Document:

Standby Letter of Credit Agreement

 Exhibit 10.1 
  
 STANDBY LETTER OF CREDIT AGREEMENT 
  
 Dated as of July 22, 2004 
  
 between 
  
 ADE CORPORATION 
  
 and 
  
 FLEET NATIONAL BANK 

 TABLE OF CONTENTS 
  

									
	 1.
	 	DEFINITIONS AND RULES OF INTERPRETATION	  	1
	 	 	         1.1.
	 	Definitions	  	1
	 	 	         1.2.
	 	Rules of Interpretation	  	11
			
	 2.
	 	LETTERS OF CREDIT	  	12
	 	 	        2.1.	 	Letter of Credit Commitments	  	12
	 	 	 	 	     2.1.1.	 	Commitment to Issue Letters of Credit	  	12
	 	 	 	 	     2.1.2.	 	Letter of Credit Applications	  	12
	 	 	 	 	     2.1.3.	 	Terms of Letters of Credit	  	13
	 	 	        2.2.	 	Reimbursement Obligation of the Borrower	  	13
	 	 	        2.3.	 	Letter of Credit Payments	  	14
	 	 	        2.4.	 	Obligations Absolute	  	14
	 	 	        2.5.	 	Reliance by Issuer	  	14
	 	 	        2.6.	 	Letter of Credit Fee	  	14
	 	 	        2.7.	 	Evergreen Provision; Extension of Maturity Date	  	15
			
	 3.
	 	CERTAIN GENERAL PROVISIONS	  	15
	 	 	        3.1.	 	Funds for Payments	  	15
	 	 	 	 	     3.1.1.	 	Payments to Lender	  	15
	 	 	 	 	     3.1.2.	 	No Offset, etc	  	15
	 	 	        3.2.	 	Computations	  	16
	 	 	        3.3.	 	Additional Costs, etc	  	16
	 	 	        3.4.	 	Certificate	  	17
			
	 4.
	 	GUARANTIES	  	17
			
	 5.
	 	REPRESENTATIONS AND WARRANTIES	  	18
			
	 6.
	 	AFFIRMATIVE COVENANTS	  	20
			
	 7.
	 	CERTAIN NEGATIVE COVENANTS	  	22
			
	 8.
	 	FINANCIAL COVENANTS	  	25
	 	 	        8.1.	 	Leverage Ratio	  	25
	 	 	        8.2.	 	Quick Ratio	  	25
	 	 	        8.3.	 	Consolidated Tangible Net Worth	  	25
			
	 9.
	 	CLOSING CONDITIONS	  	25
	 	 	        9.1.	 	Loan Documents	  	25
	 	 	        9.2.	 	IDA Bond Documents	  	25
	 	 	        9.3.	 	Certified Copies of Governing Documents	  	25
	 	 	        9.4.	 	Corporate or Other Action	  	25
	 	 	        9.5.	 	Incumbency Certificate	  	26
	 	 	        9.6.	 	UCC Search Results	  	26
	 	 	        9.7.	 	Opinion of Counsel	  	26
	 	 	        9.8.	 	Payment of Fees	  	26

									
	10.	 	CONDITIONS TO ALL ISSUANCES OF LETTERS OF CREDIT	  	26
	 	 	        10.1.	 	Representations True; No Event of Default	  	26
	 	 	        10.2.	 	No Legal Impediment	  	26
	 	 	        10.3.	 	Proceedings and Documents	  	27
	 	 	        10.4.	 	Governmental Regulation	  	27
			
	11.	 	EVENTS OF DEFAULT; ACCELERATION; ETC	  	27
	 	 	        11.1.	 	Events of Default and Acceleration	  	27
	 	 	        11.2.	 	Termination of Commitment	  	29
	 	 	        11.3.	 	Remedies	  	30
			
	12.	 	SUCCESSORS AND ASSIGNS	  	30
	 	 	        12.1.	 	General Conditions	  	30
	 	 	        12.2.	 	Miscellaneous Assignment Provisions	  	30
			
	13.	 	PROVISIONS OF GENERAL APPLICATIONS	  	31
	 	 	        13.1.	 	Setoff	  	31
	 	 	        13.2.	 	Expenses	  	31
	 	 	        13.3.	 	Indemnification	  	32
	 	 	        13.4.	 	Treatment of Certain Confidential Information	  	32
	 	 	 	 	     13.4.1.	  	Confidentiality	  	32
	 	 	 	 	     13.4.2.	  	Prior Notification	  	33
	 	 	 	 	     13.4.3.	  	Other	  	33
	 	 	        13.5.	 	Survival of Covenants, Etc	  	33
	 	 	        13.6.	 	Notices	  	34
	 	 	        13.7.	 	Governing Law	  	34
	 	 	        13.8.	 	Headings	  	35
	 	 	        13.9.	 	Counterparts	  	35
	 	 	        13.10.	 	Entire Agreement, Etc	  	35
	 	 	        13.11.	 	Waiver of Jury Trial	  	35
	 	 	        13.12.	 	Consents, Amendments, Waivers, Etc	  	35
	 	 	        13.13.	 	Severability	  	36
	 	 	        13.14.	 	USA Patriot Act	  	36

  

 -ii- 

 The following exhibits and schedules have been omitted and will be supplementally furnished to the
Securities and Exchange Commission upon request. 
  
 Exhibits 
  

			
	Exhibit A	  	            Form of Compliance Certificate

  
 Schedules

  

			
	 Schedule 5(f)
	  	Litigation
	 Schedule 5(o)
	  	Subsidiaries Etc.
	 Schedule 7(a)
	  	Existing Indebtedness
	 Schedule 7(b)
	  	Existing Liens
	 Schedule 7(c)
	  	Existing Investments

  

 STANDBY LETTER OF CREDIT AGREEMENT 
  
 This STANDBY LETTER OF CREDIT AGREEMENT is made as of July 22, 2004,
by and among ADE CORPORATION (the “Borrower”), a Delaware corporation having its principal place of business at 80 Wilson Way, Westwood, Massachusetts 02090, and FLEET NATIONAL BANK, a national banking association.

  
 1. DEFINITIONS AND RULES OF INTERPRETATION.

  
 1.1. Definitions. The following terms shall
have the meanings set forth in this §1 or elsewhere in the provisions of this Credit Agreement referred to below: 
  
 Accounts Receivable. All rights of the Borrower or any of the Guarantors to payment for goods sold, leased or otherwise marketed in the ordinary
course of business and all rights of the Borrower or any of the Guarantors to payment for services rendered in the ordinary course of business and all sums of money or other proceeds due thereon pursuant to transactions with account debtors, except
for that portion of the sum of money or other proceeds due thereon that relate to sales, use or property taxes in conjunction with such transactions, recorded on books of account in accordance with GAAP. 
  
 Affiliate. Any Person which, directly or indirectly, controls, is
controlled by or is under common control with the Borrower. “Control” of the Borrower means the power, directly or indirectly, (a) to vote twenty percent (20%) or more of the Capital Stock (on a fully diluted basis) of the Borrower having
ordinary voting power for the election of directors, managing members or general partners (as applicable); or (b) to materially direct or cause the direction of the management and policies of the Borrower (whether by contract or otherwise).

  
 Balance Sheet Date. April 30, 2004. 
  
 Base Rate. The higher of (a) the variable annual rate of interest so
designated from time to time by the Lender as its “prime rate”, such rate being a reference rate and not necessarily representing the lowest or best rate being charged to any customer, and (b) one-half of one percent (1/2%) above the
Federal Funds Effective Rate. For the purposes of this definition, “Federal Funds Effective Rate” shall mean for any day, the rate per annum equal to the weighted average of the rates on overnight federal funds
transactions with members of the Federal Reserve System arranged by federal funds brokers, as published for such day (or, if such day is not a Business Day, for the next preceding Business Day) by the Federal Reserve Bank of New York, or, if such
rate is not so published for any day that is a Business Day, the average of the quotations for such day on such transactions received by the Lender from three funds brokers of recognized standing selected by the Lender. Changes in the Base Rate
resulting from any changes in the Lender’s “prime rate” shall take place immediately without notice or demand of any kind. 

 Bondholder. GE Capital Preferred Asset Corporation, and any permitted successors and/or assigns
under the IDA Bond Documents. 
  
 Borrower. As defined in
the preamble hereto. 
  
 Business Day. Any day other than a
Saturday or a Sunday on which banking institutions in Boston, Massachusetts, are open for the transaction of banking business. 
  
 Capitalized Leases. Leases under which the Borrower or any of its Subsidiaries is the lessee or obligor, the discounted future rental payment
obligations under which are required to be capitalized on the balance sheet of the lessee or obligor in accordance with GAAP. 
  
 Capital Stock. Any and all shares, interests, participations or other equivalents (however designated) of capital stock of a corporation, any and
all equivalent ownership interests in a Person (other than a corporation) and any and all warrants, rights or options to purchase any of the foregoing. 
  
 Cash Equivalents. As to the Borrower and the Guarantors, short term fixed income investments having a rating of not less than “P-1” or
“A” or their equivalents by Moody’s or S&P or their successors. 
  
 Change of Control. An event or series of events by which any person or group of persons (within the meaning of Section 13 or 14 of the Securities
Exchange Act of 1934) shall have acquired beneficial ownership (within the meaning of Rule 13d-3 promulgated by the Securities and Exchange Commission under said Act), directly or indirectly, of twenty percent (20%) or more of the outstanding
shares of Capital Stock of the Borrower; or, during any period of twelve consecutive calendar months, individuals who were directors of the Borrower on the first day of such period shall cease to constitute a majority of the board of directors of
the Borrower. 
  
 Closing Date. The first date on which the
conditions set forth in §9 have been satisfied and any Letter of Credit is to be issued hereunder. 
  
 Code. The Internal Revenue Code of 1986. 
  
 Commitment. The Lender’s commitment to issue the Letters of Credit for the account of the Borrower in accordance with the terms of this Credit
Agreement. 
  
 Consolidated or consolidated. With reference
to any term defined herein, shall mean that term as applied to the accounts of the Borrower and its Subsidiaries, consolidated in accordance with GAAP. 
  
 Consolidated Current Liabilities. All liabilities and other Indebtedness of the Borrower and its Subsidiaries on a consolidated basis maturing on
demand or within 
  

 -2- 

 one (1) year from the date as of which Consolidated Current Liabilities are to be determined, and such other liabilities
as may properly be classified as current liabilities in accordance with GAAP, plus, without duplication, and whether or not so classified as a current liability in accordance with GAAP, the maximum drawing amount of all issued and outstanding
letters of credit (including, without limitation, the Letters of Credit). 
  
 Consolidated Net Income (or Deficit). The consolidated net income (or deficit) of the Borrower and its Subsidiaries, after deduction of all expenses, taxes, and other proper charges, determined in accordance
with GAAP, after eliminating therefrom all extraordinary nonrecurring items of income and all extraordinary nonrecurring noncash items of loss. 
  
 Consolidated Quick Assets. All cash, Cash Equivalents and Accounts Receivable of the Borrower and its Subsidiaries on a consolidated basis that, in
accordance with GAAP, are properly classified as current assets, provided that Accounts Receivable shall be included only if good and collectible as determined by the Borrower in accordance with established practice consistently applied; and
such Accounts Receivable shall be taken at their face value less reserves determined to be sufficient in accordance with GAAP. 
  
 Consolidated Tangible Net Worth. The excess of Consolidated Total Assets minus Consolidated Total Liabilities, and less the sum of: 
  
 (a) the total book value of all assets of the Borrower and
its Subsidiaries properly classified as intangible assets under GAAP, including such items as good will, the purchase price of acquired assets in excess of the fair market value thereof, trademarks, trade names, service marks, brand names,
copyrights, patents and licenses, and rights with respect to the foregoing; plus 
  
 (b) all amounts representing any write-up in the book value of any assets of the Borrower or its Subsidiaries resulting from a revaluation
thereof subsequent to the Balance Sheet Date, excluding adjustments to translate foreign assets and liabilities for changes in foreign exchange rates made in accordance with Financial Accounting Standards Board Statement No. 52; plus 
  
 (c) to the extent otherwise includable in the computation of
Consolidated Tangible Net Worth, any subscriptions receivable. 
  
 Consolidated Total Assets. The sum of (a) all assets (“consolidated balance sheet assets”) of the Borrower and its Subsidiaries determined on a consolidated basis in accordance with GAAP,
plus (b) without duplication, all assets leased by the Borrower or any Subsidiary as lessee under any Synthetic Lease to the extent that such assets would have been consolidated balance sheet assets had the Synthetic Lease been treated for
accounting purposes as a Capitalized Lease, plus (c) without duplication, all sold receivables referred to in clause (g) of the definition of the term “Indebtedness” to the extent that such receivables would have been
consolidated balance sheet assets had they not been sold. 
  

 -3- 

 Consolidated Total Liabilities. All liabilities of the Borrower and its Subsidiaries determined on
a consolidated basis in accordance with GAAP and classified as such on the consolidated balance sheet of the Borrower and its Subsidiaries and all other Indebtedness of the Borrower and its Subsidiaries, whether or not so classified. 
  
 Credit Agreement. This Standby Letter of Credit Agreement, including
the Schedules and Exhibits hereto. 
  
 Default. See
§11.1. 
  
 Distribution. The declaration or payment of
any dividend on or in respect of any shares of any class of Capital Stock of the Borrower, other than dividends payable solely in shares of common stock of the Borrower; the purchase, redemption, defeasance, retirement or other acquisition of any
shares of any class of Capital Stock of the Borrower, directly or indirectly through a Subsidiary of the Borrower or otherwise (including the setting apart of assets for a sinking or other analogous fund to be used for such purpose); the return of
capital by the Borrower to its shareholders as such; or any other distribution on or in respect of any shares of any class of Capital Stock of the Borrower. 
  
 Dollars or $. Dollars in lawful currency of the United States of America. 
  
 Domestic Subsidiary. Each Subsidiary of the Borrower which is organized under the laws of the United States of
America and/or the States (or the District of Columbia) thereof. 
  
 Environmental Laws. All laws pertaining to environmental matters, including, without limitation, the Resource Conservation and Recovery Act, the Comprehensive Environmental Response Compensation and Liability Act of 1980, the
Superfund Amendments and Reauthorization Act of 1986, the Federal Clean Water Act, the Federal Clean Air Act, the Toxic Substances Control Act, in each case as amended, and all rules, regulations, judgments, decrees, orders and licenses arising
under all such laws. 
  
 ERISA. The Employee Retirement
Income Security Act of 1974. 
  
 Event of Default. See
§11.1. 
  
 Financials. In respect of any period, the
consolidated and consolidating balance sheet of any Person and its Subsidiaries as at the end of such period, and the related statement of income and consolidated statement of cash flow for such period, each setting forth in comparative form the
figures for the previous comparable fiscal period, all in reasonable detail and prepared in accordance with GAAP. 
  

 -4- 

 GAAP or generally accepted accounting principles. (a) When used in §8, whether directly or
indirectly through reference to a capitalized term used therein, means (i) principles that are consistent with the principles promulgated or adopted by the Financial Accounting Standards Board and its predecessors, in effect for the fiscal year
ended on the Balance Sheet Date, and (ii) to the extent consistent with such principles, the accounting practice of the Borrower reflected in its financial statements for the year ended on the Balance Sheet Date, and (b) when used in general, other
than as provided above, means principles that are (i) consistent with the principles promulgated or adopted by the Financial Accounting Standards Board and its predecessors, as in effect from time to time, and (ii) consistently applied with past
financial statements of the Borrower adopting the same principles, provided that in each case referred to in this definition of “GAAP” a certified public accountant would, insofar as the use of such accounting principles is
pertinent, be in a position to deliver an unqualified opinion (other than a qualification regarding changes in GAAP) as to financial statements in which such principles have been properly applied.  
  
 Governing Documents. With respect to any Person, its certificate or
articles of incorporation, certificate of formation, or, as the case may be, certificate of limited partnership, its by-laws, operating agreement or, as the case may be, partnership agreement or other constitutive documents and all shareholder
agreements, voting trusts and similar arrangements applicable to any of its Capital Stock. 
  
 Governmental Authority. Any foreign, federal, state, regional, local, municipal or other government, or any department, commission, board, bureau, agency, public authority or instrumentality thereof, or any
court or arbitrator. 
  
 Guarantors. Collectively, all of
the Domestic Subsidiaries of the Borrower, other than the Inactive Subsidiaries. 
  
 Guaranty. The Guaranty, dated or to be dated on or prior to the Closing Date, made by each Guarantor in favor of the Lender pursuant to which each Guarantor guaranties to the Lender the payment and performance
of the Obligations and in form and substance satisfactory to the Lender. 
  
 IDA Bond Documents. Collectively, (a) that certain Loan Agreement dated as of March 1, 1999 by and among the Borrower, the Bondholder and The Industrial Development Authority of the County of Pima; (b) the IDA
Bond and (c) the IDA Letter of Credit. 
  
 IDA Bond. That
certain 5.52% Industrial Development Revenue Bond dated as of March 17, 1999 issued by The Industrial Development Authority of the County of Pima in favor of GE Capital Public Finance Inc. in the original principal amount of $4,500,000. 

 
 IDA Letter of Credit. That certain standby Letter of Credit issued
or to be issued pursuant to the terms hereof on or after the Closing Date by the Lender for the Borrower’s account to the Bondholder with a Maximum Drawing Amount of $3,850,000. 
  

 -5- 

 Inactive Subsidiaries. Collectively, ADE Optical Systems Corporation, a Massachusetts corporation
and ADE Software Corporation, a Massachusetts corporation. 
  
 Indebtedness. As to any Person and whether recourse is secured by or is otherwise available against all or only a portion of the assets of such Person and whether or not contingent, but without duplication: 
  
 (a) every obligation of such Person for money borrowed,

  
 (b) every obligation of such Person evidenced
by bonds, debentures, notes or other similar instruments, including obligations incurred in connection with the acquisition of property, assets or businesses, 
  

(c) every reimbursement obligation of such Person with respect to letters of credit, bankers’ acceptances or similar facilities
issued for the account of such Person, 
  
 (d)
every obligation of such Person issued or assumed as the deferred purchase price of property or services (including securities repurchase agreements but excluding trade accounts payable or accrued liabilities arising in the ordinary course of
business which are not overdue or which are being contested in good faith), 
  
 (e) every obligation of such Person under any Capitalized Lease, 
  
 (f) every obligation of such Person under any Synthetic Lease, 
  
 (g) all sales by such Person of (i) accounts or general intangibles for money due or to become due, (ii)
chattel paper, instruments or documents creating or evidencing a right to payment of money or (iii) other receivables (collectively “receivables”), whether pursuant to a purchase facility or otherwise, other than in connection with
the disposition of the business operations of such Person relating thereto or a disposition of defaulted receivables for collection and not as a financing arrangement, and together with any obligation of such Person to pay any discount, interest,
fees, indemnities, penalties, recourse, expenses or other amounts in connection therewith, 
  
 (h) every obligation of such Person (an “equity related purchase obligation”) to purchase, redeem,
retire or otherwise acquire for value any shares of Capital Stock issued by such Person or any rights measured by the value of such Capital Stock, 
  
 (i) every obligation of such Person under any forward contract, futures contract, swap, option or other financing agreement or arrangement
(including, without limitation, caps, floors, collars and similar agreements), the value of which is dependent upon interest rates, currency exchange rates, commodities or other indices (a “derivative contract”), 

 

 -6- 

 (j) every obligation in respect of Indebtedness of any other entity (including any
partnership in which such Person is a general partner) to the extent that such Person is liable therefor as a result of such Person’s ownership interest in or other relationship with such entity, except to the extent that the terms of such
Indebtedness provide that such Person is not liable therefor and such terms are enforceable under applicable law, 
  
 (k) every obligation, contingent or otherwise, of such Person guaranteeing, or having the economic effect of guarantying or otherwise
acting as surety for, any obligation of a type described in any of clauses (a) through (j) (the “primary obligation”) of another Person (the “primary obligor”), in any manner, whether directly or
indirectly, and including, without limitation, any obligation of such Person (i) to purchase or pay (or advance or supply funds for the purchase of) any security for the payment of such primary obligation, (ii) to purchase property, securities or
services for the purpose of assuring the payment of such primary obligation, or (iii) to maintain working capital, equity capital or other financial statement condition or liquidity of the primary obligor so as to enable the primary obligor to pay
such primary obligation. 
  
 The “amount” or
“principal amount” of any Indebtedness at any time of determination represented by (t) any Indebtedness, issued at a price that is less than the principal amount at maturity thereof, shall be the amount of the liability in
respect thereof determined in accordance with GAAP, (u) any Capitalized Lease shall be the principal component of the aggregate of the rentals obligation under such Capitalized Lease payable over the term thereof that is not subject to termination
by the lessee, (v) any sale of receivables shall be the amount of unrecovered capital or principal investment of the purchaser (other than the Borrower or any of its wholly-owned Subsidiaries) thereof, excluding amounts representative of yield or
interest earned on such investment, (w) any Synthetic Lease shall be the stipulated loss value, termination value or other equivalent amount, (x) any derivative contract shall be the maximum amount of any termination or loss payment required to be
paid by such Person if such derivative contract were, at the time of determination, to be terminated by reason of any event of default or early termination event thereunder, whether or not such event of default or early termination event has in fact
occurred, (y) any equity related purchase obligation shall be the maximum fixed redemption or purchase price thereof inclusive of any accrued and unpaid dividends to be comprised in such redemption or purchase price and (z) any guaranty or other
contingent liability referred to in clause (k) shall be an amount equal to the stated or determinable amount of the primary obligation in respect of which such guaranty or other contingent obligation is made or, if not stated or determinable, the
maximum reasonably anticipated liability in respect thereof (assuming such Person is required to perform thereunder) as determined by such Person in good faith. 
  

 -7- 

 Investments. All expenditures made and all liabilities incurred (contingently or otherwise) for
the acquisition of stock or Indebtedness of, or for loans, advances, capital contributions or transfers of property to, or in respect of any guaranties (or other commitments as described under Indebtedness), or obligations of, any Person. In
determining the aggregate amount of Investments outstanding at any particular time: (a) the amount of any Investment represented by a guaranty shall be taken at not less than the principal amount of the obligations guaranteed and still outstanding;
(b) there shall be included as an Investment all interest accrued with respect to Indebtedness constituting an Investment unless and until such interest is paid; (c) there shall be deducted in respect of each such Investment any amount received as a
return of capital (but only by repurchase, redemption, retirement, repayment, liquidating dividend or liquidating distribution); (d) there shall not be deducted in respect of any Investment any amounts received as earnings on such Investment,
whether as dividends, interest or otherwise, except that accrued interest included as provided in the foregoing clause (b) may be deducted when paid; and (e) there shall not be deducted from the aggregate amount of Investments any decrease in the
value thereof. 
  
 Lender. Fleet National Bank and any
other Person who becomes an assignee of any rights and obligations of a Lender pursuant to §12. 
  
 Lender’s Office. The Lender’s office located at 100 Federal Street, Boston, Massachusetts 02110, or at such other location as the Lender
may designate from time to time. 
  
 Lender’s Special
Counsel. Bingham McCutchen LLP or such other counsel as may be approved by the Lender. 
  
 Letter of Credit. See §2.1.1. 
  
 Letter of Credit Application. See §2.1.1. 
  
 Letter of Credit Fee. See §2.6. 
  
 Letter of Credit Participation. See §2.1.4. 
  
 Leverage Ratio. As at any date of determination, the ratio of (a) Consolidated Total Liabilities outstanding on such date to (b) Consolidated Tangible Net Worth on such date. 
  
 Lien. Any mortgage, deed of trust, security interest, pledge,
hypothecation, assignment, attachment, deposit arrangement, encumbrance, lien (statutory, judgment or otherwise), or other security agreement or preferential arrangement of any kind or nature whatsoever (including any conditional sale or other title
retention agreement, any Capitalized Lease, any Synthetic Lease, any financing lease involving substantially the same economic effect as any of the foregoing and the filing of any financing statement under the UCC or comparable law of any
jurisdiction). 
  

 -8- 

 Loan Documents. This Credit Agreement, the Guaranty, the Letter of Credit Applications and the
Letters of Credit. 
  
 Material Adverse Effect. With
respect to any event or occurrence of whatever nature (including any adverse determination in any litigation, arbitration or governmental investigation or proceeding): 
  
 (a) a material adverse effect on the business, properties, prospects, condition (financial or otherwise), assets, operations
or income of the Borrower, individually or the Borrower and its Subsidiaries, taken as a whole; 
  
 (b) a material adverse effect on the ability of the Borrower or any of its Subsidiaries, individually and taken as a whole, to perform any of their
respective Obligations under any of the Loan Documents to which it is a party; or 
  
 (c) any material impairment of the validity, binding effect or enforceability of this Credit Agreement or any of the other Loan Documents or any material impairment of the rights, remedies or benefits available to the
Lender under any Loan Document. 
  
 In determining whether any individual event
could reasonably be expected to result in a Material Adverse Effect, notwithstanding that such event does not of itself have such effect, a Material Adverse Effect shall be deemed to have occurred if the cumulative effect of such event and all other
then existing events could reasonably be expected to result in a Material Adverse Effect. 
  
 Maturity Date. July 21, 2005, unless extended in accordance with §2.7, and then such date as set forth in § 2.7. 
  
 Maximum Drawing Amount. The maximum aggregate amount that the beneficiaries may at any time draw under outstanding
Letters of Credit, as such aggregate amount may be reduced from time to time pursuant to the terms of the Letters of Credit. 
  
 Moody’s. Moody’s Investors Services, Inc. 
  
 Obligations. All indebtedness, obligations and liabilities of any of the Borrower and its Subsidiaries to the Lender existing on the date of this
Credit Agreement or arising thereafter, direct or indirect, joint or several, absolute or contingent, matured or unmatured, liquidated or unliquidated, secured or unsecured, arising by contract, operation of law or otherwise, arising or incurred
under this Credit Agreement or any of the other Loan Documents or in respect of any of the Reimbursement Obligations incurred or any of the Letter of Credit Application, Letter of Credit or other instruments at any time evidencing any thereof.

  
 Permitted Acquisitions. See §7(f). 
  
 Permitted Liens. Liens permitted by §7.2. 
  

 -9- 

 Person. Any individual, corporation, limited liability company partnership, limited liability
partnership, trust, other unincorporated association, business, or other legal entity, and any Governmental Authority. 
  
 Real Estate. All real property at any time owned or leased (as lessee or sublessee) by the Borrower or any of its Subsidiaries. 
  
 Reimbursement Obligation. The Borrower’s obligation to reimburse
the Lender on account of any drawing under any Letter of Credit as provided in §2.2. 
  
 Restricted Payment. In relation to the Borrower and its Subsidiaries, any (a) Distribution, (b) payment or prepayment by the Borrower or its Subsidiaries to the Borrower’s or any Subsidiary’s
shareholders (or other equity holders), or to any Affiliate of the Borrower or any Subsidiary or any Affiliate of the Borrower’s or such Subsidiary’s shareholders (or other equity holders), in each case, other than to the Borrower, (c)
derivatives or other transactions with any financial institution, commodities or stock exchange or clearinghouse (a “Derivatives Counterparty”) obligating the Borrower or any Subsidiary to make payments to such Derivatives
Counterparty as a result of any change in market value of any Capital Stock of the Borrower or such Subsidiary or (d) payment in respect of any phantom stock plan or similar interests. 
  
 S&P. Standard & Poor’s Ratings Group. 
  
 Subsidiary. Any corporation, association, trust, or other business
entity of which the designated parent shall at any time own directly or indirectly through a Subsidiary or Subsidiaries at least a majority (by number of votes) of the outstanding Voting Stock. 
  
 Synthetic Lease. Any lease of goods or other property, whether real or
personal, which is treated as an operating lease under GAAP and as a loan or financing for U.S. income tax purposes. 
  
 Unpaid Reimbursement Obligation. Any Reimbursement Obligation for which the Borrower does not reimburse the Lender on the date specified in, and in
accordance with, §2.2. 
  
 Voting Stock. Stock or
similar interests, of any class or classes (however designated), the holders of which are at the time entitled, as such holders, to vote for the election of a majority of the directors (or persons performing similar functions) of the corporation,
association, trust or other business entity involved, whether or not the right so to vote exists by reason of the happening of a contingency. 
  
 Westwood Letter of Credit. That certain standby Letter of Credit issued by the Lender for the Borrower’s account on July 28, 2003 to Jerome L.
Rappaport, Jr. and Janet F. Aserkoff, Trustees of Westwood Nominee Trust, with a Maximum Drawing Amount of $600,534. 
  

 -10- 

 1.2. Rules of Interpretation. 
  
 (a) A reference to any document or agreement shall include
such document or agreement as amended, modified or supplemented from time to time in accordance with its terms and the terms of this Credit Agreement. 
  
 (b) The singular includes the plural and the plural includes the singular. 
  
 (c) A reference to any law includes any amendment or modification to such law. 
  
 (d) A reference to any Person includes its permitted
successors and permitted assigns. 
  
 (e)
Accounting terms not otherwise defined herein have the meanings assigned to them by GAAP applied on a consistent basis by the accounting entity to which they refer. 
  
 (f) The words “include”, “includes” and “including” are not limiting.

  
 (g) All terms not specifically defined herein
or by GAAP, which terms are defined in the Uniform Commercial Code as in effect in the Commonwealth of Massachusetts, have the meanings assigned to them therein, with the term “instrument” being that defined under Article 9 of the
Uniform Commercial Code. 
  
 (h) Reference to a
particular “§” refers to that section of this Credit Agreement unless otherwise indicated. 
  
 (i) The words “herein”, “hereof”, “hereunder” and words of like import shall refer to this Credit Agreement
as a whole and not to any particular section or subdivision of this Credit Agreement. 
  
 (j) Unless otherwise expressly indicated, in the computation of periods of time from a specified date to a later specified date, the word
“from” means “from and including,” the words “to” and “until” each mean “to but excluding,” and the word “through” means “to and including.” 
  
 (k) This Credit Agreement and the other Loan Documents may
use several different limitations, tests or measurements to regulate the same or similar matters. All such limitations, tests and measurements are, however, cumulative and are to be performed in accordance with the terms thereof. 
  
 (l) This Credit Agreement and the other Loan Documents are
the result of negotiation among, and have been reviewed by counsel to, among others, the Lender and the Borrower and are the product of discussions and negotiations among all parties. Accordingly, this Credit Agreement and the other Loan Documents
are not intended to be construed against the Lender merely on account of the Lender’s involvement in the preparation of such documents. 
  

 -11- 

 2. LETTERS OF CREDIT. 
  
 2.1. Letter of Credit Commitments. 
  
 2.1.1. Commitment to Issue Letters of Credit. Subject to the terms and conditions hereof,
including, without limitation, satisfaction of the conditions set forth in § 9 and § 10 hereof, and the execution and delivery by the Borrower of a letter of credit application on the Lender’s customary form (a “Letter
of Credit Application”), the Lender, in reliance upon the representations and warranties of the Borrower contained herein, agrees to issue, extend and renew for the account of the Borrower the IDA Letter of Credit and the
Westwood Letter of Credit (collectively, the “Letters of Credit” and each individually, a “Letter of Credit”), in such form as may be requested from time to time by the Borrower and
agreed to by the Lender and the Borrower; provided, however, that, after giving effect to such request, (a) the sum of the aggregate Maximum Drawing Amount and all Unpaid Reimbursement Obligations shall not exceed $4,450,534 at any one
time, (b) the Maximum Drawing Amount and all Unpaid Reimbursement Obligations of the IDA Letter of Credit shall not exceed $3,850,000 at any time; (c) the Maximum Drawing Amount and all Unpaid Reimbursement Obligations of the Westwood Letter of
Credit shall not exceed $650,000 at any time and (d) the only Letters of Credit to be issued and outstanding hereunder shall be the IDA Letter of Credit and the Westwood Letter of Credit. In addition, the parties hereto hereby acknowledge and agree
that the Westwood Letter of Credit shall, on the Closing Date, constitute a Letter of Credit hereunder, notwithstanding the date of issuance thereof, the letter of credit application for such Westwood Letter of Credit shall be considered a Letter of
Credit Application hereunder, and such Westwood Letter of Credit shall, from and after the Closing Date, be governed by the terms of this Credit Agreement. To the extent the Borrower would like any Letter of Credit extended or renewed upon its
stated expiry date, the Borrower shall provide the Bank with prior written notice of its request for such an extension or renewal (which notice shall also set forth the extension or renewal date and the new expiry date (which shall not be more than
364 days from the then existing expiry date)) by a date which is not more than ninety (90) days prior to the then scheduled expiry date of such Letter of Credit and not later than seventy five (75) days prior to the then scheduled expiry date of
such Letter of Credit. To the extent the Lender has not provided the Borrower with written notice of its intention to not extend or renew such Letter of Credit as requested by the Borrower within sixty (60) days of the then scheduled expiry date,
the Lender shall be deemed to have consented to such extension or renewal of such Letter of Credit, and the provisions of §2.7 shall be applicable. 
  
 2.1.2. Letter of Credit Applications. Each Letter of Credit Application shall be completed to the satisfaction of the
Lender. In the event that any provision of any Letter of Credit Application shall be inconsistent with any provision of this Credit Agreement, then the provisions of this Credit Agreement shall, to the extent of any such inconsistency, govern.

  

 -12- 

 2.1.3. Terms of Letters of Credit. Each Letter of Credit issued, extended
or renewed hereunder shall, among other things, (a) provide for the payment of sight drafts for honor thereunder when presented in accordance with the terms thereof and when accompanied by the documents described therein, and (b) have an expiry date
no later than the Maturity Date. Each Letter of Credit so issued, extended or renewed shall be subject to either the Uniform Customs and Practice for Documentary Credits (1993 Revision), International Chamber of Commerce Publication No. 500 or any
successor version thereto adopted by the Lender in the ordinary course of its business as a letter of credit issuer and in effect at the time of issuance of such Letter of Credit (the “Uniform Customs”) or the International
Standby Practices (ISP98), International Chamber of Commerce Publication No. 590, or any successor code of standby letter of credit practices among banks adopted by the Lender in the ordinary course of its business as a standby letter of credit
issuer and in effect at the time of issuance of such Letter of Credit. 
  
 2.2. Reimbursement Obligation of the Borrower. In order to induce the Lender to issue, extend and renew each Letter of Credit, the Borrower hereby agrees to reimburse or pay to the Lender, with respect to each Letter of Credit
issued, extended or renewed by the Lender hereunder, 
  
 (a)except as otherwise expressly provided in §2.2(b), on each date that any draft presented under such Letter of Credit is honored by the Lender, or the Lender otherwise makes a payment with respect thereto, (i) the amount paid
by the Lender under or with respect to such Letter of Credit, and (ii) the amount of any taxes, fees, charges or other costs and expenses whatsoever incurred by the Lender in connection with any payment made by the Lender under, or with respect to,
such Letter of Credit, and 
  
 (b)upon the
termination of the Commitment, or the acceleration of the Reimbursement Obligations with respect to any or all Letters of Credit in accordance with §11, an amount equal to the then Maximum Drawing Amount on all Letters of Credit, which amount
shall be held by the Lender as cash collateral for all Reimbursement Obligations. 
  
 Each such payment shall be made to the Lender at the Lender’s Office in immediately available funds. Interest on any and all amounts remaining unpaid by the Borrower under this §2.2 at any time from the date which is five (5) days
after such amounts become due and payable (whether as stated in this §2.2, by acceleration or otherwise) until payment in full (whether before or after judgment) shall bear interest compounded monthly and payable on demand at a rate per annum
equal to two percent (2%) per annum above the Base Rate until such amount shall be paid in full (after as well as before judgment). 
  

 -13- 

 2.3. Letter of Credit Payments. If any draft shall be presented or other demand for payment
shall be made under any Letter of Credit, the Lender shall notify the Borrower of the date and amount of the draft presented or demand for payment and of the date and time when it expects to pay such draft or honor such demand for payment. The
Borrower shall reimburse the Lender as provided in §2.2 on or before the date that such draft is paid or other payment is made by the Lender. The responsibility of the Lender to the Borrower shall be only to determine that the documents
(including each draft) delivered under each Letter of Credit in connection with such presentment shall be in conformity in all material respects with such Letter of Credit. 
  
 2.4. Obligations Absolute. The Borrower’s obligations under this §2 shall be absolute and
unconditional under any and all circumstances and irrespective of the occurrence of any Default or Event of Default or any condition precedent whatsoever or any setoff, counterclaim or defense to payment which the Borrower may have or have had
against the Lender or any beneficiary of a Letter of Credit. The Borrower further agrees with the Lender that the Lender shall not be responsible for, and the Borrower’s Reimbursement Obligations under §2.2 shall not be affected by, among
other things, the validity or genuineness of documents or of any endorsements thereon, even if such documents should in fact prove to be in any or all respects invalid, fraudulent or forged, or any dispute between or among the Borrower, the
beneficiary of any Letter of Credit or any financing institution or other party to which any Letter of Credit may be transferred or any claims or defenses whatsoever of the Borrower against the beneficiary of any Letter of Credit or any such
transferee. The Lender shall not be liable for any error, omission, interruption or delay in transmission, dispatch or delivery of any message or advice, however transmitted, in connection with any Letter of Credit. The Borrower agrees that any
action taken or omitted by the Lender under or in connection with each Letter of Credit and the related drafts and documents, if done in good faith, shall be binding upon the Borrower and shall not result in any liability on the part of the Lender
to the Borrower. 
  
 2.5. Reliance by Issuer. To the
extent not inconsistent with §2.4, the Lender shall be entitled to rely, and shall be fully protected in relying upon, any Letter of Credit, draft, writing, resolution, notice, consent, certificate, affidavit, letter, cablegram, telegram,
telecopy, telex or teletype message, statement, order or other document believed by it to be genuine and correct and to have been signed, sent or made by the proper Person or Persons and upon advice and statements of legal counsel, independent
accountants and other experts selected by the Lender. 
  
 2.6.
Letter of Credit Fee. The Borrower shall, on the date of issuance or any extension or renewal of any Letter of Credit pay a fee (in each case, a “Letter of Credit Fee”) to the Lender in respect of
each Letter of Credit an amount equal to one and a half percent(1 1/2%) per annum of the face amount of each such
Letter of Credit and, in addition, the Borrower shall also pay to the Lender, at such other time or times as such charges are customarily made by the Lender, the Lender’s reasonable and customary issuance, amendment, negotiation or document
examination and other administrative fees as in effect from time to time. 
  

 -14- 

 2.7. Evergreen Provision; Extension of Maturity Date. Each Letter of Credit issued
hereunder may, if requested by the Borrower and consented to by the beneficiary thereof, contain a provision providing for the automatic renewal of such Letter of Credit on the then stated expiry date thereof unless the Lender has provided the
beneficiary of such Letter of Credit with notice by a date which is at least sixty (60) days prior to the then stated expiry date that the Lender will not renew such Letter of Credit (such provision being hereinafter referred to as the
“Evergreen Clause”). In addition, to the extent any Letter of Credit does not contain an Evergreen Clause, the Lender may, if requested by the Borrower, extend the expiry date of any Letter of Credit, provided,
however, whether or not a Letter of Credit contains an Evergreen Clause, the Lender is under no obligation to renew any Letter of Credit and any agreement by the Lender to so renew any Letter of Credit shall be at the sole an absolute discretion
of the Lender. The Lender may elect, in its sole and absolute discretion, to renew one or both Letters of Credit, and any renewal of one Letter of Credit shall in no way obligate the Lender to renew the other Letter of Credit or make subsequent
renewals of any Letter of Credit. To the extent the Lender elects, in its sole and absolute discretion, to renew any Letter of Credit on or prior to its stated expiry date, then the Maturity Date, as it pertains to such Letter of Credit (and only
such Letter of Credit) shall be extended to a date which is the new expiry date of such Letter of Credit (but in no event shall the Maturity Date be extended to a date which is more than 364 days from the then stated expiry date). 
  
 3. CERTAIN GENERAL PROVISIONS. 
  
 3.1. Funds for Payments. 
  
 3.1.1. Payments to Lender. All payments of
Reimbursement Obligations (including interest thereon), fees and any other amounts due hereunder or under any of the other Loan Documents shall be made on the due date thereof to the Lender in Dollars for the Lender’s account at the
Lender’s Office or at such other place that the Lender may from time to time designate, in each case at or about 11:00 a.m. (Boston, Massachusetts, time or other local time at the place of payment) and in immediately available funds.

  
 3.1.2. No Offset, etc. All
payments by the Borrower hereunder and under any of the other Loan Documents shall be made without recoupment, setoff or counterclaim and free and clear of and without deduction for any taxes, levies, imposts, duties, charges, fees, deductions,
withholdings, compulsory loans, restrictions or conditions of any nature now or hereafter imposed or levied by any jurisdiction or any political subdivision thereof or taxing or other authority therein unless the Borrower is compelled by law to make
such deduction or withholding. If any such obligation is imposed upon the Borrower with respect to any amount payable by it hereunder or under any of the other Loan Documents, the Borrower will pay to the Lender on the date on which such amount is
due and payable hereunder or under such other Loan Document, such additional amount in Dollars as shall be necessary to enable the Lender to receive the same net amount which the Lender would have received on such due date had no such obligation
been imposed upon the Borrower. The Borrower will 
  

 -15- 

 deliver promptly to the Lender certificates or other valid vouchers for all taxes or other charges
deducted from or paid with respect to payments made by the Borrower hereunder or under such other Loan Document. 
  
 3.2. Computations. All computations of interest on the Reimbursement Obligations and of fees shall be based on a 360-day year and paid for
the actual number of days elapsed. Whenever a payment hereunder or under any of the other Loan Documents becomes due on a day that is not a Business Day, the due date for such payment shall be extended to the next succeeding Business Day, and
interest shall accrue during such extension. 
  
 3.3.
Additional Costs, etc. If any present or future applicable law, which expression, as used herein, includes statutes, rules and regulations thereunder and interpretations thereof by any competent court or by any governmental or other
regulatory body or official charged with the administration or the interpretation thereof and requests, directives, instructions and notices at any time or from time to time hereafter made upon or otherwise issued to the Lender by any central bank
or other fiscal, monetary or other authority (whether or not having the force of law), shall: 
  
 (a) subject the Lender to any tax, levy, impost, duty, charge, fee, deduction or withholding of any nature with respect to this
Credit Agreement, the other Loan Documents, any Letters of Credit, or the Lender’s Commitment (other than taxes based upon or measured by the income or profits of the Lender), or 
  
 (b) materially change the basis of taxation (except for changes in taxes on income or profits) of
payments to the Lender of any amounts payable to the Lender under this Credit Agreement or any of the other Loan Documents, or 
  
 (c) impose or increase or render applicable (other than to the extent specifically provided for elsewhere in this Credit Agreement)
any special deposit, reserve, assessment, liquidity, capital adequacy or other similar requirements (whether or not having the force of law) against assets held by, or deposits in or for the account of, or loans by, or letters of credit issued by,
or commitments of an office of the Lender, or 
  
 (d) impose on the Lender any other conditions or requirements with respect to this Credit Agreement, the other Loan Documents, any Letters of Credit, the Lender’s Commitment, or any class of loans, letters of credit or
commitments of which the Lender’s Commitment forms a part, and the result of any of the foregoing is 
  
 (i) to increase the cost to any Lender of making, funding, issuing, renewing, extending or maintaining the Lender’s Commitment
or any Letter of Credit, or 
  

 -16- 

 (ii) to reduce the amount of Reimbursement Obligation (including interest thereon)
or other amount payable to the Lender hereunder on account of the Lender’s Commitment or any Letter of Credit, or 
  
 (iii) to require the Lender to make any payment or to forego any Reimbursement Obligation (including any interest thereon) or other
sum payable hereunder, the amount of which payment or foregone interest or Reimbursement Obligation or other sum is calculated by reference to the gross amount of any sum receivable or deemed received by the Lender from the Borrower hereunder,

  
 then, and in each such case, the Borrower will, upon demand made by the Lender
at any time and from time to time and as often as the occasion therefor may arise, pay to the Lender such additional amounts as will be sufficient to compensate the Lender for such additional cost, reduction, payment or foregone interest or
Reimbursement Obligation or other sum. 
  
 3.4.
Certificate. A certificate setting forth any additional amounts payable pursuant to §3.3 and a brief explanation of such amounts which are due, submitted by the Lender to the Borrower, shall be conclusive, absent manifest error, that
such amounts are due and owing. 
  
 4. GUARANTIES.

  
 The Obligations shall be guaranteed pursuant to the terms of the Guaranty.

  
 5. REPRESENTATIONS AND WARRANTIES. 
  
 The Borrower represents and warrants to the Lender as follows: 
  
 (a) the Borrower and each of its Subsidiaries, other than the Inactive
Subsidiaries, is duly organized, validly existing and in good standing under the laws of its applicable jurisdiction of formation and is duly qualified and in good standing in every other jurisdiction where it is doing business (except where the
failure to so qualify could not reasonably be expected to have a Material Adverse Effect), and the execution, delivery and performance of the Borrower and its Subsidiaries of the Loan Documents to which it is a party (a) are within its corporate or
similar authority, (b) have been duly authorized, and (c) do not conflict with or contravene its Governing Documents and do not and will not conflict with or result in any breach or contravention of any provision of law, statute, rule or regulation
to which the Borrower or any of its Subsidiaries is subject or any judgment, order, writ, injunction, license or permit applicable to the Borrower or any of its Subsidiaries. Upon the execution and delivery thereof, each Loan Document shall
constitute the legal, valid and binding obligation of the Borrower and its Subsidiaries party thereto, enforceable in accordance with its terms; 
  
 (b) the execution, delivery and performance by the Borrower and any of its Subsidiaries of this Credit Agreement and the other Loan Documents to which the

  

 -17- 

 Borrower or any of its Subsidiaries is or is to become a party and the transactions contemplated hereby and thereby do
not require the approval or consent of, or filing with, any governmental agency or authority other than those already obtained; 
  
 (c) the Borrower and its Subsidiaries own all of the assets reflected in the consolidated balance sheet of the Borrower and its Subsidiaries as at the
Balance Sheet Date or acquired since that date (except property and assets sold or otherwise disposed of in the ordinary course of business since that date), subject to no Liens or other rights of others, except Permitted Liens; 
  
 (d) the Borrower and each of its Subsidiaries has a fiscal year which is the
twelve months ending on April 30 of each calendar year, and, in addition, there has been furnished to the Lender the audited Financial as at the Balance Sheet Date, which Financials have been prepared in accordance with GAAP and fairly present the
financial condition of the Borrower as at the close of business on the date thereof and the results of operations for the fiscal year then ended; and since the Balance Sheet Date there has been no event or occurrence which has had a Material Adverse
Effect, nor has the Borrower made any Restricted Payments; 
  
 (e)
the Borrower and its Subsidiaries, on a consolidated and consolidating basis, both before and after giving effect to the transactions contemplated by this Credit Agreement and the other Loan Documents (a) are solvent, (b) the fair value of the
property of such Person exceeds its total liabilities (including contingent liabilities but without duplication of any underlying liability related thereto), (c) the present fair saleable value on a going concern basis of the assets of such Person
is not less than the amount required to pay its probable liabilities on its debts as they become absolute and mature, (d) does not intend to, and does not believe that it will, incur debts or liabilities beyond its ability to pay as such debts and
liabilities mature, and (e) is not engaged, and is not about to engage, in business or a transaction for which its property would constitute unreasonably small capital; 
  
 (f) except as set forth on Schedule 5(f) hereto, there are no legal or other proceedings or investigations
pending or threatened against the Borrower or any of its Subsidiaries before any court, tribunal or regulatory authority which would, if adversely determined, alone or together, have a Material Adverse Effect; 
  
 (g) to the best of the Borrower’s knowledge, neither the Borrower nor
any of its Subsidiaries is subject to any Governing Document or other legal restriction, or any judgment, decree, order, law, statute, rule or regulation that has a Material Adverse Effect. To the best of the Borrower’s knowledge, neither the
Borrower nor any of its Subsidiaries is a party to any contract or agreement that has, in the judgment of the Borrower’s officers, any Material Adverse Effect; 
  
 (h) neither the Borrower nor any of its Subsidiaries is in violation of any provision of its Governing Documents, or any
agreement or instrument to which it may be subject or by which it or any of its properties may be bound or any decree, order, judgment, statute, license, rule or regulation (including, without limitation, all 
  

 -18- 

 applicable federal and state tax laws, ERISA and Environmental Laws), in any of the foregoing cases in a manner that
could result in the imposition of substantial penalties or have a Material Adverse Effect; 
  
 (i) the Borrower and its Subsidiaries (a) have made or filed all federal, state and foreign income and all other tax returns, reports and declarations required by any jurisdiction to which any of them is subject, (b)
have paid all taxes and other governmental assessments and charges shown or determined to be due on such returns, reports and declarations, except those being contested in good faith and by appropriate proceedings and except where the failure to
make such payment could not reasonably be expected to have a Material Adverse Effect and (c) have set aside on their books provisions reasonably adequate for the payment of all taxes for periods subsequent to the periods to which such returns,
reports or declarations apply. There are no unpaid taxes in any material amount claimed to be due by the taxing authority of any jurisdiction, and none of the officers of the Borrower know of any basis for any such claim; 
  
 (j) no Default or Event of Default has occurred and is continuing;

  
 (k) neither the Borrower nor any of its Subsidiaries is a
“holding company”, or a “subsidiary company” of a “holding company”, or an “affiliate” of a “holding company”, as such terms are defined
in the Public Utility Holding Company Act of 1935; nor is it an “investment company”, or an “affiliated company” or a “principal underwriter” of an “investment
company”, as such terms are defined in the Investment Company Act of 1940; 
  
 (l) except with respect to Permitted Liens, there is no financing statement, security agreement, chattel mortgage, real estate mortgage or other document filed or recorded with any filing records, registry or other
public office, that purports to cover, affect or give notice of any present or possible future Lien on any assets or property of the Borrower or any of its Subsidiaries or any rights relating thereto; 
  
 (m) except for arm’s length transactions pursuant to which the Borrower
or any of its Subsidiaries makes payments in the ordinary course of business upon terms no less favorable than the Borrower or such Subsidiary could obtain from third parties, none of the officers, directors, or employees of the Borrower or any of
its Subsidiaries is presently a party to any transaction with the Borrower or any of its Subsidiaries (other than for services as employees, officers and directors), including any contract, agreement or other arrangement providing for the furnishing
of services to or by, providing for rental of real or personal property to or from, or otherwise requiring payments to or from any officer, director or such employee or, to the knowledge of the Borrower, any corporation, partnership, trust or other
entity in which any officer, director, or any such employee has a substantial interest or is an officer, director, trustee or partner; 
  
 (n) the Borrower will obtain (a) the IDA Letter of Credit solely to provide a credit enhancement for the holders of the IDA Bonds; and (b) the Westwood
Letter of Credit solely as a form of the security deposit for the Borrower’s operating lease on its 
  

 -19- 

 Westwood, Massachusetts headquarters and, in addition, no portion of any Letter of Credit is to be obtained, for the
purpose of purchasing or carrying any “margin security” or “margin stock” as such terms are used in Regulations U and X of the Board of Governors of the Federal Reserve System, 12 C.F.R. Parts 221 and
224. 
  
 (o) Schedule 5(o) hereto sets forth the only
Subsidiaries of the Borrower. Except as set forth on Schedule 5(o) hereto, neither the Borrower nor any Subsidiary of the Borrower is engaged in any joint venture or partnership with any other Person. The jurisdiction of
incorporation/formation and principal place of business of each Subsidiary of the Borrower is listed on Schedule 5(o) hereto. Each of the Inactive Subsidiaries has no assets in excess of $5,000 in the aggregate and no material
liabilities and is an inactive Subsidiary. 
  
 (p) none of the
requesting or issuance, extension or renewal of any Letters of Credit or the use of the proceeds of any thereof will violate the Trading With the Enemy Act (50 U.S.C. § 1 et seq., as amended) (the “Trading With the
Enemy Act”) or any of the foreign assets control regulations of the United States Treasury Department (31 CFR, Subtitle B, Chapter V, as amended) (the “Foreign Assets Control Regulations”) or
any enabling legislation or executive order relating thereto (which for the avoidance of doubt shall include, but shall not be limited to (a) Executive Order 13224 of September 21, 2001 Blocking Property and Prohibiting Transactions With Persons Who
Commit, Threaten to Commit, or Support Terrorism (66 Fed. Reg. 49079 (2001)) (the “Executive Order”) and (b) the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism
Act of 2001 (Public Law 107-56)). Furthermore, neither the Borrower nor any of its Subsidiaries or other Affiliates (a) is or will become a “blocked person” as described in the Executive Order, the Trading With the Enemy Act or the Foreign
Assets Control Regulations or (b) engages or will engage in any dealings or transactions, or be otherwise associated, with any such “blocked person”. 
  

6. AFFIRMATIVE COVENANTS. 
  
 The Borrower covenants and agrees that, so long as any Unpaid Reimbursement Obligation or Letter of Credit is outstanding or the Lender has any obligation
to issue, extend or renew any Letters of Credit, the Borrower will, and will cause each of its Subsidiaries to comply with its obligations set forth in this Credit Agreement and to: 
  
 (a) duly pay and punctually pay or cause to be paid all Reimbursement Obligations, the Letter of Credit Fees and all other
amounts provided for in this Credit Agreement and the other Loan Documents to which the Borrower or any of its Subsidiaries is a party, all in accordance with the terms of this Credit Agreement and such other Loan Documents; 
  
 (b) furnish the Bank: (i) as soon as available but in any event within ninety
(90) days after the close of each fiscal year, its audited Financials for such fiscal year, certified by the Borrower’s accountants; (ii) as soon as available but in any event within forty five (45) days after the end of each fiscal quarter its
unaudited Financials for such 
  

 -20- 

 quarter, certified by its chief financial officer or such other qualified individual as may be designated by an officer
of the Borrower; (iii) together with the quarterly and annual audited Financials, a certificate of the Borrower substantially in the form of Exhibit A hereto setting forth computations demonstrating compliance with the Borrower’s financial
covenants set forth herein, and certifying that no Default or Event of Default has occurred; (iv) contemporaneously with the filing or mailing thereof, copies of all material of a financial nature filed with the Securities and Exchange Commission or
sent to the stockholders of the Borrower; and (v) from time to time such other financial data and information (including accountants management letters to the extent such letters are prepared) as the Lender may reasonably request. 
  
 (c) keep true and accurate books of account in accordance with GAAP, maintain
its current fiscal year unless the Borrower notifies the Lender in writing in advance of any change of its fiscal year (provided, the Borrower shall continue to calculate the covenants contained in §8 hereof as if its fiscal year has not
changed from the fiscal year of the Borrower on the Closing Date) and permit the Lender or its designated representatives to inspect the Borrower’s premises during normal business hours and, so long as no Default or Event of Default has
occurred and is continuing, at reasonable intervals, to examine and be advised as to such or other business records upon the request of the Lender, provided, so long as no Default or Event of Default has occurred and is continuing, the Lender
shall not conduct such inspections more than once each calendar year, and the cost and expense of such inspections which are to be reimbursed by the Borrower shall be reasonable and shall not exceed $5,000 per inspection; 
  
 (d) (i) maintain its corporate existence, business and assets, (ii) keep its
business and assets adequately insured, (iii) maintain its chief executive office in the location which it has identified as such to the Lender, (iv) continue to engage in the same or related lines of business, and (v) comply with all rules, laws,
orders, judgments, statutes and regulations, including ERISA and Environmental Laws, except where any such failure to comply could not reasonably be expected to have a Material Adverse Effect; 
  
 (e) notify the Lender promptly in writing of (i) the occurrence of any
Default or Event of Default, (ii) any noncompliance with ERISA or any Environmental Law or proceeding in respect thereof which could reasonably be expected to have a Materially Adverse Effect, (iii) any change of address of its chief executive
office, and (iv) except as previously disclosed on Schedule 5(f) hereto, any pending litigation and proceedings affecting the Borrower or any of its Subsidiaries or to which the Borrower or any of its Subsidiaries is or becomes a party
involving an uninsured claim against the Borrower or any of its Subsidiaries that could reasonably be expected to have a Material Adverse Effect and stating the nature and status of such litigation or proceedings. In addition, the Borrower will give
notice to the Bank in writing, in form and detail satisfactory to the Bank, within ten (10) days (i) of any final judgment not covered by insurance against the Borrower or any of its Subsidiaries in an amount in excess of $500,000 or (ii) any
material adverse change in any such litigation or proceeding previously reported; 
  

 -21- 

 (f) obtain the Letters of Credit solely for the purpose set forth in §5, and not for the carrying of
“margin security” or “margin stock” within the meaning of Regulations U and X of the Board of Governors of the Federal Reserve System, 12 C.F.R. Parts 221 and 224; 
  
 (g) cooperate with the Lender, take such action, execute such documents, and provide such information as the Lender may from
time to time reasonably request in order further to effect the transactions contemplated by and the purposes of the Loan Documents; 
  
 (h) duly pay and discharge, or cause to be paid and discharged, before the same shall become overdue, all taxes, assessments and other governmental
charges imposed upon it and its Real Estate, sales and activities, or any part thereof, or upon the income or profits therefrom, as well as all claims for labor, materials, or supplies that if unpaid might by law become a Lien or charge upon any of
its property; provided that any such tax, assessment, charge, levy or claim need not be paid if the validity or amount thereof shall currently be contested in good faith by appropriate proceedings and if the Borrower or such Subsidiary shall
have set aside on its books adequate reserves with respect thereto or the failure to pay any such tax could not reasonably be expected to have a Material Adverse Effect; and provided further that the Borrower and each Subsidiary of the
Borrower will pay all such taxes, assessments, charges, levies or claims forthwith upon the commencement of proceedings to foreclose any Lien that may have attached as security therefore if the results of such foreclosure proceedings could
reasonably be expected to have a Material Adverse Effect; 
  
 (i)
at all times maintain accounts with the Lender (the “Accounts”), which Accounts shall at all times have a balance of cash and Cash Equivalents of not less than $5,000,000; 
  
 (j) promptly notify the Lender of the creation or acquisition, as the case
may be, of any Subsidiary and provide the Lender with an updated Schedule 5(o) hereto and take all other action required by subparagraph (k) and, in addition, will at all times cause each Inactive Subsidiary to have no assets with an
aggregate in excess of $5000 and no material liabilities; and 
  
 (k) cause each Domestic Subsidiary created, acquired or otherwise existing on or after the Closing Date to immediately become a Guarantor hereunder and shall cause such Subsidiary to execute and deliver to the Lender a Guaranty and
certified copies of such Subsidiary’s Governing Documents, together with legal opinions in form and substance satisfactory to the Lender opining as to authorization, validity and enforceability of such Guaranty. 
  
 7. CERTAIN NEGATIVE COVENANTS. 
  
 The Borrower covenants and agrees that, so long as any Unpaid Reimbursement
Obligation or Letter of Credit is outstanding or the Lender has any obligations to issue, 
  

 -22- 

 extend or renew any Letters of Credit, the Borrower will not and will not permit its Subsidiaries to

  
 (a) create, incur or assume any Indebtedness other than (i)
Indebtedness to the Lender, (ii) Indebtedness incurred after the date hereof in respect of the acquisition of property or under any Capitalized Lease, or unsecured Indebtedness not otherwise included in this §7(a), provided that the aggregate
amount of all such Indebtedness pursuant to this §7(a)(ii) does not exceed $7,000,000 in the aggregate outstanding at any time, (iii) endorsements for collection, deposit or negotiation and warranties of products or services, in each case
incurred in the ordinary course of business; and (iv) Indebtedness not included above and listed on Schedule 7 (a) hereto; 
  
 (b) create or incur any Liens on any of the property or assets of the Borrower or any of its Subsidiaries except (i) Liens securing taxes or other
governmental charges not yet due; (ii) deposits or pledges made in connection with social security obligations; (iii) Liens of carriers, warehousemen, mechanics and materialmen, less than 120 days old as to obligations not yet due; (iv) easements,
rights-of-way, zoning restrictions and similar minor Liens which individually and in the aggregate do not have a Materially Adverse Effect; (v) purchase money security interests in or purchase money mortgages on real or personal property securing
purchase money Indebtedness permitted by §7 (a)(ii), covering only the property so acquired (and the proceeds thereof) and liens in favor or lessors under Capitalized Leases on assets subject to Capitalized Leases permitted by §7 (a)(ii)
hereof; and (vi) other Liens existing on the date hereof and listed on Schedule 7(b) hereto; 
  
 (c) make any Investments other than Investments in (i) marketable obligations of the United States maturing within one (1) year, (ii) certificates of
deposit, bankers’ acceptances and time and demand deposits of United States banks having total assets in excess of $1,000,000,000; (iii) securities commonly known as “commercial paper” issued by a corporation organized and existing
under the laws of the United States of America or any state thereof that at the time of purchase have been rated and the ratings for which are not less than “P1” if rated by Moody’s Investors Service, Inc., and not less than
“A1” if rated by Standard and Poor’s Rating Group; (iv) Investments consisting of loans and advances to employees for moving, entertainment, travel and other similar expenses in the ordinary course of business not to exceed $1,000,000
in the aggregate at any time outstanding; (v) Investments consisting of Permitted Acquisitions and other Investments not otherwise permitted hereunder, provided, however, (1) the aggregate amount of all Investments made pursuant to
this §7(c)(v) with consideration other than the Capital Stock of the Borrower (and such Capital Stock shall have no redemption or repurchase rights and shall not have the ability to convert into any form of Indebtedness) shall not exceed
$25,000,000; and (2) the aggregate amount of all Investments made pursuant to this §7(c)(v) which would not be considered a Permitted Acquisition shall not exceed $5,000,000; or (vi) those Investments existing on the Closing Date and set forth
on Schedule 7(c) hereto; 
  
 (d) make any Restricted
Payments; 
  

 -23- 

 (e) become party to a sale-leaseback transaction, or to effect any disposition of assets, other than (i)
dispositions of inventory in the ordinary course of business consistent with past practices; (ii) the sale or other disposition of the real property located in Newton, Massachusetts; (iii) the sale or other disposition of obsolete or worn-out
equipment; and (iv) the sale or other disposition of other assets of the Borrower so long as the fair market value of all such assets sold or otherwise disposed of pursuant to this §7(e)(iv) does not exceed $250,000 in any fiscal year;

  
 (f) effect any merger, consolidation or acquisition other than
(i) to purchase, lease or otherwise acquire assets other than in the ordinary course of business consistent with past practices; and (ii) the acquisition of the Capital Stock or assets of another Person so long as (1) both before and after giving
effect to such acquisition, no Default or Event of Default has occurred and is continuing; (2) the Borrower has provided the Lender with advance written notice of such acquisition; (3) the aggregate amount of the purchase price for all acquisitions
made by the Borrower during the term of this Credit Agreement which is payable in anything other than the Capital Stock of the Borrower (and such Capital Stock shall have no redemption or repurchase rights and shall not have the ability to convert
into any form of Indebtedness) shall not exceed $25,000,000 less the aggregate amount of all other Investments made by the Borrower pursuant to §7(c)(iv) which are not Permitted Acquisitions; (4) board of directors and (if required by
applicable law) the shareholders, or the equivalent thereof, of each of the Borrower and of the Person to be acquired have approved such acquisition; and (5) the Borrower has demonstrated to the reasonable satisfaction of the Lender that the pro
forma historical EBITDA of the Borrower for the immediately preceding twelve month period (and to be calculated assuming such acquisition occurred at the beginning of such twelve month period) is positive (and, to the extent the Borrower is
acquiring assets, the Borrower shall use its good faith estimates of the EBITDA attributable to the portion of the business being acquired in calculating such pro forma EBITDA) (such an acquisition being hereinafter referred to as a
“Permitted Acquisition”); 
  
 (g) (i)
enter into or permit to exist any arrangement or agreement (excluding the Credit Agreement and the other Loan Documents) which directly or indirectly prohibits the Borrower or any of its Subsidiaries from creating, assuming or incurring any Lien
upon its properties, revenues or assets or those of any of its Subsidiaries whether now owned or hereafter acquired, or (ii) enter into any agreement, contract or arrangement (excluding the Credit Agreement and the other Loan Documents) restricting
the ability of any Subsidiary of the Borrower to pay or make dividends or distributions in cash or kind to the Borrower, to make loans, advances or other payments of whatsoever nature to the Borrower, or to make transfers or distributions of all or
any part of its assets to the Borrower; in each case other than (i) restrictions on specific assets which assets are the subject of purchase money security interests to the extent permitted under §7(b), and (ii) customary anti-assignment
provisions contained in leases and licensing agreements entered into by the Borrower or such Subsidiary in the ordinary course of its business; or 
  
 (h) change the date of the end of its fiscal year from that set forth in § 5(d). 
  

 -24- 

 8. FINANCIAL COVENANTS. 
  
 The Borrower covenants and agrees that, so long as any Unpaid Reimbursement Obligation or Letter of Credit is outstanding or the Lender has
any obligation to issue, extend or renew any Letter of Credit: 
  
 8.1. Leverage Ratio. The Borrower will not permit the Leverage Ratio to exceed 0.50:1.00 at any time. 
  
 8.2. Quick Ratio. The Borrower will not permit the ratio of Consolidated Quick Assets to Consolidated Current Liabilities to be less than
1.75:1.00 at any time. 
  
 8.3. Consolidated Tangible Net
Worth. The Borrower will not permit Consolidated Tangible Net Worth at any time to be less than the sum of (a) $71,117,168 plus, (b) on a cumulative basis, 75% of positive Consolidated Net Income for each fiscal quarter beginning with
the fiscal quarter ending July 31, 2004 plus (c) on a cumulative basis, one hundred percent (100%) of the proceeds of any sale by the Borrower of (i) equity securities issued by the Borrower, or (ii) warrants or subscription rights for equity
securities issued by the Borrower. 
  
 9. CLOSING
CONDITIONS. 
  
 The obligation of the Lender to issue any
initial Letters of Credit shall be subject to the satisfaction of the following conditions precedent: 
  
 9.1. Loan Documents. Each of the Loan Documents shall have been duly executed and delivered by the respective parties thereto, shall be in
full force and effect and shall be in form and substance satisfactory to the Lender. The Lender shall have received a fully executed copy of each such document. 
  

9.2. IDA Bond Documents. The Borrower shall have delivered to the Lender copies of the fully executed IDA Bond Documents, which IDA Bond
Documents shall be in form and substance satisfactory to the Lender, and which IDA Bond Documents shall be in full force and effect. 
  
 9.3. Certified Copies of Governing Documents. The Lender shall have received from the Borrower and each Guarantor a copy, certified by a
duly authorized officer of such Person to be true and complete on the Closing Date, of each of its Governing Documents as in effect on such date of certification. 
  
 9.4. Corporate or Other Action. All corporate (or other) action necessary for the valid execution, delivery
and performance by the Borrower and each Guarantor of this Credit Agreement and the other Loan Documents to which it is or is to become a party shall have been duly and effectively taken, and evidence thereof satisfactory to the Lender shall have
been provided to the Lender. 
  

 -25- 

 9.5. Incumbency Certificate. The Lender shall have received from the Borrower and each
Guarantor an incumbency certificate, dated as of the Closing Date, signed by a duly authorized officer of the Borrower or such Guarantor, and giving the name and bearing a specimen signature of each individual who shall be authorized: (a) to sign,
in the name and on behalf of each of the Borrower of such Guarantor, each of the Loan Documents to which the Borrower or such Guarantor is or is to become a party; (b) in the case of the Borrower, to apply for Letters of Credit; and (c) to give
notices and to take other action on its behalf under the Loan Documents. 
  
 9.6. UCC Search Results. The Lender shall have received from each of the Borrower and its Subsidiaries the results of UCC searches (and the equivalent thereof in all applicable foreign jurisdictions),
indicating no Liens other than Permitted Liens and otherwise in form and substance satisfactory to the Lender. 
  
 9.7. Opinion of Counsel. The Lender shall have received a favorable legal opinion addressed to the Lender, dated as of the Closing Date, in
form and substance satisfactory to the Lender, from Sullivan & Worcester, LLP, counsel to the Borrower and its Subsidiaries. 
  
 9.8. Payment of Fees. The Borrower shall have paid to the Lender, as appropriate, any fees required to be paid by the Borrower on the
Closing Date. 
  
 10. CONDITIONS TO ALL ISSUANCES OF LETTERS
OF CREDIT. 
  
 The obligations of the Lender to issue,
extend or renew any Letter of Credit, in each case whether on or after the Closing Date, shall also be subject to the satisfaction of the following conditions precedent: 
  
 10.1. Representations True; No Event of Default. Each of the representations and warranties of any of the
Borrower and its Subsidiaries contained in this Credit Agreement, the other Loan Documents or in any document or instrument delivered pursuant to or in connection with this Credit Agreement shall be true as of the date as of which they were made and
shall also be true at and as of the time of the issuance, extension or renewal of such Letter of Credit, with the same effect as if made at and as of that time (except to the extent of changes resulting from transactions contemplated or permitted by
this Credit Agreement and the other Loan Documents and changes occurring in the ordinary course of business that singly or in the aggregate are not materially adverse, and to the extent that such representations and warranties relate expressly to an
earlier date) and no Default or Event of Default shall have occurred and be continuing. 
  
 10.2. No Legal Impediment. No change shall have occurred in any law or regulations thereunder or interpretations thereof that in the reasonable opinion of the Lender would make it illegal for the Lender
to issue, extend or renew such Letter of Credit. 
  

 -26- 

 10.3. Proceedings and Documents. All proceedings in connection with the transactions
contemplated by this Credit Agreement, the other Loan Documents and all other documents incident thereto shall be satisfactory in substance and in form to the Lender and the Lender’s Special Counsel, and the Lender and such counsel shall have
received all information and such counterpart originals or certified or other copies of such documents as the Lender may reasonably request. 
  
 10.4. Governmental Regulation. The Lender shall have received such statements in substance and form reasonably satisfactory to the Lender as
the Lender shall require for the purpose of compliance with any applicable regulations of the Comptroller of the Currency or the Board of Governors of the Federal Reserve System. 
  
 11. EVENTS OF DEFAULT; ACCELERATION; ETC. 
  
 11.1. Events of Default and Acceleration. If any of the following events (“Events of
Default” or, if the giving of notice or the lapse of time or both is required, then, prior to such notice or lapse of time, “Defaults”) shall occur: 
  
 (a) the Borrower shall fail to pay any Reimbursement Obligation when the same shall become due and payable,
whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; 
  
 (b) the Borrower or any of its Subsidiaries shall fail to pay any sums due hereunder or under any of the other Loan Documents, when the
same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; 
  
 (c) the Borrower shall fail to comply with any of its covenants contained in §§6(a), (b), (d)(i), (e), (f), (i), (j), (k), 7 or
8; 
  
 (d) the Borrower or any of its
Subsidiaries shall fail to perform any term, covenant or agreement contained herein or in any of the other Loan Documents (other than those specified elsewhere in this §11.1) for fifteen (15) days after written notice of such failure has been
given to the Borrower by the Lender; 
  
 (e) any
representation or warranty of the Borrower or any of its Subsidiaries in this Credit Agreement or any of the other Loan Documents or in any other document or instrument delivered pursuant to or in connection with this Credit Agreement shall prove to
have been false in any material respect upon the date when made or deemed to have been made or repeated; 
  
 (f) the Borrower or any of its Subsidiaries shall fail to pay at maturity, or within any applicable period of grace, any obligation for
borrowed money or credit received or in respect of any Capitalized Leases in an aggregate amount in excess of $500,000, or fail to observe or perform any material term, 
  

 -27- 

 covenant or agreement contained in any agreement by which it is bound, evidencing or securing borrowed
money or credit received or in respect of any Capitalized Leases in an aggregate amount in excess of $500,000 for such period of time as would permit (assuming the giving of appropriate notice if required) the holder or holders thereof or of any
obligations issued thereunder to accelerate the maturity thereof, or any such holder or holders shall rescind or shall have a right to rescind the purchase of any such obligations; 
  
 (g) the Borrower or any of its Subsidiaries shall make an assignment for the benefit of creditors, or admit
in writing its inability to pay or generally fail to pay its debts as they mature or become due, or shall petition or apply for the appointment of a trustee or other custodian, liquidator or receiver of the Borrower or any of its Subsidiaries or of
any substantial part of the assets of the Borrower or any of its Subsidiaries or shall commence any case or other proceeding relating to the Borrower or any of its Subsidiaries under any bankruptcy, reorganization, arrangement, insolvency,
readjustment of debt, dissolution or liquidation or similar law of any jurisdiction, now or hereafter in effect, or shall take any action to authorize or in furtherance of any of the foregoing, or if any such petition or application shall be filed
or any such case or other proceeding shall be commenced against the Borrower or any of its Subsidiaries and the Borrower or any of its Subsidiaries shall indicate its approval thereof, consent thereto or acquiescence therein or such petition or
application shall not have been dismissed within forty-five (45) days following the filing thereof; 
  
 (h) a decree or order is entered appointing any such trustee, custodian, liquidator or receiver or adjudicating the Borrower or any of its
Subsidiaries bankrupt or insolvent, or approving a petition in any such case or other proceeding, or a decree or order for relief is entered in respect of the Borrower or any Subsidiary of the Borrower in an involuntary case under federal bankruptcy
laws as now or hereafter constituted; 
  
 (i)
there shall remain in force, undischarged, unsatisfied and unstayed, for more than thirty days, whether or not consecutive, any final judgment not covered by insurance against the Borrower or any of its Subsidiaries that, with other outstanding
final judgments not covered by insurance, undischarged, against the Borrower or any of its Subsidiaries exceeds in the aggregate $1,000,000; 
  
 (j) if any of the Loan Documents shall be cancelled, terminated, revoked or rescinded otherwise than in accordance with the terms thereof
or with the express prior written agreement, consent or approval of the Lender, or any action at law, suit or in equity or other legal proceeding to cancel, revoke or rescind any of the Loan Documents shall be commenced by or on behalf of the
Borrower or any of its Subsidiaries party thereto or any of their respective stockholders, or any court or any other governmental or regulatory authority or agency of competent jurisdiction shall make a determination that, or issue a 
  

 -28- 

 judgment, order, decree or ruling to the effect that, any one or more of the Loan Documents is illegal,
invalid or unenforceable in accordance with the terms thereof; 
  
 (k) the Borrower or any ERISA Affiliate incurs any liability under ERISA which could reasonably be expected to have a Material Adverse Effect; 
  
 (l) the Borrower or any of its Subsidiaries shall be enjoined, restrained or in any way prevented by the
order of any Governmental Authority from conducting any material part of its business and such order shall continue in effect for more than thirty (30) days, or any strike, lockout, labor dispute, embargo, condemnation, act of God or public enemy,
or other casualty, which in any such case causes, for more than fifteen (15) consecutive days, the cessation or substantial curtailment of revenue producing activities at any facility of the Borrower or any of its Subsidiaries if such event or
circumstance is not covered by business interruption insurance and would have a Material Adverse Effect or there shall occur the loss, suspension or revocation of, or failure to renew, any license or permit now held or hereafter acquired by the
Borrower or any of its Subsidiaries if such loss, suspension, revocation or failure to renew would have a Material Adverse Effect; or 
  
 (m) a Change of Control shall occur; 
  
 then, and in any such event, so long as the same may be continuing, the Lender may, by notice in writing to the Borrower declare all amounts owing with respect to this
Credit Agreement and the other Loan Documents and all Reimbursement Obligations to be, and they shall thereupon forthwith become, immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby
expressly waived by the Borrower; provided that in the event of any Event of Default specified in §§11.1(g) or 11.1(h), all such amounts shall become immediately due and payable automatically and without any requirement of notice
from the Lender. In addition, upon the occurrence and continuation of an Event of Default hereunder, the Lender is permitted to terminate the IDA Letter of Credit pursuant to the terms thereof by delivering a notice to the beneficiary of the IDA
Letter of Credit that such Letter of Credit is being terminated by the Lender, all as more fully set forth in such IDA Letter of Credit, provided, other than in the event of any Event of Default specified in §§11.1(g) or 11.1(h), the
Lender shall provide the Borrower with ten (10) days advance notice prior to terminating such IDA Letter of Credit (provided, however, for the avoidance of doubt, the parties hereto hereby acknowledge and agree that the Lender shall
have the immediate right to take the action set forth in the immediately preceding sentence and the ten day advance notice to the Borrower of terminating the IDA Letter of Credit only applies to the such termination, and not the Lender’s rights
to accelerate the Obligations, demand cash collateral or take other actions against the Borrower the Lender is so entitled to take hereunder). 
  
 11.2. Termination of Commitment. If any one or more of the Events of Default specified in §11.1(g) or §11.1(h) shall occur, any
unused portion of the credit hereunder 
  

 -29- 

 shall forthwith terminate and the Lender shall be relieved of all further obligations to issue, extend or renew any
Letters of Credit. If any other Event of Default shall have occurred and be continuing, the Lender may, by notice to the Borrower, terminate the unused portion of the credit hereunder, and upon such notice being given such unused portion of the
credit hereunder shall terminate immediately and the Lender shall be relieved of all further obligations to issue, extend or renew Letters of Credit. No termination of the credit hereunder shall relieve the Borrower or any of its Subsidiaries of any
of the Obligations. 
  
 11.3. Remedies. In case any
one or more of the Events of Default shall have occurred and be continuing, and whether or not the Lender shall have taken the acceleration actions permitted by §11.1, the Lender may proceed to protect and enforce its rights by suit in equity,
action at law or other appropriate proceeding, whether for the specific performance of any covenant or agreement contained in this Credit Agreement and the other Loan Documents or any material instrument pursuant to which the Obligations to such
Lender are evidenced, including as permitted by applicable law the obtaining of the ex parte appointment of a receiver, and, if such amount shall have become due, by declaration or otherwise, proceed to enforce the payment thereof or
any other legal or equitable right of such Lender. No remedy herein conferred upon the Lender is intended to be exclusive of any other remedy and each and every remedy shall be cumulative and shall be in addition to every other remedy given
hereunder or now or hereafter existing at law or in equity or by statute or any other provision of law. 
  
 12. SUCCESSORS AND ASSIGNS. 
  
 12.1. General Conditions. The provisions of this Credit Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby, except
that the Borrower may not assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of the Lender. The Lender shall be permitted to assign or otherwise transfer any of its rights and obligations
hereunder and under the Loan Documents to any Person and, upon the effectiveness of such assignment, such Person shall become the “Lender” hereunder. In addition, the Lender may at any time, with the consent of, or notice to, the Borrower,
sell participations to any Person in all or a portion of such Lender’s rights and/or obligations under this Credit Agreement (including all or a portion of its Commitment and a participating interest in any Letter of Credit). 
  
 12.2. Miscellaneous Assignment Provisions. The Lender may at
any time grant a security interest in all or any portion of its rights under this Credit Agreement to secure obligations of the Lender, including without limitation any pledge or assignment to secure obligations to any of the twelve Federal Reserve
Banks organized under §4 of the Federal Reserve Act, 12 U.S.C. §341; provided that no such grant shall release the Lender from any of its obligations hereunder, provide any voting rights hereunder to the secured party thereof,
substitute any such secured party for the Lender as a party hereto or affect any rights or obligations of the Borrower hereunder. 
  

 -30- 

 13. PROVISIONS OF GENERAL APPLICATIONS. 
  
 13.1. Setoff. The Borrower hereby grants to the Lender a
continuing lien, security interest and right of setoff as security for all liabilities and obligations to the Lender, whether now existing or hereafter arising, upon and against all deposits, credits, collateral and property, now or hereafter in the
possession, custody, safekeeping or control of the Lender or any affiliate of the Lender and their successors and assigns or in transit to any of them. Regardless of the adequacy of any collateral, if any of the Obligations are due and payable and
have not been paid or any Event of Default shall have occurred, any deposits or other sums credited by or due from the Lender to the Borrower and any securities or other property of the Borrower in the possession of the Lender may be applied to or
set off by the Lender against the payment of Obligations and any and all other liabilities, direct, or indirect, absolute or contingent, due or to become due, now existing or hereafter arising, of the Borrower to the Lender. ANY AND ALL RIGHTS TO
REQUIRE THE LENDER TO EXERCISE ITS RIGHTS OR REMEDIES WITH RESPECT TO ANY OTHER COLLATERAL WHICH SECURES THE OBLIGATIONS, PRIOR TO EXERCISING ITS RIGHT OF SETOFF WITH RESPECT TO SUCH DEPOSITS, CREDITS OR OTHER PROPERTY OF THE BORROWER ARE HEREBY
KNOWINGLY, VOLUNTARILY AND IRREVOCABLY WAIVED. 
  
 13.2.
Expenses. The Borrower agrees to pay (a) the reasonable and ordinary costs of producing and reproducing this Credit Agreement, the other Loan Documents and the other agreements and instruments mentioned herein, (b) any taxes (including
any interest and penalties in respect thereto) payable by the Lender (other than taxes based upon the Lender’s net income) on or with respect to the transactions contemplated by this Credit Agreement (the Borrower hereby agreeing to indemnify
the Lender with respect thereto), (c) the reasonable and ordinary fees, expenses and disbursements of the Lender’s Special Counsel or any local counsel to the Lender incurred in connection with the preparation, administration or interpretation
of the Loan Documents and other instruments mentioned herein, each closing hereunder, any amendments, modifications, approvals, consents or waivers hereto or hereunder, or the cancellation of any Loan Document upon payment in full in cash of all of
the Obligations or pursuant to any terms of such Loan Document for providing for such cancellation, (d) the reasonable and ordinary fees, expenses and disbursements of the Lender or any of its affiliates incurred by the Lender or such affiliate in
connection with the preparation, administration or interpretation of the Loan Documents and other instruments mentioned herein, (e) all reasonable out-of-pocket expenses (including without limitation reasonable attorneys’ fees and costs, which
attorneys may be employees of the Lender, and reasonable consulting, accounting, appraisal, and similar professional fees and charges) incurred by the Lender in connection with (i) the enforcement of or preservation of rights under any of the Loan
Documents against the Borrower or any of its Subsidiaries or the administration thereof after the occurrence of a Default or Event of Default and (ii) any litigation, proceeding or dispute whether arising hereunder or otherwise, in any way related
to the Lender’s or relationship with the Borrower or any of its Subsidiaries and (f) all reasonable and ordinary fees, expenses and disbursements of the Lender incurred in connection with UCC searches. The covenants contained in this §13.2
shall survive payment or satisfaction in full of all other obligations. 
  

 -31- 

 13.3. Indemnification. The Borrower agrees to indemnify and hold harmless the Lender from
and against any and all claims, actions and suits whether groundless or otherwise, and from and against any and all liabilities, losses, damages and expenses of every nature and character arising out of this Credit Agreement or any of the other Loan
Documents or the transactions contemplated hereby including, without limitation, (a) any actual or proposed use by the Borrower or any of its Subsidiaries of the proceeds of any of the Letters of Credit, (b) the reversal or withdrawal of any
provisional credits granted by the Lender upon the transfer of funds from lock box, bank agency, concentration accounts or otherwise under any cash management arrangements with the Borrower or any Subsidiary or in connection with the provisional
honoring of funds transfers, checks or other items, (c) the Borrower or any of its Subsidiaries entering into or performing this Credit Agreement or any of the other Loan Documents or (d) with respect to the Borrower and its Subsidiaries and their
respective properties and assets, the violation of any Environmental Law, the presence, disposal, escape, seepage, leakage, spillage, discharge, emission, release or threatened release of any Hazardous Substances or any action, suit, proceeding or
investigation brought or threatened with respect to any Hazardous Substances (including, but not limited to, claims with respect to wrongful death, personal injury or damage to property), in each case including, without limitation, the reasonable
fees and disbursements of counsel and allocated costs of internal counsel incurred in connection with any such investigation, litigation or other proceeding, except to the extent that any of the foregoing are directly caused by the gross negligence
or willful misconduct of the otherwise indemnified party. In litigation, or the preparation therefor, the Lender and its affiliates shall be entitled to select their own counsel and, in addition to the foregoing indemnity, the Borrower agrees to pay
promptly the reasonable fees and expenses of such counsel. If, and to the extent that the obligations of the Borrower under this §13.3 are unenforceable for any reason, the Borrower hereby agrees to make the maximum contribution to the payment
in satisfaction of such obligations which is permissible under applicable law. The covenants contained in this §13.3 shall survive payment or satisfaction in full of all other Obligations. 
  
 13.4. Treatment of Certain Confidential Information.

  
 13.4.1. Confidentiality.
The Lender agrees, on behalf of itself and each of its affiliates, directors, officers, employees and representatives, to use reasonable precautions to keep confidential, in accordance with their customary procedures for handling confidential
information of the same nature and in accordance with safe and sound banking practices, any non-public information supplied to it by the Borrower or any of its Subsidiaries pursuant to this Credit Agreement that is identified by such Person as being
confidential at the time the same is delivered to the Lender, provided that nothing herein shall limit the disclosure of any such information (a) after such information shall have become public other than through a violation of this
§13.4, or becomes available to the Lender on a nonconfidential basis from a source other than the Borrower, (b) to the extent 
  

 -32- 

 required by statute, rule, regulation or judicial process, (c) to counsel for the Lender, (d) to bank
examiners or any other regulatory authority having jurisdiction over the Lender, or to auditors or accountants, (e) to the Lender or any of its affiliates, (f) in connection with any litigation to which the Lender or any of its affiliates is a
party, or in connection with the enforcement of rights or remedies hereunder or under any other Loan Document, (g) to any actual or prospective assignee or participant or any actual or prospective counterparty (or its advisors) to any swap or
derivative transactions referenced to credit or other risks or events arising under this Credit Agreement or any other Loan Document so long as such assignee, participant or counterparty, as the case may be, agrees to be bound by the provisions of
§13.4 or (i) with the consent of the Borrower. Moreover, the Lender and its affiliates are hereby expressly permitted by the Borrower to refer to any of the Borrower and its Subsidiaries in connection with any advertising, promotion or
marketing undertaken by the Lender and its affiliates and, for such purpose, the Lender or such affiliate may utilize any trade name, trademark, logo or other distinctive symbol associated with the Borrower or any of its Subsidiaries or any of their
businesses.  
  
 13.4.2. Prior
Notification. Unless specifically prohibited by applicable law or court order, the Lender shall, prior to disclosure thereof, notify the Borrower of any request for disclosure of any such non-public information by any governmental agency or
representative thereof (other than any such request in connection with an examination of the financial condition of such Lender by such governmental agency) or pursuant to legal process. 
  
 13.4.3. Other. In no event shall the Lender be obligated or required to return any materials
furnished to it or any affiliate by the Borrower or any of its Subsidiaries. The obligations of the Lender under this §13.4 shall supersede and replace the obligations of the Lender under any confidentiality letter in respect of this financing
signed and delivered by the Lender to the Borrower prior to the date hereof and shall be binding upon any assignee of, or purchaser of any participation in, any interest in any Reimbursement Obligations from the Lender. 
  
 13.5. Survival of Covenants, Etc. All covenants, agreements,
representations and warranties made herein, in any of the other Loan Documents or in any documents or other papers delivered by or on behalf of the Borrower or any of its Subsidiaries pursuant hereto shall be deemed to have been relied upon by the
Lender, notwithstanding any investigation heretofore or hereafter made by any of them, and shall survive the issuance, extension or renewal of any Letters of Credit, as herein contemplated, and shall continue in full force and effect so long as any
Letter of Credit or any amount due under this Credit Agreement or any of the other Loan Documents remains outstanding or the Lender has any obligation to issue, extend or renew any Letter of Credit, and for such further time as may be otherwise
expressly specified in this Credit Agreement. All statements contained in any certificate or other paper delivered to the Lender at any time by or on behalf of the Borrower or any of its Subsidiaries pursuant hereto or in connection with the
transactions contemplated hereby shall constitute representations and warranties by the Borrower or such Subsidiary hereunder. 
  

 -33- 

 13.6. Notices. Except as otherwise expressly provided in this Credit Agreement, all notices
and other communications made or required to be given pursuant to this Credit Agreement or any Letter of Credit Applications shall be in writing and shall be delivered in hand, mailed by United States registered or certified first class mail,
postage prepaid, sent by overnight courier, or sent by telegraph, telecopy, facsimile or telex and confirmed by delivery via courier or postal service, addressed as follows: 
  
 (a) if to the Borrower, at 80 Wilson Way, Westwood, Massachusetts 02090, Attention: Brian C. James,
Executive Vice President, or at such other address for notice as the Borrower shall last have furnished in writing to the Person giving the notice, with a copy to Sullivan & Worcester, LLP, One Post Office Square, Boston, Massachusetts 02109,
Attention: William A. Levine, Esq.; and 
  
 (b)if to the Lender, at 100 Federal Street, Boston, Massachusetts 02110, USA, Attention: Debra E. DelVecchio, Managing Director, or such other address for notice as the Lender shall last have furnished in writing to the Person giving
the notice. 
  
 Any such notice or demand shall be deemed to have
been duly given or made and to have become effective (i) if delivered by hand, overnight courier or facsimile to a responsible officer of the party to which it is directed, at the time of the receipt thereof by such officer or the sending of such
facsimile and (ii) if sent by registered or certified first-class mail, postage prepaid, on the third Business Day following the mailing thereof.  
  
 13.7. Governing Law. THIS CREDIT AGREEMENT AND, EXCEPT AS OTHERWISE SPECIFICALLY PROVIDED THEREIN, EACH OF THE OTHER LOAN DOCUMENTS ARE
CONTRACTS UNDER THE LAWS OF THE COMMONWEALTH OF MASSACHUSETTS AND SHALL FOR ALL PURPOSES BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF SAID COMMONWEALTH OF MASSACHUSETTS (EXCLUDING THE LAWS APPLICABLE TO CONFLICTS OR CHOICE OF LAW).
THE BORROWER AGREES THAT ANY SUIT FOR THE ENFORCEMENT OF THIS CREDIT AGREEMENT OR ANY OF THE OTHER LOAN DOCUMENTS MAY BE BROUGHT IN THE COURTS OF THE COMMONWEALTH OF MASSACHUSETTS OR ANY FEDERAL COURT SITTING THEREIN AND CONSENTS TO THE NONEXCLUSIVE
JURISDICTION OF SUCH COURT AND SERVICE OF PROCESS IN ANY SUCH SUIT BEING MADE UPON THE BORROWER BY MAIL AT THE ADDRESS SPECIFIED IN §13.6. THE BORROWER HEREBY WAIVES ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE VENUE OF ANY SUCH SUIT
OR ANY SUCH COURT OR THAT SUCH SUIT IS BROUGHT IN AN INCONVENIENT COURT. 
  

 -34- 

 13.8. Headings. The captions in this Credit Agreement are for convenience of reference only
and shall not define or limit the provisions hereof. 
  
 13.9.
Counterparts. This Credit Agreement and any amendment hereof may be executed in several counterparts and by each party on a separate counterpart, each of which when executed and delivered shall be an original, and all of which together
shall constitute one instrument. In proving this Credit Agreement it shall not be necessary to produce or account for more than one such counterpart signed by the party against whom enforcement is sought. Delivery by facsimile by any of the parties
hereto of an executed counterpart hereof or of any amendment or waiver hereto shall be as effective as an original executed counterpart hereof or of such amendment or waiver and shall be considered a representation that an original executed
counterpart hereof or such amendment or waiver, as the case may be, will be delivered. 
  
 13.10. Entire Agreement, Etc. The Loan Documents and any other documents executed in connection herewith or therewith express the entire understanding of the parties with respect to the transactions
contemplated hereby. Neither this Credit Agreement nor any term hereof may be changed, waived, discharged or terminated, except as provided in §13.12. 
  
 13.11. Waiver of Jury Trial. EACH OF THE BORROWER AND THE LENDER HEREBY WAIVES ITS RIGHT TO A JURY TRIAL WITH RESPECT TO ANY ACTION OR CLAIM
ARISING OUT OF ANY DISPUTE IN CONNECTION WITH THIS CREDIT AGREEMENT OR ANY OF THE OTHER LOAN DOCUMENTS, ANY RIGHTS OR OBLIGATIONS HEREUNDER OR THEREUNDER OR THE PERFORMANCE OF SUCH RIGHTS AND OBLIGATIONS OR ANY COURSE OF CONDUCT, COURSE OF DEALINGS,
STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF ANY PARTY, INCLUDING ANY COURSE OF CONDUCT, COURSE OF DEALINGS, STATEMENTS OR ACTIONS OF THE LENDER RELATING TO THE ADMINISTRATION OF THE LETTERS OF CREDIT OR ENFORCEMENT OF THE LOAN DOCUMENTS AND
AGREES THAT IT WILL NOT SEEK TO CONSOLIDATE ANY SUCH ACTION WITH ANY OTHER ACTION IN WHICH A JURY TRIAL CANNOT BE OR HAS NOT BEEN WAIVED. Except as prohibited by law, each of the Borrower and the Lender hereby waives any right it may have to
claim or recover in any litigation referred to in the preceding sentence any special, exemplary, punitive or consequential damages or any damages other than, or in addition to, actual damages. The Borrower (a) certifies that no representative, agent
or attorney of the Lender has represented, expressly or otherwise, that the Lender would not, in the event of litigation, seek to enforce the foregoing waivers and (b) acknowledges that the Lender has been induced to enter into this Credit
Agreement, the other Loan Documents to which it is a party by, among other things, the waivers and certifications contained herein. 
  
 13.12. Consents, Amendments, Waivers, Etc. Any consent or approval required or permitted by this Credit Agreement to be given by the Lender
may be given, and any term of this Credit Agreement, the other Loan Documents or any other instrument related hereto or mentioned herein may be amended, and the performance or 
  

 -35- 

 observance by the Borrower or any of its Subsidiaries of any terms of this Credit Agreement, the other Loan Documents or
such other instrument or the continuance of any Default or Event of Default may be waived (either generally or in a particular instance and either retroactively or prospectively) with, but only with, the written consent of the Borrower and the
written consent of the Lender. No waiver shall extend to or affect any obligation not expressly waived or impair any right consequent thereon. No course of dealing or delay or omission on the part of the Lender in exercising any right shall operate
as a waiver thereof or otherwise be prejudicial thereto. No notice to or demand upon the Borrower shall entitle the Borrower to other or further notice or demand in similar or other circumstances. 
  
 13.13. Severability. The provisions of this Credit Agreement
are severable and if any one clause or provision hereof shall be held invalid or unenforceable in whole or in part in any jurisdiction, then such invalidity or unenforceability shall affect only such clause or provision, or part thereof, in such
jurisdiction, and shall not in any manner affect such clause or provision in any other jurisdiction, or any other clause or provision of this Credit Agreement in any jurisdiction. 
  
 13.14. USA Patriot Act. The Lender hereby notifies the Borrower that pursuant to the requirements of the USA
PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Act”), it is required to obtain, verify and record information that identifies the Borrower, which information includes the name and address of the
Borrower and other information that will allow the Lender to identify the Borrower in accordance with the Act. 
  

 -36- 

 IN WITNESS WHEREOF, the undersigned have duly executed this Credit Agreement as a sealed
instrument as of the date first set forth above. 
  

			
	 ADE CORPORATION

		
	 By:
	 	 /s/ Brian C. James

	 Name:
	 	 Brian C. James

	 Title:
	 	 Executive Vice President and
 Chief Financial Officer

	
	 FLEET NATIONAL BANK

		
	 By:
	 	 /s/ Debra E. Delvecchio

	 Name:
	 	 Debra E. Delvecchio

	 Title:
	 	 Managing Director

  

 -37-Form of Indenture

 Exhibit 4.1 
  

BELLAVISTA [MORTGAGE] [HOME EQUITY] TRUST 200[    ], 
  
 Issuer, 
  
 and 
  
 [NAME OF TRUSTEE] 
  
 Indenture Trustee 
  

  
 INDENTURE 
  

  
 Dated as of
[            ] 
  
 COLLATERALIZED MORTGAGE BONDS 
  

 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), 11.01(a)
	       (c)(2)
	 	 	  	      8.05(c), 11.01(a)
	       (c)(3)
	 	 	  	Not Applicable
	       (d)(1)
	 	 	  	      8.05(c), 11.01(b)
	       (d)(2)
	 	 	  	      8.05(c), 11.01(b)
	       (d)(3)
	 	 	  	      8.05(c), 11.01(b)
	       (e)
	 	 	  	    11.01(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)
	 	 	  	    11.07

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

  

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page

	 ARTICLE I        Definitions
	  	2
			
	 Section 1.01
	  	 Definitions
	  	2
			
	 Section 1.02
	  	 Incorporation by Reference of Trust Indenture Act
	  	2
			
	 Section 1.03
	  	 Rules of Construction
	  	2
			
	 Section 1.04
	  	 Conflict with TIA
	  	3
		
	 ARTICLE II        Original Issuance of Bonds
	  	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
	  	 Payment of Principal and Interest
	  	6
			
	 Section 3.06
	  	 Protection of Trust Estate
	  	7
			
	 Section 3.07
	  	 Opinions as to Trust Estate
	  	7
			
	 Section 3.08
	  	 Performance of Obligations; Servicing Agreement
	  	8
			
	 Section 3.09
	  	 Negative Covenants
	  	8
			
	 Section 3.10
	  	 Annual Statement as to Compliance
	  	9
			
	 Section 3.11
	  	 Recordation of Assignments
	  	9
			
	 Section 3.12
	  	 Representations and Warranties Concerning the Mortgage Loans
	  	9
			
	 Section 3.13
	  	 Assignee of Record of the Mortgage Loans
	  	9
			
	 Section 3.14
	  	 Master Servicer as Agent and Bailee of the Indenture Trustee
	  	10
			
	 Section 3.15
	  	 Investment Company Act
	  	10
			
	 Section 3.16
	  	 Issuer May Not Consolidate or Convey Substantially All its Assets
	  	10
			
	 Section 3.17
	  	 No Other Business
	  	10
			
	 Section 3.18
	  	 No Borrowing
	  	10
			
	 Section 3.19
	  	 Guarantees, Loans, Advances and Other Liabilities
	  	11
			
	 Section 3.20
	  	 Capital Expenditures
	  	11

  

 TABLE OF CONTENTS (cont.) 
  

					
	 	  	 	  	Page

	 Section 3.21
	  	 Restricted Payments
	  	11
			
	 Section 3.22
	  	 Notice of Events of Default
	  	11
			
	 Section 3.23
	  	 Further Instruments and Acts
	  	11
			
	 Section 3.24
	  	 Statements to Bondholders
	  	11
			
	 Section 3.25
	  	 Payments under the Policy
	  	12
			
	 Section 3.26
	  	 Replacement Enhancement
	  	13
			
	 Section 3.27
	  	 Additional Representations of Issuer
	  	13
		
	 ARTICLE IV        The Bonds; Satisfaction And Discharge Of
Indenture
	  	14
			
	 Section 4.01
	  	 The Bonds
	  	14
			
	 Section 4.02
	  	Registration of and Limitations on Transfer and Exchange of Bonds; Appointment of Certificate Registrar	  	15
			
	 Section 4.03
	  	 Mutilated, Destroyed, Lost or Stolen Bonds
	  	16
			
	 Section 4.04
	  	 Persons Deemed Owners
	  	17
			
	 Section 4.05
	  	 Cancellation
	  	17
			
	 Section 4.06
	  	 Book-Entry Bonds
	  	17
			
	 Section 4.07
	  	 Notices to Depository
	  	18
			
	 Section 4.08
	  	 Definitive Bonds
	  	18
			
	 Section 4.09
	  	 Tax Treatment
	  	18
			
	 Section 4.10
	  	 Satisfaction and Discharge of Indenture
	  	18
			
	 Section 4.11
	  	 Application of Trust Money
	  	20
			
	 Section 4.12
	  	 Subrogation and Cooperation
	  	20
			
	 Section 4.13
	  	 Repayment of Monies Held by Paying Agent
	  	21
			
	 Section 4.14
	  	 Temporary Bonds
	  	21
		
	 ARTICLE V        Default And Remedies
	  	21
			
	 Section 5.01
	  	 Events of Default
	  	21
			
	 Section 5.02
	  	 Acceleration of Maturity; Rescission and Annulment
	  	21
			
	 Section 5.03
	  	 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee
	  	22
			
	 Section 5.04
	  	 Remedies; Priorities
	  	24
			
	 Section 5.05
	  	 Optional Preservation of the Trust Estate
	  	26
			
	 Section 5.06
	  	 Limitation of Suits
	  	26

  

 2 

 TABLE OF CONTENTS (cont.) 
  

					
	 	  	 	  	Page

	 Section 5.07
	  	 Unconditional Rights of Bondholders to Receive Principal and Interest
	  	27
			
	 Section 5.08
	  	 Restoration of Rights and Remedies
	  	27
			
	 Section 5.09
	  	 Rights and Remedies Cumulative
	  	28
			
	 Section 5.10
	  	 Delay or Omission Not a Waiver
	  	28
			
	 Section 5.11
	  	 Control by Enhancer or Bondholders
	  	28
			
	 Section 5.12
	  	 Waiver of Past Defaults
	  	28
			
	 Section 5.13
	  	 Undertaking for Costs
	  	29
			
	 Section 5.14
	  	 Waiver of Stay or Extension Laws
	  	29
			
	 Section 5.15
	  	 Sale of Trust Estate
	  	29
			
	 Section 5.16
	  	 Action on Bonds
	  	31
			
	 Section 5.17
	  	 Performance and Enforcement of Certain Obligations
	  	31
		
	 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 Bondholders
	  	35
			
	 Section 6.07
	  	 Compensation and Indemnity
	  	35
			
	 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
	  	37
			
	 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
			
	 Section 6.16
	  	 Determination of Bond Rate
	  	40
		
	 ARTICLE VII        Bondholders’ Lists and Reports
	  	40

  

 3 

 TABLE OF CONTENTS (cont.) 
  

					
	 	  	 	  	Page

	 Section 7.01
	  	 Issuer to Furnish Indenture Trustee Names and Addresses of Bondholders
	  	40
			
	 Section 7.02
	  	 Preservation of Information; Communications to Bondholders
	  	40
			
	 Section 7.03
	  	 Reports by Issuer
	  	41
			
	 Section 7.04
	  	 Reports by Indenture Trustee
	  	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
	  	42
			
	 Section 8.04
	  	 Termination Upon Distribution to Bondholders
	  	43
			
	 Section 8.05
	  	 Release of Trust Estate
	  	43
		
	 ARTICLE IX        Supplemental Indentures
	  	44
			
	 Section 9.01
	  	 Supplemental Indentures Without Consent of Bondholders
	  	44
			
	 Section 9.02
	  	 Supplemental Indentures With Consent of Bondholders
	  	45
			
	 Section 9.03
	  	 Execution of Supplemental Indentures
	  	46
			
	 Section 9.04
	  	 Effect of Supplemental Indenture
	  	47
			
	 Section 9.05
	  	 Conformity with Trust Indenture Act
	  	47
			
	 Section 9.06
	  	 Reference in Bonds to Supplemental Indentures
	  	47
		
	 ARTICLE X        Redemption of Bonds
	  	47
			
	 Section 10.01
	  	 Redemption
	  	47
			
	 Section 10.02
	  	 Surrender of Bonds
	  	48
			
	 Section 10.03
	  	 Form of Redemption Notice
	  	48
			
	 Section 10.04
	  	 Bonds Payable on Redemption Date
	  	49
		
	 ARTICLE XI        Miscellaneous
	  	49
			
	 Section 11.01
	  	 Compliance Certificates and Opinions, etc.
	  	49
			
	 Section 11.02
	  	 Form of Documents Delivered to Indenture Trustee
	  	50
			
	 Section 11.03
	  	 Acts of Bondholders
	  	50
			
	 Section 11.04
	  	 Notices, etc., to Indenture Trustee, Issuer, Enhancer and Rating Agencies
	  	51
			
	 Section 11.05
	  	 Notices to Bondholders; Waiver
	  	52
			
	 Section 11.06
	  	 Alternate Payment and Notice Provisions
	  	52

  

 4 

 TABLE OF CONTENTS (cont.) 
  

					
	 	  	 	  	Page

	 Section 11.07
	  	 Conflict with Trust Indenture Act
	  	52
			
	 Section 11.08
	  	 Effect of Headings
	  	53
			
	 Section 11.09
	  	 Successors and Assigns
	  	53
			
	 Section 11.10
	  	 Severability
	  	53
			
	 Section 11.11
	  	 Benefits of Indenture
	  	53
			
	 Section 11.12
	  	 Legal Holidays
	  	53
			
	 Section 11.13
	  	 GOVERNING LAW
	  	53
			
	 Section 11.14
	  	 Counterparts
	  	53
			
	 Section 11.15
	  	 Recording of Indenture
	  	53
			
	 Section 11.16
	  	 Issuer Obligation
	  	53
			
	 Section 11.17
	  	 Owner Trustee Not Liable for Certificates or Related Documents
	  	54
			
	 Section 11.18
	  	 No Petition
	  	54
			
	 Section 11.19
	  	 Inspection
	  	54

  
 EXHIBITS 
  

					
	 Exhibit A
	  	-	  	Form of Class A Bond
	 Appendix A
	  	-	  	Definitions

  

 5 

 This Indenture, dated as of [DATE], is between BellaVista [Mortgage] [Home Equity] Trust
200[        ], a Delaware statutory trust, as issuer (the “Issuer”), and [NAME OF TRUSTEE], 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 holders
of the Issuer’s Series 200[        ] BellaVista [Mortgage] [Home Equity] Loan-Backed Collateralized Mortgage Bonds (together, the “Bonds”). 
  
 GRANTING CLAUSE: 
  
 The Issuer hereby Grants to the Indenture Trustee on the Closing Date, as trustee for the benefit of the Bondholders [and
the Enhancer], 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 (together with the Cut-Off Date Principal
Balances and any Additional Balances arising thereafter to and including the date immediately preceding the commencement of the Rapid Amortization Period), and all monies due or to become due thereunder; (b) the Bond Payment Account, and all funds
on deposit or credited thereto from time to time and all proceeds thereof; (c) the Policy and all hazard insurance policies; and (d) 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 Bonds, 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 foregoing Grant shall inure to the benefit of the Enhancer in respect of
draws made on the Policy and amounts owing from time to time pursuant to the Insurance Agreement (regardless of whether such amounts relate to the Bonds or the Certificates), and such Grant shall continue in full force and effect for the benefit of
the Enhancer until all such amounts owing to it have been repaid in full. 
  

 The Indenture Trustee, as trustee on behalf of the Bondholders, acknowledges such Grant, accepts the
trust under this Indenture in accordance with the provisions hereof and agrees to perform its duties as Indenture Trustee as required herein. 
  
 ARTICLE I 
  
 Definitions 
  
 Section 1.01 Definitions. For all purposes of this Indenture, except as otherwise expressly provided herein or unless the context otherwise requires, capitalized terms not otherwise defined herein shall have the meanings assigned to
such terms in the Definitions attached hereto as Appendix A, which is incorporated by reference herein. All other capitalized terms used herein shall have the meanings specified herein. 
  
 Section 1.02 Incorporation by Reference of Trust Indenture Act. Whenever this Indenture refers to a provision of the
Trust Indenture Act (the “TIA”), 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 Bonds. 
  
 “indenture security
holder” means a holder of a Bond. 
  
 “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”; 
  

 2 

 (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; and 
  
 (h) references to a Person are also to its permitted successors and assigns. 
  
 Section 1.04 Conflict with TIA. If any provision hereof limits, qualifies or conflicts with a provision of the TIA
that is required under the TIA to be part of and govern this Indenture, the latter provision shall control and all provisions required by the TIA are hereby incorporated by reference. If any provision of this Indenture modifies or excludes any
provision of the TIA that may be so modified or excluded, the latter provisions shall be deemed to apply to this Indenture as so modified or to be excluded, as the case may be. 
  
 ARTICLE II 
  
 Original Issuance of Bonds 
  
 Section 2.01 Form. The Bonds, together with the Indenture Trustee’s certificate of authentication, shall be in substantially the forms set
forth in Exhibits A, with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture and may have such letters, numbers or other marks of identification and such legends or endorsements
placed thereon as may, consistently herewith, be determined by the officers executing the Bonds, as evidenced by their execution thereof. Any portion of the text of any Bond may be set forth on the reverse thereof, with an appropriate reference
thereto on the face of such Bond. 
  
 The Bonds shall be
typewritten, printed, lithographed or engraved or produced by any combination of these methods, all as determined by the Authorized Officers executing such Bonds, as evidenced by their execution of such Bonds. 
  
 The terms of the Bonds set forth in Exhibit A are part of the terms of this
Indenture. 
  
 Section 2.02 Execution, Authentication and
Delivery. The Bonds shall be executed on behalf of the Issuer by any of its Authorized Officers. The signature of any such Authorized Officer on the Bonds may be manual or facsimile. 
  
 Bonds 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 Bonds or did not hold such offices at the date of such Bonds. 
  

 3 

 The Indenture Trustee shall authenticate and deliver Bonds for original issue in an aggregate initial
principal amount of $[                    ]. 
  
 Each Bond shall be dated the date of its authentication. The Bonds shall be issuable as registered Book-Entry Bonds in minimum denominations of $1,000 and
integral multiples of $1,000 in excess thereof. 
  
 No Bond shall
be entitled to any benefit under this Indenture or be valid or obligatory for any purpose, unless there appears on such Bond 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 Bond shall be conclusive evidence, and the only evidence, that such Bond has been duly authenticated and delivered hereunder. 
  
 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 Bond
Payment Account in which the Indenture Trustee shall, subject to the terms of this paragraph, deposit, on the same day as it is received from the Master Master Servicer, each remittance received by the Indenture Trustee with respect to the Mortgage
Loans. The Indenture Trustee shall make all payments of principal of and interest on the Bonds, subject to Section 3.03 as provided in Section 3.05 herein from monies on deposit in the Bond Payment Account. 
  
 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, Bonds may be surrendered for registration of transfer or exchange, and where notices and demands to or upon the Issuer in respect of the Bonds 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 Bonds that are to be made from amounts withdrawn from the Bond 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 Bond Payment Account for payments of Bonds 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 Bonds 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; 
  

 4 

 (b) give the Indenture Trustee and the Enhancer 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 Bonds; 
  
 (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; 
  
 (d) immediately resign as Paying Agent and forthwith pay to the Indenture Trustee all sums held by it in trust for the payment of Bonds, if at any time it ceases to meet the standards required to be met by a Paying
Agent at the time of its appointment; and 
  
 (e)
comply with all requirements of the Code with respect to the withholding from any payments made by it on any Bonds of any applicable withholding taxes imposed thereon and with respect to any applicable reporting requirements in connection therewith.

  
 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 Bond 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 Bondholder of such Bond 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. The Indenture Trustee may adopt and employ, at the expense and direction of the Issuer, any reasonable means of notification of such repayment (including,
but not limited to, mailing notice of such repayment to holders of Bonds that 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 Bondholder). 
  
 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 

  

 5 

 
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 Bonds, the Mortgage Loans and each other instrument or agreement included in the Trust Estate. 
  
 Section 3.05 Payment of Principal and Interest. 
  
 (a) The Issuer will duly and punctually pay the principal of
and interest on the Bonds in accordance with the terms of the Bonds and this Indenture. The Bonds shall be debt obligations of the Issuer and shall be limited in right of payment to amounts available from the Issuer as provided in this Indenture and
the Issuer shall not otherwise be liable for payments on the Bonds. Amounts properly withheld under the Code by any Person from a payment to any Bondholder of interest and/or principal shall be considered as having been paid by the Issuer to such
Bondholder for all purposes of this Indenture 
  
 (b) On each Payment Date, the Indenture Trustee shall make the following allocations, disbursements and transfers from the Collection Account in the following order of priority, and each such allocation, transfer and disbursement shall be
treated as having occurred only after all preceding allocations, transfers and disbursements have occurred: 
  
 (i) to the Indenture Trustee, the Trustee Fee then due; 
  
 (ii) from amounts on deposit therein, the Premium Amount with respect to the Class A Bonds to the Enhancer
for such Payment Date 
  
 (iii) from amounts then
on deposit therein, to the Class A Bondholders, the Interest Payment Amount for such Payment Date; 
  
 (iv) from amounts then on deposit therein, to the Class A Bondholders as a distribution of principal, the Principal Payment Amount for
such Payment Date; 
  
 (v) from amounts then on
deposit therein, to the Enhancer, the Reimbursement Amount, if any, then due to it; 
  
 (vi) from amounts then on deposit, (A) to the Master Servicer, reimbursement for amounts reimbursable to the Master Servicer pursuant to
[Section 3.03 and Section 5.03] of the Servicing Agreement to the extent not previously reimbursed; 
  
 (vii) to the Indenture Trustee, all remaining amounts due and owing to the Indenture Trustee pursuant to the Basic Documents and not
otherwise paid pursuant to clause (i); 
  
 (viii)
to the Manager of the Trust, the Management Fee then due and any amount due and owing to the Manager pursuant to Section [        ] of the Management Agreement; and 
  

 6 

 (ix) to the Certificateholders, any amounts remaining on deposit in the Collection
Account. 
  
 Interest on the Bonds will be computed on the basis
of the actual number of days in each Interest Period and a 360-day year. Any installment of interest or principal payable on any Bond that is punctually paid or duly provided for by the Issuer on the applicable Payment Date shall be paid to the
Bondholder of record thereof on the immediately preceding Record Date by wire transfer to an account specified in writing by such Bondholder reasonably satisfactory to the Indenture Trustee, or by check or money order mailed to such Bondholder at
such Bondholder’s address appearing in the Bond Register, the amount required to be distributed to such Bondholder on such Payment Date pursuant to such Bondholder’s Bonds; provided, that the Indenture Trustee shall not pay to any such
Bondholder any amounts required to be withheld from a payment to such Bondholder by the Code. 
  
 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 Bondholders in such Trust Estate
against the claims of all persons and parties. 
  
 (b) 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 Loan Agreements 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.

  
 Within 120 days after the end of each fiscal year of the
Issuer, commencing with the fiscal year ending on December 31, 200[        ], the Issuer shall furnish to the Indenture Trustee an 

  

 7 

 
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 March 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. Initially, the Issuer has contracted with the Master Servicer to assist the Issuer in performing
its duties under this Indenture. 
  
 (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 Master 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 Bonds 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 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 Bonds (other than amounts
properly withheld from such payments under the Code) or assert any claim against any present or former Bondholder by reason of the payment of the taxes levied or assessed upon any part of the Trust Estate; 
  

 8 

 (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 Bonds under this Indenture except as may be expressly permitted
hereby, (ii) permit any lien, charge, excise, claim, security interest, mortgage or other encumbrance (other than the lien of this Indenture) to be created on or extend to or otherwise arise upon or burden the 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 Bondholders. 
  
 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 December 31, 200[        ]) and otherwise in compliance with the requirements of TIA Section 314(a)(4) or any applicable successor statute,
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 Master 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 the representations and warranties made by [        ] Section
[        ] of the Purchase Agreement concerning the Mortgage Loans and the right to enforce the remedies against [        ] provided in
Section [        ], 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 Loan Agreements and assignee in the Assignments of Mortgage to be delivered under Section
[        ] of the Purchase Agreement. Except as expressly provided in the Purchase Agreement or in the Servicing Agreement with respect to any 

  

 9 

 
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 Bondholders hereunder.

  
 Section 3.14 Master 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 Master Servicer, the Issuer and
the Indenture Trustee hereby acknowledge that the Master Servicer is acting as agent and bailee of the Indenture Trustee in holding amounts on deposit in the Custodial Account pursuant to Section
[        ] 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
Master Servicer pursuant to Section [        ] of the Servicing Agreement, and any other items constituting a part of the Trust Estate which from time to time come into the possession of
the Master Servicer. It is intended that, by the Master Servicer’s acceptance of such agency pursuant to Section [        ] 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 Master
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 Not Consolidate or Convey Substantially All its
Assets. 
  
 (a) The Issuer shall not
consolidate or merge with or into any other Person; and 
  
 (b) The Issuer shall not convey or transfer any of its properties or assets, including those included in the Trust Estate, to any Person except as provided herein or the Servicing Agreement. 
  
 Section 3.17 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 Bonds and Certificates in the manner contemplated by this Indenture and the Basic Documents and all activities incidental thereto.

  
 Section 3.18 No Borrowing. The Issuer shall not issue,
incur, assume, guarantee or otherwise become liable, directly or indirectly, for any indebtedness except for (a) the Bonds, (b) 

  

 10 

 
the Certificates, (c) obligations owing from time to time to the Enhancer under the Insurance Agreement and (d) any other indebtedness permitted by or
arising under the Basic Documents, except that the Issuer shall not incur any indebtedness that would cause it, or any portion thereof, to be treated as a “taxable mortgage pool” under Section 7701 of the Code. 
  
 Section 3.19 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 3.20 Capital Expenditures. The Issuer shall not make any expenditure (by long-term or operating lease or otherwise) for capital assets
(either realty or personally). 
  
 Section 3.21 Restricted
Payments. The Issuer shall not, directly or indirectly, (a) 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, (b) redeem, purchase, retire or otherwise acquire for value any such ownership or equity interest or security or (c) set
aside or otherwise segregate any amounts for any such purpose; provided, however, that the Issuer may make, or cause to be made, (i) 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 (ii) payments to the Master 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 3.22 Notice of Events of Default. The Issuer shall give the Indenture Trustee, the Enhancer and the Rating Agencies prompt written notice of each Event of Default hereunder and under the Trust
Agreement. 
  
 Section 3.23 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 3.24 Statements to Bondholders. 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, each Bondholder and each Certificateholder, with a copy to the Enhancer, the Servicing Certificate provided to the
Indenture Trustee by the Master Servicer relating to such Payment Date and delivered pursuant to Section [        ] 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 

  

 11 

 
Bondholders and Certificateholders and the Enhancer, and other parties to this Indenture via the Indenture Trustee’s internet website. The Indenture
Trustee’s internet website shall initially be located at “            ”. 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 such statements are distributed in order to make such distribution more convenient and/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. The Indenture Trustee may require registration and acceptance of a disclaimer in connection
with providing access to its website. 
  
 Section 3.25 Payments
under the Policy. 
  
 (a) (i) If the
Servicing Certificate specifies an Insured Amount for any Payment Date, the Indenture Trustee shall make a draw on the Policy in an amount specified in the Servicing Certificate for such Payment Date or, if no amount is specified, the Indenture
Trustee shall take the action specified in Section 3.25(b)(ii). 
  
 (ii) The Indenture Trustee shall deposit or cause to be deposited such Insured Amount into the Bond Payment Account on such Payment Date to the extent such amount relates to clause
[        ] of the definition of “Deficiency Amount” or clause [        ] of the definition of “Insured Amount”. 
  
 (iii) To the extent such amount relates to clause
[        ] of the definition of “Deficiency Amount”, the Indenture Trustee shall (A) during the Revolving Period, deposit such amount into the Funding Account as Principal Collections and (B)
during the Amortization Periods, deposit such amount into the Bond Payment Account. 
  
 (b) (i) The Indenture Trustee shall submit, if an Insured Amount is specified in any statement prepared pursuant to Section 4.01 of the
Servicing Agreement, the Notice (in the form attached as Exhibit A to the Policy) to the Enhancer no later than 12:00 noon, New York City time, on the second (2nd) Business Day prior to the applicable Payment Date. 
  
 (ii) If no Deficiency Amount is specified in the Servicing
Certificate, then on the Business Day preceding the Payment Date, the Indenture Trustee shall check the amount on deposit in the Bond Payment Account after remittance by the Master Servicer, and shall determine whether the amounts on deposit therein
are sufficient to make all payments required pursuant to the Servicing Certificate. If the Indenture Trustee determines that such amounts are not sufficient to make all such payments, the Indenture Trustee shall immediately notify the Master
Servicer and the Master Servicer shall recalculate the amounts indicated on the Servicing Certificate and determine whether there is in fact a Deficiency Amount for such Payment Date. The Master Servicer shall notify the Indenture Trustee in writing
of such recalculated amount, even if such amount is zero, and if a Deficiency Amount exists, the Indenture Trustee shall make 

  

 12 

 
a draw on the Policy for the amount of such Deficiency Amount and shall remit such amounts to the Bondholders upon receipt thereof from the Enhancer.

  
 Section 3.26 Replacement Enhancement. The Issuer (or
the Master Servicer on its behalf) may, at its expense, in accordance with and upon satisfaction of the conditions set forth herein, but shall not be required to, arrange for any other form of additional credit enhancement; provided, that after
prior notice thereto, no Rating Agency shall have informed the Issuer that a Rating Event would occur as a result thereof (without taking the Policy into account); and provided further, that the issuer of any such instrument or facility and the
timing and mechanism for drawing on such additional enhancement shall be acceptable to the Indenture Trustee and the Enhancer. It shall be a condition to procurement of any such additional credit enhancement that there be delivered to the Indenture
Trustee and the Enhancer (a) an Opinion of Counsel, acceptable in form to the Indenture Trustee and the Enhancer, from counsel to the provider of such additional credit enhancement with respect to the enforceability thereof and such other matters as
the Indenture Trustee or the Enhancer may require and (b) an Opinion of Counsel to the effect that the procurement of such additional enhancement would not (i) adversely affect in any material respect the tax status of the Bonds or the Certificates
or (ii) cause the Issuer to be taxable as an association (or a publicly traded partnership) for federal income tax purposes or to be classified as a taxable mortgage pool within the meaning of Section 7701(i) of the Code. 
  
 Section 3.27 Additional Representations of Issuer. 
  
 The Issuer hereby represents and warrants to the Indenture Trustee that as of
the Closing Date: 
  

	 	(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 Loan Agreement (except for any Loan Agreement 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 Bondholders.

  

	 	(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, 

  

 13 

	 	 
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.

  
 ARTICLE IV 
  
 The Bonds; Satisfaction And Discharge Of Indenture 
  
 Section 4.01 The Bonds. 
  
 The Bonds shall be registered in the name of a nominee designated by the
Depository. Beneficial Owners will hold interests in the Bonds through the book-entry facilities of the Depository in minimum initial Balances of $1,000 and integral multiples of $1,000 in excess thereof. 
  
 The Indenture Trustee may for all purposes (including the making of payments
due on the Bonds) deal with the Depository as the authorized representative of the Beneficial Owners with respect to the Bonds for the purposes of exercising the rights of holders of Bonds hereunder. Except as provided in the next succeeding
paragraph of this Section 4.01, the rights of Beneficial Owners with respect to the Bonds 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 Bonds as to which they are the Beneficial Owners. Requests and directions from, and votes of, the Depository as holder of the Bonds 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 Bondholders and give notice to the Depository of
such record date. Without the consent of the Issuer and the Indenture Trustee, no Bond may be transferred by the Depository except to a successor Depository that agrees to hold such Bond 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 Master 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 Bonds it beneficially owns in the manner prescribed in Section 4.08. 
  

 14 

 The Bonds 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 Bond Registrar and delivered by the Indenture Trustee to or upon the order of the Issuer. 
  
 Section 4.02 Registration of and Limitations on Transfer and Exchange of Bonds; Appointment of Certificate Registrar.

  
 (a) The Issuer shall cause to be kept at the
Indenture Trustee’s Corporate Trust Office a Bond Register in which, subject to such reasonable regulations as it may prescribe, the Registrar shall provide for the registration of Bonds and of transfers and exchanges of Bonds as herein
provided. The Issuer hereby appoints the Indenture Trustee as the initial Registrar. 
  
 (b) Upon surrender for registration of transfer of any Bond at the Corporate Trust Office, the Issuer shall execute, and the Bond
Registrar shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Bonds in authorized initial Bond Balances evidencing the same aggregate Percentage Interests. 
  
 At the option of the Bondholders, Bonds may be exchanged for other Bonds of
like tenor, in each case in authorized initial Bond Balances evidencing the same aggregate Percentage Interests, upon surrender of the Bonds to be exchanged at the Corporate Trust Office of the Bond Registrar. Whenever any Bonds are so surrendered
for exchange, the Issuer shall execute and the Bond Registrar shall authenticate and deliver the Bonds which the Bondholder making the exchange is entitled to receive. Each Bond presented or surrendered for registration of transfer or exchange shall
(if so required by the Bond Registrar) be duly endorsed by, or be accompanied by a written instrument of transfer in form reasonably satisfactory to the Bond Registrar duly executed by, the Bondholder 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. Bonds delivered upon any such transfer or exchange will evidence the same obligations, and will be
entitled to the same rights and privileges, as the Bonds surrendered. 
  
 (c) No service charge shall be imposed for any registration of transfer or exchange of Bonds, but the Bond 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 Bonds. 
  
 (d) All Bonds surrendered for registration of transfer and exchange shall be cancelled by the Bond Registrar and delivered to the Indenture Trustee for subsequent destruction without liability on the part of either.

  
 (e) 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 

  

 15 

 
pursuant to Section [3.05] of the Trust Agreement. The Indenture Trustee hereby accepts such appointment. 
  
 (f) Each purchaser of a Bond, by its acceptance of the Bond,
shall be deemed to have represented that the acquisition of such Bond 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 Bonds. If (a) any mutilated Bond is surrendered to the Indenture Trustee, or the Indenture Trustee receives evidence to its satisfaction of the destruction, loss or theft of any Bond, and (b) there is
delivered to the Indenture Trustee such security or indemnity as may be required by it to hold the Issuer and the Indenture Trustee harmless, then, in the absence of notice to the Issuer, the Bond Registrar or the Indenture Trustee that such Bond
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 Bond, a replacement Bond of the same class; provided, however, that if any such destroyed, lost or stolen Bond, but not a mutilated Bond, shall have become or within seven days shall be due and payable,
instead of issuing a replacement Bond, the Issuer may pay such destroyed, lost or stolen Bond when so due or payable without surrender thereof. If, after the delivery of such replacement Bond or payment of a destroyed, lost or stolen Bond pursuant
to the proviso to the preceding sentence, a bona fide purchaser of the original Bond in lieu of which such replacement Bond was issued presents for payment such original Bond, the Issuer and the Indenture Trustee shall be entitled to recover such
replacement Bond (or such payment) from the Person to whom it was delivered or any Person taking such replacement Bond from such Person to whom such replacement Bond 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 Bond under this Section 4.03, the Issuer
may require the payment by the Bondholder of such Bond 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 Bond issued
pursuant to this Section 4.03 in replacement of any mutilated, destroyed, lost or stolen Bond shall constitute an original additional contractual obligation of the Issuer, whether or not the mutilated, destroyed, lost or stolen Bond 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 Bonds 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 Bonds. 
  

 16 

 Section 4.04 Persons Deemed Owners. Prior to due presentment for registration of transfer of any
Bond, the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture Trustee may treat the Person in whose name any Bond is registered (as of the day of determination) as the owner of such Bond for the purpose of receiving payments
of principal of and interest, if any, on such Bond and for all other purposes whatsoever, whether or not such Bond 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
Bonds 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 Bonds previously authenticated and delivered hereunder which the Issuer may have acquired in any manner whatsoever, and all Bonds so delivered shall be promptly cancelled
by the Indenture Trustee. No Bonds shall be authenticated in lieu of or in exchange for any Bonds cancelled as provided in this Section 4.05, except as expressly permitted by this Indenture. All cancelled Bonds 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 Bonds have not been previously disposed of by the Indenture Trustee. 
  
 Section 4.06 Book-Entry Bonds. Each Class of Bonds, upon original issuance, shall be issued in the form of typewritten Bonds representing the Book-Entry Bonds, to be delivered to The Depository Trust Company,
the initial Depository, by, or on behalf of, the Issuer. Such Bonds shall initially be registered on the Bond Register in the name of Cede & Co., the nominee of the initial Depository, and no Beneficial Owner shall receive a Definitive Bond
representing such Beneficial Owner’s interest in such Bond, except as provided in Section 4.08. Unless and until definitive, fully registered Bonds (such Bonds, the “Definitive Bonds”) 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 Bond 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 Bonds and the giving of instructions or directions
hereunder) as the sole holder of the Bonds, 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 Bonds and the Depository and/or the Depository Participants. Unless and until Definitive Bonds
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 Bonds to such Depository Participants; and 

 

 17 

 (e) whenever this Indenture requires or permits actions to be taken based upon
instructions or directions of Bondholders of Bonds evidencing a specified percentage of the Bond Balances of the Bonds, the Depository shall be deemed to represent such percentage only to the extent that it has received instructions to such effect
from Beneficial Owners and/or Depository Participants owning or representing, respectively, such required percentage of the beneficial interest in the Bonds and has delivered such instructions to the Indenture Trustee. 
  
 Section 4.07 Notices to Depository. Whenever a notice or other
communication to the Bondholders of the Bonds is required under this Indenture, unless and until Definitive Bonds 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 Bondholders of the Bonds to the Depository, and shall have no obligation to the Beneficial Owners. 
  
 Section 4.08 Definitive Bonds. If (a) the Indenture Trustee determines that the Depository is no longer willing or able to properly discharge its
responsibilities with respect to the Bonds and the Indenture Trustee is unable to locate a qualified successor, (b) the Issuer elects to terminate the book-entry system through the Depository, or (c) after the occurrence of an Event of Default,
Beneficial Owners of Bonds representing beneficial interests aggregating at least a majority of the aggregate balance of the Bonds 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 Bonds to Beneficial Owners requesting the same.
Upon surrender to the Indenture Trustee of the typewritten Bonds representing the Book-Entry Bonds by the Depository, accompanied by registration instructions, the Issuer shall execute and the Indenture Trustee shall authenticate the Definitive
Bonds in accordance with the instructions of the Depository. None of the Issuer, the Bond 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 Bonds, the Indenture Trustee shall recognize the Bondholders of the Definitive Bonds as Bondholders. 
  
 Section 4.09 Tax Treatment. The Issuer has entered into this Indenture, and the Bonds will be issued, with the
intention that, for federal, state and local income, single business and franchise tax purposes, the Bonds will be treated as indebtedness for purposes of such taxes. The Issuer, by entering into this Indenture, and each Bondholder, by its
acceptance of its Bond (and each Beneficial Owner by its acceptance of an interest in the applicable Book-Entry Bond), agree to treat the Bonds 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 Bonds except as to (a) rights of registration of transfer and exchange, (b) substitution of mutilated, destroyed, lost or stolen Bonds, (c) rights of
Bondholders to receive payments of principal thereof and interest thereon, (d) Sections [3.03, 3.04, 3.06, 3.09, 3.16, 3.17 and 3.18], (e) 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 (f) the rights of Bondholders as beneficiaries 

  

 18 

 
hereof with respect to the property so deposited with the Indenture Trustee payable to all or any of them, and the Indenture Trustee, on demand of and at the
expense of the Issuer, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture with respect to the Bonds, when either: 
  
 (i) all Bonds theretofore authenticated and delivered (other than (A) Bonds that have been destroyed, lost or stolen and that have been
replaced or paid as provided in Section 4.03 and (B) Bonds 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 
  
 (ii) all Bonds 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 
  
 and the Issuer, in the case of (A) or (B) above, has irrevocably deposited or caused to be irrevocably deposited with the Indenture Trustee cash or direct obligations of or obligations 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 Bonds 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; 
  
 (iii) the Issuer has paid or caused to be paid all other sums payable hereunder and under the Insurance Agreement by the Issuer; and

  
 (iv) the Issuer has delivered to the
Indenture Trustee and the Enhancer 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(ii) above, such opinion shall further be to the effect that such deposit will not have any material adverse
tax consequences to the Issuer, any Bondholders or any Certificateholders. 
  

 19 

 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 Bonds and this Indenture, to the payment, either directly or through any Paying Agent or Certificate Paying Agent, as the Indenture Trustee may
determine, to the holders of Bonds and Certificates, of all sums due and to become due thereon for principal and interest; but such monies need not be segregated from other funds except to the extent required herein or required by law. 

 
 Section 4.12 Subrogation and Cooperation. 
  
 (a) The Issuer and the Indenture Trustee acknowledge that
(i) to the extent the Enhancer makes payments under the Policy on account of principal of or interest on the Mortgage Loans, the Enhancer will be fully subrogated to the rights the Bondholders to receive such principal of and interest on the
Mortgage Loans, and (ii) the Enhancer shall be paid such principal and interest only from the sources and in the manner provided herein and in the Insurance Agreement for the payment of such principal and interest. 
  
 The Indenture Trustee shall cooperate in all respects with any reasonable
request by the Enhancer for action to preserve or enforce the Enhancer’s rights or interest under this Indenture or the Insurance Agreement, consistent with this Indenture and without limiting the rights of the Bondholders as otherwise set
forth in the Indenture, including upon the occurrence and continuance of a default under the Insurance Agreement, a request (which request shall be in writing) to take any one or more of the following actions: 
  
 (i) institute Proceedings for the collection of all amounts
then payable on the Bonds or under this Indenture in respect to the Bonds and all amounts payable under the Insurance Agreement and to enforce any judgment obtained and collect from the Issuer monies adjudged due; 
  
 (ii) sell the Trust Estate or any portion thereof or rights
or interest therein, at one or more public or private Sales (as defined in Section 5.15 hereof) called and conducted in any manner permitted by law; 
  
 (iii) file or record all assignments that have not previously been recorded; 
  
 (iv) institute Proceedings from time to time for the
complete or partial foreclosure of this Indenture; and 
  
 (v) exercise any remedies of a secured party under the UCC and take any other appropriate action to protect and enforce the rights and remedies of the Enhancer hereunder. 
  
 Following the payment in full of the Bonds, the Enhancer shall continue to have all rights and privileges provided to it
under this Section and in all other provisions of this Indenture, until all amounts owing to the Enhancer have been paid in full. 
  

 20 

 Section 4.13 Repayment of Monies Held by Paying Agent. In connection with the satisfaction and
discharge of this Indenture with respect to the Bonds, all monies then held by any Paying Agent (other than the Indenture Trustee) under the provisions of this Indenture with respect to such Bonds 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. 
  
 Section 4.14 Temporary Bonds. Pending the preparation of any Definitive Bonds, the Issuer may execute and upon its
written direction, the Indenture Trustee may authenticate and make available for delivery, temporary Bonds that are printed, lithographed, typewritten, photocopied or otherwise produced, in any denomination, substantially of the tenor of the
Definitive Bonds in lieu of which they are issued and with such appropriate insertions, omissions, substitutions and other variations as the officers executing such Bonds may determine, as evidenced by their execution of such Bonds. 
  
 If temporary Bonds are issued, the Issuer will cause Definitive Bonds to be
prepared without unreasonable delay. After the preparation of the Definitive Bonds, the temporary Bonds shall be exchangeable for Definitive Bonds upon surrender of the temporary Bonds at the office or agency of the Indenture Trustee, without charge
to the Bondholder. Upon surrender for cancellation of any one or more temporary Bonds, the Issuer shall execute and the Indenture Trustee shall authenticate and make available for delivery, in exchange therefor, Definitive Bonds of authorized
denominations and of like tenor and aggregate principal amount. Until so exchanged, such temporary Bonds shall in all respects be entitled to the same benefits under this Indenture as Definitive Bonds. 
  
 ARTICLE V 
  
 Default And Remedies 
  
 Section 5.01 Events of Default. The Issuer shall deliver to the Indenture Trustee and the Enhancer, 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 Enhancer
or the Bondholders of Bonds representing not less than a majority of the aggregate Bond Balance of the Bonds, with the written consent of the Enhancer (unless an Enhancer Default has occurred and is continuing), may declare the Bonds to be
immediately due and payable by a notice in writing to the Issuer (and to the Indenture Trustee if given by Bondholders); and upon any such declaration, the unpaid principal amount of the Bonds, together with accrued and unpaid interest thereon
through the date of acceleration, shall become immediately due and payable. 
  

 21 

 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 Enhancer or the Bondholders of Bonds representing a majority of the aggregate Bond
Balance of the Bonds, with the written consent of the Enhancer, 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 the Issuer
has paid or deposited with the Indenture Trustee a sum sufficient to pay: 
  
 (a) all payments of principal of and interest on the Bonds and all other amounts that would then be due hereunder or upon the Bonds if the Event of Default giving rise to such acceleration had not occurred;

  
 (b) all sums paid or advanced by the
Indenture Trustee hereunder and the reasonable compensation, expenses, disbursements and advances of the Indenture Trustee and its agents and counsel; and 
  
 (c) all Events of Default, other than the nonpayment of the principal of the Bonds that has become due solely by such acceleration, have
been cured or waived as provided in Section 5.12; 
  
 provided that no such waiver
shall be effective following an Early Amortization Event if the requisite consents of the Bondholders and the Enhancer have been obtained with respect to a sale or other liquidation of the Trust Estate pursuant to Section 5.04(a). 
  
 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 Bond 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 Bond when the same becomes due and payable, the Issuer shall, upon demand of the Indenture Trustee, pay to it, for the benefit of the Bondholders, the entire amount then due and payable on the Bonds 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 11.17 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 Bonds and collect in the manner 

  

 22 

 
provided by law out of the property of the Issuer or other obligor on the Bonds, 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 11.17 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 Bondholders by such appropriate
Proceedings as the Indenture Trustee shall deem most effective to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to
enforce any other proper remedy or legal or equitable right vested in the Indenture Trustee by this Indenture or by law. 
  
 (d) If there shall be pending, relative to the Issuer or any other obligor on the Bonds 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 Bonds, 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 Bonds 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 Bonds 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 Bondholders allowed in such Proceedings; 
  
 (ii) unless prohibited by applicable law and regulations, to vote on behalf of the Bondholders 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 Bondholders 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 

  

 23 

 
Bondholders 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 Bondholders to make payments to the Indenture Trustee, and, in the event the Indenture Trustee shall consent to the making of payments directly to such Bondholders, 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. 
  
 (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 Bondholder any plan of reorganization, arrangement, adjustment or composition affecting the Bonds or the rights of any Bondholder thereof or to authorize the Indenture Trustee to vote in respect of the claim of any Bondholder 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 Bonds, may be enforced by the Indenture Trustee
without the possession of any of the Bonds 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. 
  
 (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 Bondholders, and it shall not be necessary to make any Bondholder 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 11.17 hereof, with the written consent of the Enhancer may, or, at the written direction of the Enhancer, 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 Bonds 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 Bonds 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;

  

 24 

 (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 Bondholders; 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 Enhancer, which consent will not be unreasonably withheld, and the Bondholders of
[100%] of the aggregate Bond Balance of the Bonds, (B) the proceeds of such sale or liquidation distributable to Bondholders are sufficient to discharge in full all amounts then due and unpaid upon the Bonds for principal and interest and to
reimburse the Enhancer for any amounts drawn under the Policy and any other amounts due the Enhancer under the Insurance Agreement or (C) the Indenture Trustee determines that the Mortgage Loans will not continue to provide sufficient funds for the
payment of principal of and interest on the Bonds as they would have become due if the Bonds had not been declared due and payable, and the Indenture Trustee obtains the consent of the Enhancer, which consent will not be unreasonably withheld, and
the Bondholders of 66 2/3% of the aggregate Bond Balance of the Bonds. 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 Master 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 Bonds remains unpaid, continue to act as Indenture Trustee
hereunder and to draw amounts payable under the Policy in accordance with its terms. 
  
 (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 Bondholders for
amounts due and unpaid on the related Bonds for interest, including accrued and unpaid interest on the Bonds for any prior Payment Date, ratably, without preference or priority of any kind, according to the amounts due and payable on such Bonds for
interest from amounts available in the Trust Estate for such Bondholders, but excluding any Interest Shortfalls; 
  
 THIRD: to the Bondholders for amounts due and unpaid on the related Bonds for principal, ratably, without preference or priority of any kind, according

  

 25 

 
to the amounts due and payable on such Bonds for principal, from amounts available in the Trust Estate for such Bondholders, until the respective Bond
Balances of such Bonds have been reduced to zero; 
  
 FOURTH: to
the payment of all amounts due and owing the Enhancer under the Insurance Agreement; 
  
 FIFTH: to the Bondholders for amounts due and unpaid on the related Bonds for Interest Shortfalls, if any, including any unpaid Interest Shortfalls on the Bonds for any prior Payment Date, ratably, without preference
or priority of any kind, according to such amounts due and payable from amounts available in the Trust Estate for such Bondholders; 
  
 SIXTH: 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 Bondholders pursuant to this Section 5.04. At least 15 days before such record date, the Indenture Trustee shall mail to each Bondholder 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 Bonds 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 (but shall
at the written direction of the Enhancer), elect to take and maintain possession of the Trust Estate; provided that no such waiver shall be effective following an Early Amortization Event if the requisite consents of the Bondholders and the Enhancer
have been obtained with respect to a sale or other liquidation of the Trust Estate pursuant to Section 5.04(a). It is the desire of the parties hereto and the Bondholders that there be at all times sufficient funds for the payment of principal of
and interest on the Bonds and other obligations of the Issuer including payment to the Enhancer, and the Indenture Trustee shall take such desire into account when determining whether or not to take and maintain possession of the Trust Estate. In
determining whether to take and maintain possession of the Trust Estate, the Indenture Trustee may, but need not, obtain and rely, 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 Bondholder 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 11.17 hereof: 
  
 (a) such Bondholder shall have previously given written notice to the Indenture Trustee of a continuing Event of Default; 
  

 26 

 (b) the Bondholders of not less than 50% of the aggregate Bond Balance of the Bonds 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 Bondholder or Bondholders 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 Bondholders of a majority of the aggregate Bond Balance of the Bonds or by the Enhancer. 
  
 It is understood and intended that no Bondholder shall have any right in any
manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice the rights of any other Bondholders or to obtain or to seek to obtain priority or preference over any other Bondholders 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 Bondholders, each representing less than a majority of the aggregate Bond Balance of the Bonds, the Indenture
Trustee shall act at the direction of the group of Bondholders with the greater Bond Balance. In the event that the Indenture Trustee shall receive conflicting or inconsistent requests and indemnity from two or more groups of Bondholders
representing the same Bond 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. 
  
 Section 5.07 Unconditional Rights of Bondholders to Receive Principal and
Interest. Subject to the provisions of this Indenture, the Bondholder of any Bond shall have the right, which is absolute and unconditional, to receive payment of the principal of and interest, if any, on such Bond on or after the respective due
dates thereof expressed in such Bond 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 Bondholder. 
  
 Section 5.08 Restoration of Rights and Remedies. If the Indenture
Trustee or any Bondholder 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
Bondholder, then and in every such case the Issuer, the Indenture Trustee and the Bondholders 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 Bondholders shall continue as though no such Proceeding had been instituted. 
  

 27 

 Section 5.09 Rights and Remedies Cumulative. No right or remedy herein conferred upon or reserved
to the Indenture Trustee, the Enhancer or the Bondholders 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, the Enhancer or any Bondholder 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 Bondholders may be exercised from time to time, and as often as may be deemed expedient, by the Indenture Trustee or by the Bondholders, as the case
may be. 
  
 Section 5.11 Control by Enhancer or
Bondholders. The Enhancer (so long as no Enhancer Default exists) or the Bondholders of a majority of the aggregate Bond Balance of Bonds with the consent of the Enhancer, 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 Bonds 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 Enhancer (so long as no Enhancer Default exists) or by the Bondholders of Bonds representing not less than 100% of the aggregate Bond Balance of the Bonds with
the consent of the Enhancer; 
  
 (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 Bondholders of Bonds representing less than 100% of
the aggregate Bond Balance of the Bonds 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.

  
 Notwithstanding the rights of Bondholders 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 Bondholders not consenting to such action, unless the
Trustee has received satisfactory indemnity from the Enhancer or a Bondholder. 
  
 Section 5.12 Waiver of Past Defaults. Prior to the declaration of the acceleration of the maturity of the Bonds as provided in Section 5.02, the Enhancer (so long as no Enhancer Default 

  

 28 

 
exists) or the Bondholders of not less than a majority of the aggregate Bond Balance of the Bonds, with the consent of the Enhancer, 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 Bonds or (b) in respect of a covenant or provision hereof that cannot be modified or amended without the consent of the
Bondholder of each Bond. In the case of any such waiver, the Issuer, the Indenture Trustee and the Bondholders 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 Bondholder by such Bondholder’s acceptance of the related Bond 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 Bondholder, or group of Bondholders, in each case holding in the aggregate
more than 10% of the aggregate Bond Balance of the Bonds or (c) any Proceeding instituted by any Bondholder for the enforcement of the payment of principal of or interest on any Bond on or after the respective due dates expressed in such Bond 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. 
  
 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 Bonds 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 

  

 29 

 
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 Bondholders of all Bonds and the Enhancer direct the Indenture Trustee to make, such Sale, 
  
 (ii) the proceeds of such Sale would be not less than the entire amount that would be payable to the Bondholders under the Bonds[, the
Certificateholders under the Certificates] and the Enhancer in respect of amounts drawn under the Policy and any other amounts due the Enhancer under the Insurance Agreement, in full payment thereof in accordance with Section 5.02, on the Payment
Date next succeeding the date of such Sale, or 
  
 (iii) 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), and the Enhancer consents to such Sale (which consent shall not be unreasonably withheld), and the
Bondholders of Bonds representing at least 66 2/3% of the aggregate Bond Balance of the Bonds consent to such Sale. 
  
 The purchase by the Indenture Trustee of all or any portion of the Trust Estate at a private Sale shall not be deemed a Sale or other disposition thereof for purposes of
this Section 5.15(b). 
  
 (c) Unless the
Bondholders and the Enhancer 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
subsection (b) of this Section 5.15 has not been established by the Indenture Trustee and no Person bids an amount equal to or greater than such amount, 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 Bondholder may bid for and, with the consent of the Enhancer, purchase the property offered for sale, and upon compliance with the
terms of sale may hold, retain and possess and dispose of such property, without further accountability, and may, in paying the purchase money therefor, deliver any Bonds 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 Bonds, in case the amounts so payable thereon shall be less than the amount due thereon, shall be returned to the Bondholders thereof after being appropriately stamped
to show such partial payment; 
  

 30 

 (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 Bondholders and the Certificateholders and amounts owing to the Enhancer as a result
of such Sale in accordance with Section 5.04(b) on the Payment Date next succeeding the date of such Sale and (B) the expenses of the Sale and of any Proceedings in connection therewith that are reimbursable to it, without being required to produce
the Bonds in order to complete any such Sale or in order for the net Sale price to be credited against such Bonds, 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 Bonds. The Indenture Trustee’s right to seek and recover judgment on the Bonds 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 Bondholders 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 Enhancer or the Indenture Trustee (with the written consent of the Enhancer), the Issuer, in its capacity as owner of the Mortgage Loans, shall, with the written consent of the Enhancer, 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 Master 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 

  

 31 

 
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 Master Servicer thereunder and the institution of legal or administrative actions or proceedings to compel or secure performance by the Sellers or the Master Servicer of each of their obligations under the Purchase Agreement and
the Servicing Agreement. 
  
 (b) If an Event of
Default shall have occurred and be continuing, the Indenture Trustee, as pledgee of the Mortgage Loans, subject to the rights of the Enhancer under the Servicing Agreement, may, and at the written direction of the Bondholders of 66 2/3% of the
aggregate Bond Balance of the Bonds, shall, exercise all rights, remedies, powers, privileges and claims of the Issuer against the Sellers or the Master 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 Master 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 paragraph (a) of this Section 6.01; 
  

 32 

 (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 or any direction from the Enhancer that the Enhancer is entitled to give under any of the Basic Documents. 
  
 (d) The Indenture Trustee shall not be liable for interest on any money received by it except as the Indenture Trustee may agree in
writing with the 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. 
  

 33 

 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 Bonds 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 Agreement, 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, statement, instrument, opinion, report, notice, request, consent, order, approval, bond or other paper or document, unless requested in writing to do so by the Enhancer or the Bondholders
representing a majority of the aggregate Bond 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. 
  

 34 

 (h) The Indenture Trustee shall be under no obligation to exercise any of the trusts or
powers vested in it by this Agreement or to institute, conduct or defend any litigation hereunder or in relation hereto at the request, order or direction of any of the Enhancer or the Bondholders, pursuant to the provisions of this Agreement,
unless the Enhancer or the Bondholders 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 Agreement, and to use the same degree of care and skill
in their exercise as a prudent investor would exercise or use under the circumstances in the conduct of such investor’s own affairs. 
  
 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 Bonds and may otherwise deal with the Issuer or its Affiliates with the same rights it would have if it were not Indenture Trustee. Any Bond 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 (a) responsible for and makes no representation as to the validity or adequacy of this Indenture or the Bonds, (b) accountable for the Issuer’s use of the proceeds
from the Bonds or (c) responsible for any statement of the Issuer in this Indenture or in any document issued in connection with the sale of the Bonds or in the Bonds, 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, then the Indenture Trustee shall give notice thereof to the Enhancer. The Indenture Trustee shall mail to each Bondholder
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 Bond, 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 Bondholders. 
  
 Section 6.06 Reports by Indenture Trustee to Bondholders. The Indenture Trustee shall deliver to each Bondholder such information as may be
required to enable such Bondholder 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. 
  
 Section 6.07 Compensation and Indemnity. The Issuer shall, or shall cause the Seller to, pay compensation for the Indenture Trustee’s services
as agreed in writing between the Issuer [or Master Servicer] and the Indenture Trustee. 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, 

  

 35 

 
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. 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 and the Enhancer.
The Enhancer or the Bondholders of a majority of the aggregate Bond Balance of the Bonds may remove the Indenture Trustee by so notifying the Indenture Trustee and the Enhancer (if given by such Bondholders) and may appoint a successor Indenture
Trustee. 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. 
  
 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 with the consent of the Enhancer, 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 

  

 36 

 
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 Bondholders. 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 Bondholders of a majority of aggregate Bond Balance of the Bonds 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 Bondholder 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 of any such transaction. 
  
 If at the time of any such succession by merger, conversion or consolidation,
any of the Bonds 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 Bonds so authenticated. If at such time any
of the Bonds shall not have been authenticated, any successor to the Indenture Trustee may authenticate such Bonds 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 Bonds or in this Indenture provided that the certificate of the Indenture Trustee shall have. 
  

Section 6.10 Appointment of Co-Indenture Trustee or Separate Indenture Trustee. 
  
 (a) Notwithstanding any other provisions of this Indenture, at any time, for the purpose of meeting any
legal requirement of any jurisdiction in which any part of the Trust Estate may at 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 Bondholders, 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 

  

 37 

 
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
Bondholders of the appointment of any co-trustee or separate trustee shall be required under Section 6.08 hereof. 
  
 (b) Every separate trustee and co-trustee shall, to the extent permitted by law, be appointed and act subject to the following provisions
and conditions: 
  
 (i) all rights, powers,
duties and obligations conferred or imposed upon the Indenture Trustee shall be conferred or imposed upon and exercised or performed by the Indenture Trustee and such separate trustee or co-trustee jointly (it being understood that such separate
trustee or co-trustee is not authorized to act separately without the Indenture Trustee joining in such act), except to the extent that under any law of any jurisdiction in which any particular act or acts are to be performed the Indenture Trustee
shall be incompetent or unqualified to perform such act or acts, in which event such rights, powers, duties and obligations (including the holding of title to the Trust Estate or any portion thereof in any such jurisdiction) shall be exercised and
performed singly by such separate trustee or co-trustee, but solely at the direction of the Indenture Trustee; 
  
 (ii) no trustee hereunder shall be personally liable by reason of any act or omission of any other trustee hereunder; and 
  
 (iii) the Indenture Trustee may at any time accept the
resignation of or remove any separate trustee or co-trustee. 
  
 (c) Any notice, request or other writing given to the Indenture Trustee shall be deemed to have been given to each of the then separate trustees and co-trustees, as effectively as if given to each of them. Every
instrument appointing any separate trustee or co-trustee shall refer to this Agreement and the conditions of this Article VI. Each separate trustee and co-trustee, upon its acceptance of the trusts conferred, shall be vested with the estates or
property specified in its instrument of appointment, either jointly with the Indenture Trustee or separately, as may be provided therein, subject to all the provisions of this Indenture, specifically including every provision of this Indenture
relating to the conduct of, affecting the liability of, or affording 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. 
  
 (e) The Indenture Trustee shall be responsible for the fees
of any co-trustee or separate trustee appointed hereunder. 
  

 38 

 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. The Indenture Trustee shall comply with TIA §
310(b), including the optional provision permitted by the second sentence of TIA § 310(b)(9); provided, however, that there shall be excluded from the operation of TIA § 310(b)(1) any indenture or indentures under which other securities of
the 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 (i) asserting the invalidity of this Indenture, (ii) seeking to prevent the consummation of any of the
transactions contemplated by this Indenture or (iii) seeking any determination or ruling that might materially and adversely affect the performance by the Indenture Trustee of its obligations under, or the validity or enforceability of, this
Indenture. 
  
 (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. 
  
 (f) The Indenture Trustee has duly executed and delivered this Indenture and each other Basic Document to which it is a party, and each of
this Indenture and each such other Basic Document constitutes the legal, valid and binding obligation of the Indenture Trustee, 

  

 39 

 
enforceable against the Indenture Trustee in accordance with its terms, except as (i) such enforceability may be limited by bankruptcy, insolvency,
reorganization and similar laws relating to or affecting the enforcement of creditors’ rights generally and (ii) the availability of equitable remedies may be limited by equitable principles of general applicability. 
  
 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 Bondholders and the Enhancer; 
  
 (b) to authenticate and deliver the Bonds 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.

  
 Section 6.16 [Determination of Bond Rate. On the second
LIBOR Business Day immediately preceding (i) the Closing Date in the case of the first Interest Period and (ii) the first day of each succeeding Interest Period, the Indenture Trustee shall determine LIBOR and the applicable Bond Rate for such
Interest Period and shall inform the Issuer, the Master Servicer and the Depositor by means of the Indenture Trustee’s online service.] 
  
 ARTICLE VII 
  
 Bondholders’ Lists and Reports 
  
 Section 7.01 Issuer to Furnish Indenture Trustee Names and Addresses of Bondholders. 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 Bondholders as of such Record Date, and (b) at such other times as the Indenture Trustee and the Enhancer 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 Bond Registrar,
no such list need be furnished. 
  
 Section 7.02 Preservation
of Information; Communications to Bondholders. 
  
 (a) The Indenture Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses of the Bondholders contained in the most recent list furnished to the Indenture Trustee as provided in Section 7.01 and the
names and addresses of the Bondholders received by the Indenture Trustee in its capacity as Bond 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.

  

 40 

 (b) Bondholders may communicate pursuant to TIA § 312(b) with other Bondholders with
respect to their rights under this Indenture or under the Bonds. 
  
 (c) The Issuer, the Indenture Trustee and the Bond 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; 
  
 (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 Bondholders 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 December 31, beginning with December 31, 200[    ], the Indenture Trustee shall make available to each Bondholder as
required by TIA § 313(c) and to the Enhancer a brief report dated as of such date that complies with TIA § 313(a). The Indenture Trustee also shall comply with TIA § 313(b). 
  
 A copy of each report at the time of its distribution to Bondholders shall be
filed by the Indenture Trustee with the Commission, if required, and each stock exchange, if any, on which the Bonds are listed. The Issuer shall notify the Indenture Trustee if and when the Bonds are listed on any stock exchange. 
  

 41 

 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 Bondholders, the Certificate Paying Agent, on behalf of the Certificateholders, and the Enhancer, the Bond Payment Account as provided in Section 3.01 of this Indenture. 
  
 (b) All monies deposited from time to time in the Bond
Payment Account pursuant to the Servicing Agreement and all deposits therein pursuant to this Indenture are for the benefit of the Bondholders and the Certificate Paying Agent, on behalf of the Certificateholders, and all investments made with such
monies, including all income or other gain from such investments, are for the benefit of the Master Servicer as provided in Section [5.01] of the Servicing Agreement. 
  
 On each Payment Date, the Indenture Trustee shall distribute all amounts on deposit in the Bond Payment Account to the
Bondholders in respect of the Bonds 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 Bond Payment Account in Permitted Investments selected in writing by the Master Servicer maturing no later than the Business Day preceding the next succeeding Payment Date (except that any investment in the
institution with which the Bond 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. 
  
 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 

  

 42 

 
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 Bondholders. This Indenture and the respective obligations and responsibilities of the Issuer and the Indenture Trustee created hereby shall terminate upon the distribution to the
Bondholders, 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 Bonds Outstanding, (ii) all sums due the Indenture Trustee pursuant to
this Indenture have been paid and (iii) all sums due the Enhancer have been paid, release any remaining portion of the Trust Estate that secured the Bonds from the lien of this Indenture. The Indenture Trustee shall release property from the lien of
this Indenture pursuant to this Section 8.05 only upon receipt by the Indenture Trustee and the Enhancer of an Issuer Request accompanied by an Officer’s Certificate, an Opinion of Counsel and (if required by the TIA) Independent Certificates
in accordance with TIA Sections 314(c) and 314(d)(1) meeting the applicable requirements of Section [11.01]. 
  
 (c) The Indenture Trustee shall, at the request of the Issuer or the Depositor, surrender the Policy to the Enhancer for cancellation,
upon final payment of principal of and interest on the Bonds. 
  
 (d) In the event that the fair value of property to be released from the lien of this Indenture on any date, together with the fair value of property previously released during the then-current calendar year, equals
or exceeds 10% of the Bond Principal Balance, in addition to all other actions required to be taken pursuant to this Indenture or otherwise in connection with such release, an Independent Certificate in accordance with TIA Sections 314(c) and
314(d)(1) meeting the applicable requirements of Section [11.01] shall also be delivered to the Indenture Trustee. 
  

 43 

 ARTICLE IX 
  
 Supplemental Indentures 
  
 Section 9.01 Supplemental Indentures Without Consent of Bondholders. 
  
 (a) Without the consent of the Bondholders of any Bonds, but with the prior written consent of the Enhancer
(which consent shall not be unreasonably withheld), unless an Enhancer Default shall have occurred, 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 TIA 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 Bonds contained; 
  
 (iii) to add to the covenants of the Issuer, for the benefit
of the Bondholders or the Enhancer, 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 Bondholders or the Enhancer (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 Bonds 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 

  

 44 

 
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 Bondholders. 
  
 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 Bondholder but with prior
notice to the Rating Agencies and the Enhancer, enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to, or changing in any manner or eliminating any of the provisions of, this Indenture or of modifying
in any manner the rights of the Bondholders 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 Bondholder or the Enhancer or
(ii) cause the Issuer to be subject to an entity level tax. 
  
 Section 9.02 Supplemental Indentures With Consent of Bondholders. The Issuer and the Indenture Trustee, when authorized by an Issuer Request, may, with prior notice to the Rating Agencies and with the consent of the Enhancer and the
Bondholders of not less than a majority of the Bond Balances of each Class of Bonds affected thereby, by Act (as defined in Section 11.03 hereof) of such Bondholders 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 Bondholders under this Indenture; provided,
however, that no such supplemental indenture shall, without the consent of the Bondholder of each Bond affected thereby: 
  
 (a) change the date of payment of any installment of principal of or interest on any Bond, or reduce the principal amount thereof or the
Bond 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 Bonds, or change any place of payment where, or
the coin or currency in which, any Bond 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 Bonds on or after the respective due dates thereof; 
  
 (b) reduce the percentage of the Bond Balances of any Class of Bonds, the consent of the Bondholders of which is required for any such
supplemental indenture, or the consent of the Bondholders 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; 
  

 45 

 (c) modify or alter the provisions of the proviso to the definition of the term
“Outstanding”; 
  
 (d) reduce the
percentage of the aggregate Bond Balance of the Bonds 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 Bondholder of each Bond affected thereby; 
  
 (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 Bond 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 Bondholder
of any Bond 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
Bonds would be affected by any supplemental indenture and any such determination shall be conclusive upon the Bondholders of all Bonds, 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 11.03 hereof) of Bondholders 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 Bondholders of the Bonds 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 

  

 46 

 
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 Bonds 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 Bondholders shall thereafter be determined, exercised and enforced hereunder subject in all respects to such
modifications and amendments, and all the terms and conditions of any such supplemental indenture shall be and be deemed to be part of the terms and conditions of this Indenture for any and all purposes. 
  
 Section 9.05 Conformity with Trust Indenture Act. Every amendment of
this Indenture and every supplemental indenture executed pursuant to this Article IX shall conform to the requirements of the TIA as in effect at the time of such amendment or supplement so long as this Indenture shall then be qualified under the
TIA. 
  
 Section 9.06 Reference in Bonds to Supplemental
Indentures. Bonds 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 Bonds 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 Bonds. 
  
 ARTICLE X 
  
 Redemption of Bonds 
  
 Section 10.01 Redemption. The Bonds are subject to redemption in whole, but not in part, at the direction of the Depositor pursuant to Section [7.01(b)] of the Servicing Agreement, on any Payment Date on which
the Depositor exercises its option to transfer the Trust Property pursuant to said Section 7.01(b), for a purchase price equal to the Redemption Price. The Master Servicer or the Issuer shall furnish the Enhancer notice of such redemption not later
than 35 days prior to the Redemption Date. If the Bonds are to be redeemed pursuant to this Section 10.1, the Master Servicer or the Issuer shall furnish notice of such election to the Indenture Trustee not later than 35 days prior to the Redemption
Date and the Issuer shall deposit or undertake to deposit on or prior to the Redemption Date with the Indenture Trustee in the Collection Account the Redemption Price of such Bonds whereupon all such Bonds shall be due and payable on the Redemption
Date upon the furnishing of a notice complying with Section 10.2 (unless the Issuer shall default in the deposit of the Redemption Price). 
  

 47 

 Section 10.02 Surrender of Bonds. 
  
 (a) If the Depositor elects to exercise its option described above, the Depositor shall deposit in the
Collection Account on or before the Payment Date for such final distribution in immediately available funds an amount which, when added to the funds on deposit in the Collection Account that are payable to the Bondholders, will be equal to the
Redemption Price, together with all amounts due and owing to the Enhancer for unpaid premiums and unreimbursed draws on the Policy and all other amounts due and owing to the Enhancer pursuant to the Insurance Agreement, together with interest
thereon as provided under the Insurance Agreement. 
  
 (b) Upon presentation and surrender of the Bonds, the Indenture Trustee shall cause to be distributed to the Holders of Bonds on the Payment Date for such final distribution, in proportion to the Percentage Interests of their respective
Bonds and to the extent that funds are available for such purpose, the amount required to be distributed to Bondholders pursuant to Section 10.1 of this Indenture for such Payment Date. The distribution on such final Payment Date shall be in lieu of
the distribution otherwise required to be made on such Payment Date in respect of the Bonds. 
  
 (c) In the event that all of the Bondholders shall not surrender their Bonds for final payment and cancellation on or before such final
Payment Date, the Indenture Trustee shall on such date cause all funds in the Collection Account not distributed in final distribution to Bondholders to be withdrawn therefrom and credited to the remaining Bondholders by depositing such funds in a
separate escrow account for the benefit of such Bondholders and the Depositor (if the Depositor has exercised its right to transfer the Mortgage Loans) or the Indenture Trustee (in any other case) and shall give a second written notice to the
remaining Bondholders to surrender their Bonds for cancellation and receive the final distribution with respect thereto. If within one year after the second notice all the Bonds shall not have been surrendered for cancellation, the Indenture Trustee
may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Bondholders concerning surrender of their Bonds, and the cost thereof shall be paid out of the funds on deposit in such escrow account.

  
 Section 10.03 Form of Redemption Notice. Notice of
redemption supplied to the Indenture Trustee by the Depositor under Section 10.1 shall be given by the Indenture Trustee by facsimile or by first-class mail, postage prepaid, transmitted or mailed prior to the applicable Redemption Date to each
Holder of Bonds of record, as of the close of business on the date that is not less than five days prior to the applicable Redemption Date, at such Holder’s address appearing in the Bond Register. 
  
 All notices of redemption shall state: 
  
 (i) the Redemption Date; 
  
 (ii) the Redemption Price; 
  
 (iii) that the Record Date otherwise applicable to such Redemption Date is
not applicable and that payments shall be made only upon presentation and surrender 

  

 48 

 
of such Bonds at the place where such Bonds are to be surrendered for payment of the Redemption Price (which shall be the office or agency of the Issuer to
be maintained as provided in Section 3.2); and 
  
 (iv) that
interest on the Bonds shall cease to accrue on the Redemption Date. 
  
 Notice of redemption of the Bonds shall be given by the Indenture Trustee in the name and at the expense of the Issuer. Failure to give notice of redemption, or any defect therein, to any Holder of any Bond shall not impair or affect the
validity of the redemption of any other Bond. 
  
 Section 10.04
Bonds Payable on Redemption Date. The Bonds to be redeemed shall, following notice of redemption as required by Section 10.2, on the Redemption Date become due and payable at the Redemption Price and (unless the Issuer shall default in the
payment of the Redemption Price) no interest shall accrue on the Redemption Price for any period after the date to which accrued interest is calculated for purposes of calculating the Redemption Price. 
  
 ARTICLE XI 
  
 Miscellaneous 
  
 Section 11.01 Compliance Certificates and Opinions, etc. 
  

Upon any application or request by the Issuer to the Indenture Trustee to take any action under any provision of this Indenture, the Issuer shall
furnish to the Indenture Trustee and to the Enhancer (a) 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, (b) an Opinion of Counsel
stating that in the opinion of such counsel all such conditions precedent, if any, have been complied with, and (c) (if required by the TIA or any provision of this Agreement) an Independent Certificate from a firm of certified public accountants
meeting the applicable requirements of this Section, except that, in the case of any such application or request as to which the furnishing of such documents is specifically required by any provision of this Indenture, no additional certificate or
opinion need be furnished. 
  
 Every certificate or opinion with
respect to compliance with a condition or covenant provided for in this Indenture shall include: 
  
 (i) a statement that each signatory of such certificate or opinion has read or has caused to be read such covenant or condition and the
definitions herein relating thereto; 
  
 (ii) a
brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; 
  
 (iii) a statement that, in the opinion of each such signatory, such signatory has made such examination or
investigation as is necessary to enable such 

  

 49 

 
signatory to express an informed opinion as to whether or not such covenant or condition has been complied with; 
  
 (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”. 
  
 Section 11.02 Form of Documents Delivered to Indenture Trustee.

  
 In any case where several matters are required to be certified
by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person
may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents. 
  
 Any certificate or opinion of an Authorized Officer of the Issuer may be
based, insofar as it relates to legal matters, upon a certificate or opinion of, or representations by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with
respect to the matters upon which 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. 

 
 Section 11.03 Acts of Bondholders. 
  
 (a) Any request, demand, authorization, direction, notice,
consent, waiver or other action provided by this Indenture to be given or taken by Bondholders may be embodied in 

  

 50 

 
and evidenced by one or more instruments of substantially similar tenor signed by such Bondholders 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 Bondholders 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 11.03. 
  
 (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 Bonds shall be proved by the Bond Register. 
  
 (d) Any request, demand, authorization, direction, notice, consent, waiver or other action by the Bondholder
of any Bond shall bind the Bondholder of every Bond 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 Bond. 
  
 Section 11.04 Notices, etc., to Indenture Trustee, Issuer, Enhancer and Rating Agencies. Any request, demand, authorization, direction, notice, consent, waiver or Act of Bondholders 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 Bondholders is to be made upon, given or furnished to or filed with: 
  
 (a) the Indenture Trustee by any Bondholder 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
[            ]. The Indenture Trustee shall promptly transmit any notice received by it from the Bondholders to the Issuer, 
  
 (b) the Issuer by the Indenture Trustee or by any Bondholder
shall be sufficient for every purpose hereunder if in writing and mailed first-class, postage prepaid to the Issuer addressed to: BellaVista [Mortgage] [Home Equity] Trust
200[            ], 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 Bondholders to the Indenture Trustee, or 
  
 (c) the Enhancer by the Issuer, the Indenture Trustee or by any Bondholders shall be sufficient for every purpose hereunder to in writing and mailed, first-class postage pre-paid, or personally delivered or telecopied
to: [            ]. The Enhancer shall promptly transmit any notice received by it from the Issuer, the Indenture Trustee or the Bondholders to the Issuer or Indenture Trustee, as
the case may be. 
  
 Notices required to be given to the Rating
Agencies by the Issuer, the Indenture Trustee or the Owner Trustee shall be in writing, personally delivered or mailed by certified mail, return 

  

 51 

 
receipt requested, to [                    ] ; or,
as to each of the foregoing Persons, at such other address as shall be designated by written notice to the other foregoing Persons. 
  
 Section 11.05 Notices to Bondholders; Waiver. Where this Indenture provides for notice to Bondholders 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 Bondholder affected by such event, at such Person’s address as it appears on the Bond 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 Bondholders is given by mail, neither the failure to mail such notice nor any defect in any notice so mailed to any particular
Bondholder shall affect the sufficiency of such notice with respect to other Bondholders, 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 Bondholders 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 Bondholders when such notice is required to be given pursuant to any provision of this Indenture, then any manner of giving such notice as shall be satisfactory to the Indenture Trustee shall be deemed to be a sufficient
giving of such notice. 
  
 Where this Indenture provides for
notice to the Rating Agencies, failure to give such notice shall not affect any other rights or obligations created hereunder, and shall not under any circumstance constitute an Event of Default. 
  
 Section 11.06 Alternate Payment and Notice Provisions. Notwithstanding
any provision of this Indenture or any of the Bonds to the contrary, the Issuer may enter into any agreement with any Bondholder providing for a method of payment, or notice by the Indenture Trustee to such Bondholder, 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 11.07 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. 
  
 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. 
  

 52 

 Section 11.08 Effect of Headings. The Article and Section headings herein are for convenience only
and shall not affect the construction hereof. 
  
 Section 11.09
Successors and Assigns. All covenants and agreements in this Indenture and the Bonds by the Issuer shall bind its successors and assigns, whether so expressed or not. All agreements of the Indenture Trustee in this Indenture shall bind its
successors, co-trustees and agents. 
  
 Section 11.10
Severability. In case any provision in this Indenture or in the Bonds 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 11.11 Benefits of Indenture. Nothing
in this Indenture or in the Bonds, express or implied, shall give to any Person, other than the parties hereto and their successors hereunder, and the Bondholders, the Enhancer, 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. The Enhancer shall be a third party beneficiary of this Agreement. 
  
 Section 11.12 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 Bonds or this Indenture) payment need not be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if
made on the date on which nominally due, and no interest shall accrue for the period from and after any such nominal date. 
  
 Section 11.13 GOVERNING LAW. THIS 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 SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
  
 Section 11.14 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 11.15 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 Bondholders or any other Person secured hereunder or for the enforcement of
any right or remedy granted to the Indenture Trustee under this Indenture. 
  
 Section 11.16 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 Bonds or under this Indenture
or any certificate or other writing delivered in connection herewith or therewith, against (a) the Indenture Trustee or the Owner Trustee in its individual capacity, (b) any owner of a beneficial interest in the Issuer or (c) any partner, owner,
beneficiary, agent, 

  

 53 

 
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 11.17 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 Bonds, 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 Bondholders 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. 
  
 Section 11.18 No Petition. The Indenture Trustee, by entering into this Indenture, and each Bondholder, by its acceptance of a Bond, 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 Bonds, this Indenture or any of the other Basic Documents. 
  
 Section 11.19 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. 
  

 54 

 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. 
  

			
	 BELLAVISTA [MORTGAGE] [HOME EQUITY]
 TRUST
200[    ], as Issuer

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

	 	 	 Title:

	
	 [NAME OF TRUSTEE], as Indenture Trustee

		
	By:	 	 
	 	 	 Name:

	 	 	 Title:

  

			
	 [NAME OF TRUSTEE].

	hereby accepts the appointment as Paying Agent pursuant to Section 3.03 hereof and as Bond Registrar pursuant to Section 4.02 hereof.
		
	By:	 	 
	 	 	 Name:

	 	 	 Title:

  
 Signatures and Seals 
  

 55 

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

  
 On this
         day of [            ], 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 [NAME OF OWNER TRUSTEE], 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 
  

			
	 STATE OF            
	  	)
	 	  	) ss.:
	 COUNTY OF            
	  	)

  
 On this
         day of [                    ], 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 [NAME OF TRUSTEE], 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 
  

 EXHIBIT A 
  

[Form of Bond] 
  
 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.

  
 BELLAVISTA [MORTGAGE] [HOME EQUITY] TRUST 200_-_ CLASS A
BOND 
  

			
	 REGISTERED
	  	$____________
	 No. A-1
	  	CUSIP NO. ____________

  
 THE PRINCIPAL OF THIS
CLASS A BOND IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS CLASS A BOND AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 
  
 BellaVista [Mortgage] [Home Equity] Trust 200_-_, a statutory trust 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 registered assigns, the principal sum of
                     MILLION DOLLARS
($                    ), but solely from the revenues and receipts specified in the Indenture dated
[            ] between the Issuer and [Indenture Trustee] (as supplemented or amended, the “Indenture”) on the dates specified in the Indenture; provided, however, that the
entire unpaid principal amount of this Class A Bond shall be due and payable on the Payment Date in              20     (the “Final Scheduled Payment
Date”). The Issuer will pay interest on this Bond at the rate per annum provided in the Indenture on each Payment Date on the principal amount of this Class A Bond outstanding on the preceding Payment Date (after giving effect to all payments
of principal made on the preceding Payment Date). Interest on this Class A Bond will accrue for each Payment Date from the most recent Payment Date on which interest has been paid to but excluding such Payment Date or, if no interest has yet been
paid, from             , 200  . 
  
 Interest will be computed on the basis of the actual number of days elapsed in a 360-day year. Such principal of and interest on this Class A Bond shall
be paid in the manner specified in the Indenture. 
  

 A-1 

 The principal of and interest on this Class A Bond 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 Class A Bond shall be applied first to interest due and payable on this Class A Bond as
provided above and then to the unpaid principal of this Class A Bond. 
  
 The Bonds are entitled to the benefits of a financial guaranty insurance policy (the “Policy”) issued by [Enhancer] (the “Enhancer”), pursuant to which the Enhancer has unconditionally guaranteed payments of the Insured
Amounts with respect to the Class A Bonds on each Payment Date and Preference Amounts, all as more fully set forth in the Policy. 
  
 For purposes of federal income, state and local income and franchise and any other income taxes, the Issuer will treat the Bonds as indebtedness of the
Depositor and hereby instructs the Indenture Trustee to treat the Bonds as indebtedness of the Depositor for federal and state tax reporting purposes. Each Bondholder by acceptance of a Bond (and each owner of a beneficial interest in a Bond by
acceptance of such beneficial interest) agrees to treat the Bonds for federal income, state and local income and franchise and any other income taxes as indebtedness of the Depositor. 
  
 Each Bondholder or Bond Owner, by acceptance of this Class A Bond or, in the case of a Bond Owner, a beneficial interest in
a Bond, covenants and agrees that 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 Class A Bonds or under the Indenture or any certificate or other
writing delivered in connection therewith, against (i) the Depositor, the Servicer, the Indenture Trustee, or the Owner Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuer or (iii) any owner, beneficiary, agent,
officer, director or employee of the Depositor, the Servicer, the Indenture Trustee, or the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the Depositor, the Servicer, the Owner Trustee or the Indenture
Trustee or of any successor or assign of the Depositor, the Servicer, the Indenture Trustee, or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that the Indenture Trustee and the
Owner Trustee have no such obligations in their individual capacity). 
  
 Reference is made to the further provisions of this Class A Bond set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Class A Bond. 
  
 Unless the certificate of authentication hereon has been executed by the
Indenture Trustee whose name appears below by manual signature, this Class A Bond shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose. 
  
 This Class A Bond is one of a duly authorized issue of Bonds of the Issuer,
designated as its Collateralized Mortgage Bonds (herein called the “Class A Bonds”), all issued under the Indenture. 
  

 A-2 

 All terms used in this Class A Bond that are defined in the Indenture shall have the meanings assigned to
them in or pursuant to the Indenture. 
  
 The Class A Bonds are
and will be secured by the collateral pledged as security therefor as provided in the Indenture. 
  
 Principal of the Class A Bonds will be payable on each Payment Date in an amount described in the Indenture. “Payment Date” means the
twenty-fifth day of each month, or, if any such date is not a Business Day, the next succeeding Business Day, commencing             , 200  . The term “Payment
Date,” shall be deemed to include the Final Scheduled Payment Date. 
  
 As described above, the entire unpaid principal amount of this Class A Bond shall be due and payable on the earlier of the Final Scheduled Payment Date and the Redemption Date, if any, pursuant to Section
[        ] of the Indenture. Notwithstanding the foregoing, on the date on which a Rapid Amortization Period as described in the Indenture shall have occurred and be continuing and, in the limited
instances specified in the Indenture, the Holders representing more than 50% of the Outstanding Amount of the Class A Bonds, with the prior written consent of the Enhancer (so long as there is no continuing Enhancer Default) shall have the right
among others to direct the Indenture Trustee to sell or liquidate the Mortgage Loans as provided in Section 12.1 of the Indenture and pay such amounts to the Holders of the Class A Bonds. All principal payments on the Class A Bonds shall be made pro
rata to the Holders of the Class A Bonds entitled thereto. 
  
 Payments of interest on this Class A Bond due and payable on each Payment Date, together with the installment of principal, if any, to the extent not in full payment of this Class A Bond, shall be made by check mailed to the Person whose
name appears as the Holder of this Class A Bond (or one or more Predecessor Bonds) on the Bond Register as of the close of business on each Record Date, except that with respect to Class A Bond registered on the Record Date in the name of the
nominee of the Clearing Agency (initially, such nominee to be Cede & Co.), payments will be made by wire transfer in immediately available funds to the account designated by such nominee. Such checks shall be mailed to the Person entitled
thereto at the address of such Person as it appears on the Bond Register as of the applicable Record Date without requiring that this Bond be submitted for notation of payment. Any reduction in the principal amount of this Bond (or any one or more
Predecessor Bonds) effected by any payments made on any Payment Date shall be binding upon all future Holders of this Class A Bond and of any Class A Bond 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 Class A Bond 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 Holder hereof as of the Record Date preceding such Payment Date by notice mailed prior to such Payment Date and the amount then due and payable shall be payable only upon presentation
and surrender of this Class A Bond at the office designated by the Indenture Trustee for such purposes located in The City of
                    . 
  
 [The Issuer shall pay interest on overdue installments of interest at the Class A Interest Rate to the extent lawful.] 
  

 A-3 

 As provided in the Indenture, the Class A Bonds may be redeemed pursuant to Section
[        ] of the Indenture, in whole, but not in part, at the option of the Depositor (with the consent of the Enhancer under certain circumstances), on any Payment Date after the Payment Date on which
the Bond Principal Balance is less than or equal to 10% of the Pool Balance, after taking into account all distributions made on such Payment Date. 
  
 As provided in the Indenture and subject to certain limitations set forth therein, the transfer of this Class A Bond may be registered on the Bond
Register upon surrender of this Class A Bond for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, (i) duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to
the Indenture Trustee duly executed by the Holder hereof or his attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution” meeting the requirements of the Bond Registrar which requirements
include membership or participation in Securities Transfer Agents Medallion Program (“Stamp”) or such other “signature guarantee program” as may be determined by the Registrar in addition to, or in substitution for, Stamp, all in
accordance with the Exchange Act, and (ii) accompanied by such other documents as the Indenture Trustee may require, and thereupon one or more new Bonds of 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 Class A Bond, but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that
may be imposed in connection with any such registration of transfer or exchange. 
  
 Each Bondholder or Bond Owner, by acceptance of a Bond or, in the case of a Bond Owner, a beneficial interest in a Bond covenants and agrees that by accepting the benefits of the Indenture and the Trust Agreement that
such Bondholder 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 Bonds, the Trust Agreement, the Indenture or the Basic Documents. 
  
 Prior to the due presentment for registration of transfer of this Bond, the
Issuer, the Indenture Trustee and the Enhancer and any agent of the Issuer, the Indenture Trustee or the Enhancer may treat the Person in whose name this Bond (as of the day of determination or as of such other date as may be specified in the
Indenture) is registered as the owner hereof for all purposes, whether or not this Bond be overdue, and neither the Issuer, the Indenture Trustee nor any such agent shall be affected by notice to the contrary. 
  
 The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the Issuer and the rights of the Holders of the Bond under the Indenture at any time by the Issuer with the consent of the Enhancer and of the Holders of Bonds representing a
majority of the Outstanding Amount of all Bonds at the time Outstanding. Any such consent or waiver by the Holder of this Bond (or any one of more Predecessor Bonds) shall be conclusive and binding upon such Holder and upon all future Holders of
this Bond and of any Bond 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 

  

 A-4 

 
this Bond. The Indenture also permits the Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent of
Holders of the Bonds issued thereunder but with the consent of the Enhancer. 
  
 This Bond, the Trust Agreement and the Indenture shall be construed in accordance with the laws of the State of New York, without reference to its conflict of law provisions, and the obligations, rights and remedies
of the parties hereunder and thereunder shall be determined in accordance with such laws. 
  
 IN WITNESS WHEREOF, the Issuer has caused this Class A Bond to be executed in its name and on its behalf by the Owner Trustee 
  

									
	 Date: ________, 200_
	 	 	 	 BELLAVISTA MORTGAGE TRUST 200_-_

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

	 	 	 	 	 	 	 Title:

  
 INDENTURE
TRUSTEE’S CERTIFICATE OF AUTHENTICATION 
  
 This is one
of the Bonds designated above and referred to in the within-mentioned Indenture. 
  

									
	 Date: ________, 200_
	 	 	 	[Indenture Trustee], not in its individual capacity but solely as Indenture Trustee
					
	 	 	 	 	 	 	By:	 	 
	 	 	 	 	 	 	 	 	Authorized Signatory

  

 A-5 

 ASSIGNMENT 
  

FOR VALUE RECEIVED, the undersigned hereby sells, assigns, and transfers unto
                     (Social Security or other identifying number
                    ) the within Bond and all rights thereunder and hereby irrevocably appoints
                     attorney to transfer the within note on the books kept for registration thereof, with full power of substitution in the
premises. 
  

					
			
	Dated: _______________________	 	 	 	Signed: _________________________________________*

  

	
	Signature Guaranteed by:
	
	 _________________________________________ *

  

	*	NOTICE: The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within 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 Indenture Trustee in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 

  

 A-6

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00071-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00071-of-00352.parquet"}]]