Document:

Indenture

 Exhibit 4.3 
  
 [ISSUER], 
  
 Issuer, 
  
 and 
  
 [INDENTURE TRUSTEE], 
  
 Indenture Trustee 
  

  
 INDENTURE 
  

  
 Dated as of [DATE] 
  
 [ISSUER] HOME LOAN ASSET-BACKED NOTES 
  

 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. Unless the context otherwise requires:
	  	2
			
	 ARTICLE II
	  	 ORIGINAL ISSUANCE OF NOTES
	  	3
			
	 Section 2.01
	  	 Form
	  	3
	 Section 2.02
	  	 Execution, Authentication and Delivery
	  	3
			
	 ARTICLE III
	  	 COVENANTS
	  	4
			
	 Section 3.01
	  	 Collection of Payments with Respect to the Mortgage Loans
	  	4
	 Section 3.02
	  	 Maintenance of Office or Agency
	  	4
	 Section 3.03
	  	 Money for Payments to Be Held in Trust; Paying Agent
	  	4
	 Section 3.04
	  	 Existence
	  	6
	 Section 3.05
	  	 Priority of Distributions.
	  	6
	 Section 3.06
	  	 Protection of Trust Estate
	  	8
	 Section 3.07
	  	 Opinions as to Trust Estate
	  	9
	 Section 3.08
	  	 Performance of Obligations; Master Servicing Agreement
	  	10
	 Section 3.09
	  	 Negative Covenants
	  	10
	 Section 3.10
	  	 Annual Statement as to Compliance
	  	11
	 Section 3.11
	  	 Recordation of Assignments
	  	11
	 Section 3.12
	  	 Representations and Warranties Concerning the Mortgage Loans
	  	11
	 Section 3.13
	  	 Assignee of Record of the Mortgage Loans
	  	11
	 Section 3.14
	  	 Master Servicer as Agent and Bailee of the Indenture Trustee
	  	11
	 Section 3.15
	  	 Investment Company Act
	  	12
	 Section 3.16
	  	 Issuer May Consolidate, etc
	  	12
	 Section 3.17
	  	 Successor or Transferee
	  	14
	 Section 3.18
	  	 No Other Business
	  	14
	 Section 3.19
	  	 No Borrowing
	  	14
	 Section 3.20
	  	 Guarantees, Loans, Advances and Other Liabilities
	  	14
	 Section 3.21
	  	 Capital Expenditures
	  	14
	 Section 3.22
	  	 Owner Trustee Not Liable for Certificates or Related Documents
	  	14
	 Section 3.23
	  	 Restricted Payments
	  	15
	 Section 3.24
	  	 Notice of Events of Default
	  	15
	 Section 3.25
	  	 Further Instruments and Acts
	  	15
	 Section 3.26
	  	 Statements to Noteholders
	  	15
	 Section 3.27
	  	 Determination of Note Rate
	  	15
	 Section 3.28
	  	 Payments under the Policy
	  	16
	 Section 3.29
	  	 [RESERVED]
	  	16

  

 i 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	  	 	  	Page

	 Section 3.30
	  	 Additional Representations of the Issuer
	  	16
			
	 ARTICLE IV
	  	 THE NOTES; SATISFACTION AND DISCHARGE OF INDENTURE
	  	17
			
	 Section 4.01
	  	 The Notes;
	  	17
	 Section 4.02
	  	 Registration of and Limitations on Transfer and Exchange of Notes; Appointment of Certificate Registrar
	  	18
	 Section 4.03
	  	 Mutilated, Destroyed, Lost or Stolen Notes
	  	19
	 Section 4.04
	  	 Persons Deemed Owners
	  	20
	 Section 4.05
	  	 Cancellation
	  	20
	 Section 4.06
	  	 Book-Entry Notes
	  	20
	 Section 4.07
	  	 Notices to Depository
	  	21
	 Section 4.08
	  	 Definitive Notes
	  	21
	 Section 4.09
	  	 Tax Treatment
	  	21
	 Section 4.10
	  	 Satisfaction and Discharge of Indenture
	  	21
	 Section 4.11
	  	 Application of Trust Money
	  	23
	 Section 4.12
	  	 Subrogation and Cooperation
	  	23
	 Section 4.13
	  	 Repayment of Monies Held by Paying Agent
	  	24
	 Section 4.14
	  	 Temporary Notes
	  	24
			
	 ARTICLE V
	  	 DEFAULT AND REMEDIES
	  	24
			
	 Section 5.01
	  	 Events of Default
	  	24
	 Section 5.02
	  	 Acceleration of Maturity; Rescission and Annulment
	  	24
	 Section 5.03
	  	 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee
	  	25
	 Section 5.04
	  	 Remedies; Priorities
	  	27
	 Section 5.05
	  	 Optional Preservation of the Trust Estate
	  	29
	 Section 5.06
	  	 Limitation of Suits
	  	29
	 Section 5.07
	  	 Unconditional Rights of Noteholders to Receive Principal and Interest
	  	30
	 Section 5.08
	  	 Restoration of Rights and Remedies
	  	30
	 Section 5.09
	  	 Rights and Remedies Cumulative
	  	30
	 Section 5.10
	  	 Delay or Omission Not a Waiver
	  	31
	 Section 5.11
	  	 Control by Enhancer or Noteholders
	  	31
	 Section 5.12
	  	 Waiver of Past Defaults
	  	31
	 Section 5.13
	  	 Undertaking for Costs
	  	32
	 Section 5.14
	  	 Waiver of Stay or Extension Laws
	  	32
	 Section 5.15
	  	 Sale of Trust Estate
	  	32
	 Section 5.16
	  	 Action on Notes
	  	34
	 Section 5.17
	  	 Performance and Enforcement of Certain Obligations
	  	34

  

 ii 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	  	 	  	Page

	 ARTICLE VI
	  	 THE INDENTURE TRUSTEE
	  	35
			
	 Section 6.01
	  	 Duties of Indenture Trustee
	  	35
	 Section 6.02
	  	 Rights of Indenture Trustee
	  	36
	 Section 6.03
	  	 Individual Rights of Indenture Trustee
	  	38
	 Section 6.04
	  	 Indenture Trustee’s Disclaimer
	  	38
	 Section 6.05
	  	 Notice of Event of Default
	  	38
	 Section 6.06
	  	 Reports by Indenture Trustee to Noteholders
	  	38
	 Section 6.07
	  	 Compensation and Indemnity
	  	38
	 Section 6.08
	  	 Replacement of Indenture Trustee
	  	39
	 Section 6.09
	  	 Successor Indenture Trustee by Merger
	  	40
	 Section 6.10
	  	 Appointment of Co-Indenture Trustee or Separate Indenture Trustee
	  	40
	 Section 6.11
	  	 Eligibility; Disqualification
	  	41
	 Section 6.12
	  	 Preferential Collection of Claims Against Issuer
	  	42
	 Section 6.13
	  	 Representations and Warranties
	  	42
	 Section 6.14
	  	 Directions to Indenture Trustee
	  	42
	 Section 6.15
	  	 Indenture Trustee May Own Securities
	  	43
			
	 ARTICLE VII
	  	 NOTEHOLDERS’ LISTS AND REPORTS
	  	43
			
	 Section 7.01
	  	 Issuer to Furnish Indenture Trustee Names and Addresses of Noteholders
	  	43
	 Section 7.02
	  	 Preservation of Information; Communications to Noteholders
	  	43
	 Section 7.03
	  	 Reports by Issuer
	  	43
	 Section 7.04
	  	 Reports by Indenture Trustee
	  	44
			
	 ARTICLE VIII
	  	 ACCOUNTS, DISBURSEMENTS AND RELEASES
	  	44
			
	 Section 8.01
	  	 Collection of Money
	  	44
	 Section 8.02
	  	 Trust Accounts
	  	44
	 Section 8.03
	  	 Officer’s Certificate
	  	45
	 Section 8.04
	  	 Termination Upon Distribution to Noteholders
	  	45
	 Section 8.05
	  	 Release of Trust Estate
	  	45
	 Section 8.06
	  	 Surrender of Notes Upon Final Payment
	  	46
			
	 ARTICLE IX
	  	 SUPPLEMENTAL INDENTURES
	  	46
			
	 Section 9.01
	  	 Supplemental Indentures Without Consent of Noteholders
	  	46
	 Section 9.02
	  	 Supplemental Indentures With Consent of Noteholders
	  	47
	 Section 9.03
	  	 Execution of Supplemental Indentures
	  	49
	 Section 9.04
	  	 Effect of Supplemental Indenture
	  	49
	 Section 9.05
	  	 Conformity with Trust Indenture Act
	  	49
	 Section 9.06
	  	 Reference in Notes to Supplemental Indentures
	  	49

  

 iii 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	  	 	  	Page

	 ARTICLE X
	  	 MISCELLANEOUS
	  	50
			
	 Section 10.01
	  	 Compliance Certificates and Opinions, etc.
	  	50
	 Section 10.02
	  	 Form of Documents Delivered to Indenture Trustee
	  	51
	 Section 10.03
	  	 Acts of Noteholders
	  	52
	 Section 10.04
	  	 Notices, etc., to Indenture Trustee, Issuer, Enhancer and Rating Agencies
	  	52
	 Section 10.05
	  	 Notices to Noteholders; Waiver
	  	53
	 Section 10.06
	  	 Alternate Payment and Notice Provisions
	  	54
	 Section 10.07
	  	 Conflict with Trust Indenture Act
	  	54
	 Section 10.08
	  	 Effect of Headings
	  	54
	 Section 10.09
	  	 Successors and Assigns
	  	54
	 Section 10.10
	  	 Severability
	  	54
	 Section 10.11
	  	 Benefits of Indenture
	  	54
	 Section 10.12
	  	 Legal Holidays
	  	54
	 Section 10.13
	  	 GOVERNING LAW
	  	55
	 Section 10.14
	  	 Counterparts
	  	55
	 Section 10.15
	  	 Recording of Indenture
	  	55
	 Section 10.16
	  	 Issuer Obligation
	  	55
	 Section 10.17
	  	 No Petition
	  	55
	 Section 10.18
	  	 Inspection
	  	56
			
	 ARTICLE XI
	  	 REMIC PROVISIONS
	  	56
			
	 Section 11.01
	  	 REMIC Administration
	  	56
	 Section 11.02
	  	 Master Servicer, REMIC Administrator and Indenture Trustee Indemnification
	  	60
	 Section 11.03
	  	 Designation of REMIC(s)
	  	60

  
 EXHIBITS 
  

					
	 Exhibit A
	  	-	  	 Form of Notes

	 Appendix A
	  	-	  	 Definitions

  

 iv 

 This Indenture, dated as of [DATE], is between [ISSUER], a Delaware statutory trust, as issuer
(the “Issuer”), and [INDENTURE TRUSTEE], a national banking association, as indenture trustee (the “Indenture Trustee”). 
  
 WITNESSETH: 
  
 Each party hereto agrees as follows for the benefit of the other party and for the equal and ratable benefit of the Noteholders of the Issuer’s
Series [ISSUER] Home Loan Asset-Backed Notes (the “Notes”). 
  
 GRANTING CLAUSE: 
  
 The Issuer hereby Grants to the
Indenture Trustee on the Closing Date, as trustee for the benefit of the Noteholders 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, and all monies due or to become due thereunder; (b) the Note 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 Notes, equally and ratably without prejudice, priority or distinction, and to
secure compliance with the provisions of this Indenture, all as provided in this Indenture. 
  
 The 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 Notes 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 Noteholders, acknowledges such Grant, accepts the trust under this
Indenture in accordance with the provisions hereof and agrees to perform its duties as Indenture Trustee as required herein. 
  

 ARTICLE I 
  
 Definitions 
  
 Section 1.01 Definitions. For all purposes of this Indenture, except as otherwise expressly provided herein or unless the context otherwise
requires, capitalized terms not otherwise defined herein shall have the meanings assigned to such terms in the Definitions attached hereto as Appendix A, which is incorporated by reference herein. All other capitalized terms used herein shall have
the meanings specified herein. 
  
 Section 1.02 Incorporation
by Reference of Trust Indenture Act. Whenever this Indenture refers to a provision of the Trust Indenture Act (the “TIA”), such provision is incorporated by reference in and made a part of this Indenture. The following TIA terms used
in this Indenture have the following meanings: 
  
 “Commission” means the Securities and Exchange Commission. 
  
 “indenture securities” means the Notes. 
  
 “indenture security holder” means a Noteholder. 
  
 “indenture to be qualified” means this Indenture. 
  
 “indenture trustee” or “institutional
trustee” means the Indenture Trustee. 
  
 “obligor” on the indenture securities means the Issuer and any other obligor on the indenture securities. 
  
 All other TIA terms used in this Indenture that are defined by TIA, defined by TIA reference to another statute or defined by Commission
rule have the meaning assigned to them by such definitions. 
  
 Section 1.03 Rules of Construction. Unless the context otherwise requires: 
  
 (a) a term has the meaning assigned to it; 
  
 (b) an accounting term not otherwise defined has the meaning assigned to it in accordance with generally accepted accounting principles as
in effect from time to time; 
  
 (c)
“or” includes “and/or”; 
  
 (d) “including” means “including without limitation”; 
  
 (e) words in the singular include the plural and words in the plural include the singular; 
  
 (f) the term “proceeds” has the meaning ascribed
thereto in the UCC; and 
  

 2 

 (g) any agreement, instrument or statute defined or referred to herein or in any
instrument or certificate delivered in connection herewith means such agreement, instrument or statute as from time to time amended, modified or supplemented and includes (in the case of agreements or instruments) references to all attachments
thereto and instruments incorporated therein; references to a Person are also to its permitted successors and assigns. 
  
 ARTICLE II 
  
 Original Issuance of Notes 
  
 Section 2.01 Form. The Notes, together with the Indenture Trustee’s certificate of authentication, shall be in substantially the form set forth in Exhibit A, with such appropriate insertions, omissions,
substitutions and other variations as are required or permitted by this Indenture and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may, consistently herewith, be determined by the
officers executing the Notes, as evidenced by their execution thereof. Any portion of the text of any Note may be set forth on the reverse thereof, with an appropriate reference thereto on the face of such Note. 
  
 The Notes shall be typewritten, printed, lithographed or engraved or produced
by any combination of these methods, all as determined by the Authorized Officers executing such Notes, as evidenced by their execution of such Notes. 
  
 The terms of the Notes set forth in Exhibit A are part of the terms of this Indenture. 
  
 Section 2.02 Execution, Authentication and Delivery. The Notes shall be executed on behalf of the Issuer by any of
its Authorized Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile. 
  
 Notes bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer shall bind the Issuer,
notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Notes or did not hold such offices at the date of such Notes. 
  
 The Indenture Trustee shall upon Issuer Request authenticate and deliver
Notes for original issue in an aggregate initial principal amount of $xxx,xxx. The Class A-[1] Notes, Class A-[2] Notes and Class A-[IO] Notes shall have initial principal amounts of $xxx,xxx, $xxx,xxx, and $xxx,xxx, respectively. 
  
 Each Note shall be dated the date of its authentication. The Notes shall be
issuable as registered Notes, and the Notes, other than the Class A-[IO] Notes, shall be issuable in minimum denominations representing Note Balances of $xxx,xxx,xxx and in integral multiples of $xxxx in excess thereof. The Class A-[IO] Notes shall
be issued in minimum denominations of $xxx,xxx,xxx and in integral multiples of $xxx,xxx,xxx in excess thereof; provided, however, that one Class A-[IO] Note may be issued in a Notional Amount equal to the sum of an authorized denomination of
$xxx,xxx,xxx (or a multiple thereof) plus $xxx,xxx.] 
  

 3 

 No Note shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose,
unless there appears on such Note a certificate of authentication substantially in the form provided for herein executed by the Indenture Trustee by the manual signature of one of its authorized signatories, and such certificate upon any Note shall
be conclusive evidence, and the only evidence, that such Note has been duly authenticated and delivered hereunder. 
  
 ARTICLE III 
  
 Covenants 
  
 Section 3.01 Collection of Payments with
Respect to the Mortgage Loans. The Indenture Trustee shall establish and maintain with itself the Note Payment Account in which the Indenture Trustee shall, subject to the terms of this paragraph, deposit, on the same day as it is received from
the Master Servicer, each remittance received by the Indenture Trustee with respect to the Mortgage Loans. The Indenture Trustee shall make all payments of principal of and interest on the Notes, subject to Section 3.03 as provided in Section 3.05
from monies on deposit in the Note 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, Notes may be surrendered for registration of transfer or exchange, and where notices and demands to or upon the Issuer in respect of the Notes and this Indenture may be served. The Issuer hereby initially appoints the Indenture Trustee to
serve as its agent for the foregoing purposes. If at any time the Issuer shall fail to maintain any such office or agency or shall fail to furnish the Indenture Trustee with the address thereof, such surrenders, notices and demands may be made or
served at the Corporate Trust Office, and the Issuer hereby appoints the Indenture Trustee as its agent to receive all such surrenders, notices and demands. 
  
 Section 3.03 Money for Payments to Be Held in Trust; Paying Agent. As provided in Section 3.01, all payments of amounts due and payable with
respect to any Notes that are to be made from amounts withdrawn from the Note Payment Account pursuant to Section 3.01 shall be made on behalf of the Issuer by the Indenture Trustee or by the Paying Agent, and no amounts so withdrawn from the Note
Payment Account for payments of Notes shall be paid over to the Issuer except as provided in this Section 3.03. The Issuer hereby appoints the Indenture Trustee to act as initial Paying Agent hereunder. The Issuer will cause each Paying Agent other
than the Indenture Trustee to execute and deliver to the Indenture Trustee an instrument in which such Paying Agent shall agree with the Indenture Trustee (and if the Indenture Trustee acts as Paying Agent, it hereby so agrees), subject to the
provisions of this Section 3.03, that such Paying Agent will: 
  
 (a) hold all sums held by it for the payment of amounts due with respect to the Notes in trust for the benefit of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as
herein provided and pay such sums to such Persons as herein provided; 
  

 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 Notes; 
  
 (c) at any time during the continuance of any such default, upon the written request of the Indenture Trustee, forthwith pay to the
Indenture Trustee all sums so held in trust by such Paying Agent; 
  
 (d) immediately resign as Paying Agent and forthwith pay to the Indenture Trustee all sums held by it in trust for the payment of Notes, if at any time it ceases to meet the standards required to be met by a Paying
Agent at the time of its appointment; 
  
 (e)
comply with all requirements of the Code with respect to the withholding from any payments made by it on any Notes of any applicable withholding taxes imposed thereon and with respect to any applicable reporting requirements in connection therewith;
and 
  
 (f) deliver to the Indenture Trustee a
copy of the statement to Noteholders prepared with respect to each Payment Date by the Master Servicer pursuant to Section 4.01 of the Master Servicing Agreement. 
  
 The Issuer may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other
purpose, by Issuer Request direct any Paying Agent to pay to the Indenture Trustee all sums held in trust by such Paying Agent, such sums to be held by the Indenture Trustee upon the same trusts as those upon which the sums were held by such Paying
Agent; and upon such payment by any Paying Agent to the Indenture Trustee, such Paying Agent shall be released from all further liability with respect to such money. 
  
 Subject to applicable laws with respect to escheat of funds, any money held by the Indenture Trustee or any Paying Agent in
trust for the payment of any amount due with respect to any Note and remaining unclaimed for one year after such amount has become due and payable shall be discharged from such trust and be paid to the Issuer on Issuer Request; and the Noteholder of
such Note shall thereafter, as an unsecured general creditor, look only to the Issuer for payment thereof (but only to the extent of the amounts so paid to the Issuer), and all liability of the Indenture Trustee or such Paying Agent with respect to
such trust money shall thereupon cease; provided, however, that the Indenture Trustee or such Paying Agent, before being required to make any such repayment, shall at the expense and direction of the Issuer cause to be published once, in an
Authorized Newspaper, notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such publication, any unclaimed balance of such money then remaining will be repaid to the
Issuer. The Indenture Trustee may also adopt and employ, at the expense and direction of the Issuer, any other reasonable means of notification of such repayment (including, but not limited to, mailing notice of such repayment to Noteholders the
Notes which have been called but have not been surrendered for redemption or whose right to or interest in monies due and payable but not claimed is determinable from the records of the Indenture Trustee or of any Paying Agent, at the last address
of record for each such Noteholder). 
  

 5 

 Section 3.04 Existence. The Issuer will keep in full effect its existence, rights and franchises
as a statutory trust under the laws of the State of Delaware (unless it becomes, or any successor Issuer hereunder is or becomes, organized under the laws of any other state or of the United States of America, in which case the Issuer will keep in
full effect its existence, rights and franchises under the laws of such other jurisdiction) and will obtain and preserve its qualification to do business in each jurisdiction in which such qualification is or shall be necessary to protect the
validity and enforceability of this Indenture, the Notes, the Mortgage Loans and each other instrument or agreement included in the Trust Estate. 
  
 Section 3.05 Priority of Distributions. 
  
 (a) In accordance with Section 3.03(a) of the Master Servicing Agreement, the priority of distributions on each Payment Date from
Principal Collections and Interest Collections in the Note Payment Account, any optional advances of delinquent principal and/or interest on the Mortgage Loans made by the Master Servicer in respect of the related Collection Period, any Policy Draw
Amount deposited into the Note Payment Account (to be applied solely with respect to the payment of amounts described in clauses (ii), (iii) and (iv) under paragraph (a) of this Section 3.05) pursuant to Section 3.28(a), is as follows: 

 
 (i) to pay to the Enhancer, the premium for the Policy
for such Payment Date and any previously unpaid premiums, with interest thereon as provided in the Insurance Agreement; 
  
 (ii) for payment by the Paying Agent concurrently to the Noteholders of each Class of Notes, interest for the related Interest Period at
the related Note Rate on the related Note Balance or the Notional Amount in the case of the Class A-[IO] Notes, immediately prior to such Payment Date and interest due and unpaid on any Class of Notes for any prior Payment Date; 
  
 (iii) for payment by the Paying Agent to the Noteholders, as
a distribution of principal on the Notes, other than the Class A-[IO] Notes, the Principal Collection Distribution Amount for such Payment Date, to be allocated to the Notes of each Class as described in Section 3.05(b) below, until the Note
Balances thereof have been reduced to zero; 
  
 (iv) for payment by the Paying Agent to the Noteholders, as a distribution of principal on the Notes, other than the Class A-[IO] Notes, the Liquidation Loss Distribution Amount for such Payment Date, to be allocated to the Notes of each
Class as described in Section 3.05(b) below, until the Note Balances thereof have been reduced to zero; 
  
 (v) to the Enhancer, to reimburse it for prior draws made on the Policy, with interest thereon as provided in the Insurance Agreement;

  
 (vi) for payment by the Paying Agent to the
Noteholders on or after the payment date in [DATE], as a distribution of principal on the Notes, other than the Class A-[IO] Noteholders, the Overcollateralization Increase Amount for such Payment Date, 

  

 6 

 
to be allocated to the Notes of each Class, other than the Class A-[IO] Notes, as described in Section 3.05(b) below, until the Note Balances thereof have
been reduced to zero; 
  
 (vii) to pay to the
Enhancer, any other amounts owed to the Enhancer pursuant to the Insurance Agreement; 
  
 (viii) to pay any Interest Shortfalls for such Payment Date on any of the Class A-[1] Notes or the Class A-[2] Notes in the amounts set
forth in Section 3.05(b); 
  
 (ix) to pay any
previously unpaid Interest Shortfalls on the Class A-[1] Notes or the Class A-[2] Notes, with interest thereon at the respective Note Rate in the amounts set forth in Section 3.05(b); 
  
 (x) subject to Section 3.05(b), to the Indenture Trustee, any amounts owing to the Indenture Trustee
pursuant to Section 6.07 to the extent remaining unpaid; and 
  
 (xi) any remaining amount, including the amount of any Interest Shortfalls on the Class A-[IO] Notes for such Payment Date or any previous Payment Date and previously unpaid, to the Distribution Account, for
distribution to the Certificateholders by the Certificate Paying Agent; 
  
 provided, that in the event that on a Payment Date an Enhancer Default shall have occurred and be continuing, then the priorities of distributions described above will be adjusted such that payments of any amounts to be paid to the Enhancer
will not be paid until the full amount of interest and principal in accordance with clauses (ii) through (iv) above that are due and required to be paid by the Enhancer on the Notes on such Payment Date have been paid and provided, further, that on
the Final Payment Date, the amount to be paid pursuant to clause (iii) above shall be equal to the Note Balance immediately prior to such Payment Date. For purposes of the foregoing, required payments of principal on the Notes on each Payment Date
(up to the outstanding Note Balance) will include all Liquidation Loss Amounts for such Payment Date and for all previous Payment Dates until paid or covered in full, to the extent that such Liquidation Loss Amounts are not otherwise covered by a
Liquidation Loss Distribution Amount, a draw on the Policy or a reduction in the Overcollateralization Amount. 
  
 On each Payment Date, the Paying Agent shall apply, from amounts on deposit in the Note Payment Account, and in accordance with the Servicing Certificate,
the amounts set forth above in the order of priority set forth above. 
  
 Amounts paid to Noteholders of any Class shall be paid in respect of the Notes of that Class in accordance with the applicable percentage as set forth in paragraph (c) below. Interest on the Class A-[1] Notes will be computed on the basis
of the actual number of days in each Interest Period and a 360-day year. Interest on the Class A-[2] Notes and the Class A-[IO] Notes will be computed on the basis of a 360-day year consisting of twelve 30-day months. Any installment of interest or
principal payable on any Note that is punctually paid or duly provided for by the Issuer on the applicable Payment Date shall be paid to the Noteholder of record thereof on the immediately preceding Record Date by wire transfer to an account
specified in writing by such Noteholder reasonably satisfactory to the Indenture Trustee, or by check or 

  

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money order mailed to such Noteholder at such Noteholder’s address appearing in the Note Register, the amount required to be distributed to such
Noteholder on such Payment Date pursuant to such Noteholder’s Notes; provided, that the Indenture Trustee shall not pay to any such Noteholder any amounts required to be withheld from a payment to such Noteholder by the Code. 
  
 (b) Any payments of principal on the Notes [(other than the
Class A-[IO] Notes)] shall be paid sequentially to the Class A-[1] Notes and the Class A-[2] Notes, in that order, in each case until the outstanding Note Balance of that class has been reduced to zero. On any Payment Date, distributions in respect
of the payment of any Interest Shortfalls to the Class A-[1] Notes, the Class A-[2] Notes and the Class A-[IO] Notes, shall be allocated to each such Class on a pro rata basis, in accordance with the amount of any such Interest Shortfalls on such
Class of Notes. If Excess Spread on any Payment Date is not sufficient to cover Interest Shortfalls on all Classes of Notes for that Payment Date, amounts paid pursuant to clause (viii) will be reduced by the Class A-[IO] Note’s pro rata share
of amounts available, and those amounts will be paid to the Class A-[IO] Notes pursuant to clause (xi). Similarly, if Excess Spread available to be paid on any Payment Date is not sufficient to cover Interest Shortfalls on all Classes of Notes
remaining unpaid from any previous Payment Date, amounts paid pursuant to clause (ix) will be reduced by the Class A-[IO] Note’s pro rata share of amounts available, and those amounts will be paid to the Class A-[IO] Notes pursuant to clause
(xi). In addition, amounts paid pursuant to clause (x) will be reduced by amounts payable to the Class A-[IO] Notes pursuant to clause (xi). 
  
 (c) Principal of each Note shall be due and payable in full on the Final Payment Date as provided in the applicable form of Note set forth
in Exhibit A. All principal payments on the Notes of each Class shall be made in accordance with the priorities set forth in paragraphs (a) and (b) above to the Noteholders entitled thereto in accordance with the related Percentage Interests
represented thereby. Upon written notice to the Indenture Trustee by the Issuer, the Indenture Trustee shall notify the Person in the name of which a Note is registered at the close of business on the Record Date preceding the Final Payment Date or
other final Payment Date, as applicable. Such notice shall be mailed or faxed no later than five Business Days prior to the Final Payment Date or such other final Payment Date and, unless such Note is then a Book-Entry Note, shall specify that
payment of the principal amount and any interest due with respect to such Note at the Final Payment Date or such other final Payment Date will be payable only upon presentation and surrender of such Note, and shall specify the place where such Note
may be presented and surrendered for such final payment. 
  
 On
each Payment Date, the Overcollateralization Amount available to cover any Liquidation Loss Amounts on such Payment Date shall be deemed to be reduced by an amount equal to such Liquidation Loss Amounts (except to the extent that such Liquidation
Loss Amounts were covered on such Payment Date by a Liquidation Loss Distribution Amount or a payment in respect of Liquidation Loss Amounts). 
  
 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, 

  

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instruments of further assurance and other instruments, and will take such other action necessary or advisable to: 
  
 (i) maintain or preserve the lien and security interest (and
the priority thereof) of this Indenture or carry out more effectively the purposes hereof; 
  
 (ii) perfect, publish notice of or protect the validity of any Grant made or to be made by this Indenture; 
  
 (iii) cause the Trust to enforce any of the Mortgage Loans;
or 
  
 (iv) preserve and defend title to the
Trust Estate and the rights of the Indenture Trustee and the Noteholders in such Trust Estate against the claims of all persons and parties. 
  
 (b) Except as otherwise provided in this Indenture, the Indenture Trustee shall not remove any portion of the Trust Estate that consists
of money or is evidenced by an instrument, certificate or other writing from the jurisdiction in which it was held at the date of the most recent Opinion of Counsel delivered pursuant to Section 3.07 (or from the jurisdiction in which it was held as
described in the Opinion of Counsel delivered at the Closing Date pursuant to Section 3.07, if no Opinion of Counsel has yet been delivered pursuant to Section 3.07 unless the Indenture Trustee shall have first received an Opinion of Counsel to the
effect that the lien and security interest created by this Indenture with respect to such property will continue to be maintained after giving effect to such action or actions. 
  
 The Issuer hereby designates the Indenture Trustee its agent and attorney-in-fact to execute any financing statement,
continuation statement or other instrument required to be executed pursuant to this Section 3.06. 
  
 Section 3.07 Opinions as to Trust Estate. 
  
 On the Closing Date, the Issuer shall furnish to the Indenture Trustee and the Owner Trustee an Opinion of Counsel at the expense of the Issuer stating
that, upon delivery of the Mortgage Notes relating to the Mortgage Loans to the Indenture Trustee or the Custodian in the State of
[                    ], the Indenture Trustee will have a perfected, first priority security interest in such Mortgage Loans. 
  
 On or before December 31st in each calendar year, beginning in
[            ], the Issuer shall furnish to the Indenture Trustee an Opinion of Counsel at the expense of the Issuer either stating that, in the opinion of such counsel, no further
action is necessary to maintain a perfected, first priority security interest in the Mortgage Loans until December 31 in the following calendar year or, if any such action is required to maintain such security interest in the Mortgage Loans, such
Opinion of Counsel shall also describe the recording, filing, re-recording and refiling of this Indenture, any indentures supplemental hereto and any other requisite documents and the execution and filing of any financing statements and continuation
statements that will, in the opinion of such counsel, be required to maintain the security interest in the Mortgage Loans until December 31 in the following calendar year. 
  

 9 

 Section 3.08 Performance of Obligations; Master Servicing Agreement. 
  
 (a) The Issuer shall punctually perform and observe all of
its obligations and agreements contained in this Indenture, the Basic Documents and in the instruments and agreements included in the Trust Estate. 
  
 (b) The Issuer may contract with other Persons to assist it in performing its duties under this Indenture, and any performance of such
duties by a Person identified to the Indenture Trustee in an Officer’s Certificate of the Issuer shall be deemed to be action taken by the Issuer. 
  
 (c) The Issuer shall not take any action or permit any action to be taken by others that would release any Person from any of such
Person’s covenants or obligations under any of the documents relating to the Mortgage Loans or under any instrument included in the Trust Estate, or that would result in the amendment, hypothecation, subordination, termination or discharge of,
or impair the validity or effectiveness of, any of the documents relating to the Mortgage Loans or any such instrument, except such actions as the Master Servicer is expressly permitted to take in the Master Servicing Agreement. 
  
 (d) The Issuer may retain an administrator and may enter
into contracts with other Persons for the performance of the Issuer’s obligations hereunder, and performance of such obligations by such Persons shall be deemed to be performance of such obligations by the Issuer. 
  
 Section 3.09 Negative Covenants. So long as any Notes are Outstanding,
the Issuer shall not: 
  
 (a) except as expressly
permitted by this Indenture, sell, transfer, exchange or otherwise dispose of the Trust Estate, unless directed to do so by the Indenture Trustee pursuant to Section 5.04 hereof; 
  
 (b) claim any credit on, or make any deduction from the principal or interest payable in respect of, the
Notes (other than amounts properly withheld from such payments under the Code) or assert any claim against any present or former Noteholder by reason of the payment of the taxes levied or assessed upon any part of the Trust Estate; 
  
 (c) (i) permit the validity or effectiveness of this
Indenture to be impaired, or permit the lien of this Indenture to be amended, hypothecated, subordinated, terminated or discharged, or permit any Person to be released from any covenants or obligations with respect to the Notes under this Indenture
except as may be expressly permitted hereby, (ii) permit any lien, charge, excise, claim, security interest, mortgage or other encumbrance (other than the lien of this Indenture) to be created on or extend to or otherwise arise upon or burden the
Trust Estate or any part thereof or any interest therein or the proceeds thereof or (iii) permit the lien of this Indenture not to constitute a valid first priority security interest in the Trust Estate; or 
  
 (d) impair or cause to be impaired the Issuer’s
interest in the Mortgage Loans, the Purchase Agreement or in any other Basic Document, if any such action would materially and adversely affect the interests of the Noteholders. 
  

 10 

 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, [            ]), 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 [SELLER] (the “Seller”) 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 the Seller in Section 3.1(a) and Section 3.1(b) of the Purchase Agreement concerning the Mortgage Loans and the right to enforce the remedies against the Seller
provided in such Section 3.1(a) or Section 3.1(b), as applicable, to the same extent as though such representations and warranties were made directly to the Indenture Trustee. 
  
 Section 3.13 Assignee of Record of the Mortgage Loans. As pledgee of the Mortgage Loans, the Indenture Trustee shall
hold title to the Mortgage Loans by being named as payee in the endorsements or assignments of the Mortgage Notes and assignee in the Assignments of Mortgage to be delivered under Section 2.1 of the Purchase Agreement. Except as expressly provided
in the Purchase Agreement or in the Master Servicing Agreement with respect to any specific Mortgage Loan, the Indenture Trustee shall not execute any endorsement or assignment or otherwise release or transfer such title to any of the Mortgage Loans
until such time as the remaining Trust Estate may be released pursuant to Section 8.05(b). The Indenture Trustee’s holding of such title shall in all respects be subject to its fiduciary obligations to the Noteholders hereunder. 
  
 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 3.02 of the Master 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 3.06(c) of the Master Servicing Agreement, and any 

  

 11 

 
other items constituting a part of the Trust Estate which from time to time come into the possession of the Master Servicer. It is intended that, by the
Master Servicer’s acceptance of such agency pursuant to Section 3.02 of the Master 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 Consolidate, etc. 
  
 (a) The Issuer shall not consolidate or merge with or into any other Person, unless: 
  
 (i) the Person (if other than the Issuer) formed by or
surviving such consolidation or merger shall be a Person organized and existing under the laws of the United States of America or any state or the District of Columbia and shall expressly assume, by an indenture supplemental hereto, executed and
delivered to the Indenture Trustee, in form reasonably satisfactory to the Indenture Trustee, the due and punctual payment of the principal of and interest on all Notes and to the Certificate Paying Agent, on behalf of the Certificateholders and the
performance or observance of every agreement and covenant of this Indenture on the part of the Issuer to be performed or observed, all as provided herein; 
  
 (ii) immediately after giving effect to such transaction, no Event of Default shall have occurred and be continuing; 
  
 (iii) the Enhancer shall have consented thereto and each
Rating Agency shall have notified the Issuer that such transaction will not cause a Rating Event, without taking into account the Policy; 
  
 (iv) the Issuer shall have received an Opinion of Counsel (and shall have delivered copies thereof to the Indenture Trustee and the
Enhancer) to the effect that such transaction will not have any material adverse tax consequence to the Issuer, any Noteholder or any Certificateholder; 
  
 (v) any action that is necessary to maintain the lien and security interest created by this Indenture shall have been taken; and

  
 (vi) the Issuer shall have delivered to the
Indenture Trustee an Officer’s Certificate and an Opinion of Counsel each stating that such consolidation or merger and 

  

 12 

 
such supplemental indenture comply with this Article III and that all conditions precedent herein provided for relating to such transaction have been
complied with (including any filing required by the Exchange Act). 
  
 (b) The Issuer shall not convey or transfer any of its properties or assets, including those included in the Trust Estate, to any Person, unless: 
  
 (i) the Person that acquires by conveyance or transfer the properties and assets of the Issuer the
conveyance or transfer of which is hereby restricted shall (A) be a United States citizen or a Person organized and existing under the laws of the United States of America or any state, (B) expressly assume, by an indenture supplemental hereto,
executed and delivered to the Indenture Trustee, in form satisfactory to the Indenture Trustee, the due and punctual payment of the principal of and interest on all Notes and the performance or observance of every agreement and covenant of this
Indenture on the part of the Issuer to be performed or observed, all as provided herein, (C) expressly agree by means of such supplemental indenture that all right, title and interest so conveyed or transferred shall be subject and subordinate to
the rights of Noteholders of the Notes, (D) unless otherwise provided in such supplemental indenture, expressly agree to indemnify, defend and hold harmless the Issuer against and from any loss, liability or expense arising under or related to this
Indenture and the Notes and (E) expressly agree by means of such supplemental indenture that such Person (or if a group of Persons, then one specified Person) shall make all filings with the Commission (and any other appropriate Person) required by
the Exchange Act in connection with the Notes; 
  
 (ii) immediately after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing; 
  
 (iii) the Enhancer shall have consented thereto, and each Rating Agency shall have notified the Issuer that such transaction will not
cause a Rating Event, if determined without regard to the Policy; 
  
 (iv) the Issuer shall have received an Opinion of Counsel (and shall have delivered copies thereof to the Indenture Trustee) to the effect that such transaction will not have any material adverse tax consequence to
the Issuer or any Noteholder; 
  
 (v) any action
that is necessary to maintain the lien and security interest created by this Indenture shall have been taken; and 
  
 (vi) the Issuer shall have delivered to the Indenture Trustee an Officer’s Certificate and an Opinion of Counsel each stating that
such conveyance or transfer and such supplemental indenture comply with this Article III and that all conditions precedent herein provided for relating to such transaction have been complied with (including any filing required by the Exchange Act).

  

 13 

 Section 3.17 Successor or Transferee. 
  
 (a) Upon any consolidation or merger of the Issuer in
accordance with Section 3.16(a), the Person formed by or surviving such consolidation or merger (if other than the Issuer) shall succeed to, and be substituted for, and may exercise every right and power of, the Issuer under this Indenture with the
same effect as if such Person had been named as the Issuer herein. 
  
 (b) Upon a conveyance or transfer of all the assets and properties of the Issuer pursuant to Section 3.16(b), the Issuer shall be released from every covenant and agreement of this Indenture to be observed or
performed on the part of the Issuer with respect to the Notes immediately upon the delivery of written notice to the Indenture Trustee of such conveyance or transfer. 
  
 Section 3.18 No Other Business. The Issuer shall not engage in any business other than financing, purchasing, owning
and selling and managing the Mortgage Loans and the issuance of the Notes and Certificates in the manner contemplated by this Indenture and the Basic Documents and all activities incidental thereto. 
  
 Section 3.19 No Borrowing. The Issuer shall not issue, incur, assume,
guarantee or otherwise become liable, directly or indirectly, for any indebtedness except for the Notes. 
  
 Section 3.20 Guarantees, Loans, Advances and Other Liabilities. Except as contemplated by this Indenture or the other Basic Documents, the Issuer
shall not make any loan or advance or credit to, or guarantee (directly or indirectly or by an instrument having the effect of assuring another’s payment or performance on any obligation or capability of so doing or otherwise), endorse or
otherwise become contingently liable, directly or indirectly, in connection with the obligations, stocks or dividends of, or own, purchase, repurchase or acquire (or agree contingently to do so) any stock, obligations, assets or securities of, or
any other interest in, or make any capital contribution to, any other Person. 
  
 Section 3.21 Capital Expenditures. The Issuer shall not make any expenditure (by long-term or operating lease or otherwise) for capital assets (either realty or personalty). 
  
 Section 3.22 Owner Trustee Not Liable for Certificates or Related
Documents. The recitals contained herein shall be taken as the statements of the Issuer, and the Owner Trustee and the Indenture Trustee assume no responsibility for the correctness of the recitals contained herein. The Owner Trustee and the
Indenture Trustee make no representations as to the validity or sufficiency of this Indenture or any other Basic Document, of the Certificates (other than the signatures of the Owner Trustee or the Indenture Trustee on the Certificates) or the
Notes, or of any Related Documents. The Owner Trustee and the Indenture Trustee shall at no time have any responsibility or liability with respect to the sufficiency of the Trust Estate or its ability to generate the payments to be distributed to
Certificateholders under the Trust Agreement or the Noteholders under this Indenture, including, the compliance by the Depositor or the Seller with any warranty or representation made under any Basic Document or in any related document or the
accuracy of any such warranty or representation, or any action of the Certificate Paying Agent, the Certificate Registrar or any other person taken in the name of the Owner Trustee or the Indenture Trustee. 
  

 14 

 Section 3.23 Restricted Payments. The Issuer shall not, directly or indirectly, (i) pay any
dividend or make any distribution (by reduction of capital or otherwise), whether in cash, property, securities or a combination thereof, to the Owner Trustee or any owner of a beneficial interest in the Issuer or otherwise with respect to any
ownership or equity interest or security in or of the Issuer, (ii) redeem, purchase, retire or otherwise acquire for value any such ownership or equity interest or security or (iii) set aside or otherwise segregate any amounts for any such purpose;
provided, however, that the Issuer may make, or cause to be made, (x) distributions to the Owner Trustee and the Certificateholders as contemplated by, and to the extent funds are available for such purpose under, the Trust Agreement and (y)
payments to the Master Servicer pursuant to the terms of the Master Servicing Agreement. The Issuer will not, directly or indirectly, make payments to or distributions from the Custodial Account except in accordance with this Indenture and the other
Basic Documents. 
  
 Section 3.24 Notice of Events of
Default. The Issuer shall give the Indenture Trustee, the Enhancer and the Rating Agencies prompt written notice of each Event of Default hereunder and under the Trust Agreement. 
  
 Section 3.25 Further Instruments and Acts. Upon request of the Indenture Trustee, the Issuer shall execute and
deliver such further instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively the purposes of this Indenture. 
  

Section 3.26 Statements to Noteholders. On each Payment Date, each of the Indenture Trustee and the Certificate Registrar shall make available
to the Enhancer, the Depositor, the Owner Trustee, each Rating Agency, each Noteholder and each Certificateholder, the Servicing Certificate provided to the Indenture Trustee by the Master Servicer relating to such Payment Date and delivered
pursuant to Section 4.01 of the Master Servicing Agreement. 
  
 The Indenture Trustee will make the Servicing Certificate (and, at its option, any additional files containing the same information in an alternative format) available each month to Securityholders and 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 “www.ctslink.com”. Assistance in using the website can be obtained by calling the Indenture
Trustee’s customer service desk at xxx-xxx-xxxx. Parties that are unable to use the above distribution options are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The
Indenture Trustee shall have the right to change the way the statement to Securityholders are distributed in order to make such distribution more convenient 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 3.27 Determination of Note 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 Note 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. 
  

 15 

 Section 3.28 Payments under the Policy. 
  
 (a) (i) If the Servicing Certificate specifies a Policy Draw
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 make a draw on the Policy in the
amount by which the amount on deposit in the Note Payment Account is less than interest due on the Notes on such Payment Date. 
  
 (ii) The Indenture Trustee shall deposit or cause to be deposited such Policy Draw Amount into the Note Payment Account on such Payment
Date to the extent such amount relates to clause (a) of the definition of “Deficiency Amount” or clause (b) of the definition of “Insured Amount”. 
  
 (iii) To the extent such amount relates to clause (b) of the definition of “Deficiency Amount”,
the Indenture Trustee shall deposit such amount into the Note Payment Account. 
  
 (b) The Indenture Trustee shall submit, if a Policy Draw Amount is specified in any statement to Securityholders prepared pursuant to
Section 4.01 of the Master Servicing Agreement, the Notice of Nonpayment and Demand for Payment of Insured Amounts (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. 
  
 Section
3.29 [RESERVED]. 
  
 Section 3.30 Additional Representations of
the Issuer. 
  
 The Issuer hereby represents and warrants to
the Indenture Trustee that as of the Closing Date (which representations and warranties shall survive the execution of this Indenture): 
  
 (a) This Indenture creates a valid and continuing security interest (as defined in the applicable UCC) in the Mortgage Notes in favor of
the Indenture Trustee, which security interest is prior to all other Liens (except as expressly permitted otherwise in this Indenture), and is enforceable as such as against creditors of and purchasers from the Issuer. 
  
 (b) The Mortgage Notes constitute “instruments”
within the meaning of the applicable UCC. 
  
 (c)
The Issuer owns and has good and marketable title to the Mortgage Notes free and clear of any Lien of any Person. 
  
 (d) The original executed copy of each Mortgage Note (except for any Mortgage Note with respect to which a Lost Note Affidavit has been
delivered to the Custodian) has been delivered to the Custodian. 
  
 (e) The Issuer has received a written acknowledgment from the Custodian that the Custodian is acting solely as agent of the Indenture Trustee for the benefit of the Noteholders. 
  

 16 

 (f) Other than the security interest granted to the Indenture Trustee pursuant to this
Indenture, the Issuer has not pledged, assigned, sold, granted a security interest in, or otherwise conveyed any of the Mortgage Notes. The Issuer has not authorized the filing of and is not aware of any financing statements against the Issuer that
include a description of collateral covering the Mortgage Notes other than any financing statement relating to the security interest granted to the Indenture Trustee hereunder or any security interest that has been terminated. The Issuer is not
aware of any judgment or tax lien filings against the Issuer. 
  
 (g) None of the Mortgage Notes has any marks or notations indicating that they have been pledged, assigned or otherwise conveyed to any Person other than the Indenture Trustee, except for (i) any endorsements that are
part of a complete chain of endorsements from the originator of the Mortgage Note to the Indenture Trustee, and (ii) any marks or notations pertaining to Liens that have been terminated or released. 
  
 (h) None of the provisions of this Section 3.30 shall be
waived without the prior written confirmation from Standard & Poor’s that such waiver shall not result in a reduction or withdrawal of the then-current rating of any Class of Notes. 
  
 ARTICLE IV 
  
 The Notes; Satisfaction and Discharge of Indenture 
  
 Section 4.01 The Notes;. The Notes shall be registered in the name of a nominee designated by the Depository.
Beneficial Owners will hold interests in the Notes, through the book-entry facilities of the Depository in minimum initial denominations representing Note Balances of $xxx,xxx and integral multiples of $x,xxx in excess thereof, and with respect to
the Class A-[IO] Notes, a Notional Amount equal to $xxx,xxx and in integral multiples of $xxx,xxx in excess thereof; provided, however, that one Class A-[IO] Note may be issued in a notional amount equal to the sum of an authorized
denomination of $xxx,xxx (or a multiple thereof) plus $xxx,xxx. 
  
 The Indenture Trustee may for all purposes (including the making of payments due on the Notes) deal with the Depository as the authorized representative of the Beneficial Owners with respect to the Notes for the purposes of exercising the
rights of Noteholders hereunder. Except as provided in the next succeeding paragraph of this Section 4.01, the rights of Beneficial Owners with respect to the Notes shall be limited to those established by law and agreements between such Beneficial
Owners and the Depository and Depository Participants. Except as provided in Section 4.08, Beneficial Owners shall not be entitled to definitive certificates for the Notes as to which they are the Beneficial Owners. Requests and directions from, and
votes of, the Depository as Noteholder of the Notes shall not be deemed inconsistent if they are made with respect to different Beneficial Owners. The Indenture Trustee may establish a reasonable record date in connection with solicitations of
consents from or voting by Noteholders and give notice to the Depository of such record date. Without the consent of the Issuer and the Indenture Trustee, no Note may be transferred by the Depository except to a successor Depository that agrees to
hold such Note for the account of the Beneficial Owners. 
  

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 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 Notes it beneficially owns in the manner prescribed in Section 4.08. 
  
 The Notes shall, on original issue, be executed on behalf of the Issuer by the Owner Trustee, not in its individual capacity but solely as Owner Trustee
and upon Issuer Order, authenticated by the Note Registrar and delivered by the Indenture Trustee to or upon the order of the Issuer. 
  
 Section 4.02 Registration of and Limitations on Transfer and Exchange of Notes; Appointment of Certificate Registrar. The Issuer shall cause to be
kept at the Indenture Trustee’s Corporate Trust Office a Note Register in which, subject to such reasonable regulations as it may prescribe, the Note Registrar shall provide for the registration of Notes and of transfers and exchanges of Notes
as herein provided. The Issuer hereby appoints the Indenture Trustee as the initial Note Registrar. 
  
 Subject to the restrictions and limitations set forth below, upon surrender for registration of transfer of any Note at the Corporate Trust Office, the
Issuer shall execute, and the Note Registrar shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Notes in authorized initial Note Balances evidencing the same aggregate Percentage Interests.

  
 Subject to the foregoing, at the option of the Noteholders,
Notes may be exchanged for other Notes of like tenor, in each case in authorized initial Note Balances evidencing the same aggregate Percentage Interests, upon surrender of the Notes to be exchanged at the Corporate Trust Office of the Note
Registrar. Whenever any Notes are so surrendered for exchange, the Issuer shall execute and the Note Registrar shall authenticate and deliver the Notes which the Noteholder making the exchange is entitled to receive. Each Note presented or
surrendered for registration of transfer or exchange shall (if so required by the Note Registrar) be duly endorsed by, or be accompanied by a written instrument of transfer in form reasonably satisfactory to the Note Registrar duly executed by, the
Noteholder thereof or his attorney duly authorized in writing with such signature guaranteed by a commercial bank or trust company located or having a correspondent located in The City of New York. Notes delivered upon any such transfer or exchange
will evidence the same obligations, and will be entitled to the same rights and privileges, as the Notes surrendered. 
  
 No service charge shall be imposed for any registration of transfer or exchange of Notes, but the Note Registrar shall require payment of a sum sufficient
to cover any tax or governmental charge that may be imposed in connection with any registration of transfer or exchange of Notes. 
  
 All Notes surrendered for registration of transfer and exchange shall be cancelled by the Note Registrar and delivered to the Indenture Trustee for
subsequent destruction without liability on the part of either. 
  

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 The Issuer hereby appoints the Indenture Trustee as Certificate Registrar to keep at its Corporate Trust
Office a Certificate Register pursuant to Section 3.09 of the Trust Agreement in which, subject to such reasonable regulations as it may prescribe, the Certificate Registrar shall provide for the registration of Certificates and of transfers and
exchanges thereof pursuant to Section 3.05 of the Trust Agreement. The Indenture Trustee hereby accepts such appointment. 
  
 Each purchaser of a Note, by its acceptance of the Note, shall be deemed to have represented that the acquisition and holding of such Note by the
purchaser does not constitute or give rise to a prohibited transaction under Section 406 of ERISA or Section 4975 of the Code, for which no statutory, regulatory or administrative exemption is available. 
  
 Section 4.03 Mutilated, Destroyed, Lost or Stolen Notes. If (i) any
mutilated Note is surrendered to the Indenture Trustee, or the Indenture Trustee receives evidence to its satisfaction of the destruction, loss or theft of any Note, and (ii) there is delivered to the Indenture Trustee such security or indemnity as
may be required by it to hold the Issuer and the Indenture Trustee harmless, then, in the absence of notice to the Issuer, the Note Registrar or the Indenture Trustee that such Note has been acquired by a bona fide purchaser, and provided that the
requirements of Section 8-405 of the UCC are met, the Issuer shall execute, and upon its request the Indenture Trustee shall authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Note, a replacement
Note of the same class; provided, however, that if any such destroyed, lost or stolen Note, but not a mutilated Note, shall have become or within seven days shall be due and payable, instead of issuing a replacement Note, the Issuer may pay
such destroyed, lost or stolen Note when so due or payable without surrender thereof. If, after the delivery of such replacement Note or payment of a destroyed, lost or stolen Note pursuant to the proviso to the preceding sentence, a bona fide
purchaser of the original Note in lieu of which such replacement Note was issued presents for payment such original Note, the Issuer and the Indenture Trustee shall be entitled to recover such replacement Note (or such payment) from the Person to
whom it was delivered or any Person taking such replacement Note from such Person to whom such replacement Note was delivered or any assignee of such Person, except a bona fide purchaser, and shall be entitled to recover upon the security or
indemnity provided therefor to the extent of any loss, damage, cost or expense incurred by the Issuer or the Indenture Trustee in connection therewith. 
  
 Upon the issuance of any replacement Note under this Section 4.03, the Issuer may require the payment by the Noteholder of such Note of a sum sufficient
to cover any tax or other governmental charge that may be imposed in relation thereto and any other reasonable expenses (including the fees and expenses of the Indenture Trustee) connected therewith. 
  
 Every replacement Note issued pursuant to this Section 4.03 in replacement of
any mutilated, destroyed, lost or stolen Note shall constitute an original additional contractual obligation of the Issuer, whether or not the mutilated, destroyed, lost or stolen Note shall be at any time enforceable by anyone, and shall be
entitled to all the benefits of this Indenture equally and proportionately with any and all other Notes duly issued hereunder. 
  
 The provisions of this Section 4.03 are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement
or payment of mutilated, destroyed, lost or stolen Notes. 
  

 19 

 Section 4.04 Persons Deemed Owners. Prior to due presentment for registration of transfer of any
Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture Trustee may treat the Person in whose name any Note is registered (as of the day of determination) as the owner of such Note for the purpose of receiving payments
of principal of and interest, if any, on such Note and for all other purposes whatsoever, whether or not such Note be overdue, and none of the Issuer, the Indenture Trustee or any agent of the Issuer or the Indenture Trustee shall be affected by
notice to the contrary. 
  
 Section 4.05 Cancellation. All
Notes surrendered for payment, registration of transfer, exchange or redemption shall, if surrendered to any Person other than the Indenture Trustee, be delivered to the Indenture Trustee and shall be promptly cancelled by the Indenture Trustee. The
Issuer may at any time deliver to the Indenture Trustee for cancellation any Notes previously authenticated and delivered hereunder which the Issuer may have acquired in any manner whatsoever, and all Notes so delivered shall be promptly cancelled
by the Indenture Trustee. No Notes shall be authenticated in lieu of or in exchange for any Notes cancelled as provided in this Section 4.05, except as expressly permitted by this Indenture. All cancelled Notes may be held or disposed of by the
Indenture Trustee in accordance with its standard retention or disposal policy as in effect at the time unless the Issuer shall direct by an Issuer Request that they be destroyed or returned to it; provided, however, that such Issuer Request
is timely and the Notes have not been previously disposed of by the Indenture Trustee. 
  
 Section 4.06 Book-Entry Notes. Each Class of Notes, upon original issuance, shall be issued in the form of typewritten Notes representing the Book-Entry Notes, to be delivered to The Depository Trust Company,
the initial Depository, by, or on behalf of, the Issuer. Such Notes shall initially be registered on the Note Register in the name of Cede & Co., the nominee of the initial Depository, and no Beneficial Owner shall receive a Definitive Note
representing such Beneficial Owner’s interest in such Note, except as provided in Section 4.08. Unless and until definitive, fully registered Notes (the “Definitive Notes”) have been issued to Beneficial Owners pursuant to Section
4.08: 
  
 (a) the provisions of this Section 4.06
shall be in full force and effect; 
  
 (b) the
Note Registrar and the Indenture Trustee shall be entitled to deal with the Depository for all purposes of this Indenture (including the payment of principal of and interest on the Notes and the giving of instructions or directions hereunder) as the
sole holder of the Notes, and shall have no obligation to the Beneficial Owners; 
  
 (c) to the extent that the provisions of this Section 4.06 conflict with any other provisions of this Indenture, the provisions of this
Section 4.06 shall control; 
  
 (d) the rights of
Beneficial Owners shall be exercised only through the Depository and shall be limited to those established by law and agreements between such Owners of Notes and the Depository and/or the Depository Participants. Unless and until Definitive Notes
are issued pursuant to Section 4.08, the initial Depository will make book-entry transfers among the Depository Participants and receive and transmit payments of principal of and interest on the Notes to such Depository Participants; and 

 

 20 

 (e) whenever this Indenture requires or permits actions to be taken based upon
instructions or directions of Noteholders of Notes evidencing a specified percentage of the Note Balances of the Notes, the Depository shall be deemed to represent such percentage only to the extent that it has received instructions to such effect
from Beneficial Owners and/or Depository Participants owning or representing, respectively, such required percentage of the beneficial interest in the Notes and has delivered such instructions to the Indenture Trustee. 
  
 Section 4.07 Notices to Depository. Whenever a notice or other
communication to the Noteholders of the Notes is required under this Indenture, unless and until Definitive Notes shall have been issued to Beneficial Owners pursuant to Section 4.08, the Indenture Trustee shall give all such notices and
communications specified herein to be given to Noteholders of the Notes to the Depository, and shall have no obligation to the Beneficial Owners. 
  
 Section 4.08 Definitive Notes. If (i) the Indenture Trustee determines that the Depository is no longer willing or able to properly discharge its
responsibilities with respect to the Notes and the Indenture Trustee is unable to locate a qualified successor, (ii) the Indenture Trustee elects to terminate the book-entry system through the Depository, or (iii) after the occurrence of an Event of
Default, Beneficial Owners of Notes representing beneficial interests aggregating at least a majority of the aggregate Note Balance of the Notes advise the Depository in writing that the continuation of a book-entry system through the Depository is
no longer in the best interests of the Beneficial Owners, then the Depository shall notify all Beneficial Owners and the Indenture Trustee of the occurrence of any such event and of the availability of Definitive Notes to Beneficial Owners
requesting the same. Upon surrender to the Indenture Trustee of the typewritten Notes representing the Book-Entry Notes by the Depository (or Percentage Interest of the Book-Entry Notes being transferred pursuant to clause (iii) above), accompanied
by registration instructions, the Issuer shall execute and the Indenture Trustee shall authenticate the Definitive Notes in accordance with the instructions of the Depository. None of the Issuer, the Note Registrar or the Indenture Trustee shall be
liable for any delay in delivery of such instructions, and each may conclusively rely on, and shall be protected in relying on, such instructions. Upon the issuance of Definitive Notes, the Indenture Trustee shall recognize the Noteholders of the
Definitive Notes as Noteholders. 
  
 Section 4.09 Tax
Treatment. The Issuer has entered into this Indenture, and the Notes will be issued, with the intention that, for federal, state and local income, single business and franchise tax purposes, the Notes (exclusive of any payment of Interest
Shortfalls to the holders of the Class A-[IO] Notes), will qualify as regular interests in a REMIC as defined in the Code which will be treated as indebtedness for purposes of such taxes. The Issuer, by entering into this Indenture, and each
Noteholder, by its acceptance of its Note (and each Beneficial Owner by its acceptance of an interest in the applicable Book-Entry Note), agree to treat the Notes (exclusive of any payment of Interest Shortfalls to the holders of the Class
A-[IO] Notes), for federal, state and local income, single business and franchise tax purposes as regular interests in a REMIC as defined in the Code which will be treated as indebtedness for purposes of such taxes. 
  
 Section 4.10 Satisfaction and Discharge of Indenture. This Indenture
shall cease to be of further effect with respect to the Notes except as to (i) rights of registration of transfer and exchange, (ii) substitution of mutilated, destroyed, lost or stolen Notes, (iii) rights of Noteholders 

  

 21 

 
to receive payments of principal thereof and interest thereon, (iv) Sections 3.03, 3.04, 3.06, 3.09, 3.16, 3.18 and 3.19, (v) the rights, obligations and
immunities of the Indenture Trustee hereunder (including the rights of the Indenture Trustee under Section 6.07 and the obligations of the Indenture Trustee under Section 4.11) and (vi) the rights of Noteholders as beneficiaries hereof with respect
to the property so deposited with the Indenture Trustee payable to all or any of them, and the Indenture Trustee, on demand of and at the expense of the Issuer, shall execute proper instruments acknowledging satisfaction and discharge of this
Indenture with respect to the Notes, when 
  
 (A)
either 
  
 (1) all Notes theretofore
authenticated and delivered (other than (i) Notes that have been destroyed, lost or stolen and that have been replaced or paid as provided in Section 4.03 and (ii) Notes for whose payment money has theretofore been deposited in trust or segregated
and held in trust by the Issuer and thereafter repaid to the Issuer or discharged from such trust, as provided in Section 3.03) have been delivered to the Indenture Trustee for cancellation; or 
  
 (2) all Notes not theretofore delivered to the Indenture
Trustee for cancellation 
  
 a) have become due
and payable, 
  
 b) will become due and payable
at the Final Payment Date within one year, or 
  
 c) have been declared immediately due and payable pursuant to Section 5.02, 
  
 and the Issuer, in the case of (A)(2)a or (A)(2)b above of this Section 4.10, has irrevocably deposited or caused to be irrevocably deposited with the Indenture Trustee cash or direct obligations of or obligations guaranteed by the United
States of America (which will mature prior to the date such amounts are payable), in trust for such purpose, in an amount sufficient to pay and discharge the entire indebtedness on such Notes and Certificates then outstanding not theretofore
delivered to the Indenture Trustee for cancellation when due on the Final Payment Date, as evidenced to the Indenture Trustee by an accountant’s letter or an Officer’s Certificate of the Issuer; 
  
 (3) the Issuer has paid or caused to be paid all other sums
payable hereunder and under the Insurance Agreement by the Issuer; and 
  
 (4) 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 

  

 22 

 
relating to the satisfaction and discharge of this Indenture have been complied with and, if the Opinion of Counsel relates to a deposit made in connection
with Section 4.10(A)(2)b. above, such opinion shall further be to the effect that such deposit will not have any material adverse tax consequences to the Issuer, the Enhancer, any Noteholders or any Certificateholders. 
  
 Section 4.11 Application of Trust Money. All monies deposited with the
Indenture Trustee pursuant to Section 4.10 hereof shall be held in trust and applied by it, in accordance with the provisions of the Notes and this Indenture, to the payment, either directly or through any Paying Agent or Certificate Paying Agent,
as the Indenture Trustee may determine, to the Securityholders of Securities, of all sums due and to become due thereon for principal and interest; but such monies need not be segregated from other funds except to the extent required herein or
required by law. 
  
 Section 4.12 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 Noteholders 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 Noteholders 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 Notes or under this Indenture in respect to the Notes 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 
  

 23 

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

  
 Section 4.14 Temporary Notes. Pending the preparation
of any Definitive Notes, the Issuer may execute and upon its written direction, the Indenture Trustee may authenticate and make available for delivery, temporary Notes that are printed, lithographed, typewritten, photocopied or otherwise produced,
in any denomination, substantially of the tenor of the Definitive Notes in lieu of which they are issued and with such appropriate insertions, omissions, substitutions and other variations as the officers executing such Notes may determine, as
evidenced by their execution of such Notes. 
  
 If temporary Notes
are issued, the Issuer will cause Definitive Notes to be prepared without unreasonable delay. After the preparation of the Definitive Notes, the temporary Notes shall be exchangeable for Definitive Notes upon surrender of the temporary Notes at the
office or agency of the Indenture Trustee, without charge to the Noteholder. Upon surrender for cancellation of any one or more temporary Notes, the Issuer shall execute and the Indenture Trustee shall authenticate and make available for delivery,
in exchange therefor, Definitive Notes of authorized denominations and of like tenor and aggregate principal amount. Until so exchanged, such temporary Notes shall in all respects be entitled to the same benefits under this Indenture as Definitive
Notes. 
  
 ARTICLE V 
  
 Default And Remedies 
  
 Section 5.01 Events of Default. The Issuer shall deliver to the
Indenture Trustee 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 Noteholders of Notes representing not less than a majority of the aggregate Voting Rights of the Notes, with the written consent of the
Enhancer, may 

  

 24 

 
declare the Notes to be immediately due and payable by a notice in writing to the Issuer (and to the Indenture Trustee if given by Noteholders); and upon any
such declaration, the unpaid principal amount of the Notes, together with accrued and unpaid interest thereon through the date of acceleration, shall become immediately due and payable. 
  
 At any time after such declaration of acceleration of maturity with respect to an Event of Default has been made and before
a judgment or decree for payment of the money due has been obtained by the Indenture Trustee as hereinafter provided in this Article V, the Enhancer or the Noteholders of Notes representing a majority of the aggregate Voting Rights of the Notes,
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: 
  
 (a) the Issuer has paid or deposited with the Indenture
Trustee a sum sufficient to pay: 
  
 (i) all
payments of principal of and interest on the Notes and all other amounts that would then be due hereunder or upon the Notes if the Event of Default giving rise to such acceleration had not occurred; 
  
 (ii) all sums paid or advanced by the Indenture Trustee
hereunder and the reasonable compensation, expenses, disbursements and advances of the Indenture Trustee and its agents and counsel; and 
  
 (iii) all Events of Default, other than the nonpayment of the principal of the Notes that has become due solely by such acceleration, have
been cured or waived as provided in Section 5.12. 
  
 No such
rescission shall affect any subsequent default or impair any right consequent thereto. 
  
 Section 5.03 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee. 
  
 (a) The Issuer covenants that if default in the payment of (i) any interest on any Note when the same becomes due and payable, and such
default continues for a period of five days, or (ii) the principal of or any installment of the principal of any Note when the same becomes due and payable, the Issuer shall, upon demand of the Indenture Trustee, pay to it, for the benefit of the
Noteholders, the entire amount then due and payable on the Notes for principal and interest, with interest on the overdue principal, and in addition thereto such further amount as shall be sufficient to cover the costs and expenses of collection,
including the reasonable compensation, expenses, disbursements and advances of the Indenture Trustee and its agents and counsel. 
  
 (b) In case the Issuer shall fail forthwith to pay such amounts upon such demand, the Indenture Trustee, in its own name and as trustee of
an express trust, subject to the provisions of Section 10.17 hereof, may institute a Proceeding for the collection of the sums so due and unpaid, and may prosecute such Proceeding to judgment or final decree, and may 

  

 25 

 
enforce the same against the Issuer or other obligor on the Notes and collect in the manner provided by law out of the property of the Issuer or other
obligor on the Notes, wherever situated, the monies adjudged or decreed to be payable. 
  
 (c) If an Event of Default shall occur and be continuing, the Indenture Trustee, subject to the provisions of Section 10.17 hereof, may,
as more particularly provided in Section 5.04, in its discretion proceed to protect and enforce its rights and the rights of the Noteholders by such appropriate Proceedings as the Indenture Trustee shall deem most effective to protect and enforce
any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy or legal or equitable right vested in the Indenture
Trustee by this Indenture or by law. 
  
 (d) If
there shall be pending, relative to the Issuer or any other obligor on the Notes or any Person having or claiming an ownership interest in the Trust Estate, Proceedings under Title 11 of the United States Code or any other applicable federal or
state bankruptcy, insolvency or other similar law, or if a receiver, assignee or trustee in bankruptcy or reorganization, liquidator, sequestrator or similar official shall have been appointed for or taken possession of the Issuer or its property or
such other obligor or Person, or if there shall be any other comparable judicial Proceedings relative to the Issuer or other any other obligor on the Notes, or relative to the creditors or property of the Issuer or such other obligor, then the
Indenture Trustee, irrespective of whether the principal of any Notes shall then be due and payable as therein expressed or by declaration or otherwise, and irrespective of whether the Indenture Trustee shall have made any demand pursuant to the
provisions of this Section, shall be entitled and empowered, by intervention in such Proceedings or otherwise: 
  
 (i) to file and prove a claim or claims for the entire amount of principal and interest owing and unpaid in respect of the Notes and to
file such other papers or documents as may be necessary or advisable in order to have the claims of the Indenture Trustee (including any claim for reasonable compensation to the Indenture Trustee and each predecessor Indenture Trustee, and their
respective agents, attorneys and counsel, and for reimbursement of all expenses and liabilities incurred, and all advances made, by the Indenture Trustee and each predecessor Indenture Trustee, except as a result of negligence, willful misconduct or
bad faith) and of the Noteholders allowed in such Proceedings; 
  
 (ii) unless prohibited by applicable law and regulations, to vote on behalf of the Noteholders in any election of a trustee, a standby trustee or Person performing similar functions in any such Proceedings;

  
 (iii) to collect and receive any monies or
other property payable or deliverable on any such claims and to distribute all amounts received with respect to the claims of the Noteholders and of the Indenture Trustee on their behalf; and 
  
 (iv) to file such proofs of claim and other papers or
documents as may be necessary or advisable in order to have the claims of the Indenture Trustee or the 

  

 26 

 
Noteholders allowed in any judicial proceedings relative to the Issuer, its creditors and its property; 
  
 and any trustee, receiver, liquidator, custodian or other similar official in any such
Proceeding is hereby authorized by each of such Noteholders to make payments to the Indenture Trustee, and, in the event the Indenture Trustee shall consent to the making of payments directly to such Noteholders, to pay to the Indenture Trustee such
amounts as shall be sufficient to cover reasonable compensation to the Indenture Trustee, each predecessor Indenture Trustee and their respective agents, attorneys and counsel, and all other expenses and liabilities incurred, and all advances made,
by the Indenture Trustee and each predecessor Indenture Trustee, except as a result of negligence, willful misconduct or bad faith. 
  
 (e) Nothing herein contained shall be deemed to authorize the Indenture Trustee to authorize or consent to or vote for or accept or adopt
on behalf of any Noteholder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Noteholder thereof or to authorize the Indenture Trustee to vote in respect of the claim of any Noteholder in any
such proceeding except, as aforesaid, to vote for the election of a trustee in bankruptcy or similar Person. 
  
 (f) All rights of action and of asserting claims under this Indenture, or under any of the Notes, may be enforced by the Indenture Trustee
without the possession of any of the Notes or the production thereof in any trial or other Proceedings relative thereto, and any such action or proceedings instituted by the Indenture Trustee shall be brought in its own name as trustee of an express
trust, and any recovery of judgment, subject to the payment of the expenses, disbursements and compensation of the Indenture Trustee, each predecessor Indenture Trustee and their respective agents and attorneys, shall be for the ratable benefit of
the Noteholders. 
  
 (g) In any Proceedings to
which the Indenture Trustee shall be a party (including any Proceedings involving the interpretation of any provision of this Indenture), the Indenture Trustee shall be held to represent all Noteholders, and it shall not be necessary to make any
Noteholder a party to any such Proceedings. 
  
 Section 5.04
Remedies; Priorities. 
  
 (a) If an Event
of Default shall have occurred and be continuing, then the Indenture Trustee, subject to the provisions of Section 10.17 hereof, 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 Notes or under this Indenture with respect thereto, whether by declaration or otherwise, and all amounts
payable under the Insurance Agreement, enforce any judgment obtained, and collect from the Issuer and any other obligor on the Notes monies adjudged due; 
  
 (ii) institute Proceedings from time to time for the complete or partial foreclosure of this Indenture with respect to the Trust Estate;

  

 27 

 (iii) exercise any remedies of a secured party under the UCC and take any other
appropriate action to protect and enforce the rights and remedies of the Indenture Trustee and the Noteholders; and 
  
 (iv) sell the Trust Estate or any portion thereof or rights or interest therein, at one or more public or private sales called and
conducted in any manner permitted by law; 
  
 provided, however, that the
Indenture Trustee may not sell or otherwise liquidate the Trust Estate following an Event of Default, unless (A) the Indenture Trustee obtains the consent of the Enhancer, which consent will not be unreasonably withheld, and the Noteholders of 100%
of the aggregate Note Balance of the Notes, (B) the proceeds of such sale or liquidation distributable to Noteholders are sufficient to discharge in full all amounts then due and unpaid upon the Notes for principal and interest 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 Notes as they would have become due if the Notes had not been declared due and payable, and the Indenture Trustee obtains the consent of the Enhancer, which consent will not be unreasonably withheld, and the
Noteholders of 66 2/3% of the aggregate Voting Rights of the Notes. In determining such sufficiency or insufficiency with respect to clause (B) and (C) above, the Indenture Trustee may, but need not, obtain and rely, and shall be protected in
relying in good faith, upon an opinion of an Independent investment banking or accounting firm of national reputation as to the feasibility of such proposed action and as to the sufficiency of the Trust Estate for such purpose. Notwithstanding the
foregoing, provided that a Servicing Default shall not have occurred, any Sale (as defined in Section 5.15 hereof) of the Trust Estate shall be made subject to the continued servicing of the Mortgage Loans by the Master Servicer as provided in the
Master Servicing Agreement. Notwithstanding any sale of the Mortgage Loans pursuant to this Section 5.04(a), the Indenture Trustee shall, for so long as any principal or accrued interest on the Notes remains unpaid, continue to act as Indenture
Trustee hereunder and to draw amounts payable under the Policy in accordance with the terms of the Policy. 
  
 (b) If the Indenture Trustee collects any money or property pursuant to this Article V, it shall pay out such money or property in the
following order: 
  
 FIRST: to the Indenture Trustee for amounts
due under Section 6.07; 
  
 SECOND: to the Noteholders for
amounts due and unpaid on the related Notes for interest, including accrued and unpaid interest on the Notes for any prior Payment Date, ratably, without preference or priority of any kind, according to the amounts due and payable on such Notes for
interest from amounts available in the Trust Estate for such Noteholders, but excluding any Interest Shortfalls; 
  
 THIRD: to the Noteholders for amounts due and unpaid on the related Notes for principal, ratably, without preference or priority of any kind, according to
the amounts due and payable on such Notes for principal, from amounts 

  

 28 

 
available in the Trust Estate for such Noteholders, until the respective Note Balances of such Notes have been reduced to zero; 
  
 FOURTH: to the payment of all amounts due and owing the Enhancer under the
Insurance Agreement; 
  
 FIFTH: to the Noteholders for amounts
due and unpaid on the related Notes for Interest Shortfalls, if any, including any unpaid Interest Shortfalls on the Notes 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 Noteholders; 
  
 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 Noteholders pursuant to this Section 5.04. At least 15 days before such record date, the Indenture Trustee shall mail to each Noteholder a notice that states the record date, the payment date and the amount to be paid. 
  
 Section 5.05 Optional Preservation of the Trust Estate. If the Notes
have been declared due and payable under Section 5.02 following an Event of Default and such declaration and its consequences have not been rescinded and annulled, the Indenture Trustee may, but need not (but shall at the written direction of the
Enhancer), elect to take and maintain possession of the Trust Estate. It is the desire of the parties hereto and the Noteholders that there be at all times sufficient funds for the payment of principal of and interest on the Notes and other
obligations of the Issuer 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 Noteholder shall have any right to institute any Proceeding, judicial or otherwise, with respect to this
Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless and subject to the provisions of Section 10.17 hereof: 
  
 (a) such Noteholder shall have previously given written notice to the Indenture Trustee of a continuing Event of Default; 
  
 (b) the Noteholders of not less than 25% of the aggregate
Voting Rights of the Notes shall have made written request to the Indenture Trustee to institute such Proceeding in respect of such Event of Default in its own name as Indenture Trustee hereunder; 
  

 29 

 (c) such Noteholder or Noteholders shall have offered the Indenture Trustee reasonable
indemnity against the costs, expenses and liabilities to be incurred by it in complying with such request; 
  
 (d) the Indenture Trustee for 60 days after its receipt of such notice, request and offer of indemnity shall have failed to institute such
Proceedings; and 
  
 (e) no direction
inconsistent with such written request shall have been given to the Indenture Trustee during such 60-day period by the Noteholders of a majority of the aggregate Voting Rights of the Notes or by the Enhancer. 
  
 It is understood and intended that no Noteholder 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 Noteholders or to obtain or to seek to obtain priority or preference over any other Noteholders or to enforce
any right under this Indenture, except in the manner herein provided. 
  
 In the event the Indenture Trustee shall receive conflicting or inconsistent requests and indemnity from two or more groups of Noteholders, each representing less than a majority of the aggregate Voting Rights of the Notes, the Indenture
Trustee shall act at the direction of the group of Noteholders with the greater Voting Rights. In the event that the Indenture Trustee shall receive conflicting or inconsistent requests and indemnity from two or more groups of Noteholders
representing the same Voting Rights, 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 Noteholders to Receive Principal and
Interest. Subject to the provisions of this Indenture, the Noteholder of any Note shall have the right, which is absolute and unconditional, to receive payment of the principal of and interest, if any, on such Note on or after the respective due
dates thereof expressed in such Note or in this Indenture and to institute suit for the enforcement of any such payment, and such right shall not be impaired without the consent of such Noteholder. 
  
 Section 5.08 Restoration of Rights and Remedies. If the Indenture
Trustee or any Noteholder has instituted any Proceeding to enforce any right or remedy under this Indenture and such Proceeding has been discontinued or abandoned for any reason or has been determined adversely to the Indenture Trustee or to such
Noteholder, then and in every such case the Issuer, the Indenture Trustee and the Noteholders shall, subject to any determination in such Proceeding, be restored severally and respectively to their former positions hereunder, and thereafter all
rights and remedies of the Indenture Trustee and the Noteholders shall continue as though no such Proceeding had been instituted. 
  
 Section 5.09 Rights and Remedies Cumulative. No right or remedy herein conferred upon or reserved to the Indenture Trustee, the Enhancer or the
Noteholders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at
law, in equity or otherwise. The assertion or employment of any right or 

  

 30 

 
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 Noteholder to exercise any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every
right and remedy given by this Article V or by law to the Indenture Trustee or to the Noteholders may be exercised from time to time, and as often as may be deemed expedient, by the Indenture Trustee or by the Noteholders, as the case may be.

  
 Section 5.11 Control by Enhancer or Noteholders. The
Enhancer (so long as no Enhancer Default exists) or the Noteholders of a majority of the aggregate Voting Rights of Notes 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 Notes or exercising any trust or power conferred on the Indenture Trustee, provided that: 
  
 (a) such direction shall not be in conflict with any rule of law or with this Indenture; 
  
 (b) subject to the express terms of Section 5.04, any
direction to the Indenture Trustee to sell or liquidate the Trust Estate shall be by the Enhancer (so long as no Enhancer Default exists) or by the Noteholders of Notes representing not less than 100% of the aggregate Voting Rights of the Notes 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 Noteholders of Notes representing less than 100% of
the aggregate Voting Rights of the Notes to sell or liquidate the Trust Estate shall be of no force and effect; and 
  
 (d) the Indenture Trustee may take any other action deemed proper by the Indenture Trustee that is not inconsistent with such direction.

  
 Notwithstanding the rights of Noteholders set forth in this
Section, subject to Section 6.01, the Indenture Trustee need not take any action that it determines (in its sole discretion) might involve it in liability or might materially adversely affect the rights of any Noteholders not consenting to such
action, unless the Trustee has received satisfactory indemnity from the Enhancer or a Noteholder. 
  
 Section 5.12 Waiver of Past Defaults. Prior to the declaration of the acceleration of the maturity of the Notes as provided in Section 5.02, the
Enhancer (so long as no Enhancer Default exists) or the Noteholders of not less than a majority of the aggregate Voting Rights of the Notes, 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 Notes or (b) in respect of a covenant or provision hereof that cannot be modified or amended without the consent of the Noteholder of each Note. In the case of any such
waiver, the Issuer, the Indenture Trustee and the Noteholders shall be restored to their respective former positions and rights hereunder; but no such waiver shall extend to any subsequent or other Event of Default or impair any right consequent
thereto. 
  

 31 

 Upon any such waiver, any Event of Default arising therefrom shall be deemed to have been cured and not
to have occurred, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other Event of Default or impair any right consequent thereto. 
  
 Section 5.13 Undertaking for Costs. All parties to this Indenture agree, and each Noteholder by such
Noteholder’s acceptance of the related Note shall be deemed to have agreed, that any court may in its discretion require, in any Proceeding for the enforcement of any right or remedy under this Indenture, or in any Proceeding against the
Indenture Trustee for any action taken, suffered or omitted by it as Indenture Trustee, the filing by any party litigant in such Proceeding of an undertaking to pay the costs of such Proceeding, and that such court may in its discretion assess
reasonable costs, including reasonable attorneys’ fees, against any party litigant in such Proceeding, having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section 5.13
shall not apply to (a) any Proceeding instituted by the Indenture Trustee, (b) any Proceeding instituted by any Noteholder, or group of Noteholders, in each case holding in the aggregate more than 10% of the aggregate Note Balance of the Notes or
(c) any Proceeding instituted by any Noteholder for the enforcement of the payment of principal of or interest on any Note on or after the respective due dates expressed in such Note and in this Indenture. 
  
 Section 5.14 Waiver of Stay or Extension Laws. The Issuer covenants
(to the extent that it may lawfully do so) that it will not at any time insist upon, or plead or in any manner whatsoever, claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force,
that may affect the covenants or the performance of this Indenture; and the Issuer (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it shall not hinder, delay or impede
the execution of any power herein granted to the Indenture Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted. 
  
 Section 5.15 Sale of Trust Estate. 
  
 (a) The power to effect any sale or other disposition (a “Sale”) of any portion of the Trust
Estate pursuant to Section 5.04 is expressly subject to the provisions of Section 5.05 and this Section 5.15. The power to effect any such Sale shall not be exhausted by any one or more Sales as to any portion of the Trust Estate remaining unsold,
but shall continue unimpaired until the entire Trust Estate shall have been sold or all amounts payable on the Notes and under this Indenture and under the Insurance Agreement shall have been paid. The Indenture Trustee may from time to time
postpone any public Sale by public announcement made at the time and place of such Sale. The Indenture Trustee hereby expressly waives its right to any amount fixed by law as compensation for any Sale. 
  
 (b) The Indenture Trustee shall not in any private Sale sell
the Trust Estate, or any portion thereof, unless: 
  
 (i) the Noteholders of all Notes and the Enhancer direct the Indenture Trustee to make, such Sale, 
  

 32 

 (ii) the proceeds of such Sale would be not less than the entire amount that would be
payable to the Noteholders under the Notes, 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 Noteholders of Notes representing at least 66 2/3% of the aggregate Voting Rights of the Notes consent to such Sale. 
  
 The purchase by the Indenture Trustee of all or any portion of the Trust
Estate at a private Sale shall not be deemed a Sale or other disposition thereof for purposes of this Section 5.15(b). 
  
 (c) Unless the Noteholders 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). 
  
 (d) In connection with a Sale of all or any portion of the
Trust Estate: 
  
 (i) any Noteholder 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 Notes or claims for interest thereon in lieu of cash up to the amount which shall, upon distribution of the net proceeds of such sale, be payable thereon, and such Notes, in case the amounts so payable thereon shall be
less than the amount due thereon, shall be returned to the Noteholders thereof after being appropriately stamped to show such partial payment; 
  
 (ii) the Indenture Trustee may bid for and acquire the property offered for Sale in connection with any Sale thereof and, subject to any
requirements of, and to the extent permitted by, applicable law in connection therewith, may purchase all or any portion of the Trust Estate in a private sale. In lieu of paying cash therefor, the Indenture Trustee may make settlement for the
purchase price by crediting the gross Sale price against the sum of (A) the amount that would be distributable to the Noteholders and the Certificateholders 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 

  

 33 

 
are reimbursable to it, without being required to produce the Notes in order to complete any such Sale or in order for the net Sale price to be credited
against such Notes, and any property so acquired by the Indenture Trustee shall be held and dealt with by it in accordance with the provisions of this Indenture; 
  
 (iii) the Indenture Trustee shall execute and deliver an appropriate instrument of conveyance transferring
its interest in any portion of the Trust Estate in connection with a Sale thereof; 
  
 (iv) the Indenture Trustee is hereby irrevocably appointed the agent and attorney-in-fact of the Issuer to transfer and convey its
interest in any portion of the Trust Estate in connection with a Sale thereof, and to take all action necessary to effect such Sale; and 
  
 (v) no purchaser or transferee at such a Sale shall be bound to ascertain the Indenture Trustee’s authority, inquire into the
satisfaction of any conditions precedent or see to the application of any monies. 
  
 Section 5.16 Action on Notes. The Indenture Trustee’s right to seek and recover judgment on the Notes or under this Indenture shall not be affected by the seeking, obtaining or application of any other
relief under or with respect to this Indenture. Neither the lien of this Indenture nor any rights or remedies of the Indenture Trustee or the Noteholders shall be impaired by the recovery of any judgment by the Indenture Trustee against the Issuer
or by the levy of any execution under such judgment upon any portion of the Trust Estate or upon any of the assets of the Issuer. Any money or property collected by the Indenture Trustee shall be applied in accordance with Section 5.04(b).

  
 Section 5.17 Performance and Enforcement of Certain
Obligations. 
  
 (a) Promptly following a
written request from the 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 Seller and the Master Servicer, as applicable, of each of their obligations to the Issuer under or in connection with the Purchase Agreement
and the Master 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 Master Servicing Agreement to the extent and in the
manner directed by the Indenture Trustee, as pledgee of the Mortgage Loans, including the transmission of notices of default on the part of the Seller or the Master Servicer thereunder and the institution of legal or administrative actions or
proceedings to compel or secure performance by the Seller or the Master Servicer of each of their obligations under the Purchase Agreement and the Master 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 Master Servicing Agreement, may, and at the direction (which direction shall be in writing or by telephone (confirmed in writing promptly thereafter)) of the Noteholders of 66 2/3% of
the 

  

 34 

 
aggregate Voting Rights of the Notes, shall, exercise all rights, remedies, powers, privileges and claims of the Issuer against the Seller or the Master
Servicer under or in connection with the Purchase Agreement and the Master Servicing Agreement, including the right or power to take any action to compel or secure performance or observance by the Seller or the Master Servicer, as the case may be,
of each of their obligations to the Issuer thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Purchase Agreement and the Master 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; 
  
 (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 

  

 35 

 
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. 
  
 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 

  

 36 

 
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. 
  
 The Indenture Trustee may consult with counsel, and the advice or opinion of counsel with respect to legal
matters relating to this Indenture and the Notes shall be full and complete authorization and protection from liability in respect to any action taken, omitted or suffered by it hereunder in good faith and in accordance with the advice or opinion of
such counsel. 
  
 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. 
  
 (e) 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 Noteholders
representing a majority of the aggregate Voting Rights; 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. 
  
 (f) 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 Noteholders or the Enhancer, pursuant to the provisions of this Agreement, unless the Noteholders or the Enhancer 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 

  

 37 

 
investor would exercise or use under the circumstances in the conduct of such investor’s own affairs. 
  
 Section 6.03 Individual Rights of Indenture Trustee. The Indenture
Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Issuer or its Affiliates with the same rights it would have if it were not Indenture Trustee. Any Note Registrar, co-registrar
or co-paying agent may do the same with like rights. However, the Indenture Trustee must comply with Sections 6.11 and 6.12. 
  
 Section 6.04 Indenture Trustee’s Disclaimer. The Indenture Trustee shall not be (i) responsible for and makes no representation as to the
validity or adequacy of this Indenture or the Notes, (ii) accountable for the Issuer’s use of the proceeds from the Notes or (iii) responsible for any statement of the Issuer in this Indenture or in any document issued in connection with the
sale of the Notes or in the Notes, other than the Indenture Trustee’s certificate of authentication thereon. 
  
 Section 6.05 Notice of Event of Default. If an Event of Default shall occur and be continuing, and if such Event of Default is known to a
Responsible Officer of the Indenture Trustee, then the Indenture Trustee shall give notice thereof to the Enhancer. The Indenture Trustee shall mail to each Noteholder notice of such Event of Default within 90 days after it occurs. Except in the
case of an Event of Default with respect to the payment of principal of or interest on any Note, the Indenture Trustee may withhold such notice if and so long as a committee of its Responsible Officers in good faith determines that withholding such
notice is in the interests of the Noteholders. 
  
 Section 6.06
Reports by Indenture Trustee to Noteholders. The Indenture Trustee shall deliver to each Noteholder such information as may be required to enable such Noteholder to prepare its federal and state income tax returns. In addition, upon Issuer
Request, the Indenture Trustee shall promptly furnish such information reasonably requested by the Issuer that is reasonably available to the Indenture Trustee to enable the Issuer to perform its federal and state income tax reporting obligations.

  
 Section 6.07 Compensation and Indemnity. The Indenture
Trustee shall be compensated and indemnified by the Master Servicer in accordance with Section 6.06 of the Master Servicing Agreement. All amounts owing the Indenture Trustee hereunder in excess of such amount, as well as any amount owed to the
Indenture Trustee in accordance with Section 6.06 of the Master Servicing Agreement, to the extent the Master Servicer has failed to pay such amount, shall be paid solely as provided in Section 3.05 hereof (subject to the priorities set forth
therein). The Indenture Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Issuer shall reimburse the Indenture Trustee for all reasonable out-of-pocket expenses incurred or made by it,
including costs of collection, in addition to the compensation for its services. Such expenses shall include the reasonable compensation, expenses, disbursements and advances of the Indenture Trustee’s agents, counsel, accountants and experts.
The Issuer shall indemnify the Indenture Trustee against any and all loss, liability or expense (including attorneys’ fees) incurred by it in connection with the administration of this trust and the performance of its duties hereunder. The
Indenture Trustee shall notify the Issuer promptly of any claim for which it may seek indemnity. Failure by the 

  

 38 

 
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 Noteholders of a majority of the aggregate Note Balance of the Notes may remove the Indenture Trustee by so notifying
the Indenture Trustee and the Enhancer (if given by such Noteholders) and may appoint a successor Indenture Trustee. Unless a Servicer Default has occurred and is continuing, the appointment of any successor Indenture Trustee shall be subject to the
prior written approval of the Master Servicer. The Issuer shall remove the Indenture Trustee if: 
  
 (a) the Indenture Trustee fails to comply with Section 6.11; 
  
 (b) the Indenture Trustee is adjudged a bankrupt or insolvent; 
  
 (c) a receiver or other public officer takes charge of the
Indenture Trustee or its property; or 
  
 (d) the
Indenture Trustee otherwise becomes incapable of fulfilling its duties under the Basic Documents. 
  
 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 Indenture Trustee shall
become effective, and the successor Indenture Trustee shall have all the rights, powers and duties of the Indenture Trustee under this Indenture. The successor Indenture Trustee shall mail a notice of its succession to the Noteholders. The retiring
Indenture Trustee shall promptly transfer all property held by it as Indenture Trustee to the successor Indenture Trustee. 
  

 39 

 If a successor Indenture Trustee does not take office within 60 days after the retiring Indenture Trustee
resigns or is removed, then the retiring Indenture Trustee, the Issuer or the Noteholders of a majority of aggregate Note Balance of the Notes may petition any court of competent jurisdiction for the appointment of a successor Indenture Trustee.

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

Notwithstanding the replacement of the Indenture Trustee pursuant to this Section, the Issuer’s obligations under Section 6.07 shall continue for
the benefit of the retiring Indenture Trustee. 
  
 Section 6.09
Successor Indenture Trustee by Merger. If the Indenture Trustee consolidates with, merges or converts into, or transfers all or substantially all its corporate trust business or assets to, another corporation or banking association, then the
resulting, surviving or transferee corporation without any further act shall be the successor Indenture Trustee; provided, that such corporation or banking association shall be otherwise qualified and eligible under Section 6.11. The Indenture
Trustee shall provide the Rating Agencies with written notice of any such transaction occurring after the Closing Date. 
  
 If at the time of any such succession by merger, conversion or consolidation, any of the Notes shall have been authenticated but not delivered, then any
such successor to the Indenture Trustee may adopt the certificate of authentication of any predecessor trustee, and deliver such Notes so authenticated. If at such time any of the Notes shall not have been authenticated, any successor to the
Indenture Trustee may authenticate such Notes either in the name of any predecessor hereunder or in the name of the successor to the Indenture Trustee; and in all such cases, such certificates shall have the full force that it is anywhere in the
Notes or in this Indenture provided that the certificate of the Indenture Trustee shall have. 
  
 Section 6.10 Appointment of Co-Indenture Trustee or Separate Indenture Trustee. 
  
 (a) Notwithstanding any other provisions of this Indenture, at any time, for the purpose of meeting any legal requirement of any
jurisdiction in which any part of the Trust Estate may at such time be located, the Indenture Trustee shall have the power and may execute and deliver all instruments to appoint one or more Persons to act as a co-trustee or co-trustees, or separate
trustee or separate trustees, of all or any part of the Issuer, and to vest in such Person or Persons, in such capacity and for the benefit of the Noteholders, such title to the Trust Estate, or any part thereof, and, subject to the other provisions
of this Section, such powers, duties, obligations, rights and trusts as the Indenture Trustee may consider necessary or desirable. No co-trustee or separate trustee hereunder shall be required to meet the terms of eligibility as a successor trustee
under Section 6.11 hereof, and no notice to Noteholders of the appointment of any co-trustee or separate trustee shall be required under Section 6.08 hereof. 
  

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 (b) Every separate trustee and co-trustee shall, to the extent permitted by law, be
appointed and act subject to the following provisions and conditions: 
  
 (i) all rights, powers, duties and obligations conferred or imposed upon the Indenture Trustee shall be conferred or imposed upon and exercised or performed by the Indenture Trustee and such separate trustee or
co-trustee jointly (it being understood that such separate trustee or co-trustee is not authorized to act separately without the Indenture Trustee joining in such act), except to the extent that under any law of any jurisdiction in which any
particular act or acts are to be performed the Indenture Trustee shall be incompetent or unqualified to perform such act or acts, in which event such rights, powers, duties and obligations (including the holding of title to the 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. 
  
 Section 6.11
Eligibility; Disqualification. The Indenture Trustee shall at all times satisfy the requirements of TIA § 310(a). The Indenture Trustee shall have a combined capital and surplus of at least $50,000,000 as set forth in its most recent
published annual report of condition and it or its parent shall have a long-term debt rating of A or better by Moody’s. The Indenture Trustee shall comply with TIA § 310(b), 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. 
  

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 Section 6.12 Preferential Collection of Claims Against Issuer. The Indenture Trustee shall comply
with TIA § 311(a), excluding any creditor relationship listed in TIA § 311(b). An Indenture Trustee that has resigned or been removed shall be subject to TIA § 311(a) to the extent indicated. 
  
 Section 6.13 Representations and Warranties. The Indenture Trustee
hereby represents and warrants that: 
  
 (a) The
Indenture Trustee is duly organized, validly existing and in good standing as a national banking association with power and authority to own its properties and to conduct its business as such properties are currently owned and such business is
currently conducted. 
  
 (b) The Indenture
Trustee has the power and authority to execute and deliver this Indenture and to carry out its terms; and the execution, delivery and performance of this Indenture have been duly authorized by the Indenture Trustee by all necessary corporate action.

  
 (c) The consummation of the transactions
contemplated by this Indenture and the fulfillment of the terms hereof do not conflict with, result in any breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time) a default under, the articles of
organization or bylaws of the Indenture Trustee or any agreement or other instrument to which the Indenture Trustee is a party or by which it is bound. 
  
 (d) To the Indenture Trustee’s best knowledge, there are no Proceedings or investigations pending or threatened before any court,
regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Indenture Trustee or its properties (A) asserting the invalidity of this Indenture, (B) seeking to prevent the consummation of any of the
transactions contemplated by this Indenture or (C) seeking any determination or ruling that might materially and adversely affect the performance by the Indenture Trustee of its obligations under, or the validity or enforceability of, this
Indenture. 
  
 (e) The Indenture Trustee does not
have notice of any adverse claim (as such terms are used in Section 8-302 of the UCC in effect in the State of Delaware) with respect to the Mortgage Loans. 
  
 Section 6.14 Directions to Indenture Trustee. The Indenture Trustee is hereby directed: 
  
 (a) to accept the pledge of the Mortgage Loans and hold the
assets of the Trust in trust for the Noteholders and the Enhancer; 
  
 (b) to authenticate and deliver the Notes substantially in the form prescribed by Exhibit A in accordance with the terms of this Indenture; and 
  
 (c) to take all other actions as shall be required to be taken by the terms of this Indenture. 

 

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 Section 6.15 Indenture Trustee May Own Securities. The Indenture Trustee, in its individual or any
other capacity, may become the owner or pledgee of Securities with the same rights it would have if it were not Indenture Trustee. 
  
 ARTICLE VII 
  
 Noteholders’ Lists and Reports 
  
 Section 7.01 Issuer to Furnish Indenture Trustee Names and Addresses of Noteholders. The Issuer shall furnish or cause to be furnished to the Indenture Trustee (a) not more than five days after each Record
Date, a list, in such form as the Indenture Trustee may reasonably require, of the names and addresses of the Noteholders as of such Record Date, and (b) at such other times as the Indenture Trustee 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 Note
Registrar, no such list need be furnished. 
  
 Section 7.02
Preservation of Information; Communications to Noteholders. 
  
 (a) The Indenture Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses of the Noteholders contained in the most recent list furnished to the Indenture Trustee as provided
in Section 7.01 and the names and addresses of the Noteholders received by the Indenture Trustee in its capacity as Note Registrar. The Indenture Trustee may destroy any list furnished to it as provided in such Section 7.01 upon receipt of a new
list so furnished. 
  
 (b) Noteholders may
communicate pursuant to TIA § 312(b) with other Noteholders with respect to their rights under this Indenture or under the Notes. 
  
 (c) The Issuer, the Indenture Trustee and the Note Registrar shall have the protection of TIA § 312(c). 
  
 Section 7.03 Reports by Issuer. 
  
 (a) The Issuer shall: 
  
 (i) file with the Indenture Trustee, within 15 days after
the Issuer is required to file the same with the Commission, copies of the annual reports and the information, documents and other reports (or copies of such portions of any of the foregoing as the Commission may from time to time by rules and
regulations prescribe) that the Issuer may be required to file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act; 
  
 (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 
  

 43 

 (iii) supply to the Indenture Trustee (and the Indenture Trustee shall transmit by mail
to all Noteholders described in TIA § 313(c)) such summaries of any information, documents and reports required to be filed by the Issuer pursuant to clauses (i) and (ii) of this Section 7.03(a) and by rules and regulations prescribed from time
to time by the Commission. 
  
 (b) Unless the
Issuer otherwise determines, the fiscal year of the Issuer shall end on December 31 of each year. 
  
 Section 7.04 Reports by Indenture Trustee. If required by TIA § 313(a), within 60 days after each January 1, beginning with [DATE], the
Indenture Trustee shall make available to each Noteholder 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
Noteholders shall be filed by the Indenture Trustee with the Commission, if required, and each stock exchange, if any, on which the Notes are listed. The Issuer shall notify the Indenture Trustee if and when the Notes are listed on any stock
exchange. 
  
 ARTICLE VIII 
  
 Accounts, Disbursements and Releases 
  
 Section 8.01 Collection of Money. Except as otherwise expressly
provided herein, the Indenture Trustee may demand payment or delivery of, and shall receive and collect, directly and without intervention or assistance of any fiscal agent or other intermediary, all money and other property payable to or receivable
by the Indenture Trustee pursuant to this Indenture. The Indenture Trustee shall apply all such money received by it as provided in this Indenture. Except as otherwise expressly provided in this Indenture, if any default occurs in the making of any
payment or performance under any agreement or instrument that is part of the Trust Estate, the Indenture Trustee may take such action as may be appropriate to enforce such payment or performance, including the institution and prosecution of
appropriate Proceedings. Any such action shall be without prejudice to any right to claim a Default or Event of Default under this Indenture and any right to proceed thereafter as provided in Article V. 
  
 Section 8.02 Trust Accounts. 
  
 (a) On or prior to the Closing Date, the Issuer shall cause
the Indenture Trustee to establish and maintain, in the name of the Indenture Trustee, for the benefit of the Noteholders and the Certificate Paying Agent, on behalf of the Certificateholders and the Enhancer, the Note Payment Account as provided in
Section 3.01. 
  
 (b) All monies deposited from
time to time in the Note Payment Account pursuant to the Master Servicing Agreement and all deposits therein pursuant to this Indenture are for the benefit of the Noteholders and the Certificate Paying Agent, on behalf of the Certificateholders, and
all investments made with such monies, including all income or other gain from such investments, are for the benefit of the Master Servicer as provided in Section 5.01 of the Master Servicing Agreement. 
  

 44 

 On each Payment Date, the Indenture Trustee shall distribute all amounts on deposit in the Note Payment
Account to the Noteholders in respect of the Notes and, in its capacity as Certificate Paying Agent, to the Certificateholders from the Distribution Account in the order of priority set forth in Section 3.05 (except as otherwise provided in Section
5.04(b)) and in accordance with the Servicing Certificate. 
  
 The
Indenture Trustee shall invest any funds in the Note Payment Account in Permitted Investments selected in writing by the 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 Note Payment Account is maintained may mature on such Payment Date) and shall not be sold or disposed of prior to the maturity. In addition, such Permitted Investments shall not be purchased at a price in excess of
par. The Indenture Trustee shall have no liability whatsoever for investment losses on Permitted Investments, if such investments are made in accordance with the provisions of this Indenture and the Indenture Trustee is not the obligor under the
Permitted Investment. 
  
 Section 8.03 Officer’s
Certificate. The Indenture Trustee shall receive at least seven days’ notice when requested by the Issuer to take any action pursuant to Section 8.05(a), accompanied by copies of any instruments to be executed, and the Indenture Trustee
shall also require, as a condition to such action, an Officer’s Certificate, in form and substance satisfactory to the Indenture Trustee, stating the legal effect of any such action, outlining the steps required to complete the same, and
concluding that all conditions precedent to the taking of such action have been complied with. 
  
 Section 8.04 Termination Upon Distribution to Noteholders. This Indenture and the respective obligations and responsibilities of the Issuer and the Indenture Trustee created hereby shall terminate upon the
distribution to the Noteholders, the Certificate Paying Agent on behalf of the Certificateholders and the Indenture Trustee of all amounts required to be distributed pursuant to Article III hereof; provided however, that in no event shall the trust
created hereby continue beyond the expiration of 21 years from the death of the survivor of the descendants of Joseph P. Kennedy, the late ambassador of the United States to the Court of St. James, living on the date hereof. 
  
 Section 8.05 Release of Trust Estate. 
  
 (a) Subject to the payment of its fees, expenses and
indemnification, the Indenture Trustee may, and when required by the provisions of this Indenture or the Master 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 shall be
bound to ascertain the Indenture Trustee’s authority, inquire into the satisfaction of any conditions precedent, or see to the application of any monies. 
  

(b) The Indenture Trustee shall, at such time as (i) there are no Notes Outstanding, (ii) all sums due the Indenture Trustee pursuant
to this Indenture have been paid 

  

 45 

 
and (iii) all sums due the Enhancer have been paid, release any remaining portion of the Trust Estate that secured the Notes from the lien of this Indenture.

  
 (c) The Indenture Trustee shall release
property from the lien of this Indenture pursuant to this Section 8.05 only upon receipt of an Issuer Request accompanied by an Officers’ Certificate and a letter from the Enhancer stating that the Enhancer has no objection to such request from
the Issuer. 
  
 (d) 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 Notes. 
  
 Section 8.06 Surrender of Notes Upon Final Payment. By acceptance of any Note, the Noteholder thereof agrees to
surrender such Note to the Indenture Trustee promptly, prior to such Noteholder’s receipt of the final payment thereon. 
  
 ARTICLE IX 
  
 Supplemental Indentures 
  
 Section 9.01 Supplemental Indentures Without Consent of Noteholders. 
  
 (a) Without the consent of the Noteholders of any Notes, but with prior notice to the Rating Agencies and 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 Trust Indenture Act as in force at the date of the execution thereof), in form satisfactory to the Indenture Trustee, for any of the following purposes: 
  
 (i) to correct or amplify the description of any property at
any time subject to the lien of this Indenture, or better to assure, convey and confirm unto the Indenture Trustee any property subject or required to be subjected to the lien of this Indenture, or to subject to the lien of this Indenture additional
property; 
  
 (ii) to evidence the succession, in
compliance with the applicable provisions hereof, of another Person to the Issuer, and the assumption by any such successor of the covenants of the Issuer herein and in the Notes contained; 
  
 (iii) to add to the covenants of the Issuer, for the benefit
of the Noteholders or 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; 
  

 46 

 (v) to cure any ambiguity, to correct any error or to correct or supplement any provision
herein or in any supplemental indenture that may be inconsistent with any other provision herein or in any supplemental indenture; 
  
 (vi) to make any other provisions with respect to matters or questions arising under this Indenture or in any supplemental indenture;
provided, that such action shall not materially and adversely affect the interests of the Noteholders 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 Notes and to
add to or change any of the provisions of this Indenture as shall be necessary to facilitate the administration of the trusts hereunder by more than one trustee, pursuant to the requirements of Article VI; or 
  
 (viii) to modify, eliminate or add to the provisions of this
Indenture to such extent as shall be necessary to effect the qualification of this Indenture under TIA or under any similar federal statute hereafter enacted and to add to this Indenture such other provisions as may be expressly required by TIA;

  
 provided, however, that no such supplemental indenture shall be entered
into unless the Indenture Trustee shall have received an Opinion of Counsel to the effect that the execution of such supplemental indenture will not give rise to any material adverse tax consequence to the Noteholders, including any Adverse REMIC
Event. 
  
 The Indenture Trustee is hereby authorized to join in
the execution of any such supplemental indenture and to make any further appropriate agreements and stipulations that may be therein contained. 
  
 (b) The Issuer and the Indenture Trustee, when authorized by an Issuer Request, may, without the consent of any Noteholder but with prior
notice to the Rating Agencies 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 Noteholders under this Indenture; provided, however, that such action shall not, as evidenced by an Opinion of Counsel, (i) adversely affect in any material respect the interests of any Noteholder or the
Enhancer or (ii) cause the Issuer to be subject to an entity level tax. 
  
 Section 9.02 Supplemental Indentures With Consent of Noteholders. The Issuer and the Indenture Trustee, when authorized by an Issuer Request, may, with prior notice to the Rating Agencies and with the consent of the Enhancer and the
Noteholders of not less than a majority of the Voting Rights of each Class of Notes affected thereby, by Act (as defined in Section 10.03 hereof) of such Noteholders delivered to the Issuer and the Indenture Trustee, enter into an indenture or
indentures supplemental hereto for the purpose of adding any provisions to, or changing in any manner or eliminating any of the provisions of, this Indenture or of modifying in any manner the rights of the Noteholders under this Indenture;
provided, however, that no such supplemental indenture shall, without the consent of the Noteholder of each Note affected thereby: 
  
 (a) change the date of payment of any installment of principal of or interest on any Note, or reduce the principal amount thereof or the
Note Rate thereon, change the provisions of this Indenture relating to the application of collections on, or the proceeds of the sale of, the Trust Estate to payment of principal of or interest on the Notes, or change any place of payment where, or
the coin or currency in which, any Note or the interest thereon is payable, or impair the right to institute suit for the enforcement of the provisions of this Indenture requiring the application of funds available therefor, as provided in Article
V, to the payment of any such amount due on the Notes on or after the respective due dates thereof; 
  

 47 

 (b) reduce the percentage of the Voting Rights of any Class of the Notes, the consent of
the Noteholders of which is required for any such supplemental indenture, or the consent of the Noteholders of which is required for any waiver of compliance with certain provisions of this Indenture or certain defaults hereunder and their
consequences provided for in this Indenture; 
  
 (c) modify or alter the provisions of the proviso to the definition of the term “Outstanding” or modify or alter the exception in the definition of the term “Noteholder”; 
  
 (d) reduce the percentage of the aggregate Voting Rights of
the Notes required to direct the Indenture Trustee to direct the Issuer to sell or liquidate the Trust Estate pursuant to Section 5.04; 
  
 (e) modify any provision of this Section 9.02 except to increase any percentage specified herein or to provide that certain additional
provisions of this Indenture or the other Basic Documents cannot be modified or waived without the consent of the Noteholder of each Note affected thereby; 
  
 (f) modify any of the provisions of this Indenture in such manner as to affect the calculation of the amount of any payment of interest or
principal due on any Note on any Payment Date (including the calculation of any of the individual components of such calculation); or 
  
 (g) permit the creation of any lien ranking prior to or on a parity with the lien of this Indenture with respect to any part of the Trust
Estate or, except as otherwise permitted or contemplated herein, terminate the lien of this Indenture on any property at any time subject hereto or deprive the Noteholder of any Note of the security provided by the lien of this Indenture; and
provided further, that such action shall not, as evidenced by an Opinion of Counsel, cause the Issuer to be subject to an entity level tax. 
  
 The Indenture Trustee may in its discretion determine whether or not any Notes would be affected by any supplemental indenture and any such determination
shall be conclusive upon the Noteholders of all Notes, whether theretofore or thereafter authenticated and delivered hereunder. The Indenture Trustee shall not be liable for any such determination made in good faith. 
  
 It shall not be necessary for any Act (as defined in Section 10.03 hereof) of
Noteholders under this Section 9.02 to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such Act shall approve the substance thereof. 
  

 48 

 Promptly after the execution by the Issuer and the Indenture Trustee of any supplemental indenture
pursuant to this Section 9.02, the Indenture Trustee shall mail to the Noteholders of the Notes to which such amendment or supplemental indenture relates a notice setting forth in general terms the substance of such supplemental indenture. Any
failure of the Indenture Trustee to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture. 
  
 Section 9.03 Execution of Supplemental Indentures. In executing, or permitting the additional trusts created by, any
supplemental indenture permitted by this Article IX or the modification thereby of the trusts created by this Indenture, the Indenture Trustee shall be entitled to receive and, subject to Sections 6.01 and 6.02 hereof, shall be fully protected in
relying upon, an Opinion of Counsel stating that the execution of such supplemental indenture is authorized or permitted by this Indenture. The Indenture Trustee may, but shall not be obligated to, enter into any such supplemental indenture that
affects the Indenture Trustee’s own rights, duties, liabilities or immunities under this Indenture or otherwise. 
  
 Section 9.04 Effect of Supplemental Indenture. Upon the execution of any supplemental indenture pursuant to the provisions hereof, this Indenture
shall be and shall be deemed to be modified and amended in accordance therewith with respect to the Notes affected thereby, and the respective rights, limitations of rights, obligations, duties, liabilities and immunities under this Indenture of the
Indenture Trustee, the Issuer and the Noteholders shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and amendments, and all the terms and conditions of any such supplemental indenture
shall be and be deemed to be part of the terms and conditions of this Indenture for any and all purposes. 
  
 Section 9.05 Conformity with Trust Indenture Act. Every amendment of this Indenture and every supplemental indenture executed pursuant to this
Article IX shall conform to the requirements of TIA as in effect at the time of such amendment or supplement so long as this Indenture shall then be qualified under TIA. 
  
 Section 9.06 Reference in Notes to Supplemental Indentures. Notes authenticated and delivered after the execution of
any supplemental indenture pursuant to this Article IX may, and if required by the Indenture Trustee, shall, bear a notation in form approved by the Indenture Trustee as to any matter provided for in such supplemental indenture. If the Issuer or the
Indenture Trustee shall so determine, new Notes so modified as to conform, in the opinion of the Indenture Trustee and the Issuer, to any such supplemental indenture may be prepared and executed by the Issuer and authenticated and delivered by the
Indenture Trustee in exchange for Outstanding Notes. 
  

 49 

 ARTICLE X 
  
 Miscellaneous 
  
 Section 10.01 Compliance Certificates and Opinions, etc. 
  

(a) Upon any application or request by the Issuer to the Indenture Trustee to take any action under any provision of this Indenture,
the Issuer shall furnish to the Indenture Trustee and to the Enhancer (i) an Officer’s Certificate stating that all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with and (ii) an
Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent, if any, have been complied with, except that, in the case of any such application or request as to which the furnishing of such documents is specifically
required by any provision of this Indenture, no additional certificate or opinion need be furnished. 
  
 Every certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture shall include: 
  
 (i) a statement that each signatory of such certificate or
opinion has read or has caused to be read such covenant or condition and the definitions herein relating thereto; 
  
 (ii) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in
such certificate or opinion are based; 
  
 (iii)
a statement that, in the opinion of each such signatory, such signatory has made such examination or investigation as is necessary to enable such signatory to express an informed opinion as to whether or not such covenant or condition has been
complied with; 
  
 (iv) a statement as to
whether, in the opinion of each such signatory, such condition or covenant has been complied with; and 
  
 (v) if the signer of such certificate or opinion is required to be Independent, the statement required by the definition of the term
“Independent”. 
  
 (b) (i) Prior to the
deposit of any Collateral or other property or securities with the Indenture Trustee that is to be made the basis for the release of any property or securities subject to the lien of this Indenture, the Issuer shall, in addition to any obligation
imposed in Section 10.01(a) or elsewhere in this Indenture, furnish to the Indenture Trustee an Officer’s Certificate certifying or stating the opinion of each person signing such certificate as to the fair value (within 90 days of such
deposit) to the Issuer of the Collateral or other property or securities to be so deposited. 
  
 (ii) Whenever the Issuer is required to furnish to the Indenture Trustee an Officer’s Certificate certifying or stating the opinion
of any signer thereof as to the matters described in clause (i) above, the Issuer shall also deliver to the Indenture Trustee an Independent Certificate as to the same matters, if the fair value to the Issuer of the securities to be so deposited and
of all other such securities made the basis of any such withdrawal or release since the commencement of the then-current fiscal year of the Issuer, as set forth in the certificates delivered pursuant to clause (i) above and this clause (ii), is xx%
or more of the aggregate Note Balance of the Notes, but such a certificate need not be furnished with respect to any securities so deposited, if the fair value thereof 

  

 50 

 
to the Issuer as set forth in the related Officer’s Certificate is less than $ xxx,xxx or less than one percent of the aggregate Note Balance of the
Notes. 
  
 (iii) Whenever any
property or securities are to be released from the lien of this Indenture, the Issuer shall furnish to the Indenture Trustee an Officer’s Certificate certifying or stating the opinion of each person signing such certificate as to the fair value
(within 90 days of such release) of the property or securities proposed to be released and stating that in the opinion of such person the proposed release will not impair the security under this Indenture in contravention of the provisions hereof.

  
 (iv) Whenever the Issuer is required to
furnish to the Indenture Trustee an Officer’s Certificate certifying or stating the opinion of any signer thereof as to the matters described in clause (iii) above, the Issuer shall also furnish to the Indenture Trustee an Independent
Certificate as to the same matters if the fair value of the property or securities and of all other property, other than property as contemplated by clause (v) below or securities released from the lien of this Indenture since the commencement of
the then-current calendar year, as set forth in the certificates required by clause (iii) above and this clause (iv), equals xx% or more of the aggregate Note Balance of the Notes, but such certificate need not be furnished in the case of any
release of property or securities if the fair value thereof as set forth in the related Officer’s Certificate is less than $ xxx,xxx or less than one percent of the aggregate Note Balance of the Notes. 
  
 (v) Notwithstanding any provision of this Indenture, the
Issuer may, without compliance with the requirements of the other provisions of this Section 10.01, (A) collect upon, sell or otherwise dispose of the Mortgage Loans as and to the extent permitted or required by the Basic Documents or (B) make cash
payments out of the Note Payment Account as and to the extent permitted or required by the Basic Documents, so long as the Issuer shall deliver to the Indenture Trustee every six months, commencing [DATE], an Officer’s Certificate of the Issuer
stating that all the dispositions of Collateral described in clauses (A) or (B) above that occurred during the preceding six calendar months (or such longer period, in the case of the first such Officer’s Certificate) were in the ordinary
course of the Issuer’s business and that the proceeds thereof were applied in accordance with the Basic Documents. 
  
 Section 10.02 Form of Documents Delivered to Indenture Trustee. 
  
 In any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is
not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion with respect to some matters
and one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents. 
  
 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 

  

 51 

 
based are erroneous. Any such certificate of an Authorized Officer or Opinion of Counsel may be based, insofar as it relates to factual matters, upon a
certificate or opinion of, or representations by, an officer or officers of the Seller or the Issuer, stating that the information with respect to such factual matters is in the possession of the 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 hereof.

  
 Section 10.03 Acts of Noteholders. 
  
 (a) Any request, demand, authorization, direction, notice,
consent, waiver or other action provided by this Indenture to be given or taken by Noteholders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Noteholders in person or by agents duly
appointed in writing; and except as herein otherwise expressly provided such action shall become effective when such instrument or instruments are delivered to the Indenture Trustee, and, where it is hereby expressly required, to the Issuer. Such
instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Noteholders signing such instrument or instruments. Proof of execution of any such instrument or of a
writing appointing any such agent shall be sufficient for any purpose of this Indenture and (subject to Section 6.01) conclusive in favor of the Indenture Trustee and the Issuer, if made in the manner provided in this Section 10.03. 
  
 (b) The fact and date of the execution by any person of any
such instrument or writing may be proved in any manner that the Indenture Trustee deems sufficient. 
  
 (c) The ownership of Notes shall be proved by the Note Register. 
  
 (d) Any request, demand, authorization, direction, notice, consent, waiver or other action by the Noteholder
of any Note shall bind the Noteholder of every Note issued upon the registration thereof or in exchange therefor or in lieu thereof, in respect of anything done, omitted or suffered to be done by the Indenture Trustee or the Issuer in reliance
thereon, whether or not notation of such action is made upon such Note. 
  
 Section 10.04 Notices, etc., to Indenture Trustee, Issuer, Enhancer and Rating Agencies. Any request, demand, authorization, direction, notice, consent, waiver or Act of Noteholders or 

  

 52 

 
other documents provided or permitted by this Indenture shall be in writing and if such request, demand, authorization, direction, notice, consent, waiver or
Act of Noteholders is to be made upon, given or furnished to or filed with: 
  
 (a) the Indenture Trustee by any Noteholder or by the Issuer shall be sufficient for every purpose hereunder if made, given, furnished or filed in writing to or with the Indenture Trustee at its Corporate Trust Office
with a copy to [INDENTURE TRUSTEE ADDRESS]. The Indenture Trustee shall promptly transmit any notice received by it from the Noteholders to the Issuer, 
  
 (b) the Issuer by the Indenture Trustee or by any Noteholder shall be sufficient for every purpose hereunder if in writing and mailed
first-class, postage prepaid to the Issuer addressed to: [ISSUER], in care of the Owner Trustee, or at any other address previously furnished in writing to the Indenture Trustee by the Issuer. The Issuer shall promptly transmit any notice received
by it from the Noteholders to the Indenture Trustee, or 
  
 (c) the Enhancer by the Issuer, the Indenture Trustee or by any Noteholders shall be sufficient for every purpose hereunder to in writing and mailed, first-class postage pre-paid, or personally delivered or telecopied
to:[ENHANCER NAME & ADDRESS]. The Enhancer shall promptly transmit any notice received by it from the Issuer, the Indenture Trustee or the Noteholders 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 receipt requested, to (i) in the case of Moody’s, at the following address: Moody’s Investors Service, Inc., ABS
Monitoring Department, 99 Church Street, New York, New York 10007 and (ii) in the case of Standard & Poor’s, at the following address: Standard & Poor’s, 26 Broadway, 15th Floor, New York, New York 10004, Attention: Asset Backed
Surveillance; 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 10.05 Notices to Noteholders; Waiver. Where this Indenture provides for notice to Noteholders of any event, such notice shall be
sufficiently given (unless otherwise herein expressly provided) if in writing and mailed, first-class, postage prepaid to each Noteholder affected by such event, at such Person’s address as it appears on the Note Register, not later than the
latest date, and not earlier than the earliest date, prescribed for the giving of such notice. In any case where notice to Noteholders is given by mail, neither the failure to mail such notice nor any defect in any notice so mailed to any particular
Noteholder shall affect the sufficiency of such notice with respect to other Noteholders, and any notice that is mailed in the manner herein provided shall conclusively be presumed to have been duly given regardless of whether such notice is in fact
actually received. 
  
 Where this Indenture provides for notice in
any manner, such notice may be waived in writing by any Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Noteholders shall be filed with the
Indenture Trustee, but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such a waiver. 
  

 53 

 In case, by reason of the suspension of regular mail service as a result of a strike, work stoppage or
similar activity, it shall be impractical to mail notice of any event to Noteholders when such notice is required to be given pursuant to any provision of this Indenture, then any manner of giving such notice as shall be satisfactory to the
Indenture Trustee shall be deemed to be a sufficient giving of such notice. 
  
 Where this Indenture provides for notice to the Rating Agencies, failure to give such notice shall not affect any other rights or obligations created hereunder, and shall not under any circumstance constitute an Event
of Default. 
  
 Section 10.06 Alternate Payment and Notice
Provisions. Notwithstanding any provision of this Indenture or any of the Notes to the contrary, the Issuer may enter into any agreement with any Noteholder providing for a method of payment, or notice by the Indenture Trustee to such
Noteholder, that is different from the methods provided for in this Indenture for such payments or notices. The Issuer shall furnish to the Indenture Trustee a copy of each such agreement and the Indenture Trustee shall cause payments to be made and
notices to be given in accordance with such agreements. 
  
 Section 10.07 Conflict with Trust Indenture Act. If any provision hereof limits, qualifies or conflicts with another provision hereof that is required to be included in this Indenture by any of the provisions of TIA, such required
provision shall control. 
  
 The provisions of TIA §§
310 through 317 that impose duties on any Person (including the provisions automatically deemed included herein unless expressly excluded by this Indenture) are a part of and govern this Indenture, whether or not physically contained herein.

  
 Section 10.08 Effect of Headings. The Article and
Section headings herein are for convenience only and shall not affect the construction hereof. 
  
 Section 10.09 Successors and Assigns. All covenants and agreements in this Indenture and the Notes by the Issuer shall bind its successors and assigns, whether so expressed or not. All agreements of the
Indenture Trustee in this Indenture shall bind its successors, co-trustees and agents. 
  
 Section 10.10 Severability. In case any provision in this Indenture or in the Notes shall be held invalid, illegal or unenforceable, the validity, legality, and enforceability of the remaining provisions hereof
shall not in any way be affected or impaired thereby. 
  
 Section
10.11 Benefits of Indenture. Nothing in this Indenture or in the Notes, express or implied, shall give to any Person, other than the parties hereto and their successors hereunder, and the Noteholders, 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 10.12 Legal Holidays. In any case where the
date on which any payment is due shall not be a Business Day, then (notwithstanding any other provision of the Notes or this Indenture) payment need not be made on such date, but may be made on the next succeeding 

  

 54 

 
Business Day with the same force and effect as if made on the date on which nominally due, and no interest shall accrue for the period from and after any
such nominal date. 
  
 Section 10.13 GOVERNING LAW. THIS
INDENTURE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICTS OF LAW PROVISIONS (EXCEPT SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATION LAW), AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE
PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
  
 Section 10.14 Counterparts. This Indenture may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same
instrument. 
  
 Section 10.15 Recording of Indenture. If
this Indenture is subject to recording in any appropriate public recording offices, such recording is to be effected by the Issuer and at its expense accompanied by an Opinion of Counsel (which counsel shall be reasonably acceptable to the Indenture
Trustee) to the effect that such recording is necessary either for the protection of the Noteholders or any other Person secured hereunder or for the enforcement of any right or remedy granted to the Indenture Trustee under this Indenture.

  
 Section 10.16 Issuer Obligation. No recourse may be
taken, directly or indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under this Indenture or any certificate or other writing delivered in connection herewith or therewith, against
(i) the Indenture Trustee or the Owner Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuer or (iii) any partner, owner, beneficiary, agent, officer, director, employee or agent of the Indenture Trustee or the
Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the Owner Trustee or the Indenture Trustee or of any successor or assign of the Indenture Trustee or the Owner Trustee in its individual capacity, except as
any such Person may have expressly agreed (it being understood that the Indenture Trustee and the Owner Trustee have no such obligations in their respective individual capacities), and except that any such partner, owner or beneficiary shall be
fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. For all purposes of this Indenture, in the performance of any
duties or obligations of the Issuer hereunder, the Owner Trustee shall be subject to, and entitled to the benefits of, the terms and provisions of Articles VI, VII and VIII of the Trust Agreement. 
  
 Section 10.17 No Petition. The Indenture Trustee, by entering into
this Indenture, and each Noteholder, by its acceptance of a Note, hereby covenant and agree that they will not at any time institute against the Depositor or the Issuer, or join in any institution against the Depositor or the Issuer of, any
bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings under any United States federal or state bankruptcy or similar law in connection with any obligations relating to the Notes, this Indenture or any
of the other Basic Documents. 
  

 55 

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

ARTICLE XI 
  
 REMIC Provisions 
  
 Section 11.01 REMIC Administration. 
  
 (a) The REMIC Administrator shall make an election to treat the Trust Estate as three REMICs under the Code and, if necessary, under applicable state law, in accordance with Section 2.06 of the Trust Agreement. Such election will be
made on Form 1066 or other appropriate federal tax or information return (including Form 8811) or any appropriate state return for the taxable year ending on the last day of the calendar year in which the Securities are issued. For the purposes of
the REMIC elections in respect of the Trust Estate, Securities and interests to be designated as the “regular interests” and the sole class of “residual interests” in each REMIC will be set forth in Section 11.03 hereof. The
REMIC Administrator and the Indenture Trustee shall not permit the creation of any “interests” (within the meaning of Section 860G of the Code) in each REMIC elected in respect of the Trust Fund other than the “regular interests”
and “residual interests” so designated. The REMIC Administrator shall prepare and file or distribute such forms as may be required under the Code and related Treasury Regulations with respect to any payments of Interest Shortfalls to the
holders of the Class A-[IO] Notes consistent with their treatment as payments pursuant to an interest rate cap agreement for federal tax purposes. The REMIC Administrator may assume that such interest rate cap contract has a value of zero.

  
 (b) The Closing Date is hereby designated as
the “startup day” of each of REMIC I, REMIC II and REMIC III as designated in Section 11.03 below, the Trust Estate within the meaning of Section 860G(a)(9) of the Code. 
  
 (c) The Seller shall hold a Class R Certificate representing at least a 0.01% Percentage Interest in each
Class of the Class R Certificates and shall be designated as “the tax matters person” with respect to each REMIC in the manner provided under Treasury regulations section 1.860F-4(d) and Treasury regulations section 301.6231(a)(7)-1. The
REMIC Administrator, on behalf of the Tax Matters Partner, shall (i) act on behalf of each REMIC in relation to any tax matter or controversy involving the Trust Estate and (ii) represent the Trust Estate in any administrative or judicial proceeding
relating to an examination or audit by any governmental taxing authority with respect thereto. The legal expenses, including without 

  

 56 

 
limitation attorneys’ or accountants’ fees, and costs of any such proceeding and any liability resulting therefrom shall be expenses of the Trust
Estate and the REMIC Administrator shall be entitled to reimbursement therefor out of amounts attributable to the Mortgage Loans on deposit in the Custodial Account unless such legal expenses and costs are incurred by reason of the REMIC
Administrator’s willful misfeasance, bad faith or gross negligence. 
  
 (d) The REMIC Administrator shall prepare or cause to be prepared all of the Tax Returns that it determines are required with respect to each REMIC created hereunder and, if approval therefore is received from the
applicable District Director of the Internal Revenue Service, shall sign and file such returns in a timely manner and, otherwise, shall, shall deliver such Tax Returns in a timely manner to the Owner Trustee, if the Owner Trustee is required to sign
such returns in accordance with Section 5.03 of the Trust Agreement, and shall sign (if the Owner Trustee is not so required) and file such Tax Returns in a timely manner. The expenses of preparing such returns shall be borne by the REMIC
Administrator without any right of reimbursement therefor. The REMIC Administrator agrees to indemnify and hold harmless the Owner Trustee with respect to any tax or liability arising from the Owner Trustee’s signing of Tax Returns that contain
errors or omissions. The Indenture Trustee and the Master Servicer shall promptly provide the REMIC Administrator with such information as the REMIC Administrator may from time to time request for the purpose of enabling the REMIC Administrator to
prepare Tax Returns. 
  
 (e) The REMIC
Administrator shall provide (i) to any Transferor of a Class R Certificate such information as is necessary for the application of any tax relating to the transfer of a Class R Certificate to any Person who is not a Permitted Transferee, (ii) to the
Indenture Trustee, and the Indenture Trustee shall forward to the Noteholders and the Certificateholders, such information or reports as are required by the Code or the REMIC Provisions including reports relating to interest, original issue discount
and market discount or premium (using the Prepayment Assumption) and (iii) to the Internal Revenue Service the name, title, address and telephone number of the person who will serve as the representative of each REMIC. 
  
 (f) The Master Servicer and the REMIC Administrator shall
take such actions and shall cause each REMIC created hereunder to take such actions as are reasonably within the Master Servicer’s or the REMIC Administrator’s control and the scope of its duties more specifically set forth herein as shall
be necessary or desirable to maintain the status of each REMIC as a REMIC under the REMIC Provisions (and the Indenture Trustee shall assist the Master Servicer and the REMIC Administrator, to the extent reasonably requested by the Master Servicer
and the REMIC Administrator to do so). The Master Servicer and the REMIC Administrator shall not knowingly or intentionally take any action, cause the Trust Estate to take any action or fail to take (or fail to cause to be taken) any action
reasonably within their respective control that, under the REMIC Provisions, if taken or not taken, as the case may be, could (i) endanger the status of any portion of any of the REMICs as a REMIC or (ii) result in the imposition of a tax upon any
of the REMICs (including but not limited to the tax on prohibited transactions as defined in Section 860F(a)(2) of the Code and the tax on contributions to a REMIC set forth in Section 860G(d) of the Code) (either such event, in the absence of an
Opinion of Counsel or the indemnification referred to in this sentence, an “Adverse REMIC Event”) unless the Master Servicer or the REMIC Administrator, as applicable, has received an Opinion of Counsel (at the expense of the party seeking
to take such action or, if such party fails 

  

 57 

 
to pay such expense, and the Master Servicer or the REMIC Administrator, as applicable, determines that taking such action is in the best interest of the
Trust Estate and the Noteholders and the Certificateholders, at the expense of the Trust Estate, but in no event at the expense of the Master Servicer, the REMIC Administrator, the Owner Trustee or the Indenture Trustee) to the effect that the
contemplated action will not, with respect to each REMIC created hereunder, endanger such status or, unless the Master Servicer, the REMIC Administrator or both, as applicable, determine in its or their sole discretion to indemnify the Trust Estate
against the imposition of such a tax, result in the imposition of such a tax. Wherever in this Agreement a contemplated action may not be taken because the timing of such action might result in the imposition of a tax on the Trust Estate, or may
only be taken pursuant to an Opinion of Counsel that such action would not impose a tax on the Trust Estate, such action may nonetheless be taken provided that the indemnity given in the preceding sentence with respect to any taxes that might be
imposed on the Trust Estate has been given and that all other preconditions to the taking of such action have been satisfied. The Indenture Trustee shall not take or fail to take any action (whether or not authorized hereunder) as to which the
Master Servicer or the REMIC Administrator, as applicable, has advised it in writing that it has received an Opinion of Counsel to the effect that an Adverse REMIC Event could occur with respect to such action. In addition, prior to taking any
action with respect to any of the REMICs created hereunder or any related assets thereof, or causing any of the REMICs to take any action, which is not expressly permitted under the terms of this Agreement, the Indenture Trustee will consult with
the Master Servicer or the REMIC Administrator, as applicable, or its designee, in writing, with respect to whether such action could cause an Adverse REMIC Event to occur with respect to any of the REMICs, and the Indenture Trustee shall not take
any such action or cause either REMIC to take any such action as to which the Master Servicer or the REMIC Administrator, as applicable, has advised it in writing that an Adverse REMIC Event could occur. The Master Servicer or the REMIC
Administrator, as applicable, may consult with counsel to make such written advice, and the cost of same shall be borne by the party seeking to take the action not expressly permitted by this Agreement, but in no event at the expense of the Master
Servicer or the REMIC Administrator. At all times as may be required by the Code, the Master Servicer will to the extent within its control and the scope of its duties more specifically set forth herein, maintain substantially all of the assets of
each REMIC created hereunder as “qualified mortgages” as defined in Section 860G(a)(3) of the Code and “permitted investments” as defined in Section 860G(a)(5) of the Code. 
  
 (g) In the event that any tax is imposed on “prohibited
transactions” of any of the REMICs created hereunder as defined in Section 860F(a)(2) of the Code, on “net income from foreclosure property” of any of the REMICs as defined in Section 860G(c) of the Code, on any contributions to any
of the REMICs after the Startup Day therefor pursuant to Section 860G(d) of the Code, or any other tax is imposed by the Code or any applicable provisions of state or local tax laws, such tax shall be charged (i) to the Master Servicer, if such tax
arises out of or results from a breach by the Master Servicer of any of its obligations under this Agreement or the Master Servicer has in its sole discretion determined to indemnify the Trust Estate against such tax, (ii) to the Indenture Trustee,
if such tax arises out of or results from a breach by the Trustee of any of its obligations under this Article XI, or (iii) otherwise against amounts on deposit in the Custodial Account and on the Payment Date(s) following such reimbursement the
aggregate of such taxes shall be allocated in reduction of the accrued interest due on each Class entitled thereto on a pro rata basis. 
  

 58 

 (h) The Indenture Trustee and the Master Servicer shall, for federal income tax purposes,
maintain books and records with respect to each REMIC created hereunder on a calendar year and on an accrual basis or as otherwise may be required by the REMIC Provisions. 
  
 (i) Following the Startup Day, neither the Master Servicer nor the Indenture Trustee shall accept any
contributions of assets to any of the REMICs created hereunder unless (subject to Section 11.01(f)) the Master Servicer and the Indenture Trustee shall have received an Opinion of Counsel (at the expense of the party seeking to make such
contribution) to the effect that the inclusion of such assets in such REMIC will not cause any of the REMICs to fail to qualify as a REMIC at any time that any Notes or Certificates are outstanding or subject any of the REMICs to any tax under the
REMIC Provisions or other applicable provisions of federal, state and local law or ordinances. 
  
 (j) Neither the Master Servicer nor the Trustee shall (subject to Section 11.01(f)) enter into any arrangement by which any of the REMICs
created hereunder will receive a fee or other compensation for services nor permit any of the REMICs to receive any income from assets other than “qualified mortgages” as defined in Section 860G(a)(3) of the Code or “permitted
investments” as defined in Section 860G(a)(5) of the Code. 
  
 (k) Solely for the purposes of Section 1.860G-1(a)(4)(iii) of the Treasury Regulations, the “latest possible maturity date” by which the Certificate Principal Balance of each Class of Notes and Certificates
representing a regular interest in the applicable REMIC is the Final Payment Date. 
  
 (l) Within 30 days after the Closing Date, the REMIC Administrator shall prepare and file with the Internal Revenue Service Form 8811,
“Information Return for Real Estate Mortgage Investment Conduits (REMIC) and Issuers of Collateralized Debt Obligations” for each REMIC created hereunder. 
  
 (m) Neither the Indenture Trustee nor the Master Servicer shall sell, dispose of or substitute for any of
the Mortgage Loans (except in connection with (i) the default, imminent default or foreclosure of a Mortgage Loan, including but not limited to, the acquisition or sale of a Mortgaged Property acquired by deed in lieu of foreclosure, (ii) the
bankruptcy of any of the REMICs created hereunder, (iii) the termination of the applicable REMIC pursuant to Section 3.05 of the Trust Agreement or (iv) a purchase of Mortgage Loans pursuant to the Purchase Agreement) nor acquire any assets for any
of the REMICs, nor sell or dispose of any investments in the Custodial Account or the Payment Account for gain nor accept any contributions to any of the REMICs after the Closing Date unless it has received an Opinion of Counsel that such sale,
disposition, substitution or acquisition will not (a) affect adversely the status of any of the REMICs as a REMIC or (b) unless the Master Servicer has determined in its sole discretion to indemnify the Trust Estate against such tax, cause either
REMIC to be subject to a tax on “prohibited transactions” or “contributions” pursuant to the REMIC Provisions. 
  
 (n) The Trustee will apply for an employer identification number from the Internal Revenue Service on a Form SS-4 or any other acceptable
method for all tax entities. 
  

 59 

 Section 11.02 Master Servicer, REMIC Administrator and Indenture Trustee Indemnification.

  
 The Indenture Trustee agrees to indemnify the Trust Estate,
the Depositor, the REMIC Administrator and the Master Servicer for any taxes and costs including, without limitation, any reasonable attorneys fees imposed on or incurred by the Trust Estate, the Depositor, the Seller, or the Master Servicer, as a
result of a breach of the Indenture Trustee’s covenants set forth in Article VIII or this Article XI. 
  
 The REMIC Administrator agrees to indemnify the Trust Estate, the Depositor, the Master Servicer, the Owner Trustee and the Indenture Trustee for any
taxes and costs (including, without limitation, any reasonable attorneys’ fees) imposed on or incurred by the Trust Estate, the Depositor, the Seller, the Master Servicer, the Owner Trustee or the Indenture Trustee, as a result of a breach of
the REMIC Administrator’s covenants set forth in this Article XI with respect to compliance with the REMIC Provisions, including without limitation, any penalties arising from the Owner Trustee’s execution of Tax Returns prepared by the
REMIC Administrator that contain errors or omissions; provided, however, that such liability will not be imposed to the extent such breach is a result of an error or omission in information provided to the REMIC Administrator by the Master
Servicer in which case Section 11.02(c) will apply. 
  
 The Master
Servicer agrees to indemnify the Trust Estate, the Depositor, the REMIC Administrator, the Owner Trustee and the Indenture Trustee for any taxes and costs (including, without limitation, any reasonable attorneys’ fees) imposed on or incurred by
the Trust Estate, the Depositor, the REMIC Administrator, the Owner Trustee or the Indenture Trustee, as a result of a breach of the Master Servicer’s covenants set forth in this Article XI or in Article III with respect to compliance with the
REMIC Provisions, including without limitation, any penalties arising from the Trustee’s execution of Tax Returns prepared by the Master Servicer that contain errors or omissions. 
  
 Section 11.03 Designation of REMIC(s). 
  
 The REMIC Administrator will make an election to treat the entire segregated pool of assets described in the definition of
Trust Estate, and subject to this Agreement (including the Mortgage Loans) as a REMIC (“REMIC I”) and will make an election to treat the pool of assets comprised of the REMIC I Regular Interests as a REMIC (“REMIC II”) for
federal income tax purposes. 
  
 The REMIC I Regular Interests
will be “regular interests” in REMIC I and the Class R-I Certificates will be the sole class of “residual interests” in REMIC I for purposes of the REMIC Provisions under the federal income tax law. 
  
 The REMIC II Regular Interests will be “regular interests” in REMIC
II and the Class R-II Certificates will be the sole class of “residual interests” in REMIC II for purposes of the REMIC Provisions under the federal income tax law. The REMIC III Regular Interests will be “regular interests” in
REMIC III and the Class R-III Certificates will be the sole class of “residual interests” therein for purposes of the REMIC Provisions (as defined herein) under federal income tax law. 
  

 60 

 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. 
  

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

	 	 	 Title:

	
	 [INDENTURE TRUSTEE], as Indenture Trustee

		
	 By:
	 	 
	 	 	 Name:

	 	 	 Title:

  

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

		
	By:	 	 
	 	 	 Name:

	 	 	 Title:

  
 Signatures and Seals 
  

 61 

					
	 STATE OF                                    
                          
	  	)	  	 
	  	  	)	  	 ss.:

	 COUNTY OF                                    
     
	  	)	  	 

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

	
	
	  
	Notary Public

  
 NOTARIAL SEAL 
  

 APPENDIX A 
  
 DEFINITIONS 
  
 Accrued Certificate Interest: With respect to each Payment Date and the REMIC I or REMIC II Regular Interests, the Uncertificated Accrued Interest
for such Regular Interest. With respect to the Class SB Certificates, interest accrued during the related Interest Period in accordance with Section 5.01(g)(iii) of the Trust Agreement. 
  
 Adverse REMIC Event: As defined in Section 11.01(f) of the Indenture.

  
 Affiliate: With respect to any Person, any other Person
controlling, controlled by or under common control with such Person. For purposes of this definition, “control” means the power to direct the management and policies of a Person, directly or indirectly, whether through ownership of voting
securities, by contract or otherwise and “controlling” and “controlled” shall have meanings correlative to the foregoing. 
  
 Appraised Value: With respect to any Mortgaged Property, either (x) the value as generally set forth in an appraisal of such Mortgaged Property
used to establish compliance with the underwriting criteria then in effect in connection with the application for the Mortgage Loan secured by such Mortgaged Property, or (y) if the sales price of such Mortgaged Property was considered in accordance
with the underwriting criteria applicable to the related Mortgage Loan, the lesser of (i) the appraised value referred to in (x) above and (ii) the sales price of such Mortgaged Property. 
  
 Assignment of Mortgage: With respect to any Mortgage, an assignment, notice of transfer or equivalent instrument, in
recordable form, sufficient under the laws of the jurisdiction in which the related Mortgaged Property is located to reflect the conveyance of such Mortgage, which assignment, notice of transfer or equivalent instrument may be in the form of one or
more blanket assignments covering Mortgages secured by Mortgaged Properties located in the same jurisdiction. 
  
 Authorized Newspaper: A newspaper of general circulation in the Borough of Manhattan, The City of New York, printed in the English language and
customarily published on each Business Day, whether or not published on Saturdays, Sundays or holidays. 
  
 Authorized Officer: With respect to the Issuer, any officer of the Owner Trustee who is authorized to act for the Owner Trustee in matters relating
to the Issuer and who is identified on the list of Authorized Officers delivered by the Owner Trustee to the Indenture Trustee on the Closing Date (as such list may be modified or supplemented from time to time thereafter). 
  
 Bankruptcy Code: The Bankruptcy Code of 1978, as amended. 

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

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

  
 Billing Cycle: With respect to any Mortgage Loan and
Due Date, the calendar month preceding such Due Date. 
  
 Book-Entry Notes: Beneficial interests in the Notes, ownership and transfers of which shall be made through book entries by the Depository as described in Section 4.06 of the Indenture. 
  
 Business Day: Any day other than (i) a Saturday or a Sunday or (ii) a
day on which banking institutions in the States of New York, [                    ], Delaware or the State in which the Corporate Trust Office
is located are required or authorized by law to be closed. 
  
 Certificate Balance: With respect to any Payment Date and any Class SB Certificate, an amount equal to the then applicable Certificate Percentage Interest of such Certificate multiplied by the Overcollateralization Amount.

  
 Certificate Distribution Amount: For any Payment Date,
the amount, if any, distributable on the Certificates for such Payment Date pursuant to Section 3.05(a)(xi) of the Indenture. 
  
 Certificate of Trust: The Certificate of Trust filed for the Trust pursuant to Section 3810(a) of the Statutory Trust Statute. 
  
 Certificate Paying Agent: The Indenture Trustee, as further described
in Section 3.10 of the Trust Agreement. 
  
 Certificate
Percentage Interest: With respect to any Payment Date and any Certificate, the Percentage Interest for such Certificate. 
  
 Certificate Register: The register maintained by the Certificate Registrar in which the Certificate Registrar shall provide for the registration of
Certificates and of transfers and exchanges of Certificates. 
  
 Certificate Registrar: Initially, the Indenture Trustee, in its capacity as Certificate Registrar. 
  
 Certificateholder: The Person in whose name a Certificate is registered in the Certificate Register except that, any Certificate registered in the
name of the Issuer, the Owner Trustee or the Indenture Trustee or any Affiliate of the Owner Trustee or the Indenture Trustee shall be deemed not to be outstanding and the registered holder will not be considered a Certificateholder for purposes of
giving any request, demand, authorization, direction, notice, consent or waiver under the Indenture or the Trust Agreement; provided that, in determining whether the Indenture Trustee or the Owner Trustee shall be protected in relying upon any such
request, demand, authorization, direction, notice, consent or waiver, only Certificates that the Indenture Trustee or the Owner Trustee knows to be so owned shall be so disregarded. Owners of Certificates that 

  

 
have been pledged in good faith may be regarded as Certificateholders if the pledgee establishes to the satisfaction of the Indenture Trustee or the Owner
Trustee, as the case may be, the pledgee’s right so to act with respect to such Certificates and that the pledgee is not the Issuer, any other obligor upon the Certificates or any Affiliate of the Owner Trustee or the Indenture Trustee.

  
 Certificates: The certificates in substantially the
form set forth in Exhibit A or Exhibit I to the Trust Agreement. 
  
 Class: With respect to any Note, all Notes that bear the same class designation, (i.e., the Class A-[1] Notes as a group, the Class A-[2] Notes as a group or the Class A-[IO] Notes as a group). With respect to any Certificate, all
Certificates that bear the same class designation, (i.e., the Class SB Certificates as a group, the Class R-I Certificates as a group, the Class R-II Certificates as a group or the Class R-III Certificates as a group). With respect to any REMIC
Regular Interest, all Regular Interests that bear the same class designation. 
  
 Class A-[1] Notes: The Class A-[1] [ISSUER] Home Loan Asset-Backed Notes, in substantially the form set forth in Exhibit A to the Indenture. 
  
 Class A-[2] Notes: The Class A-[2] [ISSUER] Home Loan Asset-Backed Notes, in substantially the form set forth in
Exhibit A to the Indenture. 
  
 Class A-[IO] Notes: The
Class A-[IO] [ISSUER] Home Loan Asset-Backed Notes, in substantially the form set forth in Exhibit A to the Indenture. 
  
 Class Principal Balance: For each Class of REMIC I Regular Interests, the Initial Balance thereof (as set forth in the definition of REMIC I
Regular Interests) as reduced on each successive Payment Date first by Liquidation Loss Amounts allocated to the principal thereof by Section 5.01(e) of the Trust Agreement and second by principal deemed distributed in respect thereof on such
Payment Date pursuant to Section 5.01(e) of the Trust Agreement. For each Class of REMIC II Regular Interests, the Initial Balance thereof (as set forth in the definition of REMIC II Regular Interests) as reduced on each successive Payment Date
first by Liquidation Loss Amounts allocated to the principal thereof by Section 5.01(f) of the Trust Agreement and second by principal deemed distributed in respect thereof pursuant to Section 5.01(f) of the Trust Agreement. For each Class of REMIC
III Regular Interests, the Class Principal Balance of the related Class of Notes. For each Class of Notes, the Initial Balance thereof as reduced on each successive Payment Date by principal distributed in respect thereof on such Payment Date
pursuant to Section 3.03 of the Servicing Agreement and Section 3.05 of the Indenture. 
  
 Class R Certificates: The Class R-I Certificates, the Class R-II Certificates and the Class R-III Certificates, each as substantially in the form of Exhibit I to the Trust Agreement and entitled to
distributions as provided in the Trust Agreement. 
  
 Class SB
Certificates: The Class SB Certificates substantially in the form of Exhibit A to the Trust Agreement and entitled to distributions as provided in the Trust Agreement. 
  
 Class SB Distribution Amount: On any Payment Date, the sum of (i) Accrued Certificate Interest for such Payment Date
(ii) the amounts payable to the Certificates pursuant to Section 

  

 
3.05(a)(xi) of the Indenture and (iii) the Overcollateralization Release Amount, if any, for the Determination Date related to such Payment Date, reduced,
but not below zero, by the Liquidation Loss Distribution Amount and Overcollateralization Increase Amount for such Payment Date, all of the foregoing done without double counting either in addition or subtraction. 
  
 Closing Date: [DATE]. 
  
 Code: The Internal Revenue Code of 1986, as amended, and the rules and
regulations promulgated thereunder. 
  
 Collateral: The
meaning specified in the Granting Clause of the Indenture. 
  
 Collection Period: With respect to any Mortgage Loan and Payment Date, the calendar month preceding any such Payment Date. 
  
 Collections: With respect to any Collection Period, all Interest Collections and Principal Collections during such Collection Period. 

 
 Combined Loan-to-Value Ratio or CLTV: With respect to each
Mortgage Loan, the ratio, expressed as a percentage, of the sum of (i) the initial principal balance of such Mortgage Loan and (ii) any outstanding principal balance, at origination of such Mortgage Loan, of all other mortgage loans, if any, secured
by senior or subordinate liens on the related Mortgaged Property, to the Appraised Value, or, when not available, the Stated Value. 
  
 Commission: The Securities and Exchange Commission. 
  
 Corporate Trust Office: With respect to the Indenture Trustee, Certificate Registrar, Certificate Paying Agent and Paying Agent, the principal
corporate trust office of the Indenture Trustee and Note Registrar at which at any particular time its corporate trust business shall be administered, which office at the date of the execution of this instrument is located at (i) for Note and
Certificate transfer purposes: [INDENTURE TRUSTEE NAME & PRINCIPAL ADDRESS] (ii) for all other purposes [ADDRESS] With respect to the Owner Trustee, the principal corporate trust office of the Owner Trustee at which at any particular time its
corporate trust business shall be administered, which office at the date of the execution of this Trust Agreement is located at [ADDRESS], Attention:
[                    ]. 
  
 Custodial Account: The account or accounts created and maintained by the Master Servicer pursuant to Section 3.02(b) of the Servicing Agreement, in
which the Master Servicer shall deposit or cause to be deposited certain amounts in respect of the Mortgage Loans. 
  
 Custodial Agreement: Any Custodial Agreement among the Custodian, the Indenture Trustee, the Issuer and the Master Servicer relating to the custody
of the Mortgage Loans and the Related Documents. 
  
 Custodian: [CUSTODIAN], an                      corporation established under the laws of the State of
            , and its successors and assigns, or any successor custodian for the Mortgage 

  

 
Files appointed by the Indenture Trustee and reasonably acceptable to the Enhancer and the Master Servicer. 
  
 Cut-Off Date: [DATE]. 
  
 Cut-Off Date Principal Balance: With respect to any Mortgage Loan the
unpaid principal balance thereof as of the close of business on the last day of the Billing Cycle immediately prior to the Cut-Off Date. 
  
 Default: Any occurrence which is or with notice or the lapse of time or both would become an Event of Default. 
  
 Deficiency Amount: With respect to any Payment Date, (a) the amount by
which the aggregate amount of accrued interest on the Notes (excluding any Relief Act Shortfalls for such Payment Date) at the respective Note Rates on such Payment Date exceeds the amount on deposit in the Note Payment Account available for
interest distributions on such Payment Date and (b)(i) with respect to any Payment Date that is not the Final Payment Date, any Liquidation Loss Amount for such Payment Date, to the extent not distributed as part of the Liquidation Loss Distribution
Amount on such Payment Date or reflected in a reduction in the Overcollateralization Amount or (ii) on the Final Payment Date, the aggregate outstanding balance of the Notes, other than the [CERTAIN RELEVANT] Class Notes, to the extent otherwise not
paid on such date. 
  
 Definitive Notes: Any
definitive, fully registered Note, as described in Section 4.06 of the Indenture. 
  
 Deleted Loan: A Mortgage Loan replaced or to be replaced with an Eligible Substitute Loan. 
  
 Depositor: SG MORTGAGE SECURITIES, LLC, a Delaware limited liability company, or its successor in interest. 
  
 Depository: The Depository Trust Company, or a successor appointed by
the Indenture Trustee with the approval of the Issuer. Any successor to the Depository shall be an organization registered as a “clearing agency” pursuant to Section 17A of the Exchange Act and the regulations of the Commission thereunder.

  
 Depository Participant: A Person for whom, from time to
time, the Depository effects book-entry transfers and pledges of securities deposited with the Depository. 
  
 Determination Date: With respect to any Payment Date, the 18th day of the month in which such Payment Date occurs or if such day is not a Business
Day, the next succeeding Business Day. 
  
 Disqualified
Organization: Any organization defined as a “disqualified organization” under Section 860E(e)(5) of the Code, and if not otherwise included, any of the following: (i) the United States, any State or political subdivision thereof, any
possession of the United States, or any agency or instrumentality of any of the foregoing (other than an instrumentality which is a 

  

 
corporation if all of its activities are subject to tax and, except for Freddie Mac, a majority of its board of directors is not selected by such
governmental unit), (ii) a foreign government, any international organization, or any agency or instrumentality of any of the foregoing, (iii) any organization (other than certain farmers’ cooperatives described in Section 521 of the Code)
which is exempt from the tax imposed by Chapter 1 of the Code (including the tax imposed by Section 511 of the Code on unrelated business taxable income), (iv) rural electric and telephone cooperatives described in Section 1381(a)(2)(C) of the Code,
(v) any “electing large partnership,” as defined in Section 775(a) of the Code and (vi) any other Person so designated by the Trustee based upon an Opinion of Counsel that the holding of an Ownership Interest in a Class R Certificate by
such Person may cause the Trust Estate or any Person having an Ownership Interest in any Class of Certificates (other than such Person) to incur a liability for any federal tax imposed under the Code that would not otherwise be imposed but for the
Transfer of an Ownership Interest in a Class R Certificate to such Person. The terms “United States”, “State” and “international organization” shall have the meanings set forth in Section 7701 of the Code or successor
provisions. 
  
 Distribution Account: The account or
accounts created and maintained by the Certificate Paying Agent pursuant to Section 3.10(c) of the Trust Agreement. The Certificate Paying Agent will make all distributions on the Certificates from money on deposit in the Distribution Account.

  
 Due Date: With respect to the Mortgage Loans, the date
on which the Monthly Payment thereon is due in accordance with the terms of the related Mortgage Note. 
  
 Eligible Account: An account that is any of the following: (i) maintained with a depository institution the short-term debt obligations of which
have been rated by each Rating Agency in its highest rating category available, or (ii) an account or accounts in a depository institution in which such accounts are fully insured to the limits established by the FDIC, provided that any deposits not
so insured shall, to the extent acceptable to each Rating Agency, as evidenced in writing, be maintained such that (as evidenced by an Opinion of Counsel delivered to the Indenture Trustee and each Rating Agency) the Indenture Trustee have a claim
with respect to the funds in such account or a perfected first security interest against any collateral (which shall be limited to Permitted Investments) securing such funds that is superior to claims of any other depositors or creditors of the
depository institution with which such account is maintained, or (iii) an account or accounts maintained with a depository institution or trust company, as long as its short-term debt obligations are rated P-1 by Moody’s and A-1+ by Standard
& Poor’s (or the equivalent) or better by each Rating Agency, and its long term debt obligations are rated A2 by Moody’s and AA- by Standard & Poor’s (or the equivalent) or better by each Rating Agency, or (iv) a segregated
trust account or accounts maintained in the corporate trust division of a depository institution or trust company, acting in its fiduciary capacity, or (v) an account or accounts of a depository institution acceptable to each Rating Agency (as
evidenced in writing by each Rating Agency that use of any such account will not cause a Rating Event (if determined without regard to the Policy)). 
  
 Eligible Substitute Loan: A Mortgage Loan substituted by the Seller for a Deleted Loan, which must, on the date of such substitution, as confirmed
in an Officer’s Certificate delivered to the Indenture Trustee, (i) have an outstanding principal balance, after deduction of the principal 

  

 
portion of the monthly payment due in the month of substitution (or in the case of a substitution of more than one Mortgage Loan for a Deleted Loan, an
aggregate outstanding principal balance, after such deduction), not in excess of the outstanding principal balance of the Deleted Loan (the amount of any shortfall to be deposited by Seller in the Custodial Account in the month of substitution);
(ii) comply with each representation and warranty made by Seller set forth in Section 3.1(b) of the Purchase Agreement, other than clauses (viii), (xiii), (xxiv), (xxv)(B), (xxvi) and (xxvii), in the case of an Eligible Substitute Loan substituted
by Seller, (iii) have a Loan Rate and Net Loan Rate no lower than and not more than 1% per annum higher than the Loan Rate and Net Loan Rate, respectively, of the Deleted Loan as of the date of substitution; (iv) have a CLTV at the time of
substitution no higher than that of the Deleted Loan at the time of substitution; (v) have a remaining term to stated maturity not greater than (and not more than one year less than) that of the Deleted Loan; and (vi) not be 30 days or more
delinquent. 
  
 Enhancer: [ENHANCER], any successor thereto
or any replacement Enhancer substituted pursuant to the Indenture. 
  
 Enhancer Default: Any failure by the Enhancer to make a payment required under the Policy in accordance with its terms. 
  
 Enhancer Optional Deposit: Amounts deposited by or on behalf of the Enhancer in the Note Payment Account, other than Insured Amounts, to be applied
to the Notes. 
  
 ERISA: The Employee Retirement Income
Security Act of 1974, as amended. 
  
 Event of Default:
With respect to the Indenture, any one of the following events (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any
court or any order, rule or regulation of any administrative or governmental body): 
  
 (a) a default in the payment of the principal of, any installment of the principal of or interest on any Note when the same becomes due and payable, and such default shall continue for a period of five (5) days;

  
 (b) there occurs a default in the observance or performance in
any material respect of any covenant or agreement of the Issuer made in the Indenture, or any representation or warranty of the Issuer made in the Indenture or in any certificate delivered pursuant hereto or in connection herewith proving to have
been incorrect in any material respect as of the time when the same shall have been made that has a material adverse effect on the Noteholders or the Enhancer, and such default shall continue or not be cured, or the circumstance or condition in
respect of which such representation or warranty was incorrect shall not have been eliminated or otherwise cured, for a period of 30 days after there shall have been given, by registered or certified mail, to the Issuer by the Indenture Trustee or
to the Issuer and the Indenture Trustee by the Enhancer or the Noteholders of at least 25% of the aggregate Note Balance of the Notes, a written notice specifying such default or incorrect representation or warranty and requiring it to be remedied
and stating that such notice is a notice of default hereunder; 
  
 (c) there occurs the filing of a decree or order for relief by a court having jurisdiction in the premises in respect of the Issuer or any substantial part of the Trust Estate in an 

  

 
involuntary case under any applicable federal or state bankruptcy, insolvency or other similar law now or hereafter in effect, or appointing a receiver,
liquidator, assignee, custodian, trustee, sequestrator or similar official of the Issuer or for any substantial part of the Trust Estate, or ordering the winding-up or liquidation of the Issuer’s affairs, and such decree or order shall remain
unstayed and in effect for a period of 60 consecutive days; or 
  
 (d) there occurs the commencement by the Issuer of a voluntary case under any applicable federal or state bankruptcy, insolvency or other similar law now or hereafter in effect, or the consent by the Issuer to the entry of an order for
relief in an involuntary case under any such law, or the consent by the Issuer to the appointment or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of the Issuer or for any substantial
part of the assets of the Trust Estate, or the making by the Issuer of any general assignment for the benefit of creditors, or the failure by the Issuer generally to pay its debts as such debts become due, or the taking of any action by the Issuer
in furtherance of any of the foregoing. 
  
 Excess Spread:
With respect to any Payment Date and without taking into account any Draw on the Policy for such Payment Date, the excess, if any, of (i) Interest Collections for the related Collection Period over (ii) the sum of (x) the premium for the Policy for
such Payment Date, (y) the amounts paid on such Payment Date to the Noteholders of the Notes pursuant to Section 3.05(a)(ii) of the Indenture and (z) the Liquidation Loss Amount paid on such Payment Date. 
  
 Exchange Act: The Securities Exchange Act of 1934, as amended, and the
rules and regulations promulgated thereunder. 
  
 Expenses:
The meaning specified in Section 7.02 of the Trust Agreement. 
  
 Fannie Mae: Fannie Mae, a federally chartered and privately owned corporation organized and existing under the Federal National Mortgage Association Charter Act, or any successor thereto 
  
 FDIC: The Federal Deposit Insurance Corporation or any successor
thereto. 
  
 Final Payment Date: The Payment Date in
[DATE]. 
  
 Fiscal Year: The fiscal year of the Trust,
which shall end on December 31 of each year. 
  
 Foreclosure
Profit: With respect to a Liquidated Mortgage Loan, the amount, if any, by which (i) the aggregate of Liquidation Proceeds net of Liquidation Expenses exceeds (ii) the Principal Balance of such Liquidated Mortgage Loan (plus accrued and unpaid
interest thereon at the applicable Loan Rate from the date interest was last paid through the date of receipt of the final Liquidation Proceeds) immediately prior to the final recovery of the related Liquidation Proceeds. 
  
 Freddie Mac: Freddie Mac, a corporate instrumentality of the United
States created and existing under Title III of the Emergency Home Finance Act of 1970, as amended, or any successor thereto. 
  

 GAAP: Generally accepted accounting principles. 
  
 Grant: Pledge, bargain, sell, warrant, alienate, remise, release,
convey, assign, transfer, create, and grant a lien upon and a security interest in and right of set-off against, deposit, set over and confirm pursuant to the Indenture. A Grant of the Collateral or of any other agreement or instrument shall include
all rights, powers and options (but none of the obligations) of the granting party thereunder, including the immediate and continuing right to claim for, collect, receive and give receipt for principal and interest payments in respect of such
collateral or other agreement or instrument and all other moneys payable thereunder, to give and receive notices and other communications, to make waivers or other agreements, to exercise all rights and options, to bring proceedings in the name of
the granting party or otherwise, and generally to do and receive anything that the granting party is or may be entitled to do or receive thereunder or with respect thereto. 
  
 Indemnified Party: The meaning specified in Section 7.02 of the Trust Agreement. 
  
 Indenture: The indenture dated as of [DATE] between the Issuer and the
Indenture Trustee. 
  
 Indenture Trustee: [INDENTURE
TRUSTEE], a national banking association, and its successors and assigns or any successor indenture trustee appointed pursuant to the terms of the Indenture. 
  
 Independent: When used with respect to any specified Person, such Person (i) is in fact independent of the Issuer, any other obligor on the Notes,
the Seller, the Depositor and any Affiliate of any of the foregoing Persons, (ii) does not have any direct financial interest or any material indirect financial interest in the Issuer, any such other obligor, the Seller, the Depositor or any
Affiliate of any of the foregoing Persons and (iii) is not connected with the Issuer, any such other obligor, the Seller, the Depositor or any Affiliate of any of the foregoing Persons as an officer, employee, promoter, underwriter, trustee,
partner, director or person performing similar functions. 
  
 Independent Certificate: A certificate or opinion to be delivered to the Indenture Trustee under the circumstances described in, and otherwise complying with, the applicable requirements of Section 10.01 of the Indenture, made by an
Independent appraiser or other expert appointed by an Issuer Order and approved by the Indenture Trustee in the exercise of reasonable care, and such opinion or certificate shall state that the signer has read the definition of
“Independent” in this Indenture and that the signer is Independent within the meaning thereof. 
  
 Initial Aggregate Note Balance: $xxx,xxx,xxx. 
  
 Initial Class A-[1] Note Balance: $xxx,xxx,xxx. 
  
 Initial Class A-[2] Note Balance: $xxx,xxx,xxx. 
  
 Insolvency Event: With respect to a specified Person, (a) the filing of a decree or order for relief by a court having jurisdiction in the premises
in respect of such Person or any substantial part of its property in an involuntary case under any applicable bankruptcy, 

  

 
insolvency or other similar law now or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar
official for such Person or for any substantial part of its property, or ordering the winding-up or liquidation of such Person’s affairs, and such decree or order shall remain unstayed and in effect for a period of 60 consecutive days; or (b)
the commencement by such Person of a voluntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or the consent by such Person to the entry of an order for relief in an involuntary case under any such
law, or the consent by such Person to the appointment of or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official for such Person or for any substantial part of its property, or the making by
such Person of any general assignment for the benefit of creditors, or the failure by such Person generally to pay its debts as such debts become due or the admission by such Person in writing (as to which the Indenture Trustee shall have notice) of
its inability to pay its debts generally, or the adoption by the Board of Directors or managing member of such Person of a resolution which authorizes action by such Person in furtherance of any of the foregoing. 
  
 Insurance Agreement: The Insurance Agreement dated as of [DATE], among
the Master Servicer, the Seller, the Depositor, the Issuer, the Indenture Trustee, the Owner Trustee and the Enhancer, including any amendments and supplements thereto. 
  
 Insurance Proceeds: Proceeds paid by any insurer (other than the Enhancer) pursuant to any insurance policy covering
a Mortgage Loan which are required to be remitted to the Master Servicer, or amounts required to be paid by the Master Servicer pursuant to the next to last sentence of Section 3.04 of the Servicing Agreement, net of any component thereof (i)
covering any expenses incurred by or on behalf of the Master Servicer in connection with obtaining such proceeds, (ii) that is applied to the restoration or repair of the related Mortgaged Property, (iii) released to the related Mortgagor in
accordance with the Master Servicer’s normal servicing procedures or (iv) required to be paid to any holder of a mortgage senior to such Mortgage Loan. 
  
 Insured Amount: As defined in the Policy. 
  
 Interest Collections: With respect to any Payment Date, the sum of (i) the portion of all scheduled Monthly Payments on the Mortgage Loans received
or advanced and applied to interest during the related Collection Period, minus the Servicing Fee for the related Collection Period, (ii) the portion of all Insurance Proceeds and Net Liquidation Proceeds allocable to interest pursuant to the terms
of the Mortgage Notes, reduced by the Servicing Fee for the related Collection Period and (iii) the interest portion of the Repurchase Price for any Deleted Loans paid by the Seller during the related Collection Period and the cash purchase price
paid in connection with any optional purchase of the Mortgage Loans by the Master Servicer. The terms of the related Mortgage Note shall determine the portion of each payment in respect of each Mortgage Loan that constitutes principal or interest.

  
 Interest Period: With respect to the Class A-[1] Notes
and any Payment Date other than the first Payment Date, the period beginning on the preceding Payment Date and ending on the day preceding such Payment Date, and in the case of the first Payment Date, the period beginning on [DATE] and ending on the
day preceding the first Payment Date. With respect to the Class A-[2] Notes, the Class A-[IO] Notes and any Regular Interest (other than the Class A-[1] 

  

 
Notes) and any Payment Date, the calendar month preceding the month in which such Payment Date occurs. 
  
 Interest Shortfall: On any Payment Date for which the related Note
Rate for any Class of Notes has been determined pursuant to the definition “Net WAC Rate”, the excess of (a) the amount of interest that would have accrued on such Class of Notes during the related Interest Period had such amount not been
determined pursuant to the definition “Net WAC Rate” over (b) the interest actually accrued on such Class of Notes during such Interest Period.  
  
 Issuer or Trust: The [ISSUER], a Delaware statutory trust, or its successor in interest. 
  
 Issuer Order or Issuer Request: A written order or request signed in
the name of the Issuer by any one of its Authorized Officers and delivered to the Indenture Trustee. 
  
 LIBOR: As to any Interest Period, (a) for any Interest Period other than the first Interest Period, the rate for United States dollar deposits for
one month that appears on the Telerate Screen Page 3750 as of 11:00 a.m., London, England time, on the second LIBOR Business Day prior to the first day of that Interest Period or (b) with respect to the first Interest Period, the rate for United
States dollar deposits for one month that appears on the Telerate Screen Page 3750 as of 11:00 a.m., London, England time, two LIBOR Business Days prior to the Closing Date. If such rate does not appear on such page (or other page as may replace
that page on that service, or if such service is no longer offered, such other service for displaying LIBOR or comparable rates as may be reasonably selected by the Indenture Trustee after consultation with the Master Servicer), the rate will be the
Reference Bank Rate. If no Reference Bank Rate is available, LIBOR will be LIBOR applicable to the preceding Payment Date. 
  
 LIBOR Business Day: Any day other than (i) a Saturday or a Sunday or (ii) a day on which banking institutions in the city of London, England are
required or authorized by law to be closed. 
  
 Lien: Any
mortgage, deed of trust, pledge, conveyance, hypothecation, assignment, participation, deposit arrangement, encumbrance, lien (statutory or other), preference, priority right or interest or other security agreement or preferential arrangement of any
kind or nature whatsoever, including, without limitation, any conditional sale or other title retention agreement, any financing lease having substantially the same economic effect as any of the foregoing and the filing of any financing statement
under the UCC (other than any such financing statement filed for informational purposes only) or comparable law of any jurisdiction to evidence any of the foregoing; provided, however, that any assignment pursuant to Section 6.02 of the Servicing
Agreement shall not be deemed to constitute a Lien. 
  
 Liquidated Mortgage Loan: With respect to any Payment Date, any Mortgage Loan in respect of which the Master Servicer has determined, in accordance with the servicing procedures specified in the Servicing Agreement, as of the end of
the related Collection Period that substantially all Liquidation Proceeds which it reasonably expects to recover, if any, with respect to the disposition of the related REO Property have been recovered. 
  
 Liquidation Expenses: All out-of-pocket expenses (exclusive of
overhead) incurred by or on behalf of the Master Servicer in connection with the liquidation of any Mortgage Loan and 

  

 
not recovered under any insurance policy, including legal fees and expenses, any unreimbursed amount expended (including, without limitation, amounts
advanced to correct defaults on any mortgage loan which is senior to such Mortgage Loan, and amounts advanced to keep current or pay off a mortgage loan that is senior to such Mortgage Loan and any amounts advanced with respect to interest on such
Mortgage Loan) respecting such Mortgage Loan and any related and unreimbursed expenditures for real estate property taxes or for property restoration, preservation or insurance against casualty loss or damage. 
  
 Liquidation Loss Amount: With respect to any Payment Date and any
Mortgage Loan that became a Liquidated Mortgage Loan during the related Collection Period, the unrecovered portion of the Principal Balance of such Mortgage Loan and any unpaid accrued interest thereon at the end of such Collection Period, after
giving effect to the Net Liquidation Proceeds applied in reduction of such Principal Balance. 
  
 Liquidation Loss Distribution Amount: With respect to any Payment Date, the aggregate of (A) 100% of the Liquidation Loss Amounts on such Payment Date, plus (B) any such Liquidation Loss Amounts remaining
undistributed from any preceding Payment Date, provided that any such Liquidation Loss Distribution Amount remaining undistributed from any preceding Payment Date shall not be distributed to the extent that it was paid by means of a draw on the
Policy or was reflected in the reduction of the Overcollateralization Amount. 
  
 Liquidation Proceeds: Proceeds (including Insurance Proceeds but not including amounts drawn under the Policy) if any received in connection with the liquidation of any Mortgage Loan or related REO Property,
whether through trustee’s sale, foreclosure sale or otherwise. 
  
 Loan Rate: With respect to any Mortgage Loan and any day, the per annum rate of interest applicable under the related Mortgage Note. 
  
 Lost Note Affidavit: With respect to any Mortgage Loan as to which the original Mortgage Note has been permanently lost or destroyed and has not
been replaced, an affidavit from the related Seller certifying that the original Mortgage Note has been lost, misplaced or destroyed (together with a copy of the related Mortgage Note, if available). 
  
 Master Servicer: [WELLS FARGO], a
                     corporation, and its successors and assigns. 
  
 Master Servicing Agreement: The master servicing agreement dated as of [DATE] among the Master Servicer, the Issuer
and the Indenture Trustee. 
  
 MERS: Mortgage Electronic
Registration Systems, Inc., a corporation organized and existing under the laws of the State of Delaware, or any successor thereto. 
  
 MERS® System: The system of recording transfers of Mortgages electronically maintained by MERS. 
  
 MIN: The Mortgage Identification Number for Mortgage Loans registered with MERS on the MERS® System. 
  

 MOM Loan: With respect to any Mortgage Loan, MERS acting as the mortgagee of such Mortgage Loan,
solely as nominee for the originator of such Mortgage Loan and its successors and assigns, at the origination thereof. 
  
 Monthly Payment: With respect to any Mortgage Loan (including any REO Property) and any Due Date, the payment of principal and interest due thereon
in accordance with the terms of such Mortgage Loan. 
  
 Moody’s: Moody’s Investors Service, Inc., or its successor in interest. 
  
 Mortgage: The mortgage, deed of trust or other instrument creating a first or second lien on an estate in fee simple interest in real property
securing a Mortgage Loan. 
  
 Mortgage File: With respect
to each Mortgage Loan: 
  
 (i) the original Mortgage Note endorsed
or assigned without recourse in blank (which endorsement shall contain either an original signature or a facsimile signature of an authorized officer of the Seller) or, with respect to any Mortgage Loan as to which the original Mortgage Note has
been permanently lost or destroyed and has not been replaced, a Lost Note Affidavit; 
  
 (ii) the original Mortgage, noting the presence of the MIN of the Mortgage Loan, if the Mortgage is registered on the MERS® System, and language indicating that the Mortgage Loan is a MOM Loan if the Mortgage Loan is a MOM Loan, with evidence of recording thereon,
or, if the original Mortgage has not yet been returned from the public recording office, a copy of the original Mortgage certified by the Seller that such Mortgage has been sent for recording, or a county certified copy of such Mortgage in the event
the recording office keeps the original or if the original is lost; 
  
 (iii) unless the Mortgage Loan is registered on the MERS® System, original assignments (which may be included in one or more blanket assignments if permitted by applicable law) of the Mortgage in recordable form from the Seller to “[INDENTURE TRUSTEE], as Indenture
Trustee under that certain Indenture dated as of [DATE], for the [ISSUER] Home Loan Asset-Backed Notes” c/o the Master Servicer at an address specified by the Master Servicer; 
  
 (iv) originals of any intervening assignments of the Mortgage from the originator to the Seller, if the assignment to the
Indenture Trustee described in clause (iii) above is from the Seller, (or to MERS, if the Mortgage Loan is registered on the MERS® System, and which notes the presence of a MIN), with evidence of recording thereon, or, if the original of any such intervening assignment has not yet
been returned from the public recording office, a copy of such original intervening assignment certified by the Seller that such original intervening assignment has been sent for recording; and 
  
 (v) a true and correct copy of each assumption, modification, consolidation
or substitution agreement, if any, relating to such Mortgage Loan; and 
  
 (vi) any documents required to be added to such documents pursuant to the Purchase Agreement, the Trust Agreement or the Servicing Agreement. 
  

 It is understood that the Mortgage File (other than item (i) above) may be retained in microfilm,
microfiche, optical storage or magnetic media in lieu of hard copy; provided, that with respect to any Mortgage Loan not registered on the MERS® System, the original assignment of Mortgage described in clause (iii) above shall be retained in the Mortgage File. 
  
 Mortgage Loan Schedule: The schedule of Mortgage Loans as of the
Cut-Off Date set forth in Exhibit A of the Servicing Agreement, which schedule sets forth as to each Mortgage Loan the (i) Cut-Off Date Principal Balance, (ii) loan number, (iii) lien position of the related Mortgage, (iv) original term to maturity
of the related Mortgage Note, (v) date of the related Mortgage Note, (vi) maturity date of the related Mortgage Note, (vii) Appraised Value of the related Mortgaged Property, (viii) unpaid principal balance of a mortgage loan secured by a lien
senior to the Mortgage Loan, (ix) CLTV, (x) debt-to-income ratio of the related Mortgagor, and (xi) number of residential units on the related Mortgaged Property. 
  
 Mortgage Loans: The Mortgage Loans that have been sold by the Depositor to the Issuer pursuant to the Trust
Agreement, which are listed as the Mortgage Loan Schedule, together with all monies due or to become due thereunder or the Related Documents, and that remain subject to the terms thereof. 
  
 Mortgage Note: With respect to a Mortgage Loan, the promissory note
pursuant to which the related Mortgagor agrees to pay the indebtedness evidenced thereby and secured by the related Mortgage as modified or amended. 
  
 Mortgaged Property: The underlying property, including real property and improvements thereon, securing a Mortgage Loan. 
  
 Mortgagor: The obligor or obligors under a Mortgage Note. 

 
 Net Liquidation Proceeds: With respect to any Liquidated Mortgage
Loan, Liquidation Proceeds net of Liquidation Expenses (but not including the portion, if any, of such amount that exceeds the Principal Balance of, plus accrued and unpaid interest on, such Mortgage Loan at the end of the Collection Period
immediately preceding the Collection Period in which such Mortgage Loan became a Liquidated Mortgage Loan). 
  
 Net Loan Rate: With respect to any Mortgage Loan and Payment Date, the Loan Rate of the Mortgage Loan applicable to the Monthly Payment due during
the related Collection Period, net of the sum of the Servicing Fee Rate and the Premium Percentage for such Mortgage Loan on such Payment Date. 
  
 Net WAC Rate: (I) With respect to the Notes, other than the Class A-[IO] Notes: (A) for the [DATE] Payment Date through the [DATE] Payment Date, a
per annum rate equal to (a) the Weighted Average Net Loan Rate of the Mortgage Loans, as of the first day of the month preceding the month in which such Payment Date occurs, minus (b) the product of (i) the Note Rate for the Class A-[IO] Notes for
such Payment Date and (ii) a fraction, the numerator of which is the Notional Amount of the Class A-[IO] Notes immediately prior to such Payment Date and the denominator of which is the aggregate Principal Balance of the Mortgage Loans as of the
first day of the month preceding the month in which such Payment Date occurs, and (B) for each Payment Date thereafter, a per annum rate equal to the Weighted Average Net Loan 

  

 
Rate of the Mortgage Loans as of the first day of the month preceding the month in which such Payment Date occurs, but in any such event not less than 0.00%
and (II) with respect to the Class A-[IO] Notes, a per annum rate equal to the Weighted Average Net Loan Rate of the Mortgage Loans, as of the first day of the month preceding the month in which such Payment Date occurs. In the case of Class A-[1]
Notes, the Net WAC Rate will be adjusted to an effective rate reflecting the accrual of interest on an actual/360 basis. 
  
 Non-United States Person: Any Person other than a United States Person. 
  
 Note Balance: With respect to any Payment Date and any Class of Notes, other than the Class A-[IO] Notes, the Initial
Note Balance thereof reduced by all payments of principal thereon prior to such Payment Date. 
  
 Note Owner or Owner: The Beneficial Owner of a Note. 
  
 Note Payment Account: The account established by the Indenture Trustee pursuant to Section 8.02 of the Indenture and Section 5.01 of the Servicing Agreement. Amounts deposited in the Note Payment Account will
be distributed by the Indenture Trustee in accordance with Section 3.05 of the Indenture. 
  
 Note Rate: As to the Notes, the following rates: 
  
 Class A-[1] Notes: a floating rate equal to the least of (i) LIBOR plus
[            ]% per annum, (ii) [            ]% per annum and (iii) the Net WAC Rate; 
  
 Class A-[2] Notes: a fixed rate equal to the lesser of (i)
[            ]% per annum and (ii) the Net WAC Rate; and 
  
 Class A-[IO] Notes: (A) for any payment Date up to and including the 30th Payment Date, the lesser of (i) [            ]% annum and (ii) the Net WAC Rate, and (B) in the
case of any Payment Date thereafter, 0%. 
  
 Note Register:
The register maintained by the Note Registrar in which the Note Registrar shall provide for the registration of Notes and of transfers and exchanges of Notes. 
  

Note Registrar: The Indenture Trustee, in its capacity as Note Registrar. 
  
 Noteholder: The Person in whose name a Note is registered in the Note Register, except that, any Note registered in
the name of the Depositor, the Issuer or the Indenture Trustee or any Affiliate of any of them shall be deemed not to be outstanding and the registered holder will not be considered a Noteholder for purposes of giving any request, demand,
authorization, direction, notice, consent or waiver under the Indenture or the Trust Agreement; provided, that in determining whether the Indenture Trustee shall be protected in relying upon any such request, demand, authorization, direction,
notice, consent or waiver, only Notes that the Indenture Trustee or the Owner Trustee knows to be so owned shall be so disregarded. Owners of Notes that have been pledged in good faith may be regarded as Noteholders if the pledgee thereof
establishes to the satisfaction of the Indenture Trustee or the Owner Trustee such pledgee’s right so to act with 

  

 
respect to such Notes and that such pledgee is not the Issuer, any other obligor on the Notes or any Affiliate of any of the foregoing Persons. 

 
 Notes: Any one of the Class A-[1], Class A-[2] and Class A-[IO]
Notes issued and outstanding at any time pursuant to the Indenture. 
  
 Notional Amount: For the payment dates from
                                     with respect to the Class
A-[IO] Notes and any Payment Date, the lesser of $xxx,xxx,xxx and the aggregate Principal Balance of the Mortgage Loans, prior to giving effect to actual payments of principal received during the related Collection Period. With respect to the Class
SB Certificates and any Payment Date, the aggregate of the Class Principal Balances for all Classes of REMIC II Regular Interests before giving effect to payments to be made and the allocation of Liquidation Loss Amounts to occur on such Payment
Date. 
  
 Officer’s Certificate: With respect to the
Master Servicer, a certificate signed by the President, Managing Director, a Director, a Vice President or an Assistant Vice President, of the Master Servicer and delivered to the Indenture Trustee. With respect to the Issuer, a certificate signed
by any Authorized Officer of the Issuer, under the circumstances described in, and otherwise complying with, the applicable requirements of Section 10.01 of the Indenture, and delivered to the Indenture Trustee. Unless otherwise specified, any
reference in the Indenture to an Officer’s Certificate shall be to an Officer’s Certificate of any Authorized Officer of the Issuer. 
  
 Opinion of Counsel: A written opinion of counsel of a law firm reasonably acceptable to each recipient thereof. Any Opinion of Counsel for the
Master Servicer may be provided by in-house counsel for the Master Servicer if reasonably acceptable to each recipient thereof. 
  
 Outstanding: With respect to the Notes, as of the date of determination, all Notes theretofore executed, authenticated and delivered under this
Indenture except: 
  
 (i) Notes theretofore cancelled by the Note
Registrar or delivered to the Indenture Trustee for cancellation; and 
  
 (ii) Notes in exchange for or in lieu of which other Notes have been executed, authenticated and delivered pursuant to the Indenture unless proof satisfactory to the Indenture Trustee is presented that any such Notes are held by a holder in
due course; 
  
 provided, however, that for purposes of effectuating the
Enhancer’s right of subrogation as set forth in Section 4.12 of the Indenture only, all Notes that have been paid with funds provided under the Policy shall be deemed to be Outstanding until the Enhancer has been reimbursed with respect
thereto. 
  
 Overcollateralization Amount: With respect to
any Payment Date the amount (but not less than zero), if any, by which (a) the Pool Balance after applying payments received in the related Collection Period exceeds (b) the aggregate Note Balance of the Notes on such Payment Date (after application
of the Principal Collection Distribution Amount and Liquidation Loss 

  

 
Distribution Amount for such date). The Overcollateralization Amount is subject to reduction on any Payment Date as described in Section 3.05(c) of the
Indenture. 
  
 Overcollateralization Increase Amount: With
respect to any Payment Date, an amount equal to the lesser of (i) the amount remaining in the Note Payment Account following distributions pursuant to Section 3.05(a)(vii) of the Indenture and (ii) the amount necessary to increase the
Overcollateralization Amount to the Required Overcollateralization Amount. 
  
 Overcollateralization Release Amount: With respect to any date of determination, the lesser of (i) the excess, if any, of the Overcollateralization Amount over the Required Overcollateralization Amount, and
(ii) the Principal Collections for such Payment Date. 
  
 Owner
Trust: [ISSUER], created by the Certificate of Trust pursuant to the Trust Agreement. 
  
 Owner Trustee: [OWNER TRUSTEE], not in its individual capacity but solely as owner trustee, and its successors and assigns or any successor Owner Trustee appointed pursuant to the terms of the Trust Agreement.

  
 Ownership Interest: As to any Certificate, any
ownership or security interest in such Certificate, including any interest in such Certificate as the Certificateholder thereof and any other interest therein, whether direct or indirect, legal or beneficial, as owner or as pledgee. 
  
 Paying Agent: Any paying agent or co-paying agent appointed pursuant
to Section 3.03 of the Indenture, which initially shall be the Indenture Trustee. 
  
 Payment Date: The [        ]th
day of each month, or if such day is not a Business Day, then the next Business Day. 
  
 Percentage Interest: With respect to any Note and Payment Date, the percentage obtained by dividing the Note Balance of such Note by the aggregate Note Balance of all Notes prior to such Payment Date. With
respect to any Certificate and any Payment Date, the Percentage Interest stated on the face of such Certificate. 
  
 Permitted Investments: One or more of the following: 
  
 (i) obligations of or guaranteed as to principal and interest by the United States or any agency or instrumentality thereof when such obligations are
backed by the full faith and credit of the United States; 
  
 (ii)
repurchase agreements on obligations specified in clause (i) above maturing not more than one month from the date of acquisition thereof; provided, that the unsecured short-term debt obligations of the party agreeing to repurchase such obligations
are at the time rated by each Rating Agency in its highest short-term rating category available; 
  
 (iii) federal funds, certificates of deposit, demand deposits, time deposits and bankers’ acceptances (which shall each have an original maturity of
not more than 90 days and, in the case of bankers’ acceptances, shall in no event have an original maturity of more than 365 days or a 

  

 
remaining maturity of more than 30 days) denominated in United States dollars of any U.S. depository institution or trust company incorporated under the laws
of the United States or any state thereof or of any domestic branch of a foreign depository institution or trust company; provided, that the short-term debt obligations of such depository institution or trust company (or, if the only Rating Agency
is Standard & Poor’s, in the case of the principal depository institution in a depository institution holding company, debt obligations of the depository institution holding company) at the date of acquisition thereof have been rated by
each Rating Agency in its highest short-term rating category available; and provided further, that if the only Rating Agency is Standard & Poor’s and if the depository or trust company is a principal subsidiary of a bank holding company and
the debt obligations of such subsidiary are not separately rated, the applicable rating shall be that of the bank holding company; and provided further, that if the only Rating Agency is Standard & Poor’s and the original maturity of such
short-term debt obligations of a domestic branch of a foreign depository institution or trust company shall exceed 30 days, the short-term rating of such institution shall be A-1+; 
  
 (iv) commercial paper (having original maturities of not more than 365 days) of any corporation incorporated under the laws
of the United States or any state thereof which on the date of acquisition has been rated by each Rating Agency in its highest short-term rating category available; provided, that such commercial paper shall have a remaining maturity of not more
than 30 days; 
  
 (v) a money market fund or a qualified
investment fund (including without limitation, any such fund for which the Indenture Trustee or an Affiliate of the Indenture Trustee acts as an advisor or a manager) rated by each Rating Agency in one of its two highest long-term rating categories
available; and 
  
 (vi) other obligations or securities that are
acceptable to each Rating Agency as a Permitted Investment hereunder and will not cause a Rating Event, and which are acceptable to the Enhancer, as evidenced in writing; 
  
 provided, however, that no instrument shall be a Permitted Investment if it represents, either (1) the right to receive only interest
payments with respect to the underlying debt instrument or (2) the right to receive both principal and interest payments derived from obligations underlying such instrument and the principal and interest payments with respect to such instrument
provide a yield to maturity greater than xx% of the yield to maturity at par of such underlying obligations. References herein to the highest long-term rating category available shall mean AAA in the case of Standard & Poor’s and Aaa
in the case of Moody’s, and references herein to the highest short-term rating category available shall mean A-1+ in the case of Standard & Poor’s and P-1 in the case of Moody’s. 
  
 Permitted Transferee: Any Transferee of a Class R Certificate, other
than a Disqualified Organization or Non-United States Person. 
  
 Person: Any legal individual, corporation, partnership, joint venture, association, joint-stock company, limited liability company, trust, unincorporated organization or government or any agency or political subdivision thereof.

  

 Plan: Any employee benefit plan or certain other retirement plans and arrangements, including
individual retirement accounts and annuities, Keogh that are subject to Section 4975 of the Code, plans and bank collective investment funds and insurance company general or separate accounts in which such plans, accounts or, other entities or
arrangements are invested, as described in Section 3.05 of the Trust Agreement. 
  
 Plan Assets: The meaning specified in Section 2510.3-101 of the Department of Labor Regulations and as described in Section 3.05 of the Trust Agreement. 
  
 Policy: The [Note Guaranty Insurance Policy] No. #xxxxxxxx dated as of
the Closing Date, issued by the Enhancer. 
  
 Policy Draw
Amount: With respect to any Payment Date, the Insured Amount. 
  
 Pool Balance: With respect to any date, the aggregate Principal Balance of all Mortgage Loans as of such date. 
  
 Predecessor Note: With respect to any Note, every previous Note evidencing all or a portion of the same debt as that evidenced by such Note; and,
for the purpose of this definition, any Note authenticated and delivered under Section 4.03 of the Indenture in lieu of a mutilated, lost, destroyed or stolen Note shall be deemed to evidence the same debt as such mutilated, lost, destroyed or
stolen Note. 
  
 Premium Percentage: For any Payment Date,
the percentage set forth in the Insurance Agreement at which the premium on the Policy is calculated, multiplied by a fraction, the numerator of which is the aggregate Note Balance of the Notes, and the denominator of which is the aggregate
Principal Balance of the Mortgage Loans, prior to giving effect to distributions to be made on such Payment Date. 
  
 Principal Balance: With respect to any Mortgage Loan, other than a Liquidated Mortgage Loan, and as of any day, the related Cut-Off Date Principal
Balance, minus all collections credited as principal in respect of any such Mortgage Loan in accordance with the related Mortgage Note and applied in reduction of the Principal Balance thereof. For purposes of this definition, a Liquidated
Mortgage Loan shall be deemed to have a Principal Balance equal to the Principal Balance of the related Mortgage Loan immediately prior to the final recovery of substantially all related Liquidation Proceeds and a Principal Balance of zero
thereafter. 
  
 Principal Collection Distribution Amount:
For any Payment Date, the total Principal Collections for such Payment Date less any Overcollateralization Release Amount for such Payment Date; provided that the Principal Collection Distribution Amount for any Payment Date shall not be less
than $0. 
  
 Principal Collections: With respect to any
Payment Date, an amount equal to the sum of (i) the amount of all scheduled Monthly Payments on the Mortgage Loans received and applied to principal during the related Collection Period, as reported by the Master Servicer or the related Subservicer;
(ii) the principal portion of all proceeds of the repurchase of any Mortgage Loans (or, in the case of a substitution, any Substitution Adjustment Amounts) during the related Collection Period; and (iii) the principal portion of all other
unscheduled collections received on 

  

 
the Mortgage Loans during the related Collection Period (or deemed to be received during the related Collection Period), including, without limitation, full
and partial Principal Prepayments made by the respective Mortgagors, Insurance Proceeds and Net Liquidation Proceeds), to the extent not previously distributed. 
  

Principal Prepayment: Any payment of principal made by the Mortgagor on a Mortgage Loan which is received in advance of its scheduled Due Date
and which is not accompanied by an amount of interest representing scheduled interest due on any date or dates in any month or months subsequent to the month of prepayment. 
  
 Proceeding: Any suit in equity, action at law or other judicial or administrative proceeding. 
  
 Program Guide: [Insert Description.]. 
  
 Prospectus Supplement: The prospectus supplement dated [DATE],
relating to the Notes. 
  
 Purchase Agreement: The mortgage
loan purchase agreement dated as of [DATE], among the Seller, the Purchaser, the Issuer and the Indenture Trustee. 
  
 Purchase Price: The amounts specified in Section 2.3(a) of the Purchase Agreement. 
  
 Purchaser: [SG Mortgage Securities, LLC], as purchaser under the Purchase Agreement. 
  
 Rating Agency: Each of Moody’s and Standard & Poor’s,
or, if any such organization or a successor thereto is no longer in existence, such nationally recognized statistical rating organization, or other comparable Person, designated by the Depositor, notice of which designation shall be given to the
Indenture Trustee. References herein to the highest short term rating category of a Rating Agency shall mean A-1+ in the case of Standard & Poor’s and P-1 in the case of Moody’s; and in the case of any other Rating Agency, shall mean
such equivalent ratings. References herein to the highest long-term rating category of a Rating Agency shall mean “AAA” in the case of Standard & Poor’s and “Aaa” in the case of Moody’s; and in the case of any other
Rating Agency, shall mean such equivalent rating. 
  
 Rating
Event: The qualification, reduction or withdrawal by a Rating Agency of its then-current rating of the Notes. 
  
 Record Date: With respect to the Class A-[1] Notes and any Payment Date, unless the Class A-[1] Notes are no longer held in book-entry form, the
Business Day next preceding such Payment Date and with respect to the Class A-[2] Notes and the Class A-[IO] Notes, and the Class A-[1] Notes if such Class A-[1] Notes are no longer held in book-entry form, the last Business Day of the month
preceding the month of such Payment Date. 
  
 Recovery Fee:
A customary fee calculated based on additional recovery amounts charged for the collection of such additional recovery amounts on any Mortgage Loan after the date that such Mortgage Loan became a Liquidated Mortgage Loan. 
  

 Reference Bank Rate: With respect to any Interest Period, the arithmetic mean (rounded upwards, if
necessary, to the nearest one sixteenth of one percent) of the offered rates for United States dollar deposits for one month which are offered by the Reference Banks as of 11:00 a.m., London, England time, on the second LIBOR Business Day prior to
the first day of such Interest Period to prime banks in the London interbank market in amounts approximately equal to the outstanding Note Balance of the Class A-[1] Notes; provided, that at least two Reference Banks provide such rate. If fewer than
two such rates are provided, the Reference Bank Rate will be the arithmetic mean of the rates quoted by one or more major banks in New York City, selected by the Indenture Trustee after consultation with the Master Servicer and the Enhancer, as of
11:00 a.m., New York time, on such date for loans in U.S. Dollars to leading European banks for a period of one month in amounts approximately equal to the aggregate Note Balance of the Class A-[1] Notes. 
  
 Reference Banks: Shall mean each of [REFERENCE BANKS], and such
additional as replacement reference banks as shall be selected by the Indenture Trustee after consultation with the Master Servicer from time to time. 
  
 Regular Interest: Any of the REMIC I Regular Interests, REMIC II Regular Interests or REMIC III Regular Interests. 
  
 Related Class: A Class of REMIC III Regular Interests and a class of
Notes are related if, and only if, they bear the same Letter/number combination designating their Class, e.g. the REMIC III Regular Interest A-[3] is related to the Class A-[3] Notes. 
  
 Related Documents: With respect to each Mortgage Loan, the documents
contained in the related Mortgage File. 
  
 Relief Act
Shortfalls: With respect to any Payment Date, for any Mortgage Loan as to which there has been a reduction in the amount of interest collectible thereon for the related Collection Period as a result of the application of the Soldiers’ and
Sailors’ Civil Relief Act of 1940, as amended, the shortfall, if any, equal to (i) one month’s interest on the Principal Balance of such Mortgage Loan at the applicable Loan Rate, over (ii) the interest collectible on such Mortgage Loan
during such Collection Period. 
  
 REMIC: A “real
estate mortgage investment conduit” within the meaning of Section 860D of the Code. 
  
 REMIC Administrator: [REMIC ADMINISTRATOR]. If [REMIC ADMINISTRATOR] is found by a court of competent jurisdiction to no longer be able to fulfill its obligations as REMIC Administrator under this Agreement the
Master Servicer or the Indenture Trustee acting as successor Master Servicer shall appoint a successor REMIC Administrator, subject to assumption of the REMIC Administrator obligations under this Agreement. 
  
 REMIC I: The segregated pool of assets in the Trust Estate with
respect to which a REMIC election is to be made. 
  
 REMIC I
Certificates: The Class R-I Certificates. 
  

 REMIC I Regular Interests: The Class LT-I REMIC I Regular Interest and Class LT-II REMIC Interest
having the properties set forth in the following table and elsewhere herein: 
  

						
	 Designation Date

	  	Initial Balance

	  	Latest Possible
Maturity (1)

	 LT I
	  	$	xxx,xxx,xxx	  	[DATE]
	 LT II
	  	$	xxx,xxx,xxx	  	[DATE]

  

	(1)	Solely for purposes of Section 1.860G-1(a)(4)(iii) of the Treasury regulations, the Payment Date immediately following the latest possible maturity date for any Mortgage Loan
has been designated as the “latest possible maturity date” for each REMIC I Regular Interest. 

  
 REMIC I Remittance Rate: With respect to the Class LTA and LTB REMIC I Regular Interests, the Weighted Average Net Loan Rate. REMIC II: The
segregated pool of assets subject hereto, constituting a portion of the primary trust created hereby and to be administered hereunder, with respect to which a separate REMIC election is to be made, consisting of the REMIC I Regular Interests.

  
 REMIC II Regular Interests: The Class LT1 REMIC II
Regular Interest, the Class LT2 REMIC II Regular Interest, the Class LT3 REMIC II Regular Interest, the Class LT4 REMIC II Regular Interest and the Class LTA-[IO] REMIC II Regular Interest having the properties set forth in the following table and
elsewhere herein: 
  

									
	 REMIC II Regular Certificates

	  	Initial Balance

	  	Pass -
Through
Rate

	 	 	Latest Possible
Maturity (7)

	 MTA-[1]
	  	$	xxx,xxx,xxx	  	(1	)	 	[DATE]
	 MTA-[2]
	  	$	xxx,xxx,xxx	  	(1	)	 	[DATE]
	 MT-M
	  	$	xxx,xxx,xxx	  	(1	)	 	[DATE]
	 MT-IO
	  	$	0	  	(2	)	 	[DATE]

  

	(1)	The Pass-Through Rate on these REMIC II Regular Interests shall at any Payment Date equal the weighted average of (i) the REMIC I Remittance Rate for REMIC I Regular Interest LT-I
applicable for payments to be made on that Payment Date and (ii) the REMIC I Remittance Rate for REMIC I Regular Interest LT-II applicable for payments to be made on that Payment Date reduced, but not below 0.00%, for Payment Dates on or before the
Payment Date in [DATE], by 7.50%, weighted by the principal balances of the REMIC I Regular Interests LT-I and LT-II respectively before giving effect to distributions to be made on such Payment Date. 

  

	(2)	The pass-through rate on this REMIC II Regular Interest shall at any Payment Date equal the lesser of 7.50% per annum or the Weighted Average Net Loan Rate on a Notional Amount
equal to the principal balance of the Class LT-II REMIC I Regular Interest. 

  

	(3)	Solely for purposes of Section 1.860G-1(a)(4)(iii) of the Treasury regulations, the Payment Date immediately following the maturity date for the Mortgage Loan with the Latest
maturity date has been designated as the “latest possible maturity date” for each REMIC II Regular Interest other than the MT-IO REMIC II Regular Interest. 

  
 REMIC II Remittance Rate: With respect to each of the REMIC II Regular Interests, the respective rate set forth in
the definition of REMIC II Regular Interests. 
  
 REMIC
III: The segregated pool of assets consisting of the REMIC II Regular Interests conveyed in trust to the Indenture Trustee for the benefit of the holders of each Class of the Notes and Certificates (other than the Class R-I Certificates and
Class R-II Certificates), with respect to which a separate REMIC election is to be made. 
  
 REMIC III Regular Interests: The REMIC III Regular Interest A-[1], the REMIC III Regular Interest A-[2], REMIC III Regular Interest SB and the REMIC III Regular Interest A-[IO] having the properties set forth
in the following table and elsewhere herein: 
  

						
	 Designation Date

	  	Initial Balance

	  	Latest Possible
Maturity(1)

	 A-[1]
	  	$	xxx,xxx,xxx	  	[DATE]
	 A-[2]
	  	$	xxx,xxx,xxx	  	[DATE]
	 A-[IO]
	  	$	0	  	[DATE]
	 SB
	  	$	0	  	[DATE]

  

	(1)	Solely for purposes of Section 1.860G-1(a)(4)(iii) of the Treasury Regulations, the Payment Date immediately following the maturity date for the Mortgage Loan with the latest
maturity date has been designated as the “latest possible maturity date” for each REMIC III Regular Interest other than the REMIC III Regular Interest A-[IO]. 

  
 REMIC III Remittance Rate: With respect to the A-[1] and A-[2] REMIC III Regular Interests, the Note Rate for the
Related Class of Notes. With respect to REMIC III Regular Interest A-[IO], the Class A-[IO] Note Rate applied to the Class A-[IO] Notional Amount, which is equal to all of the interest on the Class LTA-[IO] REMIC II Regular Interest. 
  
 REMIC Provisions: Provisions of the federal income tax law relating to
real estate mortgage investment conduits, which appear at Sections 860A through 860G of Subchapter M of 

  

 
Chapter 1 of the Code, and related provisions, and temporary and final regulations (or, to the extent not inconsistent with such temporary or final
regulations, proposed regulations) and published rulings, notices and announcements promulgated thereunder, as the foregoing may be in effect from time to time. 
  

Remittance Rate: The REMIC I Remittance Rate, REMIC II Remittance Rate or REMIC III Remittance Rate, as applicable. 
  
 REO Property: A Mortgaged Property that is acquired by the Trust in
foreclosure or by deed in lieu of foreclosure. 
  
 Representative: [SG Americas Securities, LLC], as representative of the Underwriters. 
  
 Repurchase Event: With respect to any Mortgage Loan, either (i) a discovery that, as of the Closing Date with respect to any Mortgage Loan, the
related Mortgage was not a valid lien on the related Mortgaged Property subject only to (A) the lien of any prior mortgage indicated on the Mortgage Loan Schedule, (B) the lien of real property taxes and assessments not yet due and payable, (C)
covenants, conditions, and restrictions, rights of way, easements and other matters of public record as of the date of recording of such Mortgage and such other permissible title exceptions as are customarily accepted for similar loans and (D) other
matters to which like properties are commonly subject that do not materially adversely affect the value, use, enjoyment or marketability of the related Mortgaged Property or (ii) with respect to any Mortgage Loan as to which either Seller delivers
an affidavit certifying that the original Mortgage Note has been lost or destroyed, a subsequent default on such Mortgage Loan if the enforcement thereof or of the related Mortgage is materially and adversely affected by the absence of such original
Mortgage Note. 
  
 Repurchase Price: With respect to any
Mortgage Loan required to be repurchased on any date pursuant to the Purchase Agreement or purchased by the Master Servicer pursuant to the Servicing Agreement, an amount equal to the sum of (i) 100% of the Principal Balance thereof (without
reduction for any amounts charged off) and (ii) unpaid accrued interest at the Loan Rate (or with respect to the last day of the month in the month of repurchase, the Loan Rate will be the Loan Rate in effect as of the second to last day in such
month) on the outstanding Principal Balance thereof from the Due Date to which interest was last paid by the related Mortgagor to the first day of the month following the month of purchase. 
  
 Required Insurance Policy: With respect to any Mortgage Loan, any
insurance policy which is required to be maintained from time to time under the Servicing Agreement or the related Subservicing Agreement in respect of such Mortgage Loan. 
  
 Required Overcollateralization Amount: As to any Payment Date on and after the Payment Date in [DATE] and prior to
the Stepdown Date, the Required Overcollateralization Amount will be an amount equal to xx.xx% of the initial Pool Balance. As to any Payment Date on or after the Stepdown Date, the Required Overcollateralization Amount will be equal to the greater
of (I) the sum of an amount equal to (i) xx.xx% of the aggregate Principal Balance of the Mortgage Loans that are less than 30 days contractually delinquent as of the last day of the related Collection Period, (ii) xx.xx% of the aggregate Principal
Balance of the Mortgage Loans 

  

 
that are 30 to 59 days contractually delinquent as of the last day of the related Collection Period, (iii) xx.xx% of the aggregate Principal Balance of the
Mortgage Loans that are 60 to 89 days contractually delinquent as of the last day of the related Collection Period, (iv) xx.xx% of the aggregate Principal Balance of the Mortgage Loans that are greater than or equal to 90 days contractually
delinquent as of the last day of the related Collection Period, (v) xx.xx% of the aggregate Principal Balance of the Mortgage Loans that are in bankruptcy as of such Payment Date, and (vi) xx.xx% of the aggregate Principal Balance of the Mortgage
Loans that are in foreclosure or that relate to REO Properties; and (II) xx.xx% of the initial Pool Balance. Notwithstanding the above, the Required Overcollateralization Amount shall not exceed xx.xx% of the initial Pool Balance. In addition, the
Required Overcollateralization Amount may be reduced with the prior written consent of the Enhancer and the Rating Agencies. 
  
 Responsible Officer: With respect to the Indenture Trustee, any officer of the Indenture Trustee with direct responsibility for the administration
of the Trust Agreement and also, with respect to a particular matter, any other officer to whom such matter is referred because of such officer’s knowledge of and familiarity with the particular subject. 
  
 Rolling Six-Month Annualized Liquidation Loss Amount: With respect to
any Determination Date, the product (expressed as a percentage) of (i) the aggregate Liquidation Loss Amounts as of the end of each of the six Collection Periods (reduced by the aggregate Subsequent Net Recovery Amounts for such Collection Periods)
immediately preceding such Determination Date divided by the Initial Pool Balance and (ii) two (2). 
  
 Secretary of State: The Secretary of State of the State of Delaware. 
  
 Securities Act: The Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

  
 Securities Balance: The Note Balance or Certificate
Balance, as the context may require. 
  
 Security: Any
Certificate or a Note, as the context may require. 
  
 Securityholder: Any Noteholder or Certificateholder. 
  
 Seller: [SELLER], a [                            ], and its successors and assigns.

  
 Servicing Certificate: A certificate completed and
executed by a Servicing Officer on behalf of the Master Servicer in accordance with Section 4.01 of the Master Servicing Agreement. 
  
 Servicing Default: Any one of the following events: 
  
 (i) any failure by the Master Servicer to deposit in the Custodial Account, the Note Payment Account or the Distribution Account any deposit required to
be made under the terms of the Servicing Agreement that continues unremedied for a period of five Business Days after the date upon which written notice of such failure shall have been given to the Master Servicer by the Issuer or the Indenture
Trustee, or to the Master Servicer, the Issuer and the Indenture Trustee by the Enhancer; 
  

 (ii) any failure on the part of the Master Servicer duly to observe or perform in any material respect
any other covenants or agreements of the Master Servicer set forth in the Securities or in the Servicing Agreement, which failure, in each case, materially and adversely affects the interests of the Securityholders or the Enhancer, and which failure
continues unremedied for a period of 45 days after the date on which written notice of such failure, requiring the same to be remedied, and stating that such notice is a “Notice of Default” under the Servicing Agreement, shall have been
given to the Master Servicer by the Issuer or the Indenture Trustee, or to the Master Servicer, the Issuer and the Indenture Trustee by the Enhancer; 
  
 (iii) the entry against the Master Servicer of a decree or order by a court or agency or supervisory authority having jurisdiction under Title 11 of the
United States Code or any other applicable federal or state bankruptcy, insolvency or other similar law, or if a receiver, assignee or trustee in bankruptcy or reorganization, liquidator, sequestrator or similar official shall have been appointed
for or taken possession of the Master Servicer or its property, and the continuance of any such decree or order unstayed and in effect for a period of 60 consecutive days; 
  
 (iv) the Master Servicer shall voluntarily submit to Proceedings under Title 11 of the United States Code or any other
applicable federal or state bankruptcy, insolvency or other similar law relating to the Master Servicer or of or relating to all or substantially all of its property; or the Master Servicer shall admit in writing its inability to pay its debts
generally as they become due, file a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors or voluntarily suspend payment of its obligations; 
  
 (v) the Master Servicer’s Tangible Net Worth at any time is less than
$xxx,xxx,xxx and [WELLS FARGO] fails to own, directly or indirectly, at least 51% of the common stock of the Master Servicer; 
  
 (vi) the occurrence of a draw on the Policy and the failure by the Master Servicer to reimburse the Enhancer any amount owed to the Enhancer pursuant to
the Insurance Agreement on account of the draw, which failure continues unremedied for a period of 90 days after written notice to the Master Servicer; and 
  
 (vii) the Rolling Six-Month Annualized Liquidation Loss Amount exceeds 1.5%. 
  
 Servicing Fee: With respect to any Mortgage Loan and any Collection Period, the product of (i) the Servicing Fee Rate
divided by 12 and (ii) the Pool Balance as of the first day of such Collection Period. 
  
 Servicing Fee Rate: x.xx% per annum. 
  
 Servicing Officer: Any officer of the Master Servicer involved in, or responsible for, the administration and servicing of the Mortgage Loans whose name and specimen signature appear on a list of servicing
officers furnished to the Indenture Trustee (with a copy to the Enhancer) by the Master Servicer, as such list may be amended from time to time. 
  

 Standard & Poor’s: Standard & Poor’s Ratings Services, a division of The
McGraw-Hill Companies, Inc. or its successor in interest. 
  
 Stated Value: With respect to any Mortgage Loan, the stated value of the related Mortgaged Property determined in accordance with the Program Guide and given by the related Mortgagor in his or her application. 
  
 Statutory Trust Statute: Chapter 38 of Title 12 of the Delaware Code,
12 Del. Code §§3801 et seq., as the same may be amended from time to time. 
  
 Step-down Date: The later of (i) the Payment Date in [DATE] and (ii) the Payment Date on which the Pool Balance (after applying payments received
in the related Collection Period) as of such Payment Date is less than 50% of the initial Pool Balance. 
  
 Subservicer: Each Person that enters into a Subservicing Agreement as a subservicer of Mortgage Loans. 
  
 Subservicing Agreement: The written contract between the Master
Servicer and any Subservicer relating to servicing and administration of certain Mortgage Loans as provided in Section 3.01 of the Servicing Agreement. 
  
 Substitution Adjustment Amount: With respect to any Eligible Substitute Loan and any Deleted Loan, the amount, if any, as determined by the Master
Servicer, by which the aggregate principal balance of all such Eligible Substitute Loans as of the date of substitution is less than the aggregate Principal Balance of all such Deleted Loans (after application of the principal portion of the Monthly
Payments due in the month of substitution that are to be distributed to the Securityholders in the month of substitution). 
  
 Tangible Net Worth: Net Worth, less the sum of the following (without duplication): (a) any other assets of Seller and its consolidated
subsidiaries that would be treated as intangibles under GAAP including, without limitation, any write-up of assets (other than adjustments to market value to the extent required under GAAP with respect to excess servicing, residual interests in
offerings of asset-backed securities and asset-backed securities that are interest-only securities), good-will, research and development costs, trade-marks, trade names, copyrights, patents and unamortized debt discount and expenses and (b) loans or
other extensions of credit to officers of Seller or its consolidated subsidiaries other than mortgage loans made to such Persons in the ordinary course of business. 
  
 Tax Matters Partner: Seller, as initial Certificateholder of the Class R Certificates. 
  
 Tax Returns: The federal income tax return on Internal Revenue Service
Form 1066, U.S. Real Estate Mortgage Investment Conduit Income Tax Return, including Schedule Q thereto, Quarterly Notice to Residual Interest Holders of REMIC Taxable Income or Net Loss Allocation, or any successor forms, to be filed on behalf of
each REMIC due to their classification as a REMIC under the REMIC Provisions, together with any and all other information, reports or returns that may be required to be furnished to the Certificateholders or filed with the Internal Revenue Service
or any other governmental taxing authority under any applicable provisions of federal, state or local tax laws. 
  

 Telerate Screen Page 3750: The display page so designated on the Bridge Telerate Capital Markets
Report (or such other page as may replace page 3750 on such service for the purpose of displaying London interbank offered rates of major banks, or, if such service is no longer offered, such other service for displaying London interbank offered
rates or comparable rates as may be selected by the Indenture Trustee after consultation with the Master Servicer). 
  
 Transfer: Any direct or indirect transfer, sale, pledge, hypothecation or other form of assignment of any Ownership Interest in a
Certificate. 
  
 Transferee: Any Person who is
acquiring by Transfer any Ownership Interest in a Certificate. 
  
 Transferor: Any Person who is disposing by Transfer of any Ownership Interest in a Certificate. 
  
 Treasury Regulations: Regulations, including proposed or temporary Regulations, promulgated under the Code. References herein to specific
provisions of proposed or temporary regulations shall include analogous provisions of final Treasury Regulations or other successor Treasury Regulations. 
  
 Trust Agreement: The trust agreement dated as of [DATE] between the Owner Trustee and the Depositor. 
  
 Trust Estate: The meaning specified in the Granting Clause of the
Indenture. 
  
 Trust Indenture Act or TIA: The Trust
Indenture Act of 1939, as amended from time to time, as in effect on any relevant date. 
  
 Turbo Amount: As defined in Section 5.01 of the Trust Agreement. 
  
 UCC: The Uniform Commercial Code, as amended from time to time, as in effect in any specified jurisdiction. 
  
 Uncertificated Accrued Interest: With respect to any Regular Interest
for any Payment Date, one month’s interest at the related Remittance Rate for such Payment Date, accrued on the Uncertificated Principal Balance or Uncertificated Notional Amount, as applicable, immediately prior to such Payment Date.
Uncertificated Accrued Interest for REMIC I and REMIC II Regular Interests shall accrue on the basis of a 360-day year consisting of twelve 30-day months. 
  
 Uncertificated Notional Amount: With respect to REMIC II Regular Interest MT IO and REMIC III Regular Interest IO and any date of determination,
the Uncertificated Principal Balance of REMIC I Regular Interest LT II for such Payment Date. 
  
 Uncertificated Principal Balance: With respect to any Payment Date and any Regular Interest (other than the Class MT-IO REMIC II Regular Interest and REMIC III Regular Interest A-[IO]), the Class Principal
Balance thereof. The Uncertificated Principal Balance of each REMIC Regular Interest shall never be less than zero. The Class MT-IO REMIC II Regular 

  

 
Interest and REMIC III Regular Interest A-[IO] will not have an Uncertificated Principal Balances. 
  
 Underwriters: [SG Americas Securities, LLC]. 
  
 Underwriting Agreement: The underwriting agreement dated [DATE],
between the Depositor, Seller and the Representative. 
  
 Uniform Single Attestation Program for Mortgage Bankers: The Uniform Single Attestation Program for Mortgage Bankers, as published by the Mortgage Bankers Association of America and effective with respect to fiscal periods ending on
or after December 15, 1995. 
  
 United States Person: A
citizen or resident of the United States, a corporation, partnership or other entity created or organized in, or under the laws of, the United States, any state thereof, or the District of Columbia (except in the case of a partnership, to the extent
provided in Treasury regulations), or an estate that is described in Section 7701(a)(30)(D) of the Code, or a trust that is described in Section 7701(a)(30)(E) of the Code. 
  
 Voting Rights: The portion of the voting rights of the Holders of the Notes allocated to each Class of Notes. 99.00%
of all of the Voting Rights exercisable by the Noteholders shall be allocated among the Classes of Class A Notes (other than the Class A-[IO] Notes) in accordance with their respective outstanding Note Balances and 1.0% of all of the Voting Rights
shall be allocated among the Holders of the Class A-[IO] Notes. Voting Rights shall be allocated among the Holders of a Class of Notes on a pro rata basis in accordance with their respective Percentage Interests. 
  
 Weighted Average Net Loan Rate: For any Payment Date, the weighted
average of the Net Loan Rates of the Mortgage Loans, weighted by the respective Principal Balances of the Mortgage Loans as of the beginning of the related Collection Period.Form of Mortgage Loan Purchase Agreement

 Exhibit 10.1 
  
 SG MORTGAGE SECURITIES, LLC, 
  
 as Purchaser, 
  
 [SELLER], 
  
 as Seller 
  
 [WELLS FARGO], 
  
 as Master Servicer 
  
 [ISSUER], 
  
 as Issuer, 
  
 and 
  
 [INDENTURE TRUSTEE], 
  
 as Indenture Trustee 
  

  
 MORTGAGE LOAN PURCHASE AGREEMENT 
  

  
 Dated as of [DATE]

  

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page

	 ARTICLE I DEFINITIONS
	  	1
			
	 Section 1.1
	  	 Definitions
	  	1
			
	 Section 1.2
	  	 Other Definitional Provisions
	  	2
		
	 ARTICLE II SALE OF MORTGAGE LOANS AND RELATED PROVISIONS
	  	2
			
	 Section 2.1
	  	 Sale of Mortgage Loans
	  	2
			
	 Section 2.2
	  	 Payment of Purchase Price
	  	4
		
	 ARTICLE III REPRESENTATIONS AND WARRANTIES; REMEDIES FOR BREACH
	  	5
			
	 Section 3.1
	  	 Representations and Warranties
	  	5
		
	 ARTICLE IV SELLER’S COVENANTS
	  	11
			
	 Section 4.1
	  	 Covenants of the Seller
	  	11
		
	 ARTICLE V SERVICING
	  	11
			
	 Section 5.1
	  	 Servicing
	  	11
		
	 ARTICLE VI LIMITATION ON LIABILITY OF THE SELLERS
	  	11
			
	 Section 6.1
	  	 Limitation on Liability of the Seller
	  	11
		
	 ARTICLE VII TERMINATION
	  	12
			
	 Section 7.1
	  	 Termination
	  	12
		
	 ARTICLE VIII MISCELLANEOUS PROVISIONS
	  	12
			
	 Section 8.1
	  	 Amendment
	  	12
			
	 Section 8.2
	  	 GOVERNING LAW
	  	12
			
	 Section 8.3
	  	 Notices
	  	12
			
	 Section 8.4
	  	 Severability of Provisions
	  	13
			
	 Section 8.5
	  	 Relationship of Parties
	  	13
			
	 Section 8.6
	  	 Counterparts
	  	13
			
	 Section 8.7
	  	 Further Agreements
	  	13
			
	 Section 8.8
	  	 Intention of the Parties
	  	13
			
	 Section 8.9
	  	 Successors and Assigns; Assignment of this Agreement
	  	14
			
	 Section 8.10
	  	 Survival
	  	14
			
	 Section 8.11
	  	 Third Party Beneficiary
	  	14
			
	 Section 8.12
	  	 No Petition
	  	14

  

 i 

 This Mortgage Loan Purchase Agreement (the “Agreement”), dated as [DATE], is made among
[SELLER], as seller (the “Seller”), [WELLS FARGO], as master servicer (the “Master Servicer”), SG MORTGAGE SECURITIES, LLC, as purchaser (the “Purchaser”), [ISSUER], as issuer (the “Issuer”), and [INDENTURE
TRUSTEE]., as indenture trustee (the “Indenture Trustee”). 
  
 WITNESSETH: 
  
 WHEREAS, the Seller in the ordinary
course of its business acquires and originates home equity loans and acquired or originated all of the home equity loans listed on the Mortgage Loan Schedule attached as Exhibit 1 hereto (the “Mortgage Loans”); 
  
 WHEREAS, the Seller owns the Cut-Off Date Principal Balances and the Related
Documents for the portion of Mortgage Loans identified on the Mortgage Loan Schedule attached as Exhibit 1 hereto (the “Mortgage Loans”), including rights to (a) any property acquired by foreclosure or deed in lieu of foreclosure or
otherwise, and (b) the proceeds of any insurance policies covering the Mortgage Loans; 
  
 WHEREAS, the parties hereto desire that: (i) the Seller sell the Cut-Off Date Principal Balances of the Mortgage Loans to the Purchaser on the Closing Date pursuant to the terms of this Agreement together with the
Related Documents, and (ii) the Seller make certain representations and warranties on the Closing Date; 
  
 WHEREAS, pursuant to the [Trust Agreement], the Purchaser will sell the Mortgage Loans and transfer all of its rights under this Agreement to the Issuer
on the Closing Date; 
  
 WHEREAS, pursuant to the terms of the
Master Servicing Agreement, the Master Servicer will service the Mortgage Loans; 
  
 WHEREAS, pursuant to the terms of the Trust Agreement, the Issuer will issue the Certificates; 
  
 WHEREAS, pursuant to the terms of the Indenture, the Issuer will issue the Notes, secured by the Trust Estate; 
  
 NOW, THEREFORE, in consideration of the mutual covenants herein contained,
the parties hereto agree as follows: 
  
 ARTICLE I 
  
 DEFINITIONS 
  
 Section 1.1 Definitions. For all purposes of this Agreement, except as otherwise expressly provided herein or unless
the context otherwise requires, capitalized terms not otherwise defined herein shall have the meanings assigned to such terms in the Definitions contained in Appendix A to the indenture dated as of [DATE] (the “Indenture”), between the
Issuer and the Indenture Trustee, which is incorporated by reference herein. All other capitalized terms used herein shall have the meanings specified herein. 
  

 1 

 Section 1.2 Other Definitional Provisions. All terms defined in this Agreement shall have the
defined meanings when used in any certificate or other document made or delivered pursuant hereto unless otherwise defined therein. 
  
 As used in this Agreement and in any certificate or other document made or delivered pursuant hereto or thereto, accounting terms not defined in this
Agreement or in any such certificate or other document, and accounting terms partly defined in this Agreement or in any such certificate or other document, to the extent not defined, shall have the respective meanings given to them under generally
accepted accounting principles. To the extent that the definitions of accounting terms in this Agreement or in any such certificate or other document are inconsistent with the meanings of such terms under generally accepted accounting principles,
the definitions contained in this Agreement or in any such certificate or other document shall control. 
  
 The words “hereof,” “herein,” “hereunder” and words of similar import when used in this Agreement shall refer to this
Agreement as a whole and not to any particular provision of this Agreement; Section and Exhibit references contained in this Agreement are references to Sections and Exhibits in or to this Agreement unless otherwise specified; the term
“including” shall mean “including without limitation”; “or” shall include “and/or”; and the term “proceeds” shall have the meaning ascribed thereto in the UCC. 
  
 The definitions contained in this Agreement are applicable to the singular as
well as the plural forms of such terms and to the masculine as well as the feminine and neuter genders of such terms. 
  
 Any agreement, instrument or statute defined or referred to herein or in any instrument or certificate delivered in connection herewith means such
agreement, instrument or statute as from time to time amended, modified or supplemented and includes (in the case of agreements or instruments) references to all attachments thereto and instruments incorporated therein; references to a Person are
also to its permitted successors and assigns. 
  
 ARTICLE II

  
 SALE OF MORTGAGE LOANS AND RELATED PROVISIONS 
  
 Section 2.1 Sale of Mortgage Loans. 
  
 (a) The Seller, by the execution and delivery of this
Agreement, does hereby sell, assign, set over, and otherwise convey to the Purchaser, without recourse, all of its right, title and interest in, to and under the following, and wherever located: (i) the Mortgage Loans (including the Cut-Off Date
Principal Balances), all interest accruing thereon, all monies due or to become due thereon, and all collections in respect thereof received on or after the Cut-Off Date (other than interest thereon in respect of any period prior to the Cut-Off
Date); (ii) the interest of the Seller in any insurance policies in respect of the Mortgage Loans; and (iii) all proceeds of the foregoing. Such conveyance shall be deemed to be made, with respect to the Cut-Off Date Principal Balances, as of the
Closing Date, subject to the receipt by the Seller of consideration therefor as provided herein under clause (a) of Section 2.2. 
  

 2 

 (b) In connection with the conveyance by the Seller of the Mortgage Loans, the Seller
further agrees, at its own expense, on or prior to the Closing Date with respect to the Principal Balances of the Mortgage Loans to indicate in its books and records that the Mortgage Loans have been sold to the Purchaser pursuant to this Agreement,
and to deliver to the Purchaser true and complete lists of all of the Mortgage Loans sold by the Seller specifying for each Mortgage Loan (i) its account number and (ii) its Cut-Off Date Principal Balance. The Mortgage Loan Schedule indicating such
information with respect to the Mortgage Loans sold by the Seller shall be marked as Exhibit 1 to this Agreement and is hereby incorporated into and made a part of this Agreement. 
  
 (c) In connection with the conveyance by the Seller of the Mortgage Loans, the Seller shall, (A) with
respect to each related Mortgage Loan, on behalf of the Purchaser deliver to, and deposit with the Custodian, at least five (5) Business Days before the Closing Date the original Mortgage Notes endorsed or assigned without recourse in blank (which
endorsement shall contain either an original signature or a facsimile signature of an authorized officer of the Seller) or, with respect to any Mortgage Loan as to which the original Mortgage Note has been permanently lost or destroyed and has not
been replaced, a Lost Note Affidavit, and any modification agreement or amendment to such Mortgage Note, and (B) except as provided in clause (A) with respect to the Mortgage Notes, deliver the Mortgage Files to the Master Servicer. 
  
 Within the time period for the review of each Mortgage Note set forth in
[Section 2.2 of the Custodial Agreement], if a material defect in any Mortgage Note is discovered which may materially and adversely affect the value of the related Mortgage Loan, or the interests of the Indenture Trustee (as pledgee of the Mortgage
Loans), the Noteholders, the Certificateholders or the Enhancer in such Mortgage Loan, including the Seller’s failure to deliver the Mortgage Note to the Custodian on behalf of the Indenture Trustee, the Seller shall cure such defect,
repurchase the related Mortgage Loan at the Repurchase Price or substitute an Eligible Substitute Loan therefor upon the same terms and conditions set forth in Section 3.1 hereof for breaches of representations and warranties as to the Mortgage
Loans, provided that the Seller shall have the option to substitute an Eligible Substitute Mortgage Loan or Loans for such Mortgage Loan only if such substitution occurs within two years following the Closing Date. If a material defect in any of the
documents in the Mortgage File held by the Master Servicer is discovered which may materially and adversely affect the value of the related Mortgage Loan, or the interests of the Indenture Trustee (as pledgee of the Mortgage Loans), the Noteholders,
the Certificateholders or the Enhancer in such Mortgage Loan, the Seller shall cure such defect, repurchase the related Mortgage Loan at the Repurchase Price or substitute an Eligible Substitute Loan therefor upon the same terms and conditions set
forth in Section 3.1 hereof for breaches of representations and warranties as to the Mortgage Loans, provided that the Seller shall have the option to substitute an Eligible Substitute Mortgage Loan or Loans for such Mortgage Loan only if such
substitution occurs within two years following the Closing Date. 
  
 Upon sale of the Mortgage Loans, the ownership of each Mortgage Note, each related Mortgage and the contents of the related Mortgage File shall be vested in the Purchaser and the ownership of all records and documents with respect to the
Mortgage Loans that are prepared by or that come into the possession of the Seller or by the Master Servicer shall immediately vest in the Purchaser, and be retained and maintained in trust by the Master Servicer (except for the 

  

 3 

 
Mortgage Notes, which shall be retained by the Custodian), at the will of the Purchaser, in such custodial capacity only. the Master Servicer’s records
will accurately reflect the sale of the Mortgage Loan to the Purchaser. 
  
 The Purchaser hereby acknowledges its acceptance of all right, title and interest to the property conveyed to it pursuant to this Section 2.1. 
  
 (d) The parties hereto intend that the transactions set forth herein constitute a sale by the Seller to the Purchaser of the Seller’s
right, title and interest in and to the Mortgage Loans and other property as and to the extent described above. In the event the transactions set forth herein are deemed not to be a sale, the Seller hereby grants to the Purchaser a security interest
in all of the Seller’s right, title and interest in, to and under all accounts, chattel papers, general intangibles, payment intangibles, contract rights, 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 the Mortgage Loans and such other property, to secure all of the Seller’s obligations hereunder, and this Agreement shall and
hereby does constitute a security agreement under applicable law. The Seller agrees to take or cause to be taken such actions and to execute such documents, including without limitation the filing of any continuation statements with respect to the
UCC-1 financing statements filed with respect to the Mortgage Loans by the Purchaser on the Closing Date, and any amendments thereto required to reflect a change in the name or corporate structure of the Seller or the filing of any additional UCC-1
financing statements due to the change in the principal office or jurisdiction of incorporation of the Seller, as are necessary to perfect and protect the Purchaser’s and its assignees’ interests in each Mortgage Loan and the proceeds
thereof. The Master Servicer shall file any such continuation statements on a timely basis. 
  
 (e) [In connection with the assignment of any Mortgage Loan registered on the MERS® System, the Seller further agrees that it will cause, at the Seller’s own expense,
as soon as practicable after the Closing Date, the MERS® System to indicate that such Mortgage Loans has been assigned by the Seller to the Indenture Trustee in accordance with this Agreement or the Trust Agreement for the benefit of the Noteholders by including (or
deleting, in the case of Mortgage Loans which are repurchased in accordance with this Agreement) in such computer files (a) the code “[IDENTIFY INDENTURE TRUSTEE SPECIFIC CODE]” in the field “[IDENTIFY THE FIELD NAME FOR INDENTURE
TRUSTEE]” which identifies the Indenture Trustee and (b) the code “[IDENTIFY SERIES SPECIFIC CODE NUMBER]” in the field “Pool Field” which identifies the series of the Notes issued in connection with such Mortgage Loans. The
Seller agrees that it will not alter the codes referenced in this paragraph with respect to any Mortgage Loan during the term of this Agreement unless and until such Mortgage Loan is repurchased in accordance with the terms of this Agreement.]

  
 Section 2.2 Payment of Purchase Price. 
  
 (a) The sale of the Mortgage Loans shall take place on the
Closing Date, subject to and simultaneously with the deposit of the Mortgage Loans into the Trust Estate and the issuance of the Securities. The purchase price (the “Purchase Price”) for the Mortgage Loans to be paid by the Purchaser to
the Seller on the Closing Date shall be an amount equal to 

  

 4 

 
$[PURCHASE PRICE] in immediately available funds, together with the Certificates, in respect of the Cut-Off Date Principal Balances thereof. 
  
 (b) In consideration of the sale of the Mortgage Loans by
the Seller to the Purchaser on the Closing Date, the Purchaser shall pay to the Seller on the Closing Date by wire transfer of immediately available funds to a bank account designated by the Seller, the amount specified above in paragraph (a) for
the Mortgage Loans; provided, that such payment may be on a net funding basis if agreed by the Seller and the Purchaser. 
  
 ARTICLE III 
  
 REPRESENTATIONS AND WARRANTIES; 
 REMEDIES FOR BREACH 
  
 Section 3.1 Representations and Warranties. The Seller represents and
warrants to the Purchaser, as of the Closing Date (or if otherwise specified below, as of the date so specified): 
  
 (a) As to the Seller: 
  
 (i) The Seller is a [corporation] duly organized, validly existing and in good standing under the laws of the jurisdiction governing its
creation and existence and is or will be in compliance with the laws of each state in which any Mortgaged Property is located to the extent necessary to ensure the enforceability of each Mortgage Loan; 
  
 (ii) The Seller has the power and authority to make,
execute, deliver and perform its obligations under this Agreement and all of the transactions contemplated under this Agreement and has taken all necessary corporate action to authorize the execution, delivery and performance of this Agreement;

  
 (iii) The Seller is not required to obtain
the consent of any other Person or any consents, licenses, approvals or authorizations from, or registrations or declarations with, any governmental authority, bureau or agency in connection with the execution, delivery, performance, validity or
enforceability of this Agreement, except for such consents, licenses, approvals or authorizations, or registrations or declarations, as shall have been obtained or filed, as the case may be; 
  
 (iv) The execution and delivery of this Agreement by the
Seller and its performance and compliance with the terms of this Agreement will not violate the Seller’s [Certificate of Incorporation or Bylaws] or constitute a material default (or an event which, with notice or lapse of time, or both, would
constitute a material default) under, or result in the material breach of, any material contract, agreement or other instrument to which the Seller is a party or which may be applicable to the Seller or any of its assets; 
  
 (v) No litigation before any court, tribunal or governmental
body is currently pending, or to the knowledge of the Seller threatened, against the Seller or with respect to this Agreement that in the opinion of the Seller has a reasonable likelihood of resulting in a material adverse effect on the transactions
contemplated by this Agreement; 
  

 5 

 (vi) This Agreement to which it is a party, constitutes a legal, valid and binding
obligation of the Seller, enforceable against the Seller in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws now or hereafter in effect
affecting the enforcement of creditors’ rights in general and except as such enforceability may be limited by general principles of equity (whether considered in a proceeding at law or in equity) or by public policy with respect to
indemnification under applicable securities laws; 
  
 (vii) This Agreement constitutes a valid transfer and assignment to the Purchaser of all right, title and interest of the Seller in and to the Mortgage Loans, including the Cut-Off Date Principal Balances with respect to the Mortgage Loans,
all monies due or to become due with respect thereto, and all proceeds of such Cut-Off Date Principal Balances with respect to the Mortgage Loans; and such funds as are from time to time deposited in the Custodial Account (excluding any investment
earnings thereon) as assets of the Trust and all other property specified in the definition of “Trust” as being part of the corpus of the Trust conveyed to the Purchaser by the Seller; and 
  
 (viii) The Seller is not in default with respect to any
order or decree of any court or any order, regulation or demand of any federal, state, municipal or governmental agency, which default might have consequences that would materially and adversely affect the condition (financial or otherwise) or
operations of the Seller or its properties or might have consequences that would materially adversely affect its performance hereunder; 
  
 (b) As to each Mortgage Loan (except as otherwise specified below) as of the Closing Date: 
  
 (i) The information set forth in the Mortgage Loan Schedule
with respect to each Mortgage Loan or the Mortgage Loans is true and correct in all material respects as of the date or dates respecting which such information is initially furnished; 
  
 (ii) With respect to each of the Mortgage Loans (A) the related Mortgage Note and the Mortgage have not been
assigned or pledged, except for any assignment or pledge that has been satisfied and released, (B) immediately prior to such assignment of the Mortgage Loans to the Purchaser the Seller had good title thereto and (C) the Seller is the sole owner and
holder of the Mortgage Loan free and clear of any and all liens, encumbrances, pledges, or security interests (other than, with respect to any Mortgage Loan in a second lien position, the lien of the related first mortgage) of any nature and has
full right and authority, under all governmental and regulatory bodies having jurisdiction over the ownership of the applicable Mortgage Loans, to sell and assign the same pursuant to this Agreement; 
  
 (iii) To the best of the Seller’s knowledge, there is
no valid offset, defense or counterclaim of any obligor under any Mortgage Note or Mortgage; 
  
 (iv) To the best of the Seller’s knowledge, there is no delinquent recording or other tax or fee or assessment lien against any
related Mortgaged Property; 
  
 (v) To the best
of the Seller’s knowledge, there is no proceeding pending or threatened for the total or partial condemnation of the related Mortgaged Property; 
  

 6 

 (vi) To the best of the Seller’s knowledge, there are no mechanics’ or similar
liens or claims which have been filed for work, labor or material affecting the related Mortgaged Property which are, or may be liens prior or equal to, or subordinate with, the lien of the related Mortgage, except liens which are fully insured
against by the title insurance policy referred to in clause (xi); 
  
 (vii) As of the Cut-Off Date, no Mortgage Loan was 30 days or more delinquent in payment of principal or interest; 
  
 (viii) With respect to the Mortgage Loans, the related Mortgage File contains or will contain, in accordance with the definition of
“Mortgage File” in Appendix A to the Indenture, each of the documents and instruments specified to be included therein (it being understood that the Custodian maintains the Mortgage Note related to each Mortgage File and the Master
Servicer maintains the remainder of the items to be included in the Mortgage File pursuant to the terms of this Agreement); 
  
 (ix) To the best of the Seller’s knowledge, each Mortgage Note and each related Mortgage at the time it was made complied in all
material respects with applicable local, state and federal laws; 
  
 (x) A title search or other assurance of title customary in the relevant jurisdiction was obtained with respect to each Mortgage Loan; 
  
 (xi) None of the Mortgaged Properties is a mobile home or a manufactured housing unit that is not
permanently attached to its foundation; 
  
 (xii)
As of the Cut-Off Date, no more than approximately xx%, xx%, xx% and xx% of the Mortgage Loans, by Cut-Off Date Principal Balance, are secured by Mortgaged Properties located in
[            ], [            ], [            ],
and [            ], respectively; 
  
 (xiii) As of the Cut-Off Date, the Combined Loan-to-Value Ratio for each Mortgage Loan was not in excess of xx.xx%; 
  
 (xiv) The Seller has not transferred the Mortgage Loans to
the Purchaser with any intent to hinder, delay or defraud any of its creditors; 
  
 (xv) As of the Cut-Off Date, no more than approximately xx% of the Mortgage Loans, by Cut-Off Date Principal Balance, are secured by
Mortgaged Properties which may have been appraised using a statistical property evaluation method; 
  
 (xvi) Within a loan type, and except as required by applicable law, each Mortgage Note and each Mortgage is an enforceable obligation of
the related Mortgagor; 
  
 (xvii) To the best
knowledge of the Seller, the physical property subject to each Mortgage is free of material damage and is in acceptable repair; 
  

 7 

 (xviii) The Seller has not received a notice of default of any senior mortgage loan
related to a Mortgaged Property which has not been cured by a party other than the Master Servicer; 
  
 (xix) None of the Mortgage Loans is a reverse mortgage loan; 
  
 (xx) No Mortgage Loan has an original term to maturity in excess of 360 months; 
  
 (xxi) All of the Mortgage Loans are fixed rate and are fully
amortizing. As of the Cut-off Date, the Loan Rates on the Mortgage Loans range between xx% per annum and xx% per annum. As of the Cut-Off Date, the weighted average Loan Rate for the Mortgage Loans is approximately xx% per annum. The weighted
average remaining term to stated maturity of the Mortgage Loans as of the Cut-Off Date is approximately xx months; 
  
 (xxii) (A) Each Mortgaged Property consists of a single parcel of real property with a single family or two to four-family residence
erected thereon, or an individual condominium unit, a unit in a planned development or a townhouse; (B) with respect to the Mortgage Loans (a) approximately xx% (by Cut-Off Date Principal Balance) are secured by real property improved by individual
condominium units or a unit in a planned development, (b) approximately xx% (by Cut-Off Date Principal Balance) are secured by real property with a single family residence erected thereon, (c) approximately xx% (by Cut-Off Date Principal Balance)
are secured by real property with a two to four-family residence erected thereon, (d) no mortgage loans are secured by real property with a townhouses erected thereon, and (e) xx% are secured by real property improved by manufactured housing;

  
 (xxiii) As of the Cut-Off Date no Mortgage
Loan had a principal balance in excess of $xx,xxx,xxx; 
  
 (xxiv) Approximately xx% of the Mortgage Loans, by aggregate Principal Balance as of the Cut-Off Date, are secured by second liens; 
  
 (xxv) A policy of hazard insurance and flood insurance, if applicable, was required from the Mortgagor for the Mortgage Loan when the
Mortgage Loan was originated; 
  
 (xxvi) Other
than with respect to a payment default, there is no material default, breach, violation or event of acceleration existing under the terms of any Mortgage Note or Mortgage and, to the best of the Seller’s knowledge, no event which, with notice
and expiration of any grace or cure period, would constitute a material default, breach, violation or event of acceleration under the terms of any Mortgage Note or Mortgage, and no such material default, breach, violation or event of acceleration
has been waived by the Seller involved in originating or servicing the related Mortgage Loan; 
  
 (xxvii) No instrument of release or waiver has been executed by the Seller or, to the best knowledge of the Seller, by any other person,
in connection with the Mortgage Loans, and no Mortgagor has been released by the Seller or, to the best knowledge of the Seller, by any other person, in whole or in part from its obligations in connection therewith; 
  

 8 

 (xxviii) With respect to each Mortgage Loan secured by a second lien, either (a) no
consent for such Mortgage Loan was required by the holder or holders of the related prior lien, (b) such consent has been obtained and is contained in the related Mortgage File, or (c) no consent for such Mortgage Loan was required by relevant law;

  
 (xxix) None of the Mortgage Loans are
“high cost loans”, subject to the Home Ownership and Equity Protection Act of 1994, as amended; 
  
 (xxx) Each Mortgage Loan constitutes a “qualified mortgage” under Section 860G(a)(3)(A) of the Code and Treasury Regulation
Section 1.860G-2(a)(1); 
  
 (xxxi) With respect
to each Mortgage Loan, to the extent permitted by applicable law, the related Mortgage contains a customary provision for the acceleration of the payment of the unpaid Principal Balance of the Mortgage Loan in the event the related Mortgaged
Property is sold without the prior consent of the mortgagee thereunder. 
  
 (c) Remedies. Upon discovery by the Seller or upon notice from the Purchaser, the Enhancer, the Issuer, the Owner Trustee, the Indenture Trustee, the Master Servicer or the Custodian, as applicable, of a breach
of the Seller’s respective representations or warranties in paragraph (a) above that materially and adversely affects the interests of the Securityholders or the Enhancer, as applicable, in any Mortgage Loan, the Seller shall, within 90 days of
its discovery or its receipt of notice of such breach, either (i) cure such breach in all material respects or (ii) to the extent that such breach is with respect to a Mortgage Loan or a Related Document, either (A) repurchase such Mortgage Loan
from the Issuer at the Repurchase Price, or (B) substitute one or more Eligible Substitute Loans for such Mortgage Loan, in each case in the manner and subject to the conditions and limitations set forth below. 
  
 Upon discovery by the Seller or upon notice from the Purchaser, the Enhancer,
the Issuer, the Owner Trustee, the Indenture Trustee, the Master Servicer or the Custodian, as applicable, of a breach of the Seller’s representations or warranties in paragraph (b) above, with respect to any Mortgage Loan, or upon the
occurrence of a Repurchase Event, that materially and adversely affects the interests of the Securityholders, the Enhancer or the Purchaser in such Mortgage Loan (notice of which shall be given to the Purchaser by the Seller, if it discovers the
same), notwithstanding the Seller’s lack of knowledge with respect to the substance of such representation and warranty, the Seller shall, within 90 days after the earlier of its discovery or receipt of notice thereof or, if such breach has the
effect of making the Mortgage Loan fail to be a “qualified mortgage” within the meaning of Section 860G of the Internal Revenue Code, within 90 days after the discovery thereof by the Seller, the Master Servicer, the Enhancer, the Issuer,
the Owner Trustee, the Indenture Trustee or the Purchaser, either cure such breach or Repurchase Event in all material respects or either (i) repurchase such Mortgage Loan from the Issuer at the Repurchase Price, or (ii) substitute one or more
Eligible Substitute Loans for such Mortgage Loan, in each case in the manner and subject to the conditions set forth below, provided that the Seller shall have the option to substitute an Eligible Substitute Mortgage Loan or Loans for such Mortgage
Loan only if such substitution occurs within two years following the Closing Date. The Repurchase Price for any such Mortgage Loan repurchased by the Seller shall be deposited or caused to be deposited by the Master Servicer into the Custodial
Account. Any purchase of a Mortgage Loan due to a Repurchase Event shall be the obligation of the Seller. 
  

 9 

 [In furtherance of the foregoing, if the Seller is not a member of MERS and the Mortgage is registered on
the MERS® System, the Seller, at its own expense
and without any right of reimbursement, shall cause MERS to execute and deliver an assignment of the Mortgage in recordable form to transfer the Mortgage from MERS to the Seller and shall cause such Mortgage to be removed from registration on the
MERS® System in accordance with MERS’ rules
and regulations.] 
  
 In the event that the Seller elects to
substitute an Eligible Substitute Loan or Loans for a Deleted Loan pursuant to this Section 3.1, the Seller shall deliver to the Custodian on behalf of the Issuer, with respect to such Eligible Substitute Loan or Loans, the original Mortgage Note,
endorsed as required under the definition of “Mortgage File” and the Seller shall deliver the other documents required to be part of the Mortgage File to the Master Servicer. No substitution will be made in any calendar month after the
Determination Date for such month. Monthly Payments due with respect to Eligible Substitute Loans in the month of substitution shall not be part of the Trust Estate and will be retained by the Master Servicer and remitted by the Master Servicer to
the Seller on the next succeeding Payment Date, provided that a payment equal to the applicable Monthly Payment for such month in respect of the Deleted Loan has been received by the Issuer. For the month of substitution, distributions to the Note
Payment Account pursuant to the Master Servicing Agreement will include the Monthly Payment due on a Deleted Loan for such month and thereafter the Seller shall be entitled to retain all amounts received in respect of such Deleted Loan. The Master
Servicer shall amend or cause to be amended the Mortgage Loan Schedule to reflect the removal of such Deleted Loan and the substitution of the Eligible Substitute Loan or Loans and the Master Servicer shall deliver the amended Mortgage Loan Schedule
to the Owner Trustee, the Indenture Trustee and the Enhancer. Upon such substitution, the Eligible Substitute Loan or Loans shall be subject to the terms of this Agreement and the Master Servicing Agreement in all respects, the Seller shall be
deemed to have made the representations and warranties with respect to the Eligible Substitute Loan contained herein set forth in Section 3.1(b) (other than clauses (xii), (xxi), (xxii)(B), (xxiii) and (xxiv) thereof) and the Seller shall be deemed
to have made a representation and warranty that each Mortgage Loan so substituted is an Eligible Substitute Loan as of the date of substitution. In addition, the Seller shall be obligated to repurchase or substitute for any Eligible Substitute Loan
as to which a Repurchase Event has occurred as provided herein. In connection with the substitution of one or more Eligible Substitute Loans for one or more Deleted Loans, the Master Servicer shall determine the amount (such amount, a
“Substitution Adjustment Amount”), if any, by which the aggregate principal balance of all such Eligible Substitute Loans as of the date of substitution is less than the aggregate principal balance of all such Deleted Loans (after
application of the principal portion of the Monthly Payments due in the month of substitution that are to be distributed to the Note Payment Account in the month of substitution). The Seller shall deposit the amount of such shortfall into the
Custodial Account on the date of substitution, without any reimbursement therefor. 
  
 Upon receipt by the Indenture Trustee on behalf of the Issuer and the Custodian of written notification, signed by a Servicing Officer, of the deposit of such Repurchase Price or of such substitution of an Eligible
Substitute Loan (together with the complete related Mortgage File) and deposit of any applicable Substitution Adjustment Amount as provided above, the Custodian, on behalf of the Indenture Trustee, shall (i) release to the Seller the related
Mortgage Note for the Mortgage Loan being repurchased or substituted for, (ii) cause the Master Servicer 

  

 10 

 
to release to the Seller any remaining documents in the related Mortgage File which are held by the Master Servicer, and (iii) the Indenture Trustee on
behalf of the Issuer shall execute and deliver such instruments of transfer or assignment prepared by the Master Servicer, in each case without recourse, as shall be necessary to vest in the Seller or its respective designee such Mortgage Loan
released pursuant hereto and thereafter such Mortgage Loan shall not be an asset of the Issuer. 
  
 It is understood and agreed that the obligation of the Seller to cure any breach, or to repurchase or substitute for any Mortgage Loan as to which such a
breach has occurred and is continuing, shall constitute the sole remedy respecting such breach available to the Purchaser, the Issuer, the Certificateholders (or the Owner Trustee on behalf of the Certificateholders) and the Noteholders (or the
Indenture Trustee on behalf of the Noteholders) against the Seller. 
  
 It is understood and agreed that the representations and warranties set forth in this Section 3.1 shall survive delivery of the respective Mortgage Files to the Issuer or the Custodian. 
  
 ARTICLE IV 
  
 SELLER’S COVENANTS 
  
 Section 4.1 Covenants of the Seller. The Seller, in its capacity as the Seller, hereby covenants that, except for the transfer hereunder it will
not sell, pledge, assign or transfer to any other Person, or grant, create, incur or assume any Lien on any Mortgage Loan, or any interest therein. The Seller shall notify the Issuer, as assignee of the Purchaser, of the existence of any Lien (other
than as provided above) on any Mortgage Loan immediately upon discovery thereof; and the Seller shall defend the right, title and interest of the Issuer (in the case of the Mortgage Loans, as assignee of the Purchaser) in, to and under the Mortgage
Loans against all claims of third parties claiming through or under the Seller; provided, however, that nothing in this Section 4.1 shall be deemed to apply to any Liens for municipal or other local taxes and other governmental charges if
such taxes or governmental charges shall not at the time be due and payable or if the Seller shall currently be contesting the validity thereof in good faith by appropriate Proceedings. 
  
 ARTICLE V 
  
 SERVICING 
  
 Section 5.1 Servicing. [WELLS FARGO], in its capacity as the Master Servicer, shall service the Mortgage Loans pursuant to the terms and conditions
of the Master Servicing Agreement and the Program Guide and shall service the Mortgage Loans directly or through one or more Subservicers in accordance therewith. 
  
 ARTICLE VI 
  
 LIMITATION ON LIABILITY OF THE SELLERS 
  
 Section 6.1 Limitation on Liability of the Seller. None of the directors, officers, employees or agents of the Seller shall be under any liability
to the Purchaser or the Issuer, it 

  

 11 

 
being expressly understood that all such liability is expressly waived and released as a condition of, and as consideration for, the execution of this
Agreement. Except as and to the extent expressly provided in the Master Servicing Agreement, the Seller shall not be under any liability to the Issuer, the Owner Trustee, the Indenture Trustee or the Securityholders. The Seller, and any director,
officer, employee or agent of the Seller, may rely in good faith on any document of any kind prima facie properly executed and submitted by any Person respecting any matters arising hereunder. 
  
 ARTICLE VII 
  
 TERMINATION 
  
 Section 7.1 Termination. The obligations and responsibilities of the parties hereto shall terminate upon the termination of the Trust Agreement.

  
 ARTICLE VIII 
  
 MISCELLANEOUS PROVISIONS 
  
 Section 8.1 Amendment. This Agreement may be amended from time to time
by the parties hereto by written agreement with the prior written consent of the Enhancer (which consent shall not be unreasonably withheld), provided that the Master Servicer, the Indenture Trustee and the Enhancer shall have received an Opinion of
Counsel to the effect that such amendment will not result in an Adverse REMIC Event. 
  
 Section 8.2 GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE CONFLICTS OF LAWS PRINCIPLES THEREOF OR OF ANY OTHER
JURISDICTION (EXCEPT SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATION LAW) AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
  
 Section 8.3 Notices. All demands, notices and communications hereunder
shall be in writing and shall be deemed to have been duly given if personally delivered at or mailed by registered mail, postage prepaid, addressed as follows: 
  

	 	(i)	if to the Seller: 

  
 [SELLER NAME AND ADDRESS] 
  

	 	(ii)	if to the Purchaser: 

  
 SG MORTGAGE SECURITIES, LLC 
 [ADDRESS]

  

 12 

	 	(iii)	if to the Indenture Trustee: 

  
 [INDENTURE TRUSTEE NAME AND ADDRESS] 
  

	 	(iv)	if to the Issuer: 

  
 c/o; or 
  

	 	(v)	if to the Enhancer: 

  
 [ENHANCER NAME AND ADDRESS] 
  

	 	(vi)	if to the Master Servicer 

  
 [WELLS FARGO] [NAME AND ADDRESS] 
  
 or, with respect to any of the foregoing Persons, at such other address as may hereafter be furnished to the other foregoing Persons in writing. 
  
 Section 8.4 Severability of Provisions. If any one or more of the
covenants, agreements, provisions or terms of this Agreement shall be held invalid for any reason whatsoever, then such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions or
terms of this Agreement and shall in no way affect the validity of enforceability of the other provisions of this Agreement. 
  
 Section 8.5 Relationship of Parties. Nothing herein contained shall be deemed or construed to create a partnership or joint venture among the
parties hereto, and the services of the Seller shall be rendered as an independent contractor and not as agent for the Purchaser. 
  
 Section 8.6 Counterparts. This Agreement may be executed in any number of counterparts, each of which, when so executed, shall be deemed to be an
original and such counterparts, together, shall constitute one and the same agreement. 
  
 Section 8.7 Further Agreements. The parties hereto each agree to execute and deliver to the other such additional documents, instruments or agreements as may be necessary or appropriate to effectuate the
purposes of this Agreement. 
  
 Section 8.8 Intention of the
Parties. It is the intention of the parties hereto that the Purchaser will be purchasing on the Closing Date, and the Seller will be selling on the Closing Date, the Mortgage Loans, rather than the Purchaser providing a loan to the Seller
secured by the Mortgage Loans on the Closing Date. Accordingly, the parties hereto each intend to treat this transaction for federal income tax purposes as (i) a sale by the Seller, and (ii) a purchase by the Purchaser, of the Mortgage Loans on the
Closing Date. The Purchaser and the Issuer shall each have the right to review the Mortgage Loans and the Related Documents to determine the characteristics of the Mortgage Loans which will affect the federal income tax consequences of owning the
Mortgage Loans, and the Seller shall cooperate with all reasonable requests made by the Purchaser or the Issuer in the course of such review. 
  

 13 

 Section 8.9 Successors and Assigns; Assignment of this Agreement. 
  
 (a) This Agreement shall bind and inure to the benefit of
and be enforceable by the parties hereto and their respective permitted successors and assigns. The obligations of the Seller under this Agreement cannot be assigned or delegated to a third party without the consent of the Enhancer and the Purchaser
which consent shall be at the Purchaser’s sole discretion; provided, that the Seller may assign its obligations hereunder to any Affiliate, to any Person succeeding to the business of the Seller, to any Person into which the Seller is merged
and to any Person resulting from any merger, conversion or consolidation to which the Seller is a party. The parties hereto acknowledge that the Purchaser is acquiring the Mortgage Loans for the purpose of contributing them to the Issuer.

  
 (b) As an inducement to the Purchaser and the
Issuer to purchase the Mortgage Loans, the Seller acknowledges and consents to (i) the assignment by the Purchaser to the Issuer of all of the Purchaser’s rights against the Seller pursuant to this Agreement insofar as such rights relate to the
Mortgage Loans transferred to the Issuer and to the enforcement or exercise of any right or remedy against the Seller pursuant to this Agreement by the Issuer, (ii) the enforcement or exercise of any right or remedy against the Seller pursuant to
this Agreement by or on behalf of the Issuer and (iii) the Issuer’s pledge of its interest in this Agreement to the Indenture Trustee and the enforcement by the Indenture Trustee of any such right or remedy against the Seller following an Event
of Default under the Indenture. Such enforcement of a right or remedy by the Issuer, the Owner Trustee, the Enhancer or the Indenture Trustee, as applicable, shall have the same force and effect as if the right or remedy had been enforced or
exercised by the Purchaser or the Issuer directly. 
  
 Section
8.10 Survival. The representations and warranties made herein by the Seller and the provisions of Article VI hereof shall survive the purchase of the Mortgage Loans hereunder. 
  
 Section 8.11 Third Party Beneficiary. The Enhancer shall be a third party beneficiary hereof and shall be entitled to
enforce the provisions of this Agreement as if a party hereto. 
  
 Section 8.12 No Petition. The Seller, the Master Servicer, the Issuer and the Indenture Trustee, by entering into this Agreement, and the Enhancer, by accepting the benefit of this Agreement, hereby covenant and agree that they will
not at any time institute against the Purchaser or the Issuer, or join in any institution against the Purchaser or the Issuer of, any bankruptcy Proceedings under any United States federal or state bankruptcy or similar law in connection with any
obligations to the Certificates, the Notes, or any of the other Basic Documents. 
  

 14 

 IN WITNESS WHEREOF, the parties hereto have caused their names to be signed to this Mortgage Loan
Purchase Agreement by their respective officers thereunto duly authorized as of the day and year first above written. 
  

			
	 SG MORTGAGE SECURITIES, LLC
as Purchaser

		
	 By:
	 	 
	 Name:
	 	 
	 Title:
	 	 

  

			
	 [SELLER],
as Seller

		
	 By:
	 	 
	 Name:
	 	 
	 Title:
	 	 

  

			
	 [ISSUER],
as Issuer

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

  

			
		
	 By:
	 	 
	 Name:
	 	 
	 Title:
	 	 

  

			
	 [WELLS FARGO]
as Master Servicer

		
	 By:
	 	 
	 Name:
	 	 
	 Title:
	 	 

  
 Mortgage Loan
Purchase Agreement 
  

 S-1 

			
	 [INDENTURE TRUSTEE]
as Indenture Trustee

		
	By:	 	 
	 Name:
	 	 
	 Title:
	 	 

  
 Mortgage Loan
Purchase Agreement 
  

 S-2

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