Document:

Unassociated Document

    

      Exhibit
        4.4

       

      FORM
        OF

       

      TRUST
        AGREEMENT

      
 

      among

      

      TBALT
        CORP.

      as
        Depositor,

       

      [    
        ],

      as
        Owner
        Trustee

      

      and

      

      [    
        ],

      as
        Securities Administrator

      

      Dated
        as
        of [     ]

      

      TBW
        MORTGAGE TRUST [     ]

      Mortgage
        Backed Notes

      
        
          
          

        

        
          
          

          
            

          

        

         

      

      

      TABLE
        OF
        CONTENTS

      

      
        	 	 	
                Page

              
	 	 	 
	
                ARTICLE
                  I

                DEFINITIONS

              
	 	 	 
	
                Section
                  1.01. Definitions

              	 	
                1

              
	
                Section
                  1.02. Other Definitional Provisions

              	 	
                4

              
	 	 	 
	
                ARTICLE
                  II

                ORGANIZATION

              
	 
	
                Section
                  2.01. Name

              	 	
                5

              
	
                Section
                  2.02. Office

              	 	
                5

              
	
                Section
                  2.03. Purpose and Powers

              	 	
                5

              
	
                Section
                  2.04. Appointment of the Owner Trustee

              	 	
                6

              
	
                Section
                  2.05. Initial Capital Contribution; Declaration of Trust

              	 	
                6

              
	
                Section
                  2.06. Initial Beneficiary

              	 	
                6

              
	
                Section
                  2.07. Liability of the Holder of the Ownership Certificate

              	 	
                7

              
	
                Section
                  2.08. Situs of Trust

              	 	
                7

              
	
                Section
                  2.09. Title to Trust Property

              	 	
                7

              
	
                Section
                  2.10. Representations and Warranties of the Depositor

              	 	
                7

              
	
                Section
                  2.11. Investment Company

              	 	
                9

              
	 
	
                ARTICLE
                  III

                THE
                  OWNERSHIP CERTIFICATE AND TRANSFERS OF INTERESTS

              
	 
	
                Section
                  3.01. The Ownership Certificate

              	 	
                9

              
	
                Section
                  3.02. Execution, Authentication and Delivery of the Ownership
                  Certificate

              	 	
                9

              
	
                Section
                  3.03. Registration of and Limitations on Transfers and Exchanges
                  of the
                  Ownership Certificate

              	 	
                9

              
	
                Section
                  3.04. Lost, Stolen, Mutilated or Destroyed Ownership
                  Certificate

              	 	
                12

              
	
                Section
                  3.05. Persons Deemed Certificateholders

              	 	
                12

              
	
                Section
                  3.06. Access to List of Certificateholders’ Names and
                  Addresses

              	 	
                12

              
	
                Section
                  3.07. Maintenance of Office or Agency

              	 	
                12

              
	
                Section
                  3.08. Certificate Paying Agent

              	 	
                13

              
	 
	
                ARTICLE
                  IV

                APPLICATION
                  OF TRUST FUNDS; CERTAIN DUTIES

              
	 
	
                Section
                  4.01. Certificate Distribution Account

              	 	
                14

              
	
                Section
                  4.02. Application of Trust Funds

              	 	
                15

              
	
                Section
                  4.03. Method of Payment

              	 	
                15

              
	
                Section
                  4.04. Segregation of Moneys; No Interest

              	 	
                15

              

      

       

       

      
        
          
          

        

        
          i

          
            

          

        

        
          
          

        

      

       

       

      
        	
                ARTICLE
                  V

                AUTHORITY
                  AND DUTIES OF THE OWNER TRUSTEE; ACTION BY 

                CERTIFICATEHOLDERS

              
	 	 	 
	
                Section
                  5.01. General Authority

              	 	
                16

              
	
                Section
                  5.02. General Duties

              	 	
                16

              
	
                Section
                  5.03. Action Upon Instruction

              	 	
                16

              
	
                Section
                  5.04. No Duties Except as Specified under Specified Documents or
                  in
                  Instructions

              	 	
                17

              
	
                Section
                  5.05. Restrictions

              	 	
                17

              
	
                Section
                  5.06. Prior Notice to the Holder with Respect to Certain Matters;
                  Separateness Covenants

              	 	
                18

              
	
                Section
                  5.07. Action by the Holder with Respect to Bankruptcy

              	 	
                20

              
	
                Section
                  5.08. Restrictions on the Holder’s Power

              	 	
                20

              
	 
	
                ARTICLE
                  VI

                CONCERNING
                  THE OWNER TRUSTEE

              
	 
	
                Section
                  6.01. Acceptance of Trusts and Duties

              	 	
                20

              
	
                Section
                  6.02. Furnishing of Documents

              	 	
                21

              
	
                Section
                  6.03. Books and Records

              	 	
                22

              
	
                Section
                  6.04. Representations and Warranties

              	 	
                22

              
	
                Section
                  6.05. Reliance; Advice of Counsel

              	 	
                23

              
	
                Section
                  6.06. Not Acting in Individual Capacity

              	 	
                24

              
	
                Section
                  6.07. Owner Trustee Not Liable for Ownership Certificate or
                  Collateral

              	 	
                24

              
	
                Section
                  6.08. Owner Trustee May Own Ownership Certificate and
                  Notes

              	 	
                25

              
	
                Section
                  6.09. Licenses

              	 	
                25

              
	
                Section
                  6.10. Doing Business in Other Jurisdictions

              	 	
                25

              
	Section
                6.11. Owner
                Trustee Reporting Requirements of the Commission	 	
                25

              
	 
	
                ARTICLE
                  VII

                INDEMNIFICATION
                  AND COMPENSATION

              
	 
	
                Section
                  7.01. Trust Expenses

              	 	
                26

              
	
                Section
                  7.02. Indemnification

              	 	
                26

              
	
                Section
                  7.03. Compensation

              	 	
                27

              
	
                Section
                  7.04. Lien on Trust Estate

              	 	
                27

              
	 
	
                ARTICLE
                  VIII

                TERMINATION
                  OF AGREEMENT

              
	 
	
                Section
                  8.01. Termination of Agreement

              	 	
                27

              
	 
	
                ARTICLE
                  IX

                SUCCESSOR
                  OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES

              
	 
	
                Section
                  9.01. Eligibility Requirements for Owner Trustee

              	 	
                28

              
	
                Section
                  9.02. Resignation or Removal of Owner Trustee

              	 	
                28

              
	
                Section
                  9.03. Successor Owner Trustee

              	 	
                29

              
	
                Section
                  9.04. Merger or Consolidation of Owner Trustee

              	 	
                30

              

      

       

       

      
        
          
          

        

        
          ii

          
            

          

        

        
          
          

        

      

       

       

      
        	
                Section
                  9.05. Appointment of Co-Trustee or Separate Trustee

              	 	
                30

              
	 
	
                ARTICLE
                  X

                MISCELLANEOUS

              
	 
	
                Section
                  10.01. Supplements and Amendments

              	 	
                31

              
	
                Section
                  10.02. No Legal Title to Trust Estate in Holder

              	 	
                32

              
	
                Section
                  10.03. Pledge of Collateral by Owner Trustee is Binding

              	 	
                33

              
	
                Section
                  10.04. Limitations on Rights of Others

              	 	
                33

              
	
                Section
                  10.05. Notices

              	 	
                33

              
	
                Section
                  10.06. Severability

              	 	
                33

              
	
                Section
                  10.07. Separate Counterparts

              	 	
                33

              
	
                Section
                  10.08. Successors and Assigns

              	 	
                33

              
	
                Section
                  10.09. Headings

              	 	
                34

              
	
                Section
                  10.10. Governing Law

              	 	
                34

              
	
                Section
                  10.11. No Petition

              	 	
                34

              
	
                Section
                  10.12. No Recourse

              	 	
                34

              
	
                Section
                  10.13.
                  Reporting Requirements of the Commission and
                  Indemnification

              	 	
                34

              
	 	 	 
	
                ARTICLE
                  XI

                OFFICERS

              
	 	 	 
	
                Section
                  11.01. Appointment of Officers

              	 	
                35

              
	
                Section
                  11.02. Officers to Provide Information to the Owner
                  Trustee

              	 	
                35

              

      

       

      EXHIBITS:

      

      
        	
                Exhibit
                  A

              	
                Form
                  of Ownership Certificate

              
	
                Exhibit
                  B

              	
                Form
                  of Certificate of Trust

              
	
                Exhibit
                  C

              	
                Form
                  of Rule 144A Investment Letter

              
	
                Exhibit
                  D

              	
                Owner
                  Trustee Fee Letter Agreement

              

      

      

      
        
          
          

        

        
          iii

          
            

          

        

         

      

      This
        TRUST AGREEMENT dated as of [     ], is by and among TBALT
        CORP., a Delaware corporation (the “Depositor”), [     ], as
        owner trustee (the “Owner Trustee”) and [     ], as
        securities administrator (the “Securities Administrator”).

       

      WHEREAS,
        pursuant to the Transfer and Servicing Agreement entered into simultaneously
        with this Trust Agreement, Depositor intends to sell, transfer and assign
        to a
        Delaware statutory trust created hereunder certain Mortgage Loans and related
        assets (collectively, the “Collateral”), which statutory trust would then pledge
        such Collateral under an indenture in order to secure the issuance of the
        TBW
        Mortgage Trust [     ] Mortgage-Backed Notes (the “Notes”),
        the net proceeds of which would be applied toward the purchase of the
        Collateral.

       

      WHEREAS,
        the Depositor, the Owner Trustee and the Securities Administrator desire
        to
        enter into this Agreement in order to effect the foregoing.

       

      NOW
        THEREFORE, in consideration of the premises and mutual agreements herein
        contained, the parties hereto hereby agree as follows:

       

      ARTICLE
        I

      DEFINITIONS

       

      Section
        1.01. Definitions. For
        all
        purposes of this Agreement, the following terms shall have the meanings set
        forth below. 

       

      Actual
        Knowledge:
        With
        respect to the Owner Trustee, any officer within the Corporate Trust Office
        of
        the Owner Trustee responsible for administering the Trust hereunder, or under
        the Operative Agreements, who has actual knowledge of an action taken or
        an
        action not taken with regard to the Trust. Actions taken or actions not taken
        of
        which the Owner Trustee should have had knowledge, or has constructive
        knowledge, do not meet the definition of Actual Knowledge hereunder. With
        respect to the Securities Administrator, any Responsible Officer of the
        Securities Administrator who has actual knowledge of an action taken or an
        action not taken with regard to the Trust.

       

      Agreement
        or Trust Agreement:
        This
        Trust Agreement and any amendments or modifications hereof.

       

      Authorized
        Officer:
        With
        respect to the Trust, any officer of the Owner Trustee who is authorized
        to act
        for the Owner Trustee in matters relating to the Trust 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) and, so long as the Administration Agreement is
        in
        effect, any Vice President, Assistant Vice President, Trust Officer, or more
        senior officer of the Securities Administrator who is authorized to act for
        the
        Securities Administrator in matters relating to the Trust and to be acted
        upon
        by the Securities Administrator pursuant to the Administration Agreement
        and who
        is identified on the list of Authorized Officers delivered by the Securities
        Administrator to the Indenture Trustee on the Closing Date (as such list
        may be
        modified or supplemented from time to time thereafter).

       

      Bank:
        [     ] in its individual capacity and not as Owner Trustee
        under this Agreement.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      Certificate:
        Any
        Ownership Certificate issued pursuant to this Agreement.

       

      Certificate
        Distribution Account:
        The
        certificate distribution account maintained by or on behalf of the Securities
        Administrator for the benefit of the Trust
        and
        the Certificateholders pursuant to Section 4.01.

       

      Certificate
        of Trust:
        The
        Certificate of Trust to be filed by the Owner Trustee for the Trust pursuant
        to
        Section 3810(a) of the Delaware Trust Statute in the form of Exhibit B
        hereto.

       

      Certificate
        Paying Agent:
        [Initially, the Securities Administrator, in its capacity as Certificate
        Paying
        Agent, or any successor to the Securities Administrator in such
        capacity].

       

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

       

      Certificate
        Registrar:
        [Initially, the Securities Administrator, in its capacity as Certificate
        Registrar, or any successor to the Securities Administrator in such
        capacity].

       

      Certificateholder
        or Holder:
        The
        Person in whose name an Ownership Certificate is registered in the Certificate
        Register.

       

      Collateral:
        As
        defined in the Indenture.

       

      Corporate
        Trust Office:
        With
        respect to (i) the Owner Trustee, the principal corporate trust office of
        the
        Owner Trustee located at [     ], or at such other address
        in the State of [Delaware] as the Owner Trustee may designate by notice to
        the
        Securities Administrator and the Certificateholder, or the principal corporate
        trust office of any successor Owner Trustee (the address (which shall be
        in the
        State of [Delaware]) of which the successor owner trustee will notify the
        Securities Administrator and the Certificateholder); (ii) the Securities
        Administrator, the principal corporate trust office of the Securities
        Administrator at which, at any particular time, its corporate trust business
        shall be administered, which office at the date hereof for purposes of transfers
        and exchanges and for presentment and surrender of the Ownership Certificate
        and
        for payment thereof is located at [     ]; and (iii) the
        Certificate Registrar, the principal office of the Certificate Registrar
        at
        which at any particular time its corporate trust business shall be administered,
        [which office at the date of execution of this Agreement is located at the
        Corporate Trust Office of the Securities Administrator], or at such other
        address as the Certificate Registrar may designate from time to time by notice
        to the Securityholders and the Trust, or the principal corporate trust office
        of
        any successor Certificate Registrar at the address designated by such successor
        Certificate Registrar by notice to the Securityholders and the
        Trust.

       

      Delaware
        Trust Statute:
        Chapter
        38 of Title 12 of the Delaware Code, 12 Del.C. Section 3801 et
        seq.,
        as the
        same may be amended from time to time.

       

      Depositor:
        TBALT
        Corp., a Delaware corporation.

       

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

       

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

       

      Indenture:
        The
        indenture dated as of [     ], among the Issuer, the
        Indenture Trustee and the Securities Administrator, as such may be amended
        or
        supplemented from time to time.

       

      Indenture
        Trustee:
        [     ], not in its individual capacity but solely as
        Indenture Trustee, or any successor in interest.

       

      Initial
        Holder:
        [TBALT
        Corp.], or any successor in interest.

       

      Liabilities:
        The
        meaning specified in Section 7.02.

       

      Master
        Servicer:
        [     ], or any successor in interest.

       

      Net
        Proceeds from the Notes:
        The
        proceeds received by the Trust from time to time from the issuance and sale
        of
        its Notes, less the costs and expenses incurred in connection with the issuance
        and sale of such Notes.

       

      Non-U.S.
        Person:
        Any
        person other than a “United States person” as defined in Section 7701(a)(30) of
        the Code.

       

      Officer:
        Those
        officers of the Trust referred to in Article XI.

       

      Opinion
        of Counsel:
        One or
        more written opinions of counsel who may, except as otherwise expressly provided
        in this Agreement, be employees of or counsel to the Depositor and who shall
        be
        satisfactory to the Owner Trustee and the Securities Administrator, which
        opinion shall be addressed to the Owner Trustee and the Securities
        Administrator. 

       

      Ownership
        Certificate:
        An
        equity certificate representing a 100% undivided beneficial interest in the
        Trust in substantially the form annexed hereto as Exhibit A.

       

      Owner
        Trustee:
        [     ], and any successor in interest, not in its
        individual capacity, but solely as owner trustee under the Trust
        Agreement.

       

      Percentage
        Interest:
        With
        respect to any Ownership Certificate, the percentage set forth on the face
        thereof.

       

      Proposer:
        The
        Certificateholder making a written request pursuant to Section
        5.07.

       

      Prospective
        Holder:
        Each
        prospective purchaser and any subsequent transferee of the Ownership
        Certificate.

       

      Responsible
        Officer:
        With
        respect to (i) the Owner Trustee, any officer within the Corporate Trust
        Office
        of the Owner Trustee with direct responsibility for the administration of
        the
        Trust 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; and (ii) the Securities Administrator, any
        officer
        within the Corporate Trust Office of the Securities Administrator with direct
        responsibility for the administration of the Trust 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.

       

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

       

      Secretary
        of State:
        The
        Secretary of State of the State of Delaware.

       

      Securities
        Administrator:
        [     ], or any successor in interest.

       

      Seller:
        [Taylor, Bean & Whitaker Mortgage Corp.]

       

      Single
        Certificate:
        An
        Ownership Certificate representing a 100% Percentage Interest.

       

      Transfer
        and Servicing Agreement:
        The
        Transfer and Servicing Agreement dated as of [     ], by and
        among the Trust, as Issuer, TBALT Corp., as Depositor, [Taylor, Bean &
Whitaker Mortgage Corp.], as Seller and as [a] servicer (in such capacity,
        [the/a] “Servicer”), [     ] as master servicer (in such
        capacity, the “Master Servicer”) and as securities administrator (in such
        capacity, the “Securities Administrator”)[, [     ], as a
        servicer (in such capacity, a “Servicer” and together with [Taylor, Bean &
Whitaker Mortgage Corp.], the “Servicers”)] and [     ], as
        Indenture Trustee, as such may be amended or supplemented from time to
        time.

       

      Trust:
        The
        trust established pursuant to this Agreement which shall carry on its business
        operations under the name of “TBW Mortgage Trust [    
].”

       

      Section
        1.02. Other Definitional Provisions.

       

      Capitalized
        terms used herein and not defined herein shall have the same meanings assigned
        to them in the Transfer and Servicing Agreement or in the Indenture, as
        applicable.

       

      (a) 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.

       

      (b) 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.

       

      (c) 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; and the term “including” shall mean “including without
        limitation.”

       

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

       

      (d) 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.

       

      (e) Any
        agreement, instrument or statute defined or referred to herein or in any
        instrument or certificate delivered in connection herewith means such agreement,
        instrument or statute as from time to time amended, modified or supplemented
        and
        includes (in the case of agreements or instruments) references to all
        attachments thereto and instruments incorporated therein; references to a
        Person
        are also to its permitted successors and assigns.

       

      ARTICLE
        II

      ORGANIZATION

       

      Section
        2.01. Name. The
        trust
        established under this Agreement shall be referred to as “TBW Mortgage Trust
        [     ]” in which name the Owner Trustee and the Officers
        may conduct the activities contemplated hereby, including the making and
        executing of contracts and other instruments on behalf of the Trust and sue
        and
        be sued.

       

      Section
        2.02. Office. The
        principal office of the Trust shall be in care of the Owner Trustee, at its
        Corporate Trust Office. The Trust shall also have an office in care of the
        Securities Administrator at its Corporate Trust Office.

       

      Section
        2.03. Purpose
        and Powers. The
        Trust
        shall have the power and authority to engage in any of the following
        activities:

       

      [to
        be
        modified as applicable]

       

      (a) to
        issue
        one or more Classes of Notes from time to time pursuant to the Indenture
        and the
        Ownership Certificate pursuant to this Agreement and to sell, transfer and
        exchange such Notes and such Ownership Certificate;

       

      (b) with
        the
        proceeds of the sale of the Notes and the Ownership Certificate, to pay the
        organizational, start-up and transactional expenses of the Trust and to pay
        the
        balance of the Net Proceeds from the Notes to the Depositor in consideration
        of
        the transfer to the Trust of the Collateral;

       

      (c) to
        assign, grant, transfer, pledge, mortgage and convey the Trust Estate pursuant
        to the Indenture and to hold, manage and distribute to the Certificateholder
        pursuant to the terms of the Transfer and Servicing Agreement any portion
        of the
        Collateral released from the lien of, and remitted to the Trust pursuant
        to, the
        Indenture; 

       

      (d) to
        enter
        into and perform its obligations under the Operative Agreements [and any
        Cap
        Agreement to which it is to be a party];

       

      (e) to
        engage
        in those activities, including entering into agreements, that are necessary,
        suitable or convenient to accomplish the foregoing or are incidental thereto
        or
        connected therewith; and

       

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

       

      (f) subject
        to compliance with the Operative Agreements, to engage in such other activities
        as may be required in connection with conservation of the Trust Estate and
        the
        making of distributions and payments to the Certificateholders and the
        Noteholders.

       

      The
        Trust
        is hereby authorized to engage in the foregoing activities. The Trust shall
        not
        engage in any activity other than in connection with the foregoing or other
        than
        as required or authorized by the terms of this Agreement or the Operative
        Agreements.

       

      Section
        2.04. Appointment
        of the Owner Trustee. The
        Depositor hereby appoints the Bank to act as owner trustee (the “Owner Trustee”)
        of the Trust effective as of the date hereof to have all the rights, powers
        and
        duties set forth herein with respect to accomplishing the purposes of the
        Trust.

       

      The
        Owner
        Trustee is hereby authorized to execute this Agreement, the Indenture, the
        Administration Agreement, the Transfer and Servicing Agreement and any other
        Operative Agreement on behalf of the Trust. The Owner Trustee is hereby
        authorized to take all actions required or permitted to be taken by it in
        accordance with the terms of this Agreement.

       

      Section
        2.05. Initial Capital Contribution; Declaration of Trust.

       

      (a) The
        Depositor hereby sells, assigns, transfers, conveys and sets over to the
        Trust,
        as of the date hereof, the sum of $1. The Owner Trustee hereby acknowledges
        receipt in trust from the Depositor, as of the Closing Date, of the foregoing
        contribution which shall constitute the initial corpus of the Trust Estate
        and
        shall be deposited in the Certificate Distribution Account. The Depositor
        shall
        pay organizational expenses of the Trust as they may arise or shall, upon
        the
        request of the Owner Trustee, promptly reimburse the Owner Trustee for any
        such
        expenses paid by the Owner Trustee.

       

      (b) The
        Owner
        Trustee hereby declares that it will hold the Trust Estate in trust upon
        and
        subject to the conditions set forth herein for the use and benefit of the
        Certificateholders, subject to the obligations of the Trust under the Operative
        Agreements. It is the intention of the parties hereto that the Trust constitute
        a statutory trust under the Delaware Trust Statute and that this Agreement
        constitute the governing instrument of such statutory trust. It is the intention
        of the parties hereto that, solely for federal, state and local income and
        franchise tax purposes the Trust shall be treated as a Grantor Trust, with
        the
        assets of the Trust being the Mortgage Loans and other assets held by the
        Trust
        and the Notes being non-recourse debt of the Owner(s). The parties agree
        that,
        unless otherwise required by appropriate tax authorities, the Trust will
        file or
        cause to be filed annual or other necessary returns, reports and other forms
        consistent with the characterization of the Trust as a Grantor Trust for
        tax
        purposes. Effective as of the date hereof, the Owner Trustee shall have all
        rights, powers and duties set forth herein and in the Delaware Trust Statute
        with respect to accomplishing the purposes of the Trust.

       

      Section
        2.06. Initial
        Beneficiary. Upon
        the
        formation of the Trust by the contribution by the Depositor pursuant to Section
        2.05 and until the issuance of the Ownership Certificate, the Depositor shall
        be
        the sole beneficiary of the Trust.

       

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

       

      Section
        2.07. Liability
        of the Holder of the Ownership Certificate. To
        the
        fullest extent permitted by applicable law, no Certificateholder shall have
        any
        personal liability for any liability or obligation of the Trust or, except
        as
        otherwise provided herein, to the Owner Trustee.

       

      Section
        2.08. Situs
        of Trust.
        [The
        Trust
        will be located in the State of Delaware. All bank accounts maintained by
        the
        Owner Trustee on behalf of the Trust shall be located in the States of Delaware,
        New York or the jurisdiction where the Securities Administrator maintains
        bank
        accounts with respect to collections on the Collateral. The only offices
        of the
        Trust will be as described in Section 2.02 hereof. The Trust shall not have
        any
        employees; provided,
        however,
        that
        nothing herein shall restrict or prohibit the Owner Trustee from having
        employees within or without the State of Delaware. Payments will be received
        by
        the Trust only in Delaware, New York, the jurisdiction in which the Securities
        Administrator maintains the Certificate Distribution Account or such other
        jurisdiction designated by the Depositor, and payments will be made by the
        Trust
        only from the Trust Accounts or from Delaware, New York or such other
        jurisdiction designated by the Depositor.]

       

      Section
        2.09. Title to Trust Property.

       

      (a) Subject
        to the Indenture, title to all of the Trust Estate shall be vested at all
        times
        in the Trust as a separate legal entity until this Agreement terminates pursuant
        to Article VIII hereof; provided,
        however,
        that if
        the laws of any jurisdiction require that title to any part of the Trust
        Estate
        be vested in the trustee of the Trust, then title to that part of the Trust
        Estate shall be deemed to be vested in the Owner Trustee or any co-trustee
        or
        separate trustee, as the case may be, appointed pursuant to Article IX of
        this
        Agreement.

       

      (b) The
        Certificateholders shall have no legal title to any part of the Trust Estate.
        No
        transfer by operation of law or otherwise of any interest of the
        Certificateholders shall operate to terminate this Agreement or the trusts
        created hereunder or entitle any transferee to an accounting or to the transfer
        to it of any part of the Trust Estate.

       

      Section
        2.10. Representations
        and Warranties of the Depositor. The
        Depositor hereby represents and warrants to the Owner Trustee and the Securities
        Administrator as of the Closing Date, as follows:

       

      (a) The
        Depositor is duly organized and validly existing as a corporation in good
        standing under the laws of the State of Delaware, with power and authority
        to
        own its properties and to conduct its business as such properties are currently
        owned and such business is presently conducted and had at all relevant times,
        and now has, power, authority and the legal right to acquire and own the
        Mortgage Loans.

       

      (b) The
        Depositor is duly qualified to do business as a foreign corporation in good
        standing and has obtained all necessary licenses and approvals in all
        jurisdictions in which the ownership or lease of property or the conduct
        of its
        business shall require such qualifications.

       

      (c) The
        Depositor has the power and authority to execute and deliver any Operative
        Agreement to which it is a party and to carry out its terms; the Depositor
        has
        full power and authority to sell and assign the Collateral to be sold and
        assigned to and deposited with the Trust and the Depositor has duly authorized
        such assignment and deposit to the Trust by all necessary corporate action;
        and
        the execution, delivery and performance of this Agreement or any other Operative
        Agreement to which it is a party has been duly authorized by the Depositor
        by
        all necessary corporate action and, assuming the due authorization, execution
        and delivery of each such agreement by the other parties thereto, each such
        agreement constitutes a valid and binding obligation of the Depositor,
        enforceable against the Depositor in accordance with its terms, except as
        enforcement thereof may be subject to or limited by bankruptcy, insolvency,
        moratorium, reorganization or other similar laws relating to or affecting
        creditors’ rights generally and by general equitable principles.

       

      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

      

       

      (d) The
        consummation of the transactions contemplated by this Agreement and the
        fulfillment of the terms hereof and thereof 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 certificate of incorporation
        or
        by-laws of the Depositor, or any indenture, agreement or other instrument
        to
        which the Depositor is a party or by which it is bound; nor result in the
        creation or imposition of any lien upon any of its properties pursuant to
        the
        terms of any such indenture, agreement or other instrument (other than pursuant
        to the Operative Agreements); nor violate any law or, to the best of the
        Depositor’s knowledge, any order, rule or regulation applicable to the Depositor
        of any court or of any Federal or state regulatory body, administrative agency
        or other governmental instrumentality having jurisdiction over the Depositor
        or
        its properties.

       

      (e) There
        are
        no proceedings or investigations, pending or, to the best knowledge of the
        Depositor, threatened before any court, regulatory body, administrative agency
        or other governmental instrumentality having jurisdiction over the Depositor
        or
        its properties: (i) asserting the invalidity of this Agreement or any other
        Operative Agreement to which the Depositor is a party, (ii) seeking to prevent
        the consummation of any of the transactions contemplated by this Agreement
        or
        any other Operative Agreement to which the Depositor is a party or (iii)
        seeking
        any determination or ruling that might materially and adversely affect the
        performance by the Depositor of its obligations under, or the validity or
        enforceability of, this Agreement or any other Operative Agreement to which
        the
        Depositor is a party.

       

      (f) The
        representations and warranties of the Depositor made pursuant to the Transfer
        and Servicing Agreement are true and correct.

       

      (g) This
        Agreement is not required to be qualified under the Trust Indenture Act of
        1939,
        as amended, and the Trust is not required to be registered as an “investment
        company” under the Investment Company Act of 1940, as amended.

       

      (h) The
        Depositor has maintained and will maintain its existence separate from the
        Seller, including the maintenance of separate books and records.

       

      (i) The
        Depositor shall not take any action (a) that is inconsistent with the purposes
        of the Trust set forth in Section 2.03 or (b) that, to the actual knowledge
        of
        the Depositor, would result in the Trust’s becoming taxable as a corporation for
        federal income tax purposes.

       

      
        
          
          

        

        
          8

          
            

          

        

        
          
          

        

      

       

      Section
        2.11. Investment
        Company. Neither
        the Depositor nor any holder of an Ownership Certificate shall take any action
        which would cause the Trust to become an “investment company” which would be
        required to register under the Investment Company Act of 1940, as
        amended.

       

      ARTICLE
        III

      THE
        OWNERSHIP CERTIFICATE AND TRANSFERS OF INTERESTS

       

      Section
        3.01. The
        Ownership Certificate. The
        Ownership Certificate shall initially be issued as a single certificate in
        definitive, fully registered form and shall initially be registered in the
        name
        of the Initial Holder. No Ownership Certificate shall be issued in authorized
        denominations of less than a 100% Percentage Interest in such Certificate.
        The
        Ownership Certificate shall be executed on behalf of the Trust by manual
        or
        facsimile signature of an Authorized Officer of the Owner Trustee and
        authenticated in the manner provided in Section 3.02. An Ownership Certificate
        bearing the manual signatures of individuals who were, at the time when such
        signatures shall have been affixed, authorized to sign on behalf of the Trust,
        shall be validly issued and entitled to the benefit of this Agreement,
        notwithstanding that such individuals or any of them shall have ceased to
        be so
        authorized prior to the authentication and delivery of such Ownership
        Certificate or did not hold such offices at the date of authentication and
        delivery of such Ownership Certificate. A Person shall become a
        Certificateholder and shall be entitled to the rights and subject to the
        obligations of a Certificateholder hereunder upon such Person’s acceptance of an
        Ownership Certificate duly registered in such Person’s name pursuant to Section
        3.03.

       

      Section
        3.02. Execution, Authentication and Delivery of the Ownership
        Certificate. 

       

      Concurrently
        with the sale of the Collateral to the Trust pursuant to the Transfer and
        Servicing Agreement, the Owner Trustee shall cause the Ownership Certificate
        issued hereunder to be executed and authenticated on behalf of the Trust
        and
        authenticated and delivered to the Initial Holder or upon the written order
        of
        the Depositor, signed by its chairman of the board, its president or any
        vice
        president, without further corporate action by the Depositor. The Ownership
        Certificate shall not entitle its Holder to any benefits under this Agreement
        or
        be valid for any purpose unless there shall appear on such Ownership Certificate
        a certificate of authentication substantially in the form set forth in Exhibit
        A
        hereto, executed by the Certificate Registrar, as the Owner Trustee’s
        authenticating agent, by manual signature; such authentication shall constitute
        conclusive evidence that such Ownership Certificate shall have been duly
        authenticated and delivered hereunder. An Ownership Certificate shall be
        dated
        the date of its authentication.

       

      Section
        3.03. Registration
        of and Limitations on Transfers and Exchanges of the Ownership
        Certificate. The
        Certificate Registrar shall keep or cause to be kept, at the office or agency
        maintained pursuant to Section 3.07, a Certificate Register in which, subject
        to
        such reasonable regulations as it may prescribe, the Certificate Registrar
        shall
        provide for the registration of the Ownership Certificate and of transfers
        and
        exchanges of the Ownership Certificate as herein provided; provided,
        however,
        that no
        Ownership Certificate shall be issued in any such transfer and exchange
        representing less than a 100% Percentage Interest in such Certificate; and
        provided,
        further,
        that no
        Ownership Certificate shall be issued in any such transfer and exchange except
        in accordance with the provisions and conditions set forth below in this
        Section
        3.03. [The Securities Administrator shall be the initial Certificate Registrar.]
        If the Certificate Registrar resigns or is removed, the Owner Trustee, with
        the
        consent of the Depositor, shall appoint a successor Certificate
        Registrar.

       

      
        
          
          

        

        
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      Subject
        to satisfaction of the conditions set forth below, upon surrender for
        registration of transfer of an Ownership Certificate at the office or agency
        maintained pursuant to Section 3.07, the Owner Trustee shall execute,
        authenticate and deliver (or cause the Securities Administrator as its
        authenticating agent to authenticate and deliver), in the name of the designated
        transferee, a new Ownership Certificate evidencing the Percentage Interest
        of
        the Ownership Certificate so surrendered and dated the date of authentication
        by
        the Owner Trustee or the Certificate Registrar. 

       

      Every
        Ownership Certificate presented or surrendered for registration of transfer
        or
        exchange shall be accompanied by a written instrument of transfer in form
        satisfactory to the Owner Trustee and the Certificate Registrar duly executed
        by
        the Holder or such Holder’s attorney duly authorized in writing. Each Ownership
        Certificate surrendered for registration of transfer or exchange shall be
        cancelled and subsequently disposed of by the Certificate Registrar in
        accordance with its customary practice.

       

      No
        service charge shall be made for any registration of transfer or exchange
        of the
        Ownership Certificate, but the Owner Trustee or the Certificate Registrar
        may
        require payment of a sum sufficient to cover any tax or governmental charge
        that
        may be imposed in connection with any transfer or exchange of the Ownership
        Certificate or any other expense arising as a result of any registration
        of
        transfer or exchange.

       

      The
        preceding provisions of this Section notwithstanding, the Owner Trustee shall
        not make and the Certificate Registrar shall not register transfer or exchanges
        of an Ownership Certificate for a period of [15] days preceding the due date
        for
        any payment with respect to the Ownership Certificate.

       

      No
        transfer of an Ownership Certificate shall be made unless such transfer is
        exempt from the registration requirements of the Securities Act and any
        applicable state securities laws or is made in accordance with said Act and
        laws. Except in the case of the initial transfer to the Initial Holder, in
        the
        event of any such transfer, the Certificate Registrar or the Depositor shall
        prior to such transfer require the transferee to execute an investment letter
        (in the form attached hereto as Exhibit C) certifying to the Trust, the Owner
        Trustee, the Securities Administrator, the Certificate Registrar and the
        Depositor that such transferee is a “qualified institutional buyer” under Rule
        144A under the Securities Act, and any expense associated with the preparation
        and execution of any such investment letter shall not be an expense of the
        Trust, the Owner Trustee, the Securities Administrator, the Certificate
        Registrar or the Depositor. A Holder desiring to effect the transfer of an
        Ownership Certificate shall, and does hereby agree to, indemnify the Trust,
        the
        Owner Trustee, the Securities Administrator, the Certificate Registrar and
        the
        Depositor against any and all liability that may result if the transfer is
        not
        so exempt or is not made in accordance with such federal and state
        laws.

       

      
        
          
          

        

        
          10

          
            

          

        

        
          
          

        

      

       

      Except
        in
        the case of the initial transfer to the Initial Holder, no transfer of an
        Ownership Certificate shall be made unless the Certificate Registrar shall
        have
        received a representation letter (in the form attached hereto as Exhibit
        C) from
        the proposed transferee of such Ownership Certificate to the effect that
        such
        proposed transferee is not an employee benefit plan or other retirement
        arrangement subject to Section 406 of ERISA, or Section 4975 of the Code,
        or any
        substantially similar applicable law, or a Person acting on behalf of or
        using
        the assets of any such plan, which representation letter shall not be an
        expense
        of the Trust, the Owner Trustee, the Securities Administrator, the Certificate
        Registrar or the Depositor.

       

      Prior
        to
        and as a condition of the registration of any transfer, sale or other
        disposition of the Ownership Certificate, the Initial Holder of the Ownership
        Certificate and each Prospective Holder of the Ownership Certificate shall
        represent and warrant in writing, to the Owner Trustee, the Securities
        Administrator and the Certificate Registrar and any of their respective
        successors that:

       

      (i) Such
        Person is duly authorized to purchase the Ownership Certificate and its purchase
        of investments having the characteristics of the Ownership Certificate is
        authorized under, and not directly or indirectly in contravention of, any
        law,
        charter, trust instrument or other operative document, investment guidelines
        or
        list of permissible or impermissible investments that is applicable to the
        investor; and

       

      (ii) Such
        Person understands that each holder of an Ownership Certificate, by virtue
        of
        its acceptance thereof, assents to the terms, provisions and conditions of
        the
        Agreement.

       

      The
        Trust
        shall cause each Certificate to contain a legend, substantially in the form
        of
        the applicable legends provided in Exhibit A hereto, stating that transfer
        of
        such Certificate is subject to certain restrictions and referring prospective
        purchasers of the Certificates to this Section 3.03 with respect to such
        restrictions.

       

      Notwithstanding
        anything to the contrary herein, no transfer, pledge or encumbrance of any
        Ownership Certificate shall be made to any Person unless the Owner Trustee
        and
        the Certificate Registrar have received an Opinion of Counsel (which shall
        not
        be an expense of the Owner Trustee or the Certificate Registrar) to the effect
        that such transfer, pledge or encumbrance would not have any adverse effect
        of
        the status of the Notes as debt for federal income tax purposes and would
        not
        result in the Trust’s becoming taxable for federal income tax
        purposes.

       

      If
        any
        purported transferee shall become a Holder in violation of the provisions
        of
        this Section, then upon receipt of written notice to the Certificate Registrar
        and the Certificate Paying Agent that the registration of transfer of the
        Ownership Certificate to such Holder was not in fact permitted by this Section,
        then the transfer to that Holder shall be void
        ab
        initio
        and the
        last preceding Holder that was and that continues to be an eligible Holder
        in
        accordance with the provisions of this Section shall be restored to all rights
        as Holder thereof retroactive to the date of such registration of transfer
        of
        the Ownership Certificate. The Certificate Registrar shall be under no liability
        to any Person for any registration of transfer of an Ownership Certificate
        that
        is in fact not permitted by this Section, for making any payment due on such
        Certificate to the Holder thereof or for taking any other action with respect
        to
        such Holder under the provisions of this Agreement so long as the transfer
        was
        registered upon receipt of the affidavit described in the immediately preceding
        paragraph.

       

      
        
          
          

        

        
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      Section
        3.04. Lost,
        Stolen, Mutilated or Destroyed Ownership Certificate. If
        (a) a
        mutilated Ownership Certificate is surrendered to the Certificate Registrar,
        or
        (b) the Certificate Registrar receives evidence to its satisfaction that
        an
        Ownership Certificate has been destroyed, lost or stolen, and there is delivered
        to the Certificate Registrar proof of ownership satisfactory to the Certificate
        Registrar, together with such security or indemnity as required by the
        Certificate Registrar and the Owner Trustee to save each of them harmless,
        then
        in the absence of notice to the Certificate Registrar or the Owner Trustee
        that
        such Ownership Certificate has been acquired by a protected purchaser, the
        Owner
        Trustee shall execute on behalf of the Trust, and the Owner Trustee or the
        Certificate Registrar shall authenticate and deliver, in exchange for or
        in lieu
        of any such mutilated, destroyed, lost or stolen Ownership Certificate, a
        new
        Ownership Certificate of like tenor and Percentage Interest. In connection
        with
        the issuance of any new Ownership Certificate under this Section 3.04, the
        Owner
        Trustee or the Certificate Registrar may require the payment of a sum sufficient
        to cover any expenses of the Owner Trustee or the Certificate Registrar
        (including any fees and expenses of counsel) and any tax or other governmental
        charge that may be imposed in connection therewith. Any duplicate Ownership
        Certificate issued pursuant to this Section 3.04 shall constitute conclusive
        evidence of ownership in the Trust, as if originally issued, whether or not
        the
        lost, stolen or destroyed Ownership Certificate shall be found at any
        time.

       

      Section
        3.05. Persons
        Deemed Certificateholders. Prior
        to
        due presentation of an Ownership Certificate for registration of transfer,
        the
        Owner Trustee, the Certificate Registrar or any Certificate Paying Agent may
        treat the Holder as the owner of such Ownership Certificate for the purpose
        of
        receiving distributions pursuant to Section 4.02 and for all other purposes
        whatsoever, and none of the Trust, the Owner Trustee, the Certificate Registrar
        or any Certificate Paying Agent shall be bound by any notice to the
        contrary.

       

      Section
        3.06. Access
        to List of Certificateholders’ Names and Addresses. The
        Certificate Registrar shall furnish or cause to be furnished to the Depositor,
        the Certificate Paying Agent or the Owner Trustee, within [15] days after
        receipt by the Certificate Registrar of a written request therefor from the
        Depositor, the Certificate Paying Agent or the Owner Trustee, in such form
        as
        the Depositor or the Owner Trustee, as the case may be, may reasonably require,
        of the name and address of the Holder as of the most recent Record Date.
        A
        Holder, by receiving and holding an Ownership Certificate, shall be deemed
        to
        have agreed not to hold any of the Trust, the Depositor, the Certificate
        Registrar, the Certificate Paying Agent or the Owner Trustee accountable
        or
        liable for damages by reason of the disclosure of its name and address,
        regardless of the source from which such information was derived.

       

      Section
        3.07. Maintenance
        of Office or Agency. The
        Certificate Registrar on behalf of the Trust, shall maintain an office or
        offices or agency or agencies where an Ownership Certificate may be surrendered
        for registration of transfer or exchange and where notices and demands to
        or
        upon the Owner Trustee in respect of the Ownership Certificate and the Operative
        Agreements may be served. The Certificate Registrar shall give the Owner
        Trustee
        prompt notice, in writing, of any such notice or demand. The Certificate
        Registrar initially designates the Corporate Trust Office of the Securities
        Administrator as its office for such purposes. The Certificate Registrar
        shall
        give prompt written notice to the Depositor, the Owner Trustee, the Certificate
        Paying Agent and the Certificateholders of any change in the location of
        the
        Certificate Register or any such office or agency.

       

      
        
          
          

        

        
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      Section
        3.08. Certificate Paying Agent. 

       

      (a) The
        Owner
        Trustee may appoint, and hereby appoints, the Securities Administrator as
        Certificate Paying Agent under this Agreement. The Certificate Paying Agent
        shall make distributions to the Holder from the Certificate Distribution
        Account
        pursuant to Section 4.02 hereof and Section [6.02] of the Transfer and Servicing
        Agreement and, upon request, shall report the amounts of such distributions
        to
        the Owner Trustee. The Certificate Paying Agent shall have the revocable
        power
        to withdraw funds from the Certificate Distribution Account for the purpose
        of
        making the distributions referred to above. The Securities Administrator
        hereby
        accepts such appointment and further agrees that it will be bound by the
        provisions of this Agreement and the Transfer and Servicing Agreement relating
        to the Certificate Paying Agent and shall:

       

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

       

      (ii) give
        the
        Owner Trustee notice of any default by the Trust of which a Responsible Officer
        of the Securities Administrator has actual knowledge in the making of any
        payment required to be made with respect to the Ownership
        Certificate;

       

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

       

      (iv) immediately
        resign as Certificate Paying Agent and forthwith pay to the Owner Trustee
        on
        behalf of the Trust all sums held by it in trust for the payment of Ownership
        Certificate if at any time it ceases to meet the standards under this Section
        3.08 required to be met by the Certificate Paying Agent at the time of its
        appointment; and

       

      (v) comply
        with all requirements of the Code with respect to the withholding from any
        payments made by it on the Ownership Certificate of any applicable withholding
        taxes imposed thereon and with respect to any applicable reporting requirements
        in connection therewith; provided,
        however,
        that
        with respect to reporting requirements applicable to original issue discount,
        the accrual of market discount or the amortization of premium on the Ownership
        Certificate, the Securities Administrator shall have first provided the
        calculations pertaining thereto and the amount of any resulting withholding
        taxes to the Securities Administrator and the Certificate Paying
        Agent.

       

      
        
          
          

        

        
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      (vi) not
        institute bankruptcy proceedings against the Trust in connection with this
        Agreement.

       

      (b) In
        the
        event that the Securities Administrator shall no longer be the Certificate
        Paying Agent hereunder, the Owner Trustee, with the consent of the Depositor,
        shall appoint a successor to act as Certificate Paying Agent (which shall
        be a
        bank or trust company). The Owner Trustee shall cause such successor Certificate
        Paying Agent or any additional Certificate Paying Agent appointed by the
        Owner
        Trustee to execute and deliver to the Owner Trustee an instrument in which
        such
        successor Certificate Paying Agent or additional Certificate Paying Agent
        shall
        agree with the Owner Trustee that as Certificate Paying Agent, such successor
        Certificate Paying Agent or additional Certificate Paying Agent will hold
        all
        sums, if any, held by it for payment in trust for the benefit of the Holder
        entitled thereto until such sums shall be paid to such Holder. The Certificate
        Paying Agent shall return all unclaimed funds to the Owner Trustee, and upon
        removal of a Certificate Paying Agent, such Certificate Paying Agent shall
        also
        return all funds in its possession to the Owner Trustee. The provisions of
        Sections 5.03, 5.04, 6.01, 6.05, 6.07, 6.08, 7.01 and 7.02 shall apply to
        the
        Securities Administrator, as though it had been named in such sections, also
        in
        its roles as Certificate Paying Agent and as Certificate Registrar for so
        long
        as the Securities Administrator shall act as Certificate Paying Agent and
        as
        Certificate Registrar and, to the extent applicable, to any other Certificate
        Paying Agent or Certificate Registrar appointed hereunder. Any reference
        in this
        Agreement to the Certificate Paying Agent shall include any co-paying agent
        unless the context requires otherwise. 

       

      ARTICLE
        IV

      APPLICATION
        OF TRUST FUNDS; CERTAIN DUTIES

       

      Section
        4.01. Certificate
        Distribution Account. 

       

      (a) The
        Securities Administrator shall establish and maintain on behalf of the Trust
        and
        the Certificateholder, the Certificate Distribution Account.

       

      (b) The
        Certificate Distribution Account shall be an Eligible Account. If the
        Certificate Distribution Account ceases to be an Eligible Account, the
        Securities Administrator shall establish a new Certificate Distribution Account
        that is an Eligible Account within [10] days and transfer all funds and
        investment property on deposit in such existing Certificate Distribution
        Account
        into such new Certificate Distribution Account.

       

      (c) The
        Certificate Paying Agent shall withdraw funds from the Certificate Distribution
        Account for payments to the Certificateholder in the manner specified in
        this
        Agreement. In addition, the Securities Administrator may prior to making
        the
        payment required pursuant to Section 4.02 from time to time make withdrawals
        from the Certificate Distribution Account for the following
        purposes:

       

      (i) to
        withdraw funds deposited in error in the Certificate Distribution Account;
        and

       

      
        
          
          

        

        
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      (ii) to
        clear
        and terminate the Certificate Distribution Account upon the termination of
        the
        Trust.

       

      (d) All
        of
        the right, title and interest of the Trust in all funds on deposit from time
        to
        time in the Certificate Distribution Account and in all proceeds thereof
        shall
        be held for the benefit of the Holder and such other persons entitled to
        payments therefrom. Except as otherwise expressly provided herein, the
        Certificate Distribution Account shall be under the sole dominion and control
        of
        the Owner Trustee for the benefit of the Certificateholder.

       

      Section
        4.02. Application of Trust Funds. 

       

      (a) On
        each
        Payment Date, the Owner Trustee shall direct the Certificate Paying Agent
        to
        distribute to the Holder, from amounts on deposit in the Certificate
        Distribution Account, after payment of any amounts required to be paid pursuant
        to Section 7.02, the distributions as provided in Section [6.02] of the Transfer
        and Servicing Agreement with respect to such Payment Date. The Owner Trustee
        hereby directs the Certificate Paying Agent to distribute on each Payment
        Date
        to the Holder amounts on deposit in the Certificate Distribution Account
        in
        accordance with Section [6.02] of the Transfer and Servicing Agreement and
        the
        Certificate Paying Agent hereby acknowledges such direction.

       

      (b) All
        payments to be made under this Agreement by the Certificate Paying Agent
        shall
        be made only from the income and proceeds of the Trust Estate and only to
        the
        extent that the Certificate Paying Agent has received such income or proceeds.
        The Certificate Paying Agent shall not be liable to any Holder, the Indenture
        Trustee or the Owner Trustee for any amounts payable pursuant to this Section
        4.02 except to the extent that non-payment is due to the Certificate Paying
        Agent’s acts or omissions amounting to willful misconduct or gross
        negligence.

       

      (c) Distributions
        to the Holder shall be subordinated to the creditors of the Trust, including,
        without limitation, the Noteholders.

       

      Section
        4.03. Method
        of Payment. Subject
        to Section 8.01(c), distributions required to be made to the Holder on any
        Payment Date as provided in Section 4.02 shall be made to the Person who
        was the
        Holder on the preceding Record Date either by wire transfer, in immediately
        available funds, to the account of such Holder at a bank or other entity
        having
        appropriate facilities therefor, if the Holder shall have provided to the
        Certificate Registrar appropriate written instructions at least five Business
        Days prior to such Payment Date or, if not, by check mailed to such Holder
        at
        the address of such Holder appearing in the Certificate Register.

       

      Section
        4.04. Segregation
        of Moneys; No Interest. Moneys
        received by or on behalf of the Owner Trustee hereunder and deposited into
        the
        Certificate Distribution Account will be segregated except to the extent
        required otherwise by law or the provisions of the Transfer and Servicing
        Agreement. The Owner Trustee shall not be liable for payment of any interest
        in
        respect of such moneys.

       

      
        
          
          

        

        
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      ARTICLE
        V

      AUTHORITY
        AND DUTIES OF THE OWNER TRUSTEE;

      ACTION
        BY
        CERTIFICATEHOLDERS

       

      Section
        5.01. General
        Authority. The
        Owner
        Trustee is authorized and directed to execute and deliver the Notes, the
        Ownership Certificate, and the other Operative Agreements to which the Trust
        is
        to be a party and each certificate or other document attached as an exhibit
        to
        or contemplated by the Operative Agreements to which the Trust is to be a
        party
        and any amendment or other agreement or instrument described herein, as
        evidenced conclusively by the Owner Trustee’s execution thereof, and, on behalf
        of the Trust, to direct the Owner Trustee to authenticate the Notes. In addition
        to the foregoing, the Owner Trustee is authorized, but shall not be obligated,
        to take all actions required of the Trust pursuant to the Operative
        Agreements.

       

      Section
        5.02. General Duties. 

       

      (a) It
        shall
        be the duty of the Owner Trustee to discharge (or cause to be discharged)
        all of
        its responsibilities pursuant to the terms of this Agreement and the other
        Operative Agreements to which the Trust is a party and to administer the
        Trust
        in the interest of the Certificateholders, subject to the Operative Agreements
        and in accordance with the provisions of this Agreement. Notwithstanding
        the
        foregoing, the Owner Trustee shall be deemed to have discharged its duties
        and
        responsibilities hereunder and under the Operative Agreements to the extent
        the
        Securities Administrator has agreed in the Administration Agreement, the
        Transfer and Servicing Agreement or this Agreement, respectively, to perform
        any
        act or to discharge any duty of the Owner Trustee or the Trust hereunder
        or
        under any Operative Agreement, and the Owner Trustee shall not be held liable
        for the default or failure of the Securities Administrator to carry out its
        obligations under the Administration Agreement, this Agreement, the Transfer
        and
        Servicing Agreement, or any other Operative Agreement, respectively;
        and

       

      (b) It
        shall
        be the duty of the Depositor under the Administration Agreement to obtain
        and
        preserve the Trust’s qualification to do business in each jurisdiction in which
        such qualification is or shall be necessary to protect the validity and
        enforceability of the Indenture, the Notes, the Collateral and each other
        instrument and agreement included in the Trust Estate. It shall be the duty
        of
        the Owner Trustee to cooperate with the Depositor with respect to such
        matters.

       

      Section
        5.03. Action Upon Instruction.

       

      (a) Subject
        to this Article V and in accordance with the terms of the Operative Agreements,
        the Holder may by written instruction direct the Owner Trustee in the management
        of the Trust, but only to the extent consistent with the limited purpose
        of the
        Trust. Such direction may be exercised at any time by written instruction
        of the
        Holder pursuant to this Article V.

       

      (b) Notwithstanding
        the foregoing, the Owner Trustee shall not be required to take any action
        hereunder or under any Operative Agreement if the Owner Trustee shall have
        reasonably determined, or shall have been advised by counsel, that such action
        is likely to result in liability on the part of the Owner Trustee or is contrary
        to the terms hereof or of any Operative Agreement or is otherwise contrary
        to
        law.

       

      
        
          
          

        

        
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      (c) Whenever
        the Owner Trustee is unable to decide between alternative courses of action
        permitted or required by the terms of this Agreement or under any other
        Operative Agreement, or in the event that the Owner Trustee is unsure as
        to the
        application of any provision of this Agreement or any other Operative Agreement
        or any such provision is ambiguous as to its application, or is, or appears
        to
        be, in conflict with any other applicable provision, or in the event that
        this
        Agreement permits any determination by the Owner Trustee or is silent or
        is
        incomplete as to the course of action that the Owner Trustee is required
        to take
        with respect to a particular set of facts, the Owner Trustee may promptly
        give
        notice (in such form as shall be appropriate under the circumstances) to
        the
        Holder requesting instruction as to the course of action to be adopted, and
        to
        the extent the Owner Trustee acts in good faith in accordance with any written
        instruction of the Holder, the Owner Trustee shall not be liable on account
        of
        such action to any Person. If the Owner Trustee shall not have received
        appropriate instruction within [10] days of such notice (or within such shorter
        period of time as reasonably may be specified in such notice or may be necessary
        under the circumstances) it may, but shall be under no duty to, take or refrain
        from taking such action not inconsistent with this Agreement or any other
        Operative Agreement, as it shall deem to be in the best interests of the
        Holder,
        and the Owner Trustee shall have no liability to any Person for such action
        or
        inaction.

       

      Section
        5.04. No
        Duties Except as Specified under Specified Documents or in
        Instructions. The
        Owner
        Trustee shall not have any duty or obligation to manage, make any payment
        with
        respect to, register, record, sell, dispose of, or otherwise deal with the
        Trust
        Estate, or to otherwise take or refrain from taking any action under, or
        in
        connection with, any document contemplated hereby to which the Owner Trustee
        or
        the Issuer is a party, except as expressly provided (i) in accordance with
        the
        powers granted to and the authority conferred upon the Owner Trustee pursuant
        to
        this Agreement, and (ii) in accordance with any document or instruction
        delivered to the Owner Trustee pursuant to Section 5.03; and no implied duties
        or obligations shall be read into this Agreement or any Operative Agreement
        against the Owner Trustee. The Owner Trustee shall have no responsibility
        for
        filing any financing or continuation statement in any public office at any
        time
        or to otherwise perfect or maintain the perfection of any security interest
        or
        lien granted to the Trust or to prepare or file any Securities and Exchange
        Commission filing for the Trust or to record this Agreement or any Operative
        Agreement or to prepare or file any tax return for the Trust. The Owner Trustee
        nevertheless agrees that it will, at its own cost and expense, promptly take
        all
        action as may be necessary to discharge any liens on any part of the Trust
        Estate that result from actions by, or claims against the Bank that are not
        related to the ownership or the administration of the Trust Estate.

       

      Section
        5.05. Restrictions. 

       

      (a) The
        Owner
        Trustee shall not take any action that is inconsistent with the purposes
        of the
        Trust set forth in Section 2.03. The Holder shall not direct the Owner Trustee
        to take action that would violate the provisions of this Section
        5.05.

       

      
        
          
          

        

        
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      (b) The
        Owner
        Trustee shall not, except as provided herein, convey or transfer any of the
        Trust’s properties or assets, including those included in the Trust Estate, to
        any person unless such conveyance or transfer shall not violate the provisions
        of the Indenture.

       

      Section
        5.06. Prior
        Notice to the Holder with Respect to Certain Matters;
        Separateness Covenants. With
        respect to the following matters, the Owner Trustee shall not take action
        unless
        at least [30] days before the taking of such action, the Owner Trustee shall
        have notified the Holder in writing of the proposed action and the Holder
        shall
        have notified the Owner Trustee in writing prior to the [30]th day after
        such
        notice is given that such Holder has consented to such action or provided
        alternative direction:

       

      (a) The
        initiation of any claim or lawsuit by the Trust (except claims or lawsuits
        brought in connection with the collection of cash distributions due and owing
        under the Collateral) and the compromise of any action, claim or lawsuit
        brought
        by or against the Trust (except with respect to the aforementioned claims
        or
        lawsuits for collection of cash distributions due and owing under the
        Collateral);

       

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

       

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

       

      (d) the
        amendment or other change of the Indenture by a supplemental indenture or
        of
        this Agreement, [any Cap Agreement] or any other Operative Agreement in
        circumstances where the consent of any Noteholder is not required and such
        amendment materially adversely affects the interests of the Holder;

       

      (e) the
        amendment of the Transfer and Servicing Agreement in circumstances where
        the
        consent of any Securityholder is required;

       

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

       

      (g) the
        appointment pursuant to the Indenture of a successor Note Registrar, Paying
        Agent or Indenture Trustee or pursuant to this Agreement of a successor
        Certificate Registrar or Certificate Paying Agent or the consent to the
        assignment by the Note Registrar, Paying Agent, Indenture Trustee, Certificate
        Registrar or Certificate Paying Agent of its obligations under the Indenture
        or
        this Agreement, as applicable;

       

      (h) the
        consent to the calling or waiver of any default of any Operative
        Agreement;

       

      (i) the
        consent to the assignment by the Indenture Trustee of its obligations under
        any
        Operative Agreement;

       

      
        
          
          

        

        
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      (j) except
        as
        provided in Article VIII hereof, dissolve, terminate or liquidate the Trust
        in
        whole or in part;

       

      (k) the
        merger, conversion or consolidation of the Trust with or into any other entity,
        or conveyance or transfer of all or substantially all of the Trust’s assets to
        any other entity;

       

      (l) the
        incurrence, assumption or guaranty by the Trust of any indebtedness other
        than
        as set forth in this Agreement;

       

      (m) the
        taking of any action which conflicts with any Operative Agreement or would
        make
        it impossible to carry on the ordinary business of the Trust or change the
        Trust’s purpose and powers set forth in this Agreement;

       

      (n) the
        confession of a judgment against the Trust;

       

      (o) the
        possession of the Trust assets, or assignment of the Trust’s right to property,
        for other than a Trust purpose; or

       

      (p) the
        lending of funds by the Trust to any entity.

       

      In
        addition, the Trust shall not commingle its assets with those of any other
        entity. The Trust shall maintain its financial and accounting books and records
        separate from those of any other entity. Except as expressly set forth herein,
        the Trust shall pay its indebtedness, operating expenses and liabilities
        from
        its own funds, and the Trust shall neither incur any indebtedness nor pay
        the
        indebtedness, operating expenses and liabilities of any other entity nor
        guarantee nor become obligated for the debts of any other person. Except
        as
        expressly set forth herein, the Trust shall not engage in any dissolution,
        liquidation, consolidation, merger or sale of assets. The Trust shall maintain
        appropriate minutes or other records of all appropriate actions and shall
        maintain its office and bank accounts separate from the offices and bank
        accounts of the Depositor or any of its Affiliates. The Trust shall not engage
        in any business activity in which it is not currently engaged other than
        as
        contemplated by the Operative Agreements and related documentation. The Trust
        shall not form, or cause to be formed, any subsidiaries and shall not own
        or
        acquire any asset other than as contemplated by the Operative Agreements
        and
        related documentation. Other than as contemplated by the Operative Agreements
        and related documentation, the Trust shall not follow the directions or
        instructions of the Depositor. The Trust shall hold itself out as a separate
        entity from the Depositor, the Certificateholder, and any of their affiliates,
        conduct its own business in its own name and use stationery, invoices, checks
        or
        other business forms under its own name and not that of any Certificateholder,
        Affiliate, or other person. The Trust shall observe all formalities required
        under the Delaware Trust Statute. The Trust shall not hold out its credit
        as
        being available to satisfy the obligations of any other person or entity.
        The
        Trust shall not acquire the obligations or securities of its Affiliates or
        the
        Seller. Other than as contemplated by the Operative Agreements and related
        documentation, the Trust shall not pledge its assets for the benefit of any
        other person or entity. The Trust shall correct any known misunderstanding
        regarding its separate identity. The Trust shall not identify itself as a
        division of any other person or entity. The Trust shall maintain adequate
        capital in light of its contemplated business operations. The Trust shall
        conduct business with its affiliates on an arm’s-length basis.

       

      
        
          
          

        

        
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      For
        accounting purposes, the Trust shall be treated as an entity separate and
        distinct from the Holder. The pricing and other material terms of all
        transactions and agreements to which the Trust is a party shall be intrinsically
        fair to all parties thereto. This Agreement is and shall be the only agreement
        among the parties thereto with respect to the creation, operation and
        termination of the Trust.

       

      The
        Owner
        Trustee shall not have the power, except upon the written direction of the
        Holder, and to the extent otherwise consistent with the Operative Agreements,
        to
        (i) remove or replace the Indenture Trustee, or (ii) institute a
        bankruptcy against the Trust. So long as the Indenture remains in effect,
        to the
        extent permitted by applicable law, the Holder shall have no power to commence,
        and shall not commence, any bankruptcy with respect to the Trust or direct
        the
        Owner Trustee to commence any bankruptcy with respect to the Trust.

       

      (q) The
        Owner
        Trustee shall not have the power, except upon the written direction of the
        Holder, to (i) remove the Securities Administrator under the Administration
        Agreement pursuant to Section [9] thereof, (ii) appoint a successor Securities
        Administrator pursuant to Section [9] of the Administration Agreement, or
        (iii)
        except as expressly provided in the Indenture, to sell the Collateral after
        the
        termination of the Indenture. The Owner Trustee shall take the actions referred
        to in the preceding sentence only upon written instructions signed and
        authorized by the Holder.

       

      Section
        5.07. Action
        by the Holder with Respect to Bankruptcy. The
        Owner
        Trustee shall not have the power to commence or consent to a bankruptcy relating
        to the Trust without the prior approval of the Holder and the delivery to
        the
        Owner Trustee by the Holder of a certificate certifying that the Holder
        reasonably believes that the Trust is insolvent. This paragraph shall survive
        for one year and one day following termination of this Agreement. So long
        as the
        Indenture remains in effect, the Holder shall not have the power to institute,
        and shall not institute, any bankruptcy with respect to the Trust or direct
        the
        Owner Trustee to take such action.

       

      Section
        5.08. Restrictions
        on the Holder’s Power. The
        Holder shall not direct the Owner Trustee to take or to refrain from taking
        any
        action if such action or inaction would be contrary to any obligation of
        the
        Trust or the Owner Trustee under this Agreement or any of the Operative
        Agreements or would be contrary to Section 2.03 nor shall the Owner Trustee
        be
        obligated to follow any such direction, if given. The Holder shall not guarantee
        any obligations of the Trust.

       

      ARTICLE
        VI

      CONCERNING
        THE OWNER TRUSTEE

       

      Section
        6.01. Acceptance
        of Trusts and Duties. The
        Owner
        Trustee accepts the trusts hereby created and agrees to perform the same
        but
        only upon the terms of this Agreement. The Owner Trustee also agrees to disburse
        all moneys actually received by it constituting part of the Trust Estate
        upon
        the terms of this Agreement. The Bank shall not be answerable or accountable
        hereunder or under any other Operative Agreements under any circumstances,
        except (i) for its own willful misconduct, gross negligence or bad faith,
        (ii)
        in the case of the inaccuracy of any representation or warranty contained
        in
        Section 6.04, (iii) for liabilities arising from the failure by the Bank to
        perform obligations expressly undertaken by it in the last sentence of Section
        5.04, or (iv) for taxes, fees or other charges based on or measured by any
        fees,
        commissions or compensation received by the Bank in connection with any of
        the
        transactions contemplated by this Agreement, any other Operative Agreements
        or
        the Notes. In particular, but not by way of limitation:

       

      
        
          
          

        

        
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      (a) The
        Bank
        shall not be liable for any error of judgment made in good faith by a
        Responsible Officer of the Owner Trustee;

       

      (b) The
        Bank
        shall not be liable with respect to any action taken or omitted to be taken
        by
        the Owner Trustee in accordance with the instructions of the
        Holder;

       

      (c) No
        provision of this Agreement shall require the Bank to expend or risk funds
        or
        otherwise incur any financial liability in the performance of any of the
        Owner
        Trustee’s rights or powers hereunder or under any other Operative Agreements if
        the Bank shall have reasonable grounds for believing that repayment of such
        funds or adequate indemnity against such risk or liability is not reasonably
        assured or provided to it;

       

      (d) Under
        no
        circumstance shall the Bank be liable for indebtedness evidenced by or arising
        under any of the Operative Agreements, including the principal of and interest
        on the Notes;

       

      (e) The
        Bank
        shall not be liable with respect to any action taken or omitted to be taken
        by
        the Depositor, the Securities Administrator, the Master Servicer, the Indenture
        Trustee, any Officer or the Certificate Paying Agent under this Agreement
        or any
        other Operative Agreement or otherwise and the Bank shall not be obligated
        to
        perform or monitor the performance of any obligations or duties under this
        Agreement or the other Operative Agreements which are to be performed by
        the
        Certificate Paying Agent under this Agreement, the Securities Administrator
        under the Administration Agreement, the Indenture Trustee under the Indenture
        or
        by any other Person under any of the Operative Agreements; and

       

      (f) The
        Bank
        shall not be responsible for or in respect of the recitals herein, the validity
        or sufficiency of this Agreement or for the due execution hereof by the
        Depositor or for the form, character, genuineness, sufficiency, value or
        validity of any of the Trust Estate or for or in respect of the validity
        or
        sufficiency of the Operative Agreements, other than the certificate of
        authentication on the Ownership Certificate, and the Bank shall in no event
        assume or incur any liability, duty or obligation to any Noteholder, the
        Depositor or to the Holder, other than as expressly provided for
        herein.

       

      Section
        6.02. Furnishing
        of Documents. The
        Owner
        Trustee will furnish to the Securities Administrator (for distribution to
        the
        Holder), promptly upon receipt of a written request therefor, duplicates
        or
        copies of all reports, notices, requests, demands, certificates, financial
        statements and any other instruments furnished to the Owner Trustee hereunder
        or
        under the Operative Agreements unless the Securities Administrator shall
        have
        already received the same.

       

      
        
          
          

        

        
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      Section
        6.03. Books
        and Records. The
        Owner
        Trustee shall keep or cause to be kept proper books of record and account
        of all
        the transactions under this Agreement, including a record of the name and
        address of the Holder. The Owner Trustee shall be deemed to have complied
        with
        this Section 6.03 by the appointment of the Securities Administrator and
        the
        Certificate Paying Agent to perform the duties hereunder.

       

      Section
        6.04. Representations and Warranties. 

       

      (a) The
        Bank
        represents and warrants to the Depositor, for the benefit of the Holder,
        as
        follows:

       

      (i) the
        Bank
        is a banking corporation duly organized, validly existing and in good standing
        under the laws of the State of [Delaware] and has the power and authority
        to
        execute, deliver and perform its obligations under this Agreement and (assuming
        due authorization, execution and delivery of this Agreement by the Depositor
        and
        Securities Administrator), has the power and authority as Owner Trustee to
        execute and deliver the Operative Agreements and to perform its obligations
        thereunder and, assuming the due authorization, execution and delivery hereof
        by
        the other parties hereto, this Agreement constitutes a legal, valid and binding
        obligation of the Bank or the Owner Trustee, as the case may be, enforceable
        against the Bank or the Owner Trustee, as the case may be, in accordance
        with
        its terms, except that (a) the enforceability thereof may be limited by
        bankruptcy, insolvency, moratorium, receivership and other similar laws relating
        to creditors’ rights generally and (b) the remedy of specific performance and
        injunctive and other forms of equitable relief may be subject to equitable
        defenses and to the discretion of the court before which any proceeding therefor
        may be brought;

       

      (ii) the
        Bank
        has no reason to believe that anyone authorized to act on its behalf has
        offered
        any interest in and to the Trust for sale to, or solicited any offer to acquire
        any of the same from, anyone;

       

      (iii) the
        execution, delivery and performance by the Bank, either in its individual
        capacity or as Owner Trustee, as the case may be, of the Operative Agreements
        will not result in any violation of, or be in any conflict with, or constitute
        a
        default under any of the provisions of any indenture, mortgage, chattel
        mortgage, deed of trust, conditional sales contract, lease, note or bond
        purchase agreement, license, judgment, order or other agreement to which
        the
        Bank is a party or by which it or any of its properties is bound;

       

      (iv) the
        execution and delivery by the Bank of this Agreement, and the performance
        of its
        duties as Owner Trustee hereunder, do not require the consent or approval
        of,
        the giving of notice to, or the registration with, or the taking of any other
        action with respect to, any governmental authority or agency of the State
        of
        [Delaware (except as may be required by the Delaware Trust Statute)];
        and

       

      
        
          
          

        

        
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      (v) there
        are
        no pending or, to the best of its knowledge, threatened actions or proceedings
        against the Bank before any court, administrative agency or tribunal which,
        if
        determined adversely to it, would materially and adversely affect its ability,
        either in its individual capacity or as Owner Trustee, as the case may be,
        to
        perform its obligations under this Agreement or the Operative
        Agreements.

       

      (b) [    
        ], as Securities Administrator, hereby represents and warrants to the Depositor,
        for the benefit of the Holder, that:

       

      (i) it
        is a
        national banking association duly organized and validly existing in good
        standing under the laws of the United States, and has the power and authority
        to
        execute, deliver and perform its obligations under this Agreement and, assuming
        the due authorization, execution and delivery hereof by the other parties
        hereto, this Agreement constitutes a legal, valid and binding obligation
        of the
        Securities Administrator, enforceable against the Securities Administrator
        in
        accordance with its terms, except that (a) the enforceability thereof may
        be
        limited by bankruptcy, insolvency, moratorium, receivership and other similar
        laws relating to creditors’ rights generally and (b) the remedy of specific
        performance and injunctive and other forms of equitable relief may be subject
        to
        equitable defenses and to the discretion of the court before which any
        proceeding therefor may be brought;

       

      (ii) it
        has
        taken all action necessary to authorize the execution and delivery by it
        of this
        Agreement, and this Agreement will be executed and delivered by one of its
        officers who is duly authorized to execute and deliver this Agreement on
        its
        behalf; and

       

      (iii) neither
        the execution nor the delivery by it of this Agreement nor the consummation
        by
        it of the transactions contemplated hereby nor compliance by it with any
        of the
        terms or provisions hereof will contravene any federal, governmental rule
        or
        regulation governing the banking or trust powers of the Securities Administrator
        or any judgment or order binding on it, or constitute any default under its
        charter documents or by-laws or any indenture, mortgage, contract, agreement
        or
        instrument to which it is a party or by which any of its properties may be
        bound.

       

      Section
        6.05. Reliance; Advice of Counsel. 

       

      (a) Except
        as
        provided in Section 6.01, the Owner Trustee shall incur no liability to anyone
        in acting upon any signature, instrument, notice, resolution, request, consent,
        order, certificate, report, opinion, bond or other document or paper believed
        by
        it to be genuine and believed by it to be signed by the proper party or parties.
        The Owner Trustee may accept a certified copy of a resolution of the board
        of
        directors or other governing body of any corporate or partnership entity
        as
        conclusive evidence that such resolution has been duly adopted by such body
        and
        that the same is in full force and effect. As to any fact or matter the manner
        of ascertainment of which is not specifically prescribed herein, the Owner
        Trustee may for all purposes hereof rely on a certificate, signed by the
        president or any vice president (or the general partner, in the case of a
        partnership) and by the treasurer or any assistant treasurer or the secretary
        or
        any assistant secretary of the relevant party, as to such fact or matter,
        and
        such certificate shall constitute full protection to the Owner Trustee for
        any
        action taken or omitted to be taken by it in good faith in reliance
        thereon.

       

      
        
          
          

        

        
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      (b) In
        its
        exercise or administration of the trusts and powers hereunder, including
        its
        obligations under Section 5.02(b), and in the performance of its duties and
        obligations under this Agreement or the other Operative Agreements, the Owner
        Trustee may employ agents and attorneys and enter into agreements (including
        the
        Administration Agreement) with any of them, and the Owner Trustee shall not
        be
        answerable for the default or misconduct of any such agents or attorneys
        if such
        agents or attorneys shall have been selected by the Owner Trustee with
        reasonable care. If, and to the extent, the Depositor shall have failed to
        reimburse the Owner Trustee for all reasonable expenses and indemnities incurred
        pursuant to this Section 6.05(b), as provided in Sections 7.01 and 7.02,
        the
        Owner Trustee may seek reimbursement therefor from the Trust
        Estate.

       

      (c) In
        the
        administration of the trusts and performance of its duties hereunder, the
        Owner
        Trustee may consult with counsel, accountants and other skilled Persons to
        be
        selected and employed by it, and the Owner Trustee shall not be liable for
        anything done, suffered or omitted in good faith by it in accordance with
        the
        reasonable advice or opinion of any such counsel, accountants or other skilled
        Persons. If, and to the extent, the Depositor shall have failed to reimburse
        the
        Owner Trustee for all reasonable expenses and indemnities incurred pursuant
        to
        this Section 6.05(c), as provided in Sections 7.01 and 7.02, the Owner Trustee
        may seek reimbursement therefor from the Trust Estate.

       

      Section
        6.06. Not
        Acting in Individual Capacity. Except
        as
        provided in this Article VI, in accepting the trusts hereby created the Owner
        Trustee acts solely as trustee hereunder and not in its individual capacity,
        and
        all persons having any claim against the Owner Trustee by reason of the
        transactions contemplated by the Operative Agreements shall look only to
        the
        Trust Estate for payment or satisfaction thereof.

       

      Section
        6.07. Owner
        Trustee Not Liable for Ownership Certificate or Collateral. The
        recitals contained herein and in the Ownership Certificate (other than the
        signature and countersignature of the Owner Trustee on the Ownership
        Certificate) shall be taken as the statements of the Depositor, and the Owner
        Trustee assumes no responsibility for the correctness thereof. The Owner
        Trustee
        makes no representations as to the validity or sufficiency of this Agreement,
        of
        any Operative Agreement or of the Ownership Certificate (other than the
        signature and countersignature of the Owner Trustee on the Ownership
        Certificate) or the Notes, or of any Collateral or related documents. The
        Owner
        Trustee shall at no time have any responsibility or liability for or with
        respect to the legality, validity and enforceability of any Collateral, or
        the
        perfection and priority of any security interest created by any Collateral
        or
        the maintenance of any such perfection and priority, or for or with respect
        to
        the sufficiency of the Trust Estate or its ability to generate the payments
        to
        be distributed to Certificateholders under this Agreement or the Noteholders
        under the Indenture, including, without limitation: the existence, condition
        and
        ownership of any Collateral; the existence and enforceability of any insurance
        thereon; the existence and contents of any Collateral on any computer or
        other
        record thereof; the validity of the assignment of any Collateral to the Trust
        or
        of any intervening assignment; the completeness of any Collateral; the
        performance or enforcement of any Collateral; the compliance by the Depositor
        with any warranty or representation made under any Operative Agreements or
        in
        any related document or the accuracy of any such warranty or representation
        or
        any action of the Securities Administrator or the Indenture Trustee taken
        in the
        name of the Owner Trustee.

       

      
        
          
          

        

        
          24

          
            

          

        

        
          
          

        

      

       

      Section
        6.08. Owner
        Trustee May Own Ownership Certificate and Notes. The
        Owner
        Trustee in its individual capacity may become the Holder or the owner or
        pledgee
        of Notes and may deal with the Depositor, the Securities Administrator and
        the
        Indenture Trustee in banking transactions with the same rights as it would
        have
        if it were not Owner Trustee.

       

      Section
        6.09. Licenses. The
        Depositor shall cause the Trust to use its best efforts to obtain and maintain
        the effectiveness of any licenses required in connection with this Agreement
        and
        the other Operative Agreements and the transactions contemplated hereby and
        thereby until such time as the Trust shall terminate in accordance with the
        terms hereof. It shall be the duty of the Owner Trustee to cooperate with
        the
        Depositor with respect to such matters.

       

      Section
        6.10. Doing
        Business in Other Jurisdictions. Notwithstanding
        anything contained herein to the contrary, neither the Bank nor the Owner
        Trustee shall be required to take any action in any jurisdiction other than
        in
        the State of [Delaware] if the taking of such action will (i) require the
        consent or approval or authorization or order of or the giving of notice
        to, or
        the registration with or the taking of any other action in respect of, any
        state
        or other governmental authority or agency of any jurisdiction other than
        the
        State of [Delaware]; (ii) result in any fee, tax or other governmental charge
        under the laws of any jurisdiction or any political subdivisions thereof
        in
        existence on the date hereof other than the State of [Delaware] becoming
        payable
        by the Bank or the Owner Trustee; or (iii) subject the Bank or the Owner
        Trustee
        to personal jurisdiction in any jurisdiction other than the State of [Delaware]
        for causes of action arising from acts unrelated to the consummation of the
        transactions by the Bank or the Owner Trustee, as the case may be, contemplated
        hereby. The Owner Trustee shall be entitled to obtain advice of counsel (which
        advice shall be an expense of the Trust) to determine whether any action
        required to be taken pursuant to this Agreement results in the consequences
        described in clauses (i), (ii) and (iii) of the preceding sentence. In the
        event
        that such counsel advises the Owner Trustee that such action will result
        in such
        consequences, the Owner Trustee will appoint a co-trustee pursuant to Section
        9.05 hereof to proceed with such action.

       

      Section
        6.11. Owner Trustee Reporting Requirements of the
        Commission.

       

      (a) [On
        or
        before March 1 of each calendar year, the Owner Trustee shall deliver to
        the
        Indenture Trustee, the Securities Administrator and the Depositor a report
        regarding its assessment of compliance with the criteria specified in paragraph
        (d) of Item 1122 of Regulation AB (§ 229.1122(d)), as of and for the period
        ending the end of each fiscal year, with respect to asset-backed security
        transactions taken as a whole involving the Sponsor, the Depositor, the
        Servicer[s], the Master Servicer, the Issuer and the Indenture Trustee, as
        applicable, and that are backed by the same asset type as the Mortgage Loans.
        Each such report shall include all of the statements required to be provided
        by
        the Owner Trustee under paragraph (a) of Item 1122 of Regulation AB (§
229.1122(a)).]

       

      
        
          
          

        

        
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    (b) [On
      or
      before March 1 of each calendar year, the Owner Trustee shall deliver to the
      Indenture Trustee, the Securities Administrator and the Depositor a report
      by a
      registered public accounting firm that attests to, and reports on, the
      assessment made by the Owner Trustee pursuant to subsection (a) above. Each
      such
      report shall be made in accordance with standards for attestation engagements
      issued or adopted by the Public Company Accounting Oversight
      Board.]

     

    (c) [The
      Owner Trustee shall promptly notify the Indenture Trustee, the Securities
      Administrator and the Depositor of any legal proceedings pending against the
      Owner Trustee of the type described in Item 1117 (§ 229.1117) of Regulation
      AB.]

     

    ARTICLE
      VII

    INDEMNIFICATION
      AND COMPENSATION

     

    Section
      7.01. Trust
      Expenses. The
      Owner
      Trustee shall be reimbursed from amounts on deposit in the Collection Account
      in
      accordance with Section [5.07(viii)] of the Transfer and Servicing Agreement
      for
      the reasonable expenses of the Owner Trustee hereunder, including, without
      limitation, the reasonable compensation, expenses and disbursements of such
      agents, representatives, experts and counsel as the Owner Trustee may employ
      in
      connection with the exercise and performance of its rights and duties under
      the
      Operative Agreements.

     

    Section
      7.02. Indemnification. 

     

    (a) The
      Bank
      shall be entitled to be indemnified and held harmless from and against any
      and
      all liabilities, obligations, indemnity obligations, losses (excluding loss
      of
      anticipated profits), damages, claims, actions, suits, judgments, out-of-pocket
      costs, expenses and disbursements (including legal and consultants’ fees and
      expenses) and taxes of any kind and nature whatsoever (collectively, the
“Liabilities”) that may be imposed on, incurred by or asserted at any time
      against the Bank or the Owner Trustee in any way relating to or arising out
      of
      the Trust Estate, any of the properties included therein, the administration
      of
      the Trust Estate or any action or inaction of the Owner Trustee hereunder or
      under the Operative Agreements, except to the extent that such Liabilities
      arise
      out of or result from (i) the Owner Trustee’s own willful misconduct, fraud or
      gross negligence, (ii) the inaccuracy of any of the Owner Trustee’s
      representations or warranties contained in Section 6.04 of this Agreement,
      (iii)
      the Owner Trustee’s failure to perform obligations expressly undertaken by it in
      this Agreement; (iv) taxes based on or measured by any fees, commissions or
      compensation received by the Owner Trustee for acting as such in connection
      with
      any of the transactions contemplated by this Agreement or any other Operative
      Agreement and (v) the Owner Trustee’s failure to use due care to receive, manage
      and disburse moneys actually received by it in accordance with the terms hereof.
      The indemnities contained in this Section 7.02(a) shall survive the termination
      of this Agreement and the removal or resignation of the Owner Trustee
      hereunder.

     

    (b) Any
      fees,
      reimbursements and indemnities to the Bank or the Owner Trustee pursuant to
      this
      Section 7.02 shall be payable: first,
      out of
      amounts on deposit in the Certificate Distribution Account prior to payments
      on
      the Ownership Certificate; second,
      to the
      extent not paid pursuant to clause first within 60 days of first being incurred,
      by the Certificateholder; and third,
      to the
      extent not paid pursuant to clause first and second within 60 days of first
      being incurred, by [Taylor, Bean & Whitaker Mortgage Corp.] If any amounts
      shall be on deposit in the Certificate Distribution Account subsequent to the
      payment of any reimbursement or indemnification amounts pursuant to clauses
      second or third of the preceding sentence, then reimbursement for such payment
      shall be payable out of amounts on deposit in the Certificate Distribution
      Account prior to payments on the Ownership Certificate on any Payment Date
      first
      to [Taylor, Bean & Whitaker Mortgage Corp.] and second to the
      Certificateholder who made payment pursuant to clause second of the preceding
      sentence, in each case to the extent of the payment made by it to the Owner
      Trustee pursuant to the preceding sentence.

     

    
      
        
        

      

      
        26

        
          

        

      

       

    

     

    The
      indemnities contained in this Section 7.02 shall survive the resignation or
      termination of the Owner Trustee or the termination of this Agreement. In the
      event of any claim, action or proceeding for which indemnity will be sought
      pursuant to this Section, the Owner Trustee’s choice of legal counsel shall be
      subject to the approval of [Taylor, Bean & Whitaker Mortgage Corp.], which
      approval shall not be unreasonably withheld.

     

    Section
      7.03. Compensation. The
      Bank
      shall receive as compensation for its services hereunder from the Master
      Servicer an annual fee pursuant to the terms of a separate fee agreement between
      the Master Servicer and the Owner Trustee. 

     

    Section
      7.04. Lien
      on Trust Estate. The
      Bank
      shall have a lien on the Trust Estate for any compensation or indemnity due
      hereunder, such lien to be subject only to prior liens of the Indenture. The
      Bank shall not bring any proceedings to foreclose on such lien if and to the
      extent the Trust Estate is subject to the lien of the Indenture. Any amount
      paid
      to the Owner Trustee pursuant to this Article VII shall be deemed not to be
      part
      of the Trust Estate immediately after such payment.

     

    ARTICLE
      VIII

    TERMINATION
      OF AGREEMENT

     

    Section
      8.01. Termination of Agreement.

     

    (a) This
      Agreement (other than Article VII) shall terminate and the trusts created hereby
      shall dissolve and terminate and the Trust Estate shall, subject to the
      Indenture and Sections 4.01 and 7.04 and Section 3808 of the Delaware Trust
      Statute, be distributed to the Holder, and this Agreement shall be of no further
      force or effect, upon the earlier of (i) the full payment of principal and
      interest due on all Classes of the Notes; and (ii) the sale or other final
      disposition by the Indenture Trustee or the Owner Trustee, as the case may
      be,
      of all the Trust Estate and the final distribution by the Securities
      Administrator or the Owner Trustee, as the case may be, of all moneys or other
      property or proceeds of the Trust Estate in accordance with the terms of the
      Indenture, the Transfer and Servicing Agreement and Section 4.02. The
      bankruptcy, liquidation or dissolution of the Holder shall not operate to
      terminate this Agreement, nor entitle such Holder’s legal representatives to
      claim an accounting or to take any action or proceeding in any court for a
      partition or winding up of the Trust Estate, nor otherwise affect the rights,
      obligations and liabilities of the parties hereto.

    
      
        
        

      

      
        27

        
          

        

      

       

    

     

    (b) Except
      as
      provided in Section 8.01(a), neither the Depositor nor the Holder shall be
      entitled to revoke or terminate the Trust established hereunder.

     

    (c) Notice
      of
      any termination of the Trust, specifying the Payment Date upon which the Holder
      shall surrender its Ownership Certificate to the Certificate Paying Agent for
      payment of the final distribution and cancellation, shall be given by the
      Certificate Paying Agent by letter to the Holder and the Rating Agencies mailed
      within five Business Days of receipt of notice of the final payment on the
      Notes
      pursuant to the Transfer and Servicing Agreement, stating (i) the Payment Date
      upon or with respect to which final payment of the Ownership Certificate shall
      be made upon presentation and surrender of the Ownership Certificate at the
      office of the Certificate Paying Agent therein designated, (ii) the amount of
      any such final payment and (iii) that the Record Date otherwise applicable
      to
      such Payment Date is not applicable, payments being made only upon presentation
      and surrender of the Ownership Certificate at the office of the Certificate
      Paying Agent therein specified. The Certificate Paying Agent shall give such
      notice to the Owner Trustee and the Certificate Registrar at the time such
      notice is given to the Holder. Upon presentation and surrender of the Ownership
      Certificate, the Certificate Paying Agent shall cause to be distributed to
      the
      Holder amounts distributable on such Payment Date pursuant to [4.1] of the
      Transfer and Servicing Agreement.

     

    (d) Upon
      the
      winding up of the Trust and its termination, the Owner Trustee shall upon the
      written request of the Depositor cause the Certificate of Trust to be cancelled
      by filing a certificate of cancellation with the Secretary of State in
      accordance with the provisions of Section 3810 of the Delaware Trust
      Statute.

     

    ARTICLE
      IX

    SUCCESSOR
      OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES 

     

    Section
      9.01. Eligibility
      Requirements for Owner Trustee. The
      Owner
      Trustee shall at all times be a corporation satisfying the provisions of Section
      3807(a) of the Delaware Trust Statute; authorized to exercise corporate powers;
      having a combined capital and surplus of at least $50,000,000 and subject to
      supervision or examination by Federal or state authorities; and having (or
      having a parent which has) a short-term debt rating of at least “A-1” or the
      equivalent by, or which is otherwise acceptable to, the Rating Agencies. If
      such
      corporation shall publish reports of condition at least annually, pursuant
      to
      law or to the requirements of the aforesaid supervising or examining authority,
      then for the purpose of this Section, the combined capital and surplus of such
      corporation shall be deemed to be its combined capital and surplus as set forth
      in its most recent report of condition so published. In case at any time the
      Owner Trustee shall cease to be eligible in accordance with the provisions
      of
      this Section, the Owner Trustee shall resign immediately in the manner and
      with
      the effect specified in Section 9.02.

     

    Section
      9.02. Resignation
      or Removal of Owner Trustee. The
      Owner
      Trustee may at any time resign and be discharged from the trusts hereby created
      by giving [30] days’ prior written notice thereof to the Depositor, the Holder
      and the Indenture Trustee. Upon receiving such notice of resignation, the
      Depositor shall promptly appoint a successor Owner Trustee by written
      instrument, in duplicate, one copy of which instrument shall be delivered to
      the
      resigning Owner Trustee and one copy to the successor Owner Trustee. If no
      successor Owner Trustee shall have been so appointed and have accepted
      appointment within 30 days after the giving of such notice of resignation,
      the
      resigning Owner Trustee may petition any court of competent jurisdiction for
      the
      appointment of a successor Owner Trustee.

    
      
        
        

      

      
        28

        
          

        

      

       

    

     

    If
      at any
      time the Owner Trustee shall cease to be eligible in accordance with the
      provisions of Section 9.01 and shall fail to resign after written request
      therefor by the Depositor, or if at any time the Owner Trustee shall be legally
      unable to act, or shall be adjudged bankrupt or insolvent, or a receiver of
      the
      Owner Trustee or of its property shall be appointed, or any public officer
      shall
      take charge or control of the Owner Trustee or of its property or affairs for
      the purpose of rehabilitation, conservation or liquidation, then the Depositor
      may remove the Owner Trustee. If the Depositor shall remove the Owner Trustee
      under the authority of the immediately preceding sentence, the Depositor shall
      promptly appoint a successor Owner Trustee by written instrument in duplicate,
      one copy of which instrument shall be delivered to the outgoing Owner Trustee
      so
      removed and one copy to the successor Owner Trustee and payment of all fees
      owed
      to the outgoing Owner Trustee.

     

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

     

    Section
      9.03. Successor
      Owner Trustee. Any
      successor Owner Trustee appointed pursuant to Section 9.02 shall execute,
      acknowledge and deliver to the Depositor and the Securities Administrator and
      to
      its predecessor Owner Trustee an instrument accepting such appointment under
      this Agreement, and thereupon the resignation or removal of the predecessor
      Owner Trustee shall become effective and such successor Owner Trustee without
      any further act, deed or conveyance, shall become fully vested with all the
      rights, powers, duties, and obligations of its predecessor under this Agreement,
      with like effect as if originally named as Owner Trustee. The predecessor Owner
      Trustee shall upon payment of its fees and expenses deliver to the successor
      Owner Trustee all documents and statements and monies held by it under this
      Agreement; and the Depositor, the Securities Administrator and the predecessor
      Owner Trustee shall execute and deliver such instruments and do such other
      things as may reasonably be required for fully and certainly vesting and
      confirming in the successor Owner Trustee all such rights, powers, duties,
      and
      obligations.

     

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

     

    Upon
      acceptance of appointment by a successor Owner Trustee pursuant to this Section,
      the Securities Administrator shall mail notice of the successor of such Owner
      Trustee to all Certificateholders, the Indenture Trustee, the Noteholders and
      the Rating Agencies. If the Securities Administrator fails to mail such notice
      within 10 days after acceptance of appointment by the successor Owner Trustee,
      the successor Owner Trustee shall cause such notice to be mailed at the expense
      of the Securities Administrator.

     

    
      
        
        

      

      
        29

        
          

        

      

       

    

     

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

     

    Section
      9.05. Appointment
      of Co-Trustee or Separate Trustee. Notwithstanding
      any other provisions of this Agreement, at any time, for the purpose of meeting
      any legal requirements of any jurisdiction in which any part of the Trust Estate
      or any Collateral may at the time be located, and for the purpose of performing
      certain duties and obligations of the Owner Trustee with respect to the Trust
      and the Certificates under the Transfer and Servicing Agreement, the Owner
      Trustee shall have the power and shall execute and deliver all instruments
      to
      appoint one or more Persons approved by the Owner Trustee to act as co-trustee,
      jointly with the Owner Trustee, or separate trustee or separate trustees, of
      all
      or any part of the Trust Estate, and to vest in such Person, in such capacity,
      such title to the Trust, or any part thereof, and, subject to the other
      provisions of this Section, such powers, duties, obligations, rights and trusts
      as the Owner Trustee may consider necessary or desirable. No co-trustee or
      separate trustee under this Agreement shall be required to meet the terms of
      eligibility as a successor trustee pursuant to Section 9.01 and no notice of
      the
      appointment of any co-trustee or separate trustee shall be required pursuant
      to
      Section 9.03.

     

    The
      Owner
      Trustee hereby appoints the Securities Administrator for the purpose of
      establishing and maintaining the Certificate Distribution Account and making
      the
      distributions therefrom to the Persons entitled thereto pursuant to Section
      [6.02] of the Transfer and Servicing Agreement. 

     

    Each
      separate trustee and co-trustee shall, to the extent permitted by law, be
      appointed and act subject to the following provision and
      conditions:

     

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

    
      
        
        

      

      
        30

        
          

        

      

       

    

     

    (b) no
      trustee under this Agreement shall be personally liable by reason of any act
      or
      omission of any other trustee under this Agreement; and 

     

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

     

    Any
      notice, request or other writing given to the Owner Trustee shall be deemed
      to
      have been given to the separate trustees and co-trustees, as if given to each
      of
      them. Every instrument appointing any separate trustee or co-trustee, other
      than
      this Agreement, shall refer to this Agreement and to the conditions of this
      Article. Each separate trustee and co-trustee, upon its acceptance of
      appointment, shall be vested with the estates specified in its instrument of
      appointment, either jointly with the Owner Trustee or separately, as may be
      provided therein, subject to all the provisions of this Agreement, specifically
      including every provision of this Agreement relating to the conduct of,
      affecting the liability of, or affording protection to, the Owner Trustee.
      Each
      such instrument shall be filed with the Owner Trustee and a copy thereof given
      to the Securities Administrator.

     

    Any
      separate trustee or co-trustee may at any time appoint the Owner Trustee as
      its
      Agent or attorney-in-fact with full power and authority, to the extent not
      prohibited by law, to do any lawful act under or in respect of this Agreement
      on
      its behalf and in its name. If any separate trustee or co-trustee shall die,
      become incapable of acting, resign or be removed, all of its estates,
      properties, rights, remedies and trusts shall vest in and be exercised by the
      Owner Trustee, to the extent permitted by law, without the appointment of a
      new
      or successor trustee.

     

    ARTICLE
      X

    MISCELLANEOUS

     

    Section
      10.01. Supplements
      and Amendments.
      [This
      Agreement may be amended by the Depositor, the Securities Administrator and
      the
      Owner Trustee, with the consent of the Holder and with prior written notice
      to
      the Rating Agencies, but without the consent of any of the Noteholders or the
      Indenture Trustee, to (a) cure any ambiguity, to correct or supplement any
      provisions in this Agreement or for the purpose of adding any provisions to
      or
      changing in any manner or eliminating any of the provisions in this Agreement
      or
      of modifying in any manner the rights of the Noteholders or the Holder or (b)
      to
      comply with any SEC Rules (as defined in Section 10.13 hereof); provided,
      however, that
      such
      action shall not, as evidenced by an Opinion of Counsel, adversely affect in
      any
      material respect the interests of any Noteholder or the Holder or adversely
      affect the tax status of the Trust. An amendment shall not be deemed to
      adversely affect in any material respect the interests of any Noteholder or
      the
      Holder and no opinion referred to in the preceding proviso shall be required
      to
      be delivered if the Person requesting the amendment obtains a letter from each
      Rating Agencies stating that the amendment would not result in the downgrading
      or withdrawal of the respective ratings then assigned to each Class of Notes.
      Notwithstanding the preceding sentence, an opinion shall be required with
      respect to tax matters as set forth in this paragraph. Notwithstanding the
      foregoing, neither an Opinion of Counsel nor any letters from any Rating Agency
      referred to above shall be required if such amendment is made pursuant to (b)
      above.] 

    
      
        
        

      

      
        31

        
          

        

      

       

    

     

    This
      Agreement may also be amended from time to time by the Depositor, the Securities
      Administrator and the Owner Trustee, with the prior written consent of the
      Rating Agencies and with the prior written consent of the Indenture Trustee,
      the
      Holders (as defined in the Indenture) of Notes evidencing more than
      662/3%
      of the
      Outstanding Balance of the Notes, and the consent of the Holder, for the purpose
      of adding any provisions to or changing in any manner or eliminating any of
      the
      provisions of this Agreement or of modifying in any manner the rights of the
      Holder; provided,
      however,
      that no
      such amendment shall, as evidenced by an Opinion of Counsel, adversely affect
      the tax status of the Trust; and provided,
      further,
      that no
      such amendment shall (a) increase or reduce in any manner the amount of, or
      accelerate or delay the timing of, collections of payments on the Collateral
      or
      payments that shall be required to be made for the benefit of the Noteholders
      or
      the Holder or (b) reduce the aforesaid percentage of the Outstanding
      Balance of the Notes required to consent to or to waive the requirement for
      the
      Holder to consent to any such amendment, in either case of clause (a) or
      (b) without the consent of the holders of all the outstanding Notes and the
      Holder.

     

    Notwithstanding
      the foregoing, no provision of Sections 2.03 or 5.06 hereof may be amended
      in
      any manner unless (i) 100% of the Outstanding Balance of the Noteholders have
      consented in writing thereto, (ii) the Rating Agencies have consent in writing
      thereto or (iii) the Notes have been paid in full and the Indenture has been
      discharged.

     

    Promptly
      after the execution of any such amendment or consent, the Owner Trustee shall
      furnish written notification of the substance of such amendment or consent
      to
      the Holder, the Indenture Trustee and the Rating Agencies.

     

    It
      shall
      not be necessary for the consent of the Holder, the Noteholders or the Indenture
      Trustee pursuant to this Section 10.01 to approve the particular form of any
      proposed amendment or consent, but it shall be sufficient if such consent shall
      approve the substance thereof. The manner of obtaining such consents (and any
      other consents of the Holder provided for in this Agreement or in any other
      Operative Agreement) and of evidencing the authorization of the execution
      thereof by the Holder shall be subject to such reasonable requirements as the
      Owner Trustee may prescribe.

     

    Promptly
      after the execution of any amendment to the Certificate of Trust, the Owner
      Trustee shall cause the filing of such amendment with the Secretary of
      State.

     

    Prior
      to
      the execution of any amendment to this Agreement or the Certificate of Trust,
      the Owner Trustee shall be entitled to receive and rely upon an Opinion of
      Counsel, at the expense of the Trust, stating that the execution of such
      amendment is authorized or permitted by this Agreement. Neither the Owner
      Trustee nor the Securities Administrator shall be obligated to enter into any
      such amendment which affects the Owner Trustee’s or Securities Administrator’s
      own rights, duties or immunities under this Agreement or otherwise.

     

    Section
      10.02. No
      Legal Title to Trust Estate in Holder. The
      Holder shall not have legal title to any part of the Trust Estate and shall
      only
      be entitled to receive distributions pursuant to Section 4.02 once all amounts
      then owing with respect to the Notes have been paid in accordance with the
      Indenture. No transfer, by operation of law of any right, title and interest
      of
      the Holder in and to its undivided beneficial interest in the Trust Estate
      or
      hereunder shall operate to terminate this Agreement or the trusts hereunder
      or
      entitle any successor transferee to an accounting or to the transfer to it
      of
      legal title to any part of the Trust Estate.

    
      
        
        

      

      
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    Section
      10.03. Pledge
      of Collateral by Owner Trustee is Binding. The
      pledge of the Collateral to the Indenture Trustee by the Trust made under the
      Indenture and pursuant to the terms of this Agreement shall bind the Holder
      and
      shall be effective to transfer or convey the rights of the Trust and the Holder
      in and to such Collateral to the extent set forth in the Indenture. No purchaser
      or other grantee shall be required to inquire as to the authorization,
      necessity, expediency or regularity of such pledge or as to the application
      of
      any proceeds with respect thereto by the Owner Trustee.

     

    Section
      10.04. Limitations
      on Rights of Others. Nothing
      in this Agreement, whether express or implied (except for Section 7.04), shall
      be construed to give to any Person other than the Owner Trustee and the Holder
      any legal or equitable right in the Trust Estate or under or in respect of
      this
      Agreement or any covenants, conditions or provisions contained
      herein.

     

    Section
      10.05. Notices. Unless
      otherwise expressly specified or permitted by the terms hereof, all notices
      shall be in writing and delivered by hand, by courier or mailed by certified
      mail, postage prepaid, (a) if to the Owner Trustee or the Trust, addressed
      to it
      at the Corporate Trust Office of the Owner Trustee or to such other address
      as
      the Owner Trustee may have set forth in a written notice to the Holder and
      the
      Depositor addressed to it at the address set forth for such Certificateholders
      in the Certificate Register; (b) if to the Securities Administrator, addressed
      to it at the Corporate Trust Office of the Securities Administrator; and (c)
      if
      to the Certificate Registrar, addressed to it at the Corporate Trust office
      of
      the Certificate Registrar; and (d) if to the Depositor, addressed to it at
      TBALT Corp., 1690 Stone Village Lane, No. 102, Kennesaw, Georgia 30152,
      Attention: TBALT [     ]. Whenever any notice in writing is
      required to be given by the Owner Trustee or the Securities Administrator,
      such
      notice shall be deemed given and such requirement satisfied if such notice
      is
      mailed by certified mail, postage prepaid, addressed as provided
      above.

     

    Section
      10.06. Severability. Any
      provision of this Agreement which is prohibited or unenforceable in any
      jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
      such prohibition or unenforceability without invalidating the remaining
      provisions hereof, and any such prohibition or unenforceability in any
      jurisdiction shall not invalidate or render unenforceable such provision in
      any
      other jurisdiction.

     

    Section
      10.07. Separate
      Counterparts. This
      Agreement may be executed by the parties hereto in separate counterparts, each
      of which when so executed and delivered shall be an original, but all such
      counterparts shall together constitute but one and the same
      instrument.

     

    Section
      10.08. Successors
      and Assigns. All
      representations, warranties, covenants and agreements contained herein shall
      be
      binding upon, and inure to the benefit of, the Owner Trustee and its successors
      and assigns and the Depositor and the Holder and its respective successors,
      all
      as herein provided. Any request, notice, direction, consent, waiver or other
      instrument or action by the Holder shall bind the successors of such
      Holder.

    
      
        
        

      

      
        33

        
          

        

      

       

    

     

    Section
      10.09. Headings. The
      headings of the various Articles and Sections herein are for convenience of
      reference only and shall not define or limit any of the terms or provisions
      hereof.

     

    Section
      10.10. Governing
      Law. THIS
      AGREEMENT SHALL IN ALL RESPECTS BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
      WITH, THE LAWS OF THE STATE OF DELAWARE WITHOUT REFERENCE TO THE CONFLICT OF
      LAWS PROVISIONS THEREOF, INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY AND
      PERFORMANCE, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER
      SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

     

    Section
      10.11. No Petition. 

     

    (a) The
      Owner
      Trustee and the Securities Administrator, by entering into this Agreement,
      the
      Holder, by accepting the Ownership Certificate, and the Indenture Trustee and
      each Noteholder, by accepting the benefits of this Agreement, hereby covenant
      and agree that they will not at any time institute against the Depositor or
      the
      Trust, or join in any institution against the Depositor or the Trust of, any
      bankruptcy under any United States federal or state bankruptcy or similar law
      in
      connection with any obligations relating to the Ownership Certificate, the
      Notes, this Agreement or any of the other Operative Agreements.

     

    (b) The
      Depositor shall not be liable for the default or misconduct of the Securities
      Administrator, the Owner Trustee, the Indenture Trustee or the Certificate
      Paying Agent under any of the Operative Agreements or otherwise and the
      Depositor shall have no obligation or liability to perform the obligations
      of
      the Trust under this Agreement or the Operative Agreements that are required
      to
      be performed by the Securities Administrator under the Administration Agreement
      or the Indenture Trustee under the Indenture.

     

    Section
      10.12. No
      Recourse. The
      Holder by accepting an Ownership Certificate acknowledges that such Certificate
      represents a beneficial interest in the Trust only and does not represent an
      interest in or an obligation of the Depositor, the Securities Administrator,
      the
      Owner Trustee, any co-trustee, the Bank or any Affiliate thereof (other than
      the
      Trust) and no recourse may be had against such parties or their assets, except
      as may be expressly set forth or contemplated in this Agreement, the Ownership
      Certificate or the other Operative Agreements.

     

    Section
      10.13. Reporting
      Requirements of the Commission and Indemnification. Notwithstanding
      any other provision of this Agreement, the Owner Trustee shall (i) agree to
      such
      modifications and enter into such amendments to this Agreement as may be
      necessary, in the judgment of the Depositor and its counsel, to comply with
      any
      rules promulgated by the Commission and any interpretations thereof by the
      staff
      of the Commission (collectively, “SEC Rules”) and (ii) promptly upon request
      provide to the Depositor for inclusion in any periodic report required to be
      filed under the Exchange Act such items of information regarding this Agreement
      and matters related to the Owner Trustee,
      including as applicable (by way of example and not limitation), a description
      of
      any material litigation or governmental action or proceeding involving the
      Owner
Trustee
      or its affiliates, as applicable
      (collectively, the “Owner Trustee Information”); provided,
      that
      such information shall be required to be provided by the Owner Trustee only
      to
      the extent that such shall be determined by the Depositor in its sole discretion
      and its counsel to be necessary or advisable to comply with any SEC
      Rules.

    
      
        
        

      

      
        34

        
          

        

      

       

    

     

    ARTICLE
      XI

    OFFICERS

     

    Section
      11.01. Appointment
      of Officers. The
      Trust
      may have one or more Officers who are hereby empowered to take and are
      responsible for performing all ministerial duties on behalf of the Trust
      pursuant to this Agreement and the other Operative Agreements, including,
      without limitation, the execution of the Officers’ Certificate (as defined in
      the Indenture), the Trust Order (as defined in the Indenture), the Trust Request
      (as defined in the Indenture), the annual compliance report required under
      Section [3.09] of the Indenture, and any annual reports, documents and other
      reports which the Trust is required to file with the Securities and Exchange
      Commission pursuant to Section 13 or 15(d) of the Securities Exchange Act of
      1934, as amended. Each of the Chairman of the Board, the Chief Executive
      Officer, the President, each Senior Vice President and each Vice President
      of
      the Depositor is hereby appointed as an Officer of the Trust. The Depositor
      shall promptly deliver to the Owner Trustee and the Indenture Trustee a list
      of
      its officers who shall become the Officers of the Trust pursuant to this Section
      11.01.

     

    Section
      11.02. Officers
      to Provide Information to the Owner Trustee. It
      shall
      be the duty of each Officer to keep the Owner Trustee reasonably and promptly
      informed as to material events relating to the Trust, including, without
      limitation, all claims pending or threatened against the Trust, the purchase
      and
      sale of any material portion of the Trust Estate and the execution by such
      Officer on behalf of the Trust of any material agreements or
      instruments.

    
      
        
        

      

      
        35

        
          

        

      

       

    

     

    IN
      WITNESS WHEREOF, the parties hereto have caused this Trust Agreement to be
      duly
      executed by their respective officers hereunto duly authorized, as of the day
      and year first above written.

    
      	 	 	 
	 	
              TBALT
                CORP., as Depositor

            
	 
 	 
 	 
 
	
            	By:  	
            
	 	
              
                

              

              Name:
                [                 
                        ]

              Title:  
                [                    
                     ]

            

    

     

    
      
        	 	 	 
	 	
                [                    
                       ],

                not
                  in its individual capacity but solely as Owner
                  Trustee

              
	 
 	 
 	 
 
	
              	By:  	
              
	 	
                
                  

                

                Name:
                  [                 
                          ]

                Title:  
                  [                    
                       ]

              

      

    

     

    
      
        
          	 	 	 
	 	
                  [                    
                         ],

                  not
                    in its individual capacity but solely as Securities
                    Administrator

                
	 
 	 
 	 
 
	
                	By:  	
                
	 	
                  
                    

                  

                  Name:
                    [                 
                            ]

                  Title:  
                    [                    
                         ]

                

        

      

       

    

    Acknowledged
      and Agreed, solely

    for
      purposes of Section 7.02:

    

    [Taylor,
      Bean & Whitaker Mortgage Corp.]

     

    
      	 	 	 	 
	By:	 	 	
            
	
              
                

              

              Name:
                [                 
                        ]

              Title:  
                [                    
                     ]

            	 	 	
            

    
      
        
        

      

      
        
        

        
          

        

      

       

    

    EXHIBIT
      A

     

    [FORM
      OF
      OWNERSHIP CERTIFICATE]

     

    [Face]

    

    THIS
      OWNERSHIP CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE
      SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR THE SECURITIES LAWS OF ANY
      STATE. THIS OWNERSHIP CERTIFICATE MAY BE DIRECTLY OR INDIRECTLY OFFERED OR
      SOLD
      OR OTHERWISE DISPOSED OF (INCLUDING PLEDGED) BY THE HOLDER HEREOF ONLY TO A
      “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE ACT, IN A
      TRANSACTION THAT IS REGISTERED UNDER THE ACT AND APPLICABLE STATE SECURITIES
      LAWS OR THAT IS EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE ACT PURSUANT
      TO
      RULE 144A. NO PERSON IS OBLIGATED TO REGISTER THIS OWNERSHIP CERTIFICATE UNDER
      THE ACT OR ANY STATE SECURITIES LAWS.

     

    THIS
      OWNERSHIP CERTIFICATE MAY NOT BE ACQUIRED BY A TRANSFEREE FOR, OR ON BEHALF
      OF,
      AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT THAT IS SUBJECT TO
      SECTION 406 OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED
      (“ERISA”), SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE
“CODE”) OR ANY SUBSTANTIALLY SIMILAR LAW, OR ANY ENTITY DEEMED TO HOLD THE PLAN
      ASSETS OF THE FOREGOING. EACH INVESTOR IN THIS CERTIFICATE WILL BE DEEMED TO
      MAKE THE FOREGOING REPRESENTATIONS AND WILL FURTHER BE DEEMED TO REPRESENT,
      WARRANT AND COVENANT THAT IT WILL NOT SELL, PLEDGE OR OTHERWISE TRANSFER THIS
      CERTIFICATE IN VIOLATION OF THE FOREGOING.

     

    THIS
      OWNERSHIP CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE
      DEPOSITOR, THE INDENTURE TRUSTEE, THE OWNER TRUSTEE, THE SECURITIES
      ADMINISTRATOR OR ANY OF THEIR RESPECTIVE AFFILIATES, EXCEPT AS EXPRESSLY
      PROVIDED IN THE TRUST AGREEMENT OR THE OTHER OPERATIVE AGREEMENTS.

     

    THIS
      OWNERSHIP CERTIFICATE IS SUBORDINATE IN RIGHT OF PAYMENT AS DESCRIBED IN THE
      TRANSFER AND SERVICING AGREEMENT REFERRED TO HEREIN.

     

    
      
        
        

      

      
        A-1

        
          

        

      

       

    

    TBW
      MORTGAGE TRUST [     ]

    

    Certificate
      No. _________ Percentage
      Interest: 100%

     

    First
      Payment Date:
      [              
]

     

    Evidencing
      a fractional undivided equity interest in the Trust Estate, the property of
      which consists primarily of the Collateral in TBW Mortgage Trust
      [       ] (the “Trust” or the “Issuer”), a
      Delaware statutory trust formed by TBALT Corp., a Delaware corporation, as
      depositor (the “Depositor”), pursuant to the Agreement referred to
      below.

     

    This
      certifies that [insert name of Holder] is the registered owner of the Percentage
      Interest referred to above.

     

    The
      Trust
      was created pursuant to a trust agreement dated as of
      [       ] (as amended and supplemented from time
      to time, the “Agreement” or “Trust Agreement”), among the Depositor,
      [       ], as owner trustee (the “Owner Trustee,”
which term includes any successor entity under the Agreement), and
      [       ], as securities administrator (in such
      capacity, the “Securities Administrator”), a summary of certain of the pertinent
      provisions of which is set forth hereinafter. This Ownership Certificate is
      issued under and is subject to the terms, provisions and conditions of the
      Agreement, to which Agreement the Holder of this Ownership Certificate by virtue
      of the acceptance hereof assents and by which such Holder is bound, and the
      transfer and servicing agreement dated as of
      [        ] (as amended and supplemented from
      time to time, the “Transfer and Servicing Agreement”), among the Issuer, the
      Depositor, [Taylor, Bean & Whitaker Mortgage Corp.], as seller and as
      [a/the] servicer, [       ], as master servicer
      and Securities Administrator[, [       ], as a
      servicer (in such capacity, a “Servicer” and together with [Taylor, Bean &
Whitaker Mortgage Corp.], the “Servicers”)] and
      [       ], as indenture trustee (the “Indenture
      Trustee”). Distributions on this Ownership Certificate shall be made by the
      Securities Administrator, in its capacity of Certificate Paying Agent under
      the
      Agreement.

     

    This
      Ownership Certificate is issued under the Agreement to which reference is hereby
      made for a statement of the respective rights thereunder of the Depositor,
      the
      Owner Trustee and the Holder of the Ownership Certificate and the terms upon
      which the Ownership Certificate is executed and delivered. The Trust Estate
      consists of the Collateral in the TBW Mortgage Trust
      [       ]. To the extent not otherwise defined
      herein, capitalized terms used herein have the meanings assigned to such terms
      in the Agreement or the Transfer and Servicing Agreement. The rights of the
      Holder are subordinated to the rights of the Noteholders, as set forth in the
      indenture dated as of [       ] (as amended and
      supplemented from time to time, the “Indenture”), among the Issuer, the
      Indenture Trustee and the Securities Administrator.

     

    There
      will be distributed on the 25th
      day of
      each month or, if such 25th
      day is
      not a Business Day, the next Business Day (each, a “Payment Date”), commencing
      in [        ], to the Holder at the close of
      business on the last Business Day of the month preceding the month of such
      Payment Date (the “Record Date”), the amount to be distributed to the Holder on
      such Payment Date, all as provided in the Transfer and Servicing Agreement
      and
      the Trust Agreement.

    
      
        
        

      

      
        A-2

        
          

        

      

       

    

     

    The
      Holder, by its acceptance of this Ownership Certificate, agrees that it will
      look solely to the funds on deposit in the Certificate Distribution Account
      that
      have been released from the lien of the Indenture for payment hereunder and
      that
      neither the Owner Trustee, the Securities Administrator or the Certificate
      Paying Agent in their individual capacities nor the Depositor is personally
      liable to the Holder for any amount payable under this Ownership Certificate
      or
      the Agreement or, except as expressly provided in the Agreement, subject to
      any
      liability under the Agreement.

     

    The
      Holder acknowledges and agrees that its rights to receive distributions in
      respect of this Ownership Certificate are subordinated to the rights of the
      Noteholders as described in the Indenture and the rights of the Owner Trustee
      as
      described in the Trust Agreement.

     

    The
      Depositor and the Holder, by acceptance of an Ownership Certificate, agree
      to
      treat, and to take no action inconsistent with the treatment of, the Ownership
      Certificate for federal, state and local income tax purposes as an equity
      interest in the Trust.

     

    The
      Holder, by its acceptance of an Ownership Certificate, covenants and agrees
      that
      it will not at any time institute against the Depositor or the Trust, or join in
      any institution against the Depositor or the Trust of, any bankruptcy,
      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 Ownership Certificate, the
      Notes, the Agreement or any other of the Operative Agreements.

     

    Distributions
      on this Ownership Certificate will be made as provided in the Agreement by
      the
      Certificate Paying Agent by wire transfer or check mailed to the Holder without
      the presentation or surrender of this Ownership Certificate or the making of
      any
      notation hereon. Except as otherwise provided in the Agreement and
      notwithstanding the above, the final distribution on this Ownership Certificate
      will be made after due notice by the Certificate Paying Agent of the pendency
      of
      such distribution and only upon presentation and surrender of this Ownership
      Certificate at the office or agency maintained by the Certificate Registrar
      for
      that purpose.

     

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

     

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

     

    THIS
      OWNERSHIP CERTIFICATE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
      STATE OF DELAWARE, WITHOUT REFERENCE TO ITS CONFLICT OF LAWS PROVISIONS, AND
      THE
      OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED
      IN
      ACCORDANCE WITH SUCH LAWS.

    
      
        
        

      

      
        A-3

        
          

        

      

       

    

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

    
      	 	 	 
	 	
              TBW
                MORTGAGE TRUST [        ]

               

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

              
 

            
	
            	By:  	
            
	 	
              
Authorized
              Signatory

    

     

    Dated:
      _________________________

    

    
      
        
        

      

      
        A-4

        
          

        

      

       

    

     

    CERTIFICATE
      OF AUTHENTICATION

    

    This
      is
      the Ownership Certificate referred to in the within-mentioned Trust
      Agreement.

    
      
        	 	 	 
	 	
                [                           ],
                  not in its individual capacity but 

                solely
                  as Securities Administrator

              
	 	 
	
              	By:  	
              
	 	 	
                
                  

                

                Authorized Signatory 

              
	 	 	 
	 	Dated: 	 
	 	 	
                

              

      

    

     

    
      
        
        

      

      
        A-5

        
          

        

      

       

    

    [REVERSE
      OF OWNERSHIP CERTIFICATE]

    

    TBW
      MORTGAGE TRUST [     ] OWNERSHIP
      CERTIFICATE

    

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

     

    The
      Agreement permits the amendment thereof as specified below, provided that any
      amendment be accompanied by an Opinion of Counsel to the effect that such
      amendment complies with the provisions of the Agreement and would not cause
      the
      Trust to be subject to an entity level tax. If the purpose of the amendment
      is
      to correct any mistake, eliminate any inconsistency, cure any ambiguity or
      deal
      with any matter not covered, it shall not be necessary to obtain the consent
      of
      any Noteholder or the Indenture Trustee. If the purpose of the amendment is
      to
      add or eliminate or change any provision of the Agreement, other than as
      specified in the preceding sentence, the amendment shall require the consent
      of
      the Holder and the consent of Noteholders evidencing more than 662/3%
      of the
      Outstanding Balance of the Notes and the Indenture Trustee; provided,
      however,
      that no
      such amendment shall, as evidenced by an Opinion of Counsel, adversely affect
      the tax status of the Trust; and provided,
      further,
      that no
      such amendment shall (a) increase or reduce in any manner the amount of, or
      accelerate or delay the timing of, collections of payments on the Collateral
      or
      distributions that shall be required to be made for the benefit of the
      Noteholders or the Holder or (b) reduce the aforesaid percentage of the
      Outstanding Balance of the Notes required to consent to or to waive the
      requirement for the Holder to consent to any such amendment, in either case
      of
      clause (a) or (b) without the consent of the holders of all the outstanding
      Securities and the Indenture Trustee.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Ownership Certificate is registerable in the Certificate
      Register upon surrender of this Ownership Certificate for registration of
      transfer at the offices or agencies of the Certificate Registrar, accompanied
      by
      a written instrument of transfer in form satisfactory to the Certificate
      Registrar duly executed by the Holder hereof or such Holder’s attorney duly
      authorized in writing, and thereupon a new Ownership Certificate will be issued
      to the designated transferee. The initial Certificate Registrar appointed under
      the Agreement is the Securities Administrator.

     

    Except
      as
      provided in the Agreement, the Ownership Certificate is issuable only in a
      minimum Percentage Interest of 100%. No service charge will be made for any
      such
      registration of transfer or exchange, but the Owner Trustee or the Certificate
      Registrar may require payment of a sum sufficient to cover any tax or
      governmental charge payable in connection therewith or any expense incurred
      thereby.

    
      
        
        

      

      
        A-6

        
          

        

      

       

    

     

    The
      Owner
      Trustee, the Certificate Paying Agent, the Certificate Registrar, the Securities
      Administrator and any agent of the Owner Trustee, the Certificate Paying Agent,
      the Certificate Registrar and the Securities Administrator may treat the Holder
      as the owner hereof for all purposes, and none of the Owner Trustee, the
      Certificate Paying Agent, the Certificate Registrar, the Securities
      Administrator or any such agent shall be affected by any notice to the
      contrary.

     

    The
      obligations and responsibilities created by the Agreement and the Trust created
      thereby shall terminate upon the satisfaction and discharge of the Indenture
      pursuant to Section 4.01 thereof and the termination of the Transfer and
      Servicing Agreement.

    
      
        
        

      

      
        A-7

        
          

        

      

       

    

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s) and assign(s) and transfer(s)
      unto

     

      
        

      

    

     

    
      
        

      

       

    

    (Please
      print or type name and address, including postal zip code, of assignee and
      social security number or employer identification number)

     

    
      
 

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

     

    
      

    

     

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

     

    I
      [we]
      further direct the Certificate Registrar to issue a new Ownership Certificate
      to
      the above-named assignee and deliver such Ownership Certificate to the following
      address:

     

    
      
 

    
      

    

     

    
      	
              Dated:____________________________________________

            	 	
               

            
	
               

            	 	
              Signature
                by or on behalf of Assignor

            
	
               

            	 	 
	
              Authorized
                Officer

            	 	     

	 	 	
              Signature
                Guaranteed

            
	 	 	 
	    
	 	     

	
              Name
                of Institution

            	 	
              NOTICE:
                The signature(s) of this assignment must correspond with the name(s)
                on
                the face of this Certificate without alteration or any change whatsoever.
                The signature must be guaranteed by a participant in the Securities
                Transfer Agents Medallion Program, the New York Stock Exchange Medallion
                Signature Program or the Stock Exchanges Medallion Program. Notarized
                or
                witnessed signatures are not acceptable as guaranteed
                signatures.

            

    

    
      
        
        

      

      
        A-8

        
          

        

      

       

    

     

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for the information of the Certificate
      Paying Agent. Distributions shall be made by wire transfer in immediately
      available funds to

     

    
      
        

      

       

    

    for
      the
      account
      of _____________________________________________________________________________________

     

    account
      number __________________ or, if mailed by check, to
      ________________________________________________

     

    __________________________________________________________________________________________________________________________________________.

     

    Applicable
      reports and statements should be mailed to
      ________________________________________________________

     

    ___________________________________________________________________________________________________________________________________________.

     

    This
      information is provided by
      __________________________________________________________________________,

     

    the
      assignee named above, or ____________________________________ as its
      agent.

     

    
      
        	 
	
                Signature
                  of assignee or agent

              
	
                (for
                  authorization of wire transfer
                  only)

              

      

    

     

    
      
        
        

      

      
        A-9

        
          

        

      

       

    

    EXHIBIT
      B

    

    FORM
      OF
      CERTIFICATE OF TRUST OF

     

    TBW
      MORTGAGE TRUST [     ]

     

    

    This
      Certificate of Trust of TBW Mortgage Trust [     ] (the
“Trust”), is being duly executed and filed by the undersigned, as trustee, to
      form a statutory trust under the Delaware Statutory Trust Act (12 DEL. CODE,
      Sections 3801 et seq.) (the “Act”)

     

    1. NAME.
      The
      name of the statutory trust formed hereby is “TBW MORTGAGE TRUST
      [     ].”

     

    2. DELAWARE
      TRUSTEE. The name and business address of the trustee of the Trust in the State
      of Delaware are [     ].

     

    3. EFFECTIVE
      DATE. This Certificate of Trust shall be effective on [    
].

     

    IN
      WITNESS WHEREOF, the undersigned, being the owner trustee of the Trust, has
      executed this Certificate of Trust in accordance with Section 3811(a) of the
      Act.

    
      	 	 	 
	 	
              [                           ],

              as
                Owner Trustee

               

            
	
            	By:  	
            
	 	
              
                

              

              Name:
                

              Title:

            

    

    
      
        
        

      

      
        B-1

        
          

        

      

       

    

    EXHIBIT
      C

     

    FORM
      OF
      RULE 144A INVESTMENT LETTER

    

    __________________

    Date             
      

    

    [           
      ]

    as
      Certificate Registrar

    [         
      ]

    

    Attention:
      Corporate Trust Department

    

    Re: TBW
      Mortgage Trust [              
      ] 

           Ownership
      Certificate

     

    Ladies
      and Gentlemen:

    

    In
      connection with our acquisition of the TBW Mortgage Trust
      [     ] Ownership Certificate (the “Certificate”), we
      certify that (a) we understand that the Certificate has not been registered
      under the Securities Act of 1933, as amended (the “Act”), or any state
      securities laws and is being transferred to us in a transaction that is exempt
      from the registration requirements of the Act and any such laws, (b) we
      have such knowledge and experience in financial and business matters that we
      are
      capable of evaluating the merits and risks of investment in the Certificate,
      (c)
      we have had the opportunity to ask questions of and receive answers from the
      TBALT Corp. (the “Depositor”) concerning the purchase of the Certificate and all
      matters relating thereto or any additional information deemed necessary to
      our
      decision to purchase the Certificate, (d) we have not, nor has anyone acting
      on
      our behalf, offered, transferred, pledged, sold or otherwise disposed of the
      Certificate or any interest in the Certificate, or solicited any offer to buy,
      transfer, pledge or otherwise dispose of the Certificate or any interest in
      the
      Certificate from any person in any manner, or made any general solicitation
      by
      means of general advertising or in any other manner, or taken any other action
      that would constitute a distribution of the Certificate under the Act or that
      would render the disposition of the Certificate a violation of Section 5 of
      the
      Act or any state securities laws or require registration pursuant thereto,
      and
      we will not act, or authorize any person to act, in such manner with respect
      to
      the Certificate and (e) we are a “qualified institutional buyer” as that term is
      defined in Rule 144A under the Act (“Rule 144A”). We are aware that the sale to
      us is being made in reliance on Rule 144A.

     

    We
      are
      acquiring the Certificate for our own account or for resale pursuant to Rule
      144A and understand that such Certificate may be resold, pledged or transferred
      only (1) to a person reasonably believed to be a qualified institutional buyer
      that purchases for its own account or for the account of a qualified
      institutional buyer to whom notice is given that the resale, pledge or transfer
      is being made in reliance on Rule 144A or (2) pursuant to another exemption
      from
      registration under the Act.

    
      
        
        

      

      
        C-1

        
          

        

      

       

    

     

    In
      addition, we hereby certify that we are not an employee benefit plan or other
      retirement arrangement subject to Section 406 of the Employee Retirement Income
      Security Act of 1974, as amended (“ERISA”), or to Section 4975 of the Internal
      Revenue Code of 1986, as amended (or to any other substantially similar law)
      or
      any entity deemed to hold the plan assets of the foregoing.

     

    We
      hereby
      acknowledge that under the terms of the Trust Agreement among TBALT Corp.,
      as
      Depositor, [     ], as Owner Trustee, and
      [     ], as Securities Administrator, dated as of
      [     ], no transfer of the Certificate shall be permitted
      to be made to any person unless the Certificate Registrar has received a
      certificate from such transferee in the form hereof.

     

    We
      hereby
      indemnify the Depositor, Certificate Registrar and the Owner Trustee against
      any
      liability that may result to either of them if our transfer or other disposition
      of the Certificate (or any interest therein) is not exempt from the registration
      requirements of the Act and any applicable state securities laws or is not
      made
      in accordance with such federal and state laws, the provisions of this
      certificate or the applicable provisions of the Indenture.

    
      	 	 	 
	 	
              
                Very
                  truly yours,

                 

                [Name
                  of Transferee]

                 

              

            
	
            	By:  	
            
	 	
              
                

              

              Name:
                

              Title:

            

    

     

    
      
        
        

      

      
        C-2

        
          

        

      

       

    

    EXHIBIT
      D

     

    OWNER
      TRUSTEE FEE LETTER AGREEMENT

     

    [Retained
      on file at: 

     

    [       ]]

    
      
        
        

      

      
        D-1Unassociated Document

    Exhibit
      10.1

     

    
      

      

    

     

    [TAYLOR,
      BEAN AND WHITAKER MORTGAGE CORP.],

     

    SELLER

     

    and

     

    TBALT
      CORP.,

     

    DEPOSITOR

    

     

    FORM
      OF

     

    MORTGAGE
      LOAN PURCHASE AGREEMENT

     

    Dated
      as
      of [     ]

     

     

    TBW
      Mortgage Trust [     ]

    [(Mortgage
      Pass-Through Certificates, Series [       ]
      )] [(Mortgage Backed Notes)]

     

    
      

      

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    TABLE
      OF
      CONTENTS

    

      
        	
                Section
                  1. 

              	
                Sale
                  and Purchase of Mortgage Loans

              	 	
                2

              
	 	 	 	
                 

              
	
                Section
                  2. 

              	
                Purchase
                  Price of Mortgage Loans

              	 	
                2

              
	 	 	 	 
	
                Section
                  3. 

              	
                Transfer
                  of the Mortgage Loans

              	 	
                3

              
	 	 	 	 
	
                Section
                  4. 

              	
                Representations
                  and Warranties of the Seller

              	 	
                5

              
	 	 	 	 
	
                Section
                  5. 

              	
                Covenants
                  of the Seller

              	 	
                6

              
	 	 	 	 
	
                Section
                  6. 

              	
                Cure,
                  Repurchase and Substitution Obligations

              	 	
                6

              
	 	 	 	 
	
                Section
                  7. 

              	
                Conditions
                  to Obligation of the Depositor

              	 	
                8

              
	 	 	 	 
	
                Section
                  8. 

              	
                Mandatory
                  Delivery; Grant of Security Interest

              	 	
                9

              
	 	 	 	 
	
                Section
                  9.

              	
                Indemnification

              	 	
                9

              
	 	 	 	 
	
                Section
                  10.

              	
                Notices

              	 	
                11

              
	 	 	 	 
	
                Section
                  11.

              	
                Severability
                  of Provisions

              	 	
                12

              
	 	 	 	 
	
                Section
                  12. 

              	
                Governing
                  Law

              	 	
                12

              
	 	 	 	 
	
                Section
                  13. 

              	
                Agreement
                  of the Seller

              	 	
                12

              
	 	 	 	 
	
                Section
                  14.

              	
                Survival

              	 	
                13

              
	 	 	 	 
	
                Section
                  15. 

              	
                Assignment;
                  Third Party Beneficiaries

              	 	
                13

              
	 	 	 	 
	
                Section
                  16. 

              	
                Miscellaneous

              	 	
                13

              
	 	 	 	 
	
                Section
                  17.

              	
                Request
                  for Opinions

              	 	
                14

              

      

    

     

    
      
        	
                Schedule
                  I

              	
                Mortgage
                  Loan Schedule

              
	
                Schedule
                  II

              	
                Exceptions
                  to Representations and Warranties

              
	 	 
	
                Exhibit
                  A

              	
                Representations
                  and Warranties of [Taylor, Bean and Whitaker Mortgage
                  Corp.]

              

      

    

    

    
      
        
        

      

      
        i

        
          

        

      

      
        
        

      

    

    MORTGAGE
      LOAN PURCHASE AGREEMENT

     

    This
      MORTGAGE LOAN PURCHASE AGREEMENT dated as of [     ] (this
“Agreement”), is by and between TBALT Corp., a Delaware corporation (the
“Depositor”) and [Taylor, Bean & Whitaker Mortgage Corp. (“TBW Mortgage
      Corp.”)], a [Florida] corporation (the “Seller”).

     

    RECITALS

     

    (1) Schedule
      I attached hereto and made a part hereof lists [describe mortgage pool]
      (collectively, the “Mortgage Loans”) currently owned by the Seller that the
      Seller desires to sell to the Depositor.

     

    (2) [The
      Depositor desires to purchase the Mortgage Loans from the Seller and intends
      immediately thereafter to transfer the Mortgage Loans and any other assets
      [constituting the Trust Estate] [included in the Trust Fund], and assign all
      its
      rights and delegate all of its obligations under this Agreement, to [TBW
      Mortgage Trust [     ] (the “Issuer”) pursuant to the terms
      of a transfer and servicing agreement (the “Transfer and Servicing Agreement”)
      dated as of [     ], among the Issuer, the Depositor, [TBW
      Mortgage Corp.], as Seller and as [a] servicer (in such capacity, [the/a]
“Servicer”), [     ], as master servicer (in such capacity,
      the “Master Servicer”) and as securities administrator (in such capacity, the
“Securities Administrator”)[, [     ], as a servicer (in
      such capacity, a “Servicer” and together with TBW Mortgage Corp., the
“Servicers”)] and [     ], as indenture trustee (in such
      capacity, the “Indenture Trustee”)] [[     ], as trustee
      (the “Trustee”) on behalf of the trust fund created pursuant to the terms of the
      pooling and servicing agreement (the “Pooling and Servicing Agreement”), dated
      as of [     ], among the Depositor, [TBW Mortgage Corp.], as
      Seller and as [a] servicer (in such capacity, the “Servicer”),
      [     ], as master servicer[, [     ],
      as a servicer (in such capacity, a “Servicer” and together with TBW Mortgage
      Corp., the “Servicers”)] and the Trustee]. [The Issuer will in turn pledge the
      Trust Estate and all such rights and obligations to the Indenture Trustee for
      the benefit of the Noteholders.]

     

    (3) The
      Issuer will be formed pursuant to [a trust agreement (the “Trust Agreement”)
      dated as of [     ], among the Depositor, the Securities
      Administrator and [     ], as owner Trustee (the “Owner
      Trustee”)] [the Pooling and Servicing Agreement]. The Issuer [(i) pursuant to an
      indenture (the “Indenture”) dated as of [     ], among the
      Issuer, the Securities Administrator and the Indenture Trustee, will issue
      the
      TBW Mortgage Trust [     ] Mortgage Backed Notes (the
“Notes”) and (ii) pursuant to the Trust Agreement will issue a single class of
      ownership certificate (the “Ownership Certificate,” and together with the Notes,
      the “Securities”)][pursuant to the Pooling and Servicing Agreement will issue
      the TBW Mortgage
      Trust [     ] Mortgage Pass-Through Certificates, Series
      [     ]].

     

    (4) The
      [Securities][Certificates] to be delivered to the Depositor or its designee(s),
      registered in such names as the Depositor shall designate, will be designated
      as
      [(i)] the TBW Mortgage
      Trust [     ] Mortgage [Backed Notes][Pass-Through
      Certificates, Series [     ]], Class
      [     ], Class [     ] and Class
      [     ] [,and (ii) the TBW Mortgage
      Trust [     ] Ownership Certificate]. 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (5) Capitalized
      terms used and not defined herein shall have the meanings assigned to them
      in
      the [Transfer] [Pooling] and Servicing Agreement. 

     

    AGREEMENT

     

    NOW
      THEREFORE, in consideration of the mutual promises herein made and other good
      and valuable consideration, the receipt and adequacy of which are hereby
      acknowledged, the parties hereby agree as follows:

     

    Section
      1. Sale and Purchase of Mortgage Loans.

     

    (a) Subject
      to the terms and conditions of this Agreement, the Seller agrees to sell, and
      the Depositor agrees to purchase, on the date of issuance of the Securities,
      which is expected to be on or about [     ] (the “Closing
      Date”), the Mortgage Loans having an aggregate principal balance as of
      [     ] (the “Cut-off Date”), of $[    
], including all related [Mortgage Files and any Insurance Proceeds, REO
      Property, Liquidation Proceeds] and other recoveries relating to the Mortgage
      Loans, and all income, revenues, issues products, revisions, substitutions,
      replacements, profits, rents and all cash and non-cash proceeds of the
      foregoing.

     

    (b) The
      Seller and the Depositor have agreed upon which of the mortgage loans owned
      by
      the Seller are to be purchased by the Depositor pursuant to this Agreement,
      and
      the Seller has prepared, or has provided information to the Depositor enabling
      the Depositor to prepare, Schedule I attached hereto (“Schedule I”),
      setting forth information with respect to the Mortgage Loans to be purchased
      by
      the Depositor as of the Closing Date. The Seller shall, with the Depositor’s
      consent, amend or modify, or provide information to the Depositor enabling
      the
      Depositor to amend or modify Schedule I on or prior to the Closing Date if
      necessary to reflect the actual Mortgage Loans transferred by the Seller and
      accepted by the Depositor on the Closing Date. Schedule I, as so amended or
      modified, shall conform to the requirements of the Depositor as set forth in
      this Agreement and to the definition of “Mortgage Loan Schedule” under the
      [Transfer] [Pooling] and Servicing Agreement, and shall be the definitive
      Mortgage Loan Schedule attached as an exhibit to the Transfer and Servicing
      Agreement.

     

    Section
      2. Purchase Price of Mortgage Loans.

     

    (a) On
      the
      Closing Date, as full consideration for the Seller’s sale of the Mortgage Loans
      to the Depositor, the Depositor shall deliver to the Seller cash equal to
      $[     ].

     

    (b) [The
      Depositor or any assignee or transferee of the Depositor (which may include
      the
      [Issuer, acting on behalf of the Noteholders][Trustee acting on behalf of the
      Certificateholders) shall be entitled to all Monthly Payments due after the
      Cut-off Date, and all curtailments or other principal prepayments received
      with
      respect to the Mortgage Loans paid by each borrower after the Cut-off Date,
      except that the Depositor or any assignee or transferee of the Depositor will
      not be entitled to any curtailments or other prepayments received on or after
      the Cut-off Date but reflected in the aggregate Cut-off Date Balance.] [All
      Monthly Payments due on or before the Cut-off Date and collected on or after
      the
      Cut-off Date shall belong to the Seller.]

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    (c) Pursuant
      to the [Transfer] [Pooling] and Servicing Agreement, the Depositor will transfer
      and assign all its right, title and interest in and to the Mortgage Loans and
      any other assets [constituting the Trust Estate] [included in the Trust Fund]
      to
      the [Issuer] [Trustee for the benefit of the Certificateholders] in
      consideration of the issuance of the [Securities] [Certificates] to the
      Depositor or its designee(s).

     

    Section
      3. Transfer of the Mortgage Loans.

     

    (a) Mortgage
      File.
      For
      purposes of this Agreement, the “Mortgage File” will be as defined in the
      [Transfer] [Pooling] and Servicing Agreement.

     

    (b) Transfer
      of Ownership.
      Upon
      the sale of any Mortgage Loans, the ownership of each Mortgage Loan Document
      (as
      defined below) with respect thereto shall be vested in the Depositor, and the
      ownership of all other records and documents with respect thereto prepared
      by or
      which come into the possession of the Seller shall immediately vest in the
      Depositor. The Seller shall, upon the direction of the Depositor, promptly
      deliver to [     ] (the “Custodian”) or such other designee
      as the Depositor may direct, any documents that come into its possession with
      respect to such Mortgage Loans following such sale. Prior to such delivery,
      the
      Seller shall hold any such documents for the benefit of the Depositor, its
      successors and assigns.

     

    (c) Delivery
      of Mortgage Files.
      To the
      extent not previously delivered to the Depositor or a designee of the Depositor,
      the Seller shall, not later than [two] Business Days prior to the Closing Date,
      at the direction of the Depositor, deliver to the Custodian, each of the
      mortgage loan documents required to be included in the Mortgage File pursuant
      to
      Section [2.01(b)] of the [Transfer] [Pooling] and Servicing Agreement (the
      “Mortgage Loan Documents”). The Mortgage Note for each such Mortgage Loan shall
      be endorsed in blank or as otherwise directed by the Depositor, and the Mortgage
      for each such Mortgage Loan shall name the Depositor, the Custodian or such
      other party as designated by the Depositor as mortgagee or beneficiary, as
      appropriate, or be assigned in blank or as otherwise directed by the Depositor.
      

     

    Prior
      to
      the transfer and sale of any Mortgage Loans, the Mortgage Loan Documents
      delivered to the Custodian shall be held by the Custodian for the benefit of
      the
      Seller and the possession by the Custodian of such Mortgage Loan Documents
      will
      be at the will of the Seller and will be in a custodial capacity only. Following
      the transfer and sale of any Mortgage Loans from the Seller to the Depositor
      in
      accordance with the terms and upon satisfaction of the conditions of this
      Agreement, the Custodian will hold all Mortgage Loan Documents delivered to
      it
      hereunder for the benefit of the Depositor, as its agent and bailee. The
      Custodian will act as a custodian for the receipt and custody of all Mortgage
      Files and, after the transfer of any Mortgage Loans from the Depositor to the
      [Issuer] [Trustee], the Custodian will hold all Mortgage Loan Documents
      delivered to it hereunder for the benefit of the [Issuer and on behalf of the
      Noteholders] [Trustee
      for the benefit of the Certificateholders].

     

    (d) Examination
      of Mortgage Loan Documents: Acceptance of Mortgage Loans.
      To the
      extent not previously delivered to the Depositor or a designee of the Depositor,
      the Seller shall, prior to the Closing Date either (i) deliver to the Depositor
      or its designee in escrow, for examination, the Mortgage Loan Documents
      pertaining to each Mortgage Loan then being sold by it or (ii) make such
      Mortgage Loan Documents available to the Depositor or its designee for
      examination at the Seller’s offices or at such other place as the Seller shall
      specify. Any such Mortgage Loan Documents so held by the Seller and so made
      available to the Depositor or its designee shall be held by the Seller and
      so
      made available solely as a matter of convenience to the Depositor or its
      designee and in lieu of delivering such Mortgage Loan Documents to the Depositor
      or its designee. The Depositor, the Custodian or a designee of either entity
      may
      review the Mortgage Loan Documents to verify that all documents required to
      be
      included in each Mortgage File (as such term has been defined in the Transfer
      and Servicing Agreement) are so included.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    Prior
      to
      the Closing Date, the Seller shall cause the Custodian to review the documents
      delivered pursuant to Section 3(c) hereof to ascertain that, as to each Mortgage
      Loan listed on Schedule I, (i) all documents required to be delivered by the
      Seller pursuant to Section 3(c) have been received, (ii) such documents appear
      regular on their face and relate to such Mortgage Loan and (iii) the information
      on Schedule I accurately reflects the information set forth in the
      corresponding Mortgage File, to the extent required by Section [2.01] of the
      [Transfer] [Pooling] and Servicing Agreement. An additional review shall be
      conducted by the Custodian or its designee prior to the first anniversary of
      the
      Closing Date to determine that all Mortgage Loan Documents required to be
      included in the Mortgage File are included therein. If at any time the Depositor
      or the [Indenture] Trustee, or the Custodian, discovers or receives notice
      that
      any Mortgage Loan Document is missing or defective in any material respect
      with
      respect to any Mortgage Loan, the Seller shall correct or cure any such omission
      or defect or, if such omission or defect materially impairs the value of the
      Mortgage Loan, repurchase the defective Mortgage Loan or substitute for such
      defective Mortgage Loan a Qualified Substitute Mortgage Loan in accordance
      with
      and if permitted by the terms of Section 6 hereof. At the time of such
      repurchase or substitution, the Custodian shall release documents in its
      possession relating to such Mortgage Loan to the Seller. The fact that the
      Depositor, the [Indenture] Trustee or a designee of either entity has conducted
      or has failed to conduct any partial or complete examination of the Mortgage
      Loan Documents prior to the Closing Date shall not affect the rights of the
      Depositor (or any assignee or successor thereof) to demand repurchase or other
      relief as provided herein.

     

    (e) Recordation
      of Assignments of Mortgage.
      Subject
      to the sale of the Mortgage Loans by the Seller to the Depositor, the Depositor
      hereby authorizes and instructs the Seller, and the Seller hereby agrees, to
      record all Assignments required to be contained in the Mortgage File to the
      extent required pursuant to Section [2.01] of the [Transfer] [Pooling] and
      Servicing Agreement. All recording fees relating to the recordation of the
      Assignments as described above shall be paid by the Seller. With respect to
      any
      Non-MERS Mortgage Loans, if the [Indenture] Trustee does not receive, within
      the
      time specified in the [Transfer] [Pooling] and Servicing Agreement, evidence
      satisfactory to it of such recording with respect to any Mortgage Loan to the
      extent required pursuant to Section [2.01] of the [Transfer] [Pooling] and
      Servicing Agreement, the Seller shall, in cooperation with the [Indenture]
      Trustee, correct or cure any such omission or repurchase the affected Mortgage
      Loan within [90] days of such demand, which demand shall be made within the
      time
      specified in the [Transfer] [Pooling]and Servicing Agreement (including any
      such
      extensions provided for therein).

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    Section
      4. Representations and Warranties of the Seller.

     

    The
      Seller hereby represents and warrants to the Depositor as follows:

     

    (a) The
      Seller
      is
      a corporation duly organized, validly existing and in good standing under the
      laws of the State of [Florida] and has full power and authority (i) to conduct
      its business as presently conducted by it and (ii) to execute and deliver this
      Agreement and perform its obligations under this Agreement. The Seller is and
      will remain in compliance with the laws of each state in which any Mortgaged
      Property is located to the extent necessary to perform its obligations in
      respect of this Agreement.

     

    (b) The
      execution and delivery of this Agreement, the performance by the Seller of
      its
      obligations hereunder and the consummation of the transactions contemplated
      hereby have been duly authorized by all necessary action on the part of the
      Seller. This Agreement has been duly executed and delivered by the Seller and
      constitutes a legal, valid and binding obligation of the Seller, enforceable
      in
      accordance with its respective terms subject to bankruptcy, insolvency,
      reorganization or similar laws affecting the enforcement of creditors’ rights
      generally and to general principles of equity and public policy considerations
      underlying the securities laws, to the extent that such public policy
      considerations limit the enforceability of the provisions of this Agreement
      which purport to provide indemnification from securities laws
      liabilities.

     

    (c) The
      execution, delivery and performance of this Agreement by the Seller, and the
      consummation of the transactions contemplated hereby, will not (i) violate
      or
      conflict with any law, rule, regulation, order, judgment, award, administrative
      interpretation, injunction, writ, decree or the like affecting the Seller or
      by
      which the Seller is bound or (ii) result in a breach of or constitute a default
      (or an event which, with notice or lapse of time, or both, would constitute
      a
      default) under any indenture or other material agreement to which the Seller
      is
      a party or by which the Seller is bound, which in the case of either clause
      (i)
      or (ii) will have a material adverse effect on the Seller’s ability to perform
      its obligations under this Agreement.

     

    (d) No
      authorization, consent, approval, license, exemption or other action by or
      notice to or registration or filing with any governmental authority or
      administrative or regulatory body is required for either the execution, delivery
      or performance of this Agreement by the Seller or the consummation of the
      transactions contemplated hereby, except such as shall have been made or
      obtained on or prior to the Closing Date.

     

    (e) There
      are
      no pending or, to the best of the Seller’s knowledge, threatened actions,
      proceedings or investigations against the Seller before any court, governmental
      arbitrator or instrumentality which if determined adversely to the Seller may
      reasonably be expected, individually or in the aggregate, to (i) have a material
      and adverse affect on the Seller’s ability to perform its obligations under this
      Agreement or (ii) to affect the legality, validity or enforceability of this
      Agreement.

     

    (f) The
      Seller is solvent and the sale of the Mortgage Loans will not cause the Seller
      to become insolvent. The sale of the Mortgage Loans is not undertaken with
      the
      intent to hinder, delay or defraud any of the Seller’s creditors.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    (g) The
      transfer of the Mortgage Loans to the Depositor at the Closing Date will be
      treated by the Seller for financial accounting and reporting purposes as a
      financing.

     

    (h) The
      Seller has not dealt with any broker or agent or other Person who might be
      entitled to a fee, commission or compensation in connection with the transaction
      contemplated by this Agreement other than the Depositor and its
      affiliates.

     

    (i) The
      Seller is not in default with respect to any order or decree of any court,
      regulation or demand of any federal, state, municipal or governmental agency,
      which default would materially and
      adversely affect the condition (financial or other) or operations of the Seller
      or its properties or the consequences of which would have a material adverse
      effect on the Seller’s ability to perform its obligations under this
      Agreement.

     

    (j) The
      transfer, assignment and conveyance of the Mortgage Notes and the Mortgages
      by
      the Seller hereunder are not subject to the bulk transfer laws or any similar
      statutory provisions in effect in any applicable jurisdiction.

     

    (k) The
      transactions contemplated by this Agreement are in the ordinary course of
      business of the Seller.

     

    (l) Each
      of
      the representations and warranties set forth in Exhibit A hereto is true and
      correct with respect to the Mortgage Loans as of the Closing Date.

     

    Section
      5. Covenants of the Seller. 

     

    The
      Seller hereby covenants with the Depositor as follows:

     

    (a) On
      or
      before the Closing Date, the Seller shall take all steps required of it to
      effectuate the transfer of the Mortgage Loans to the Issuer, as transferee
      of
      the Depositor, free and clear of any lien, charge or encumbrance.

     

    (b) The
      Seller shall use its best efforts to make available to counsel for the Depositor
      in executed form each of the documents listed in Section 7(b) below no later
      than [two] Business Days before the Closing Date, it being understood that
      such
      documents are to be released and delivered only on the closing of the
      transaction contemplated hereby and the sale of the Securities.

     

    (c) The
      Seller shall deliver or cause to be delivered to the Depositor (i) an Opinion
      of
      Counsel as to various corporate matters substantially in a form satisfactory
      to
      the Depositor and (ii) such other Opinions of Counsel, if any, as are required
      by any Rating Agency for the issuance of the ratings on the Notes specified
      in
      Section 7(d) below.

     

    Section
      6. Cure, Repurchase and Substitution Obligations.

     

    (a) Each
      of
      the representations and warranties of the Seller contained herein shall survive
      the purchase by the Depositor of any of the Mortgage Loans and shall continue
      in
      full force and effect, notwithstanding any restrictive or qualified endorsement
      on the Mortgage Notes and notwithstanding subsequent termination of this
      Agreement or the [Transfer] [Pooling]and Servicing Agreement. The
      representations and warranties shall not be impaired by any review and
      examination of Mortgage Loan Documents or other documents evidencing or relating
      to the Mortgage Loans or any failure on the part of the Depositor to review
      or
      examine such documents and shall inure to the benefit of any assignee,
      transferee or designee of the Depositor, including the [Issuer for the benefit
      of the Noteholders] [Trustee for the benefit of the Certificateholdes] and
      the
      Custodian. With respect to the representations and warranties contained herein
      that are made to the best of the Seller’s knowledge or as to which the Seller
      has no knowledge, if it is discovered by the Seller, the Depositor, the
      Custodian or the [Indenture] Trustee that the substance of any such
      representation and warranty is inaccurate and such inaccuracy materially and
      adversely affects the value of the related Mortgage Loan, then notwithstanding
      the Seller’s knowledge or lack of knowledge with respect to the inaccuracy of
      such representation and warranty at the time it was made, the Seller shall
      take
      the action described in the following paragraph in respect of such Mortgage
      Loan.

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    (b) [Upon
      discovery or receipt of notice by the Seller, the Depositor, the [Indenture]
      Trustee or the Custodian of any missing or materially defective document in
      any
      Mortgage File, or a breach of any of the Seller’s representations and warranties
      set forth in Section 4 hereof with respect to any Mortgage Loan, which in any
      of
      the foregoing cases materially and adversely affects the value of any Mortgage
      Loan or the interest therein of the Depositor, the [Indenture] Trustee or the
      [Noteholders] [Certificateholders], the party discovering or receiving notice
      of
      such missing or materially defective document, breach, or default shall give
      prompt written notice to the others. Upon its discovery or its receipt of notice
      of any such missing or materially defective document, breach or default (the
      “Defect Discovery Date”), the Seller shall either (a) within [90] days of
      discovery or receipt of such notice, provide the Custodian with such missing
      documents or cure such defect, breach or default, in all material respects
      or
      (b) within [90] days of such discovery or receipt of such notice, either
      repurchase the affected Mortgage Loan at the purchase price therefor or cause
      the removal of such Mortgage Loan from the Trust Estate (in which case it shall
      become a Deleted Mortgage Loan) and substitute therefor one or more Qualified
      Substitute Mortgage Loans as defined in the [Transfer] [Pooling]and Servicing
      Agreement; provided,
      however,
      that
      any such substitution shall occur within [two] years of the Closing Date. The
      Indenture Trustee or its designee shall amend the Mortgage Loan Schedule to
      reflect the withdrawal of any Mortgage Loan from the terms of this Agreement
      and
      the [Transfer] [Pooling] and Servicing Agreement and the addition, if any,
      of a
      Qualified Substitute Mortgage Loan. In order to effect a substitution pursuant
      to this Section, the Seller will deliver (i) to the Custodian each of the
      Mortgage Loan Documents required to be contained in the Mortgage File with
      respect to the Substitute Mortgage Loan(s) and (ii) if the aggregate Scheduled
      Principal Balance on the date of substitution of the Qualified Substitute
      Mortgage Loan(s) is less than the aggregate Scheduled Principal Balance of
      the
      Deleted Mortgage Loan(s) (after application of Monthly Payments due in the
      month
      of substitution), to the [Issuer] [Trustee] cash in an amount equal to such
      substitution adjustment amount. Any repurchase pursuant to this Section shall
      be
      accomplished by the delivery into the Custodial Account, or at the direction
      of
      the Depositor, on (or determined as of) the last day of the calendar month
      in
      which such repurchase is made, of the purchase price for the Mortgage Loans
      to
      be repurchased.]

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    (c) [In
      addition to such repurchase or substitution obligation, the Seller shall
      indemnify the Depositor and hold it harmless against any losses, damages,
      penalties, fines, forfeitures, reasonable and necessary legal fees and related
      costs, judgments, and other costs and expenses resulting from any claim, demand,
      defense or assertion based on or grounded upon, or resulting from, a breach
      of
      the Seller’s representations and warranties contained in this Agreement. It is
      understood and agreed that the obligations of the Seller set forth in this
      Section 6 to cure, substitute for or repurchase a defective Mortgage Loan and
      to
      indemnify the Depositor as provided in this Section 6 constitute the sole
      remedies of the Depositor respecting a breach of the foregoing representations
      and warranties.]

     

    (d) The
      obligations of the Seller set forth in this Agreement to cure or to repurchase
      a
      materially defective Mortgage Loan or to substitute a Qualified Substitute
      Mortgage Loan for such Mortgage Loan and to indemnify the Depositor and others
      as provided in this Agreement constitute the sole remedies of the Depositor
      and
      the Issuer against the Seller respecting a defective document in any Mortgage
      File or a breach of representations and warranties of the Seller set forth
      in
      Section 4 hereof.

     

    Section
      7. Conditions to Obligation of the Depositor.

     

    The
      obligation of the Depositor hereunder to purchase the Mortgage Loans is subject
      to:

     

    (a) The
      representations and warranties of the Seller under this Agreement (exclusive
      of
      Exhibit A hereto) shall be accurate in all material respects as of the Closing
      Date, and no event shall have occurred which, with notice or the passage of
      time, would constitute a default under this Agreement;

     

    (b) The
      Depositor shall have received, or the Depositor’s attorneys shall have received,
      in escrow (to be released from escrow at the time of closing), the following
      documents in such forms as are agreed upon and acceptable to the Depositor,
      duly
      executed by all signatories other than the Depositor as required pursuant to
      the
      respective terms thereof:

     

    (i) An
      Opinion of Counsel for the Seller as to various corporate matters and such
      other
      Opinions of Counsel as are necessary in order to obtain the ratings set forth
      in
      Section 7(d) below, each of which shall be acceptable to the Depositor, its
      counsel, the Underwriters, their counsel and the Rating Agencies referred to
      below;

     

    (ii) The
      [Transfer]
      [Pooling] and
      Servicing Agreement referred to in the Recitals;

     

    (iii) A
      letter
      from [     ] dated the date hereof containing in substance
      the information required by Section [6(c)] of the underwriting agreement dated
      [    
      ],
      among
      the Depositor, the Seller, [insert names of underwriters]; and

     

    (iv) The
      Seller shall have delivered to the Custodian, in escrow, all documents
      (including, without limitation, the Mortgage assigned by the Seller in blank
      or
      to the [Issuer] [Trustee] or Custodian and the Mortgage Note endorsed in blank
      or to the Issuer or Custodian with respect to each Mortgage Loan) required
      to be
      delivered hereunder and shall have released its interest therein to the
      Depositor or its designee;

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    (c) All
      other
      terms and conditions of this Agreement shall have been complied
      with;

     

    (d) The
      receipt of written confirmation from each of [     ] and
      [     ], as to the assignment of the ratings shown in the
      following table:

     

    
      	
              Class

            	 	
              [    
                ]

            	 	
              [    
                ]

            
	
              [    
                ]

            	 	
              [    
                ]

            	 	
              [    
                ]

            
	
              [    
                ]

            	 	
              [    
                ]

            	 	
              [    
                ]

            
	
              [    
                ]

            	 	
              [    
                ]

            	 	
              [    
                ]

            

    

    

    Section
      8. Mandatory
      Delivery; Grant of Security Interest. 

     

    The
      sale
      and delivery on the Closing Date of the Mortgage Loans described in the Mortgage
      Loan Schedule is mandatory, it being specifically understood and agreed that
      each Mortgage Loan is unique and identifiable on the date hereof and that an
      award of money damages would be insufficient to compensate the Depositor for
      the
      losses and damages incurred by the Depositor in the event of the Seller’s
      failure to deliver the Mortgage Loans on or before the Closing Date. The Seller
      hereby grants to the [Issuer for the benefit of the Noteholders] [Trustee for
      the benefit of the Certificateholders], a lien on and a continuing first
      priority security interest in each Mortgage Loan and each document and
      instrument evidencing each Mortgage Loan to secure the performance by the Seller
      of its obligation to deliver such Mortgage Loans hereunder. All rights and
      remedies of the Depositor under this Agreement are distinct from, and cumulative
      with, any other rights or remedies under this Agreement or afforded by law
      or
      equity and all such rights and remedies may be exercised concurrently,
      independently or successively.

     

    Any
      Mortgage Loans rejected by the Depositor shall concurrently therewith be
      released from the security interest created hereby. The Seller agrees that,
      upon
      acceptance of the Mortgage Loans by the Depositor or its designee and delivery
      of payment to the Seller, that its security interest in the Mortgage Loans
      shall
      be released. All rights and remedies of the Depositor under this Agreement
      are
      distinct from, and cumulative with, any other rights or remedies under this
      Agreement or afforded by law or equity and all such rights and remedies may
      be
      exercised concurrently, independently or successively.

     

    Section
      9. Indemnification. 

     

    (a) The
      Seller agrees to indemnify and hold harmless the Depositor and each person,
      if
      any, who controls the Depositor within the meaning of Section 15 of the
      Securities Act (collectively, the “Indemnified Party”) against any and all
      losses, claims, expenses, damages or liabilities to which the Indemnified Party
      may become subject, under the Securities Act or otherwise, insofar as such
      losses, claims, expenses, damages or liabilities (or actions in respect thereof)
      arise out of or are based upon (a) any untrue statement or alleged untrue
      statement of any material fact contained in the Prospectus Supplement or the
      omission or the alleged omission to state therein a material fact necessary
      in
      order to make the statements therein not misleading, in each case to the extent,
      but only to the extent, that such untrue statement or alleged untrue statement
      or omission or alleged omission was made in reliance upon and in conformity
      with
      information furnished in writing to the Depositor by the Seller specifically
      for
      use therein, which shall include the information set forth in the Prospectus
      Supplement under “Risk Factors” and “Description of the Mortgage Loans;” (b) any
      representation, warranty or covenant made by the Seller in this Agreement or
      in
      the [Transfer] [Pooling] and Servicing Agreement being, or alleged to be, untrue
      or incorrect in any material respect; or (c) the information regarding the
      mortgage loan data as set forth on the Mortgage Loan Schedule attached hereto
      as
      Schedule I and made a part hereof for all purposes being, or alleged to be,
      untrue or incorrect in any material respect; provided, however, that to the
      extent that any such losses, claims, expenses, damages or liabilities to which
      the Indemnified Party may become subject arise out of or are based upon both
      (1)
      statements, omissions, representations, warranties, covenants or information
      of
      the Seller described in clause (a), (b) or (c) above and (2) any other factual
      basis, the Seller shall indemnify and hold harmless the Indemnified Party only
      to the extent that the losses, claims, expenses, damages or liabilities of
      the
      person or persons asserting the claim are determined to arise from or be based
      upon matters set forth in clauses (a), (b) and/or (c) above. This indemnity
      will
      be in addition to any liability that the Seller may otherwise have.

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    (b) Promptly
      after receipt by the Indemnified Party of notice of the commencement of any
      such
      action, the Indemnified Party will, if a claim in respect thereof is to be
      made
      against the Seller under this Section 9, promptly notify the Seller in writing
      of the commencement thereof and the Seller, upon the request of the Indemnified
      Party, shall retain counsel satisfactory to the Indemnified Party to represent
      the Indemnified Party and shall pay the reasonable fees and disbursements of
      such counsel related to such proceeding (in which case the Seller shall not
      thereafter be responsible for the fees and expenses of any separate counsel
      retained by the Indemnified Party except as set forth below). In any such
      proceeding, the Indemnified Party shall have the right to employ separate
      counsel (including local counsel), and the Seller shall bear the reasonable
      fees, costs and expenses of such separate counsel if (i) the use of counsel
      chosen by the Seller to represent the Indemnified Party would present such
      counsel with a conflict of interest, (ii) the actual or potential defendants
      in,
      or targets of, any such action include both the Indemnified Party and the Seller
      and the Indemnified Party shall have reasonably concluded that there may be
      legal defenses available to it that are different from or additional to those
      available to the Seller, (iii) the Seller shall not have employed counsel
      satisfactory to the Indemnified Party to represent the Indemnified Party within
      a reasonable time after notice of the institution of such action or (iv) the
      Seller shall authorize the Indemnified Party to employ separate counsel at
      the
      expense of the Seller. The Seller shall reimburse the Indemnified Party for
      such
      fees, costs and expenses as they are incurred. The Seller will not, without
      the
      prior written consent of the Indemnified Party, settle or compromise or consent
      to the entry of any judgment with respect to any pending or threatened claim,
      action, suit or proceeding in respect of which indemnification or contribution
      may be sought hereunder (whether or not the Indemnified Party is an actual
      or
      potential party to such claim or action) unless such settlement, compromise
      or
      consent includes an unconditional release of each Indemnified Party from all
      liability arising out of such claim, action, suit or proceeding. In addition,
      for so long as the Seller is covering all costs and expenses of the Indemnified
      Party as provided herein, no Indemnified Party will settle or compromise or
      consent to the entry of any judgment with respect to any pending or threatened
      claim, action, suit or proceeding in respect of which indemnification or
      contribution may be sought hereunder without the consent of the Seller, which
      consent shall not be unreasonably withheld. The Seller shall respond to any
      written request to provide such consent within ten (10) days after receipt
      thereof; if the Seller fails to respond within such time period, the Seller
      shall be deemed to have responded in the negative to such request.

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    (c) Nothing
      in this Agreement shall be construed to allow an Indemnified Party to recover
      punitive damages or consequential damages from the Seller; provided however,
      that this Section shall not limit indemnification of any Indemnified Party
      for
      damages (however construed) actually recovered from an Indemnified Party by
      third parties.

     

    Section
      10. Notices. 

     

    All
      demands, notices and communications hereunder shall be in writing and shall
      be
      deemed to have been duly given if personally delivered to or mailed by
      registered mail, postage prepaid, or transmitted by telecopier, telex or
      telegraph and confirmed by a similar mailed writing, as follows:

     

    (a) 
       If
      to the
      Depositor:

     

    TBALT
      Corp.

    1690
      Stone Village Lane, No. 102

    Kennesaw,
      Georgia 30152

    Attention:
      [     ]

    Telecopier:
      [     ]

    

    with
      a
      copy, given in the manner prescribed above, to each of:

     

    [                                        
      ]

    1690
      Stone Village Lane, No. 102

    Kennesaw,
      Georgia 30152

    Attention:
      General Counsel

    Telecopier:
      [        ]]

     

    [                                        
      ]

    [                                        
      ]

     

    (b) 
       If
      to the
      Seller:

     

    [Taylor
      Bean & Whitaker Mortgage Corp.

    101
      NE
      2nd
      Street

    Ocala,
      Florida 34470]

    Attention:
      [     ]

    Telecopier:
      [        ]]

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

    with
      a
      copy, given in the manner prescribed above, to:

     

    [Taylor
      Bean & Whitaker Mortgage Corp.

    101
      NE
      2nd
      Street

    Ocala,
      Florida 34470

    Attention:
      General Counsel

    Telecopier:
      [        ]]

     

    Any
      party
      may alter the address to which communications or copies are to be sent by giving
      notice of such change of address in conformity with the provisions of this
      Section for the giving of notice.

     

    Section
      11. Severability of Provisions.

     

    Any
      part,
      provision, representation or warranty of this Agreement which is prohibited
      or
      which is held to be void or unenforceable shall be ineffective to the extent
      of
      such prohibition or unenforceability without invalidating the remaining
      provisions hereof. Any part, provision, representation or warranty of this
      Agreement that is prohibited or unenforceable or is held to be void or
      unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
      to the extent of such prohibition or unenforceability without invalidating
      the
      remaining provisions hereof, and any such prohibition or unenforceability in
      any
      jurisdiction as to any Mortgage Loan shall not invalidate or render
      unenforceable such provision in any other jurisdiction. To the extent permitted
      by applicable law, the parties hereto waive any provision of law which prohibits
      or renders void or unenforceable any provision hereof.

     

    Section
      12. Governing Law.

     

    THIS
      AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF
      THE
      STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS (OTHER
      THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW), AND THE OBLIGATIONS, RIGHTS
      AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH
      SUCH LAWS.

     

    Section
      13. Agreement of the Seller.

     

    The
      Seller agrees to execute and deliver such instruments and take such actions
      as
      the Depositor, the [Indenture] Trustee, [the Owner Trustee,] the Custodian
      or
      the Securities Administrator may, from time to time, reasonably request in
      order
      to effectuate the purpose and to carry out the terms of this Agreement, [the
      Indenture, the Trust Agreement] or the [Transfer] [Pooling] and Servicing
      Agreement, including, without limitation, the execution and filing of any UCC
      financing statements to evidence the interests of the Depositor and any of
      its
      transferees in the Mortgage Loans and other assets assigned to the [Issuer]
      [Trustee for the benefit of the Certificateholders].

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

     

    Section
      14. Survival. 

     

    The
      Seller agrees that the representations, warranties and agreements made by it
      herein and in any certificate or other instrument delivered pursuant hereto
      shall be deemed to be relied upon by the Depositor, notwithstanding any
      investigation heretofore or hereafter made by the Depositor or on the
      Depositor’s behalf, and that the representations, warranties and agreements made
      by the Seller herein or in any such certificate or other instruments shall
      survive the delivery of and payment for the Mortgage Loans.

     

    Section
      15. Assignment; Third Party Beneficiaries.

     

    The
      Seller hereby acknowledges that the Depositor will assign all its rights
      hereunder (except the Depositor’s rights set forth in Section 9) to the [Issuer]
      [Trustee for the benefit of the Certificateholders]. The Seller agrees that,
      upon the execution of the [Transfer] [Pooling] and Servicing Agreement, the
      [Issuer] [Trustee] as assignee of the Depositor will have all such rights and
      remedies provided to the Depositor hereunder (except those rights of the
      Depositor set forth in Section 9) and this Agreement will inure to the benefit
      of the [Issuer] [Trustee], [which will in turn pledge such rights and remedies
      to the Indenture Trustee for the benefit of the Noteholders]. The [Issuer and
      Indenture] Trustee shall be [an] intended third party beneficiar[y][ies] of
      this
      Agreement. 

     

    Section
      16. Miscellaneous.

     

    (a) This
      Agreement may be executed in two or more counterparts, each of which when so
      executed and delivered shall be an original, but all of which together shall
      constitute one and the same instrument. This Agreement shall inure to the
      benefit of, and be binding upon, the parties hereto and their respective
      successors and assigns.

     

    (b) Any
      person into which the Seller may be merged or consolidated or any person
      resulting from a merger or consolidation involving the Seller or any person
      succeeding to the business of the Seller shall be considered the successor
      of
      the Seller hereunder, without the further act or consent of either party. Except
      as provided in Section 15 and the preceding sentence, this Agreement may not
      be
      assigned, pledged or hypothecated by any party without the written consent
      of
      each other party to this Agreement.

     

    (c) This
      Agreement supersedes all prior agreements and understandings relating to the
      subject matter hereof. Neither this Agreement nor any term hereof may be
      changed, waived, discharged or terminated orally, but only by an instrument
      in
      writing signed by the party against whom enforcement of the change, waiver,
      discharge or termination is sought. The headings in this Agreement are for
      purposes of reference only and shall not limit or otherwise affect the meaning
      hereof.

     

    (d) The
      Depositor shall immediately effect the redelivery of the Mortgage Loans and
      all
      Mortgage Loan Documents and any security interest created by Section 8 hereof
      shall be deemed to have been released if, on the Closing Date, any of the
      conditions set forth in Section 7 hereof shall not have been satisfied or
      waived.

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

     

    (e) It
      is the
      express intent of the parties hereto that the conveyances of the Mortgage Loans
      by the Seller to the Depositor as contemplated by this Agreement be construed
      as
      a sale of the Mortgage Loans by the Seller to the Depositor. It is, further,
      not
      the intention of the parties that such conveyances be deemed a pledge of the
      Mortgage Loans by the Seller to the Depositor or any assignee of the Depositor,
      including, but not limited to, the [Indenture] Trustee, to secure a debt or
      other obligation of the Seller. Nevertheless, if, notwithstanding the intent
      of
      the parties, the Mortgage Loans are held to be property of the Seller then
      (i)
      this Agreement shall also be deemed to be a security agreement within the
      meaning of Article 9 of the Delaware Uniform Commercial Code and the Uniform
      Commercial Code of any other state as necessary; (ii) the conveyances provided
      for herein shall be deemed to be an assignment and a grant by the Seller to
      the
      Depositor of a security interest in all of the Seller’s right, title and
      interest in and to the Mortgage Loans, all insurance policies and proceeds
      thereof relating to the Mortgage Loans, all amounts payable by the holder of
      the
      Mortgage Loans in accordance with the terms thereof and all proceeds of the
      conversion, voluntary or involuntary, of the foregoing into cash, instruments,
      securities, or other property, including, without limitation, all amounts from
      time to time held or invested in the Custodial Account, the Collection Account,
      the [Note Payment] [Distribution] Account, the Certificate Distribution Account
      or any other account established under the [Transfer] [Pooling] and Servicing
      Agreement, whether in the form of cash, instruments, securities or other
      property; (iii) the possession by the Depositor or its agents of Mortgage Notes
      and such other items of property as constitute instruments, money, negotiable
      documents or tangible chattel paper shall be deemed to be “possession by the
      secured party” for purposes of perfecting the security interest pursuant to
      Section 8.9A-313 of the Delaware Uniform Commercial Code; and (iv) notifications
      to persons holding such property, and acknowledgments, receipts or confirmations
      from persons holding such property, shall be deemed notifications to, or
      acknowledgments, receipts or confirmations from, financial intermediaries,
      bailees or agents (as applicable) of the Depositor for the purpose of perfecting
      such security interest under applicable law. Any assignment of the interest of
      the Depositor pursuant to any provision hereof shall also be deemed to be an
      assignment of any security interest created hereby. The Seller and the Depositor
      shall, to the extent consistent with this Agreement, take such actions as may
      be
      necessary to ensure that, if this Agreement is deemed to create a security
      interest in the Mortgage Loans, such security interest will be a perfected
      security interest of first priority under applicable law and will be maintained
      as such throughout the term of this Agreement and the [Transfer] [Pooling]
      and
      Servicing Agreement.

     

    (f) The
      Seller shall not file any involuntary petition or otherwise institute any
      bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings
      or other proceedings under any federal or state bankruptcy or similar law
      against the Depositor so long as any debt instrument issued by the Issuer is
      outstanding and for one year and one day thereafter.

     

    Section
      17. Request for Opinions.

     

    The
      Seller and the Depositor hereby request and authorize [McKee Nelson LLP], as
      their counsel in this transaction, to issue on behalf of the Seller and the
      Depositor such legal opinions to the Depositor, the Servicer[s], the Master
      Servicer, the Securities Administrator, the Issuer, the [Indenture Trustee,
      the
      Owner] Trustee, the Underwriters and the Rating Agencies as may be (i) required
      by any and all documents, certificates or agreements executed in connection
      with
      this Mortgage Loan Purchase Agreement or (ii) requested by the Depositor, the
      Servicer[s], the Master Servicer, the Securities Administrator, the Issuer,
      the
      [Indenture Trustee, the Owner] Trustee, the Underwriters or the Rating Agencies,
      or their respective counsel.

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

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

    
      	 	 	 
	 	
              TBALT
                CORP.

            
	 
 	 
 	 
 
	
            	By:  	
            
	 	 	
              

              Name: [                        
                ]

              Title: 
                 [                        
                ]

            
	 	 	 
	 	 	 
	 	
              [TAYLOR
                BEAN & WHITAKER MORTGAGE 

              CORP.]

            
	 	 	 
	 	 	 
	 	By:  	 
	 	 	 
	 	
              

              Name:
                [                    
                     ]

            
	 	
                          [
                                        
                ]

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    SCHEDULE
      I

     

    MORTGAGE
      LOANS

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    SCHEDULE
      II

     

    EXCEPTIONS
      TO REPRESENTATIONS AND WARRANTIES

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A

    REPRESENTATIONS
      AND WARRANTIES OF [TBW MORTGAGE CORP.]

     

    [Unless
      otherwise defined herein, capitalized terms used herein shall have the meanings
      assigned to them in this Agreement, or if not assigned in this Agreement, the
      [Transfer] [Pooling] and Servicing Agreement dated as of [    
      ],
      among
      the Issuer, the Depositor, the Seller, the Master Servicer, the Securities
      Administrator, the Servicer[s] and the [Indenture]Trustee.

     

    The
      Seller represents and warrants with respect to each Mortgage Loan being conveyed
      by it to the Depositor (for purposes of this Exhibit, the “Mortgage Loan”), as
      of the Closing Date, as follows:

     

    (a) The
      Seller has good title to and is the sole owner and holder of the Mortgage
      Loan.

     

    (b) Immediately
      prior to the transfer and assignment to the Depositor, the Mortgage Note and
      the
      Mortgage were not subject to an assignment or pledge, other than with respect
      to
      which a release has been obtained in connection with such transfer, and the
      Seller has full right and authority to sell and assign the Mortgage
      Loan.

     

    (c) The
      Seller is transferring such Mortgage Loan to the Depositor free and clear of
      any
      and all liens, pledges, charges or security interests of any nature encumbering
      the Mortgage Loans.

     

    (d) The
      information set forth on the Mortgage Loan Schedule is true and correct in
      all
      material respects as of the Cut-off Date or such other date as may be indicated
      in such schedule.

     

    (e) The
      Mortgage Loan has been originated, acquired, serviced, collected and otherwise
      dealt with in compliance with all applicable federal, state and local laws
      (including with respect to fraud in the origination) and regulations, including,
      without limitation, predatory
      and abusive lending laws, usury, truth in lending, real estate settlement
      procedures, consumer credit protection, equal credit opportunity or disclosure
      laws, and the terms of the related Mortgage Note and Mortgage.

     

    (f) The
      related Mortgage Note and Mortgage are genuine and each is the legal, valid
      and
      binding obligation of the maker thereof, enforceable in accordance with its
      terms except as such enforcement may be limited by bankruptcy, insolvency,
      reorganization or other similar laws affecting the enforcement of creditors’
rights generally and by general equity principles (regardless of whether such
      enforcement is considered in a proceeding in equity or at law).

     

    (g) The
      related Mortgage is a valid and enforceable first or second lien on the related
      Mortgaged Property, which Mortgaged Property is free and clear of all
      encumbrances and liens (including mechanics liens) having priority over such
      lien (other than the related first lien in the case of a second lien Mortgage)
      of the Mortgage except for: (i) liens for real estate taxes and assessments
      not
      yet due and payable; (ii) covenants, conditions and restrictions, rights of
      way,
      easements and other matters of public record as of the date of recording of
      such
      Mortgage, such exceptions appearing of record being acceptable to mortgage
      lending institutions generally or specifically reflected or considered in the
      lender’s title insurance policy delivered to the originator of the Mortgage Loan
      and (iii) other matters to which like properties are commonly subject which
      do
      not materially interfere with the benefits of the security intended to be
      provided by such Mortgage.

     

    
      
        
        

      

      
        B-1

        
          

        

      

      
        
        

      

    

     

    (h) Any
      security agreement, chattel mortgage or equivalent document related to such
      Mortgage Loan establishes and creates a valid and enforceable lien on the
      property described therein.

     

    (i) No
      payment due on any Mortgage Loan was more than fifty-nine (59) days past due
      as
      of the applicable date set forth on the Mortgage Loan Schedule.

     

    (j) The
      Seller has not impaired, waived, altered or modified the related Mortgage or
      Mortgage Note in any material respect, or satisfied, canceled, rescinded or
      subordinated such Mortgage or Mortgage Note in whole or in part or released
      all
      or any material portion of the Mortgaged Property from the lien of the Mortgage,
      or executed any instrument of release, cancellation, rescission or satisfaction
      of the Mortgage Note or Mortgage, in each case other than pursuant to a written
      agreement or instrument contained in the Mortgage File.

     

    (k) The
      Mortgage has not been satisfied, canceled or subordinated (other than to the
      related first lien in the case of a Second Lien Mortgage Loan), in whole, or
      rescinded, and the Mortgaged Property has not been released from the lien of
      the
      Mortgage, in whole or in part (except for a release that does not materially
      impair the security of the Mortgage Loan or a release the effect of which is
      reflected in the Loan-to-Value Ratio or Combined Loan-to-Value Ratio, as
      applicable, for the Mortgage Loan as set forth in the Mortgage Loan Schedule).
      

     

    (l) No
      condition exists with respect to a Mortgage Loan which could give rise to any
      right of rescission, set off, counterclaim, or defense including, without
      limitation, the defense of usury, and no such right has been
      asserted.

     

    (m) Each
      Mortgage Loan other than a Cooperative Loan is covered by either (i) a mortgage
      title insurance policy or other generally acceptable form of insurance policy
      customary in the jurisdiction where the Mortgaged Property is located or (ii)
      if
      generally acceptable in the jurisdiction where the Mortgaged Property is
      located, an attorney’s opinion of title given by an attorney licensed to
      practice law in the jurisdiction where the Mortgaged Property is located. All
      of
      the Seller’s rights under such policies, opinions or other instruments shall be
      transferred and assigned to the Depositor upon sale and assignment of the
      Mortgage Loans hereunder. The title insurance policy has been issued by a title
      insurer licensed to do business in the jurisdiction where the Mortgaged Property
      is located, insuring the original lender, its successor and assigns, as to
      the
      first or second priority lien of the Mortgage, as the case may be, in the
      original principal amount of the Mortgage Loan, subject to the exceptions
      contained in such policy. The Seller is the sole insured of such mortgagee
      title
      insurance policy, and such mortgagee title insurance policy is in full force
      and
      effect and will be in force and effect upon the consummation of the transactions
      contemplated by this Agreement. The Seller has not made, and the Seller has
      no
      knowledge of, any claims under such mortgagee title insurance policy. The Seller
      is not aware of any action by a prior holder and the Seller has not done, by
      act
      or omission, anything that could impair the coverage or enforceability of such
      mortgagee title insurance policy or the accuracy of such attorney’s opinion of
      title.

     

    
      
        
        

      

      
        B-2

        
          

        

      

      
        
        

      

    

     

    (n) Other
      than delinquency in payment, there is no material default, breach, violation
      or
      event of acceleration existing under the related Mortgage or the related
      Mortgage Note and no event which, with the passage of time or with notice and
      the expiration of any grace or cure period, would constitute a material default,
      breach, violation or event of acceleration. The Seller has not waived any
      material default, breach, violation or event of acceleration.

     

    (o) With
      respect to any Mortgage Loan that provides for an adjustable interest rate,
      all
      rate adjustments have been performed in accordance with the terms of the related
      Mortgage Note, subsequent modifications, if any, and all applicable
      law.

     

    (p) There
      are
      no delinquent taxes, ground rents, water charges, sewer rents, assessments,
      insurance premiums, leasehold payments, including assessments payable in future
      installments or other outstanding charges, affecting the related Mortgaged
      Property.

     

    (q) To
      the
      Seller’s best knowledge no material litigation or lawsuit relating to the
      Mortgage Loan is pending.

     

    (r) The
      Mortgage Loan obligates the mortgagor thereunder to maintain a hazard insurance
      policy (“Hazard Insurance”) in an amount at least equal to the maximum insurable
      value of any improvements made to the related Mortgaged Property, and, if it
      was
      in place at origination of the Mortgage Loan, flood insurance, at the
      mortgagor’s cost and expense. If the Mortgaged Property is in an area identified
      in the Federal Register by the Federal Emergency Management Agency (“FEMA”) as
      having special flood hazards, a flood insurance policy is in effect which met
      the requirements of FEMA at the time such policy was issued. The Mortgage
      obligates the Mortgagor to maintain the Hazard Insurance and, if applicable,
      flood insurance policy at the Mortgagor’s cost and expense, and on the
      Mortgagor’s failure to do so, authorizes the holder of the Mortgage to obtain
      and maintain such insurance at the Mortgagor’s cost and expense, and to seek
      reimbursement therefor from the Mortgagor. The Mortgaged Property is covered
      by
      Hazard Insurance (unless such Mortgaged Property is unimproved
      land).

     

    (s) Unless
      otherwise specified on Schedule II, the Mortgage Note is not and has not been
      secured by any collateral except the lien of the corresponding Mortgage, any
      holdback amounts or any reserve amounts, and the security interest of any
      applicable security agreement or chattel mortgage.

     

    (t) The
      Mortgage contains customary and enforceable provisions such as to render the
      rights and remedies of the holder thereof adequate for the realization against
      the Mortgaged Property of the benefits of the security provided thereby,
      including (i) in the case of a Mortgage designated as a deed of trust, by
      trustee’s sale or non-judicial foreclosure and (ii) otherwise by judicial
      foreclosure. The Mortgaged Property is not subject to any bankruptcy proceeding
      or foreclosure proceeding and the Mortgagor has not filed for protection under
      applicable bankruptcy laws. There is no homestead or other exemption available
      to the Mortgagor that would interfere with the right to sell the Mortgaged
      Property at a trustee’s sale or the right to foreclose the Mortgage. In the
      event the Mortgage constitutes a deed of trust, a trustee, duly qualified under
      applicable law to serve as such, has been properly designated and currently
      so
      serves and is named in the Mortgage, and no fees or expenses are or will become
      payable by the Depositor to the trustee under the deed of trust, except in
      connection with a trustee’s sale after default by the related Mortgagor. The
      Mortgagor has not notified the Seller and the Seller has no knowledge of any
      relief requested or allowed to the Mortgagor under the Servicemembers Civil
      Relief Act.

     

    
      
        
        

      

      
        B-3

        
          

        

      

      
        
        

      

    

     

    (u) The
      Mortgaged Property, normal wear and tear excepted, is undamaged by waste, fire,
      earthquake or earth movement, windstorm, flood, tornado or other casualty so
      as
      to affect materially and adversely the value of the Mortgaged Property as
      security for the Mortgage Loan or the use for which the premises were
      intended.

     

    (v) Except
      to
      the extent insurance is in place which will cover such damage, the physical
      property subject to any Mortgage is free of material damage and is in good
      repair and there is no proceeding pending or threatened for the total or partial
      condemnation of any Mortgaged Property.

     

    (w) No
      improvements on the related Mortgaged Property encroach on adjoining properties
      (and in the case of a condominium unit, such improvements are within the project
      with respect to that unit), and no improvements on adjoining properties encroach
      upon the Mortgaged Property unless there exists in the Mortgage File a title
      policy with endorsements which insure against losses sustained by the insured
      as
      a result of such encroachments.

     

    (x) Unless
      otherwise specified on Schedule II, none of the Mortgage Loans (by Principal
      Balance as of the Cut-off Date) permit negative amortization.

     

    (y) With
      respect to escrow deposits, if any, all such payments are in the possession
      of
      or under the control of, the Seller or the related servicer and there exist
      no
      deficiencies in connection therewith for which customary arrangements for
      repayment thereof have not been made.

     

    (z) There
      are
      no mechanics’ or similar liens or claims that have been filed for work, labor or
      material (and no rights are outstanding that under law could give rise to such
      lien) affecting the related Mortgaged Property that are or may be liens prior
      to, or equal or coordinate with, the lien of the related Mortgage.

     

    (aa) The
      Mortgaged Property with respect to each Mortgage Loan is either (i) real
      property owned by the related Mortgagor in fee simple (including, in the case
      of
      a condominium, a proportionate undivided interest in areas and facilities
      designated for the common use of condominium owners) or (ii) in the case of
      a
      Cooperative Loan, the related Cooperative Shares and Proprietary
      Lease.

     

    (bb) All
      of
      the Mortgage Loans (by Scheduled Principal Balance as of the Cut-off Date)
      are
      first or second lien Mortgage Loans having a Loan-to-Value Ratio or Combined
      Loan-to-Value Ratio, respectively, of less than 125%.

     

    (cc) No
      Mortgage Loan was, at the time of origination, subject to the Home Ownership
      and
      Equity Protection Act of 1994 or any comparable state law.

     

    
      
        
        

      

      
        B-4

        
          

        

      

      
        
        

      

    

     

    (dd) The
      Mortgage Loan was originated by a mortgagee approved by the Secretary of Housing
      and Urban Development pursuant to sections 203 and 211 of the National Housing
      Act, a savings and loan association, a savings bank, a commercial bank, credit
      union, insurance company or similar institution which is supervised and examined
      by a federal or state authority.

     

    (ee) The
      Servicer[s] for each Mortgage Loan has fully furnished, and will continue to
      fully furnish, in accordance with the Fair Credit Reporting Act and its
      implementing regulations, accurate and complete information (i.e. favorable
      and
      unfavorable) on its borrower credit files to Equifax, Experian, and Trans Union
      Credit Information Company (three of the credit repositories), on a monthly
      basis.

     

    (ff) Each
      Mortgage Loan was originated by the Seller in accordance with the underwriting
      standards generally applied by the Seller as set forth in the Prospectus
      Supplement.

     

    (gg) Each
      primary insurance policy to which any Mortgage Loan is subject will be issued
      by
      an insurer acceptable to Fannie Mae or Freddie Mac and will provide the coverage
      described in the Prospectus Supplement. All provisions of such primary insurance
      policy have been and are being complied with, such policy is in full force
      and
      effect, and all premiums due thereunder have been paid. Any Mortgage subject
      to
      any such primary insurance policy obligates the Mortgagor thereunder to maintain
      such insurance and to pay all premiums and charges in connection therewith
      at
      least until Loan-to-Value Ratio of such Mortgage Loan is reduced to less than
      80%. The Mortgage Rate for the Mortgage Loan does not include any such insurance
      premium.

     

    (hh) With
      respect to each Mortgage Loan (a) no Mortgage Loan is a “high cost” or “covered”
loan within the meaning of any applicable federal, state or local predatory
      or
      abusive lending law; (b) no Mortgage Loan originated on or after November 27,
      2003, is a “High-Cost Home Loan” subject to the New Jersey Home Ownership
      Security Act of 2003 (N.J.S.A. 46:10B-22 et seq.); no Mortgage Loan is a
“High-Cost Home Loan” subject to the New Mexico Home Loan Protection Act (N.M.
      Stat. Ann. §§58-21A-1 et seq.); (c) no Mortgage Loan is a High-Cost Loan or
      Covered Loan, as applicable (as such terms are defined in the then current
      Standard & Poor’s LEVELSÒ
      Glossary, which is now Version 5.6(b) Revised, Appendix E), and no Mortgage
      Loan
      originated on or after October 1, 2002, through March 6, 2003, is governed
      by
      the Georgia Fair Lending Act; (d) no proceeds from any Mortgage Loan were used
      to finance single-premium credit insurance policies; and (e) no prepayment
      penalty is payable on any Mortgage Loan for a period in excess of five years
      following origination.]

     

    
      
        
        

      

      
        B-5

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