Document:

Form of Trust Agreement

 EXHIBIT 4.2 

 
  

 
 PHOENIX RESIDENTIAL SECURITIES,
LLC, 
 as Depositor 
 and 
  

 
 as Owner Trustee

  
  

TRUST AGREEMENT 

Dated as of
                     
  

 
 PRS SERIES
20[__]-[__] TRUST 
 Mortgage-Backed Certificates, 
 Series [ ]-[ ] 
  
  

 

  
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 TABLE OF CONTENTS 

 

					
	 	  	Page	 
	 ARTICLE I Definitions
	  	 	1	  
	 Section 1.01. Definitions
	  	 	1	  
	 Section 1.02. Other Definitional Provisions
	  	 	1	  
	 ARTICLE II Organization
	  	 	2	  
	 Section 2.01. Name
	  	 	2	  
	 Section 2.02. Office
	  	 	2	  
	 Section 2.03. Purposes and Powers
	  	 	2	  
	 Section 2.04. Appointment of Owner Trustee
	  	 	3	  
	 Section 2.05. Initial Capital Contribution of Trust Estate
	  	 	3	  
	 Section 2.06. Declaration of Trust
	  	 	3	  
	 Section 2.07. Title to Trust Property
	  	 	4	  
	 Section 2.08. Situs of Trust
	  	 	4	  
	 Section 2.09. Representations and Warranties of the Depositor
	  	 	4	  
	 Section 2.10. Payment of Trust Fees
	  	 	5	  
	 ARTICLE III Conveyance of the Mortgage Loans; Certificates
	  	 	5	  
	 Section 3.01. Conveyance of the Mortgage Loans
	  	 	5	  
	 Section 3.02. Initial Ownership
	  	 	5	  
	 Section 3.03. Issuance of Certificates
	  	 	5	  
	 Section 3.04. Authentication of Certificates
	  	 	6	  
	 Section 3.05. Registration of and Limitations on Transfer and Exchange of Certificates
	  	 	6	  
	 Section 3.06. Mutilated, Destroyed, Lost or Stolen Certificates
	  	 	9	  
	 Section 3.07. Persons Deemed Certificateholders
	  	 	9	  
	 Section 3.08. Access to List of Certificateholders’ Names and Addresses
	  	 	9	  
	 Section 3.09. Maintenance of Office or Agency
	  	 	9	  
	 Section 3.10. Certificate Paying Agent
	  	 	10	  
	 Section 3.11. [Reserved]
	  	 	11	  
	 Section 3.12. [Reserved]
	  	 	11	  
	 Section 3.13. Subordination
	  	 	11	  
	 Section 3.14. No Priority Among Certificates
	  	 	11	  

  
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 TABLE OF CONTENTS 

(continued) 
  

					
	 	  	Page	 
	 ARTICLE IV Authority and Duties of Owner Trustee
	  	 	12	  
	 Section 4.01. General Authority
	  	 	12	  
	 Section 4.02. General Duties
	  	 	12	  
	 Section 4.03. Action upon Instruction
	  	 	12	  
	 Section 4.04. No Duties Except as Specified under Specified Documents or in Instructions
	  	 	13	  
	 Section 4.05. Restrictions
	  	 	13	  
	 Section 4.06. Prior Notice to Certificateholders with Respect to Certain Matters
	  	 	13	  
	 Section 4.07. Action by Certificateholders with Respect to Certain Matters
	  	 	14	  
	 Section 4.08. Action by Certificateholders with Respect to Bankruptcy
	  	 	14	  
	 Section 4.09. Restrictions on Certificateholders’ Power
	  	 	14	  
	 Section 4.10. Majority Control
	  	 	14	  
	 Section 4.11. Doing Business in Other Jurisdictions
	  	 	14	  
	 Section 4.12. Removal of Mortgage Loans
	  	 	15	  
	 ARTICLE V Application of the Trust’s Assets
	  	 	15	  
	 Section 5.01. Distributions
	  	 	15	  
	 Section 5.02. Method of Payment
	  	 	16	  
	 Section 5.03. Signature on Returns
	  	 	16	  
	 Section 5.04. Statements to Certificateholders
	  	 	16	  
	 Section 5.05. Tax Reporting
	  	 	16	  
	 ARTICLE VI Concerning the Owner Trustee
	  	 	16	  
	 Section 6.01. Acceptance of Trusts and Duties
	  	 	16	  
	 Section 6.02. Furnishing of Documents
	  	 	18	  
	 Section 6.03. Representations and Warranties
	  	 	18	  
	 Section 6.04. Reliance; Advice of Counsel
	  	 	18	  
	 Section 6.05. Not Acting in Individual Capacity
	  	 	19	  
	 Section 6.06. Owner Trustee Not Liable for Certificates or Related Documents
	  	 	19	  
	 Section 6.07. Owner Trustee May Own Certificates and Notes
	  	 	19	  
	 .ARTICLE VII Compensation of Owner Trustee
	  	 	20	  

  
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 TABLE OF CONTENTS 

(continued) 
  

					
	 	  	Page	 
	 Section 7.01. Owner Trustee’s Fees and Expenses
	  	 	20	  
	 Section 7.02. Indemnification
	  	 	20	  
	 ARTICLE VIII Termination of Trust Agreement
	  	 	21	  
	 Section 8.01. Termination of Trust Agreement
	  	 	21	  
	 ARTICLE IX Successor Owner Trustees and Additional Owner Trustees
	  	 	22	  
	 Section 9.01. Eligibility Requirements for Owner Trustee
	  	 	22	  
	 Section 9.02. Replacement of Owner Trustee
	  	 	22	  
	 Section 9.03. Successor Owner Trustee
	  	 	23	  
	 Section 9.04. Merger or Consolidation of Owner Trustee
	  	 	23	  
	 Section 9.05. Appointment of Co-Trustee or Separate Trustee
	  	 	24	  
	 ARTICLE X Compliance with Regulation AB
	  	 	25	  
	 Section 10.01. Intent of the Parties; Reasonableness
	  	 	25	  
	 Section 10.02. Additional Representations and Warranties of the Owner Trustee
	  	 	25	  
	 Section 10.03. Information to be Provided by the Owner Trustee
	  	 	26	  
	 Section 10.04. Indemnification; Remedies
	  	 	27	  
	 ARTICLE XI Miscellaneous
	  	 	28	  
	 Section 11.01. Amendments
	  	 	28	  
	 Section 11.02. No Legal Title to Trust Estate
	  	 	30	  
	 Section 11.03. Limitations on Rights of Others
	  	 	30	  
	 Section 11.04. Notices
	  	 	30	  
	 Section 11.05. Severability
	  	 	31	  
	 Section 11.06. Separate Counterparts
	  	 	31	  
	 Section 11.07. Successors and Assigns
	  	 	31	  
	 Section 11.08. No Petition
	  	 	31	  
	 Section 11.09. No Recourse
	  	 	31	  
	 Section 11.10. Headings
	  	 	31	  
	 Section 11.11. GOVERNING LAW
	  	 	31	  
	 Section 11.12. Integration
	  	 	31	  

  
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 This trust agreement, dated as of
                     (as amended from time to time, the “Trust Agreement”), is between Phoenix Residential Securities, LLC, a
Delaware limited liability company, as depositor (the “Depositor”), and                     , a
                     banking corporation, as owner trustee (the “Owner Trustee”). 

WITNESSETH: 

WHEREAS, the Depositor and the Owner Trustee desire to form a Delaware statutory trust; 

NOW, THEREFORE, in consideration of the mutual agreements herein contained, the Depositor and the Owner Trustee agree as follows:

 ARTICLE I 
 Definitions 
 Section 1.01. Definitions. For all purposes of this
Trust Agreement, except as otherwise expressly provided herein or unless the context otherwise requires, capitalized terms used herein that are not otherwise defined shall have the meanings ascribed thereto in Appendix A to the indenture dated as of
                     (the “Indenture”), between PRS Series 20[__]-[__] Trust, as Issuer, and
                    , as Indenture Trustee. All other capitalized terms used herein shall have the meanings specified herein. 

Section 1.02. Other Definitional Provisions. 

(a) All terms defined in this Trust Agreement shall have the defined meanings when used in any certificate or other
document made or delivered pursuant hereto unless otherwise defined therein. 
 (b) As used in this Trust
Agreement and in any certificate or other document made or delivered pursuant hereto or thereto, accounting terms not defined in this Trust Agreement or in any such certificate or other document, and accounting terms partly defined in this Trust
Agreement or in any such certificate or other document to the extent not defined, shall have the respective meanings given to them under generally accepted accounting principles. To the extent that the definitions of accounting terms in this Trust
Agreement or in any such certificate or other document are inconsistent with the meanings of such terms under generally accepted accounting principles, the definitions contained in this Trust Agreement or in any such certificate or other document
shall control. 
 (c) The words “hereof,” “herein,” “hereunder” and words of
similar import when used in this Trust Agreement shall refer to this Trust Agreement as a whole and not to any particular provision of this Trust Agreement; Section and Exhibit references contained in this Trust Agreement are references to Sections
and Exhibits in or to this Trust Agreement unless otherwise specified; the term “including” shall mean “including without limitation”; “or” shall include “and/or”; and the term “proceeds” shall have
the meaning ascribed thereto in the UCC. 

  
 1 

 (d) The definitions contained in this Trust Agreement are applicable to the
singular as well as the plural forms of such terms and to the masculine as well as to the feminine and neuter genders of such terms. 
 (e) Any agreement, instrument or statute defined or referred to herein or in any instrument or certificate delivered in connection herewith means such agreement, instrument or statute as from time to time
amended, modified or supplemented and includes (in the case of agreements or instruments) references to all attachments thereto and instruments incorporated therein; references to a Person are also to its permitted successors and assigns.

 ARTICLE II 
 Organization 
 Section 2.01. Name. The trust created hereby shall be
known as “PRS Series 20[__]-[__] Trust,” 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 purchase the Mortgage Loans and to pay the organizational, start-up and
transactional expenses of the Trust; 
 (iii) to assign, grant, transfer, pledge and convey the Mortgage Loans
pursuant to the Indenture and to hold, manage and distribute to the Certificateholders pursuant to Section 5.01 any portion of the Mortgage Loans released from the Lien of, and remitted to the Trust pursuant to, the Indenture; 

(iv) to enter into and perform its obligations under the Basic Documents to which it is to be a party; 

(v) to engage in those activities, including entering into agreements, that are necessary, suitable or convenient to
accomplish the foregoing or are incidental thereto or connected therewith, including, without limitation, to accept additional contributions of equity that are not subject to the Lien of the Indenture; and 

(vi) subject to compliance with the Basic Documents, to engage in such other activities as may be required in connection
with conservation of the Trust Estate and the making of distributions to the Securityholders. 

  
 2 

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

Section 2.04. Appointment of Owner Trustee. The Depositor hereby appoints the Owner Trustee as trustee of the Trust effective
as of the date hereof, to have all the rights, powers and duties set forth herein. 
 Section 2.05. Initial Capital
Contribution of Trust Estate. In consideration of the delivery by the Owner Trustee, on behalf of the Trust, of the Securities to the Depositor or its designee, upon the order of the Depositor, the Depositor, as of the Closing Date and
concurrently with the execution and delivery hereof, does hereby transfer, assign, set over and otherwise convey to the Trust, without recourse, but subject to the other terms and provisions of this Trust Agreement, all of the right, title and
interest of the Depositor in and to the Trust Estate. The foregoing transfer, assignment, set over and conveyance does not, and is not intended to, result in a creation or an assumption by the Trust of any obligation of the Depositor or any other
Person in connection with the Trust Estate or under any agreement or instrument relating thereto, except as specifically set forth herein. 
 The Owner Trustee, on behalf of the Trust, acknowledges the conveyance to the Trust by the Depositor, as of the Closing Date, of the Trust Estate, including all right, title and interest of the Depositor
in and to the Trust Estate. Concurrently with such conveyance and in exchange therefor, the Trust has pledged the Trust Estate to the Indenture Trustee and has executed the Certificates and the Notes and caused them to be duly authenticated and
delivered. 
 Section 2.06. Declaration of Trust. The Owner Trustee hereby declares that it shall hold the Trust
Estate in trust upon and subject to the conditions set forth herein for the use and benefit of the Certificateholders, subject to the obligations of the Trust under the Basic Documents. It is the intention of the parties hereto that the Trust
constitute a statutory trust under the Statutory Trust Statute and that this Trust Agreement constitute the governing instrument of such statutory trust. Effective as of the date hereof, the Owner Trustee shall have all rights, powers and duties set
forth herein and in the Statutory Trust Statute with respect to accomplishing the purposes of the Trust. It is the intention of the parties hereto that solely for federal, state and local income and franchise tax purposes, for so long as 100% of the
Certificates are held by a single person or entity, the Trust shall be treated as a disregarded entity, with the Trust Estate being treated as assets of a single person or entity, and the Notes being treated as debt of the single person or entity,
and the provisions of this Trust Agreement shall be interpreted to further this intention. If more than one person owns the Certificates, it is the further intention of the parties hereto that solely for federal, state and local income and franchise
tax purposes the Owner Trust shall be treated as a partnership, with the assets of the partnership being Trust Estate, the partners of the partnership being the Certificateholders and the Notes being debt of the partnership. The provisions of this
Trust Agreement shall be interpreted to further such intentions. Neither the Depositor nor any Certificateholder shall have any personal liability for any liability or obligation of the Trust, other than the indemnification obligations as provided
in Section 7.2 herein. 

  
 3 

 Section 2.07. Title to Trust Property. Legal title to the Trust Estate shall be
vested at all times in the Trust as a separate legal entity except where applicable law in any jurisdiction requires title to any part of the Trust Estate to be vested in a trustee or trustees, in which case title shall be deemed to be vested in the
Owner Trustee, a co-trustee and/or a separate trustee, as the case may be. 
 Section 2.08. Situs of Trust. The
Trust will be located and administered in the State of Delaware. All bank accounts maintained by the Owner Trustee on behalf of the Trust shall be located in the State of
             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 or             , and payments will be made by the Trust only from
             or             . The only office of the Trust will be at the Corporate Trust Office of the Owner
Trustee in Delaware. 
 Section 2.09. Representations and Warranties of the Depositor. The Depositor hereby
represents and warrants to the Owner Trustee that: 
 (a) 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 at present conducted.

 (b) 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 otherwise) of the Depositor and the ability of the Depositor to perform under this Trust Agreement. 

(c) The Depositor has the power and authority to execute and deliver this Trust Agreement and to carry out its terms; the
Depositor has full power and authority to sell and assign the property to be sold and assigned to and deposited with the Trust as part of the Trust and the Depositor has duly authorized such sale and assignment and deposit to the Trust by all
necessary corporate action; and the execution, delivery and performance of this Trust Agreement have been duly authorized by the Depositor by all necessary corporate action. 

(d) The consummation of the transactions contemplated by this Trust Agreement and the fulfillment of the terms hereof do
not conflict with, result in any material breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time) a material default under, the organizational documents of the Depositor, or any material 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

  
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any such indenture, agreement or other instrument (other than pursuant to the Basic Documents); nor violate any law or, to the best of the Depositor’s knowledge, any order, rule or
regulation applicable to the Depositor of any court or of any federal or state regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Depositor or its properties. 

Section 2.10. Payment of Trust Fees. The Owner Trustee shall pay the Trust’s fees and expenses incurred with respect to
the performance of the Trust’s duties under the Indenture. 
 ARTICLE III 

Conveyance of the Mortgage Loans; Certificates 
 Section 3.01. Conveyance of the Mortgage Loans. The Depositor, concurrently with the execution and delivery hereof, does hereby transfer, convey and assign to the Trust, on behalf of the
Securityholders, without recourse, all its right, title and interest in and to the Initial Mortgage Loans, including but not limited to any rights of the Depositor under the Purchase Agreement. 

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 Initial Mortgage Loans. In the event that, for non-tax purposes, the transaction set forth herein is not deemed to be a sale, the Depositor hereby grants to the Trust a security interest in all of its right, title and interest
in, to and under the Initial Mortgage Loans, all distributions thereon and all proceeds thereof; and this Trust Agreement shall constitute a security agreement under applicable law. 

Section 3.02. Initial Ownership. Upon the formation of the Trust by the contribution by the Depositor pursuant to
Section 2.05 and the conveyance of the Initial Mortgage Loans pursuant to Section 3.01 and the issuance of the Certificates,              shall be the sole
Certificateholder of each Class of Certificates. 
 Section 3.03. Issuance of Certificates. The Certificates shall
be issued in minimum denominations of a Percentage Interest of 10.0000% and integral multiples of 0.0001% in excess thereof. The Certificates shall be issued in substantially the form attached hereto as Exhibit A. 

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 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. 

  
 5 

 Section 3.04. Authentication of Certificates. Concurrently with the acquisition
of the Initial Mortgage Loans by the Trust, the Owner Trustee or the Certificate Paying Agent shall cause the Certificates in an initial Percentage Interest of 100.00% to be executed on behalf of the Trust, authenticated and delivered to or upon the
written order of             , signed by its chairman of the board, its president or any vice president, without further corporate action by
            , in authorized denominations. No Certificate shall entitle the Certificateholder thereof to any benefit under this Trust Agreement or be valid for any purpose unless
there shall appear on such Certificate a certificate of authentication substantially in the form set forth in Exhibit A hereto, executed by the Owner Trustee or the Certificate Paying Agent, by manual signature, and such authentication shall
constitute conclusive evidence that such Certificate has been duly authenticated and delivered hereunder. All Certificates shall be dated the date of their authentication. 
 Section 3.05. Registration of and Limitations on Transfer and Exchange of Certificates. The Certificate Registrar shall keep or cause to be kept, at the office or agency maintained pursuant to
Section 3.09, a Certificate Register in which, subject to such reasonable regulations as it may prescribe, the Certificate Registrar shall provide for the registration of Certificates and of transfers and exchanges of Certificates as herein
provided. The Indenture Trustee shall be the initial Certificate Registrar. If the Certificate Registrar resigns or is removed, the Owner Trustee shall appoint a successor Certificate Registrar. 

Subject to satisfaction of the conditions set forth below, upon surrender for registration of transfer of any Certificate at the office
or agency maintained pursuant to Section 3.09, the Owner Trustee shall execute, authenticate and deliver (or shall cause the Certificate Registrar as its authenticating agent to authenticate and deliver), in the name of the designated
transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate amount dated the date of authentication by the Owner Trustee or any authenticating agent. At the option of a Certificateholder, Certificates may
be exchanged for other Certificates of authorized denominations of a like aggregate amount upon surrender of the Certificates to be exchanged at the office or agency maintained pursuant to Section 3.09. 

Every Certificate presented or surrendered for registration of transfer or exchange shall be accompanied by a written instrument of
transfer in form satisfactory to the Certificate Registrar duly executed by the Certificateholder or such Certificateholder’s attorney duly authorized in writing. Each Certificate surrendered for registration of transfer or exchange shall be
cancelled and subsequently disposed of by the Certificate Registrar in accordance with its customary practice. 
 No service
charge shall be made for any registration of transfer or exchange of Certificates, but the Owner Trustee or the Certificate Registrar may require payment of a sum sufficient to cover any tax or governmental charge that may be imposed in connection
with any transfer or exchange of Certificates. 

  
 6 

 Except as described below, each Certificateholder shall establish its non-foreign status by
submitting to the Certificate Paying Agent an IRS Form W-9 and the Certificate of Non-Foreign Status (in substantially the form attached hereto as Exhibit F). 
 A Certificate may be transferred to a Certificateholder unable to establish its non-foreign status as described in the preceding paragraph only if such Certificateholder provides an Opinion of Counsel to
the Depositor and the Certificate Registrar, which Opinion of Counsel shall not be an expense of the Trust, the Owner Trustee, the Certificate Registrar or the Depositor, satisfactory to the Depositor, that such transfer (1) will not affect the
tax status of the Owner Trust and (2) will not adversely affect the interests of any Securityholder, including, without limitation, as a result of the imposition of any United States federal withholding taxes on the Owner Trust (except to the
extent that such withholding taxes would be payable solely from amounts otherwise distributable to the Certificate of the prospective transferee). If such transfer occurs and such foreign Certificateholder becomes subject to such United States
federal withholding taxes, any such taxes will be withheld by the Indenture Trustee at the direction of the Tax Matters Partner. Each Certificateholder unable to establish its non-foreign status shall submit to the Certificate Paying Agent a copy of
its Form W-8-BEN or such successor form as required by then-applicable regulations and shall resubmit such form every three years or with such frequency as required by then-applicable regulations. 

No transfer, sale, pledge or other disposition of a Certificate shall be made unless such transfer, sale, pledge or other disposition is
exempt from the registration requirements of the Securities Act and any applicable state securities laws or is made in accordance with the Securities Act and such state laws. In the event of any such transfer, the Certificate Registrar or the
Depositor shall prior to such transfer require the transferee to execute (A) either (i) (a) an investment letter in substantially the form attached hereto as Exhibit C (or in such form and substance reasonably satisfactory to the
Certificate Registrar and the Depositor) which investment letters shall not be an expense of the Trust, the Owner Trustee, the Certificate Registrar, the Servicer or the Depositor and which investment letter states that, among other things, such
transferee (a) is a “qualified institutional buyer” as defined under Rule 144A, acting for its own account or the accounts of other “qualified institutional buyers” as defined under Rule 144A, and (b) is aware that the
proposed transferor intends to rely on the exemption from registration requirements under the Securities Act, provided by Rule 144A or (ii)(a) a written Opinion of Counsel acceptable to and in form and substance satisfactory to the Certificate
Registrar and the Depositor that such transfer may be made pursuant to an exemption, describing the applicable exemption and the basis therefor, from the Securities Act and such state laws or is being made pursuant to the Securities Act and such
state laws, which Opinion of Counsel shall not be an expense of the Trust, the Owner Trustee, the Certificate Registrar, the Servicer or the Depositor and (b) the transferee executes a representation letter, substantially in the form of Exhibit
D hereto, and the transferor executes a representation letter, substantially in the form of Exhibit E hereto, each acceptable to and in form and substance satisfactory to the Certificate Registrar and the Depositor certifying the facts surrounding
such transfer, which representation letters shall not be an expense of the Trust, the Owner Trustee, the Certificate Registrar, the Servicer or the Depositor and (B) the Certificate of Non-Foreign Status (in substantially the form attached
hereto as Exhibit F) acceptable to and in form and substance reasonably satisfactory to the Certificate Registrar and the Depositor, which certificate shall not be an expense of the Trust, the Owner Trustee, the Certificate Registrar or the
Depositor. If such Certificateholder is unable 

  
 7 

 
to provide a Certificate of Non-Foreign Status, such Certificateholder must provide an Opinion of Counsel as described in the preceding paragraph. The Certificateholder desiring to effect such
transfer shall, and does hereby agree to, indemnify the Trust, the Owner Trustee, the Certificate Registrar, the Servicer and the Depositor against any liability that may result if the transfer is not so exempt or is not made in accordance with such
federal and state laws. No transfer of Certificates or any interest therein shall be made to any Person (i) who is a Plan, any Person acting, directly or indirectly, on behalf of any such Plan or any Person acquiring such Certificates with Plan
Assets unless the Depositor, the Owner Trustee, the Certificate Registrar and the Servicer are provided with an Opinion of Counsel that establishes to the satisfaction of the Depositor, the Owner Trustee, the Certificate Registrar and the Servicer
that the purchase of Certificates is permissible under applicable law, will not constitute or result in any prohibited transaction under ERISA or Section 4975 of the Code and will not subject the Depositor, the Owner Trustee, the Certificate
Registrar or the Servicer to any obligation or liability (including obligations or liabilities under ERISA or Section 4975 of the Code) in addition to those undertaken in this Trust Agreement, which Opinion of Counsel shall not be an expense of
the Depositor, the Owner Trustee, the Certificate Registrar or the Servicer or (ii) unless such Person provides a certification in the form of Exhibit G to this Trust Agreement, which the Depositor, the Owner Trustee, the Certificate Registrar
and the Servicer may rely upon without further inquiry or investigation. Neither an Opinion of Counsel nor a certification will be required in connection with the initial transfer of any such Certificate by the Depositor to an Affiliate of the
Depositor (in which case, the Depositor or any such Affiliate shall be deemed to have represented that such Affiliate is not a Plan or a Person investing Plan Assets of any Plan) and the Owner Trustee shall be entitled to conclusively rely upon a
representation (which, upon the request of the Owner Trustee, shall be a written representation) from the Depositor of the status of such transferee as an Affiliate of the Depositor. 

In addition, no transfer of a Certificate shall be permitted, and no such transfer shall be registered by the Certificate Registrar or be
effective hereunder, unless evidenced by an Opinion of Counsel addressed to the Certificate Registrar that establishes that such transfer or the registration of such transfer would not cause the Trust to be classified as a publicly traded
partnership, by having more than 100 Certificateholders at any time during the taxable year of the Trust, an association taxable as a corporation, a corporation or a taxable mortgage pool for federal and relevant state income tax purposes, which
Opinion of Counsel shall not be an expense of the Certificate Registrar and shall be an expense of the proposed transferee. No Opinion of Counsel will be required if such transfer is made to a nominee of an existing beneficial holder of a
Certificate. 
 In addition, no transfer, sale, assignment, pledge or other disposition of a Certificate shall be made unless
the proposed transferee executes a representation letter substantially in the form of Exhibit H hereto, that (1) the transferee is acquiring such Certificate for its own behalf and is not acting as agent or custodian for any other Person or
entity in connection with such acquisition and (2) if the transferee is a partnership, grantor trust or S corporation for federal income tax purposes, the Certificates acquired are not more than 50% of the assets of the partnership, grantor
trust or S corporation. 

  
 8 

 Section 3.06. Mutilated, Destroyed, Lost or Stolen Certificates. If (a) any
mutilated Certificate shall be surrendered to the Certificate Registrar, or if the Certificate Registrar shall receive evidence to its satisfaction of the destruction, loss or theft of any Certificate and (b) there shall be delivered to the
Certificate Registrar and the Owner Trustee such security or indemnity as may be required by them to save each of them and the Issuer from harm, then in the absence of notice to the Certificate Registrar or the Owner Trustee that such Certificate
has been acquired by a bona fide purchaser, the Owner Trustee on behalf of the Trust shall execute and the Owner Trustee or the Certificate Paying Agent, as the Trust’s authenticating agent, shall authenticate and deliver, in exchange for or in
lieu of any such mutilated, destroyed, lost or stolen Certificate, a new Certificate of like tenor and denomination. In connection with the issuance of any new Certificate under this Section 3.06, the Owner Trustee or the Certificate Registrar
may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection therewith. Any duplicate Certificate issued pursuant to this Section 3.06 shall constitute conclusive evidence of
ownership in the Trust, as if originally issued, whether or not the lost, stolen or destroyed Certificate shall be found at any time. 
 Section 3.07. Persons Deemed Certificateholders. Prior to due presentation of a Certificate for registration of transfer, the Owner Trustee, the Certificate Registrar or any Certificate Paying
Agent may treat the Person in whose name any Certificate is registered in the Certificate Register as the owner of such Certificate for the purpose of receiving distributions pursuant to Section 5.02 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. If three or more Certificateholders, or one or more Certificateholders evidencing not less than 50% of the Certificate Percentage Interest of any Class, apply in writing to the Owner
Trustee or the Certificate Registrar, and such application states that the applicants desire to communicate with other Certificateholders, with respect to their rights under this Agreement or under the Certificates and such application is
accompanied by a copy of the communication that such applicants propose to transmit, then the Owner Trustee shall, within five (5) Business Days after the receipt of such application, afford such applicants access during normal business hours
to the current list of Certificateholders. Each Certificateholder, by receiving and holding a Certificate, shall be deemed to have agreed not to hold any of the Trust, the Depositor, the Certificate Registrar or the Owner Trustee accountable by
reason of the disclosure of its name and address, regardless of the source from which such information was derived. 

Section 3.09. Maintenance of Office or Agency. The Owner Trustee, on behalf of the Trust, shall maintain in The City of New
York an office or offices or agency or agencies where Certificates may be surrendered for registration of transfer or exchange and where notices and demands to or upon the Owner Trustee in respect of the Certificates and the Basic Documents may be
served. The Owner Trustee initially designates the Corporate Trust Office of the Indenture Trustee (or such other office as the Indenture Trustee may specify to the Owner Trustee) as its office for such purposes. The Owner Trustee shall give prompt
written notice to the Depositor, the Certificateholders 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 Distribution Account on behalf of
the Trust in accordance with the provisions of the Certificates and Section 5.01 hereof from payments remitted to the Certificate Paying Agent by the Indenture Trustee pursuant to Section 3.05 of the Indenture. The Trust hereby appoints
the Indenture Trustee as Certificate Paying Agent. The Certificate Paying Agent shall: 
 (i) hold all sums held
by it for the payment of amounts due with respect to the Certificates in trust for the benefit of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided; 

(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) The Trust may revoke such power and remove the Certificate Paying Agent if the Owner Trustee determines in
its sole discretion that the Certificate Paying Agent shall have failed to perform its obligations under this Trust Agreement in any material respect. The Indenture Trustee shall be permitted to resign as Certificate Paying Agent upon 30 days’
written notice to the Owner Trustee; provided the Indenture Trustee is also resigning as Paying Agent under the Indenture at such time. In the event that the Indenture Trustee shall no longer be the Certificate Paying Agent under this Trust
Agreement and Paying Agent under the Indenture, the Owner Trustee shall appoint a successor to act as Certificate Paying Agent (which shall be a bank or trust company) and which shall also be the successor Paying Agent under the Indenture. The Owner
Trustee shall cause such successor Certificate Paying Agent or any additional Certificate Paying Agent appointed by the Owner Trustee to execute and deliver to the Owner 

  
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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, 6.04 and 7.01 shall apply to the Certificate Paying Agent to the extent
applicable. Any reference in this Trust Agreement to the Certificate Paying Agent shall include any co-paying agent unless the context requires otherwise. 
 (c) The Certificate Paying Agent shall establish and maintain with itself the Distribution Account in which the Certificate Paying Agent shall deposit, on the same day as it is received from the Indenture
Trustee, each remittance received by the Certificate Paying Agent with respect to payments made pursuant to the Indenture. Pending any such distribution, funds deposited in the Distribution Account on a Payment Date and not distributed to the
Certificateholders on such Payment Date shall be invested by the Certificate Paying Agent in Permitted Investments selected by the Servicer (or if no selection is made by the Servicer in Permitted Investments described in clause (v) of the
definition thereof) maturing no later than the Business Day preceding the next succeeding Payment Date (except that any investment in the institution with which the Distribution Account is maintained may mature on such Payment Date and shall not be
sold or disposed of prior to the maturity). All investment income earned in respect of funds on deposit in the Distribution Account shall be credited to the Distribution Account. The Certificate Paying Agent shall make all distributions on the
Certificates as provided in Section 3.05 of the Indenture and Section 5.01(a) of this Trust Agreement from moneys on deposit in the Distribution Account. 
 Section 3.11. [Reserved]. 
 Section 3.12. [Reserved]. 

Section 3.13. Subordination. Except as otherwise provided in the Basic Documents, for so long as any Notes are outstanding or
unpaid, the Certificateholders will generally be subordinated in right of payment, under the Certificates or otherwise, to payments to the Noteholders under, or otherwise related to, the Indenture. If an Event of Default has occurred and is
continuing under the Indenture, the Certificates will be fully subordinated to obligations owing by the Trust to the Noteholders under, or otherwise related to, the Indenture, and no distributions will be made on the Certificates until the
Noteholders and the Indenture Trustee have been irrevocably paid in full. 
 Section 3.14. No Priority Among
Certificates. All Certificateholders shall rank equally as to amounts distributable upon the liquidation, dissolution or winding up of the Trust, with no preference or priority being afforded to any Certificateholders over any other
Certificateholders. 

  
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 ARTICLE IV 
 Authority and Duties of Owner Trustee 
 Section 4.01. General
Authority. The Owner Trustee is authorized and directed to execute and deliver the Basic Documents to which the Trust is to be a party and each certificate or other document attached as an exhibit to or contemplated by the Basic Documents to
which the Trust is to be a party, as well as any certificate that supports the factual assumptions made in any Opinion of Counsel delivered on the Closing Date, and any amendment or other agreement or instrument described herein, in each case, in
such form as the Owner Trustee shall approve, as evidenced conclusively by the Owner Trustee’s execution thereof. In addition to the foregoing, the Owner Trustee is obligated to take all actions required of the Trust pursuant to the Basic
Documents. 
 Section 4.02. General Duties. The Owner Trustee shall be responsible to administer the Trust pursuant
to the terms of this Trust Agreement and the other Basic Documents to which the Trust is a party and in the interest of the Certificateholders, subject to the Basic Documents and in accordance with the provisions of this Trust Agreement. 

Section 4.03. Action upon Instruction. 

(a) Subject to this Article IV and Section 11.13 of this Trust Agreement and in accordance with the terms of the
Basic Documents, the Certificateholders may by written instruction direct the Owner Trustee in the management of the Trust. Such direction may be exercised at any time by written instruction of the Certificateholders pursuant to this Article IV.

 (b) Notwithstanding the foregoing, the Owner Trustee shall not be required to take any action hereunder or
under any Basic Document if the Owner Trustee shall have reasonably determined, or shall have been advised by counsel, that such action is likely to result in liability on the part of the Owner Trustee or is contrary to the terms hereof or of any
other Basic Document or is otherwise contrary to law. 
 (c) Whenever the Owner Trustee is unable to decide
between alternative courses of action permitted or required by the terms of this Trust Agreement or under any other Basic Document, or in the event that the Owner Trustee is unsure as to the application of any provision of this Trust Agreement or
any other Basic Document or any such provision is ambiguous as to its application, or is, or appears to be, in conflict with any other applicable provision, or in the event that this Trust Agreement permits any determination by the Owner Trustee or
is silent or is incomplete as to the course of action that the Owner Trustee is required to take with respect to a particular set of facts, the Owner Trustee shall promptly give notice (in such form as shall be appropriate under the circumstances)
to the Certificateholders requesting instruction as to the course of action to be adopted, and to the extent the Owner Trustee acts in good faith in accordance with any written instructions received from Certificateholders of Certificates
representing a majority of the aggregate Certificate Percentage Interest of each Class of Certificates, the Owner Trustee shall not be liable on account of such action to any Person. If the Owner Trustee shall not have received appropriate
instruction within 10 days of such notice (or within such shorter period of time as reasonably may be specified in such notice or may be necessary under the circumstances) it may, but shall be under no duty to, take or refrain from taking such
action not inconsistent with this Trust Agreement or the other Basic Documents, as it shall deem to be in the best interests of the Certificateholders, and the Owner Trustee shall have no liability to any Person for such action or inaction.

  
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 Section 4.04. No Duties Except as Specified under Specified Documents or in
Instructions. The Owner Trustee shall not have any duty or obligation to manage, make any payment with respect to, register, record, sell, dispose of, or otherwise deal with the Trust Estate, or to otherwise take or refrain from taking any action
under, or in connection with, any document contemplated hereby to which the Owner Trustee is a party, except as expressly provided (i) in accordance with the powers granted to and the authority conferred upon the Owner Trustee 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 other Basic Document against the Owner Trustee. The Owner Trustee shall have no responsibility for filing any financing or continuation statement in any public office at any time or to otherwise perfect or maintain the
perfection of any security interest or lien granted to it hereunder or to prepare or file any filing with the Commission for the Trust or to record this Trust Agreement or any other Basic Document. The Owner Trustee nevertheless agrees that it will,
at its own cost and expense, promptly take all action as may be necessary to discharge any liens on any part of the Trust Estate that result from actions by, or claims against, the Owner Trustee that are not related to the ownership or the
administration of the Trust Estate. 
 Section 4.05. Restrictions. 

(a) The Owner Trustee shall not take any action (i) that is inconsistent with the purposes of the Trust set forth in
Section 2.03 or (ii) that, to the actual knowledge of the Owner Trustee, would cause the Trust to be treated as an association (or a publicly-traded partnership) taxable as a corporation or a taxable mortgage pool for federal income tax
purposes at any time that any of the Notes or Certificates are outstanding. The Certificateholders shall not direct the Owner Trustee to take action that would violate the provisions of this Section 4.05. 

(b) The Owner Trustee shall not convey or transfer any of the Trust’s properties or assets, including those included
in the Trust Estate, to any person unless (i) it shall have received an Opinion of Counsel to the effect that such transaction will not have any material adverse tax consequence to the Trust or any Certificateholder and (ii) such
conveyance or transfer shall not violate the provisions of Section 3.16(b) of the Indenture. 
 Section 4.06. Prior
Notice to Certificateholders 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 of Certificates representing a majority of the aggregate Certificate Percentage Interest shall not have notified the Owner Trustee in writing prior to the 30th day after
such notice is given that such Certificateholders have withheld consent or provided alternative direction: 
 (a)
the initiation of any Proceeding by the Trust (except Proceedings brought in connection with the collection of cash distributions due and owing under the Mortgage Loans) and the compromise of any Proceeding brought by or against the Trust (except
with respect to the aforementioned Proceedings for collection of cash distributions due and owing under the Mortgage Loans); 

  
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 (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
any of the Basic Documents in circumstances where the consent of any Noteholder is required; 
 (d) the amendment
of any of the Basic Documents in circumstances where the consent of any Noteholder is not required and such amendment materially and adversely affects the interest of the Certificateholders; 

(e) the appointment pursuant to the Indenture of a successor Note Registrar, Paying Agent or Indenture Trustee or pursuant
to this Trust Agreement of a successor Certificate Registrar or Certificate Paying Agent or the consent to the assignment by the Note Registrar, Paying Agent, Indenture Trustee, Certificate Registrar or Certificate Paying Agent of its obligations
under the Indenture or this Trust Agreement, as applicable. 
 Section 4.07. Action by Certificateholders with Respect
to Certain Matters. The Owner Trustee shall not have the power, except upon the written direction of Certificateholders of Certificates evidencing not less than a majority of the aggregate Certificate Percentage Interest of each Class of
Certificates, to (a) remove the Servicer under the Servicing Agreement pursuant to Section 7.01 thereof or (b) except as expressly provided in the Basic Documents, sell the Mortgage Loans after the termination of the Indenture.

 Section 4.08. Action by Certificateholders with Respect to Bankruptcy. The Owner Trustee shall not have the power
to commence a voluntary Proceeding in bankruptcy relating to the Trust without the unanimous prior approval of all Certificateholders and the delivery to the Owner Trustee by each such Certificateholder of a certificate certifying that such
Certificateholder reasonably believes that the Trust is insolvent. 
 Section 4.09. Restrictions on
Certificateholders’ Power. The Certificateholders shall not direct the Owner Trustee to take or to refrain from taking any action if such action or inaction would be contrary to any obligation of the Trust or the Owner Trustee under this
Trust Agreement or any of the other Basic Documents or would be contrary to Section 2.03, nor shall the Owner Trustee be obligated to follow any such direction, if given. 
 Section 4.10. Majority Control. Except as expressly provided herein, any action that may be taken by the Certificateholders under this Trust Agreement may be taken by the Certificateholders of
Certificates evidencing not less than a majority of the aggregate Certificate Percentage Interest of the Class specified, if any. Except as expressly provided herein, any written notice of the Certificateholders of a Class delivered pursuant to this
Trust Agreement shall be effective if signed by the Certificateholders of Certificates evidencing not less than a majority of the aggregate Certificate Percentage Interest of such Class at the time of the delivery of such notice. 

Section 4.11. Doing Business in Other Jurisdictions. Notwithstanding anything contained herein to the contrary, neither
             nor the Owner Trustee shall be required to take any action in any jurisdiction other than in the State of Delaware if the taking of such action will, even after the
appointment of a co-trustee or separate trustee in accordance with 

  
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Section 9.05 hereof, (i) require the consent or approval or authorization or order of or the giving of notice to, or the registration with or the taking of any other action in respect
of, any state or other governmental authority or agency of any jurisdiction other than the State of Delaware; (ii) result in any fee, tax or other governmental charge under the laws of the State of Delaware becoming payable by
            , or (iii) subject              to personal jurisdiction in any jurisdiction other than the State
of Delaware for causes of action arising from acts unrelated to the consummation of the transactions by              or the Owner Trustee, as the case may be, contemplated hereby.

 Section 4.12. Removal of Mortgage Loans. Certificateholders holding 100% of the Certificate Percentage Interests
of the Certificates may, by delivering a written request to the Owner Trustee to such effect, cause the removal of Mortgage Loans from the Trust Estate in accordance with the provisions of Section 3.15(c) of the Servicing Agreement. Promptly
following receipt of any such request, the Owner Trustee shall deliver to the Servicer the written notice and request required to be delivered to the Servicer pursuant to Section 3.15(c) of the Servicing Agreement. Any Mortgage Loans removed
from the Trust Estate pursuant to Section 3.15(c) of the Servicing Agreement shall be property of the Issuer and, upon the written request of the Certificateholders holding 100% of the Certificate Percentage Interests of the Certificates, be
released to the Certificateholders as a dividend and in accordance with the written instructions of such Certificateholders. 

ARTICLE V 

Application of the Trust’s Assets 
 Section 5.01. Distributions. 
 (a) On each Payment Date
occurring in the months of March, June, September and December, on any date on which the Trust is terminated pursuant to Section 8.01, and on each other Payment Date for which the Certificate Paying Agent has received written notice from the
Certificateholders by the Determination Date relating to such Payment Date requesting funds on deposit in the Distribution Account to be distributed, the Certificate Paying Agent shall distribute to the Certificateholders all funds on deposit in the
Distribution Account and available therefor as provided in Section 3.05 of the Indenture. All distributions made pursuant to this Section to any Certificates shall be distributed to the Certificateholders pro rata based on the respective
Percentage Interests thereof. 
 (b) In the event that any withholding tax is imposed on the distributions (or
allocations of income) to a Certificateholder, such tax shall reduce the amount otherwise distributable to such Certificateholder in accordance with this Section 5.01. The Certificate Paying Agent is hereby authorized and directed to retain or
cause to be retained from amounts otherwise distributable to the Certificateholders sufficient funds for the payment of any tax that is legally owed by the Trust (but such authorization shall not prevent the Owner Trustee from contesting any such
tax in appropriate Proceedings, and withholding payment of such tax, if permitted by law, pending the outcome of such Proceedings). The amount of any withholding tax imposed with respect to a Certificateholder shall be treated as cash distributed to
such Certificateholder at the time it is withheld by the Certificate Paying Agent and remitted to the 

  
 15 

 
appropriate taxing authority. If there is a possibility that withholding tax is payable with respect to a distribution (such as a distribution to a non-U.S. Certificateholder), the Certificate
Paying Agent may in its sole discretion withhold such amounts in accordance with this paragraph (b). 
 (c)
Distributions to Certificateholders shall be subordinated to the creditors of the Trust, including the Noteholders. 

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 by wire transfer, in immediately available funds, to the account of each Certificateholder at a bank or other entity
having appropriate facilities therefor, if such Certificateholder shall have provided to the Certificate Registrar appropriate written instructions at least five Business Days prior to such Payment Date or, if not, by check or money order mailed to
such Certificateholder at the address of such Certificateholder appearing in the Certificate Register. 
 Section 5.03.
Signature on Returns. The Servicer, as the Tax Matters Partner or the agent for the Tax Matters Partner, shall sign on behalf of the Trust the tax returns, if any, of the Trust. 

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

Section 5.05. Tax Reporting. So long as the Depositor or any Affiliate of the Depositor owns 100% of the Certificates, then
no separate federal and state income tax returns and information returns or statements will be filed with respect to the Trust. If the Servicer is no longer the sole Certificateholder, the subsequent holders of the Certificates by their acceptance
of a Certificate, agree to appoint the Servicer as their agent and the Servicer, as agent for such holders, agrees to perform all duties necessary to comply with federal and state income tax laws. 

Any Certificateholder that holds 100% of the Certificates agrees by its purchase of 100% of the Certificates to treat the Trust Estate as
assets of a single person or entity wholly owned by such Certificateholder for purposes of federal and state income tax, franchise tax and any other tax measured in whole or in part by income, with the assets of the single person or entity being the
assets held by the Trust, and the Notes being treated as debt of 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 Trust Estate upon the terms of this Trust Agreement and the other Basic Documents.
The Owner Trustee shall not be answerable or accountable hereunder or under any Basic Document under any circumstances, 

  
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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) no provision of this Trust Agreement or any other Basic Document shall require the Owner Trustee to expend or risk
funds or otherwise incur any financial liability in the performance of any of its rights, duties or powers hereunder or under any other Basic Document if the Owner Trustee shall have reasonable grounds for believing that repayment of such funds or
adequate indemnity against such risk or liability is not reasonably assured or provided to it; 
 (b) under no
circumstances shall the Owner Trustee be liable for indebtedness evidenced by or arising under any of the Basic Documents, including the principal of and interest on the Notes; 

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

  
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 Section 6.02. Furnishing of Documents. The Owner Trustee shall furnish to the
Securityholders promptly upon receipt of a written reasonable request therefor, duplicates or copies of all reports, notices, requests, demands, certificates, financial statements and any other instruments furnished to the Trust under the Basic
Documents. 
 Section 6.03. Representations and Warranties. The Owner Trustee hereby represents and warrants to the
Depositor, for the benefit of the Certificateholders, that: 
 (a) It is a banking corporation duly organized and
validly existing in good standing under the laws of the State of Delaware. It has all requisite corporate power and authority to execute, deliver and perform its obligations under this Trust Agreement; 

(b) It has taken all corporate action necessary to authorize the execution and delivery by it of this Trust Agreement, and
this Trust Agreement will be executed and delivered by one of its officers who is duly authorized to execute and deliver this Trust Agreement on its behalf; 
 (c) Neither the execution nor the delivery by it of this Trust Agreement, nor the consummation by it of the transactions contemplated hereby nor compliance by it with any of the terms or provisions hereof
will contravene any federal or Delaware law, governmental rule or regulation governing the banking or trust powers of the Owner Trustee or any judgment or order binding on it, or constitute any default under its charter documents or bylaws or any
indenture, mortgage, contract, agreement or instrument to which it is a party or by which any of its properties may be bound; 
 (d) This Trust Agreement, assuming due authorization, execution and delivery by the Owner Trustee and the Depositor, constitutes a valid, legal and binding obligation of the Owner Trustee, enforceable
against it in accordance with the terms hereof subject to applicable bankruptcy, insolvency, reorganization, moratorium and other laws affecting the enforcement of creditors’ rights generally and to general principles of equity, regardless of
whether such enforcement is considered in a proceeding in equity or at law; 
 (e) The Owner Trustee is not in
default with respect to any order or decree of any court or any order, regulation or demand of any federal, state, municipal or governmental agency, which default might have consequences that would materially and adversely affect the condition
(financial or other) or operations of the Owner Trustee or its properties or might have consequences that would materially adversely affect its performance hereunder; and 

(f) No litigation is pending or, to the best of the Owner Trustee’s knowledge, threatened against the Owner Trustee
which would prohibit its entering into this Trust Agreement or performing its obligations under this Trust Agreement. 

Section 6.04. Reliance; Advice of Counsel. 

(a) The Owner Trustee shall incur no liability to anyone in acting upon any signature, instrument, notice, resolution,
request, consent, order, certificate, report, opinion, bond, or other document or paper believed by it to be genuine and believed by it to be signed by the proper party or parties. The Owner Trustee may accept a certified copy of a resolution of the

  
 18 

 
board of directors or other governing body of any corporate party as conclusive evidence that such resolution has been duly adopted by such body and that the same is in full force and effect. As
to any fact or matter the method of determination of which is not specifically prescribed herein, the Owner Trustee may for all purposes hereof rely on a certificate, signed by the president or any vice president or by the treasurer or other
authorized officers of the relevant party, as to such fact or matter and such certificate shall constitute full protection to the Owner Trustee for any action taken or omitted to be taken by it in good faith in reliance thereon. 

(b) In the exercise or administration of the Trust hereunder and in the performance of its duties and obligations under
this Trust Agreement or the other Basic Documents, the Owner Trustee (i) may act directly or through its agents, attorneys, custodians or nominees (including persons acting under a power of attorney) pursuant to agreements entered into with any
of them, and the Owner Trustee shall not be liable for the conduct or misconduct of such agents, attorneys, custodians or nominees (including persons acting under a power of attorney) if such persons have been selected by the Owner Trustee with
reasonable care, and (ii) may consult with counsel, accountants and other skilled persons to be selected with reasonable care and employed by it at the expense of the Trust. The Owner Trustee shall not be liable for anything done, suffered or
omitted in good faith by it in accordance with the opinion or advice of any such counsel, accountants or other such Persons and not contrary to this Trust Agreement or any other Basic Document. 

Section 6.05. Not Acting in Individual Capacity. Except as provided in this Article VI, in accepting the trusts hereby
created              acts solely as Owner Trustee hereunder and not in its individual capacity, and all Persons having any claim against the Owner Trustee by reason of the
transactions contemplated by this Trust Agreement or any other Basic Document shall look only to the Trust Estate for payment or satisfaction thereof. 
 Section 6.06. Owner Trustee Not Liable for Certificates or Related Documents. The recitals contained herein and in the Certificates (other than the signatures of the Owner Trustee on the
Certificates) shall be taken as the statements of the Depositor, and the Owner Trustee assumes no responsibility for the correctness thereof. The Owner Trustee makes no representations as to the validity or sufficiency of this Trust Agreement, of
any other Basic Document or of the Certificates (other than the signatures of the Owner Trustee on the Certificates) or the Notes, or of any Related Documents. The Owner Trustee shall at no time have any responsibility or liability with respect to
the sufficiency of the Trust Estate or its ability to generate the payments to be distributed to Certificateholders under this Trust Agreement or the Noteholders under the Indenture, including, the compliance by the Depositor or the Sellers with any
warranty or representation made under any Basic Document or in any related document or the accuracy of any such warranty or representation, or any action of the Certificate Paying Agent, the Certificate Registrar or the Indenture Trustee taken in
the name of the Owner Trustee. 
 Section 6.07. Owner Trustee May Own Certificates and Notes. The Owner Trustee in
its individual or any other capacity may become the owner or pledgee of Certificates or Notes and may deal with the Depositor, the Sellers, the Certificate Paying Agent, the Certificate Registrar and the Indenture Trustee in transactions with the
same rights as it would have if it were not Owner Trustee. 

  
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 ARTICLE VII 
 Compensation of Owner Trustee 
 Section 7.01. Owner Trustee’s Fees
and Expenses. The Owner Trustee shall receive as compensation for its services hereunder such fees as have been separately agreed upon before the date hereof in accordance with Section 6.06 of the Servicing Agreement, and the Owner Trustee
shall be reimbursed for its reasonable expenses hereunder and under the other Basic Documents, including the reasonable compensation, expenses and disbursements of such agents, representatives, experts and counsel as the Owner Trustee may reasonably
employ in connection with the exercise and performance of its rights and its duties hereunder and under the other Basic Documents which shall be payable by the Servicer pursuant to Section 3.09 of the Servicing Agreement. 

Section 7.02. Indemnification. The Certificateholder of the majority of the Percentage Interest of the Certificates shall
indemnify, defend and hold harmless the Owner Trustee and its successors, assigns, agents and servants (collectively, the “Indemnified Parties”) from and against, any and all liabilities, obligations, losses, damages, taxes, claims,
actions and suits, and any and all reasonable costs, expenses and disbursements (including reasonable legal fees and expenses) of any kind and nature whatsoever (collectively, “Expenses”) which may at any time be imposed on, incurred by,
or asserted against the Owner Trustee or any Indemnified Party in any way relating to or arising out of this Trust Agreement, the other Basic Documents, the Trust Estate, the administration of the Trust Estate or the action or inaction of the Owner
Trustee hereunder; provided, that: 
 (a) such Certificateholder shall not be liable for or required to indemnify
an Indemnified Party from and against Expenses arising or resulting from the Owner Trustee’s willful misconduct, negligence or bad faith or as a result of any inaccuracy of a representation or warranty contained in Section 6.03 expressly
made by the Owner Trustee; 
 (b) with respect to any such claim, the Indemnified Party shall have given such
Certificateholder written notice thereof promptly after the Indemnified Party shall have actual knowledge thereof; 
 (c) while maintaining control over its own defense, such Certificateholder shall consult with the Indemnified Party in preparing such defense; and 

(d) notwithstanding anything in this Trust Agreement to the contrary, such Certificateholder shall not be liable for
settlement of any claim by an Indemnified Party entered into without the prior consent of such Certificateholder, which consent shall not be unreasonably withheld. 
 The indemnities contained in this Section shall survive the resignation or termination of the Owner Trustee or the termination of this Trust Agreement. In the event of any Proceeding for which indemnity
may be sought pursuant to this Section 7.02, 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 

  
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Certificateholder of the majority of the Percentage Interest of the Certificates, which approval shall not be unreasonably withheld. In addition, upon written notice to the Owner Trustee and with
the consent of the Owner Trustee, which consent shall not be unreasonably withheld, the Certificateholder of the majority of the Percentage Interest of the Certificates shall have the right to assume the defense of any Proceeding against the Owner
Trustee. 
 ARTICLE VIII 
 Termination of Trust Agreement 
 Section 8.01. Termination of Trust
Agreement. 
 (a) This Trust Agreement (other than this Article VIII) and the Trust shall terminate and be of
no further force or effect upon the final distribution of all moneys or other property or proceeds of the Trust Estate in accordance with the terms of the Indenture and this Trust Agreement. The bankruptcy, liquidation, dissolution, death or
incapacity of any Certificateholder shall not (i) operate to terminate this Trust Agreement or the Trust, (ii) entitle such Certificateholder’s legal representatives or heirs to claim an accounting or to take any Proceeding in any
court for a partition or winding up of all or any part of the Trust or the Trust Estate or (iii) otherwise affect the rights, obligations and liabilities of the parties hereto. 

(b) Except as provided in Section 8.01(a), neither the Depositor nor any Certificateholder shall be entitled to
revoke or terminate the Trust. 
 (c) Notice of any termination of the Trust, specifying the Payment Date on
which Certificateholders shall surrender their Certificates to the Certificate Paying Agent for payment of the final distribution thereon and cancellation thereof, shall be given by the Certificate Paying Agent by letter to the Certificateholders
mailed within five Business Days of receipt of notice of such termination from the Owner Trustee, stating (i) the Payment Date upon or with respect to which final payment of the Certificates shall be made upon presentation and surrender of the
Certificates at the office of the Certificate Paying Agent therein designated, (ii) the amount of any such final payment and (iii) that the Record Date otherwise applicable to such Payment Date is not applicable, payments being made only
upon presentation and surrender of the Certificates at the office of the Certificate Paying Agent therein specified. The Certificate Paying Agent shall give such notice to the Owner Trustee and the Certificate Registrar at the time such notice is
given to Certificateholders. Upon presentation and surrender of the Certificates, the Certificate Paying Agent shall cause to be distributed to Certificateholders amounts distributable on such Payment Date pursuant to Section 5.01. 

In the event that all of the Certificateholders shall not have surrendered their Certificates for cancellation within six months after
the date specified in the above mentioned written notice, the Certificate Paying Agent shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with
respect thereto. Subject to applicable laws with respect to escheat of funds, if within one year following the Payment Date on which final payment of the Certificates was to have been made pursuant to Section 3.10, all the Certificates shall
not have been surrendered for cancellation, the Certificate Paying Agent may take appropriate steps, or may appoint an agent to 

  
 21 

 
take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets that shall
remain subject to this Trust Agreement. Any funds remaining in the Distribution Account after exhaustion of such remedies shall be distributed by the Certificate Paying Agent to the Certificateholder of the majority of the Percentage Interest of the
Certificates of the Class with respect to which such amounts are due. 
 (d) Upon the winding up of the Trust and
its termination, the Owner Trustee shall cause the Certificate of Trust to be cancelled by filing a certificate of cancellation with the Secretary of State in accordance with the provisions of Section 3810(c) of the Statutory Trust Statute.

 ARTICLE IX 
 Successor Owner Trustees and Additional Owner Trustees 
 Section 9.01.
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation satisfying the provisions of Section 3807(a) of the Statutory Trust Statute; authorized to exercise corporate trust powers; having a
combined capital and surplus of at least $50,000,000 and subject to supervision or examination by federal or state authorities; and having (or having a parent that has) long-term debt obligations with a rating of at least A by Moody’s or
Standard & Poor’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 Indenture Trustee and the Depositor. Upon receiving such notice of resignation, the Indenture Trustee shall promptly appoint a successor Owner Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the
resigning Owner Trustee and one copy to the successor Owner Trustee. If no successor Owner Trustee shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Owner Trustee
may petition any court of competent jurisdiction for the appointment of a successor Owner Trustee. 
 If at any time the Owner
Trustee shall cease to be eligible in accordance with the provisions of Section 9.01 and shall fail to resign after written request therefor by the Indenture Trustee, or if at any time the Owner Trustee shall be legally unable to act, or shall
be adjudged bankrupt or insolvent, or a receiver of the Owner Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Owner Trustee or of its property or affairs for the purpose of rehabilitation,
conservation or liquidation, then the Indenture Trustee may remove the Owner Trustee. If the Indenture Trustee shall remove the Owner Trustee under the authority of the immediately preceding sentence, the Indenture Trustee shall promptly appoint a

  
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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. If the Indenture Trustee is unable to appoint a successor Owner Trustee within 60 days after any such direction, the Indenture Trustee may petition any court of competent jurisdiction for
the appointment of a successor Owner Trustee. 
 Any resignation or removal of the Owner Trustee and appointment of a successor
Owner Trustee pursuant to any of the provisions of this Section shall not become effective until 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. 
 Section 9.03. Successor Owner Trustee. Any successor Owner Trustee appointed pursuant to
Section 9.02 shall execute, acknowledge and deliver to the Indenture Trustee and to its predecessor Owner Trustee an instrument accepting such appointment under this Trust Agreement, and thereupon the resignation or removal of the predecessor
Owner Trustee shall become effective, and such successor Owner Trustee, without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties and obligations of its predecessor under this Trust Agreement, with
like effect as if originally named as Owner Trustee. The predecessor Owner Trustee shall upon payment of its fees and expenses deliver to the successor Owner Trustee all documents and statements and monies held by it under this Trust Agreement; and
the predecessor Owner Trustee shall execute and deliver such instruments and do such other things as may reasonably be required for fully and certainly vesting and confirming in the successor Owner Trustee all such rights, powers, duties and
obligations. 
 No successor Owner Trustee shall accept appointment as provided in this Section 9.03 unless at the time of
such acceptance such successor Owner Trustee shall be eligible pursuant to Section 9.01. 
 Upon acceptance of appointment
by a successor Owner Trustee pursuant to this Section 9.03, the Indenture Trustee shall mail notice thereof to all Certificateholders, the Indenture Trustee, the Noteholders and the Rating Agencies. If the Indenture Trustee shall fail to mail
such notice within 10 days after acceptance of such appointment by the successor Owner Trustee, the successor Owner Trustee shall cause such notice to be mailed at the expense of the Indenture Trustee. 

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

  
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 Section 9.05. Appointment of Co-Trustee or Separate Trustee. Notwithstanding any
other provisions of this Trust Agreement, at any time, for the purpose of meeting any legal requirements of any jurisdiction in which any part of the Trust Estate may at the time be located, the Owner Trustee shall have the power and shall execute
and deliver all instruments to appoint one or more Persons to act as co-trustee, jointly with the Owner Trustee, or as separate trustee or trustees, of all or any part of the Trust Estate, and to vest in such Person, in such capacity, such title to
the Trust or any part thereof and, subject to the other provisions of this Section, such powers, duties, obligations, rights and trusts as the Owner Trustee may consider necessary or desirable. No co-trustee or separate trustee under this Trust
Agreement shall be required to meet the terms of eligibility as a successor Owner Trustee pursuant to Section 9.01 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 Trust Estate or any portion thereof in any such jurisdiction) shall be exercised and performed singly by such separate trustee or co-trustee, but solely at the direction
of the Owner Trustee; 
 (b) No trustee under this Trust Agreement shall be personally liable by reason of any
act or omission of any other trustee under this Trust Agreement; and 
 (c) The Owner Trustee may at any time
accept the resignation of or remove any separate trustee or co-trustee. 
 Any notice, request or other writing given to the
Owner Trustee shall be deemed to have been given to each of the then separate trustees and co-trustees, as effectively as if given to each of them. Every instrument appointing any separate trustee or co-trustee shall refer to this Trust Agreement
and the conditions of this Article IX. Each separate trustee and co-trustee, upon its acceptance of the trusts conferred, shall be vested with the estates or property specified in its instrument of appointment, either jointly with the Owner Trustee
or separately, as may be provided therein, subject to all the provisions of this Trust Agreement, specifically including every provision of this Trust Agreement relating to the conduct of, affecting the liability of, or affording protection to, the
Owner Trustee. Each such instrument shall be filed with the Owner Trustee. 
 Any separate trustee or co-trustee may at any time
appoint the Owner Trustee as its agent or attorney-in-fact with full power and authority, to the extent not prohibited by law, to do any lawful act under or in respect of this Trust Agreement on its behalf and in its name. If any separate trustee or
co-trustee shall die, become incapable of acting, resign or be removed, all of its estates, properties, rights, remedies and trusts shall vest in and be exercised by the Owner Trustee, to the extent permitted by law, without the appointment of a new
or successor co-trustee or separate trustee. 

  
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 ARTICLE X 
 Compliance With Regulation AB 
 Section 10.01. Intent of the Parties;
Reasonableness. 
 The Depositor and the Owner Trustee acknowledge and agree that the purpose of this Article X is to
facilitate compliance by the Depositor with the provisions of Regulation AB and related rules and regulations of the Commission. The Depositor shall not exercise its right to request delivery of information or other performance under these
provisions other than in good faith, or for purposes other than compliance with the Securities Act, the Exchange Act and the rules and regulations of the Commission under the Securities Act and the Exchange Act. The Owner Trustee acknowledges that
interpretations of the requirements of Regulation AB may change over time, whether due to interpretive guidance provided by the Commission or its staff, consensus among participants in the mortgage-backed securities markets, advice of counsel, or
otherwise, and agrees to comply with reasonable requests made by the Depositor in good faith for delivery of information under these provisions on the basis of evolving interpretations of Regulation AB. The Owner Trustee shall cooperate in good
faith with any reasonable request by the Depositor for information regarding the Owner Trustee that is necessary or required, in the reasonable, good faith determination of the Depositor, to permit the Depositor to comply with the provisions of
Regulation AB. 
 Section 10.02. Additional Representations and Warranties of the Owner Trustee. 

(a) The Owner Trustee shall be deemed to represent and warrant to the Depositor as of the date hereof and on each date on
which information is provided to the Depositor under Sections 10.01, 10.02(b) or 10.03 that, except as disclosed in writing to the Depositor prior to such date: (i) it is not aware and has not received notice that any default, early
amortization or other performance triggering event has occurred as to any other Securitization Transaction due to any default of the Owner Trustee; (ii) there are no aspects of its financial condition that could have a material adverse effect
on the performance by it of its trustee obligations under the Trust Agreement or any other Securitization Transaction as to which it is the trustee; (iii) there are no material legal or governmental proceedings pending (or known to be
contemplated) against it that would be material to Noteholders; (iv) there are no relationships or transactions (as described in Item 1119(b) of Regulation AB) relating to the Owner Trustee with respect to the Depositor or any sponsor,
issuing entity, servicer, trustee, originator, significant obligor, enhancement or support provider or other material transaction party (as each of such terms are used in Regulation AB) relating to the Securitization Transaction contemplated by the
Trust Agreement, as identified by the Depositor to the Owner Trustee in writing as of the Closing Date (each, a “Transaction Party”) that are outside the ordinary course of business or on terms other than would be obtained in an arm’s
length transaction with an unrelated third party, apart from the Securitization Transaction, and that are material to the investors’ understanding of the Certificates; and (v) the Owner Trustee is not an affiliate (as contemplated by
Item 1119(a) of Regulation AB) of any Transaction Party. The Depositor shall notify the Owner Trustee of any change in the identity of a Transaction Party after the Closing Date at least five (5) Business Days prior to January 31 of
each calendar year. 

  
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 (b) If so requested by the Depositor on any date following the Closing Date,
the Owner Trustee shall, within five Business Days following such request, confirm in writing the accuracy of the representations and warranties set forth in paragraph (a) of this Section or, if any such representation and warranty is not
accurate as of the date of such confirmation, provide the pertinent facts, in writing, to the Depositor. Any such request from the Depositor shall not be given more than once each calendar quarter, unless the Depositor shall have a reasonable basis
for questioning the accuracy of any of the representations and warranties. 
 Section 10.03. Information to be Provided
by the Owner Trustee. 
 (a) For so long as the Notes are outstanding, for the purpose of satisfying the
Depositor’s reporting obligation under the Exchange Act with respect to any class of Notes, the Owner Trustee shall provide to the Depositor a written description of (i) the commencement of, a material development in or, if applicable, the
termination of, any and all legal proceedings against the Owner Trustee or any and all proceedings of which any property of the Owner Trustee is the subject, that would be material to Noteholders; and (ii) any such proceedings known to be
contemplated by governmental authorities that would be material to Noteholders. the Owner Trustee shall also notify the Depositor, in writing, as promptly as practicable following notice to or discovery by a Responsible Officer of the Owner Trustee
of any material changes to proceedings described in the preceding sentence. In addition, the Owner Trustee will furnish to the Depositor, in writing, the necessary disclosure regarding the Owner Trustee describing such proceedings required to be
disclosed under Item 1117 of Regulation AB, for inclusion in reports filed by or on behalf of the Depositor pursuant to the Exchange Act. The Depositor will allow the Owner Trustee to review any disclosure relating to material litigation
against the Owner Trustee prior to filing such disclosure with the Commission to the extent the Depositor changes the information provided by the Owner Trustee. Any descriptions required with respect to legal proceedings, as well as updates to
previously provided descriptions, under this Section 10.03(a) shall be given no later than five Business Days prior to the Determination Date following the month in which the relevant event occurs. 

(b) For so long as the Notes are outstanding, for the purpose of satisfying the Depositor’s reporting obligation
under the Exchange Act with respect to any class of Notes, the Owner Trustee shall, no later than January 31 of each calendar year, (i) provide to the Depositor such information regarding the Owner Trustee as is required for the purpose of
compliance with Item 1119 of Regulation AB; provided, however, the Owner Trustee shall not be required to provide such information in the event that there has been no change to the information previously provided by the Owner Trustee to the
Depositor; and (ii) as promptly as practicable following notice to or discovery by a Responsible Officer of the Owner Trustee of any changes to such information, provide to the Depositor, in writing, such updated information. Such information
shall include, at a minimum, a description of any affiliation between the Owner Trustee and any of the following parties to the Securitization Transaction contemplated by the Trust Agreement, as such parties and their affiliates are identified to
the Owner Trustee by the Depositor in connection with the closing of each Securitization Transaction or, if there has been a change in any such party, as such party is identified by the Depositor in a written notice to the Owner Trustee at least
five (5) Business Days prior to January 31 of each calendar year: 
 (i) the sponsor; 

  
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 (ii) any depositor; 

(iii) the issuing entity; 
 (iv) any servicer; 
 (v) any other trustee; 

(vi) any originator; 
 (vii) any significant obligor; 
 (viii) any enhancement or
support provider; and 
 (ix) any other material party related to any Securitization Transaction. 

In addition, the Owner Trustee shall provide a description of whether there is, and if so the general character of, any business
relationship, agreement, arrangement, transaction or understanding between the Owner Trustee and any above-listed party that is entered into outside the ordinary course of business or is on terms other than would be obtained in an arm’s length
transaction with an unrelated third party, apart from the Securitization Transaction contemplated by the Trust Agreement, that currently exists or that existed during the past two years and that is material to an investor’s understanding of the
Notes. 
 (c) As of the related Payment Date with respect to each Report on Form 10 D with respect to the Notes
filed by or on behalf of the Depositor, and as of March 15 preceding the date each Report on Form 10-K with respect to the Notes is filed, the Owner Trustee shall be deemed to represent and warrant that any information previously provided by
the Owner Trustee under this Article X is materially correct and does not have any material omissions unless the Owner Trustee has provided an update to such information. 
 Section 10.04. Indemnification; Remedies. 
 (a) The
Owner Trustee shall indemnify the Depositor, each affiliate of the Depositor, [            ] and each affiliate of
[            ], and the respective present and former directors, officers, employees and agents of each of the foregoing, and shall hold each of them harmless from and against any
claims, losses, liabilities (including penalties), actions, suits, judgments, demands, damages, costs and expenses (including reasonable fees and expenses of attorneys or, as necessary, consultants and auditors and reasonable costs of
investigations) that any of them may sustain arising out of or based upon: 

  
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 (i) (A) any untrue statement of a material fact contained or
alleged to be contained in any information, report, certification or other material provided under Sections 10.01, 10.02 or 10.03 of this Article X by or on behalf of the Owner Trustee (collectively, the “Owner Trustee Information”), or
(B) the omission or alleged omission to state in Owner Trustee Information a material fact required to be stated in Owner Trustee Information or necessary in order to make the statements therein, in the light of the circumstances under which
they were made, not misleading; or 
 (ii) any failure by the Owner Trustee to deliver any information, report,
certification or other material when and as required under Sections 10.02 and 10.03. 
 (b) In the case of any
failure of performance described in clause (ii) of Section 10.04(a), the Owner Trustee shall (i) promptly reimburse the Depositor for all costs reasonably incurred by the Depositor in order to obtain the information, report,
certification or other material not delivered by the Owner Trustee as required and (ii) cooperate with the Depositor to mitigate any damages that may result from such failure. 

(c) The Depositor and [            ] shall indemnify
the Owner Trustee, each affiliate of the Owner Trustee and the respective present and former directors, officers, employees and agents of the Owner Trustee, and shall hold each of them harmless from and against any losses, damages, penalties, fines,
forfeitures, legal fees and expenses and related costs, judgments, and any other costs, fees and expenses that any of them may sustain arising out of or based upon (i) any untrue statement of a material fact contained or alleged to be contained
in any information provided by or on behalf of the Depositor or [            ] for inclusion in any report filed with Commission under the Exchange Act (collectively, the
“Servicer Information”), or (ii) the omission or alleged omission to state in the Servicer Information a material fact required to be stated in the Servicer Information or necessary in order to make the statements therein, in the
light of the circumstances under which they were made, not misleading 
 (d) Notwithstanding any provision in
this Section 10.04 to the contrary, the parties agree that none of the Owner Trustee, the Depositor or [            ] shall be liable to the other for any consequential or
punitive damages whatsoever, whether in contract, tort (including negligence and strict liability), or any other legal or equitable principle; provided, however, that such limitation shall not be applicable with respect to third party claims made
against a party. 
 ARTICLE XI 
 Miscellaneous 
 Section 11.01. Amendments. 

(a) This Trust Agreement may be amended from time to time by the parties hereto as specified in this Section 11.01,
provided that any such amendment, except as provided in paragraph (e) below, shall be accompanied by an Opinion of Counsel addressed to the Owner Trustee to the effect that such amendment complies with the provisions of this Section.

 (b) If the purpose of any such amendment (as detailed therein) is to correct any mistake, eliminate any
inconsistency, cure any ambiguity or deal with any matter not covered in this Trust Agreement (i.e., to give effect to the intent of the parties), it shall not be necessary to 

  
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obtain the consent of any Certificateholders, but the Owner Trustee shall be furnished with (i) a letter from each Rating Agency that the amendment will not result in a Rating Event and
(ii) an Opinion of Counsel to the effect that such action will not adversely affect in any material respect the interests of any Certificateholder. 
 (c) If the purpose of the amendment is to prevent the imposition of any federal or state taxes at any time that any Security is outstanding (i.e., technical in nature), it shall not be necessary to
obtain the consent of any Certificateholder, but the Owner Trustee shall be furnished with an Opinion of Counsel that such amendment is necessary or helpful to prevent the imposition of such taxes and is not materially adverse to any
Certificateholder. 
 (d) If the purpose of the amendment is to add or eliminate or change any provision of the
Trust Agreement other than as contemplated in (b) and (c) above, the amendment shall require (i) an Opinion of Counsel to the effect that such action will not adversely affect in any material respect the interests of any
Certificateholder and (ii) either (A) a letter from each Rating Agency that such amendment will not cause a Rating Event or (B) the consent of Certificateholders of each Class of Certificates evidencing a majority of the aggregate
Certificate Percentage Interest and the Indenture Trustee; provided, however, that no such amendment shall reduce in any manner the amount of, or delay the timing of, payments received that are required to be distributed on any Certificate without
the consent of each Certificateholder affected thereby, or reduce the aforesaid percentage of Certificates the Certificateholders of which are required to consent to any such amendment, without the consent of the Certificateholders of all such
Certificates then outstanding. 
 (e) No amendment of this Trust Agreement may provide for the holding of any of
the Certificates in book-entry form. 
 (f) If the purpose of any such amendment is to provide for the issuance
of additional Certificates representing an interest in the Trust, it shall not be necessary to obtain the consent of any Certificateholder, but the Owner Trustee shall be furnished with (i) an Opinion of Counsel to the effect that such action
will not adversely affect in any material respect the interests of any Certificateholders and (B) a letter from each Rating Agency to the effect that such amendment will not cause a Rating Event. 

(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, and each of the Rating Agencies. It shall not be necessary for the consent of Certificateholders or the Indenture Trustee pursuant to this
Section 11.01 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. 

  
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 (h) In connection with the execution of any amendment to any agreement to
which the Trust is a party, other than this Trust Agreement, the Owner Trustee shall be entitled to receive and conclusively rely upon an Opinion of Counsel to the effect that such amendment is authorized or permitted by the documents subject to
such amendment and that all conditions precedent in the Basic Documents for the execution and delivery thereof by the Trust or the Owner Trustee, as the case may be, have been satisfied. 

Promptly after the execution of any amendment to the Certificate of Trust, the Owner Trustee shall cause the filing of such amendment
with the Secretary of State. 
 Section 11.02. No Legal Title to Trust Estate. The Certificateholders shall not have
legal title to any part of the Trust Estate. The Certificateholders shall be entitled to receive distributions with respect to their undivided beneficial interest therein only in accordance with Articles V and VIII. No transfer, by operation of law
or otherwise, of any right, title or interest of the Certificateholders to and in their ownership interest in the Trust Estate shall operate to terminate this Trust Agreement or the trusts hereunder or entitle any transferee to an accounting or to
the transfer to it of legal title to any part of the Trust Estate. 
 Section 11.03. 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 Certificateholders, 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 Trust Estate or under or in respect of
this Trust Agreement or any covenants, conditions or provisions contained herein. 
 Section 11.04. Notices.

 (a) Unless otherwise expressly specified or permitted by the terms hereof, all notices shall be in writing and
shall be deemed given upon receipt: if to the Owner Trustee, addressed to its Corporate Trust Office; if to the Certificate Paying Agent, addressed to             , with a copy to
the Corporate Trust Office of the Indenture Trustee, if to the Depositor, addressed to Phoenix Residential Securities, LLC, 1100 Virginia Drive, Fort Washington, Pennsylvania 19034, Attention: President, Re: PRS Series 20[__]-[__] Trust; if to the
Rating Agencies, addressed to [Moody’s Investors Service, Inc., 99 Church Street, 4th Floor, New York, New York 10001 and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc., 55 Water Street, New York, New York 10004,
Attention: Structured Finance Department — MBS] and all such notices to the Rating Agencies shall be in accordance with Section 10.19 of the Indenture; or, as to each of the foregoing Persons, at such other address as shall be designated
by such Person in a written notice to each of the other foregoing Persons. 
 (b) Any notice required or
permitted to be given to a Certificateholder shall be given by first-class mail, postage prepaid, at the address of such Certificateholder as shown in the Certificate Register. Any notice so mailed within the time prescribed in this Trust Agreement
to a Certificateholder shall be conclusively presumed to have been duly given, whether or not such Certificateholder receives such notice. 
 (c) A copy of any notice delivered to the Owner Trustee or the Trust shall also be delivered to the Depositor. 

  
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 Section 11.05. 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 11.06. Separate Counterparts. This Trust Agreement may be executed by the parties hereto in any number of
counterparts, each of which when so executed and delivered shall be an original, but all such counterparts shall together constitute but one and the same instrument. 
 Section 11.07. 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. Any request, notice, direction, consent, waiver or other instrument or action by a Certificateholder shall bind the
successors and assigns of such Certificateholder. 
 Section 11.08. No Petition. The Owner Trustee, by entering into
this Trust Agreement, and each Certificateholder, by accepting a Certificate, hereby covenant and agree that they will not at any time institute against the Depositor or the Trust, or join in any institution against the Depositor or the Trust of,
any bankruptcy Proceedings under any United States federal or state bankruptcy or similar law in connection with any obligations to the Certificates, the Notes, this Trust Agreement or any of the other Basic Documents. 

Section 11.09. No Recourse. Each Certificateholder, by accepting a Certificate, acknowledges that such
Certificateholder’s Certificate represents a beneficial interest in the Trust only and does not represent an interest in or obligation of the Depositor, the Sellers, the Owner Trustee, the Indenture Trustee or any Affiliate thereof, and that no
recourse may be had against such Persons or their assets, except as may be expressly set forth or contemplated in the Certificates, this Trust Agreement or the other Basic Documents. 

Section 11.10. 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 11.11. 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 11.12. 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. 

  
 31 

 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. 
  

			
	 PHOENIX RESIDENTIAL SECURITIES, LLC,
     as Depositor

		
	By:	 	 
		 	Name:
		 	Title:
	
	                        ,
	     not in its individual capacity but solely as
     Owner Trustee, except with respect to the     representations and warranties contained in     Section 6.03 hereof

		
	By:	 	 
		 	Name:
		 	Title:

  

			
	Acknowledged and Agreed:
	
	
                        
,
     as Indenture Trustee, Certificate Registrar
     and Certificate Paying Agent

		
	By:	 	 
		 	Name:
		 	Title:

  
 32 

 EXHIBIT A 
 FORM OF CERTIFICATE 
 THIS CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE
TERM NOTES AND THE VARIABLE PAY REVOLVING NOTES AS DESCRIBED IN THE AGREEMENT (AS DEFINED HEREIN). 
 THIS CERTIFICATE IS ISSUED
IN THE PERCENTAGE INTEREST SET FORTH BELOW. 
 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 STATE LAWS OR IS SOLD OR TRANSFERRED IN TRANSACTIONS WHICH ARE EXEMPT FROM REGISTRATION UNDER SUCH ACT AND
SUCH STATE LAWS AND IS TRANSFERRED IN ACCORDANCE WITH THE PROVISIONS OF SECTION 3.05 OF THE AGREEMENT. 
 NO TRANSFER OF THIS
CERTIFICATE SHALL BE MADE UNLESS THE CERTIFICATE REGISTRAR SHALL HAVE RECEIVED EITHER (i) A CERTIFICATION IN THE FORM OF EXHIBIT G FROM THE TRANSFEREE OF THIS CERTIFICATE TO THE EFFECT THAT SUCH TRANSFEREE IS NOT AN EMPLOYEE BENEFIT OR OTHER
PLAN SUBJECT TO THE PROHIBITED TRANSACTION RESTRICTIONS AND THE FIDUCIARY RESPONSIBILITY REQUIREMENTS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS
AMENDED (THE “CODE”), ANY PERSON ACTING, DIRECTLY OR INDIRECTLY, ON BEHALF OF ANY SUCH PLAN OR ANY PERSON USING “PLAN ASSETS,” WITHIN THE MEANING OF THE DEPARTMENT OF LABOR REGULATIONS SECTION 2510.3-101, AS MODIFIED BY SECTION
3(42) OF ERISA, TO ACQUIRE THIS CERTIFICATE (EACH, A “PLAN INVESTOR”), OR (ii) IF THIS CERTIFICATE IS PRESENTED FOR REGISTRATION IN THE NAME OF A PLAN INVESTOR, AN OPINION OF COUNSEL ACCEPTABLE TO AND IN FORM AND SUBSTANCE
SATISFACTORY TO THE DEPOSITOR, THE OWNER TRUSTEE, THE SERVICER AND THE CERTIFICATE REGISTRAR, TO THE EFFECT THAT THE PURCHASE OR HOLDING OF THIS CERTIFICATE IS PERMISSIBLE UNDER APPLICABLE LAW, WILL NOT CONSTITUTE OR RESULT IN A PROHIBITED
TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE (OR COMPARABLE PROVISIONS OF ANY SUBSEQUENT ENACTMENTS) AND WILL NOT SUBJECT THE DEPOSITOR, THE OWNER TRUSTEE, THE SERVICER OR THE CERTIFICATE REGISTRAR TO ANY OBLIGATION OR
LIABILITY (INCLUDING OBLIGATIONS OR LIABILITIES UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE) IN ADDITION TO THOSE UNDERTAKEN IN THE AGREEMENT. 
 THE TRANSFEREE OF THIS CERTIFICATE SHALL BE SUBJECT TO UNITED STATES FEDERAL WITHHOLDING TAX UNLESS THE CERTIFICATE REGISTRAR SHALL HAVE RECEIVED A CERTIFICATE OF NON-FOREIGN STATUS CERTIFYING AS TO THE
TRANSFEREE’S STATUS AS A U.S. PERSON OR CORPORATION OR PARTNERSHIP UNDER U.S. LAW. 

  
 A-1

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

  
 A-2

			
	Certificate No. 1	  	
		
	 Cut-Off Date
	  	
		
	
                        
            
	  	
		
	Date of Trust Agreement:	  	
		
	
                        
            
	  	
		
	 First Payment Date:
	  	Percentage Interest: 100%
		
	
                        
            
	  	
		
	Final Payment Date:	  	
		
	
                        
            
	  	

 MORTGAGE-BACKED CERTIFICATE, SERIES [    ]-[    ] 

evidencing a fractional undivided interest in PRS Series 20[__]-[__] Trust (the “Issuer”), the property of which consists
primarily of the Mortgage Loans. 
 This Certificate is payable solely from the assets of the Trust Estate, and does not
represent an obligation of or interest in the Depositor, the Sellers, the Servicer, the Indenture Trustee or the Owner Trustee or any of their Affiliates. This Certificate is not guaranteed or insured by any governmental agency or instrumentality or
by the Depositor, the Sellers, the Servicer, the Indenture Trustee or the Owner Trustee or any of their affiliates. None of the Depositor, the Sellers, the Servicer, the Indenture Trustee or the Owner Trustee or any of their Affiliates will have any
obligation with respect to any certificate or other obligation secured by or payable from payments on the Certificates. 
 This
certifies that                      is the registered owner of the Certificate Percentage Interest evidenced by this Certificate (as set forth
on the face hereof) in certain distributions with respect to the Trust Estate, consisting primarily of the Mortgage Loans, created by Phoenix Residential Securities, LLC (the “Depositor”). The Trust (as defined herein) was created pursuant
to a trust agreement dated as of                      (as amended and supplemented from time to time, the “Agreement”), between the
Depositor and                     , as owner trustee (the “Owner Trustee,” which term includes any successor entity under the
Agreement), a summary of certain of the pertinent provisions of which is set forth hereafter. Capitalized terms used herein that are not otherwise defined shall have the meanings ascribed thereto in Appendix A to the indenture dated as of
                    , between the Trust and the Indenture Trustee. This Certificate is issued under and is subject to the terms, provisions
and conditions of the Agreement, to which Agreement the Certificateholder of this Certificate by virtue of the acceptance hereof assents and by which such Certificateholder is bound. 

Pursuant to the terms of the Agreement, a distribution will be made on the 25th day of March, June, September and December or, if such
25th day is not a Business Day, the Business Day immediately following (the “Payment Date”), commencing on the first Payment Date specified above, or as otherwise determined in accordance with the Trust Agreement, to the Person in whose
name this Certificate is registered at the close of business on the last day (or if 

  
 A-3

 
such last day is not a Business Day, the Business Day immediately preceding such last day) of the month immediately preceding the month of such distribution (the “Record Date”), in an
amount equal to the pro rata portion evidenced by this Certificate (based on the Percentage Interest stated on the face hereon) of the amount, if any, required to be distributed to Certificateholders of Certificates on such Payment Date.
Distributions on this Certificate will be made as provided in the Agreement by the Certificate Paying Agent by wire transfer or check mailed to the Certificateholder of record in the Certificate Register without the presentation or surrender of this
Certificate or the making of any notation hereon. Pursuant to the Agreement, the Trust has issued one Class of Certificates. 

Except as otherwise provided in the Agreement and notwithstanding the above, the final distribution on this Certificate will be made
after due notice by the Certificate Paying Agent of the pendency of such distribution and only upon presentation and surrender of this Certificate at the office or agency designated by the Certificate Registrar for that purpose in the City and State
of New York. 
 No transfer of this Certificate will be made unless such transfer is exempt from the registration requirements
of the Securities Act of 1933, as amended (the “Securities Act”), and any applicable state securities laws or is made in accordance the Securities Act and such state laws. In the event that such a transfer is to be made, (i) the
Certificate Registrar or the Depositor may require an opinion of counsel acceptable to and in form and substance satisfactory to the Certificate Registrar and the Depositor that such transfer is exempt (describing the applicable exemption and the
basis therefor) from or is being made pursuant to the registration requirements of the Securities Act, and of any applicable statute of any state and (ii) the transferee shall execute an investment letter in the form described in the Agreement
and (iii) the Certificate Registrar shall require the transferee to execute an investment letter and a Certificate of Non-Foreign Status in the form described by the Agreement (or if a Certificate of Non-Foreign Status is not provided, an
Opinion of Counsel as described in the Agreement), which investment letter and certificate or Opinion of Counsel shall not be at the expense of the Trust, the Owner Trustee, the Certificate Registrar or the Depositor. The Certificateholder hereof
desiring to effect such transfer shall, and does hereby agree to, indemnify the Trust, the Owner Trustee, the Depositor, the Servicer and the Certificate Registrar against any liability that may result if the transfer is not so exempt or is not made
in accordance with such federal and state laws. In connection with any such transfer, the Certificate Registrar (unless otherwise directed by the Depositor) will also require either (i) a certification in the form of Exhibit G to the Agreement,
stating that the transferee is not an employee benefit or other plan subject to the prohibited transaction restrictions or the fiduciary responsibility requirements of ERISA or Section 4975 of the Code (a “Plan”), any person acting,
directly or indirectly, on behalf of any such Plan or any Person using the “plan assets,” within the meaning of the Department of Labor Regulations Section 2510.3-101, as modified by Section 3(42) of ERISA, to effect such
acquisition (collectively, a “Plan Investor”) or (ii) if such transferee is a Plan Investor, an opinion of counsel acceptable to and in form and substance satisfactory to the Depositor, the Owner Trustee, the Servicer and the
Certificate Registrar, to the effect that the purchase or holding of such Certificate is permissible under applicable law, will not constitute or result in a prohibited transaction under Section 406 of ERISA or Section 4975 of the Code (or
comparable provisions of any subsequent enactments) and will not subject the Depositor, the Owner Trustee, the Servicer or the Certificate Registrar to any obligation or liability (including obligations or liabilities under Section 406 of ERISA
or Section 4975 of the Code) in addition to those undertaken in the Agreement. 

  
 A-4

 This Certificate is one of a duly authorized issue of Certificates designated as
Mortgage-Backed Certificates of the Series specified hereon (the “Certificates”). 
 The Certificateholder of this
Certificate, by its acceptance hereof, agrees that it will look solely to the funds on deposit in the Distribution Account that have been released from the Lien of the Indenture for payment hereunder and that neither the Owner Trustee in its
individual capacity nor the Depositor is personally liable to the Certificateholders for any amount payable under this Certificate or the Agreement or, except as expressly provided in the Agreement, subject to any liability under the Agreement.

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

  
 A-5

 As provided in the Agreement and subject to certain limitations therein set forth, the
transfer of this Certificate is registerable in the Certificate Register upon surrender of this Certificate for registration of transfer at the offices or agencies of the Certificate Registrar maintained in the City and State of New York,
accompanied by a written instrument of transfer in form satisfactory to the Certificate Registrar duly executed by the Certificateholder hereof or such Certificateholder’s attorney duly authorized in writing, and thereupon one or more new
Certificates of authorized denominations evidencing the same Class and aggregate Percentage Interest will be issued to the designated transferee. The initial Certificate Registrar appointed under the Agreement is the Owner Trustee. 

Except as provided in the Agreement, the Certificates are issuable only in minimum denominations of a 10.0000% Percentage Interest and in
integral multiples of a 0.0001% Percentage Interest in excess thereof. As provided in the Agreement and subject to certain limitations therein set forth, the Certificates are exchangeable for new Certificates of authorized denominations, as
requested by the Certificateholder surrendering the same. This Certificate is issued in the Percentage Interest above. 
 No
service charge will be made for any such registration of transfer or exchange, but the Owner Trustee or the Certificate Registrar may require payment of a sum sufficient to cover any tax or governmental charge payable in connection therewith.

 The Owner Trustee, the Certificate Paying Agent, the Certificate Registrar and any agent of the Owner Trustee, the
Certificate Paying Agent, or the Certificate Registrar may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Owner Trustee, the Certificate Paying Agent, the Certificate Registrar or
any such agent shall be affected by any notice to the contrary. 
 This Certificate shall be governed by and construed in
accordance with the laws of the State of Delaware. 
 The obligations created by the Agreement in respect of this Certificate
and the Trust created thereby shall terminate upon the final distribution of all moneys or other property or proceeds of the Trust Estate in accordance with the terms of the Indenture and the Agreement. 

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

  
 A-6

 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. 
  

									
		 		 	PRS SERIES 20[__]-[__] TRUST	 	
					
		 		 	By:	 	 	 	,
		 		 		 	not in its individual capacity but solely as Owner Trustee	 	
					
	Dated:                    	 		 	By:	 	 	 	
		 		 		 	Authorized Signatory	 	

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

                        ,

 not in its individual capacity 
 but
solely as Owner Trustee 
  

					
	By:	 	 	 	
		 	Authorized Signatory	 	
			
	or	 	 	 	,
		 	as Authenticating Agent of the Owner Trustee	 	
			
	By:	 	 	 	
		 	Authorized Signatory	 	

  
 A-7

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

PLEASE INSERT SOCIAL SECURITY OR 
 OTHER IDENTIFYING NUMBER OF ASSIGNEE 
  

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

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

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

			
		
	  	 	*/
	Signature Guaranteed:	 	
		
	  	 	*/
		 	

  

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

  
 A-8

 DISTRIBUTION INSTRUCTIONS 

The assignee should include the following for the information of the Certificate Paying Agent: 

Distribution shall be made by wire transfer in immediately available funds to 

 

			
	 	  	
		
	 	  	

 for the account of
                                         
                           , account number
                                         
       , or, if mailed by check,
to                                        
             
 Applicable statements should be mailed to
                                         
               . 
  

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

  
 A-9

 EXHIBIT B 
 CERTIFICATE OF TRUST 
 OF 

PRS SERIES 20[__]-[__] TRUST 
 THE UNDERSIGNED,                     , as owner trustee (the “Trustee”), for the
purpose of forming a statutory trust does hereby certify as follows: 
 1. The name of the statutory trust is: 

PRS SERIES 20[__]-[__] TRUST 
 2. The name and business address of the Trustee of the statutory trust in the State Delaware is
                    ,
                    . 
 3. The statutory trust reserves the right to amend, alter, change, or repeal any provision contained in this Certificate of Trust in the manner now or hereafter prescribed by law. 

4. This Certificate of Trust shall be effective upon filing. 
 THE UNDERSIGNED, being the Trustee hereinbefore named, for the purpose of forming a statutory trust pursuant to the provisions of the Delaware Statutory Trust Act, does make this certificate of trust,
hereby declaring and further certifying that this is its act and deed and that to the best of the undersigned’s knowledge and belief the facts herein stated are true. 

 

			
	  	  	                            
                ,
		  	not in its individual capacity but solely as
		  	owner trustee under the trust agreement to be
		  	dated as of
                        

  

			
		
	By:	 	 
		 	Name:
		 	Title:

 Dated:
                     

  
 B-1

 EXHIBIT C 
 [FORM OF RULE 144A INVESTMENT REPRESENTATION] 
 Description of Rule 144A
Securities, including numbers: 

					
		  	 	  	
		  	 	  	
		  	 	  	
		  	 	  	

 The undersigned seller, as registered holder (the “Seller”), intends to transfer the Rule 144A
Securities described above to the undersigned buyer (the “Buyer”). 
 1. In connection with such transfer and in
accordance with the agreements pursuant to which the Rule 144A Securities were issued, the Seller hereby certifies the following facts: Neither the Seller nor anyone acting on its behalf has offered, transferred, pledged, sold or otherwise disposed
of the Rule 144A Securities, any interest in the Rule 144A Securities or any other similar security to, or solicited any offer to buy or accept a transfer, pledge or other disposition of the Rule 144A Securities, any interest in the Rule 144A
Securities or any other similar security from, or otherwise approached or negotiated with respect to the Rule 144A Securities, any interest in the Rule 144A Securities or any other similar security with, any person in any manner, or made any general
solicitation by means of general advertising or in any other manner, or taken any other action, that would constitute a distribution of the Rule 144A Securities under the Securities Act of 1933, as amended (the “1933 Act”), or that would
render the disposition of the Rule 144A Securities a violation of Section 5 of the 1933 Act or require registration pursuant thereto, and that the Seller has not offered the Rule 144A Securities to any person other than the Buyer or another
“qualified institutional buyer” as defined in Rule 144A under the 1933 Act. 
 2. The Buyer warrants and represents
to, and covenants with, the Owner Trustee and the Depositor, pursuant to Section 3.05 of the trust agreement dated as of
                     (the “Agreement”), between Phoenix Residential Securities, LLC, as depositor (the “Depositor”), and
                    , as owner trustee (the “Owner Trustee”), as follows: 

a. The Buyer understands that the Rule 144A Securities have not been registered under the 1933 Act or the securities laws
of any state. 
 b. The Buyer considers itself a substantial, sophisticated institutional investor having such
knowledge and experience in financial and business matters that it is capable of evaluating the merits and risks of investment in the Rule 144A Securities. 
 c. The Buyer has been furnished with all information regarding the Rule 144A Securities that it has requested from the Seller, the Indenture Trustee, the Owner Trustee or the 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 represents that: 

(i) either (a) or (b) is satisfied, as marked below: 

 ̈ a. The Buyer is not any employee benefit plan subject to the Employee
Retirement Income Security Act of 1974, as amended (“ERISA”), or the Internal Revenue Code of 1986, as amended (the “Code”), a Person acting, directly or indirectly, on behalf of any such plan or any Person acquiring such
Certificates with “plan assets” of a Plan within the meaning of the Department of Labor Regulations Section 2510.3-101, as modified by Section 3(42) of ERISA; or 

 ̈ b. The Buyer will provide the Depositor, the Owner Trustee, the
Certificate Registrar and the Servicer with an opinion of counsel, satisfactory to the Depositor, the Owner Trustee, the Certificate Registrar and the Servicer, to the effect that the purchase and holding of a Certificate by or on behalf of the
Buyer is permissible under applicable law, will not constitute or result in a prohibited transaction under Section 406 of ERISA or Section 4975 of the Code (or comparable provisions of any subsequent enactments) and will not subject the
Depositor, the Owner Trustee, the Certificate Registrar or the Servicer to any obligation or liability (including liabilities under ERISA or Section 4975 of the Code) in addition to those undertaken in the Trust Agreement, which opinion of
counsel shall not be an expense of the Depositor, the Owner Trustee, the Certificate Registrar or the Servicer; and 

  
 C-2

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

  
 C-3

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

									
	 	 		 	 
	Print Name of Seller	 		 	Print Name of Buyer
					
	By:	 	 	 		 	By:	 	 
		 	Name:	 		 		 	Name:
		 	Title:	 		 		 	Title:

  

									
	Taxpayer Identification:	 		 	Taxpayer Identification:
					
	No.	 	 	 		 	No.	 	 
					
	Date:	 	 	 		 	Date:	 	

  
 C-4

 ANNEX 1 TO EXHIBIT C 
 QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A 
 [For Buyers Other Than
Registered Investment Companies] 
 The undersigned hereby certifies as follows in connection with the Rule 144A Investment
Representation to which this certification is attached: 
 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
statutory 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, as amended.

  

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

  
 C-5

	 	•	 	 Insurance Company. The Buyer is an insurance company whose primary and predominant business activity is the writing of insurance or the
reinsuring of risks underwritten by insurance companies and which is subject to supervision by the insurance commissioner or a similar official or agency of a state or territory or the District of Columbia. 

 

	 	•	 	 State or Local Plan. The Buyer is a plan established and maintained by a state, its political subdivisions, or any agency or instrumentality of
the state or its political subdivisions, for the benefit of its employees. 

  

	 	•	 	 ERISA Plan. The Buyer is an employee benefit plan within the meaning of Title I of the Employee Retirement Income Security Act of 1974, as
amended. 

  

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

  

	 	•	 	 SBIC. The Buyer is a Small Business Investment Company licensed by the U.S. Small Business Administration under Section 301(c) or
(d) of the Small Business Investment Act of 1958, as amended. 

  

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

  

	 	•	 	 Trust Fund. The Buyer is a trust fund whose trustee is a bank or trust company and whose participants are exclusively (a) plans established
and maintained by a state, its political subdivisions, or any agency or instrumentality of the state or its political subdivisions, for the benefit of its employees, or (b) employee benefit plans within the meaning of Title I of the Employee
Retirement Income Security Act of 1974, as amended, but is not a trust fund that includes as participants individual retirement accounts or H.R. 10 plans. 

 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, as amended. 

  
 C-6

 5. The Buyer acknowledges that it is familiar with Rule 144A and understands that the seller
to it and other parties related to the Rule 144A Securities are relying and will continue to rely on the statements made herein because one or more sales to the Buyer may be in reliance on Rule 144A. 

 

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

 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-7

 ANNEX 2 TO EXHIBIT C 
 QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A 
 [For Buyers That Are
Registered Investment Companies] 
 The undersigned hereby certifies as follows in connection with the Rule 144A Investment
Representation to which this certification is attached: 
 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 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-8

 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 ADVISER:
	
	  
	Print Name of Buyer

 
			
		
	Date:	 	 

  
 C-9

 EXHIBIT D 
 FORM OF INVESTOR REPRESENTATION LETTER 

                    ,
         
 Phoenix Residential Securities, LLC 

1100 Virginia Drive 
 Fort Washington,
Pennsylvania 19034 
 _______________ 

_______________ 
 _______________ 

_______________ 
 Attention:
                             

 

	 	Re:	Phoenix Residential Securities, LLC, 

 Mortgage-Backed Certificates, Series [  ]-[  ] 
 Ladies and Gentlemen:

                     (the
“Purchaser”) intends to purchase from          (the “Seller”)     % Certificate Percentage Interest of Series [    ]-
[    ] (the “Certificates”), issued pursuant to the trust agreement dated as of                      (the
“Trust Agreement”), between Phoenix Residential Securities, LLC, as depositor (the “Depositor”) and                     ,
as owner trustee (the “Owner Trustee”), as acknowledged and agreed by                     , as Certificate Registrar. Capitalized
terms used herein that are not otherwise defined shall have the meanings ascribed thereto in Appendix A to the indenture dated as of
                    , between the Trust and the Indenture Trustee. The Purchaser hereby certifies, represents and warrants to, and covenants
with, the Depositor and the Certificate Registrar that: 
 1. The Purchaser understands that (a) the
Certificates have not been and will not be registered or qualified under the Securities Act of 1933, as amended (the “Act”), or any state securities law, (b) the Company is not required to so register or qualify the Certificates,
(c) the Certificates may be resold only if registered and qualified pursuant to the provisions of the Act or any state securities law, or if an exemption from such registration and qualification is available, (d) the Trust Agreement
contains restrictions regarding the transfer of the Certificates and (e) the Certificates will bear a legend to the foregoing effect. 
 2. The Purchaser is acquiring the Certificates for its own account for investment only and not with a view to or for sale in connection with any distribution thereof in any manner that would violate the
Act or any applicable state securities laws. 

  
 D-1

 3. The Purchaser is (a) a substantial, sophisticated institutional
investor having such knowledge and experience in financial and business matters, and, in particular, in such matters related to securities similar to the Certificates, such that it is capable of evaluating the merits and risks of investment in the
Certificates, (b) able to bear the economic risks of such an investment and (c) an “accredited investor” within the meaning of Rule 501(a) promulgated pursuant to the Act. 

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

(i) that either (a) or (b) is satisfied, as marked below: 

 ̈ a. The Purchaser is not any employee benefit plan subject to the
Employee Retirement Income Security Act of 1974, as amended (“ERISA”), or the Internal Revenue Code of 1986, as amended (the “Code”), a Person acting, directly or indirectly, on behalf of any such plan or any Person acquiring
such Certificates with “plan assets” of a Plan within the meaning of the Department of Labor Regulations Section 2510.3-101, as modified by Section 3(42) of ERISA; or 

 ̈ b. The Purchaser will provide the Depositor, the Owner Trustee, the
Certificate Registrar and the Servicer with an opinion of counsel, satisfactory to the Depositor, the Owner Trustee, the Certificate Registrar and the Servicer, to the effect that the purchase and holding of a Certificate by or on behalf of the
Purchaser is permissible under applicable law, will not constitute or result in a prohibited transaction under Section 406 of ERISA or Section 4975 of 

  
 D-2

 
the Code (or comparable provisions of any subsequent enactments) and will not subject the Depositor, the Owner Trustee, the Certificate Registrar or the Servicer to any obligation or liability
(including liabilities under ERISA or Section 4975 of the Code) in addition to those undertaken in the Trust Agreement, which opinion of counsel shall not be an expense of the Depositor, the Owner Trustee, the Certificate Registrar or the
Servicer; and 
 (ii) the Purchaser is familiar with the prohibited transaction restrictions and fiduciary
responsibility requirements of Sections 406 and 407 of ERISA and Section 4975 of the Code and understands that each of the parties to which this certification is made is relying and will continue to rely on the statements made in this paragraph
6. 
 7. The Purchaser is not a non-United States person. 

 

			
	Very truly yours,
		
	 	 	 
		
	By:  	 	 
		 	Name:
		 	Title:

  
 D-3

 EXHIBIT E 
 FORM OF TRANSFEROR REPRESENTATION LETTER 

                    ,
         
 Phoenix Residential Securities, LLC 

1100 Virginia Drive 
 Fort Washington,
Pennsylvania 19034 
 _______________ 

_______________ 
 _______________ 

_______________ 
 Attention:
                             

 

	 	Re:	Phoenix Residential Securities, LLC 

 Mortgage-Backed Certificates, Series [  ]-[  ] 
 Ladies and Gentlemen:

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

	
	Very truly yours,
	
	  
	(Seller)

 
			
		
	By:	 	 
		 	Name:
		 	Title:

  
 E-1

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

 

	 	A.	Individual as Beneficial Owner 

  

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

 

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

	 	  	__________ 

	 	  	__________ 

	 	  	                       ;and

  

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

  

	 	B.	Corporate, Partnership or Other Entity as Beneficial Owner 

  

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

  
 F-1

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

	 	  	__________ 

	 	  	__________ 

	 	  	                       ;and

  

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

Part II — Nominees 
 If the
undersigned is the nominee for the Beneficial Owner, the undersigned certifies that this Certificate has been made in reliance upon information contained in: 
              an IRS Form W-9 
              a form such as this or substantially similar 
 provided to the undersigned by an appropriate person and (i) the undersigned agrees to notify the Trust at least thirty (30) days prior to the date that the form relied upon becomes obsolete,
and (ii) in connection with change in Beneficial Owners, the undersigned agrees to submit a new Certificate of Non-Foreign Status to the Trust promptly after such change. 
 Part III — Declaration 
 The undersigned, as the Beneficial Owner or a nominee
thereof, agrees to notify the Trust within sixty (60) days of the date that the Beneficial Owner becomes a foreign person. The undersigned understands that this certificate may be disclosed to the Internal Revenue Service by the Trust and any
false statement contained therein could be punishable by fines, imprisonment or both. 
 Under penalties of perjury, I declare
that I have examined this certificate and to the best of my knowledge and belief it is true, correct and complete and will further declare that I will inform the Trust of any change in the information provided above, and, if applicable, I further
declare that I have the authority* to sign this document. 

	
	
	  
	Name

	
	
	  
	Title (if applicable)

	
	
	  
	Signature and Date

  

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

  
 F-2

 EXHIBIT G 
 FORM OF ERISA REPRESENTATION LETTER 

                    ,
         
 Phoenix Residential Securities, LLC 

1100 Virginia Drive 
 Fort Washington,
Pennsylvania 19034 
 _______________ 

_______________ 
 _______________ 

_______________ 
 _______________ 

_______________ 
 _______________ 

_______________ 
 _______________ 

_______________ 
 _______________ 

Attention:
                             

 

	 	Re:	Phoenix Residential Securities, LLC 

 Mortgage-Backed Certificates, Series [  ]-[  ] 
 Dear Sirs: 

                     (the
“Transferee”) intends to acquire from                      (the “Transferor”) a     %
Percentage Interest of Mortgage-Backed Certificates, Series [    ]-[    ] (the “Certificates”), issued pursuant to a trust agreement dated as of
                    , between Phoenix Residential Securities, LLC, as depositor (the “Depositor”), and
                    , as owner trustee (the “Owner Trustee”). Capitalized terms used herein that are not otherwise defined shall
have the meanings ascribed thereto in Appendix A to the indenture dated as of                     , between the Trust and the Indenture
Trustee. 

  
 G-1

 The Transferee hereby certifies, represents and warrants to, and covenants with, the
Depositor, the Owner Trustee, the Certificate Registrar and the Servicer that: 
 The Certificates (i) are not being
acquired by, and will not be transferred to, any employee benefit plan within the meaning of Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), or other retirement arrangement, including
individual retirement accounts and annuities, Keogh plans and bank collective investment funds and insurance company general or separate accounts in which such plans, accounts or arrangements are invested, that is subject to Section 406 of
ERISA or Section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”) (any of the foregoing, a “Plan”), (ii) are not being acquired with “plan assets” of a Plan within the meaning of the
Department of Labor (“DOL”) Regulations Section 2510.3-101, as modified by Section 3(42) of ERISA, and (iii) will not be transferred to any entity that is deemed to be investing in plan assets within the meaning of the DOL
Regulations Section 2510.3-101, as modified by Section 3(42) of ERISA. 
 The Transferee is familiar with the
prohibited transaction restrictions and fiduciary responsibility requirements of Sections 406 and 407 of ERISA and Section 4975 of the Code and understands that each of the parties to which this certification is made is relying and will
continue to rely on the statements made herein. 
  

			
	Very truly yours,
	
	 
		
	By:	 	 
		 	Name:
		 	Title:

  
 G-2

 EXHIBIT H 
 FORM OF REPRESENTATION LETTER 

                    ,
         
 Phoenix Residential Securities, LLC 

1100 Virginia Drive 
 Fort Washington,
Pennsylvania 19034 
 _______________ 

_______________ 
 _______________ 

_______________ 
 _______________ 

_______________ 
 _______________ 

_______________ 
 _______________ 

_______________ 
 _______________ 

_______________ 
  

	 	Re:	Phoenix Residential Securities, LLC 

 Mortgage-Backed Certificates, Series [    ]-[    ] 

Dear Sirs: 

                     (the
“Transferee”) intends to acquire from                      (the “Transferor”) a     %
Percentage Interest of Mortgage-Backed Certificates, Series [    ]-[    ] (the “Certificates”), issued pursuant to a trust agreement dated as of
                     (the “Trust Agreement”), Phoenix Residential Securities, LLC, as depositor (the “Depositor”), and
                    , as owner trustee (the “Owner Trustee”). Capitalized terms used herein that are not otherwise defined shall
have the meanings ascribed thereto in Appendix A to the indenture dated as of                     , between the Trust and the Indenture
Trustee. 

 The Transferee hereby certifies, represents and warrants to, and covenants with, the
Depositor, the Owner Trustee, the Certificate Registrar and the Servicer that: 
 (1) the Transferee is
acquiring the Certificate for its own behalf and is not acting as agent or custodian for any other person or entity in connection with such acquisition; and 
 (2) the Transferee is not a partnership, grantor trust or S corporation for federal income tax purposes, or, if the Transferee is a partnership, grantor trust or S corporation for federal income tax
purposes, the Certificates are not more than 50% of the assets of the partnership, grantor trust or S corporation. 
  

			
	Very truly yours,
		
	 	 	 
		
	By:	 	 
		 	Name:
		 	Title:Form of Indenture

 EXHIBIT 4.3 
 PRS SERIES 20[__]-[__] TRUST, 
 Issuer, 

and 

[                    ],

 Indenture Trustee 
  

 
 INDENTURE

  
  

Dated as of
[                    ], 20[_] 
 PRS MORTGAGE-BACKED NOTES 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
		
	 ARTICLE I Definitions
	  	 	1	  
			
	 Section 1.01
	  	Definitions	  	 	1	  
	 Section 1.02
	  	Incorporation by Reference of Trust Indenture Act	  	 	2	  
	 Section 1.03
	  	Rules of Construction	  	 	2	  
		
	 ARTICLE II Original Issuance of Notes
	  	 	3	  
			
	 Section 2.01
	  	Form	  	 	3	  
	 Section 2.02
	  	Execution, Authentication and Delivery	  	 	3	  
		
	 ARTICLE III Covenants
	  	 	4	  
			
	 Section 3.01
	  	Collection of Payments with Respect to the Mortgage Loans	  	 	4	  
	 Section 3.02
	  	Maintenance of Office or Agency	  	 	4	  
	 Section 3.03
	  	Money for Payments to Be Held in Trust; Paying Agent	  	 	4	  
	 Section 3.04
	  	Existence	  	 	5	  
	 Section 3.05
	  	Priority of Distributions; Defaulted Interest	  	 	6	  
	 Section 3.06
	  	Protection of Trust Estate	  	 	8	  
	 Section 3.07
	  	Opinions as to Trust Estate	  	 	8	  
	 Section 3.08
	  	Performance of Obligations; Servicing Agreement	  	 	9	  
	 Section 3.09
	  	Negative Covenants	  	 	9	  
	 Section 3.10
	  	Annual Statement as to Compliance	  	 	10	  
	 Section 3.11
	  	Recordation of Assignments	  	 	10	  
	 Section 3.12
	  	Representations and Warranties Concerning the Mortgage Loans	  	 	10	  
	 Section 3.13
	  	Assignee of Record of the Mortgage Loans	  	 	10	  
	 Section 3.14
	  	Servicer as Agent and Bailee of the Indenture Trustee	  	 	11	  
	 Section 3.15
	  	Investment Company Act	  	 	11	  
	 Section 3.16
	  	Issuer May Consolidate, etc.	  	 	11	  
	 Section 3.17
	  	Successor or Transferee	  	 	13	  
	 Section 3.18
	  	No Other Business	  	 	13	  
	 Section 3.19
	  	No Borrowing	  	 	13	  
	 Section 3.20
	  	Guarantees, Loans, Advances and Other Liabilities	  	 	13	  
	 Section 3.21
	  	Capital Expenditures	  	 	13	  
	 Section 3.22
	  	Owner Trustee Not Liable for Certificates or Related Documents	  	 	13	  
	 Section 3.23
	  	Restricted Payments	  	 	14	  
	 Section 3.24
	  	Notice of Events of Default	  	 	14	  
	 Section 3.25
	  	Further Instruments and Acts	  	 	14	  
	 Section 3.26
	  	Statements to Noteholders	  	 	14	  
	 Section 3.27
	  	Additional Representations of Issuer	  	 	15	  
	 Section 3.28
	  	Allocation of Losses	  	 	15	  

  
 I 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	 	  	Page	 
		
	 ARTICLE IV The Notes; Satisfaction And Discharge Of Indenture
	  	 	16	  
			
	 Section 4.01
	  	The Notes	  	 	16	  
	 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	  	 	17	  
	 Section 4.04
	  	Persons Deemed Owners	  	 	18	  
	 Section 4.05
	  	Cancellation	  	 	18	  
	 Section 4.06
	  	Book-Entry Notes	  	 	19	  
	 Section 4.07
	  	Notices to Depository	  	 	19	  
	 Section 4.08
	  	Definitive Notes	  	 	20	  
	 Section 4.09
	  	Tax Treatment	  	 	20	  
	 Section 4.10
	  	Satisfaction and Discharge of Indenture	  	 	20	  
	 Section 4.11
	  	Application of Trust Money	  	 	21	  
	 Section 4.12
	  	[Reserved]	  	 	21	  
	 Section 4.13
	  	Repayment of Monies Held by Paying Agent	  	 	21	  
	 Section 4.14
	  	Temporary Notes	  	 	22	  
		
	 ARTICLE V Default And Remedies
	  	 	22	  
			
	 Section 5.01
	  	Events of Default	  	 	22	  
	 Section 5.02
	  	Acceleration of Maturity; Rescission and Annulment	  	 	22	  
	 Section 5.03
	  	Collection of Indebtedness and Suits for Enforcement by Indenture Trustee	  	 	23	  
	 Section 5.04
	  	Remedies; Priorities	  	 	25	  
	 Section 5.05
	  	Optional Preservation of the Trust Estate	  	 	26	  
	 Section 5.06
	  	Limitation of Suits	  	 	27	  
	 Section 5.07
	  	Unconditional Rights of Noteholders to Receive Principal and Interest	  	 	28	  
	 Section 5.08
	  	Restoration of Rights and Remedies	  	 	28	  
	 Section 5.09
	  	Rights and Remedies Cumulative	  	 	28	  
	 Section 5.10
	  	Delay or Omission Not a Waiver	  	 	28	  
	 Section 5.11
	  	Control by Noteholders	  	 	28	  
	 Section 5.12
	  	Waiver of Past Defaults	  	 	29	  
	 Section 5.13
	  	Undertaking for Costs	  	 	29	  
	 Section 5.14
	  	Waiver of Stay or Extension Laws	  	 	29	  
	 Section 5.15
	  	Sale of Trust Estate	  	 	30	  
	 Section 5.16
	  	Action on Notes	  	 	31	  
	 Section 5.17
	  	Performance and Enforcement of Certain Obligations	  	 	31	  

  
 II 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	 	  	Page	 
	 ARTICLE VI The Indenture Trustee
	  	 	32	  
			
	 Section 6.01
	  	Duties of Indenture Trustee	  	 	32	  
	 Section 6.02
	  	Rights of Indenture Trustee	  	 	34	  
	 Section 6.03
	  	Individual Rights of Indenture Trustee	  	 	35	  
	 Section 6.04
	  	Indenture Trustee’s Disclaimer	  	 	35	  
	 Section 6.05
	  	Notice of Event of Default	  	 	35	  
	 Section 6.06
	  	Reports by Indenture Trustee to Noteholders	  	 	35	  
	 Section 6.07
	  	Compensation and Indemnity	  	 	36	  
	 Section 6.08
	  	Replacement of Indenture Trustee	  	 	36	  
	 Section 6.09
	  	Successor Indenture Trustee by Merger	  	 	37	  
	 Section 6.10
	  	Appointment of Co-Indenture Trustee or Separate Indenture Trustee	  	 	38	  
	 Section 6.11
	  	Eligibility; Disqualification	  	 	39	  
	 Section 6.12
	  	Preferential Collection of Claims Against Issuer	  	 	39	  
	 Section 6.13
	  	Representations and Warranties	  	 	39	  
	 Section 6.14
	  	Directions to Indenture Trustee	  	 	40	  
	 Section 6.15
	  	Indenture Trustee May Own Securities	  	 	40	  
		
	 ARTICLE VII Noteholders’ Lists and Reports
	  	 	40	  
			
	 Section 7.01
	  	Issuer to Furnish Indenture Trustee Names and Addresses of Noteholders	  	 	40	  
	 Section 7.02
	  	Preservation of Information; Communications to Noteholders	  	 	40	  
	 Section 7.03
	  	Reports by Issuer	  	 	40	  
	 Section 7.04
	  	Reports by Indenture Trustee	  	 	41	  
	 Section 7.05
	  	Exchange Act Reporting	  	 	41	  
		
	 ARTICLE VIII Accounts, Disbursements and Releases
	  	 	42	  
			
	 Section 8.01
	  	Collection of Money	  	 	42	  
	 Section 8.02
	  	Trust Accounts	  	 	42	  
	 Section 8.03
	  	Officer’s Certificate	  	 	43	  
	 Section 8.04
	  	Termination Upon Distribution to Noteholders	  	 	43	  
	 Section 8.05
	  	Release of Trust Estate	  	 	43	  
	 Section 8.06
	  	Surrender of Notes Upon Final Payment	  	 	43	  
		
	 ARTICLE IX Supplemental Indentures
	  	 	44	  
			
	 Section 9.01
	  	Supplemental Indentures Without Consent of Noteholders	  	 	44	  
	 Section 9.02
	  	Supplemental Indentures With Consent of Noteholders	  	 	45	  
	 Section 9.03
	  	Execution of Supplemental Indentures	  	 	46	  
	 Section 9.04
	  	Effect of Supplemental Indenture	  	 	46	  
	 Section 9.05
	  	Conformity with Trust Indenture Act	  	 	47	  
	 Section 9.06
	  	Reference in Notes to Supplemental Indentures	  	 	47	  

  
 III

 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	 	  	Page	 
	 ARTICLE X Miscellaneous
	  	 	47	  
			
	 Section 10.01
	  	Compliance Certificates and Opinions, etc.	  	 	47	  
	 Section 10.02
	  	Form of Documents Delivered to Indenture Trustee	  	 	49	  
	 Section 10.03
	  	Acts of Noteholders	  	 	50	  
	 Section 10.04
	  	Notices, etc., to Indenture Trustee, Issuer and Rating Agencies	  	 	50	  
	 Section 10.05
	  	Notices to Noteholders; Waiver	  	 	51	  
	 Section 10.06
	  	Alternate Payment and Notice Provisions	  	 	51	  
	 Section 10.07
	  	Conflict with Trust Indenture Act	  	 	51	  
	 Section 10.08
	  	Effect of Headings	  	 	52	  
	 Section 10.09
	  	Successors and Assigns	  	 	52	  
	 Section 10.10
	  	Severability	  	 	52	  
	 Section 10.11
	  	Benefits of Indenture	  	 	52	  
	 Section 10.12
	  	Legal Holidays	  	 	52	  
	 Section 10.13
	  	GOVERNING LAW	  	 	52	  
	 Section 10.14
	  	Counterparts	  	 	52	  
	 Section 10.15
	  	Recording of Indenture	  	 	52	  
	 Section 10.16
	  	Issuer Obligation	  	 	53	  
	 Section 10.17
	  	No Petition	  	 	53	  
	 Section 10.18
	  	Inspection	  	 	53	  
	 Section 10.19
	  	Exchange Act Rule 17g-5 Procedures	  	 	53	  

 EXHIBITS 

					
	 Exhibit A
	  	-	  	Form of Class A Notes
	 [Exhibit B
	  	-	  	Form of MI Policy]
	 Appendix A
	  	-	  	Definitions

  
 IV 

 RECONCILIATION AND TIE BETWEEN TRUST INDENTURE 

ACT OF 1939 AND INDENTURE PROVISIONS* 
  

			
	 Trust Indenture
 Act Section
	  	Indenture Section
	 310(a)(1)
	  	6.11
	 (a)(2)
	  	6.11
	 (a)(3)
	  	6.10
	 (a)(4)
	  	Not Applicable
	 (a)(5)
	  	6.11
	 (b)
	  	6.08, 6.11
	 (c)
	  	Not Applicable
	 311(a)
	  	6.12
	 (b)
	  	6.12
	 (c)
	  	Not Applicable
	 312(a)
	  	7.01, 7.02(a)
	 (b)
	  	7.02(b)
	 (c)
	  	7.02(c)
	 313(a)
	  	7.04
	 (b)
	  	7.04
	 (c)
	  	7.03(a)(iii), 7.04
	 (d)
	  	7.04
	 314(a)
	  	3.10, 7.03(a)
	 (b)
	  	3.07
	 (c)(1)
	  	8.05(c), 10.01(a)
	 (c)(2)
	  	8.05(c), 10.01(a)
	 (c)(3)
	  	Not Applicable
	 (d)(1)
	  	8.05(c), 10.01(b)
	 (d)(2)
	  	8.05(c), 10.01(b)
	 (d)(3)
	  	8.05(c), 10.01(b)
	 (e)
	  	10.01(a)
	 315(a)
	  	6.01(b)
	 (b)
	  	6.05
	 (c)
	  	6.01(a)
	 (d)
	  	6.01(c)
	 (d)(1)
	  	6.01(c)
	 (d)(2)
	  	6.01(c)
	 (d)(3)
	  	6.01(c)
	 (e)
	  	5.13
	 316(a)(1)(A)
	  	5.11
	 316(a)(1)(B)
	  	5.12
	 316(a)(2)
	  	Not Applicable
	 316(b)
	  	5.07
	 317(a)(1)
	  	5.04
	 317(a)(2)
	  	5.03(d)
	 317(b)
	  	3.03(a)
	 318(a)
	  	10.07

  

	*	This reconciliation and tie shall not, for any purpose, be deemed to be part of the within indenture. 

 This Indenture, dated as of
[                    ], 20[__], is between PRS Series 20[__]-[__] Trust, a Delaware statutory trust, as issuer (the “Issuer”), and
[                        ], as indenture trustee (the “Indenture Trustee”). 

WITNESSETH: 

Each party hereto agrees as follows for the benefit of the other party and for the equal and ratable benefit of the Noteholders of the
Issuer’s Series 20[__]-[__] PRS Mortgage-Backed Notes (the “Notes”). 
 GRANTING CLAUSE: 

The Issuer hereby Grants to the Indenture Trustee on the Closing Date, as trustee for the benefit of the Noteholders, all of the
Issuer’s right, title and interest in and to all accounts, chattel paper, general intangibles, contract rights, payment intangibles, certificates of deposit, deposit accounts, instruments, documents, letters of credit, money, advices of credit,
investment property, goods and other property consisting of, arising under or related to whether now existing or hereafter created in any of the following: (a) the Mortgage Loans, and all monies due or to become due thereunder; (b) the
Custodial Account and Note Payment Account, , and all funds on deposit or credited thereto from time to time; (c) all hazard insurance policies; [(d) rights under the MI Policy pertaining to certain Mortgage Loans, if any]; (e) all
present and future claims, demands, causes and choses in action in respect of any or all of the foregoing and all payments on or under, and all proceeds of every kind and nature whatsoever in respect of, any or all of the foregoing 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 Noteholders, 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. 

  
 1 

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

 “Commission” means the Securities and Exchange Commission. 

“indenture securities” means the Notes. 

“indenture security holder” means a Noteholder. 

“indenture to be qualified” means this Indenture. 

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

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

 All other TIA terms used in this Indenture that are defined by 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: 
 (a) a term has the meaning assigned to it;

 (b) 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; 
 (c) “or” includes “and/or”;

 (d) “including” means “including without limitation”; 

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

(f) the term “proceeds” has the meaning ascribed thereto in the UCC; and 

(g) 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. 

  
 2 

 ARTICLE II 
 Original Issuance of Notes 
 Section 2.01 Form. The Class A
Notes, together with the Indenture Trustee’s certificate of authentication, shall be in substantially the form set forth in Exhibit A, and 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 the Notes, as evidenced by their
execution thereof. 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 such Note. 
 The Notes shall be typewritten, printed, lithographed or engraved or produced by any combination of these methods, all as determined by the Authorized Officers executing such Notes, as evidenced by their
execution of such Notes. 
 The terms of the Class A Notes set forth in Exhibit A are part of the terms of this
Indenture. 
 Section 2.02 Execution, Authentication and Delivery. The Notes shall be executed on behalf of the
Issuer by any 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 Issuer shall bind the
Issuer, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Notes or did not hold such offices at the date of such Notes. 

The Indenture Trustee shall upon Issuer Request authenticate and deliver Notes for original issue in an amount equal to the Initial
Aggregate Note Balance. The Class A-I-1, Class A-I-2, Class A-I-3 and Class A-II Notes shall have initial principal amounts of the Initial Class A-I-1 Note Balance, Initial Class A-I-2 Note Balance, Initial Class A-I-3 Note Balance
and Initial Class A-II Note Balance, respectively. 
 Each Note shall be dated the date of its authentication. The Notes shall
be issuable as registered Book-Entry Notes, and the Notes shall be issuable in minimum denominations of $25,000 and 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. 

  
 3 

 ARTICLE III 
 Covenants 
 Section 3.01 Collection of Payments with Respect to the
Mortgage Loans. The Indenture Trustee shall establish and maintain with itself the Note 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 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 Note Payment Account[; provided, however, that prior to making any distributions as provided in Section 3.05 herein, the Indenture Trustee shall withdraw from the Note Payment Account and pay to the MI Policy Provider,
by wire transfer of immediately available funds, the Mortgage Insurance Premium for such Distribution Date]. 

Section 3.02 Maintenance of Office or Agency. The Issuer will maintain in the City of
[                    ],
[                    ], 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 Issuer in respect of the Notes and this Indenture may be served. The Issuer hereby initially appoints the Indenture Trustee to serve as its agent for the foregoing
purposes. If at any time the Issuer 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 Issuer 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. 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 Note Payment Account pursuant to Section 3.01 shall be made on behalf of the Issuer by the Indenture Trustee or by the Paying Agent, and no amounts so
withdrawn from the Note Payment Account for payments of Notes shall be paid over to the Issuer except as provided in this Section 3.03. The Issuer hereby appoints the Indenture Trustee to act as initial Paying Agent hereunder. The Issuer 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: 
 (a) 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; 
 (b) give the Indenture Trustee written notice of any default by the Issuer of which it has
actual knowledge in the making of any payment required to be made with respect to the Notes; 
 (c) 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; 

  
 4 

 (d) 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; 

(e) 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; and 
 (f) deliver to the Indenture Trustee a copy of the statement to Noteholders prepared with respect to each Payment Date by the Servicer pursuant to Section 4.01 of the Servicing Agreement. 

The Issuer may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, by
Issuer 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 Issuer on Issuer Request; and the Noteholder of such Note shall thereafter, as an unsecured general creditor, look only to the
Issuer for payment thereof (but only to the extent of the amounts so paid to the Issuer), and all liability of the Indenture Trustee 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 Issuer cause to be published once, in an Authorized Newspaper, notice that such money remains unclaimed and that, after a date
specified therein, which shall not be less than 30 days from the date of such publication, any unclaimed balance of such money then remaining will be repaid to the Issuer. The Indenture Trustee may also adopt and employ, at the expense and
direction of the Issuer, any other reasonable means of notification of such repayment (including, but not limited to, mailing notice of such repayment to Noteholders of the Notes which 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 Noteholder). 

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

  
 5 

 Section 3.05 Priority of Distributions; Defaulted Interest. 

(a) In accordance with Section 3.03(a) of the Servicing Agreement, the priority of distributions on each Payment Date
from Principal Collections and Interest Collections with respect to the Mortgage Loans and any optional advance of delinquent principal or interest on the Mortgage Loans made by the Servicer in respect of the related Collection Period, is as
follows: 
 (i) from Interest Collections related to Loan Group I, to pay accrued and unpaid interest, pro rata,
due on the Note Balances of the Class A-I-1, Class A-I-2 and Class A-I-3 Notes and from Interest Collections related to Loan Group II, to pay accrued and unpaid interest due on the Note Balance of the Class A-II Notes; 

(ii) from Principal Collections for Loan Group I, to pay accrued and unpaid interest, pro rata, due on the Note Balances
of the Class A-I-1, Class A-I-2 and Class A-I-3 Notes and from Principal Collections related to Loan Group II, to pay accrued and unpaid interest, pro rata, due on the Note Balance of the Class A-II Notes; 

(iii) from Principal Collections for Loan Group I, to pay as principal on the Class A-I-1, Class A-I-2 and Class
A-I-3 Notes (pro rata) in an amount equal to the Group I Principal Distribution Amount for that payment date, in each case until the related Note Balance thereof has been reduced to zero; 

(iv) from Principal Collections for Loan Group II, to pay as principal on the Class A-II Notes in an amount equal to the
Group II Principal Distribution Amount for that payment date, in each case until the Note Balance thereof has been reduced to zero; 
 (v) from Excess Spread, to pay as principal on the Class A-I-1, Class A-I-2 and Class A-I-3 Notes (pro rata) any Group I Liquidation Loss Distribution Amount for that payment date, in each case until
the related Note Balance thereof has been reduced to zero, and to pay as principal on the Class A-II Notes any Group II Liquidation Loss Distribution Amount for that payment date, in each case until the Note Balance thereof has been reduced to zero;

 (vi) from remaining Excess Spread, to pay as reimbursement to the Class A-I-1, Class A-I-2,
Class A-I-3 and Class A-II Notes, pro rata, any Liquidation Loss Amounts previously allocated thereto that remains unreimbursed; 
 (vii) from remaining Excess Spread, to pay as principal on the Class A-I-1 Notes, Class A-I-2 and Class A-I-3 Notes (pro rata) any Group I Overcollateralization Increase Amount for that
payment date, in each case until the related Note Balance thereof has been reduced to zero, and to pay as principal on the Class A-II Notes any Group II Overcollateralization Increase Amount for that payment date, until the Note Balance thereof
has been reduced to zero; 

  
 6 

 (viii) from Excess Spread, to pay as principal on the Class A-I-1,
Class A-I-2 and Class A-I-3 Notes (pro rata) any Group I Reserve Increase Amount for that payment date, in each case until the related Note Balance thereof has been reduced to zero, and to pay as principal on the Class A-II Notes any Group II
Reserve Increase Amount for that payment date, in each case until the related Note Balance thereof has been reduced to zero; 
 (ix) to the Indenture Trustee, any amounts owing to the Indenture Trustee pursuant to Section 6.07 to the extent remaining unpaid; and 

(x) any remaining amount, to the Distribution Account, for distribution to the holders of the Certificates by the
Certificate Paying Agent in accordance with the Trust Agreement. 
 On each Payment Date, the Paying Agent shall
apply, from amounts on deposit in the Note Payment Account, and in accordance with the Servicing Certificate, the amounts set forth above in the order of priority set forth in Section 3.05(a). 

Amounts paid to Noteholders shall be paid in respect of the Notes in accordance with the applicable percentage as set
forth in Section 3.05(e). Interest on the Notes will be computed on the basis of a 360-day year consisting of twelve 30-day months. Any installment of interest or principal payable on any Note that is punctually paid or duly provided for by the
Issuer on the applicable Payment Date shall be paid to the Noteholder of record thereof on the immediately preceding Record Date by wire transfer to an account specified in writing by such Noteholder reasonably satisfactory to the Indenture Trustee,
or by check or money order mailed to such Noteholder at such Noteholder’s address appearing in the Note Register, the amount required to be distributed to such Noteholder on such Payment Date pursuant to such Noteholder’s Notes; provided,
that the Indenture Trustee shall not pay to any such Noteholder any amounts required to be withheld from a payment to such Noteholder by the Code. 
 (b) Principal of each Note shall be due and payable in full on the Final Payment Date as provided in the applicable form of Note set forth in Exhibit A. All principal payments on the Notes shall be
made in accordance with the priorities set forth in Sections 3.05(a) to the Noteholders entitled thereto in accordance with the related Percentage Interests represented thereby. Upon written notice to the Indenture Trustee by the Issuer, the
Indenture Trustee shall notify the Person in the name of which a Note is registered at the close of business on the Record Date preceding the Final Payment Date or other final Payment Date, as applicable. Such notice shall be mailed or faxed no
later than five Business Days prior to the Final Payment Date or such other final Payment Date and, unless such Note is then a Book-Entry Note, shall specify that payment of the principal amount and any interest due with respect to such Note at the
Final Payment Date or such 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. 

On each Payment Date, the Overcollateralization Amount available to cover any Liquidation Loss Amounts on such Payment
Date shall be deemed to be reduced by an amount equal to such Liquidation Loss Amounts (except to the extent that such Liquidation Loss Amounts were covered on such Payment Date by a payment in respect of Liquidation Loss Amounts). 

  
 7 

 (c) With respect to any Payment Date, interest payments on the Notes will be
reduced by any Relief Act Shortfalls for the related Collection Period on a pro rata basis in accordance with the amount of interest payable on the Notes on such Payment Date, absent such reduction. 

Section 3.06 Protection of Trust Estate. 

(a) The Issuer shall 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: 

(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 Trust 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, if no Opinion of Counsel has yet been delivered
pursuant to Section 3.07) unless the Indenture 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 Issuer 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. 
 On the Closing Date, the
Issuer shall furnish to the Indenture Trustee and the Owner Trustee an Opinion of Counsel at the expense of the Issuer stating that, upon delivery of the Mortgage Notes relating to the Mortgage Loans to the Indenture Trustee or the Custodian in the
State of [                        ], the Indenture Trustee will have a perfected, first priority security interest in such
Mortgage Loans. 

  
 8 

 On or before December 31st in each calendar year, beginning in 20[__], the Issuer shall
furnish to the Indenture Trustee an Opinion of Counsel at the expense of the Issuer either stating that, in the opinion of such counsel, no further action is necessary to maintain a perfected, first priority security interest in the Mortgage Loans
until December 31 in the following calendar year or, if any such action is required to maintain such security interest in the Mortgage Loans, 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 opinion of such counsel, be required to maintain the security
interest in the Mortgage Loans until December 31 in the following calendar year. 
 Section 3.08 Performance of
Obligations; Servicing Agreement. 
 (a) The Issuer shall 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 Issuer may contract with other Persons to assist it in performing its duties under this Indenture, and any performance of such duties by a Person identified to the Indenture Trustee in an
Officer’s Certificate of the Issuer shall be deemed to be action taken by the Issuer. 
 (c) The Issuer
shall not take any action or permit any action to be taken by others that 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 that 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 Servicer is expressly permitted to take in the Servicing Agreement. 
 (d) The Issuer may retain
an administrator and may enter into contracts with other Persons for the performance of the Issuer’s obligations hereunder, and performance of such obligations by such Persons shall be deemed to be performance of such obligations by the Issuer.

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

(a) except as expressly permitted by this Indenture, sell, transfer, exchange or otherwise dispose of the Trust Estate,
unless directed to do so in writing by the Indenture Trustee pursuant to Section 5.04 hereof; 
 (b) 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; 
 (c) (i) 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, (ii) permit any lien, 

  
 9 

 
charge, excise, claim, security interest, mortgage or other encumbrance (other than the lien of this Indenture) to be created on or extend to or otherwise arise upon or burden the Trust Estate or
any part thereof or any interest therein or the proceeds thereof or (iii) permit the lien of this Indenture not to constitute a valid first priority security interest in the Trust Estate; or 

(d) impair or cause to be impaired the Issuer’s interest in the Mortgage Loans, the Purchase Agreement or in any
other 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 Issuer shall deliver to the Indenture Trustee, within 120 days after the
end of each fiscal year of the Issuer (commencing with the fiscal year ending on [                        ], 20[__]), an
Officer’s Certificate stating, as to the Authorized Officer signing such Officer’s Certificate, that: 

(a) a review of the activities of the Issuer during such year and of its performance under this Indenture and the Trust
Agreement has been made under such Authorized Officer’s supervision; and 
 (b) to the best of such
Authorized Officer’s knowledge, based on such review, the Issuer has complied with all conditions and covenants under this Indenture and the provisions of the Trust Agreement 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 Recordation of Assignments. The Issuer shall enforce the obligation, if any, of the Sellers under the Purchase Agreement to submit or cause to be submitted for recordation all
Assignments of Mortgages within 60 days of receipt of recording information by the Servicer. 
 Section 3.12
Representations and Warranties Concerning the Mortgage Loans. The Indenture Trustee, as pledgee of the Mortgage Loans, shall have the benefit of (i) the representations and warranties made by
[                    ] in Section 3.1(a) and Section 3.1(b) of the Purchase Agreement and (ii) the benefit of the
representations and warranties made by [                    ] in Section 3.1(d) of the Purchase Agreement in each case, concerning the
Mortgage Loans and the right to enforce the remedies against [                    ] or
[                    ] provided in Section 3.1(e) of the Purchase Agreement, as applicable, to the same extent as though such
representations and warranties were made directly to the Indenture Trustee. 
 Section 3.13 Assignee of Record of the
Mortgage Loans. As pledgee of the Mortgage Loans, the Indenture Trustee shall hold title to the Mortgage Loans by being named as payee in the endorsements or assignments of the Mortgage Notes and assignee in the Assignments of Mortgage to be
delivered under Section 2.1 of the Purchase Agreement. Except as expressly provided in the Purchase Agreement or in the Servicing Agreement with respect to any specific Mortgage Loan, the Indenture Trustee shall not execute any endorsement or
assignment or otherwise release or transfer such title to any of the Mortgage Loans until such time as the remaining Trust Estate may be released pursuant to Section 8.05(b). The Indenture Trustee’s holding of such title shall in all
respects be subject to its fiduciary obligations to the Noteholders hereunder. 

  
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 Section 3.14 Servicer as Agent and Bailee of the Indenture Trustee. Solely for
purposes of perfection under Section 9-313 or 9-314 of the UCC or other similar applicable law, rule or regulation of the state in which such property is held by the Servicer, the Issuer and the Indenture Trustee hereby acknowledge that the
Servicer is acting as agent and bailee of the Indenture Trustee in holding amounts on deposit in the Custodial Account pursuant to Section 3.02 of the Servicing Agreement that are allocable to the Mortgage Loans, as well as the agent and bailee
of the Indenture Trustee in holding any Related Documents released to the 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 Servicer. It is intended that, by the Servicer’s acceptance of such agency pursuant to Section 3.02 of the Servicing Agreement, the Indenture Trustee, as a pledgee of the Mortgage Loans, will be deemed to have possession
of such Related Documents, such monies and such other items for purposes of Section 9-313 or 9-314 of the UCC of the state in which such property is held by the Servicer. 
 Section 3.15 Investment Company Act. The Issuer 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 Issuer 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 Issuer May Consolidate, etc.

 (a) The Issuer shall not consolidate or merge with or into any other Person, unless: 

(i) the Person (if other than the Issuer) 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 Issuer 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
Issuer 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 Issuer, any Noteholder or any
Certificateholder; 

  
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 (iv) any action that is necessary to maintain the lien and security interest
created by this Indenture shall have been taken; and 
 (v) the Issuer 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 Issuer 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 Issuer 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 Issuer 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 Noteholders of the Notes, (D) unless otherwise provided in such
supplemental indenture, expressly agrees to indemnify, defend and hold harmless the Issuer 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 Issuer 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 Issuer or any Noteholder; 
 (iv) any action that is necessary to maintain the lien and security interest created by this Indenture shall have been taken; and 

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

  
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 Section 3.17 Successor or Transferee. 

(a) Upon any consolidation or merger of the Issuer in accordance with Section 3.16(a), the Person formed by or
surviving such consolidation or merger (if other than the Issuer) shall succeed to, and be substituted for, and may exercise every right and power of, the Issuer under this Indenture with the same effect as if such Person had been named as the
Issuer herein. 
 (b) Upon a conveyance or transfer of all the assets and properties of the Issuer pursuant to
Section 3.16(b), the Issuer shall be released from every covenant and agreement of this Indenture to be observed or performed on the part of the Issuer 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 Issuer 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 Issuer 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 other Basic Documents, the Issuer shall not make any loan or advance or credit to, or guarantee (directly or indirectly or by an instrument having the effect of assuring another’s
payment or performance on any obligation or capability of so doing or otherwise), endorse or otherwise become contingently liable, directly or indirectly, in connection with the obligations, stocks or dividends of, or own, purchase, repurchase or
acquire (or agree contingently to do so) any stock, obligations, assets or securities of, or any other interest in, or make any capital contribution to, any other Person. 
 Section 3.21 Capital Expenditures. The Issuer shall not make any expenditure (by long-term or operating lease or otherwise) for capital assets (either realty or personalty). 

Section 3.22 Owner Trustee Not Liable for Certificates or Related Documents. The recitals contained herein shall be taken as
the statements of the Issuer, and the Owner Trustee and the Indenture Trustee assume no responsibility for the correctness of the recitals contained herein. The Owner Trustee and the Indenture Trustee make no representations as to the validity or
sufficiency of this Indenture or any other Basic Document, of the Certificates (other than the signatures of the Owner Trustee or the Indenture Trustee on the Certificates) or the Notes, or of any Related Documents. The Owner Trustee and the
Indenture Trustee shall at no time have any responsibility or liability with respect to the sufficiency of the Trust Estate or its ability to generate the payments to be distributed to Certificateholders under the Trust Agreement or the Noteholders
under this Indenture, including, the compliance by the Depositor or the Sellers with any warranty or representation made under any Basic Document or in any related document or the accuracy of any such warranty or representation, or any action of the
Certificate Paying Agent, the Certificate Registrar or any other person taken in the name of the Owner Trustee or the Indenture Trustee. 

  
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 Section 3.23 Restricted Payments. The Issuer 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 Issuer or otherwise with
respect to any ownership or equity interest or security in or of the Issuer, (ii) redeem, purchase, retire or otherwise acquire for value any such ownership or equity interest or security or (iii) set aside or otherwise segregate any
amounts for any such purpose; provided, however, that the Issuer 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 and (y) payments to the Servicer pursuant to the terms of the Servicing Agreement. The Issuer will not, directly or indirectly, make payments to or distributions from the Custodial Account except in accordance with this
Indenture and the other Basic Documents. 
 Section 3.24 Notice of Events of Default. The Issuer shall give the
Indenture Trustee and the Rating Agencies (in accordance with Section 10.19) 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 Issuer shall execute and deliver such further instruments and do such further acts as may be reasonably
necessary or proper to carry out more effectively the purposes of this Indenture. 
 Section 3.26 Statements to
Noteholders. On each Payment Date, each of the Indenture Trustee and the Certificate Registrar shall make available to the Depositor, the Owner Trustee, each Rating Agency (in accordance with Section 10.19), each Noteholder and each
Certificateholder, the Servicing Certificate provided to the Indenture Trustee by the Servicer relating to such Payment Date and delivered pursuant to Section 4.01 of the Servicing Agreement. 

The Indenture Trustee will make the Servicing Certificate (and, at its option, any additional files containing the same information in an
alternative format) available each month to Securityholders, and other parties to this Indenture via the Indenture Trustee’s internet website. The Indenture Trustee’s internet website shall initially be located at
“www.[                    ].[        ].” Assistance in using the website can be
obtained by calling the Indenture Trustee’s customer service desk at ([        ])
[        ]-[            ]. Parties that are unable to use the above distribution options are entitled to have a paper copy mailed to
them via first class mail by calling the customer service desk and indicating such. The Indenture Trustee shall have the right to change the way the statement to Securityholders are distributed in order to make such distribution more convenient or
more accessible to the above parties and the Indenture Trustee shall provide timely and adequate notification to all above parties regarding any such changes. 

  
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 Section 3.27 Additional Representations of Issuer. 

The Issuer hereby represents and warrants to the Indenture Trustee that as of the Closing Date (which representations and warranties
shall survive the execution of this Indenture): 
 (a) This Indenture creates a valid and continuing security
interest (as defined in the applicable UCC) in the Mortgage Notes in favor of the Indenture Trustee, which security interest is prior to all other Liens (except as expressly permitted otherwise in this Indenture), and is enforceable as such as
against creditors of and purchasers from the Issuer. 
 (b) The Mortgage Notes constitute “instruments”
within the meaning of the applicable UCC. 
 (c) The Issuer owns and has good and marketable title to the
Mortgage Notes free and clear of any Lien of any Person. 
 (d) The original executed copy of each Mortgage Note
(except for any Mortgage Note with respect to which a Lost Note Affidavit has been delivered to the Custodian) has been delivered to the Custodian. 
 (e) The Issuer has received a written acknowledgment from the Custodian that the Custodian is acting solely as agent of the Indenture Trustee for the benefit of the Noteholders. 

(f) Other than the security interest granted to the Indenture Trustee pursuant to this Indenture, the Issuer has not
pledged, assigned, sold, granted a security interest in, or otherwise conveyed any of the Mortgage Notes. The Issuer has not authorized the filing of and is not aware of any financing statements against the Issuer that include a description of
collateral covering the Mortgage Notes other than any financing statement relating to the security interest granted to the Indenture Trustee hereunder or any security interest that has been terminated. The Issuer is not aware of any judgment or tax
lien filings against the Issuer. 
 (g) None of the Mortgage Notes has any marks or notations indicating that
they have been pledged, assigned or otherwise conveyed to any Person other than the Indenture Trustee, except for (i) any endorsements that are part of a complete chain of endorsements from the originator of the Mortgage Note to the Indenture
Trustee, and (ii) any marks or notations pertaining to Liens that have been terminated or released. 
 (h)
None of the provisions of this Section 3.27 shall be waived without the prior written confirmation from Standard & Poor’s that such waiver shall not result in a reduction or withdrawal of the then-current rating of the Notes.

 Section 3.28 Allocation of Losses. 

(a) On each Payment Date, Group I Liquidation Loss Amounts during the prior calendar month, to the extent not covered by
(i) Excess Spread in the form of a payment of Group I Overcollateralization Increase Amount or Group I Liquidation Loss Distribution Amount or (ii) a reduction in the Overcollateralization Amount for the Group I Loans on such Payment Date,
will be allocated first to reduce the Note Balance of the Class A-I-3 Notes, until the outstanding Note Balance thereof has been reduced to zero, second to the Class A-I-2 Notes until the outstanding Note Balance thereof has been reduced to zero,
and last to reduce the Class A-I-1 Notes until the outstanding Note Balance thereof has been reduced to zero. 

  
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 (b) On each Payment Date, Group II Liquidation Loss Amounts during the prior
calendar month, to the extent not covered by (i) Excess Spread in the form of a payment of Group II Overcollateralization Increase Amount or Group II Liquidation Loss Distribution Amount or (ii) a reduction in the Overcollateralization
Amount for the Group II Loans on such Payment Date, will be allocated first to reduce the Note Balance of the Class A-2 Notes until the outstanding Note Balance thereof has been reduced to zero. 

ARTICLE IV 
 The
Notes; Satisfaction And Discharge Of Indenture 
 Section 4.01 The Notes 

(a) 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 Note Balances of $25,000 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 Noteholders 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 Noteholder 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 Issuer and the Indenture Trustee, no Term 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, at the request of the Servicer and with the approval of the Issuer 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 Issuer by the Owner Trustee, not in its individual capacity but solely
as Owner Trustee and upon Issuer Order, authenticated by the Note Registrar and delivered by the Indenture Trustee to or upon the order of the Issuer. 

  
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 Section 4.02 Registration of and Limitations on Transfer and Exchange of Notes;
Appointment of Certificate Registrar. The Issuer shall cause to be kept at the Indenture Trustee’s 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. The Issuer hereby appoints the Indenture Trustee as the initial Note Registrar. 
 Subject to the restrictions and limitations set forth below, upon surrender for registration of transfer of any Note at the Corporate Trust Office, the Issuer 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 Note Balances evidencing the same aggregate Percentage Interests. 

Subject to the foregoing, at the option of the Noteholders, Notes may be exchanged for other Notes of like tenor, in each case in
authorized initial Note 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 Issuer
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 Noteholder 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 imposed 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 Issuer hereby appoints the Indenture Trustee
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. The Indenture Trustee hereby accepts such appointment. 

Each purchaser of a Note, by its acceptance of the Note, shall be deemed to have represented that the acquisition of such Note by the
purchaser does not constitute or give rise to a prohibited transaction under Section 406 of ERISA or Section 4975 of the Code, for which no statutory, regulatory or administrative exemption is available. 

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 and the

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

Upon the issuance of any replacement Note under this Section 4.03, the Issuer may require the payment by the Noteholder 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 Issuer, whether or not the mutilated, destroyed, lost or stolen Note shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and
proportionately with any and all other Notes duly issued hereunder. 
 The provisions of this Section 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 Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture Trustee
may treat the Person in whose name any Note is registered (as of the day of determination) as the owner of such Note for the purpose of receiving payments of principal of and interest, if any, on such Note and for all other purposes whatsoever,
whether or not such Note be overdue, and none of the Issuer, the Indenture Trustee or any agent of the Issuer 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 Issuer may at any time deliver to the Indenture Trustee for cancellation any Notes
previously authenticated and delivered hereunder which the Issuer may have acquired in any manner 

  
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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 Issuer 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, shall 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 Issuer. 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 shall receive a Definitive Note representing such Beneficial Owner’s interest in such Note, except as provided in Section 4.08. Unless and until definitive, fully registered Notes
(the “Definitive Notes”) have been issued to Beneficial Owners pursuant to Section 4.08: 
 (a)
the provisions of this Section 4.06 shall be in full force and effect; 
 (b) 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 Beneficial Owners; 
 (c) 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; 
 (d) 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 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 
 (e) whenever this Indenture requires or permits
actions to be taken based upon instructions or directions of Noteholders of Notes evidencing a specified percentage of the Note 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 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 Noteholders of the
Notes 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
Noteholders of the Notes to the Depository, and shall have no obligation to the Beneficial Owners. 

  
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 Section 4.08 Definitive Notes. If (i) the Depositor determines that the
Depository is no longer willing or able to properly discharge its responsibilities with respect to the Notes and the Depositor is unable to locate a qualified successor, (ii) the Depositor, with the prior consent of the Beneficial Owners,
notifies the Indenture Trustee and the Depository that it has elected to terminate the book-entry system through the Depository, or (iii) after the occurrence of an Event of Default, Beneficial Owners of Notes representing beneficial interests
aggregating at least a majority of the aggregate Term Note Balance 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 by the Depository to the Indenture
Trustee of the typewritten Notes representing the Book-Entry Notes by the Depository (or Percentage Interest of the Book-Entry Notes being transferred pursuant to clause (iii) above), accompanied by registration instructions, the Issuer shall
execute and the Indenture Trustee shall authenticate the Definitive Notes in accordance with the instructions of the Depository. None of the Issuer, the Note Registrar or the Indenture Trustee shall be liable for any delay in delivery of such
instructions, and each 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 Noteholders of the Definitive Notes as Noteholders.

 Section 4.09 Tax Treatment. The Issuer has entered into this Indenture, and the Notes will be issued, with the
intention that, for federal, state and local income, single business and franchise tax purposes, the Notes will be treated as indebtedness for purposes of such taxes. The Issuer, 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 for
purposes of such taxes. 
 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 written demand of and at the expense of the Issuer, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture with respect to the Notes, when: 

(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 Issuer and thereafter repaid to the Issuer or discharged from such trust, as provided in Section 3.03) have been delivered to
the Indenture Trustee for cancellation; or 

  
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 (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 Payment Date within one year; or 

c) have been declared immediately due and payable pursuant to Section 5.02. 

and the Issuer, in the case of (a) and (b) above, has irrevocably deposited or caused to be irrevocably deposited with the
Indenture Trustee cash or direct obligations of or obligations guaranteed by the United States of America (which will mature prior to the date such amounts are payable), in trust for such purpose, in an amount sufficient to pay and discharge the
entire indebtedness on such Notes and Certificates then Outstanding not theretofore delivered to the Indenture Trustee for cancellation when due on the Final Payment Date, as evidenced to the Indenture Trustee by an accountant’s letter or an
Officer’s Certificate of the Issuer; 
 (B) the Issuer has paid or caused to be paid all other sums payable
hereunder and under the Insurance Agreement by the Issuer; and 
 (C) the Issuer has delivered to the Indenture
Trustee an Officer’s Certificate and an Opinion of Counsel, each meeting the applicable requirements of Section 10.01 and 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 Issuer, 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 Securityholders 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 [Reserved]. 

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 Paying Agent (other than the Indenture Trustee) under the provisions of this Indenture with respect to such Notes shall, upon demand of the Issuer, be paid to the Indenture Trustee to be held
and applied according to Section 3.05; and thereupon, such Paying Agent shall be released from all further liability with respect to such monies. 

  
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 Section 4.14 Temporary Notes. Pending the preparation of any Definitive Notes,
the Issuer 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 Issuer 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
Noteholder. Upon surrender for cancellation of any one or more temporary Notes, the Issuer 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. 

ARTICLE V 

Default And Remedies 
 Section 5.01 Events of Default. The Issuer shall deliver to the Indenture Trustee within five days after learning of the occurrence of any event that with the giving of notice and the lapse of
time would become an Event of Default under clause (c) of the definition of “Event of Default” written notice in the form of an Officer’s Certificate of its status and what action the Issuer is taking or proposes to take with
respect thereto. 
 Section 5.02 Acceleration of Maturity; Rescission and Annulment. If an Event of Default shall
occur and be continuing, then and in every such case the Indenture Trustee, acting at the direction of the Noteholders of Notes representing not less than a majority of the aggregate Note Balance of the Notes, may declare the Notes to be immediately
due and payable by a notice in writing to the Issuer (and to the Indenture Trustee if given by Noteholders); and upon any such declaration, the unpaid principal amount of the Notes, together with accrued and unpaid interest thereon through the date
of acceleration, shall become immediately due and payable. 
 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 provided in this Article V, the Noteholders of Notes representing a
majority of the aggregate Note Balance of the Notes, by written notice to the Issuer and the Indenture Trustee, may in writing waive the related Event of Default and rescind and annul such declaration and its consequences if: 

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

(i) 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; 

  
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 (ii) 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 
 (iii) 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 Issuer covenants that if default in the payment of (i) any interest on any Note when the same becomes due and
payable, and such default continues for a period of five days, or (ii) the principal of or any installment of the principal of any Note when the same becomes due and payable, the Issuer shall, upon demand of the Indenture Trustee, pay to it,
for the benefit of the Noteholders, the entire amount then due and payable on the Notes for principal and interest, with interest on 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 Issuer shall fail forthwith to pay such amounts upon such demand, the Indenture Trustee, in its own name and as trustee of an express trust, 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 Issuer or other obligor on the Notes and collect in the manner
provided by law out of the property of the Issuer or other obligor on the Notes, wherever situated, the monies adjudged or decreed to be payable. 
 (c) If an Event of Default shall occur and be 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 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. 

  
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 (d) If there shall be pending, relative to the Issuer or any other obligor
on 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 if a
receiver, assignee or trustee in bankruptcy or reorganization, liquidator, sequestrator or similar official shall have been appointed for or taken possession of the Issuer or its property or such other obligor or Person, or if there shall be any
other comparable judicial Proceedings relative to the Issuer or other any other obligor on the Notes, or relative to the creditors or property of the Issuer or such other obligor, then the Indenture Trustee, irrespective of whether the principal of
any Notes shall then be due and payable as therein expressed or by declaration or otherwise, and irrespective of whether the Indenture Trustee shall have made any demand pursuant to the provisions of this Section, shall be entitled and empowered, by
intervention in such Proceedings or otherwise: 
 (i) to file and prove a claim or claims for the entire 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, willful misconduct 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 Noteholders 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 Noteholders allowed in any judicial proceedings
relative to the Issuer, its creditors and its property; 
 and any trustee, receiver, liquidator, custodian or other similar official in any
such Proceeding is hereby authorized by each of such Noteholders to make payments to the Indenture Trustee, and, in the event 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, willful misconduct or bad faith. 

  
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 (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 Noteholder thereof or to authorize the
Indenture Trustee to vote in respect of the claim of any Noteholder in any such proceeding except, as aforesaid, to vote for the election of a trustee in bankruptcy or similar Person. 

(f) All rights of action and of asserting claims under this Indenture, or under any of the Notes, may be enforced by the
Indenture Trustee without the possession of any of the Notes or the production thereof in any trial or other Proceedings relative thereto, and any such action or proceedings instituted by the Indenture Trustee shall be brought in its own name as
trustee of an express trust, and any recovery of judgment, subject to the payment of the expenses, disbursements and compensation of the Indenture Trustee, each predecessor Indenture Trustee and their respective agents and attorneys, shall be for
the ratable benefit of the Holders of the Notes. 
 (g) In any Proceedings to which the Indenture Trustee shall
be a party (including any Proceedings involving the interpretation of any provision of this Indenture), the Indenture Trustee shall be held to represent all Noteholders, 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, then the Indenture Trustee, subject to the provisions of
Section 10.17 hereof, shall do one or more of the following, in each case 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 Issuer and any other obligor on the
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 and the Noteholders; 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 Noteholders of 100% of the aggregate Note Balance of the Notes), (B) the proceeds of such sale or liquidation distributable to Noteholders are sufficient to discharge in full all amounts then due and
unpaid upon the Notes for principal and interest or (C) the Indenture Trustee determines that the Mortgage Loans will not continue to provide sufficient funds for the payment of principal of

  
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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 the Noteholders of 66 2/3% of the
aggregate Note Balance of the Notes). In determining such sufficiency or insufficiency with respect to clause (B) and (C) above, the Indenture Trustee may, but need not, obtain and rely, and shall be protected in relying in good faith,
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, provided that
a Servicing Default shall not have occurred, any Sale (as defined in Section 5.15 hereof) of the Trust Estate shall be made subject to the continued servicing of the Mortgage Loans by the Servicer as provided in the Servicing Agreement.
Notwithstanding any sale of the Mortgage Loans pursuant to this Section 5.04(a), the Indenture Trustee shall, for so long as any principal or accrued interest on the Notes remains unpaid, continue to act as Indenture Trustee hereunder.

 (b) If the Indenture Trustee collects any money or property pursuant to this Article V, it shall pay out
such money or property in the following order: 
 FIRST: to the Indenture Trustee for amounts due under Section 6.07;

 SECOND: to the Noteholders of each Class of Notes, pro rata, for amounts due and unpaid on the related Notes for interest,
including accrued and unpaid interest on the Notes for any prior Payment Date, ratably, without preference or priority of any kind, according to the amounts due and payable on such Notes for interest from amounts available in the Trust Estate for
such Noteholders; 
 THIRD: to the Noteholders of each Class of Notes, pro rata, for amounts due and unpaid on the related Notes
for principal, ratably, without preference or priority of any kind, according to the amounts due and payable on such Notes for principal, from amounts available in the Trust Estate for such Noteholders, until the respective Note Balances of such
Class have been reduced to zero; 
 FOURTH: to the Certificate Paying Agent for amounts due under Article VIII of the Trust
Agreement; and 
 SEVENTH: to the payment of the remainder, if any, to the Issuer 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 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 Issuer, and the Indenture Trustee shall take

  
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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, and shall be protected in relying in good faith, 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 Noteholder 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:

 (a) such Noteholder shall have previously given written notice to the Indenture Trustee of a continuing Event
of Default; 
 (b) the Noteholders of not less than 50% of the aggregate Note Balance of the Notes shall 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; 
 (c) such Noteholder or Noteholders shall have offered the Indenture Trustee reasonable indemnity against the costs, expenses and liabilities to be incurred by it in complying with such request;

 (d) the Indenture Trustee for 60 days after its receipt of such notice, request and offer of indemnity
shall have failed to institute such Proceedings; and 
 (e) no direction inconsistent with such written request
shall have been given to the Indenture Trustee during such 60-day period by the Noteholders of a majority of the aggregate Note Balance of the Notes. 
 It is understood and intended that no Noteholder shall have any right in any manner whatever by virtue of, or by availing itself of, any provision of this Indenture to affect, disturb or prejudice the
rights of any other Noteholders or to obtain or to seek to obtain priority or preference over any other Noteholders 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
Noteholders, each representing less than a majority of the aggregate Note Balance of the Notes, the Indenture Trustee shall act at the direction of the group of Noteholders with the greater Note Balance. In the event that the Indenture Trustee shall
receive conflicting or inconsistent requests and indemnity from two or more groups of Noteholders representing the same Note Balance, then the Indenture Trustee in its sole discretion may determine what action, if any, shall be taken,
notwithstanding any other provisions of this Indenture. 

  
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 Section 5.07 Unconditional Rights of Noteholders to Receive Principal and
Interest. Subject to the provisions of this Indenture, the Noteholder 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 Noteholder. 

Section 5.08 Restoration of Rights and Remedies. If the Indenture Trustee or any Noteholder has instituted any Proceeding to
enforce any right or remedy under this Indenture and such Proceeding has been discontinued or abandoned for any reason or has been determined adversely to the Indenture Trustee or to such Noteholder, then and in every such case the Issuer, the
Indenture Trustee and the Noteholders shall, subject to any determination in such Proceeding, be restored severally and respectively to their former positions hereunder, and thereafter all rights and remedies of the Indenture Trustee and the
Noteholders shall continue as though no such Proceeding had been instituted. 
 Section 5.09 Rights and Remedies
Cumulative. No right or remedy herein conferred upon or reserved to the Indenture Trustee or 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, in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent
assertion or employment of any other appropriate right or remedy. 
 Section 5.10 Delay or Omission Not a Waiver. No
delay or omission of the Indenture Trustee or any Noteholder 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 Noteholders of a majority of the aggregate Note Balance 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:

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

(b) 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 the Noteholders of Notes representing not less than 100% of the aggregate Note Balance of the Notes; 
 (c) if the conditions set forth in Section 5.05 shall 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 Noteholders of Notes representing less than 100% of the aggregate Note Balance of the Notes to sell or liquidate the Trust Estate shall be of no force and effect; and 

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

  
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 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 (in its sole discretion) might involve it in liability or might materially adversely affect the rights of any Noteholders not consenting to such action, unless the Trustee has received
satisfactory indemnity from a Noteholder. 
 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 Noteholders of not less than a majority of the aggregate Note Balance 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 that cannot be modified or amended without the consent of the Noteholder of each Note. In the case of any such
waiver, the Issuer, the Indenture Trustee and the Noteholders shall be restored to their respective former positions and rights hereunder; but no such waiver shall extend to any subsequent or other Event of Default or impair any right consequent
thereto. 
 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 Noteholder by such Noteholder’s acceptance of the related Note shall be deemed to have agreed, that any
court may in its discretion require, in any Proceeding for the enforcement of any right or remedy under this Indenture, or in any Proceeding against the Indenture Trustee for any action taken, suffered or omitted by it as Indenture Trustee, the
filing by any party litigant in such Proceeding of an undertaking to pay the costs of such Proceeding, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in such
Proceeding, 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 Proceeding instituted by the Indenture Trustee,
(b) any Proceeding instituted by any Noteholder, or group of Noteholders, in each case holding in the aggregate more than 10% of the aggregate Note Balance of the Notes or (c) any Proceeding 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 Issuer covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, or plead or in any manner whatsoever,
claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, that may affect the covenants or the performance of this Indenture; and the Issuer (to the extent that it may lawfully do
so) hereby expressly waives all benefit or advantage of any such law, and covenants that it 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. 

  
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 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: 

(i) the proceeds of such Sale would be not less than the entire amount that would be payable to the Noteholders under the
Notes and the Certificateholders under the Certificates, in full payment thereof in accordance with Section 5.02, on the Payment Date next succeeding the date of such Sale, or 

(ii) 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 and shall be protected in relying in good faith upon an opinion of an Independent investment banking firm obtained and delivered as
provided in Section 5.05). 
 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
Noteholders shall 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 (ii) of Section 5.15(b)
has not been established by the Indenture Trustee and no Person bids an amount equal to or greater than such amount, then the Indenture Trustee shall bid an amount at least $1.00 more than the highest other bid, which bid shall be subject to the
provisions of Section 5.15(d)(ii) herein. 
 (d) In connection with a Sale of all or any portion of the
Trust Estate: 
 (i) any Noteholder may bid for 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 Noteholders thereof after being appropriately
stamped to show such partial payment; 

  
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 (ii) 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. In lieu of paying cash
therefor, the Indenture Trustee may make settlement for the purchase price by crediting the gross Sale price against the sum of (A) the amount that would be distributable to the Noteholders and the Certificateholders 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 Sale and of any Proceedings in connection therewith that 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; 
 (iii) 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; 
 (iv) the
Indenture Trustee is hereby irrevocably appointed the agent and attorney-in-fact of the Issuer 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 
 (v) 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 Issuer 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 Issuer. 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 written request from the Indenture Trustee,
the Issuer, in its capacity as owner of the Mortgage Loans, shall take all such lawful action as the Indenture Trustee may request to cause the Issuer to compel or secure the performance and observance by the Sellers and the Servicer, as applicable,
of each of their obligations to the Issuer under or in connection with the Purchase Agreement and the Servicing Agreement, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under or in connection
with the 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 Sellers or the Servicer
thereunder and the institution of legal or administrative actions or proceedings to compel or secure performance by the Sellers or the Servicer of each of their obligations under the Purchase Agreement and the Servicing Agreement. 

  
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 (b) If an Event of Default shall have occurred and be continuing, the
Indenture Trustee, as pledgee of the Mortgage Loans may, and at the direction (which direction shall be in writing or by telephone (confirmed in writing promptly thereafter)) of the Noteholders of 66 2/3% of the aggregate Note Balance of the Notes,
shall, exercise all rights, remedies, powers, privileges and claims of the Issuer against the Sellers or the Servicer under or in connection with the Purchase Agreement and the Servicing Agreement, including the right or power to take any action to
compel or secure performance or observance by the Sellers or the Servicer, as the case may be, of each of their obligations to the Issuer thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the
Purchase Agreement and the Servicing Agreement, as the case may be, and any right of the Issuer to take such action shall not be suspended. In connection therewith, as determined by the Indenture Trustee, the Issuer shall take all actions necessary
to effect the transfer of the Mortgage Loans to the Indenture Trustee. 
 ARTICLE VI 

The Indenture Trustee 
 Section 6.01 Duties of Indenture Trustee. 
 (a) If an
Event of Default shall have occurred and be 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,
reports or opinions furnished to the Indenture Trustee and conforming to the requirements of this Indenture; provided, however, that the Indenture Trustee shall examine the certificates, reports 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 Section 6.01(a); 

  
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 (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 pursuant to Section 5.11. 

(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 Issuer. 
 (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. 
 (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 TIA. 
 (h) The Indenture Trustee hereby accepts appointment as Certificate Paying Agent under
the Trust Agreement and agrees to be bound by the provisions of the Trust Agreement relating to the Certificate Paying Agent. The Indenture Trustee hereby agrees to be bound by the provisions of Article IX of the Trust Agreement. 

(i) The Indenture Trustee shall not be required to take notice or be deemed to have notice or knowledge of any Event of
Default (except for an Event of Default specified in clause (a) of the definition thereof) unless a Responsible Officer of the Indenture Trustee shall have received written notice or have actual knowledge thereof. In the absence of receipt of
such notice or such knowledge, the Indenture Trustee may conclusively assume that there is no default or Event of Default. 
 (j) The Indenture Trustee shall have no duty to see to any recording or filing of any financing statement or continuation statement evidencing a security interest or to see to the maintenance of any such
recording or filing or to any rerecording or refiling of any thereof. 
 (k) [The Indenture Trustee hereby shall
accept and hold the MI Policy on behalf of the Trust and to be the named insured under the MI Policy. The Indenture Trustee shall hold the MI Policy at its Corporate Trust Office.] 

(l) [On each Distribution Date, the Indenture Trustee shall pay the premium for the MI Policy out of amounts on
deposit in the Note Payment Account. All claims under the MI Policy shall be made by the Servicer on behalf of the Indenture Trustee and any funds 

  
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received by the Servicer with respect to the MI Policy will be deemed to have been received by the Servicer on behalf of the Indenture Trustee. Regardless, any funds received by the
Indenture Trustee under the MI Policy shall be remitted to the Indenture Trustee within two Business Days for deposit to the Note Payment Account.] 
 (m) [In the event of a MI Policy Provider Default under the MI Policy, the MI Policy Provider may be terminated by the Indenture Trustee on behalf of the Trust only if the Indenture Trustee
is so directed in writing by the Servicer.] 
 Section 6.02 Rights of Indenture Trustee. 

(a) The Indenture Trustee may rely and shall be protected in acting or refraining from acting in good faith upon any
resolution, Officer’s Certificate, opinion of counsel, certificate of auditors, or any other certificate, statement, instrument, report, notice, consent or other 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 any such 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 any
such 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. 
 (f) The Indenture Trustee shall not be
personally liable for any action taken, suffered or omitted by it in good faith and believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Indenture, unless it shall be proved that the Indenture
Trustee was negligent in ascertaining the pertinent facts. 
 (g) Prior to the occurrence of an Event of Default
hereunder, and after the curing or waiver of all Events of Default that may have occurred, the Indenture Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate,

  
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statement, instrument, opinion, report, notice, request, consent, order, approval, bond or other paper or document, unless requested in writing to do so by the Noteholders representing a majority
of the aggregate Note Balance; provided, however, that if the payment within a reasonable time to the Indenture Trustee of the costs, expenses or liabilities likely to be incurred by it in the making of such investigation is, in the opinion of the
Indenture Trustee, not assured to the Indenture Trustee by the security afforded to it by the terms of this Indenture, the Indenture Trustee may require indemnity satisfactory to the Indenture Trustee against such cost, expense or liability as a
condition to taking any such action. 
 (h) The Indenture Trustee shall be under no obligation to exercise any of
the trusts or powers vested in it by this Indenture or to institute, conduct or defend any litigation hereunder or in relation hereto at the request, order or direction of any of the Noteholders, pursuant to the provisions of this Indenture, unless
the Noteholders shall have offered to the Indenture Trustee reasonable security or indemnity against the costs, expenses and liabilities which may be incurred therein or thereby; nothing contained herein shall, however, relieve the Indenture Trustee
of the obligation, upon the occurrence of an Event of Default (which has not been cured or waived), to exercise such of the rights and powers vested in it by this Indenture, and to use the same degree of care and skill in their exercise as a prudent
investor would exercise or use under the circumstances in the conduct of such investor’s own affairs. 
 Section 6.03
Individual Rights of Indenture Trustee. The Indenture Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Issuer or its Affiliates with the same rights it would have if it
were not Indenture Trustee. Any 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 (i) responsible for and makes no
representation as to the validity or adequacy of this Indenture or the Notes, (ii) accountable for the Issuer’s use of the proceeds from the Notes or (iii) responsible for any statement of the Issuer in this 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 thereon. 
 Section 6.05 Notice of Event of Default. If an Event of Default shall occur and be continuing, and if such Event of Default is known to a Responsible Officer of the Indenture Trustee, the
Indenture Trustee shall mail to each Noteholder notice of such Event of Default within 90 days after it occurs. Except in the case of an Event of Default with respect to the payment of principal of or interest on any Note, the Indenture Trustee may
withhold such notice if and so long as a committee of its Responsible Officers in good faith determines that withholding such notice is in the interests of the Noteholders. 
 Section 6.06 Reports by Indenture Trustee to Noteholders. The Indenture Trustee shall deliver to each Noteholder such information as may be required to enable such Noteholder to prepare its
federal and state income tax returns. In addition, upon Issuer Request, the Indenture Trustee shall promptly furnish such information reasonably requested by the Issuer that is reasonably available to the Indenture Trustee to enable the Issuer to
perform its federal and state income tax reporting obligations. 

  
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 Section 6.07 Compensation and Indemnity. The Indenture Trustee shall be
compensated and indemnified by the Servicer in accordance with Section 6.06 of the Servicing Agreement. All amounts owing the Indenture Trustee hereunder in excess of such amount, as well as any amount owed to the Indenture Trustee in
accordance with Section 6.06 of the Servicing Agreement, to the extent the Servicer has failed to pay such amount, shall be paid solely as provided in Section 3.05 hereof (subject to the priorities set forth therein). The Indenture
Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Issuer shall 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, expenses, disbursements and advances of the Indenture Trustee’s agents, counsel, accountants and experts. The Issuer shall
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 Issuer promptly of any claim for which it may seek indemnity. Failure by the Indenture Trustee to so notify the Issuer shall not relieve the Issuer of its obligations hereunder. The Issuer shall defend any such claim, and the
Indenture Trustee may have separate counsel and the Issuer shall pay the fees and expenses of such counsel. The Issuer is not obligated to 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 Issuer’s payment obligations
to the Indenture Trustee pursuant to this Section 6.07 shall survive the discharge of this Indenture or the termination or resignation of the Indenture Trustee. When the Indenture Trustee incurs expenses after the occurrence of an Event of
Default specified in clause (c) or (d) of the definition thereof with respect to the Issuer, such 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 Issuer. The Noteholders of a majority of the aggregate Note Balance of the Notes may remove the Indenture Trustee by so notifying the Indenture Trustee (if given by such Noteholders) and may appoint a successor
Indenture Trustee. Unless a Servicer Default has occurred and is continuing, the appointment of any successor Indenture Trustee shall be subject to the prior written approval of the Servicer. The Issuer shall remove the Indenture Trustee if:

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

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

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

(d) the Indenture Trustee otherwise becomes incapable of fulfilling its duties under the Basic Documents. 

  
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 If the Indenture Trustee resigns or is removed or if a vacancy exists in the office of the
Indenture Trustee for any reason (the Indenture Trustee in such event being referred to herein as the retiring Indenture Trustee), the Issuer shall promptly appoint a successor Indenture Trustee, which consent shall not be unreasonably withheld. In
addition, the Indenture Trustee shall resign to avoid being directly or indirectly controlled by the Issuer. 
 A successor
Indenture Trustee shall deliver a written acceptance of its appointment to the retiring Indenture Trustee and to the Issuer. Thereupon, the resignation or removal of the retiring Indenture Trustee shall become effective, and the successor Indenture
Trustee shall have all the rights, powers and duties of the Indenture Trustee under this Indenture. The successor Indenture Trustee shall mail a notice of its succession to the 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, then the retiring Indenture Trustee, the Issuer or the Noteholders of a majority of aggregate Note Balance of the Notes may petition any court of competent
jurisdiction for the appointment of a successor Indenture Trustee. 
 If the Indenture Trustee fails to comply with
Section 6.11, any Noteholder may petition any court of competent jurisdiction for the removal of the Indenture Trustee and the appointment of a successor Indenture Trustee. 

Notwithstanding the replacement of the Indenture Trustee pursuant to this Section, the Issuer’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, then 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 with written notice (in accordance with Section 10.19) of any such transaction occurring after the Closing Date. 

If at the time of any such succession by merger, conversion or consolidation, any of the Notes shall have been authenticated but not
delivered, then any such successor to the Indenture Trustee may adopt the certificate of authentication of any predecessor trustee, and deliver such Notes so authenticated. If at such time any of the Notes shall not have been authenticated, any
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 that it is
anywhere in the Notes or in this Indenture provided that the certificate of the Indenture Trustee shall have. 

  
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 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 such 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 Issuer, 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 thereof, and,
subject to the other provisions of this Section, such powers, duties, obligations, rights and trusts as the Indenture Trustee may consider necessary or desirable. No co trustee or separate trustee hereunder shall be required to meet the terms of
eligibility as a successor trustee under Section 6.11, and no notice to Noteholders of the appointment of any co trustee or separate trustee shall be required under Section 6.08 hereof. 

(b) Every separate trustee and co-trustee shall, to the extent permitted by law, be appointed and act subject to the
following provisions and conditions: 
 (i) all rights, powers, duties and obligations conferred or imposed upon
the Indenture Trustee shall be conferred or imposed upon and exercised or performed by the Indenture Trustee and such separate trustee or co-trustee jointly (it being understood that such separate trustee or co-trustee is not authorized to act
separately without the Indenture Trustee joining in such act), except to the extent that under any law of any jurisdiction in which any particular act or acts are to be performed the Indenture Trustee shall be incompetent or unqualified to perform
such act or acts, in which event such rights, powers, duties and obligations (including the holding of title to the 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 Indenture and the conditions of this Article VI. Each separate trustee and co-trustee, upon its acceptance of the trusts conferred, shall be vested with the estates or property specified in its instrument of
appointment, either jointly with the Indenture Trustee or separately, as may be provided therein, subject to all the provisions of this Indenture, specifically including every provision of this Indenture relating to the conduct of, affecting the
liability of, or affording protection to, the Indenture Trustee. Every such instrument shall be filed with the Indenture Trustee. 
 (d) Any separate trustee or co-trustee may at any time constitute the Indenture Trustee, its agent or attorney-in-fact with full power and authority, to the extent not prohibited by law, to do any lawful
act under or in respect of this Indenture on its behalf and in its name. If any separate trustee or co-trustee shall die, become incapable of acting, resign or be removed, all of its estates, properties, rights, remedies and trusts shall vest in and
be exercised by the Indenture Trustee, to the extent permitted by law, without the appointment of a new or successor trustee. 

  
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 Section 6.11 Eligibility; Disqualification. The Indenture Trustee shall at all
times 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 “A” or better by Moody’s. The Indenture Trustee shall comply with TIA § 310(b); 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 Issuer 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 Issuer. The Indenture Trustee shall comply with TIA § 311(a), excluding any creditor relationship listed in TIA § 311(b). An
Indenture Trustee that has resigned or been removed shall be subject to TIA § 311(a) to the extent indicated. 

Section 6.13 Representations and Warranties. The Indenture Trustee hereby represents and warrants that: 

(a) The Indenture Trustee is duly organized, validly existing and in good standing as a national banking association with
power and authority to own its properties and to conduct its business as such properties are currently owned and such business is currently conducted. 
 (b) The Indenture Trustee has the power and authority to execute and deliver this Indenture and to carry out its terms; and the execution, delivery and performance of this Indenture have been duly
authorized by the Indenture Trustee by all necessary corporate action. 
 (c) The consummation of the
transactions contemplated by this Indenture and the fulfillment of the terms hereof do not conflict with, result in any breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time) a default under, the
articles of organization or bylaws of the Indenture Trustee or any agreement or other instrument to which the Indenture Trustee is a party or by which it is bound. 

(d) To the Indenture Trustee’s best knowledge, there are no Proceedings or investigations pending or threatened
before any court, regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Indenture Trustee 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. 
 (e) The Indenture Trustee does not have notice of any adverse claim (as
such terms are used in Section 8-302 of the UCC in effect in the State of Delaware) with respect to the Mortgage Loans. 

  
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 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 authenticate and deliver the Class A 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 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. 

ARTICLE VII 

Noteholders’ Lists and Reports 
 Section 7.01 Issuer to Furnish Indenture Trustee Names and Addresses of Noteholders. The Issuer shall 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 Noteholders as of such Record Date, and (b) at such other times as the Indenture Trustee may request in writing,
within 30 days after receipt by the Issuer 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 for so long as the Indenture Trustee is the Note
Registrar, no such list need 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 Noteholders contained in the most recent list furnished to the Indenture Trustee as provided in Section 7.01 and the names and addresses of the Noteholders 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 Issuer, the Indenture Trustee and the Note Registrar shall have the protection of TIA § 312(c).

 Section 7.03 Reports by Issuer. 

(a) The Issuer shall: 
 (i) file with the Indenture Trustee, within 15 days after the Issuer is required to file the same with the Commission, copies of the annual reports and 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 Issuer may be required to file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act;

  
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 (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 Issuer 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 Issuer 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. 
 (b) Unless the Issuer otherwise determines,
the fiscal year of the Issuer shall end on December 31 of each year. 
 Section 7.04 Reports by Indenture
Trustee. If required by TIA § 313(a), within 60 days after each January 1, beginning with January 1, 20[__], the Indenture Trustee shall make available to each Noteholder as required by TIA § 313(c) 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 distribution to Noteholders shall be filed by the Indenture Trustee with the Commission, if required, and each stock exchange, if any, on which the Notes are listed. The Issuer shall notify the Indenture Trustee if
and when the Notes are listed on any stock exchange. 
 Section 7.05 Exchange Act Reporting. In connection with the
preparation and filing of periodic reports by the Servicer pursuant to Article IV of the Servicing Agreement, the Indenture Trustee shall timely provide to the Servicer (I) a list of Holders as shown on the Note Register or Certificate Register
as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges or complaints involving the Indenture Trustee, as indenture trustee hereunder, or the Trust Estate that
are received by the Indenture Trustee, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Indenture Trustee, have been submitted to a vote of the Holders, other than those matters that have been submitted to a
vote of the Holders at the request of the Depositor or the Servicer, and (IV) notice of any failure of the Indenture Trustee to make any payment to the Holders as required pursuant to this Indenture. The Indenture Trustee shall not have any
liability with respect to the Servicer’s failure to properly prepare or file such periodic reports and the Servicer shall not have any liability with respect to such failure resulting from or relating to the Servicer’s inability or failure
to obtain any information not resulting from the Servicer’s own negligence or willful misconduct. 

  
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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 Issuer shall cause the Indenture Trustee to establish and maintain, in the name of the Indenture Trustee, for the benefit of the Noteholders, the Certificate
Paying Agent, on behalf of the Certificateholders, the Note Payment Account as provided in Section 3.01 of this Indenture. 
 (b) All monies deposited from time to time in the Note Payment Account pursuant to the Servicing Agreement and all deposits therein pursuant to this Indenture are for the benefit of the Noteholders, 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 Servicer as provided in Section 5.01 of the Servicing
Agreement. 
 On each Payment Date, the Indenture Trustee shall distribute all amounts on deposit in the Note Payment Account to
the Noteholders in respect of the Notes and, in its capacity as Certificate Paying Agent, to the Certificateholders from the Distribution Account in the order of priority set forth in Section 3.05 (except as otherwise provided in
Section 5.04(b)) and in accordance with the Servicing Certificate. 
 The Indenture Trustee shall invest any funds in the
Note Payment Account in Permitted Investments selected in writing by the Servicer maturing no later than the Business Day preceding the next succeeding Payment Date (except that any investment in the institution with which the Note Payment Account
is maintained may mature on such Payment Date) and shall not be sold or disposed of prior to the maturity. In addition, such Permitted Investments shall not be purchased at a price in excess of par. The Indenture Trustee shall have no liability
whatsoever for investment losses on Permitted Investments, if such investments are made in accordance with the provisions of this Indenture and the Indenture Trustee is not the obligor under the Permitted Investment. 

  
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 Section 8.03 Officer’s Certificate. The Indenture Trustee shall receive at
least seven days’ notice when requested by the Issuer 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 Issuer and the Indenture Trustee created hereby shall terminate upon the distribution to the Noteholders, the 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’s, living on the date hereof. 

Section 8.05 Release of Trust Estate. 

(a) Subject to the payment of its fees, expenses and indemnification, the Indenture Trustee may, and when required by the
provisions of this Indenture or the Servicing Agreement, shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee’s interest in the same, in a manner and under circumstances that are not
inconsistent with the provisions of this Indenture. No Person 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. 
 (b) The Indenture Trustee
shall, at such time as (i) there are no Notes Outstanding and (ii) all sums due the Indenture Trustee pursuant to this Indenture 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 Issuer Request accompanied by an Officers’ Certificate. 
 Section 8.06
Surrender of Notes Upon Final Payment. By acceptance of any Note, the Noteholder 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 Noteholders of any Notes, but with prior notice to
the Rating Agencies (in accordance with Section 10.19), the Issuer 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 Issuer, and
the assumption by any such successor of the covenants of the Issuer herein and in the Notes contained; 
 (iii)
to add to the covenants of the Issuer, for the benefit of the Noteholders, or to surrender any right or power herein conferred upon the Issuer; 
 (iv) to convey, transfer, assign, mortgage or pledge any property to or with the Indenture Trustee; 
 (v) to cure any ambiguity, to correct any error or 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 Noteholders (as evidenced by an Opinion of Counsel); 

(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 TIA or under any similar federal statute hereafter enacted and to add to this Indenture such other provisions as may be expressly required by TIA; 
 provided, however, that no such supplemental indenture shall be entered into unless the Indenture Trustee shall have received an Opinion of Counsel to the effect that the execution of such supplemental
indenture will not give rise to any material adverse tax consequence to the Noteholders. 

  
 44 

 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 Issuer and the Indenture Trustee, when authorized by an Issuer Request, may, without the consent of any Noteholder but with prior notice to the Rating Agencies (in accordance with Section 10.19), 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 Noteholders 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 Issuer to be subject to an entity level tax. 

Section 9.02 Supplemental Indentures With Consent of Noteholders. The Issuer and the Indenture Trustee, when authorized by an
Issuer Request, may, with prior notice to the Rating Agencies (in accordance with Section 10.19) and with the consent of the Noteholders of not less than a majority of the Note Balances affected thereby, by Act (as defined in Section 10.03
hereof) of such Noteholders delivered to the Issuer and the Indenture Trustee, enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to, or changing in any manner or eliminating any of the provisions of,
this Indenture or of modifying in any manner the rights of the Noteholders under this Indenture; provided, however, that no such supplemental indenture shall, without the consent of the Noteholder of each Note affected thereby: 

(a) change the date of payment of any installment of principal of or interest on any Note, or reduce the principal amount
thereof or the Note 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; 
 (b) reduce the percentage of the Note Balances, the consent of the Noteholders of which is required for any such supplemental indenture, or the consent of the Noteholders 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; 
 (c) 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 “Noteholder”; 

(d) reduce the percentage of the aggregate Note Balance of the Notes required to direct the Indenture Trustee to direct
the Issuer to sell or liquidate the Trust Estate pursuant to Section 5.04; 
 (e) 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 other Basic Documents cannot be modified or waived without the consent of the Noteholder of each Note
affected thereby; 

  
 45 

 (f) 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 

(g) 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 Noteholder 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 Issuer 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 Noteholders 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 (as defined in Section 10.03 hereof) 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 Issuer and the
Indenture Trustee of any supplemental indenture pursuant to this Section 9.02, the Indenture Trustee shall mail to the Noteholders 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 Issuer and the Noteholders 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.

  
 46 

 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 TIA as in effect at the time of such amendment or supplement so long as this Indenture shall then be qualified under TIA.

 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 Issuer or
the Indenture Trustee shall so determine, new Notes so modified as to conform, in the opinion of the Indenture Trustee and the Issuer, to any such supplemental indenture may be prepared and executed by the Issuer and authenticated and delivered by
the Indenture Trustee in exchange for Outstanding Notes. 
 ARTICLE X 

Miscellaneous 

Section 10.01 Compliance Certificates and Opinions, etc. 

(a) Upon any application or request by the Issuer to the Indenture Trustee to take any action under any provision of this
Indenture, the Issuer shall furnish to the Indenture Trustee (i) an Officer’s Certificate stating that all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with 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: 
 (i) a statement that each signatory of such certificate or opinion has read or has caused to be read such covenant or condition and the definitions herein relating thereto; 

(ii) a brief statement as to the nature and scope of the examination or investigation upon which the statements or
opinions contained in such certificate or opinion are based; 
 (iii) a statement that, in the opinion of each
such signatory, such signatory has made such examination or investigation as is necessary to enable such signatory to express an informed opinion as to whether or not such covenant or condition has been complied with; 

  
 47 

 (iv) a statement as to whether, in the opinion of each such signatory, such
condition or covenant has been complied with; and 
 (v) 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 Issuer 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 Issuer of the Collateral or other property or securities to be so deposited. 
 (ii)
Whenever the Issuer 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 Issuer shall also deliver to the
Indenture Trustee an Independent Certificate as to the same matters, if the fair value to the Issuer 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 Issuer, as set forth in the certificates delivered pursuant to clause (i) above and this clause (ii), is 10% or more of the aggregate Note Balance 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 Issuer as set forth in the related Officer’s Certificate is less than $25,000 or less than one percent of the aggregate Note Balance of the Notes. 

(iii) Whenever any property or securities are to be released from the lien of this Indenture, the Issuer shall 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 Issuer 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 Issuer 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
aggregate Note Balance 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 aggregate Note Balance of the Notes. 

  
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 (v) Notwithstanding the foregoing, this Section 10.01(b) shall not
apply to (A) collection upon, sales or other dispositions of the Mortgage Loans as and to the extent permitted or required by the Basic Documents or (B) the making of cash payments out of the Note Payment Account as and to the extent
permitted or required by the Basic Documents, so long as the Issuer shall deliver to the Indenture Trustee every six months, commencing [                ],
20[__], an Officer’s Certificate of the Issuer stating that all the dispositions of Collateral described in clauses (A) or (B) above that occurred during the preceding six calendar months (or such longer period, in the case of the
first such Officer’s Certificate) were permitted or required by the Basic Documents 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. 
 Any certificate or opinion of an Authorized Officer of the Issuer may be based, insofar as it
relates to legal matters, upon a certificate or opinion of, or representations by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to the matters
upon which 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 any Seller or the Issuer, stating that the information with respect to such factual matters is in the possession of any Seller or the Issuer, unless such counsel knows, or in the exercise of reasonable care should know, that
the certificate or opinion or representations with respect to such matters are erroneous. 
 Where any Person is required to
make, give or execute two or more applications, requests, consents, certificates, statements, opinions or other instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 

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

  
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 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 Issuer. Such instrument or instruments (and the action embodied therein and
evidenced thereby) are herein sometimes referred to as the “Act” of the Noteholders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any
purpose of this Indenture and (subject to Section 6.01) conclusive in favor of the Indenture Trustee and the Issuer, if made in the manner provided in this Section 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 Register.

 (d) Any request, demand, authorization, direction, notice, consent, waiver or other action by the Noteholder
of any Note shall bind the Noteholder of every Note issued upon the registration thereof or in exchange therefor or in lieu thereof, in respect of anything done, omitted or suffered to be done by the Indenture Trustee or the Issuer in reliance
thereon, whether or not notation of such action is made upon such Note. 
 Section 10.04 Notices, etc., to Indenture
Trustee, Issuer and Rating Agencies. Any request, demand, authorization, direction, notice, consent, waiver or Act of Noteholders or other documents provided or permitted by this Indenture shall be in writing and if such request, demand,
authorization, direction, notice, consent, waiver or Act of Noteholders is to be made upon, given or furnished to or filed with: 
 (a) the Indenture Trustee by any Noteholder or by the Issuer shall be sufficient for every purpose hereunder if made, given, furnished or filed in writing to or with the Indenture Trustee at its Corporate
Trust Office with a copy to [                ], [                ],
[                ], [                ]
[                ], Attention: [                ]. The Indenture Trustee
shall promptly transmit any notice received by it from the Noteholders to the Issuer, 
 (b) the Issuer 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 Issuer addressed to: PRS Series 20[__]-[__] Trust, in care of the Owner Trustee, or at any other
address previously furnished in writing to the Indenture Trustee by the Issuer. The Issuer shall promptly transmit any notice received by it from the Noteholders to the Indenture Trustee, or 

Notices required to be given to the Rating Agencies by the Issuer, the Indenture Trustee or the Owner Trustee shall be in accordance with
Section 10.19 and be 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, 55 Water Street, New York, New York 10041-0003, Attention: Asset Backed
Surveillance Department; or, as to each of the foregoing Persons, at such other address as shall be designated by written notice to the other foregoing Persons. 

  
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 [Notices required to be given to the MI Policy Provider by the Issuer, the Indenture Trustee
or the Owner Trustee shall be in writing, personally delivered or mailed by certified mail, return receipt requested, to
[                        ].] 
 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 affected by such event, at such Person’s address as it appears on the Note Register, not later than the latest date, and not earlier than the earliest date,
prescribed for the giving of such notice. In any case where notice to Noteholders is given by mail, neither the failure to mail such notice nor any defect in any notice so mailed to any particular Noteholder shall affect the sufficiency of such
notice with respect to other Noteholders, and any notice that is mailed in the manner herein provided shall conclusively be presumed to have been duly given 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, (i) such notice shall be in accordance with Section 10.19 and (ii) 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 Issuer may enter into any agreement with any Noteholder providing for a method of payment, or notice by the Indenture Trustee to such Noteholder, that is different from the methods
provided for in this Indenture for such payments or notices. The Issuer 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 TIA, such required provision shall control. 

  
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 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 Issuer shall bind its successors and assigns, whether so expressed or not. All agreements of the Indenture Trustee in this Indenture shall bind its successors, co-trustees and agents. 

Section 10.10 Severability. In case any provision in this Indenture or in the Notes shall be held invalid, illegal or
unenforceable, the validity, legality, and enforceability of the remaining provisions hereof shall not in any way be affected or impaired thereby. 
 Section 10.11 Benefits of 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 AND THE NOTES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE CONFLICT OF LAW PRINCIPLES THEREOF, OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW,
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 Issuer and at its expense accompanied by an Opinion of Counsel (which counsel shall be 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. 

  
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 Section 10.16 Issuer Obligation. No recourse may be taken, directly or
indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under this Indenture or any certificate or other writing delivered in connection herewith or therewith, against (i) the
Indenture Trustee or the Owner Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuer or (iii) any partner, owner, beneficiary, agent, officer, director, employee or agent of the Indenture Trustee or the
Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the Owner Trustee or the Indenture Trustee or of any successor or assign of the Indenture Trustee or the Owner Trustee in its individual capacity, except as
any such Person may have expressly agreed (it being understood that the Indenture Trustee and the Owner Trustee have no such obligations in their respective individual capacities), and except that any such partner, owner or beneficiary shall be
fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. For all purposes of this Indenture, in the performance of any
duties or obligations of the Issuer hereunder, the Owner Trustee shall be subject to, and entitled to the benefits of, the terms and provisions of Articles VI, VII and VIII of the Trust Agreement. 

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

Section 10.18 Inspection. The Issuer agrees that, on reasonable prior notice, it shall permit any representative of the
Indenture Trustee, during the Issuer’s normal business hours, to examine all the books of account, records, reports and other papers of the Issuer, to make copies and extracts therefrom, to cause such books to be audited by Independent
certified public accountants, and to discuss the Issuer’s affairs, finances and accounts with the Issuer’s officers, employees, and Independent certified public accountants, all at such reasonable times and as often as may be reasonably
requested. The Indenture Trustee shall and shall cause its representatives to hold in confidence all such information except to the extent disclosure may be required by law (and all reasonable applications for confidential treatment are unavailing)
and except to the extent that the Indenture Trustee may reasonably determine that such disclosure is consistent with its obligations hereunder. 
 Section 10.19 Exchange Act Rule 17g-5 Procedures. The Indenture Trustee shall not communicate with (including verbal communication) or provide information to any Rating Agency regarding
anything related to this Indenture without prior consultation with the [                        ] to ensure compliance
with Rule 17g-5 under the Exchange Act (“Rule 17g-5”). With respect to any document, notice or other information required pursuant to this Indenture to be sent by the Indenture Trustee to any Rating Agency, the Indenture Trustee agrees to
provide any such document, notice or other information to [                        ] for posting on its Rule 17g-5
compliant website related to this transaction (the “Rule 17g-5 Website”). [                        ] shall
promptly confirm to the Indenture Trustee any such document, notice or other information has been posted to the Rule 17g-5 Website as a condition to the 

  
 53 

 
Indenture Trustee providing such document, notice or other information to any Rating Agency. Notwithstanding anything to the contrary in this Indenture, the Indenture Trustee shall have no
obligation to deliver such document, notice or other information to any Rating Agency until such applicable party has received written confirmation from
[                        ] of the posting of such document, notice or other information by
[                        ] to the Rule 17g-5 Website, and the Indenture Trustee shall not be liable for any failure to
deliver such document, notice or other information to any Rating Agency prior to any applicable deadline in this Indenture where such failure is caused by any failure or inability of
[                        ] timely to provide such written confirmation. The Indenture Trustee, pursuant to procedures
mutually agreed upon with [                        ], shall require that any person attempting to access the Indenture
Trustee website related to this transaction represent that they are not an employee or representative of a rating agency, provided that the Indenture Trustee shall bear no expense or liability relating to any representation made by any person
attempting to access the Indenture Trustee website. 

  
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 IN WITNESS WHEREOF, the Issuer 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. 
  

			
	PRS SERIES 20[___]-[___] TRUST, as Issuer
		
	By:	 	[                            ],
not in its individual capacity but solely as Owner Trustee
		
	By:	 	 
		 	 Name:

Title:

	
	[                           
 ], as Indenture Trustee
		
	By:	 	 
		 	 Name:

Title:

  

			
	
[                        
]
 hereby accepts appointment as Paying Agent pursuant to Section 3.03 hereof and as Note Registrar pursuant to Section 4.02
hereof.

		
	By:	 	 
		 	 Name:

Title:

 Signatures and Seals 

  
 55 

					
	STATE OF _______________________	 	)	 	
		 	)	 	ss.:
	COUNTY OF ______________________	 	)	 	

 On this          day of
                     20__, before me personally appeared
                            , to me known, who being by me duly sworn, did depose and say, that he/she
resides at                             , that he/she is the
                     of
                    , the Owner Trustee, one of the corporations described in and which executed the above instrument; that he/she 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/she signed his/her name thereto by like order. 

 

	
	
	  
	Notary Public

 Acknowledgements 

  
 56 

					
	STATE OF _______________________	 	)	 	
		 	)	 	ss.:
	COUNTY OF ______________________	 	)	 	

 On this          day of
                         20__, before me personally appeared
                        , to me known, who being by me duly sworn, did depose and say, that he/she resides at
                            ; that he/she is the
                         of
[                        ] as Indenture Trustee, one of the corporations described in and which executed the above
instrument; that he/she 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/she signed his/her name thereto
by like order. 
  

	
	
	  
	Notary Public

 NOTORIAL SEAL 

  
 57 

 EXHIBIT A 
 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 ISSUER 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 PRINCIPAL OF THIS NOTE IS
PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 
 THIS NOTE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE SELLER, THE DEPOSITOR, THE SERVICER, THE INDENTURE TRUSTEE, THE OWNER TRUSTEE OR
[                    ] OR ANY OF THEIR RESPECTIVE AFFILIATES, EXCEPT AS EXPRESSLY PROVIDED IN THE INDENTURE OR THE OTHER BASIC DOCUMENTS.

 THE HOLDER OF THIS NOTE IS DEEMED TO HAVE REPRESENTED THAT THE ACQUISITION OF THIS NOTE BY THE HOLDER DOES NOT CONSTITUTE OR GIVE RISE TO A
PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE, FOR WHICH NO STATUTORY, REGULATORY OR ADMINISTRATIVE EXEMPTION IS AVAILABLE. 
 PRS SERIES 20[__]-[__] TRUST 
 Mortgage-Backed Note, Class A 

 

					
	Registered	  		  	Initial Note Balance:
		  		  	$                
			
	No. A-        	  		  	Note Rate: Fixed
			
		  		  	CUSIP NO.                     

 PRS Series 20[__]-[__] Trust, a statutory trust duly organized and existing under the laws of the State
of Delaware (herein referred to as the “Issuer”), for value received, hereby promises to pay to Cede & Co. or its registered assigns, the principal sum of
                             dollars
($                ), payable on each Payment Date in an amount equal to the pro rata portion allocable hereto (based on the Initial Note Balance specified above
and the Initial Note Balance of all Class A-         Notes) of the aggregate amount, if any, payable from the Note Payment Account in respect of principal of the Class A Notes (the
“Notes”) pursuant to Section 3.05 of the indenture dated as of [                    ], 20[__] (the “Indenture”),
between the Issuer and [                    ], as indenture 

  
 A-1

 
trustee (the “Indenture Trustee”); provided, however, the entire unpaid principal amount of this Note shall be due and payable on the Payment Date occurring in
[                        ] 20[__], in each case, to the extent not previously paid on a prior Payment Date. Capitalized
terms used herein that are not otherwise defined shall have the meanings ascribed thereto in Appendix A to the Indenture. 

Interest on the Notes will be paid monthly on each Payment Date at the Note Rate for the related class of Notes for the Interest Period.
Interest on this Note will accrue for each Payment Date from the most recent Payment Date on which interest has been paid (in the case of the first Payment Date, from the Closing Date) to but excluding such Payment Date. Interest will be computed on
the basis of a thirty day month in each Interest Period and a year assumed to consist of 360 days. 
 Principal of and interest
on this Note are payable 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 Issuer with respect to this Note shall be applied first to
interest due and payable on this Note as provided above and then to the unpaid principal of this Note. 
 Reference is made to
the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Note. 
 Unless the certificate of authentication hereon has been executed by the Indenture Trustee whose name appears below by manual signature, this Note shall not be entitled to any benefit under the Indenture,
or be valid or obligatory for any purpose. 
 This Note is one of a duly authorized issue of Notes of the Issuer, designated as
its PRS Mortgage-Backed Notes, Series 20[__]-[__] (the “Series 20[__]-[__] Notes”), all issued under the Indenture, to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective
rights and obligations thereunder of the Issuer, the Indenture Trustee and the Noteholders of the Series 20[__]-[__] Notes. The Series 20[__]-[__] Notes are subject to all terms of the Indenture. 

The Series 20[__]-[__] Notes (the “Notes”) are and will be equally and ratably secured by the collateral pledged as security
therefor as provided in the Indenture. 
 Principal of and interest on this Note will be payable on each Payment Date,
commencing on [                        ], 20[__], as described in the Indenture. “Payment Date” means the
twenty-fifth day of each month, or, if any such date is not a Business Day, then the next succeeding Business Day. 
 The entire
unpaid principal amount of this Note shall be due and payable in full on the Payment Date in [                        ]
20[__] pursuant to the Indenture, to the extent not previously paid on a prior Payment Date. Notwithstanding the foregoing, if an Event of Default shall have occurred and be continuing, then the Indenture Trustee or the Noteholders of Notes
representing not less than a majority of the aggregate Note Balance of the Notes, may declare the Notes to be immediately due and payable in the manner provided in Section 5.02 of the Indenture. All principal payments on the Notes shall be made
pro rata to the Noteholders of Notes entitled thereto. 

  
 A-2

 Any installment of interest or principal, if any, payable on any Note that is punctually
paid or duly provided for by the Issuer on the applicable Payment Date shall be paid to the related Noteholder on the preceding Record Date, by wire transfer to an account specified in writing by such Noteholder reasonably satisfactory to the
Indenture Trustee as of the preceding Record Date or, if no such instructions have been delivered to the Indenture Trustee, by check or money order to such Noteholder mailed to such Noteholder’s address as it appears in the Note Register, the
amount required to be distributed to such Noteholder on such Payment Date pursuant to such Noteholder’s Notes; provided, however, that the Indenture Trustee shall not pay to such Noteholder any amount required to be withheld from a payment to
such Noteholder by the Code. Any reduction in the principal amount of this Note (or any one or more predecessor Notes) effected by any payments made on any Payment Date shall be binding upon all future Noteholders of this Note and of any Note issued
upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be available, as provided in the Indenture, for payment in full of the then remaining unpaid principal amount of
this Note on a Payment Date, then the Indenture Trustee, in the name of and on behalf of the Issuer, will notify the Person who was the registered Noteholder hereof as of the Record Date preceding such Payment Date by notice mailed or transmitted by
facsimile prior to such Payment Date, and the amount then due and payable shall be payable only upon presentation and surrender of this Note at the address specified in such notice of final payment. 

As provided in the Indenture and subject to certain limitations set forth therein, the transfer of this Note may be registered on the
Note Register upon surrender of this Note for registration of transfer at the Corporate Trust Office of the Indenture Trustee, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Indenture Trustee duly
executed by, the Noteholder hereof or such Noteholder’s attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar, which requirements
include membership or participation in the Securities Transfer Agent’s Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Note Registrar in addition to, or in substitution
for, STAMP, all in accordance with the Exchange Act, and thereupon one or more new Notes in authorized denominations and in the same aggregate principal amount will be issued to the designated transferee or transferees. No service charge will be
charged for any registration of transfer or exchange of this Note, 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 this Note. 
 Each Noteholder or Beneficial Owner of a Note, by its acceptance of a Note, or, in the case of a
Beneficial Owner of a Note, a beneficial interest in a Note, covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Owner Trustee, the Seller, the Servicer, the Depositor or the
Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection therewith, against (i) the Indenture Trustee or the Owner Trustee in its individual capacity, (ii) any owner of a beneficial
interest in the Issuer or (iii) any partner, owner, beneficiary, agent, officer, director or employee of the Indenture Trustee or the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the Owner Trustee or
the Indenture Trustee or of any successor or assign of the Indenture Trustee or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed and except that any such partner, owner or beneficiary shall be fully
liable, to the extent provided by applicable law for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. 

  
 A-3

 Each Noteholder or Beneficial Owner of a Note, by its acceptance of a Note or, in the case
of a Beneficial Owner of a Note, a beneficial interest in a Note, covenants and agrees by accepting the benefits of the Indenture that such Noteholder or Beneficial Owner will not at any time institute against the Depositor or the Issuer, or join in
any institution against the Depositor or the Issuer of, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings under any United States federal or state bankruptcy or similar law in connection with any obligations relating
to the Notes, the Indenture or the other Basic Documents. 
 The Issuer has entered into the Indenture and this Note is issued
with the intention that, for federal, state and local income, single business and franchise tax purposes, the Notes will qualify as indebtedness of the Issuer. Each Noteholder by its acceptance of a Note (and each Beneficial Owner of a Note by its
acceptance of a beneficial interest in a Note), agrees to treat the Notes for federal, state and local income, single business and franchise tax purposes as indebtedness of the Issuer. 

Prior to the due presentment for registration of transfer of this Note, the Issuer, the Indenture Trustee and any agent of the Issuer or
the Indenture Trustee may treat the Person in the name of which this Note is registered (as of the day of determination or as of such other date as may be specified in the Indenture) as the owner hereof for all purposes, whether or not this Note be
overdue, and none of the Issuer, the Indenture Trustee or any such agent shall be affected by notice to the contrary. 
 The
Indenture permits, with certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Issuer and the Indenture Trustee and the rights of the Noteholders of the Series 20[__]-[__] Notes under the
Indenture at any time by the Issuer and the Indenture Trustee with the consent of the Noteholders of Notes representing a majority of the aggregate Note Balance of the Notes then Outstanding and with prior notice to the Rating Agencies. The
Indenture also contains provisions permitting the Noteholders of Notes representing specified percentages of the Note Balances of the Series 20[__]-[__] Notes, on behalf of the Noteholders of all Series 20[__]-[__] Notes, to waive compliance by the
Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Noteholder of this Note (or any one of more predecessor Notes) shall be conclusive and binding
upon such Noteholder and upon all future Noteholders of this Note and of any 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 this Note. The
Indenture also permits the Issuer and the Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent of Noteholders of the Series 20[__]-[__] Notes issued thereunder but with prior notice to the
Rating Agencies. 
 The term “Issuer” as used in this Note includes any successor or the Issuer under the Indenture.

 The Issuer is permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the
Indenture Trustee and the Noteholders of Notes under the Indenture. 
 The Notes are issuable only in registered form in
denominations as provided in the Indenture, subject to certain limitations therein set forth. 

  
 A-4

 This Note and the Indenture shall be construed in accordance with the laws of the State of
New York, without reference to its conflicts of law provisions, and the obligations, rights and remedies of the parties hereunder and thereunder shall be determined in accordance with such laws. 

No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the
Issuer, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place and rate, and in the coin or currency herein prescribed. 
 Anything herein to the contrary notwithstanding, except as expressly provided in the Basic Documents, none of
[                            ] in its individual capacity,
[                            ] in its individual capacity, any owner of a beneficial interest in the
Issuer, or any of their respective partners, beneficiaries, agents, officers, directors, employees or successors or assigns shall be personally liable for, nor shall recourse be had to any of them for, the payment of principal of or interest on this
Note or the performance of, or the failure to perform, any of the covenants, obligations or indemnifications contained in the Indenture. The Noteholder of this Note, by its acceptance hereof, agrees that, except as expressly provided in the Basic
Documents, in the case of an Event of Default under the Indenture, such Noteholder shall have no claim against any of the foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken
to prevent recourse to, and enforcement against, the assets of the Issuer for any and all liabilities, obligations and undertakings contained in the Indenture or in this Note. 
 The Servicer shall have the right to purchase from the Issuer all of the Mortgage Loans and related REO Property if the aggregate Note Balance of the Notes as of any Payment Date is less than 10% of the
aggregate Note Balance of the Notes as of the Closing Date, (provided that the purchase price will provide sufficient funds to pay the outstanding Note Balance and accrued and unpaid interest on the Notes to the Payment Date on which such amounts
are to be distributed to the Securityholders), at a price equal to 100% of the aggregate unpaid Principal Balance of all such remaining Mortgage Loans, plus accrued and unpaid interest thereon at the weighted average of the Loan Rates thereon up to
the date preceding the Payment Date on which such amounts are to be distributed to the Securityholders (and in the case of REO Property, the fair market value of the REO Property), (and any unpaid Servicing Fee relating to the Mortgage Loans shall
be deemed to have been paid at such time), plus any Interest Shortfall and interest owed thereon to the Noteholders. 

  
 A-5

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

			
	PRS SERIES 20[__]-[__] TRUST
		
	By:	 	[                            ],
not in its individual capacity but solely as Owner Trustee

 Dated:
                             

 

			
		
	By:	 	 
		 	Authorized Signatory

 CERTIFICATE OF AUTHENTICATION 
 This is one of the Notes referred to in the within-mentioned Indenture. 
  

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

 Dated:
                             

 

			
		
	By:	 	 
		 	Authorized Signatory

  
 A-6

 ASSIGNMENT 
 Social Security or taxpayer I.D. or other identifying number of assignee: ___________________ 
 FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfer unto 

________________________ 
 (name and address 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:	 	
				
	 	 		 	  	 	*/
		 		 		 	

  

	*	NOTICE: The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Term Note in every particular,
without alteration, enlargement or any change whatever. Such signature must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar, which requirements include membership or participation in
STAMP or such other “signature guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 

  
 A-7

 APPENDIX A 
 DEFINITIONS 
 Accrued Certificate Interest: With respect to the Class SB
Certificates, interest accrued during the related Interest Period at the Certificate Rate for such Certificate on its Notional Amount for such Payment Date. 
 Advances: The P&I Advances and the Servicing Advances. 

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: With respect to any
Mortgaged Property, either (x) the value as generally set forth in an appraisal of such Mortgaged Property used to establish compliance with the underwriting criteria then in effect in connection with the application for the Mortgage Loan
secured by such Mortgaged Property, or (y) if the sales price of such Mortgaged Property is considered in accordance with the underwriting criteria applicable to the related Mortgage Loan, the lesser of (i) the appraised value referred to
in (x) above and (ii) the sales price of such Mortgaged Property. 
 Assignment of Mortgage: With respect to
any Mortgage, an assignment, notice of transfer or equivalent instrument, in recordable form, sufficient under the laws of the jurisdiction in which the related Mortgaged Property is located to reflect the conveyance of such 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 jurisdiction. 

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

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

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

  
 1 

 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). 
 Billing Cycle: With respect to any Mortgage Loan and Due Date, the calendar month preceding such Due
Date. 
 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 States of New York, Pennsylvania, Delaware or any State in which the Corporate Trust Office are required or authorized by law to be closed. 

Certificate Balance: With respect to any Payment Date and the Class SB Certificates, an amount equal to the then applicable
Certificate Percentage Interest of such Certificate multiplied by the Overcollateralization Amount. 
 Certificate
Distribution Amount: For any Payment Date, the amount, if any, distributable on the Certificates for such Payment Date pursuant to Section 3.05(a)(xv) of the Indenture. 

Certificate of Trust: The Certificate of Trust filed for the Trust pursuant to Section 3810(a) of the Statutory Trust
Statute. 
 Certificate Paying Agent: The Certificate Paying Agent appointed pursuant to Section 3.10 of the Trust
Agreement. Initially the Indenture Trustee has been appointed as the Certificate Paying Agent. 
 Certificate Percentage
Interest: With respect to any Payment Date and any Certificate, the Percentage Interest for such Certificate. 

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: The
Certificate Registrar appointed pursuant to Section 3.05 of the Trust Agreement. Initially the Indenture Trustee has been appointed as the Certificate Registrar. 
 Certificateholder: The Person in whose name a Certificate is registered in the Certificate Register except that, any Certificate registered in the name of the Issuer, the Owner Trustee or the
Indenture Trustee or any Affiliate of the Owner Trustee or the Indenture Trustee shall be deemed not to be outstanding and the registered holder will not be considered a Certificateholder 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 or the Owner Trustee shall be protected in relying upon any such request, demand, authorization, direction,
notice, consent or waiver, only Certificates that the Indenture Trustee or 

  
 2 

 
the Owner Trustee knows to be so owned shall be so disregarded. Owners of Certificates that have been pledged in good faith may be regarded as Certificateholders 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 Issuer, any other obligor upon the Certificates or any Affiliate of
the Owner Trustee or the Indenture Trustee. 
 Certificates: The Class SB Certificates. 

Class: With respect to any Note, all Notes that bear the same Class designation, (i.e., the [Class A-I-1 Notes as a group,
Class A-I-2 Notes as a group, Class A-I-3 Notes as a group and Class A-II Notes as a group)]. With respect to any Certificate, all Certificates that bear the same Class designation, (i.e., the [Class SB Certificates as a group]). With
respect to any Regular Interest, all Regular Interests that bear the same class designation. 
 [Class A-I-1 Notes: The
Class A-I-1 PRS Mortgage-Backed Notes, Series 20[__]-[__], in substantially the form set forth in Exhibit A-1 to the Indenture.] 
 [Class A-I-2 Notes: The Class A-I-2 PRS Mortgage-Backed Notes, Series 20[__]-[__], in substantially the form set forth in Exhibit A-1 to the Indenture.] 

[Class A-I-3 Notes: The Class A-I-3 PRS Mortgage-Backed Notes, Series 20[__]-[__], in substantially the form set forth in
Exhibit A-1 to the Indenture.] 
 [Class A-II Notes: The Class A-II PRS Mortgage-Backed Notes, Series 20[__]-[__],
in substantially the form set forth in Exhibit A-1 to the Indenture.] 
 Class A Notes: Collectively, the [Class
A-I-1 Notes, Class A-I-2 Notes, Class A-I-3 Notes and Class A-II Notes]. 
 Class A Principal
Distribution Amount: With respect to any Payment Date that is prior to the Stepdown Date or on or after the Stepdown Date if a Trigger Event is in effect, the Principal Collection Distribution Amount for such Payment Date. With respect to any
Payment Date on or after the Stepdown Date if a Trigger Event is not in effect as of such Payment Date, the lesser of (a) the Principal Collection Distribution Amount for such Payment Date and (b) the excess of (i) the aggregate Note
Balance of the Class A Notes as of such Payment Date prior to any distributions thereon over (ii) the lesser of (x) the product of (1) the applicable Subordination Percentage and (2) the Pool Balance after giving effect to
distributions to be made on such Payment Date and (y) the Pool Balance after to giving effect to distributions to be made on such Payment Date less the Overcollateralization Floor. 

Class Principal Balance: For each Class of Notes, the Initial Note Balance thereof as reduced on each successive Payment Date by
principal distributed in respect thereof on such Payment Date pursuant to Section 3.03 of the Servicing Agreement and Section 3.05 of the Indenture. 
 Class SB Certificates: The Class SB Certificates substantially in the form of Exhibit A to the Trust Agreement and entitled to distributions as provided in the Trust Agreement. 

  
 3 

 Class SB Distribution Amount: On any Payment Date, the sum of (i) Accrued
Certificate Interest for such Payment Date, (ii) the amounts payable to the Certificates pursuant to Section 3.05(a)(ix) of the Indenture and (iii) the Overcollateralization Release Amount, if any, for the Determination Date related
to such Payment Date, reduced, but not below zero, by the Liquidation Loss Distribution Amount and Overcollateralization Increase Amount for such Payment Date, all of the foregoing done without double counting either in addition or subtraction.

 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 Period: With respect to any Mortgage Loan and Payment Date, the calendar month preceding any such Payment Date.

 Collections: With respect to any Collection Period, all Interest Collections and Principal Collections during such
Collection Period. 
 Combined Loan-to-Value Ratio or CLTV: With respect to each Mortgage Loan, the ratio,
expressed as a percentage, of the sum of (i) the initial principal balance of such Mortgage Loan, and (ii) any outstanding principal balance, at origination of such Mortgage Loan, of all other mortgage loans, if any, secured by senior
liens on the related Mortgaged Property, to the Appraised Value, or, when not available, the Stated Value. 
 Commission:
The Securities and Exchange Commission. 
 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:
[                        ]. 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:
[                        ]. 
 Custodial Account: The account or accounts created and maintained by the Servicer pursuant to Section 3.02(b) of the Servicing Agreement, in which the Servicer shall deposit or cause to be
deposited certain amounts in respect of the Mortgage Loans. 
 Custodial Agreement: The Custodial Agreement, dated the
Closing Date, among the Custodian, the Indenture Trustee, the Issuer and the Servicer relating to the custody of the Mortgage Loans and the Related Documents. 

  
 4 

 Custodian:
[                        ] and its successors and assigns, as applicable pursuant to the Custodial Agreement, or any other
successor custodian of the Mortgage Files appointed by the Indenture Trustee and reasonably acceptable to the Servicer. 

Cut-Off Date:
[                    ], 20[__]. 
 Cut-Off Date Principal Balance: With respect to any Mortgage Loan, the unpaid principal balance thereof as of the close of business on the last day of the Billing Cycle immediately prior to the
Cut-Off Date. 
 Default: Any occurrence which is or with notice or the lapse of time or both would become an Event of
Default. 
 Definitive Notes: Any definitive, fully registered Note, as described in Section 4.06 of the Indenture.

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

Delinquent: As used herein, a Mortgage Loan is considered to be: “30 to 59 days” or “30 or more days”
delinquent when a payment due on any scheduled due date remains unpaid as of the close of business on the next following monthly scheduled due date; “60 to 89 days” or “60 or more days” delinquent when a payment due on any
scheduled due date remains unpaid as of the close of business on the second following monthly scheduled due date; and so on. The determination as to whether a Mortgage Loan falls into these categories is made as of the close of business on the last
business day of each month. For example, a Mortgage Loan with a payment due on May 1 that remained unpaid as of the close of business on June 30 would then be considered to be 30 to 59 days delinquent. Delinquency information as of the
Cut-off Date is determined and prepared as of the close of business on the last business day immediately prior to the Cut-off Date. 
 Delinquency Percentages: With respect to any Payment Date, the percentage equivalent of a fraction (A) the numerator of which is the Principal Balance that are Delinquent for 60 days or more
as of such Payment Date and (B) the denominator of which is the Pool Balance, in each case as of the beginning of the related Collection Period, expressed as a percentage. 

Depositor: Phoenix Residential Securities, LLC, a Delaware limited liability company, or its successor in interest. 

Depository: The Depository Trust Company or a successor appointed by the Indenture Trustee with the approval of the Issuer. 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 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. 

  
 5 

 Determination Date: With respect to any Payment Date, the 18th day of the month in
which such Payment Date occurs or if such day is not a Business Day, the next succeeding Business Day. 
 Distribution
Account: The account or accounts created and maintained by the Certificate Paying Agent pursuant to Section 3.10(c) of the Trust Agreement. The Certificate Paying Agent will make all distributions on the Certificates from money on deposit
in the Distribution Account. 
 Due Date: With respect to each Mortgage Loan, the date on which monthly payments on such
Mortgage Loan are due. 
 Eligible Account: An account that is any of the following: (i) maintained with a
depository institution the short-term debt obligations of which have been rated by each Rating Agency in its highest rating category available, or (ii) an account or accounts maintained with a depository institution or trust company, as long as
its short-term debt obligations are rated P-1 by Moody’s, and A-2 by Standard & Poor’s (or the equivalent) or better by each Rating Agency, and its long term debt obligations are rated A2 by Moody’s and AA- by
Standard & Poor’s (or the equivalent) or better by each Rating Agency; provided that if on any day the rating of such depository institution falls below Standard & Poor’s rating of A-2, such depository institution will be
replaced within 30 days of such day, or (iii) a segregated trust account or accounts maintained in the corporate trust division of a depository institution or trust company, acting in its fiduciary capacity, or (iv) an account or accounts
of a depository institution acceptable to each Rating Agency (as evidenced in writing by each Rating Agency that use of any such account will not cause a Rating Event. 
 Eligible Substitute Loan: A Mortgage Loan substituted by the Seller for a Deleted Loan, which must, on the date of such substitution, as confirmed in an Officers’ 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 Loan (the amount of any shortfall to be deposited by the Seller in the Custodial Account in the month
of substitution); (ii) comply with each representation and warranty made by [            ] and set forth in Section 3.1(b) of the Purchase Agreement, other than clauses
(viii), (xiii), (xxiv), (xxv)(B), (xxvi) and (xxvii) thereof, and comply with each of the representations and warranties made by [                ] set
forth in Section 3.1(d)(II) of the Purchase Agreement, as of the date of substitution; (iii) have a Loan Rate and Net Loan Rate no lower than and not more than 1% per annum higher than the Loan Rate and Net Loan Rate, respectively, of
the Deleted Loan as of the date of substitution; (iv) have a CLTV at the time of substitution no higher than that of the Deleted 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 Loan; and (vi) not be 30 days or more delinquent. 
 ERISA: The
Employee Retirement Income Security Act of 1974, as amended. 

  
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 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 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): 
 (a) a default in the payment of the principal of, any installment of the principal of or interest on any
Note when the same becomes due and payable, and such default shall continue for a period of five days; 
 (b) there occurs a
default in the observance or performance in any material respect of any covenant or agreement of the Issuer made in the Indenture, or any representation or warranty of the Issuer made in the Indenture or in any certificate 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 that has a material adverse effect on the Noteholders, 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 Issuer
by the Indenture Trustee or to the Issuer and the Indenture Trustee by the Noteholders of at least 25% of the aggregate Note Balance of the Notes, a written notice specifying such default or incorrect representation or warranty and requiring it to
be remedied and stating that such notice is a notice of default hereunder; 
 (c) there occurs the filing of a decree or order
for relief by a court having jurisdiction in the premises in respect of the Issuer or any substantial part of the 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 Issuer or for any substantial part of the Trust Estate, or ordering the winding-up or liquidation of the Issuer’s affairs,
and such decree or order shall remain unstayed and in effect for a period of 60 consecutive days; or 
 (d) there occurs the
commencement by the Issuer of a voluntary case under any applicable federal or state bankruptcy, insolvency or other similar law now or hereafter in effect, or the consent by the Issuer to the entry of an order for relief in an involuntary case
under any such law, or the consent by the Issuer to the appointment or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of the Issuer or for any substantial part of the assets of the Trust
Estate, or the making by the Issuer of any general assignment for the benefit of creditors, or the failure by the Issuer generally to pay its debts as such debts become due, or the taking of any action by the Issuer in furtherance of any of the
foregoing. 
 Exchange Act: The Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated
thereunder. 
 Excess Spread: With respect to any Payment Date, the excess, if any, of (i) Interest Collections for
the related Collection Period over (ii) the sum of (x) the sum of the premium allocable to such Payment Date and (y) the aggregate amount distributed to the Noteholders as interest on such Payment Date pursuant to
Section 3.05(a)(i) of the Indenture. 

  
 7 

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

 Fannie Mae: Fannie Mae, formerly the Federal National Mortgage Association, or any successor thereto. 

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

Final Payment Date: The Payment Date in
[                        ]. 
 Fiscal Year: The fiscal year of the Trust, which shall end on December 31 of each year. 
 Foreclosure Profit: With respect to a Liquidated Mortgage Loan, the amount, if any, by which (i) the aggregate of Liquidation Proceeds net of Liquidation Expenses exceeds (ii) the
Principal Balance of such Liquidated Mortgage Loan (plus accrued and unpaid interest thereon at the applicable Loan Rate from the date interest was last paid through the date of receipt of the final Liquidation Proceeds) immediately prior to the
final recovery of the related Liquidation Proceeds. 
 Form 10-K Certification: As defined in Section 4.02(c) of the
Servicing Agreement. 
 Freddie Mac: Freddie Mac, formerly the Federal Home Loan Mortgage Corporation, or any successor
thereto. 
 GAAP: Generally accepted accounting principles. 

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. 
 Group I
Liquidation Loss Amount: With respect to any Payment Date, Liquidation Loss Amounts related to the Group I Loans. 

Group I Liquidation Loss Distribution Amount: With respect to any Payment Date, an amount equal to the product of the Group I
Liquidation Loss Percentage for such Payment Date and the Excess Spread available for distribution on such Payment Date in respect of Liquidation Loss Amounts, but not more than the Group I Liquidation Loss Distribution Entitlement for such Payment
Date. 

  
 8 

 Group I Liquidation Loss Distribution Entitlement: With respect to any Payment Date,
an amount equal to the sum of (A) 100% of the Group I Liquidation Loss Amounts on such Payment Date, plus (B) any Group I Liquidation Loss Amounts remaining undistributed from any preceding Payment Date. Any Group I Liquidation Loss Amount
remaining undistributed from any preceding Payment Date shall not be required to be paid as a Group I Liquidation Loss Distribution Amount to the extent that a Group I Liquidation Loss Amount was paid on the Class A-I-1 Notes by means of excess
interest or was reflected in the reduction of the Overcollateralization Amount related to the Group I Loans. 
 Group I
Liquidation Loss Percentage: With respect to any Payment Date, a fraction, expressed as a percentage, the numerator of which is the Group I Liquidation Loss Distribution Entitlement for such Payment Date and the denominator of which is the sum
of the Group I Liquidation Loss Distribution Entitlement and the Group II Liquidation Loss Distribution Entitlement, in each case, for such Payment Date. 
 Group I Loans: The Mortgage Loans designated on the Mortgage Loan Schedule attached hereto as Annex A-1 to the Mortgage Loan Schedule. The Group I Loans relate to the Class A-I-1,
Class A-I-2 and Class A-I-3 Notes and the Certificates. 
 Group I Overcollateralization Increase Amount: With
respect to any Payment Date, an amount equal to the product of the Group I Overcollateralization Increase Amount Percentage and the Overcollateralization Increase Amount for such Payment Date. 

Group I Overcollateralization Increase Amount Percentage: With respect to any Payment Date, a fraction, expressed as a percentage,
the numerator of which is equal to the sum of the Class A-I-1 Note Balance, the Class A-I-2 Note Balance and the Class I-A-3 Note Balance on such Payment Date after payments of the Group I Principal Distribution Amount and Group I
Liquidation Loss Distribution Amount thereon, and the denominator of which is the aggregate Note Balance of the Class A Notes on such Payment Date after all payments thereon. 

Group I Principal Distribution Amount: On any Payment Date, the Class A Principal Distribution Amount for such Payment Date
multiplied by a fraction, the numerator of which is the portion of the Principal Collections related to the Group I Loans for such Payment Date and the denominator of which is the Principal Collections for all of the Mortgage Loans for such Payment
Date. 
 Group II Liquidation Loss Amount: With respect to any Payment Date, Liquidation Loss Amounts related to the
Group II Loans. 
 Group II Liquidation Loss Distribution Amount: With respect to any Payment Date, an amount equal to
the product of the Group II Liquidation Loss Percentage for such Payment Date and the Excess Spread available for distribution on such Payment Date in respect of Liquidation Loss Amounts, but not more than the Group II Liquidation Loss Distribution
Entitlement for such Payment Date. 
 Group II Liquidation Loss Distribution Entitlement: With respect to any Payment
Date, an amount equal to the sum of (A) 100% of the Group II Liquidation Loss Amounts on such Payment Date, plus (B) any Group II Liquidation Loss Amounts remaining undistributed from any preceding Payment Date. Any Group II Liquidation
Loss Amount remaining undistributed from any preceding Payment Date shall not be required to be paid as a Group II Liquidation Loss Distribution Amount to the extent that a Group II Liquidation Loss Amount was paid on the Class A-II Notes by
means of excess interest or was reflected in the reduction of the Overcollateralization Amount related to the Group II Loans. 

  
 9 

 Group II Liquidation Loss Percentage: With respect to each Payment Date, a fraction,
expressed as a percentage, the numerator of which is the Group II Liquidation Loss Distribution Entitlement for such Payment Date and the denominator of which is the sum of the Group I Liquidation Loss Distribution Entitlement and the Group II
Liquidation Loss Distribution Entitlement, in each case, for such Payment Date. 
 Group II Loans: The Mortgage Loans
designated on the Mortgage Loan Schedule attached hereto as Annex A-2 to the Mortgage Loan Schedule. The Group II Loans relate to the Class A-II Notes and the Certificates. 

Group II Overcollateralization Increase Amount: With respect to any Payment Date, an amount equal to the product of the Group II
Overcollateralization Increase Amount Percentage and the Overcollateralization Increase Amount for such Payment Date. 

Group II Overcollateralization Increase Amount Percentage: With respect to any Payment Date, a fraction, expressed as a
percentage, the numerator of which is equal to the sum of the sum of the Class A-II Note Balance on such Payment Date after payments of the Group II Principal Distribution Amount and Group II Liquidation Loss Distribution Amount thereon, and
the denominator of which is the aggregate Note Balance of the Class A Notes on such Payment Date after all payments thereon. 
 Group II Principal Distribution Amount: On any Payment Date, the Class A Principal Distribution Amount for that Payment Date multiplied by a fraction, the numerator of which is the portion of
the Principal Collections related to the Group II Loans for that Payment Date and the denominator of which is the Principal Collections for all of the Mortgage Loans for that Payment Date. 

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

Indenture: The Indenture, dated as of the Closing Date, between the Issuer and the 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. 
 Independent: When used with respect to any specified Person, such Person (i) is in
fact independent of the Issuer, any other obligor on the Notes, the Seller, 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
Issuer, any such other obligor, the Seller, the Depositor or any Affiliate of any of the foregoing Persons and (iii) is not connected with the Issuer, any such other obligor, the Seller, 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. 

  
 10 

 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 Issuer Order and approved by the
Indenture Trustee in the exercise of reasonable care, and such opinion or certificate shall state that the signer has read the definition of “Independent” in this Indenture and that the signer is Independent within the meaning thereof.

 Initial Aggregate Note Balance: $[        ]. 

Initial Class A-I-1 Note Balance: $[        ]. 

Initial Class A-I-2 Note Balance: $[        ]. 

Initial Class A-I-3 Note Balance: $[        ]. 

Initial Class A-II Note Balance: $[        ]. 

Initial Certificate Balance: $[        ]. 

Initial Note Balance: The [Initial Class A-I-1 Note Balance, Initial Class A-I-2 Note Balance, Initial Class A-I-3
Note Balance and Initial Class A-II Note Balance] as applicable. 
 Initial Pool Balance: The aggregate Principal
Balances of the Mortgage Loans as of the Cut-off Date. 
 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 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 Proceeds:
Proceeds paid by any insurer pursuant to any insurance policy covering a Mortgage Loan which are required to be remitted to the Servicer [(including all amounts received under the MI Policy)], or amounts required to be paid by the Servicer pursuant
to the next to last sentence of Section 3.04 of the Servicing Agreement, net of any component thereof (i) covering any expenses incurred by or on behalf of the Servicer in connection with

  
 11 

 
obtaining such proceeds, (ii) that is applied to the restoration or repair of the related Mortgaged Property, (iii) released to the related Mortgagor in accordance with the
Servicer’s normal servicing procedures or (iv) required to be paid to any holder of a mortgage senior to such Mortgage Loan. 
 Interest Collections: With respect to any Payment Date, the sum of all payments by or on behalf of Mortgagors and any other amounts constituting interest (including without limitation such portion
of Net Liquidation Proceeds and Repurchase Prices as is allocable to interest on the applicable Mortgage Loan) as is paid by the Seller or the Servicer (including any optional servicing advance) or is collected and applied by the Servicer under the
Mortgage Loans during the related Collection Period, and reduced by the Servicing Fee for the related Collection Period and by any fees (including annual fees) or late charges or similar administrative fees paid by Mortgagors during the related
Collection Period. The terms of the related Mortgage Note shall determine the portion of each payment in respect of such Mortgage Loan that constitutes principal or interest. 
 Interest Period: With respect to each Class of Notes, other than the first Payment Date, the period commencing on the Payment Date in the month immediately preceding the month in which such Payment
Date occurs and ending on the day preceding such Payment Date, and in the case of the first Payment Date, the period commencing on the Closing Date and ending on the day preceding the first Payment Date. 

Issuer or Trust: The PRS Series 20[__]-[__] Trust, a Delaware statutory trust, or its successor in interest. 

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

 Liquidated Mortgage Loan: With respect to any Payment Date, any Mortgage Loan in respect of which the Servicer has
determined, in accordance with the servicing procedures specified in the Servicing Agreement, as of the end of the related Collection Period that substantially all Liquidation Proceeds which it reasonably expects to recover, if any, with respect to
the disposition of the related REO Property have been recovered. 
 Liquidation Expenses: All out-of-pocket expenses
(exclusive of overhead) incurred by or on behalf of the Servicer in connection with the liquidation of any Mortgage Loan and not recovered under any insurance policy, including legal fees and expenses, any unreimbursed

  
 12 

 
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 such 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 Loss Amount: With respect to any Payment Date and any Mortgage Loan that became a Liquidated Mortgage Loan
during the related Collection Period, the unrecovered portion of the Principal Balance of such Mortgage Loan and any unpaid accrued interest thereon at the end of such Collection Period, after giving effect to the Net Liquidation Proceeds applied in
reduction of such Principal Balance. 
 Liquidation Loss Distribution Amount: With respect to any Payment Date, the Group
I Liquidation Loss Distribution Amount or the Group II Liquidation Loss Distribution Amount, as applicable. 
 Liquidation
Proceeds: Proceeds if any received in connection with the liquidation of any Mortgage Loan or related REO Property, whether through trustee’s sale, foreclosure sale or otherwise. 

Loan Group: Loan Group I or Loan Group II, as applicable. 

Loan Group I: The Mortgage Loans designated on the Mortgage Loan Schedule. 

Loan Group II: The Mortgage Loans designated on the Mortgage Loan Schedule. 

Loan Rate: With respect to any Mortgage Loan and any day, the per annum rate of interest applicable under the related Mortgage
Note. 
 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 related Seller certifying that the original Mortgage Note has been lost, misplaced or destroyed (together with a copy of the related Mortgage Note, if available).

 MERS: Mortgage Electronic Registration Systems, Inc., a corporation organized and existing under the laws of the State
of Delaware, or any successor thereto. 
 MERS® System: The system of recording transfers of Mortgages electronically maintained by MERS. 

MIN: The Mortgage Identification Number for Mortgage Loans registered with MERS on the MERS® System. 
 [MI Policy: The bulk primary mortgage insurance policy issued by the MI Policy Provider on the Cut-off Date, substantially in the form attached hereto as Exhibit B.] 

[MI Policy Provider:
[                    ], a
[                    ] stock insurance corporation, or any successor thereto.] 

  
 13 

 [MI Policy Provider Default: An event of default by the MI Policy Provider
under Section [                    ] of the Endorsement to the Mortgage Guaranty Master Policy (which is part of the MI Policy) or
other event which would result in the cancellation of coverage for all of the Mortgage Loans then covered by the MI Policy.] 
 MOM Loan: With respect to any Mortgage Loan, MERS acting as the mortgagee of such Mortgage Loan, solely as nominee for the originator of such Mortgage Loan and its successors and assigns, at the
origination thereof. 
 Monthly Payment: With respect to any Mortgage Loan (including any REO Property) and any Due Date,
the payment of principal and interest due thereon in accordance with the terms of such Mortgage Loan. 
 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: With respect to each Mortgage Loan: 
 (i) the original Mortgage Note endorsed without recourse to the order of the Trustee (which endorsement shall contain either an original signature or a facsimile signature of an authorized officer of
[                    ]) or, with respect to any Mortgage Loan as to which the original Mortgage Note has been permanently lost or destroyed
and has not been replaced, a Lost Note Affidavit; 
 (ii) the original Mortgage, noting the presence of the
MIN of the Mortgage Loan, if the Mortgage is registered on the MERS® System, and language indicating that the
Mortgage Loan is a MOM Loan if the Mortgage Loan is a MOM Loan, with evidence of recording thereon, or, if the original Mortgage has not yet been returned from the public recording office, a copy of the original Mortgage certified by
[                    ] that such Mortgage has been sent for recording, or a county certified copy of such Mortgage in the event the recording
office keeps the original or if the original is lost; 
 (iii) unless the Mortgage Loan is registered on the
MERS® System, original assignments (which may be included in one or more blanket assignments if permitted by
applicable law) of the Mortgage in recordable form from [                    ] to
“[                    ], as Indenture Trustee under that certain Indenture dated as of
[                    ], 20[__], for PRS Series 20[__]-[__] Trust, Mortgage-Backed Notes” c/o the Servicer at an address specified by the
Servicer; 
 (iv) originals of any intervening assignments of the Mortgage from the originator to
[            ] (or to MERS, if the Mortgage Loan is registered on the MERS® System, and which notes the presence of a MIN), with evidence of recording thereon, or, if the original of any such intervening assignment has not yet been returned
from the public recording office, a copy of such original intervening assignment certified by [                    ] that such original
intervening assignment has been sent for recording; and 

  
 14 

 (v) a true and correct copy of each assumption, modification, consolidation or substitution
agreement, if any, relating to such Mortgage Loan; and 
 (vi) any documents required to be added to such documents pursuant to
the Purchase Agreement, the Trust Agreement or the Servicing Agreement. 
 It is understood that the
Mortgage File (other than item (i) above) may be retained in microfilm, microfiche, optical storage or magnetic media in lieu of hard copy; provided, that with respect to any Mortgage Loan not registered on the MERS® System, the original assignment of Mortgage described in clause (iii) above shall be retained in the Mortgage
File. 
 [Mortgage Insurance Premium: With respect to the Mortgage Loans and any Distribution Date, the aggregate amount
payable to the MI Policy Provider under the MI Policy.] 
 Mortgage Loan Schedule: The initial schedule of
Mortgage Loans as of the Cut-Off Date set forth in Exhibit A of the Servicing Agreement, which schedule sets forth as to each Mortgage Loan and the related Loan Group (i) the Cut-Off Date Principal Balance, (ii) the loan number and
(iii) the lien position of the related Mortgage. 
 Mortgage Loans: At any time, all mortgage loans that have been
sold to the Issuer pursuant to the Trust Agreement, which are listed on the Mortgage Loan Schedule attached to the Servicing Agreement, together with all monies due or become due thereunder or the Related Documents, and that remain subject to the
terms thereof. 
 Mortgage Note: With respect to a Mortgage Loan, the promissory note pursuant to which the related
Mortgagor agrees to pay the indebtedness evidenced thereby and secured by the related Mortgage as modified or amended. 

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, Liquidation Expenses (but not
including the portion, if any, of such amount that exceeds the Principal Balance of, plus accrued and unpaid interest on, such Mortgage Loan at the end of the Collection Period immediately preceding the Collection Period in which such Mortgage Loan
became a Liquidated Mortgage Loan) and including any Recovery Amounts. 
 Net Loan Rate: With respect to any Payment Date
and any Mortgage Loan, the Loan Rate of that Mortgage Loan applicable to the Due Date in the related Collection Period, net of the Servicing Fee Rate. 
 Net Worth: As of any date of determination, the net worth of [                    ] and
its consolidated subsidiaries, as determined in accordance with GAAP. 
 Non-United States Person: Any Person other than
a United States Person. 

  
 15 

 Nonrecoverable Advance: Any Advance or Subservicer Advance previously made or
proposed to be made by the Servicer or Subservicer (as applicable) in respect of a Mortgage Loan (other than a Deleted Mortgage Loan) which, in the good faith judgment of the Servicer, will not, or, in the case of a proposed Advance, would not, be
ultimately recoverable by the Servicer from related Late Collections, Insurance Proceeds, Liquidation Proceeds or REO Proceeds. To the extent that any Mortgagor is not obligated under the related Mortgage documents to pay or reimburse any portion of
any Servicing Advances that are outstanding with respect to the related Mortgage Loan as a result of a modification of such Mortgage Loan by the Servicer, which forgives amounts which the Servicer or Subservicer had previously advanced, and the
Servicer determines that no other source of payment or reimbursement for such Advances is available to it, such Servicing Advances shall be deemed to be Nonrecoverable Advances. The determination by the Servicer that it has made a Nonrecoverable
Advance shall be evidenced by an Officers’ Certificate delivered to the Depositor, the Indenture Trustee and the Servicer. Notwithstanding the above, the Indenture Trustee shall be entitled to rely upon any determination by the Servicer that
any Advance previously made is a Nonrecoverable Advance or that any proposed Advance, if made, would constitute a Nonrecoverable Advance. The determination by the Servicer that it has made a Nonrecoverable Advance or that any proposed Advance, if
made, would constitute a Nonrecoverable Advance, shall be evidenced by a certificate of a Servicing Officer delivered to the Depositor. 
 Note Balance: With respect to any Payment Date and the Notes, the Initial Aggregate Note Balance reduced by all payments of principal on the Notes prior to such Payment Date and any allocation of
Liquidation Loss Amounts on the Notes prior to such Payment Date. 
 Note Owner or Owner: The Beneficial Owner of a Note.

 Note Payment Account: The account established by the Indenture Trustee pursuant to Sections 3.01 and 8.02 of the
Indenture and Section 5.01 of the Servicing Agreement. Amounts deposited in the Note Payment Account will be distributed by the Indenture Trustee in accordance with Section 3.05 of the Indenture. 

Note Rate: With respect to each Class of Notes, each Interest Period and the related Payment Date, a per annum rate equal to the
least of: 
 (i) for the Class A-I-1 Notes, [        ]%; 

(ii) for the Class A-I-2 Notes, [        ]%; 

(iii) for the Class A-I-3 Notes, [        ]%; and 

(iv) for the Class A-II Notes, [        ]%. 

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. 

  
 16 

 Noteholder or Holder: 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 Issuer 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 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 Noteholders
if the pledgee thereof establishes to the satisfaction of the Indenture Trustee or the Owner Trustee such pledgee’s right so to act with respect to such Notes and that such pledgee is not the Issuer, any other obligor on the Notes or any
Affiliate of any of the foregoing Persons. 
 Notes: Any of the [Class A-I-1 Notes, Class A-I-2 Notes,
Class A-I-3 Notes, or Class A-II Notes] issued and outstanding pursuant to the Indenture. 
 Officer’s
Certificate: With respect to the Servicer, a certificate signed by the President, Managing Director, a Director, a Vice President or an Assistant Vice President, of the Servicer and delivered to the Indenture Trustee. With respect to the Issuer,
a certificate signed by any Authorized Officer of the Issuer, under the circumstances described in, 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 Issuer. 
 Opinion of Counsel: A written opinion of counsel of a law firm reasonably acceptable to the recipient thereof. Any Opinion of Counsel for the Servicer may be provided by in-house counsel for the
Servicer if reasonably acceptable. 
 Optional Call Date: Any Payment Date on which the Note Balance is less than 10% of
the Initial Aggregate Note Balance prior to giving effect to any payments of principal on such Payment Date. 

Outstanding: With respect to the Notes, as of the date of determination, all Notes theretofore executed, authenticated and
delivered under this Indenture except: 
 (i) Notes theretofore cancelled by the Note Registrar or delivered to the Indenture
Trustee for cancellation; and 
 (ii) 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; 
 Overcollateralization Amount: With respect to any Payment Date, the amount (but not less than zero), if any, by which (a) the aggregate outstanding Principal Balance of the Mortgage Loans as
of the close of business on the last day of the related Collection Period exceeds (b) the aggregate Note Balance of the Notes. 
 Overcollateralization Floor: An amount equal to [                    ]% of the Initial
Pool Balance. 

  
 17 

 Overcollateralization Increase Amount: With respect to any Payment Date, the amount
necessary to increase the Overcollateralization Amount to the Overcollateralization Target Amount. 
 Overcollateralization
Release Amount: With respect to any Payment Date, the excess, if any, of the Overcollateralization Amount over the Overcollateralization Target Amount, which, on such Payment Date, shall not exceed an amount equal to the total Principal
Collections for such Payment Date. 
 Overcollateralization Target Amount: With respect to any Payment Date prior to the
Stepdown Date, the Required Overcollateralization Amount will be [            ]% of the Initial Pool Balance. With respect to any Payment Date on or after the Stepdown Date, an
amount equal to the greater of (i) [            ]% of the Pool Balance as of the last day of the related Collection Period and
(ii) [            ]% of the Initial Pool Balance. The Overcollateralization Target Amount may be reduced from time to time written notice from each Rating Agency that the rating
will not be reduced or withdrawn as a result of the change in the Overcollateralization Target Amount. 
 Owner Trust:
PRS Series 20[__]-[__] Trust, created by the Certificate of Trust pursuant to the Trust Agreement. 
 Owner Trustee:
[            ], not in its individual capacity but solely as owner trustee, and its successors and assigns or any successor Owner Trustee appointed pursuant to the terms of the Trust
Agreement. 
 Ownership Interest: As to any Certificate, any ownership or security interest in such Certificate,
including any interest in such Certificate as the Certificateholder thereof and any other interest therein, whether direct or indirect, legal or beneficial, as owner or as pledgee. 

P&I Advances: Any advance made by the Servicer of a principal or interest payment with respect to a Mortgage Loan. 

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 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 and Payment Date, the percentage obtained by dividing
the Note Balance of such Note by the aggregate Note Balance of all Notes prior to such Payment Date. With respect to any Certificate and any Payment Date, the Percentage Interest stated on the face of such Certificate. 

Permitted Investments: One or more of the following: 
 (i) obligations of or guaranteed as to principal and interest by the United States or any agency or instrumentality thereof when such obligations are backed by the full faith and credit of the United
States; 

  
 18 

 (ii) repurchase agreements on obligations specified in clause (i) above maturing not
more than one month from the date of acquisition thereof; provided, that the unsecured short-term debt obligations of the party agreeing to repurchase such obligations are at the time rated by each Rating Agency in its highest short-term rating
category available; 
 (iii) federal funds, certificates of deposit, demand deposits, time deposits and bankers’
acceptances (which shall each have an original maturity of not more than 90 days and, in the case of bankers’ acceptances, shall in no event have an original maturity of more than 365 days or a remaining maturity of more than 30 days)
denominated in United States dollars of any U.S. depository institution or trust company incorporated under the laws of the United States or any state thereof or of any domestic branch of a foreign depository institution or trust company;
provided, that the short-term debt obligations of such depository institution or trust company (or, if the only Rating Agency is Standard & Poor’s, in the case of the principal depository institution in a depository institution holding
company, debt obligations of the depository institution holding company) at the date of acquisition thereof have been rated by each Rating Agency in its highest short-term rating category available; and provided further, that if the only Rating
Agency is Standard & Poor’s and if the depository or trust company is a principal subsidiary of a bank holding company and the debt obligations of such subsidiary are not separately rated, the applicable rating shall be that of the
bank holding company; and provided further, that if the only Rating Agency is Standard & Poor’s and the original maturity of such short-term debt obligations of a domestic branch of a foreign depository institution or trust company
shall exceed 30 days, the short-term rating of such institution shall be A-1+; 
 (iv) commercial paper (having original
maturities of not more than 365 days) of any corporation incorporated under the laws of the United States or any state thereof which on the date of acquisition has been rated by each Rating Agency in its highest short-term rating category available;
provided, that such commercial paper shall have a remaining maturity of not more than 30 days; 
 (v) a money market fund or a
qualified investment fund (including without limitation, any such fund for which the Indenture Trustee or an Affiliate of the Indenture Trustee acts as an advisor or a manager) rated by each Rating Agency in one of its two highest long-term rating
categories available (if so rated by such Rating Agency); and 
 (vi) other obligations or securities that are acceptable to
each Rating Agency as a Permitted Investment hereunder and will not cause a Rating Event, as evidenced in writing; 
 provided, however,
that no instrument shall be a Permitted Investment if it represents, either (1) the right to receive only interest payments with respect to the underlying debt instrument or (2) the right to receive both principal and interest payments
derived from obligations underlying 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. References
herein to the highest long-term debt rating category available shall mean AAA in the case of Standard & Poor’s and Aaa in the case of Moody’s, and references herein to the highest short-term rating category available shall mean
A-1 in the case of Standard & Poor’s and P-1 in the case of Moody’s. 

  
 19 

 Person: Any legal individual, corporation, partnership, joint venture, association,
joint-stock company, limited liability company, trust, unincorporated organization or government or any agency or political subdivision thereof. 
 Plan: Any employee benefit plan or certain other retirement plans and arrangements, including individual retirement accounts and annuities, Keogh plans and bank collective investment funds and
insurance company general or separate accounts in which such plans, accounts or arrangements are invested, that are subject to Title I of ERISA or Section 4975 of the Code, as described in Section 3.05 of the Trust Agreement. 

Plan Assets: The meaning specified in Section 2510.3-101 of the Department of Labor Regulations, as modified by
Section 3(42) of ERISA, and as described in Section 3.05 of the Trust Agreement. 
 Pool Balance: With respect
to any date, the aggregate Principal Balance of all Mortgage Loans as of such date. 
 Predecessor Note: With respect to
any Note, every previous Note evidencing all or a portion of the same debt as that evidenced by such Note; and, for the purpose of this definition, any Note authenticated and delivered under Section 4.03 of the Indenture in lieu of a mutilated,
lost, destroyed or stolen Note shall be deemed to evidence the same debt as such mutilated, lost, destroyed or stolen Note. 

Primary Insurance Policy: With respect to any Mortgage Loan, each primary policy of mortgage guaranty insurance or replacement
policy therefor. Each Mortgage Loan with a Primary Insurance Policy is identified on Exhibit A with the exception of either code “23” or “96” under the column “MI CO CODE.” 

Principal Balance: With respect to any Mortgage Loan, other than a Liquidated Mortgage Loan, and as of any day, the related
Cut-Off Date Principal Balance, minus all collections credited as principal in respect of any such Mortgage Loan in accordance with the related Mortgage Note and applied in reduction of the Principal Balance thereof. For purposes of this definition,
a Liquidated Mortgage Loan shall be deemed to have a Principal Balance equal to the Principal Balance of the related Mortgage Loan immediately prior to the final recovery of substantially all related Liquidation Proceeds and a Principal Balance of
zero thereafter. 
 Principal Collections: With respect to any Payment Date, an amount equal to the sum of (i) the
principal portion of all scheduled Monthly Payments on the Mortgage Loans received during the related Collection Period, as reported by the Servicer or the related Subservicer; (ii) the principal portion of all proceeds of the repurchase of any
Mortgage Loans (or, in the case of a substitution, any Substitution Adjustment Amounts) during the related Collection Period; and (iii) the principal portion of all other unscheduled collections received on the Mortgage Loans during the related
Collection Period (or deemed to be received during the related Collection Period), including, without limitation, full and partial Principal Prepayments made by the respective Mortgagors, Net Liquidation Proceeds and Subsequent Net Recovery Amounts,
to the extent not previously distributed. 

  
 20 

 Principal Collection Distribution Amount: For any Payment Date, the total Principal
Collections for such Payment Date less [(i)] any Overcollateralization Release Amount for such Payment Date [and (ii) the Mortgage Insurance Premium payable in respect of the Mortgage Loans to the MI Policy Provider]. 

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

Program Guide: The GMAC Bank Correspondent Funding Client Guide, as in effect from time to time. 

Purchase Agreement: The mortgage loan purchase agreement dated as of the Closing Date, among the Seller, the Purchaser, the Issuer
and the Indenture Trustee. 
 Purchase Price: The amounts specified in Section 2.3(a) of the Purchase Agreement.

 Purchaser: Phoenix Residential Securities, LLC, as purchaser under the Purchase Agreement. 

Rating Agency: Each of [Moody’s and Standard & Poor’s] or, if any such organization or a successor thereto is
no longer in existence, such nationally recognized statistical rating organization, or other comparable Person, designated by the Depositor, 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,
shall mean such equivalent rating. 
 Record Date: With respect to any Payment Date, the close of business on the last
Business Day preceding such Payment Date, and in the case of the first Payment Date, the Closing Date. 
 Recovery
Amount: Amounts collected on a Mortgage Loan after the Mortgage Loan becomes a Liquidated Mortgage Loan, net of any Servicing Fee, Recovery Fee and any reimbursement for advances and expenses of the Servicer. 

Recovery Fee: A customary fee calculated based on additional recovery amounts charged for the collection of such additional
recovery amounts on any Mortgage Loan after the date that such Mortgage Loan became a Liquidated Mortgage Loan. 
 Regulation
AB: Subpart 229.1100 – Asset Backed Securities (Regulation AB), 17 C.F.R. §§229.1100-229.1123, as such may be amended from time to time, and subject to such clarification and interpretation as have been provided by the Commission
in the adopting release (Mortgage Asset-Backed Securities, Securities Act Release No. 33-8518, 70 Fed. Reg. 1,506, 1,531 (January 7, 2005)) or by the staff of the Commission, or as may be provided by the Commission or its staff from time to
time. 

  
 21 

 Related Documents: With respect to each Mortgage Loan, the documents contained in the
Mortgage File. 
 Relief Act Shortfalls: With respect to any Payment Date, for any Mortgage Loan as to which there has
been a reduction in the amount of interest collectible thereon for the related Collection Period as a result of the application of the Servicemembers Civil Relief Act, as amended, or any similar state legislation or regulations, the shortfall, if
any, equal to (i) one month’s interest on the Principal Balance of such Mortgage Loan at the applicable Loan Rate, over (ii) the interest collectible on such Mortgage Loan during such Collection Period. 

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 customarily accepted for similar loans and
(D) other matters to which like properties are commonly subject that 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 Purchase Agreement or purchased by the Servicer pursuant to the Servicing Agreement, an amount equal to the sum of (i) 100% of the Principal Balance thereof (without reduction for any amounts charged off), (ii) unpaid
accrued interest at the Loan Rate (or with respect to the last day of the month in the month of repurchase, the Loan Rate will be the Loan Rate in effect as of the second to last day in such month) on the outstanding Principal Balance thereof from
the Due Date to which interest was last paid by the related Mortgagor to the first day of the month following the month of purchase and (iii) in connection with any Mortgage Loan required to be repurchased pursuant to Sections 2.1 or 3.1 of the
Purchase Agreement, any costs and damages incurred by the Trust with respect to such Mortgage Loan in connection with a breach of Section 3.1(b)(x) of the Purchase Agreement. 

Required Insurance Policy: With respect to any Mortgage Loan, any insurance policy which is required to be maintained from time to
time under the Servicing Agreement or the related Subservicing Agreement in respect of such Mortgage Loan. 
 Responsible
Officer: With respect to the Indenture Trustee, any officer of the Indenture Trustee with direct responsibility for the administration of the Indenture 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. 
 Rolling Six-Month
Annualized Liquidation Loss Amounts: With respect to any Determination Date occurring after the fifth Determination Date, the product (expressed as a percentage) of (i) the aggregate Liquidation Loss Amounts as of the end of each of the six
Collection Periods (reduced by the aggregate Subsequent Net Recovery Amounts for such Collection Periods) immediately preceding such Determination Date divided by the Initial Pool Balance and (ii) two (2). 

  
 22 

 Rolling Three-Month Delinquency Percentage: With respect to any Payment Date and the
Mortgage Loans, the arithmetic average of the Delinquency Percentages determined for such Payment Date and for each of the two preceding Payment Dates. 
 Rule 17g-5: As defined in Section 10.19. 
 Rule 17g-5 Website:
As defined in Section 10.19. 
 Secretary of State: The Secretary of State of the State of Delaware. 

Securities Act: The Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder. 

Securitization Transaction: Any transaction involving a sale or other transfer of mortgage loans directly or indirectly to an
issuing entity in connection with an issuance of publicly offered or privately placed, rated or unrated mortgage-backed securities. 
 Securities Balance: The Note Balance or Certificate Balance, as the context may require. 
 Security: Any Certificate or a Note, as the context may require. 

Securityholder: Any Noteholder or Certificateholder. 
 Seller: [                    ], a Delaware statutory trust, and its successors and
assigns. 
 Senior Enhancement Percentage: For any Payment Date, the percentage obtained by dividing (i) the sum of
(a) the aggregate Note Balances of the Class M Notes immediately prior to such Payment Date and (b) the Overcollateralization Amount, in each case prior to the distribution of the Principal Collection Distribution Amount on such Payment
Date, by (ii) the Pool Balance as of the last day of the related Collection Period. 
 Servicer:
[                    ], a
[                    ] [corporation] [limited liability company], and its successors and assigns. 

Servicing Advances: Any customary, reasonable and necessary “out of pocket” costs and expenses
incurred in connection with a default, delinquency or other unanticipated event by the Servicer or a Subservicer in the performance of its servicing obligations, including, but not limited to, the cost of (i) the preservation, restoration and
protection of a Mortgaged Property or, with respect to a cooperative loan, the related cooperative apartment, (ii) any enforcement or judicial proceedings, including foreclosures, including any expenses incurred in relation to any such
proceedings that result from the Mortgage Loan being registered on the MERS® System, (iii) the management
and liquidation of any REO Property, (iv) any loss mitigation procedures implemented in accordance with the Servicing Agreement, and (v) compliance with the 

  
 23 

 
obligations under the Servicing Agreement, including, if the Servicer or any Affiliate of the Servicer provides services such as appraisals and brokerage services that are customarily provided by
Persons other than servicers of mortgage loans, reasonable compensation for such services. 
 Servicing Agreement: The
servicing agreement dated as of the Closing Date among the Servicer, the Issuer and the Indenture Trustee. 
 Servicing
Certificate: A certificate completed and executed by a Servicing Officer on behalf of the Servicer in accordance with Section 4.01 of the Servicing Agreement. 
 Servicing Criteria: The “servicing criteria” set forth in Item 1122(d) of Regulation AB, as such may be amended from time to time. 

Servicing Default: Any one of the following events: 
 (i) any failure by the Servicer to deposit in the Custodial Account, the Note Payment Account or the Distribution Account any deposit required to be made under the terms of the Servicing Agreement that
continues unremedied for a period of five Business Days after the date upon which written notice of such failure shall have been given to the Servicer by the Issuer or the Indenture Trustee; 

(ii) any failure on the part of the Servicer duly to observe or perform in any material respect any other covenants or agreements of the
Servicer set forth in the Securities or in the Servicing Agreement, which failure, in each case, materially and adversely affects the interests of the Securityholders, and which failure continues unremedied for a period of 45 days after the date on
which written notice of such failure, requiring the same to be remedied, and stating that such notice is a “Notice of Default” under the Servicing Agreement, shall have been given to the Servicer by the Issuer or the Indenture Trustee;

 (iii) the entry against the Servicer of a decree or order by a court or agency or supervisory authority having jurisdiction
under Title 11 of the United States Code or any other applicable federal or state bankruptcy, insolvency or other similar law, or if a receiver, assignee or trustee in bankruptcy or reorganization, liquidator, sequestrator or similar official shall
have been appointed for or taken possession of the Servicer or its property, and the continuance of any such decree or order unstayed and in effect for a period of 60 consecutive days; 

(iv) the Servicer shall voluntarily submit to Proceedings under Title 11 of the United States Code or any other applicable federal or
state bankruptcy, insolvency or other similar law relating to the Servicer or of or relating to all or substantially all of its property; or the Servicer shall admit in writing its inability to pay its debts generally as they become due, file a
petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors or voluntarily suspend payment of its obligations; 

  
 24 

 (v) the Servicer’s Tangible Net Worth at any time is less than $100,000,000 [and
[            ] fails to own, directly or indirectly, at least 51% of the common stock of the Servicer]; or 
 (vi) the Rolling Six-Month Annualized Liquidation Loss Amount with respect to the Mortgage Loans exceeds 1.50%. 
 Servicing Fee: With respect to any Mortgage Loan and any Collection Period, the product of (i) the Servicing Fee Rate divided by 12 and (ii) the related Principal Balance as of the first
day of such Collection Period. 
 Servicing Fee Rate:
[            ]% per annum. 
 Servicing Officer: Any
officer of the 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 by the Servicer, as such list
may be amended from time to time. 
 Standard & Poor’s: Standard & Poor’s Ratings Services, a
division of The McGraw-Hill Companies, Inc. or its successor in interest. 
 Stated Value: With respect to any Mortgage
Loan, the stated value of the related Mortgaged Property determined in accordance with the Program Guide and given by the related Mortgagor in his or her application. 
 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. 

Stepdown Date: The earlier to occur of (i) the Payment Date immediately succeeding the Payment Date on which the aggregate
Note Balances of the Class A Notes have been reduced to zero or (ii) the later to occur of (i) the Payment Date in [            ] and (ii) the Payment Date on
which the Senior Enhancement Percentage (calculated for this purpose only after taking into account Principal Collections on the Mortgage Loans due on the related Due Date or received during the related prepayment period but prior to distribution of
the Principal Collection Distribution Amount in respect of the Notes then entitled to distributions of principal on such Payment Date) is greater than or equal to approximately
[            ]%. 
 Subordinate Component: With
respect to each Loan Group and any Payment Date, the positive excess, if any, of the aggregate Pool Balance in that Loan Group, over the aggregate Note Balance of the related Class A Notes, in each case immediately prior to that Payment Date.

 Subordination Percentage: With respect to the Class A Notes,
[            ]%. 
 Subsequent Net Recovery Amounts:
Recovery Amounts collected on a Mortgage Loan after the Mortgage Loan becomes a Liquidated Mortgage Loan, net of any Recovery Fee. 
 Subservicer: Each Person that enters into a Subservicing Agreement as a subservicer of Mortgage Loans. 
 Subservicing Account: The account established by the Subservicer pursuant to the Subservicing Agreement. 

  
 25 

 Subservicer Advance: Any delinquent installment of principal and interest on a
Mortgage Loan which is advanced by the related Subservicer (net of its Subservicing Fee) pursuant to the Subservicing Agreement. 
 Subservicing Agreement: The written contract between the Servicer and any Subservicer relating to servicing and administration of certain Mortgage Loans as provided in Section 3.01(b) of the
Servicing Agreement. 
 Substitution Adjustment Amount: With respect to any Eligible Substitute Loan and any Deleted
Loan, the amount, if any, as determined by the Servicer, by which the aggregate principal balance of all such Eligible Substitute Loans as of the date of substitution is less than the aggregate Principal Balance of all such Deleted Loans (after
application of the principal portion of the Monthly Payments due in the month of substitution that are to be distributed to the Securityholders in the month of substitution). 
 Tangible Net Worth: Net Worth, less the sum of the following (without duplication): (a) any other assets of
[                    ] and its consolidated subsidiaries that would be treated as intangibles under GAAP including, without limitation, any
write-up of assets (other than adjustments to market value to the extent required under GAAP with respect to excess servicing, residual interests in offerings of asset-backed securities and asset-backed securities that are interest-only securities),
good-will, research and development costs, trade-marks, trade names, copyrights, patents and unamortized debt discount and expenses and (b) loans or other extensions of credit to officers of
[                    ] or its consolidated subsidiaries other than mortgage loans made to such Persons in the ordinary course of business.

 Transfer: Any direct or indirect transfer, sale, pledge, hypothecation or other form of assignment of any Ownership
Interest in a Certificate. 
 Transfer Date: The Payment Date on which the Servicer, upon receipt of written notice and
direction from the Issuer, shall cause the retransfer of Mortgage Loans from the Trust Estate to the Issuer, pursuant to Section 3.15(c) of the Servicing Agreement. 
 Transfer Notice Date: The fifth Business Day prior to the Transfer Date for which the Servicer shall give the Indenture Trustee and the Rating Agencies a notice of the proposed retransfer of
Mortgage Loans, pursuant to Section 3.15(c) of the Servicing Agreement. 
 Transferee: Any Person who is acquiring
by Transfer any Ownership Interest in a Certificate. 
 Transferor: Any Person who is disposing by Transfer of any
Ownership Interest in a Certificate. 
 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. 

  
 26 

 Trigger Event: With respect to any Payment Date on or after the Stepdown Date if
either (a) the Rolling Three-Month Delinquency Percentage as determined on that Payment Date, exceeds [            ]% of the Senior Enhancement Percentage for that Payment Date
or (b) the aggregate amount of Liquidation Loss Amounts on the mortgage loans as a percentage of the initial aggregate Pool Balance as of the cut-off date exceeds the applicable amount set forth below: 

 

	 	•	 	 [            ] to
[            ]: [            ]%. 

 

	 	•	 	 [            ] to
[            ]: [            ]% with respect to
[            ], plus an additional 1/12th of [            ]% for each month through
[            ]. 

  

	 	•	 	 [            ] to
[            ]: [            ]% with respect to
[            ], plus an additional 1/12th of [            ]% for each month through
[            ]. 

  

	 	•	 	 [            ] to
[            ]: [            ]% with respect to
[            ], plus an additional 1/12th of [            ]% for each month through
[            ]. 

  

	 	•	 	 [            ] and thereafter:
[            ]%. 

 Trust Agreement:
The trust agreement dated as of the Closing Date, 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. 
 UCC: The Uniform Commercial Code, as in effect
from time to time, as in effect in any specified jurisdiction. 
 Unpaid Principal Amount: As defined in
Section 3.05(a) of the Indenture. 

  
 27

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