affect the condition (financial or other) or
operations of the Owner Trustee or its properties or might have consequences that would materially adversely affect its performance hereunder; and 
  
 (f) No litigation is pending or, to the best of the Owner Trustee’s knowledge, threatened against the Owner Trustee which would
prohibit its entering into this Trust Agreement or performing its obligations under this Trust Agreement. 
  
 Section 6.04. Reliance; Advice of Counsel. 
  
 (a) The Owner Trustee shall incur no liability to anyone in acting upon any signature, instrument, notice, resolution, request, consent,
order, certificate, report, opinion, bond, or other document or paper believed by it to be genuine and believed by it to be signed by the proper party or parties. The Owner Trustee may accept a certified copy of a resolution of the 

  

 22 

 
board of directors or other governing body of any corporate party as conclusive evidence that such resolution has been duly adopted by such body and that the
same is in full force and effect. As to any fact or matter the method of determination of which is not specifically prescribed herein, the Owner Trustee may for all purposes hereof rely on a certificate, signed by the president or any vice president
or by the treasurer or other authorized officers of the relevant party, as to such fact or matter and such certificate shall constitute full protection to the Owner Trustee for any action taken or omitted to be taken by it in good faith in reliance
thereon. 
  
 (b) In the exercise or
administration of the Trust hereunder and in the performance of its duties and obligations under this Trust Agreement or the other Basic Documents, the Owner Trustee (i) may act directly or through its agents, attorneys, custodians or nominees
(including persons acting under a power of attorney) pursuant to agreements entered into with any of them, and the Owner Trustee shall not be liable for the conduct or misconduct of such agents, attorneys, custodians or nominees (including persons
acting under a power of attorney) if such persons have been selected by the Owner Trustee with reasonable care, and (ii) may consult with counsel, accountants and other skilled persons to be selected with reasonable care and employed by it at the
expense of the Trust. The Owner Trustee shall not be liable for anything done, suffered or omitted in good faith by it in accordance with the opinion or advice of any such counsel, accountants or other such Persons and not contrary to this Trust
Agreement or any other Basic Document. 
  
 Section 6.05. Not
Acting in Individual Capacity. Except as provided in this Article VI, in accepting the trusts hereby created [OWNER TRUSTEE] acts solely as Owner Trustee hereunder and not in its individual capacity, and all Persons having any claim against the
Owner Trustee by reason of the transactions contemplated by this Trust Agreement or any other Basic Document shall look only to the Trust Estate for payment or satisfaction thereof. 
  
 Section 6.06. Owner Trustee Not Liable for Certificates or Related Documents. The recitals contained herein and in
the Certificates (other than the signatures of the Owner Trustee on the Certificates) shall be taken as the statements of the Depositor, and the Owner Trustee assumes no responsibility for the correctness thereof. The Owner Trustee makes no
representations as to the validity or sufficiency of this Trust Agreement, of any other Basic Document or of the Certificates (other than the signatures of the Owner Trustee on the Certificates) or the Notes, or of any Related Documents. The Owner
Trustee shall at no time have any responsibility or liability with respect to the sufficiency of the Trust Estate or its ability to generate the payments to be distributed to Certificateholders under this Trust Agreement or the Noteholders under the
Indenture, including, the compliance by the Depositor or the Sellers with any warranty or representation made under any Basic Document or in any related document or the accuracy of any such warranty or representation, or any action of the
Certificate Paying Agent, the Certificate Registrar or the Indenture Trustee taken in the name of the Owner Trustee. 
  
 Section 6.07. Owner Trustee May Own Certificates and Notes. The Owner Trustee in its individual or any other capacity may become the owner or
pledgee of Certificates or Notes and may deal with the Depositor, the Sellers, the Certificate Paying Agent, the Certificate Registrar and the Indenture Trustee in transactions with the same rights as it would have if it were not Owner Trustee.

  

 23 

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

  

 24 

 
for which indemnity may be sought pursuant to this Section 7.02 hereof, the Owner Trustee’s choice of legal counsel, if other than the legal counsel
retained by the Owner Trustee in connection with the execution and delivery of this Trust Agreement, shall be subject to the approval of the Certificateholder of the majority of the Percentage Interest of the Class SB Certificates, which approval
shall not be unreasonably withheld. In addition, upon written notice to the Owner Trustee and with the consent of the Owner Trustee, which consent shall not be unreasonably withheld, the Certificateholder of the majority of the Percentage Interest
of the Class SB Certificates shall have the right to assume the defense of any Proceeding against the Owner Trustee. 
  
 ARTICLE VIII 
  
 Termination of Trust Agreement 
  
 Section 8.01.
Termination of Trust Agreement. 
  
 (a)
This Trust Agreement (other than this Article VIII) and the Trust shall terminate and be of no further force or effect upon the final distribution of all moneys or other property or proceeds of the Trust Estate in accordance with the terms of the
Indenture and this Trust Agreement. The bankruptcy, liquidation, dissolution, death or incapacity of any Certificateholder shall not (i) operate to terminate this Trust Agreement or the Trust, (ii) entitle such Certificateholder’s legal
representatives or heirs to claim an accounting or to take any Proceeding in any court for a partition or winding up of all or any part of the Trust or the Trust Estate or (iii) otherwise affect the rights, obligations and liabilities of the parties
hereto. 
  
 (b) Except as provided in Section
8.01(a) above, neither the Depositor nor any Certificateholder shall be entitled to revoke or terminate the Trust. 
  
 (c) Notice of any termination of the Trust, specifying the Payment Date on which Certificateholders shall surrender their Certificates to
the Certificate Paying Agent for payment of the final distribution thereon and cancellation thereof, shall be given by the Certificate Paying Agent by letter to the Certificateholders and the Enhancer mailed within five Business Days of receipt of
notice of such termination from the Owner Trustee, stating (i) the Payment Date upon or with respect to which final payment of the Certificates shall be made upon presentation and surrender of the Certificates at the office of the Certificate Paying
Agent therein designated, (ii) the amount of any such final payment and (iii) that the Record Date otherwise applicable to such Payment Date is not applicable, payments being made only upon presentation and surrender of the Certificates at the
office of the Certificate Paying Agent therein specified. The Certificate Paying Agent shall give such notice to the Owner Trustee and the Certificate Registrar at the time such notice is given to Certificateholders. Upon presentation and surrender
of the Certificates, the Certificate Paying Agent shall cause to be distributed to Certificateholders amounts distributable on such Payment Date pursuant to Section 5.01 hereof. 
  
 In the event that all of the Certificateholders shall not have surrendered their Certificates for cancellation within six
months after the date specified in the above mentioned written notice, the Certificate Paying Agent shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final
distribution 

  

 25 

 
with respect thereto. Subject to applicable laws with respect to escheat of funds, if within one year following the Payment Date on which final payment of
the Certificates was to have been made pursuant to Section 3.10 hereof, all the Certificates shall not have been surrendered for cancellation, the Certificate Paying Agent may take appropriate steps, or may appoint an agent to take appropriate
steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets that shall remain subject to this Trust Agreement. Any funds remaining in the
Distribution Account after exhaustion of such remedies shall be distributed by the Certificate Paying Agent to the Certificateholder of the majority of the Percentage Interest of the Certificates of the Class with respect to which such amounts are
due. 
  
 (d) Upon the winding up of the Trust and
its termination, the Owner Trustee shall cause the Certificate of Trust to be cancelled by filing a certificate of cancellation with the Secretary of State in accordance with the provisions of Section 3810(d) of the Statutory Trust Statute.

  
 Section 8.02. Additional Termination Requirements.

  
 (a) REMIC I shall be terminated in accordance
with the following additional requirements including upon the exercise by the Master Servicer of an optional redemption of the Notes pursuant to Section 8.08 of the Master Servicing Agreement, unless the Owner Trustee, the REMIC Administrator and
the Master Servicer have received an Opinion of Counsel (which Opinion of Counsel shall not be an expense of the Owner Trustee) to the effect that the failure of any REMIC to comply with the requirements of this Section 8.02 will not (i) result in
the imposition on the Trust Estate of taxes on “prohibited transactions,” as described in Section 860F of the Code, or (ii) cause either REMIC to fail to qualify as a REMIC at any time that any Certificate is outstanding: 
  
 (i) The Master Servicer shall establish a 90-day liquidation
period for such REMIC and specify the first day of such period in a statement, which the Indenture Trustee shall attach to the Trust Estate’s final Tax Return pursuant to Treasury regulations Section 1.860F-1. The Master Servicer also shall
satisfy all of the requirements of a qualified liquidation for a REMIC under Section 860F of the Code and regulations thereunder; 
  
 (ii) The Master Servicer shall notify the Owner Trustee and the Indenture Trustee at the commencement of such 90-day liquidation period
and, at or prior to the time of making of the final payment on the Certificates, the Owner Trustee shall sell or otherwise dispose of all of the remaining assets of the Trust Estate in accordance with the terms hereof; and 
  
 (iii) If the Master Servicer is exercising its right to
purchase the assets of the Trust Estate, the Master Servicer shall, during the 90-day liquidation period and at or prior to the Final Payment Date, purchase all of the assets of the Trust Estate for cash. 
  
 (b) Each Holder of a Security and the Owner Trustee hereby
irrevocably approves and appoints the Master Servicer as its attorney-in-fact to adopt a plan of complete liquidation for such REMIC at the expense of the Trust Estate in accordance with the terms and conditions of this Agreement. 
  

 26 

 ARTICLE IX 
  
 Successor Owner Trustees and Additional Owner Trustees 
  
 Section 9.01. Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation satisfying the provisions of
Section 3807(a) of the Statutory Trust Statute; authorized to exercise corporate trust powers; having a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by federal or state authorities; and having (or
having a parent that has) long-term debt obligations with a rating of at least A by Moody’s, Standard & Poor’s or Fitch, if rated by Fitch. If such corporation shall publish reports of condition at least annually pursuant to law or to
the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent
report of condition so published. In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 9.01, the Owner Trustee shall resign immediately in the manner and with the effect specified in
Section 9.02 below. 
  
 Section 9.02. Replacement of Owner
Trustee. The Owner Trustee may at any time resign and be discharged from the trusts hereby created by giving 30 days’ prior written notice thereof to the Enhancer, the Indenture Trustee and the Depositor. Upon receiving such notice of
resignation, the Indenture Trustee shall promptly appoint a successor Owner Trustee with the consent of the Enhancer, which consent shall not be unreasonably withheld, by written instrument, in duplicate, one copy of which instrument shall be
delivered to the resigning Owner Trustee and one copy to the successor Owner Trustee. If no successor Owner Trustee shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of resignation, the
resigning Owner Trustee may petition any court of competent jurisdiction for the appointment of a successor Owner Trustee. 
  
 If at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of Section 9.01 above and shall fail to resign after written
request therefor by the Indenture Trustee, or if at any time the Owner Trustee shall be legally unable to act, or shall be adjudged bankrupt or insolvent, or a receiver of the Owner Trustee or of its property shall be appointed, or any public
officer shall take charge or control of the Owner Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Indenture Trustee may, and, at the direction of the Enhancer, shall, remove the Owner
Trustee. If the Indenture Trustee shall remove the Owner Trustee under the authority of the immediately preceding sentence, the Indenture Trustee shall promptly appoint a successor Owner Trustee acceptable to the Enhancer by written instrument, in
duplicate, one copy of which instrument shall be delivered to the outgoing Owner Trustee so removed and one copy to the successor Owner Trustee, and shall pay all fees owed to the outgoing Owner Trustee. If the Indenture Trustee is unable to appoint
a successor Owner Trustee within 60 days after any such direction, the Indenture Trustee may petition any court of competent jurisdiction for the appointment of a successor Owner Trustee. 
  
 Any resignation or removal of the Owner Trustee and appointment of a successor Owner Trustee pursuant to any of the
provisions of this Section shall not become effective until 

  

 27 

 
acceptance of appointment by the successor Owner Trustee pursuant to Section 9.03 below and payment of all fees and expenses owed to the outgoing Owner
Trustee. 
  
 Section 9.03. Successor Owner Trustee. Any
successor Owner Trustee appointed pursuant to Section 9.02 above shall execute, acknowledge and deliver to the Indenture Trustee and to its predecessor Owner Trustee an instrument accepting such appointment under this Trust Agreement, and thereupon
the resignation or removal of the predecessor Owner Trustee shall become effective, and such successor Owner Trustee, without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties and obligations of its
predecessor under this Trust Agreement, with like effect as if originally named as Owner Trustee. The predecessor Owner Trustee shall upon payment of its fees and expenses deliver to the successor Owner Trustee all documents and statements and
monies held by it under this Trust Agreement; and the predecessor Owner Trustee shall execute and deliver such instruments and do such other things as may reasonably be required for fully and certainly vesting and confirming in the successor Owner
Trustee all such rights, powers, duties and obligations. 
  
 No
successor Owner Trustee shall accept appointment as provided in this Section 9.03 unless at the time of such acceptance such successor Owner Trustee shall be eligible pursuant to Section 9.01 above. 
  
 Upon acceptance of appointment by a successor Owner Trustee pursuant to this
Section 9.03, the Indenture Trustee shall mail notice thereof to all Certificateholders, the Indenture Trustee, the Noteholders, the Rating Agencies and the Enhancer. If the Indenture Trustee shall fail to mail such notice within 10 days after
acceptance of such appointment by the successor Owner Trustee, the successor Owner Trustee shall cause such notice to be mailed at the expense of the Indenture Trustee. 
  
 Section 9.04. Merger or Consolidation of Owner Trustee. Any Person into which the Owner Trustee may be merged or
converted or with which it may be consolidated, or any Person resulting from any merger, conversion or consolidation to which the Owner Trustee shall be a party, or any Person succeeding to all or substantially all of the corporate trust business of
the Owner Trustee, shall be the successor of the Owner Trustee hereunder, without the execution or filing of any instrument or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding; provided, that
such Person shall be eligible pursuant to Section 9.01 above and, provided, further, that the Owner Trustee shall mail notice of such merger or consolidation to the Rating Agencies. 
  
 Section 9.05. Appointment of Co-Trustee or Separate Trustee. Notwithstanding any other provisions of this Trust
Agreement, at any time, for the purpose of meeting any legal requirements of any jurisdiction in which any part of the Trust Estate may at the time be located, the Owner Trustee shall have the power and shall execute and deliver all instruments to
appoint one or more Persons to act as co-trustee, jointly with the Owner Trustee, or as separate trustee or trustees, of all or any part of the Trust Estate, and to vest in such Person, in such capacity, such title to the Trust or any part thereof
and, subject to the other provisions of this Section, such powers, duties, obligations, rights and trusts as the Owner Trustee may consider necessary or desirable. No co-trustee or separate trustee under this Trust Agreement shall be required to
meet the terms of eligibility as a successor Owner Trustee pursuant to Section 9.01 hereof and no 

  

 28 

 
notice of the appointment of any co-trustee or separate trustee shall be required pursuant to Section 9.03 above. 
  
 Each separate trustee and co-trustee shall, to the extent permitted by law,
be appointed and act subject to the following provisions and conditions: 
  
 (a) All rights, powers, duties and obligations conferred or imposed upon the Owner Trustee shall be conferred upon and exercised or performed by the Owner Trustee and such separate trustee or co-trustee jointly (it
being understood that such separate trustee or co-trustee is not authorized to act separately without the Owner Trustee joining in such act), except to the extent that under any law of any jurisdiction in which any particular act or acts are to be
performed, the Owner Trustee shall be incompetent or unqualified to perform such act or acts, in which event such rights, powers, duties and obligations (including the holding of title to the Trust Estate or any portion thereof in any such
jurisdiction) shall be exercised and performed singly by such separate trustee or co-trustee, but solely at the direction of the Owner Trustee; 
  
 (b) No trustee under this Trust Agreement shall be personally liable by reason of any act or omission of any other trustee under this
Trust Agreement; and 
  
 (c) The Owner Trustee
may at any time accept the resignation of or remove any separate trustee or co-trustee. 
  
 Any notice, request or other writing given to the Owner Trustee shall be deemed to have been given to each of the then separate trustees and co-trustees, as effectively as if given to each of them. Every instrument
appointing any separate trustee or co-trustee shall refer to this Trust Agreement and the conditions of this Article IX. Each separate trustee and co-trustee, upon its acceptance of the trusts conferred, shall be vested with the estates or property
specified in its instrument of appointment, either jointly with the Owner Trustee or separately, as may be provided therein, subject to all the provisions of this Trust Agreement, specifically including every provision of this Trust Agreement
relating to the conduct of, affecting the liability of, or affording protection to, the Owner Trustee. Each such instrument shall be filed with the Owner Trustee. 
  
 Any separate trustee or co-trustee may at any time appoint the Owner Trustee as its agent or attorney-in-fact with full
power and authority, to the extent not prohibited by law, to do any lawful act under or in respect of this Trust Agreement on its behalf and in its name. If any separate trustee or co-trustee shall die, become incapable of acting, resign or be
removed, all of its estates, properties, rights, remedies and trusts shall vest in and be exercised by the Owner Trustee, to the extent permitted by law, without the appointment of a new or successor co-trustee or separate trustee. 
  

 29 

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

 30 

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

 31 

 Section 10.04. Notices. 
  
 (a) Unless otherwise expressly specified or permitted by the terms hereof, all notices shall be in writing
and shall be deemed given upon receipt: if to the Owner Trustee, addressed to its Corporate Trust Office; if to the Certificate Paying Agent, addressed to [CERTIFICATE PAYING AGENT NAME & ADDRESS], with a copy to the Corporate Trust Office of
the Indenture Trustee, if to the Depositor, addressed to SG Mortgage Securities, LLC, 1221 Avenue of the Americas, New York, NY 10020; if to the Enhancer, addressed to [ENHANCER NAME & ADDRESS], if to the Rating Agencies, addressed to
Moody’s Investors Service, Inc., 99 Church Street, 4th Floor, New York, New York 10001 and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc., 55 Water Street, New York, New York 10004, Attention: Structured Finance
Department – MBS; or, as to each of the foregoing Persons, at such other address as shall be designated by such Person in a written notice to each of the other foregoing Persons. 
  
 (b) Any notice required or permitted to be given to a Certificateholder shall be given by first-class mail,
postage prepaid, at the address of such Certificateholder as shown in the Certificate Register. Any notice so mailed within the time prescribed in this Trust Agreement to a Certificateholder shall be conclusively presumed to have been duly given,
whether or not such Certificateholder receives such notice. 
  
 (c) A copy of any notice delivered to the Owner Trustee or the Trust shall also be delivered to the Depositor. 
  
 Section 10.05. Severability. Any provision of this Trust Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable
such provision in any other jurisdiction. 
  
 Section 10.06.
Separate Counterparts. This Trust Agreement may be executed by the parties hereto in any number of counterparts, each of which when so executed and delivered shall be an original, but all such counterparts shall together constitute but one
and the same instrument. 
  
 Section 10.07. Successors and
Assigns. All representations, warranties, covenants and agreements contained herein shall be binding upon, and inure to the benefit of, each of the Enhancer, the Depositor, the Owner Trustee and its successors and each Certificateholder and its
successors and permitted assigns, all as herein provided. Any request, notice, direction, consent, waiver or other instrument or action by a Certificateholder shall bind the successors and assigns of such Certificateholder. 
  
 Section 10.08. No Petition. The Owner Trustee, by entering into this
Trust Agreement, and each Certificateholder, by accepting a Certificate, hereby covenant and agree that they will not at any time institute against the Depositor or the Trust, or join in any institution against the Depositor or the Trust of, any
bankruptcy Proceedings under any United States federal or state 

  

 32 

 
bankruptcy or similar law in connection with any obligations to the Certificates, the Notes, this Trust Agreement or any of the other Basic Documents.

  
 Section 10.09. No Recourse. Each Certificateholder, by
accepting a Certificate, acknowledges that such Certificateholder’s Certificate represents a beneficial interest in the Trust only and does not represent an interest in or obligation of the Depositor, the Sellers, the Owner Trustee, the
Indenture Trustee or any Affiliate thereof, and that no recourse may be had against such Persons or their assets, except as may be expressly set forth or contemplated in the Certificates, this Trust Agreement or the other Basic Documents.

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

 33 

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

			
	 SG MORTGAGE SECURITIES, LLC, as Depositor

		
	 By:
	 	 
	 	 	 Name:

	 	 	 Title:

	
	 [OWNER TRUSTEE NAME],
not in its individual capacity but solely as Owner Trustee, except with respect to the representations
and warranties contained in Section 6.03 hereof

		
	 By:
	 	 
	 	 	 Name:

	 	 	 Title:

  
 Acknowledged and Agreed:

  

			
	 [INDENTURE TRUSTEE NAME],
as Indenture Trustee, Certificate Registrar and Certificate Paying Agent

		
	By:	 	 
	 	 	 Name:

	 	 	 Title:

  

 34 

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

 A-1 

 THE TRANSFEREE OF THIS CLASS SB CERTIFICATE SHALL BE SUBJECT TO UNITED STATES FEDERAL WITHHOLDING TAX
UNLESS THE CERTIFICATE REGISTRAR SHALL HAVE RECEIVED A CERTIFICATE OF NON-FOREIGN STATUS CERTIFYING AS TO THE TRANSFEREE’S STATUS AS A U.S. PERSON OR CORPORATION OR PARTNERSHIP UNDER U.S. LAW. 
  
 THIS CLASS SB CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF
THE SELLERS, THE DEPOSITOR, THE MASTER SERVICER, THE INDENTURE TRUSTEE, THE OWNER TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES, EXCEPT AS EXPRESSLY PROVIDED IN THE AGREEMENT OR THE OTHER BASIC DOCUMENTS. 
  
 Certificate No. 
  
 Cut-Off Date: 
 [DATE] 
  
 Date of Trust Agreement: 
 [DATE] 
  

			
	 First Payment Date:
 [DATE]
	 	Percentage Interest: 100%

  
 Final
Payment Date: 
 [DATE] 
  
 [ISSUER] HOME LOAN ASSET-BACKED CERTIFICATE, SERIES [            ] evidencing a
fractional undivided interest in [ISSUER] (the “Issuer”), the property of which consists primarily of the Mortgage Loans. 
  
 This Class SB Certificate is payable solely from the assets of the Trust Estate, and does not represent an obligation of or interest in the Depositor, the
Sellers, the Master Servicer, the Indenture Trustee or the Owner Trustee or any of their Affiliates. This Class SB Certificate is not guaranteed or insured by any governmental agency or instrumentality or by the Depositor, the Sellers, the Master
Servicer, the Indenture Trustee or the Owner Trustee or any of their affiliates. None of the Depositor, the Sellers, the Master Servicer, the Indenture Trustee or the Owner Trustee or any of their Affiliates will have any obligation with respect to
any certificate or other obligation secured by or payable from payments on the Certificates. 
  
 This certifies that [SELLER] is the registered owner of the Certificate Percentage Interest evidenced by this Class SB Certificate (as set forth on the face hereof) in certain distributions with respect to the Trust
Estate, consisting primarily of the Mortgage Loans, created by SG Mortgage Securities, LLC (the “Depositor”). The Trust (as defined herein) was created pursuant to a trust agreement dated as of [DATE] (as amended and supplemented from time
to time, the “Agreement”), between the Depositor and [OWNER TRUSTEE], as owner trustee (the “Owner Trustee,” which term includes any successor entity under the Agreement), a summary of certain of the pertinent provisions of which
is set forth hereafter. Capitalized terms used herein that are not otherwise defined shall have the meanings ascribed thereto in Appendix A to the indenture 

  

 A-2 

 
dated as of [DATE], between the Trust and the Indenture Trustee. This Class SB Certificate is issued under and is subject to the terms, provisions and
conditions of the Agreement, to which Agreement the Certificateholder of this Class SB Certificate by virtue of the acceptance hereof assents and by which such Certificateholder is bound. 
  
 Pursuant to the terms of the Agreement, a distribution will be made on the [    ]th day of March,
June, September and December or, if such [    ]th day is not a Business Day, the Business Day immediately following (the “Payment Date”), commencing on the first Payment Date specified above, to the Person in
whose name this Class SB Certificate is registered at the close of business on the last day (or if such last day is not a Business Day, the Business Day immediately preceding such last day) of the month immediately preceding the month of such
distribution (the “Record Date”), in an amount equal to the pro rata portion evidenced by this Class SB Certificate (based on the Percentage Interest stated on the face hereon) of the amount, if any, required to be distributed to
Certificateholders of Certificates on such Payment Date. Distributions on this Class SB Certificate will be made as provided in the Agreement by the Certificate Paying Agent by wire transfer or check mailed to the Certificateholder of record in the
Certificate Register without the presentation or surrender of this Class SB Certificate or the making of any notation hereon. Pursuant to the Agreement, the Trust has issued three Classes of Certificates, designated as the Class SB Certificates, the
Class R-I Certificates, the Class R-II Certificates and the Class R-III Certificates. 
  
 Except as otherwise provided in the Agreement and notwithstanding the above, the final distribution on this Class SB Certificate will be made after due notice by the Certificate Paying Agent of the pendency of such
distribution and only upon presentation and surrender of this Class SB Certificate at the office or agency designated by the Certificate Registrar for that purpose in the [City and State of New York]. 
  
 No transfer of this Class SB Certificate will be made unless such transfer is
exempt from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”), and any applicable state securities laws or is made in accordance the Securities Act and such state laws. In the event that such a
transfer is to be made, (i) the Certificate Registrar or the Depositor may require an opinion of counsel acceptable to and in form and substance satisfactory to the Certificate Registrar and the Depositor that such transfer is exempt (describing the
applicable exemption and the basis therefor) from or is being made pursuant to the registration requirements of the Securities Act, and of any applicable statute of any state and (ii) the transferee shall execute an investment letter in the form
described in the Agreement and (iii) the Certificate Registrar shall require the transferee to execute an investment letter and a Certificate of Non-Foreign Status in the form described by the Agreement (or if a Certificate of Non-Foreign Status is
not provided, an Opinion of Counsel as described in the Agreement), which investment letter and certificate or Opinion of Counsel shall not be at the expense of the Trust, the Owner Trustee, the Certificate Registrar or the Depositor. The
Certificateholder hereof desiring to effect such transfer shall, and does hereby agree to, indemnify the Trust, the Owner Trustee, the Depositor, the Master Servicer and the Certificate Registrar against any liability that may result if the transfer
is not so exempt or is not made in accordance with such federal and state laws. In connection with any such transfer, the Certificate Registrar (unless otherwise directed by the Depositor) will also require either (i) a representation letter, in the
form as described by the Agreement, stating that the transferee is not an employee benefit or other plan 

  

 A-3 

 
subject to the prohibited transaction restrictions or the fiduciary responsibility requirements of ERISA or Section 4975 of the Code (a “Plan”),
any person acting, directly or indirectly, on behalf of any such Plan or any Person using the “plan assets,” within the meaning of the Department of Labor Regulations Section 2510.3-101, to effect such acquisition (collectively, a
“Plan Investor”) or (ii) if such transferee is a Plan Investor, an opinion of counsel acceptable to and in form and substance satisfactory to the Depositor, the Owner Trustee, the Master Servicer and the Certificate Registrar, or a
certification in the form of Exhibit G to the Agreement, to the effect that the purchase or holding of such Certificate is permissible under applicable law, will not constitute or result in a prohibited transaction under Section 406 of ERISA or
Section 4975 of the Code (or comparable provisions of any subsequent enactments) and will not subject the Depositor, the Owner Trustee, the Master Servicer or the Certificate Registrar to any obligation or liability (including obligations or
liabilities under Section 406 of ERISA or Section 4975 of the Code) in addition to those undertaken in the Agreement. 
  
 This Class SB Certificate is one of a duly authorized issue of Certificates designated as
[            ] Home Loan Asset-Backed Certificates of the Series specified hereon (the “Certificates”). 
  
 The Certificateholder of this Class SB Certificate, by its acceptance hereof, agrees that it will look solely to the funds
on deposit in the Distribution Account that have been released from the Lien of the Indenture for payment hereunder and that neither the Owner Trustee in its individual capacity nor the Depositor is personally liable to the Certificateholders for
any amount payable under this Class SB Certificate or the Agreement or, except as expressly provided in the Agreement, subject to any liability under the Agreement. 
  
 The Certificateholder of this Class SB Certificate acknowledges and agrees that its rights to receive distributions in
respect of this Class SB Certificate are subordinated to the rights of the Noteholders and the Enhancer as described in the Indenture. 
  
 Each Certificateholder, by its acceptance of a Certificate, covenants and agrees that such Certificateholder will not at any time institute against the
Depositor, or join in any institution against the Depositor or the Trust of, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings under any United States federal or state bankruptcy or similar law
in connection with any obligations relating to the Certificates, the Notes, the Agreement or any of the other Basic Documents. 
  
 The Agreement permits the amendment thereof as specified below, provided that any amendment be accompanied by the consent of the Enhancer and an Opinion
of Counsel to the Owner Trustee to the effect that such amendment complies with the provisions of the Agreement and will not cause the Trust to be subject to an entity level tax. If the purpose of any such amendment is to correct any mistake,
eliminate any inconsistency, cure any ambiguity or deal with any matter not covered, it shall not be necessary to obtain the consent of any Certificateholder, but the Owner Trustee shall be furnished with a letter from each Rating Agency to the
effect that such amendment will not cause a Rating Event, determined without regard to the Policy, and the consent of the Enhancer shall be obtained. If the purpose of any such amendment is to prevent the imposition of any federal or state taxes at
any time that any Security is Outstanding, it shall not be necessary to obtain the consent of the any 

  

 A-4 

 
Certificateholder, but the Owner Trustee shall be furnished with an Opinion of Counsel that such amendment is necessary or helpful to prevent the imposition
of such taxes and is not materially adverse to any Certificateholder and the consent of the Enhancer shall be obtained. If the purpose of the amendment is to add or eliminate or change any provision of the Agreement, other than as specified in the
preceding two sentences, the amendment shall require either (a) a letter from each Rating Agency to the effect that such amendment will not cause a Rating Event, determined without regard to the Policy or (b) the consent of Certificateholders of a
majority of the Percentage Interests of the Certificates and the Indenture Trustee; provided, however, that no such amendment shall (i) reduce in any manner the amount of, or delay the time of, payments received that are required to be
distributed on any Certificate without the consent of all Certificateholders affected thereby and the Enhancer, or (ii) reduce the aforesaid percentage of Certificates the Certificateholders of which are required to consent to any such amendment
without the consent of the Certificateholders of all such Certificates then outstanding. 
  
 As provided in the Agreement and subject to certain limitations therein set forth, the transfer of this Class SB Certificate is registerable in the Certificate Register upon surrender of this Class SB Certificate for
registration of transfer at the offices or agencies of the Certificate Registrar maintained in the [City and State of New York], accompanied by a written instrument of transfer in form satisfactory to the Certificate Registrar duly executed by the
Certificateholder hereof or such Certificateholder’s attorney duly authorized in writing, and thereupon one or more new Certificates of authorized denominations evidencing the same Class and aggregate Percentage Interest will be issued to the
designated transferee. The initial Certificate Registrar appointed under the Agreement is the Owner Trustee. 
  
 Except as provided in the Agreement, the Certificates are issuable only in minimum denominations of a xx.xxxx% Percentage Interest and in integral
multiples of a x.xxxx% Percentage Interest in excess thereof. As provided in the Agreement and subject to certain limitations therein set forth, the Certificates are exchangeable for new Certificates of authorized denominations, as requested by the
Certificateholder surrendering the same. This Class SB Certificate is issued in the Percentage Interest above. 
  
 No service charge will be made for any such registration of transfer or exchange, but the Owner Trustee or the Certificate Registrar may require payment
of a sum sufficient to cover any tax or governmental charge payable in connection therewith. 
  
 The Owner Trustee, the Certificate Paying Agent, the Certificate Registrar and any agent of the Owner Trustee, the Certificate Paying Agent, or the Certificate Registrar may treat the Person in whose name this Class
SB Certificate is registered as the owner hereof for all purposes, and none of the Owner Trustee, the Certificate Paying Agent, the Certificate Registrar or any such agent shall be affected by any notice to the contrary. 
  
 This Class SB Certificate shall be governed by and construed in accordance
with the laws of the State of Delaware. 
  
 The obligations
created by the Agreement in respect of this Class SB Certificate and the Trust created thereby shall terminate upon the final distribution of all moneys or other property or proceeds of the Trust Estate in accordance with the terms of the Indenture
and the Agreement. 
  

 A-5 

 Unless the certificate of authentication hereon shall have been executed by an authorized officer of the
Owner Trustee, or an authenticating agent by manual signature, this Class SB Certificate shall not be entitled to any benefit under the Agreement or be valid for any purpose. 
  

 A-6 

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

									
	 	 	 	 	 [ISSUER]

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

				
	Dated: [DATE]	 	 	 	By:	 	 
	 	 	 	 	 	 	 	 	Authorized Signatory

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

					
			
	By:	 	 	 	 
	 	 	Authorized Signatory	 	 
			
	or	 	 	 	,
	 	 	as Authenticating Agent of the Trust	 	 
			
	By:	 	 	 	 
	 	 	 Authorized Signatory
	 	 

  

 A-7 

  
 ASSIGNMENT 
  
 FOR VALUE RECEIVED the undersigned hereby sells, assigns and transfers unto

  
 PLEASE INSERT SOCIAL SECURITY OR 
 OTHER IDENTIFYING NUMBER OF ASSIGNEE 
  
  

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

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

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

					
			
	 Dated:
	 	 	 	*
	 	 	 	 	Signature Guaranteed:
			
	 	 	 	 	*

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

  

 A-8 

  
 DISTRIBUTION INSTRUCTIONS

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

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

  

 A-9 

  
 EXHIBIT B 
  
 CERTIFICATE OF TRUST 
  
 OF 
  
 [ISSUER] 
  
 THE UNDERSIGNED, [OWNER TRUSTEE], as owner trustee (the “Trustee”), for the purpose of forming a statutory trust does hereby certify as follows:

  
 1. The name of the statutory trust is: 
  
 [ISSUER] 
  
 2. The name and business address of the Trustee of the statutory trust in the State Delaware is [OWNER TRUSTEE], [OWNER
TRUSTEE ADDRESS]. 
  
 3. The statutory trust reserves the right to
amend, alter, change, or repeal any provision contained in this Certificate of Trust in the manner now or hereafter prescribed by law. 
  
 4. This Certificate of Trust shall be effective upon filing. 
  
 THE UNDERSIGNED, being the Trustee hereinbefore named, for the purpose of forming a statutory trust pursuant to the provisions of the Delaware Statutory
Trust Act, does make this certificate of trust, hereby declaring and further certifying that this is its act and deed and that to the best of the undersigned’s knowledge and belief the facts herein stated are true. 
  

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

		
	By:	 	 
	 	 	 Name:

	 	 	 Title:

  
 Dated: [DATE] 
  

 B-1 

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

  

 C-1 

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

  

 C-2 

 
(y) in lieu of such opinion of counsel, a certification in the form of Exhibit G to the Trust Agreement; and 
  
 (ii) the Buyer is familiar with the prohibited transaction
restrictions and fiduciary responsibility requirements of Sections 406 and 407 of ERISA and Section 4975 of the Code and understands that each of the parties to which this certification is made is relying and will continue to rely on the statements
made in this paragraph 3. 
  
 This document may be executed in one
or more counterparts and by the different parties hereto on separate counterparts, each of which, when so executed, shall be deemed to be an original; such counterparts, together, shall constitute one and the same document. 
  
 Capitalized terms used herein that are not otherwise defined shall have the
meanings ascribed thereto in Appendix A to the indenture dated as of [DATE], between the Trust and the Indenture Trustee. 
  

 C-3 

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

  

									
			
	 	 	 	 	 
	 Print Name of Seller
	 	 	 	 Print Name of Buyer

					
	By:	 	 	 	 	 	By:	 	 
	 	 	 Name:
	 	 	 	 	 	 Name:

	 	 	 Title:
	 	 	 	 	 	 Title:

			
	 Taxpayer Identification:
	 	 	 	 Taxpayer Identification:

					
	 No.
	 	 	 	 	 	 No.
	 	 
					
	 Date:
	 	 	 	 	 	 Date:
	 	 

  

 C-4 

  
 ANNEX 1 TO EXHIBIT C

  
 QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

  
 For Buyers Other Than Registered Investment Companies

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

			
	 ____
	  	Corporation, etc. The Buyer is a corporation (other than a bank, savings and loan association or similar institution), Massachusetts or similar business trust, partnership, or
charitable organization described in Section 501(c)(3) of the Internal Revenue Code.
		
	 ____
	  	Bank. The Buyer (a) is a national bank or banking institution organized under the laws of any state, territory or the District of Columbia, the business of which is substantially
confined to banking and is supervised by the state or territorial banking commission or similar official or is a foreign bank or equivalent institution, and (b) has an audited net worth of at least $25,000,000 as demonstrated in its latest annual
financial statements, a copy of which is attached hereto.
		
	 ____
	  	Savings and Loan. The Buyer (a) is a savings and loan association, building and loan association, cooperative bank, homestead association or similar institution, which is supervised
and examined by a state or federal authority having supervision over any such institutions or is a foreign savings and loan association or equivalent institution and (b) has an audited net worth of at least $25,000,000 as demonstrated in its latest
annual financial statements.

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

  

 C-5 

			
	 ____
	  	Broker-Dealer. The Buyer is a dealer registered pursuant to Section 15 of the Securities Exchange Act of 1934, as amended.
		
	 ____
	  	Insurance Company. The Buyer is an insurance company whose primary and predominant business activity is the writing of insurance or the reinsuring of risks underwritten by insurance
companies and which is subject to supervision by the insurance commissioner or a similar official or agency of a state or territory or the District of Columbia.
		
	 ____
	  	State or Local Plan. The Buyer is a plan established and maintained by a state, its political subdivisions, or any agency or instrumentality of the state or its political subdivisions,
for the benefit of its employees.
		
	 ____
	  	ERISA Plan. The Buyer is an employee benefit plan within the meaning of Title I of the Employee Retirement Income Security Act of 1974, as amended.
		
	 ____
	  	Investment Adviser. The Buyer is an investment adviser registered under the Investment Advisers Act of 1940. as amended.
		
	 ____
	  	SBIC. The Buyer is a Small Business Investment Company licensed by the U.S. Small Business Administration under Section 301(c) or (d) of the Small Business Investment Act of 1958, as
amended.
		
	 ____
	  	Business Development Company. The Buyer is a business development company as defined in Section 202(a)(22) of the Investment Advisers Act of 1940, as amended.
		
	 ____
	  	Trust Fund. The Buyer is a trust fund whose trustee is a bank or trust company and whose participants are exclusively (a) plans established and maintained by a state, its political
subdivisions, or any agency or instrumentality of the state or its political subdivisions, for the benefit of its employees, or (b) employee benefit plans within the meaning of Title I of the Employee Retirement Income Security Act of 1974, as
amended, but is not a trust fund that includes as participants individual retirement accounts or H.R. 10 plans.

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

  

 C-6 

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

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

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

			
	 
	Print Name of Buyer
		
	By:	 	 
	 	 	 Name:

	 	 	Title:
		
	 Date: 
	 	 

  

 C-7 

  
 ANNEX 2 TO EXHIBIT C

  
 QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

  
 For Buyers That Are Registered Investment Companies 

 
 The undersigned hereby certifies as follows in connection with the Rule
144A Investment Representation to which this certification is attached: 
  
 11. As indicated below, the undersigned is the President, Chief Financial Officer or Senior Vice President of the Buyer or, if the Buyer is a “qualified institutional buyer” as that term is defined in Rule 144A under the
Securities Act of 1933 (“Rule 144A”) because Buyer is part of a Family of Investment Companies (as defined below), is such an officer of the Adviser. 
  

12. In connection with purchases by Buyer, the Buyer is a “qualified institutional buyer” as defined in Rule 144A because (i) the Buyer is an
investment company registered under the Investment Company Act of 1940, and (ii) as marked below, the Buyer alone, or the Buyer’s Family of Investment Companies, owned at least $100,000,000 in securities (other than the excluded securities
referred to below) as of the end of the Buyer’s most recent fiscal year. For purposes of determining the amount of securities owned by the Buyer or the Buyer’s Family of Investment Companies, the cost of such securities was used.

  

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

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

  

 C-8 

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

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

			
	 
	Print Name of Buyer
		
	By:	 	 
	 	 	 Name:

	 	 	Title:
	
	 IF AN ADVISER:

	
	 
	 Print Name of Buyer

		
	 Date: 
	 	 

  

 C-9 

  
 EXHIBIT D 
  
 FORM OF INVESTOR REPRESENTATION LETTER 
  
                     ,          
  
 SG Mortgage Securities, LLC 
 [ADDRESS] 
  
 [CERTIFICATE REGISTRAR NAME &
ADDRESS] 
  

	 	Re:	SG Mortgage Securities, LLC 

	 	    	[ISSUER] Home Loan Asset-Backed Certificates, Series [_____] 

  
 Ladies and Gentlemen: 
  
                      (the
“Purchaser”) intends to purchase from                      (the “Seller”) a [    ]% Certificate
Percentage Interest of the Class [    ] Certificates of Series [            ] (the “Certificates”), issued pursuant to the trust agreement dated
as of [DATE] (the “Trust Agreement”), between SG Mortgage Securities, LLC, as depositor (the “Depositor”) and [OWNER TRUSTEE], as owner trustee (the “Owner Trustee”), as acknowledged and agreed by [CERTIFICATE
REGISTRAR], as Certificate Registrar. Capitalized terms used herein that are not otherwise defined shall have the meanings ascribed thereto in Appendix A to the indenture dated as of [DATE], between the Trust and the Indenture Trustee. The Purchaser
hereby certifies, represents and warrants to, and covenants with, the Depositor and the Certificate Registrar that: 
  
 17. The Purchaser understands that (a) the Certificates have not been and will not be registered or qualified under the Securities Act of 1933, as amended
(the “Act”), or any state securities law, (b) the Company is not required to so register or qualify the Certificates, (c) the Certificates may be resold only if registered and qualified pursuant to the provisions of the Act or any state
securities law, or if an exemption from such registration and qualification is available, (d) the Trust Agreement contains restrictions regarding the transfer of the Certificates and (e) the Certificates will bear a legend to the foregoing effect.

  
 18. The Purchaser is acquiring the Certificates for its own
account for investment only and not with a view to or for sale in connection with any distribution thereof in any manner that would violate the Act or any applicable state securities laws. 
  
 19. The Purchaser is (a) a substantial, sophisticated institutional investor
having such knowledge and experience in financial and business matters, and, in particular, in such matters related to securities similar to the Certificates, such that it is capable of evaluating the merits and risks of investment in the
Certificates, (b) able to bear the economic risks of such an investment and (c) an “accredited investor” within the meaning of Rule 501(a) promulgated pursuant to the Act. 
  

 D-1 

 20. The Purchaser has been furnished with, and has had an opportunity to review a copy of the Trust
Agreement and such other information concerning the Certificates, the Mortgage Loans and the Depositor as has been requested by the Purchaser from the Depositor or the Seller and is relevant to the Purchaser’s decision to purchase the
Certificates. The Purchaser has had any questions arising from such review answered by the Depositor or the Seller to the satisfaction of the Purchaser. 
  
 21. The Purchaser has not and will not nor has it authorized or will it authorize any person to (a) offer, pledge, sell, dispose of or otherwise transfer
any Certificate, any interest in any Certificate or any other similar security to any person in any manner, (b) solicit any offer to buy or to accept a pledge, disposition of other transfer of any Certificate, any interest in any Certificate or any
other similar security from any person in any manner, (c) otherwise approach or negotiate with respect to any Certificate, any interest in any Certificate or any other similar security with any person in any manner, (d) make any general solicitation
by means of general advertising or in any other manner or (e) take any other action, that (as to any of (a) through (d) above) would constitute a distribution of any Certificate under the Act, that would render the disposition of any Certificate a
violation of Section 5 of the Act or any state securities law, or that would require registration or qualification pursuant thereto. The Purchaser will not sell or otherwise transfer any of the Certificates, except in compliance with the provisions
of the Trust Agreement. 
  
 22. The Purchaser represents:

  
 (i) that either (a) or (b) is satisfied, as
marked below: 
  
              a. The Purchaser is not any employee benefit plan subject to the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), or the
Internal Revenue Code of 1986, as amended (the “Code”), a Person acting, directly or indirectly, on behalf of any such plan or any Person acquiring such Certificates with “plan assets” of a Plan within the meaning of the
Department of Labor Regulations Section 2510.3-101; or 
  
              b. The Purchaser will provide the Depositor, the Owner Trustee, the Certificate Registrar and the Master Servicer with either: (x) an opinion of counsel,
satisfactory to the Depositor, the Owner Trustee, the Certificate Registrar and the Master Servicer, to the effect that the purchase and holding of a Certificate by or on behalf of the Purchaser is permissible under applicable law, will not
constitute or result in a prohibited transaction under Section 406 of ERISA or Section 4975 of the Code (or comparable provisions of any subsequent enactments) and will not subject the Depositor, the Owner Trustee, the Certificate Registrar or the
Master Servicer to any obligation or liability (including liabilities under ERISA or Section 4975 of the Code) in addition to those undertaken in the Trust Agreement, which opinion of counsel shall not be an expense of the Depositor, the Owner
Trustee, the Certificate Registrar or the Master Servicer; or (y) in lieu of such opinion of counsel, a certification in the form of Exhibit G to the Trust Agreement; and 
  

 D-2 

 (ii) the Purchaser is familiar with the prohibited transaction restrictions and fiduciary
responsibility requirements of Sections 406 and 407 of ERISA and Section 4975 of the Code and understands that each of the parties to which this certification is made is relying and will continue to rely on the statements made in this paragraph 6.

  
 23. The Purchaser is not a non-United States person.

  

			
	Very truly yours,
	
	 
		
	By:	 	 
	 	 	 Name:

	 	 	 Title:

  

 D-3 

  
 EXHIBIT E 
  
 FORM OF TRANSFEROR REPRESENTATION LETTER 
  
                     ,          
  
 SG Mortgage Securities, LLC 
 [ADDRESS] 
  
 [CERTIFICATE REGISTRAR NAME &
ADDRESS] 
  

	 	Re:	SG Mortgage Securities, LLC 

 [ISSUER] Home Loan
Asset-Backed Certificates, Series [            ] 
  
 Ladies and Gentlemen: 
  
                              (the “Purchaser”) intends to purchase from
                             (the “Seller”) a
        % Percentage Interest of Certificates of [ISSUER] Series [        ] (the “Certificates”), issued pursuant to the trust agreement dated as
of [DATE] (the “Trust Agreement”), between SG Mortgage Securities, LLC, as depositor (the “Depositor”), and [OWNER TRUSTEE], as owner trustee (the “Owner Trustee”), as acknowledged and agreed by CERTIFICATE REGISTRAR.,
as Certificate Registrar. Capitalized terms used herein that are not otherwise defined shall have the meanings ascribed thereto in Appendix A to the indenture dated as of [DATE], between the Trust and the Indenture Trustee. The Seller hereby
certifies, represents and warrants to, and covenants with, the Depositor and the Certificate Registrar that: 
  
 Neither the Seller nor anyone acting on its behalf has (a) offered, pledged, sold, disposed of or otherwise transferred any Certificate, any interest in
any Certificate or any other similar security to any person in any manner, (b) has solicited any offer to buy or to accept a pledge, disposition or other transfer of any Certificate, any interest in any Certificate or any other similar security from
any person in any manner, (c) has otherwise approached or negotiated with respect to any Certificate, any interest in any Certificate or any other similar security with any person in any manner, (d) has made any general solicitation by means of
general advertising or in any other manner, or (e) has taken any other action, that (as to any of (a) through (e) above) would constitute a distribution of the Certificates under the Securities Act of 1933 (the “Act”), that would render
the disposition of any Certificate a violation of Section 5 of the Act or any state securities law, or that would require registration or qualification pursuant thereto. The Seller will not act, in any manner set forth in the foregoing sentence with
respect to any Certificate. The Seller has not and will not sell or otherwise transfer any of the Certificates, except in compliance with the provisions of the Trust Agreement. 
  

	
	Very truly yours,
	
	 
	 (Seller)

  

 E-1 

			
		
	 By:
	 	 
	 	 	 Name:

	 	 	 Title:

  

 E-2 

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

	Part I -	  Complete Either A or B 

  

	 	A.	Individual as Beneficial Owner 

  

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

  

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

  
 _________________________ 
 _________________________ 
 _________________________; and 
  

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

  

	 	B.	Corporate, Partnership or Other Entity as Beneficial Owner 

  

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

  

 F-1 

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

  
 _________________________ 
 _________________________ 
 _________________________; and 
  

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

  

	Part II -	  Nominees 

  
 If the undersigned is the nominee for the Beneficial Owner, the undersigned certifies that this Certificate has been made in reliance upon information
contained in: 
  
 ___ an IRS Form W-9 

 
 ___ a form such as this or substantially similar

  
 provided to the undersigned by an appropriate person and (i) the undersigned
agrees to notify the Trust at least thirty (30) days prior to the date that the form relied upon becomes obsolete, and (ii) in connection with change in Beneficial Owners, the undersigned agrees to submit a new Certificate of Non-Foreign Status to
the Trust promptly after such change. 
  

	Part III -	  Declaration 

  
 The undersigned, as the Beneficial Owner or a nominee thereof, agrees to notify the Trust within sixty (60) days of the date that the Beneficial Owner
becomes a foreign person. The undersigned understands that this certificate may be disclosed to the Internal Revenue Service by the Trust and any false statement contained therein could be punishable by fines, imprisonment or both. 
  

 F-2 

 Under penalties of perjury, I declare that I have examined this certificate and to the best of my
knowledge and belief it is true, correct and complete and will further declare that I will inform the Trust of any change in the information provided above, and, if applicable, I further declare that I have the authority* to sign this document.

  

	
	
	  
	Name
	
	  
	Title (if applicable)
	
	  
	Signature and Date

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

  

 F-3 

  
 EXHIBIT G 
  
 FORM OF ERISA REPRESENTATION LETTER 
  
                     ,          
  
 SG Mortgage Securities, LLC 
 [ADDRESS 
  
 [OWNER TRUSTEE NAME & ADDRESS]

  
 [SELLER NAME & ADDRESS] 
  
 [CERTIFICATE REGISTRAR NAME & ADDRESS] 
  

	 	Re:	SG Mortgage Securities, LLC 

 [ISSUER] Home Loan
Asset-Backed Certificates, Series [            ] 
  
 Dear Sirs: 
  
                              (the “Transferee”) intends to
acquire from                              (the “Transferor”) a
            % Percentage Interest of [ISSUER] Home Loan Asset-Backed Certificates, Series [        ] (the “Certificates”),
issued pursuant to a trust agreement dated as of [DATE] between SG Mortgage Securities, LLC, as depositor (the “Depositor”), and [OWNER TRUSTEE], as owner trustee (the “Owner Trustee”). Capitalized terms used herein that are not
otherwise defined shall have the meanings ascribed thereto in Appendix A to the indenture dated as of [DATE], between the Trust and the Indenture Trustee. 
  
 The Transferee hereby certifies, represents and warrants to, and covenants with, the Depositor, the Owner Trustee, the Certificate Registrar and the
Master Servicer that: 
  
 The Certificates (i)
are not being acquired by, and will not be transferred to, any employee benefit plan within the meaning of Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) or other retirement arrangement, including
individual retirement accounts and annuities, Keogh plans that are subject to Section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”) or any and bank collective investment funds and insurance company general or separate
accounts or other entities in which such plans, accounts or arrangements are invested, (any of the foregoing, a “Plan”), (ii) are not being acquired with “plan assets” of a Plan within the meaning of the Department of Labor
(“DOL”) Regulations Section 2510.3-101, and (iii) will not be transferred to any entity that is deemed to be investing with plan assets within the meaning of the DOL Regulations Section 2510.3-101. 
  
 The Transferee is familiar with the prohibited transaction
restrictions and fiduciary responsibility requirements of Sections 406 and 407 of ERISA and Section 4975 of the Code and understands that each of the parties to which this certification is made is relying and will continue to rely on the statements
made herein. 
  

 G-1 

			
	 Very truly yours,

	
	 
		
	 By:
	 	 
	 	 	 Name:

	 	 	 Title:

  

 G-2 

  
 EXHIBIT H 
  
 FORM OF REPRESENTATION LETTER 
  
                     ,          
  
 SG Mortgage Securities, LLC 
 [ADDRESS] 
  
 [OWNER TRUSTEE NAME & ADDRESS]

  
 [SELLER NAME & ADDRESS] 
  
 [CERTIFICATE REGISTRAR NAME & ADDRESS] 
  

	 	Re:	SG Mortgage Securities, LLC 

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

			
	 Very truly yours,

	
	 
		
	 By:
	 	 
	 	 	 Name:

	 	 	 Title:

  

 H-1 

  
 EXHIBIT I 
  
 FORM OF CLASS R-I CERTIFICATES  
  
 THIS CERTIFICATE MAY NOT BE HELD BY OR TRANSFERRED TO A NON-UNITED STATES PERSON OR A
DISQUALIFIED ORGANIZATION (AS DEFINED BELOW). 
  
 SOLELY FOR U.S. FEDERAL INCOME
TAX PURPOSES, THIS CERTIFICATE IS A “RESIDUAL INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986 (THE
“CODE”). 
  
 NO TRANSFER OF THIS CERTIFICATE MAY BE MADE TO ANY PERSON,
UNLESS THE TRANSFEREE PROVIDES EITHER A CERTIFICATION PURSUANT TO SECTION 3.05 OF THE AGREEMENT OR AN OPINION OF COUNSEL SATISFACTORY TO THE MASTER SERVICER, THE COMPANY AND THE TRUSTEE THAT THE PURCHASE OF THIS CERTIFICATE WILL NOT CONSTITUTE OR
RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR SECTION 4975 OF THE CODE AND WILL NOT SUBJECT THE MASTER SERVICER, THE COMPANY OR THE TRUSTEE
TO ANY OBLIGATION OR LIABILITY IN ADDITION TO THOSE UNDERTAKEN IN THE AGREEMENT. 
  
 ANY RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE MAY BE MADE ONLY IF THE PROPOSED TRANSFEREE PROVIDES A TRANSFER AFFIDAVIT TO THE MASTER SERVICER AND THE TRUSTEE THAT (1) SUCH TRANSFEREE IS NOT (A) THE UNITED STATES, ANY STATE
OR POLITICAL SUBDIVISION THEREOF, ANY POSSESSION OF THE UNITED STATES, OR ANY AGENCY OR INSTRUMENTALITY OF ANY OF THE FOREGOING (OTHER THAN AN INSTRUMENTALITY WHICH IS A CORPORATION IF ALL OF ITS ACTIVITIES ARE SUBJECT TO TAX AND EXCEPT FOR THE
FHLMC, A MAJORITY OF ITS BOARD OF DIRECTORS IS NOT SELECTED BY SUCH GOVERNMENTAL UNIT), (B) A FOREIGN GOVERNMENT, ANY INTERNATIONAL ORGANIZATION, OR ANY AGENCY OR INSTRUMENTALITY OF EITHER OF THE FOREGOING, (C) ANY ORGANIZATION (OTHER THAN CERTAIN
FARMERS’ COOPERATIVES DESCRIBED IN SECTION 521 OF THE CODE) WHICH IS EXEMPT FROM THE TAX IMPOSED BY CHAPTER 1 OF THE CODE UNLESS SUCH ORGANIZATION IS SUBJECT TO THE TAX IMPOSED BY SECTION 511 OF THE CODE (INCLUDING THE TAX IMPOSED BY SECTION
511 OF THE CODE ON UNRELATED BUSINESS TAXABLE INCOME), (D) RURAL ELECTRIC AND TELEPHONE COOPERATIVES DESCRIBED IN SECTION 1381(a)(2)(C) OF THE CODE, (E) AN ELECTING LARGE PARTNERSHIP UNDER SECTION 775(a) OF THE CODE (ANY SUCH PERSON DESCRIBED IN THE
FOREGOING CLAUSES (A), (B), (C), (D) OR (E) BEING HEREIN REFERRED TO AS A “DISQUALIFIED ORGANIZATION”), OR (F) AN AGENT OF A DISQUALIFIED ORGANIZATION, (2) NO PURPOSE OF SUCH TRANSFER IS TO IMPEDE THE ASSESSMENT OR COLLECTION OF TAX AND
(3) SUCH TRANSFEREE SATISFIES CERTAIN ADDITIONAL CONDITIONS RELATING TO THE FINANCIAL CONDITION OF THE PROPOSED TRANSFEREE. 

  

 I-1 

 
NOTWITHSTANDING THE REGISTRATION IN THE CERTIFICATE REGISTER OR ANY TRANSFER, SALE OR OTHER DISPOSITION OF THIS CERTIFICATE TO A DISQUALIFIED ORGANIZATION OR
AN AGENT OF A DISQUALIFIED ORGANIZATION, SUCH REGISTRATION SHALL BE DEEMED TO BE OF NO LEGAL FORCE OR EFFECT WHATSOEVER AND SUCH PERSON SHALL NOT BE DEEMED TO BE A CERTIFICATEHOLDER FOR ANY PURPOSE HEREUNDER, INCLUDING, BUT NOT LIMITED TO, THE
RECEIPT OF DISTRIBUTIONS ON THIS CERTIFICATE. EACH HOLDER OF THIS CERTIFICATE BY ACCEPTANCE OF THIS CERTIFICATE SHALL BE DEEMED TO HAVE CONSENTED TO THE PROVISIONS OF THIS PARAGRAPH. 
  
 Certificate No. 1 
  
 Class R-I Certificate 
  
 Cut-Off Date: 
 [DATE] 
  
 Date of Trust Agreement: 
 [DATE] 
  

			
	 First Payment Date:
 [DATE]
	 	Percentage Interest: 100%

  
 Final Payment Date: 
 [DATE] 
  
 [ISSUER] HOME LOAN ASSET-BACKED CERTIFICATE, SERIES [        ] evidencing a fractional undivided interest in [ISSUER] (the “Issuer”), the property of
which consists primarily of the Mortgage Loans. 
  
 This
Certificate is payable solely from the assets of the Trust Estate, and does not represent an obligation of or interest in the Depositor, the Sellers, the Master Servicer, the Indenture Trustee or the Owner Trustee or any of their Affiliates. This
Certificate is not guaranteed or insured by any governmental agency or instrumentality or by the Depositor, the Sellers, the Master Servicer, the Indenture Trustee or the Owner Trustee or any of their affiliates. None of the Depositor, the Sellers,
the Master Servicer, the Indenture Trustee or the Owner Trustee or any of their Affiliates will have any obligation with respect to any certificate or other obligation secured by or payable from payments on the Certificates. 
  
 This certifies that [SELLER NAME] is the registered owner of the Certificate
Percentage Interest evidenced by this Certificate (as set forth on the face hereof) in certain distributions with respect to the Trust Estate, consisting primarily of the Mortgage Loans, created by SG Mortgage Securities, LLC (the
“Depositor”). The Trust (as defined herein) was created pursuant to a trust agreement dated as of [DATE] (as amended and supplemented from time to time, the “Agreement”), between the Depositor and [OWNER TRUSTEE], as owner
trustee (the “Owner Trustee,” which term includes any successor entity under the Agreement), a summary of certain of the pertinent provisions of which is set forth hereafter. Capitalized terms used herein that are not otherwise defined
shall have the meanings ascribed thereto in Appendix A to the indenture 

  

 I-2 

 
dated as of [DATE], between the Trust and the Indenture Trustee. This Certificate is issued under and is subject to the terms, provisions and conditions of
the Agreement, to which Agreement the Certificateholder of this Certificate by virtue of the acceptance hereof assents and by which such Certificateholder is bound. 
  
 Pursuant to the terms of the Agreement, a distribution will be made on the [    ]th day of March,
June, September and December or, if such [    ]th day is not a Business Day, the Business Day immediately following (the “Payment Date”), commencing on the first Payment Date specified above, to the Person in
whose name this Certificate is registered at the close of business on the last day (or if such last day is not a Business Day, the Business Day immediately preceding such last day) of the month immediately preceding the month of such distribution
(the “Record Date”), in an amount equal to the pro rata portion evidenced by this Certificate (based on the Percentage Interest stated on the face hereon) of the amount, if any, required to be distributed to Certificateholders of
Certificates on such Payment Date. Distributions on this Certificate will be made as provided in the Agreement by the Certificate Paying Agent by wire transfer or check mailed to the Certificateholder of record in the Certificate Register without
the presentation or surrender of this Certificate or the making of any notation hereon. 
  
 Except as otherwise provided in the Agreement and notwithstanding the above, the final distribution on this Certificate will be made after due notice by the Certificate Paying Agent of the pendency of such
distribution and only upon presentation and surrender of this Certificate at the office or agency designated by the Certificate Registrar for that purpose in the [City and State of New York]. This Certificate has no Certificate Balance. 

 
 Each Certificateholder of this Certificate will be deemed to have agreed
to be bound by the restrictions set forth in the Agreement to the effect that (i) each person holding or acquiring any Ownership Interest in this Certificate must be a United States Person and a Permitted Transferee, (ii) the transfer of any
Ownership Interest in this Certificate will be conditioned upon the delivery to the Indenture Trustee of, among other things, an affidavit to the effect that it is a United States Person and Permitted Transferee, (iii) any attempted or purported
transfer of any Ownership Interest in this Certificate in violation of such restrictions will be absolutely null and void and will vest no rights in the purported transferee, and (iv) if any person other than a United States Person and a Permitted
Transferee acquires any Ownership Interest in this Certificate in violation of such restrictions, then the Depositor will have the right, in its sole discretion and without notice to the Certificateholder of this Certificate, to sell this
Certificate to a purchaser selected by the Depositor, which purchaser may be the Depositor, or any affiliate of the Depositor, on such terms and conditions as the Depositor may choose. 
  
 No transfer of this Class R-I Certificate will be made unless the Indenture Trustee has received either (i) an opinion of
counsel acceptable to and in form and substance satisfactory to the Trustee, the Depositor and the Master Servicer with respect to the permissibility of such transfer under the Employee Retirement Income Security Act of 1974, as amended
(“ERISA”), and Section 4975 of the Internal Revenue Code (the “Code”) and stating, among other things, that the transferee’s acquisition of a Class R Certificate will not constitute or result in a non-exempt prohibited
transaction under Section 406 of ERISA or Section 4975 of the Code or (ii) a representation letter, in the form as described by the Agreement, stating that the transferee is not an employee benefit or other plan subject to the prohibited transaction
provisions of ERISA or 

  

 I-3 

 
Section 4975 of the Code (a “Plan”), or any other person (including an investment manager, a named fiduciary or a trustee of any Plan) acting,
directly or indirectly, on behalf of or purchasing any Certificate with “plan assets” of any Plan. 
  
 This Certificate is one of a duly authorized issue of Certificates designated as [ISSUER] Home Loan Asset-Backed Certificates of the Series specified
hereon (the “Certificates”). 
  
 The Certificateholder
of this Certificate, by its acceptance hereof, agrees that it will look solely to the funds on deposit in the Distribution Account that have been released from the Lien of the Indenture for payment hereunder and that neither the Owner Trustee in its
individual capacity nor the Depositor is personally liable to the Certificateholders for any amount payable under this Certificate or the Agreement or, except as expressly provided in the Agreement, subject to any liability under the Agreement.

  
 The Certificateholder of this Certificate acknowledges and
agrees that its rights to receive distributions in respect of this Certificate are subordinated to the rights of the Noteholders and the Enhancer as described in the Indenture. 
  
 Each Certificateholder, by its acceptance of a Certificate, covenants and agrees that such Certificateholder will not at any
time institute against the Depositor, or join in any institution against the Depositor or the Trust of, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings under any United States federal or state
bankruptcy or similar law in connection with any obligations relating to the Certificates, the Notes, the Agreement or any of the other Basic Documents. 
  
 The Agreement permits the amendment thereof as specified below, provided that any amendment be accompanied by an Opinion of Counsel to the Owner Trustee
and the Enhancer to the effect that such amendment complies with the provisions of the Agreement and will not cause the Trust to be subject to an entity level tax. If the purpose of any such amendment is to correct any mistake, eliminate any
inconsistency, cure any ambiguity or deal with any matter not covered, it shall not be necessary to obtain the consent of any Certificateholder, but the Owner Trustee shall be furnished with a letter from each Rating Agency to the effect that such
amendment will not cause a Rating Event, if determined without regard to the Policy. If the purpose of any such amendment is to prevent the imposition of any federal or state taxes at any time that any Security is Outstanding, it shall not be
necessary to obtain the consent of the any Certificateholder, but the Owner Trustee and the Enhancer shall be furnished with an Opinion of Counsel that such amendment is necessary or helpful to prevent the imposition of such taxes and is not
materially adverse to any Certificateholder. If the purpose of the amendment is to add or eliminate or change any provision of the Agreement, other than as specified in the preceding two sentences, the amendment shall require either (a) a letter
from each Rating Agency to the effect that such amendment will not cause a Rating Event, if determined without regard to the Policy or (b) the consent of Certificateholders of a majority of the Percentage Interests of the Certificates and the
Indenture Trustee; provided, however, that no such amendment shall (i) reduce in any manner the amount of, or delay the time of, payments received that are required to be distributed on any Certificate without the consent of all
Certificateholders affected thereby, or (ii) reduce the aforesaid percentage of Certificates the Certificateholders of which are required to consent to any 

  

 I-4 

 
such amendment without the consent of the Certificateholders of all such Certificates then outstanding. 
  
 As provided in the Agreement and subject to certain limitations therein set
forth, the transfer of this Certificate is registerable in the Certificate Register upon surrender of this Certificate for registration of transfer at the offices or agencies of the Certificate Registrar maintained in the [City and State of New
York], accompanied by a written instrument of transfer in form satisfactory to the Certificate Registrar duly executed by the Certificateholder hereof or such Certificateholder’s attorney duly authorized in writing, and thereupon one or more
new Certificates of authorized denominations evidencing the same Class and aggregate Percentage Interest will be issued to the designated transferee. The initial Certificate Registrar appointed under the Agreement is the Owner Trustee. 

 
 Except as provided in the Agreement, the Certificates are issuable only in
minimum denominations of a xx.xxxx% Percentage Interest and in integral multiples of a x.xxxx% Percentage Interest in excess thereof. As provided in the Agreement and subject to certain limitations therein set forth, the Certificates are
exchangeable for new Certificates of authorized denominations, as requested by the Certificateholder surrendering the same. This Certificate is issued in the Percentage Interest above. 
  
 No service charge will be made for any such registration of transfer or exchange, but the Owner Trustee or the Certificate
Registrar may require payment of a sum sufficient to cover any tax or governmental charge payable in connection therewith. 
  
 The Owner Trustee, the Certificate Paying Agent, the Certificate Registrar and any agent of the Owner Trustee, the Certificate Paying Agent, or the
Certificate Registrar may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Owner Trustee, the Certificate Paying Agent, the Certificate Registrar or any such agent shall be affected
by any notice to the contrary. 
  
 This Certificate shall be
governed by and construed in accordance with the laws of the State of Delaware. 
  
 The obligations created by the Agreement in respect of this Certificate and the Trust created thereby shall terminate upon the final distribution of all moneys or other property or proceeds of the Trust Estate in
accordance with the terms of the Indenture and the Agreement. 
  
 Unless the certificate of authentication hereon shall have been executed by an authorized officer of the Owner Trustee, or an authenticating agent by manual signature, this Certificate shall not be entitled to any benefit under the
Agreement or be valid for any purpose. 
  

 I-5 

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

									
	 	 	 	 	 [ISSUER]

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

				
	Dated: [DATE]	 	 	 	 By:
	 	 
	 	 	 	 	 	 	 Authorized Signatory

  
 CERTIFICATE OF
AUTHENTICATION 
  
 This is one of the Certificates referred to in the within
mentioned Agreement. 
  

			
	 [OWNER TRUSTEE],
 not in its individual capacity
 but solely as Owner Trustee

		
	 By:
	 	 
	 	 	Authorized Signatory
		
	 or
	 	 _______________________________________ ,

	 	 	as Authenticating Agent of the Trust
		
	 By:
	 	 
	 	 	Authorized Signatory

  

 I-6 

  
 ASSIGNMENT 
  
 FOR VALUE RECEIVED the undersigned hereby sells, assigns and transfers unto

  
 PLEASE INSERT SOCIAL SECURITY OR 
 OTHER IDENTIFYING NUMBER OF ASSIGNEE 
  

	
	
	 
	(Please print or type name and address, including postal zip code, of assignee)
	
	 
	the within Certificate, and all rights thereunder, hereby irrevocably constituting and appointing
	
	 
	to transfer said Certificate on the books of the Certificate Registrar, with full power of substitution in the premises.

  

							
				
	Dated:	 	 	 	  	 	 *

	 	 	 	 	Signature Guaranteed:	 	 
				
	  	 	 	 	  	 	 *

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

  

 I-7 

  
 DISTRIBUTION INSTRUCTIONS

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

  
 Applicable statements should be mailed to
                                        .

  

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

  

 I-8 

  
 FORM OF CLASS R-II
CERTIFICATE 
  
 THIS CERTIFICATE MAY NOT BE HELD BY OR TRANSFERRED
TO A NON-UNITED STATES PERSON OR A DISQUALIFIED ORGANIZATION (AS DEFINED BELOW). 
  
 SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “RESIDUAL INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND
860D OF THE INTERNAL REVENUE CODE OF 1986 (THE “CODE”). 
  
 NO TRANSFER OF THIS CERTIFICATE MAY BE MADE TO ANY PERSON, UNLESS THE TRANSFEREE PROVIDES EITHER A CERTIFICATION PURSUANT TO SECTION 3.05 OF THE AGREEMENT OR AN OPINION OF COUNSEL SATISFACTORY TO THE MASTER SERVICER, THE COMPANY AND THE
TRUSTEE THAT THE PURCHASE OF THIS CERTIFICATE WILL NOT CONSTITUTE OR RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR SECTION 4975 OF THE CODE
AND WILL NOT SUBJECT THE MASTER SERVICER, THE COMPANY OR THE TRUSTEE TO ANY OBLIGATION OR LIABILITY IN ADDITION TO THOSE UNDERTAKEN IN THE AGREEMENT. 
  
 ANY RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE MAY BE MADE ONLY IF THE PROPOSED TRANSFEREE PROVIDES A TRANSFER AFFIDAVIT TO THE MASTER
SERVICER AND THE TRUSTEE THAT (1) SUCH TRANSFEREE IS NOT (A) THE UNITED STATES, ANY STATE OR POLITICAL SUBDIVISION THEREOF, ANY POSSESSION OF THE UNITED STATES, OR ANY AGENCY OR INSTRUMENTALITY OF ANY OF THE FOREGOING (OTHER THAN AN INSTRUMENTALITY
WHICH IS A CORPORATION IF ALL OF ITS ACTIVITIES ARE SUBJECT TO TAX AND EXCEPT FOR THE FHLMC, A MAJORITY OF ITS BOARD OF DIRECTORS IS NOT SELECTED BY SUCH GOVERNMENTAL UNIT), (B) A FOREIGN GOVERNMENT, ANY INTERNATIONAL ORGANIZATION, OR ANY AGENCY OR
INSTRUMENTALITY OF EITHER OF THE FOREGOING, (C) ANY ORGANIZATION (OTHER THAN CERTAIN FARMERS’ COOPERATIVES DESCRIBED IN SECTION 521 OF THE CODE) WHICH IS EXEMPT FROM THE TAX IMPOSED BY CHAPTER 1 OF THE CODE UNLESS SUCH ORGANIZATION IS SUBJECT
TO THE TAX IMPOSED BY SECTION 511 OF THE CODE (INCLUDING THE TAX IMPOSED BY SECTION 511 OF THE CODE ON UNRELATED BUSINESS TAXABLE INCOME), (D) RURAL ELECTRIC AND TELEPHONE COOPERATIVES DESCRIBED IN SECTION 1381(a)(2)(C) OF THE CODE, (E) AN ELECTING
LARGE PARTNERSHIP UNDER SECTION 775(a) OF THE CODE (ANY SUCH PERSON DESCRIBED IN THE FOREGOING CLAUSES (A), (B), (C), (D) OR (E) BEING HEREIN REFERRED TO AS A “DISQUALIFIED ORGANIZATION”), OR (F) AN AGENT OF A DISQUALIFIED ORGANIZATION,
(2) NO PURPOSE OF SUCH TRANSFER IS TO IMPEDE THE ASSESSMENT OR COLLECTION OF TAX AND (3) SUCH TRANSFEREE SATISFIES CERTAIN ADDITIONAL CONDITIONS RELATING TO THE FINANCIAL CONDITION OF THE PROPOSED TRANSFEREE. NOTWITHSTANDING THE REGISTRATION IN THE
CERTIFICATE REGISTER OR ANY 

  

 I-9 

 
TRANSFER, SALE OR OTHER DISPOSITION OF THIS CERTIFICATE TO A DISQUALIFIED ORGANIZATION OR AN AGENT OF A DISQUALIFIED ORGANIZATION, SUCH REGISTRATION SHALL BE
DEEMED TO BE OF NO LEGAL FORCE OR EFFECT WHATSOEVER AND SUCH PERSON SHALL NOT BE DEEMED TO BE A CERTIFICATEHOLDER FOR ANY PURPOSE HEREUNDER, INCLUDING, BUT NOT LIMITED TO, THE RECEIPT OF DISTRIBUTIONS ON THIS CERTIFICATE. EACH HOLDER OF THIS
CERTIFICATE BY ACCEPTANCE OF THIS CERTIFICATE SHALL BE DEEMED TO HAVE CONSENTED TO THE PROVISIONS OF THIS PARAGRAPH. 
  

					
	 Certificate No. 1
	 	 	 	 
			
	 Class R-II Certificate
	 	 	 	 
			
	 Cut-Off Date:
	 	 	 	 
	 [DATE]
	 	 	 	 
			
	 Date of Trust Agreement:
	 	 	 	 
	 [DATE]
	 	 	 	 
			
	 First Payment Date:
	 	 	 	 Percentage Interest: 100%

	 [DATE]
	 	 	 	 
			
	 Final Payment Date:
	 	 	 	 
	 [DATE]
	 	 	 	 

  
 [ISSUER] HOME LOAN
ASSET-BACKED CERTIFICATE, SERIES [            ] evidencing a fractional undivided interest in [ISSUER] (the “Issuer”), the property of which consists primarily of the
Mortgage Loans. 
  
 This Certificate is payable solely from the
assets of the Trust Estate, and does not represent an obligation of or interest in the Depositor, the Sellers, the Master Servicer, the Indenture Trustee or the Owner Trustee or any of their Affiliates. This Certificate is not guaranteed or insured
by any governmental agency or instrumentality or by the Depositor, the Sellers, the Master Servicer, the Indenture Trustee or the Owner Trustee or any of their affiliates. None of the Depositor, the Sellers, the Master Servicer, the Indenture
Trustee or the Owner Trustee or any of their Affiliates will have any obligation with respect to any certificate or other obligation secured by or payable from payments on the Certificates. 
  
 This certifies that [SELLER NAME] is the registered owner of the Certificate
Percentage Interest evidenced by this Certificate (as set forth on the face hereof) in certain distributions with respect to the Trust Estate, consisting primarily of the Mortgage Loans, created by SG Mortgage Securities, LLC (the
“Depositor”). The Trust (as defined herein) was created pursuant to a trust agreement dated as of [DATE] (as amended and supplemented from time to time, the “Agreement”), between the Depositor and [OWNER TRUSTEE], as owner
trustee (the “Owner Trustee,” which term includes any successor entity under the Agreement), a summary of certain of the pertinent provisions of which is set forth hereafter. Capitalized terms used herein that are not otherwise defined
shall have the meanings ascribed thereto in Appendix A to the indenture dated as of [DATE], between the Trust and the Indenture Trustee. This Certificate is issued 

  

 I-10 

 
under and is subject to the terms, provisions and conditions of the Agreement, to which Agreement the Certificateholder of this Certificate by virtue of the
acceptance hereof assents and by which such Certificateholder is bound. 
  
 Pursuant to the terms of the Agreement, a distribution will be made on the [        ]th day of March, June, September and December or, if such
[        ]th day is not a Business Day, the Business Day immediately following (the “Payment Date”), commencing on the first Payment Date specified above, to the Person in whose name this
Certificate is registered at the close of business on the last day (or if such last day is not a Business Day, the Business Day immediately preceding such last day) of the month immediately preceding the month of such distribution (the “Record
Date”), in an amount equal to the pro rata portion evidenced by this Certificate (based on the Percentage Interest stated on the face hereon) of the amount, if any, required to be distributed to Certificateholders of Certificates on such
Payment Date. Distributions on this Certificate will be made as provided in the Agreement by the Certificate Paying Agent by wire transfer or check mailed to the Certificateholder of record in the Certificate Register without the presentation or
surrender of this Certificate or the making of any notation hereon. 
  
 Except as otherwise provided in the Agreement and notwithstanding the above, the final distribution on this Certificate will be made after due notice by the Certificate Paying Agent of the pendency of such distribution and only upon
presentation and surrender of this Certificate at the office or agency designated by the Certificate Registrar for that purpose in the [City and State of New York]. This Certificate has no Certificate Balance. 
  
 Each Certificateholder of this Certificate will be deemed to have agreed to
be bound by the restrictions set forth in the Agreement to the effect that (i) each person holding or acquiring any Ownership Interest in this Certificate must be a United States Person and a Permitted Transferee, (ii) the transfer of any Ownership
Interest in this Certificate will be conditioned upon the delivery to the Indenture Trustee of, among other things, an affidavit to the effect that it is a United States Person and Permitted Transferee, (iii) any attempted or purported transfer of
any Ownership Interest in this Certificate in violation of such restrictions will be absolutely null and void and will vest no rights in the purported transferee, and (iv) if any person other than a United States Person and a Permitted Transferee
acquires any Ownership Interest in this Certificate in violation of such restrictions, then the Depositor will have the right, in its sole discretion and without notice to the Certificateholder of this Certificate, to sell this Certificate to a
purchaser selected by the Depositor, which purchaser may be the Depositor, or any affiliate of the Depositor, on such terms and conditions as the Depositor may choose. 
  
 No transfer of this Class R-II Certificate will be made unless the Indenture Trustee has received either (i) an opinion of
counsel acceptable to and in form and substance satisfactory to the Trustee, the Depositor and the Master Servicer with respect to the permissibility of such transfer under the Employee Retirement Income Security Act of 1974, as amended
(“ERISA”), and Section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”) and stating, among other things, that the transferee’s acquisition this Certificate will not constitute or result in a non-exempt
prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or (ii) a representation letter, in the form as described by the Agreement, stating that the transferee is not an employee benefit or other plan subject to the prohibited
transaction provisions of ERISA or Section 4975 of the Code (a “Plan”), or any other person (including an investment 

  

 I-11 

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

 I-12 

 As provided in the Agreement and subject to certain limitations therein set forth, the transfer of this
Certificate is registerable in the Certificate Register upon surrender of this Certificate for registration of transfer at the offices or agencies of the Certificate Registrar maintained in the [City and State of New York], accompanied by a written
instrument of transfer in form satisfactory to the Certificate Registrar duly executed by the Certificateholder hereof or such Certificateholder’s attorney duly authorized in writing, and thereupon one or more new Certificates of authorized
denominations evidencing the same Class and aggregate Percentage Interest will be issued to the designated transferee. The initial Certificate Registrar appointed under the Agreement is the Owner Trustee. 
  
 Except as provided in the Agreement, the Certificates are issuable only in
minimum denominations of a xx.xxxx% Percentage Interest and in integral multiples of a x.xxxx% Percentage Interest in excess thereof. As provided in the Agreement and subject to certain limitations therein set forth, the Certificates are
exchangeable for new Certificates of authorized denominations, as requested by the Certificateholder surrendering the same. This Certificate is issued in the Percentage Interest above. 
  
 No service charge will be made for any such registration of transfer or exchange, but the Owner Trustee or the Certificate
Registrar may require payment of a sum sufficient to cover any tax or governmental charge payable in connection therewith. 
  
 The Owner Trustee, the Certificate Paying Agent, the Certificate Registrar and any agent of the Owner Trustee, the Certificate Paying Agent, or the
Certificate Registrar may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Owner Trustee, the Certificate Paying Agent, the Certificate Registrar or any such agent shall be affected
by any notice to the contrary. 
  
 This Certificate shall be
governed by and construed in accordance with the laws of the State of Delaware. 
  
 The obligations created by the Agreement in respect of this Certificate and the Trust created thereby shall terminate upon the final distribution of all moneys or other property or proceeds of the Trust Estate in
accordance with the terms of the Indenture and the Agreement. 
  
 Unless the certificate of authentication hereon shall have been executed by an authorized officer of the Owner Trustee, or an authenticating agent by manual signature, this Certificate shall not be entitled to any benefit under the
Agreement or be valid for any purpose. 
  

 I-13 

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

									
	 	 	 	 	 [ISSUER]

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

  

									
				
	Dated: [DATE]	 	 	 	By:	 	 
	 	 	 	 	 	 	 	 	Authorized Signatory

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

			
		
	By:	 	 
	 	 	Authorized Signatory

  

			
		
	or	 	,
	 	 	 as Authenticating Agent of the Trust

  

			
		
	By:	 	 
	 	 	Authorized Signatory

  

 I-14 

  
 ASSIGNMENT 
  
 FOR VALUE RECEIVED the undersigned hereby sells, assigns and transfers unto

  
 PLEASE INSERT SOCIAL SECURITY OR 
 OTHER IDENTIFYING NUMBER OF ASSIGNEE 
  
                                       
                                        
                                        
                                        
                                        
                                        
                    
 (Please print or type
name and address, including postal zip code, of assignee) 
  
                                       
                                        
                                        
                                        
                                        
                                        
                    
 the within Certificate, and all
rights thereunder, hereby irrevocably constituting and appointing 
  
                                       
                                        
                                        
                                        
                                        
                                        
                    
 to transfer said Certificate on the
books of the Certificate Registrar, with full power of substitution in the premises. 
  

					
			
	 Dated:
	 	 	 	*
	 	 	 	 	Signature Guaranteed:

  

					
			
	  	 	 	 	*

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

  

 I-15 

  
 DISTRIBUTION INSTRUCTIONS

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

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

  

 I-16 

  
 FORM OF CLASS R-III
CERTIFICATE 
  
 THIS CERTIFICATE MAY NOT BE HELD BY OR TRANSFERRED
TO A NON-UNITED STATES PERSON OR A DISQUALIFIED ORGANIZATION (AS DEFINED BELOW). 
  
 SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “RESIDUAL INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND
860D OF THE INTERNAL REVENUE CODE OF 1986 (THE “CODE”). 
  
 NO TRANSFER OF THIS CERTIFICATE MAY BE MADE TO ANY PERSON, UNLESS THE TRANSFEREE PROVIDES EITHER A CERTIFICATION PURSUANT TO SECTION 3.05 OF THE AGREEMENT OR AN OPINION OF COUNSEL SATISFACTORY TO THE MASTER SERVICER, THE COMPANY AND THE
TRUSTEE THAT THE PURCHASE OF THIS CERTIFICATE WILL NOT CONSTITUTE OR RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR SECTION 4975 OF THE CODE
AND WILL NOT SUBJECT THE MASTER SERVICER, THE COMPANY OR THE TRUSTEE TO ANY OBLIGATION OR LIABILITY IN ADDITION TO THOSE UNDERTAKEN IN THE AGREEMENT. 
  
 ANY RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE MAY BE MADE ONLY IF THE PROPOSED TRANSFEREE PROVIDES A TRANSFER AFFIDAVIT TO THE MASTER
SERVICER AND THE TRUSTEE THAT (1) SUCH TRANSFEREE IS NOT (A) THE UNITED STATES, ANY STATE OR POLITICAL SUBDIVISION THEREOF, ANY POSSESSION OF THE UNITED STATES, OR ANY AGENCY OR INSTRUMENTALITY OF ANY OF THE FOREGOING (OTHER THAN AN INSTRUMENTALITY
WHICH IS A CORPORATION IF ALL OF ITS ACTIVITIES ARE SUBJECT TO TAX AND EXCEPT FOR THE FHLMC, A MAJORITY OF ITS BOARD OF DIRECTORS IS NOT SELECTED BY SUCH GOVERNMENTAL UNIT), (B) A FOREIGN GOVERNMENT, ANY INTERNATIONAL ORGANIZATION, OR ANY AGENCY OR
INSTRUMENTALITY OF EITHER OF THE FOREGOING, (C) ANY ORGANIZATION (OTHER THAN CERTAIN FARMERS’ COOPERATIVES DESCRIBED IN SECTION 521 OF THE CODE) WHICH IS EXEMPT FROM THE TAX IMPOSED BY CHAPTER 1 OF THE CODE UNLESS SUCH ORGANIZATION IS SUBJECT
TO THE TAX IMPOSED BY SECTION 511 OF THE CODE (INCLUDING THE TAX IMPOSED BY SECTION 511 OF THE CODE ON UNRELATED BUSINESS TAXABLE INCOME), (D) RURAL ELECTRIC AND TELEPHONE COOPERATIVES DESCRIBED IN SECTION 1381(a)(2)(C) OF THE CODE, (E) AN ELECTING
LARGE PARTNERSHIP UNDER SECTION 775(a) OF THE CODE (ANY SUCH PERSON DESCRIBED IN THE FOREGOING CLAUSES (A), (B), (C), (D) OR (E) BEING HEREIN REFERRED TO AS A “DISQUALIFIED ORGANIZATION”), OR (F) AN AGENT OF A DISQUALIFIED ORGANIZATION,
(2) NO PURPOSE OF SUCH TRANSFER IS TO IMPEDE THE ASSESSMENT OR COLLECTION OF TAX AND (3) SUCH TRANSFEREE SATISFIES CERTAIN ADDITIONAL CONDITIONS RELATING TO THE FINANCIAL CONDITION OF THE PROPOSED TRANSFEREE. NOTWITHSTANDING THE REGISTRATION IN THE
CERTIFICATE REGISTER OR ANY 

  

 I-17 

 
TRANSFER, SALE OR OTHER DISPOSITION OF THIS CERTIFICATE TO A DISQUALIFIED ORGANIZATION OR AN AGENT OF A DISQUALIFIED ORGANIZATION, SUCH REGISTRATION SHALL BE
DEEMED TO BE OF NO LEGAL FORCE OR EFFECT WHATSOEVER AND SUCH PERSON SHALL NOT BE DEEMED TO BE A CERTIFICATEHOLDER FOR ANY PURPOSE HEREUNDER, INCLUDING, BUT NOT LIMITED TO, THE RECEIPT OF DISTRIBUTIONS ON THIS CERTIFICATE. EACH HOLDER OF THIS
CERTIFICATE BY ACCEPTANCE OF THIS CERTIFICATE SHALL BE DEEMED TO HAVE CONSENTED TO THE PROVISIONS OF THIS PARAGRAPH. 
  

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

  
 [ISSUER] HOME LOAN
ASSET-BACKED CERTIFICATE, SERIES [            ] evidencing a fractional undivided interest in [ISSUER] (the “Issuer”), the property of which consists primarily of the
Mortgage Loans. 
  
 This Certificate is payable solely from the
assets of the Trust Estate, and does not represent an obligation of or interest in the Depositor, the Sellers, the Master Servicer, the Indenture Trustee or the Owner Trustee or any of their Affiliates. This Certificate is not guaranteed or insured
by any governmental agency or instrumentality or by the Depositor, the Sellers, the Master Servicer, the Indenture Trustee or the Owner Trustee or any of their affiliates. None of the Depositor, the Sellers, the Master Servicer, the Indenture
Trustee or the Owner Trustee or any of their Affiliates will have any obligation with respect to any certificate or other obligation secured by or payable from payments on the Certificates. 
  
 This certifies that [SELLER NAME] is the registered owner of the Certificate
Percentage Interest evidenced by this Certificate (as set forth on the face hereof) in certain distributions with respect to the Trust Estate, consisting primarily of the Mortgage Loans, created by SG Mortgage Securities, LLC (the
“Depositor”). The Trust (as defined herein) was created pursuant to a trust agreement dated as of [DATE] as amended and supplemented from time to time, the “Agreement”), between the Depositor and [OWNER TRUSTEE], as owner trustee
(the “Owner Trustee,” which term includes any successor entity under the Agreement), a summary of certain of the pertinent provisions of which is set forth hereafter. Capitalized terms used herein that are not otherwise defined shall have
the meanings ascribed thereto in Appendix A to the indenture dated as of [DATE] between the Trust and the Indenture Trustee. This Certificate is issued 

  

 I-18 

 
under and is subject to the terms, provisions and conditions of the Agreement, to which Agreement the Certificateholder of this Certificate by virtue of the
acceptance hereof assents and by which such Certificateholder is bound. 
  
 Pursuant to the terms of the Agreement, a distribution will be made on the [        ]th day of March, June, September and December or, if such
[        ]th day is not a Business Day, the Business Day immediately following (the “Payment Date”), commencing on the first Payment Date specified above, to the Person in whose name this
Certificate is registered at the close of business on the last day (or if such last day is not a Business Day, the Business Day immediately preceding such last day) of the month immediately preceding the month of such distribution (the “Record
Date”), in an amount equal to the pro rata portion evidenced by this Certificate (based on the Percentage Interest stated on the face hereon) of the amount, if any, required to be distributed to Certificateholders of Certificates on such
Payment Date. Distributions on this Certificate will be made as provided in the Agreement by the Certificate Paying Agent by wire transfer or check mailed to the Certificateholder of record in the Certificate Register without the presentation or
surrender of this Certificate or the making of any notation hereon. 
  
 Except as otherwise provided in the Agreement and notwithstanding the above, the final distribution on this Certificate will be made after due notice by the Certificate Paying Agent of the pendency of such distribution and only upon
presentation and surrender of this Certificate at the office or agency designated by the Certificate Registrar for that purpose in the [City and State of New York]. This Certificate has no Certificate Balance. 
  
 Each Certificateholder of this Certificate will be deemed to have agreed to
be bound by the restrictions set forth in the Agreement to the effect that (i) each person holding or acquiring any Ownership Interest in this Certificate must be a United States Person and a Permitted Transferee, (ii) the transfer of any Ownership
Interest in this Certificate will be conditioned upon the delivery to the Indenture Trustee of, among other things, an affidavit to the effect that it is a United States Person and Permitted Transferee, (iii) any attempted or purported transfer of
any Ownership Interest in this Certificate in violation of such restrictions will be absolutely null and void and will vest no rights in the purported transferee, and (iv) if any person other than a United States Person and a Permitted Transferee
acquires any Ownership Interest in this Certificate in violation of such restrictions, then the Depositor will have the right, in its sole discretion and without notice to the Certificateholder of this Certificate, to sell this Certificate to a
purchaser selected by the Depositor, which purchaser may be the Depositor, or any affiliate of the Depositor, on such terms and conditions as the Depositor may choose. 
  
 No transfer of this Class R-III Certificate will be made unless the Indenture Trustee has received either (i) an opinion of
counsel acceptable to and in form and substance satisfactory to the Trustee, the Depositor and the Master Servicer with respect to the permissibility of such transfer under the Employee Retirement Income Security Act of 1974, as amended
(“ERISA”), and Section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”) and stating, among other things, that the transferee’s acquisition this Certificate will not constitute or result in a non-exempt
prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or (ii) a representation letter, in the form as described by the Agreement, stating that the transferee is not an employee benefit or other plan subject to the prohibited
transaction provisions of ERISA or Section 4975 of the Code (a “Plan”), or any other person (including an investment 

  

 I-19 

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

 I-20 

 As provided in the Agreement and subject to certain limitations therein set forth, the transfer of this
Certificate is registerable in the Certificate Register upon surrender of this Certificate for registration of transfer at the offices or agencies of the Certificate Registrar maintained in the [City and State of New York], accompanied by a written
instrument of transfer in form satisfactory to the Certificate Registrar duly executed by the Certificateholder hereof or such Certificateholder’s attorney duly authorized in writing, and thereupon one or more new Certificates of authorized
denominations evidencing the same Class and aggregate Percentage Interest will be issued to the designated transferee. The initial Certificate Registrar appointed under the Agreement is the Owner Trustee. 
  
 Except as provided in the Agreement, the Certificates are issuable only in
minimum denominations of xx.xxxx% Percentage Interest and in integral multiples of a x.xxxx% Percentage Interest in excess thereof. As provided in the Agreement and subject to certain limitations therein set forth, the Certificates are exchangeable
for new Certificates of authorized denominations, as requested by the Certificateholder surrendering the same. This Certificate is issued in the Percentage Interest above. 
  
 No service charge will be made for any such registration of transfer or exchange, but the Owner Trustee or the Certificate
Registrar may require payment of a sum sufficient to cover any tax or governmental charge payable in connection therewith. 
  
 The Owner Trustee, the Certificate Paying Agent, the Certificate Registrar and any agent of the Owner Trustee, the Certificate Paying Agent, or the
Certificate Registrar may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Owner Trustee, the Certificate Paying Agent, the Certificate Registrar or any such agent shall be affected
by any notice to the contrary. 
  
 This Certificate shall be
governed by and construed in accordance with the laws of the State of Delaware. 
  
 The obligations created by the Agreement in respect of this Certificate and the Trust created thereby shall terminate upon the final distribution of all moneys or other property or proceeds of the Trust Estate in
accordance with the terms of the Indenture and the Agreement. 
  
 Unless the certificate of authentication hereon shall have been executed by an authorized officer of the Owner Trustee, or an authenticating agent by manual signature, this Certificate shall not be entitled to any benefit under the
Agreement or be valid for any purpose. 
  

 I-21 

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

									
	 	 	 	 	 [ISSUER]

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

  

									
				
	 Dated: [DATE]
	 	 	 	By:	 	 
	 	 	 	 	 	 	 	 	Authorized Signatory

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

			
		
	By:	 	 
	 	 	Authorized Signatory

  

			
		
	or	 	,
	 	 	 as Authenticating Agent of the Trust

  

			
		
	By:	 	 
	 	 	Authorized Signatory

  

 I-22 

  
 ASSIGNMENT 
  
 FOR VALUE RECEIVED the undersigned hereby sells, assigns and transfers unto

  
 PLEASE INSERT SOCIAL SECURITY OR 
 OTHER IDENTIFYING NUMBER OF ASSIGNEE 
  
                                       
                                        
                                        
                                        
                                        
                                        
                    
 (Please print or type
name and address, including postal zip code, of assignee) 
  
                                       
                                        
                                        
                                        
                                        
                                        
                    
 the within Certificate, and all
rights thereunder, hereby irrevocably constituting and appointing 
  
                                       
                                        
                                        
                                        
                                        
                                        
                    
 to transfer said Certificate on the
books of the Certificate Registrar, with full power of substitution in the premises. 
  

					
			
	 Dated:
	 	 	 	*
	 	 	 	 	Signature Guaranteed:

  

					
			
	  	 	 	 	*
	 	 	 	 	 

  

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

  

 I-23 

  
 DISTRIBUTION INSTRUCTIONS

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

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

  

 I-24 

  
 EXHIBIT J-1 
 FORM OF TRANSFER AFFIDAVIT AND AGREEMENT 
  

					
	 STATE OF
	  	    )	 	 
	 	  	    )	 	 ss.:

	 COUNTY OF
	  	    )	 	 

  
 [NAME OF OFFICER],
being first duly sworn, deposes and says: 
  
 1. That he is [Title
of Officer] of [Name of Owner] (record or beneficial owner of the [ISSUER] Home Loan Asset-Backed Certificates Series [            ], (the “Owner”)), a [savings
institution] [corporation] duly organized and existing under the laws of [the State of                      [ [the United States], on behalf
of which he makes this affidavit and agreement. 
  
 2. That the
Owner (i) is not and will not be a “disqualified organization” or an electing large partnership as of [date of transfer] within the meaning of Sections 860E(e)(5) and 775, respectively, of the Internal Revenue Code of 1986, as amended (the
“Code”) or an electing large partnership under Section 775(a) of the Code, (ii) will endeavor to remain other than a disqualified organization for so long as it retains its ownership interest in the Class R-[    ]
Certificates, and (iii) is acquiring the Class R-[    ] Certificates for its own account or for the account of another Owner from which it has received an affidavit and agreement in substantially the same form as this affidavit
and agreement. (For this purpose, a “disqualified organization” means an electing large partnership under Section 775 of the Code, the United States, any state or political subdivision thereof, any agency or instrumentality of any of the
foregoing (other than an instrumentality all of the activities of which are subject to tax and, except for the Federal Home Loan Mortgage Corporation, a majority of whose board of directors is not selected by any such governmental entity) or any
foreign government, international organization or any agency or instrumentality of such foreign government or organization, any rural electric or telephone cooperative, or any organization (other than certain farmers’ cooperatives) that is
generally exempt from federal income tax unless such organization is subject to the tax on unrelated business taxable income). 
  
 3. That the Owner is aware (i) of the tax that would be imposed on transfers of Class R Certificates to disqualified organizations or electing large
partnerships, under the Code, that applies to all transfers of Class R Certificates after March 31, 1988; (ii) that such tax would be on the transferor (or, with respect to transfers to electing large partnerships, on each such partnership), or, if
such transfer is through an agent (which person includes a broker, nominee or middleman) for a disqualified organization, on the agent; (iii) that the person (other than with respect to transfers to electing large partnerships) otherwise liable for
the tax shall be relieved of liability for the tax if the transferee furnishes to such person an affidavit that the transferee is not a disqualified organization and, at the time of transfer, such person does not have actual knowledge that the
affidavit is false; and (iv) that the Class R-[    ] Certificates may be “noneconomic residual interests” within the meaning of Treasury regulations promulgated pursuant to the Code and that the transferor of a
noneconomic residual interest will remain liable for any taxes due with respect to the income on such residual interest, unless no significant purpose of the transfer was to impede the assessment or collection of tax. 
  

 J-1-1 

 4. That the Owner is aware of the tax imposed on a “pass-through entity” holding Class R
Certificates if either the pass-through entity is an electing large partnership under Section 775 of the if at any time during the taxable year of the pass-through entity a disqualified organization is the record holder of an interest in such
entity. (For this purpose, a “pass through entity” includes a regulated investment company, a real estate investment trust or common trust fund, a partnership, trust or estate, and certain cooperatives.) 
  
 5. The Owner is a citizen or resident of the United States, a corporation,
partnership or other entity created or organized in, or under the laws of, the United States or any political subdivision thereof (except in the case of a partnership, to the extent provided in Treasury regulations), or an estate that is described
in Section 7701(a)(30)(D) of the Code, or a trust that is described in Section 7701(a)(30)(E) of the Code. 
  
 6. That the Owner is aware that the Certificate Registrar will not register the transfer of any Class R Certificates unless the transferee, or the
transferee’s agent, delivers to it an affidavit and agreement, among other things, in substantially the same form as this affidavit and agreement. The Owner expressly agrees that it will not consummate any such transfer if it knows or believes
that any of the representations contained in such affidavit and agreement are false. 
  
 7. That the Owner has reviewed the restrictions set forth on the face of the Class R Certificates and the provisions of Section 3.05 of the Trust Agreement under which the Class R-[    ]
Certificates were issued (in particular, clause (i)(A) and (i)(B) of Section 3.05 which authorize the Certificate Registrar to deliver payments to a person other than the Owner and negotiate a mandatory sale by the Servicer Trustee in the event the
Owner holds such Certificates in violation of Section 3.05). The Owner expressly agrees to be bound by and to comply with such restrictions and provisions. 
  
 8. That the Owner consents to any additional restrictions or arrangements that shall be deemed necessary upon advice of counsel to constitute a reasonable
arrangement to ensure that the Class R-[    ] Certificates will only be owned, directly or indirectly, by an Owner that is not a disqualified organization. 
  
 9. The Owner’s Taxpayer Identification Number is
                                . 
  
 10. This affidavit and agreement relates only to the Class
R-[    ] Certificates held by the Owner and not to any other holder of the Class R-[    ]Certificates. The Owner understands that the liabilities described herein relate only to the Class
R-[    ] Certificates. 
  
 11. That no purpose
of the Owner relating to the transfer of any of the Class R-[    ] Certificates by the Owner is or will be to impede the assessment or collection of any tax. 
  
 12. That the Owner has no present knowledge or expectation that it will be unable to pay any United States taxes owed by it
so long as any of the Certificates remain outstanding. In this regard, the Owner hereby represents to and for the benefit of the person from whom it acquired the Class R-[    ] Certificate that the Owner intends to pay taxes
associated with holding such Class R-[    ] Certificate as they become due, fully understanding that it may incur tax liabilities in excess of any cash flows generated by the Class R-[    ] Certificate.

  

 J-1-2 

 13. That the Owner has no present knowledge or expectation that it will become insolvent or subject to a
bankruptcy proceeding for so long as any of the Class R-[ ] Certificates remain outstanding. 
  
 14. The Purchaser is not an employee benefit plan or other plan subject to the prohibited transaction provisions of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), or Section 4975
of the Internal Revenue Code of 1986, as amended (the “Code”), or an investment manager, named fiduciary or a trustee of any such plan, or any other Person acting, directly or indirectly, on behalf of or purchasing any Certificate with
“plan assets” of any such plan. 
  
 IN WITNESS WHEREOF,
the Owner has caused this instrument to be executed on its behalf, pursuant to the authority of its Board of Directors, by its [Title of Officer] and its corporate seal to be hereunto attached, attested by its [Assistant] Secretary, this
             day of
                            ,
                            . 
  

			
	[NAME OF OWNER]
		
	By:	 	 
	 	 	 [Name of Officer]

	 	 	 [Title of Officer]

  

	
	 [Corporate Seal]

	
	 ATTEST:

	
	  
	 [Assistant] Secretary

  
 Personally appeared
before me the above-named [Name of Officer], known or proved to me to be the same person who executed the foregoing instrument and to be the [Title of Officer] of the Owner, and acknowledged to me that he executed the same as his free act and deed
and the free act and deed of the Owner. 
  

 J-1-3 

 Subscribed and sworn before me this
             day of                         ,
                        . 
  

	
	
	 
	NOTARY PUBLIC
	
	COUNTY OF
                                        
                      
	 STATE OF
                                        
                          

	 My Commission expires the          day of
                        , 20    .

  

 J-1-4 

  
 EXHIBIT J-2 
  
 FORM OF TRANSFEROR CERTIFICATE 
  
 [DATE] 
  
 [COMPANY NAME & ADDRESS] 
  
 [CERTIFICATE REGISTER NAME & ADDRESS] 
  

	 	Re:	SG Mortgage Securities, LLC 

 [ISSUER]
Home Loan Asset-Backed Certificates, Series [            ] 
  
 Ladies and Gentlemen: 
  
 This letter is delivered to you in connection with the transfer by
                             (the “Seller”) to
                             (the “Purchaser”) of
$                 Initial Certificate Principal Balance of [ISSUER] Mortgage Pass-Through Certificates, Series
[            ], Class R-[    ] (the “Certificates”), pursuant to Section 3.05 of the Trust Agreement (the “Trust Agreement”), dated as of
[DATE] among COMPANY., as seller (the “Company”), [Wells Fargo], as master servicer (the “Master Servicer”), and [OWNER TRUSTEE], as owner trustee (the “Trustee”). All terms used herein and not otherwise defined shall
have the meanings set forth in the Trust Agreement. The Seller hereby certifies, represents and warrants to, and covenants with, the Company and the Trustee that: 
  
 1. No purpose of the Seller relating to the transfer of the Certificate by the Seller to the Purchaser is or will be to
impede the assessment or collection of any tax. 
  
 2. The Seller
understands that the Purchaser has delivered to the Trustee and the Master Servicer a transfer affidavit and agreement in the form attached to the Trust Agreement as Exhibit J-1. The Seller does not know or believe that any representation contained
therein is false. 
  
 3. The Seller has at the time of the
transfer conducted a reasonable investigation of the financial condition of the Purchaser as contemplated by Treasury Regulations Section 1.860E-1(c)(4)(i) and, as a result of that investigation, the Seller has determined that the Purchaser has
historically paid its debts as they become due and has found no significant evidence to indicate that the Purchaser will not continue to pay its debts as they become due in the future. The Seller understands that the transfer of a Class
R-[            ] Certificate may not be respected for United States income tax purposes (and the Seller may continue to be liable for United States income taxes associated therewith) unless
the Seller has conducted such an investigation. 
  
 4. The Seller
has no actual knowledge that the proposed Transferee is not both a United States Person and a Permitted Transferee. 
  

					
	 Very truly yours,

	
	 
	 (Seller)

		
	By:	 	 
	 	 	 Name:
	 	 
	 	 	 Title:
	 	 

  

 -1-

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