Document:

EXHIBIT 4.3

 

SHELLPOINT
MORTGAGE ACCEPTANCE LLC

as Depositor

and

_____________________,

as Owner Trustee

___________________________

TRUST AGREEMENT

Dated as of ________________

___________________________

$_________ Mortgage-Backed Certificates,

Series 20__-__

 

 

    	 

    	 

    

Table of Contents

	Section	 	Page
	ARTICLE I
	DEFINITIONS
	Section 1.01.	Definitions	1
	Section 1.02.	Other Definitional Provisions.	1
	ARTICLE II
	ORGANIZATION
	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 Owner Trust Estate	3
	Section 2.06.	Declaration of Trust	3
	Section 2.07.	Liability of the Holder of the Certificates	3
	Section 2.08.	Title to Trust Property	4
	Section 2.09.	Situs of Trust	4
	Section 2.10.	Representations and Warranties of the Depositor	4
	Section 2.11.	Payment of Trust Fees	5
	ARTICLE III
	CONVEYANCE OF THE MORTGAGE COLLATERAL; CERTIFICATES
	Section 3.01.	Conveyance of the Mortgage Collateral	5
	Section 3.02.	Initial Ownership	5
	Section 3.03.	The 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	8
	Section 3.07.	Persons Deemed Certificateholders	8
	Section 3.08.	Access to List of Certificateholders’ Names and Addresses	8
	Section 3.09.	Maintenance of Office or Agency	8
	Section 3.10.	Certificate Paying Agent	9
	Section 3.11.	Ownership	10

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	ARTICLE IV
	AUTHORITY AND DUTIES OF OWNER TRUSTEE
	Section 4.01.	General Authority	10
	Section 4.02.	General Duties	10
	Section 4.03.	Action Upon Instruction	11
	Section 4.04.	No Duties Except as Specified under Specified Documents or	 
	 	in Instructions	11
	Section 4.05.	Restrictions	12
	Section 4.06.	Prior Notice to Certificateholders with Respect to Certain Matters	12
	Section 4.07.	Action by Certificateholders with Respect to Certain Matters	13
	Section 4.08.	Action by Certificateholders with Respect to Bankruptcy	13
	Section 4.09.	Restrictions on Certificateholders’ Power	13
	Section 4.10.	Majority Control	13
	ARTICLE V
	APPLICATION OF TRUST FUNDS
	Section 5.01.	Distributions	13
	Section 5.02.	Method of Payment	14
	Section 5.03.	Signature on Returns	14
	Section 5.04.	Statements to Certificateholders	14
	Section 5.05.	Tax Reporting; Tax Elections	14
	ARTICLE VI
	CONCERNING THE OWNER TRUSTEE
	Section 6.01.	Acceptance of Trusts and Duties	15
	Section 6.02.	Furnishing of Documents	16
	Section 6.03.	Representations and Warranties	16
	Section 6.04.	Reliance; Advice of Counsel	17
	Section 6.05.	Not Acting in Individual Capacity	17
	Section 6.06.	Owner Trustee Not Liable for Certificates or Related Documents	18
	Section 6.07.	Owner Trustee May Own Certificates and Notes	18
	ARTICLE VII
	COMPENSATION OF OWNER TRUSTEE
	Section 7.01.	Owner Trustee’s Fees and Expenses	18
	Section 7.02.	Indemnification	18

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	ARTICLE VIII
	TERMINATION OF TRUST AGREEMENT
	Section 8.01.	Termination of Trust Agreement	19
	Section 8.02.	Dissolution upon Bankruptcy of the Holder of the Designated Certificate	20
	ARTICLE IX
	SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES
	Section 9.01.	Eligibility Requirements for Owner Trustee	21
	Section 9.02.	Replacement of Owner Trustee	21
	Section 9.03.	Successor Owner Trustee	22
	Section 9.04.	Merger or Consolidation of Owner Trustee	22
	Section 9.05.	Appointment of Co-trustee or Separate Trustee	23
	ARTICLE X
	MISCELLANEOUS
	Section 10.01.	Amendments	24
	Section 10.02.	No Legal Title to Owner Trust Estate	25
	Section 10.03.	Limitations on Rights of Others	26
	Section 10.04.	Notices	26
	Section 10.05.	Severability	26
	Section 10.06.	Separate Counterparts	26
	Section 10.07.	Successors and Assigns	26
	Section 10.08.	[No Petition	26
	Section 10.09.	No Recourse	27
	Section 10.10.	Headings	27
	Section 10.11.	Governing Law	27
	Section 10.12.	Integration	27
	 	 	 
	 	 	 

 

	EXHIBIT	 
	Exhibit A -	Form of Certificate	A-1
	Exhibit B -	Certificate of Trust of Shellpoint Mortgage Acceptance LLC

      Trust Series 20__-__	B-1
	Exhibit C -	Form of Certificate of Non-Foreign Status	C-1
	Exhibit D -	Form of Investment Letter	D-1
	Exhibit E -	Form of Investment Letter for Certificates	E-1

 

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This Trust Agreement,
dated as of ________________ (as amended from time to time, this “Trust Agreement”), between Shellpoint Mortgage Acceptance
LLC, a Delaware limited liability company, as Depositor (the “Depositor”) and ______________________, a Delaware ___________________,
as Owner Trustee (the “Owner Trustee”),

WITNESSETH
THAT:

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 not otherwise defined herein shall have the meanings assigned to such terms in the Indenture. 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; and the term “including” shall mean “including without limitation”.

(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.

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(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 (the “Trust”) shall be known as “Shellpoint Mortgage Acceptance LLC Trust Series 20__-_,”
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 and the Depositor.

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 pay the organizational, start-up and transactional expenses of the Trust;

(iii)            
to assign, grant, transfer, pledge and convey the Mortgage Collateral pursuant to the Indenture and to hold, manage and
distribute to the Certificateholders pursuant to Section 5.01 any portion of the Mortgage Collateral 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 Owner Trust Estate and the making of distributions to the Certificateholders and the Noteholders.

The Trust is hereby authorized to engage
in the foregoing activities. The Trust shall not engage in any activity other than in connection with the foregoing or other than
as required or authorized by the terms of this Trust Agreement or the Basic Documents [while any Note is outstanding and] [without
the consent of __% of the Certificateholders].

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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 Owner Trust Estate. The Depositor hereby sells, assigns, transfers, conveys and sets over to the Trust, as of the date hereof,
the sum of $1.00. The Owner Trustee hereby acknowledges receipt in trust from the Depositor, as of the date hereof, of the foregoing
contribution, which shall constitute the initial corpus of the Trust and shall be deposited in the Certificate Distribution Account.
The Owner Trustee also acknowledges on behalf of the trust receipt of the Mortgage Collateral and a Surety Bond assigned to the
Trust pursuant to Section 3.01, which shall constitute the Owner Trust Estate.

Section
2.06.      Declaration of Trust.
The Owner Trustee hereby declares that it shall hold the Owner 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. It is the intention of the parties hereto that, for
income and franchise tax purposes, the Trust shall be treated as a corporation, with the assets of the corporation being the Owner
Trust Estate, the [equity interest in the corporation] being the Certificates and the Notes being debt of the corporation and the
provisions of this Agreement shall be interpreted to further this intention. Except as otherwise provided in this Trust Agreement,
the rights of the Certificateholders will be those of [equity owners of the Trust] formed under the Delaware [corporation law].
The parties agree that, unless otherwise required by appropriate tax authorities, the Trust will file or cause to be filed annual
or other necessary returns, reports and other forms consistent with the characterization of the Trust as a corporation for such
tax purposes. 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.

Section
2.07.      Liability of the Holder
of the Certificates. (a) The Holders of the Certificates shall be liable directly to and shall indemnify any injured party
for all losses, claims, damages, liabilities and expenses of the Trust (including Expenses, to the extent not paid out of the Owner
Trust Estate) to the extent that the Holders of the Certificates would be liable if the Trust were a corporation under [Delaware
corporate law]; provided, however, that the Holders of the Certificates shall not be liable for payments required to be made on
the Notes or the Certificates, or for any losses incurred by a Certificateholder in the capacity of an investor in the Certificates
or a Noteholder in the capacity of an investor in the Notes. The Holders of the Certificates shall be liable for any entity level
taxes imposed on the Trust. In addition, any third party creditors of the Trust, including the Credit Enhancer (other than in connection
with the obligations described in the preceding sentence for which the Holders of the Certificates shall not be liable) shall be
deemed third party beneficiaries of this paragraph. The obligations of the Holders of the Certificates under this paragraph shall
be evidenced by the Certificates.

(b)              
Subject to subsection (a) above, the Certificateholders shall be entitled to the same limitation of personal liability extended
to stockholders of private corporations for profit organized under the General Corporation Law of the State of Delaware.

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Section
2.08.      Title to Trust Property.
Legal title to the Owner 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 Owner 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
2.09.      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 ________. 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. Payments
will be received by the Trust only in Delaware, New York or ________, and payments will be made by the Trust only from Delaware,
New York or ________. The only office of the Trust will be at the Corporate Trust Office in Delaware.

Section
2.10.      Representations and
Warranties of the Depositor. The Depositor hereby represents and warrants to the Owner Trustee that:

(i)                
The Depositor is duly organized and validly existing as a limited liability company in good standing under the laws of the
State of Delaware, with power and authority to own its properties and to conduct its business as such properties are currently
owned and such business is presently conducted.

(ii)              
The Depositor is duly qualified to do business as a foreign limited liability company 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 other) of the Depositor.

(iii)            
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 company action;
and the execution, delivery and performance of this Trust Agreement have been duly authorized by the Depositor by all necessary
company action.

(iv)            
The consummation of the transactions contemplated by this Trust Agreement and the fulfillment of the terms hereof do not
conflict with, result in any breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time)
a default under, the limited liability agreement and company resolutions of the Depositor, or any indenture, agreement or other
instrument to which the Depositor is a party or by which it is bound; nor result in the creation or imposition of any Lien upon
any of its properties pursuant to the terms of any such indenture, agreement or other instrument (other than pursuant to the Basic
Documents); nor violate any law or, to the

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best of the Depositor’s knowledge, any order, rule or regulation applicable to
the Depositor of any court or of any federal or state regulatory body, administrative agency or other governmental instrumentality
having jurisdiction over the Depositor or its properties.

Section
2.11.      Payment of Trust Fees.
The Owner Trustee shall cause the Administrator (i) to pay the Trust’s fees and expenses incurred with respect to the performance
of the Trust’s duties under the Indenture from amounts received pursuant to Section 3.05(x) under the Indenture and (ii)
to notify the Certificate Paying Agent of such fees and expenses incurred thereunder.

ARTICLE
III

CONVEYANCE OF THE MORTGAGE COLLATERAL;

CERTIFICATES

Section
3.01.      Conveyance of the Mortgage
Collateral. The Depositor, concurrently with the execution and delivery hereof, does hereby transfer, convey, sell and assign
to the Trust, on behalf of the Holders of the Notes and the Certificates and the Credit Enhancer, without recourse, all its right,
title and interest in and to the Mortgage Collateral. The Depositor will also provide the Trust with a Surety Bond.

The parties hereto
intend that 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 Collateral. In the event that 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 Owner Trust Estate, 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 and until the conveyance of the Mortgage
Collateral pursuant to Section 3.01 and the issuance of the Certificates, the Depositor shall be the sole Certificateholder.

Section
3.03.      The Certificates.
The Certificates shall be issued in minimum denominations of $[250,000] and in integral multiples of $10,000 in excess thereof;
except for one Certificate that may not be in an integral multiple of $10,000; provided, however, that the Designated Certificate
issued pursuant to Section 3.11 may be issued in the amount of $_________. 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. 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

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such
Person’s acceptance of a Certificate duly registered in such Person’s name, pursuant to Section 3.05.

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 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.

Section
3.04.      Authentication of Certificates.
Concurrently with the acquisition of the Mortgage Collateral by the Trust, the Owner Trustee shall cause the Certificates in an
aggregate principal amount equal to the Initial Principal Balance of the Certificates to be executed on behalf of the Trust, authenticated
and delivered to or upon the written order of the Depositor, signed by its chairman of the board, its president or any vice president,
without further company action by the Depositor, in authorized denominations. No Certificate shall entitle its holder 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, executed by the Owner Trustee or ____________________, by manual signature; such
authentication shall constitute conclusive evidence that such Certificate shall have been duly authenticated and delivered hereunder.
All Certificates shall be dated the date of their authentication.

Section
3.05.      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, a Certificate Register in which, subject to such reasonable regulations as it may
prescribe, the [Owner Trustee] shall provide for the registration of Certificates and of transfers and exchanges of Certificates
as herein provided. _____________________________ 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 and to the provisions of Section 3.11 with respect to the Designated Certificate, upon surrender
for registration of transfer of any Certificate at the office or agency maintained pursuant to Section 3.09, the Owner Trustee
shall execute, authenticate and deliver (or shall cause __________________________________ 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 Holder, 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.

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 Holder or such Holder’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.

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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.

No Person shall
become a Certificateholder until it 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 set forth in Exhibit C hereto.

No transfer of a
Certificate shall be made unless such transfer is exempt from the registration requirements of the Securities Act and any applicable
state securities laws or is made in accordance with said Act and laws. In the event of any such transfer, the Certificate Registrar
or the Depositor shall prior to such transfer require the transferee to execute (i) (a) an investment letter (in substantially
the form attached hereto as Exhibit D) in form and substance reasonably satisfactory to the Certificate Registrar and the Depositor
certifying to the Trust, the Owner Trustee, the Certificate Registrar and the Depositor that such transferee is a “qualified
institutional buyer” under Rule 144A under the Securities Act, or (b) solely with respect to the Designated Certificate,
an investment letter (in substantially the form attached hereto as Exhibit E), acceptable to and in 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 Servicer or the Depositor and (ii) the Certificate of Non-Foreign Status (in substantially
the form attached hereto as Exhibit C) acceptable to and in form and substance reasonably satisfactory to the Certificate Registrar
and the Depositor, which certificate shall not be an expense of the Trust, the Owner Trustee, the Certificate Registrar or the
Depositor. The Holder of a Certificate desiring to effect such transfer shall, and does hereby agree to, indemnify the Trust, the
Owner Trustee, the Certificate Registrar, the 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 a
Certificate shall be made unless the Certificate Registrar shall have received either (i) a representation letter from the proposed
transferee of such Certificate to the effect that such proposed transferee is not an employee benefit plan subject to the fiduciary
responsibility provisions of ERISA, or Section 4975 of the Code, or a Person acting on behalf of any such plan or using the assets
of any such plan, which representation letter shall not be an expense of the Trust, Owner Trustee, the Certificate Registrar, the
Servicer or the Depositor or (ii) in the case of any such certificate presented for registration in the name of an employee benefit
plan subject to the fiduciary responsibility provisions of ERISA, or Section 4975 of the Code (or comparable provisions of any
subsequent enactments), or a trustee of any such plan, or any other Person who is using the assets of any such plan to effect such
acquisition, an Opinion of Counsel, in form and substance reasonably satisfactory to, and addressed and delivered to, the Trust,
the Certificate Registrar and the Depositor, to the effect that the purchase or holding of such Certificate will not result in
the assets of the Owner Trust Estate being deemed to be “plan assets” and subject to the fiduciary responsibility provisions
of ERISA or the prohibited transaction provisions of the Code, will not constitute or result in a prohibited transaction within
the meaning of Section 406 or Section 407 of ERISA or Section 4975 of the Code, and will not subject the Trust, the Owner Trustee,
the Certificate Registrar or the Depositor to any obligation or liability (including obligations or liabilities under ERISA or
Section 4975 of the Code) in

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addition
to those explicitly undertaken in this Trust Agreement which Opinion of Counsel shall not be an expense of the Trust, the Owner
Trustee, the Certificate Registrar or Depositor.

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 harmless, 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 shall execute on behalf of the Trust and the Owner Trustee or ________________,
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 and for all other purposes whatsoever, and none
of the Trust, the 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. Each Holder, by receiving and holding a Certificate, shall be deemed
to have agreed not to hold any of the Trust, the Depositor, the Holder of the Designated Certificate, 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 Borough of Manhattan, 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 Owner Trustee as its office for such purposes. The Owner Trustee shall give
prompt written notice to the Depositor, the Holder of the Designated Certificate and the Certificateholders of any change in the
location of the Certificate Register or any such office or agency.

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Section
3.10.      Certificate Paying Agent.
(a) The Certificate Paying Agent shall make distributions to Certificateholders from the Certificate 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 __________________ as
Certificate Paying Agent and _________________ hereby accepts such appointment and further agrees that it will be bound by the
provisions of this Trust Agreement relating to the Certificate Paying Agent and shall:

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

(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
Servicer pursuant to Section 4.01 of the Servicing Agreement.

(b)              
On the second LIBOR Business Day immediately preceding (i) the Closing Date in the case of the first Interest Period and
(ii) the first day of each succeeding Interest Period, the Certificate Paying Agent shall determine LIBOR and the Certificate Rate
for such Interest Period and shall inform the Servicer and the Depositor at their respective facsimile numbers given to the Certificate
Paying Agent in writing thereof.

(c)               
The Trust may revoke such power and remove the Certificate Paying Agent if the Administrator 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.
__________________ shall be permitted to resign as Certificate Paying Agent upon 30 days written notice to the Owner Trustee; provided
________________ is also resigning as Paying Agent under the Indenture at such time. In the event that ___________________ shall
no longer be the Certificate Paying Agent under this Trust Agreement and Paying Agent under the

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Indenture,
the Administrator 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 Administrator shall cause such successor Certificate Paying
Agent or any additional Certificate Paying Agent appointed by the Administrator 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 shall apply to
the Certificate Paying Agent to the extent applicable. Any reference in this Agreement to the Certificate Paying Agent shall include
any co-paying agent unless the context requires otherwise.

(d)              
The Certificate Paying Agent shall establish and maintain with itself a trust account (the “Certificate Distribution
Account”) in which the Certificate Paying Agent shall, deposit, on the same day as it is received from the Indenture Trustee,
each remittance received by the Certificate Paying Agent with respect to payments made pursuant to the Indenture. The Certificate
Paying Agent shall make all distributions of principal of and interest on the Certificates, from moneys on deposit in the Certificate
Distribution Account.

Section
3.11.      [Ownership.  The
Certificates shall, for income and franchise tax purposes, be treated as the equity interest of the Trust. The Certificates shall
not be transferred unless (a) the transferee shall be an Affiliate of the Seller, unless the prior written consent of the Credit
Enhancer is obtained, which will not be unreasonably withheld, (b) the applicable provisions of Section 3.05 are satisfied, (c)
the Certificate Registrar receives an Opinion of Counsel to the effect that the transfer of the Certificates shall not cause the
Trust to be subject to an entity level tax and (d) the Rating Agencies shall consent to such transfer.]

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 and any amendment or other agreement or instrument described herein, in each case, in such form as the Administrator shall
approve, as evidenced conclusively by the Owner Trustee’s execution thereof. In addition to the foregoing, the Owner Trustee
is authorized, but shall not be obligated, to take all actions required of the Trust pursuant to the Basic Documents. The Owner
Trustee is further authorized from time to time to take such action as the Administrator directs with respect to the Basic Documents.

Section
4.02.      General Duties.
It shall be the duty of the Owner Trustee to discharge (or cause to be discharged) all of its responsibilities pursuant to the
terms of this Trust Agreement and the Basic Documents to which the Trust is a party and to administer the Trust in the interest
of the Certificateholders, subject to the Basic Documents and in accordance with the provisions of this Trust Agreement. Notwithstanding
the foregoing, the Owner Trustee shall be deemed to

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have
discharged its duties and responsibilities hereunder and under the Basic Documents to the extent the Administrator has agreed
in the Administration Agreement to perform such acts or to discharge such duties of the Owner Trustee or the Trust hereunder or
under any Basic Document, and the Owner Trustee shall not be held liable for the default or failure of the Administrator to carry
out its obligations under the Administration Agreement.

Section
4.03.      Action Upon Instruction.
(a) Subject to Article IV 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 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 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 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 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 Credit 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 instruction of the Certificateholders received,
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 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 Owner 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 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; and no implied duties or obligations shall be read into
this Trust Agreement or any 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

    	11

    	 

    
perfect
or maintain the perfection of any security interest or lien granted to it hereunder or to prepare or file any Securities and Exchange
Commission filing for the Trust or to record this Trust Agreement or any 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 Owner 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 Owner Trust Estate.

Section
4.05.      Restrictions. (a)
The Owner Trustee shall not take any action (x) that is inconsistent with the purposes of the Trust set forth in Section 2.03 or
(y) that, to the actual knowledge of the Owner Trustee, would result in the Trust becoming taxable as a corporation for federal
income tax purposes. The Certificateholders shall not direct the Owner Trustee to take action that would violate the provisions
of this Section 4.06.

(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 (a) 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 (b) such conveyance or transfer shall not
violate the provisions of Section 3.16(b) of the Indenture.

Section
4.06.      Prior Notice to Certificateholders
with Respect to Certain Matters. With respect to the following matters, the Owner Trustee shall not take action unless at least
30 days before the taking of such action, the Owner Trustee shall have notified the Certificateholders in writing of the proposed
action and the Certificateholders 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 claim or lawsuit by the Trust (except claims or lawsuits brought in connection with the collection
of cash distributions due and owing under the Mortgage Collateral) and the compromise of any action, claim or lawsuit brought by
or against the Trust (except with respect to the aforementioned claims or lawsuits for collection of cash distributions due and
owing under the Mortgage Collateral);

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

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

(d)              
the amendment of the Indenture by a supplemental indenture in circumstances where the consent of any Noteholder is not required
and such amendment materially adversely affects the interest of the Certificateholders;

(e)               
the amendment, change or modification of the Administration Agreement, except to cure any ambiguity or to amend or supplement
any provision in a manner or add any provision that would not materially adversely affect the interests of the Certificateholders;
or

(f)               
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

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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 direction of the Certificateholders,
and with the consent of the Credit Enhancer, to (a) remove the Administrator under the Administration Agreement pursuant to Section
8 thereof, (b) appoint a successor Administrator pursuant to Section 8 of the Administration Agreement, (c) remove the Servicer
under the Servicing Agreement pursuant to Sections 7.01 and 8.05 thereof or (d) except as expressly provided in the Basic Documents,
sell the Mortgage Collateral after the termination of the Indenture. The Owner Trustee shall take the actions referred to in the
preceding sentence only upon written instructions signed by the Certificateholders and with the consent of the Credit Enhancer.

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 Credit 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 Basic
Documents or would be contrary to Section 2.03, 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 Holders of Certificates evidencing not less than a majority of the outstanding Principal Balance of the Certificates. Except
as expressly provided herein, any written notice of the Certificateholders delivered pursuant to this Trust Agreement shall be
effective if signed by holders of Certificates evidencing not less than a majority of the outstanding Principal Balance of the
Certificates at the time of the delivery of such notice.

ARTICLE
V

APPLICATION OF TRUST FUNDS

Section
5.01.      Distributions. (a)
On each Payment Date, the Certificate Paying Agent shall distribute to the Certificateholders all funds on deposit in the Certificate
Distribution Account and available therefor (as provided in Section 3.05 of the Indenture), as principal and the Certificate Distribution
Amount for such Payment Date. All distributions made pursuant to this Section shall be made on a pro rata basis to the Certificateholders
based on the Certificate Principal Balances thereof; provided however that any amount on deposit in the Certificate Distribution
Account relating to a payment to the Certificate Paying Agent pursuant to Section 3.05(xi) of the Indenture shall be distributed
solely to the Designated Certificate.

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(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 the 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)               
All calculations of the Certificate Distribution Amount on the Certificates shall be made on the basis of the actual number
of days in an Interest Period and a year assumed to consist of 360 days.

(d)              
Distributions to Certificateholders shall be subordinated to the creditors of the Trust, including the Noteholders.

Section
5.02.      Method of Payment.
Subject to Section 8.01(c), distributions required to be made to Certificateholders on any Payment Date as provided in Section
5.01 shall be made to each Certificateholder of record on the preceding Record Date either by, in the case of any Certificateholder
owning Certificates having denominations aggregating at least $1,000,000, wire transfer, in immediately available funds, to the
account of such Holder 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 mailed to such Certificateholder at the address of such Holder appearing in the Certificate Register.

Section
5.03.      Signature on Returns.
The Owner Trustee shall sign on behalf of the Trust the tax returns of the Trust.

Section
5.04.      Statements to Certificateholders.
On each Payment Date, the Certificate Paying Agent shall send to each Certificateholder the statement or statements provided to
the Owner Trustee and the Certificate Paying Agent by the Servicer pursuant to Section 4.01 of the Servicing Agreement with respect
to such Distribution Date.

Section
5.05.      Tax Reporting; Tax Elections.
The Holder of the Certificate shall cause the Trust to file federal and state income tax returns and information statements as
a corporation for each of its taxable years. Within 90 days after the end of each calendar year, the Holder of the Designated Certificate
shall cause the Trust to provide to each Certificateholder an Internal Revenue Service “K-1” or any successor schedule
and supplemental information, if required by law, to enable each Certificateholder to file its federal and state income tax returns.
The Holder of the Designated Certificate may from time to time make and revoke such tax elections with respect to the Trust as
it deems necessary or desirable in its sole discretion to carry out the

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business
of the Trust or the purposes of this Trust Agreement if permitted by applicable law. Notwithstanding the foregoing, an election
under Section 754 of the Code shall not be made without the written consent of a majority in interest of the Holders of the Certificates.
The Holder of the Designated Certificate shall serve as tax matters partner for the Trust.

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 Owner Trust Estate upon the terms of the Basic Documents and this Trust
Agreement. The Owner Trustee shall not be answerable or accountable hereunder or under any Basic Document under any circumstances,
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 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)               
The Owner Trustee shall not be liable with respect to any action taken or omitted to be taken by it in accordance with the
instructions of the Administrator or the Certificateholders;

(b)              
No provision of this Trust Agreement or any 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 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;

(c)               
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;

(d)              
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 or the Holder of the Designated Certificate or for the form, character, genuineness,
sufficiency, value or validity of any of the Owner 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 expressly agreed to in the Basic Documents;

(e)               
The execution, delivery, authentication and performance by it of this Trust Agreement will not require the authorization,
consent or approval of, the giving of notice to, the

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filing
or registration with, or the taking of any other action with respect to, any governmental authority or agency;

(f)               
The Owner Trustee shall not be liable for the default or misconduct of the Administrator, the Holder of the Designated Certificate,
the Depositor, Indenture Trustee or the 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 Basic Documents that are required
to be performed by the Administrator under the Administration Agreement, the Indenture Trustee under the Indenture or the Seller
under the Mortgage Loan Purchase Agreement; and

(g)              
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 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 Basic Document shall not be construed as a duty, and the Owner Trustee shall not be answerable
for other than its negligence or willful misconduct in the performance of any such act.

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

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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;

(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 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 trusts hereunder and in the performance of its duties and obligations under this
Trust Agreement or the 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. The Owner Trustee shall
not be liable for anything done, suffered or omitted in good faith by it in accordance with the written opinion or advice of any
such counsel, accountants or other such Persons and not contrary to this Trust Agreement or any Basic Document.

Section
6.05.      Not Acting in Individual
Capacity. Except as provided in this Article VI, in accepting the trusts hereby created ______________________ 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 Basic Document shall look only to the Owner Trust Estate for payment
or satisfaction thereof.

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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 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 Owner 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 Seller 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 Administrator, 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 Seller, the Certificate Paying Agent, the Certificate Registrar, the Administrator
and the Indenture Trustee in transactions with the same rights as it would have if it were not Owner Trustee.

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, and the Owner Trustee shall be reimbursed for its reasonable expenses hereunder and under the
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 Basic Documents pursuant to Section 3.08 of the Servicing Agreement.

Section
7.02.      Indemnification.
The Holder of the Designated Certificate 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 Basic Documents, the Owner Trust Estate, the administration of the Owner Trust Estate or the action or inaction
of the Owner Trustee hereunder, provided, that:

(i)                
the Holder of the Designated Certificate 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

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inaccuracy of a representation or warranty contained in Section 6.03 expressly made by the Owner Trustee;

(ii)              
with respect to any such claim, the Indemnified Party shall have given the Holder of the Designated Certificate written
notice thereof promptly after the Indemnified Party shall have actual knowledge thereof;

(iii)            
while maintaining control over its own defense, the Holder of the Designated Certificate shall consult with the Indemnified
Party in preparing such defense; and

(iv)            
notwithstanding anything in this Agreement to the contrary, the Holder of the Designated Certificate shall not be liable
for settlement of any claim by an Indemnified Party entered into without the prior consent of the Holder of the Designated Certificate
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 claim, action or proceeding for which indemnity will be sought pursuant to this Section, 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 Holder of the Designated Certificate, 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 Holder of the Designated Certificate has the right to assume the defense of any
claim, action or proceeding against the Owner Trustee.

ARTICLE
VIII

TERMINATION OF TRUST

AGREEMENT

Section
8.01.      Termination of Trust
Agreement. (a) This Trust Agreement (other than Article VIII) and the Trust shall terminate and be of no further force or effect
upon the earliest of (i) upon the final distribution of all moneys or other property or proceeds of the Owner Trust Estate in accordance
with the terms of the Indenture and this Trust Agreement, (ii) the Payment Date in ____________, (iii) at the time provided in
Section 8.02 or (iv) purchase by the Servicer of all Mortgage Loans pursuant to Section 8.08 of the Servicing Agreement. The bankruptcy,
liquidation, dissolution, death or incapacity of any Certificateholder, other than the Holder of the Designated Certificate as
described in Section 8.02, shall not (x) operate to terminate this Trust Agreement or the Trust or (y) 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 all or any part of the Trust or the Owner Trust Estate or (z) otherwise affect the rights, obligations and liabilities of
the parties hereto.

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

(c)               
Notice of any termination of the Trust, specifying the Payment Date upon which Certificateholders shall surrender their
Certificates to the Certificate Paying Agent for payment of the final distribution and cancellation, shall be given by the Certificate
Paying Agent by letter to Certificateholders and the Credit Enhancer mailed within five Business Days of receipt of notice of such
termination from the Administrator, 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 Payment 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.

In the event that
all of the Certificateholders shall not surrender 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 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 3.03 of the Indenture, 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 Certificate Distribution Account after exhaustion
of such remedies shall be distributed by the Certificate Paying Agent to the Holder of the Designated Certificate.

(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(c) of the
Statutory Trust Statute.

Section
8.02.      Dissolution upon Bankruptcy
of the Holder of the Designated Certificate. In the event that an Insolvency Event shall occur with respect to the Holder of
the Designated Certificate, this Trust Agreement and the Trust shall be terminated in accordance with Section 8.01, 90 days after
the date of such Insolvency Event, unless, before the end of such 90-day period, the Owner Trustee shall have received written
instructions from (a) if no Credit Enhancer Default shall have occurred and be continuing, Holders of Certificates (other than
the Holder of the Designated Certificate) representing more than 50% of the Principal Balance of the Certificates (not including
the Principal Balance of the Designated Certificate), to the effect that such Holders disapprove of the termination of the Trust
or (b) if a Credit Enhancer Default shall

    	20

    	 

    
have
occurred and be continuing, (i) each of the Holders of Certificates and (ii) each of the Holders of the Notes, to the effect that
such Holders disapprove of the termination of the Trust. Promptly after the occurrence of any Insolvency Event with respect to
the Holder of the Designated Certificate (A) the Holder of the Designated Certificate shall give the Indenture Trustee, the Credit
Enhancer and the Owner Trustee written notice of such Insolvency Event, (B) the Owner Trustee shall, upon the receipt of such
written notice from the Holder of the Designated Certificate, give prompt written notice to the Certificateholders of the occurrence
of such event and (C) the Indenture Trustee shall give prompt written notice of such event to the Noteholders; provided, however,
that any failure to give a notice required by this sentence shall not prevent or delay, in any manner, a termination of the Trust
pursuant to the first sentence of this Section 8.02. Upon a termination pursuant to this Section, the Owner Trustee shall direct
the Indenture Trustee promptly to sell the assets of the Trust (other than the Payment Account) in a commercially reasonable manner
and on commercially reasonable terms. The proceeds of any such sale of the assets of the Trust shall be deposited to the Payment
Account for distribution in accordance with Section 5.04(b) of the Indenture.

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) a rating of
at least [Baa3] by [Moody’s]. 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.

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 Administrator, the Credit Enhancer and the Depositor. Upon receiving such notice of resignation,
the Administrator shall promptly appoint a successor Owner Trustee with the consent of the Credit Enhancer which will not be unreasonably
withheld, by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Owner Trustee and
to the successor Owner Trustee. If no successor Owner Trustee shall have been so appointed and have accepted appointment within
30 days after the giving of such notice of resignation, the resigning Owner Trustee may petition any court of competent jurisdiction
for the appointment of a successor Owner Trustee.

If at any time the
Owner Trustee shall cease to be eligible in accordance with the provisions of Section 9.01 and shall fail to resign after written
request therefor by the

    	21

    	 

    
Administrator,
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 Administrator may remove
the Owner Trustee. If the Administrator shall remove the Owner Trustee under the authority of the immediately preceding sentence,
the Administrator shall promptly appoint a successor Owner Trustee by written instrument, in duplicate, one copy of which instrument
shall be delivered to the outgoing Owner Trustee so removed and one copy to the successor Owner Trustee, and shall pay all fees
owed to the outgoing Owner Trustee.

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

Section
9.03.      Successor Owner Trustee.
Any successor Owner Trustee appointed pursuant to Section 9.02 shall execute, acknowledge and deliver to the Administrator 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 Administrator and the predecessor Owner Trustee shall execute and deliver such instruments and do such other
things as may reasonably be required for fully and certainly vesting and confirming in the successor Owner Trustee all such rights,
powers, duties and obligations.

No successor Owner
Trustee shall accept appointment as provided in this Section 9.03 unless at the time of such acceptance such successor Owner Trustee
shall be eligible pursuant to Section 9.01.

Upon acceptance
of appointment by a successor Owner Trustee pursuant to this Section 9.03, the Administrator shall mail notice thereof to all Certificateholders,
the Indenture Trustee, the Noteholders and the Rating Agencies. If the Administrator 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 Administrator.

Section
9.04.      Merger or Consolidation
of Owner Trustee. Any Person into which the Owner Trustee may be merged or converted or with which it may be consolidated,
or any Person resulting from any merger, conversion or consolidation to which the Owner Trustee shall be a party, or any Person
succeeding to all or substantially all of the corporate trust business of the Owner Trustee, shall be the successor of the Owner
Trustee hereunder, without the execution or

    	22

    	 

    
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 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 Owner Trust Estate may at the time be located, the Administrator
and the Owner Trustee acting jointly shall have the power and shall execute and deliver all instruments to appoint one or more
Persons approved by the Administrator and Owner Trustee to act as co-trustee, jointly with the Owner Trustee, or as separate trustee
or trustees, of all or any part of the Owner 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 Administrator and the Owner Trustee may consider necessary or desirable. If the Administrator shall not have joined in such
appointment within 15 days after the receipt by it of a request so to do, the Owner Trustee alone shall have the power to make
such appointment. 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 and no notice of the appointment of any co-trustee or separate trustee shall
be required pursuant to Section 9.03.

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

Any notice, request
or other writing given to the Owner Trustee shall be deemed to have been given to 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. 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

    	23

    	 

    
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 and a copy thereof given to the Administrator.

Any separate trustee
or co-trustee may at any time appoint the Owner Trustee as its agent or attorney-in-fact with full power and authority, to the
extent not prohibited by law, to do any lawful act under or in respect of this 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.

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 [, provided that any amendment, except as provided
in subparagraph (e) below, be accompanied by an Opinion of Counsel to the Owner Trustee 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].

(b)              
If the purpose of the amendment (as detailed therein) is to correct any mistake, eliminate any inconsistency, cure any ambiguity
or deal with any matter not covered (i.e. to give effect to the intent of the parties and, if applicable, to the expectations of
the Holders), it shall not be necessary to obtain the consent of any Holders, but the Owner Trustee shall be furnished with (A)
a letter from the Rating Agencies that the amendment will not result in the downgrading or withdrawal of the rating then assigned
to any Security and (B) an Opinion of Counsel to the effect that such action will not adversely affect in any material respect
the interests of any Holders, and the consent of the Credit 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 Holder, 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 Holder and the consent of the Credit 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 (A) an Opinion of Counsel to the effect that such action will not adversely affect
in any material respect the interests of any Holders and (B) either (a) a letter from the Rating Agency that the amendment will
not result in the downgrading or withdrawal of the rating then assigned to any security or (b) the consent of Holders of Certificates
evidencing a majority of the Principal Balance 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 timing of, payments

    	24

    	 

    
received
that are required to be distributed on any Certificate without the consent of the related Certificateholder and the Credit Enhancer,
or (ii) reduce the aforesaid percentage of Certificates the Holders of which are required to consent to any such amendment, without
the consent of the Holders of all such Certificates then outstanding.

(e)               
If the purpose of the amendment is to provide for the holding of any of the Certificates in book-entry form, it shall require
the consent of Holders of all such Certificates then outstanding; provided, that the Opinion of Counsel specified in subparagraph
(a) above shall not be required.

(f)               
If the purpose of the 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 Holder, but the Owner Trustee shall be furnished with (A) an Opinion
of Counsel to the effect that such action will not adversely affect in any material respect the interests of any Holders and (B)
a letter from the Rating Agencies that the amendment will not result in the downgrading or withdrawal of the rating then assigned
to any Security and the consent of the Credit 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 Credit 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 of the State of Delaware.

Section
10.02.  No Legal Title to Owner Trust Estate. The
Certificateholders shall not have legal title to any part of the Owner 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 IX. 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 Owner 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 Owner Trust Estate.

    	25

    	 

    
Section
10.03.  Limitations on Rights of Others. Except
for Section 2.07, the provisions of this Trust Agreement are solely for the benefit of the Owner Trustee, the Depositor, the Holder
of the Designated Certificate, the Certificateholders, the Administrator, the Credit 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), whether express
or implied, shall be construed to give to any other Person any legal or equitable right, remedy or claim in the Owner Trust Estate
or under or in respect of this Trust Agreement or any covenants, conditions or provisions contained herein.

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 the Corporate Trust Office; if to the Depositor, addressed to Shellpoint Mortgage Acceptance LLC, ______________________________;
Attention: _________________; if to the Credit Enhancer, addressed to ___________, Attention: _________________, if to the Rating
Agencies, addressed to ________________________ Attention: __________or, as to each party, at such other address as shall be designated
by such party in a written notice to each other party.

(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 Holder as shown in the Certificate Register. Any notice so mailed within the time prescribed in this Trust
Agreement shall be conclusively presumed to have been duly given, whether or not the 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 and the Administrator.

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 separate counterparts, each of which when so executed and delivered shall be an original,
but all such counterparts shall together constitute but one and the same instrument.

Section
10.07.  Successors and Assigns. All representations,
warranties, covenants and agreements contained herein shall be binding upon, and inure to the benefit of, each of the Depositor,
the Owner Trustee and its successors and each Certificateholder and its successors and permitted assigns, all as herein provided
and the Credit Enhancer. 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

    	26

    	 

    
Depositor
or the Trust of, any bankruptcy proceedings under any United States federal or state bankruptcy or similar law in connection with
any obligations to the Certificates, the Notes, this Trust Agreement or any of the Basic Documents.]

Section
10.09.  No Recourse. Each Certificateholder by
accepting a Certificate acknowledges that such Certificateholder’s Certificates represent beneficial interests in the Trust
only and do not represent interests in or obligations of the Depositor, the Holder of the Designated Certificate, the Seller, the
Administrator, the Owner Trustee, the Indenture Trustee or any Affiliate thereof and no recourse may be had against such parties
or their assets, except as may be expressly set forth or contemplated in this Trust Agreement, the Certificates or the 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.

    	27

    	 

    

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.

	 	 	 	 	 	 	 	SHELLPOINT MORTGAGE ACCEPTANCE LLC
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	By:	 
	 	 	 	 	 	 	 	 	Name:
	 	 	 	 	 	 	 	 	Title:
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	______________________, not in its individual capacity but solely as Owner Trustee
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	By:	
 
	 	 	 	 	 	 	 	 	Name:
	 	 	 	 	 	 	 	 	Title:
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

Acknowledged and Agreed:

                                                                   

__________, as Certificate
Registrar

and Certificate
Paying Agent

By:                                                              

Name:

Title:

    	 

    	 

    

EXHIBIT A

[Form of Certificate]

[Face]

THIS 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 LAWS OR IS SOLD OR TRANSFERRED IN TRANSACTIONS WHICH
ARE EXEMPT FROM REGISTRATION UNDER SUCH ACT AND UNDER APPLICABLE STATE LAW AND IS TRANSFERRED IN ACCORDANCE WITH THE PROVISIONS
OF SECTION 3.05 OF THE TRUST AGREEMENT REFERRED TO HEREIN.

NO TRANSFER OF THIS
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 PLAN SUBJECT TO THE FIDUCIARY RESPONSIBILITY
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 A PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF
ANY SUCH PLAN, OR (II) IF THIS CERTIFICATE IS PRESENTED FOR REGISTRATION IN THE NAME OF A PLAN SUBJECT TO THE FIDUCIARY RESPONSIBILITY
PROVISIONS OF ERISA, OR SECTION 4975 OF THE CODE (OR COMPARABLE PROVISIONS OF ANY SUBSEQUENT ENACTMENTS), OR A TRUSTEE OF ANY SUCH
PLAN, OR ANY OTHER PERSON WHO IS USING THE ASSETS OF ANY SUCH PLAN TO EFFECT SUCH ACQUISITION, AN OPINION OF COUNSEL TO THE EFFECT
THAT THE PURCHASE OR HOLDING OF THIS CERTIFICATE WILL NOT RESULT IN THE ASSETS OF THE OWNER TRUST ESTATE BEING DEEMED TO BE “PLAN
ASSETS” AND SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF ERISA OR THE PROHIBITED TRANSACTION PROVISIONS OF THE CODE,
WILL NOT CONSTITUTE OR RESULT IN A PROHIBITED TRANSACTION WITHIN THE MEANING OF SECTION 406 OR SECTION 407 OF ERISA OR SECTION
4975 OF THE CODE, AND WILL NOT SUBJECT THE OWNER TRUSTEE OR THE DEPOSITOR TO ANY OBLIGATION OR LIABILITY.

NO TRANSFER OF THIS
CERTIFICATE SHALL BE MADE 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 UNDER U.S. LAW.

THIS CERTIFICATE
DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE SELLER, THE DEPOSITOR, THE SERVICER, THE INDENTURE TRUSTEE, OR THE OWNER
TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES, EXCEPT AS EXPRESSLY PROVIDED IN THE TRUST AGREEMENT OR THE BASIC DOCUMENTS.

    	A-1

    	 

    

	Certificate No.
________	Original principal
amount (“Denomination”) of this Certificate: $______________

Aggregate Denominations of all Certificates:
$

Pass-Through Rate: Floating

Cut-Off Date:

First Payment
Date:________, _____

CUSIP NO. __________

Shellpoint
Mortgage Acceptance LLC Trust Series 20__-_

Evidencing a fractional
undivided equity interest in the Owner Trust Estate, the property of which consists primarily of the Mortgage Collateral in _________________________,
a corporation sold by SHELLPOINT MORTGAGE ACCEPTANCE LLC, as depositor.

This certifies that
[name of Holder] is the registered owner of the Percentage Interest represented hereby in the Shellpoint Mortgage Acceptance LLC
Trust Series 20__-_ (the “Trust”).

The Trust was created
pursuant to an Trust Agreement dated as of (as amended and supplemented from time to time, the “Trust Agreement”) between
the Depositor and ______________________, as owner trustee (as amended and supplemented from time to time, the “Owner Trustee”,
which term includes any successor entity under the Trust Agreement), a summary of certain of the pertinent provisions of which
is set forth hereinafter. This Certificate is issued under and is subject to the terms, provisions and conditions of the Trust
Agreement, to which Trust Agreement the Holder of this Certificate by virtue of the acceptance hereof assents and by which such
Holder is bound.

This Certificate
is one of a duly authorized issue of Mortgage-Backed Certificates, Series 20__-__ (herein called the “Certificates”)
issued under the Trust Agreement to which reference is hereby made for a statement of the respective rights thereunder of the Depositor,
the Owner Trustee and the Holders of the Certificates and the terms upon which the Certificates are executed and delivered. All
terms used in this Certificate which are defined in the Trust Agreement shall have the meanings assigned to them in the Trust Agreement.
The Owner Trust Estate consists of the Mortgage Collateral in the Shellpoint Mortgage Acceptance LLC Trust Series 20__-____ and
a Surety Bond. The rights of the Holders of the Certificates are subordinated to the rights of the Holders of the Notes, as set
forth in the [Indenture].

There will be distributed
on the [twenty-fifth] day of each month or, if such day is not a Business Day, the next Business Day (each, a “Payment Date”),
commencing in _____________, to the Person in whose name this Certificate is registered at the close of business on the last Business
Day of the month preceding the month of such Payment Date (the “Record Date”), such Certificateholder’s Percentage
Interest (obtained by dividing the

    	A-2

    	 

    
Denomination
of this Certificate by the aggregate Denominations of all Certificates) in the amount to be distributed to Certificateholders
on such Payment Date.

The Certificateholder,
by its acceptance of this Certificate, agrees that it will look solely to the funds on deposit in the Payment 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 Trust Agreement
or, except as expressly provided in the Trust Agreement, subject to any liability under the Trust Agreement.

The Holder 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 as described in the Indenture, dated as of _________, ____, between the Trust and __________________________________,
as Indenture Trustee (the “Indenture”).

It is the intent
of the Depositor and the Certificateholders that, for purposes of federal income, state and local income and single business tax
and any other income taxes, the Trust will be treated as a corporation. The Depositor and each Certificateholder, by acceptance
of a Certificate, agree to treat, and to take no action inconsistent with the treatment of, the Certificates for such tax purposes
as an equity interest in a corporation.

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 Trust Agreement or any of the Basic Documents.

Distributions on
this Certificate will be made as provided in the Trust 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 Trust 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 maintained by the Certificate Registrar for that purpose
by the Trust in the Borough of Manhattan, The City of New York.

Reference is hereby
made to the further provisions of this Certificate set forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.

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 entitle the Holder hereof to any benefit under the Trust Agreement or be valid for
any purpose.

    	A-3

    	 

    

THIS CERTIFICATE
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.

    	A-4

    	 

    

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.

	 	 	 	 	 	 	 	SHELLPOINT MORTGAGE ACCEPTANCE LLC TRUST SERIES 20__-_
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	by _____________________, not in its individual capacity but solely as Owner Trustee
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	Dated:                                    	 	 	                                                           
	 	 	 	Authorized Signatory
	 	 	 	 
	 	 	 	 

CERTIFICATE
OF AUTHENTICATION

This is one of the Certificates referred
to in the within mentioned Trust Agreement.

______________________________,

not in its individual capacity

but solely as Owner Trustee

By: ______________________________

Authorized Signatory

or  _______________________________

as Authenticating
Agent of the Trust

By:  ______________________________

Authorized Signatory

    	A-5

    	 

    

[REVERSE OF
CERTIFICATE]

The Certificates
do not represent an obligation of, or an interest in, the Depositor, the Seller, the Servicer, the Indenture Trustee, the Owner
Trustee or any Affiliates of any of them and no recourse may be had against such parties or their assets, except as expressly set
forth or contemplated herein or in the Trust Agreement or the Basic Documents. In addition, this Certificate is not guaranteed
by any governmental agency or instrumentality and is limited in right of payment to certain collections and recoveries with respect
to the Mortgage Collateral, all as more specifically set forth herein. A copy of the Trust Agreement may be examined by any Certificateholder
upon written request during normal business hours at the principal office of the Depositor and at such other places, if any, designated
by the Depositor.

The Trust Agreement
permits the amendment thereof as specified below, provided that any amendment be accompanied by the consent of the Credit Enhancer
and an Opinion of Counsel to the Owner Trustee to the effect that such amendment complies with the provisions of the Trust Agreement
and will not cause the Trust to be subject to an entity level tax. If the purpose of the 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
Holder, but the Owner Trustee shall be furnished with a letter from the Rating Agencies that the amendment will not result in the
downgrading or withdrawal of the rating then assigned to any Security. 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, it shall not be necessary to obtain the consent of
the any Holder, 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 Holder. If the purpose of the amendment is to add
or eliminate or change any provision of the Trust Agreement, other than as specified in the preceding two sentences, the amendment
shall require either (a) a letter from the Rating Agencies that the amendment will not result in the downgrading or withdrawal
of the rating then assigned to any Security or (b) the consent of Holders of the Certificates evidencing 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 the related Certificateholder, or (ii) reduce the aforesaid percentage of Certificates the Holders of which are required
to consent to any such amendment without the consent of the Holders of all such Certificates then outstanding.

As provided in the
Trust 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 by the Trust in the Borough of Manhattan, The City of New York, accompanied by a written instrument of transfer in form
satisfactory to the Certificate Registrar duly executed by the Holder hereof or such Holder’s attorney duly authorized in
writing, and thereupon one or more new Certificates of authorized denominations evidencing the same aggregate interest in the Trust
will be issued to the designated transferee. The initial Certificate Registrar appointed under the Trust Agreement is __________________________________.

    	A-6

    	 

    
Except as provided
in the Trust Agreement, the Certificates are issuable only in minimum denominations of $10,000 and in integral multiples of $10,000
in excess thereof, except for one Certificate that may not be in an integral multiple of $10,000. As provided in the Trust Agreement
and subject to certain limitations therein set forth, Certificates are exchangeable for new Certificates of authorized denominations
evidencing the same aggregate denomination, as requested by the Holder surrendering the same. 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.

The obligations
and responsibilities created by the Trust Agreement and the Trust created thereby shall terminate (i) upon the final distribution
of all moneys or other property or proceeds of the Owner Trust Estate in accordance with the terms of the Indenture and the Trust
Agreement, (ii) the Payment Date in ____________, or (iii) upon the bankruptcy or insolvency of the Holder of the Designated Certificate
and the satisfaction of other conditions specified in Section 8.02 of the Trust Agreement.

    	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

TO THE TRUST
AGREEMENT

CERTIFICATE OF TRUST OF

Shellpoint
Mortgage Acceptance LLC Trust Series 20__-_

THIS Certificate
of Trust of Shellpoint Mortgage Acceptance LLC Trust Series 20__-_ (the “Trust”), dated ___________, ____, is being
duly executed and filed by ______________________, a Delaware banking corporation, as trustee, to form a statutory trust under
the Delaware Statutory Trust Act (12 DEL. CODE, ss. 3801 ET SEQ.).

1.NAME. The
name of the statutory trust formed hereby is Shellpoint Mortgage Acceptance LLC Trust Series 20__-_.

2.DELAWARE TRUSTEE.
The name and business address of the trustee of the Trust in the State of Delaware is ______________________, __________________,
__________, ______________, Attention: ______________________________.

IN WITNESS WHEREOF,
the undersigned, being the sole trustee of the Trust, has executed this Certificate of Trust as of the date first above written.

____________________________________

not in its individual capacity but

solely as owner trustee under a Trust

Agreement dated as of _________, ___,

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	By:	
 
	 	 	 	 	 	 	 	 	Name:
	 	 	 	 	 	 	 	 	Title:
	 	 	 	 	 	 	 	 	 

 

 

    	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 (as defined in the Trust Agreement (the “Agreement”),
dated as of _________, ____ between Shellpoint Mortgage Acceptance LLC, as Depositor and ______________________, as Owner Trustee
pursuant to Section 3.05 of the Agreement and __________________________________ as indenture 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 Servicer.

    	C-1

    	 

    
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 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
warrants and represents to, and covenants with, the Seller, the Indenture Trustee, Owner Trustee, Servicer and the Depositor that
either (1) the Buyer is (A) not an employee benefit plan (within the meaning of Section 3(3) of the Employee Retirement Income
Security Act of 1974, as amended (“ERISA”)), or a plan (within the meaning of Section 4975(e)(1) of the Internal Revenue
Code of 1986 (“Code”)), which (in either case) is subject to ERISA or Section 4975 of the Code (both a “Plan”),
and (B) is not directly or indirectly purchasing the Rule 144A Securities on behalf of, as investment manager of, as named fiduciary
of, as trustee of, or with “plan assets” of a Plan, or (2) the Buyer understands that registration of transfer of any
Rule 144A Securities to any Plan, or to any Person acting on behalf of any Plan, will not be made unless such Plan delivers an
opinion of its counsel, addressed and satisfactory to the Certificate Registrar and the Depositor, to the effect that the purchase
and holding of the Rule 144A Securities by, on behalf of or with “plan assets” of any Plan would not constitute or
result in a prohibited transaction under Section 406 of ERISA or Section 4975 of the Code, and would not subject the Depositor,
the Servicer, the Indenture Trustee or the Trust to any obligation or liability (including liabilities under ERISA or Section 4975
of the Code) in addition to those undertaken in the Agreement or any other liability.]

4.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.

    	C-2

    	 

    
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-3

    	 

    

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:

1.As indicated
below, the undersigned is the President, Chief Financial Officer, Senior Vice President or other executive officer of the Buyer.

2.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.

		___	Broker-Dealer. The Buyer is a dealer registered pursuant to Section 15 of the Securities
Exchange Act of 1934.

		___	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

 

1Buyer
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-4

    	 

    

		 	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.

		___	Investment Adviser. The Buyer is an investment adviser registered under the Investment Advisers
Act of 1940.

		___	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.

		___	Business Development Company. The Buyer is a business development company as defined in
Section 202(a)(22) of the Investment Advisers Act of 1940.

		___	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, but is not a trust fund that includes as participants individual
retirement accounts or H.R. 10 plans.

3.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.

4.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 enterprise and the Buyer is not itself a
reporting company under the Securities Exchange Act of 1934.

5.The Buyer
acknowledges that it is familiar with Rule 144A and understands that the seller to it and other parties related to the Certificates
are relying and will continue to rely on

    	C-5

    	 

    
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?

6.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.

7.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-6

    	 

    

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:

1.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.

2.In connection
with purchases by Buyer, the Buyer is a “qualified institutional buyer” as defined in SEC 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).

3.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).

4.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.

5.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 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.

    	C-7

    	 

    
6.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 ADVISOR:
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	                                                           
	 	 	 	 	 	 	 	Print Name of Buyer
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	Date:	
 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

 

    	C-8

    	 

    

EXHIBIT D

CERTIFICATE
OF NON-FOREIGN STATUS

This Certificate
of Non-Foreign Status (“certificate”) is delivered pursuant to Section 3.03 of the Trust Agreement, dated as of _________,
____ (the “Trust Agreement”), between Shellpoint Mortgage Acceptance LLC, as depositor and ______________________,
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 the Mortgage-Backed Certificates, Series
20__-__ (the “Certificate”). Capitalized terms used but not defined in this certificate have the respective meanings
given them in the Trust Agreement.

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 Certificate 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;

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

    	D-1

    	 

    

		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.

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.

    	D-2

    	 

    

EXHIBIT E

FORM OF INVESTMENT LETTER [NON-RULE 144A]

[DATE]

[Certificate Registrar]

		Re:	Shellpoint Mortgage Acceptance LLC Trust Series 20__-_ ,

Mortgage-Backed Certificates,
Series 20__-__, (the “Certificates”)

Ladies and Gentlemen:

In connection with
our acquisition of the above-captioned Certificates, we certify that (a) we understand that the Certificates are not being registered
under the Securities Act of 1933, as amended (the “Act”), or any state securities laws and are being transferred to
us in a transaction that is exempt from the registration requirements of the Act and any such laws, (b) we are an “accredited
investor,” as defined in Regulation D under the Act, and have such knowledge and experience in financial and business matters
that we are capable of evaluating the merits and risks of investments in the Certificates, (c) we have had the opportunity to ask
questions of and receive answers from the Depositor concerning the purchase of the Certificates and all matters relating thereto
or any additional information deemed necessary to our decision to purchase the Certificates, (d) we are not an employee benefit
plan that is subject to the Employee Retirement Income Security Act of 1974, as amended, or a plan that is subject to Section 4975
of the Internal Revenue Code of 1986, as amended, nor are we acting on behalf of any such plan, (e) we are acquiring the Certificates
for investment for our own account and not with a view to any distribution of such Certificates (but without prejudice to our right
at all times to sell or otherwise dispose of the Certificates in accordance with clause (g) below), (f) we have not offered or
sold any Certificates to, or solicited offers to buy any Certificates from, any person, or otherwise approached or negotiated with
any person with respect thereto, or taken any other action which would result in a violation of Section 5 of the Act, and (g) we
will not sell, transfer or otherwise dispose of any Certificates unless (1) such sale, transfer or other disposition is made pursuant
to an effective registration statement under the Act or is exempt from such registration requirements, and if requested, we will
at our expense provide an opinion of counsel satisfactory to the addressees of this certificate that such sale, transfer or other
disposition may be made pursuant to an exemption from the Act, (2) the purchaser or transferee of such Certificate has executed
and delivered to you a certificate to substantially the same effect as this certificate, and (3) the purchaser or transferee has
otherwise complied with any conditions for transfer set forth in the Trust Agreement.

    	E-1

    	 

    

Very truly yours,

[TRANSFEREE]

By:                                                          

Authorized Officer

 

    	E-2EXHIBIT 4.4

SHELLPOINT
MORTGAGE ACCEPTANCE LLC TRUST SERIES 20__ - __

Issuing Entity

AND

[Name of Indenture Trustee]

INDENTURE
TRUSTEE

________________________________________________

INDENTURE

Dated as of _____ __, 20__

________________________________________________

 

MORTGAGE-BACKED
NOTES

_____________________________

 

 

    	 

    	 

    

TABLE OF CONTENTS

	Section	 	Page
	ARTICLE I	Definitions	2
	Section 1.01	Definitions	2
	Section 1.02	Incorporation by Reference of Trust Indenture Act	2
	Section 1.03	Rules of Construction	2
	 	 	 
	ARTICLE II	Original Issuance of Notes	4
	Section 2.01	Form	4
	Section 2.02	Execution, Authentication and Delivery	4
	 	 	 
	ARTICLE III	Covenants	5
	Section 3.01	Collection of Payments with Respect to the Mortgage Loans	5
	Section 3.02	Maintenance of Office or Agency	5
	Section 3.03	Money for Payments to Be Held in Trust; Paying Agent	5
	Section 3.04	Existence	6
	Section 3.05	Payment of Principal and Interest; Defaulted Interest	7
	Section 3.06	Protection of Trust Estate	9
	Section 3.07	Opinions as to Trust Estate	9
	Section 3.08	Performance of Obligations; Servicing Agreement	10
	Section 3.09	Negative Covenants	10
	Section 3.10	Annual Statement as to Compliance	11
	Section 3.11	Recording of Assignments	11
	Section 3.12	Representations and Warranties Concerning the Mortgage Loans	11
	Section 3.13	Amendments to Servicing Agreement	11
	Section 3.14	Master Servicer as Agent and Bailee of the Mortgage Loans Holder	11
	Section 3.15	Investment Company Act	12
	Section 3.16	Issuing Entity May Consolidate, Etc	12
	Section 3.17	Successor or Transferee	14
	Section 3.18	No Other Business	14
	Section 3.19	No Borrowing	14
	Section 3.20	Guarantees, Loans, Advances and Other Liabilities	14
	Section 3.21	Capital Expenditures	14
	Section 3.22	[Reserved]	14
	Section 3.23	Restricted Payments	14
	Section 3.24	Notice of Events of Default	15
	Section 3.25	Further Instruments and Acts	15
	Section 3.26	Statements to Noteholders	15
	Section 3.27	Determination of Note Interest Rate	15
	Section 3.28	Payments under the Credit Enhancement Instrument	15
	Section 3.29	Replacement Credit Enhancement Instrument	16
	 	 	 
	ARTICLE IV	The Notes; Satisfaction and Discharge of Indenture	17
	Section 4.01	The Notes	17

 

    	-i-

    	 

    

	Section 4.02	Registration of and Limitations on Transfer and Exchange of Notes; Appointment of Certificate Registrar	17
	Section 4.03	Mutilated, Destroyed, Lost or Stolen Notes	18
	Section 4.04	Persons Deemed Owners	19
	Section 4.05	Cancellation	19
	Section 4.06	Book-Entry Notes	19
	Section 4.07	Notices to Depository	20
	Section 4.08	Definitive Notes	20
	Section 4.09	Tax Treatment	21
	Section 4.10	Satisfaction and Discharge of Indenture	21
	Section 4.11	Application of Trust Money	22
	Section 4.12	Subrogation and Cooperation	22
	Section 4.13	Repayment of Monies Held by Paying Agent	23
	Section 4.14	Temporary Notes	23
	 	 	 
	ARTICLE V	Default and Remedies	24
	Section 5.01	Events of Default	24
	Section 5.02	Acceleration of Maturity; Rescission and Annulment	24
	Section 5.03	Collection of Indebtedness and Suits for Enforcement by Indenture Trustee	25
	Section 5.04	Remedies; Priorities	27
	Section 5.05	Optional Preservation of the Trust Estate	28
	Section 5.06	Limitation of Suits	28
	Section 5.07	Unconditional Rights of Noteholders to Receive
    Principal and Interest	29
	Section 5.08	Restoration of Rights and Remedies	29
	Section 5.09	Rights and Remedies Cumulative	29
	Section 5.10	Delay or Omission Not a Waiver	30
	Section 5.11	Control by Noteholders	30
	Section 5.12	Waiver of Past Defaults	30
	Section 5.13	Undertaking for Costs	31
	Section 5.14	Waiver of Stay or Extension Laws	31
	Section 5.15	Sale of Trust Estate	31
	Section 5.16	Action on Notes	33
	Section 5.17	Performance and Enforcement of Certain Obligations	33
	 	 	 
	ARTICLE VI	The Indenture Trustee	35
	Section 6.01	Duties of Indenture Trustee	35
	Section 6.02	Rights of Indenture Trustee	36
	Section 6.03	Individual Rights of Indenture Trustee	36
	Section 6.04	Indenture Trustee’s Disclaimer	36
	Section 6.05	Notice of Event of Default	36
	Section 6.06	Reports by Indenture Trustee to Holders	37
	Section 6.07	Compensation and Indemnity	37
	Section 6.08	Replacement of Indenture Trustee	37
	Section 6.09	Successor Indenture Trustee by Merger	38
	Section 6.10	Appointment of Co-Indenture Trustee or Separate Indenture Trustee	39
	Section 6.11	Eligibility; Disqualification	40
	Section 6.12	Preferential Collection of Claims Against Issuing Entity	40

 

    	-ii-

    	 

    

	Section 6.13	Representation and Warranty	40
	Section 6.14	Directions to Indenture Trustee	41
	Section 6.15	[Reserved]	41
	Section 6.16	Indenture Trustee May Own Securities	41
	 	 	 
	ARTICLE VII	Noteholders’ Lists and Reports	42
	Section 7.01	Issuing Entity to Furnish Indenture Trustee Names and Addresses of Noteholders	42
	Section 7.02	Preservation of Information; Communications to Noteholders	42
	Section 7.03	Reports by Issuing Entity	42
	Section 7.04	Reports by Indenture Trustee	43
	Section 7.05	Reports Filed with Securities and Exchange Commission	43
	 	 	 
	ARTICLE VIII	Accounts, Disbursements and Releases	46
	Section 8.01	Collection of Money	46
	Section 8.02	Trust Accounts	46
	Section 8.03	Officer’s Certificate	47
	Section 8.04	Termination upon Distribution to Noteholders	47
	Section 8.05	Release of Trust Estate	47
	Section 8.06	Surrender of Notes upon Final Payment	48
	 	 	 
	ARTICLE IX	Supplemental Indentures	49
	Section 9.01	Supplemental Indentures Without Consent of Noteholders	49
	Section 9.02	Supplemental Indentures with Consent of Noteholders	50
	Section 9.03	Execution of Supplemental Indentures	51
	Section 9.04	Effect of Supplemental Indenture	51
	Section 9.05	Conformity with Trust Indenture Act	52
	Section 9.06	Reference in Notes to Supplemental Indentures	52
	 	 	 
	ARTICLE X	Miscellaneous	53
	Section 10.01	Compliance Certificates and Opinions, Etc	53
	Section 10.02	Form of Documents Delivered to Indenture Trustee	54
	Section 10.03	Acts of Noteholders	55
	Section 10.04	Notices, Etc., to Indenture Trustee, Issuing Entity, Credit Enhancer and Rating Agencies	56
	Section 10.05	Notices to Noteholders; Waiver	56
	Section 10.06	Alternate Payment and Notice Provisions	57
	Section 10.07	Conflict with Trust Indenture Act	57
	Section 10.08	Effect of Headings	57
	Section 10.09	Successors and Assigns	57
	Section 10.10	Separability	58
	Section 10.11	Benefits of Indenture	58
	Section 10.12	Legal Holidays	58
	Section 10.13	GOVERNING LAW	58
	Section 10.14	Counterparts	58
	Section 10.15	Recording of Indenture	58
	Section 10.16	Issuing Entity Obligation	58
	Section 10.17	No Petition	59

 

    	-iii-

    	 

    

	Section 10.18	Inspection	59
	Section 10.19	Authority of the Administrator	59

 

    	-iv-

    	 

    

EXHIBITS

Exhibit A—Form of Notes

Appendix A—Definitions

 

    	-v-

    	 

    

This Indenture,
dated as of _______________, between Shellpoint Mortgage Acceptance LLC Trust Series 20__ -__, a Delaware statutory trust, as Issuing
Entity (the “Issuing Entity”), and ____________________________, a ____________________________, as Indenture Trustee
(the “Indenture Trustee”),

WITNESSETH
THAT:

Each party hereto
agrees as follows for the benefit of the other party and for the equal and ratable benefit of the Holders of the Issuing Entity’s
Series 20__-_ Mortgage-Backed Notes (the “Notes”).

GRANTING CLAUSE

The Issuing Entity
hereby Grants to the Indenture Trustee on the Closing Date, as trustee for the benefit of the Holders of the Notes, all of the
Issuing Entity’s right, title and interest in and to whether now existing or hereafter created by (a) the Mortgage Loans
and the proceeds thereof, (b) all funds on deposit in the Funding Account, including all income from the investment and reinvestment
of funds therein, (c) all funds on deposit from time to time in the Collection Account allocable to the Mortgage Loans excluding
any investment income from such funds; (d) all funds on deposit from time to time in the Payment Account and in all proceeds thereof;
(e) the Policy and (f) all present and future claims, demands, causes and chooses in action in respect of any or all of the foregoing
and all payments on or under, and all proceeds of every kind and nature whatsoever in respect of, any or all of the foregoing and
all payments on or under, and all proceeds of every kind and nature whatsoever in the conversion thereof, voluntary or involuntary,
into cash or other liquid property, all cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, checks, deposit
accounts, rights to payment of any and every kind, and other forms of obligations and receivables, instruments and other property
which at any time constitute all or part of or are included in the proceeds of any of the foregoing (collectively, the “Trust
Estate” or the “Collateral”).

The foregoing Grant
is made in trust to secure the payment of principal of and interest on, and any other amounts owing in respect of, the Notes, equally
and ratably without prejudice, priority or distinction, and to secure compliance with the provisions of this Indenture, all as
provided in this Indenture.

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

    	 

    	 

    

ARTICLE
I

Definitions

Section
1.01        Definitions.
For all purposes of this Indenture, except as otherwise expressly provided herein or unless the context otherwise requires, capitalized
terms not otherwise defined herein shall have the meanings assigned to such terms in the Definitions attached hereto as Appendix
A which is incorporated by reference herein. All other capitalized terms used herein shall have the meanings specified herein.

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

“Commission”
means the Securities and Exchange Commission.

“indenture
securities” means the Notes.

“indenture
security holder” means a Noteholder.

“indenture
to be qualified” means this Indenture.

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

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

All other TIA terms
used in this Indenture that are defined by the TIA, defined by TIA reference to another statute or defined by Commission rule have
the meaning assigned to them by such definitions.

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

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

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

(iii)            
 “or” is not exclusive;

(iv)            
 “including” means including without limitation;

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

(vi)            
any agreement, instrument or statute defined or referred to herein or in any instrument or certificate delivered in connection
herewith means such agreement, instrument or statute as from time to time amended, modified or supplemented and

    	-2-

    	 

    
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.

    	-3-

    	 

    

ARTICLE
II

Original Issuance of Notes

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

The Notes shall
be typewritten, printed, lithographed or engraved or produced by any combination of these methods (with or without steel engraved
borders), all as determined by the Authorized Officers executing such Notes, as evidenced by their execution of such Notes.

The terms of the
Notes set forth in Exhibit A are part of the terms of this Indenture.

Section
2.02        Execution,
Authentication and Delivery. The Notes shall be executed on behalf of the Issuing Entity by any of its Authorized Officers.
The signature of any such Authorized Officer on the Notes may be manual or facsimile.

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

The Indenture Trustee
shall upon Issuing Entity Request authenticate and deliver Notes for original issue in an aggregate initial principal amount of
$___________.

Each Note shall
be dated the date of its authentication. The Notes shall be issuable as registered Notes and the Notes shall be issuable in the
minimum initial Security Balances of $100,000 and in integral multiples of $1,000 in excess thereof.

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

    	-4-

    	 

    

ARTICLE
III

Covenants

Section
3.01        Collection
of Payments with Respect to the Mortgage Loans. The Indenture Trustee shall establish and maintain with itself a trust account
(the “Payment Account”) in which the Indenture Trustee shall, subject to the terms of this paragraph, deposit, on the
same day as it is received from the Master Servicer, each remittance received by the Indenture Trustee with respect to the Mortgage
Loans. The Indenture Trustee shall make all payments of principal of and interest on the Notes, subject to Section 3.03 as provided
in Section 3.05 herein from monies on deposit in the Payment Account.

Section
3.02        Maintenance
of Office or Agency. The Issuing Entity will maintain in the [Borough of Manhattan, The City of New York,] an office or agency
where, subject to satisfaction of conditions set forth herein, Notes may be surrendered for registration of transfer or exchange,
and where notices and demands to or upon the Issuing Entity in respect of the Notes and this Indenture may be served. The Issuing
Entity hereby initially appoints the Indenture Trustee to serve as its agent for the foregoing purposes. If at any time the Issuing
Entity shall fail to maintain any such office or agency or shall fail to furnish the Indenture Trustee with the address thereof,
such surrenders, notices and demands may be made or served at the Corporate Trust Office, and the Issuing Entity hereby appoints
the Indenture Trustee as its agent to receive all such surrenders, notices and demands.

Section
3.03        Money for
Payments to Be Held in Trust; Paying Agent. (a) As provided in Section 3.01, all payments of amounts due and payable with respect
to any Notes that are to be made from amounts withdrawn from the Payment Account pursuant to Section 3.01 shall be made on behalf
of the Issuing Entity by the Indenture Trustee or by the Paying Agent, and no amounts so withdrawn from the Payment Account for
payments of Notes shall be paid over to the Issuing Entity except as provided in this Section 3.03.

The Issuing Entity
will cause each Paying Agent other than the Indenture Trustee to execute and deliver to the Indenture Trustee an instrument in
which such Paying Agent shall agree with the Indenture Trustee (and if the Indenture Trustee acts as Paying Agent it hereby so
agrees), subject to the provisions of this Section 3.03, that such Paying Agent will:

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

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

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

    	-5-

    	 

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

(v)              
comply with all requirements of the Code with respect to the withholding from any payments made by it on any Notes of any
applicable withholding taxes imposed thereon and with respect to any applicable reporting requirements in connection therewith.

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

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

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

    	-6-

    	 

    
Section
3.05        Payment of
Principal and Interest; Defaulted Interest. (a) On each Payment Date from amounts on deposit in the Payment Account after making
(x) any deposit to the Funding Account pursuant to Section 8.02(b) and (y) any deposits to the Payment Account pursuant to Section
8.02(c)(ii) and Section 8.02(c)(i)(2), the Indenture Trustee shall pay to the Noteholders, the Certificate Paying Agent, on behalf
of the Certificateholders, and to other Persons the amounts to which they are entitled as set forth below:

(i)                
to the Noteholders the sum of (a) one month’s interest at the Note Interest Rate on the Security Balances of Notes
immediately prior to such Payment Date and (b) any previously accrued and unpaid interest for prior Payment Dates;

(ii)              
if such Payment Date is after the Funding Period, to the Noteholders, as principal on the Notes, the applicable Security
Percentage of the Principal Collection Distribution Amount and if such Payment Date is the first Payment Date following the end
of the Funding Period (if ending due to an Amortization Event) or the Payment Date on which the Funding Period ends, to the Noteholders
as principal on the Notes the applicable Security Percentage of the amount deposited from the Funding Account in respect of Security
Principal Collections;

(iii)            
to the Noteholders, as principal on the Notes, from the amount remaining on deposit in the Payment Account, up to the applicable
Security Percentage of Liquidation Loss Amounts for the related Collection Period;

(iv)            
to the Noteholders, as principal on the Notes, from the amount remaining on deposit in the Payment Account, up to the applicable
Security Percentage of Carryover Loss Amounts;

(v)              
to the Credit Enhancer, in the amount of the premium for the Credit Enhancement Instrument and for any Additional Credit
Enhancement Instrument;

(vi)            
to the Credit Enhancer, to reimburse it for prior draws made on the Credit Enhancement Instrument and on any Additional
Credit Enhancement Instrument (with interest thereon as provided in the Insurance Agreement);

(vii)          
to the Noteholders, as principal on the Notes based on the Security Balances from Security Interest Collections, up to the
Special Capital Distribution Amount for such Payment Date;

(viii)        
to the Credit Enhancer, any other amounts owed to the Credit Enhancer pursuant to the Insurance Agreement;

(ix)            
 [Reserved];

(x)              
to reimburse the Administrator for expenditures made on behalf of the Issuing Entity with respect to the performance of
its duties under the Indenture; and

(xi)            
any remaining amount, to the Certificate Paying Agent, on behalf of the Certificates.

    	-7-

    	 

    
provided, however, in the event that
on a Payment Date a Credit Enhancer Default shall have occurred and be continuing then the priorities of distributions described
above will be adjusted such that payments of the Certificate Distribution Amount and all other amounts to be paid to the Certificate
Paying Agent will not be paid until the full amount of interest and principal in accordance with clauses (i), (x) and (ii) through
(iv) above that are due on the Notes on such Payment Date have been paid and provided, further, that on the Final Scheduled Payment
Date or other final Payment Date, the amount to be paid pursuant to clause (ii) above shall be equal to the Security Balances of
the Securities immediately prior to such Payment Date.

On each Payment
Date, the Certificate Paying Agent shall deposit in the Certificate Distribution Account all amounts it received pursuant to this
Section 3.05 for the purpose of distributing such funds to the Certificateholders.

The amounts paid
to Noteholders shall be paid to each Class in accordance with the Class Percentage as set forth in paragraph (b) below. Interest
will accrue on the Notes during an Interest Period on the basis of the actual number of days in such Interest Period and a year
assumed to consist of 360 days.

[Any installment
of interest or principal, if any, payable on any Note or Certificate that is punctually paid or duly provided for by the Issuing
Entity on the applicable Payment Date shall, if such Holder holds Notes or Certificates of an aggregate initial Principal Balance
of at least $1,000,000, be paid to each Holder of record on the preceding Record Date, by wire transfer to an account specified
in writing by such Holder reasonably satisfactory to the Indenture Trustee as of the preceding Record Date or in all other cases
or if no such instructions have been delivered to the Indenture Trustee, by check to such Noteholder mailed to such Holder’s
address as it appears in the Note Register the amount required to be distributed to such Holder on such Payment Date pursuant to
such Holder’s Securities; provided, however, that the Indenture Trustee shall not pay to such Holders any amount required
to be withheld from a payment to such Holder by the Code.]

(b)              
The principal of each Note shall be due and payable in full on the Final Scheduled Payment Date for such Note as provided
in the form of Note set forth in Exhibit A. All principal payments on each Class of Notes shall be made to the Noteholders of such
Class entitled thereto in accordance with the Percentage Interests represented by such Notes. Upon notice to the Indenture Trustee
by the Issuing Entity, the Indenture Trustee shall notify the Person in whose name a Note is registered at the close of business
on the Record Date preceding the Final Scheduled Payment Date or other final Payment Date. Such notice shall be mailed no later
than five Business Days prior to such Final Scheduled Payment Date or other final Payment Date and shall specify that payment of
the principal amount and any interest due with respect to such Note at the Final Scheduled Payment Date or other final Payment
Date will be payable only upon presentation and surrender of such Note and shall specify the place where such Note may be presented
and surrendered for such final payment.

Section
3.06        Protection
of Trust Estate. (a) The Issuing Entity will from time to time execute and deliver all such supplements and amendments hereto
and all such financing statements, continuation statements, instruments of further assurance and other instruments, and will take
such other action necessary or advisable to:

    	-8-

    	 

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

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

(iii)            
cause the Issuing Entity to enforce any of the Mortgage Loans; or

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

(b)              
Except as otherwise provided in this Indenture, the Indenture Trustee shall not remove any portion of the Trust Estate that
consists of money or is evidenced by an instrument, certificate or other writing from the jurisdiction in which it was held at
the date of the most recent Opinion of Counsel delivered pursuant to Section 3.07 (or from the jurisdiction in which it was held
as described in the Opinion of Counsel delivered at the Closing Date pursuant to Section 3.07(a), if no Opinion of Counsel has
yet been delivered pursuant to Section 3.07(b) unless the Trustee shall have first received an Opinion of Counsel to the effect
that the lien and security interest created by this Indenture with respect to such property will continue to be maintained after
giving effect to such action or actions.

The Issuing Entity
hereby designates the Indenture Trustee its agent and attorney-in-fact to execute any financing statement, continuation statement
or other instrument required to be executed pursuant to this Section 3.06.

Section
3.07        Opinions
as to Trust Estate. (a) On the Closing Date, the Issuing Entity shall furnish to the Indenture Trustee and the Owner Trustee
an Opinion of Counsel either stating that, in the opinion of such counsel, such action has been taken with respect to the recording
and filing of this Indenture, any indentures supplemental hereto, and any other requisite documents, and with respect to the execution
and filing of any financing statements and continuation statements, as are necessary to perfect and make effective the lien and
security interest in the Mortgage Loans and reciting the details of such action, or stating that, in the opinion of such counsel,
no such action is necessary to make such lien and security interest effective.

(b)              
On or before ___________ in each calendar year, beginning in ____, the Issuing Entity shall furnish to the Indenture Trustee
an Opinion of Counsel at the expense of the Issuing Entity either stating that, in the opinion of such counsel, such action has
been taken with respect to the recording, filing, re-recording and refiling of this Indenture, any indentures supplemental hereto
and any other requisite documents and with respect to the execution and filing of any financing statements and continuation statements
as is necessary to maintain the lien and security interest in the Mortgage Loans and reciting the details of such action or stating
that in the opinion of such counsel no such action is necessary to maintain such lien and security interest. Such Opinion of Counsel
shall also describe the recording, filing, re-recording and refiling of this Indenture, any indentures supplemental hereto and
any other requisite documents and the execution and filing of any financing statements and continuation statements that will, in
the

    	-9-

    	 

    
opinion
of such counsel, be required to maintain the lien and security interest in the Mortgage Loans until December 31 in the following
calendar year.

Section
3.08        Performance
of Obligations; Servicing Agreement. (a) The Issuing Entity will punctually perform and observe all of its obligations and
agreements contained in this Indenture, the Basic Documents and in the instruments and agreements included in the Trust Estate.

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

(c)               
The Issuing Entity will not take any action or permit any action to be taken by others which would release any Person from
any of such Person’s covenants or obligations under any of the documents relating to the Mortgage Loans or under any instrument
included in the Trust Estate, or which would result in the amendment, hypothecation, subordination, termination or discharge of,
or impair the validity or effectiveness of, any of the documents relating to the Mortgage Loans or any such instrument, except
such actions as the Master Servicer is expressly permitted to take in the Servicing Agreement. The Indenture Trustee, as pledgee
of the Mortgage Loans, shall be able to exercise the rights Issuing Entity and the Mortgage Loans holder, to direct the actions
of the Master Servicer.

(d)              
The Issuing Entity shall at all times retain an Administrator (approved by the Credit Enhancer under the Administration
Agreement) and may enter into contracts with other Persons for the performance of the Issuing Entity’s obligations hereunder,
and performance of such obligations by such Persons shall be deemed to be performance of such obligations by the Issuing Entity.

Section
3.09        Negative
Covenants. So long as any Notes are Outstanding, the Issuing Entity shall not:

(i)                
except as expressly permitted by this Indenture, sell, transfer, exchange or otherwise dispose of the Trust Estate, unless
directed to do so by the Indenture Trustee;

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

(iii)            
 (A) permit the validity or effectiveness of this Indenture to be impaired, or permit the lien of this Indenture to be amended,
hypothecated, subordinated, terminated or discharged, or permit any Person to be released from any covenants or obligations with
respect to the Notes under this Indenture except as may be expressly permitted hereby, (B) permit any lien, charge, excise, claim,
security interest, mortgage or other encumbrance (other than the lien of this Indenture) to be created on or extend to

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or other
wise arise upon or burden the Trust Estate or any part thereof or any interest therein or the proceeds thereof or (C) permit the
lien of this Indenture not to constitute a valid first priority security interest in the Trust Estate; or

(iv)            
waive or impair, or fail to assert rights under, the Mortgage Loans, or impair or cause to be impaired the Company’s
or the Issuing Entity’s interest in the Mortgage Loans, the Mortgage Loan Purchase Agreement or in any Basic Document, if
any such action would materially and adversely affect the interests of the Noteholders.

Section
3.10        Annual Statement
as to Compliance. The Issuing Entity will deliver to the Indenture Trustee, within 120 days after the end of each fiscal year
of the Issuing Entity (commencing with the fiscal year ____), an Officer’s Certificate stating, as to the Authorized Officer
signing such Officer’s Certificate, that:

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

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

Section
3.11        Recording
of Assignments. The Company shall cause the to exercise its right under the Mortgage Loan Purchase Agreement with respect to
the obligation of the Seller to submit or cause to be submitted for recording all Assignments of Mortgages on or prior to ______________
with respect to the Initial Loans and within 60 days following the related Deposit Date with respect to any Additional Loans.

Section
3.12        Representations
and Warranties Concerning the Mortgage Loans. The Indenture Trustee, as pledgee of the Mortgage Loans, has the benefit of the
representations and warranties made by the Seller in Section [____] and Section [____] of the Mortgage Loan Purchase Agreement
concerning the Mortgage Loans and the right to enforce the remedies against the Seller provided in such Section [____] or Section
[____] to the same extent as though such representations and warranties were made directly to the Indenture Trustee.

Section
3.13        Amendments
to Servicing Agreement. The Issuing Entity covenants with the Indenture Trustee that it will not enter into any amendment or
supplement to the Servicing Agreement in accordance with Section 8.01 of the Servicing Agreement without the prior written consent
of the Indenture Trustee. The Indenture Trustee, as pledgee of the Mortgage Loans, may, in its discretion, decline to enter into
or consent to any such supplement or amendment if its own rights, duties or immunities shall be adversely affected.

Section
3.14        Master Servicer
as Agent and Bailee of the Mortgage Loans Holder. Solely for purposes of perfection under Section 9-305 of the Uniform Commercial
Code or other similar applicable law, rule or regulation of the state in which such property is held by the Master Servicer, the
Indenture Trustee hereby acknowledges that the Master Servicer is acting as agent

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and
bailee of the Mortgage Loans holder in holding amounts on deposit in the Collection Account pursuant to Section 3.02 of the Servicing
Agreement, as well as its agent and bailee in holding any Related Documents released to the Master Servicer pursuant to Section
3.06(c) of the Servicing Agreement, and any other items constituting a part of the Trust Estate which from time to time come into
the possession of the Master Servicer. It is intended that, by the Master Servicer’s acceptance of such agency pursuant
to Section 3.02 of the Servicing Agreement, the Indenture Trustee, as a secured party of the Mortgage Loans, will be deemed to
have possession of such Related Documents, such monies and such other items for purposes of Section 9-305 of the Uniform Commercial
Code of the state in which such property is held by the Master Servicer.

Section
3.15        Investment
Company Act. The Issuing Entity shall not become an “investment company” or under the “control” of
an “investment company” as such terms are defined in the Investment Company Act of 1940, as amended (or any successor
or amendatory statute), and the rules and regulations thereunder (taking into account not only the general definition of the term
“investment company” but also any available exceptions to such general definition); provided, however, that the Issuing
Entity shall be in compliance with this Section 3.15 if it shall have obtained an order exempting it from regulation as an “investment
company” so long as it is in compliance with the conditions imposed in such order.

Section
3.16        Issuing Entity
May Consolidate, Etc. (a) The Issuing Entity shall not consolidate or merge with or into any other Person, unless:

(i)                
the Person (if other than the Issuing Entity) formed by or surviving such consolidation or merger shall be a Person organized
and existing under the laws of the United States of America or any state or the District of Columbia and shall expressly assume,
by an indenture supplemental hereto, executed and delivered to the Indenture Trustee, in form reasonably satisfactory to the Indenture
Trustee, the due and punctual payment of the principal of and interest on all Notes and to the Certificate Paying Agent, on behalf
of the Certificateholders and the performance or observance of every agreement and covenant of this Indenture on the part of the
Issuing Entity to be performed or observed, all as provided herein;

(ii)              
immediately after giving effect to such transaction, no Event of Default shall have occurred and be continuing;

(iii)            
the Rating Agencies shall have notified the Issuing Entity that such transaction shall not cause the rating of the Notes
[or the Certificates] to be reduced, suspended or withdrawn or to be considered by either Rating Agency to be below investment
grade without taking into account the Credit Enhancement Instrument;

(iv)            
the Issuing Entity shall have received an Opinion of Counsel (and shall have delivered copies thereof to the Indenture Trustee)
to the effect that such transaction will not have any material adverse tax consequence to the Issuing Entity, any Noteholder or
any Certificateholder;

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(v)              
any action that is necessary to maintain the lien and security interest created by this Indenture shall have been taken;
and

(vi)            
the Issuing Entity shall have delivered to the Indenture Trustee an Officer’s Certificate and an Opinion of Counsel
each stating that such consolidation or merger and such supplemental indenture comply with this Article III and that all conditions
precedent herein provided for relating to such transaction have been complied with (including any filing required by the Exchange
Act).

(b)              
The Issuing Entity shall not convey or transfer any of its properties or assets, including those included in the Trust Estate,
to any Person, unless:

(i)                
the Person that acquires by conveyance or transfer the properties and assets of the Issuing Entity the conveyance or transfer
of which is hereby restricted shall (A) be a United States citizen or a Person organized and existing under the laws of the United
States of America or any state, (B) expressly assumes, by an indenture supplemental hereto, executed and delivered to the Indenture
Trustee, in form satisfactory to the Indenture Trustee, the due and punctual payment of the principal of and interest on all Notes
and the performance or observance of every agreement and covenant of this Indenture on the part of the Issuing Entity to be performed
or observed, all as provided herein, (C) expressly agrees by means of such supplemental indenture that all right, title and interest
so conveyed or transferred shall be subject and subordinate to the rights of Holders of the Notes, (D) unless otherwise provided
in such supplemental indenture, expressly agrees to indemnify, defend and hold harmless the Issuing Entity against and from any
loss, liability or expense arising under or related to this Indenture and the Notes and (E) expressly agrees by means of such supplemental
indenture that such Person (or if a group of Persons, then one specified Person) shall make all filings with the Commission (and
any other appropriate Person) required by the Exchange Act in connection with the Notes;

(ii)              
immediately after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing;

(iii)            
the Rating Agencies shall have notified the Issuing Entity that such transaction shall not cause the rating of the Notes
or the Certificates to be reduced, suspended or withdrawn;

(iv)            
the Issuing Entity shall have received an Opinion of Counsel (and shall have delivered copies thereof to the Indenture Trustee)
to the effect that such transaction will not have any material adverse tax consequence to the Issuing Entity or any Noteholder;

(v)              
any action that is necessary to maintain the lien and security interest created by this Indenture shall have been taken;
and

(vi)            
the Issuing Entity shall have delivered to the Indenture Trustee an Officer’s Certificate and an Opinion of Counsel
each stating that such conveyance or transfer and such supplemental indenture comply with this Article III and that all

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conditions
precedent herein provided for relating to such transaction have been complied with (including any filing required by the Exchange
Act).

Section
3.17        Successor
or Transferee. (a) Upon any consolidation or merger of the Issuing Entity in accordance with Section 3.16(a), the Person formed
by or surviving such consolidation or merger (if other than the Issuing Entity) shall succeed to, and be substituted for, and may
exercise every right and power of, the Issuing Entity under this Indenture with the same effect as if such Person had been named
as the Issuing Entity herein.

(b)              
Upon a conveyance or transfer of all the assets and properties of the Issuing Entity pursuant to Section 3.16(b), the Issuing
Entity will be released from every covenant and agreement of this Indenture to be observed or performed on the part of the Issuing
Entity with respect to the Notes immediately upon the delivery of written notice to the Indenture Trustee of such conveyance or
transfer.

Section
3.18        No Other
Business. The Issuing Entity shall not engage in any business other than financing, purchasing, owning and selling and managing
the Mortgage Loans and the issuance of the Notes and Certificates in the manner contemplated by this Indenture and the Basic Documents
and all activities incidental thereto.

Section
3.19        No Borrowing.
The Issuing Entity shall not issue, incur, assume, guarantee or otherwise become liable, directly or indirectly, for any indebtedness
except for the Notes.

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

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

Section
3.22         [Reserved]

Section
3.23        Restricted
Payments. The Issuing Entity shall not, directly or indirectly, (i) pay any dividend or make any distribution (by reduction
of capital or otherwise), whether in cash, property, securities or a combination thereof, to the Owner Trustee or any owner of
a beneficial interest in the Issuing Entity or otherwise with respect to any ownership or equity interest or security in or of
the Issuing Entity, (ii) redeem, purchase, retire or otherwise acquire for value any such ownership or equity interest or security
or (iii) set aside or otherwise segregate any amounts for any such purpose; provided, however, that the Issuing Entity may make,
or cause to be made, (x) distributions to the Owner Trustee and the Certificateholders as contemplated by, and to the extent funds
are available for such purpose under the Trust Agreement, (y) payments to the Master Servicer pursuant to the terms of the Servicing

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Agreement
and (z) payments to the Indenture Trustee pursuant to Section 1(a)(ii) of the Administration Agreement. The Issuing Entity will
not, directly or indirectly, make payments to or distributions from the Collection Account except in accordance with this Indenture
and the Basic Documents.

Section
3.24        Notice of
Events of Default. The Issuing Entity shall give the Indenture Trustee the Credit Enhancer and the Rating Agencies prompt written
notice of each Event of Default hereunder and under the Trust Agreement.

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

Section
3.26        Statements
to Noteholders. The Indenture Trustee and the Certificate Registrar shall forward by mail to each Noteholder and Certificateholder,
respectively, the Statement delivered to it pursuant to Section 4.01 of the Servicing Agreement.

Section
3.27        Determination
of Note Interest Rate. On the second LIBOR Business Day immediately preceding (i) the Closing Date in the case of the first
Interest Period and (ii) the first day of each succeeding Interest Period, the Indenture Trustee shall determine LIBOR and the
Note Interest Rate for such Interest Period and shall inform the Issuing Entity, the Master Servicer and the Depositor at their
respective facsimile numbers given to the Indenture Trustee in writing thereof.

Section
3.28        Payments
under the Credit Enhancement Instrument. (a) On any Payment Date, other than a Dissolution Payment Date, the Indenture Trustee
on behalf of the Noteholders, and in its capacity as Certificate Paying Agent on behalf of the Certificateholders shall make a
draw on the Credit Enhancement Instrument in an amount if any equal to the sum of (x) the amount by which the interest accrued
at the Note Interest Rate on the Security Balance of the Notes exceeds the amount on deposit in the Payment Account available to
be distributed therefor on such Payment Date and (y) the Guaranteed Principal Payment Amount (the “Credit Enhancement Draw
Amount”).

(b)              
The Indenture Trustee shall submit, if a Credit Enhancement Draw Amount is specified in any Statement to Holders prepared
by the Master Servicer pursuant to Section 4.01 of the Servicing Agreement, the Notice for Payment (as defined in the Credit Enhancement
Instrument) in the amount of the Credit Enhancement Draw Amount to the Credit Enhancer no later than 2:00 P.M., New York City time,
on the second Business Day prior to the applicable Payment Date. Upon receipt of such Credit Enhancement Draw Amount in accordance
with the terms of the Credit Enhancement Instrument, the Indenture Trustee shall deposit such Credit Enhancement Draw Amount in
the Payment Account for distribution to Holders (and the Certificate Paying Agent on behalf of the Certificates) pursuant to Section
3.05.

In addition, a draw
may be made under the Credit Enhancement Instrument in respect of any Avoided Payment (as defined in and pursuant to the terms
and conditions of the Credit Enhancement Instrument) and the Indenture Trustee shall submit a Notice for Payment with respect thereto
together with the other documents required to be delivered to the Credit Enhancer

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pursuant
to the Credit Enhancement Instrument in connection with a draw in respect of any Avoided Payment.

(c)               
In the event that any Additional Credit Enhancement Instruments are issued pursuant to Section 4.01 and Section 2.02(B)
of the Insurance Agreement, the Indenture Trustee shall be authorized to make draws thereon subject to the terms and conditions
therein.

Section
3.29        Replacement
Credit Enhancement Instrument. In the event of a Credit Enhancer Default or if the claims paying ability rating of the Credit
Enhancer is downgraded and such downgrade results in a downgrading of the then current rating of the Securities (in each case,
a “Replacement Event”), the Issuing Entity, at its expense, in accordance with and upon satisfaction of the conditions
set forth in the Credit Enhancement Instrument, including, without limitation, payment in full of all amounts owed to the Credit
Enhancer, may, but shall not be required to, substitute a new surety bond or surety bonds for the existing Credit Enhancement Instrument
or may arrange for any other form of credit enhancement; provided, however, that in each case the Notes shall be rated no lower
than the rating assigned by each Rating Agency to the Notes immediately prior to such Replacement Event and the timing and mechanism
for drawing on such new credit enhancement shall be reasonably acceptable to the Indenture Trustee and provided further that the
premiums under the proposed credit enhancement shall not exceed such premiums under the existing Credit Enhancement Instrument.
It shall be a condition to substitution of any new credit enhancement that there be delivered to the Indenture Trustee (i) an Opinion
of Counsel, acceptable in form to the Indenture Trustee, from counsel to the provider of such new credit enhancement with respect
to the enforceability thereof and such other matters as the Indenture Trustee may require and (ii) an Opinion of Counsel to the
effect that such substitution would not (a) adversely affect in any material respect the tax status of the Notes or (b) cause the
Issuing Entity to be subject to a tax at the entity level. Upon receipt of the items referred to above and payment of all amounts
owing to the Credit Enhancer and the taking of physical possession of the new credit enhancement, the Indenture Trustee shall,
within five Business Days following receipt of such items and such taking of physical possession, deliver the replaced Credit Enhancement
Instrument to the Credit Enhancer. In the event of any such replacement the Issuing Entity shall give written notice thereof to
the Rating Agencies.

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ARTICLE
IV

The Notes; Satisfaction and Discharge of Indenture

Section
4.01        The Notes.
The Notes shall be registered in the name of a nominee designated by the Depository. Beneficial Owners will hold interests in the
Notes through the book-entry facilities of the Depository in minimum initial Principal Balances of $1,000 and integral multiples
of $1,000 in excess thereof.

The Indenture Trustee
may for all purposes (including the making of payments due on the Notes) deal with the Depository as the authorized representative
of the Beneficial Owners with respect to the Notes for the purposes of exercising the rights of Holders of Notes hereunder. Except
as provided in the next succeeding paragraph of this Section 4.01, the rights of Beneficial Owners with respect to the Notes shall
be limited to those established by law and agreements between such Beneficial Owners and the Depository and Depository Participants.
Except as provided in Section 4.08, Beneficial Owners shall not be entitled to definitive certificates for the Notes as to which
they are the Beneficial Owners. Requests and directions from, and votes of, the Depository as Holder of the Notes shall not be
deemed inconsistent if they are made with respect to different Beneficial Owners. The Indenture Trustee may establish a reasonable
record date in connection with solicitations of consents from or voting by Noteholders and give notice to the Depository of such
record date. Without the consent of the Issuing Entity and the Indenture Trustee, no Note may be transferred by the Depository
except to a successor Depository that agrees to hold such Note for the account of the Beneficial Owners.

In the event the
Depository Trust Company resigns or is removed as Depository, the Indenture Trustee with the approval of the Issuing Entity may
appoint a successor Depository. If no successor Depository has been appointed within 30 days of the effective date of the Depository’s
resignation or removal, each Beneficial Owner shall be entitled to certificates representing the Notes it beneficially owns in
the manner prescribed in Section 4.08.

The Notes shall,
on original issue, be executed on behalf of the Issuing Entity by the Owner Trustee, not in its individual capacity but solely
as Owner Trustee, authenticated by the Note Registrar and delivered by the Indenture Trustee to or upon the order of the Issuing
Entity.

Section
4.02        Registration
of and Limitations on Transfer and Exchange of Notes; Appointment of Certificate Registrar. The Issuing Entity shall cause
to be kept at its Corporate Trust Office a Note Register in which, subject to such reasonable regulations as it may prescribe,
the Note Registrar shall provide for the registration of Notes and of transfers and exchanges of Notes as herein provided.

Subject to the restrictions
and limitations set forth below, upon surrender for registration of transfer of any Note at the Corporate Trust Office, the Indenture
Trustee shall execute and the Note Registrar shall authenticate and deliver, in the name of the designated transferee or transferees,
one or more new Notes in authorized initial Security Balances evidencing the same aggregate Percentage Interests.

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Subject to the foregoing,
at the option of the Noteholders, Notes may be exchanged for other Notes of like tenor or, in each case in authorized initial Principal
Balances evidencing the same aggregate Percentage Interests upon surrender of the Notes to be exchanged at the Corporate Trust
Office of the Note Registrar. Whenever any Notes are so surrendered for exchange, the Indenture Trustee shall execute and the Note
Registrar shall authenticate and deliver the Notes which the Noteholder making the exchange is entitled to receive. Each Note presented
or surrendered for registration of transfer or exchange shall (if so required by the Note Registrar) be duly endorsed by, or be
accompanied by a written instrument of transfer in form reasonably satisfactory to the Note Registrar duly executed by, the Holder
thereof or his attorney duly authorized in writing with such signature guaranteed by a commercial bank or trust company located
or having a correspondent located in the city of New York. Notes delivered upon any such transfer or exchange will evidence the
same obligations, and will be entitled to the same rights and privileges, as the Notes surrendered.

No service charge
shall be made for any registration of transfer or exchange of Notes, but the Note Registrar shall require payment of a sum sufficient
to cover any tax or governmental charge that may be imposed in connection with any registration of transfer or exchange of Notes.

All Notes surrendered
for registration of transfer and exchange shall be cancelled by the Note Registrar and delivered to the Indenture Trustee for subsequent
destruction without liability on the part of either.

The Issuing Entity
hereby appoints __________________________________ as Certificate Registrar to keep at its Corporate Trust Office a Certificate
Register pursuant to Section 3.09 of the Trust Agreement 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 thereof pursuant to
Section 3.05 of the Trust Agreement. __________________________________ hereby accepts such appointment.

Section
4.03        Mutilated,
Destroyed, Lost or Stolen Notes. If (i) any mutilated Note is surrendered to the Indenture Trustee, or the Indenture Trustee
receives evidence to its satisfaction of the destruction, loss or theft of any Note, and (ii) there is delivered to the Indenture
Trustee such security or indemnity as may be required by it to hold the Issuing Entity and the Indenture Trustee harmless, then,
in the absence of notice to the Issuing Entity, the Note Registrar or the Indenture Trustee that such Note has been acquired by
a bona fide purchaser, and provided that the requirements of Section 8-405 of the UCC are met, the Issuing Entity shall execute,
and upon its request the Indenture Trustee shall authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed,
lost or stolen Note, a replacement Note of the same Class; provided, however, that if any such destroyed, lost or stolen Note,
but not a mutilated Note, shall have become or within seven days shall be due and payable, instead of issuing a replacement Note,
the Issuing Entity may pay such destroyed, lost or stolen Note when so due or payable without surrender thereof. If, after the
delivery of such replacement Note or payment of a destroyed, lost or stolen Note pursuant to the proviso to the preceding sentence,
a bona fide purchaser of the original Note in lieu of which such replacement Note was issued presents for payment such original
Note, the Issuing Entity and the Indenture Trustee shall be entitled to recover such replacement Note (or such payment) from the
Person to whom it was delivered or any Person taking such replacement Note from such Person to whom such

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replacement
Note was delivered or any assignee of such Person, except a bona fide purchaser, and shall be entitled to recover upon the security
or indemnity provided therefor to the extent of any loss, damage, cost or expense incurred by the Issuing Entity or the Indenture
Trustee in connection therewith.

Upon the issuance
of any replacement Note under this Section 4.03, the Issuing Entity may require the payment by the Holder of such Note of a sum
sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other reasonable expenses
(including the fees and expenses of the Indenture Trustee) connected therewith.

Every replacement
Note issued pursuant to this Section 4.03 in replacement of any mutilated, destroyed, lost or stolen Note shall constitute an original
additional contractual obligation of the Issuing Entity, whether or not the mutilated, destroyed, lost or stolen Note shall be
at any time enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with
any and all other Notes duly issued hereunder.

The provisions of
this Section 4.03 are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement
or payment of mutilated, destroyed, lost or stolen Notes.

Section
4.04        Persons Deemed
Owners. Prior to due presentment for registration of transfer of any Note, the Issuing Entity, the Indenture Trustee and any
agent of the Issuing Entity or the Indenture Trustee may treat the Person in whose name any Note is registered (as of the day of
determination) as the owner of such Note for the purpose of receiving payments of principal of and interest, if any, on such Note
and for all other purposes whatsoever, whether or not such Note be overdue, and neither the Issuing Entity, the Indenture Trustee
nor any agent of the Issuing Entity or the Indenture Trustee shall be affected by notice to the contrary.

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

Section
4.06        Book-Entry
Notes. The Notes, upon original issuance, will be issued in the form of typewritten Notes representing the Book-Entry Notes,
to be delivered to The Depository Trust Company, the initial Depository, by, or on behalf of, the Issuing Entity. Such Notes shall
initially be registered on the Note Register in the name of Cede & Co., the nominee of the initial Depository, and no Beneficial
Owner will receive a Definitive Note representing such Beneficial Owner’s interest in such Note, except as provided in Section
4.08. Unless and until definitive,

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fully
registered Notes (the “Definitive Notes”) have been issued to Beneficial Owners pursuant to Section 4.08:

(i)                
the provisions of this Section 4.06 shall be in full force and effect;

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

(iii)            
to the extent that the provisions of this Section 4.06 conflict with any other provisions of this Indenture, the provisions
of this Section 4.06 shall control;

(iv)            
the rights of Beneficial Owners shall be exercised only through the Depository and shall be limited to those established
by law and agreements between such Owners of Notes and the Depository and/or the Depository Participants. Unless and until Definitive
Notes are issued pursuant to Section 4.08, the initial Depository will make book-entry transfers among the Depository Participants
and receive and transmit payments of principal of and interest on the Notes to such Depository Participants; and

(v)              
whenever this Indenture requires or permits actions to be taken based upon instructions or directions of Holders of Notes
evidencing a specified percentage of the Security Balances of the Notes, the Depository shall be deemed to represent such percentage
only to the extent that it has received instructions to such effect from Beneficial Owners and/or Depository Participants owning
or representing, respectively, such required percentage of the beneficial interest in the Notes and has delivered such instructions
to the Indenture Trustee.

Section
4.07        Notices to
Depository. Whenever a notice or other communication to the Note Holders is required under this Indenture, unless and until
Definitive Notes shall have been issued to Beneficial Owners pursuant to Section 4.08, the Indenture Trustee shall give all such
notices and communications specified herein to be given to Holders of the Notes to the Depository, and shall have no obligation
to the Beneficial Owners.

Section
4.08        Definitive
Notes. If (i) the Administrator advises the Indenture Trustee in writing that the Depository is no longer willing or able to
properly discharge its responsibilities with respect to the Notes and the Administrator is unable to locate a qualified successor,
(ii) the Administrator at its option advises the Indenture Trustee in writing that it elects to terminate the book-entry system
through the Depository or (iii) after the occurrence of an Event of Default, Owners of Notes representing beneficial interests
aggregating at least a majority of the Security Balances of the Notes advise the Depository in writing that the continuation of
a book-entry system through the Depository is no longer in the best interests of the Beneficial Owners, then the Depository shall
notify all Beneficial Owners and the Indenture Trustee of the occurrence of any such event and of the availability of Definitive
Notes to Beneficial Owners requesting the same. Upon surrender to the Indenture Trustee of the typewritten Notes representing the
Book-Entry Notes by the Depository, accompanied by registration instructions, the Issuing Entity shall execute and the Indenture
Trustee shall authenticate the Definitive Notes in accordance with the

    	-20-

    	 

    
instructions
of the Depository. None of the Issuing Entity, the Note Registrar or the Indenture Trustee shall be liable for any delay in delivery
of such instructions and may conclusively rely on, and shall be protected in relying on, such instructions. Upon the issuance
of Definitive Notes, the Indenture Trustee shall recognize the Holders of the Definitive Notes as Noteholders.

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

Section
4.10        Satisfaction
and Discharge of Indenture. This Indenture shall cease to be of further effect with respect to the Notes except as to (i) rights
of registration of transfer and exchange, (ii) substitution of mutilated, destroyed, lost or stolen Notes, (iii) rights of Noteholders
to receive payments of principal thereof and interest thereon, (iv) Sections 3.03, 3.04, 3.06, 3.09, 3.16, 3.18 and 3.19, (v) the
rights, obligations and immunities of the Indenture Trustee hereunder (including the rights of the Indenture Trustee under Section
6.07 and the obligations of the Indenture Trustee under Section 4.11) and (vi) the rights of Noteholders as beneficiaries hereof
with respect to the property so deposited with the Indenture Trustee payable to all or any of them, and the Indenture Trustee,
on demand of and at the expense of the Issuing Entity, shall execute proper instruments acknowledging satisfaction and discharge
of this Indenture with respect to the Notes, when

(A)            
either

(1)              
all Notes theretofore authenticated and delivered (other than (i) Notes that have been destroyed, lost or stolen and that
have been replaced or paid as provided in Section 4.03 and (ii) Notes for whose payment money has theretofore been deposited in
trust or segregated and held in trust by the Issuing Entity and thereafter repaid to the Issuing Entity or discharged from such
trust, as provided in Section 3.03) have been delivered to the Indenture Trustee for cancellation; or

(2)              
all Notes not theretofore delivered to the Indenture Trustee for cancellation

a.                  
have become due and payable,

b.                 
will become due and payable at the Final Scheduled Payment Date within one year, or

c.                  
have been called for early redemption pursuant to Section 5.02.

and the Issuing Entity, in the case
of a. or b. above, has irrevocably deposited or caused to be irrevocably deposited with the Indenture Trustee cash or direct obligations
of or obligations

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guaranteed
by the United States of America (which will mature prior to the date such amounts are payable), in trust for such purpose, in
an amount sufficient to pay and discharge the entire indebtedness on such Notes and Certificates then outstanding not theretofore
delivered to the Indenture Trustee for cancellation when due on the Final Scheduled Payment Date;

(B)             
the Issuing Entity has paid or caused to be paid all other sums payable hereunder and under the Insurance Agreement by the
Issuing Entity; and

(C)             
the Issuing Entity has delivered to the Indenture Trustee and the Credit Enhancer an Officer’s Certificate, an Opinion
of Counsel and each meeting the applicable requirements of Section 10.01 each stating that all conditions precedent herein provided
for relating to the satisfaction and discharge of this Indenture have been complied with and, if the Opinion of Counsel relates
to a deposit made in connection with Section 4.10(A)(2)b. above, such opinion shall further be to the effect that such deposit
will not have any material adverse tax consequences to the Issuing Entity, any Noteholders or any Certificateholders.

Section
4.11        Application
of Trust Money. All monies deposited with the Indenture Trustee pursuant to Section 4.10 hereof shall be held in trust and
applied by it, in accordance with the provisions of the Notes and this Indenture, to the payment, either directly or through any
Paying Agent or Certificate Paying Agent, as the Indenture Trustee may determine, to the Holders of Securities, of all sums due
and to become due thereon for principal and interest; but such monies need not be segregated from other funds except to the extent
required herein or required by law.

Section
4.12        Subrogation
and Cooperation. (a) The Issuing Entity and the Indenture Trustee acknowledge that (i) to the extent the Credit Enhancer makes
payments under the Credit Enhancement Instrument on account of principal of or interest on the Notes, the Credit Enhancer will
be fully subrogated to the rights of such Holders to receive such principal and interest from the Issuing Entity, and (ii) the
Credit Enhancer shall be paid such principal and interest but only from the sources and in the manner provided herein and in the
Insurance Agreement for the payment of such principal and interest.

The Indenture Trustee
shall cooperate in all respects with any reasonable request by the Credit Enhancer for action to preserve or enforce the Credit
Enhancer’s rights or interest under this Indenture or the Insurance Agreement without limiting the rights of the Noteholders
as otherwise set forth in the Indenture, including, without limitation, upon the occurrence and continuance of a default under
the Insurance Agreement, a request to take any one or more of the following actions:

(i)                
institute Proceedings for the collection of all amounts then payable on the Notes, or under this Indenture in respect to
the Notes and all amounts payable under the Insurance Agreement enforce any judgment obtained and collect from the Issuing Entity
monies adjudged due;

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(ii)              
sell the Trust Estate or any portion thereof or rights or interest therein, at one or more public or private Sales called
and conducted in any manner permitted by law;

(iii)            
file or record all Assignments that have not previously been recorded;

(iv)            
institute Proceedings from time to time for the complete or partial foreclosure of this Indenture; and

(v)              
exercise any remedies of a secured party under the Uniform Commercial Code and take any other appropriate action to protect
and enforce the rights and remedies of the Credit Enhancer hereunder.

Section
4.13        Repayment
of Monies Held by Paying Agent. In connection with the satisfaction and discharge of this Indenture with respect to the Notes,
all monies then held by any Administrator other than the Indenture Trustee under the provisions of this Indenture with respect
to such Notes shall, upon demand of the Issuing Entity, be paid to the Indenture Trustee to be held and applied according to Section
3.05 and thereupon such Paying Agent shall be released from all further liability with respect to such monies.

Section
4.14        Temporary
Notes. Pending the preparation of any Definitive Notes, the Issuing Entity may execute and upon its written direction, the
Indenture Trustee may authenticate and make available for delivery, temporary Notes that are printed, lithographed, typewritten,
photocopied or otherwise produced, in any denomination, substantially of the tenor of the Definitive Notes in lieu of which they
are issued and with such appropriate insertions, omissions, substitutions and other variations as the officers executing such Notes
may determine, as evidenced by their execution of such Notes.

If temporary Notes
are issued, the Issuing Entity will cause Definitive Notes to be prepared without unreasonable delay. After the preparation of
the Definitive Notes, the temporary Notes shall be exchangeable for Definitive Notes upon surrender of the temporary Notes at the
office or agency of the Indenture Trustee, without charge to the Holder. Upon surrender for cancellation of any one or more temporary
Notes, the Issuing Entity shall execute and the Indenture Trustee shall authenticate and make available for delivery, in exchange
therefor, Definitive Notes of authorized denominations and of like tenor and aggregate principal amount. Until so exchanged, such
temporary Notes shall in all respects be entitled to the same benefits under this Indenture as Definitive Notes.

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ARTICLE
V

Default and Remedies

Section
5.01        Events of
Default. “Event of Default,” wherever used herein, shall have the meaning provided in Article I; provided, however,
that no Event of Default will occur under clause (i) or clause (ii) of the definition of “Event of Default” if the
Issuing Entity fails to make payments of principal of and interest on the Notes so long as the Credit Enhancer makes payments sufficient
therefore under the Credit Enhancement Instrument.

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

Section
5.02        Acceleration
of Maturity; Rescission and Annulment. If an Event of Default should occur and be continuing or if the Master Servicer shall
purchase all of the Mortgage Loans pursuant to Section 8.08 of the Servicing Agreement, then and in every such case the Indenture
Trustee or the Holders of Notes representing not less than a majority of the Security Balances of all Notes may declare the Notes
to be immediately due and payable, by a notice in writing to the Issuing Entity (and to the Indenture Trustee if given by Noteholders),
and upon any such declaration the unpaid principal amount of such Class of Notes, together with accrued and unpaid interest thereon
through the date of acceleration, shall become immediately due and payable. Unless the prior written consent of the Credit Enhancer
shall have been obtained by the Indenture Trustee, the Payment Date upon which such accelerated payment is due and payable shall
not be a Payment Date under the Credit Enhancement Instrument and the Indenture Trustee shall not be authorized under Section 3.28
to make a draw therefor.

At any time after
such declaration of acceleration of maturity with respect to an Event of Default has been made and before a judgment or decree
for payment of the money due has been obtained by the Indenture Trustee as hereinafter in this Article V provided, the Holders
of Notes representing a majority of the Security Balances of all Notes, by written notice to the Issuing Entity and the Indenture
Trustee, may waive the related Event of Default and rescind and annul such declaration and its consequences if:

(i)                
the Issuing Entity has paid or deposited with the Indenture Trustee a sum sufficient to pay:

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

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

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

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

Section
5.03        Collection
of Indebtedness and Suits for Enforcement by Indenture Trustee. (a) The Issuing Entity covenants that if (i) default is made
in the payment of any interest on any Note when the same becomes due and payable, and such default continues for a period of five
days, or (ii) default is made in the payment of the principal of or any installment of the principal of any Note when the same
becomes due and payable, the Issue shall, upon demand of the Indenture Trustee, pay to it, for the benefit of the Holders of Notes
and of the Credit Enhancer, the whole amount then due and payable on the Notes for principal and interest, with interest upon the
overdue principal, and in addition thereto such further amount as shall be sufficient to cover the costs and expenses of collection,
including the reasonable compensation, expenses, disbursements and advances of the Indenture Trustee and its agents and counsel.

(b)              
In case the Issuing Entity shall fail forthwith to pay such amounts upon such demand, the Indenture Trustee, in its own
name and as trustee of an express trust, subject to the provisions of Section 10.17 hereof may institute a Proceeding for the collection
of the sums so due and unpaid, and may prosecute such Proceeding to judgment or final decree, and may enforce the same against
the Issuing Entity or other obligor upon the Notes and collect in the manner provided by law out of the property of the Issuing
Entity or other obligor the Notes, wherever situated, the monies adjudged or decreed to be payable.

(c)               
If an Event of Default occurs and is continuing, the Indenture Trustee subject to the provisions of Section 10.17 hereof
may, as more particularly provided in Section 5.04, in its discretion, proceed to protect and enforce its rights and the rights
of the Noteholders and the Credit Enhancer, by such appropriate Proceedings as the Indenture Trustee shall deem most effective
to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or
in aid of the exercise of any power granted herein, or to enforce any other proper remedy or legal or equitable right vested in
the Indenture Trustee by this Indenture or by law.

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

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

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

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

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

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

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

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

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

Section
5.04        Remedies;
Priorities. (a) If an Event of Default shall have occurred and be continuing, the Indenture Trustee subject to the provisions
of Section 10.17 hereof may do one or more of the following (subject to Section 5.05):

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

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

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

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

provided, however, that the Indenture
Trustee may not sell or otherwise liquidate the Trust Estate following an Event of Default, unless (A) the Indenture Trustee obtains
the consent of the Holders of 100% of the aggregate Principal Balances of the Notes and the Credit Enhancer, which consent will
not be unreasonably withheld, (B) the proceeds of such sale or liquidation distributable to Holders are sufficient to discharge
in full all amounts then due and unpaid upon the Notes for principal and interest and to reimburse the Credit Enhancer for any
amounts drawn under the Credit Enhancement Instrument and any other amounts due the Credit Enhancer under the Insurance Agreement
or (C) the Indenture Trustee determines that the Mortgage Loans will not continue to provide sufficient funds for the payment of
principal of and interest on the Notes as they would have become due if the Notes had not been declared due and payable, and the
Indenture Trustee obtains the consent of the Credit Enhancer, which consent will not be unreasonably withheld, and of the Holders
of a majority of the aggregate Principal Balances of the Notes. In determining such sufficiency or insufficiency with respect to
clause (B) and (C), the Indenture Trustee may, but need not, obtain and rely upon an opinion of an Independent investment banking
or accounting firm of national reputation as to the feasibility of such proposed action and as to the sufficiency of the Trust
Estate for such purpose. Notwithstanding the foregoing, so long as an Event of Servicer Termination has not occurred, any Sale
of the Trust Estate shall be made subject to the continued Servicing of the Mortgage Loans by the Master Servicer as provided in
the Servicing Agreement.

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

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first: to
the Indenture Trustee for amounts due under Section 6.07;

second: to
each Class of Noteholders for amounts due and unpaid on the related Class of Notes for interest and to each Noteholder of such
Class in each case, ratably, without preference or priority of any kind, according to the amounts due and payable on such Class
of Notes for interest from amounts available in the Trust Estate for such Noteholders;

third: to
Holders of each Class of Notes for amounts due and unpaid on the related Class of Notes for principal, from amounts available in
the Trust Estate for such Noteholders, and to each Noteholder of such Class in each case ratably, without preference or priority
of any kind, according to the amounts due and payable on such Class of Notes for principal, until the Security Balances of each
Class of Notes is reduced to zero;

fourth: to
the Issuing Entity for amounts required to be distributed to the Certificateholders in respect of interest and principal pursuant
to the Trust Agreement;

fifth: to
the payment of all amounts due and owing to the Credit Enhancer under the Insurance Agreement;

sixth: to
the Issuing Entity for amounts due under Article VIII of the Trust Agreement; and

seventh:
to the payment of the remainder, if any to the Issuing Entity or any other person legally entitled thereto. The Indenture Trustee
may fix a record date and payment date for any payment to Noteholders pursuant to this Section 5.04. At least 15 days before such
record date, the Indenture Trustee shall mail to each Noteholder a notice that states the record date, the payment date and the
amount to be paid.

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

Section
5.06        Limitation
of Suits. No Holder of any Note shall have any right to institute any Proceeding, judicial or otherwise, with respect to this
Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless and subject to the provisions
of Section 10.17 hereof:

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

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

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

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

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

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

In the event the
Indenture Trustee shall receive conflicting or inconsistent requests and indemnity from two or more groups of Holders of Notes,
each representing less than a majority of the Security Balances of the Notes, the Indenture Trustee in its sole discretion may
determine what action, if any, shall be taken, notwithstanding any other provisions of this Indenture.

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

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

Section
5.09        Rights and
Remedies Cumulative. No right or remedy herein conferred upon or reserved to the Indenture Trustee or to the Noteholders is
intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative
and in addition to every other right and remedy given
hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy 

    	-29-

    	 

    
hereunder,
or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy.

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

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

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

(ii)              
subject to the express terms of Section 5.04, any direction to the Indenture Trustee to sell or liquidate the Trust Estate
shall be by Holders of Notes representing not less than 100% of the Security Balances of Notes;

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

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

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

Section
5.12        Waiver of
Past Defaults. Prior to the declaration of the acceleration of the maturity of the Notes as provided in Section 5.02, the Holders
of Notes of not less than a majority of the Security Balances of the Notes may waive any past Event of Default and its consequences
except an Event of Default (a) with respect to payment of principal of or interest on any of the Notes or (b) in respect of a covenant
or provision hereof which cannot be modified or amended without the consent of the Holder of each Note or (c) the waiver of which
would materially and adversely affect the interests of the Credit Enhancer or modify its obligation under the Credit Enhancement
Instrument. In the case of any such waiver, the Issuing Entity, the Indenture Trustee and the Holders of the Notes shall be restored
to their former positions and rights hereunder, respectively; but no such waiver shall extend to any subsequent or other Event
of Default or impair any right consequent thereto.

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

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

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

Section
5.15        Sale of Trust
Estate. (a) The power to effect any sale or other disposition (a “Sale”) of any portion of the Trust Estate pursuant
to Section 5.04 is expressly subject to the provisions of Section 5.05 and this Section 5.15. The power to effect any such Sale
shall not be exhausted by any one or more Sales as to any portion of the Trust Estate remaining unsold, but shall continue unimpaired
until the entire Trust Estate shall have been sold or all amounts payable on the Notes and under this Indenture and under the Insurance
Agreement shall have been paid. The Indenture Trustee may from time to time postpone any public Sale by public announcement made
at the time and place of such Sale. The Indenture Trustee hereby expressly waives its right to any amount fixed by law as compensation
for any Sale.

(b)              
The Indenture Trustee shall not in any private Sale sell the Trust Estate, or any portion thereof, unless

(1)              
the Holders of all Notes and the Credit Enhancer consent to or direct the Indenture Trustee to make, such Sale, or

(2)              
the proceeds of such Sale would be not less than the entire amount which would be payable to the Noteholders under the Notes
and the Credit Enhancer in respect of amounts drawn under the Credit

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Enhancement Instrument and any other amounts due the Credit
Enhancer under the Insurance Agreement, in full payment thereof in accordance with Section 5.02, on the Payment Date next succeeding
the date of such Sale, or

(3)              
The Indenture Trustee determines, in its sole discretion, that the conditions for retention of the Trust Estate set forth
in Section 5.05 cannot be satisfied (in making any such determination, the Indenture Trustee may rely upon an opinion of an Independent
investment banking firm obtained and delivered as provided in Section 5.05), and the Credit Enhancer consents to such Sale, which
consent will not be unreasonably withheld and the Holders representing at least 66-2/3% of the Security Balances of the Notes consent
to such Sale.

The purchase by
the Indenture Trustee of all or any portion of the Trust Estate at a private Sale shall not be deemed a Sale or other disposition
thereof for purposes of this Section 5.15(b).

(c)               
Unless the Holders and the Credit Enhancer have otherwise consented or directed the Indenture Trustee, at any public Sale
of all or any portion of the Trust Estate at which a minimum bid equal to or greater than the amount described in paragraph (2)
of subsection (b) of this Section 5.15 has not been established by the Indenture Trustee and no Person bids an amount equal to
or greater than such amount, the Indenture Trustee shall bid an amount at least $1.00 more than the highest other bid.

(d)              
In connection with a Sale of all or any portion of the Trust Estate

(1)              
any Holder or Holders of Notes may bid for and with the consent of the Credit Enhancer purchase the property offered for
sale, and upon compliance with the terms of sale may hold, retain and possess and dispose of such property, without further accountability,
and may, in paying the purchase money therefor, deliver any Notes or claims for interest thereon in lieu of cash up to the amount
which shall, upon distribution of the net proceeds of such sale, be payable thereon, and such Notes, in case the amounts so payable
thereon shall be less than the amount due thereon, shall be returned to the Holders thereof after being appropriately stamped to
show such partial payment;

(2)              
the Indenture Trustee may bid for and acquire the property offered for Sale in connection with any Sale thereof, and, subject
to any requirements of, and to the extent permitted by, applicable law in connection therewith, may purchase all or any portion
of the Trust Estate in a private sale, and, in lieu of paying cash therefor, may make settlement for the purchase price by crediting
the gross Sale price against the sum of (A) the amount which would be distributable to the Holders of the Notes and Holders of
Certificates and amounts owing to the Credit Enhancer as a result of such Sale in accordance with Section 5.04(b) on the Payment
Date next succeeding the date of such Sale and (B) the expenses of the

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Sale and of any Proceedings in connection therewith which
are reimbursable to it, without being required to produce the Notes in order to complete any such Sale or in order for the net
Sale price to be credited against such Notes, and any property so acquired by the Indenture Trustee shall be held and dealt with
by it in accordance with the provisions of this Indenture;

(3)              
the Indenture Trustee shall execute and deliver an appropriate instrument of conveyance transferring its interest in any
portion of the Trust Estate in connection with a Sale thereof;

(4)              
the Indenture Trustee is hereby irrevocably appointed the agent and attorney-in-fact of the Issuing Entity to transfer and
convey its interest in any portion of the Trust Estate in connection with a Sale thereof, and to take all action necessary to effect
such Sale; and

(5)              
no purchaser or transferee at such a Sale shall be bound to ascertain the Indenture Trustee’s authority, inquire into
the satisfaction of any conditions precedent or see to the application of any monies.

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

Section
5.17        Performance
and Enforcement of Certain Obligations. (a) Promptly following a request from the Indenture Trustee to do so and at the Administrator’s
expense, the Issuing Entity in its capacity as holder of the Mortgage Loans, shall take all such lawful action as the Indenture
Trustee may request to cause the Issuing Entity to compel or secure the performance and observance by the Seller and the Master
Servicer, as applicable, of each of their obligations to the Issuing Entity under or in connection with the Mortgage Loan Purchase
Agreement and the Servicing Agreement, and to exercise any and all rights, remedies, powers and privileges lawfully available to
the Issuing Entity under or in connection with the Mortgage Loan Purchase Agreement and the Servicing Agreement to the extent and
in the manner directed by the Indenture Trustee, as pledgee of the Mortgage Loans, including the transmission of notices of default
on the part of the Seller or the Master Servicer thereunder and the institution of legal or administrative actions or proceedings
to compel or secure performance by the Seller or the Master Servicer of each of their obligations under the Mortgage Loan Purchase
Agreement and the Servicing Agreement.

(b)              
If an Event of Default has occurred and is continuing, the Indenture Trustee, as pledgee of the Mortgage Loans, subject
to the rights of the Credit Enhancer under the Servicing Agreement may, and at the direction (which direction shall be in writing
or by telephone

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(confirmed
in writing promptly thereafter)) of the Holders of 66-2/3% of the Security Balances of the Notes shall, exercise all rights, remedies,
powers, privileges and claims of the Issuing Entity against the Seller or the Master Servicer under or in connection with the
Mortgage Loan Purchase Agreement and the Servicing Agreement, including the right or power to take any action to compel or secure
performance or observance by the Seller or the Master Servicer, as the case may be, of each of their obligations to the Issuing
Entity thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Mortgage Loan Purchase
Agreement and the Servicing Agreement, as the case may be, and any right of the Issuing Entity to take such action shall not be
suspended.

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ARTICLE
VI

The Indenture Trustee

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

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

(i)                
the Indenture Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture
and no implied covenants or obligations shall be read into this Indenture against the Indenture Trustee; and

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

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

(i)                
this paragraph does not limit the effect of paragraph (b) of this Section 6.01;

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

(iii)            
the Indenture Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance
with a direction received by it (A) pursuant to Section 5.11 or (B) from the Credit Enhancer, which it is entitled to give under
any of the Basic Documents.

(d)              
The Indenture Trustee shall not be liable for interest on any money received by it except as the Indenture Trustee may agree
in writing with the Issuing Entity.

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

(f)               
No provision of this Indenture shall require the Indenture Trustee to expend or risk its own funds or otherwise incur financial
liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers, if it shall have
reasonable grounds to believe that repayment of such funds or adequate indemnity against such risk or liability is not reasonably
assured to it.

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(g)              
Every provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Indenture
Trustee shall be subject to the provisions of this Section and to the provisions of the TIA.

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

(b)              
Before the Indenture Trustee acts or refrains from acting, it may require an Officer’s Certificate or an Opinion of
Counsel. The Indenture Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on an Officer’s
Certificate or Opinion of Counsel.

(c)               
The Indenture Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly
or by or through agents or attorneys or a custodian or nominee, and the Indenture Trustee shall not be responsible for any misconduct
or negligence on the part of, or for the supervision of, any such agent, attorney, custodian or nominee appointed with due care
by it hereunder.

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

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

Section
6.03        Individual
Rights of Indenture Trustee. The Indenture Trustee in its individual or any other capacity may become the owner or pledgee
of Notes and may otherwise deal with the Issuing Entity or its Affiliates with the same rights it would have if it were not Indenture
Trustee. Any Administrator, Note Registrar, co-registrar or co-paying agent may do the same with like rights. However, the Indenture
Trustee must comply with Sections 6.11 and 6.12.

Section
6.04        Indenture
Trustee’s Disclaimer. The Indenture Trustee shall not be responsible for and makes no representation as to the validity
or adequacy of this Indenture or the Notes, it shall not be accountable for the Issuing Entity’s use of the proceeds from
the Notes, and it shall not be responsible for any statement of the Issuing Entity in the Indenture or in any document issued in
connection with the sale of the Notes or in the Notes other than the Indenture Trustee’s certificate of authentication.

Section
6.05        Notice of
Event of Default. If an Event of Default occurs and is continuing and if it is known to a Responsible Officer of the Indenture
Trustee, the Indenture Trustee shall give notice thereof to the Credit Enhancer. The Trustee shall mail to each Noteholder notice
of the Event of Default within 90 days after it occurs. Except in the case of an

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Event
of Default in payment of principal of or interest on any Note, the Indenture Trustee may withhold the notice if and so long as
a committee of its Responsible Officers in good faith determines that withholding the notice is in the interests of Noteholders.

Section
6.06        Reports by
Indenture Trustee to Holders. The Indenture Trustee shall deliver to each Noteholder such information as may be required to
enable such holder to prepare its federal and state income tax returns. In addition, upon the Issuing Entity’s written request,
the Indenture Trustee shall promptly furnish information reasonably requested by the Issuing Entity that is reasonably available
to the Indenture Trustee to enable the Issuing Entity to perform its federal and state income tax reporting obligations.

Section
6.07        Compensation
and Indemnity. The Issuing Entity shall or shall cause the Administrator to pay to the Indenture Trustee on each Payment Date
reasonable compensation for its services. The Indenture Trustee’s compensation shall not be limited by any law on compensation
of a trustee of an express trust. The Issuing Entity shall or shall cause the Administrator to reimburse the Indenture Trustee
for all reasonable out-of-pocket expenses incurred or made by it, including costs of collection, in addition to the compensation
for its services. Such expenses shall include the reasonable compensation and expenses, disbursements and advances of the Indenture
Trustee’s agents, counsel, accountants and experts. The Issuing Entity shall or shall cause the Administrator to indemnify
the Indenture Trustee against any and all loss, liability or expense (including attorneys’ fees) incurred by it in connection
with the administration of this trust and the performance of its duties hereunder. The Indenture Trustee shall notify the Issuing
Entity and the Administrator promptly of any claim for which it may seek indemnity. Failure by the Indenture Trustee to so notify
the Issuing Entity and the Administrator shall not relieve the Issuing Entity or the Administrator of its obligations hereunder.
The Issuing Entity shall or shall cause the Administrator to defend any such claim, and the Indenture Trustee may have separate
counsel and the Issuing Entity shall or shall cause the Administrator to pay the fees and expenses of such counsel. Neither the
Issuing Entity nor the Administrator need reimburse any expense or indemnify against any loss, liability or expense incurred by
the Indenture Trustee through the Indenture Trustee’s own willful misconduct, negligence or bad faith.

The Issuing Entity’s
payment obligations to the Indenture Trustee pursuant to this Section 6.07 shall survive the discharge of this Indenture. When
the Indenture Trustee incurs expenses after the occurrence of an Event of Default specified in Section 5.01(iv) or (v) with respect
to the Issuing Entity, the expenses are intended to constitute expenses of administration under Title 11 of the United States Code
or any other applicable federal or state bankruptcy, insolvency or similar law.

Section
6.08        Replacement
of Indenture Trustee. No resignation or removal of the Indenture Trustee and no appointment of a successor Indenture Trustee
shall become effective until the acceptance of appointment by the successor Indenture Trustee pursuant to this Section 6.08. The
Indenture Trustee may resign at any time by so notifying the Issuing Entity and the Credit Enhancer. The Holders of a majority
of Security Balances of the Notes may remove the Indenture Trustee by so notifying the Indenture Trustee and the Credit Enhancer
and may appoint a successor Indenture Trustee. The Issuing Entity shall remove the Indenture Trustee if:

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

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

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

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

If the Indenture
Trustee resigns or is removed or if a vacancy exists in the office of Indenture Trustee for any reason (the Indenture Trustee in
such event being referred to herein as the retiring Indenture Trustee), the Issuing Entity shall promptly appoint a successor Indenture
Trustee.

A successor Indenture
Trustee shall deliver a written acceptance of its appointment to the retiring Indenture Trustee and to the Issuing Entity. Thereupon,
the resignation or removal of the retiring Indenture Trustee shall become effective, and the successor Indenture Trustee shall
have all the rights, powers and duties of the Indenture Trustee under this Indenture. The successor Indenture Trustee shall mail
a notice of its succession to Noteholders. The retiring Indenture Trustee shall promptly transfer all property held by it as Indenture
Trustee to the successor Indenture Trustee.

If a successor Indenture
Trustee does not take office within 60 days after the retiring Indenture Trustee resigns or is removed, the retiring Indenture
Trustee, the Issuing Entity or the Holders of a majority of Security Balances of the Notes may petition any court of competent
jurisdiction for the appointment of a successor Indenture Trustee.

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

Notwithstanding
the replacement of the Indenture Trustee pursuant to this Section, the Issuing Entity’s and the Administrator’s obligations
under Section 6.07 shall continue for the benefit of the retiring Indenture Trustee.

Section
6.09        Successor
Indenture Trustee by Merger. If the Indenture Trustee consolidates with, merges or converts into, or transfers all or substantially
all its corporate trust business or assets to, another corporation or banking association, the resulting, surviving or transferee
corporation without any further act shall be the successor Indenture Trustee; provided, that such corporation or banking association
shall be otherwise qualified and eligible under Section 6.11. The Indenture Trustee shall provide the Rating Agencies prior written
notice of any such transaction.

In case at the time
such successor or successors by merger, conversion or consolidation to the Indenture Trustee shall succeed to the trusts created
by this Indenture any of the Notes shall have been authenticated but not delivered, any such successor to the Indenture Trustee
may adopt the certificate of authentication of any predecessor trustee, and deliver such Notes so authenticated; and in case at
that time any of the Notes shall not have been authenticated, any

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successor
to the Indenture Trustee may authenticate such Notes either in the name of any predecessor hereunder or in the name of the successor
to the Indenture Trustee; and in all such cases such certificates shall have the full force which it is anywhere in the Notes
or in this Indenture provided that the certificate of the Indenture Trustee shall have.

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

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

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

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

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

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

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protection
to, the Indenture Trustee. Every such instrument shall be filed with the Indenture Trustee.

(d)              
Any separate trustee or co-trustee may at any time constitute the Indenture Trustee, its agent or attorney-in-fact with
full power and authority, to the extent not prohibited by law, to do any lawful act under or in respect of this 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 Indenture Trustee, to the extent
permitted by law, without the appointment of a new or successor trustee.

Section
6.11        Eligibility;
Disqualification. The Indenture Trustee shall at all times satisfy the requirements of TIA § 310(a). The Indenture Trustee
shall have a combined capital and surplus of at least [$50,000,000] as set forth in its most recent published annual report of
condition and it or its parent shall have a long-term debt rating of [Baa3] or better by [Moody’s]. The Indenture Trustee
shall comply with TIA § 310(b), including the optional provision permitted by the second sentence of TIA § 310(b)(9);
provided, however, that there shall be excluded from the operation of TIA § 310(b)(1) any indenture or indentures under which
other securities of the Issuing Entity are outstanding if the requirements for such exclusion set forth in TIA § 310(b)(1)
are met.

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

Section
6.13        Representation
and Warranty. The Indenture Trustee hereby represents that:

(i)                
The Indenture Trustee is duly organized and validly existing as a corporation in good standing under the laws of the State
of ___________, with power and authority to own its properties and to conduct its business as such properties are currently owned
and such business is presently conducted.

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

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

(iv)            
To the Indenture Trustee’s best knowledge, there are no proceedings or investigations pending or threatened before
any court, regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Indenture

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Trustee or its properties: (A) asserting the invalidity of this Indenture (B) seeking to prevent the consummation of any of the
transactions contemplated by this Indenture or (C) seeking any determination or ruling that might materially and adversely affect
the performance by the Indenture Trustee of its obligations under, or the validity or enforceability of, this Indenture.

Section
6.14        Directions
to Indenture Trustee. The Indenture Trustee is hereby directed:

(a)               
to accept the pledge of the Mortgage Loans and hold the assets of the Trust in trust for the Noteholders;

(b)              
to issue, execute and deliver the Notes substantially in the form prescribed by Exhibit A in accordance with the terms of
this Indenture; and

(c)               
to take all other actions as shall be required to be taken by the terms of this Indenture.

Section
6.15         [Reserved]

Section
6.16        Indenture
Trustee May Own Securities. The Indenture Trustee, in its individual or any other capacity may become the owner or pledgee
of Securities with the same rights it would have if it were not Indenture Trustee.

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ARTICLE
VII

Noteholders’ Lists and Reports

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

Section
7.02        Preservation
of Information; Communications to Noteholders. (a) The Indenture Trustee shall preserve, in as current a form as is reasonably
practicable, the names and addresses of the Holders of Notes contained in the most recent list furnished to the Indenture Trustee
as provided in Section 7.01 and the names and addresses of Holders of Notes received by the Indenture Trustee in its capacity as
Note Registrar. The Indenture Trustee may destroy any list furnished to it as provided in such Section 7.01 upon receipt of a new
list so furnished.

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

(c)               
The Issuing Entity, the Indenture Trustee and the Note Registrar shall have the protection of TIA § 312(c).

Section
7.03        Reports by
Issuing Entity. (a) The Issuing Entity shall:

(i)                
file with the Indenture Trustee, within 15 days after the Issuing Entity is required to file the same with the Commission,
copies of the annual reports and of the information, documents and other reports (or copies of such portions of any of the foregoing
as the Commission may from time to time by rules and regulations prescribe) that the Issuing Entity may be required to file with
the Commission pursuant to Section 13 or 15(d) of the Exchange Act;

(ii)              
file with the Indenture Trustee, and the Commission in accordance with rules and regulations prescribed from time to time
by the Commission such additional information, documents and reports with respect to compliance by the Issuing Entity with the
conditions and covenants of this Indenture as may be required from time to time by such rules and regulations; and

(iii)            
supply to the Indenture Trustee (and the Indenture Trustee shall transmit by mail to all Noteholders described in TIA §
313(c)) such summaries of any information, documents and reports required to be filed by the Issuing Entity pursuant to clauses
(i) and (ii) of this Section 7.03(a) and by rules and regulations prescribed from time to time by the Commission.

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

Section
7.04        Reports by
Indenture Trustee. If required by TIA § 313(a), within 60 days after each January 1 beginning with January 1, 20__, the
Indenture Trustee shall mail to each Noteholder as required by TIA § 313(c) and to the Credit Enhancer a brief report dated
as of such date that complies with TIA § 313(a). The Indenture Trustee also shall comply with TIA § 313(b).

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

Section
7.05        Reports Filed
with Securities and Exchange Commission.

(a)               
(i) Within 15 days after each Distribution Date, the Indenture Trustee shall, in accordance with industry standards, file
with the Commission via the Electronic Data Gathering and Retrieval System (“EDGAR”), a Distribution Report on Form
10-D, signed by the Master Servicer, with a copy of the monthly statement to be furnished by the Indenture Trustee to the Noteholders
for such Distribution Date and detailing all data elements specified in Item 1121(a) of Regulation AB as part of the monthly statement;
provided that the Indenture Trustee shall have received no later than 2 days prior to the date such Distribution Report on Form
10-D is required to be filed, all information required to be provided to the Indenture Trustee as described in clause (a)(iv) below.

(ii)              
The Indenture Trustee will prepare and file Current Reports on Form 8-K in respect of the Trust, signed by the Master Servicer,
as and when required; provided, that, the Indenture Trustee shall have received no later than one Business Day prior to the filing
deadline for such Current Report, all information, data, and exhibits required to be provided or filed with such Current Report
and required to be provided to the Indenture Trustee as described in clause (a)(iv) below.

(iii)            
Prior to January 30 in each year commencing in 20__, the Indenture Trustee shall, in accordance with industry standards,
file a Form 15 Suspension Notice with respect to the Trust Fund, if applicable. Prior to (x) March 15, 20__ and (y) unless and
until a Form 15 Suspension Notice shall have been filed, prior to March 15 of each year thereafter, the Master Servicer shall provide
the Indenture Trustee with an Annual Compliance Statement, together with a copy of the Assessment of Compliance and Attestation
Report to be delivered by the Master Servicer pursuant to the Servicing Agreement (including with respect to any subservicer or
subcontractor, if required to be filed). Prior to (x) March 31, 20__ and (y) unless and until a Form 15 Suspension Notice shall
have been filed, March 31 of each year thereafter, the Indenture Trustee shall, subject to subsection (d) below, file a Form 10-K,
in substance conforming to industry standards, with respect to the Trust Fund. Such Form 10-K shall include the Assessment of Compliance,
Attestation Report, Annual Compliance Statements and other documentation provided by the Master Servicer pursuant to the Servicing
Agreement (including with respect to any subservicer or subcontractor, if required to be filed) and with respect to the

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Indenture
Trustee and the Custodian, and the Form 10-K certification signed by the Depositor; provided that the Indenture Trustee shall
have received no later than March 15 of each calendar year prior to the filing deadline for the Form 10-K all information, data
and exhibits required to be provided or filed with such Form 10-K and required to be provided to the Indenture Trustee as described
in clause (a)(iv) below.

(iv)            
As to each item of information required to be included in any Form 10-D, Form 8-K or Form 10-K, the Indenture Trustee's
obligation to include the information in the applicable report is subject to receipt from the entity that is indicated in Exhibit
__ as the responsible party for providing that information, if other than the Indenture Trustee, as and when required as described
above. Each of the Master Servicer, Seller and Depositor hereby agree to notify and provide to the Indenture Trustee all information
that is required to be included in any Form 10-D, Form 8-K or Form 10-K, with respect to which that entity is indicated in Exhibit
__ as the responsible party for providing that information. The Swap Provider will be obligated pursuant to the Swap Agreement
to provide to the Indenture Trustee any information that may be required to be included in any Form 10-D, Form 8-K or Form 10-K.
The Indenture Trustee shall be responsible for determining the significance percentage (as defined in Item 1115 of Regulation AB)
of the Swap Provider at any time. The Master Servicer shall be responsible for determining the pool concentration applicable to
any subservicer or originator at any time, for purposes of disclosure as required by Items 1117 and 1119 of Regulation AB.

The Depositor
hereby grants to the Master Servicer a limited power of attorney to sign each Form 10-D, Form 8-K and Form 10-K on behalf of the
Depositor. Such power of attorney shall continue until either the earlier of (x) receipt by the Master Servicer from the Depositor
of written termination of such power of attorney and (y) the termination of the Trust Fund. The Depositor agrees to promptly furnish
to the Indenture Trustee, from time to time upon request, such further information, reports and financial statements within its
control related to this Agreement, the Mortgage Loans as the Indenture Trustee reasonably deems appropriate to prepare and file
all necessary reports with the Commission. The Indenture Trustee shall have no responsibility to file any items other than those
specified in this Section 7.05; provided, however, the Indenture Trustee will cooperate with the Depositor in connection with any
additional filings with respect to the Trust Fund as the Depositor deems necessary under the Securities Exchange Act of 1934, as
amended (the “Exchange Act”). Copies of all reports filed by the Indenture Trustee under the Exchange Act shall be
sent to: the Depositor c/o _____________, Attn: _____________, _____________, _____________, _____________. Fees and expenses incurred
by the Indenture Trustee in connection with this Section 7.05 shall not be reimbursable from the Trust Fund.

(b)              
In connection with the filing of any 10-K hereunder, the Indenture Trustee shall sign a certification (in the form attached
hereto as Exhibit __) for the Depositor regarding certain aspects of the Form 10-K certification signed by the Depositor, provided,
however, that the Indenture Trustee shall not be required to undertake an analysis of any accountant’s report attached as
an exhibit to the Form 10-K.

(c)               
In connection with the filing of any 10-K hereunder, the Master Servicer shall sign a certification (in the form attached
hereto as Exhibit __) for the benefit of the Depositor regarding certain aspects of the Form 10-K certification signed by the Depositor,
provided,

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however,
that the Master Servicer shall not be required to undertake an analysis of any accountant’s report attached as an exhibit
to the Form 10-K.

(d)              
The Indenture Trustee shall indemnify and hold harmless the Depositor and its officers, directors and affiliates from and
against any losses, damages, penalties, fines, forfeitures, reasonable and necessary legal fees and related costs, judgments and
other costs and expenses arising out of or based upon a breach of the Indenture Trustee’s obligations under this Section
7.05 or the Indenture Trustee’s negligence, bad faith or willful misconduct in connection therewith.

The Depositor shall
indemnify and hold harmless the Indenture Trustee and its officers, directors and affiliates from and against any losses, damages,
penalties, fines, forfeitures, reasonable and necessary legal fees and related costs, judgments and other costs and expenses arising
out of or based upon a breach of the obligations of the Depositor under this Section 7.05 or the Depositor’s negligence,
bad faith or willful misconduct in connection therewith.

The Master Servicer
shall indemnify and hold harmless the Indenture Trustee and the Depositor and their respective officers, directors and affiliates
from and against any losses, damages, penalties, fines, forfeitures, reasonable and necessary legal fees and related costs, judgments
and other costs and expenses arising out of or based upon a breach of the obligations of the Master Servicer under this Section
7.05 or the Master Servicer’s negligence, bad faith or willful misconduct in connection therewith.

If the indemnification
provided for herein is unavailable or insufficient to hold harmless the Depositor or the Indenture Trustee, as applicable, then
the defaulting party, in connection with a breach of its respective obligations under this Section 7.05 or its respective negligence,
bad faith or willful misconduct in connection therewith, agrees that it shall contribute to the amount paid or payable by the other
parties as a result of the losses, claims, damages or liabilities of the other party in such proportion as is appropriate to reflect
the relative fault and the relative benefit of the Depositor on the one hand and the Indenture Trustee on the other.

(e)               
Nothing shall be construed from the foregoing subsections (a), (b) and (c) to require the Indenture Trustee or any officer,
director or Affiliate thereof to sign any Form 10-K or any certification contained therein. Furthermore, the inability of the Indenture
Trustee to file a Form 10-K as a result of the lack of required information as set forth in Section 7.05(a) or required signatures
on such Form 10-K or any certification contained therein shall not be regarded as a breach by the Indenture Trustee of any obligation
under this Agreement.

This Section 7.05
may be amended without the consent of the Noteholders.

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ARTICLE
VIII

Accounts, Disbursements and Releases

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

Section
8.02        Trust Accounts.
(a) On or prior to the Closing Date, the Issuing Entity shall cause the Indenture Trustee to establish and maintain, in the name
of the Indenture Trustee, for the benefit of the Noteholders and the Certificate Paying Agent, on behalf of the Certificateholders
and the Credit Enhancer, the Payment Account as provided in Section 3.01 of this Indenture.

(b)              
All monies deposited from time to time in the Payment Account pursuant to the Servicing Agreement and all deposits therein
pursuant to this Indenture are for the benefit of the Noteholders and the Certificate Paying Agent, on behalf of the Certificateholders
and all investments made with such monies including all income or other gain from such investments are for the benefit of the Master
Servicer as provided by the Servicing Agreement.

On each Payment
Date during the Funding Period the Indenture Trustee shall withdraw Net Principal Collections from the Payment Account and deposit
Net Principal Collections to the Funding Account.

On each Payment
Date, the Indenture Trustee shall distribute all amounts on deposit in the Payment Account (after giving effect to the withdrawal
referred to in the preceding paragraph) to Noteholders in respect of the Notes and in its capacity as Certificate Paying Agent
to Certificateholders in the order of priority set forth in Section 3.05 (except as otherwise provided in Section 5.04(b).

The Master Servicer
may direct the Indenture Trustee to invest any funds in the Payment Account in Eligible Investments maturing no later than the
Business Day preceding each Payment Date and shall not be sold or disposed of prior to the maturity. Unless otherwise instructed
by the Master Servicer, the Indenture Trustee shall invest all funds in the Payment Account in Eligible Investments.

(c)               
On or before the Closing Date the Issuing Entity shall open, at the Corporate Trust Office, an account which shall be the
“Funding Account”. The Master Servicer may direct the Indenture Trustee to invest any funds in the Funding Account
in Eligible Investments

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maturing
no later than the Business Day preceding each Payment Date and shall not be sold or disposed of prior to the maturity. Unless
otherwise instructed by the Master Servicer, the Indenture Trustee shall invest all funds in the Payment Account in its Corporate
Trust Short Term Investment Fund so long as it is an Eligible Investment. During the Funding Period, any amounts received by the
Indenture Trustee in respect of Net Principal Collections for deposit in the Funding Account, together with any Eligible Investments
in which such monies are or will be invested or reinvested during the term of the Notes, shall be held by the Indenture Trustee
in the Funding Account as part of the Trust Estate, subject to disbursement and withdrawal as herein provided. Amounts on deposit
in the Funding Account in respect of Net Principal Collections may be withdrawn on each Deposit Date and (1) paid to the Issuing
Entity in payment for Additional Loans by the deposit of such amount to the Collection Account and (2) at the end of the Funding
Period any amounts remaining in the Funding Account after the withdrawal called for by clause (1) shall be deposited in the Payment
Account to be included in the payment of principal on the Payment Date that is the last day of the Funding Period.

(d)              
 (i) Any investment in the institution with which the Funding Account is maintained may mature on such Payment Date and
(ii) any other investment may mature on such Payment Date if the Indenture Trustee shall advance funds on such Payment Date to
the Funding Account in the amount payable on such investment on such Payment Date, pending receipt thereof to the extent necessary
to make distributions on the Notes and the Certificates) and shall not be sold or disposed of prior to maturity.

Section
8.03        Officer’s
Certificate. The Indenture Trustee shall receive at least [seven] days notice when requested by the Issuing Entity to take
any action pursuant to Section 8.05(a), accompanied by copies of any instruments to be executed, and the Indenture Trustee shall
also require, as a condition to such action, an Officer’s Certificate, in form and substance satisfactory to the Indenture
Trustee, stating the legal effect of any such action, outlining the steps required to complete the same, and concluding that all
conditions precedent to the taking of such action have been complied with.

Section
8.04        Termination
upon Distribution to Noteholders. This Indenture and the respective obligations and responsibilities of the Issuing Entity
and the Indenture Trustee created hereby shall terminate upon the distribution to Noteholders, Certificate Paying Agent, on behalf
of the Certificateholders and the Indenture Trustee of all amounts required to be distributed pursuant to Article III; provided,
however, that in no event shall the trust created hereby continue beyond the expiration of 21 years from the death of the 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.

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

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(b)              
The Indenture Trustee shall, at such time as (i) there are no Notes Outstanding, (ii) all sums due the Indenture Trustee
pursuant to this Indenture have been paid, and (iii) all sums due the Credit Enhancer have been paid, release any remaining portion
of the Trust Estate that secured the Notes from the lien of this Indenture.

[(c) The Indenture
Trustee shall release property from the lien of this Indenture pursuant to this Section 8.05 only upon receipt of an request from
the Issuing Entity accompanied by an [Officers’ Certificate], [an Opinion of Counsel,] and a letter from the Credit Enhancer,
stating that the Credit Enhancer has no objection to such request from the Issuing Entity.]

Section
8.06        Surrender
of Notes upon Final Payment. By acceptance of any Note, the Holder thereof agrees to surrender such Note to the Indenture Trustee
promptly, prior to such Noteholder’s receipt of the final payment thereon.

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ARTICLE
IX

Supplemental Indentures

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

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

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

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

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

(v)              
to cure any ambiguity, to correct or supplement any provision herein or in any supplemental indenture that may be inconsistent
with any other provision herein or in any supplemental indenture;

(vi)            
to make any other provisions with respect to matters or questions arising under this Indenture or in any supplemental indenture;
provided, that such action shall not materially and adversely affect the interests of the Holders of the Notes;

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

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

provided, however, that no such indenture
supplements shall be entered into unless the Indenture Trustee shall have received an Opinion of Counsel that entering into such
indenture supplement will not have any material adverse tax consequences to the Noteholders.

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

(b)              
The Issuing Entity and the Indenture Trustee, when authorized by an Issuer Request, may, also without the consent of any
of the Holders of the Notes but with the consent of the Credit Enhancer and prior notice to the Rating Agencies and the Credit
Enhancer, enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to, or changing in
any manner or eliminating any of the provisions of, this Indenture or of modifying in any manner the rights of the Holders of the
Notes under this Indenture; provided, however, that such action shall not, as evidenced by an Opinion of Counsel, (i) adversely
affect in any material respect the interests of any Noteholder or (ii) cause the Issuing Entity to be subject to an entity level
tax.

Section
9.02        Supplemental
Indentures with Consent of Noteholders. The Issuing Entity and the Indenture Trustee, when authorized by an Issuer Request,
also may, with prior notice to the Rating Agencies and, with the written consent of the Credit Enhancer and with the consent of
the Holders of not less than a majority of the Security Balances of each Class of Notes affected thereby, by Act of such Holders
delivered to the Issuing Entity and the Indenture Trustee, enter into an indenture or indentures supplemental hereto for the purpose
of adding any provisions to, or changing in any manner or eliminating any of the provisions of, this Indenture or of modifying
in any manner the rights of the Holders of the Notes under this Indenture; provided, however, that no such supplemental indenture
shall, without the consent of the Holder of each Note affected thereby:

(i)                
change the date of payment of any installment of principal of or interest on any Note, or reduce the principal amount thereof
or the interest rate thereon, change the provisions of this Indenture relating to the application of collections on, or the proceeds
of the sale of, the Trust Estate to payment of principal of or interest on the Notes, or change any place of payment where, or
the coin or currency in which, any Note or the interest thereon is payable, or impair the right to institute suit for the enforcement
of the provisions of this Indenture requiring the application of funds available therefor, as provided in Article V, to the payment
of any such amount due on the Notes on or after the respective due dates thereof;

(ii)              
reduce the percentage of the Security Balances of the Notes, the consent of the Holders of which is required for any such
supplemental indenture, or the consent of the Holders of which is required for any waiver of compliance with certain provisions
of this Indenture or certain defaults hereunder and their consequences provided for in this Indenture;

(iii)            
modify or alter the provisions of the proviso to the definition of the term “Outstanding” or modify or alter
the exception in the definition of the term “Holder”;

(iv)            
reduce the percentage of the Security Balances of the Notes required to direct the Indenture Trustee to direct the Issuing
Entity to sell or liquidate the Trust Estate pursuant to Section 5.04;

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(v)              
modify any provision of this Section 9.02 except to increase any percentage specified herein or to provide that certain
additional provisions of this Indenture or the Basic Documents cannot be modified or waived without the consent of the Holder of
each Note affected thereby;

(vi)            
modify any of the provisions of this Indenture in such manner as to affect the calculation of the amount of any payment
of interest or principal due on any Note on any Payment Date (including the calculation of any of the individual components of
such calculation); or

(vii)          
permit the creation of any lien ranking prior to or on a parity with the lien of this Indenture with respect to any part
of the Trust Estate or, except as otherwise permitted or contemplated herein, terminate the lien of this Indenture on any property
at any time subject hereto or deprive the Holder of any Note of the security provided by the lien of this Indenture; and provided,
further, that such action shall not, as evidenced by an Opinion of Counsel, cause the Issuing Entity to be subject to an entity
level tax.

The Indenture Trustee
may in its discretion determine whether or not any Notes would be affected by any supplemental indenture and any such determination
shall be conclusive upon the Holders of all Notes, whether theretofore or thereafter authenticated and delivered hereunder. The
Indenture Trustee shall not be liable for any such determination made in good faith.

It shall not be
necessary for any Act of Noteholders under this Section 9.02 to approve the particular form of any proposed supplemental indenture,
but it shall be sufficient if such Act shall approve the substance thereof.

Promptly after the
execution by the Issuing Entity and the Indenture Trustee of any supplemental indenture pursuant to this Section 9.02, the Indenture
Trustee shall mail to the Holders of the Notes to which such amendment or supplemental indenture relates a notice setting forth
in general terms the substance of such supplemental indenture. Any failure of the Indenture Trustee to mail such notice, or any
defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture.

Section
9.03        Execution
of Supplemental Indentures. In executing, or permitting the additional trusts created by, any supplemental indenture permitted
by this Article IX or the modification thereby of the trusts created by this Indenture, the Indenture Trustee shall be entitled
to receive, and subject to Sections 6.01 and 6.02, shall be fully protected in relying upon, an Opinion of Counsel stating that
the execution of such supplemental indenture is authorized or permitted by this Indenture. The Indenture Trustee may, but shall
not be obligated to, enter into any such supplemental indenture that affects the Indenture Trustee’s own rights, duties,
liabilities or immunities under this Indenture or otherwise.

Section
9.04        Effect of
Supplemental Indenture. Upon the execution of any supplemental indenture pursuant to the provisions hereof, this Indenture
shall be and shall be deemed to be modified and amended in accordance therewith with respect to the Notes affected thereby, and
the respective rights, limitations of rights, obligations, duties, liabilities and immunities under this Indenture of the Indenture
Trustee, the Issuing Entity and the Holders of

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the
Notes shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and amendments,
and all the terms and conditions of any such supplemental indenture shall be and be deemed to be part of the terms and conditions
of this Indenture for any and all purposes.

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

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

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ARTICLE
X

Miscellaneous

Section
10.01    Compliance Certificates and Opinions,
Etc. (a) Upon any application or request by the Issuing Entity to the Indenture Trustee to take any action under any provision
of this Indenture, the Issuing Entity shall furnish to the Indenture Trustee and to the Credit Enhancer (i) an Officer’s
Certificate stating that all conditions precedent, if any, provided for in this Indenture relating to the proposed action have
been complied with and (ii) an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent, if
any, have been complied with, except that, in the case of any such application or request as to which the furnishing of such documents
is specifically required by any provision of this Indenture, no additional certificate or opinion need be furnished.

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

(1)              
a statement that each signatory of such certificate or opinion has read or has caused to be read such covenant or condition
and the definitions herein relating thereto;

(2)              
a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained
in such certificate or opinion are based;

(3)              
a statement that, in the opinion of each such signatory, such signatory has made such examination or investigation as is
necessary to enable such signatory to express an informed opinion as to whether or not such covenant or condition has been complied
with;

(4)              
a statement as to whether, in the opinion of each such signatory, such condition or covenant has been complied with; and

(5)              
if the Signer of such Certificate or Opinion is required to be Independent, the Statement required by the definition of
the term “Independent”.

(b)              
(i) Prior to the deposit of any Collateral or other property or securities with the Indenture Trustee that is to be made
the basis for the release of any property or securities subject to the lien of this Indenture, the Issuing Entity shall, in addition
to any obligation imposed in Section 10.01(a) or elsewhere in this Indenture, furnish to the Indenture Trustee an Officer’s
Certificate certifying or stating the opinion of each person signing such certificate as to the fair value (within 90 days of such
deposit) to the Issuing Entity of the Collateral or other property or securities to be so deposited.

(ii)              
Whenever the Issuing Entity is required to furnish to the Indenture Trustee an Officer’s Certificate certifying or
stating the opinion of any signer thereof as to the matters described in clause (i) above, the Issuing Entity shall also deliver
to the

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Indenture Trustee an Independent Certificate as to the same matters, if the fair value to the Issuing Entity of the securities
to be so deposited and of all other such securities made the basis of any such withdrawal or release since the commencement of
the then-current fiscal year of the Issuing Entity, as set forth in the certificates delivered pursuant to clause (i) above and
this clause (ii), is 10% or more of the Security Balances of the Notes, but such a certificate need not be furnished with respect
to any securities so deposited, if the fair value thereof to the Issuing Entity as set forth in the related Officer’s Certificate
is less than $25,000 or less than one percent of the Security Balances of the Notes.

(iii)            
Whenever any property or securities are to be released from the lien of this Indenture, the Issuing Entity shall also furnish
to the Indenture Trustee an Officer’s Certificate certifying or stating the opinion of each person signing such certificate
as to the fair value (within 90 days of such release) of the property or securities proposed to be released and stating that in
the opinion of such person the proposed release will not impair the security under this Indenture in contravention of the provisions
hereof.

(iv)            
Whenever the Issuing Entity is required to furnish to the Indenture Trustee an Officer’s Certificate certifying or
stating the opinion of any signer thereof as to the matters described in clause (iii) above, the Issuing Entity shall also furnish
to the Indenture Trustee an Independent Certificate as to the same matters if the fair value of the property or securities and
of all other property, other than property as contemplated by clause (v) below or securities released from the lien of this Indenture
since the commencement of the then-current calendar year, as set forth in the certificates required by clause (iii) above and this
clause (iv), equals 10% or more of the Security Balances of the Notes, but such certificate need not be furnished in the case of
any release of property or securities if the fair value thereof as set forth in the related Officer’s Certificate is less
than $25,000 or less than one percent of the then Security Balances of the Notes.

(v)              
Notwithstanding any provision of this Indenture, the Issuing Entity may, without compliance with the requirements of the
other provisions of this Section 10.01, (A) collect, sell or otherwise dispose of the Mortgage Loans as and to the extent permitted
or required by the Basic Documents or (B) make cash payments out of the Payment Account as and to the extent permitted or required
by the Basic Documents [, so long as the Issuing Entity shall deliver to the Indenture Trustee every six months, commencing _____________,
an Officer’s Certificate of the Issuing Entity stating that all the dispositions of Collateral described in clauses (A) or
(B) above that occurred during the preceding six calendar months were in the ordinary course of the Issuing Entity’s business
and that the proceeds thereof were applied in accordance with the Basic Documents].

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

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

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

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

Section
10.03    Acts of Noteholders. (a) Any
request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken
by Noteholders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Noteholders
in person or by agents duly appointed in writing; and except as herein otherwise expressly provided such action shall become effective
when such instrument or instruments are delivered to the Indenture Trustee, and, where it is hereby expressly required, to the
Issuing Entity. Such instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred
to as the “Act” of the Noteholders signing such instrument or instruments. Proof of execution of any such instrument
or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture and (subject to Section 6.01) conclusive
in favor of the Indenture Trustee and the Issuing Entity, if made in the manner provided in this Section 10.03.

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

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

(d)              
Any request, demand, authorization, direction, notice, consent, waiver or other action by the Holder of any Notes shall
bind the Holder of every Note issued upon the

    	-55-

    	 

    
registration
thereof or in exchange therefor or in lieu thereof, in respect of anything done, omitted or suffered to be done by the Indenture
Trustee or the Issuing Entity in reliance thereon, whether or not notation of such action is made upon such Note.

Section
10.04    Notices, Etc., to Indenture Trustee,
Issuing Entity, Credit Enhancer and Rating Agencies. Any request, demand, authorization, direction, notice, consent, waiver
or Act of Note holders or other documents provided or permitted by this Indenture shall be in writing and if such request, demand,
authorization, direction, notice, consent, waiver or act of Noteholders is to be made upon, given or furnished to or filed with:

(i)                
the Indenture Trustee by any Noteholder or by the Issuing Entity shall be sufficient for every purpose hereunder if made,
given, furnished or filed in writing to or with the Indenture Trustee at the Corporate Trust Office. The Indenture Trustee shall
promptly transmit any notice received by it from the Noteholders to the Issuing Entity, or

(ii)              
the Issuing Entity by the Indenture Trustee or by any Noteholder shall be sufficient for every purpose hereunder if in writing
and mailed first-class, postage prepaid to the Issuing Entity addressed to: Shellpoint Mortgage Acceptance LLC Trust Series 20__
- ______, in care of [Name of Owner Trustee] _________________, __________, ______________, Attention of _________________________________________
with a copy to the Administrator at ________________ Attention: __________ __________________________, or at any other address
previously furnished in writing to the Indenture Trustee by the Issuing Entity or the Administrator. The Issuing Entity shall promptly
transmit any notice received by it from the Noteholders to the Indenture Trustee, or

(iii)            
the Credit Enhancer by the Issuing Entity, the Indenture Trustee or by any Noteholders shall be sufficient for every purpose
hereunder to in writing and mailed, first-class postage pre-paid, or personally delivered or telecopied to: [Name of Credit Enhancer],
________________, ________, _______________, Attention: _________________, ___________________________, Telephone ______________.
Telecopier ______________. The Credit Enhancer shall promptly transmit any notice received by it from the Issuing Entity, the Indenture
Trustee or the Noteholders to the Issuing Entity or Indenture Trustee, as the case may be.

Notices required
to be given to the Rating Agencies by the Issuing Entity, the Indenture Trustee or the Owner Trustee shall be in writing, personally
delivered or mailed by certified mail, return receipt requested, to (i) in the case of [Moody’s], at the following address:
[Moody’s Investors Service, Inc., ABS Monitoring Department, 99 Church Street, New York, New York 10007] and (ii) in the
case of [Standard & Poor’s], at the following address: [Standard & Poor’s Ratings Group, 26 Broadway (15th
Floor), New York, New York 10004, Attention of Asset Backed Surveillance Department]; or as to each of the foregoing, at such other
address as shall be designated by written notice to the other parties.

Section
10.05    Notices to Noteholders; Waiver.
Where this Indenture provides for notice to Noteholders of any event, such notice shall be sufficiently given (unless otherwise
herein expressly provided) if in writing and mailed, first-class, postage prepaid to each Noteholder

    	-56-

    	 

    
affected
by such event, at such Person’s as it appears on the Note Register, not later than the latest date, and not earlier than
the earliest date, prescribed for the giving of such notice. In any case where notice to Noteholders is given by mail, neither
the failure to mail such notice nor any defect in any notice so mailed to any particular Noteholder shall affect the sufficiency
of such notice with respect to other Noteholders, and any notice that is mailed in the manner herein provided shall conclusively
be presumed to have been duly given regardless of whether such notice is in fact actually received.

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

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

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

Section
10.06    Alternate Payment and Notice Provisions.
Notwithstanding any provision of this Indenture or any of the Notes to the contrary, the Issuing Entity may enter into any agreement
with any Holder of a Note providing for a method of payment, or notice by the Indenture Trustee or any Administrator to such Holder,
that is different from the methods provided for in this Indenture for such payments or notices. The Issuing Entity shall furnish
to the Indenture Trustee a copy of each such agreement and the Indenture Trustee shall cause payments to be made and notices to
be given in accordance with such agreements.

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

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

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

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

    	-57-

    	 

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

Section
10.11    Benefits of Indenture. The Credit
Enhancer and its successors and assigns shall be a third-party beneficiary to the provisions of this Indenture. Nothing in this
Indenture or in the Notes, express or implied, shall give to any Person, other than the parties hereto and their successors hereunder,
and the Noteholders, and any other party secured hereunder, and any other Person with an ownership interest in any part of the
Trust Estate, any benefit or any legal or equitable right, remedy or claim under this Indenture.

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

Section
10.13    GOVERNING LAW. THIS INDENTURE
SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, 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
10.14    Counterparts. This Indenture
may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts
shall together constitute but one and the same instrument.

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

Section
10.16    Issuing Entity Obligation. No
recourse may be taken, directly or indirectly, with respect to the obligations of the Issuing Entity, the Owner Trustee or the
Indenture Trustee on the Notes or under this Indenture or any certificate or other writing delivered in connection herewith or
therewith, against (i) the Indenture Trustee or the Owner Trustee in its individual capacity, (ii) any owner of a beneficial interest
in the Issuing Entity or (iii) any partner, owner, beneficiary, agent, officer, director, employee or agent of the Indenture Trustee
or the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuing Entity, the Owner Trustee or
the Indenture Trustee or of any successor or assign of the Indenture Trustee or the Owner Trustee in its individual capacity, except
as any such Person may have expressly agreed (it being understood that the Indenture Trustee and the Owner Trustee have no such
obligations in their individual capacity) and except that any such partner, owner or beneficiary shall be fully liable, to the
extent provided by applicable law, for any unpaid

    	-58-

    	 

    
consideration
for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. For all purposes of this
Indenture, in the performance of any duties or obligations of the Issuing Entity hereunder, the Owner Trustee shall be subject
to, and entitled to the benefits of, the terms and provisions of Article VI, VII and VIII of the Trust Agreement.

Section
10.17    No Petition. The Indenture Trustee,
by entering into this Indenture, and each Noteholder, by accepting a Note, hereby covenant and agree that they will not at any
time institute against the Depositor or the Issuing Entity, or join in any institution against the Depositor or the Issuing Entity
of, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings under any United States
federal or state bankruptcy or similar law in connection with any obligations relating to the Notes, this Indenture or any of the
Basic Documents.

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

Section
10.19    Authority of the Administrator.
Each of the parties to this Indenture acknowledges that the Issuing Entity and the Owner Trustee have each appointed the Administrator
to act as its agent to perform the duties and obligations of the Issuing Entity hereunder. Unless otherwise instructed by the Issuing
Entity or the Owner Trustee, copies of all notices, requests, demands and other documents to be delivered to the Issuing Entity
or the Owner Trustee pursuant to the terms hereof shall be delivered to the Administrator. Unless otherwise instructed by the Issuing
Entity or the Owner Trustee, all notices, requests, demands and other documents to be executed or delivered, and any action to
be taken, by the Issuing Entity or the Owner Trustee pursuant to the terms hereof may be executed, delivered and/or taken by the
Administrator pursuant to the Administration Agreement.

    	-59-

    	 

    

IN WITNESS WHEREOF,
the Issuing Entity and the Indenture 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.

SHELLPOINT MORTGAGE ACCEPTANCE LLC
TRUST SERIES 20__ - _____,

as Issuing Entity

By: ______________________________________

not in its individual capacity but
solely as Owner Trustee

By: ______________________________________

Name:

Title:

,

as Indenture Trustee, as Certificate
Paying Agent and as Note Registrar

By: ______________________________________

Name:

Title:

______________________________________

hereby accepts the appointment as

Certificate Paying Agent pursuant

to Section 3.03 hereof and as

Certificate Registrar pursuant to

Section 4.02
hereof.

By: ______________________________________

Name:

Title:

    	 

    	 

    

STATE OF [NEW
YORK])

) ss.:

COUNTY OF
[NEW YORK])

On this ____ day
of __________, before me personally appeared ______________, to me known, who being by me duly sworn, did depose and say, that
he resides at _________________, __________________ _____, that he is the of the Owner Trustee, one of the corporations described
in and which executed the above instrument; that he knows the seal of said corporation; that the seal affixed to said instrument
is such corporate seal; that it was so affixed by order of the Board of Directors of said corporation; and that he signed his name
thereto by like order.

Notary Public

[NOTARIAL SEAL]

    	 

    	 

    

STATE OF [NEW
YORK])

) ss.:

COUNTY OF
[NEW YORK])

On this ____ day
of __________, before me personally appeared , to me known, who being by me duly sworn, did depose and say, that he resides at
____________________, that he is the ______________ of ________________, as Indenture Trustee, one of the corporations described
in and which executed the above instrument; that he knows the seal of said corporation; that the seal affixed to said instrument
is such corporate seal; that it was so affixed by order of the Board of Directors of said corporation; and that he signed his name
thereto by like order.

Notary Public

[NOTARIAL SEAL]

    	 

    	 

    

STATE OF [NEW
YORK])

) ss.:

COUNTY OF
[NEW YORK])

On this ____ day
of __________, before me personally appeared , to me known, who being by me duly sworn, did depose and say, that he resides at
________________________, that he is an ________________ of _______________, as Indenture Trustee, one of the corporations described
in and which executed the above instrument; that he knows the seal of said corporation; that the seal affixed to said instrument
is such corporate seal; that it was so affixed by order of the Board of Directors of said corporation; and that he signed his name
thereto by like order.

Notary Public

[NOTARIAL SEAL]

    	 

    	 

    

EXHIBIT A-1

FORM OF CLASS
A NOTES

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

THIS NOTE IS A NON-RECOURSE OBLIGATION
OF THE ISSUING ENTITY, AND IS LIMITED IN RIGHT OF PAYMENT TO AMOUNTS AVAILABLE FROM THE TRUST AND THE NOTE INSURANCE POLICY AS
PROVIDED IN THE INDENTURE REFERRED TO BELOW. THE ISSUING ENTITY IS NOT OTHERWISE PERSONALLY LIABLE FOR PAYMENTS ON THIS NOTE.

PRINCIPAL OF THIS NOTE IS PAYABLE OVER TIME
AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE
HEREOF.

    	A-1-1

    	 

    

SHELLPOINT MORTGAGE ACCEPTANCE LLC TRUST SERIES
20__-_

MORTGAGE-BACKED NOTES

CLASS A

 

	
        AGGREGATE NOTE PRINCIPAL

        BALANCE:

        $[                  ]
	
        NOTE INTEREST

        RATE: [Adjustable Rate]

	
        INITIAL NOTE PRINCIPAL

        BALANCE OF THIS NOTE: $[           ]
	NOTE NO. [       ]
	PERCENTAGE INTEREST: [     ]%	CUSIP NO. [             ]

 

Shellpoint Mortgage
Acceptance LLC Trust Series 20__-_ (the “Issuing Entity”), a Delaware statutory trust, for
value received, hereby promises to pay to Cede & Co. or registered assigns, the principal sum of ($_________________) in monthly
installments on the twenty-fifth day of each month or, if such day is not a Business Day, the next succeeding Business Day (each
a “Payment Date”), commencing in ______ 20___ and ending on or before the Payment Date occurring in ________ 20__ (the
“Final Scheduled Payment Date”) and to pay interest on the Note Principal Balance of this Note (this “Note”)
outstanding from time to time as provided below.

This Note is one
of a duly authorized issue of the Issuing Entity’s Mortgage-Backed Notes, Series 20__-_ (the “Notes”), issued
under an Indenture dated as of ____________, 20__ (the “Indenture”), between the Issuing Entity and [NAME OF TRUSTEE],
as indenture trustee (the “Indenture Trustee”, which term includes any successor Indenture Trustee under the Indenture),
to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights thereunder
of the Issuing Entity, the Indenture Trustee, and the Holders of the Notes and the terms upon which the Notes are to be authenticated
and delivered. All terms used in this Note which are defined in the Indenture shall have the meanings assigned to them in the Indenture.

[NAME OF NOTE INSURER]
(the “Note Insurer”), in consideration of the payment of the premium and subject to the terms of the note insurance
policy (the “Note Insurance Policy”) issued thereby, has unconditionally and irrevocably guaranteed the payment of
the Insured Amount with respect to the Notes, with respect to each Payment Date. Such Note Insurance Policy will not cover any
Prepayment Interest Shortfalls, Relief Act Shortfalls or Basis Risk Shortfall Carry- Forward Amount.

Payments of principal
and interest on this Note will be made on each Payment Date to the Noteholder of record as of the related Record Date. The “Note
Principal Balance” of a Note as of any date of determination is equal to the initial Note Principal Balance thereof, reduced
by the aggregate of all amounts previously paid with respect to such Note on account of principal and the aggregate amount of cumulative
Realized Losses allocated to such Note on all prior Payment Dates.

    	A-1-2

    	 

    
The principal of,
and interest on, this Note is due and payable as described in the Indenture, in such coin or currency of the United States of America
as at the time of payment is legal tender for payment of public and private debts. All payments made by the Issuing Entity with
respect to this Note shall be equal to this Notes’s pro rata share of the aggregate payments on all Class A Notes as described
above, and shall be applied as between interest and principal as provided in the Indenture. [In addition, any payments received
by the Indenture Trustee in respect of the Seller Guarantee shall be paid to the Holders of this Note pursuant to Section 3.32
of the Indenture.]

All principal and
interest accrued on the Notes, if not previously paid, will become finally due and payable at the Final Scheduled Payment Date.

The Notes are subject
to redemption in whole, but not in part, by the Majority Certificateholder on any Payment Date on or after the earlier of (i) the
Payment Date on which the aggregate Stated Principal Balance of the Mortgage Loans as of the end of the prior Due Period is less
than or equal to __% of the aggregate Stated Principal Balance of the Mortgage Loans as of Cut-off Date and (ii) the Payment Date
in ______ 20__.

The Issuing Entity
shall not be liable upon the indebtedness evidenced by the Notes except to the extent of amounts available from the Trust Estate
which constitutes security for the payment of the Notes. The assets included in the Trust Estate will be the sole source of payments
on the Class A Notes, and each Holder hereof, by its acceptance of this Note, agrees that (i) such Note will be limited in right
of payment to amounts available from the Trust Estate as provided in the Indenture and (ii) such Holder shall have no recourse
to the Issuing Entity, the Owner Trustee, the Indenture Trustee, the Seller, the Depositor, the Master Servicer or any of their
respective affiliates, or to the assets of any of the foregoing entities, except the assets of the Issuing Entity pledged to secure
the Class A Notes pursuant to the Indenture and the rights conveyed to the Issuing Entity under the Indenture.

Any payment of principal
or interest payable on this Note which is punctually paid on the applicable Payment Date shall be paid to the Person in whose name
such Note is registered at the close of business on the Record Date for such Payment Date by check mailed to such person’s
address as it appears in the Note Register on such Record Date, except for the final installment of principal and interest payable
with respect to such Note, which shall be payable as provided below. Notwithstanding the foregoing, upon written request with appropriate
instructions by the Holder of this Note delivered to the Indenture Trustee at least five Business Days prior to the Record Date,
any payment of principal or interest, other than the final installment of principal or interest, shall be made by wire transfer
to an account in the United States designated by such Holder. All scheduled reductions in the principal amount of a Note (or one
or more predecessor Notes) effected by payments of principal made on any Payment Date shall be binding upon all Holders of this
Note and of any Note issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof, whether or not
such payment is noted on such Note. The final payment of this Note shall be payable upon presentation and surrender thereof on
or after the Payment Date thereof at the Corporate Trust Office or the office or agency of the Issuing Entity maintained by it
for such purpose pursuant to Section 3.02 of the Indenture.

    	A-1-3

    	 

    
Subject to the foregoing
provisions, each Note delivered under the Indenture, upon registration of transfer of or in exchange for or in lieu of any other
Note shall carry the right to unpaid principal and interest that were carried by such other Note.

If an Event of Default
as defined in the Indenture shall occur and be continuing with respect to the Notes, the Notes may become or be declared due and
payable in the manner and with the effect provided in the Indenture. If any such acceleration of maturity occurs prior to the payment
of the entire unpaid Note Principal Balance of the Notes, the amount payable to the Holder of this Note will be equal to the sum
of the unpaid Note Principal Balance of the Notes, together with accrued and unpaid interest thereon as described in the Indenture.
The Indenture provides that, notwithstanding the acceleration of the maturity of the Notes, under certain circumstances specified
therein, all amounts collected as proceeds of the Trust Estate securing the Notes or otherwise shall continue to be applied to
payments of principal of and interest on the Notes as if they had not been declared due and payable.

The failure to pay
any Unpaid Interest Shortfall at any time when funds are not available to make such payment as provided in the Indenture shall
not constitute an Event of Default under the Indenture.

The Holder of this
Note or Beneficial Owner of any interest herein is deemed to represent that either (1) it is not acquiring the Note with Plan Assets
or (2) (A) the acquisition, holding and transfer of a Note will not give rise to a nonexempt prohibited transaction under Section
406 of ERISA or Section 4975 of the Code as a result of the Issuing Entity, the Seller, the Depositor, the Underwriter, the Owner
Trustee, the Indenture Trustee, the Master Servicer, any Subservicer, any other servicer, any administrator, any provider of credit
support, any owner of the Certificates, or any of their Affiliates being a “Party in Interest” (within the meaning
of ERISA) or Disqualified Person (within the meaning of the Code) with respect to such Holder or Beneficial Owner that is a Plan
and (B) the Notes are rated investment grade or better and such person believes that the Notes are properly treated as indebtedness
without substantial equity features for purposes of the DOL Regulations, and agrees to so treat the Notes. Alternatively, regardless
of the rating of the Notes, such person may provide the Indenture Trustee and the Owner Trustee with an opinion of counsel, which
opinion of counsel will not be at the expense of the Issuing Entity, the Seller, the Depositor, any Underwriter, the Owner Trustee,
the Indenture Trustee, the Master Servicer or any successor servicer which opines that the acquisition, holding and transfer of
such Note or interest therein is permissible under applicable law, will not constitute or result in a non-exempt prohibited transaction
under ERISA or Section 4975 of the Code and will not subject the Issuing Entity, the Seller, the Depositor, any Underwriter, the
Owner Trustee, the Indenture Trustee, the Master Servicer or any successor servicer to any obligation in addition to those undertaken
in the Indenture.

Pursuant to the
Indenture, unless a Note Insurer Default (as defined in the Indenture) exists (i) the Note Insurer shall be deemed to be the holder
of the Class A Notes for certain purposes specified in the Indenture (other than with respect to payment on the Class A Notes),
and will be entitled to exercise all rights of the Noteholders thereunder, including the rights of Noteholders relating to the
occurrence of, and the remedies with respect to, an Event of Default, without the consent of such Noteholders, and (ii) the Trustee
may take actions which would otherwise be at its option or within its discretion, including actions relating to the occurrence
of,

    	A-1-4

    	 

    
and
the remedies with respect to, an Event of Default, only at the direction, or with the consent, of the Note Insurer.

As provided in the
Indenture and subject to certain limitations therein set forth, the transfer of this Note may be registered on the Note Register
of the Issuing Entity. Upon surrender for registration of transfer of, or presentation of a written instrument of transfer for,
this Note at the office or agency designated by the Issuing Entity pursuant to the Indenture, accompanied by proper instruments
of assignment in form satisfactory to the Indenture Trustee, one or more new Notes of any authorized denominations and of a like
aggregate initial Note Principal Balance, will be issued to the designated transferee or transferees.

Prior to the due
presentment for registration of transfer of this Note, the Issuing Entity, the Indenture Trustee and any agent of the Issuing Entity
or the Indenture Trustee may treat the Person in whose name this Note is registered as the owner of such Note (i) on the applicable
Record Date for the purpose of making payments and interest of such Note, and (ii) on any other date for all other purposes whatsoever,
as the owner hereof, whether or not this Note be overdue, and neither the Issuing Entity, the Indenture Trustee nor any such agent
of the Issuing Entity or the Indenture Trustee shall be affected by notice to the contrary.

The Indenture permits,
with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuing
Entity and the rights of the Holders of the Notes under the Indenture at any time by the Issuing Entity with the consent of the
Note Insurer and the Holders of a majority of all Notes at the time outstanding. The Indenture also contains provisions permitting
(i) the Note Insurer or (ii) if the Note Insurer defaults, the Holders of Notes representing specified percentages of the aggregate
Note Principal Balance of the Notes on behalf of the Holders of all the Notes, to waive any past Default under the Indenture and
its consequences. Any such waiver by the Holder, at the time of the giving thereof, of this Note (or any one or more predecessor
Notes) shall bind the Holder of every Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof,
whether or not notation of such consent or waiver is made upon such Note. The Indenture also permits the Issuing Entity and the
Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent of the Holders
of the Notes issued thereunder.

Initially, the Notes
will be registered in the name of Cede & Co. as nominee of DTC, acting in its capacity as the Depository for the Notes. The
Notes will be delivered by the clearing agency in denominations as provided in the Indenture and subject to certain limitations
therein set forth. The Notes are exchangeable for a like aggregate initial Note Principal Balance of Notes of different authorized
denominations, as requested by the Holder surrendering same.

Unless the Certificate
of Authentication hereon has been executed by the Indenture Trustee by manual signature, this Note shall not be entitled to any
benefit under the Indenture, or be valid or obligatory for any purpose.

AS PROVIDED IN THE INDENTURE,
THIS NOTE AND THE INDENTURE CREATING THIS NOTE SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE STATE OF
NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED THEREIN.

    	A-1-5

    	 

    

IN WITNESS WHEREOF, the
Issuing Entity has caused this instrument to be duly executed by [NAME OF OWNER TRUSTEE], not in its individual capacity but solely
as Owner Trustee.

Dated: _______ __, 20__

SHELLPOINT MORTGAGE ACCEPTANCE LLC
TRUST SERIES 20__-_

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

By: _____________________________________

Authorized Signatory

INDENTURE
TRUSTEE’S CERTIFICATE OF AUTHENTICATION

This is one of the Class A Notes referred
to in the within-mentioned Indenture.

[NAME OF INDENTURE TRUSTEE], as Indenture
Trustee

By:______________________________________

Authorized Signatory

    	A-1-6

    	 

    

ABBREVIATIONS

The following abbreviations,
when used in the inscription on the face of the Note, shall be construed as though they were written out in full according to applicable
laws or regulations:

 

	            TEN COM	—	as tenants in common
	            TEN ENT	—	as tenants by the entireties
	            JT TEN	—	as joint tenants with right of survivorship and not as tenants in common
	UNIF GIFT MIN ACT	—	
        __________ Custodian _______________________________

        (Cust) (Minor)

        under Uniform Gifts to Minor Act _______________________________

        (State)

 

Additional abbreviations
may also be used though not in the above list.

    	A-1-7

    	 

    

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 typewrite name and
address, including zip code, of assignee)

 

	 

the within Note and all rights thereunder,
and hereby irrevocably constitutes and appoints __________ attorney to transfer said Note on the books kept for registration thereof,
with full power of substitution in the premises.

Dated: ___________________________     ________________________________________________

Signature Guaranteed by ____________________________________

NOTICE: The signature(s)
to this assignment must correspond with the name as it appears upon the face of the within Note in every particular, without alteration
or enlargement or any change whatsoever. Signature(s) must be guaranteed by a commercial bank or by a member firm of the New York
Stock Exchange or another national securities exchange. Notarized or witnessed signatures are not acceptable.

    	A-1-8

    	 

    

EXHIBIT A-2

FORM OF CLASS
M-[_] NOTES

THIS NOTE IS SUBORDINATED IN RIGHT OF
PAYMENT TO THE CLASS A NOTES [AND CLASS M-[_] NOTES] AS DESCRIBED IN THE INDENTURE.

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

THE HOLDER OF THIS NOTE OR BENEFICIAL
OWNER OF ANY INTEREST HEREIN WILL BE DEEMED TO REPRESENT TO ONE OF THE REPRESENTATIONS CONTAINED IN SECTION 4.15 OF THE INDENTURE.

THIS NOTE IS A NON-RECOURSE OBLIGATION
OF THE ISSUING ENTITY, AND IS LIMITED IN RIGHT OF PAYMENT TO AMOUNTS AVAILABLE FROM THE TRUST ESTATE AS PROVIDED IN THE INDENTURE
REFERRED TO BELOW. THE ISSUING ENTITY IS NOT OTHERWISE PERSONALLY LIABLE FOR PAYMENTS ON THIS NOTE.

PRINCIPAL OF THIS NOTE IS PAYABLE OVER TIME
AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE
HEREOF.

    	A-2-1

    	 

    

SHELLPOINT MORTGAGE ACCEPTANCE LLC TRUST
SERIES 20__-_

MORTGAGE-BACKED NOTES

CLASS M-[_]

 

	
        AGGREGATE NOTE PRINCIPAL

        BALANCE:

        $[            ]
	
        NOTE INTEREST

        RATE: [Adjustable Rate]

	
        INITIAL NOTE PRINCIPAL

        BALANCE OF THIS NOTE: $[             ]
	NOTE NO. [         ]
	 	 
	PERCENTAGE INTEREST: [    ]%	CUSIP NO. [             ]

 

Shellpoint Mortgage
Acceptance LLC Trust Series 20__-_ (the “Issuing Entity”), a Delaware statutory trust, for
value received, hereby promises to pay to Cede & Co. or registered assigns, the principal sum of ______________________________
($___________) in monthly installments on the twenty-fifth day of each month or, if such day is not a Business Day, the next succeeding
Business Day (each a “Payment Date”), commencing in _______ 20__ and ending on or before the Payment Date occurring
in _______ 20__ (the “Final Scheduled Payment Date”) and to pay interest on the Note Principal Balance of this Note
(this “Note”) outstanding from time to time as provided below.

This Note is one
of a duly authorized issue of the Issuing Entity’s Mortgage-Backed Notes, Series 20__-_ (the “Notes”), issued
under an Indenture dated as of _______ __, 20__ (the “Indenture”), between the Issuing Entity and [NAME OF INDENTURE
TRUSTEE], as indenture trustee (the “Indenture Trustee”, which term includes any successor Indenture Trustee under
the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective
rights thereunder of the Issuing Entity, the Indenture Trustee, and the Holders of the Notes and the terms upon which the Notes
are to be authenticated and delivered. All terms used in this Note which are defined in the Indenture shall have the meanings assigned
to them in the Indenture.

Payments of principal
and interest on this Note will be made on each Payment Date to the Noteholder of record as of the related Record Date. The “Note
Principal Balance” of a Note as of any date of determination is equal to the initial Note Principal Balance thereof, reduced
by the aggregate of all amounts previously paid with respect to such Note on account of principal and the aggregate amount of cumulative
Realized Losses allocated to such Note on all prior Payment Dates.

The principal of,
and interest on, this Note are due and payable as described in the Indenture, in such coin or currency of the United States of
America as at the time of payment is legal tender for payment of public and private debts. All payments made by the Issuing Entity
with respect to this Note shall be equal to this Notes’s pro rata share of the aggregate payments on all Class M-[_] Notes
as described above, and shall be applied as between interest and principal as provided in the Indenture.

    	A-2-2

    	 

    
All principal and
interest accrued on the Notes, if not previously paid, will become finally due and payable at the Final Scheduled Payment Date.

The Notes are subject
to redemption in whole, but not in part, by the Majority Certificateholder on any Payment Date on or after the earlier of (i) the
Payment Date on which the aggregate Stated Principal Balance of the Mortgage Loans is less than or equal to 25% of aggregate Stated
Principal Balance of the Mortgage Loans as of Cut-off Date and (ii) the Payment Date in ______ 20__.

The Issuing Entity
shall not be liable upon the indebtedness evidenced by the Notes except to the extent of amounts available from the Trust Estate
which constitutes security for the payment of the Notes. The assets included in the Trust Estate will be the sole source of payments
on the Class M-[_] Notes, and each Holder hereof, by its acceptance of this Note, agrees that (i) such Note will be limited in
right of payment to amounts available from the Trust Estate as provided in the Indenture and (ii) such Holder shall have no recourse
to the Issuing Entity, the Owner Trustee, the Indenture Trustee, the Seller, the Depositor, the Master Servicer or any of their
respective affiliates, or to the assets of any of the foregoing entities, except the assets of the Issuing Entity pledged to secure
the Class M-[_] Notes pursuant to the Indenture and the rights conveyed to the Issuing Entity under the Indenture.

Any payment of principal
or interest payable on this Note which is punctually paid on the applicable Payment Date shall be paid to the Person in whose name
such Note is registered at the close of business on the Record Date for such Payment Date by check mailed to such person’s
address as it appears in the Note Register on such Record Date, except for the final installment of principal and interest payable
with respect to such Note, which shall be payable as provided below. Notwithstanding the foregoing, upon written request with appropriate
instructions by the Holder of this Note delivered to the Indenture Trustee at least five Business Days prior to the Record Date,
any payment of principal or interest, other than the final installment of principal or interest, shall be made by wire transfer
to an account in the United States designated by such Holder. All reductions in the principal amount of a Note (or one or more
predecessor Notes) effected by payments of principal made on any Payment Date shall be binding upon all Holders of this Note and
of any Note issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof, whether or not such payment
is noted on such Note. The final payment of this Note shall be payable upon presentation and surrender thereof on or after the
Payment Date thereof at the Corporate Trust Office or the office or agency of the Issuing Entity maintained by it for such purpose
pursuant to Section 3.02 of the Indenture.

Subject to the foregoing
provisions, each Note delivered under the Indenture, upon registration of transfer of or in exchange for or in lieu of any other
Note shall carry the right to unpaid principal and interest that were carried by such other Note.

If an Event of Default
as defined in the Indenture shall occur and be continuing with respect to the Notes, the Notes may become or be declared due and
payable in the manner and with the effect provided in the Indenture. If any such acceleration of maturity occurs prior to the payment
of the entire unpaid Note Principal Balance of the Notes, the amount payable to the Holder of this Note will be equal to the sum
of the unpaid Note Principal Balance of the Notes, together with accrued and unpaid interest thereon as described in the Indenture.
The Indenture

    	A-2-3

    	 

    
provides
that, notwithstanding the acceleration of the maturity of the Notes, under certain circumstances specified therein, all amounts
collected as proceeds of the Trust Estate securing the Notes or otherwise shall continue to be applied to payments of principal
of and interest on the Notes as if they had not been declared due and payable.

The failure to pay
any Unpaid Interest Shortfall at any time when funds are not available to make such payment as provided in the Indenture shall
not constitute an Event of Default under the Indenture.

The Holder of this
Note or Beneficial Owner of any interest herein is deemed to represent that either (1) it is not acquiring the Note with Plan Assets
or (2) (A) the acquisition, holding and transfer of a Note will not give rise to a nonexempt prohibited transaction under Section
406 of ERISA or Section 4975 of the Code as a result of the Issuing Entity, the Seller, the Depositor, the Underwriters, the Owner
Trustee, the Indenture Trustee, the Master Servicer, any Subservicer, any other servicer, any administrator, any provider of credit
support, any owner of the Certificates, or any of their Affiliates being a “Party in Interest” (within the meaning
of ERISA) or Disqualified Person (within the meaning of the Code) with respect to such Holder or Beneficial Owner that is a Plan
and (B) the Notes are rated investment grade or better and such person believes that the Notes are properly treated as indebtedness
without substantial equity features for purposes of the DOL Regulations, and agrees to so treat the Notes. Alternatively, regardless
of the rating of the Notes, such person may provide the Indenture Trustee and the Owner Trustee with an opinion of counsel, which
opinion of counsel will not be at the expense of the Issuing Entity, the Seller, the Depositor any Underwriter, the Owner Trustee,
the Indenture Trustee, the Master Servicer or any successor servicer which opines that the acquisition, holding and transfer of
such Note or interest therein is permissible under applicable law, will not constitute or result in a non-exempt prohibited transaction
under ERISA or Section 4975 of the Code and will not subject the Issuing Entity, the Seller, the Depositor, any Underwriter, the
Owner Trustee, the Indenture Trustee, the Master Servicer or any successor servicer to any obligation in addition to those undertaken
in the Indenture.

As provided in the
Indenture and subject to certain limitations therein set forth, the transfer of this Note may be registered on the Note Register
of the Issuing Entity. Upon surrender for registration of transfer of, or presentation of a written instrument of transfer for,
this Note at the office or agency designated by the Issuing Entity pursuant to the Indenture, accompanied by proper instruments
of assignment in form satisfactory to the Indenture Trustee, one or more new Notes of any authorized denominations and of a like
aggregate initial Note Principal Balance, will be issued to the designated transferee or transferees.

Prior to the due
presentment for registration of transfer of this Note, the Issuing Entity, the Indenture Trustee and any agent of the Issuing Entity
or the Indenture Trustee may treat the Person in whose name this Note is registered as the owner of such Note (i) on the applicable
Record Date for the purpose of making payments and interest of such Note, and (ii) on any other date for all other purposes whatsoever,
as the owner hereof, whether or not this Note be overdue, and neither the Issuing Entity, the Indenture Trustee nor any such agent
of the Issuing Entity or the Indenture Trustee shall be affected by notice to the contrary.

    	A-2-4

    	 

    
The Indenture permits,
with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuing
Entity and the rights of the Holders of the Notes under the Indenture at any time by the Issuing Entity with the consent of the
Note Insurer and the Holders of a majority of all Notes at the time outstanding. The Indenture also contains provisions permitting
the Holders of Notes representing specified percentages of the aggregate Note Principal Balance of the Notes on behalf of the Holders
of all the Notes, to waive any past Default under the Indenture and its consequences. Any such waiver by the Holder, at the time
of the giving thereof, of this Note (or any one or more predecessor Notes) shall bind the Holder of every Note issued upon the
registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not notation of such consent or waiver is made
upon such Note. The Indenture also permits the Issuing Entity and the Indenture Trustee to amend or waive certain terms and conditions
set forth in the Indenture without the consent of the Holders of the Notes issued thereunder.

Initially, the Notes
will be registered in the name of Cede & Co. as nominee of DTC, acting in its capacity as the Depository for the Notes. The
Notes will be delivered by the clearing agency in denominations as provided in the Indenture and subject to certain limitations
therein set forth. The Notes are exchangeable for a like aggregate initial Note Principal Balance of Notes of different authorized
denominations, as requested by the Holder surrendering same.

Unless the Certificate
of Authentication hereon has been executed by the Indenture Trustee by manual signature, this Note shall not be entitled to any
benefit under the Indenture, or be valid or obligatory for any purpose.

AS PROVIDED IN THE INDENTURE,
THIS NOTE AND THE INDENTURE CREATING THIS NOTE SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE STATE OF
NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED THEREIN.

    	A-2-5

    	 

    

IN WITNESS WHEREOF,
the Issuing Entity has caused this instrument to be duly executed by [NAME OF OWNER TRUSTEE], not in its individual capacity but
solely as Owner Trustee.

Dated: _______ __, 20__

SHELLPOINT MORTGAGE ACCEPTANCE LLC
TRUST SERIES 20__-_

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

By: _______________________________

Authorized Signatory

INDENTURE
TRUSTEE’S CERTIFICATE OF AUTHENTICATION

This is one of the Class M-[_] Notes
referred to in the within-mentioned Indenture.

[NAME OF INDENTURE TRUSTEE], as Indenture
Trustee

		By:	_______________________________
	 	 	Authorized Signatory 

    	A-2-6

    	 

    

ABBREVIATIONS

The following abbreviations,
when used in the inscription on the face of the Note, shall be construed as though they were written out in full according to applicable
laws or regulations:

 

	            TEN COM	—	as tenants in common
	            TEN ENT	—	as tenants by the entireties
	            JT TEN	—	as joint tenants with right of survivorship and not as tenants in common
	UNIF GIFT MIN ACT	—	__________ Custodian 
	 	 	 
			

        (Cust)                                                   (Minor)

        under Uniform Gifts to Minor Act 

         

	 	 	(State)

 

Additional abbreviations
may also be used though not in the above list.

    	A-2-7

    	 

    

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 typewrite name and address, including zip code, of assignee)

 

	 

the within Note and all rights thereunder,
and hereby irrevocably constitutes and appoints __________ attorney to transfer said Note on the books kept for registration thereof,
with full power of substitution in the premises.

Dated: ___________________________     _______________________________________________

Signature Guaranteed by ____________________________________

NOTICE: The signature(s)
to this assignment must correspond with the name as it appears upon the face of the within Note in every particular, without alteration
or enlargement or any change whatsoever. Signature(s) must be guaranteed by a commercial bank or by a member firm of the New York
Stock Exchange or another national securities exchange. Notarized or witnessed signatures are not acceptable.

    	A-2-8

    	 

    

APPENDIX A

DEFINITIONS

Adjustable Rate Mortgage Loan:
A Mortgage Loan with a Mortgage Rate that is subject to periodic adjustment calculated on the basis of the Index, plus an applicable
Gross Margin. Each Adjustable Rate Mortgage Loan is secured by a first lien on the related Mortgaged Property.

Adjustment Date: As 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.

Administrative Fee: The amount
of the fee payable to the Owner Trustee together with the amount of the premium payable to the Note Insurer, which will accrue
at ______% per annum based on the Note Principal Balance of the Notes.

Advance: As to any Mortgage Loan,
any advance made by the Master Servicer, pursuant to Section 4.04 of the Servicing Agreement.

Affiliate: With respect to any
Person, any other Person controlling, controlled by or under common control with such Person. For purposes of this definition,
“control” means the power to direct the management and policies of a Person, directly or indirectly, whether through
ownership of voting securities, by contract or otherwise and “controlling” and “controlled” shall have
meanings correlative to the foregoing.

Appraised Value: The appraised
value of a Mortgaged Property based upon the lesser of (i) the appraisal made at the time of the origination of the related Mortgage
Loan, or (ii) the sales price of such Mortgaged Property at such time of origination. With respect to a Mortgage Loan the proceeds
of which were used to refinance an existing mortgage loan, the appraised value of the Mortgaged Property based upon the appraisal
(as reviewed and approved by the Seller) obtained at the time of refinancing.

Assignment of Mortgage: An assignment
of Mortgage, notice of transfer or equivalent instrument, in recordable form, which is sufficient under the laws of the jurisdiction
wherein the related Mortgaged Property is located to reflect of record the sale of the Mortgage, 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.

Authorized Newspaper: A newspaper
of general circulation in the Borough of Manhattan, The City of New York, printed in the English language and customarily published
on each Business Day, whether or not published on Saturdays, Sundays or holidays.

Authorized Officer: With respect
to the Issuing Entity, any officer of the Owner Trustee who is authorized to act for the Owner Trustee in matters relating to the
Issuing Entity and who is identified on the list of Authorized Officers delivered by the Owner Trustee to the Indenture Trustee
on the Closing Date (as such list may be modified or supplemented from time to time thereafter).

    	1

    	 

    
Available Funds: As to any Payment
Date, an amount equal to the amount on deposit in the Payment Account on such Payment Date and available for distribution to the
Noteholders (minus, if the Notes have been declared due and payable following an Event of Default on such Payment Date, any amounts
owed to the Indenture Trustee by the Issuing Entity pursuant to Section 6.07 of the Indenture).

Available Funds Cap Carry-forward
Amount: With respect to the Notes and any Payment Date, an amount equal to the sum of (x) the amount, if any, by which (a)
the lesser of (1) the amount payable if clause (i) of the definition of Note Interest Rate is used to calculate interest and (2)
the amount payable if the Maximum Note Interest Rate is used to calculate interest exceeds (b) the amount payable if clause (ii)
of the definition of Note Interest Rate is used to calculate interest and (y) the interest accrued during the prior Interest Period
on the amount of any Available Funds Cap Carry-Forward Amount immediately prior to such Payment Date, calculated on the basis of
a 360-day year and the actual number of days elapsed and using the Note Interest Rate applicable to such Payment Date minus (z)
the aggregate of all amounts distributed to the Noteholders on all prior Payment Dates pursuant to Section 3.05(iv) of the Indenture.

Available Funds Interest Rate:
As to any Payment Date, a per annum rate equal to the lesser of (x) the fraction, expressed as a percentage, the numerator of which
is (i) an amount equal to (A) 1/12 of the aggregate Principal Balance of the then outstanding Mortgage Loans times the weighted
average of the Expense Adjusted Mortgage Rates on the then outstanding Mortgage Loans minus (B) the Administrative Fee for such
Payment Date, and the denominator of which is (ii) an amount equal to (A) the then outstanding aggregate Note Principal Balance
of the Notes multiplied by (B) the actual number of days elapsed in the related Interest Period divided by 360 and (y) the Maximum
Note Interest Rate.

Bankruptcy Code: The Bankruptcy
Code of 1978, as amended.

Basic Documents: The Trust Agreement,
the Certificate of Trust, the Indenture, the Mortgage Loan Purchase Agreement, the Insurance Agreement, the Servicing Agreement,
and the other documents and certificates delivered in connection with any of the above.

Beneficial Owner: With respect
to any Note, the Person who is the beneficial owner of such Note as reflected on the books of the Depository or on the books of
a Person maintaining an account with such Depository (directly as a Depository Participant or indirectly through a Depository Participant,
in accordance with the rules of such Depository).

Book-Entry Notes: Beneficial
interests in the Notes, ownership and transfers of which shall be made through book entries by the Depository as described in Section
4.06 of the Indenture.

Business Day: Any day other than
(i) a Saturday or a Sunday or (ii) a day on which banking institutions in the City of New York or Delaware or in the city in which
the corporate trust offices of the Indenture Trustee or the Note Insurer are located, are required or authorized by law to be closed.

Cash Liquidation: As 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

    	2

    	 

    
Master Servicer reasonably
and in good faith expects to be finally recoverable with respect to such Mortgage Loan.

Certificate Distribution Account:
The account or accounts created and maintained pursuant to Section 3.10(d) of the Trust Agreement. The Certificate Distribution
Account shall be an Eligible Account.

Certificate Paying Agent: The
meaning specified in Section 3.10 of the Trust Agreement.

Certificate Percentage Interest:
With respect to each Certificate, the Certificate Percentage Interest on the face thereof.

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

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

Certificate of Trust: The Certificate
of Trust filed for the Trust pursuant to Section 3810(a) of the Statutory Trust Statute.

Certificates:
The Shellpoint Mortgage Acceptance LLC, Mortgage-Backed Certificates, Series 20__-_, evidencing
the beneficial ownership interest in the Issuing Entity and executed by the Owner Trustee in substantially the form set forth in
Exhibit A to the Trust Agreement.

Certificateholder: The Person
in whose name a Certificate is registered in the Certificate Register. Owners of Certificates that have been pledged in good faith
may be regarded as Holders if the pledgee establishes to the satisfaction of the Indenture Trustee or the Owner Trustee, as the
case may be, the pledgee’s right so to act with respect to such Certificates and that the pledgee is not the Issuing Entity,
any other obligor upon the Certificates or any Affiliate of any of the foregoing Persons.

Closing Date: ______ __, 20__.

Code: The Internal Revenue Code
of 1986, as amended, and the rules and regulations promulgated thereunder.

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

Collection Account: The account
or accounts created and maintained pursuant to Section 3.06(d) of the Servicing Agreement. The Collection Account shall be an Eligible
Account.

Combined Loan-to-Value Ratio:
With respect to any Mortgage Loan and any date, the percentage equivalent of a fraction, the numerator of which is the Cut-Off
Date Principal Balance of such Mortgage Loan and the denominator of which is the outstanding principal balance as of the date of
the origination of such Mortgage Loan of any mortgage loan or mortgage loans that are secured by liens on the Mortgaged Property
that are senior or

    	3

    	 

    
subordinate to the Mortgage and the denominator of which is the Appraised Value of the related Mortgaged Property.

Compensating Interest: With respect
to any Determination Date, an amount equal to the lesser of (i) the aggregate amount of Prepayment Interest Shortfall for the related
Prepayment Period and (ii) the Servicing Fee for such Determination Date.

Converted Mortgage Loan: Any
Convertible Mortgage Loan with respect to which the interest rate borne by such Mortgage Loan has been converted from an adjustable
interest rate to a fixed interest rate.

Convertible Mortgage Loan: Any
Adjustable Rate Mortgage Loan which by its terms grants to the related Mortgagor the option to convert the interest rate borne
by such Mortgage Loan from an adjustable interest rate to a fixed interest rate.

Converting Mortgage Loan: Any
Convertible Mortgage Loan with respect to which the related Mortgagor has given notice of his intent to convert from an adjustable
interest rate to a fixed interest rate and prior to the conversion of such Mortgage Loan.

Corporate Trust Office: With
respect to the Indenture Trustee, Certificate Registrar, Certificate Paying Agent and Paying Agent, the principal corporate trust
office of the Indenture Trustee and Note Registrar at which at any particular time its corporate trust business shall be administered,
which office at the date of the execution of this instrument is located at ____________, __________, ______, __________ _____,
Attention: ________ ___ ______, except that for purposes of Section 4.02 of the Indenture and Section 3.09 of the Trust Agreement,
such term shall include the Indenture Trustee’s office or agency at _______________, ________, ________ _____, Attention:
___________ _________. With respect to the Owner Trustee, the principal corporate trust office of the Owner Trustee at which at
any particular time its corporate trust business shall be administered, which office at the date of the execution of this Trust
Agreement is located at ________________________, ______ ____________, _________________, __________, ________ _____, Attention:
______________________.

Cut-Off Date: With respect to
the Mortgage Loans, ______ 1, 20__.

Cut-Off Date Principal Balance:
With respect to any Mortgage Loan, the unpaid principal balance thereof as of the opening of business on the last day of the related
Due Period immediately prior to the Cut-Off Date.

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.

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

Deficiency Amount: The meaning
provided in the Note Insurance Policy.

    	4

    	 

    
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 Notes: The meaning
specified in Section 4.06 of the Indenture.

Deleted Mortgage Loan: A Mortgage
Loan replaced or to be replaced with an Eligible Substitute Mortgage Loan.

Depositor:
Shellpoint Mortgage Acceptance LLC, a Delaware limited liability company, or its successor in
interest.

Depository or Depository Agency:
The Depository Trust Company or a successor appointed by the Indenture Trustee with the approval of the Depositor. Any successor
to the Depository shall be an organization registered as a “clearing agency” pursuant to Section 17A of the Exchange
Act and the regulations of the Securities and Exchange Commission thereunder.

Depository Participant: A Person
for whom, from time to time, the Depository effects book-entry transfers and pledges of securities deposited with the Depository.

Determination Date: With respect
to any Payment Date, the 15th of the related month, or if the 15th day of such month is not a Business Day, the immediately preceding
Business Day.

Due Date: The first day of the
month of the related Payment Date.

Due Period: With respect to any
Mortgage Loan and Due Date, the period commencing on the second day of the month preceding the month of such Payment Date (or,
with respect to the first Due Period, the day following the Cut-Off Date) and ending on the related Due Date.

Eligible Account: An account
that is any of the following: (i) maintained with a depository institution the short term deposits 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 the Note Insurer and each Rating Agency, as evidenced in writing, be maintained such that (as evidenced by an Opinion of Counsel
delivered to the Indenture Trustee, the Note Insurer and each Rating Agency) the Indenture Trustee 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 Eligible 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 Collection Account, either (A) a trust account or accounts maintained at the
Corporate Trust Department of the Indenture Trustee or (B) an account or accounts maintained at the Corporate Trust Department
of the Indenture Trustee, as long as its short term debt obligations are rated P-1 by Moody’s and A-1 by Standard & Poor’s
or better and its long term debt obligations are rated A2 by Moody’s and A by Standard & Poor’s or better, or (iv)
in the case of the Collection Account and the Payment Account, a trust account or accounts maintained in the corporate trust division
of the Indenture Trustee, or (v) an account or accounts

    	5

    	 

    
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 Collection Account or the Payment Account will not reduce
the rating assigned to any of the Securities by such Rating Agency below investment grade without taking into account the Note
Insurance Policy and acceptable to the Note Insurer as evidenced in writing.

Eligible Investments: One or
more of the following:

(i)                
direct obligations of, and obligations fully guaranteed by, the United States of America, the Federal Home Mortgage Corporation,
the Federal National Mortgage Association, the Federal Home Loan Banks or any agency or instrumentality of the United States of
America the obligations of which are backed by the full faith and credit of the United States of America;

(ii)              
 (A) demand and time deposits in, certificates of deposit of, banker’s acceptances issued by or federal funds sold
by any depository institution or trust company (including the Indenture Trustee or its agent acting in their respective commercial
capacities) incorporated under the laws of the United States of America or any State thereof and subject to supervision and examination
by federal and/or state authorities, so long as at the time of such investment or contractual commitment providing for such investment,
such depository institution or trust company has a short term unsecured debt rating in the highest available rating category of
each of the Rating Agencies and provided that each such investment has an original maturity of no more than 365 days, and (B) any
other demand or time deposit or deposit which is fully insured by the Federal Deposit Insurance Corporation;

(iii)            
repurchase obligations with a term not to exceed 30 days with respect to any security described in clause (i) above and
entered into with a depository institution or trust company (acting as a principal) rated “A” or higher by S&P
and A2 or higher by Moody’s; provided, however, that collateral transferred pursuant to such repurchase obligation must (A)
be valued weekly at current market price plus accrued interest, (B) pursuant to such valuation, equal, at all times, 105% of the
cash transferred by the Indenture Trustee in exchange for such collateral and (C) be delivered to the Indenture Trustee or, if
the Indenture Trustee is supplying the collateral, an agent for the Indenture Trustee, in such a manner as to accomplish perfection
of a security interest in the collateral by possession of certificated securities.

(iv)            
securities bearing interest or sold at a discount issued by any corporation incorporated under the laws of the United States
of America or any State thereof which has a long term unsecured debt rating in the highest available rating category of each of
the Rating Agencies at the time of such investment;

(v)              
commercial paper having an original maturity of less than 365 days and issued by an institution having a short term unsecured
debt rating in the highest available rating category of each of the Rating Agencies at the time of such investment;

    	6

    	 

    
(vi)            
a guaranteed investment contract approved by each of the Rating Agencies and the Note Insurer and issued by an insurance
company or other corporation having a long term unsecured debt rating in the highest available rating category of each of the Rating
Agencies at the time of such investment;

(vii)          
money market funds having ratings in the highest available long-term rating category of each of the Rating Agencies at the
time of such investment; any such money market funds which provide for demand withdrawals being conclusively deemed to satisfy
any maturity requirement for Eligible Investments set forth in the Indenture; and

(viii)        
any investment approved in writing by each of the Rating Agencies and the Note Insurer.

The Indenture Trustee may purchase from
or sell to itself or an affiliate, as principal or agent, the Eligible Investments listed above.

Provided, however, that each such instrument
shall be acquired in an arm’s length transaction and no such instrument shall be an Eligible 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 such instrument and the principal and interest payments
with respect to such instrument provide a yield to maturity greater than 120% of the yield to maturity at par of such underlying
obligations; provided further, however, that each such instrument acquired shall not be acquired at a price in excess of par.

Eligible Substitute Mortgage Loan:
A Mortgage Loan substituted by the Seller for a Deleted Mortgage Loan which must, on the date of such substitution, as confirmed
in an Officer’s Certificate delivered to the Indenture 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 outstanding principal balance of the Deleted Mortgage Loan (the amount of any shortfall to be deposited by the Seller in
the Collection Account in the month of substitution); (ii) comply with each representation and warranty set forth in clauses (ii)
through (lxxvii) of Section 3.1(b) of the Mortgage Loan Purchase Agreement other than clauses (ii), (iii), (v)-(xi), (xiii)-(xiv),
(l), (lxvi), (lxviii), (lxxi), (lxxiii); (iii) have a Mortgage Rate and Gross Margin no lower than and not more than 1% per annum
higher than the Mortgage Rate and Gross Margin, respectively, of the Deleted Mortgage Loan as of the date of substitution; (iv)
have a Combined Loan-to-Value Ratio at the time of substitution no higher than that of the Deleted Mortgage Loan at the time of
substitution; (v) have a remaining term to stated maturity not greater than (and not more than one year less than) that of the
Deleted Mortgage Loan and (vi) not be 30 days or more delinquent.

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

Event of Default: With respect
to the Indenture, any one of the following events (whatever the reason for such Event of Default and whether it shall be voluntary
or involuntary or be effected

    	7

    	 

    
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):

(ix)            
a default in (a) the payment of the Interest Payment Amount or the Principal Payment Amount with respect to a Payment Date
on such Payment Date or (b) the Subordination Increase Amount or the Available Funds Cap Carry-Forward Amount, but only, with respect
to clause (b), to the extent funds are available to make such payment as provided in the Indenture; or

(x)              
the failure by the Issuing Entity on the Final Scheduled Payment Date to reduce the Note Principal Balance to zero; or

(xi)            
there occurs a default in the observance or performance of any covenant or agreement of the Issuing Entity made in the Indenture,
or any representation or warranty of the Issuing Entity made in the Indenture or in any certificate or other writing delivered
pursuant hereto or in connection herewith proving to have been incorrect in any material respect as of the time when the same shall
have been made, and such default shall continue or not be cured, or the circumstance or condition in respect of which such representation
or warranty was incorrect shall not have been eliminated or otherwise cured, for a period of 30 days after there shall have been
given, by registered or certified mail, to the Issuing Entity by the Indenture Trustee or to the Issuing Entity and the Indenture
Trustee by the Note Insurer, or if a Note Insurer Default exists the Holders of at least 25% of the Outstanding Amount of the Notes,
a written notice specifying such default or incorrect representation or warranty and requiring it to be remedied and stating that
such notice is a notice of default hereunder; or

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

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

    	8

    	 

    
Event of Servicer Termination:
With respect to the Servicing Agreement, a Servicing Default as defined in Section 6.01 of the Servicing Agreement.

Excess Subordination Amount:
With respect to any Payment Date, the excess, if any, of (a) the Subordination Amount that would apply on such Payment Date after
taking into account all distributions to be made on such Payment Date (exclusive of any reductions thereto attributable to Subordination
Reduction Amounts on such Payment Date) over (b) the Required Subordination Amount for such Payment Date.

Exchange Act: The Securities
Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

Expense Adjusted Mortgage Rate:
For any Mortgage Loan, the rate equal to the then applicable Mortgage Rate thereon minus the sum of (i) the Minimum Spread and
(ii) the Servicing Fee Rate and (iii) the Indenture Trustee Fee Rate.

Expenses: The meaning specified
in Section 7.02 of the Trust Agreement.

FDIC: The Federal Deposit Insurance
Corporation or any successor thereto.

FHLMC: The Federal Home Loan
Mortgage Corporation, or any successor thereto.

Final Scheduled Payment Date:
The Payment Date occurring in _________ 20__.

Fixed Rate Mortgage Loan: Any
Mortgage Loan with a fixed rate of interest.

FNMA: The Federal National Mortgage
Association, or any successor thereto.

Foreclosure Profit: With respect
to a Liquidated Mortgage Loan, the amount, if any, by which (i) the aggregate of its Net Liquidation Proceeds exceeds (ii) the
related Principal Balance (plus accrued and unpaid interest thereon at the applicable Mortgage Rate from the date interest was
last paid through the date of receipt of the final Liquidation Proceeds) of such Liquidated Mortgage Loan immediately prior to
the final recovery of its Liquidation Proceeds.

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

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Gross Margin: With respect to
any Adjustable Rate Mortgage Loan, the percentage set forth as the “Gross Margin” for such Mortgage Loan on the Mortgage
Loan Schedule, as adjusted from time to time in accordance with the terms of the Servicing Agreement.

Indemnified Party: The meaning
specified in Section 7.02 of the Trust Agreement.

Indenture: The indenture dated
as of ______ __, 20__, between the Issuing Entity, as debtor, and the Indenture Trustee, as Indenture Trustee.

Indenture Trustee: _________________________________________,
a national banking association, and its successors and assigns or any successor indenture trustee appointed pursuant to the terms
of the Indenture.

Indenture Trustee Fee: With respect
to each Mortgage Loan and any Payment Date the product of (i) the Indenture Trustee Fee Rate divided by 12 and (ii) the Principal
Balance of such Mortgage Loans as of such date.

Indenture Trustee Fee Rate: _____%
per annum.

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

Independent Certificate: A certificate
or opinion to be delivered to the Indenture Trustee under the circumstances described in, and otherwise complying with, the applicable
requirements of Section 10.01 of the Indenture, made by an Independent appraiser or other expert appointed by an Issuing Entity
Order and approved by the Indenture Trustee in the exercise of reasonable care, and such opinion or certificate shall state that
the signer has read the definition of “Independent” in this Indenture and that the signer is Independent within the
meaning thereof.

Index: With respect to any Adjustable
Rate Mortgage Loan, index for the adjustment of the Mortgage Rate set forth as such on the related Mortgage Note.

Initial Note Principal Balance:
With respect to the Notes, $______________.

Initial Subservicer: _____________,
a __________ corporation.

Insolvency Event: With respect
to a specified Person, (a) the filing of a decree or order for relief by a court having jurisdiction in the premises in respect
of such Person or any substantial part of its property in an involuntary case under any applicable bankruptcy, insolvency or other
similar law now or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar
official for such Person or for any substantial part of its property, or

    	10

    	 

    
ordering the winding-up or liquidation of such Person’s
affairs, and such decree or order shall remain unstayed and in effect for a period of 60 consecutive days; or (b) the commencement
by such Person of a voluntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect,
or the consent by such Person to the entry of an order for relief in an involuntary case under any such law, or the consent by
such Person to the appointment of or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator or
similar official for such Person or for any substantial part of its property, or the making by such Person of any general assignment
for the benefit of creditors, or the failure by such Person generally to pay its debts as such debts become due or the admission
by such Person in writing (as to which the Indenture Trustee shall have notice) of its inability to pay its debts generally, or
the adoption by the Board of Directors or managing member of such Person of a resolution which authorizes action by such Person
in furtherance of any of the foregoing.

Insurance Agreement: The insurance
and reimbursement agreement dated as of _____ __, 20__, among the Master Servicer, the Seller, the Depositor, the Issuing Entity,
Indenture Trustee and the Note Insurer, including any amendments and supplements thereto.

Insurance Proceeds: Proceeds
paid by any insurer (other than the Note Insurer) pursuant to any insurance policy covering a Mortgage Loan which are required
to be remitted to the Master Servicer, or amounts required to be paid by the Master Servicer pursuant to the Servicing Agreement,
net of any component thereof (i) covering any expenses incurred by or on behalf of the Master Servicer in connection with obtaining
such proceeds, (ii) that is applied to the restoration or repair of the related Mortgaged Property, (iii) released to the Mortgagor
in accordance with the Master Servicer’s normal servicing procedures or (iv) required to be paid to any holder of a mortgage
senior to such Mortgage Loan.

Insured Payment: Shall have the
meaning set forth in the Note Insurance Policy.

Interest Determination Date:
With respect to any Interest Period, the second London Business Day preceding the commencement of such Interest Period.

Interest Payment Amount: With
respect to any Payment Date, an amount equal to interest accrued during the related Interest Period on the Note Principal Balance
thereof at the then-applicable Note Interest Rate, minus any Prepayment Interest Shortfalls and Relief Act Shortfalls to the extent
not covered by the Master Servicer by Compensating Interest for such Payment Date.

Interest Period: With respect
to any Payment Date other than the first Payment Date, the period beginning on the preceding Payment Date and ending on the day
preceding such Payment Date, and in the case of the first Payment Date, the period beginning on the Closing Date and ending on
the day preceding the first Payment Date.

Interest Rate Adjustment Date:
With respect to each Mortgage Loan, the date or dates on which the Mortgage Rate is adjusted in accordance with the related Mortgage
Note.

Issuing
Entity: The Shellpoint Mortgage Acceptance LLC Trust Series 20__-_, a Delaware statutory
trust, or its successor in interest.

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Issuer Request: A written order
or request signed in the name of the Issuing Entity by any one of its Authorized Officers and approved in writing by the Note Insurer,
so long as no Note Insurer Default exists and delivered to the Indenture Trustee.

LIBOR 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 or Delaware, or in the city
of London, England are required or authorized by law to be closed.

Lien: Any mortgage, deed of trust,
pledge, conveyance, hypothecation, assignment, participation, deposit arrangement, encumbrance, lien (statutory or other), preference,
priority right or interest or other security agreement or preferential arrangement of any kind or nature whatsoever, including,
without limitation, any conditional sale or other title retention agreement, any financing lease having substantially the same
economic effect as any of the foregoing and the filing of any financing statement under the UCC (other than any such financing
statement filed for informational purposes only) or comparable law of any jurisdiction to evidence any of the foregoing; provided,
however, that any assignment pursuant to Section 6.02 of the Servicing Agreement shall not be deemed to constitute a Lien.

Lifetime Rate Cap: With respect
to each Mortgage Loan with respect to which the related Mortgage Note provides for a lifetime rate cap, the maximum Mortgage Rate
permitted over the life of such Mortgage Loan under the terms of such Mortgage Note, as set forth on the Mortgage Loan Schedule
and initially as set forth on Exhibit A to the Servicing Agreement.

Liquidated Mortgage Loan: With
respect to any Payment Date, any Mortgage Loan in respect of which the Master Servicer has determined, in accordance with the servicing
procedures specified in the Servicing Agreement, as of the end of the related Prepayment Period that substantially all Liquidation
Proceeds which it reasonably expects to recover with respect to the disposition of the related REO Property have been recovered.

Liquidation Expenses: Out-of-pocket
expenses (exclusive of overhead) which are incurred by or on behalf of the Master Servicer in connection with the liquidation of
any Mortgage Loan and not recovered under any insurance policy, such expenses including, without limitation, legal fees and expenses,
any unreimbursed amount expended (including, without limitation, amounts advanced to correct defaults on any mortgage loan which
is senior to such Mortgage Loan and amounts advanced to keep current or pay off a mortgage loan that is senior to such Mortgage
Loan) respecting the related Mortgage Loan and any related and unreimbursed expenditures for real estate property taxes or for
property restoration, preservation or insurance against casualty loss or damage.

Liquidation Proceeds: Proceeds
(including Insurance Proceeds but not including amounts drawn under the Note Insurance Policy) received in connection with the
liquidation of any Mortgage Loan or related REO Property, whether through trustee’s sale, foreclosure sale or otherwise.

Loan Year: With respect to any
Mortgage Loan, the one year period commencing on the day succeeding the origination of such Mortgage Loan and ending on the anniversary
date of such Mortgage Loan, and each annual period thereafter.

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London Business Day: Any day
on which banks in the City of London, England are open and conducting transactions in United States dollars.

Lost Note Affidavit: With respect
to any Mortgage Loan as to which the original Mortgage Note has been permanently lost or destroyed and has not been replaced, an
affidavit from the Seller certifying that the original Mortgage Note has been lost, misplaced or destroyed (together with a copy
of the related Mortgage Note).

Master Servicer: _______________________,
a __________ corporation, and its successors and assigns.

Master Servicing Fee: With respect
to each Mortgage Loan and any Payment Date the product of (i) the Master Servicing Fee Rate divided by 12 and (ii) the Principal
Balance of such Mortgage Loans as of such date.

Master Servicing Fee Rate: With
respect to each Mortgage Loan, ____% per annum.

Maximum Note Interest Rate: With
respect to any Payment Date, the per annum rate equal to the fraction, expressed as a percentage, the numerator of which is (i)
an amount equal to (A) 1/12 of the aggregate Principal Balance of the then outstanding Mortgage Loans times the weighted average
of the Expense Adjusted Maximum Mortgage Rates on the then outstanding Mortgage Loans minus (B) the Administrative Fee for such
Payment Date, and the denominator of which is (ii) an amount equal to (A) the aggregate Note Principal Balance of the Notes multiplied
by (B) the actual number of days elapsed in the related Interest Period divided by 360.

Maximum Mortgage Rate: With respect
to each Adjustable Rate Mortgage Loan, the maximum Mortgage Rate.

Minimum Mortgage Rate: With respect
to each Adjustable Rate Mortgage Loan, the minimum Mortgage Rate.

Minimum Spread: ____% per annum.

Monthly Payment: With respect
to any Mortgage Loan (including any REO Property) and any Due Date, the payment of principal and interest due thereon in accordance
with the amortization schedule at the time applicable thereto (after adjustment, if any, for partial Prepayments 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).

Moody’s: Moody’s
Investors Service, Inc. or its successor in interest.

Mortgage: The mortgage, deed
of trust or other instrument creating a first or second lien on an estate in fee simple interest in real property securing a Mortgage
Loan.

Mortgage File: The file containing
the Related Documents pertaining to a particular Mortgage Loan and any additional documents required to be added to the Mortgage
File pursuant to the Mortgage Loan Purchase Agreement or the Servicing Agreement.

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Mortgage Loan Purchase Agreement:
The Mortgage Loan Purchase Agreement, dated as of the Cut-Off Date, between the Seller, as seller, and the Purchaser, as purchaser,
with respect to the Mortgage Loans, dated as of ______ __, 20__.

Mortgage Loan Schedule: With
respect to any date, the schedule of Mortgage Loans held by the Issuing Entity on such date. The initial schedule of Mortgage Loans
as of the Cut-Off Date is the schedule set forth in Exhibit A of the Servicing Agreement, which schedule sets forth as to each
Mortgage Loan

(xiv)                    
the loan number and name of the Mortgagor;

(xv)                      
the street address, city, state and zip code of the Mortgaged Property;

(xvi)                    
the Mortgage Rate;

(xvii)                  
the Maximum Rate;

(xviii)                
the maturity date;

(xix)                    
the original principal balance;

(xx)                      
the first payment date;

(xxi)                    
the type of Mortgaged Property;

(xxii)                  
the Monthly Payment in effect as of the Cut-Off Date;

(xxiii)                
the Cut-off Date Principal Balance;

(xxiv)                
the occupancy status;

(xxv)                  
the purpose of the Mortgage Loan;

(xxvi)                
the Appraised Value of the Mortgaged Property;

(xxvii)              
the original term to maturity;

(xxviii)            
the paid-through date of the Mortgage Loan;

(xxix)                
the Loan-to-Value Ratio; and

(xxx)                  
whether or not the Mortgage Loan was underwritten pursuant to a limited documentation program.

The Mortgage Loan Schedule shall also
set forth the total of the amounts described under (ix) above for all of the Mortgage Loans.

Mortgage Loans: At any time,
collectively, all Mortgage Loans that have been sold to the Depositor under the Mortgage Loan Purchase Agreement or substituted
for pursuant to Section

    	14

    	 

    
2.1 and 3.1 of the Mortgage Loan Purchase Agreement and transferred and conveyed to the Issuing Entity,
in each case together with the Related Documents, and that remain subject to the terms thereof.

Mortgage Note: The note or other
evidence of the indebtedness of a Mortgagor under a Mortgage Loan.

Mortgage Rate: With respect to
any Mortgage Loan, the annual rate at which interest accrues on such Mortgage Loan.

Mortgaged Property: The underlying
property, including real property and improvements thereon, securing a Mortgage Loan.

Mortgagor: The obligor or obligors
under a Mortgage Note.

Net Liquidation Proceeds: With
respect to any Liquidated Mortgage Loan, Liquidation Proceeds net of Liquidation Expenses.

Net Monthly Excess Cashflow:
For any Payment Date, the amount of Available Funds and any Insured Payment remaining after distributions pursuant to clauses (i)
through (iii) of Section 3.05 of the Indenture (minus any Insured Payment and any Subordination Reduction Amount).

Net Mortgage Rate: With respect
to any Mortgage Loan and any day, the related Mortgage Rate less the sum of the related Servicing Fee Rate, the Administrative
Fee Rate and the Indenture Trustee Fee Rate.

Nonrecoverable Advance: Any advance
(i) which was previously made or is proposed to be made by the Master Servicer; and (ii) 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
Liquidation Proceeds, Insurance Proceeds or future payments on any Mortgage Loan.

Note Insurance Policy: The bond
guaranty insurance policy number __________, issued by the Note Insurer to the Indenture Trustee for the benefit of the Noteholders.

Note Insurer: _____________________,
a _________________, and any successor thereto or any replacement bond insurer substituted pursuant to Section 3.29 of the Indenture.

Note Insurer Default: The existence
and continuance of any of the following: (a) a failure by the Note Insurer to make a payment required under the Note Insurance
Policy in accordance with its terms; or (b)(i) the Note Insurer (A) files any petition or commences any case or proceeding under
any provision or chapter of the Bankruptcy Code or any other similar federal or state law relating to insolvency, bankruptcy, rehabilitation,
liquidation or reorganization, (B) makes a general assignment for the benefit of its creditors, or (C) has an order for relief
entered against it under the Bankruptcy Code or any other similar federal or state law relating to insolvency, bankruptcy, rehabilitation,
liquidation or reorganization which is final and nonappealable; or (ii) a court of competent jurisdiction, the New York Department
of Insurance or other competent regulatory authority enters a final and nonappealable order, judgment or decree (A) appointing
a

    	15

    	 

    
custodian, trustee, agent or receiver for the Note Insurer or for all or any material portion of its property or (B) authorizing
the taking of possession by a custodian, trustee, agent or receiver of the Note Insurer (or the taking of possession of all or
any material portion of the property of the Note Insurer).

Note Interest Rate: With respect
to each Payment Date after the first Payment Date, a floating rate equal to the lesser of (i) with respect to each Payment Date
up to and including the Payment Date in _________ 20__, One-Month LIBOR plus ____%, and with respect to each Payment Date thereafter,
One-Month LIBOR plus ____% and (ii) the Available Funds Interest Rate with respect to such Payment Date. The Note Interest Rate
for the first Payment Date will equal ____% per annum.

Note Owner: The Beneficial Owner
of a Note.

Note Percentage: With respect
to any Payment Date and any Note, the ratio expressed as a percentage of the Note Principal Balance of such Note to the aggregate
Note Principal Balance of all Notes immediately prior to such Payment Date.

Note Principal Balance: With
respect to any Note, the initial Note Principal Balance thereof minus all amounts distributed in respect of principal with respect
to such Note.

Note Register: The register maintained
by the Note Registrar in which the Note Registrar shall provide for the registration of Notes and of transfers and exchanges of
Notes.

Note Registrar: The Indenture
Trustee, in its capacity as Note Registrar.

Noteholder: The Person in whose
name a Note is registered in the Note Register, except that, any Note registered in the name of the Depositor, the Issuing Entity
or the Indenture Trustee or any Affiliate of any of them shall be deemed not to be outstanding and the registered holder will not
be considered a Noteholder or holder for purposes of giving any request, demand, authorization, direction, notice, consent or waiver
under the Indenture or the Trust Agreement provided that, in determining whether the Indenture Trustee shall be protected in relying
upon any such request, demand, authorization, direction, notice, consent or waiver, only Notes that the Indenture Trustee or the
Owner Trustee knows to be so owned shall be so disregarded. Owners of Notes that have been pledged in good faith may be regarded
as Holders if the pledgee establishes to the satisfaction of the Indenture Trustee or the Owner Trustee the pledgee’s right
so to act with respect to such Notes and that the pledgee is not the Issuing Entity, any other obligor upon the Notes or any Affiliate
of any of the foregoing Persons. Any bonds on which payments are made under the Note Insurance Policy shall be deemed Outstanding
until the Note Insurer has been reimbursed with respect thereto and the Note Insurer shall be deemed the Noteholder thereof to
the extent of such unreimbursed payment.

Notes: The Notes designated as
the “Notes” in the Indenture.

Officer’s Certificate:
With respect to the Master Servicer, a certificate signed by the President, Managing Director, a Director, a Vice President or
an Assistant Vice President, of the Master Servicer and delivered to the Indenture Trustee. With respect to the Issuing Entity,
a certificate signed by any Authorized Officer of the Issuing Entity, under the circumstances described in,

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and otherwise complying
with, the applicable requirements of Section 10.01 of the Indenture, and delivered to the Indenture Trustee. Unless otherwise specified,
any reference in the Indenture to an Officer’s Certificate shall be to an Officer’s Certificate of any Authorized Officer
of the Issuing Entity.

One-Month LIBOR: With respect
to any Interest Period, the rate determined by the Indenture Trustee on the related Interest Determination Date on the basis of
the offered rates of the Reference Banks for one-month United States dollar deposits, as such rates appear on the Reuters Screen
LIBOR Page, as of 11:00 a.m. (London time) on such Interest Determination Date. On each Interest Determination Date, One-Month
LIBOR for the related Interest Period will be established by the Indenture Trustee as follows:

(xxxi)    
If on such Interest Determination Date two or more Reference Banks provide such offered quotations, One-Month LIBOR for
the related Interest Period shall be the arithmetic mean of such offered quotations (rounded upwards if necessary to the nearest
whole multiple of 1/16%).

(xxxii)  
If on such Interest Determination Date fewer than two Reference Banks provide such offered quotations, One-Month LIBOR for
the related Interest Period shall be the higher of (i) One-Month LIBOR as determined on the previous Interest Determination Date
and (ii) the Reserve Interest Rate.

Opinion of Counsel: A written
opinion of counsel acceptable to Note Insurer who may be in-house counsel for the Master Servicer if acceptable to the Indenture
Trustee, the Note Insurer and the Rating Agencies or counsel for the Depositor, as the case may be.

Original Specified Subordination
Amount: An amount equal to ____% of the aggregate Principal Balance of the Mortgage Loans as of the Cut-Off Date.

Original Value: Except in the
case of a refinance Mortgage Loan, the lesser of the Appraised Value or sales price of Mortgaged Property at the time a Mortgage
Loan is closed, and for a refinance Mortgage Loan, the Original Value is the value of such property set forth in an appraisal acceptable
to the Master Servicer.

Outstanding: With respect to
the Notes, as of the date of determination, all Notes theretofore executed, authenticated and delivered under this Indenture except:

(xxxiii)
Notes theretofore cancelled by the Note Registrar or delivered to the Indenture Trustee for cancellation; and

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

(xxxv)  
Notes that have been paid with funds provided under the Note Insurance Policy shall be deemed to be Outstanding until the
Note Insurer has been reimbursed with respect thereto.

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Owner
Trust: The Shellpoint Mortgage Acceptance LLC Trust Series 20__-_ to be created pursuant
to the Trust Agreement.

Owner Trust Estate: The corpus
of the Issuing Entity created by the Trust Agreement which consists of items in Section 2.01 of the Trust Agreement.

Owner Trustee: ________________________
and its successors and assigns or any successor owner trustee appointed pursuant to the terms of the Trust Agreement.

Owner Trustee Fee:

Owner Trustee Fee Rate: ______%
per annum.

Paying Agent: Any paying agent
or co-paying agent appointed pursuant to Section 3.03 of the Indenture, which initially shall be the Indenture Trustee.

Payment Account: The account
established by the Indenture Trustee pursuant to Section 8.02 of the Indenture and Section 4.03 of the Servicing Agreement. The
Payment Account shall be an Eligible Account.

Payment Date: The 25th day of
each month, or if such day is not a Business Day, then the next Business Day.

Percentage Interest: With respect to
any Note, the percentage obtained by dividing the Note Principal Balance of such Note by the aggregate of the Note Principal Balances
of all Notes. With respect to any Certificate, the percentage on the face thereof.

Person: Any individual, corporation,
partnership, joint venture, association, joint-stock company, trust, unincorporated organization or government or any agency or
political subdivision thereof.

Pool Balance: With respect to
any date, the aggregate of the Principal Balances of all Mortgage Loans as of such date.

Preference Amount: Any amount
previously distributed to an Owner on the Notes that is recoverable and sought to be recovered as a voidable preference by a trustee
in bankruptcy pursuant to the United States Bankruptcy Code (11 U.S.C.), as amended from time to time, in accordance with a final
nonappealable order of a court having competent jurisdiction.

Premium Amount: The amount of
premium due to the Note Insurer in accordance with the terms of the Insurance Agreement.

Prepayment Interest Shortfall:
As to any Payment 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 excess of interest accrued during the
related Prepayment Period at the Net Mortgage Rate on the Principal Balance of such Mortgage Loan over the amount of interest (adjusted
to the Net Mortgage Rate) paid by the Mortgagor for such Prepayment Period to the date of such Principal Prepayment in full or
(b) a partial Prepayment during the prior calendar month, an amount equal to interest accrued during

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the related Prepayment Period
at the Net Mortgage Rate on the amount of such partial Prepayment.

Prepayment Period: As to any
Payment Date, the calendar month preceding the month of distribution.

Primary Insurance Policy: Each
primary policy of mortgage guaranty insurance issued by a Qualified Insurer or any replacement policy therefor.

Principal Balance: With respect
to any Mortgage Loan or related REO Property, at any given time, (i) the Cut-off Date Principal Balance of the Mortgage Loan, 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 prior to the most recent Payment Date which were received or with respect to which an Advance was made,
and (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 the Servicing Agreement
with respect to such Mortgage Loan or REO Property, and (c) any Realized Loss with respect thereto for any previous Payment Date.

Principal Payment Amount: With respect
to any Payment Date (a) other than the Final Scheduled Payment Date, and the first Payment Date following any acceleration of the
Notes following an Event of Default, the lesser of (a) the sum of the Available Funds remaining after distributions pursuant to
clause (i) of Section 3.05 of the Indenture and any portion of any Insured Payment for such Payment Date representing a Subordination
Deficit and (b) the sum of:

 

(1)              
the principal portion of all Monthly Payments received during the related Due Period or advanced on each Mortgage Loan;

(2)              
the Principal Balance of any Mortgage Loan repurchased during the related Prepayment Period (or deemed to have been so repurchased)
pursuant to the Mortgage Loan Purchase Agreement or Section 3.18 of the Servicing Agreement and the amount of any Substitution
Adjustment Amounts during the related Prepayment Period;

(3)              
the principal portion of all other unscheduled collections (including, without limitation, Principal Prepayments in full,
partial Prepayments, Insurance Proceeds, Liquidation Proceeds and REO Proceeds) received during the related Prepayment Period to
the extent applied by the Master Servicer as payments or recoveries of principal of the related Mortgage Loan;

(4)              
any Insured Payment made with respect to any Subordination Deficit; and

minus

(5)              
the amount of any Subordination Reduction Amount for such Payment Date;

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and (b) with respect to the Final Scheduled
Payment Date, and the first Payment Date following any acceleration of the Notes following an Event of Default, the amount necessary
to reduce the Note Principal Balance to zero.

Principal Prepayment: Any payment
of principal made by the Mortgagor on a Mortgage Loan which is received in advance of its scheduled Due Date and which is not accompanied
by an amount of interest representing scheduled interest due on any date or dates in any month or months subsequent to the month
of prepayment.

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

Purchase Price: The meaning specified
in Section 2.2(a) of the Mortgage Loan Purchase Agreement.

Purchaser: _________________________,
a ____________ corporation, and its successors and assigns.

Qualified Insurer: A mortgage
guaranty insurance company duly qualified as such under the laws of the state of its principal place of business and each state
having jurisdiction over such insurer in connection with the insurance policy issued by such insurer, duly authorized and licensed
in such states to transact a mortgage guaranty insurance business in such states and to write the insurance provided by the insurance
policy issued by it, approved as an insurer by the Master Servicer and as a FNMA-approved mortgage insurer.

Rating Agency: Any nationally
recognized statistical rating organization, or its successor, that rated the Notes at the request of the Depositor at the time
of the initial issuance of the Notes. Initially, Moody’s or Standard & Poor’s. If such organization or a successor
is no longer in existence, “Rating Agency” shall be such nationally recognized statistical rating organization, or
other comparable Person, designated by the Note Insurer so long as no Note Insurer Default exists, notice of which designation
shall be given to the Indenture Trustee. References herein to the highest short term unsecured rating category of a Rating Agency
shall mean A-1 or better in the case of Standard & Poor’s and P-1 or better in the case of Moody’s and in the case
of any other Rating Agency shall mean such equivalent ratings. References herein to the highest long-term rating category of a
Rating Agency shall mean “AAA” in the case of Standard & Poor’s and “Aaa” in the case of Moody’s
and in the case of any other Rating Agency, such equivalent rating.

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 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 Noteholders up to the last day of the month in which the Cash Liquidation (or REO Disposition) occurred on
the 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

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thereof reimbursable to the Master Servicer or any Subservicer with respect to related Advances or 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 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.

Record Date: With respect to
the Notes and any Payment Date, the last day of the calendar month preceding such Payment Date.

Reference Banks: Bankers Trust
Company, Barclay’s Bank PLC, The Bank of Tokyo and National Westminster Bank PLC and their successors in interest; provided
that if any of the foregoing banks are not suitable to serve as a Reference Bank, then any leading banks selected by the Indenture
Trustee which are engaged in transactions in Eurodollar deposits in the international Eurocurrency market (i) with an established
place of business in London, (ii) not controlling, under the control of or under common control with the Company or any Affiliate
thereof, (iii) whose quotations appear on the Reuters Screen LIBO Page on the relevant Interest Determination Date and (iv) which
have been designated as such by the Indenture Trustee.

Registered Holder: The Person
in whose name a Note is registered in the Note Register on the applicable Record Date.

Related Documents: With respect
to each Mortgage Loan, the documents specified in Section 2.1(b) of the Mortgage Loan Purchase Agreement and any documents required
to be added to such documents pursuant to the Mortgage Loan Purchase Agreement, the Trust Agreement, Indenture or the Servicing
Agreement.

Relief Act: The Soldiers’
and Sailors’ Civil Relief Act of 1940, as amended.

Relief Act Shortfall: For any
Payment Date, As to any Payment Date and any Mortgage Loan (other than a Mortgage Loan relating to an REO Property) any shortfalls
relating to the Relief Act or similar legislation or regulations.

REO Acquisition: The acquisition
by the Master Servicer on behalf of the Indenture Trustee for the benefit of the Noteholders of any REO Property pursuant to Section
3.13 of the Servicing Agreement.

REO Disposition: As 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: As to any
REO Property, for any period, an amount equivalent to interest (at 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.

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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 Collection Account only upon the related REO Disposition.

REO Property: A Mortgaged Property
that is acquired by the Issuing Entity in foreclosure or by deed in lieu of foreclosure.

Repurchase Event: With respect
to any Mortgage Loan, either (i) a discovery that, as of the Closing Date the related Mortgage was not a valid lien on the related
Mortgaged Property subject only to (A) the lien of any prior mortgage indicated on the Mortgage Loan Schedule, (B) the lien of
real property taxes and assessments not yet due and payable, (C) covenants, conditions, and restrictions, rights of way, easements
and other matters of public record as of the date of recording of such Mortgage and such other permissible title exceptions as
are permitted and (D) other matters to which like properties are commonly subject which do not materially adversely affect the
value, use, enjoyment or marketability of the related Mortgaged Property or (ii) with respect to any Mortgage Loan as to which
the Seller delivers an affidavit certifying that the original Mortgage Note has been lost or destroyed, a subsequent default on
such Mortgage Loan if the enforcement thereof or of the related Mortgage is materially and adversely affected by the absence of
such original Mortgage Note.

Repurchase Price: With respect
to any Mortgage Loan required to be repurchased on any date pursuant to the Mortgage Loan Purchase Agreement or purchased by the
Master Servicer pursuant to the Servicing Agreement, an amount equal to the sum, without duplication, of (i) 100% of the Principal
Balance thereof (without reduction for any amounts charged off) and (ii) unpaid accrued interest at the Mortgage Rate on the outstanding
principal balance thereof from the Due Date to which interest was last paid by the Mortgagor to the first day of the month following
the month of purchase plus (iii) the amount of Advances and any unreimbursed Servicing Advances or unreimbursed Advances made with
respect to such Mortgage Loan plus (iv) any other amounts owed to the Master Servicer or the Subservicer pursuant to Section 3.07
of the Servicing Agreement not included in clause (iii) of this definition.

Required Subordination Amount:
With respect to any Payment Date occurring from the initial Payment Date and ending on the later of (i) the date on which the aggregate
Principal Balance of the Mortgage Loans is 50% of the initial aggregate Principal Balance of the Mortgage Loans and (ii) the 30th
Payment Date, the greater of:

(a)               
the Original Specified Subordination Amount; and

(b)              
two times the excess of (1) 50% of the aggregate Principal Balance of the Mortgage Loans which are 91 or more days delinquent
(including Mortgage Loans in foreclosure and REO Properties) as of such date over (2) two times the current Net Monthly Excess
Cash Flow for such Payment Date; and

with respect to any Payment Date thereafter,
the greatest of:

(c)               
the lesser of (1) the Original Specified Subordination Amount and (2) two times ____% times the aggregate Note Principal
Balance as of such Payment Date;

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(d)              
two times the excess of (A) 50% of the aggregate Principal Balance of the Mortgage Loans which are 91 or more days delinquent
(including Mortgage Loans in foreclosure and REO Properties) as of such date over (B) two times the current Net Monthly Excess
Cash Flow for such Payment Date;

(e)               
0.5% of the Cut-Off Date Principal Balance of the Mortgage Loans; and

(f)               
an amount equal to the outstanding balance of the four largest Mortgage Loans as of the Cut-Off Date;

Provided, however, that if (x) a Servicer
Default has occurred and is continuing as of such Payment Date, and such Servicer Default has not been waived by the Note Insurer
or (y) a claim has been made on the Note Insurance Policy by the Indenture Trustee, the Required Subordination Amount shall not
decrease on any Payment Date.

Reserve Interest Rate: With respect
to any Interest Determination Date, the rate per annum that the Indenture Trustee determines to be either (i) the arithmetic mean
(rounded upwards if necessary to the nearest whole multiple of 1/16%) of the three-month United States dollar lending rates which
New York City banks selected by the Indenture Trustee are quoting on the relevant Interest Determination Date to the principal
London offices of leading banks in the London interbank market or (ii) in the event that the Indenture Trustee can determine no
such arithmetic mean, the lowest three-month United States dollar lending rate which New York City banks selected by the Indenture
Trustee are quoting on such Interest Determination Date to leading European banks.

Responsible Officer: With respect
to the Indenture Trustee, any officer of the Indenture Trustee with direct responsibility for the administration of the Trust Agreement
and also, with respect to a particular matter, any other officer to whom such matter is referred because of such officer’s
knowledge of and familiarity with the particular subject.

Securities Act: The Securities
Act of 1933, as amended, and the rules and regulations promulgated thereunder.

Security: Any of the Certificates
or Notes.

Securityholder or Holder: Any
Noteholder or a Certificateholder.

Security Instrument: A written
instrument creating a valid first lien on a Mortgaged Property securing a Mortgage Note, which may be any applicable form of mortgage,
deed of trust, deed to secure debt or security deed, including any riders or addenda thereto.

Seller: _______________________,
a __________ corporation, and its successors and assigns.

Servicing Account: The separate
trust account created and maintained by the Master Servicer or each Subservicer with respect to the Mortgage Loans or REO Property,
which shall be an Eligible Account, for collection of taxes, assessments, insurance premiums and comparable items as described
in Section 3.08 of the Servicing Agreement.

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Servicing Advances: All customary,
reasonable and necessary “out of pocket” costs and expenses incurred in connection with a default, delinquency or other
unanticipated event in the performance by the Master Servicer of its servicing obligations, including, without duplication, but
not limited to, the cost of (i) the preservation, restoration and protection of a Mortgaged Property, (ii) any enforcement or judicial
proceedings, including foreclosures, (iii) the management and liquidation of any REO Property and (iv) compliance with the obligations
under Sections 3.10, 3.11, 3.13 of the Servicing Agreement.

Servicing Agreement: The Servicing
Agreement dated as of ______ __, 20__, between the Master Servicer and the Issuing Entity.

Servicing Certificate: A certificate
completed and executed by a Servicing Officer on behalf of the Master Servicer in accordance with Section 4.01 of the Servicing
Agreement.

Servicing Default: The meaning assigned
in Section 6.01 of the Servicing Agreement.

Servicing Fee: With respect to
any Mortgage Loan, the sum of the related Master Servicing Fee and the related Subservicing Fee.

Servicing Fee Rate: With respect
to any Mortgage Loan, the sum of the related Master Servicing Fee Rate and the Subservicing Fee Rate.

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 Indenture Trustee (with a copy to the Note Insurer) by the Master
Servicer, as such list may be amended from time to time.

Single Note: A Note in the amount
of $1,000.

Standard & Poor’s:
Standard & Poor’s Ratings Service, or its successor in interest.

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

Subordination Amount: As of any
Payment Date, the excess, if any, of (x) the sum of the aggregate Principal Balances of the Mortgage Loans as of the close of business
on the last day of the related Due Period as of such Payment Date over (y) the Note Principal Balance of the Notes as of such Payment
Date (and following the making of all distributions on such Payment Date)

Subordination Deficit: With respect
to any Payment Date, the amount, if any, by which (x) the aggregate Note Principal Balance of the Notes as of such Payment Date,
and following the making of all distributions to be made on such Payment Date (except for any payment to be made as to principal
from proceeds of the Note Insurance Policy), exceeds (y) the aggregate Principal Balances of the Mortgage Loans as of the close
of business on the preceding Due Date on such Payment Date.

Subordination Increase Amount:
With respect to any Payment Date, the amount of any Net Monthly Excess Cashflow (including any Subordination Reduction Amount)
available in the

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Payment Account to increase the Subordination Amount up to the Required Subordination Amount.

Subordination Reduction Amount:
With respect to any Payment Date, an amount equal to the lesser of (a) the Excess Subordination Amount and (b) the principal collections
received by the Master Servicer with respect to the prior Due Period.

Subservicer: Any Person with
whom the Master Servicer has entered into a Subservicing Agreement as a Subservicer by the Master Servicer and acceptable to the
Note Insurer and the Indenture Trustee, including the Initial Subservicers.

Subservicing Account: An Eligible
Account established or maintained by a Sub servicer as provided for in Section 3.06(e) of the Servicing Agreement.

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 of the Servicing Agreement.

Subservicing Fee: With respect
to each Mortgage Loan and any date of determination, the product of (i) the Subservicing Fee Rate divided by 12 and (ii) the Principal
Balance of such Mortgage Loans as of such date.

Subservicing Fee Rate: For any
date of determination, ____% per annum.

Substitution Adjustment Amount:
With respect to any Eligible Substitute Mortgage Loan, the amount as defined in Section 2.03 of the Servicing Agreement.

Telerate Screen Page 3750: The
display designated as page 3750 on the 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, such other service for displaying One-Month LIBOR
or comparable rates as may be selected by the Issuing Entity after consultation with the Indenture Trustee), the rate will be the
Reference Bank Rate.

Treasury Regulations: Regulations,
including proposed or temporary Regulations, promulgated under the Code. References herein to specific provisions of proposed or
temporary regulations shall include analogous provisions of final Treasury Regulations or other successor Treasury Regulations.

Trust Agreement: The Trust Agreement
dated as of ______ __, 20__ between the Owner Trustee and the Depositor.

Trust Estate: The meaning specified
in the Granting Clause of the Indenture.

Trust Indenture Act or TIA: The
Trust Indenture Act of 1939, as amended from time to time, as in effect on any relevant date.

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UCC: The Uniform Commercial Code,
as amended from time to time, as in effect in any specified jurisdiction.

Weighted Average Net Mortgage Rate:
With respect to the Mortgage Loans in the aggregate, and any Due Date, the average of the Net Mortgage Rate for each Mortgage Loan
as of the last day of the related Due Period weighted on the basis of the related Principal Balances outstanding as of the last
day of the related Due Period for each Mortgage Loan as determined by the Master Servicer in accordance with the Master Servicer’s
normal servicing procedures.

    	26

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