Document:

Form of Transfer and Services Agreement

 Exhibit 4.1 
  

 
  
  
  
 NEW YORK MORTGAGE TRUST, SERIES 2005-[    ], as Issuer

  
  
 NYMT SECURITIES CORPORATION, as Depositor 
  
  
 [            ], as Trust Administrator and Master Servicer 
  
  
 NYMT SERVICING CORPORATION, as Servicer 
  
  
 [            ], as Subservicer 
  
  
 NEW YORK MORTGAGE FUNDING, LLC, as Seller

  
  
 and 
  
  
 [            ], as Indenture Trustee 
  
  

  
  
 TRANSFER AND SERVICING AGREEMENT 
  
  
 Dated as of
[            ], 2005 
  
  

  
  
 NEW YORK MORTGAGE TRUST, SERIES 2005-[    ] 
 MORTGAGE-BACKED NOTES

 TABLE OF CONTENTS 
  

			
	 	  	Page

	ARTICLE I    DEFINITIONS	  	 
		
	 Section 1.01.    Definitions
	  	6
	 Section 1.02.    Calculations With Respect to the Mortgage Loans
	  	40
	 Section 1.03.    Calculations With Respect to Accrued Interest
	  	40
		
	ARTICLE II    CONVEYANCE OF MORTGAGE LOANS	  	 
		
	 Section 2.01.    Creation and Declaration of Trust Estate; Conveyance of Initial Mortgage Loans.
	  	40
	 Section 2.02.    Acceptance of Trust Estate; Review of Documentation.
	  	43
	 Section 2.03.    Grant Clause.
	  	45
	 Section 2.04.    Subsequent Transfers.
	  	46
	 Section 2.05.    Option to Contribute Derivative Instrument.
	  	49
		
	ARTICLE III    REPRESENTATIONS AND WARRANTIES	  	 
		
	 Section 3.01.    Representations and Warranties of the Depositor and the Seller.
	  	49
	 Section 3.02.    Discovery of Breach
	  	51
	 Section 3.03.    Repurchase, Purchase or Substitution of Mortgage Loans.
	  	52
		
	ARTICLE IV    ADMINISTRATION AND SERVICING OF THE MORTGAGE LOANS BY THE SERVICER	  	 
		
	 Section 4.01.    Seller’s Engagement of Servicer to Perform Servicing Responsibilities.
	  	52
	 Section 4.02.    Servicing of the Mortgage Loans.
	  	53
	 Section 4.03.    Payments To the Master Servicer.
	  	66
	 Section 4.04.    General Servicing Procedures.
	  	69
	 Section 4.05.    Representations, Warranties and Agreements.
	  	72
	 Section 4.06.    The Servicer and the Subservicer.
	  	77
	 Section 4.07.    Termination for Cause.
	  	80
	 Section 4.08.    Successor to Servicer and Subservicer, Miscellaneous Provisions.
	  	83
	 Section 4.09.    Miscellaneous Servicing Provisions.
	  	86
		
	ARTICLE V    ADMINISTRATION AND MASTER SERVICING OF MORTGAGE LOANS BY THE MASTER SERVICER AND THE TRUST ADMINISTRATOR	  	 
		
	 Section 5.01.    Duties of the Master Servicer; Representations and Warranties.
	  	87
	 Section 5.02.    Master Servicer Fidelity Bond and Master Servicer Errors and Omissions Insurance Policy.
	  	89
	 Section 5.03.    Master Servicer’s Financial Statements and Related Information
	  	89
	 Section 5.04.    Power to Act; Procedures.
	  	89
	 Section 5.05.    Enforcement of Servicer’s and Master Servicer’s Obligations.
	  	91
	 Section 5.06.    [Reserved]
	  	91
	 Section 5.07.    Collection Account.
	  	91
	 Section 5.08.    Application of Funds in the Collection Account
	  	93

  

 i 

			
	 Section 5.09.    Reports to Indenture Trustee and Noteholders.
	  	95
	 Section 5.10.    Termination of Servicer or Subservicer; Successor Servicers.
	  	98
	 Section 5.11.    Master Servicer Liable for Enforcement
	  	98
	 Section 5.12.    Assumption of Master Servicing by Indenture Trustee.
	  	99
	 Section 5.13.    [Reserved]
	  	99
	 Section 5.14.    Release of Mortgage Files.
	  	99
	 Section 5.15.    Documents, Records and Funds in Possession of Master Servicer To Be Held for Indenture
Trustee.
	  	100
	 Section 5.16.    Opinion
	  	101
	 Section 5.17.    [Reserved]
	  	101
	 Section 5.18.    [Reserved]
	  	101
	 Section 5.19.    [Reserved]
	  	102
	 Section 5.20.    Indenture Trustee To Retain Possession of Certain Insurance Policies and Documents
	  	102
	 Section 5.21.    Compensation to the Master Servicer
	  	102
	 Section 5.22.    [Reserved]
	  	102
	 Section 5.23.    Reports to the Indenture Trustee.
	  	102
	 Section 5.24.    Annual Officer’s Certificate as to Compliance.
	  	103
	 Section 5.25.    Annual Independent Accountants’ Servicing Report
	  	103
	 Section 5.26.    Merger or Consolidation
	  	104
	 Section 5.27.    Resignation of Master Servicer
	  	104
	 Section 5.28.    Assignment or Delegation of Duties by the Master Servicer
	  	104
	 Section 5.29.    Limitation on Liability of the Master Servicer and Others.
	  	105
	 Section 5.30.    Indemnification; Third-Party Claims
	  	106
	 Section 5.31.    Alternative Index
	  	106
	 Section 5.32.    Transfer of Servicing
	  	106
		
	ARTICLE VI    DEPOSITS AND PAYMENTS TO HOLDERS	  	 
		
	 Section 6.01.    The Collection Account.
	  	107
	 Section 6.02.    Payments from the Collection Account.
	  	108
	 Section 6.03.    Net Swap Payments and Net Swap Receipts.
	  	118
	 Section 6.04.    Control of the Trust Account and Deferred Interest.
	  	118
	 Section 6.05.    Advances by Master Servicer and Servicer.
	  	122
	 Section 6.06.    Pre-Funding Account.
	  	123
		
	ARTICLE VII    ADMINISTRATION OF THE AGREEMENTS	  	 
		
	 Section 7.01.    Duties of the Trust Administrator.
	  	123
	 Section 7.02.    Duties of the Trust Administrator With Respect to the Indenture, the Trust Agreement and this
Agreement.
	  	126
	 Section 7.03.    Records
	  	126
	 Section 7.04.    Compensation
	  	127
	 Section 7.05.    Additional Information to be Furnished to the Issuer
	  	127
	 Section 7.06.    Independence of the Trust Administrator
	  	127
	 Section 7.07.    No Joint Venture
	  	127
	 Section 7.08.    Other Activities of Trust Administrator and the Depositor
	  	127
	 Section 7.09.    Resignation and Removal of Trust Administrator.
	  	127

  

 ii 

			
	 Section 7.10.    Action upon Termination, Resignation or Removal of the Trust Administrator
	  	128
		
	ARTICLE VIII    MASTER SERVICER EVENTS OF DEFAULT	  	 
		
	 Section 8.01.    Master Servicer Events of Default; Indenture Trustee To Act; Appointment of Successor.
	  	129
	 Section 8.02.    Additional Remedies of Indenture Trustee Upon Event of Default
	  	133
	 Section 8.03.    Waiver of Defaults
	  	133
	 Section 8.04.    Notification to Holders
	  	133
	 Section 8.05.    Directions by Noteholders and Duties of Indenture Trustee During Master Servicer Event of
Default
	  	133
	 Section 8.06.    Action Upon Certain Failures of the Master Servicer and Upon Master Servicer Event of
Default
	  	134
	 Section 8.07.    Preparation of Reports.
	  	134
		
	ARTICLE IX    TERMINATION	  	 
		
	 Section 9.01.    Termination
	  	135
	 Section 9.02.    Termination Prior to Maturity Date; and Optional Redemption
	  	135
	 Section 9.03.    Certain Notices upon Final Payment
	  	136
	 Section 9.04.    Beneficiaries
	  	136
		
	ARTICLE X    MISCELLANEOUS PROVISIONS	  	 
		
	 Section 10.01.    Binding Nature of Agreement; Assignment
	  	136
	 Section 10.02.    Entire Agreement
	  	136
	 Section 10.03.    Amendment.
	  	137
	 Section 10.04.    Acts of Noteholders
	  	138
	 Section 10.05.    Recordation of Agreement
	  	138
	 Section 10.06.    Governing Law
	  	138
	 Section 10.07.    Notices
	  	138
	 Section 10.08.    Severability of Provisions
	  	140
	 Section 10.09.    Indulgences; No Waivers
	  	140
	 Section 10.10.    Headings Not To Affect Interpretation
	  	140
	 Section 10.11.    Benefits of Agreement
	  	140
	 Section 10.12.    Special Notices to the Rating Agencies.
	  	140
	 Section 10.13.    Counterparts
	  	141
	 Section 10.14.    Execution by the Issuer
	  	141

  

 iii 

 ATTACHMENTS 
  

			
	Exhibit A-1	  	Form of Initial Certification
	Exhibit A-2	  	Form of Interim Certification
	Exhibit A-3	  	Form of Final Certification
	Exhibit A-4	  	Form of Endorsement
	Exhibit B	  	Form of Swap Agreement
	Exhibit C	  	Form of Lost Note Affidavit
	Exhibit D	  	Custodial Agreement
	Exhibit E	  	Custodial Account Letter Agreement
	Exhibit F	  	Escrow Account Letter Agreement
	Exhibit G-1	  	Form of Monthly Remittance Advice
	Exhibit G-2	  	Standard Layout For Monthly Defaulted Loan Report
	Exhibit G-3	  	Form 332 Realized Loss Report
	Exhibit H	  	CMMC Form of Sarbanes Back-up Certification
	Exhibit I	  	Form of Subsequent Transfer Agreement
	Exhibit J	  	Subsequent Mortgage Loan Criteria
	Exhibit K	  	Fannie Mae Guide Announcement 95-19
		
	Schedule A	  	Mortgage Loan Schedule

  

 iv 

 This TRANSFER AND SERVICING AGREEMENT, dated as of
[                    ], 2005 (the “Agreement” or the “Transfer and Servicing Agreement”), is by and among NEW YORK MORTGAGE
TRUST, SERIES 2005-[                    ], a Delaware statutory trust, as issuer (the “Issuer”), NYMT SECURITIES CORPORATION, a Delaware
corporation, as depositor (the “Depositor”), [                    ], as indenture trustee (the “Indenture Trustee”),
[                    ], as trust administrator (the “Trust Administrator”) and master servicer (the “Master Servicer”), NYMT
SERVICING CORPORATION, as servicer (the “Servicer”), [                        ], as subservicer (the
“Subservicer”) and NEW YORK MORTGAGE FUNDING, LLC, as seller (the “Seller”). 
  
 PRELIMINARY STATEMENT 
  
 WHEREAS, the Depositor has acquired all of the rights, title and interest of the Seller in certain conventional, adjustable rate, residential mortgage loans identified in Schedule A hereto (the “Mortgage
Loans”) on a servicing-retained basis from the Seller pursuant to the Mortgage Loan Purchase Agreement, and at the Closing Date is the owner of the Mortgage Loans and the other property being conveyed by it to the Issuer hereunder for inclusion
in the Trust Estate; 
  
 WHEREAS, the Depositor has duly
authorized the execution and delivery of this Agreement to provide for the conveyance to the Issuer of the Mortgage Loans and the other property constituting the Trust Estate; 
  
 WHEREAS, on the Closing Date, the Depositor will acquire the Notes from the Issuer as consideration for its transfer to the
Issuer of the Mortgage Loans and the other property constituting the Trust Estate; 
  
 WHEREAS, pursuant to the Indenture, the Issuer will pledge the Mortgage Loans and the other property constituting the Trust Estate to the Indenture Trustee as security for the Notes; 
  
 WHEREAS, the Seller desires that the Servicer service the Mortgage Loans upon
such transfer to the Issuer pursuant to this Agreement, and the Servicer has agreed to do so; 
  
 WHEREAS, the Servicer, the Subservicer, the Indenture Trustee, the Master Servicer and the Trust Administrator have agreed pursuant to this Agreement that the Subservicer shall service the Mortgage Loans beginning on
the Closing Date pursuant to this Agreement but that the Servicer will have ultimate responsibility for the servicing of the Mortgage Loans; 
  
 WHEREAS, the Master Servicer shall be obligated under this Agreement, among other things, to supervise the servicing of the Mortgage Loans on behalf of
the Indenture Trustee, and shall have the right, under certain circumstances, to terminate the rights and obligations of the Servicer and the Subservicer under this Agreement upon the occurrence and continuance of a Servicing Event of Default as
provided herein; 
  
 WHEREAS, the parties hereto acknowledge and
agree that, at the direction of the Depositor, the Seller will assign all of its rights with respect to the Mortgage Loans (other than the servicing rights) to the Indenture Trustee, and that each reference herein to the Seller is intended, unless
otherwise specified, to mean the Seller or the Indenture Trustee, as assignee of the Seller. 

 WHEREAS, the Issuer has entered into certain agreements in connection with the issuance of the Notes,
including (i) the Depository Agreement and (ii) the Indenture (the Depository Agreement, the Indenture and the Trust Agreement being hereinafter referred to collectively as the “Related Agreements”); 
  
 WHEREAS, pursuant to the Related Agreements, the Issuer is required to
perform certain duties in connection with (a) the Notes and the collateral therefor pledged pursuant to the Indenture (the “Collateral”) and (b) the undivided subordinate beneficial ownership interest in the Issuer represented by the
Ownership Certificate; 
  
 WHEREAS, the Issuer desires to have the
Trust Administrator perform certain of the duties of the Issuer referred to in the preceding clause, and to provide such additional services consistent with the terms of this Agreement and the Related Agreements as the Issuer or the Owner Trustee
may from time to time reasonably request; and 
  
 WHEREAS, the
Trust Administrator has the capacity to provide the services required hereby and is willing to perform such services for the Issuer or the Owner Trustee on the terms set forth herein. 
  

 2 

 NOW, THEREFORE, in consideration of the mutual agreements herein contained, the parties hereto agree as
follows: 
  
 [General Note: This Agreement includes references
to a securities structure involving a notional class and a Swap Agreement. The Securities Structure is illustrative of securities structures that NYMTSC may include in future takedowns from its shelf-registration statement. Please note that this is
a different securities structure from that presented in the accompanying prospectus supplement.] 
  
 The following table sets forth (or describes) the Class designation, Interest Rate, initial Class Principal Amount (or Class Notional Amount) and minimum
denomination for each Class of Notes issued pursuant to the Indenture. 
  

												
	 Class
 Designation

	    	Interest
Rate

	 	    	 Initial
 Security Principal
 Amount or
 Security Notional
 Amount

	 	    	 Minimum
 Denominations

	 
	 Class 1-A1
	    	(1	)	    	$	 	 	    	$	[25,000	]
	 Class 1-A2
	    	(2	)	    	$	 	 	    	$	[25,000	]
	 Class 2-A1
	    	(3	)	    	$	 	 	    	$	[25,000	]
	 Class 2-A2
	    	(4	)	    	$	 	 	    	$	[25,000	]
	 Class A-IO
	    	[        	]%	    	 	(12	)	    	$	[100,000	]
	 Class M1
	    	(5	)	    	$	 	 	    	$	[100,000	]
	 Class M2
	    	(6	)	    	$	 	 	    	$	[100,000	]
	 Class M3
	    	(7	)	    	$	 	 	    	$	[100,000	]
	 Class M4
	    	(8	)	    	$	 	 	    	$	[100,000	]
	 Class M5
	    	(9	)	    	$	 	 	    	$	[100,000	]
	 Class M6
	    	(10	)	    	$	 	 	    	$	[100,000	]
	 Class M7
	    	(11	)	    	$	 	 	    	$	[100,000	]

	(1)	The Interest Rate with respect to any Payment Date (and the related Accrual Period) for the Class l-A1 Notes is the per annum rate equal to the least of (i) LIBOR plus
[            ]% per annum, (ii) the Available Funds Rate and (iii) the Group 1 Fixed Rate Cap for such Payment Date; provided, that the per annum rate calculated pursuant to clause
(i) above with respect to the Class 1-A Notes will be equal to LIBOR plus [            ]% per annum beginning on the Step-up Date and each Payment Date thereafter. 

 

	(2)	The Interest Rate with respect to any Payment Date (and the related Accrual Period) for the Class l-A2 Notes is the per annum rate equal to the least of (i) LIBOR plus
[            ]% per annum, (ii) the Available Funds Rate and (iii) the Group 1 Fixed Rate Cap for such Payment Date; provided, that the per annum rate calculated pursuant to clause
(i) above with respect to the Class l-A2 Notes will be equal to LIBOR plus [            ]% per annum beginning on the Stepup Date and each Payment Date thereafter. 

 

	(3)	The Interest Rate with respect to any Payment Date (and the related Accrual Period) for the Class 2-A1 Notes is the per annum rate equal to the least of (i) LIBOR plus
[            ]% per annum, (ii) the Available Funds Rate and (iii) the Group 2 Fixed Rate Cap for such Payment Date; provided, that the per annum rate calculated pursuant to clause
(i) above 

  

 3 

	  	with respect to the Class 2-A1 Notes will be equal to LIBOR plus [    ]% per annum beginning on the Stepup Date and each Payment Date thereafter.

  

	(4)	The Interest Rate with respect to any Payment Date (and the related Accrual Period) for the Class 2-A2 Notes is the per annum rate equal to the least of (i) LIBOR plus
[            ]% per annum, (ii) the Available Funds Rate and (iii) the Group 2 Fixed Rate Cap for such Payment Date; provided, that the per annum rate calculated pursuant to clause
(i) above with respect to the Class 2-A2 Notes will be equal to LIBOR plus [            ]% per annum beginning on the Stepup Date and each Payment Date thereafter. 

 

	(5)	The Interest Rate with respect to any Payment Date (and the related Accrual Period) for the Class M1 Notes is the per annum rate equal to the least of (i) LIBOR plus
[            ]% per annum, (ii) the Available Funds Rate and (iii) the Subordinate Fixed Rate Cap for such Payment Date; provided, that the per annum rate calculated pursuant to
clause (i) above with respect to the Class M1 Notes will be equal to LIBOR plus [            ]% per annum beginning on the Stepup Date and each Payment Date thereafter.

  

	(6)	The Interest Rate with respect to any Payment Date (and the related Accrual Period) for the Class M2 Notes is the per annum rate equal to the least of (i) LIBOR plus
[            ]% per annum, (ii) the Available Funds Rate and (iii) the Subordinate Fixed Rate Cap for such Payment Date; provided, that the per annum rate calculated pursuant to
clause (i) above with respect to the Class M2 Notes will be equal to LIBOR plus [            ]% per annum beginning on the Stepup Date and each Payment Date thereafter.

  

	(7)	The Interest Rate with respect to any Payment Date (and the related Accrual Period) for the Class M3 Notes is the per annum rate equal to the least of (i) LIBOR plus
[            ]% per annum, (ii) the Available Funds Rate and (iii) the Subordinate Fixed Rate Cap for such Payment Date; provided, that the per annum rate calculated pursuant to
clause (i) above with respect to the Class M3 Notes will be equal to LIBOR plus [            ]% per annum beginning on the Stepup Date and each Payment Date thereafter.

  

	(8)	The Interest Rate with respect to any Payment Date (and the related Accrual Period) for the Class M4 Notes is the per annum rate equal to the least of (i) LIBOR plus
[            ]% per annum, (ii) the Available Funds Rate and (iii) the Subordinate Fixed Rate Cap for such Payment Date; provided, that the per annum rate calculated pursuant to
clause (i) above with respect to the Class M4 Notes will be equal to LIBOR plus [            ]% per annum beginning on the Stepup Date and each Payment Date thereafter.

  

	(9)	The Interest Rate with respect to any Payment Date (and the related Accrual Period) for the Class M5 Notes is the per annum rate equal to the least of (i) LIBOR plus
[            ]% per annum, (ii) the Available Funds Rate and (iii) the Subordinate Fixed Rate Cap for such Payment Date; provided, that the per annum rate calculated pursuant to
clause (i) above with respect to the Class M5 Notes will be equal to LIBOR plus [            ]% per annum beginning on the Stepup Date and each Payment Date thereafter.

  

	(10)	 The Interest Rate with respect to any Payment Date (and the related Accrual Period) for the Class M6 Notes is the per annum rate equal to the least of (i) LIBOR
plus [            ]% per 

  

 4 

	 	 
annum, (ii) the Available Funds Rate and (iii) the Subordinate Fixed Rate Cap for such Payment Date; provided, that the per annum rate calculated
pursuant to clause (i) above with respect to the Class M6 Notes will be equal to LIBOR plus [    ]% per annum beginning on the Stepup Date and each Payment Date thereafter. 

  

	(11)	The Interest Rate with respect to any Payment Date (and the related Accrual Period) for the Class M7 Notes is the per annum rate equal to the least of (i) LIBOR plus
[            ]% per annum, (ii) the Available Funds Rate and (iii) the Subordinate Fixed Rate Cap for such Payment Date; provided, that the per annum rate calculated pursuant to
clause (i) above with respect to the Class M7 Notes will be equal to LIBOR plus [            ]% per annum beginning on the Stepup Date and each Payment Date thereafter.

  

	(12)	The Class A-IO Notes are interest-only notes; they will not be entitled to payments of principal and will accrue interest on the Class A-IO Class Notional Amount. Interest will not
be payable on the Class A-IO Notes after the Payment Date in [            ]. 

  

 5 

 ARTICLE I 
  
 DEFINITIONS 
  
 Section 1.01. Definitions. The following words and phrases, unless the context otherwise requires, shall have the following meanings: 

 
 A-IO(1) Component: The component of the Class A-IO Notes relating
to Group 1. 
  
 A-IO(2) Component: The component of the
Class A-IO Notes relating to Group 2. 
  
 Accounts. Any or
all of the Custodial Accounts, Escrow Accounts, Collection Account, the Pre-Funding Account and any other accounts created or maintained by the Trust Administrator, the Servicer or the Subservicer pursuant to this Agreement. 
  
 Accountant: A Person engaged in the practice of accounting who (except
when this Agreement provides that an Accountant must be Independent) may be employed by or affiliated with the Depositor or an Affiliate of the Depositor. 
  
 Accrual Period: With respect to any Payment Date and any Class of Notes (other than the Class A-IO Notes), the period beginning on the Payment Date
in the calendar month immediately preceding the month in which the related Payment Date occurs (or, in the case of the first Payment Date, beginning on the Closing Date) and ending on the day immediately preceding the related Payment Date, and in
the case of the Class A-IO Notes, the calendar month preceding the month in which such Payment Date occurs. 
  
 Addition Notice: The notice given pursuant to Section 2.04 with respect to the transfer of Subsequent Mortgage Loans to the Trust pursuant to such
Section. 
  
 Advance: With respect to each Servicer
Remittance Date and each Mortgage Loan, an amount equal to the Scheduled Payment (with the interest portion of such Scheduled Payment adjusted to the Net Mortgage Rate) that was due on the Mortgage Loan on the Due Date in the related Due Period, and
that (i) was delinquent at the close of business on the related Determination Date and (ii) was not the subject of a previous Monthly Advance, but only to the extent that such amount is expected, in the reasonable judgment of the Servicer, the
Subservicer or Master Servicer, as applicable, to be recoverable from collections or other recoveries in respect of such Mortgage Loan. 
  
 Affiliate: With respect to any specified Person, any other Person controlling or controlled by or under common control with such specified Person.
For the purposes of this definition, “control” when used with respect to any specified Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities,
by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. 
  
 Aggregate Expense Rate: With respect to any Mortgage Loan, the sum of the applicable Servicing Administration Fee Rate and the applicable Master
Servicing Fee Rate. 
  

 6 

 Aggregate Collateral Balance: As of any date of determination, an amount equal to the Aggregate
Loan Balance plus the amount, if any, then on deposit in the Pre-Funding Account exclusive of investment income. 
  
 Aggregate Loan Balance: As of any date of determination, an amount equal to the aggregate of the Stated Principal Balances of the Mortgage Loans as
of such date. 
  
 Aggregate Overcollateralization Release
Amount: With respect to any Payment Date, the lesser of (x) the sum of the Principal Funds of each Mortgage Group for such Payment Date and (y) the amount, if any, by which (1) the Overcollateralization Amount for such Payment Date (calculated
for this purpose on the basis of the assumption that 100% of the aggregate of the Principal Funds of both Mortgage Groups for such date is applied on such Payment Date in reduction of the aggregate of the Note Principal Amounts of the related Notes)
exceeds (2) the Targeted Overcollateralization Amount for such Payment Date. 
  
 Agreement: This and all amendments and supplements hereto. 
  
 Ancillary Income: All income derived from the Mortgage Loans, excluding Servicing Administration Fees, Master Servicing Fees and Prepayment
Premiums attributable to the Mortgage Loans and other amounts treated as payment proceeds of the Mortgage Loans, including but not limited to, late charges, fees received with respect to checks or bank drafts returned by the related bank for
non-sufficient funds, assumption fees, optional insurance administrative fees and all other incidental fees and charges. 
  
 Appraised Value: With respect to any Mortgage Loan, the amount set forth in an appraisal made in connection with the origination of such Mortgage
Loan as the value of the related Mortgaged Property. 
  
 Assignment of Mortgage: An assignment of the Mortgage, notice of transfer or equivalent instrument, in recordable form, sufficient under the laws of the jurisdiction wherein the related Mortgaged Property is located to reflect the
assignment of the Mortgage to the Indenture Trustee for the benefit of Noteholders, which assignment, notice of transfer or equivalent instrument may be in the form of one or more blanket assignments covering the Mortgage Loans secured by Mortgaged
Properties located in the same jurisdiction, if permitted by law; provided, however, that neither the Issuer nor the Indenture Trustee shall be responsible for determining whether any such assignment is in recordable form. 
  
 Authorized Officer: Any Person who may execute an Officer’s
Certificate on behalf of the Issuer. 
  
 Available Funds
Rate: With respect to any Payment Date and for any Class of Notes (other than the Class A-IO Notes), a per annum rate equal to the quotient of (a) the sum of (i) Interest Funds for Group 1, (ii) Interest Funds for Group 2, and (iii) any Net Swap
Receipt for such Payment Date, less for the first [            ] Payment Dates only, Current Interest on the Class A-IO Notes for such Payment Date, divided by (b) the product of (i) the
sum of the Class Principal Amounts of the Class l-A1, Class l-A2, Class 2-A1, Class 2-A2, Class M1, Class M2, Class M3, Class M4, Class M5, Class M6 and Class M7 Notes before taking into account any payments of 
  

 7 

 principal on such Payment Date, multiplied by (ii) a fraction, the numerator of which is actual number of days in the
related Accrual Period, and the denominator of which is 360. 
  
 Available Funds Shortfall: With respect to any Class of Notes, other than the Class A-IO Notes, and any Payment Date, the sum of (a) the excess, if any, of (i) the amount that would have been the Current Interest for such Class had
the Interest Rate for such Class been determined without regard to the Available Funds Rate over (ii) the actual amount of Current Interest for such Class, plus (b) any excess described in clause (a) above for any prior Payment Date that remains
unpaid, plus (c) interest accrued during the Accrual Period related to such Payment Date on the amount described in clause (b) above at the Interest Rate applicable to such Class, determined without regard to the Available Funds Rate. 
  
 Bankruptcy: As to any Person, the making of an assignment for the
benefit of creditors, the filing of a voluntary petition in bankruptcy, adjudication as a bankrupt or insolvent, the entry of an order for relief in a bankruptcy or insolvency proceeding, the seeking of reorganization, arrangement, composition,
readjustment, liquidation, dissolution or similar relief, or seeking, consenting to or acquiescing in the appointment of a trustee, receiver or liquidator, dissolution, or termination, as the case may be, of such Person pursuant to the provisions of
either the United States Bankruptcy Code of 1986, as amended, or any other similar state laws. 
  
 Bankruptcy Code: The United States Bankruptcy Code of 1986, as amended. 
  
 Benefit Plan Opinion: An Opinion of Counsel satisfactory to the Owner Trustee and the Certificate Registrar to the effect that any proposed
transfer of Certificates will not (i) cause the assets of the Trust Estate to be regarded as plan assets for purposes of the Plan Asset Regulations or (ii) give rise to any fiduciary duty on the part of the Depositor or the Indenture Trustee.

  
 Book-Entry Notes: As defined in the Indenture.

  
 Business Day: Any day other than (i) a Saturday or a
Sunday or (ii) a day on which banking institutions in New York, New York or, if other than New York, the city in which the Corporate Trust Office of the Indenture Trustee is located, or the States of
             are authorized or obligated by law or executive order to be closed. 
  
 Certificate Registrar: As defined in the Trust Agreement, the initial Certificate Registrar shall be the Trust Administrator. 
  
 Certificate: The Ownership Certificate. 
  
 Certificateholder: Any registered holder of the Ownership Certificate.

  
 Civil Relief Act: The Servicemembers Civil Relief Act,
as such may be amended from time to time, and any similar state laws. 
  
 Class: All Notes bearing the same class designation. 
  
 Class l-A2 Trigger Event: A Class l-A2 Trigger Event shall have occurred with respect to any Payment Date prior to the Stepdown Date if the quotient (expressed as a percentage) of (a) 

  

 8 

 
the aggregate Realized Losses incurred from the Initial Cut-off Date through the last day of the calendar month preceding such Payment Date divided by (b)
the Aggregate Collateral Balance as of the Closing Date exceeds [            ]%. 
  
 Class A Notes: Collectively, the Class l-A, Class l-A2, Class 2-A1, Class 2-A2 and Class A-IO Notes. 
  
 Class M Notes: Collectively, the Class M1, Class M2, Class M3, Class
M4, Class M5, Class M6 and Class M7 Notes. 
  
 Class Notional
Amount: With respect to the Class A-IO Notes, will be equal to the sum of the A-IO(1) Component and the A-IO(2) Component. 
  
 Class Principal Amount: With respect to each Class of Notes (other than the Class A-IO Notes), the aggregate of the Note Principal Amounts of all
Notes of such Class at the date of determination. 
  
 Clearing
Agency: An organization registered as a “clearing agency” pursuant to Section 17A of the Exchange Act, as amended. As of the Closing Date, the Clearing Agency shall be The Depository Trust Company. 
  
 Closing Date:
[                ], 2005. 
  
 Code: The Internal Revenue Code of 1986, as amended, and as it may be further amended from time to time, any successor statutes thereto, and
applicable U.S. Department of Treasury regulations issued pursuant thereto in temporary or final form. 
  
 Collateral: As defined in the Indenture. 
  
 Collection Account: A separate account established and maintained by the Trust Administrator for the benefit of the Indenture Trustee pursuant to
Section 5.07. 
  
 Compensating Interest Payment: With
respect to any Payment Date, an amount equal to the lesser of (x) the aggregate Prepayment Interest Shortfall Amount with respect to such Payment Date and (y) the Servicing Administration Fee payable to the Servicer, with respect to the Servicer,
and the portion of the Servicing Administration Fee payable to the Subservicer, with respect to the Subservicer, in respect of such Payment Date. 
  

 9 

 Component Notional Amount: With respect to any Payment Date, the sum of the notional amount of the
A-IO(1) Component and A-IO(2) Component, as set forth below: 
  

					
	 Payment Date

	  	A-IO(1)Component
Notional Amount

	  	A-IO(2)
Component
Notional
Amount

	 [            ] 25, 2005
	  	 	  	 
	 [            ] 25, 2005
	  	 	  	 
	 [            ] 25, 2005
	  	 	  	 
	 [            ] 25, 2005
	  	 	  	 
	 [            ] 25, 2005
	  	 	  	 
	 [            ] 25, 2005
	  	 	  	 
	 [            ] 25, 2005
	  	 	  	 
	 [            ] 25, 2005
	  	 	  	 
	 [            ] 25, 2005
	  	 	  	 
	 [            ] 25, 2005
	  	 	  	 
	 [            ] 25, 2005
	  	 	  	 
	 [            ] 25, 2005
	  	 	  	 
	 [            ] 25, 2005
	  	 	  	 
	 [            ] 25, 2005
	  	 	  	 
	 [            ] 25, 2005
	  	 	  	 
	 [            ] 25, 2005
	  	 	  	 
	 [            ] 25, 2005
	  	 	  	 
	 [            ] 25, 2006 and thereafter
	  	 	  	 

  
 Condemnation
Proceeds: All awards of settlements in respect of a Mortgaged Property, whether permanent or temporary, partial or entire, by exercise of the power of eminent domain or condemnation, to the extent not required to be released to a Mortgagor in
accordance with the terms of the related Mortgage Loan documents. 
  
 Control: The meaning specified in Section 8-106 of the New York UCC. 
  
 Conventional Loan: A Mortgage Loan that is not insured by the United States Federal Housing Administration or guaranteed by the United States Department of Veterans Affairs. 
  
 Corporate Trust Office: With respect to (i) the Trust Administrator,
the principal corporate trust office of the Trust Administrator at which, at any particular time, its corporate trust business shall be administered, which office at the date of execution of this Agreement for purposes of transfers and exchanges and
for presentment and surrender of the Notes and for payment thereof is located at [            ], and for all other purposes is located at
[            ]; (ii) 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 Trust Administrator, or at such other address as the Certificate Registrar may designate from time to time by notice to the Noteholders 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 Noteholders and the Trust; and (iii) the Indenture Trustee, the principal office of the
Indenture Trustee 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 [            ],
or at such other 
  

 10 

 address as the Indenture Trustee may designate from time to time by notice to the Noteholders and the Trust, or the
principal corporate trust office of any successor Indenture Trustee at the address designated by such successor Indenture Trustee by notice to the Noteholders and the Trust. 
  
 Current Interest: With respect to any Class of Notes (other than the Class A-IO Notes) or any Component of the Class
A-IO Notes and any Payment Date, will equal the aggregate amount of interest accrued at the applicable Interest Rate during the related Accrual Period on the Class Principal Amount or Class Notional Amount of such Class or Component Notional Amount
of such component immediately prior to such Payment Date, provided, however, that for any Class of Class M Notes and for any Payment Date, Current Interest shall be reduced by the amount specified in clause (a) of the definition of
Deferred Interest, if any, for such Class and Payment Date. With respect to the Class A-IO Notes and any Payment Date, the aggregate Current Interest on the components of such Class for such Payment Date. 
  
 Custodial Account: The separate custodial account (other than an
Escrow Account) established and maintained by the Servicer pursuant to Section 4.02(d) of this Agreement. 
  
 Custodial Agreement: The custodial agreement relating to the custody of certain of the Mortgage Loans, substantially in the form attached as
Exhibit D hereto, between the Custodian, the Issuer and the Indenture Trustee, as acknowledged by the Seller, the Depositor, the Master Servicer, the Servicer and the Subservicer, dated as of
[                    ], 2005. 
  
 Custodian: The custodian appointed by the Indenture Trustee pursuant to the Custodial Agreement, and any successor thereto. The initial Custodian
is [                    ]. 
  
 Cut-off Date: With respect to the Initial Mortgage Loans, the Initial Cut-off Date, and with respect to the Subsequent Mortgage Loans, the
Subsequent Cut-off Date. 
  
 Cut-off Date Balance: With
respect to the Initial Mortgage Loans, the Aggregate Loan Balance as of the Initial Cut-off Date. 
  
 Debt Service Reduction: With respect to any Mortgage Loan, a reduction of the Scheduled Payment that the related Mortgagor is obligated to pay on
any Due Date as a result of any proceeding under Bankruptcy law or any similar proceeding. 
  
 Deferred Interest: For any Class of Class M Notes and any Payment Date, the sum of (a) the aggregate amount of interest accrued at the applicable Interest Rate during the related Accrual Period on the Principal
Deficiency Amount for the Class, (b) any amounts due pursuant to clause (a) for such Class for prior Payment Dates that remains unpaid and (c) interest accrued during the Accrual Period related to such Payment Date on the amount in clause (b) at the
Interest Rate applicable to such Class. 
  
 Definitive
Note: A Note of any Class issued in definitive, fully registered, certificated form. 
  

 11 

 Deleted Mortgage Loan: A Mortgage Loan that is repurchased from the Trust Estate pursuant to the
terms hereof or as to which one or more Qualifying Substitute Mortgage Loans are substituted therefor. 
  
 Depositor: NYMT Securities Corporation, a Delaware corporation having its principal place of business in New York, or its successors in interest.

  
 Depository Agreement: The agreement dated
[                    ], 2005, among the Issuer, the Indenture Trustee and The Depository Trust Company, as the initial Clearing Agency, relating to
the Book-Entry Notes. 
  
 Determination Date: With respect
to each Payment Date, the 15th day of the month in which such Payment Date occurs, or, if such 15th day is not a Business Day, the next succeeding Business Day. 
  

Due Date: The day of the calendar month on which the Scheduled Payment is due on a Mortgage Loan, exclusive of any days of grace. Pursuant to
Section 4.03(d), with respect to any Mortgage Loans for which payment from the Mortgagor is due on a day other than the first day of the month, such Mortgage Loans will be treated as if the Scheduled Payment is due on the first day of the
immediately succeeding month. 
  
 Due Period: With respect
to any Payment Date and Mortgage Loan, the period commencing on the second day of the month immediately preceding the month in which such Payment Date occurs and ending on the first day of the month in which such Payment Date occurs. 
  
 Eligible Account: Either (i) an account or accounts maintained with a
federal or state chartered depository institution or trust company that complies with the definition of Eligible Institution or (ii) an account or accounts the deposits in which are insured by the FDIC to the limits established by such corporation,
provided that any such deposits not so insured shall be maintained in an account at a depository institution or trust company whose commercial paper or other short term debt obligations (or, in the case of a depository institution or trust company
which is the principal subsidiary of a holding company, the commercial paper or other short term debt or deposit obligations of such holding company or depository institution, as the case may be) have been rated by each Rating Agency in its highest
short-term rating category, or (iii) a segregated trust account or accounts (which shall be a “special deposit account”) maintained with the Indenture Trustee, the Trust Administrator or any other federal or state chartered depository
institution or trust company, acting in its fiduciary capacity, in a manner acceptable to the Indenture Trustee and the Rating Agencies. Eligible Accounts may bear interest. 
  
 Eligible Institution: Any of the following: 
  

	 	(i)	An institution whose: 

  
 (A) commercial paper, short-term debt obligations, or other short-term deposits are rated at least “A-l+” or long-term unsecured
debt obligations are rated at least “Aa-” by S&P (or assigned comparable ratings by the other Rating Agencies), if the amounts on deposit are to be held in the account for no more than 365 days; or 
  

 12 

 (B) commercial paper, short-term debt obligations, demand deposits, or other short-term
deposits are rated at least “A-2” by S&P Rating Agencies, if the amounts on deposit are to be held in the account for no more than 30 days and are not intended to be used as credit enhancement. Upon the loss of the required rating set
forth in this clause (ii), the accounts shall be transferred immediately to accounts which have the required rating. Furthermore, commingling by the Servicer is acceptable at the A-2 rating level if the Servicer is a bank, thrift or depository and
provided the Servicer has the capability to immediately segregate funds and commence remittance to an Eligible Deposit Account upon a downgrade; or 
  

	 	(ii)	the corporate trust department of a federal depositor institution or state-chartered depositor institution subject to regulations regarding fiduciary funds on deposit similar to
Title 12 of the U.S. Code of Federal Regulation Section 9.10(b), which, in either case, has corporate trust powers and is acting in its fiduciary capacity. 

  
 Eligible Investments: Any one or more of the following obligations or securities: 
  

	 	(i)	direct obligations of, and obligations fully guaranteed as to timely payment of principal and interest by, the United States of America or any agency or instrumentality of the
United States of America the obligations of which are backed by the full faith and credit of the United States of America (“Direct Obligations”); 

  

	 	(ii)	federal funds, or demand and time deposits in, certificates of deposits of, or bankers’ acceptances issued by, any depository institution or trust company (including U.S.
subsidiaries of foreign depositories and the Indenture Trustee or any agent of the Indenture Trustee, acting in its respective commercial capacity) incorporated or organized under the laws of the United States of America or any state thereof and
subject to supervision and examination by federal or state banking authorities, so long as at the time of investment or the contractual commitment providing for such investment the commercial paper or other short-term debt obligations of such
depository institution or trust company (or, in the case of a depository institution or trust company which is the principal subsidiary of a holding company, the commercial paper or other short-term debt or deposit obligations of such holding
company or deposit institution, as the case may be) have been rated by each Rating Agency in its highest short-term rating category or one of its two highest long-term rating categories; 

  

	 	(iii)	repurchase agreements collateralized by Direct Obligations or securities guaranteed by GNMA, Fannie Mae or FHLMC with any registered broker/dealer subject to Notes Investors’
Protection Corporation jurisdiction or any commercial bank insured by the FDIC, if such broker/dealer or bank has an uninsured, unsecured and unguaranteed obligation rated by each Rating Agency in its highest short-term rating category;

  

 13 

	 	(iv)	securities bearing interest or sold at a discount issued by any corporation incorporated under the laws of the United States of America or any state thereof which have a credit
rating from each Rating Agency, at the time of investment or the contractual commitment providing for such investment, at least equal to one of the two highest long-term credit rating categories of each Rating Agency; provided, however, that
securities issued by any particular corporation will not be Eligible Investments to the extent that investment therein will cause the then outstanding principal amount of securities issued by such corporation and held as part of the Trust Estate to
exceed 20% of the sum of the Aggregate Loan Balance and the aggregate principal amount of all Eligible Investments in the Note Account; provided, further, that such securities will not be Eligible Investments if they are published as being
under review with negative implications from any Rating Agency; 

  

	 	(v)	commercial paper (including both non-interest-bearing discount obligations and interest-bearing obligations payable on demand or on a specified date not more than 180 days after the
date of issuance thereof) rated by each Rating Agency in its highest short-term rating category; 

  

	 	(vi)	a Qualified GIC; 

  

	 	(vii)	certificates or receipts representing direct ownership interests in future interest or principal payments on obligations of the United States of America or its agencies or
instrumentalities (which obligations are backed by the full faith and credit of the United States of America) held by a custodian in safekeeping on behalf of the holders of such receipts; and 

  

	 	(viii)	 any other demand, money market, common trust fund or time deposit or obligation, or interest-beating or other security or investment (including those managed or
advised by the Indenture Trustee, the Master Servicer, the Trust Administrator, or any Affiliate thereof), (A) rated in the highest rating category by each Rating Agency or (B) that would not adversely affect the then current rating assigned by each
Rating Agency of any of the Notes. Such investments in this subsection (viii) may include money market mutual funds or common Trust Estates, including any fund for which [the corporate entity that serves in the capacity of the Master Servicer or
Trust Administrator] [the “Entity”] in its capacity other than as the Master Servicer, the Trust Administrator or an affiliate thereof serves as an investment advisor, administrator, shareholder servicing agent, and/or custodian or
subcustodian, notwithstanding that (x) the Entity, the Indenture Trustee, the Master Servicer or any affiliate thereof charges and collects fees and expenses from such funds for services rendered, (y) the Entity, the Indenture Trustee, the Trust
Administrator, the Master Servicer or any affiliate thereof charges and collects fees and expenses for services rendered pursuant to this Agreement, and (z) services performed for such funds and pursuant to this 

  

 14 

	 	 
Agreement may converge at any time. The Indenture Trustee specifically authorizes the Entity or an affiliate thereof to charge and collect from the Indenture
Trustee such fees as are collected from all investors in such funds for services rendered to such funds (but not to exceed investment earnings thereon); 

  
 provided, however, that no such instrument shall be an Eligible Investment if such instrument evidences either (i) a right to receive
only interest payments with respect to the obligations underlying such instrument, or (ii) both principal and interest payments derived from obligations underlying such instrument and the principal and interest payments with respect to such
instrument provide a yield to maturity of greater than 120% of the yield to maturity at par of such underlying obligations, provided that any such investment will be a “permitted investment” within the meaning of Section 860G(a)(5) of the
Code. 
  
 Entitlement Holder: The meaning specified in
Section 8-102(a)(7) of the New York UCC. 
  
 Entitlement
Order: The meaning specified in Section 8-102(a)(8) of the New York UCC (i.e., generally, orders directing the transfer or redemption of any Financial Asset). 
  
 Environmental Problem Property: A Mortgaged Property or REO Property that is in violation of any environmental law,
rule or regulation. 
  
 ERISA: The Employee Retirement
Income Security Act of 1974, as amended. 
  
 Errors and
Omissions Insurance: Errors and Omissions Insurance to be maintained by the Servicer in accordance with Section 4.02(m). 
  
 Errors and Omission Insurance Policy: Any Errors and Omission Insurance policy required to be obtained by the Servicer satisfying the requirements
of this Agreement. 
  
 Escrow Account: The separate escrow
account (other than a Custodial Account) established and maintained by the Servicer pursuant to Section 4.02(f) of this Agreement. 
  
 Escrow Payments: With respect to any Mortgage Loan, the amounts constituting ground rents, taxes, assessments, water rates, sewer rents, municipal
charges, mortgage insurance premiums, fire and hazard insurance premiums, condominium charges, and any other payments required to be escrowed by the Mortgagor with the mortgagee pursuant to the Mortgage or any other document. 
  
 Event of Default: A Servicer Event of Default or a Subservicer Event
of Default. 
  
 Excess Funding Amount: The amount remaining
on deposit in the Pre-Funding Account at the end of the Pre-Funding Period, exclusive of investment income. 
  
 Exchange Act: The Securities Exchange Act of 1934, as amended. 
  

 15 

 Fannie Mae or FNMA: Fannie Mae, a federally chartered and privately owned corporation organized
and existing under the Federal National Mortgage Association Charter Act, or any successor thereto. 
  
 FDIC: The Federal Deposit Insurance Corporation or any successor thereto. 
  
 Fidelity Bond: Any fidelity bond to be maintained by the Servicer in accordance with Section 4.02(m). 
  
 Financial Asset: The meaning specified in Section 8-102(a) of the New
York UCC. 
  
 Fixed Rate Cap: Any of the Group 1 Fixed Rate
Cap, the Group 2 Fixed Rate Cap or the Subordinate Fixed Rate Cap, as applicable. 
  
 Freddie Mac or FHLMC: The Federal Home Loan Mortgage Corporation, a corporate instrumentality of the United States created and existing under Title III of the Emergency Home Finance Act of 1970, as amended, or
any successor thereto. 
  
 GNMA: The Government National
Mortgage Association, a wholly owned corporate instrumentality of the United States within HUD. 
  
 Group 1: The portion of the Mortgage Pool identified as Group 1. 
  
 Group 1 Fixed Rate Cap: With respect to a Payment Date, the per annum rate equal to
[        ]%. 
  
 Group
1 Monthly Excess Interest: With respect to a Payment Date, means any Interest Funds for Group 1 remaining after application pursuant to subclauses (A)(i) through (xi) of Section 6.02(b). 
  
 Group 1 Percentage: With respect to Group 1 and any Payment Date, the
fraction, expressed as a percentage, the numerator of which is the Group Balance for Group 1 for such date and the denominator of which is the Aggregate Collateral Balance for such date. 
  
 Group 2: The portion of the Mortgage Pool identified as Group 2. 
  
 Group 2 Fixed Rate Cap: With respect to a Payment Date, the per annum
rate equal to [        ]%. 
  
 Group 2 Monthly Excess Interest: With respect to a Payment Date, means any Interest Funds for Group 2 remaining after application pursuant to subclauses (A)(i) through (xi) of Section 6.02(c). 
  
 Group 2 Percentage: With respect to Group 2 and any Payment Date, the
fraction, expressed as a percentage, the numerator of which is the Group Balance for Group 2 for such date and the denominator of which is the Aggregate Collateral Balance for such date. 
  

 16 

 Group Balance: With respect to each Mortgage Group and any Payment Date, the aggregate of the
Stated Principal Balances of the Mortgage Loans in such Mortgage Group. 
  
 Guidelines: As defined in Section 4.02(u) 
  
 Holder or Noteholder: The registered holder of any Note or Ownership Certificate as recorded on the books of the Note Registrar or the Certificate Registrar except that, solely for the purposes of taking any action or giving
any consent pursuant to this Agreement, any Note registered in the name of the Depositor, the Master Servicer, the Servicer, the Subservicer, the Trust Administrator or the Indenture Trustee or any Affiliate thereof (unless any such Person owns 100%
of a Class) shall be deemed not to be outstanding in determining whether the requisite percentage necessary to effect any such consent has been obtained, except that, in determining whether the Indenture Trustee shall be protected in relying upon
any such consent, only Notes and an Ownership Certificate which a Responsible Officer of the Indenture Trustee knows to be so held shall be disregarded. The Indenture Trustee may request and conclusively rely on certifications by the Depositor in
determining whether any Note, or Ownership Certificate are registered to an Affiliate of the Depositor. 
  
 HUD: The United States Department of Housing and Urban Development, or any successor thereto. 
  
 Indenture: The Indenture dated as of
[        ], 2005, among the Issuer, the Trust Administrator and the Indenture Trustee, as such may be amended or supplemented from time to time. 
  
 Indenture Events of Default: As defined in Section 5.01 of the Indenture. 
  
 Indenture Trustee:
[                    ], not in its individual capacity but solely as Indenture Trustee, or any successor in interest. 
  
 Independent: When used with respect to any Accountants, a Person who
is “independent” within the meaning of Rule 2-01(b) of the Securities and Exchange Commission’s Regulation S-X. When used with respect to any other Person, a Person who (a) is in fact independent of another specified Person and any
Affiliate of such other Person, (b) does not have any material direct financial interest in such other Person or any Affiliate of such other Person, and (c) is not connected with such other Person or any Affiliate of such other Person as an officer,
employee, promoter, underwriter, trustee, partner, director or Person performing similar functions. 
  
 Index: The index specified in the related Mortgage Note for calculation of the Mortgage Rate thereof. 
  
 Initial Cut-off Date:
[                    ], 2005. 
  
 Initial Mortgage Loans: The Mortgage Loans included in the Trust as of the Closing Date. 
  

 17 

 Initial Mortgage Loan Schedule: The schedule of Initial Mortgage Loans included in the Trust as of
the Closing Date. 
  
 Insurance Policy: Any primary
mortgage insurance policy, any standard hazard insurance policy, flood insurance policy, earthquake insurance policy or title insurance policy relating to the Mortgage Loans or the Mortgaged Properties, to be in effect as of the Closing Date or
thereafter during the term of this Agreement. 
  
 Insurance
Proceeds: With respect to each Mortgage Loan, proceeds of insurance policies insuring the Mortgage Loan or the related Mortgaged Property, if applicable, including the proceeds of any hazard or flood insurance policy reduced by expenses incurred
by the Servicer or the Subservicer in connection with procuring such proceeds, applied to the restoration and repair of the related Mortgaged Property or to be paid to the related Mortgagor pursuant to the Mortgage Note or applicable state law.

  
 Interest Funds: With respect to each Mortgage Group and
any Payment Date, (a) the sum of, without duplication, (1) all interest collected (other than the interest portion of Payaheads and Prepayment Premiums) or advanced in respect of Scheduled Payments on the Mortgage Loans in such Mortgage Group during
the related Due Period by the Servicer, the Subservicer, the Master Servicer or the Indenture Trustee (solely in its capacity as successor Master Servicer), minus, (x) to the extent provided under Sections 4.02(e)(3) and (4) and Sections
5.08(i) and (ii) herein, previously unreimbursed Advances and Nonrecoverable Advances due to the Servicer, the Subservicer, the Master Servicer or the Indenture Trustee (solely in its capacity as successor master servicer) to the extent allocable to
interest and the allocable portion of previously unreimbursed Servicing Advances with respect to the Mortgage Loans in such Mortgage Group, (y) the Servicing Administration Fee and Master Servicing Fee with respect to such Mortgage Loans in such
Mortgage Group and (z) any fees and expenses of any Custodian with respect to the Mortgage Loans in such Mortgage Group to the extent not paid by the Seller or its Affiliates, (2) any Compensating Interest Payments or payments in respect of
Prepayment Interest Shortfalls paid by the Master Servicer pursuant to Section 5.21 with respect to the related Prepayment Period with respect to the Mortgage Loans in such Mortgage Group, (3) the portion of any Purchase Price or Substitution Amount
paid with respect to the Mortgage Loans in such Mortgage Group during the related Prepayment Period allocable to interest, and (4) all Net Liquidation Proceeds, Insurance Proceeds and any other recoveries collected with respect to the Mortgage Loans
in such Mortgage Group during the related Prepayment Period, to the extent allocable to interest, as reduced by (b) such Mortgage Group’s pro rata share of: (i) the Owner Trustee Fee, (ii) any costs, expenses or liabilities reimbursable
or otherwise due to the Master Servicer, Servicer, the Subservicer, the Indenture Trustee, any Custodian, the Owner Trustee or the Trust Administrator to the extent provided in this Agreement, the Trust Agreement, the Indenture and any Custodial
Agreement and (iii) any Net Swap Payment. 
  
 Interest
Margin: For each Class of Notes (other than the Class A-IO Notes), for any Payment Date prior to the Stepup Date, the following per annum rate: Class l-A1, [        ]%; Class l-A2,
[        ]%; Class 2-A1, [        ]%; Class 2-A2, [        ]; Class M1, [        ]%;
Class M2, [        ]%; Class M3, [        ]%; Class M4, [        ]%; Class M5,
[        ]%; Class M6, [        ]% and Class M7, [        ]%; and for the Stepup Date and each Payment Date thereafter, the
following per annum rate: Class l-A1, [        ]%; Class l-A2, [        ]%; Class 2-A1, [        ]%; Class 2-A2,
[        ]%; Class M1, [        ]%; Class M2, [        ]%; Class M3, [        ]%; Class
M4, [        ]%; Class M5, [        ]%; Class M6, [        ]% and Class M7, [        ]%.

  

 18 

 Interest-only Notes: The Class A-IO Notes. 
  
 Interest Rate: With respect to (a) each Class of Notes (other than the
Class A-IO Notes) on any Payment Date, the least of (1) LIBOR plus the Interest Margin for such Class, (2) the applicable Available Funds Rate and (3) the applicable Fixed Rate Cap and (b) the Class A-IO Notes, a per annum rate of
[        ]%. 
  
 Intervening Assignments: The original intervening assignments of the Mortgage, notices of transfer or equivalent instrument. 
  
 Issuer: The Delaware statutory trust known as the “New York Mortgage Trust, Series 2005-[    ].” 
  
 Issuer Order or Issuer Request: A written order or request
signed in the name of the Issuer by any one of its Authorized Officers and delivered to the Indenture Trustee. 
  
 LIBOR: (a) With respect to the first Accrual Period, the per annum rate of [        ]%. With
respect to each subsequent Accrual Period, a per annum rate determined on the LIBOR Determination Date in the following manner by the Trust Administrator on the basis of the “Interest Settlement Rate” set by the British Bankers’
Association (the “BBA”) for one-month United States dollar deposits, as such rates appear on the Telerate Page 3750, as of 11:00 a.m. (London time) on such LIBOR Determination Date. 
  
 (b) If on such a LIBOR Determination Date, the BBA’s Interest Settlement
Rate does not appear on the Telerate Page 3750 as of 11:00 a.m. (London time), or if the Telerate Page 3750 is not available on such date, the Trust Administrator will determine such rate on the basis of the offered rates of the Reference Banks for
one-month United States dollar deposits, as such rates appear on the Reuters Screen LIBO Page, as of 11:00 a.m. (London time) on such LIBOR Determination Date. 
  

(c) If LIBOR is determined under clause (b) above, on each LIBOR Determination Date, LIBOR for the related Accrual Period for the Notes will be
established by the Trust Administrator as follows: 
  
 (1) If on such LIBOR Determination Date two or more Reference Banks provide such offered quotations, LIBOR for the related Accrual Period for the Notes shall be the arithmetic mean of such offered quotations (rounded upwards if necessary to
the nearest whole multiple of 0.03125%). 
  
 (2)
If on such LIBOR Determination Date fewer than two Reference Banks provide such offered quotations, LIBOR for the related Accrual Period shall be the higher of (x) LIBOR as determined on the previous LIBOR Determination Date and (y) the Reserve
Interest Rate. 
  

 19 

 (d) The establishment of LIBOR by the Trust Administrator and the Trust Administrator’s subsequent
calculation of the Interest Rate applicable to the LIBOR Notes for the relevant Accrual Period, in the absence of manifest error, will be final and binding. 
  
 LIBOR Business Day: Any day on which banks in London, England and The City of New York are open and conducting transactions in foreign currency and
exchange. 
  
 LIBOR Determination Date: The second LIBOR
Business Day immediately preceding the commencement of each Accrual Period for any LIBOR Notes. 
  
 LIBOR Note: Any Class l-A1, Class l-A2, Class 2-A1, Class 2-A2, Class M1, Class M2, Class M3, Class M4, Class M5, Class M6 or Class M7 Note.

  
 Liquidated Mortgage Loan: Any defaulted Mortgage Loan
as to which the Master Servicer, the Servicer or the Subservicer, as applicable, has determined that all amounts that it expects to recover from or on account of such Mortgage Loan have been recovered. 
  
 Liquidation Expenses: Expenses that are incurred by the Master
Servicer, the Servicer or the Subservicer, as applicable, in connection with the liquidation of any defaulted Mortgage Loan and are not recoverable under the applicable primary mortgage insurance policy, if any, including, without limitation,
foreclosure and rehabilitation expenses, legal expenses and unreimbursed amounts, if any, expended pursuant to Sections 4.06, 4.18 or 4.23. 
  
 Liquidation Proceeds: Cash received in connection with the liquidation of a defaulted Mortgage Loan, whether through the sale or assignment of such
Mortgage Loan, trustee’s sale, foreclosure sale, payment in full, discounted payoff or otherwise, or the sale of the related REO Property, if the Mortgaged Property is acquired in satisfaction of the Mortgage Loan. 
  
 M1 Principal Deficiency Amount: With respect to any Payment Date, the
lesser of (a) the excess, if any, of (1) the Total Principal Deficiency Amount over (2) the sum of (i) the M2 Principal Deficiency Amount, (ii) the M3 Principal Deficiency Amount, (iii) the M4 Principal Deficiency Amount, (iv) the M5 Principal
Deficiency Amount, (v) the M6 Principal Deficiency Amount and (vi) the M7 Principal Deficiency Amount, in each case for that Payment Date and (b) the Class Principal Amount of the Class M1 Notes immediately prior to such Payment Date. 
  
 M1 Principal Payment Amount: With respect to any Payment Date on or
after the Stepdown Date and as long as a Trigger Event is not in effect with respect to such Payment Date, the excess of (x) the sum of (i) the aggregate Class Principal Amount of the Class l-A1, Class l- A2, Class 2-A1 and Class 2-A2 Notes, in each
case after giving effect to payments on such Payment Date and (ii) the Class Principal Amount of the Class M1 Notes immediately prior to such Payment Date over (y) the M1 Target Amount. 
  
 M1 Target Amount: With respect to any Payment Date, an amount equal to the lesser of (a) the product of (i)
[        ]% and (ii) the Aggregate Collateral Balance for such Payment Date determined as of the last day of the related Due Period and (b) the excess of (i) the Aggregate Collateral Balance for such Payment
Date determined as of the last day of the related Due Period over (ii) 0.50% of the Aggregate Collateral Balance as of the Closing Date. 
  

 20 

 M2 Principal Deficiency Amount: With respect to any Payment Date, the lesser of (a) the excess, if
any, of (l) the Total Principal Deficiency Amount over (2) the sum of (i) the M3 Principal Deficiency Amount, (ii) the M4 Principal Deficiency Amount, (iii) the M5 Principal Deficiency Amount, (iv) the M6 Principal Deficiency Amount and (v) the M7
Principal Deficiency Amount, in each case for that Payment Date and (b) the Class Principal Amount of the Class M2 Notes immediately prior to such Payment Date. 
  

M2 Principal Payment Amount: With respect to any Payment Date on or after the Stepdown Date and as long as a Trigger Event is not in effect with
respect to such Payment Date, the excess of (x) the sum of (i) the aggregate Class Principal Amount of the Class l-A1, Class l- A2, Class 2-A1, Class 2-A2 and Class M1 Notes, in each case after giving effect to payments on such Payment Date and (ii)
the Class Principal Amount of the Class M2 Notes immediately prior to such Payment Date over (y) the M2 Target Amount. 
  
 M2 Target Amount: With respect to any Payment Date, an amount equal to the lesser of (a) the product of (i)
[        ]% and (ii) the Aggregate Collateral Balance for such Payment Date determined as of the last day of the related Due Period and (b) the excess of (i) the Aggregate Collateral Balance for such Payment
Date determined as of the last day of the related Due Period over (ii) 0.50% of the Aggregate Collateral Balance as of the Closing Date. 
  
 M3 Principal Deficiency Amount: With respect to any Payment Date, the lesser of (a) the excess, if any, of (l) the Total Principal Deficiency
Amount over (2) the sum of (i) the M4 Principal Deficiency Amount, (ii) the M5 Principal Deficiency Amount, (iii) the M6 Principal Deficiency Amount and (iv) the M7 Principal Deficiency Amount, in each case for that Payment Date and (b) the Class
Principal Amount of the Class M3 Notes immediately prior to such Payment Date. 
  
 M3 Principal Payment Amount: With respect to any Payment Date on or after the Stepdown Date and as long as a Trigger Event is not in effect with respect to such Payment Date, the excess of(x) the sum of (i) the
aggregate Class Principal Amount of the Class l-A1, Class l- A2, Class 2-A1, Class 2-A2, Class M1 and Class M2 Notes, in each case after giving effect to payments on such Payment Date and (ii) the Class Principal Amount of the Class M3 Notes
immediately prior to such Payment Date over (y) the M3 Target Amount. 
  
 M3 Target Amount: With respect to any Payment Date, an amount equal to the lesser of (a) the product of (i) [        ]% and (ii) the Aggregate Collateral Balance for such Payment Date
determined as of the last day of the related Due Period and (b) the excess of (i) the Aggregate Collateral Balance for such Payment Date determined as of the last day of the related Due Period over (ii) 0.50% of the Aggregate Collateral Balance as
of the Closing Date. 
  
 M4 Principal Deficiency Amount:
With respect to any Payment Date, the lesser of (a) the excess, if any, of (1) the Total Principal Deficiency Amount over (2) the sum of (i) the M5 Principal Deficiency Amount, (ii) the M6 Principal Deficiency Amount and (iii) the M7 Principal
Deficiency Amount, in each case for that Payment Date and (b) the Class Principal Amount of the Class M4 Notes immediately prior to such Payment Date. 
  

 21 

 M4 Principal Payment Amount: With respect to any Payment Date on or after the Stepdown Date and as
long as a Trigger Event is not in effect with respect to such Payment Date, the excess of (x) the sum of (i) the aggregate Class Principal Amount of the Class l-A1, Class l- A2, Class 2-A1, Class 2-A2, Class M1, Class M2 and Class M3 Notes, in each
case after giving effect to payments on such Payment Date and (ii) the Class Principal Amount of the Class M4 Notes immediately prior to such Payment Date over (y) the M4 Target Amount. 
  
 M4 Target Amount: With respect to any Payment Date, an amount equal to the lesser of (a) the product of (i)
[        ]% and (ii) the Aggregate Collateral Balance for such Payment Date determined as of the last day of the related Due Period and (b) the excess of (i) the Aggregate Collateral Balance for such Payment
Date determined as of the last day of the related Due Period over (ii) 0.50% of the Aggregate Collateral Balance as of the Closing Date. 
  
 M5 Principal Deficiency Amount: With respect to any Payment Date, the lesser of (a) the excess, if any, of (1) the Total Principal Deficiency
Amount over (2) the sum of (i) the M6 Principal Deficiency Amount and (ii) the M7 Principal Deficiency Amount, in each case for that Payment Date and (b) the Class Principal Amount of the Class M5 Notes immediately prior to such Payment Date.

  
 M5 Principal Payment Amount: With respect to any
Payment Date on or after the Stepdown Date and as long as a Trigger Event is not in effect with respect to such Payment Date, the excess of (x) the sum of (i) the aggregate Class Principal Amount of the Class l-A1, Class l- A2, Class 2-A1, Class
2-A2, Class M1, Class M2, Class M3 and Class M4 Notes, in each case after giving effect to payments on such Payment Date and (ii) the Class Principal Amount of the Class M5 Notes immediately prior to such Payment Date over (y) the M5 Target Amount.

  
 M5 Target Amount: With respect to any Payment Date, an
amount equal to the lesser of (a) the product of(i) [        ]% and (ii) the Aggregate Collateral Balance for such Payment Date determined as of the last day of the related Due Period and (b) the excess of (i)
the Aggregate Collateral Balance for such Payment Date determined as of the last day of the related Due Period over (ii) 0.50% of the Aggregate Collateral Balance as of the Closing Date. 
  
 M6 Principal Deficiency Amount: With respect to any Payment Date, the lesser of (a) the excess, if any, of (1) the
Total Principal Deficiency Amount over (2) the M7 Principal Deficiency Amount, in each case for that Payment Date and (b) the Class Principal Amount of the Class M6 Notes immediately prior to such Payment Date. 
  
 M6 Principal Payment Amount: With respect to any Payment Date on or
after the Stepdown Date and as long as a Trigger Event is not in effect with respect to such Payment Date, the excess of (x) the sum of (i) the aggregate Class Principal Amount of the Class l-A1, Class l- A2, Class 2-A1, Class 2-A2, Class M1, Class
M2, Class M3, Class M4 and Class M5 Notes, in each case after giving effect to payments on such Payment Date and (ii) the Class Principal Amount of the Class M6 Notes immediately prior to such Payment Date over (y) the M6 Target Amount. 

 
 M6 Target Amount: With respect to any Payment Date, an amount equal
to the lesser of (a) the product of (i) [        ]% and (ii) the Aggregate Collateral Balance for such Payment Date 
  

 22 

 determined as of the last day of the related Due Period and (b) the excess of (i) the Aggregate Collateral Balance for
such Payment Date determined as of the last day of the related Due Period over (ii) 0.50% of the Aggregate Collateral Balance as of the Closing Date. 
  
 M7 Principal Deficiency Amount: With respect to any Payment Date, the lesser of (a) the Total Principal Deficiency Amount for that Payment Date and
(b) the Class Principal Amount of the Class M7 Notes immediately prior to such Payment Date. 
  
 M7 Principal Payment Amount: With respect to any Payment Date on or after the Stepdown Date and as long as a Trigger Event is not in effect with respect to such Payment Date, the excess of (x) the sum of(i) the
aggregate Class Principal Amount of the Class l-A1, Class l- A2, Class 2-A1, Class 2-A2, Class M1, Class M2, Class M3, Class M4, Class M5 and Class M6 Notes, in each case after giving effect to payments on such Payment Date and (ii) the Class
Principal Amount of the Class M7 Notes immediately prior to such Payment Date over (y) the M7 Target Amount. 
  
 M7 Target Amount: With respect to any Payment Date, an amount equal to the lesser of (a) the product of (i)
[        ]% and (ii) the Aggregate Collateral Balance for such Payment Date determined as of the last day of the related Due Period and (b) the excess of (i) the Aggregate Collateral Balance for such Payment
Date determined as of the last day of the related Due Period over (ii) 0.50% of the Aggregate Collateral Balance as of the Closing Date. 
  
 Majority Noteholders: Until such time as the sum of the Class Principal Amounts of all Classes of Notes has been reduced to zero, the holder or
holders of in excess of 50% of the aggregate Class Principal Amount of all Classes of Notes (accordingly, the holder of the Ownership Certificate shall be excluded from any rights or actions of the Majority Noteholders during such period); and
thereafter, the holder of the Ownership Certificate. 
  
 Master
Servicer: [                    ], or any successor in interest, or if any successor master servicer shall be appointed as herein provided, then
such successor master servicer. 
  
 Master Servicer Event of
Default: Any one of the conditions or circumstances enumerated in Section 8.01(a). 
  
 Master Servicing Fee: As to any Payment Date, an amount equal to the product of (i) one-twelfth of the Master Servicing Fee Rate and (ii) the Aggregate Loan Balance as of the first day of the related Due
Period. 
  
 Master Servicing Fee Rate: With respect to each
Mortgage Loan, [        ]% per annum. 
  
 Material Defect: With respect to any Mortgage Loan, as defined in Section 2.02(c) hereof. 
  
 Maturity Date: With respect to any Class of Notes, other than the Class A-IO Notes, the Payment Date in
[        ]. With respect to the Class A-IO Note, the Payment Date in [        ]. 
  

MERS: Mortgage Electronic Registration Systems, Inc., a Delaware corporation, or any successor in interest thereto. 
  

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 MERS Mortgage Loan: Any Mortgage Loan as to which the related Mortgage, or an Assignment of
Mortgage, has been or will be recorded in the name of MERS, as nominee for the holder from time to time of the Mortgage Note. 
  
 Monthly Excess Cashflow: For any Payment Date, the sum of the Group 1 Monthly Excess Interest and the Group 2 Monthly Excess Interest for any
Payment Date and the Aggregate Overcollateralization Release Amount for such Payment Date. 
  
 Moody’s: Moody’s Investors Service, Inc., or any successor in interest. 
  
 Mortgage: A mortgage, deed of trust or other instrument encumbering a fee simple interest in real property securing a Mortgage Note, together with
improvements thereto. 
  
 Mortgage File: The mortgage
documents listed in Section 2.01(b) pertaining to a particular Mortgage Loan required to be delivered to the Indenture Trustee pursuant to this Agreement. 
  
 Mortgage Group: Any of Group 1 or Group 2. 
  
 Mortgage Impairment Insurance Policy: A mortgage impairment or blanket hazard insurance policy to be maintained by the Servicer in accordance with
Section 5.02(1). 
  
 Mortgage Index: The Six-Month LIBOR
Index, as specified for any Mortgage Loan in the Mortgage Loan Schedule. 
  
 Mortgage Loan: A mortgage loan that is conveyed to the Issuer pursuant to this Agreement on the Closing Date, with respect to the Initial Mortgage Loans, and on each Subsequent Transfer Date, with respect to
the Subsequent Mortgage Loans, which mortgage loan includes, without limitation, the mortgage loan documents, the Scheduled Payments, Principal Prepayments, Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, any related REO Property,
REO Disposition Proceeds, and all other rights, benefits, proceeds and obligations arising from or in connection with such mortgage loan. The Initial Mortgage Loans subject to this Agreement are identified on the Initial Mortgage Loan Schedule
annexed hereto as Schedule A and have an aggregate Stated Principal Balance as of the Initial Cut-off Date of $[            ]. The Subsequent Mortgage Loans subject to this Agreement will
be identified on each Subsequent Mortgage Loan Schedule to be annexed hereto as Schedule A on each Subsequent Transfer Date. 
  
 Mortgage Loan Purchase Agreement: The mortgage loan purchase agreement dated as of
[                    ], 2005, for the sale of the Mortgage Loans by the Seller to the Depositor. 
  
 Mortgage Loan Remittance Rate: With respect to each Mortgage Loan, the
Mortgage Rate minus the Servicing Administration Fee Rate. 
  
 Mortgage Loan Schedule: Each Initial Mortgage Loan Schedule and any Subsequent Mortgage Loan Schedule attached hereto as Schedule A, which shall identify each Mortgage Loan, as such schedule may be amended from time to time to
reflect the addition of Mortgage Loans to, or the deletion of Mortgage Loans from, the Trust Estate. Such schedule shall set 
  

 24 

 forth, among other things, the following information with respect to each Mortgage Loan: (i) the Mortgage Loan
identifying number; (ii) the Mortgagor’s name; (iii) the street address of the Mortgaged Property including the city, state and zip code; (iv) the original principal balance of the Mortgage Loan; (v) the Mortgage Rate at origination; (vi) the
Mortgage Index; (vii) the first Mortgage Rate adjustment date; (viii) the monthly payment of principal and interest at origination; (ix) the Servicing Administration Fee Rate; (x) the Master Servicer Fee Rate and (xi) whether such Mortgage Loan is
subject to a Prepayment Premium for voluntary prepayments by the Mortgagor, the term during which such Prepayment Premiums are imposed and the method of calculation of the Prepayment Premium. The Servicer shall be responsible for providing the
Indenture Trustee and the Master Servicer with all amendments to the Mortgage Loan Schedule. 
  
 Mortgage Note: The note or other evidence of the indebtedness of a Mortgagor secured by a Mortgage under a Mortgage Loan. 
  

Mortgage Pool: The aggregate of all the Mortgage Loans. 
  

Mortgage Rate: As to any Mortgage Loan, the per annum rate at which interest accrues on such Mortgage Loan, as determined under the related
Mortgage Note as reduced by the applications of the Civil Relief Act. 
  
 Mortgaged Property: The fee simple interest in real property, together with improvements thereto including any exterior improvements to be completed within 120 days of disbursement of the related Mortgage Loan proceeds. 

 
 Mortgagor: The obligor on a Mortgage Note. 
  
 Net Liquidation Proceeds: With respect to any Liquidated Mortgage
Loan, the related Liquidation Proceeds received and retained in connection with the liquidation of such Mortgage Loan net of (i) Liquidation Expenses and (ii) any related unreimbursed Advances and Servicing Advances, if any. 
  
 Net Mortgage Rate: With respect to any Mortgage Loan, the Mortgage
Rate thereof reduced by the Aggregate Expense Rate for such Mortgage Loan. 
  
 Net Swap Payment: With respect to the second Business Day prior to any Payment Date, the amount paid by the Trust under the Swap Agreement to the Swap Counterparty in excess of the amounts received by the Trust
from the Swap Counterparty, as calculated by the Swap Counterparty and reported to the Trust Administrator. 
  
 Net Swap Receipt: With respect to the second Business Day prior to any Payment Date, the amount received by the Trust under the Swap Agreement from
the Swap Counterparty in excess of the amount paid by the Trust to the Swap Counterparty, as calculated by the Swap Counterparty and reported to the Trust Administrator. 
  
 New York UCC: The Uniform Commercial Code as in effect in the State of New York. 
  
 Non-MERS Mortgage Loan: Any Mortgage Loan other than a MERS Mortgage
Loan. 
  

 25 

 Nonrecoverable Advance: Any Servicing Advance or Monthly Advance previously made or proposed to be
made in respect of a Mortgage Loan by the Servicer which, in the reasonable discretion of the Servicer will not or, in the case of a proposed Servicing Advance or Monthly Advance, would not, ultimately be recoverable by the Servicer from the related
Mortgagor, related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds or otherwise. The determination by the Servicer that all or a portion of a Servicing Advance or Monthly Advance would be a Nonrecoverable
Advance shall be evidenced by an Officer’s Certificate delivered to the Master Servicer setting forth such determination and a reasonable explanation thereof. 
  
 Note: As defined in the Indenture. 
  
 Note Principal Amount: With respect to any Note (other than a Class A-IO Note), the initial principal amount thereof
on the Closing Date, less the amount of all principal payments previously paid with respect to such Note. 
  
 Note Register and Note Registrar: As defined in the Indenture. 
  
 Notional Amount: With respect to any Notional Note and any Payment Date, such Note’s Percentage Interest of the
Class Notional Amount of the applicable Class of Notes for such Payment Date. 
  
 Notional Note: Any Class A-IO Note. 
  
 NYMF: New York Mortgage Funding, LLC. 
  
 NYMT: New York Mortgage Trust, Inc. 
  
 NYMTSC: NYMT Securities Corporation. 
  
 Offering Document: The Prospectus. 
  
 Officer’s Certificate: A certificate signed by the Chairman of the Board, any Vice Chairman, the President, any Senior Vice President, any Vice President or any Assistant Vice President of a Person.

  
 Operative Agreements: The Trust Agreement, the
Certificate of Trust of the Issuer, this Agreement, the Mortgage Loan Purchase Agreement, the Indenture, the Custodial Agreement and each other document contemplated by any of the foregoing to which the Depositor, the Seller, the Master Servicer,
the Servicer, the Subservicer, the Owner Trustee, the Trust Administrator, the Indenture Trustee or the Issuer is a party. 
  
 Opinion of Counsel: A written opinion of counsel, reasonably acceptable in form and substance to the Seller, the Trust Administrator, the Indenture
Trustee and/or the Master Servicer, as applicable, and who may be in-house or outside counsel to the Seller, the Servicer, the Subservicer, the Depositor, the Master Servicer, the Trust Administrator or the Indenture Trustee but which must be
Independent outside counsel with respect to any such opinion of counsel concerning federal income tax or ERISA matters. 
  

 26 

 Original Loan-to-Value Ratio: With respect to any Mortgage Loan, the ratio of the principal
balance of such Mortgage Loan at origination, or such other date as is specified, to the Original Value of the related Mortgaged Property. 
  
 Original Value: The lesser of (a) the Appraised Value of a Mortgaged Property at the time the related Mortgage Loan was originated and (b) if the
Mortgage Loan was made to finance the acquisition of the related Mortgaged Property, the purchase price paid for the Mortgaged Property by the Mortgagor at the time the related Mortgage Loan was originated. 
  
 Overcollateralization Amount: With respect to any Payment Date will be
equal to the amount, if any, by which (x) the Aggregate Collateral Balance for such Payment Date exceeds (y) the aggregate Class Principal Amount of the LIBOR Notes, in each case after giving effect to payments on such Payment Date. 
  
 Overcollateralization Deficiency Amount: With respect to any Payment
Date, the excess, if any, of the Targeted Overcollateralization Amount for that Payment Date over the Overcollateralization Amount for that Payment Date. 
  
 Ownership Certificate: An equity certificate representing a 100% undivided beneficial ownership interest in the Trust, substantially in the form
attached as part of Exhibit A to the Trust Agreement. 
  
 Ownership Certificate Holder: The holder of the Ownership Certificate. 
  
 Owner Trustee: [    ], a [    ], and any successor in interest, not in its individual capacity, but solely as owner trustee under the Trust Agreement. 
  
 Owner Trustee Fee: The annual fee of $[    ],
payable to the Owner Trustee pursuant to the Fee Letter Agreement specified in Section 7.03 of the Trust Agreement on a monthly basis on each Payment Date during the term of this Agreement; provided that the Owner Trustee Fee for the first year
shall be payable on the Closing Date by the Seller. 
  
 Payahead: With respect to any Mortgage Loan and any Due Date therefor, any Scheduled Payment received by the Servicer during any Due Period in addition to the Scheduled Payment due on such Due Date, intended by the related Mortgagor
to be applied on a subsequent Due Date or Due Dates. 
  
 Paying
Agent: As defined in the Indenture. The initial Paying Agent shall be the Trust Administrator. 
  
 Payment Date: The 25th day of each month or, if such 25th day is not a Business Day, the next succeeding Business Day, commencing in
[    ] 2005. 
  
 Percentage Interest:
With respect to any Note, the Percentage Interest evidenced thereby shall equal (i) with respect to the Ownership Certificate, the Percentage Interest on the face of such certificate or (ii) with respect to any LIBOR Note, the initial Note Principal
Amount thereof, divided by the initial Class Principal Amount of all LIBOR Notes of the same Class. With respect to any Class A-IO Certificate, the Percentage Interest evidenced thereby shall equal the initial Notional Amount of such Class as set
forth on the face thereof divided by the initial Class Notional Amount thereof. 
  

 27 

 Person: Any individual, corporation, partnership, joint venture, association, joint-stock company,
limited liability company, trust, unincorporated organization or government or any agency or political subdivision thereof. 
  
 Plan: An employee benefit plan or other retirement arrangement which is subject to Section 406 of ERISA and/or Section 4975 of the Code or any
entity whose underlying assets include such plan’s or arrangement’s assets by reason of their investment in the entity. 
  
 Plan Asset Regulations: The Department of Labor regulations set forth in 29 C.F.R. 2510.3-101. 
  
 Pre-Funding Account: The account established by the Trust
Administrator for the benefit of Noteholders, into which the Seller is required to deposit or cause to be deposited an amount equal to $[            ] on the Closing Date. 
  
 Pre-Funding Period: The period from Closing Date through and including
[    ], 2005, during which the Seller may transfer Subsequent Mortgage Loans to the Trust. 
  
 Prepayment Interest Excess Amount: For any Servicer Remittance Date and any Principal Prepayment in full (including any liquidation) received
during the portion of the related Prepayment Period occurring from and including the first day through the fifteenth day of the calendar month in which such Servicer Remittance Date occurs, an amount equal to interest (to the extent received) due in
connection with such Principal Prepayment. 
  
 Prepayment
Interest Shortfall Amount: With respect to any Payment Date and (x) any Principal Prepayment in part during the preceding calendar month or (y) any Principal Prepayment in full from the sixteenth day of the preceding calendar month through the
end of such calendar month, the amount, if any, by which one month’s interest at the Net Mortgage Rate for such Mortgage Loan on the amount of such Principal Prepayment exceeds the amount of interest received from such Mortgagor in respect of
such Principal Prepayment. 
  
 Prepayment Period: With
respect to any Payment Date and any Principal Prepayment other than Principal Prepayment in part by a Mortgagor, the period beginning from and including the sixteenth day of the month preceding the month in which such Payment Date occurs to and
including the fifteenth day of the month in which such Payment Date occurs. With respect to any Payment Date and any Principal Prepayment in part by a Mortgagor, the calendar month immediately preceding the month in which such Payment Date occurs.

  
 Prepayment Premiums: Any prepayment fees and penalties
to be paid by the Mortgagor on a Mortgage Loan in the case of a full or partial voluntary prepayment of such Mortgage Loan during the related Prepayment Period. 
  

Prime Rate: The prime rate of the United States money center commercial banks as published in The Wall Street Journal, Northeast Edition.

  

 28 

 Principal Deficiency Amount: Any of the M1 Principal Deficiency Amount, the M2 Principal
Deficiency Amount, the M3 Principal Deficiency Amount, the M4 Principal Deficiency Amount, the M5 Principal Deficiency Amount, the M6 Principal Deficiency Amount or the M7 Principal Deficiency Amount, as applicable. 
  
 Principal Funds: With respect to any Payment Date and for each
Mortgage Group, (a) the sum of (i) all principal collected (other than the principal portion of Payaheads) or advanced in respect of Scheduled Payments on the Mortgage Loans in such Mortgage Group during the related Due Period whether by the
Servicer, the Master Servicer or the Indenture Trustee (less unreimbursed Advances and Nonrecoverable Advances due to the Master Servicer, the Servicer, the Subservicer or the Indenture Trustee, solely in its capacity as successor Master Servicer,
with respect to such Mortgage Group) and any unreimbursed Servicing Advances, in each case, to the extent allocable to principal and to the extent provided under Sections 4.02(e)(3) and (4) and Sections 5.08(i) and (ii)), (ii) all Principal
Prepayments in full or in part received during the related Prepayment Period on the Mortgage Loans in such Mortgage Group, (iii) the Stated Principal Balance of each Mortgage Loan in such Mortgage Group that was purchased from the Trust Estate,
during the related Prepayment Period, (iv) the portion of any Substitution Amount paid with respect to any Deleted Mortgage Loan relating to a Mortgage Loan in such Mortgage Group during the related Prepayment Period allocable to principal, (v) all
Net Liquidation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other Recoveries collected with respect to such Mortgage Loans in such Mortgage Group during the related Prepayment Period, to the extent allocable to principal, as
reduced by (b) such Mortgage Group’s pro rata share of: other costs, expenses or liabilities reimbursable to the Indenture Trustee, the Owner Trustee, the Custodian, the Trust Administrator, the Master Servicer and the Servicer to
the extent provided in this Agreement, the Trust Agreement, the Indenture and the Custodial Agreement and to the extent not reimbursed from Interest Funds, or otherwise and (vi) with respect to the [    ] 2005 Payment Date, the
amount remaining in the Pre-Funding Account at the end of the Pre- Funding Period in respect of that Mortgage Group, exclusive of investment income. 
  
 Principal Payment Amount: With respect to each Mortgage Group and for any Payment Date, an amount equal to the Principal Funds for such Mortgage
Group for such date minus the Aggregate Overcollateralization Release Amount attributable to such Mortgage Group, if any, and such Payment Date. 
  
 Principal Prepayment: Any payment or other recovery of principal on a Mortgage Loan including any payment or other recovery of principal in
connection with the repurchase of a Mortgage Loan by the Seller, the Servicer or any other Person received in advance of such Mortgage Loan’s scheduled Due Date. 
  
 Proceeding: Any suit in equity, action at law or other judicial or administrative proceeding. 
  
 Property Changes: As defined in Section 4.02(i). 
  
 Prospectus: The prospectus supplement dated
[    ], 2005, together with the accompanying prospectus dated [    ], 2005, relating to the Class 1-A1, Class l-A2, Class A-IO, Class 2-A1, Class 2-A2, Class M1, Class M2, Class M3, Class M4, Class M5, Class
M6 and Class M7 Notes. 
  

 29 

 Purchase Price: With respect to the purchase of a Mortgage Loan or related REO Property pursuant
to this Agreement, an amount equal to the sum of (a) 100% of the unpaid principal balance of such Mortgage Loan, (b) accrued interest thereon at the applicable Mortgage Rate, from the date as to which interest was last paid to (but not including)
the Due Date in the Due Period during which such Mortgage Loan or REO Property is being so purchased; (c) the fair market value of the REO Property and all other property being purchased; (d) any unreimbursed Servicing Advances with respect to such
Mortgage Loan; and (e) any costs and damages incurred by the Trust Estate associated with any violation of applicable federal, state or local anti-predatory or anti-abusive lending laws with respect to the related Mortgage Loan. The Master Servicer
and the Servicer shall be reimbursed from the Purchase Price for any Mortgage Loan or related REO Property for any Advances made or other amounts advanced with respect to such Mortgage Loan that are reimbursable to the Master Servicer or the
Servicer under this Agreement, together with any accrued and unpaid Servicing Administration Fee and Master Servicing Fee with respect to such Mortgage Loan. 
  
 Qualified GIC: A guaranteed investment contract or surety bond providing for the investment of funds in the Collection Account or the Note Account
and insuring a minimum, fixed or floating rate of return on investments of such funds, which contract or surety bond shall: 
  
 (i) be an obligation of an insurance company or other corporation whose long-term debt is rated by each Rating Agency in one of its two
highest rating categories or, if such insurance company has no long term debt, whose claims paying ability is rated by each Rating Agency in one of its two highest rating categories, and whose short-term debt is rated by each Rating Agency in its
highest rating category; 
  
 (ii) provide that
the Indenture Trustee may exercise all of the rights under such contract or surety bond without the necessity of taking any action by any other Person; 
  
 (iii) provide that if at any time the then current credit standing of the obligor under such guaranteed investment contract is such that
continued investment pursuant to such contract of funds would result in a downgrading of any rating of the Notes, the Indenture Trustee shall terminate such contract without penalty and be entitled to the return of all funds previously invested
thereunder, together with accrued interest thereon at the interest rate provided under such contract to the date of delivery of such funds to the Indenture Trustee; 
  
 (iv) provide that the Indenture Trustee’s interest therein shall be transferable to any successor
trustee hereunder; and 
  
 (v) provide that the
funds reinvested thereunder and accrued interest thereon be returnable to the Collection Account or the Note Account, as the case may be, not later than the Business Day prior to any Payment Date. 
  

 30 

 Qualified Insurer: An insurance company duly qualified as such under the laws of the states in
which the related Mortgaged Properties are located, duly authorized and licensed in such states to transact the applicable insurance business and to write the insurance provided and whose claims paying ability is rated by each Rating Agency in its
highest rating category or whose selection as an insurer will not adversely affect the rating of the Notes. 
  
 Qualified REIT Subsidiary: A direct or indirect 100% owned subsidiary of a REIT that satisfies the requirements of Section 856(i) of the Code.

  
 Qualifying Substitute Mortgage Loan: In the case of a
Mortgage Loan substituted for a Deleted Mortgage Loan pursuant to the terms of this Agreement, a Mortgage Loan that, on the date of such substitution, (i) has an outstanding Stated Principal Balance (or in the case of a substitution of more than one
mortgage loan for a Deleted Mortgage Loan, an aggregate Stated Principal Balance), after application of all Scheduled Payments due during or prior to the month of substitution, not in excess of, and not more than 5% less than, the outstanding Stated
Principal Balance of the Deleted Mortgage Loan as of the Due Date in the calendar month during which the substitution occurs, (ii) has a Mortgage Rate not less than, and not more than 0.50% higher than, the Mortgage Rate on the Deleted Mortgage
Loan, (iii) if applicable, has a maximum Mortgage Rate not less than the maximum Mortgage Rate on the Deleted Mortgage Loan, (iv) has a minimum Mortgage Rate not less than the minimum Mortgage Rate of the Deleted Mortgage Loan, (v) has a gross
margin equal to or greater than the gross margin of the Deleted Mortgage Loan, (vi) has a next adjustment date not later than the next adjustment date on the Deleted Mortgage Loan, (vii) has the same Due Date as the Deleted Mortgage Loan, (viii) has
a remaining stated term to maturity not longer than 18 months and not more than 18 months shorter than the remaining stated term to maturity of the related Deleted Mortgage Loan, (ix) is current as of the date of substitution, (x) has a
Loan-to-Value Ratio as of the date of substitution equal to or lower than the Loan-to-Value Ratio of the Deleted Mortgage Loan as of such date, (xi) has been underwritten by the Seller in accordance with the same underwriting criteria and guidelines
as the Deleted Mortgage Loan, (xii) has a risk grading determined by the Seller at least equal to the risk grading assigned on the Deleted Mortgage Loan, (xiii) is secured by the same property type as the Deleted Mortgage Loan, (xiv) conforms to
each representation and warranty applicable to the Deleted Mortgage Loan made in the Mortgage Loan Purchase Agreement, (xv) has the same first lien position as the Deleted Mortgage Loan, (xvi) is covered by a primary mortgage insurance policy if the
Deleted Mortgage Loan was so covered, (xvii) contains provisions covering the payment of Prepayment Premium by the Mortgager for early prepayment of the Mortgage Loan at least as favorable to the Trust as the Deleted Mortgage Loan, (xviii) has a
maturity date not later than the maturity date of the latest maturing Mortgage Loan in the Mortgage Pool as of the Closing Date, (xix) has the same Mortgage Index as the Deleted Mortgage Loan, (xx) if originated on or after November 27, 2003, is not
a “high cost” loan subject to the New Jersey Home Ownership Security Act of 2003 and (xxi) if originated on or after January 1, 2004 is not a “high-cost” loan subject to the New Mexico Home Loan Protection Act. In the event that
one or more mortgage loans are substituted for one or more Deleted Mortgage Loans, the amounts described in clause (i) hereof shall be determined on the basis of aggregate Stated Principal Balances, the Mortgage Rates described in clause (ii) hereof
shall be determined on the basis of weighted average Mortgage Rates, the risk gradings described in clause (xii) hereof shall be satisfied as to each such mortgage loan, the terms described in clause (viii) hereof shall be determined on the basis of
weighted average remaining 

  

 31 

 
term to maturity, the Loan-to-Value Ratios described in clause (x) hereof shall be satisfied as to each such mortgage loan and, except to the extent
otherwise provided in this sentence, the representations and warranties described in clause (xiv) hereof must be satisfied as to each Qualified Substitute Mortgage Loan or in the aggregate, as the case may be. 
  
 Rating Agency: Each of Moody’s and S&P. 
  
 Realized Loss: With respect to each Liquidated Mortgage Loan, an
amount equal to (i) the unpaid principal balance of such Mortgage Loan as of the date of liquidation, minus (ii) Liquidation Proceeds received, to the extent allocable to principal, net of amounts that are reimbursable therefrom to the Master
Servicer or the Servicer with respect to such Mortgage Loan (other than Advances of principal) including Liquidation Expenses. In determining whether a Realized Loss is a Realized Loss of principal, Liquidation Proceeds shall be allocated, first, to
payment of Liquidation Expenses, then to accrued unpaid interest and finally to reduce the principal balance of the Mortgage Loan. 
  
 Record Date: With respect to each Payment Date and each Class of Notes (other than the Class A-IO Notes), the Business Day prior to the related
Payment Date, and with respect to the Class A-IO Notes, and any Class of Definitive Notes, the last Business Day of the month immediately preceding the month in which the Payment Date occurs (or, in the case of the first Payment Date, the Closing
Date). 
  
 Recovery: With respect to any Liquidated
Mortgage Loan, an amount received in respect of principal on such Mortgage Loan which has previously been allocated as a Realized Loss to a Class or Classes of Notes net of reimbursable expenses. 
  
 Redemption Date: The first Payment Date on which the Servicer is
permitted to exercise its right to purchase the assets of the Trust pursuant to Section 9.02 hereof. 
  
 Redemption Price: The sum of (a) 100% of the aggregate outstanding principal balance of the Mortgage Loans, plus accrued interest thereon at the
applicable Mortgage Rate, (b) the fair market value of all other property being purchased, (c) any unreimbursed Servicing Advances, (d) the amount of any swap breakage costs resulting from the termination of the Swap Agreement as a result of
redemption (as reported to the Trust Administrator by the Swap Counterparty), (e) any Available Funds Shortfalls, (f) all other amounts to be paid or reimbursed to the Master Servicer, the Trust Administrator, the Indenture Trustee, the Owner
Trustee and the Custodian and (g) an amount equal to the required payment to the Holders of the Class A-IO Notes of (i) any Current Interest due (after taking into account payments made on such date from Interest Funds for Group 1 and Group 2) on
the Class A-IO Notes and (ii) the present value, as of the date of such termination, of the remaining payments scheduled to be made on the Class A-IO Notes (such present value to be based on a discount rate that will approximate the expected yield
to maturity of the Class A-IO Notes). 
  
 Reference Banks:
Leading banks selected by the Trust Administrator and engaged in transactions in Eurodollar deposits in the international Eurocurrency market (1) with an established place of business in London, (2) whose quotations appear on the Reuters Screen LIBO
Page on the Determination Date in question, (3) which have been designated as such by 

  

 32 

 
the Trust Administrator and (4) not controlling, controlled by, or under common control with, the Depositor, the Indenture Trustee, the Trust Administrator,
the Master Servicer, the Servicer, the Seller or any successor servicer. 
  
 REIT: A real estate investment trust within the meaning of section 856 of the Code. 
  
 Related Senior Principal Payment Amount: With respect to each Mortgage Group and for any Payment Date, an amount equal to the lesser of (x) the
aggregate Class Principal Amounts of the Class l-A1 and Class l-A2 Notes (with respect to Group 1) or of the Class 2-A1 and Class 2-A2 Notes (with respect to Group 2) immediately prior to that Payment Date and (y) the product of (a) the Senior
Principal Payment Amount and (b) the related Senior Proportionate Percentage in each case for such date. 
  
 Relevant UCC: The Uniform Commercial Code as in effect in the applicable jurisdiction. 
  
 REO Disposition: The final sale by the Servicer or the Subservicer of
any REO Property. 
  
 REO Disposition Proceeds: All amounts
received with respect to an REO Disposition pursuant to Section 4.02(p). 
  
 REO Property: A Mortgaged Property acquired by the Servicer through foreclosure or deed-in-lieu of foreclosure in connection with a defaulted Mortgage Loan. 
  
 Representing Party: Each of the Servicer and the Subservicer making
the representations and warranties under Section 4.05(a) and 4.05(b), respectively. 
  
 Required Loss Percentage: With respect to any Payment Date, the applicable percentage for such Payment Date as set forth in the following table: 
  

			
	 Payment Date

	  	 Required Loss Percentage

	 [    ] 2007 through [    ] 2008
	  	[    ]% with respect to [    ] 2007, plus an additional 1/12th of [    ]% for each month thereafter
		
	 [    ] 2008 through [    ] 2009
	  	[    ]% with respect to [    ], plus an additional 1/12th of [    ]% for each month thereafter
		
	 [    ] 2009 through [    ] 2010
	  	[    ]% with respect to [    ], plus an additional 1/12th of [    ]% for each month thereafter
		
	 [    ] 2010 and thereafter
	  	[    ]%

  
 Required
Percentage: With respect to a Payment Date on or after the Stepdown Date, the quotient of (a) the Aggregate Collateral Balance, less the Class Principal Amount of the most senior class of Notes (other than the Class A-IO Notes) outstanding as of
such Payment Date, 

  

 33 

 
prior to giving effect to payments to be made on such Payment Date, divided by (b) the Aggregate Collateral Balance. As used herein, the Class Principal
Amount of the most senior class of Notes outstanding will equal the aggregate Class Principal Amount of the Class A Notes as of such date of calculation. 
  
 Reserve Interest Rate: The rate per annum that the Trust Administrator determines to be either (1) the arithmetic mean (rounded upwards if
necessary to the nearest whole multiple of 0.03125%) of the one-month United States dollar lending rates which New York City banks selected by the Trust Administrator are quoting on the relevant Interest Determination Date to the principal London
offices of leading banks in the London interbank market or, (2) in the event that the Trust Administrator can determine no such arithmetic mean, the lowest one-month United States dollar lending rate which New York City banks selected by the Trust
Administrator are quoting on such Determination Date to leading European banks. 
  
 Responsible Officer: Any Vice President, any Assistant Vice President, any Assistant Secretary, any Assistant Treasurer, any Corporate Trust officer or any other officer of the Indenture Trustee or the Trust
Administrator, as applicable, customarily performing functions similar to those performed by any of the above-designated officers and, in each case, having direct responsibility for the administration of the Operative Agreements 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. 
  
 Reuters Screen LIBO Page: The display designated as page “LIBO” on the Reuters Monitor Money Rates Service
(or such other page as may replace the LIBO page on that service for the purpose of displaying London interbank offered rates of major banks). 
  
 S&P: Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc., or any successor in interest. 
  
 Sarbanes Certifying Party: Any person who provides a certification
pursuant to the Sarbanes-Oxley Act of 2002 on behalf of the Trust. 
  
 Scheduled Payment: Each scheduled payment of principal and interest (or of interest only, if applicable) to be paid by the Mortgagor on a Mortgage Loan, as reduced (except where otherwise specified herein) by the amount of any
related Debt Service Reduction or pursuant to the Civil Relief Act (excluding all amounts of principal and interest that were due on or before the Cut-off Date whenever received) and, in the case of an REO Property, an amount equivalent to the
Scheduled Payment that would have been due on the related Mortgage Loan if such Mortgage Loan had remained in existence. 
  
 Securities Intermediary: The Person acting as Securities Intermediary under this Agreement (which is [    ]), its successor in
interest, and any successor Securities Intermediary appointed pursuant to Section 6.04. 
  
 Security Entitlement: The meaning specified in Section 8-102(a)(17) of the New York UCC. 
  
 Seller: NYMF, or any successor. 
  

 34 

 Senior Note: Any Class l-A1, Class l-A2, Class 2-A1, Class 2-A2 or Class A-IO Note. 
  
 Senior Principal Payment Amount: With respect to any Payment Date and
the Class l- A1, Class l-A2, Class 2-A1 and Class 2-A2 Notes, an amount equal to (a) prior to the Stepdown Date or if Trigger Event is in effect with respect to such Payment Date, 100% of the Principal Payment Amount for both Mortgage Groups and (b)
on or after the Stepdown Date and as long as a Trigger Event is not in effect with respect to such Payment Date, the lesser of (x) the Principal Payment Amount for both Mortgage Groups and (y) the amount, if any, by which (A) the aggregate Class
Principal Amounts of the Class l-A1, Class l-A2, Class 2-A1 and Class 2- A2 Notes immediately prior to that Payment Date exceeds (B) the Senior Target Amount. 
  

Senior Priorities: The priority of payments to the Class A Notes described in clauses (i)(1)(B) and (C) and (i)(2)(B) and (C), as applicable, in
Section 6.02(d) herein for the related Mortgage Group. 
  
 Senior Proportionate Percentage: With respect to Group 1 and any Payment Date, the fraction, expressed as a percentage, the numerator of which is the Principal Funds for Group 1 for such Payment Date and the denominator of which is
the aggregate of the Principal Funds for Group 1 and Group 2 for such date. With respect to Group 2 and any Payment Date, the fraction, expressed as a percentage, the numerator of which is the Principal Funds for Group 2 for such Payment Date and
the denominator of which is the aggregate of the Principal Funds for Group 1 and Group 2 for such date. 
  
 Senior Target Amount: With respect to any Payment Date, an amount equal to the lesser of (a) the product of (i) approximately
[    ]% and (ii) the Aggregate Collateral Balance for such Payment Date determined as of the last day of the related Due Period and (b) the amount, if any, by which (i) the Aggregate Collateral Balance for such Payment Date
determined as of the last day of the related Due Period exceeds (ii) approximately 0.50% of the Aggregate Collateral Balance as of the Closing Date. 
  
 Servicer: NYMT Servicing Corporation or its successor in interest or assigns or any successor to the Servicer under this Agreement as herein
provided. 
  
 Servicer Event of Default: Any one of the
conditions or circumstances enumerated in Section 4.07 with respect to the Servicer. 
  
 Servicer Remittance Date: The day in each calendar month on which the Servicer is required to remit payments to the Collection Account, which is the 18th day of each calendar month (or, if such day is not a Business Day, the next Business Day), commencing in [    ]. 
  
 Servicing Administration Fee: As to any Payment Date and each Mortgage
Loan, an amount equal to the product of (a) one-twelfth of the Servicing Administration Fee Rate and (b) the outstanding principal balance of such Mortgage Loan as of the first day of the related Due Period. 
  
 Servicing Administration Fee Rate: With respect to each Mortgage Loan,
0.50% per annum. 
  

 35 

 Servicing Advances: All customary, reasonable and necessary “out of pocket” costs and
expenses other than Advances (including reasonable attorneys’ fees and disbursements) incurred in the performance by the Servicer of its servicing obligations, including, but not limited to, the cost of (a) the preservation, inspection,
restoration and protection of the Mortgaged Property, (b) any enforcement or administrative or judicial proceedings, including foreclosures, (c) the management and liquidation of the Mortgaged Property if the Mortgaged Property is acquired in
satisfaction of the Mortgage, (d) taxes, assessments, water rates, sewer rents and other charges which are or may become a lien upon the Mortgaged Property and fire and hazard insurance coverage and (e) any losses sustained by the Servicer with
respect to the liquidation of the Mortgaged Property. Notwithstanding anything to the contrary herein, in the event the Servicer determines in its reasonable judgment that a Servicing Advance is a Nonrecoverable Advance, the Servicer shall be under
no obligation to make such Servicing Advance. 
  
 Servicing
File: The items pertaining to a particular Mortgage Loan including, but not limited to, the computer files, data disks, books, records, data tapes, notes, and all additional documents generated as a result of or utilized in originating and/or
servicing each Mortgage Loan, which are held in trust for the Indenture Trustee by the Servicer initially, and beginning on or about
[                    ], 2005, by the Subservicer. 
  
 Servicing Officer: Any officer of the Servicer or the Subservicer involved in or responsible for, the administration and servicing of the Mortgage
Loans whose name appears on a list of servicing officers furnished by the Servicer and the Subservicer to the Master Servicer upon request, as such list may from time to time be amended. 
  
 Servicing Standard: The servicing and administration of the Mortgage Loans for which the Servicer or the Subservicer
is responsible hereunder (a) in the same manner in which, and with the same care, skill, prudence and diligence with which, the Servicer or the Subservicer, as applicable, generally services and administers similar mortgage loans with similar
mortgagors (i) for other third parties, giving due consideration to customary and usual standards of practice of prudent institutional residential mortgage lenders servicing their own loans or (ii) held in the Servicer’s or the
Subservicer’s own portfolio, as applicable, whichever standard is higher, (b) with a view to the maximization of the recovery on such Mortgage Loans on a net present value basis and the best interests of the Trust or any Person to which the
Mortgage Loans may be transferred by the Trust, (c) without regard to (i) any relationship that the Servicer or the Subservicer or any affiliate thereof may have with the related Mortgagor or any other party to the transactions; (ii) the right of
the Servicer or the Subservicer to receive compensation or other fees for its services rendered pursuant to this Agreement; (iii) the obligation of the Servicer or the Subservicer to make Servicing Advances; (iv) the ownership, servicing or
management by the Servicer or the Subservicer or any affiliate thereof for others of any other mortgage loans or mortgaged properties; and (v) any debt the Servicer or any affiliate of the Servicer or the Subservicer has extended to any mortgagor or
any affiliate of such mortgagor, and (d) in accordance with the applicable state, local and federal laws, rules and regulations. 
  
 Stated Principal Balance: With respect to any Payment Date, either (a) in the case of any Mortgage Loan, the principal balance of such Mortgage
Loan at the close of business on the Cut-off Date after giving effect to principal payments due on or before the Cut-off Date, whether or not received, less an amount equal to principal payments due after the Cut-off Date and on or 

  

 36 

 
before the Due Date in the related Due Period, whether or not received from the Mortgagor or advanced by the Servicer or the Master Servicer, and all amounts
allocable to unscheduled principal payments (including Principal Prepayments, Liquidation Proceeds, Insurance Proceeds and condemnation proceeds, in each case to the extent identified and applied prior to or during the related Prepayment Period),
provided that the Stated Principal Balance of any Liquidated Mortgage Loan shall be zero and (b) in the case of any REO Property, the Stated Principal Balance of the related Mortgage Loan on the Due Date immediately preceding the date of acquisition
of such REO Property by or on behalf of the Indenture Trustee (reduced by any amount applied as a reduction of principal on the related Mortgage Loan). 
  
 Stepdown Date: The later to occur of (l) the Payment Date in [            ] or (2) the
first Payment Date on which the aggregate Class Principal Amount of the Class A Notes (other than the Class A-IO Notes) (after giving effect to payments of the Principal Funds amount for such Payment Date) is less than
[            ]% of the Aggregate Collateral Balance as of the end of the immediately preceding Due Period. 
  
 Stepup Date: The first Payment Date after the Payment Date on which the Aggregate Loan Balance at the beginning of
the Due Period related to that Payment Date is less than 10% of the Aggregate Collateral Balance as of the Closing Date. 
  
 Subordinate Fixed Rate Cap: With respect to a Payment Date, the per annum rate equal to [    ]%. 
  
 Subordinate Note: Any Class M1, Class M2, Class M3, Class M4, Class
M5, Class M6 or Class M7 Note. 
  
 Subsequent Cut-off Date:
With respect to any Subsequent Mortgage Loan, the date that Mortgage Loan is transferred to the Trust. 
  
 Subsequent Mortgage Loans: The Mortgage Loans transferred to the Trust during the Pre-Funding Period. 
  
 Subsequent Transfer Agreement: A Subsequent Transfer Agreement entered
into between the Seller, [                    ], the Issuer, the Depositor, the Indenture Trustee and the Trust Administrator, substantially in the
form attached as Exhibit I. 
  
 Subservicer:
[                    ] or any successor in interest. 
  
 Subservicer Event of Default: Any one of the conditions or circumstances enumerated in Section 4.07 with respect to the Subservicer. 
  
 Substitution Amount: The amount, if any, by which the Stated Principal
Balance of a Deleted Mortgage Loan exceeds the Stated Principal Balance of the related Qualifying Substitute Mortgage Loan, or aggregate Stated Principal Balance, if applicable, plus unpaid interest thereon, any related unpaid Advances or Servicing
Advances or unpaid Servicing Administration Fees or unpaid Master Servicing Fees and the amount of any costs and damages incurred by the Trust Fund associated with a violation of any applicable federal, state or local predatory or abusive lending
law in connection with the origination of such Deleted Mortgage Loan. 
  

 37 

 Swap Agreement: The swap agreement dated
[            ], 200[  ], by and between the Swap Counterparty and the Issuer, including the ISDA Master Agreement dated as of
[            ], 200[  ] between the Swap Counterparty and the Issuer, the schedule thereto and the related confirmation
[                    ], substantially in the form of Exhibit B hereto. 
  
 Swap Counterparty: [    ]. 
  
 Targeted Overcollateralization Amount: With respect to any Payment Date prior to the Stepdown Date, an amount equal
to [    ]% of the Aggregate Collateral Balance as of the Closing Date, and with respect to any Payment Date on or after the Stepdown Date, an amount equal to the lesser of (x)
[            ]% of the Aggregate Collateral Balance as of the Closing Date and (y) 1.70% of the Aggregate Collateral Balance as of the end of the related Due Period, subject to a
floor equal to 0.50% of the Aggregate Collateral Balance as of the Closing Date; provided, however, that on any Payment Date with respect to which a Trigger Event has occurred and is continuing, the Targeted Overcollateralization Amount will be an
amount equal to the Targeted Overcollateralization Amount for the Payment Date immediately preceding such Payment Date. 
  
 Telerate Page 3750: The display currently so designated as “Page 3750” on the Moneyline Telerate Service (or such other page selected by
the Master Servicer as may replace Page 3750 on that service for the purpose of displaying daily comparable rates on prices). 
  
 Title Insurance Policy: A title insurance policy maintained with respect to a Mortgage Loan. 
  
 Total Remittance Amount: With respect to any Payment Date, the sum of
(i) the Interest Funds for both Mortgage Groups for such Payment Date and (ii) the Principal Funds for both Mortgage Groups for such Payment Date. 
  
 Total Principal Deficiency Amount: With respect to any Payment Date, the excess, if any, of the aggregate Class Principal Amount of the Notes
immediately prior to such Payment Date over the sum of the Aggregate Collateral Balance and any Recoveries, each as of the last day of the related Due Period. 
  

Trigger Event: A Trigger Event shall have occurred with respect to any Payment Date on or after the Stepdown Date, if (a) the quotient of (1)
the aggregate Stated Principal Balance of all Mortgage Loans 60 or more days delinquent, measured on a rolling three-month basis (including Mortgage Loans in foreclosure, REO Properties and Mortgage Loans with respect to which the applicable
mortgagor is in bankruptcy) divided by (2) the Aggregate Collateral Balance as of the preceding Servicer Remittance Date, equals or exceeds the product of (i) [    ]% and (ii) the Required Percentage, (b) the quotient (expressed
as a percentage) of (1) the aggregate Realized Losses incurred from the Initial Cut-off Date through the last day of the calendar month preceding such Payment Date divided by (2) the Aggregate Collateral Balance as of the Closing Date exceeds the
Required Loss Percentage or (c) a Principal Deficiency Amount exists for such Payment Date. 
  
 Trust or Trust Fund: The Issuer. 
  

 38 

 Trust Account Property: The Trust Account, all amounts and investments held from time to time in
the Trust Account (whether in the form of deposit accounts, physical property, book-entry securities, uncertificated securities, securities entitlements, investment property or otherwise) and all proceeds of the foregoing. 
  
 Trust Account: The Collection Account. 
  
 Trust Agreement: The trust agreement dated as of
[                    ], 2005, between the Depositor and the Owner Trustee, as amended and restated on
[                    ], 2005 among the Depositor, the Trust Administrator and the Owner Trustee, as such may be amended or supplemented from time to
time. 
  
 Trust Estate: The assets of the Issuer and
pledged by the Issuer to the Indenture Trustee under the Indenture, which assets consist of all accounts, accounts receivable, contract rights, general intangibles, chattel paper, instruments, documents, money, deposit accounts, certificates of
deposit, goods, notes, drafts, letters of credit, advices of credit, investment property, uncertificated securities and rights to payment of any and every kind consisting of, arising from or relating to any of the following: (a) the Mortgage Loans
listed in the Mortgage Loan Schedule, and principal due and payable after the Cut-off Date, but not including interest and principal due and payable on any Mortgage Loans on or before the Cut-off Date, together with the Mortgage Files relating to
such Mortgage Loans; (b) any Insurance Proceeds, REO Property, Liquidation Proceeds, REO Disposition Proceeds and other recoveries (in each case, subject to clause (a) above), (c) the Collection Account, any Custodial Account, any Escrow Account,
the Pre-Funding Account and all amounts deposited therein pursuant to the applicable provisions of this Agreement, (d) any Insurance Policies, (e) the rights of the Depositor under the Mortgage Loan Purchase Agreement, (f) all income, revenues,
issues, products, revisions, substitutions, replacements, profits, rents and all cash and non-cash proceeds of the foregoing and (g) the rights of the Trust under the Swap Agreement. 
  
 UCC: The Uniform Commercial Code as enacted in the relevant jurisdiction. 
  
 Underwriters:
[                    ]. 
  
 Voting Interests: The portion of the voting rights of all the Notes that is allocated to any Note for purposes of the voting provisions of this
Agreement. At all times during the term of this Agreement, [    ]% of all voting rights will be allocated among the holders of the Notes (other than the Class A-IO Notes) as provided below. The portion of such voting rights
allocated to such Notes will be based on the fraction, expressed as a percentage, the numerator of which is the aggregate Class Principal Amount then outstanding and the denominator of which is the aggregate outstanding principal balance of the
Notes. At all times during the term of the Indenture and this Agreement, the holders of the Class A-IO Notes and the Ownership Certificate will each be allocated [    ]% of the voting rights for so long as the related Class
remains outstanding. After the Payment Date in [            ], the voting rights allocable to the Class A-IO Notes shall transfer to the Ownership Certificate and thereafter, the Ownership
Certificate shall be allocated [    ]% of the voting rights. The voting rights allocation to any Class of Notes or the Ownership Certificate will be allocated among all holders of each such Class or Certificate in proportion to
the outstanding Class Principal Amount or Class Notional Amount of such Notes or Percentage Interest of the Ownership Certificate. 
  

 39 

 Section 1.02. Calculations With Respect to the Mortgage Loans. Calculations required to be made
pursuant to this Agreement with respect to any Mortgage Loan in the Trust Estate shall be made based upon current information as to the terms of the Mortgage Loans and reports of payments received from the Mortgagor on such Mortgage Loans provided
by the Servicer or the Subservicer to the Master Servicer. Payments to be made by the Trust Administrator shall be based on information provided by the Master Servicer. The Trust Administrator shall not be required to recompute, verify or
recalculate the information supplied to it by the Master Servicer, the Servicer or the Subservicer. 
  
 Section 1.03. Calculations With Respect to Accrued Interest. Accrued interest, if any, on any LIBOR Note shall be calculated based upon a 360-day
year and the actual number of days in each Accrual Period. Accrued interest, if any, on any Class A-IO Notes shall be calculated based upon a 360-day year consisting of twelve 30-day months. 
  
 ARTICLE II 
  
 CONVEYANCE OF MORTGAGE LOANS 
  
 Section 2.01. Creation and Declaration of Trust Estate; Conveyance of Initial Mortgage Loans. 
  
 (a) Mortgage Loans. As of the Closing Date, in consideration of the
Issuer’s delivery of the Notes to the Depositor or its designee, and concurrently with the execution and delivery of this Agreement, the Depositor does hereby transfer, assign, set over, deposit with and otherwise convey to the Issuer, without
recourse, subject to Section 3.01, in trust, all the right, title and interest of the Depositor in and to the Initial Mortgage Loans. Such conveyance includes, without limitation, the right to all payments of principal and interest received on or
with respect to the Initial Mortgage Loans on and after the Initial Cut-off Date (other than payments of principal and interest due on or before such date), and all such payments due after such date but received prior to such date and intended by
the related Mortgagors to be applied after such date together with all of the Depositor’s right, title and interest in any REO Property and the proceeds thereof, the Depositor’s rights under any Insurance Policies related to the Mortgage
Loans, the Depositor’s security interest in any collateral pledged to secure the Mortgage Loans, including the Mortgaged Properties and any proceeds of the foregoing, to have and to hold, in trust; and the Indenture Trustee declares that,
subject to the review provided for in Section 2.02, it has received and shall hold the Trust Estate, as Indenture Trustee, in trust, for the benefit and use of the Noteholders and for the purposes and subject to the terms and conditions set forth in
this Agreement, and, concurrently with such receipt, the Issuer has issued and delivered the Notes to or upon the order of the Depositor, in exchange for the Mortgage Loans and the other property of the Trust Estate. 
  
 Concurrently with the execution and delivery of this Agreement, the Depositor
does hereby assign to the Issuer all of its rights and interest under the Mortgage Loan Purchase Agreement but without delegation of any of its obligations thereunder. The Issuer hereby 

  

 40 

 
accepts such assignment, and shall be entitled to exercise all the rights of the Depositor under the Mortgage Loan Purchase Agreement as if, for such
purpose, it were the Depositor. Upon the issuance of the Notes, ownership in the Trust Estate shall be vested in the Issuer, subject to the lien created by the Indenture in favor of the Indenture Trustee, for the benefit of the Noteholders. The
Issuer hereby accepts such assignment and shall be entitled to exercise all rights of the Depositor under the Mortgage Loan Purchase Agreement as if, for such purpose, it were the Depositor. The foregoing sale, transfer, assignment, set-over,
deposit and conveyance does not and is not intended to result in creation or assumption by the Indenture Trustee of any obligation of the Depositor, the Seller, or any other Person in connection with the Mortgage Loans or any other agreement or
instrument relating thereto except as specifically set forth herein. 
  
 (b) In connection with such transfer and assignment, the Depositor does hereby deliver to, and deposit with, or cause to be delivered to and deposited with, the Indenture Trustee, and/or the Custodian acting on the Indenture Trustee’s
behalf, the following documents or instruments with respect to each Initial Mortgage Loan (each a “Mortgage File”) so transferred and assigned: 
  
 (i) the original Mortgage Note, endorsed either (A) in blank or (B) in the form of the Form of Endorsement set forth in Exhibit A-4 hereto
(or Exhibit B-6 to the Custodial Agreement), or with respect to any lost Mortgage Note, an original Lost Note Affidavit, in the form set forth in Exhibit C hereto (or Exhibit B-5 to the Custodial Agreement), stating that the original Mortgage Note
was lost, misplaced or destroyed, together with a copy of the related Mortgage Note; 
  
 (ii) the original of any guarantee executed in connection with the Mortgage Note assigned to the Indenture Trustee; 
  
 (iii) the original Mortgage with evidence of recording
thereon, and the original recorded power of attorney, if the Mortgage was executed pursuant to a power of attorney, with evidence of recording thereon or, if such Mortgage or power of attorney has been submitted for recording but has not been
returned from the applicable public recording office, has been lost or is not otherwise available, a copy of such Mortgage or power of attorney, as the case may be, certified by an Officer’s Certificate of the Seller to be a true and complete
copy of the original submitted for recording, together with a written Opinion of Counsel acceptable to the Indenture Trustee and the Depositor that an original recorded Mortgage is not required to enforce the Indenture Trustee’s interest in the
Mortgage Loan; 
  
 (iv) with respect to each
Non-MERS Mortgage Loan, an original Assignment of Mortgage, in form and substance acceptable for recording. The Mortgage shall be assigned either (A) in blank, without recourse, or (B) to
[                    ], as Indenture Trustee of the New York Mortgage Trust, Series 2005-[  ]”, without recourse or (C) to the order
of the Indenture Trustee; 
  
 (v) an original
copy of any intervening assignment of Mortgage showing a complete chain of assignments or, in the case of an intervening assignment that has been lost, a written Opinion of Counsel for the Seller acceptable to the Indenture Trustee that such
original intervening assignment is not required to enforce the Indenture Trustee’s interest in the Mortgage Loans; 
  

 41 

 (vi) the original or a certified copy of lender’s title insurance policy (or, in
lieu thereof, a commitment to issue such title insurance policy, with an original or a certified copy of such title insurance policy to follow as soon after the Closing Date as reasonably practicable); 
  
 (vii) the original or copies of each assumption,
modification, written assurance or substitution agreement, if any, or as to any such agreement which cannot be delivered prior to the Closing Date because of a delay caused by the public recording office where such assumption, modification or
substitution agreement has been delivered for recordation, a photocopy of such assumption, modification or substitution agreement, pending delivery of the original thereof, together with an Officer’s Certificate of the Seller certifying that
the copy of such assumption, modification or substitution agreement delivered to the Custodian is a true copy and that the original of such agreement has been forwarded to the public recording office; and 
  
 (viii) the original of any security agreement or equivalent
instrument executed in connection with the Mortgage or as to any security agreement or equivalent instrument that cannot be delivered on or prior to the Closing Date because of a delay caused by the public recording office where such document has
been delivered for recordation, a photocopy of such document, pending delivery of the original thereof, together with an Officer’s Certificate of the Seller certifying that the copy of such security agreement, chattel mortgage or their
equivalent delivered to the Custodian is a true copy and that the original of such document has been forwarded to the public recording office. 
  
 The Depositor and the Seller acknowledge and agree that the form of endorsement attached hereto as Exhibit A-4 is intended to effect the transfer to the
Indenture Trustee, for the benefit of the Noteholders, of the Mortgage Notes and the Mortgages. 
  
 (c) MERS is the record owner of all of the Initial Mortgage Loans. The Seller shall, or shall cause the Servicer or the Subservicer, at the expense of the
Seller, to take such actions as are necessary to cause the Indenture Trustee to be clearly identified as the owner of each such Mortgage Loan on the records of MERS for purposes of the system of recording transfers of beneficial ownership of
mortgages maintained by MERS. With respect to each Cooperative Loan, the Seller shall, or at its expense, shall cause the Servicer or the Subservicer to take such actions as are necessary under applicable law in order to perfect the interest of the
Indenture Trustee in the related Mortgaged Property. Assignments of Mortgage with respect to each Non- MERS Mortgage Loan shall be recorded; provided, however, that such Assignments need not be recorded if, on or prior to the Closing Date, the
Seller delivers an Opinion of Counsel (which must be Independent counsel) acceptable to the Indenture Trustee and the Rating Agencies, to the effect that recording in such states is not required to protect the Indenture Trustee’s interest in
the related Non-MERS Mortgage Loans; provided, further, that notwithstanding the delivery of any Opinion of Counsel, the Servicer shall submit each Assignment of Mortgage for recording upon the occurrence of a bankruptcy, insolvency or foreclosure
relating to the Mortgagor under the related Mortgage. Subject to the preceding sentence, as soon as practicable after the Closing 

  

 42 

 
Date (but in no event more than three months thereafter except to the extent delays are caused by the applicable recording office), the Servicer, at the
expense of the Seller shall cause to be properly recorded in each public recording office where the related Mortgages are recorded each Assignment of Mortgage referred to in subsection (b)(iv) above with respect to each Non-MERS Mortgage Loan.

  
 (d) In instances where a Title Insurance Policy is required to
be delivered to the Indenture Trustee or the Custodian on behalf of the Indenture Trustee under clause (b)(vii) above and is not so delivered, the Seller will provide a copy of such Title Insurance Policy to the Indenture Trustee, or to the
Custodian on behalf of the Indenture Trustee, as promptly as practicable after the execution and delivery hereof, but in any case within 180 days of the Closing Date. 
  
 (e) For Initial Mortgage Loans (if any) that have been prepaid in full after the Cut-off Date and prior to the Closing Date,
the Depositor, in lieu of delivering the above documents, herewith delivers to the Indenture Trustee, or to the Custodian on behalf of the Indenture Trustee, an Officer’s Certificate of the Seller which shall include a statement to the effect
that all amounts received in connection with such prepayment that are required to be deposited in the Collection Account pursuant to Section 5.07 have been so deposited. All original documents that are not delivered to the Indenture Trustee or the
Custodian on behalf of the Indenture Trustee shall be held by the Servicer or the Subservicer in trust for the benefit of the Indenture Trustee and the Noteholders. 
  
 Section 2.02. Acceptance of Trust Estate; Review of Documentation. 
  
 (a) Subject to the provisions of Section 2.01, the Issuer acknowledges
receipt of the assets transferred by the Depositor of the assets included in the Trust Estate and has directed that the documents referred to in Section 2.01 and all other assets included in the definition of “Trust Estate” be delivered to
the Indenture Trustee (or the Custodian) on its behalf. 
  
 The
Indenture Trustee, by execution and delivery hereof, acknowledges receipt by it or by the applicable Custodian on its behalf of the Mortgage Files pertaining to the Mortgage Loans listed on the Mortgage Loan Schedule, subject to review thereof by
the Indenture Trustee, or by the Custodian on behalf of the Indenture Trustee, under this Section 2.02. The Indenture Trustee, or the Custodian on behalf of the Indenture Trustee, will execute and deliver to the Depositor, the Master Servicer, the
Servicer, the Subservicer (and the Indenture Trustee if delivered by the Custodian) on the Closing Date an Initial Certification in the form annexed hereto as Exhibit A-1 (or in the form annexed to the Custodial Agreement as Exhibit A-l, as
applicable). 
  
 (b) Within 45 days after the Closing Date, the
Indenture Trustee or the Custodian on behalf of the Indenture Trustee, will, for the benefit of Noteholders, review each Mortgage File to ascertain that all required documents set forth in Section 2.01 have been received and appear on their face to
contain the requisite signatures by or on behalf of the respective parties thereto, and shall deliver to the Depositor, the Master Servicer, the Servicer and the Subservicer (and the Indenture Trustee if delivered by the Custodian) an Interim
Certification in the form annexed hereto as Exhibit A-2 (or in the form annexed to the Custodial Agreement as Exhibit A-2, as 

  

 43 

 
applicable) to the effect that, as to each Mortgage Loan listed in the Mortgage Loan Schedule (other than any Mortgage Loan prepaid in full or any
specifically identified in such certification as not covered by such certification), (i) all of the applicable documents specified in Section 2.01(b) are in its possession and (ii) such documents have been reviewed by it and appear to relate to such
Mortgage Loan. The Indenture Trustee, or the Custodian on behalf of the Indenture Trustee, shall determine whether such documents are executed and endorsed, but shall be under no duty or obligation to inspect, review or examine any such documents,
instruments, certificates or other papers to determine that the same are valid, binding, legally effective, properly endorsed, genuine, enforceable or appropriate for the represented purpose or that they have actually been recorded or are in
recordable form or that they are other than what they purport to be on their face. Neither the Indenture Trustee nor the Custodian shall have any responsibility for verifying the genuineness or the legal effectiveness of or authority for any
signatures of or on behalf of any party or endorser. 
  
 (c) If,
in the course of the review described in paragraph (b) above or paragraph (d) below, the Indenture Trustee or the Custodian discovers any document or documents constituting a part of a Mortgage File that is missing, does not appear regular on its
face (i.e., is mutilated, damaged, defaced, torn or otherwise physically altered) or appears to be unrelated to the Mortgage Loans identified in the Mortgage Loan Schedule, as applicable (each, a “Material Defect”), the Indenture Trustee,
or the Custodian on behalf of the Indenture Trustee, discovering such Material Defect shall identify the Mortgage Loan to which such Material Defect relates in the Interim Certification delivered to the Depositor and the Master Servicer. Within 90
days of its receipt of such notice, the Seller shall be required to cure such Material Defect (and, in such event, the Seller shall provide the Indenture Trustee with an Officer’s Certificate confirming that such cure has been effected). If the
Seller does not so cure such Material Defect, if a loss has been incurred with respect to such Mortgage Loan that would, if such Mortgage Loan were not purchased from the Trust Estate, constitute a Realized Loss, and such loss is attributable to the
failure of the Seller to cure such Material Defect, the Seller shall repurchase the related Mortgage Loan from the Trust Estate at the Purchase Price. A loss shall be deemed to be attributable to the failure of the Seller to cure a Material Defect
if, as determined by the Seller, upon mutual agreement with the Indenture Trustee each acting in good faith, absent such Material Defect, such loss would not have been incurred. The Seller may, in lieu of repurchasing a Mortgage Loan pursuant to
this Section 2.02, substitute for such Mortgage Loan a Qualifying Substitute Mortgage Loan subject to the provisions of Section 3.03. The failure of the Indenture Trustee or the Custodian to deliver the Interim Certification within 45 days after the
Closing Date shall not affect or relieve the Seller of its obligation to repurchase any Mortgage Loan pursuant to this Section 2.02 or any other Section of this Agreement requiring the repurchase of Mortgage Loans from the Trust Estate. 

 
 (d) Within 180 days following the Closing Date, the Indenture Trustee, or
the Custodian, shall deliver to the Depositor, the Master Servicer, the Servicer and the Subservicer (and the Indenture Trustee if delivered by the Custodian) a Final Certification substantially in the form attached as Exhibit A-3 (or in the form
annexed to the Custodial Agreement as Exhibit A-3, as applicable) evidencing the completeness of the Mortgage Files in its possession or control, with any exceptions noted thereto. 
  

 44 

 (e) Nothing in this Agreement shall be construed to constitute an assumption by the Trust Estate the
Indenture Trustee, the Custodian or the Noteholders of any unsatisfied duty, claim or other liability on any Mortgage Loan or to any Mortgagor. 
  
 (f) Notwithstanding anything to the contrary contained herein, each of the parties hereto acknowledges that the Custodian shall perform the applicable
review of the Mortgage Loans and respective certifications thereof as provided in the Custodial Agreement. 
  
 (g) Upon execution of this Agreement, the Depositor hereby delivers to the Indenture Trustee and the Indenture Trustee acknowledges a receipt of the
Mortgage Loan Purchase Agreement. 
  
 Section 2.03. Grant
Clause. 
  
 (a) It is intended that the conveyance by the
Depositor to the Issuer of the Mortgage Loans, as provided for in Section 2.01 be construed as a sale by the Depositor to the Issuer of the Mortgage Loans and other assets in the Trust Estate for the benefit of the Noteholders. Further, it is not
intended that any such conveyance be deemed to be a pledge of the Mortgage Loans by the Depositor to the Issuer to secure a debt or other obligation of the Depositor. However, in the event that the Mortgage Loans are held to be property of the
Depositor or if for any reason this Agreement is held or deemed to create a security interest in the Mortgage Loans and other assets in the Trust Estate, then it is intended that (a) this Agreement shall also be deemed to be a security agreement
within the meaning of Articles 8 and 9 of the New York UCC (or the Relevant UCC if not the New York UCC); (b) the conveyances provided for in Section 2.01 shall be deemed to be (1) a grant by the Depositor to the Issuer of a security interest in all
of the Depositor’s right (including the power to convey title thereto), title and interest, whether now owned or hereafter acquired, in and to (A) the Mortgage Loans, including the Mortgage Notes, the Mortgages, any related insurance policies
and all other documents in the related Mortgage Files, (B) all amounts payable pursuant to the Mortgage Loans in accordance with the terms thereof and (C) any and all general intangibles consisting of, arising from or relating to any of the
foregoing, and all proceeds of the conversion, voluntary or involuntary, of the foregoing into cash, instruments, securities or other property, including without limitation all Liquidation Proceeds, all Insurance Proceeds, all amounts from time to
time held or invested in the Collection Account, whether in the form of cash, instruments, securities or other property and (2) an assignment by the Depositor to the Issuer of any security interest in any and all of the Depositor’s right
(including the power to convey title thereto), title and interest, whether now owned or hereafter acquired, in and to the property described in the foregoing clauses (1)(A) through (C); (c) the possession by the Indenture Trustee or any other agent
of the Issuer of Mortgage Notes, and such other items of property as constitute instruments, money, negotiable documents or chattel paper shall be deemed to be “possession by the secured party,” or possession by a purchaser or a person
designated by such secured party, for purposes of perfecting the security interest pursuant to the New York UCC and any other Relevant UCC (including, without limitation, Section 9-313, 8-313 or 8-321 thereof); and (d) 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 Issuer for the purpose of perfecting such security interest under applicable law. 
  

 45 

 (b) The Depositor and, at the Depositor’s direction, the Issuer shall, to the extent consistent with
this Agreement, take such reasonable actions as may be necessary to ensure that, if this Agreement were deemed to create a security interest in the Mortgage Loans and the other property of the Trust Estate, such security interest would be deemed to
be a perfected security interest of first priority under applicable law and will be maintained as such throughout the term of this Agreement. Without limiting the generality of the foregoing, the Depositor shall prepare and file any UCC financing
statements that are necessary to perfect the Indenture Trustee’s security interest in or lien on the Mortgage Loans, as evidenced by an Officer’s Certificate of the Depositor, and furnish a copy of each such filed financing statement to
the Trust Administrator. The Trust Administrator shall prepare and file, at the expense of the Issuer, all filings necessary to maintain the effectiveness of any original filings necessary under the Relevant UCC to perfect the Indenture
Trustee’s security interest in or lien on the Mortgage Loans, including without limitation (x) continuation statements, and (y) to the extent that a Responsible Officer of the Trust Administrator has received written notice of such change or
transfer, such other statements as may be occasioned by (1) any change of name of the Seller, the Depositor or the Issuer, (2) any change of location of the place of business or the chief executive office of the Seller or the Depositor or (3) any
transfer of any interest of the Seller or the Depositor in any Mortgage Loan. 
  
 Neither the Depositor nor the Issuer shall organize under the law of any jurisdiction other than the State under which each is organized as of the Closing Date (whether changing its jurisdiction of organization or
organizing under an additional jurisdiction) without giving 30 days prior written notice of such action to its immediate and mediate transferee, including the Indenture Trustee. Before effecting such change, each of the Depositor or the Issuer
proposing to change its jurisdiction of organization shall prepare and file in the appropriate filing office any financing statements or other statements necessary to continue the perfection of the interests of its immediate and mediate transferees,
including the Indenture Trustee, in the Mortgage Loans. In connection with the transactions contemplated by this Agreement and the Indenture, each of the Depositor and the Issuer authorizes its immediate or mediate transferee, including the
Indenture Trustee, to file in any filing office any initial financing statements, any amendments to financing statements, any continuation statements, or any other statements or filings described in this Section 2.03(b). 
  
 (c) The Depositor shall not take any action inconsistent with the sale by the
Depositor of all of its right, title and interest in and to the Trust Estate and shall indicate or shall cause to be indicated in its records and records held on its behalf that ownership of each Mortgage Loan and the other property of the Issuer is
held by the Issuer. In addition, the Depositor shall respond to any inquiries from third parties with respect to ownership of a Mortgage Loan or any other property of the Trust Estate by stating that it is not the owner of such Mortgage Loan and
that ownership of such Mortgage Loan or other property of the Trust Estate is held by the Issuer on behalf of the Noteholders. 
  
 Section 2.04. Subsequent Transfers. 
  
 (a) Subject to the satisfaction of the conditions set forth in paragraph (b) below and pursuant to the terms of each Subsequent Transfer Agreement, in
consideration of the Trust Administrator’s delivery, on behalf of the Trust, on the related Subsequent Transfer Date to or upon the order of the Seller of the purchase price therefor, (i) the Seller shall on any Subsequent 

  

 46 

 
Transfer Date sell, transfer, assign, set over and otherwise convey without recourse to the Depositor and (ii) the Depositor shall sell, transfer, assign,
set over and otherwise convey without recourse to the Trust, all right, title and interest of the Seller and the Depositor, as applicable, in and to each Subsequent Mortgage Loan transferred pursuant to such Subsequent Transfer Agreement, including
(i) the related Scheduled Principal Balance as of the Subsequent Cut-Off Date after giving effect to payments of principal due on or before the Subsequent Cut-Off Date; (ii) all collections in respect of interest and principal received after the
Subsequent Cut-Off Date (other than principal and interest due on or before such Subsequent Cut-off Date); (iii) property which secured such Subsequent Mortgage Loan and which has been acquired by foreclosure or deed in lieu of foreclosure; (iv) its
interest in any insurance policies in respect of such Subsequent Mortgage Loan; and (v) all proceeds of any of the foregoing. The transfers by the Seller to the Depositor and by the Depositor to the Trust of the Subsequent Mortgage Loans set forth
on the Subsequent Mortgage Loan Schedule attached thereto shall be absolute and shall be intended by the Seller, the Depositor and all parties hereto, other than for federal income tax purposes, to be treated as a sale by the Seller to the Depositor
and as a sale by the Depositor to the Trust. The parties hereto intend that for federal income tax purposes the transfer of Subsequent Mortgage Loans will be characterized as described in Section 8.7 of the Mortgage Loan Purchase Agreement. If the
assignment and transfer of the Mortgage Loans and the other property specified in this Section 2.04 from the Seller to the Depositor and by the Depositor to the Trust pursuant to this Agreement and each Subsequent Transfer Agreement is held or
deemed not to be a sale or is held or deemed to be a pledge of security for a loan, each of the Seller and the Depositor intend that the rights and obligations of the parties shall be established pursuant to the terms of this Agreement and that, in
such event, (i) the Seller shall be deemed to have granted and does hereby grant to the Depositor and the Depositor shall be deemed to have granted and does hereby grant to the Trust as of such Subsequent Transfer Date a first priority security
interest in the entire right, title and interest of the Seller and of the Depositor in and to the Subsequent Mortgage Loans and all other property conveyed to the Trust pursuant to this Section 2.04 and all proceeds thereof and (ii) this Agreement
shall constitute a security agreement under applicable law. The purchase price shall be one hundred Percent (100%) of the aggregate Scheduled Principal Balance of the Subsequent Mortgage Loans as of the Subsequent Cut-Off Date. On or before each
Subsequent Transfer Date, the Seller shall deliver to, and deposit with the Indenture Trustee or the Custodian on behalf of the Indenture Trustee, the related documents with respect to each Subsequent Mortgage Loan transferred on such Subsequent
Transfer Date, and the related Subsequent Mortgage Loan Schedule in computer readable format with respect to such Subsequent Mortgage Loans. 
  
 (b) The Seller shall transfer and deliver to the Indenture Trustee or the Custodian on behalf of the Indenture Trustee the Subsequent Mortgage Loans and
the other property and rights related thereto described in paragraph (a) of this Section 2.04 only upon the satisfaction of each of the following conditions on or prior to the applicable Subsequent Transfer Date: 
  
 (i) The Seller shall have provided the Servicer, the
Indenture Trustee, the Depositor, the Trust Administrator, the Master Servicer, the Subservicer and the Rating Agencies with an Addition Notice, which notice shall be given not less than two Business Days prior to the applicable Subsequent Transfer
Date and shall designate the Subsequent Mortgage Loans to be sold to the Trust and the aggregate Scheduled Principal Balance of such Mortgage Loans and the Rating Agencies shall have informed the Seller, the 

  

 47 

 
Depositor, the Indenture Trustee, the Trust Administrator, the Master Servicer, the Servicer or the Subservicer prior to the applicable Subsequent Transfer
Date that the inclusion of such Subsequent Mortgage Loans will not result in the downgrade or withdrawal of the ratings assigned to the Offered Certificates; 
  

(ii) The Seller shall have delivered to the Indenture Trustee, the Depositor, the Trust Administrator, the Master Servicer, the
Subservicer and the Servicer a duly executed Subsequent Transfer Agreement in substantially the form of Exhibit I; 
  
 (iii) The Seller shall have delivered to the Trust Administrator for deposit in the Collection Account all principal collected and
interest collected to the extent accrued and due after the Subsequent Cut-off Date; 
  
 (iv) As of each Subsequent Transfer Date, the Seller was not insolvent, the Seller will not be made insolvent by such transfer and the
Seller is not aware of any pending insolvency; 
  
 (v) Such addition will not result in a material adverse tax consequence to any Noteholder; 
  
 (vi) The Pre-Funding Period shall not have terminated; 
  
 (vii) The Seller shall have provided the Indenture Trustee, the Trust Administrator, the Depositor and the
Rating Agencies with an Opinion of Counsel relating to the sale (i.e., “True Sale Opinion”) of the Subsequent Mortgage Loans from the Seller to the Depositor and the enforceability of the Subsequent Transfer Agreement with respect to the
Seller, which matters may be covered in the opinions delivered on the Closing Date; 
  
 (viii) The Depositor shall have provided the Indenture Trustee, the Trust Administrator and the Rating Agencies with an Opinion of Counsel
relating to the sale (i.e., “True Sale Opinion”) of the Subsequent Mortgage Loans from the Depositor to the Trust, the enforceability of the Subsequent Transfer Agreement with respect to the Depositor and to the effect that the transfer of
such Subsequent Mortgage Loans will not adversely affect the tax status of the Notes, which matters may be covered in the opinions delivered on the Closing Date; 
  
 (ix) The aggregate Scheduled Principal Balance of Subsequent Mortgage Loans does not exceed the amount
deposited in the Pre-Funding Account as of the Closing Date; 
  
 (x) The conditions specified in Exhibit J hereto shall be met; and 
  
 (xi) On the last Subsequent Transfer Date, the Indenture Trustee and the Trust Administrator shall have received an accountant’s
letter confirming that the characteristics of the Mortgage Loans (including the Subsequent Mortgage Loans), satisfy the parameters set forth in Exhibit J hereto. 
  

 48 

 (c) Each party hereto shall comply with their respective obligations set forth in Sections 2.01, 2.02,
3.01, 3.02 and 3.03 with respect to the Subsequent Mortgage Loans delivered on each Subsequent Transfer Date. References in such Sections to the Initial Mortgage Loans or Mortgage Loans shall be deemed to refer to the Subsequent Mortgage Loans and
references to the Initial Cut-Off Date or the Closing Date, as applicable, shall be deemed to refer to the applicable related Subsequent Cut-Off Date or Subsequent Transfer Date, respectively, except that references to 360 days after the Closing
Date shall remain unchanged as shall representations made with specific reference to the Initial Mortgage Loans. 
  
 Section 2.05. Option to Contribute Derivative Instrument. 
  

At any time on or after the Closing Date, the Seller shall have the right to contribute to, and deposit into, the Trust a derivative contract or
comparable instrument (a “Derivative Instrument”). The Derivative Instrument may have a notional amount in excess of the sum of the beneficial interests in the Trust. Any such instrument shall constitute a fully prepaid agreement. The
Trust Administrator shall have no tax reporting duties with respect to any such Derivative Instrument. 
  
 ARTICLE III 
  
 REPRESENTATIONS AND WARRANTIES 
  
 Section 3.01.
Representations and Warranties of the Depositor and the Seller. 
  
 (a) The Depositor hereby represents and warrants to the Issuer, the Indenture Trustee for the benefit of Noteholders, the Trust Administrator, the Master Servicer, the Servicer and the Subservicer as of the Closing Date or such other date
as is specified, that: 
  
 (i) This Agreement
constitutes a legal, valid and binding obligation of the Depositor, enforceable against the Depositor in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other
similar laws now or hereafter in effect affecting the enforcement of creditors’ rights in general and except as such enforceability may be limited by general principles of equity (whether considered in a proceeding at law or in equity);

  
 (ii) Immediately prior to the transfer by the
Depositor to the Trust Estate of each Mortgage Loan, the Depositor had good and equitable title to each Initial Mortgage Loan (insofar as such title was conveyed to it by the Seller) subject to no prior lien, claim, participation interest, mortgage,
security interest, pledge, charge or other encumbrance or other interest of any nature; 
  
 (iii) As of the Closing Date, the Depositor has transferred all right, title and interest in the Initial Mortgage Loans to the Trust
Estate; 
  
 (iv) The Depositor has not
transferred the Initial Mortgage Loans to the Trust Estate with any intent to hinder, delay or defraud any of its creditors; 
  

 49 

 (v) The Depositor has been duly organized and is validly existing as a corporation in
good standing under the laws of Delaware, with full power and authority to own its assets and conduct its business as presently being conducted; and 
  
 (b) The Seller hereby represents and warrants to the Issuer, the Indenture Trustee for the benefit of Noteholders, the Trust Administrator, the Master
Servicer, the Subservicer and the Depositor as of the Closing Date or such other date as is specified, that: 
  
 (i) the Seller is a Delaware limited liability company, duly organized validly existing and in good standing under the laws of the State
of Delaware, and has the corporate power to own its assets and to transact the business in which it is currently engaged. The Seller is duly qualified to do business as a foreign corporation and is in good standing in each jurisdiction in which the
character of the business transacted by it or any properties owned or leased by it requires such qualification and in which the failure so to qualify would have a material adverse effect on the business, properties, assets, or condition (financial
or other) of the Seller; 
  
 (ii) the Seller has
the corporate power and authority to make, execute, deliver and perform this Agreement and all of the transactions contemplated under the Agreement, and has taken all necessary corporate action to authorize the execution, delivery and performance of
this Agreement. When executed and delivered, this Agreement will constitute the legal, valid and binding obligation of the Seller enforceable in accordance with its terms, except as enforcement of such terms may be limited by bankruptcy, insolvency
or similar laws affecting the enforcement of creditors’ rights generally and by the availability of equitable remedies; 
  
 (iii) the Seller is not required to obtain the consent of any other party or any consent, license, approval or authorization from, or
registration or declaration with, any governmental authority, bureau or agency in connection with the execution, delivery, performance, validity or enforceability of this Agreement, except for such consent, license, approval or authorization, or
registration or declaration, as shall have been obtained or filed, as the case may be, prior to the Closing Date; 
  
 (iv) the execution, delivery and performance of this Agreement by the Seller will not violate any provision of any existing law or
regulation or any order or decree of any court applicable to the Seller or any provision of the articles of incorporation or bylaws of the Seller, or constitute a material breach of any mortgage, indenture, contract or other agreement to which the
Seller is a party or by which the Seller may be bound; 
  
 (v) no litigation or administrative proceeding of or before any court, tribunal or governmental body is currently pending, or to the knowledge of the Seller threatened, against the Seller or any of its properties or with respect to this
Agreement which in the opinion of the Seller has a reasonable likelihood of resulting in a material adverse effect on the transactions contemplated by this Agreement; and 
  
 (vi) the Seller has been organized in conformity with the requirements for qualification as a REIT; the
Seller will file with its federal income tax return for its 

  

 50 

 
taxable years ended [December 31, 2003 and December 31, 2004,] an election to be treated as a REIT for federal income tax purposes; and the Seller currently
qualifies as, and it proposes to operate in a manner that will enable it to continue to qualify as, a REIT. 
  
 (c) The Seller hereby represents and warrants to the Issuer, the Indenture Trustee for the benefit of Noteholders, the Trust Administrator, the Master
Servicer, the Subservicer and the Depositor as of the Closing Date or such other date as is specified, with respect to the Mortgage Loans, the representations and warranties set forth in Section 3.2 of the Mortgage Loan Purchase Agreement.

  
 (d) To the extent that any fact, condition or event with
respect to a Mortgage Loan constitutes a breach of a representation or warranty of the Seller under subsection (c) above or the Mortgage Loan Purchase Agreement, the only right or remedy of the Indenture Trustee or any Certificateholder hereunder
shall be their rights to enforce the obligations of the Seller under any applicable representation or warranty made by it. The Indenture Trustee acknowledges that the Depositor shall have no obligation or liability with respect to any breach of any
representation or warranty with respect to the Mortgage Loans (except as set forth in Section 3.01(a)(ii)) under any circumstances. 
  
 Section 3.02. Discovery of Breach. It is understood and agreed that the representations and warranties (i) of the Depositor set forth in Section
3.01(a), (ii) of the Seller set forth in Section 3.01(b) and (c) and (iii) of the Servicer and the Subservicer pursuant to Section 4.05 of this Agreement, shall each survive delivery of the Mortgage Files and the Assignment of Mortgage of each
Mortgage Loan to the Indenture Trustee and shall continue throughout the term of this Agreement. With respect to the representations and warranties which are made to the best of the Seller’s knowledge, if it is discovered by the Depositor, the
Seller, the Trust Administrator, the Indenture Trustee, the Master Servicer, the Underwriters, the Servicer or the Subservicer that the substance of such representation and warranty is inaccurate and such inaccuracy materially and adversely affects
the value of the Mortgage Loans or the interests of the Noteholders or the Indenture Trustee therein, notwithstanding such Seller’s lack of knowledge with respect to the substance of such representation or warranty, remedies for breach will
apply to such inaccuracy. Any breach of the representation and warranty set forth in clauses [(xxi), (xxxiv), (lxxii), (lxxiv), (lxxv), (lxxvi), (lxxxv), (lxxxvi), (lxxxvii) and (lxxxviii)] of Section 3.2 of the Mortgage Loan Purchase Agreement
shall be deemed to materially and adversely affect the interest of the Trust in that Mortgage Loan, notwithstanding the Seller’s lack of knowledge with respect to the substance of such representation and warranty. Upon discovery by any of the
Depositor, the Master Servicer, the Trust Administrator or the Indenture Trustee of a breach of any of such representations and warranties made by the Seller that adversely and materially affects the value of the related Mortgage Loan, the party
discovering such breach shall give prompt written notice to the other parties. Within 60 days of the discovery by the Seller of a breach of any representation or warranty given to the Indenture Trustee by the Seller or the Seller’s receipt of
written notice of such a breach, the Seller shall either (a) cure such breach in all material respects, (b) repurchase such Mortgage Loan or any property acquired in respect thereof from the Indenture Trustee at the Purchase Price or (c) substitute
a Qualifying Substitute Mortgage Loan for the affected Mortgage Loan. 
  

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 Section 3.03. Repurchase, Purchase or Substitution of Mortgage Loans. 
  
 (a) With respect to any Mortgage Loan repurchased by the Seller pursuant to
Section 3.02(b) of this Agreement, the principal portion of the funds in respect of such repurchase of a Mortgage Loan will be considered a Principal Prepayment and the Purchase Price shall be deposited in the Collection Account. Upon receipt by the
Trust Administrator of the full amount of the Purchase Price for a Deleted Mortgage Loan, or upon receipt of notification from the Custodian that it had received the Mortgage File for a Qualifying Substitute Mortgage Loan substituted for a Deleted
Mortgage Loan (and any applicable Substitution Amount), the Indenture Trustee shall release or cause to be released and reassign to the Depositor or the Seller, as applicable, the related Mortgage File for the Deleted Mortgage Loan and shall execute
and deliver such instruments of transfer or assignment, in each case without recourse, representation or warranty, as shall be necessary to vest in such party or its designee or assignee title to any Deleted Mortgage Loan released pursuant hereto,
free and clear of all security interests, liens and other encumbrances created by this Agreement and the Indenture, which instruments shall be prepared by the Servicer or the Subservicer and the Indenture Trustee shall have no further responsibility
with respect to the Mortgage File relating to such Deleted Mortgage Loan. 
  
 (b) With respect to each Qualifying Substitute Mortgage Loan to be delivered to the Indenture Trustee (or its custodian) in exchange for a Deleted Mortgage Loan: (i) the Depositor or the Seller, as applicable, must
deliver to the Indenture Trustee (or a Custodian) the Mortgage File for the Qualifying Substitute Mortgage Loan containing the documents set forth in Section 2.01(b) along with a written certification certifying as to the delivery of such Mortgage
File and containing the granting language set forth in Section 2.01(a); and (ii) the Seller and the Depositor will be deemed to have made, with respect to such Qualifying Substitute Mortgage Loan, each of the representations and warranties made by
it with respect to the related Deleted Mortgage Loan. As soon as practicable after the delivery of any Qualifying Substitute Mortgage Loan hereunder, the Indenture Trustee, at the expense of the Depositor and at the direction and with the
cooperation of the Servicer shall (i) with respect to a Qualifying Substitute Mortgage Loan that is a Non-MERS Mortgage Loan, cause the Assignment of Mortgage to be recorded by the Servicer if required pursuant to Section 2.01(c), or (ii) with
respect to a Qualifying Substitute Mortgage Loan that is a MERS Mortgage Loan, cause to be taken such actions as are necessary to cause the Indenture Trustee (on behalf of the Issuer) to be clearly identified as the owner of each such Mortgage Loan
on the records of MERS if required pursuant to Section 2.01(c). 
  
 ARTICLE IV 
  
 ADMINISTRATION AND SERVICING OF THE

 MORTGAGE LOANS BY THE SERVICER 
  
 Section 4.01. Seller’s Engagement of Servicer to Perform Servicing Responsibilities. 
  
 (a) Contract for Servicing; Possession of Servicing Files. The Seller,
as the owner of the servicing rights, by execution and delivery of this Agreement, does hereby contract with the Servicer and the Subservicer, each subject to the terms of this Agreement, for the servicing of the Mortgage Loans for the benefit of
the Issuer and the Indenture Trustee. The Servicer or Subservicer shall maintain a Servicing File with respect to each Mortgage Loan in order to 

  

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service such Mortgage Loans pursuant to this Agreement and each Servicing File delivered to the Servicer or Subservicer shall be held in trust by the
Servicer or Subservicer for the benefit of the Issuer and the Indenture Trustee; provided, however, that neither the Servicer nor the Subservicer shall have any liability for any Servicing Files (or portions thereof) not delivered by the
Seller. The Servicer’s or Subservicer’s possession of any portion of the Mortgage Loan documents shall be at the will of the Indenture Trustee for the sole purpose of facilitating servicing of the related Mortgage Loan pursuant to this
Agreement, and such retention and possession by the Servicer or Subservicer shall be in a custodial capacity only. The ownership of each Mortgage Note, Mortgage, and the contents of the Servicing File shall be vested in the Indenture Trustee and the
ownership of all records and documents with respect to the related Mortgage Loan prepared by or which come into the possession of the Servicer or Subservicer shall immediately vest in the Indenture Trustee and shall be retained and maintained, in
trust, by the Servicer or Subservicer at the will of the Indenture Trustee in such custodial capacity only. The Servicing File retained by the Servicer or Subservicer pursuant to this Agreement shall be identified in accordance with the
Servicer’s or Subservicer’s file tracking system to reflect the ownership of the related Mortgage Loan by the Indenture Trustee. The Servicer or Subservicer shall release from its custody the contents of any Servicing File retained by it
only in accordance with this Agreement. 
  
 (b) Books and
Records. All rights arising out of the Mortgage Loans shall be vested in the Indenture Trustee, subject to the Servicer’s and the Subservicer’s rights to service and administer the Mortgage Loans hereunder in accordance with the terms
of this Agreement. All funds received on or in connection with a Mortgage Loan, other than the Master Servicing Fee, the Servicing Administration Fee and other compensation and reimbursement to which the Servicer, the Subservicer and the Master
Servicer are entitled as set forth herein, including but not limited to Sections 4.04 and 4.21 below, shall be received and held by them in trust for the benefit of the Indenture Trustee pursuant to the terms of this Agreement. 
  
 The Servicer or the Subservicer, as applicable, shall forward to the
Custodian original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with Section 3.01 within one week of their execution; provided, however, that the Servicer
or Subservicer shall provide the Custodian with a Servicer or Subservicer certified true copy of any such document submitted for recordation within one week of its execution, and shall provide the original of any document submitted for recordation
or a copy of such document certified by the appropriate public recording office to be a true and complete copy of the original within 120 days of its submission for recordation. 
  
 Section 4.02. Servicing of the Mortgage Loans. 
  
 (a) Servicer and Subservicer to Service. The Servicer shall service and administer the Mortgage Loans from and after
the Closing Date and, except where prior consent or approval of the Master Servicer is required under this Agreement, shall have full power and authority, acting alone, to do any and all things in connection with such servicing and administration
which the Servicer may deem necessary or desirable, consistent with the terms of this Agreement and with Servicing Standards. The Servicer hereby delegates to the Subservicer such power and authority, but only to the extent provided in this Section
4.02(a). Beginning on the Closing Date, the Subservicer shall perform all of the obligations of the Servicer under this Agreement relating to the servicing of the Mortgage Loans, on behalf of the Servicer. All references to the 
  

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“Servicer” in this Agreement relating to a servicing right or a servicing obligation in respect of the Mortgage Loans shall mean the
“Subservicer” beginning on the Closing Date, except in the case where this Agreement expressly states that NYMT Servicing Corporation, in its capacity as Servicer, shall retain such right or perform such obligation. Notwithstanding any of
the provisions of this Agreement referring to actions taken through the Subservicer, the Servicer shall not be relieved of any of its obligations hereunder with respect to the servicing of the Mortgage Loans and the Servicer shall remain responsible
hereunder for all acts and omissions of the Subservicer as fully as if such acts and omissions were those of the Servicer. However, NYMT Servicing Corporation, in its capacity as Servicer hereunder, shall not directly service any Mortgage Loan
unless and until NYMT Servicing Corporation has obtained all necessary licenses and approvals in each jurisdiction as may be necessary for NYMT Servicing Corporation to directly service such Mortgage Loans; provided, however, that NYMT Servicing
Corporation shall promptly obtain all such licenses and approvals if required to directly service any Mortgage Loans pursuant to the terms of this Agreement. 
  
 Consistent with the terms of this Agreement, the Servicer may waive, modify or vary any term of any Mortgage Loan or consent to the postponement of strict
compliance with any such term or in any manner grant indulgence to any Mortgagor if in the Servicer’s reasonable and prudent determination such waiver, modification, postponement or indulgence is not materially adverse to the interests of the
Issuer, the Indenture Trustee and the Noteholders; provided, however, that unless the Servicer has obtained the prior written consent of the Master Servicer, the Servicer shall not permit any modification with respect to any Mortgage Loan
that would change the Mortgage Rate, defer or forgive the payment of principal or interest, reduce or increase the outstanding principal balance (except for actual payments of principal) or change the final maturity date on such Mortgage Loan. In
the event of any such modification which permits the deferral of interest or principal payments on any Mortgage Loan, the Servicer shall, on the Business Day immediately preceding the Servicer Remittance Date in any month in which any such principal
or interest payment has been deferred, make an Advance in accordance with Section 4.03(c) in an amount equal to the difference between (a) such month’s principal and one month’s interest at the Mortgage Loan Remittance Rate on the unpaid
principal balance of such Mortgage Loan and (b) the amount paid by the Mortgagor. The Servicer shall be entitled to reimbursement for such advances to the same extent as for all other Advances made pursuant to Section 4.03. Without limiting the
generality of the foregoing, the Servicer shall continue, and is hereby authorized and empowered, to execute and deliver on behalf of itself, the Issuer and the Indenture Trustee, all instruments of satisfaction or cancellation, or of partial or
full release, discharge and all other comparable instruments, with respect to the Mortgage Loans and with respect to the Mortgaged Properties. The Indenture Trustee shall execute and deliver to the Servicer powers of attorney and other documents,
furnished to it by the Servicer and reasonably satisfactory to the Indenture Trustee, necessary or appropriate to enable the Servicer to carry out its servicing and administrative duties under this Agreement; provided that the Indenture
Trustee shall not be liable for the actions of the Servicer under any such powers of attorney. Promptly after the execution of any assumption, modification, consolidation or extension of any Mortgage Loan, the Servicer shall forward to the Master
Servicer copies of any documents evidencing such assumption, modification, consolidation or extension. 
  
 In servicing and administering the Mortgage Loans, the Servicer shall adhere to the Servicing Standard. 
  

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 (b) NYMT Servicing Corporation Discretion. In managing the liquidation of defaulted
Mortgage Loans, NYMT Servicing Corporation, in its capacity as Servicer, will have sole discretion, subject to the terms of this Agreement, to sell defaulted Mortgage Loans; provided, however, that NYMT Servicing Corporation shall not
take any action that is inconsistent with or prejudices the interests of the Noteholders in any Mortgage Loan or the rights and interests of the Depositor, the Indenture Trustee and the Noteholders under this Agreement. 
  
 (c) Collection and Liquidation of Mortgage Loans. Continuously from
the Closing Date, until the date each Mortgage Loan ceases to be subject to this Agreement, the Servicer shall proceed diligently to collect all payments due under each of the Mortgage Loans when the same shall become due and payable and shall take
special care in ascertaining and estimating Escrow Payments and all other charges that will become due and payable with respect to the Mortgage Loans and each related Mortgaged Property, to the end that the installments payable by the Mortgagors
will be sufficient to pay such charges as and when they become due and payable. 
  
 The Servicer shall use its best efforts, consistent with the Servicing Standard to foreclose upon or otherwise comparably convert the ownership of such Mortgaged Properties as come into and continue in default and as
to which no satisfactory arrangements can be made for collection of delinquent payments pursuant to Section 3.01. The Servicer shall use its best efforts to realize upon defaulted Mortgage Loans in such a manner as will maximize the receipt of
principal and interest by the Trust, taking into account, among other things, the timing of foreclosure proceedings. The foregoing is subject to the provisions that, in any case in which Mortgaged Property shall have suffered damage, the Servicer
shall not be required to expend its own funds toward the restoration of such property unless it shall determine in its discretion (i) that such restoration will increase the proceeds of liquidation of the related Mortgage Loan to the Issuer and the
Indenture Trustee after reimbursement to itself for such expenses, and (ii) that such expenses will be recoverable by the Servicer through Insurance Proceeds or Liquidation Proceeds from the related Mortgaged Property. In the event that any payment
due under any Mortgage Loan and not otherwise postponed, deferred or waived pursuant to Section 4.02 is not paid when the same becomes due and payable, or in the event the Mortgagor fails to perform any other covenant or obligation under the
Mortgage Loan and such failure continues beyond any applicable grace period, the Servicer shall take such action as (1) shall be consistent with Servicing Standards and (2) the Servicer shall determine prudently to be in the best interest of the
Issuer, the Indenture Trustee and the Noteholders. In the event that any payment due under any Mortgage Loan is not otherwise postponed, deferred or waived pursuant to Section 4.02(a) and remains delinquent for a period of 105 days or any other
default continues for a period of 105 days beyond the expiration of any grace or cure period, the Servicer shall commence foreclosure proceedings. The Servicer shall notify the Master Servicer in writing of the commencement of foreclosure
proceedings on a monthly basis no later than the fifth Business Day of each month (which notification may be included within the monthly reports submitted to the Master Servicer under Section 4.03(b) this Agreement). In such connection, the Servicer
shall be responsible for all costs and expenses incurred by it in any such proceedings; provided, however, that it shall be entitled to reimbursement thereof from the related Mortgaged Property, as contemplated in Sections 4.02(e) and
4.02(p). 
  

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 Notwithstanding the generality of the preceding paragraph, the Servicer shall take such actions generally
in accordance with the Servicer’s established default timeline and in accordance with Servicing Standards with respect to each Mortgage Loan and Mortgagor for which there is a delinquency until such time as the related Mortgagor is current with
all payments due under the Mortgage Loan. 
  
 (d) Establishment
of and Deposits to Custodial Account. 
  
 (i)
The Servicer shall segregate and hold all funds collected and received pursuant to the Mortgage Loans separate and apart from any of its own funds and general assets and shall initially establish and maintain one or more Custodial Accounts, in the
form of time deposit or demand accounts, each of which accounts shall be titled “NYMT Servicing Corporation (or [            ], as Subservicer) in trust for
[            ], as Indenture Trustee, for the New York Mortgage Trust, Series 2005-[            ] Mortgage-Backed Notes” and
referred to herein as a “Custodial Account.” Each Custodial Account shall be an Eligible Account. Any funds deposited in the Custodial Account may be invested in Eligible Investments subject to the provisions of Section 4.02(j) hereof.
Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 4.02(e) hereof. The creation of any Custodial Account shall be evidenced by a letter agreement in the form of Exhibit E hereto. A copy of such
certification or letter agreement shall be furnished to the Indenture Trustee, the Master Servicer and, upon request, to any subsequent owner of the Mortgage Loans. 
  
 (ii) The Servicer shall deposit in the Custodial Account on a daily basis, but not more than two (2)
Business Days after receipt by the Servicer and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Cut-off Date (other than scheduled payments of principal and interest due on or
before the related Cut-off Date), as applicable: 
  
 (1) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments and all Prepayment Premiums; 
  
 (2) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; 
  
 (3) all Liquidation Proceeds (net of Liquidation Expenses);

  
 (4) all Insurance Proceeds including amounts
required to be deposited pursuant to Section 4.02(k) (other than proceeds to be held in the Escrow Account and applied to the restoration and repair of the Mortgaged Property or released to the Mortgagor in accordance with the related Mortgage Loan
documents and Servicing Standards); 
  
 (5) all
Condemnation Proceeds that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the related Mortgage Loan documents and Servicing Standards; 
  

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 (6) with respect to each Principal Prepayment in full or in part, the Prepayment Interest
Shortfall Amount, if any, for the month of payment. Such deposit shall be made from the Servicer’s own funds, without reimbursement therefore, up to a maximum amount per month in the aggregate of the Servicing Administration Fee, actually
received for such month for the Mortgage Loans; 
  
 (7) all Advances made by the Servicer pursuant to Section 4.03(c); 
  
 (8) any amounts received from the Seller, the Depositor or any other person giving representations and warranties with respect to the Mortgage Loans, in connection with the repurchase of any Mortgage Loan; 

 
 (9) any amounts required to be deposited by the Servicer
pursuant to Section 4.02(k) in connection with the deductible clause in any blanket hazard insurance policy; 
  
 (10) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds pursuant to Section 4.02(p); and

  
 (11) any other amounts required to be
deposited in the Custodial Account pursuant to this Agreement. 
  
 The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of the Servicing Administration Fee,
Prepayment Interest Excess Amounts and Ancillary Income need not be deposited by the Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution maintaining such account shall
accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 3.04. Additionally, any other benefit derived from the Custodial Account associated with the
receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer. 
  
 (e) Permitted Withdrawals from Custodial Account. 
  
 The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes: 
  
 (1) to make payments to the Master Servicer in the amounts
and in the manner provided for in Section 4.03(a); 
  
 (2) in the event the Servicer has elected not to retain the Servicing Administration Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late
collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery into the Custodial Account, to pay to itself the
related Servicing Administration Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan; 
  

 57 

 (3) to reimburse itself for unreimbursed Advances and Servicing Advances, the
Servicer’s right to reimburse itself pursuant to this subclause (3) with respect to any Mortgage Loan being limited to related Liquidation Proceeds (net of Liquidation Expenses), Condemnation Proceeds, Insurance Proceeds, REO Disposition
Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to such Mortgage Loan, it being understood that, in the case of any such
reimbursement, the Servicer’s right thereto shall be prior to the rights of the Noteholders; 
  
 (4) to reimburse itself for any previously unreimbursed Advances or Servicing Advances that it determines are Nonrecoverable Advances, it
being understood, in the case of each such reimbursement, that the Servicer’s right thereto shall be prior to the rights of the Noteholders; 
  
 (5) to pay itself investment earnings on funds deposited in the Custodial Account; 
  
 (6) to transfer funds to another Eligible Account in
accordance with Section 4.02(j) hereof; 
  
 (7)
to invest funds in certain Eligible Investments in accordance with Section 4.02(d)(i) and Section 4.02(i) hereof; 
  
 (8) to withdraw funds deposited in error; 
  
 (9) to clear and terminate the Custodial Account upon the termination of this Agreement; and 
  
 (10) to pay itself any Prepayment Interest Excess Amount.

  
 (f) Establishment of and Deposits to Escrow Account.
The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow
Accounts, in the form of time deposit or demand accounts, titled “NYMT Servicing Corporation (or [            ], as Subservicer) in trust for
[            ], as Indenture Trustee, for the New York Mortgage Trust, Series 2005-[    ].” The Escrow Accounts shall be established with an Eligible Institution in
a manner that shall provide maximum available insurance thereunder. Nothing herein shall require the Servicer to compel a Mortgagor to establish an Escrow Account in violation of applicable law. Funds deposited in the Escrow Account may be drawn on
by the Servicer in accordance with Section 4.02(g). The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit F hereto. A copy of such certification or letter agreement shall be furnished to the Master
Servicer. 
  

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 The Servicer shall deposit in the Escrow Account or Accounts on a daily basis, and retain therein:

  
 (i) all Escrow Payments collected on account
of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and 
  
 (ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any
Mortgaged Property. 
  
 The Servicer shall make withdrawals from
the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 4.02(g). The Servicer shall be entitled to retain any interest earnings paid on funds deposited in the Escrow Account by the depository
institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be
non-interest bearing or the interest earnings paid thereon are insufficient for such purposes. 
  
 (g) Permitted Withdrawals from Escrow Account. Withdrawals from the Escrow Account or Accounts may be made by the Servicer only: 
  
 (i) to effect timely payments of ground rents, taxes, assessments, water rates, mortgage insurance premiums,
condominium charges, fire and hazard insurance premiums or other items constituting Escrow Payments for the related Mortgage; 
  
 (ii) to reimburse the Servicer for any Servicing Advance of an Escrow Payment made by the Servicer with respect to a related Mortgage
Loan, but only from amounts received on the related Mortgage Loan which represent late collections of Escrow Payments thereunder; 
  
 (iii) to refund to any Mortgagor any funds found to be in excess of the amounts required to be escrowed under the terms of the related
Mortgage Loan; 
  
 (iv) to the extent permitted
by applicable law, for transfer to the Custodial Account and application to reduce the principal balance of the Mortgage Loan in accordance with the terms of the related Mortgage and Mortgage Note; 
  
 (v) for application to restoration or repair of the
Mortgaged Property in accordance with Section 4.02(o); 
  
 (vi) to pay to the Servicer, or any Mortgagor to the extent required by law, any interest paid on the funds deposited in the Escrow Account; and 
  
 (vii) to clear and terminate the Escrow Account on the termination of this Agreement. 
  
 The Servicer will be responsible for the administration of the Escrow
Accounts and will be obligated to make Servicing Advances to the Escrow Account in respect of its 

  

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obligations under this 4.02(g), reimbursable from the Escrow Accounts or Custodial Account to the extent not collected from the related Mortgagor, anything
to the contrary notwithstanding, when and as necessary to avoid the lapse of insurance coverage on the Mortgaged Property, or which the Servicer knows, or in servicing the Mortgage Loans in accordance with Servicing Standards should know, is
necessary to avoid the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien. If any such payment has not been made and the Servicer receives notice of a tax lien with respect to the Mortgage being imposed,
the Servicer will advance or cause to be advanced funds necessary to discharge such lien on the Mortgaged Property in order to prevent loss of title to the Mortgaged Property. 
  
 (h) Notification of Adjustments. With respect to each Mortgage Loan, the Servicer shall adjust the Mortgage Rate on
the related interest rate adjustment date and shall adjust the Scheduled Payment on the related mortgage payment adjustment date, if applicable, in compliance with the requirements of applicable law and the related Mortgage and Mortgage Note. The
Servicer shall execute and deliver any and all necessary notices required under applicable law and the terms of the related Mortgage Note and Mortgage regarding the Mortgage Rate and Scheduled Payment adjustments. The Servicer shall promptly, upon
written request therefor, deliver to the Master Servicer such notifications and any additional applicable data regarding such adjustments and the methods used to calculate and implement such adjustments. Upon the discovery by the Servicer or the
receipt of notice from the Master Servicer that the Servicer has failed to adjust a Mortgage Rate or Scheduled Payment in accordance with the terms of the related Mortgage Note, the Servicer shall immediately deposit in the Custodial Account from
its own funds the amount of any interest loss or deferral caused the Seller thereby. 
  
 (i) Payment of Taxes, Insurance and Other Charges. 
  
 (i) With respect to each Mortgage Loan which provides for Escrow Payments, the Servicer shall maintain accurate records reflecting the
status of ground rents, taxes, assessments, water rates, sewer rents, and other charges which are or may become a lien upon the Mortgaged Property and the status of fire and hazard insurance coverage and shall obtain, from time to time, all bills
for the payment of such charges (including renewal premiums) (“Property Charges”) and shall effect payment thereof prior to the applicable penalty or termination date, employing for such purpose deposits of the Mortgagor in the
Escrow Account which shall have been estimated and accumulated by the Servicer in amounts sufficient for such purposes, as allowed under the terms of the Mortgage. The Servicer shall effect timely payment of all such charges irrespective of each
Mortgagor’s faithful performance in the payment of the same or the making of the Escrow Payments. 
  
 (ii) To the extent that a Mortgage does not provide for Escrow Payments, the Servicer shall make Servicing Advances from its own funds to
effect payment of all Property Charges upon receipt of notice of any failure to pay on the part of the Mortgagor, or at such other time as the Servicer determines to be in the best interest of the Trust; provided, that in any event the
Servicer shall pay such charges on or before any date by which payment is necessary to preserve the lien status of the Mortgage. The Servicer shall pay any late fee or penalty which is payable due to any delay in payment of any Property Charge and
necessary to avoid a lien on or loss on Mortgage Property. 
  

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 (j) Protection of Accounts. The Servicer may transfer the Custodial Account or the Escrow Account
to a different Eligible Institution from time to time. Such transfer shall be made only upon obtaining the consent of the Master Servicer, which consent shall not be withheld unreasonably, and the Servicer shall give notice to the Master Servicer
and the Indenture Trustee of any change in the location of the Custodial Account. 
  
 The Servicer shall bear any expenses, losses or damages sustained by the Master Servicer or the Indenture Trustee if the Custodial Account and/or the Escrow Account are not Eligible Accounts. 
  
 Amounts on deposit in the Custodial Account and the Pre-Funding Account may
be invested at the option of the Servicer and the Seller, respectively, but only in Eligible Investments. Any such Eligible Investment with respect to the Custodial Account shall mature no later than two (2) Business Days prior to the Servicer
Remittance Date in each month; provided, however, that if such Eligible Investment is an obligation of an Eligible Institution (other than the Servicer) that maintains the Custodial Account, then such Eligible Investment may mature on
the related Servicer Remittance Date. Any such Eligible Investment shall be made in the name of the Servicer (with respect to the Custodial Account) and the Seller (with respect to the Pre-Funding Account) in trust for the benefit of the Indenture
Trustee. All income on or gain realized from any such Eligible Investment shall be for the benefit of the Servicer (with respect to the Custodial Account) and the Seller (with respect to the Pre-Funding Account) and may be withdrawn at any time by
the Servicer (with respect to the Custodial Account) and the Seller (with respect to the Pre-Funding Account). Any losses incurred in respect of any such investment shall be deposited in the Custodial Account by the Servicer (with respect to the
Custodial Account) and the Seller (with respect to the Pre-Funding Account) out of its own funds immediately as realized. If, at any time, the amount on deposit in the Custodial Account or the Pre-Funding Account exceeds the amount of the applicable
FDIC insurance, such excess above the amount of the applicable FDIC insurance shall be invested in Eligible Investments. 
  
 (k) Maintenance of Hazard Insurance. The Servicer shall cause to be maintained for each Mortgage Loan hazard insurance such that all buildings upon
the Mortgaged Property are insured by a generally acceptable insurer acceptable under Servicing Standards against loss by fire, hazards of extended coverage and such other hazards as are customary in the area where the Mortgaged Property is located,
in an amount which is at least equal to the lesser of (i) the replacement value of the improvements securing such Mortgage Loan and (ii) the greater of (a) the outstanding principal balance of the Mortgage Loan and (b) an amount such that the
proceeds thereof shall be sufficient to prevent the Mortgagor or the loss payee from becoming a co-insurer. 
  
 If upon origination of the Mortgage Loan the related Mortgaged Property was located in an area identified in the Federal Register by the Flood Emergency
Management Agency as having special flood hazards (and such flood insurance has been made available), a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration shall be in effect with a
generally acceptable insurance carrier acceptable under Servicing Standards in an amount representing coverage equal to the lesser of (i) the minimum amount required, under the terms of coverage, to compensate for any damage or loss on a replacement
cost basis (or the unpaid balance of the mortgage if replacement cost 

  

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coverage is not available for the type of building insured) and (ii) the maximum amount of insurance which is available under the Flood Disaster Protection
Act of 1973, as amended. If at any time during the term of the Mortgage Loan, the Servicer determines in accordance with applicable law and pursuant to Servicing Standards that a Mortgaged Property is located in a special flood hazard area and is
not covered by flood insurance or is covered in an amount less than the amount required by the Flood Disaster Protection Act of 1973, as amended, the Servicer shall notify the related Mortgagor that the Mortgagor must obtain such flood insurance
coverage, and if said Mortgagor fails to obtain the required flood insurance coverage within thirty (30) days after such notification, the Servicer shall immediately force place the required flood insurance on the Mortgagor’s behalf.

  
 The Servicer shall cause to be maintained on each Mortgaged
Property such other or additional insurance as may be required pursuant to such applicable laws and regulations as shall at any time be in force and as shall require such additional insurance, or pursuant to the requirements of any private mortgage
guaranty insurer, or as may be required to conform with Servicing Standards. 
  
 In the event that the Master Servicer or the Servicer shall determine that the Mortgaged Property should be insured against loss or damage by hazards and risks not covered by the insurance required to be maintained by
the Mortgagor pursuant to the terms of the Mortgage, the Servicer shall communicate and consult with the Mortgagor with respect to the need for such insurance and bring to the Mortgagor’s attention the desirability of protection of the
Mortgaged Property. 
  
 All policies required hereunder shall name
the Servicer as loss payee and shall be endorsed with standard or union mortgagee clauses, without contribution, which shall provide for at least 30 days prior written notice of any cancellation, reduction in amount or material change in coverage.

  
 The Servicer shall not interfere with the Mortgagor’s
freedom of choice in selecting either his insurance carrier or agent; provided, however, that the Servicer shall not accept any such insurance policies from insurance companies unless such companies are generally acceptable under
Servicing Standards. The Servicer shall determine that such policies provide sufficient risk coverage and amounts, that they insure the property owner, and that they properly describe the property address. The Servicer shall furnish to the Mortgagor
a formal notice of expiration of any such insurance in sufficient time for the Mortgagor to arrange for renewal coverage by the expiration date. 
  
 Pursuant to Section 4.02(d), any amounts collected by the Servicer under any such policies (other than amounts to be deposited in the Escrow Account and
applied to the restoration or repair of the related Mortgaged Property, or property acquired in liquidation of the Mortgage Loan, or to be released to the Mortgagor, in accordance with the Servicer’s normal servicing procedures) shall be
deposited in the Custodial Account subject to withdrawal pursuant to Section 4.02(e). 
  
 Notwithstanding anything set forth in the preceding paragraph, the Servicer agrees to indemnify the Indenture Trustee, the Issuer, the Noteholders and the Master Servicer 
  

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for any claims, losses, damages, penalties, fines, forfeitures, legal fees and related costs, judgments and any other costs, fees and expenses that any such
indemnified party may sustain in any way related to the failure of the Mortgagor (or the Servicer) to maintain hazard or flood insurance with respect to the related Mortgaged Property which complies with the requirements of this section. 

 
 (l) Maintenance of Mortgage Impairment Insurance. In the event that
the Servicer shall obtain and maintain a blanket policy insuring against losses arising from fire and hazards covered under extended coverage on all of the Mortgage Loans, then, to the extent such policy provides coverage in an amount equal to the
amount required pursuant to Section 4.02(k) and otherwise complies with all other requirements of Section 4.02(k), it shall conclusively be deemed to have satisfied its obligations as set forth in Section 4.02(k). Any amounts collected by the
Servicer under any such policy relating to a Mortgage Loan shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 4.02(e). Such policy may contain a deductible clause, in which case, in the event that there shall not
have been maintained on the related Mortgaged Property a policy complying with Section 4.02(k), and there shall have been a loss which would have been covered by such policy, the Servicer shall deposit in the Custodial Account at the time of such
loss the amount not otherwise payable under the blanket policy because of such deductible clause, such amount to deposited from the Servicer’s funds, without reimbursement therefor. Upon request of the Master Servicer or the Indenture Trustee,
the Servicer shall cause to be delivered to such person a certified true copy of such policy and a statement from the insurer thereunder that such policy shall in no event be terminated or materially modified without 30 days’ prior written
notice to the Master Servicer and the Indenture Trustee. 
  
 (m)
Maintenance of Fidelity Bond and Errors and Omissions Insurance. The Servicer shall maintain with responsible companies, at its own expense, a blanket Fidelity Bond and an Errors and Omissions Insurance Policy, with broad coverage on all
officers, employees or other persons acting in any capacity requiring such persons to handle funds, money, documents or papers relating to the Mortgage Loans (“Servicer Employees”). Any such Fidelity Bond and Errors and Omissions
Insurance Policy shall be in the form of the Mortgage Banker’s Blanket Bond and shall protect and insure the Servicer against losses, including forgery, theft, embezzlement, fraud, errors and omissions and negligent acts of such Servicer
Employees. Such Fidelity Bond and Errors and Omissions Insurance Policy also shall protect and insure the Servicer against losses in connection with the release or satisfaction of a Mortgage Loan without having obtained payment in full of the
indebtedness secured thereby. No provision of this Section 4.02(m) requiring such Fidelity Bond and Errors and Omissions Insurance Policy shall diminish or relieve the Servicer from its duties and obligations as set forth in this Agreement. The
minimum coverage under any such bond and insurance policy shall be at least equal to the coverage amounts which are acceptable for the Servicer as determined by Fannie Mae and Freddie Mac. Upon the request of the Master Servicer or the Indenture
Trustee, the Servicer shall cause to be delivered to such party a certified true copy of such fidelity bond and insurance policy and a statement from the surety and the insurer that such fidelity bond and insurance policy shall in no event be
terminated or materially modified without 30 days’ prior written notice to the Master Servicer and the Indenture Trustee. 
  

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 (n) Inspections. The Servicer shall inspect the Mortgaged Property as often as deemed necessary by
the Servicer to assure itself that the value of the Mortgaged Property is being preserved. In addition, the Servicer shall inspect the Mortgaged Property and/or take such other actions as may be necessary or appropriate in accordance with Servicing
Standards or as may be required by the primary mortgage guaranty insurer. The Servicer shall keep a written report of each such inspection. 
  
 (o) Restoration of Mortgaged Property. The Servicer need not obtain the approval of the Master Servicer or the Indenture Trustee prior to releasing
any Insurance Proceeds or Condemnation Proceeds to the Mortgagor to be applied to the restoration or repair of the Mortgaged Property if such release is in accordance with Servicing Standards. At a minimum, the Servicer shall comply with the
following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds: 
  
 (i) the Servicer shall receive satisfactory independent verification of completion of repairs and issuance of any required approvals with
respect thereto; 
  
 (ii) the Servicer shall take
all steps necessary to preserve the priority of the lien of the Mortgage, including, but not limited to requiring waivers with respect to mechanics’ and materialmen’s liens; and 
  
 (iii) pending repairs or restoration, the Servicer shall
place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. 
  
 (p) Title, Management and Disposition of REO Property. In the event that title to any Mortgaged Property is acquired in foreclosure or by deed in lieu of foreclosure, the deed or certificate of sale shall be
taken in the name of the Indenture Trustee or its nominee in trust for the benefit of the Noteholders, or in the event the Indenture Trustee is not authorized or permitted to hold title to real property in the state where the REO Property is
located, or would be adversely affected under the “doing business” or tax laws of such state by so holding title, the deed or certificate of sale shall be taken in the name of such Person or Persons as shall be consistent with an Opinion
of Counsel obtained by the Servicer (with a copy delivered to the Indenture Trustee) from any attorney duly licensed to practice law in the state where the REO Property is located. The Person or Persons holding such title other than the Indenture
Trustee shall acknowledge in writing that such title is being held as nominee for the Indenture Trustee. 
  
 The Servicer shall manage, conserve, protect and operate each REO Property for the Indenture Trustee solely for the purpose of its prompt disposition and
sale. The Servicer, either itself or through an agent selected by the Servicer, shall manage, conserve, protect and operate the REO Property in the same manner that it manages, conserves, protects and operates other foreclosed property for its own
account, and in the same manner that similar property in the same locality as the REO Property is managed. The Servicer shall attempt to sell the same (and may temporarily rent the same for a period not greater than one year, except as otherwise
provided below) on such terms and conditions as the Servicer deems to be in the best interest of the Issuer, the Indenture Trustee and the Noteholders. 
  

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 If the Servicer hereafter becomes aware that a Mortgaged Property is an Environmental Problem Property,
the Servicer will notify the Master Servicer of the existence of the Environmental Problem Property. Additionally, the Servicer shall set forth in such notice a description of such problem, a recommendation to the Master Servicer relating to the
proposed action regarding the Environmental Problem Property, and the Servicer shall carry out the recommendation set forth in such notice. Notwithstanding the foregoing, the Servicer shall obtain the Master Servicer’s prior written consent to
any expenditures proposed to remediate Environmental Problem Properties or to defend any claims associated with Environmental Problem Properties if such expenses, in the aggregate, are expected to exceed $100,000. Failure to provide written notice
of disapproval of the expenditure within five (5) Business Days of receipt of such request for prepaid expenditures shall be deemed an approval of such expenditure. If the Servicer has received reliable instructions to the effect that a Property is
an Environmental Problem Property (e.g., Servicer obtains a broker’s price opinion which reveals the potential for such problem), the Servicer will not accept a deed-in-lieu of foreclosure upon any such Property without first obtaining a
preliminary environmental investigation for the Property. 
  
 The
Servicer shall also maintain on each REO Property fire and hazard insurance with extended coverage in amount which is at least equal to the maximum insurable value of the improvements which are a part of such property and, to the extent required and
available under the Flood Disaster Protection Act of 1973, as amended, flood insurance in the amount required above. 
  
 The proceeds of sale of the REO Property shall be promptly deposited in the Custodial Account. As soon as practical thereafter the expenses of such sale
shall be paid and the Servicer shall reimburse itself for any related unreimbursed Servicing Advances, unpaid Servicing Administration Fees and unreimbursed advances made pursuant to this Section or Section 4.03. 
  
 The Servicer shall make Servicing Advances of all funds necessary for the
proper operation, management and maintenance of the REO Property, including the cost of maintaining any hazard insurance pursuant to Section 4.02(k), such advances to be reimbursed from the disposition or liquidation proceeds of the REO Property.
The Servicer shall make monthly remittances on each Servicer Remittance Date to the Master Servicer of the net cash flow from the REO Property (which shall equal the revenues from such REO Property net of the expenses described in this Section
4.02(p) and of any reserves reasonably required from time to time to be maintained to satisfy anticipated liabilities for such expenses). 
  
 (q) Real Estate Owned Reports. Together with the statement furnished pursuant to Section 4.03(b), the Servicer shall furnish to the Master Servicer
on or before the 10th calendar day in each month a statement with respect to any REO Property covering the operation of such REO Property for the previous month and the Servicer’s efforts in connection with the sale of such REO Property and any
rental of such REO Property incidental to the sale thereof for the previous month. That statement shall be accompanied by such other information as the Master Servicer shall reasonably request. 
  

 65 

 (r) Liquidation Reports. Upon the foreclosure sale of any Mortgaged Property or the acquisition
thereof by the Indenture Trustee pursuant to a deed in lieu of foreclosure, the Servicer shall submit to the Indenture Trustee and the Master Servicer a monthly liquidation report with respect to such Mortgaged Property. 
  
 (s) Reports of Foreclosures and Abandonments of Mortgaged Property.
Following the foreclosure sale or abandonment of any Mortgaged Property, the Servicer shall report such foreclosure or abandonment as required pursuant to Section 6050J of the Code. 
  
 (t) Prepayment Premiums. The Servicer or any designee of the Servicer shall not waive any Prepayment Premium with
respect to any Mortgage Loan which contains a Prepayment Premium which prepays during the term of the premium. If the Servicer or its designee fails to collect the Prepayment Premium upon any prepayment of any Mortgage Loan which contains a
Prepayment Premium, the Servicer shall pay to the Master Servicer or the Trust Administrator at such time (by deposit to the Custodial Account) an amount equal to amount of the Prepayment Premium which was not collected. Notwithstanding the above,
the Servicer or its designee may waive a Prepayment Premium without paying the Issuer the amount of the Prepayment Premium if (i) the Mortgage Loan is in default (defined as 61 days or more delinquent) and such waiver would maximize recovery of
total proceeds taking into account the value of such Prepayment Premium and the related Mortgage Loan or (ii) if the prepayment is not a result of a refinancing by the Servicer or any of its affiliates and (a) the Mortgage Loan is foreseen to be in
default and such waiver would maximize recovery of total proceeds taking into account the value of such Prepayment Premium and the related Mortgage Loan or (b) the collection of the Prepayment Premium would be in violation of applicable federal,
state or local laws or would be deemed “predatory” thereunder. 
  
 (u) Compliance with Safeguarding Customer Information Requirements. The Servicer has implemented and will maintain security measures designed to meet the objectives of the Interagency Guidelines Establishing
Standards for Safeguarding Customer Information published in final form on February 1, 2001, 66 Fed. Reg. 8616, and the rules promulgated thereunder, as amended from time to time (the “Guidelines”). 
  
 (v) Presentment of Claims and Collection of Proceeds. The Servicer
shall prepare and present on behalf of the Indenture Trustee and the Noteholders all claims under the Insurance Policies with respect to the Mortgage Loans, and take such actions (including the negotiation, settlement, compromise or enforcement of
the insured’s claim) as shall be necessary to realize recovery under such policies. Any proceeds disbursed to the Servicer in respect of such policies or bonds shall be promptly deposited in the Custodial Account upon receipt, except that any
amounts realized that are to be applied to the repair or restoration of the related Mortgaged Property as a condition requisite to the presentation of claims on the related Mortgage Loan to the insurer under any applicable Insurance Policy need not
be so deposited (or remitted). 
  
 Section 4.03. Payments To
the Master Servicer. 
  
 (a) Remittances. On each
Servicer Remittance Date, the Servicer shall remit on a scheduled/scheduled basis by wire transfer of immediately available funds to the Master Servicer (a) all amounts deposited in the Custodial Account as of the close of business on the last day
of 

  

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the related Due Period (net of charges against or withdrawals from the Custodial Account pursuant to Section 4.02(e)), plus (b) all Advances, if any, which
the Servicer is obligated to make pursuant to Section 4.03(c), minus (c) any amounts attributable to Principal Prepayments, Liquidation Proceeds, Insurance Proceeds, Condemnation Proceeds or REO Disposition Proceeds received after the applicable
Prepayment Period, which amounts shall be remitted on the following Servicer Remittance Date, together with any additional interest required to be deposited in the Custodial Account in connection with such Principal Prepayment in accordance with
Section 4.02(d)(ii)(7) and Section 4.04(c), and minus (d) any amounts attributable to Scheduled Payments collected but due on a Due Date or Due Dates subsequent to the first day of the month in which such Servicer Remittance Date occurs,
which amounts shall be remitted on the Servicer Remittance Date next succeeding the Due Date related to such Scheduled Payment. 
  
 With respect to any remittance received by the Master Servicer after the Servicer Remittance Date on which such remittance was due, the Servicer shall pay
to the Master Servicer interest on any such late remittance at an annual rate equal to the Prime Rate, adjusted as of the date of each change, plus three percentage points, but in no event greater than the maximum amount permitted by applicable law.
Such interest shall be deposited in the Custodial Account by the Servicer on the date such late remittance is made and shall cover the period commencing with the day following such Servicer Remittance Date and ending with the Business Day on which
such remittance is made, both inclusive. Such interest shall be remitted on the next succeeding Servicer Remittance Date. The payment by the Servicer of any such interest shall not be deemed an extension of time for payment or a waiver of any Event
of Default by the Servicer. 
  
 All remittances required to be
made to the Master Servicer shall be made to the following wire account or to such other account as may be specified by the Master Servicer from time to time: 
  

[                        ]

 ABA#: [                    ]

 Account Name: [                    ]

 Account Number: [                    ]

 For further credit to:
[                    ], NYMT 2005-[    ] 
  

(b) Statements to Master Servicer and Trust Administrator. On the 10th day of each calendar month (or, if such 10th day is not a Business Day, then no later than noon (Eastern Time) on the next succeeding Business Day), the Servicer shall furnish to the Master Servicer (i) a monthly remittance advice in the format set forth in Exhibit
G-1 hereto, a monthly defaulted loan report in the format set forth in Exhibit G-2 hereto and a realized loss report in the format set forth in Exhibit G-3 hereto (or in such other format mutually agreed to between the Servicer and the Master
Servicer) relating to the period ending on the last day of the preceding calendar month and (ii) all such information required pursuant to clause (i) above on a magnetic tape or other similar media reasonably acceptable to the Master Servicer.

  
 Such monthly remittance advice shall also be accompanied by a
supplemental report provided to the Master Servicer and the Seller which includes on an aggregate basis for the previous calendar month (i) the amount of any insurance claims filed, (ii) the amount of any claim payments made and (iii) the amount of
claims denied or curtailed. The Master Servicer will convert such data into a format acceptable to the Trust Administrator and provide monthly reports to the Trust Administrator pursuant to the Trust Agreement. 
  

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 In addition, not more than 75 days after the end of each calendar year, commencing December 31, 2005, the
Servicer shall provide (as such information becomes reasonably available to the Servicer) to the Master Servicer and the Trust Administrator such information concerning the Mortgage Loans and annual remittances to the Master Servicer therefrom as is
necessary for the Trust Administrator to prepare the reports required by Section 5.09(c). Such obligation of the Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the
Servicer to the Master Servicer and the Trust Administrator pursuant to any requirements of the Code as from time to time are in force. The Servicer shall also provide to the Trust Administrator such information as may be requested by it and
required for the completion of any tax reporting responsibility of the Trust Administrator within such reasonable time frame as shall enable the Trust Administrator to timely file each Schedule Q (or other applicable tax report or return) required
to be filed by it. 
  
 (c) Advances by Servicer. On the
Business Day immediately preceding each Servicer Remittance Date, the Servicer shall deposit in the Custodial Account from its own funds or from amounts held for future payment, or a combination of both, an amount equal to all Scheduled Payments
(with interest adjusted to the Mortgage Loan Remittance Rate) which were due on the Mortgage Loans during the applicable Due Period and which were delinquent at the close of business on the immediately preceding Determination Date. Any amounts held
for future payment and so used shall be replaced by the Servicer by deposit in the Custodial Account on or before any future Servicer Remittance Date if funds in the Custodial Account on such Servicer Remittance Date shall be less than remittances
to the Master Servicer required to be made on such Servicer Remittance Date. The Servicer shall keep appropriate records of such amounts and will provide such records to the Master Servicer upon request. 
  
 The Servicer’s obligation to make such Advances as to any Mortgage Loan
will continue through the last Scheduled Payment due prior to the payment in full of the Mortgage Loan, or through the last Remittance Date prior to the Remittance Date for the payment of all Liquidation Proceeds and other payments or recoveries
(including Insurance Proceeds and Condemnation Proceeds) with respect to the related Mortgage Loan. 
  
 Notwithstanding the foregoing, if the Subservicer fails to make any Advance required to be made by this Section 4.03 with respect to any Remittance Date,
then the Servicer shall be obligated to make such Advance, subject to its determination of the recoverability of such Advance. 
  
 (d) Due Dates Other Than the First of the Month. Mortgage Loans having Due Dates other than the first day of a month shall be accounted for as
described in this Section 4.03(d). Any Scheduled Payment due on a day other than the first day of each month shall be considered due on the first day of the month following the month in which that payment is due as if such payment were due on the
first day of that month. For example, a Scheduled Payment due on August 15 shall be considered to be due on September 1. Any Scheduled Payment due and collected on a Mortgage Loan after the Cut-off Date shall be deposited in the Custodial Account.
For Mortgage Loans with Due Dates on the first day of a month, deposits to the Custodial Account begin with the Scheduled Payment due on the first of the month following the Cut-off Date. 
  

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 (e) Credit Reporting. For each Mortgage Loan, in accordance with its current servicing practices,
the Servicer will accurately and fully report its underlying borrower credit files to each of the following credit repositories or their successors: Equifax Credit Information Services, Inc., Trans Union, LLC and Experian Information Solution, Inc.,
on a monthly basis in a timely manner. In addition, with respect to any Mortgage Loan serviced for a Fannie Mae pool, the Servicer shall transmit full credit reporting data to each of such credit repositories in accordance with Fannie Mae Guide
Announcement 95-19 (November 11, 1995), a copy of which is attached hereto as Exhibit K, reporting each of the following statuses, each month with respect to a Mortgage Loan in a Fannie Mae pool: New origination, current, delinquent (30-60-90-days,
etc), foreclosed or charged off. 
  
 Section 4.04. General
Servicing Procedures. 
  
 (a) Transfers of Mortgaged
Property. The Servicer shall use its best efforts to enforce any “due-on-sale” provision contained in any Mortgage or Mortgage Note and to deny assumption by the person to whom the Mortgaged Property has been or is about to be sold
whether by absolute conveyance or by contract of sale, and whether or not the Mortgagor remains liable on the Mortgage and the Mortgage Note. When the Mortgaged Property has been conveyed by the Mortgagor, the Servicer shall, to the extent it has
knowledge of such conveyance, exercise its rights to accelerate the maturity of such Mortgage Loan under the “due-on-sale” clause applicable thereto; provided, however, that the Servicer shall not exercise such rights if
prohibited by law from doing so. 
  
 If the Servicer reasonably
believes it is unable under applicable law to enforce such “due-on-sale” clause, the Servicer shall enter into (i) an assumption and modification agreement with the person to whom such property has been conveyed pursuant to which such
person becomes liable under the Mortgage Note and the original Mortgagor remains liable thereon or (ii) in the event the Servicer is unable under applicable law to require that the original Mortgagor remain liable under the Mortgage Note and the
Servicer has the prior consent of the primary mortgage guaranty insurer, a substitution of liability agreement with the seller of the Mortgaged Property pursuant to which the original Mortgagor is released from liability and the buyer of the
Mortgaged Property is substituted as Mortgagor and becomes liable under the Mortgage Note. In connection with any such assumption, neither the Mortgage Rate borne by the related Mortgage Note, the timing of principal or interest payments on the
Mortgage Loan, the term of the Mortgage Loan nor the outstanding principal amount of the Mortgage Loan shall be changed. 
  
 To the extent that any Mortgage Loan is assumable, the Servicer shall inquire diligently into the creditworthiness of the proposed transferee, and shall
use the underwriting criteria for approving the credit of the proposed transferee which are used by the Servicer, its affiliates or Fannie Mae with respect to underwriting mortgage loans of the same type as the Mortgage Loans. If the credit of the
proposed transferee does not meet such underwriting criteria, the Servicer diligently shall, to the extent permitted by the Mortgage or the Mortgage Note and by applicable law, accelerate the maturity of the Mortgage Loan. 
  

 69 

 (b) Satisfaction of Mortgages and Release of Mortgage Files. Upon the payment in full of any
Mortgage Loan, or the receipt by the Servicer of a notification that payment in full will be escrowed in a manner customary for such purposes, the Servicer shall notify the Master Servicer in the monthly remittance advice as provided in Section
4.03(b), and may request the release of any Mortgage Loan Documents from the Custodian in accordance with the Custodial Agreement. 
  
 If the Servicer satisfies or releases a Mortgage without first having obtained payment in full of the indebtedness secured by the Mortgage or should the
Servicer otherwise prejudice any rights the Seller, the Indenture Trustee or the Issuer may have under the mortgage instruments, the Servicer shall deposit into the Custodial Account the entire outstanding principal balance, plus all accrued
interest on such Mortgage Loan, on the day preceding the Servicer Remittance Date in the month following the date of such release. The Servicer shall maintain the Fidelity Bond and Errors and Omissions Insurance Policy as provided for in Section
4.02(m) insuring the Servicer against any loss it may sustain with respect to any Mortgage Loan not satisfied in accordance with the procedures set forth herein. 
  
 (c) Servicing Compensation. As consideration for servicing the Mortgage Loans subject to this Agreement, the Servicer
and the Subservicer shall be paid in the aggregate the relevant Servicing Administration Fee for each Mortgage Loan remaining subject to this Agreement during any month or part thereof. Such Servicing Administration Fee shall be payable monthly and
retained by the Servicer or the Subservicer, as applicable. Additional servicing compensation in the form of Ancillary Income shall be retained by the Subservicer only and is not required to be deposited in the Custodial Account. The obligation of
the Issuer to pay the Servicing Administration Fee is limited to, and the Servicing Administration Fee is payable from, the interest portion (including recoveries with respect to interest from Liquidation Proceeds) of such Scheduled Payment
collected by the Servicer, or as otherwise provided in Section 4.02(e)(2). 
  
 Each of the Servicer and the Subservicer shall be required to pay all expenses incurred by it in connection with its servicing activities hereunder and shall not be entitled to reimbursement thereof except as
specifically provided for herein. 
  
 The Servicing Administration
Fee payable to or retained by the Servicer or the Subservicer, as applicable, with respect to any Due Period shall be reduced by the Prepayment Interest Shortfall Amount for the related Prepayment Period required to be deposited in the Custodial
Account and remitted to the Master Servicer on the related Servicer Remittance Date. The Servicer and the Subservicer shall be obligated to remit to the Master Servicer on each Servicer Remittance Date the Prepayment Interest Shortfall Amount, only
up to an amount equal to in the aggregate the Servicing Administration Fee the Servicer and the Subservicer are entitled to receive for such Due Period. 
  
 (d) Annual Audit Report. The Subservicer shall, at its own expense, cause a firm of independent public accountants (who may also render other
services to the Subservicer), which is a member of the American Institute of Certified Public Accountants, to furnish, as soon as practicable in each year beginning with 2006, but in no event later than March 15 of each calendar year, to the Seller,
the Master Servicer, the Indenture Trustee and the Sarbanes 

  

 70 

 
Certifying Party (i) year-end audited (if available) financial statements of the Subservicer and (ii) a statement to the effect that such firm has examined
certain documents and records for the preceding fiscal year (or during the period from the date of commencement of such Subservicer’s duties hereunder until the end of such preceding fiscal year in the case of the first such certificate) and
that, on the basis of such examination conducted substantially in compliance with the Uniform Single Attestation Program for Mortgage Bankers, such firm is of the opinion that the Subservicer’s overall servicing operations have been conducted
in compliance with the Uniform Single Attestation Program for Mortgage Bankers except for such exceptions that, in the opinion of such firm, the Uniform Single Attestation Program for Mortgage Bankers requires it to report, in which case such
exceptions shall be set forth in such statement. 
  
 (e) Annual
Compliance Certifications. 
  
 (i) No later
than March 15 of each calendar year, commencing with the year 2006, the Subservicer shall, at its own expense, deliver to the Seller, the Master Servicer, the Indenture Trustee, the Trust Administrator and the Servicer a servicer’s certificate
stating, as to each signer thereof, that (i) a review of the activities of the Subservicer during such preceding fiscal year and of performance under this Agreement has been made under such officers’ supervision, and (ii) to the best of such
officers’ knowledge, based on such review, the Subservicer has fulfilled all its obligations under this Agreement for such year, or, if there has been a default in the fulfillment of all such obligations, specifying each such default known to
such officers and the nature and status thereof including the steps being taken by the Subservicer to remedy such default. 
  
 (ii) For so long as a certificate under the Sarbanes-Oxley Act of 2002, as amended (“Sarbanes-Oxley”), is required to be given
on behalf of the Issuer, no later than March 15 of each calendar year, commencing with the year 2006, or at any other time that the Master Servicer provides a certification pursuant to Sarbanes-Oxley and upon thirty (30) days written request of such
parties, an officer of the Subservicer shall execute and deliver an Officer’s Certificate to the Depositor, the Master Servicer, the Trust Administrator and the Servicer for the benefit of the Issuer and the Sarbanes Certifying Party and its
officers, directors and affiliates, in the form of Exhibit H hereto. 
  
 (iii) The Subservicer shall indemnify and hold harmless the Issuer, the Depositor, the Indenture Trustee, the Owner Trustee, the Trust Administrator, the Servicer and the Master Servicer and their respective officers,
directors, agents and affiliates from and against any losses, damages, penalties, fines, forfeitures, reasonable legal fees and related costs, judgments and other costs and expenses arising out of or based upon a breach by the Subservicer or any of
its officers, directors, agents or affiliates of its obligations under this Section 4.04(e) for the negligence, bad faith or willful misconduct of the Subservicer in connection therewith. If the indemnification provided for herein is unavailable or
insufficient to hold harmless any of the foregoing parties, then the Subservicer agrees that it shall contribute to the amount paid or payable by the Master Servicer as a result of the losses, claims, damages or liabilities of the Master Servicer in
such proportion as is appropriate to reflect the relative fault of the Master Servicer on the one hand and the Subservicer on the other in connection with a breach of the Subservicer’s obligations under this Section 4.04(e) or the
Subservicer’s negligence, bad faith or willful misconduct in connection therewith. 
  

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 (iv) In addition, the Servicer shall provide the certifications and reports specified in
this Section 4.04(e) (with the exception of the certification required by Section 4.04(e)(ii)) to the Persons specified therein within the time period specified therein. The Servicer hereby agrees to indemnify the Master Servicer and the other
Persons specified in Section 4.04(e)(iii) to the same extent as though such provisions referred to the Servicer rather than the Subservicer. 
  
 (f) Inspection. The Servicer shall provide the Indenture Trustee and the Master Servicer, upon five (5) Business Days’ advance notice, during
normal business hours, access to all records maintained by the Servicer in respect of its rights and obligations hereunder and access to officers of the Servicer responsible for such obligations. Upon request, the Servicer shall furnish to the
Indenture Trustee and the Master Servicer its most recent publicly available financial statements and such other information relating to its capacity to perform its obligations under this Agreement. 
  
 Section 4.05. Representations, Warranties and Agreements. 

 
 (a) Representations, Warranties and Agreements of the Servicer.
The Servicer, in its capacity as Servicer, as a condition to the consummation of the transactions contemplated hereby, hereby makes the following representations and warranties to the Master Servicer, the Subservicer, the Depositor and the Indenture
Trustee and the Trust Administrator, as of the Closing Date: 
  
 (i) Due Organization and Authority. The Servicer is a corporation duly organized, validly existing and in good standing under the laws of the jurisdiction of its formation and has all licenses necessary to
carry on its business as now being conducted; the Servicer has the full corporate power and authority to execute and deliver this Agreement and to perform in accordance herewith; the execution, delivery and performance of this Agreement (including
all instruments of transfer to be delivered pursuant to this Agreement) by the Servicer and the consummation of the transactions contemplated hereby have been duly and validly authorized; this Agreement evidences the valid, binding and enforceable
obligation of the Servicer (except to the extent bankruptcy, insolvency, reorganization, fraudulent conveyance or similar laws affect the enforcement of creditor’s rights generally) and all requisite corporate action has been taken by the
Servicer to make this Agreement valid and binding upon the Servicer in accordance with its terms; 
  
 (ii) Ordinary Course of Business. The consummation of the transactions contemplated by this Agreement are in the ordinary course of
business of the Servicer; 
  
 (iii) No
Conflicts. Neither the execution and delivery of this Agreement, the acquisition of the servicing responsibilities by the Servicer or the transactions contemplated hereby, nor the fulfillment of or compliance with the terms and conditions of
this Agreement, will (a) conflict with or result in a breach of any of the terms, 

  

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conditions or provisions of the Servicer’s charter or by-laws or any legal restriction or any agreement or instrument to which the Servicer is now a
party or by which it is bound, (b) constitute a default under any of the foregoing, (c) result in an acceleration under any of the foregoing, (d) result in the violation of any law, rule, regulation, order, judgment or decree to which the Servicer
or its property is subject or (e) impair the ability of the Servicer to act as Servicer hereunder with respect to the Mortgage Loans, or impair the value of the Mortgage Loans; 
  
 (iv) Ability to Perform. The Servicer does not believe, nor does it have any reason or cause to
believe, that it cannot perform each and every covenant contained in this Agreement; 
  
 (v) No Litigation Pending. There is no action, suit, proceeding or investigation pending or, to the Servicer’s knowledge,
threatened against the Servicer which, either in any one instance or in the aggregate, may result in any material adverse change in the business, operations, financial condition, properties or assets of the Servicer, or in any material impairment of
the right or ability of the Servicer to carry on its business substantially as now conducted, or in any material liability on the part of the Servicer, or which would draw into question the validity of this Agreement or of any action taken or to be
taken in connection with the obligations of the Servicer contemplated herein, or which would be likely to impair materially the ability of the Servicer to perform under the terms of this Agreement; 
  
 (vi) No Consent Required. No consent, approval,
authorization or order of any court or governmental agency or body is required for the execution, delivery and performance by the Servicer of or compliance by the Servicer with this Agreement, or if required, such approval has been obtained prior to
the Closing Date; 
  
 (vii) No Default.
The Servicer is not in default, and no event or condition exists that after the giving of notice or lapse of time or both, would constitute an event of default under any material mortgage, indenture, contract, agreement, judgment, or other
undertaking, to which the Servicer is a party or which purports to be binding upon it or upon any of its assets, which default could impair materially the ability of the Servicer to perform under the terms of this Agreement; 
  
 (viii) Ability to Service. The Servicer or an
affiliate is an approved seller/servicer of conventional residential mortgage loans for Fannie Mae and Freddie Mac, with the facilities, procedures and experienced personnel necessary for the sound servicing of mortgage loans of the same type as the
Mortgage Loans. The Servicer or an affiliate is in good standing to service mortgage loans for either Fannie Mae or Freddie Mac, and no event has occurred, including but not limited to a change in insurance coverage, which would make the Servicer or
an affiliate unable to comply with either Fannie Mae or Freddie Mac eligibility requirements or which would require notification to either of Fannie Mae or Freddie Mac; 
  
 (ix) No Untrue Information. Neither this Agreement nor any statement, report or other document
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connection with the transactions contemplated hereby contains any untrue statement of a material fact or omits to state a material fact necessary to make the
statements contained therein not misleading; and 
  
 (x) No Commissions to Third Parties. The Servicer has not dealt with any broker or agent or anyone else who might be entitled to a fee or commission in connection with this transaction other than the Seller. 
  
 (b) Representations, Warranties and Agreements of the Subservicer. The
Subservicer, as a condition to the consummation of the transactions contemplated hereby, hereby makes the following representations and warranties to the Servicer, the Master Servicer, the Depositor and the Issuer, the Indenture Trustee and the
Trust Administrator, as of the Closing Date: 
  
 (i) Due Organization and Authority. The Subservicer is a corporation duly organized, validly existing and in good standing under the laws of the jurisdiction of its formation and has all licenses necessary to carry on its business as
now being conducted and is licensed, qualified and in good standing in each state where a Mortgaged Property is located if the laws of such state require licensing or qualification in order to conduct business of the type conducted by the
Subservicer, and in any event the Subservicer is in compliance with the laws of any such state to the extent necessary to ensure the enforceability of the terms of this Agreement; the Subservicer has the full corporate power and authority to execute
and deliver this Agreement and to perform in accordance herewith; the execution, delivery and performance of this Agreement (including all instruments of transfer to be delivered pursuant to this Agreement) by the Subservicer and the consummation of
the transactions contemplated hereby have been duly and validly authorized; this Agreement evidences the valid, binding and enforceable obligation of the Subservicer (except to the extent bankruptcy, insolvency, reorganization, fraudulent conveyance
or similar laws affect the enforcement of creditor’s rights generally) and all requisite corporate action has been taken by the Subservicer to make this Agreement valid and binding upon the Subservicer in accordance with its terms; 

 
 (ii) Ordinary Course of Business. The consummation
of the transactions contemplated by this Agreement are in the ordinary course of business of the Subservicer; 
  
 (iii) No Conflicts. Neither the execution and delivery of this Agreement, the acquisition of the servicing responsibilities by the
Subservicer or the transactions contemplated hereby, nor the fulfillment of or compliance with the terms and conditions of this Agreement, will (a) conflict with or result in a breach of any of the terms, conditions or provisions of the
Subservicer’s charter or by-laws or any legal restriction or any agreement or instrument to which the Subservicer is now a party or by which it is bound, (b) constitute a material default under any of the foregoing, (c) result in an
acceleration under any of the foregoing, (d) result in the violation of any law, rule, regulation, order, judgment or decree to which the Subservicer or its property is subject or (e) impair the ability of the Subservicer to service the Mortgage
Loans, or impair the value of the Mortgage Loans; 
  

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 (iv) Ability to Perform. The Subservicer does not believe, nor does it have any
reason or cause to believe, that it cannot perform each and every covenant contained in this Agreement; 
  
 (v) No Litigation Pending. There is no action, suit, proceeding or investigation pending or, to the Subservicer’s knowledge,
threatened against the Subservicer which, either in any one instance or in the aggregate, may result in any material adverse change in the business, operations, financial condition, properties or assets of the Subservicer, or in any material
impairment of the right or ability of the Subservicer to carry on its business substantially as now conducted, or in any material liability on the part of the Subservicer, or which would draw into question the validity of this Agreement or of any
action taken or to be taken in connection with the obligations of the Subservicer contemplated herein, or which would be likely to impair materially the ability of the Subservicer to perform under the terms of this Agreement; 
  
 (vi) No Consent Required. No consent, approval,
authorization or order of any court or governmental agency or body is required for the execution, delivery and performance by the Subservicer of or compliance by the Subservicer with this Agreement, or if required, such approval has been obtained
prior to the Closing Date; 
  
 (vii) No
Default. The Subservicer is not in default, and no event or condition exists that after the giving of notice or lapse of time or both, would constitute an event of default under any material mortgage, indenture, contract, agreement, judgment, or
other undertaking, to which the Subservicer is a party or which purports to be binding upon it or upon any of its assets, which default could impair materially the ability of the Subservicer to perform under the terms of this Agreement; 

 
 (viii) Ability to Service. The Subservicer is an
approved seller/Subservicer of conventional residential mortgage loans for Fannie Mae and Freddie Mac, with the facilities, procedures and experienced personnel necessary for the sound servicing of mortgage loans of the same type as the Mortgage
Loans. The Subservicer is in good standing to service mortgage loans for either Fannie Mae or Freddie Mac, and no event has occurred, including but not limited to a change in insurance coverage, which would make the Subservicer unable to comply with
either Fannie Mae or Freddie Mac eligibility requirements or which would require notification to either of Fannie Mae or Freddie Mac; and 
  
 (ix) No Commissions to Third Parties. The Subservicer has not dealt with any broker or agent or anyone else who might be entitled
to a fee or commission in connection with this transaction other than the Seller. 
  
 (c) Remedies for Breach of Representations and Warranties of the Servicer and the Subservicer. It is understood and agreed that the representations and warranties set forth in Sections 4.05(a) and 4.05(b) shall
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the servicing responsibilities as of the Closing Date hereunder and the delivery of the Servicing Files to the Servicer and the Subservicer, as applicable,
and shall inure to the benefit of the Master Servicer and the Indenture Trustee. Upon discovery by either the Servicer, the Subservicer, the Master Servicer or the Indenture Trustee of a breach of any of the foregoing representations and warranties
which materially and adversely affects the ability of the such Representing Party to perform its duties and obligations under this Agreement or otherwise materially and adversely affects the value of the Mortgage Loans, the Mortgaged Property or the
priority of the security interest on such Mortgaged Property or the interests of the Master Servicer or the Indenture Trustee, the party discovering such breach shall give prompt written notice to the other parties. 
  
 Within 60 days of the earlier of either discovery by or notice to a
Representing Party of any breach of a representation or warranty set forth in Section 4.05(a) or Section 4.05(b), as applicable, which materially and adversely affects the ability of such Representing Party to perform its duties and obligations
under this Agreement or otherwise materially and adversely affects the value of the Mortgage Loans, the Mortgaged Property or the priority of the security interest on such Mortgaged Property, such Representing Party shall use its best efforts
promptly to cure such breach in all material respects and, if such breach cannot be cured, such Representing Party shall, at the Indenture Trustee’s or the Master Servicer’s option, assign its rights and obligations under this Agreement
(or respecting the affected Mortgage Loans) to a successor servicer. Such assignment shall be made in accordance with Sections 4.06(e) and 4.06(f). 
  
 In addition, such Representing Party shall indemnify all other parties to this Agreement and hold each of them 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 such
Representing Party’s representations and warranties contained in Section 4.05. 
  
 Any cause of action against a Representing Party relating to or arising out of the breach of any representations and warranties made in Section 4.05(a) or Section 4.05(b), as applicable, shall accrue upon (i)
discovery of such breach by such Representing Party or notice thereof by the Master Servicer, the Depositor or the Indenture Trustee to such Representing Party, (ii) failure by the Representing Party to cure such breach within the applicable cure
period, and (iii) demand upon the Representing Party by the Master Servicer or the Indenture Trustee for compliance with this Agreement. 
  
 (d) Additional Indemnification by the Servicer. The Servicer shall indemnify the Master Servicer, the Depositor, the Issuer, the Indenture Trustee,
the Owner Trustee, and the Trust Administrator and hold each of them harmless against any and all claims, losses, damages, penalties, fines, forfeitures, reasonable and necessary legal fees and related costs, judgments, and any other costs, fees and
expenses (collectively, the “Liabilities”) that the indemnified party may sustain in any way related to the failure of the Servicer to perform its duties and service the Mortgage Loans in accordance with the terms of this Agreement. The
Servicer shall immediately notify the Master Servicer, the Depositor, the Indenture Trustee, the Owner Trustee and the Trust Administrator if a claim is made by a third party with respect to this Agreement or 

  

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the Mortgage Loans that may result in such Liabilities, and the Servicer shall assume (with the prior written consent of the indemnified party) the defense
of any such claim and pay all expenses in connection therewith, including counsel fees, promptly pay, discharge and satisfy any judgment or decree which may be entered against it or any indemnified party in respect of such claim and follow any
written instructions received from such indemnified party in connection with such claim. The Servicer shall be reimbursed promptly from the Trust Fund for all amounts advanced by it pursuant to the preceding sentence except when the claim is in any
way related to the Servicer’s indemnification pursuant to this Section 4.05(d), or the failure of the Servicer to service and administer the Mortgage Loans in accordance with the terms of this Agreement. 
  
 (e) Additional Indemnification by the Subservicer. The Subservicer
shall indemnify the Master Servicer, the Servicer, the Depositor, the Indenture Trustee, the Owner Trustee, the Issuer and the Trust Administrator and hold each of them harmless against any and all claims, losses, damages, penalties, fines,
forfeitures, reasonable and necessary legal fees and related costs, judgments, and any other costs, fees and expenses (collectively, the “Liabilities”) that the indemnified party may sustain in any way related to the failure of the
Subservicer to perform its duties and service the Mortgage Loans in accordance with the terms of this Agreement. The Subservicer shall immediately notify the Master Servicer, the Servicer, the Depositor, the Indenture Trustee, the Owner Trustee and
the Trust Administrator if a claim is made by a third party with respect to this Agreement or the Mortgage Loans that may result in such Liabilities, and the Subservicer shall assume (with the prior written consent of the indemnified party) the
defense of any such claim and pay all expenses in connection therewith, including counsel fees, promptly pay, discharge and satisfy any judgment or decree which may be entered against it or any indemnified party in respect of such claim and follow
any written instructions received from the such indemnified party in connection with such claim. The Subservicer shall be reimbursed promptly from the Trust Fund for all amounts advanced by it pursuant to the preceding sentence except when the claim
is in any way related to the Subservicer’s indemnification pursuant to this Section 4.05(e), or the failure of the Subservicer to service and administer the Mortgage Loans in accordance with the terms of this Agreement. 
  
 Section 4.06. The Servicer and the Subservicer. 
  
 (a) Merger or Consolidation of the Servicer. The Servicer shall keep
in full effect its existence, rights and franchises as a corporation, and shall obtain and preserve its qualification to do business as a foreign corporation in each jurisdiction in which such qualification is or shall be necessary to protect the
validity and enforceability of this Agreement or any of the Mortgage Loans and to perform its duties under this Agreement. 
  
 Any Person into which the Servicer may be merged or consolidated, or any corporation resulting from any merger, conversion or consolidation to which the
Servicer shall be a party, or any Person succeeding to the business of the Servicer, shall be the successor of the Servicer hereunder, without the execution or filing of any paper or any further act on the part of any of the parties hereto, anything
herein to the contrary notwithstanding, provided, however, that the successor or surviving Person shall be an institution (i) having a net worth of not less than $15,000,000, and (ii) which is a Fannie Mae- and Freddie Mac-approved servicer
in good standing. 
  

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 (b) Limitation on Liability of the Servicer and Others. Neither the Servicer nor any of the
directors, officers, employees or agents of the Servicer shall be under any liability to the Master Servicer, the Depositor, the Issuer, the Indenture Trustee or the Trust Administrator for any action taken or for refraining from the taking of any
action in good faith pursuant to this Agreement, or for errors in judgment; provided, however, that this provision shall not protect the Servicer or any such person against any breach of warranties or representations made herein, or failure
to perform its obligations in strict compliance with any standard of care set forth in this Agreement, or any liability which would otherwise be imposed by reason of any breach of the terms and conditions of this Agreement. The Servicer and any
director, officer, employee or agent of the Servicer may rely in good faith on any document of any kind prima facie properly executed and submitted by any Person respecting any matters arising hereunder. The Servicer shall not be under any
obligation to appear in, prosecute or defend any legal action which is not incidental to its duties to service the Mortgage Loans in accordance with this Agreement and which in its opinion may involve it in any expense or liability; provided,
however, that the Servicer may undertake any such action which it may deem necessary or desirable in respect of this Agreement and the rights and duties of the parties hereto. In such event, the Servicer shall be entitled to reimbursement from
the Trust Fund for the reasonable legal expenses and costs of such action. 
  
 (c) Limitation on Resignation and Assignment by the Servicer. This Agreement has been entered into with the Servicer in reliance upon the independent status of the Servicer, and the representations as to the
adequacy of its servicing facilities, plant, personnel, records and procedures, its integrity, reputation and financial standing, and the continuance thereof. Therefore, except as expressly provided in this Section 4.06(c) and Section 4.02(a), the
Servicer shall neither assign its rights under this Agreement or the servicing hereunder nor delegate its duties hereunder or any portion thereof, or sell or otherwise dispose of all or substantially all of its property or assets without, in each
case, the prior written consent of the Seller, the Indenture Trustee, the Master Servicer and the Trust Administrator, which consent, in the case of an assignment of rights or delegation of duties, shall be granted or withheld in the discretion of
the Seller, the Indenture Trustee, the Master Servicer and the Trust Administrator; provided, that in each case, there must be delivered to the Seller, the Master Servicer, the Indenture Trustee and the Trust Administrator a letter from each
Rating Agency to the effect that such transfer of servicing or sale or disposition of assets will not result in a qualification, withdrawal or downgrade of the then-current rating of any of the Notes. 
  
 The Servicer shall not resign from the obligations and duties hereby imposed
on it except by mutual consent of the Servicer and the Master Servicer, or upon the determination that its duties hereunder are no longer permissible under applicable law and such incapacity cannot be cured by the Servicer. Any such determination
permitting the resignation of the Servicer shall be evidenced by an Opinion of Counsel to such effect delivered to the Seller, the Master Servicer and the Indenture Trustee which Opinion of Counsel shall be in form and substance reasonably
acceptable to each of them. No such resignation shall become effective until a successor shall have assumed the Servicer’s responsibilities and obligations hereunder in the manner provided in Section 4.08. 
  
 Without in any way limiting the generality of this Section 4.06, in the event
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delegate its duties hereunder or any portion thereof or sell or otherwise dispose of all or substantially all of its property or assets, except to the extent
permitted by and in accordance with this Section 4.06 and Section 4.02(a), without the prior written consent of the Seller, the Master Servicer, the Indenture Trustee and the Trust Administrator, then such parties shall have the right to terminate
this Agreement upon notice given as set forth in Section 11.07 of the Agreement, without any payment of any penalty or damages and without any liability whatsoever to the Servicer or any third party. 
  
 (d) Merger or Consolidation of the Subservicer. The Subservicer shall
keep in full effect its existence, rights and franchises as a corporation, and shall obtain and preserve its qualification to do business as a foreign corporation in each jurisdiction in which such qualification is or shall be necessary to protect
the validity and enforceability of this Agreement or any of the Mortgage Loans and to perform its duties under this Agreement. 
  
 Any Person into which the Subservicer may be merged or consolidated, or any corporation resulting from any merger, conversion or consolidation to which
the Subservicer shall be a party, or any Person succeeding to the business of the Subservicer, shall be the successor of the Subservicer hereunder, without the execution or filing of any paper or any further act on the part of any of the parties
hereto, anything herein to the contrary notwithstanding, provided, however, that the successor or surviving Person shall be a Person that shall be qualified and approved to service mortgage loans for Fannie Mae or FHLMC and shall have a net
worth of not less than $15,000,000. 
  
 (e) Limitation on
Liability of the Subservicer and Others. Neither the Subservicer nor any of the directors, officers, employees or agents of the Subservicer shall be under any liability to the Master Servicer, the Depositor, the Issuer, Indenture Trustee or the
Trust Administrator for any action taken or for refraining from the taking of any action in good faith pursuant to this Agreement, or for errors in judgment; provided, however, that this provision shall not protect the Subservicer or any such
person against any breach of warranties or representations made herein, or failure to perform its obligations in strict compliance with any standard of care set forth in this Agreement, or any liability which would otherwise be imposed by reason of
any breach of the terms and conditions of this Agreement. The Subservicer and any director, officer, employee or agent of the Subservicer may rely in good faith on any document of any kind prima facie properly executed and submitted by any Person
respecting any matters arising hereunder. The Subservicer shall not be under any obligation to appear in, prosecute or defend any legal action which is not incidental to its duties to service the Mortgage Loans in accordance with this Agreement and
which in its opinion may involve it in any expense or liability, provided, however, that the Subservicer may undertake any such action which it may deem necessary or desirable in respect of this Agreement and the rights and duties of the
parties hereto. In such event, the Subservicer shall be entitled to reimbursement from the Trust Fund for the reasonable legal expenses and costs of such action. 
  
 (f) Limitation on Resignation and Assignment by the Subservicer. This Agreement has been entered into with the
Subservicer in reliance upon the independent status of the Subservicer, and the representations as to the adequacy of its servicing facilities, plant, personnel, records and procedures, its integrity, reputation and financial standing, and the
continuance thereof. Therefore, except as expressly provided in this Section 4.06(f) and Section 

  

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4.02(a), the Subservicer shall neither assign its rights under this Agreement or the servicing hereunder nor delegate its duties hereunder or any portion
thereof, without the prior written consent of the Seller, the Indenture Trustee, the Master Servicer and the Trust Administrator, which consent, in the case of an assignment of rights or delegation of duties, shall be granted or withheld in the
discretion of the Seller, the Indenture Trustee, the Master Servicer and the Trust Administrator, and which consent, in the case of a sale or disposition of all or substantially all of the property or assets of the Subservicer, shall not be
unreasonably withheld by any of them; provided, that in each case, there must be delivered to the Seller, the Master Servicer, the Indenture Trustee and the Trust Administrator a letter from each Rating Agency to the effect that such transfer
of servicing or sale or disposition of assets will not result in a qualification, withdrawal or downgrade of the then-current rating of any of the Notes. 
  
 The Subservicer shall not resign from the obligations and duties hereby imposed on it except by mutual consent of the Subservicer and the Master Servicer,
or upon the determination that its duties hereunder are no longer permissible under applicable law and such incapacity cannot be cured by the Subservicer. Any such determination permitting the resignation of the Subservicer shall be evidenced by an
Opinion of Counsel to such effect delivered to the Seller, the Master Servicer and the Indenture Trustee which Opinion of Counsel shall be in form and substance reasonably acceptable to each of them. No such resignation shall become effective until
a successor shall have assumed the Subservicer’s responsibilities and obligations hereunder in the manner provided in Section 4.08. 
  
 Without in any way limiting the generality of this Section 4.06, in the event that the Subservicer either shall assign this Agreement or the servicing
responsibilities hereunder or delegate its duties hereunder or any portion thereof or sell or otherwise dispose of all or substantially all of its property or assets, except to the extent permitted by and in accordance with this Section 4.06(f) and
Section 4.02(a), without the prior written consent of the Seller, the Master Servicer, the Indenture Trustee and the Trust Administrator, then such parties shall have the right to terminate this Agreement upon notice given as set forth in Section
11.07 of this Agreement, without any payment of any penalty or damages and without any liability whatsoever to the Subservicer or any third party. 
  
 (g) Successor Servicers. The provisions of Sections 4.06(a), (b), and (c) shall apply to any successor to the Servicer as Servicer hereunder other
than the Subservicer. 
  
 Section 4.07. Termination for
Cause. 
  
 Any of the following occurrences shall constitute
an event of default (each, a “Servicer Event of Default” or “Subservicer Event of Default,” as applicable) on the part of the Servicer or the Subservicer: 
  
 (1) any failure by the Servicer or the Subservicer, as applicable, to remit to the Master Servicer any
payment required to be made under the terms of this Agreement which continues unremedied for a period of two Business Days after the date upon which written notice of such failure, requiring the same to be remedied, shall have been given to the
Servicer or the Subservicer, as applicable, by the Master Servicer or the Servicer; or 
  

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 (2) failure by the Servicer or the Subservicer, as applicable, duly to observe or perform
in any material respect any other of the covenants or agreements on the part of the Servicer or the Subservicer, as applicable, set forth in this Agreement which continues unremedied for a period of 30 days after the date on which written notice of
such failure, requiring the same to be remedied, shall have been given to the Servicer or the Subservicer, as applicable, by the Master Servicer or the Servicer; or 
  
 (3) failure by the Servicer (if it is directly servicing the Mortgage Loans) or the Subservicer, as
applicable, to maintain its license to do business or service residential mortgage loans in any jurisdiction where the Mortgaged Properties are located except where the failure to so maintain such license does not have a material adverse effect on
the Servicer’s or the Subservicer’s, as applicable, ability to service the Mortgage Loans; or 
  
 (4) a decree or order of a court or agency or supervisory authority having jurisdiction for the appointment of a conservator or receiver
or liquidator in any insolvency, readjustment of debt, including bankruptcy, marshalling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Servicer or the
Subservicer, as applicable, and such decree or order shall have remained in force undischarged or unstayed for a period of 60 days; or 
  
 (5) the Servicer or the Subservicer, as applicable, shall consent to the appointment of a conservator or receiver or liquidator in any
insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to the Servicer or the Subservicer, as applicable, or of or relating to all or substantially all of its property; or 
  
 (6) the Servicer or the Subservicer, as applicable, shall
admit in writing its inability to pay its debts generally as they become due, file a petition to take advantage of any applicable insolvency, bankruptcy or reorganization statute, make an assignment for the benefit of its creditors, voluntarily
suspend payment of its obligations or cease its normal business operations for three Business Days; or 
  
 (7) the Servicer or the Subservicer, as applicable, ceases to meet the qualifications of a Fannie Mae or Freddie Mac lender/servicer;

  
 (8) the Servicer or the Subservicer, as
applicable, attempts to assign the servicing of the Mortgage Loans or its right to servicing compensation hereunder or the Servicer or the Subservicer, as applicable, or attempts to assign this Agreement or the servicing responsibilities hereunder
or to delegate its duties hereunder or any portion thereof in a manner not permitted under this Agreement; 
  
 (9) if (x) any of the Rating Agencies reduces or withdraws the rating of any of the Notes due to a reason attributable to the Subservicer
or (y) the 

  

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Subservicer’s residential primary servicer rating for servicing of subprime loans issued by any of the Rating Agencies is reduced below its rating in
effect on the Closing Date or withdrawn; provided that if the Subservicer’s rating by any Rating Agency is reduced by not more than two levels, the Subservicer shall have 180 days to cure such default by having the applicable Rating Agency
restore the Subservicer’s rating to its level in effect on the Closing Date; or 
  
 (10) the net worth of the Servicer or the Subservicer, as applicable, shall be less than $15,000,000; or 
  
 (11) failure by the Servicer or Subservicer, as applicable,
to duly perform, within the required time period, its obligations under Sections 4.04(e) or 4.04(d) which failure continues unremedied for a period of 7 days after the date on which written notice of such failure, requiring the same to be remedied,
shall have been given to the Servicer by the Master Servicer or to the Subservicer by the Servicer, as applicable. 
  
 In each and every such case, so long as an Event of Default shall not have been remedied, in addition to whatsoever rights the Master Servicer, the
Indenture Trustee or the Servicer (in the case of a Subservicer Event of Default) may have at law or equity to damages, including injunctive relief and specific performance, the Master Servicer, the Indenture Trustee or the Servicer (in the case of
a Subservicer Event of Default), by notice in writing to the Servicer or the Subservicer, as applicable, may terminate all the rights and obligations of the Servicer or the Subservicer, as applicable, under this Agreement and in and to the servicing
contract established hereby and the proceeds thereof. 
  
 Upon
receipt by the Subservicer of such written notice of termination, all authority and power of the Subservicer under this Agreement, whether with respect to the Mortgage Loans or otherwise, shall pass to and be vested in the Servicer, an Affiliate of
the Servicer or a successor Subservicer appointed by the Servicer with the consent of the Master Servicer and the Indenture Trustee, which consent shall not be unreasonably withheld, and the Servicer (or the successor Subservicer) shall be subject
to all of the responsibilities, duties and liabilities relating thereto, including the obligation to make Monthly Advances, provided however, any assumption of such duties by the Servicer or an Affiliate of the Servicer pursuant to this
paragraph shall be conditioned upon the receipt by the Master Servicer, the Seller, the Depositor, the Indenture Trustee and the Trust Administrator of a letter from each Rating Agency to the effect that such transfer of servicing to the Servicer or
its Affiliate will not result in a qualification, withdrawal or downgrade of the then-current rating of any of the Notes. Upon receipt by the Servicer, of such written termination notice, all authority and power of the Servicer, under this
Agreement, whether with respect to the Mortgage Loans or otherwise, shall pass to and be vested in a successor servicer appointed by the Master Servicer, in accordance with Section 4.08(a). Upon written request from the Master Servicer, the Servicer
or the Subservicer, as applicable, shall prepare, execute and deliver to the successor servicer or Subservicer any and all documents and other instruments, place in such successor’s possession all Servicing Files, and do or cause to be done all
other acts or things necessary or appropriate to effect the purposes of such notice of termination, including but not limited to the transfer and endorsement or assignment of the Mortgage Loans and related documents, at the Servicer’s or

  

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the Subservicer’s, as applicable, sole expense. The Servicer or the Subservicer, as applicable, shall cooperate with the Seller, the Master Servicer,
the Indenture Trustee and such successor in effecting the termination of the Servicer’s or the Subservicer’s, as applicable, responsibilities and rights hereunder, including without limitation, the transfer to such successor for
administration by it of all cash amounts which shall at the time be credited by the Servicer or the Subservicer, as applicable, to the Custodial Account or Escrow Account or thereafter received with respect to the Mortgage Loans. 
  
 By a written notice, the Master Servicer, with the consent of the other
parties, may waive any default by the Servicer or the Subservicer, as applicable, in the performance of its obligations hereunder and its consequences. Upon any waiver of a past default, such default shall cease to exist, and any Event of Default
arising therefrom shall be deemed to have been remedied for every purpose of this Agreement. No such waiver shall extend to any subsequent or other default or impair any right consequent thereon except to the extent expressly so waived. 

 
 The Master Servicer shall promptly notify the Servicer at any time that
the Master Servicer obtains actual knowledge of the occurrence of a Subservicer Event of Default. 
  
 Section 4.08. Successor to Servicer and Subservicer, Miscellaneous Provisions. 
  
 (a) Successor to the Servicer. Simultaneously with the termination of the Servicer’s responsibilities and duties
under this Agreement pursuant to Sections 4.05, 4.06, or 4.07, the Master Servicer shall (i) within 90 days of the Servicer’s notice of such termination, succeed to and assume all of the Servicer’s responsibilities, rights, duties and
obligations under this Agreement, or (ii) appoint a successor having the characteristics set forth in clauses (i) and (ii) of Section 4.06(d) and which shall succeed to all rights and assume all of the responsibilities, duties and liabilities of the
Servicer under this Agreement simultaneously with the termination of the Servicer’s responsibilities, duties and liabilities under this Agreement. Any successor to the Servicer shall be subject to the approval of the Master Servicer, the
Indenture Trustee and the Trust Administrator. Any approval of a successor servicer by the Master Servicer, the Indenture Trustee and the Trust Administrator, shall, if the successor servicer is not at that time a servicer of other Mortgage Loans
for the Trust, be conditioned upon the receipt by the Master Servicer, the Seller, the Indenture Trustee and the Trust Administrator of a letter from each Rating Agency to the effect that such transfer of servicing will not result in a
qualification, withdrawal or downgrade of the then-current rating of any of the Notes. In connection with such appointment and assumption, the Master Servicer may make such arrangements for the compensation of such successor out of payments on
Mortgage Loans as it and such successor shall agree; provided, however, that no such compensation shall be in excess of that permitted the Servicer under this Agreement. In the event that the Servicer’s duties, responsibilities and
liabilities under this Agreement should be terminated pursuant to the aforementioned sections, the Servicer shall discharge such duties and responsibilities during the period from the date it acquires knowledge of such termination until the
effective date thereof with the same degree of diligence and prudence which it is obligated to exercise under this Agreement, and shall take no action whatsoever that might impair or prejudice the rights or financial condition of its successor. The
resignation or removal of the Servicer pursuant to the aforementioned sections shall not become effective until a successor shall be appointed pursuant to this Section 4.08(a) and shall in no event relieve the Servicer of the representations and
warranties made pursuant to Sections 4.05 

  

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and the remedies available to the Master Servicer, the Indenture Trustee and the Seller under Sections 4.08(c), 4.05(d) and 4.05(e), it being understood and
agreed that the provisions of such Sections 4.08(c), 4.05(d) and 4.05(e) shall be applicable to the Servicer notwithstanding any such resignation or termination of the Servicer, or the termination of this Agreement. Neither the Master Servicer, in
its capacity as successor servicer, nor any other successor servicer shall be responsible for the lack of information and/or documents that it cannot otherwise obtain through reasonable efforts. 
  
 Within a reasonable period of time, but in no event longer than 30 days of
the appointment of a successor entity, the Servicer shall prepare, execute and deliver to the successor entity any and all documents and other instruments, place in such successor’s possession all Servicing Files, and do or cause to be done all
other acts or things necessary or appropriate to effect the purposes of such notice of termination, including but not limited to the transfer of any Mortgage Notes and the related documents. The Servicer shall cooperate with the Indenture Trustee,
the Master Servicer or the Seller, as applicable, and such successor in effecting the termination of the Servicer’s responsibilities and rights hereunder and the transfer of servicing responsibilities to the successor Servicer, including
without limitation, the transfer to such successor for administration by it of all cash amounts which shall at the time be credited by the Servicer to the Custodial Account or Escrow Account or thereafter received with respect to the Mortgage Loans.

  
 Any successor appointed as provided herein shall execute,
acknowledge and deliver to the Indenture Trustee, the Servicer, the Master Servicer, the Trust Administrator and the Seller an instrument (i) accepting such appointment, wherein the successor shall make the representations and warranties set forth
in Section 4.05(a) and provide for the same remedies set forth in such Section herein and (ii) an assumption of the due and punctual performance and observance of each covenant and condition to be performed and observed by the Servicer under this
Agreement, whereupon such successor shall become fully vested with all the rights, powers, duties, responsibilities, obligations and liabilities of the Servicer, with like effect as if originally named as a party to this Agreement. Any termination
or resignation of the Servicer or termination of this Agreement pursuant to Sections 4.05, 4.06 and 4.07 shall not affect any claims that the Seller, the Master Servicer, the Indenture Trustee or the Trust Administrator may have against the Servicer
arising out of the Servicer’s actions or failure to act prior to any such termination or resignation. 
  
 The Servicer shall deliver promptly to the successor servicer the funds in the Custodial Account and Escrow Account and all Mortgage Loan documents and
related documents and statements held by it hereunder and the Servicer shall account for all funds and shall execute and deliver such instruments and do such other things as may reasonably be required to more fully and definitively vest in the
successor all such rights, powers, duties, responsibilities, obligations and liabilities of the Servicer. 
  
 Upon a successor’s acceptance of appointment as such, it shall notify the Indenture Trustee, the Trust Administrator, the Seller and Master Servicer
and the Depositor of such appointment. 
  

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 (b) Successor to the Subservicer. Notwithstanding anything to the contrary in Section 4.08(a), any
successor to the Subservicer (but not the Servicer acting as successor to the Subservicer, in which case the Servicer shall be governed by Section 4.08(a)) shall be governed by this Section 4.08(b). Simultaneously with the termination of the
Subservicer’s responsibilities and duties under this Agreement pursuant to Sections 4.05, 4.06 or 4.07, the Servicer shall (i) within 90 days of the Subservicer’s notice of such termination, succeed to and assume all of the
Subservicer’s responsibilities, rights, duties and obligations under this Agreement, or (ii) appoint a successor having the characteristics set forth in clauses (i) and (ii) of Section 4.06(d) and which shall succeed to all rights and assume
all of the responsibilities, duties and liabilities of the Subservicer under this Agreement simultaneously with the termination of the Subservicer’s responsibilities, duties and liabilities under this Agreement. Any successor to the Subservicer
pursuant to (i) or (ii) above, in either case shall be subject to the approval of the Master Servicer, the Indenture Trustee and the Trust Administrator. Any approval of a successor Subservicer by the Servicer, the Master Servicer, the Indenture
Trustee and the Trust Administrator, shall, if the successor Subservicer is not at that time a Subservicer of other Mortgage Loans for the Trust, be conditioned upon the receipt by the Master Servicer, the Seller, the Indenture Trustee and the Trust
Administrator of a letter from each Rating Agency to the effect that such transfer of servicing will not result in a qualification, withdrawal or downgrade of the then-current rating of any of the Notes. In connection with such appointment and
assumption, the Servicer, as applicable, may make such arrangements for the compensation of such successor out of payments on Mortgage Loans as it and such successor shall agree, provided, however, that no such compensation shall be in excess
of that permitted the Subservicer under this Agreement. In the event that the Subservicer’s duties, responsibilities and liabilities under this Agreement should be terminated pursuant to the aforementioned sections, the Subservicer shall
discharge such duties and responsibilities during the period from the date it acquires knowledge of such termination until the effective date thereof with the same degree of diligence and prudence which it is obligated to exercise under this
Agreement, and shall take no action whatsoever that might impair or prejudice the rights or financial condition of its successor. The resignation or removal of the Subservicer pursuant to the aforementioned sections shall not become effective until
a successor shall be appointed pursuant to this Section 4.08(b) and shall in no event relieve the Subservicer of the representations and warranties made pursuant to Sections 4.05 and the remedies available to the Servicer, the Master Servicer, the
Indenture Trustee, the Trust Administrator and the Seller under Sections 4.05(c), 4.05(d) and 4.05(e), it being understood and agreed that the provisions of such Sections 4.05(c), 4.05(d) and 4.05(e) shall be applicable to the Subservicer
notwithstanding any such resignation or termination of the Subservicer, or the termination of this Agreement. Neither the Servicer, in its capacity as successor Subservicer, nor any other successor Subservicer shall be responsible for the lack of
information and/or documents that it cannot otherwise obtain through reasonable efforts. 
  
 Within a reasonable period of time, but in no event longer than 30 days of the appointment of a successor entity, the Subservicer shall prepare, execute and deliver to the successor entity any and all documents and
other instruments, place in such successor’s possession all Servicing Files, and do or cause to be done all other acts or things necessary or appropriate to effect the purposes of such notice of termination, including but not limited to the
transfer of any Mortgage Notes and the related documents. The Subservicer shall cooperate with the Servicer, the Indenture Trustee, the Master Servicer or the Seller, as applicable, and such successor in effecting the termination of the
Subservicer’s responsibilities and rights hereunder 

  

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and the transfer of servicing responsibilities to the successor Subservicer, including without limitation, the transfer to such successor for administration
by it of all cash amounts which shall at the time be credited by the Subservicer to the Custodial Account or Escrow Account or thereafter received with respect to the Mortgage Loans. 
  
 Any successor appointed as provided herein shall execute, acknowledge and deliver to the Servicer, the Indenture Trustee,
the Subservicer, the Master Servicer and the Seller an instrument (i) accepting such appointment, wherein the successor shall make the representations and warranties set forth in Section 4.05(a) and provide for the same remedies set forth in such
Section herein and (ii) an assumption of the due and punctual performance and observance of each covenant and condition to be performed and observed by the Subservicer under this Agreement, whereupon such successor shall become fully vested with all
the rights, powers, duties, responsibilities, obligations and liabilities of the Subservicer, with like effect as if originally named as a party to this Agreement. Any termination or resignation of the Subservicer or termination of this Agreement
pursuant to Sections 4.05, 4.06 and 4.07 shall not affect any claims that the Seller, the Servicer, the Master Servicer, the Trust Administrator or the Indenture Trustee may have against the Subservicer arising out of the Subservicer’s actions
or failure to act prior to any such termination or resignation. 
  
 The Subservicer shall deliver promptly to the successor Subservicer the funds in the Custodial Account and Escrow Account and all Mortgage Loan documents and related documents and statements held by it hereunder and the Subservicer shall
account for all funds and shall execute and deliver such instruments and do such other things as may reasonably be required to more fully and definitively vest in the successor all such rights, powers, duties, responsibilities, obligations and
liabilities of the Subservicer. 
  
 Upon a successor’s
acceptance of appointment as such, it shall notify the Indenture Trustee, the Trust Administrator, the Seller, Master Servicer and the Depositor of such appointment. 
  
 (c) Costs. The Seller shall pay the legal fees and expenses of its attorneys. Costs and expenses incurred in
connection with the transfer of the servicing responsibilities, including fees for delivering Servicing Files, shall be paid by (i) the terminated or resigning Servicer if such termination or resignation is a result of an occurrence of a termination
event under Sections 4.05(c) or 4.07, and (ii) in all other cases by the Trust. 
  
 Section 4.09. Miscellaneous Servicing Provisions. 
  
 (a) Protection of Confidential Information. The Servicer shall keep confidential and shall not divulge to any party, without the Seller’s prior written consent, any nonpublic information pertaining to the
Mortgage Loans or any borrower thereunder, except to the extent that it is appropriate for the Servicer to do so in working with legal counsel, Subservicers, special servicers, auditors, taxing authorities or other governmental agencies. 

 
 (b) [No Solicitation. Any solicitations of either the Servicer or
the Subservicer to solicit for prepayment or refinancing of any of the Mortgage Loans by the related mortgagors.] 
  

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 (c) Intention of the Parties. It is the intention of the Seller, Servicer and Subservicer that the
Seller is conveying, and the Servicer is receiving only a contract for servicing the Mortgage Loans. Accordingly, the parties hereby acknowledge that the Trust remains the sole and absolute owner of the Mortgage Loans (other than the servicing
rights) and all rights related thereto, subject to the lien of the Indenture. 
  
 ARTICLE V 
  
 ADMINISTRATION AND
MASTER SERVICING OF MORTGAGE LOANS BY THE 
 MASTER SERVICER AND THE TRUST ADMINISTRATOR 
  
 Section 5.01. Duties of the Master Servicer; Representations and
Warranties. 
  
 (a) For and on behalf of the Issuer, the
Indenture Trustee and the Noteholders, the Master Servicer shall master service the Mortgage Loans from and after the Closing Date in accordance with the provisions of this Article V. The Master Servicer hereby represents and warrants to the
Depositor, the Issuer, the Indenture Trustee, the Trust Administrator, the Servicer and the Subservicer, as of the Closing Date, that: 
  
 (i) it is validly existing and in good standing as a
[                    ] and as Master Servicer has full power and authority to transact any and all business contemplated by this Agreement and to
execute, deliver and comply with its obligations under the terms of this Agreement, the execution, delivery and performance of which have been duly authorized by all necessary corporate action on the part of the Master Servicer; 
  
 (ii) the execution and delivery of this Agreement by the
Master Servicer and its performance and compliance with the terms of this Agreement will not (A) violate the Master Servicer’s charter or bylaws, (B) violate any law or regulation or any administrative decree or order to which it is subject or
(C) constitute a default (or an event which, with notice or lapse of time, or both, would constitute a default) under, or result in the breach of, any material contract, agreement or other instrument to which the Master Servicer is a party or by
which it is bound or to which any of its assets are subject, which violation, default or breach would materially and adversely affect the Master Servicer’s ability to perform its obligations under this Agreement; 
  
 (iii) this Agreement constitutes, assuming due
authorization, execution and delivery hereof by the other respective parties hereto, a legal, valid and binding obligation of the Master Servicer, enforceable against it in accordance with the terms hereof, except as such enforcement may be limited
by bankruptcy, insolvency, reorganization, moratorium and other laws affecting the enforcement of creditors’ rights in general, and by general equity principles (regardless of whether such enforcement is considered in a proceeding in equity or
at law); 
  
 (iv) the Master Servicer is not in
default with respect to any order or decree of any court or any order or regulation of any federal, state, municipal or governmental agency to the extent that any such default would materially and adversely affect its performance hereunder;

  

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 (v) the Master Servicer is not a party to or bound by any agreement or instrument or
subject to any charter provision, bylaw or any other corporate restriction or any judgment, order, writ, injunction, decree, law or regulation that may materially and adversely affect its ability as Master Servicer to perform its obligations under
this Agreement or that requires the consent of any third person to the execution of this Agreement or the performance by the Master Servicer of its obligations under this Agreement; 
  
 (vi) no litigation is pending or, to the best of the Master Servicer’s knowledge, threatened against
the Master Servicer which would prohibit its entering into this Agreement or performing its obligations under this Agreement; 
  
 (vii) the Master Servicer, or an affiliate thereof the primary business of which is the servicing of conventional residential mortgage
loans, is a Fannie Mae- or FHLMC-approved seller/servicer; 
  
 (viii) no consent, approval, authorization or order of any court or governmental agency or body is required for the execution, delivery and performance by the Master Servicer of or compliance by the Master Servicer
with this Agreement or the consummation of the transactions contemplated by this Agreement, except for such consents, approvals, authorizations and orders (if any) as have been obtained; 
  
 (ix) the consummation of the transactions contemplated by this Agreement are in the ordinary course of
business of the Master Servicer; 
  
 (x) the
Master Servicer has obtained an Errors and Omissions Insurance Policy and a Fidelity Bond in accordance with Section 5.02 each of which is in full force and effect, and each of which provides at least such coverage as is required hereunder; and

  
 (xi) the information about the Master
Servicer under the heading “The Master Servicer” in the Offering Documents relating to the Master Servicer does not include an untrue statement of a material fact and does not omit to state a material fact, with respect to the statements
made, necessary in order to make the statements in light of the circumstances under which they were made not misleading. 
  
 (b) It is understood and agreed that the representations and warranties set forth in this Section 5.01 shall survive the execution and delivery of this
Agreement. The Master Servicer shall indemnify the Depositor, the Issuer, the Indenture Trustee, the Owner Trustee, the Trust Administrator, the Servicer and the Subservicer and hold them harmless against any loss, damages, penalties, fines,
forfeitures, 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 Master Servicer’s representations and
warranties contained in this Section 5.01. It is understood and agreed that the enforcement of the obligation of the Master Servicer set forth in this Section to indemnify the foregoing parties as provided in this Section 

  

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constitutes the sole remedy (other than as set forth in Section 8.01) of such parties respecting a breach of the foregoing representations and warranties.
Such indemnification shall survive any termination of the Master Servicer as Master Servicer hereunder, and any termination of this Agreement. 
  
 Any cause of action against the Master Servicer relating to or arising out of the breach of any representations and warranties made in this Section shall
accrue upon discovery of such breach by the Depositor, the Issuer, the Indenture Trustee, the Trust Administrator, the Servicer or the Subservicer or notice thereof by any one of such parties to the other parties. Notwithstanding anything in this
Agreement to the contrary, the Master Servicer shall not be liable for special, indirect or consequential losses or damages of any kind whatsoever (including, but not limited to, lost profits). 
  
 Section 5.02. Master Servicer Fidelity Bond and Master Servicer Errors and
Omissions Insurance Policy. 
  
 The Master Servicer, at its
expense, shall maintain in effect a Master Servicer Fidelity Bond and a Master Servicer Errors and Omissions Insurance Policy, affording coverage with respect to all directors, officers, employees and other Persons acting on such Master
Servicer’s behalf, and covering errors and omissions in the performance of the Master Servicer’s obligations hereunder. The Master Servicer Errors and Omissions Insurance Policy and the Master Servicer Fidelity Bond shall be in such form
and amount that would be consistent with coverage customarily maintained by master servicers of mortgage loans similar to the Mortgage Loans and shall by its terms not be cancelable without thirty days’ prior written notice to the Indenture
Trustee. The Master Servicer shall provide the Depositor and the Indenture Trustee, upon request, with a copy of such policy and fidelity bond. The Master Servicer shall (i) require the Servicer to maintain an Errors and Omissions Insurance Policy
and a Servicer Fidelity Bond in accordance with the provisions of Section 4.02(m) of this Agreement, (ii) cause the Servicer to provide to the Master Servicer certificates evidencing that such policy and bond is in effect and to furnish to the
Master Servicer any notice of cancellation, non-renewal or modification of the policy or bond received by it, as and to the extent provided in Section 4.02(m) of the Agreement, and (iii) furnish copies of such policies and of the certificates and
notices referred to in clause (ii) to the Indenture Trustee upon request. 
  
 Section 5.03. [Reserved] 
  
 Section 5.04. Power to Act; Procedures. 
  
 (a)
The Master Servicer shall master service the Mortgage Loans, provided that the Master Servicer shall not take, or knowingly permit the Servicer to take, any action that is inconsistent with or prejudices the interests of the Issuer, the Indenture
Trustee or the Noteholders in any Mortgage Loan or the rights and interests of the Depositor, the Issuer, the Indenture Trustee and the Noteholders under this Agreement and the Indenture. The Master Servicer shall represent and protect the interests
of the Issuer, the Indenture Trustee and the Noteholders in the same manner as it protects its own interests in mortgage loans in its own portfolio in any claim, proceeding or litigation regarding a Mortgage Loan. Without limiting the generality of
the foregoing, the Master Servicer in its own name, and the Servicer, to the extent 

  

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such authority is delegated to such Servicer under this Agreement, is hereby authorized and empowered by the Indenture Trustee when the Master Servicer or
such Servicer, as the case may be, believes it appropriate in its best judgment and in accordance with Servicing Standards, to execute and deliver, on behalf of itself and the Noteholders, the Trust Administrator, the Indenture Trustee or any of
them, any and all instruments of satisfaction or cancellation, or of partial or full release or discharge and all other comparable instruments, with respect to the Mortgage Loans and with respect to the Mortgaged Properties. The Indenture Trustee
(or the Trust Administrator acting for the Indenture Trustee) shall furnish the Master Servicer, upon request, with any powers of attorney empowering the Master Servicer or the Servicer to execute and deliver instruments of satisfaction or
cancellation, or of partial or full release or discharge, and to foreclose upon or otherwise liquidate Mortgaged Property, and to appeal, prosecute or defend in any court action relating to the Mortgage Loans or the Mortgaged Property, in accordance
with this Agreement, and the Indenture Trustee shall execute and deliver such other documents as the Master Servicer may request, necessary or appropriate to enable the Master Servicer to master service the Mortgage Loans and carry out its duties
hereunder, and to allow the Servicer to service the Mortgage Loans in each case in accordance with Servicing Standards (and the Indenture Trustee or the Trust Administrator shall have no liability for misuse of any such powers of attorney by the
Master Servicer or the Servicer). If the Master Servicer or the Indenture Trustee has been advised that it is likely that the laws of the state in which action is to be taken prohibit such action if taken in the name of the Indenture Trustee or that
the Indenture Trustee would be adversely affected under the “doing business” or tax laws of such state if such action is taken in its name, then upon request of the Indenture Trustee, the Master Servicer shall join with the Indenture
Trustee in the appointment of a co-trustee pursuant to Section 6.10 of the Indenture. In no event shall the Master Servicer, without the Indenture Trustee’s written consent: (i) initiate any action, suit or proceeding solely under the Indenture
Trustee’s name without indicating the Master Servicer’s representative capacity or (ii) take any action with the intent to cause, and which actually does cause, the Indenture Trustee to be registered to do business in any state. The Master
Servicer shall indemnify the Indenture Trustee for any and all costs, liabilities and expenses incurred by the Indenture Trustee in connection with the negligent or willful misuse of such powers of attorney by the Master Servicer. In the performance
of its duties hereunder, the Master Servicer shall be an independent contractor and shall not, except in those instances where it is taking action in the name of the Indenture Trustee, be deemed to be the agent of the Indenture Trustee. 

 
 (b) In master servicing and administering the Mortgage Loans, the Master
Servicer shall employ procedures and exercise the same care that it customarily employs and exercises in master servicing and administering loans for its own account, giving due consideration to Servicing Standards where such practices do not
conflict with this Agreement. Consistent with the foregoing, the Master Servicer may, and may permit the Servicer to, in its discretion (i) waive any late payment charge and (ii) extend the due dates for payments due on a Mortgage Note for a period
not greater than 120 days; provided, however, that the maturity of any Mortgage Loan shall not be extended past the date on which the final payment is due on the latest maturing Mortgage Loan as of the Cut-off Date. In the event of any
extension described in clause (ii) above, the Master Servicer shall make or cause the Servicer to make Advances on the related Mortgage Loan in accordance with the provisions of Section 4.03 on the basis of the amortization schedule of such Mortgage
Loan without modification thereof by reason of such extension. 
  

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 Section 5.05. Enforcement of Servicer’s and Master Servicer’s Obligations. 

 
 (a) The Master Servicer shall not be required to (i) take any action with
respect to the servicing of any Mortgage Loan that the Servicer is not required to take under this Agreement and (ii) cause the Servicer to take any action or refrain from taking any action if this Agreement does not require the Servicer to take
such action or refrain from taking such action. 
  
 (b) The Master
Servicer, for the benefit of the Issuer, the Indenture Trustee and the Noteholders, shall enforce the obligations of the Servicer hereunder, and shall, in the event that the Servicer fails to perform its obligations in accordance herewith, terminate
the rights and obligations of the Servicer hereunder and either act as servicer of the related Mortgage Loans or cause other parties hereto to either assume the obligations of the Servicer-under this Agreement (or agree to execute and deliver a
successor servicing or sub-servicing agreement with a successor servicer). Such enforcement, including, without limitation, the legal prosecution of claims, termination of servicing or sub-servicing rights and the pursuit of other appropriate
remedies, shall be in such form and carried out to such an extent and at such time as the Master Servicer, in its good faith business judgment, would require were it the owner of the related Mortgage Loans. The Master Servicer shall pay the costs of
such enforcement at its Own expense, and shall be reimbursed therefor initially (i) from a general recovery resulting from such enforcement only to the extent, if any, that such recovery exceeds all amounts due in respect of the related Mortgage
Loans, (ii) from a specific recovery of costs, expenses or attorneys’ fees against the party against whom such enforcement is directed, and then, (iii) to the extent that such amounts are insufficient to reimburse the Master Servicer for the
costs of such enforcement, from the Collection Account. 
  
 Section 5.06. [Reserved] 
  
 Section 5.07. Collection
Account. 
  
 (a) On the Closing Date, the Trust Administrator
shall open and shall thereafter maintain a segregated account held in trust in the name of the Securities Intermediary (the “Collection Account”), entitled “Collection Account,
[            ], as Indenture Trustee, in trust for Holders of the New York Mortgage Trust, Series 2005-[    ], Mortgage-Backed Notes.” The Collection Account shall
relate solely to the Notes issued by the Issuer, and funds deposited in the Collection Account shall not be commingled with any other monies. 
  
 (b) The Collection Account shall be an Eligible Account. If an existing Collection Account ceases to be an Eligible Account, the Trust Administrator shall
establish a new Collection Account that is an Eligible Account within 10 days and transfer all funds and investment property on deposit in such existing Collection Account into such new Collection Account. 
  
 (c) The Trust Administrator shall give to the Master Servicer and the
Indenture Trustee prior written notice of the name and address of the depository institution at which the Collection Account is maintained and the account number of such Collection Account. The Trust Administrator shall take such actions as are
necessary to cause the depository institution holding the Collection Account to hold such account in the name of the Indenture Trustee. On 

  

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each Payment Date, the entire amount on deposit in the Collection Account relating to the Mortgage Loans (subject to permitted withdrawals set forth in
Section 5.08), other than amounts not included in Interest Funds or Principal Funds to be paid to Noteholders for such Payment Date, shall be applied to make the requested payment of principal and/or interest on each class of Notes. 
  
 (d) The Master Servicer shall deposit or cause to be deposited into the
Collection Account, no later than the Business Day following the Closing Date, any amounts received with respect to the Mortgage Loans representing Scheduled Payments on the Mortgage Loans due after the Cut-off Date and unscheduled payments received
on or after the Cut-off Date and on or before the Closing Date. Thereafter, the Master Servicer shall deposit or cause to be deposited in the Collection Account on the earlier of the applicable Payment Date and one Business Day following receipt
thereof, the following amounts received or payments made by the Master Servicer (other than in respect of principal of and interest on the Mortgage Loans due on or before the Cut-off Date): 
  
 (i) all remittances from the Custodial Account to the Master
Servicer pursuant to Section 4.03; 
  
 (ii) all
Advances made by the Servicer or the Master Servicer pursuant to Section 6.05 hereof and any payment in respect of Prepayment Interest Shortfalls paid by the Master Servicer pursuant to Section 5.21 hereof; 
  
 (iii) the Purchase Price of any Mortgage Loan repurchased by
the Depositor or the Seller during the related Prepayment Period or any other Person and any Substitution Amount related to any Qualifying Substitute Mortgage Loan; and 
  
 (iv) any Net Swap Receipts or any swap breakage costs (as reported to the Trust Administrator by the Swap
Counterparty) received by the Trust Administrator. 
  
 (e) Funds
in the Collection Account may be invested by the Trust Administrator in Eligible Investments selected by and at the written direction of the Trust Administrator, which shall mature not later than one Business Day prior to the next Payment Date (or
on the Payment Date with respect to any Eligible Investment of the Trust Administrator or any other fund managed or advised by it or any Affiliate) and any such Eligible Investment shall not be sold or disposed of prior to its maturity. All such
Eligible Investments shall be made in the name of the Master Servicer in trust for the benefit of the Indenture Trustee and the Noteholders. All income and gain realized from any Eligible Investment shall be for the benefit of the Master Servicer
and shall be subject to its withdrawal or order from time to time, subject to Section 5.08 and shall not be part of the Trust Estate. The amount of any losses incurred in respect of any such investments shall be deposited in such Collection Account
by the Master Servicer out of its own funds, without any right of reimbursement therefor, immediately as realized. The foregoing requirements for deposit in the Collection Account are exclusive, it being understood and agreed that, without limiting
the generality of the foregoing, payments of interest on funds in the Collection Account and payments in the nature of late payment charges, assumption fees and other incidental fees and charges relating to the Mortgage Loans need not be deposited
by the Master Servicer in the Collection Account and may be retained by the Master Servicer or the 

  

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Servicer, as applicable, as additional servicing compensation. If the Master Servicer deposits in the Collection Account any amount not required to be
deposited therein, it may at any time withdraw such amount from such Collection Account. 
  
 Section 5.08. Application of Funds in the Collection Account. The Trust Administrator may, from time to time, make, or cause to be made, withdrawals from the Collection Account for the following purposes:

  
 (i) to reimburse the Master Servicer or the
Servicer, as applicable, for any previously unreimbursed Advances or Servicing Advances made by any such party, such right to reimbursement pursuant to this subclause (i) being limited to amounts received on or in respect of a particular Mortgage
Loan (including, for this purpose, Liquidation Proceeds and amounts representing Insurance Proceeds with respect to the property subject to the related Mortgage) which represent late recoveries (net of the applicable Servicing Administration Fee) of
payments of principal or interest respecting which any such Advance was made, it being understood, in the case of any such reimbursement, that the Master Servicer’s or Servicer’s right thereto shall be prior to the rights of the
Noteholders; 
  
 (ii) to reimburse the Master
Servicer or the Servicer following a final liquidation of a Mortgage Loan for any previously unreimbursed Advances made by any such party (A) that such party determines in good faith will not be recoverable from amounts representing late recoveries
of payments of principal or interest respecting the particular Mortgage Loan as to which such Advance was made or from Liquidation Proceeds or Insurance Proceeds with respect to such Mortgage Loan and/or (B) to the extent that such unreimbursed
Advances exceed the related Liquidation Proceeds or Insurance Proceeds, it being understood, in the case of each such reimbursement, that the Master Servicer’s or Servicer’s right thereto shall be prior to the rights of the Noteholders;

  
 (iii) to reimburse the Master Servicer or the
Servicer from Liquidation Proceeds for Liquidation Expenses and for amounts expended by it pursuant to Section 4.02(o) in good faith in connection with the restoration of damaged property and, to the extent that Liquidation Proceeds after such
reimbursement exceed the unpaid principal balance of the related Mortgage Loan, together with accrued and unpaid interest thereon at the applicable Mortgage Rate less the applicable Servicing Administration Fee Rate and Master Servicing Fee Rate for
such Mortgage Loan to the Due Date next succeeding the date of its receipt of such Liquidation Proceeds, to pay to the Master Servicer or the Servicer out of such excess the amount of any unpaid assumption fees, late payment charges or other
Mortgagor charges on the related Mortgage Loan and to retain any excess remaining thereafter as additional servicing compensation, it being understood, in the case of any such reimbursement or payment, that such Master Servicer’s or
Servicer’s right thereto shall be prior to the rights of the Noteholders; 
  
 (iv) to pay to the Depositor or the Seller or any other Person, as applicable, with respect to each Mortgage Loan or REO Property acquired in respect thereof that has been purchased pursuant to this Agreement, all
amounts received thereon and not paid on 

  

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the date on which the related repurchase was effected, and to pay to the applicable party any Advances and Servicing Advances to the extent specified in the
definition of Purchase Price; 
  
 (v) to the
extent not paid by the Servicer, to pay any Insurance Premium with respect to a Mortgage Loan; 
  
 (vi) to pay to the Master Servicer income earned on the investment of funds on deposit in the Collection Account; 
  
 (vii) on each Payment Date, to make payment to the
Noteholders in the amounts and in the manner provided for in Section 6.02 for the related Payment Date (to the extent collected by the Master Servicer or the Servicer); 
  
 (viii) on each Payment Date, to make payment for distribution to the Ownership Certificate, all Prepayment
Premiums received during the immediately preceding Prepayment Period; 
  
 (ix) to make payment to itself, the Master Servicer, the Servicer, the Subservicer, the Indenture Trustee, the Custodian, the Owner Trustee and others pursuant to any provision of this Agreement, the Trust Agreement,
the Indenture or the Custodial Agreement; 
  
 (x)
to withdraw funds deposited in error in the Collection Account; 
  
 (xi) to clear and terminate the Collection Account pursuant to Article IX; 
  
 (xii) to reimburse a successor master servicer (solely in its capacity as successor master servicer), for any fee or advance occasioned by
a termination of the Master Servicer, and the assumption of such duties by the Indenture Trustee or a successor master servicer appointed by the Indenture Trustee pursuant to Section 8.01, in each case to the extent not reimbursed by the terminated
Master Servicer, it being understood, in the case of any such reimbursement or payment, that the right of the Master Servicer or the Indenture Trustee thereto shall be prior to the rights of the Noteholders; 
  
 (xiii) to pay the Swap Counterparty any Net Swap Payments
and any swap termination payments (as reported to the Trust Administrator by the Swap Counterparty) two Business Days prior to each applicable Payment Date; and 
  
 (xiv) to make payment to the Owner Trustee, the Owner Trustee Fee for such Payment Date, if any. 

 
 In connection with withdrawals pursuant to subclauses (i), (ii), (iii) and
(iv) above, the Master Servicer’s or the Servicer’s or such other Person’s entitlement thereto is limited to collections or other recoveries on the related Mortgage Loan. The Trust Administrator shall therefore keep and maintain a
separate accounting for each Mortgage Loan for the purpose of justifying any withdrawal from the Collection Account it maintains pursuant to such subclauses. 
  

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 Section 5.09. Reports to Indenture Trustee and Noteholders. 
  
 (a) On each Payment Date, the Trust Administrator shall make available to
the Indenture Trustee and each Noteholder, a report setting forth the following information (on the basis of Mortgage Loan level information obtained from the Servicer or Subservicer and information provided by the Swap Counterparty): 
  
 (i) the aggregate amount of the payment to be made on such
Payment Date to the Holders of each Class of Notes other than any Class of Notional Notes, to the extent applicable, allocable to principal on the Mortgage Loans, including Liquidation Proceeds and Insurance Proceeds, stating separately the amount
attributable to scheduled principal payments and unscheduled payments in the nature of principal; 
  
 (ii) the aggregate amount of the payment to be made on such Payment Date to the Holders of each Class of Notes allocable to interest and
the calculation thereof; 
  
 (iii) the amount, if
any, of any payment to the Holder of the Ownership Certificate; 
  
 (iv) (A) the aggregate amount of any Advances required to be made by or on behalf of the Servicer (or the Master Servicer) with respect to such Payment Date, (B) the aggregate amount of such Advances actually made,
and (C) the amount, if any, by which (A) above exceeds (B) above; 
  
 (v) the total number of Mortgage Loans, the aggregate Stated Principal Balance of all the Mortgage Loans as of the close of business on the last day of the related Due Period, after giving effect to payments allocated
to principal reported under clause (i) above; 
  
 (vi) the Class Principal Amount (or Class Notional Amount) of each Class of Notes, to the extent applicable, as of such Payment Date after giving effect to payments allocated to principal reported under clause (i) above; 
  
 (vii) the amount of all Prepayment Premiums distributed to
the Ownership Certificate; 
  
 (viii) the amount
of any Realized Losses incurred with respect to the Mortgage Loans (x) in the applicable Prepayment Period and (y) in the aggregate since the Cut-off Date; 
  
 (ix) the amount of the Owner Trustee Fee, Master Servicing Fee and Servicing Administration Fee paid during the Due Period to which such
payment relates; 
  
 (x) the number and aggregate
Stated Principal Balance of Mortgage Loans, as reported to the Trust Administrator by the Servicer or Subservicer, (a) remaining outstanding, (b) delinquent 30 to 59 days on a contractual basis, (c) delinquent 60 to 89 days on a contractual basis,
(d) delinquent 90 or more days on a contractual basis, (e) as to which foreclosure proceedings have been commenced as of the close of business on 
  

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 the last Business Day of the calendar month immediately preceding the month in which such Payment Date
occurs, (f) in bankruptcy and (g) that are REO Properties; 
  
 (xi) the number and aggregate Stated Principal Balance as of the related Determination Date of any Mortgage Loans with respect to which the related Mortgaged Property became an REO Property as of the close of business
on the last Business Day of the calendar month immediately preceding the month in which such Payment Date occurs; 
  
 (xii) with respect to substitution of Mortgage Loans in the preceding calendar month, the Stated Principal Balance of each Deleted
Mortgage Loan and of each Qualifying Substitute Mortgage Loan; 
  
 (xiii) whether a Trigger Event or a Class 1-A2 Trigger Event has occurred; 
  
 (xiv) the Interest Rate applicable to such Payment Date with respect to each Class of Notes; 
  
 (xv) the Interest Funds and the Principal Funds applicable
to such Payment Date; 
  
 (xvi) if applicable,
the amount of any shortfall (i.e., the difference between the aggregate amounts of principal and interest which Noteholders would have received if there were sufficient available amounts in the Collection Account and the amounts actually paid);

  
 (xvii) the amount of any
Overcollateralization Deficiency after giving effect to the payments made on such Payment Date; 
  
 (xviii) LIBOR with respect to such Payment Date; 
  

(xix) the Available Funds Shortfall of each Class of Notes (other than the Class A-IO Notes), if any; and 
  
 (xx) to the extent such information is provided to the
Master Servicer by the Servicer or the Subservicer, the number of Mortgage Loans with respect to which (a) a reduction in the Mortgage Rate has occurred or (b) the related Mortgagor’s obligation to repay interest on a monthly basis has been
suspended or reduced pursuant to the Civil Relief Act or the California Military and Veterans Code, as amended; and the amount of interest not required to be paid with respect to any such Mortgage Loans during the related Due Period as a result of
such reductions, in the aggregate and with respect to the Group 1 Mortgage Loans and the Group 2 Mortgage Loans. 
  
 In the case of information furnished pursuant to subclauses (i), (ii) and (vi) above, the amounts shall (except in the case of the report delivered to the
holder of the Ownership Certificate) be expressed as a dollar amount per $1,000 of original principal amount of Notes. 
  

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 The Trust Administrator will make such report and additional loan level information (and, at its option,
any additional files containing the same information in an alternative format) available each month to the Rating Agencies and Noteholders via the Trust Administrator’s website. The Trust Administrator’s website can be accessed at
[            ]. Assistance in using the website can be obtained by calling the Trust Administrator’s customer service desk at
[            ]. Such parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by notifying the Trust Administrator at
[                        ], and indicating such. The Trust Administrator shall have the right to change the way such statements
are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Trust Administrator shall provide timely and adequate notification to all above parties regarding any such changes. 
  
 The foregoing information and reports shall be prepared and determined by the
Trust Administrator based solely on Mortgage Loan data provided to the Trust Administrator by the Master Servicer (in a format agreed to by the Trust Administrator and the Master Servicer) no later than 12:00 p.m. (noon) Eastern Standard Time four
Business Days prior to the Payment Date. In preparing or furnishing the foregoing information, the Trust Administrator and the Master Servicer shall be entitled to rely conclusively on the accuracy of the information or data regarding the Mortgage
Loans and the related REO Property that has been provided to the Master Servicer by the Servicer or the Subservicer, and neither the Trust Administrator nor the Master Servicer shall be obligated to verify, recompute, reconcile or recalculate any
such information or data. The Trust Administrator and the Master Servicer shall be entitled to conclusively rely on the Mortgage Loan data provided to the Master Servicer and shall have no liability for any errors in such Mortgage Loan data.

  
 (b) Upon the reasonable advance written request of any
Noteholder that is a savings and loan, bank or insurance company, which request, if received by the Indenture Trustee shall be forwarded promptly to the Trust Administrator, the Trust Administrator shall provide, or cause to be provided (or, to the
extent that such information or documentation is not required to be provided by the Servicer, shall use reasonable efforts to obtain such information and documentation from the Servicer, and provide), to such Noteholder such reports and access to
information and documentation regarding the Mortgage Loans as such Noteholder may reasonably deem necessary to comply with applicable regulations of the Office of Thrift Supervision or its successor or other regulatory authorities with respect to an
investment in the Notes; provided, however, that the Trust Administrator shall be entitled to be reimbursed by such Noteholder for actual expenses incurred in providing such reports and access. 
  
 (c) Within 90 days, or such shorter period as may be required by statute or
regulation, after the end of each calendar year, the Trust Administrator shall have prepared and shall make available to each Person who at any time during the calendar year was a Noteholder of record, and make available to Security Owners
(identified as such by the Clearing Agency) in accordance with applicable regulations, a report summarizing the items provided to the Noteholders pursuant to Section 5.09(a) on an annual basis as may be required to enable such Holders to prepare
their federal income tax returns; provided, however, that this Section 5.09(c) shall not be applicable where relevant reports or summaries are required elsewhere in this Agreement. Such information shall include the amount of original issue
discount accrued on each Class of Notes and information regarding the expenses of the Issuer. The Trust 

  

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Administrator shall be deemed to have satisfied such requirement if it forwards such information in any other format permitted by the Code. The Master
Servicer shall provide the Trust Administrator with such information as is necessary for the Indenture Trustee to prepare such reports. 
  
 (d) The Trust Administrator shall furnish any other information that is required by the Code and regulations thereunder to be made available to
Noteholders. The Master Servicer shall provide the Trust Administrator with such information as is necessary for the Trust Administrator to prepare such reports (and the Trust Administrator may rely solely upon such information). 
  
 Section 5.10. Termination of Servicer or Subservicer; Successor
Servicers. 
  
 (a) The Master Servicer shall be entitled to
terminate the rights and obligations of the Servicer or Subservicer, as applicable, upon the occurrence of a Servicer Event of Default as set forth in Section 4.07; provided, however, that in the event of termination of the Servicer or of
both the Servicer and the Subservicer by the Master Servicer, the Master Servicer shall provide for the servicing of the Mortgage Loans by a successor servicer as provided in Section 4.08. 
  
 The parties acknowledge that notwithstanding the preceding sentence, there
may be a transition period, not to exceed 90 days, in order to effect the transfer of servicing to a successor servicer. The Master Servicer shall be entitled to be reimbursed by the Servicer or Subservicer, as applicable (or by the Trust Estate, if
the Servicer or Subservicer is unable or unwilling to fulfill its obligations hereunder) for all costs associated with the transfer of servicing, including without limitation, any costs or expenses associated with the complete transfer of all
servicing data and the completion, correction or manipulation of such servicing data, as may be required by the Master Servicer to correct any errors or insufficiencies in the servicing data or otherwise to enable the Master Servicer to service the
Mortgage Loans properly and effectively. 
  
 (b) If the Master
Servicer acts as a successor Servicer, it shall not assume liability for the representations and warranties of the Servicer that it replaces. The Master Servicer shall use reasonable efforts to have the successor Servicer assume liability for the
representations and warranties made by the terminated Servicer and in the event of any such assumption by the successor servicer, the Master Servicer may, in the exercise of its business judgment, release the terminated Servicer from liability for
such representations and warranties. 
  
 (c) If the Master
Servicer acts as a successor Servicer, it will have no obligation to make an Advance if it determines in its reasonable judgment that such Advance would constitute a Nonrecoverable Advance. 
  
 Section 5.11. Master Servicer Liable for Enforcement. The Master
Servicer shall use commercially reasonable efforts to ensure that the Mortgage Loans are serviced in accordance with the provisions of this Agreement and shall use commercially reasonable efforts to enforce the provisions of Article IV for the
benefit of the Noteholders. The Master Servicer shall be entitled to enter into any agreement with any Servicer for indemnification of the Master Servicer and nothing contained in this Agreement shall be deemed to limit or modify such
indemnification. Except as expressly set forth herein, the Master Servicer shall have no liability for the acts or omissions of either the Servicer or Subservicer in the performance by such Servicer of its obligations under Article IV. 

 

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 Section 5.12. Assumption of Master Servicing by Indenture Trustee. 
  
 (a) In the event the Master Servicer shall for any reason no longer be the
Master Servicer (including by reason of any Master Servicer Event of Default under Section 8.01 of this Agreement), the Indenture Trustee shall thereupon assume all of the rights and obligations of such Master Servicer hereunder. The Indenture
Trustee, its designee or any successor master servicer appointed by the Indenture Trustee shall be deemed to have assumed all of the Master Servicer’s interest herein, except that the Master Servicer shall not thereby be relieved of any
liability or obligations of the Master Servicer accruing prior to its replacement as Master Servicer, and shall be liable to the Indenture Trustee, and hereby agrees to indemnify and hold harmless the Indenture Trustee from and against all costs,
damages, expenses and liabilities (including reasonable attorneys’ fees) incurred by the Indenture Trustee as a result of such liability or obligations of the Master Servicer and in connection with the Indenture Trustee’s assumption (but
not its performance, except to the extent that costs or liability of the Indenture Trustee are created or increased as a result of negligent or wrongful acts or omissions of the Master Servicer prior to its replacement as Master Servicer) of the
Master Servicer’s obligations, duties or responsibilities thereunder. 
  
 (b) The Master Servicer that has been terminated shall, upon request of the Indenture Trustee but at the expense of such Master Servicer, deliver to the assuming party all documents and records relating to the
Mortgage Loans and an accounting of amounts collected and held by it and otherwise use its best efforts to effect the orderly and efficient transfer of master servicing to the assuming party. 
  
 Section 5.13. [Reserved] 
  
 Section 5.14. Release of Mortgage Files. 
  
 (a) Upon (i) becoming aware of the payment in full of any Mortgage Loan or
(ii) the receipt by the Master Servicer of a notification that payment in full has been or will be escrowed in a manner customary for such purposes, the Master Servicer will, or will cause the Servicer to, promptly notify the Indenture Trustee (or
the Custodian) by a certification (which certification shall include a statement to the effect that all amounts received in connection with such payment that are required to be deposited in the Collection Account maintained by the Trust
Administrator pursuant to Section 5.07 have been or will be so deposited) of a Servicing Officer and shall request (on the form attached to the Custodial Agreement) the Indenture Trustee or the Custodian, to deliver to the Servicer or Subservicer
the related Mortgage File. Upon receipt of such certification and request, the Indenture Trustee or the Custodian (with the consent, and at the direction of the Indenture Trustee), shall promptly release the related Mortgage File to the Servicer and
the Indenture Trustee shall have no further responsibility with regard to such Mortgage File. Upon any such payment in full, the Master Servicer is authorized, and the Servicer is authorized, to give, as agent for the Indenture Trustee, as the
mortgagee under the Mortgage that secured the Mortgage Loan, an instrument of satisfaction (or assignment of mortgage without recourse) regarding the Mortgaged Property subject to the Mortgage, which 

  

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instrument of satisfaction or assignment, as the case may be, shall be delivered to the Person or Persons entitled thereto against receipt therefor of such
payment, it being understood and agreed that no expenses incurred in connection with such instrument of satisfaction or assignment, as the case may be, shall be chargeable to the Collection Account. 
  
 (b) From time to time and as appropriate for the servicing or foreclosure of
any Mortgage Loan, the Indenture Trustee shall execute such documents as shall be prepared and furnished to the Indenture Trustee by the Master Servicer, or by the Servicer, as applicable, (in form reasonably acceptable to the Indenture Trustee) and
as are necessary to the prosecution of any such proceedings. The Indenture Trustee or the Custodian, shall, upon request of the Master Servicer or of the Servicer, as applicable, and delivery to the Indenture Trustee or the Custodian, of a trust
receipt signed by a Servicing Officer substantially in the form attached to the Custodial Agreement, release the related Mortgage File held in its possession or control to the Master Servicer (or the Servicer, as applicable). Such trust receipt
shall obligate the Master Servicer or the Servicer, as applicable, to return the Mortgage File to the Indenture Trustee or the Custodian, as applicable, when the need therefor by the Master Servicer or the Servicer, as applicable, no longer exists
unless the Mortgage Loan shall be liquidated, in which case, upon receipt of a certificate of a Servicing Officer similar to that hereinabove specified, the trust receipt shall be released by the Indenture Trustee or the Custodian, as applicable, to
the Master Servicer or the Servicer as applicable. 
  
 Section
5.15. Documents, Records and Funds in Possession of Master Servicer To Be Held for Indenture Trustee. 
  
 (a) The Master Servicer shall transmit, or cause the Servicer to transmit, to the Indenture Trustee such documents and instruments coming into the
possession of the Master Servicer or the Servicer from time to time as are required by the terms hereof to be delivered to the Indenture Trustee or the Custodian. Any funds received by the Master Servicer or by the Servicer in respect of any
Mortgage Loan or which otherwise are collected by the Master Servicer or the Servicer as Liquidation Proceeds or Insurance Proceeds in respect of any Mortgage Loan shall be held for the benefit of the Indenture Trustee and the Noteholders subject to
the Master Servicer’s right to retain or withdraw amounts provided in this Agreement and to the right of the Servicer to retain its Servicing Administration Fee and other amounts as provided herein. The Master Servicer shall, and shall cause
the Servicer to, provide access to information and documentation regarding the Mortgage Loans to the Indenture Trustee, their respective agents and accountants at any time upon reasonable request and during normal business hours, and to Noteholders
that are savings and loan associations, banks or insurance companies, the Office of Thrift Supervision, the FDIC and the supervisory agents and examiners of such Office and Corporation or examiners of any other federal or state banking or insurance
regulatory authority if so required by applicable regulations of the Office of Thrift Supervision or other regulatory authority, such access to be afforded without charge but only upon reasonable request in writing and during normal business hours
at the offices of the Master Servicer designated by it. In fulfilling such a request the Master Servicer shall not be responsible for determining the sufficiency of such information. 
  
 (b) All Mortgage Files and funds collected or held by, or under the control of, the Master Servicer or the Servicer, in
respect of any Mortgage Loans, whether from the collection 

  

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of principal and interest payments or from Liquidation Proceeds or Insurance Proceeds, shall be held by the Master Servicer or by the Servicer for and on
behalf of the Indenture Trustee as the Indenture Trustee’s agent and bailee for purposes of perfecting the Indenture Trustee’s security interest therein as provided by relevant Uniform Commercial Code or laws; provided, however,
that the Master Servicer and the Servicer shall be entitled to setoff against, and deduct from, any such funds any amounts that are properly due and payable to the Master Servicer or the Servicer under this Agreement and shall be authorized to
remit such funds to the Indenture Trustee in accordance with this Agreement. 
  
 (c) The Master Servicer hereby acknowledges that concurrently with the execution of this Agreement, the Indenture Trustee shall own or, to the extent that a court of competent jurisdiction shall deem the conveyance of
the Mortgage Loans from the Seller to the Depositor not to constitute a sale, the Indenture Trustee shall have a security interest in the Mortgage Loans and in all Mortgage Files representing such Mortgage Loans and in all funds and investment
property now or hereafter held by, or under the control of, the Servicer or the Master Servicer that are collected by the Servicer or the Master Servicer in connection with the Mortgage Loans, whether as scheduled installments of principal and
interest or as full or partial prepayments of principal or interest or as Liquidation Proceeds or Insurance Proceeds or otherwise, and in all proceeds of the foregoing and proceeds of proceeds (but excluding any fee or other amounts to which the
Servicer or the Master Servicer is entitled to hereunder); and the Master Servicer agrees that so long as the Mortgage Loans are assigned to and held by the Indenture Trustee or the Custodian, all documents or instruments constituting part of the
Mortgage Files, and such funds relating to the Mortgage Loans which come into the possession or custody of, or which are subject to the control of, the Master Servicer or the Servicer shall be held by the Master Servicer or the Servicer for and on
behalf of the Indenture Trustee as the Indenture Trustee’s agent and bailee for purposes of perfecting the Indenture Trustee’s security interest therein as provided by the applicable Uniform Commercial Code or other applicable laws.

  
 (d) The Master Servicer agrees that it shall not, and shall
not authorize the Servicer to, create, incur or subject any Mortgage Loans, or any funds that are deposited in any Custodial Account, Escrow Account or the Collection Account, or any funds that otherwise are or may become due or payable to the
Indenture Trustee, to any claim, lien, security interest, judgment, levy, writ of attachment or other encumbrance, nor assert by legal action or otherwise any claim or right of setoff against any Mortgage Loan or any funds collected on, or in
connection with, a Mortgage Loan. 
  
 Section 5.16.
Opinion. On or before the Closing Date, the Master Servicer shall cause to be delivered to the Depositor, the Seller, the Indenture Trustee, the Issuer, the Trust Administrator, the Servicer and the Subservicer one or more Opinions of
Counsel, dated the Closing Date, in form and substance reasonably satisfactory to the Depositor and a representative of the Underwriters, as to the due authorization, execution and delivery of this Agreement by the Master Servicer and the
enforceability thereof. 
  
 Section 5.17. [Reserved] 

 
 Section 5.18. [Reserved] 
  

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 Section 5.19. [Reserved] 
  
 Section 5.20. Indenture Trustee To Retain Possession of Certain Insurance Policies and Documents. The Indenture
Trustee (or the Custodian on behalf of the Indenture Trustee) shall retain possession and custody of the originals of the primary mortgage insurance policies or certificate of insurance if applicable and any certificates of renewal as to the
foregoing as may be issued from time to time as contemplated by this Agreement. Until all amounts payable in respect of the Notes have been paid in full and the Master Servicer otherwise has fulfilled its obligations under this Agreement, the
Indenture Trustee (or the Custodian) shall also retain possession and custody of each Mortgage File in accordance with and subject to the terms and conditions of this Agreement. The Master Servicer shall promptly deliver or cause the Servicer to
deliver to the Indenture Trustee (or the Custodian), upon the execution or receipt thereof the originals of the primary mortgage insurance policies and any certificates of renewal thereof, and such other documents or instruments that constitute
portions of the Mortgage File that come into the possession of the Master Servicer or the Servicer or Subservicer from time to time. 
  
 Section 5.21. Compensation to the Master Servicer. Pursuant to Section 5.07(e), all income and gain realized from any investment of funds in the
Collection Account shall be for the benefit of the Master Servicer as compensation. Notwithstanding the foregoing, the Master Servicer shall deposit in the Collection Account, on or before the related Payment Date, an amount equal to the lesser of
(i) its master servicing compensation with respect to such Payment Date and (ii) the amount of any Compensating Interest Payment required to be paid by the Servicer with respect to such Payment Date pursuant to this Agreement, but which is not paid
by the Servicer or by the Subservicer on its behalf. The Master Servicer shall be required to pay all expenses incurred by it in connection with its activities hereunder and shall not be entitled to reimbursement therefor except as provided in this
Agreement. 
  
 Section 5.22. [Reserved] 
  
 Section 5.23. Reports to the Indenture Trustee. 
  
 (a) Not later than 30 days after each Payment Date, the Trust Administrator
shall, upon request, forward to the Indenture Trustee a statement, deemed to have been certified by a officer of the Trust Administrator, setting forth the status of the Collection Account maintained by the Trust Administrator as of the close of
business on the related Payment Date, indicating that all payments required by this Agreement to be made by the Trust Administrator have been made (or if any required payment has not been made by the Trust Administrator, specifying the nature and
status thereof) and showing, for the period covered by such statement, the aggregate of deposits into and withdrawals from the Collection Account maintained by the Trust Administrator. Copies of such statement shall be provided by the Trust
Administrator, upon request, to the Depositor, Attention: Contract Finance and any Noteholders (or by the Indenture Trustee at the Trust Administrator’s expense if the Trust Administrator shall fail to provide such copies to the Noteholders
(unless (i) the Trust Administrator shall have failed to provide the Indenture Trustee with such statement or (ii) the Indenture Trustee shall be unaware of the Trust Administrator’s failure to provide such statement)). 
  

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 (b) Not later than two Business Days following each Payment Date, the Trust Administrator shall deliver
to one Person designated by the Depositor, in a format consistent with other electronic loan level reporting supplied by the Master Servicer in connection with similar transactions, “loan level” information with respect to the Mortgage
Loans as of the related Determination Date, to the extent that such information has been provided to the Master Servicer by the Servicer or Subservicer or by the Depositor. 
  
 (c) All information, reports and statements prepared by the Master Servicer under this Agreement shall be based on
information supplied to the Master Servicer by the Servicer without independent verification thereof and the Master Servicer shall be entitled to rely on such information. 
  
 Section 5.24. Annual Officer’s Certificate as to Compliance. 
  
 (a) The Master Servicer shall deliver to the Indenture Trustee no later than
five Business Days after the 15th of March of each calendar year, commencing in March 2006, an Officer’s Certificate, certifying that with respect to the period ending on the immediately preceding December 31: (i) such Servicing Officer has
reviewed the activities of such Master Servicer during the preceding calendar year or portion thereof and its performance under this Agreement, (ii) to the best of such Servicing Officer’s knowledge, based on such review, such Master Servicer
has performed and fulfilled its duties, responsibilities and obligations under this Agreement in all material respects throughout such year, or, if there has been a default in the fulfillment of any such duties, responsibilities or obligations,
specifying each such default known to such Servicing Officer and the nature and status thereof, (iii) nothing has come to the attention of such Servicing Officer to lead such Servicing Officer to believe that the Servicer has failed to perform any
of its duties, responsibilities and obligations set forth in Article IV hereunder in all material respects throughout such year, or, if there has been a material default in the performance or fulfillment of any such duties, responsibilities or
obligations, specifying each such default known to such Servicing Officer and the nature and status thereof, and (iv) the Master Servicer has received from the Servicer an annual certificate of compliance and a copy of such Servicer’s or
Subservicer’s annual audit report, or, if any such certificate or report has not been received by the Master Servicer, the Master Servicer is using its best reasonable efforts to obtain such certificate or report. 
  
 (b) Copies of such statements shall be provided to any Noteholder upon
request, by the Master Servicer or by the Indenture Trustee at the Master Servicer’s expense if the Master Servicer failed to provide such copies (unless (i) the Master Servicer shall have failed to provide the Indenture Trustee with such
statement or (ii) the Indenture Trustee shall be unaware of the Master Servicer’s failure to provide such statement). 
  
 Section 5.25. Annual Independent Accountants’ Servicing Report. If the Master Servicer (or any of its Affiliates) has, during the course of
any fiscal year, directly serviced, as a successor Servicer, any of the Mortgage Loans, then the Master Servicer at its expense shall cause a nationally recognized firm of independent certified public accountants to furnish a statement to the
Indenture Trustee and the Depositor no later than five Business Days after the fifteenth of March of each calendar year, commencing in March 2006 to the effect that, with respect to the most recently ended calendar year, such firm has examined
certain records and 

  

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documents relating to the Master Servicer’s performance of its servicing obligations under this Agreement and pooling and servicing and trust agreements
in material respects similar to this Agreement and to each other and that, on the basis of such examination conducted substantially in compliance with the audit program for mortgages serviced for FHLMC or the Uniform Single Attestation Program for
Mortgage Bankers, such firm is of the opinion that the Master Servicer’s activities have been conducted in compliance with this Agreement, or that such examination has disclosed no material items of noncompliance except for (i) such exceptions
as such firm believes to be immaterial, (ii) such other exceptions as are set forth in such statement and (iii) such exceptions that the Uniform Single Attestation Program for Mortgage Bankers or the Audit Program for Mortgages Serviced by FHLMC
requires it to report. Copies of such statements shall be provided to any Noteholder upon request by the Master Servicer, or by the Indenture Trustee at the expense of the Master Servicer if the Master Servicer shall fail to provide such copies. If
such report discloses exceptions that are material, the Master Servicer shall advise the Indenture Trustee whether such exceptions have been or are susceptible of cure, and will take prompt action to do so. 
  
 Section 5.26. Merger or Consolidation. Any Person into which the
Master Servicer may be merged or consolidated, or any Person resulting from any merger, conversion, other change in form or consolidation to which the Master Servicer shall be a party, or any Person succeeding to the business of the Master Servicer,
shall be the successor to the Master Servicer hereunder, without the execution or filing of any paper or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding; provided, however, that the
successor or resulting Person to the Master Servicer shall be a Person that shall be qualified and approved (or that have an Affiliate that is qualified and approved) to service mortgage loans for Fannie Mae or FHLMC and shall have a net worth of
not less than $15,000,000. 
  
 Section 5.27. Resignation of
Master Servicer. Except as otherwise provided in Sections 5.26 and this Section 5.27 hereof, the Master Servicer shall not resign from the obligations and duties hereby imposed on it unless it or the Indenture Trustee determines that the Master
Servicer’s duties hereunder are no longer permissible under applicable law or are in material conflict by reason of applicable law with any other activities carried on by it and cannot be cured. Any such determination permitting the resignation
of the Master Servicer shall be evidenced by an Opinion of Counsel that shall be Independent to such effect delivered to the Indenture Trustee. No such resignation shall become effective until the Indenture Trustee shall have assumed, or a successor
master servicer shall have been appointed by the Indenture Trustee and until such successor shall have assumed, the Master Servicer’s responsibilities and obligations under this Agreement. Notice of such resignation shall be given promptly by
the Master Servicer and the Depositor to the Indenture Trustee. 
  
 Section 5.28. Assignment or Delegation of Duties by the Master Servicer. Except as expressly provided herein, the Master Servicer shall not assign or transfer any of its rights, benefits or privileges hereunder to any other Person,
or delegate to or subcontract with, or authorize or appoint any other Person to perform any of the duties, covenants or obligations to be performed by the Master Servicer hereunder, unless the Indenture Trustee and the Depositor shall have consented
to such action; provided, however, that the Master Servicer shall have the right without the prior written consent of the Indenture Trustee or the Depositor to delegate or assign to or subcontract with or authorize or appoint an Affiliate of
the Master Servicer to 

  

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perform and carry out any duties, covenants or obligations to be performed and carried out by the Master Servicer hereunder. In no case, however, shall any
such delegation, subcontracting or assignment to an Affiliate of the Master Servicer relieve the Master Servicer of any liability hereunder. Notice of such permitted assignment shall be given promptly by the Master Servicer to the Depositor and the
Indenture Trustee. If, pursuant to any provision hereof, the duties of the Master Servicer are transferred to a successor master servicer, the entire amount of compensation payable to the Master Servicer pursuant hereto, including amounts payable to
or permitted to be retained or withdrawn by the Master Servicer pursuant to Section 5.21 hereof, shall thereafter be payable to such successor master servicer. 
  

Section 5.29. Limitation on Liability of the Master Servicer and Others. 
  
 (a) The Master Servicer undertakes to perform such duties and only such duties as are specifically set forth in this
Agreement. 
  
 (b) No provision of this Agreement shall be
construed to relieve the Master Servicer from liability for its own negligent action, its own negligent failure to act or its own willful misconduct; provided, however, that the duties and obligations of the Master Servicer shall be
determined solely by the express provisions of this Agreement, the Master Servicer shall not be liable except for the performance of such duties and obligations as are specifically set forth in this Agreement; no implied covenants or obligations
shall be read into this Agreement against the Master Servicer and, in absence of bad faith on the part of the Master Servicer, the Master Servicer may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed
therein, upon any certificates or opinions furnished to the Master Servicer and conforming to the requirements of this Agreement. 
  
 (c) Neither the Master Servicer nor any of the directors, officers, employees or agents of the Master Servicer shall be under any liability to the
Indenture Trustee or the Noteholders for any action taken or for refraining from the taking of any action in good faith pursuant to this Agreement, or for errors in judgment; provided, however, that this provision shall not protect the Master
Servicer or any such person against any liability that would otherwise be imposed by reason of willful misfeasance, bad faith or negligence in its performance of its duties or by reason of reckless disregard for its obligations and duties under this
Agreement. The Master Servicer and any director, officer, employee or agent of the Master Servicer shall be entitled to indemnification by the Trust Estate and will be held harmless against any loss, liability or expense incurred in connection with
any legal action relating to this Agreement or the Notes other than any loss, liability or expense incurred by reason of willful misfeasance, bad faith or negligence in the performance of his or its duties hereunder or by reason of reckless
disregard of his or its obligations and duties hereunder. The Master Servicer and any director, officer, employee or agent of the Master Servicer may rely in good faith on any document of any kind prima facie properly executed and submitted by any
Person respecting any matters arising hereunder. The Master Servicer shall be under no obligation to appear in, prosecute or defend any legal action that is not incidental to its duties to master service the Mortgage Loans in accordance with this
Agreement and that in its opinion may involve it in any expenses or liability; provided, however, that the Master Servicer may in its sole discretion undertake any such action that it may deem necessary or desirable in respect to this
Agreement and the rights and duties of the parties hereto and the interests of the Noteholders hereunder. In such event, the 

  

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legal expenses and costs of such action and any liability resulting therefrom shall be expenses, costs and liabilities of the Issuer and the Master Servicer
shall be entitled to be reimbursed therefor out of the Collection Account it maintains as provided by Section 5.08. 
  
 Section 5.30. Indemnification; Third-Party Claims. The Master Servicer agrees to indemnify the Depositor, the Issuer and the Indenture Trustee, the
Owner Trustee, the Servicer and the Subservicer and hold them harmless against any and all claims, losses, penalties, fines, forfeitures, legal fees and related costs, judgments, and any other costs, liability, fees and expenses that the Depositor,
the Issuer, the Indenture Trustee, the Owner Trustee, the Servicer or Subservicer may sustain as a result of the failure of the Master Servicer to perform its duties and master service the Mortgage Loans in compliance with the terms of this
Agreement. The Depositor, the Issuer, the Indenture Trustee, the Owner Trustee, the Servicer and the Subservicer shall immediately notify the Master Servicer if a claim is made by a third party with respect to this Agreement, the Mortgage Loans
entitling the Depositor, the Issuer, the Indenture Trustee, the Owner Trustee, the Servicer or Subservicer to indemnification under this Section 5.30, whereupon the Master Servicer shall assume the defense of any such claim and pay all expenses in
connection therewith, including counsel fees, and promptly pay, discharge and satisfy any judgment or decree which may be entered against it or them in respect of such claim. 
  
 Section 5.31. Alternative Index. In the event that the Index for any Mortgage Loan, as specified in the related
Mortgage Note, becomes unavailable for any reason, the Master Servicer shall select an alternative index in accordance with the terms of such Mortgage Note or, if such Mortgage Note does not make provision for the selection of an alternative index
in such event, the Master Servicer shall, subject to applicable law, select an alternative index based on information comparable to that used in connection with the original Index and, in either case, such alternative index shall thereafter be the
Index for such Mortgage Loan. 
  
 Section 5.32. Transfer of
Servicing. The Seller agrees that it shall provide written notice to the Master Servicer and the Indenture Trustee thirty days prior to any proposed transfer or assignment by the Seller of the servicing of the Mortgage Loans other than transfer
or assignment to the Subservicer. In addition, the ability of the Seller to transfer or assign the servicing hereunder to a successor servicer shall be subject to the following conditions: 
  
 (i) receipt of written consent of the Master Servicer and
Indenture Trustee to such transfer; 
  
 (ii) Such
successor servicer must be qualified to service loans for FNMA or FHLMC, and must be a member in good standing of MERS; 
  
 (iii) Such successor servicer must satisfy the servicer eligibility standards set forth in Section 4.06(d); 
  
 (iv) Such successor servicer must execute and deliver to the
Indenture Trustee an agreement, in form and substance reasonably satisfactory to the Indenture Trustee, that contains an assumption by such successor servicer of the due and punctual performance and observance of each covenant and condition to be
performed and observed by the Servicer; 
  

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 (v) If the successor servicer is not a Servicer of Mortgage Loans at the time of the
transfer, there must be delivered to the Indenture Trustee a letter from each Rating Agency to the effect that such transfer of servicing will not result in a qualification, withdrawal or downgrade of the then-current rating of any of the Notes; and

  
 (vi) The Seller shall, at its cost and
expense, take such steps, or cause the terminated Servicer to take such steps, as may be necessary or appropriate to effectuate and evidence the transfer of the servicing of the Mortgage Loans to such successor servicer, including, but not limited
to, the following: (A) to the extent required by the terms of the Mortgage Loans and by applicable federal and state laws and regulations, the Seller shall cause the prior Servicer to timely mail to each obligor under a Mortgage Loan any required
notices or disclosures describing the transfer of servicing of the Mortgage Loans to the successor servicer; (B) prior to the effective date of such transfer of servicing, the Seller shall cause the prior Servicer to transmit to any related insurer
notification of such transfer of servicing; (C) on or prior to the effective date of such transfer of servicing, the Seller shall cause the prior Servicer to deliver to the successor servicer all Mortgage Loan Documents and any related records or
materials; (D) on or prior to the effective date of such transfer of servicing, the Seller shall cause the prior Servicer to transfer to the successor servicer, or, if such transfer occurs after a Servicer Remittance Date but before the next
succeeding Payment Date, to the Indenture Trustee, all funds held by the prior Servicer in respect of the Mortgage Loans; (E) on or prior to the effective date of such transfer of servicing, the Seller shall cause the prior Servicer to, after the
effective date of the transfer of servicing to the successor servicer, continue to forward to such successor servicer, within one Business Day of receipt, the amount of any payments or other recoveries received by the prior Servicer, and to notify
the successor servicer of the source and proper application of each such payment or recovery; and (F) the Seller shall cause the prior Servicer to, after the effective date of transfer of servicing to the successor servicer, continue to cooperate
with the successor servicer to facilitate such transfer in such manner and to such extent as the successor servicer may reasonably request. Notwithstanding the foregoing, the prior Servicer shall be obligated to perform the items listed above to the
extent provided in the applicable Servicing Agreement. 
  
 ARTICLE
VI 
  
 DEPOSITS AND PAYMENTS TO HOLDERS 
  
 Section 6.01. The Collection Account. 
  
 (a) The Trust Administrator shall establish and maintain in the name of the
Notes Intermediary the Collection Account as provided in Section 5.07, which account shall be pledged to the Indenture Trustee for the benefit of the Noteholders. 
  
 (b) The Trust Administrator shall make withdrawals from the Collection Account only for the purposes set forth in Section
5.08. 
  

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 Section 6.02. Payments from the Collection Account. 
  
 (a) On each Payment Date, the Indenture Trustee (or the Paying Agent on
behalf of the Indenture Trustee) shall withdraw from the Collection Account the Total Remittance Amount (to the extent such amount is on deposit in the Collection Account) and shall pay such amount as specified in this Section. All allocations and
payments made between and with respect to Group 1 and Group 2 in this Section shall be made concurrently. 
  
 (b) On each Payment Date, the Indenture Trustee (or the Paying Agent on behalf of the Indenture Trustee) shall pay the Interest Funds for Group 1 for such
date in the following order of priority in accordance with the report of the Trust Administrator: 
  
 (i) to the Swap Counterparty, to the extent not previously paid from the Collection Account, the Group 1 Percentage of any Net Swap
Payment for such Payment Date and swap termination amounts payable to the Swap Counterparty in the event that the Trust is a defaulting party or an affected party under the terms of the Swap Agreement; 
  
 (ii) pro rata, to the Class 1-Al Notes, the Class
1-A2 Notes and the A-IO(1) Component, Current Interest thereon for such Payment Date; 
  
 (iii) pro rata, to the Class 2-Al Notes, the Class 2-A2 Notes and the A-IO(2) Component, Current Interest thereon (after giving
effect to the payment of the Interest Funds for Group 2) for such Payment Date; 
  
 (iv) to the Class Ml Notes, Current Interest for such class for such Payment Date; 
  
 (v) to the Class M2 Notes, Current Interest for such class
for such Payment Date; 
  
 (vi) to the Class M3
Notes, Current Interest for such class for such Payment Date; 
  
 (vii) to the Class M4 Notes, Current Interest for such class for such Payment Date; 
  
 (viii) to the Class M5 Notes, Current Interest for such class for such Payment Date; 
  
 (ix) to the Class M6 Notes, Current Interest for such class
for such Payment Date; 
  
 (x) to the Class M7
Notes, Current Interest for such class for such Payment Date; 
  
 (xi) to the Indenture Trustee, the Owner Trustee, the Master Servicer, the Trust Administrator, the Servicer and the Subservicer, previously unreimbursed extraordinary costs, liabilities and expenses to the extent
provided in this Agreement; 
  

 108 

 (xii) for application as part of Monthly Excess Cashflow for such Payment Date, as
provided in subsection (e) of this Section, any Interest Funds remaining after application pursuant to clauses (i)’through (xi) above. 
  
 (c) On each Payment Date, the Indenture Trustee (or the Paying Agent on behalf of the Indenture Trustee) shall pay the Interest Funds for Group 2 for such
date in the following order of priority in accordance with the report of the Trust Administrator: 
  
 (i) to the Swap Counterparty, to the extent not previously paid from the Collection Account, the Group 2 Percentage of any Net Swap
Payment for such Payment Date and swap termination amounts payable to the Swap Counterparty in the event that the Trust is a defaulting party or an affected party under the terms of the Swap Agreement; 
  
 (ii) pro rata, to Class 2-Al Notes, Class 2-A2 Notes
and the A-IO(2) Component, Current Interest thereon for such Payment Date; 
  
 (iii) pro rata, to the Class 1-Al Notes, Class 1-A2 Notes and the A-IO(1) Component, Current Interest thereon (after giving effect to the payment of the Interest Funds for Group 1) for such Payment Date;

  
 (iv) to the Class Ml Notes, Current Interest
for such class for such Payment Date; 
  
 (v) to
the Class M2 Notes, Current Interest for such class for such Payment Date; 
  
 (vi) to the Class M3 Notes, Current Interest for such class for such Payment Date; 
  
 (vii) to the Class M4 Notes, Current Interest for such class for such Payment Date; 
  
 (viii) to the Class MS Notes, Current Interest for such
class for such Payment Date; 
  
 (ix) to the
Class M6 Notes, Current Interest for such class for such Payment Date; 
  
 (x) to the Class M7 Notes, Current Interest for such class for such Payment Date; 
  
 (xi) to the Indenture Trustee, the Owner Trustee, the Master Servicer, the Trust Administrator, the Servicer and the Subservicer,
previously unreimbursed extraordinary costs, liabilities and expenses to the extent provided in this Agreement; 
  

 109 

 (xii) for application as part of Monthly Excess Cashflow for such Payment Date, as
provided in subsection (e) of this Section, any Interest Funds remaining after application pursuant to clauses (i) through (xi) above. 
  
 (d) On each Payment Date, the Indenture Trustee (or the Paying Agent on behalf of the Indenture Trustee) shall pay the Principal Funds for such date in
accordance with the report of the Trust Administrator as follows: 
  
 (i) On each Payment Date (a) prior to the Stepdown Date or (b) with respect to which a Trigger Event is in effect, the Indenture Trustee (or the Paying Agent on behalf of the Indenture Trustee) shall make the
following payments to the extent of funds then in the Collection Account available therefor, concurrently: 
  
 (1) For Group 1: The Principal Payment Amount for Group 1 will be paid in the following order of priority: 
  
 (A) to the Swap Counterparty, to the extent not previously
paid from the Collection Account, swap termination amounts payable to the Swap Counterparty in the event that the Trust is a defaulting party or an affected party under the terms of the Swap Agreement; 
  
 (B) if no Trigger Event or Class 1-A2 Trigger Event has
occurred and is continuing, pro rata, to the Class 1-Al Notes and Class 1 -A2 Notes, until the respective Class Principal Amount of such Classes has been reduced to zero, and if a Trigger Event or Class 1-A2 Trigger Event has occurred and is
continuing, then sequentially, to the Class 1-Al Notes, until the Class Principal Amount of such Class has been reduced to zero, and then to the Class 1-A2 Notes, until the Class Principal Amount of such Class has been reduced to zero; 

 
 (C) sequentially, first to the Class 2-Al Notes after
giving effect to payments pursuant to subsection 6.02(d)(i)(2)(B), until the Class Principal Amount of such Class has been reduced to zero, and then to the Class 2-A2 Notes, after giving effect to payments pursuant to subsection 6.02(d)(i)(2)(B),
until the Class Principal Amount of such Class has been reduced to zero; 
  
 (D) to the Class Ml Notes, until the Class Principal Amount of such class has been reduced to zero; 
  
 (E) to the Class M2 Notes, until the Class Principal Amount of such class has been reduced to zero; 
  
 (F) to the Class M3 Notes, until the Class Principal Amount
of such class has been reduced to zero; 
  
 (G)
to the Class M4 Notes, until the Class Principal Amount of such class has been reduced to zero; 
  

 110 

 (H) to the Class M5 Notes, until the Class Principal Amount of such class has been
reduced to zero; 
  
 (I) to the Class M6 Notes,
until the Class Principal Amount of such class has been reduced to zero; 
  
 (J) to the Class M7 Notes, until the Class Principal Amount of such class has been reduced to zero; 
  
 (K) to the Swap Counterparty, to the extent not previously paid, swap termination amounts payable to the Swap Counterparty in the event
that the Swap Counterparty is a defaulting party or the sole affected party under the terms of the Swap Agreement; and 
  
 (L) for application as part of Monthly Excess Cashflow for such Payment Date, as provided for in subsection (e) of this Section, any such
Principal Payment Amount for Group 1 remaining after application pursuant to clauses (A) through (K) above. 
  
 (2) For Group 2: The Principal Payment Amount for Group 2 will be paid in the following order of priority: 
  
 (A) to the Swap Counterparty, to the extent not previously
paid from the Collection Account, swap termination amounts payable to the Swap Counterparty in the event that the Trust is a defaulting party or an affected party under the terms of the Swap Agreement; 
  
 (B) sequentially, first to the Class 2-Al Notes, until the
Class Principal Amount of such Class has been reduced to zero, and then to the Class 2-A2 Notes, until the Class Principal Amount of such Class has been reduced to zero; 
  
 (C) if no Trigger Event or Class l-A2 Trigger Event has occurred and is continuing, pro rata, to the
Class 1-Al Notes and Class 1-A2 Notes, after giving effect to payments pursuant to subsection 6.02(d)(i)(1)(B), until the respective Class Principal Amount of such Classes has been reduced zero, and if a Trigger Event or Class 1-A2 Trigger Event has
occurred and is continuing, then sequentially, to the Class 1-Al Notes, until the Class Principal Amount of such Class has been reduced to zero, and then to the Class 1-A2 Notes, until the Class Principal Amount of such Class has been reduced to
zero, in each case after giving effect to payments pursuant to subsection 6.02(d)(i)(1)(B); 
  
 (D) to the Class Ml Notes, until the Class Principal Amount of such class has been reduced to zero; 
  
 (E) to the Class M2 Notes, until the Class Principal Amount
of such class has been reduced to zero; 
  

 111 

 (F) to the Class M3 Notes, until the Class Principal Amount of such class has been
reduced to zero; 
  
 (G) to the Class M4 Notes,
until the Class Principal Amount of such class has been reduced to zero; 
  
 (H) to the Class M5 Notes, until the Class Principal Amount of such class has been reduced to zero; 
  
 (I) to the Class M6 Notes, until the Class Principal Amount of such class has been reduced to zero; 
  
 (J) to the Class M7 Notes, until the Class Principal Amount
of such class has been reduced to zero; 
  
 (K)
to the Swap Counterparty, to the extent not previously paid, swap termination amounts payable to the Swap Counterparty in the, event that the Swap Counterparty is a defaulting party or the sole affected party under the terms of the Swap Agreement;
and 
  
 (L) for application as part of Monthly
Excess Cashflow for such Payment Date, as provided for in subsection (e) of this Section, any such Principal Payment Amount for Group 2 remaining after application pursuant to clauses (A) through (K) above. 
  
 (ii) On each Payment Date (a) on or after the Stepdown Date
and (b) with respect to which a Trigger Event is not in effect, the Indenture Trustee (or the Paying Agent on behalf of the Indenture Trustee) shall pay the Principal Payment Amount for such date in the following order of priority: 
  
 (1) to the Swap Counterparty, to the extent not previously
paid from the Collection Account, swap termination amounts payable to the Swap Counterparty in the event that the Trust is a defaulting party or an affected party under the terms of the Swap Agreement; 
  
 (2) (a) so long as the Class Ml, Class M2, Class M3, Class
M4, Class M5, Class M6 or Class M7 Notes are outstanding, to the Class 1-Al Notes and Class 1-A2 Notes, pro rata, (from amounts in Group 1 except as provided below) and, sequentially, first to the Class 2-Al Notes, until the Class Principal
Amount of such Class has been reduced to zero, and second, to the Class 2-A2 Notes, until the Class Principal Amount of such Class has been reduced to zero, (from amounts in Group 2 except as provided below), in each case, an amount equal to the
lesser of(x) the Principal Payment Amount for the related Mortgage Group for such Payment Date and (y) the Related Senior Principal Payment Amount for such Mortgage Group for such Payment Date, in each case until the Class Principal Amount of each
such class or classes has been reduced to zero; provided, however, to the extent that the Principal Payment Amount for a Mortgage Group exceeds the Related Senior Principal Payment Amount for such 

  

 112 

 
Mortgage Group, such excess shall be applied to the Class or Classes of Class A Notes of the other Mortgage Group (with respect to the Class 1-Al Notes and
Class 1 -A2 Notes, pro rata based upon Class Principal Amount, and with respect to the Class 2-Al Notes and Class 2-A2 Notes, sequentially, first to the Class 2-Al Notes, until the Class Principal Amount of such Class has been reduced to
zero, and second, to the Class 2-A2 Notes, until the Class Principal Amount of such Class has been reduced to zero), but in an amount not to exceed the Senior Principal Payment Amount for such Payment Date (as reduced by any payments pursuant to
subclauses (x) and (y) of this Subsection (1)(a) on such Payment Date; or (b) otherwise to the Class 1-Al, Class l-A2, Class 2-Al and Class 2-A2 Notes (in accordance with their related Senior Priorities), the Principal Payment Amount for the related
Mortgage Group for such Payment Date; 
  
 (3) to
the Class Ml Notes, an amount equal to the lesser of (x) the excess of (a) the aggregate Principal Payment Amounts for each of Group 1 and Group 2 for such Payment Date over (b) the amount paid to the Class 1-Al, Class 1 -A2, Class 2-Al and Class
2-A2 Notes on such Payment Date pursuant to clause (2) above, and (y) the Ml Principal Payment Amount for such Payment Date, until the Class Principal Amount of such class has been reduced to zero; 
  
 (4) to the Class M2 Notes, an amount equal to the lesser of
(x) the excess of (a) the aggregate Principal Payment Amounts for each of Group 1 and Group 2 for such Payment Date over (b) the amount paid to the Class 1-Al, Class 1-A2, Class 2-Al, Class 2-A2 and Class Ml Notes on such Payment Date pursuant to
clauses (2) and (3) above, respectively, and (y) the M2 Principal Payment Amount for such Payment Date, until the Class Principal Amount of such class has been reduced to zero; 
  
 (5) to the Class M3 Notes, an amount equal to the lesser of (x) the excess of (a) the aggregate Principal
Payment Amounts for each of Group 1 and Group 2 for such Payment Date over (b) the amount paid to the Class 1-Al, Class 1-A2, Class 2-Al, Class 2-A2, Class Ml and Class M2 Notes on such Payment Date pursuant to clauses (2), (3) and (4) above,
respectively, and (y) the M3 Principal Payment Amount for such Payment Date, until the Class Principal Amount of such class has been reduced to zero; 
  
 (6) to the Class M4 Notes, an amount equal to the lesser of (x) the excess of (a) the aggregate Principal Payment Amounts for each of
Group 1 and Group 2 for such Payment Date over (b) the amount paid to the Class 1-Al, Class l-A2, Class 2-Al, Class 2-A2, Class Ml, Class M2 and Class M3 Notes on such Payment Date pursuant to clauses (2), (3), (4) and (5) above, respectively, and
(y) the M4 Principal Payment Amount for such Payment Date, until the Class Principal Amount of each such class has been reduced to zero; 
  
 (7) to the Class M5 Notes, an amount equal to the lesser of (x) the excess of (a) the aggregate Principal Payment Amounts for each of
Group 1 and Group 2 for such Payment Date over (b) the amount paid to the Class 1-Al, 
  

 113 

 Class 1-A2, Class 2-Al, Class 2-A2, Class Ml, Class M2, Class M3 and Class M4 Notes on such Payment Date
pursuant to clauses (2), (3), (4), (5) and (6) above, respectively, and (y) the M5 Principal Payment Amount for such Payment Date, until the Class Principal Amount of each such class has been reduced to zero; 
  
 (8) to the Class M6 Notes, an amount equal to the lesser of
(x) the excess of(a) the aggregate Principal Payment Amounts for each of Group 1 and Group 2 for such Payment Date over (b) the amount paid to the Class 1-Al, Class l-A2, Class 2-Al, Class 2-A2, Class Ml, Class M2, Class M3, Class M4 and Class M5
Notes on such Payment Date pursuant to clauses (2), (3), (4), (5), (6) and (7) above, respectively, and (y) the M6 Principal Payment Amount for such Payment Date, until the Class Principal Amount of each such class has been reduced to zero;

  
 (9) to the Class M7 Notes, an amount equal to
the lesser of (x) the excess of (a) the aggregate Principal Payment Amounts for each of Group 1 and Group 2 for such Payment Date over (b) the amount paid to the Class 1-Al, Class l-A2, Class 2-Al, Class 2-A2, Class Ml, Class M2, Class M3, Class M4,
Class M5 and Class M6 Notes on such Payment Date pursuant to clauses (2), (3), (4), (5), (6), (7) and (8) above, respectively, and (y) the M7 Principal Payment Amount for such Payment Date, until the Class Principal Amount of each such class has
been reduced to zero; and 
  
 (10) to the Swap
Counterparty, to the extent not previously paid, swap termination amounts payable to the Swap Counterparty in the event that the Swap Counterparty is a defaulting party or the sole affected party under the terms of the Swap Agreement; and

  
 (11) for application as part of Monthly
Excess Cashflow for such Payment Date, as provided in subsection (e) of this Section, any Principal Payment Amount remaining after application pursuant to clauses (1) through (10) above. 
  
 (e) On each Payment Date, the Indenture Trustee (or the Paying Agent on behalf of the Indenture Trustee) shall pay the
Monthly Excess Cashflow for such date in accordance with the report of the Trust Administrator as follows: 
  
 (i) for each Payment Date occurring (a) before the Stepdown Date or (b) on or after the Stepdown Date but for which a Trigger Event is in
effect: 
  
 (a) up to the Overcollateralization
Deficiency Amount for such Payment Date, in the following order of priority: 
  
 i. concurrently, in proportion to the aggregate Class Principal Amounts of each Class of Class A Notes, after giving effect to previous principal payments on such Payment Date pursuant to subsections 6.02(d)(i)(1) and
6.02(d)(i)(2), to the Class 1-Al, Class l-A2, Class 2-Al 

  

 114 

 
and Class 2-A2 Notes, until the Class Principal Amount of each such class has been reduced to zero, but paid in accordance with their Senior Priorities;

  
 ii. to the Class Ml Notes, in reduction of
their Class Principal Amount, until the Class Principal Amount of such class has been reduced to zero; 
  
 iii. to the Class M2 Notes, in reduction of their Class Principal Amount, until the Class Principal Amount of such class has been reduced
to zero; 
  
 iv. to the Class M3 Notes, in
reduction of their Class Principal Amount, until the Class Principal Amount of such class has been reduced to zero; 
  
 v. to the Class M4 Notes, in reduction of their Class Principal Amount, until the Class Principal Amount of such class has been reduced
to zero; 
  
 vi. to the Class M5 Notes, in
reduction of their Class Principal Amount, until the Class Principal Amount of such class has been reduced to zero; 
  
 vii. to the Class M6 Notes, in reduction of their Class Principal Amount, until the Class Principal Amount of such class has been reduced
to zero; and 
  
 viii. to the Class M7 Notes, in
reduction of their Class Principal Amount, until the Class Principal Amount of such class has been reduced to zero; 
  
 (b) to the extent of any Available Funds Shortfall, to the payment of such amounts to the Notes (other than the Class A-IO Notes), in the
order of priority of the classes of Notes as set forth immediately above in proportion to their amount of unpaid Available Funds Shortfalls, until each such class has received in full all amounts of any Available Funds Shortfall. 
  
 (c) to the Swap Counterparty, to the extent not previously
paid, swap termination amounts payable to the Swap Counterparty in the event that the Swap Counterparty is a defaulting party or the sole affected party under the terms of the Swap Agreement; 
  
 (d) sequentially, to the Class Ml Notes, the Class M2 Notes,
the Class M3 Notes, the Class M4 Notes, the Class M5 Notes, the Class M6 Notes and the Class M7 Notes, in that order, Deferred Interest, if any, for such class, until each such class has received in full its Deferred Interest; 
  

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 (e) sequentially, to the Class Ml Notes, the Class M2 Notes, the Class M3 Notes, the
Class M4 Notes, the Class M5 Notes, the Class M6 Notes and the Class M7 Notes, in that order, the applicable Principal Deficiency Amount, if any, for such class, until the Principal Deficiency Amount of such class has been reduced to zero;

  
 (f) until the aggregate Class Principal
Amount of the Notes equals the Aggregate Collateral Balance for such Payment Date minus the Target Overcollateralization Amount for such Payment Date, to each class of Notes (other than the Class A-IO Notes) in the order of priority set forth in
clause (1)(a) above; and 
  
 (g) to the Ownership
Certificate, any amount remaining on such date after application pursuant to clauses (a) through (f) above; or 
  
 (ii) for each Payment Date occurring on or after the Stepdown Date and for which a Trigger Event is not in effect, the Indenture Trustee
(or the Paying Agent on behalf of the Indenture Trustee) shall pay, in accordance with the report of the Trust Administrator, in the following order of priority: 
  
 (a) concurrently, in proportion to the aggregate Class Principal Amounts of each Class of Class A Notes,
after giving effect to previous principal payments on such Payment Date pursuant to subsections 6.02(d)(i)(1) and 6.02(d)(i)(2), to the Class 1-Al, Class l-A2, Class 2-Al and Class 2-A2 Notes, until the aggregate Class Principal Amount of the Class
A Notes, after giving effect to payments on such Payment Date, equals the Senior Target Amount, but paid in accordance with their Senior Priorities; 
  
 (b) to the Class Ml Notes, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount of the Class 1-Al,
Class 1-A2, Class 2-Al, Class 2-A2 and Class Ml Notes, after giving effect to payments on such Payment Date, equals the Ml Target Amount; 
  
 (c) to the Class M2 Notes, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount of the Class 1-Al,
Class l-A2, Class 2-Al, Class 2-A2, Class Ml and Class M2 Notes, after giving effect to payments on such Payment Date, equals the M2 Target Amount; 
  
 (d) to the Class M3 Notes, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount of the Class 1-Al,
Class l-A2, Class 2-Al, Class 2-A2, Class Ml, Class M2 and Class M3 Notes, after giving effect to payments on such Payment Date, equals the M3 Target Amount; 
  

(e) to the Class M4 Notes, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount of the Class 1-Al,
Class 1-A2, Class 2-Al, Class 2-A2, Class Ml, Class M2, Class M3 and Class M4 Notes, after giving effect to payments on such Payment Date, equals the M4 Target Amount; 
  

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 (f) to the Class MS Notes, in reduction of their Class Principal Amount, until the
aggregate Class Principal Amount of the Class 1-Al, Class 1-A2, Class 2-Al, Class 2-A2, Class Ml, Class M2, Class M3, Class M4 and Class M5 Notes, after giving effect to payments on such Payment Date, equals the M5 Target Amount; 
  
 (g) to the Class M6 Notes, in reduction of their Class
Principal Amount, until the aggregate Class Principal Amount of the Class 1-Al, Class 1 -A2, Class 2-Al, Class 2-A2, Class Ml, Class M2, Class M3, Class M4, Class M5 and Class M6 Notes, after giving effect to payments on such Payment Date, equals
the M6 Target Amount; 
  
 (h) to the Class M7
Notes, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount of the Class 1-Al, Class l-A2, Class 2-Al, Class 2-A2, Class Ml, Class M2, Class M3, Class M4, Class M5, Class M6 and Class M7 Notes, after giving effect
to payments on such Payment Date, equals the M6 Target Amount; 
  
 (i) to the extent of any Available Funds Shortfall, to the payment of such amounts to the Notes (other than the Class A-IO Notes), in the order of priority of the classes of Notes as set forth immediately above in
proportion to their amount of unpaid Available Funds Shortfalls, until each such class has received in full all amounts of any Available Funds Shortfall; 
  
 (j) to the Swap Counterparty, to the extent not previously paid, swap termination amounts payable to the Swap Counterparty in the event
that the Swap Counterparty is a defaulting party or the sole affected party under the terms of the Swap Agreement under the Swap Agreement; 
  
 (k) sequentially, to the Class Ml Notes, the Class M2 Notes, the Class M3 Notes, the Class M4 Notes, the Class M5 Notes, the Class M6
Notes and the Class M7 Notes, in that order, Deferred Interest, if any, for such class, until each such class has received in full its Deferred Interest; 
  
 (l) sequentially, to the Class Ml Notes, the Class M2 Notes, the Class M3 Notes, the Class M4 Notes, the Class M5 Notes, the Class M6
Notes and the Class M7 Notes, in that order, the applicable Principal Deficiency Amount, if any, for such class, until the Principal Deficiency Amount of such class has been reduced to zero; 
  
 (m) until the aggregate Class Principal Amount of the Notes
equals the Aggregate Collateral Balance for such Payment Date minus the Target Overcollateralization Amount for such Payment Date, to each class of Notes (other than the Class A-IO Notes) in the order of priority set forth in clause (1)(a) above;
and 
  

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 (n) to the Ownership Certificate, any amount remaining on such date after application
pursuant to clauses (a) through (m) above. 
  
 On the Redemption
Date, the Indenture Trustee (or the Paying Agent on behalf of the Indenture Trustee) shall distribute to each Class of Notes the related Redemption Price therefor, as set forth in the Indenture. 
  
 Section 6.03. Net Swap Payments and Net Swap Receipts. 
  
 (a) On any Payment Date for which the Trust Administrator receives a Net
Swap Receipt, the Indenture Trustee (or the Paying Agent on behalf of the Indenture Trustee) shall apply the Group 1 Percentage of such Net Swap Receipt to pay to the Notes in the following order of priority: first, Current Interest, in the
order and priority described in Section 6.02(b)(ii) through (x), second, Available Funds Shortfalls, on the Notes and in the order and priority described in Section 6.02(e)(i)(b) or (e)(ii)(i), as applicable, and third, Deferred
Interest, on the Notes and in the order and priority described in Section 6.02(e)(i)(d) or (e)(ii)(k), as applicable, but only after Interest Funds for Group 1 have been applied to the payment of Current Interest, Available Funds Shortfalls and
Deferred Interest on such Payment Date. On any Payment Date, the Group 1 Percentage of such Net Swap Receipt that are not applied to the payment of Current Interest, Available Funds Shortfalls and Deferred Interest in the manner described in the
preceding sentence shall be distributed by the Indenture Trustee (or the Paying Agent on behalf of the Indenture Trustee) to the holder of the Ownership Certificate. 
  
 (b) On any Payment Date for which the Trust Administrator receives a Net Swap Receipt, the Indenture Trustee (or the Paying
Agent on behalf of the Indenture Trustee) shall apply the Group 2 Percentage of such Net Swap Receipt to pay to the Notes in the following order of priority: first, Current Interest, in the order and priority described in Section 6.02(c)(ii)
through (x), second, Available Funds Shortfalls, on the Notes and in the order and priority described in Section 6.02(e)(i)(b) or (e)(ii)(i), as applicable, and third, Deferred Interest, on the Notes and in the order and priority
described in Section 6.02(e)(i)(d) or (e)(ii)(k), as applicable, but only after Interest Funds for Group 2 have been applied to the payment of Current Interest, Available Funds Shortfalls and Deferred Interest on such Payment Date. On any Payment
Date, the Group 2 Percentage of such Net Swap Receipt that are not applied to the payment of Current Interest, Available Funds Shortfalls and Deferred Interest in the manner described in the preceding sentence shall be distributed by the Indenture
Trustee (or the Paying Agent on behalf of the Indenture Trustee) to the holder of the Ownership Certificate. 
  
 Section 6.04. Control of the Trust Account and Deferred Interest. 
  
 (a) The Depositor, the Issuer and the Indenture Trustee hereby appoint
[                    ] as Securities Intermediary with respect to the Trust Account, and the Issuer has, pursuant to the Indenture, granted to the
Indenture Trustee, for the benefit of the Noteholders, a security interest to secure all amounts due Noteholders hereunder in and to the Trust Account and the Security Entitlements to all Financial Assets credited to the Trust Account, including
without limitation all amounts, securities, investments, Financial Assets, investment property and other property from time to time deposited in or credited to the Trust Account and all proceeds thereof. Amounts held from time to time in the Trust
Account will continue to be held by the Securities 

  

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Intermediary for the benefit of the Indenture Trustee, as collateral agent, for the benefit of the Noteholders. Upon the termination of the Issuer or the
discharge of the Indenture, the Indenture Trustee shall inform the Securities Intermediary of such termination. By acceptance of their Notes or interests therein, the Noteholders shall be deemed to have appointed
[                    ] as Securities Intermediary,
[                    ] hereby accepts such appointment as Securities Intermediary. 
  
 (b) With respect to the Trust Account Property credited to the Trust Account, the Securities Intermediary agrees that:

  
 (i) with respect to any Trust Account
Property that is held in deposit accounts, each such deposit account shall be subject to the exclusive custody and control of the Securities Intermediary, and the Securities Intermediary shall have sole signature authority with respect thereto;

  
 (ii) the sole assets permitted in the Trust
Account shall be those as the Securities Intermediary agrees to treat as Financial Assets; and 
  
 (iii) any such Trust Account Property that is, or is treated as, a Financial Asset shall be physically delivered (accompanied by any
required endorsements) to, or credited to an account in the name of, the Securities Intermediary or other eligible institution maintaining the Trust Account in accordance with the Securities Intermediary’s customary procedures such that the
Securities Intermediary or such other institution establishes a Security Entitlement in favor of the Indenture Trustee with respect thereto over which the Securities Intermediary or such other institution has Control; 
  
 (c) The Securities Intermediary hereby confirms that (A) the Trust Account is
an account to which Financial Assets are or may be credited, and the Securities Intermediary shall, subject to the terms of this Agreement, treat the Indenture Trustee, as collateral agent, as entitled to exercise the rights that comprise any
Financial Asset credited to the Trust Account, (B) all Trust Account Property in respect of the Trust Account will be promptly credited by the Securities Intermediary to such account, and (C) all securities or other property underlying any Financial
Assets credited to the Trust Account shall be registered in the name of the Securities Intermediary, endorsed to the Securities Intermediary or in blank or credited to another securities account maintained in the name of the Securities Intermediary
and in no case will any Financial Asset credited to the Trust Account be registered in the name of the Depositor or the Issuer, payable to the order of the Depositor or the Issuer or specially endorsed to the Depositor or the Issuer, except to the
extent the foregoing have been specially endorsed to the Securities Intermediary or in blank; 
  
 (d) The Securities Intermediary hereby agrees that each item of property (whether investment property, Financial Asset, security, instrument or cash) credited to the Trust Account shall be treated as a Financial
Asset; 
  
 (e) If at any time the Securities Intermediary shall
receive an Entitlement Order from the Indenture Trustee directing transfer or redemption of any Financial Asset relating to the Trust Account, the Securities Intermediary shall comply with such Entitlement Order without further 

  

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 consent by the Depositor, the Issuer or any other Person. If at any time the Indenture Trustee or the Trust Administrator
notifies the Securities Intermediary in writing that the Issuer has been terminated or the Indenture discharged in accordance herewith and with the Trust Agreement or the Indenture, as applicable, and the security interest granted pursuant to the
Indenture has been released, then thereafter if the Securities Intermediary shall receive any order from the Depositor or the Issuer directing transfer or redemption of any Financial Asset relating to the Trust Account, the Securities Intermediary
shall comply with such Entitlement Order without further consent by the Indenture Trustee or any other Person; 
  
 (f) In the event that the Securities Intermediary has or subsequently obtains by agreement, operation of law or otherwise a security interest in the Trust
Account or any Financial Asset credited thereto, the Securities Intermediary hereby agrees that such security interest shall be subordinate to the security interest of the Indenture Trustee. The Financial Assets credited to the Trust Account will
not be subject to deduction, set-off, banker’s lien, or any other right in favor of any Person other than the Indenture Trustee (except that the Securities Intermediary may set-off (i) all amounts due to it in respect of its customary fees and
expenses for the routine maintenance and operation of the Trust Account and (ii) the face amount of any checks which have been credited to the Trust Account but are subsequently returned unpaid because of uncollected or insufficient funds);

  
 (g) There are no other agreements entered into between the
Securities Intermediary in such capacity and the Depositor or the Issuer with respect to the Trust Account. In the event of any conflict between this Agreement (or any provision of this Agreement) and any other agreement now existing or hereafter
entered into, the terms of this Agreement shall prevail; 
  
 (h)
The rights and powers granted under the Indenture and herein to the Indenture Trustee have been granted in order to perfect its security interest in the Trust Account and the Security Entitlements to the Financial Assets credited thereto, and are
powers coupled with an interest and will neither be affected by the bankruptcy of the Depositor or the Issuer nor by the lapse of time. The obligations of the Securities Intermediary hereunder shall continue in effect until the security interest of
the Indenture Trustee in the Trust Account, and in such Security Entitlements, has been terminated pursuant to the terms of this Agreement and the Indenture Trustee or the Issuer, as applicable, has notified the Securities Intermediary of such
termination in writing; and 
  
 (i) Notwithstanding anything else
contained herein, the Depositor and the Issuer agree that the Trust Account will be established only with the Securities Intermediary or another institution meeting the requirements of this Section, which by acceptance of its appointment as
Securities Intermediary agrees substantially as follows: (1) it will comply with Entitlement Orders related to the Trust Account issued by the Indenture Trustee, as collateral agent, without further consent by the Depositor or the Issuer, without
further consent by the Depositor; (2) until termination of the Issuer or discharge of the Indenture, it will not enter into any other agreement related to such accounts pursuant to which it agrees to comply with Entitlement Orders of any Person
other than the Indenture Trustee, as collateral agent; and (3) all assets delivered or credited to it in connection with such account and all investments thereof will be promptly credited to the applicable account. 
  

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 (j) Notwithstanding the foregoing, the Issuer shall have the power, revocable by the Indenture Trustee or
by the Owner Trustee with the consent of the Indenture Trustee, to instruct the Indenture Trustee, the Trust Administrator and the Master Servicer to make withdrawals and payments from the Trust Account for the purpose of permitting the Master
Servicer, the Trust Administrator or the Owner Trustee to carry out its respective duties hereunder or permitting the Indenture Trustee to carry out its duties under the Indenture. 
  
 (k) Each of the Depositor and the Issuer agrees to take or cause to be taken such further actions, to execute, deliver and
file or cause to be executed, delivered and filed such further documents and instruments (including, without limitation, any financing statements under the Relevant UCC or this Agreement) as may be necessary to perfect the interests created by this
Section in favor of the Issuer and the Indenture Trustee and otherwise fully to effectuate the purposes, terms and conditions of this Section. The Depositor shall: 
  
 (i) promptly execute, deliver and file any financing statements, amendments, continuation statements,
assignments, certificates and other documents with respect to such interests and perform all such other acts as may be necessary in order to perfect or to maintain the perfection of the Issuer’s and the Indenture Trustee’s security
interest in the Trust Account Property; and 
  
 (ii) make the necessary filings of financing statements or amendments thereto within five days after the occurrence of any of the following: (1) any change in its corporate name or any trade name or its jurisdiction of organization; (2) any
change in the location of its chief executive office or principal place of business; and (3) any merger or consolidation or other change in its identity or corporate structure and promptly notify the Issuer and the Indenture Trustee of any such
filings. 
  
 (iii) Neither the Depositor nor the
Issuer shall organize under the law of any jurisdiction other than the State under which each is organized as of the Closing Date (whether changing its jurisdiction of organization or organizing under an additional jurisdiction) without giving 30
days prior written notice of such action to its immediate and mediate transferee, including the Indenture Trustee. Before effecting such change, each of the Depositor or the Issuer proposing to change its jurisdiction of organization shall prepare
and file in the appropriate filing office any financing statements or other statements necessary to continue the perfection of the interests of its immediate and mediate transferees, including the Indenture Trustee, in the Trust Account Property. In
connection with the transactions contemplated by the Operative Agreements relating to the Trust Account Property, each of the Depositor and the Issuer authorizes its immediate or mediate transferee, including the Indenture Trustee, to file in any
filing office any initial financing statements, any amendments to financing statements, any continuation statements, or any other statements or filings described in this Section 6.04. 
  
 None of the Securities Intermediary or any director, officer, employee or agent of the Securities Intermediary shall be
under any liability to the Indenture Trustee or the Noteholders for any action taken; or not taken, in good faith pursuant to this Agreement, or for errors in judgment; provided, however, that this provision shall not protect the Securities
Intermediary against any liability to the Indenture Trustee or the Noteholders which would otherwise be 
  

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 imposed by reason of the Securities Intermediary’s willful misconduct, bad faith or negligence in the performance of
its obligations or duties hereunder. The Securities Intermediary and any director, officer, employee or agent of the Securities Intermediary may rely in good faith on any document of any kind which, prima facie, is properly executed and submitted by
any Person respecting any matters arising hereunder. The Securities Intermediary shall be under no duty to inquire into or investigate the validity, accuracy or content of such document. The Issuer shall indemnify the Securities Intermediary for and
hold it harmless against any loss, liability or expense arising out of or in connection with this Agreement and carrying out its duties hereunder, including the costs and expenses of defending itself against any claim of liability, except in those
cases where the Securities Intermediary has been guilty of bad faith, negligence or willful misconduct. The foregoing indemnification shall survive any termination of this Agreement or the resignation or removal of the Securities Intermediary.

  
 Section 6.05. Advances by Master Servicer and Servicer.

  
 (a) Subject to Section 4.03(c), Advances shall be made in
respect of each Servicer Remittance Date as provided herein. If, on any Determination Date, the Servicer determines that any Scheduled Payments due during the related Due Period have not been received, such Servicer shall advance such amount to the
extent provided in Section 4.03(c) hereof. If any Servicer fails to remit Advances required to be made under Section 4.03(c) hereof, the Master Servicer shall itself make, or shall cause the successor Servicer to make, such Advance on the Servicer
Remittance Date immediately following such Determination Date. If the Master Servicer determines that an Advance is required, it shall on the Business Day immediately prior to the related Payment Date remit to the Trust Administrator from its own
funds (or funds advanced by the applicable Servicer) for deposit in the Collection Account immediately available funds in an amount equal to such Advance. The Master Servicer and the Servicer shall be entitled to be reimbursed from the Collection
Account, and the Servicer shall be entitled to be reimbursed from its respective Custodial Account, for all Advances made by it as provided in Section 4.02(e). Notwithstanding anything to the contrary herein, in the event the Master Servicer
determines in its reasonable judgment that an Advance is a Nonrecoverable Advance, the Master Servicer shall be under no obligation to make such Advance. 
  
 (b) In the event that the Master Servicer or Servicer fails for any reason to make an Advance required to be made pursuant to this Section 6.05, the
Indenture Trustee, as successor Master Servicer, shall, on or before the related Payment Date, deposit in the Collection Account an amount equal to the excess of (a) Advances required to be made by the Master Servicer or the Servicer that would have
been deposited in such Collection Account over (b) the amount of any Advance made by the Master Servicer or the Servicer with respect to such Payment Date; provided, however, that the Indenture Trustee shall be required to make such Advance
only if it is not prohibited by law from doing so and it has determined that such Advance would be recoverable from amounts to be received with respect to such Mortgage Loan, including late payments, Liquidation Proceeds, Insurance Proceeds, or
otherwise. The Indenture Trustee shall be entitled to be reimbursed from the Collection Account for Advances made by it pursuant to this Section 6.05 as if it were the Master Servicer. 
  

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 Section 6.06. Pre-Funding Account. 
  
 (a) The Trust Administrator has heretofore established or caused to be established and shall hereafter maintain or cause to
be maintained a separate account denominated the Pre-Funding Account, which is and shall continue to be an Eligible Account in the name of the Trust Administrator and shall be designated
“[                    ], as Trust Administrator of the New York Mortgage Trust, Series 2005-[    ] Pre-Funding
Account.” Any investment earnings from Pre-Funding Account will be paid to the Seller on the first Business Day of the month following each Payment Date during the Pre-Funding Period; provided, however, that if the final Subsequent Transfer
Date occurs after the Payment Date in a month, on such Subsequent Transfer Date, the Trust Administrator shall (i) transfer the Excess Funding Amount from the Pre-Funding Account to the Collection Account, (ii) transfer any investment earnings to
the Seller as soon as practicable and (iii) close the Pre-Funding Account. The amount on deposit in the Pre-Funding Account shall be invested in Eligible Investments at the direction of the Seller in accordance with the provisions of Section
4.02(j). All investment earnings on funds on deposit in the Pre-Funding Account will be treated as owned by, and will be taxable to, the Seller. 
  
 (b) On the Closing Date, the Seller will cause to be deposited
$[                    ] in the Pre-Funding Account from the sale of the Notes. 
  
 (c) On each Subsequent Transfer Date, (i) the Seller shall instruct the Trust Administrator to withdraw from the Pre-Funding
Account an amount equal to 100% of the aggregate Scheduled Principal Balances of the Subsequent Mortgage Loans sold to the Trust on such Subsequent Transfer Date and (ii) the Trust Administrator shall pay such amounts to or upon the order of the
Seller with respect to such transfer. 
  
 (d) If at the end of the
Pre-Funding Period amounts still remain in the Pre-Funding Account, the Trust Administrator shall withdraw such amounts, exclusive of investment income, from the Pre-Funding Account on the immediately following Payment Date and deposit such amounts
in the Collection Account. 
  
 (e) Unless sooner closed as
provided above, the Pre-Funding Account shall be closed at the close of business on the Payment Date immediately following the end of the Pre-Funding Period. 
  
 ARTICLE VII 
  
 ADMINISTRATION OF THE AGREEMENTS 
  
 Section 7.01. Duties of the Trust Administrator. 
  
 (a) The Trust Administrator agrees to perform all of the duties of the Issuer under the Depository Agreement. In addition to its duties performed under the Depository Agreement, the Trust Administrator shall take all
appropriate action that is the duty of the Issuer to take with respect to the following matters under the Trust Agreement, this Agreement and the Indenture: 
  
 (i) the duty to cause the Note Register to be kept if the Issuer assumes the duties of Note Registrar, and to give the Indenture Trustee
notice of any appointment of a new Note Registrar and the location, or change in location, of the Note Register (Section 2.04 of the Indenture); 
  

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 (ii) the duty to cause the Certificate Register to be kept if the Issuer assumes the
duties of Certificate Registrar, and to give the Owner Trustee notice of any appointment of a new Certificate Registrar and the location, or change in location, of the Certificate Register (Section 3.03 of the Trust Agreement); 
  
 (iii) causing the preparation of the Notes for execution by
the Owner Trustee upon the registration of any transfer or exchange of the Notes (Sections 2.04 and 2.05 of the Indenture); 
  
 (iv) causing the preparation of Definitive Notes in accordance with the instructions of any Clearing Agency, the duty to attempt to locate
a qualified successor to the Clearing Agency, if necessary, and the preparation of written notice to the Indenture Trustee of termination of the book-entry system through the Clearing Agency (Section 2.12 of the Indenture); 
  
 (v) the maintenance of an office for registration of
transfer or exchange of Notes (Section 3.02 of the Indenture); 
  
 (vi) the maintenance of an office for registration of transfer or exchange of the Ownership Certificate (Section 3.03 of the Trust Agreement); 
  
 (vii) the calculation of accrual of original issue discount and the amortization of premium on the Notes
(Section 3.03(v) of the Indenture); 
  
 (viii)
upon written notice or actual knowledge thereof, the notification to the Indenture Trustee and each Rating Agency of a Servicer Event of Default or a Master Servicer Event of Default under this Agreement (Section 3.07(d) of the Indenture);

  
 (ix) upon written notice or actual knowledge
thereof, the delivery of notice to the Indenture Trustee and each Rating Agency of each Indenture Event of Default under the Indenture (Section 3.19 of the Indenture); 
  
 (x) the furnishing of the Indenture Trustee with the names and addresses of Holders of Notes during any
period when the Indenture Trustee is not the Note Registrar (Section 7.01 of the Indenture); 
  
 (xi) causing the preparation of any financing statements and continuation statements necessary to protect the Collateral (Section 3.05 of
the Indenture); 
  
 (xii) the preparation (but
not the execution) of the annual Officer’s Certificate regarding the Issuer’s compliance with the terms of the Indenture (Section 3.09 of the Indenture); 
  
 (xiii) the delivery of notice to the Indenture Trustee and each Rating Agency of each Indenture Event of
Default under the Indenture (Section 3.19); 
  
 (xiv) causing the preparation of an Officer’s Certificate and the obtaining of the Opinion of Counsel (which shall not be at the expense of the Trust Administrator) with respect to any request by the Issuer to the Indenture Trustee to
take any action under the Indenture (Sections 4.01 and 11.01 of the Indenture); 
  

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 (xv) the compliance with any directive of the Indenture Trustee with respect to the sale
of the Collateral in a commercially reasonable manner if an Indenture Event of Default shall have occurred and be continuing under the Indenture (Section 5.04 of the Indenture); 
  
 (xvi) causing the preparation of an Issuer Request and Officer’s Certificate (and executing the same on
behalf of the Issuer) and the obtaining of an Opinion of Counsel (which shall not be at the expense of the Trust Administrator), if necessary, for the release of the Collateral, as defined in the Indenture (Section 8.03 of the Indenture);

  
 (xvii) the mailing to the Noteholders of
notices with respect to their consent to any supplemental indentures (Sections 9.01, 9.02, 9.03 and 9.06 of the Indenture); and 
  
 (xviii) any other duties expressly required to be performed by the Trust Administrator under the Indenture or the Trust Agreement.

  
 Notwithstanding the foregoing, the Seller shall undertake the
duties of the Issuer under the Indenture to cause the preparation of Issuer Orders (and execute the same on behalf of the Issuer), and to obtain Opinions of Counsel with respect to the execution of supplemental indentures and, if necessary, to mail
to the Noteholders notices with respect to their consent to such supplemental indentures (Sections 9.01, 9.02, 9.03 and 9.06 of the Indenture). 
  
 (b) The Issuer will indemnify the Owner Trustee and the Trust Administrator, and their respective agents for, and hold them harmless against, any losses,
liability or expense incurred without gross negligence or bad faith on their part, arising out of or in connection with the acceptance or administration of the transactions contemplated by the Trust Agreement or this Agreement, including the
reasonable costs and expenses of defending themselves against any claim or liability in connection with the exercise or performance of any of their powers or duties under the Trust Agreement, the Indenture or this Agreement. 
  
 (c) Subject to the penultimate paragraph of this Section 7.01, and in
accordance with the directions of the Owner Trustee, the Trust Administrator shall perform or supervise the performance of such other activities in connection with the Collateral (including the Operative Agreements) as are not covered by any of the
foregoing provisions and as are expressly requested in writing by the Owner Trustee and are reasonably within the capability of the Trust Administrator. 
  
 (d) In carrying out the foregoing duties or any of its other obligations under this Agreement, the Trust Administrator may enter into transactions with or
otherwise deal with any of its Affiliates; provided, however, that the terms of any such transactions or dealings shall be in accordance with any directions received from the Issuer and shall be, in the Trust Administrator’s opinion, no
less favorable to the Issuer than would be available from unaffiliated parties. 
  

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 In carrying out the foregoing duties or any of its other obligations under this Agreement, the Trust
Administrator shall be subject to the same standard of care and have the same rights, indemnifications and immunities as the Indenture Trustee under the Indenture, including, without limitation, the right to reimbursement and indemnification on
behalf of the Issuer from funds in the Collection Account for all losses, costs and expenses of any kind or nature (including without limitation attorneys’ fees and disbursements) incurred by the Trust Administrator (including without
limitation in its various capacities as Paying Agent, Certificate Paying Agent, Certificate Registrar and Note Registrar) in connection with the performance of its duties hereunder or under any other Operative Agreement. 
  
 The Trust Administrator in its capacity as the Certificate Registrar, and
upon a request received from the Owner Trustee, shall promptly notify the Certificateholders of (i) any change in the Corporate Trust Office of the Owner Trustee, (ii) any amendment to the Trust Agreement requiring notice be given to the
Certificateholders and (iii) any other notice required to be given to the Certificateholders by the Owner Trustee under the Trust Agreement. 
  
 Section 7.02. Duties of the Trust Administrator With Respect to the Indenture, the Trust Agreement and this Agreement. 
  
 (a) The Trust Administrator shall take all appropriate action that is the
duty of the Indenture Trustee to take with respect to the following matters under the Indenture, the Trust Agreement and this Agreement: 
  
 (i) the duties of an authenticating agent for authentication of the Notes (Sections 2.01, 2.02 and 2.11 of the Indenture); 
  
 (ii) the duties of Note Registrar to be kept (Sections 2.03,
2.04, 2.05 and 2.07 of the Indenture); 
  
 (iii)
to provide notices and instructions to the Clearing Agency (Section 2.10 of the Indenture); 
  
 (iv) the duties of Paying Agent (Sections 3.03, 4.01, 4.02 and 5.02 of the Indenture); and 
  
 (v) the duties of agent or attorney-in-fact for the purposes
of filing financing and continuation statements for the Issuer (Section 3.05 of the Indenture). 
  
 (b) The Issuer will indemnify the Owner Trustee and the Trust Administrator, and their respective agents for, and hold them harmless against, any losses,
liability or expense incurred without gross negligence or bad faith on their part, arising out of or in connection with the acceptance or administration of the transactions contemplated by the Trust Agreement or this Agreement, including the
reasonable costs and expenses of defending themselves against any claim or liability in connection with the exercise or performance of any of their powers or duties under the Trust Agreement, the Indenture or this Agreement. 
  
 Section 7.03. Records. The Trust Administrator shall maintain
appropriate books of account and records relating to services performed hereunder, which books of account and records shall be accessible for inspection by the Issuer and the Depositor at any time during normal business hours. 
  

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 Section 7.04. Compensation. The Trust Administrator will perform the duties and provide the
services called for under Section 7.01 and 7.02 above for such compensation as shall be agreed upon between the Trust Administrator and the Master Servicer. 
  
 Section 7.05. Additional Information to be Furnished to the Issuer. The Depositor shall furnish to the Issuer from time to time such additional
information regarding the Collateral as the Issuer shall reasonably request. 
  
 Section 7.06. Independence of the Trust Administrator. For all purposes of this Agreement, the Trust Administrator shall be an independent contractor and shall not be subject to the supervision of the Issuer or
the Owner Trustee with respect to the manner in which it accomplishes the performance of its obligations hereunder. Unless expressly authorized by the Issuer, the Trust Administrator shall have no authority to act for or represent the Issuer or the
Owner Trustee in any way and shall not otherwise be deemed an agent of the Issuer or the Owner Trustee. 
  
 Section 7.07. No Joint Venture. Nothing contained in this Agreement (i) shall constitute the Trust Administrator or the Depositor, respectively,
and either of the Issuer or the Owner Trustee, as members of any partnership, joint venture, association, syndicate, unincorporated business or other separate entity, (ii) shall be construed to impose any liability as such on any of them or (iii)
shall be deemed to confer on any of them any express, implied or apparent authority to incur any obligation or liability on behalf of the others. 
  
 Section 7.08. Other Activities of Trust Administrator and the Depositor. Nothing herein shall prevent the Trust Administrator, the Depositor or
their respective Affiliates from engaging in other businesses or, in its sole discretion, from acting in a similar capacity as an Trust Administrator for any other person or entity even though such person or entity may engage in business activities
similar to those of the Issuer or the Owner Trustee. 
  
 Section
7.09. Resignation and Removal of Trust Administrator. 
  
 (a) Subject to Section 7.09(d) hereof, the Trust Administrator may resign its duties hereunder by providing the Issuer with at least 60 days’ prior written notice. 
  
 (b) Subject to Section 7.09(d) hereof, the Issuer may remove the Trust Administrator without cause by providing the Trust
Administrator with at least 60 days’ prior written notice. 
  
 (c) Subject to Section 7.09(d) hereof, the Issuer may remove the Trust Administrator immediately upon written notice of termination from the Issuer to the Trust Administrator if any of the following events shall occur: 
  
 (i) the Trust Administrator shall default in the performance
of any of its duties under this Agreement and, after notice of such default, shall not cure such default within ten days (or, if such default cannot be cured in such time, shall not give within ten days such assurance of cure as shall be reasonably
satisfactory to the Issuer); or 
  

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 (ii) a court having jurisdiction in the premises shall (x) enter a decree or order for
relief, which decree or order shall not have been vacated within 60 days, in respect of the Trust Administrator in any involuntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or (y) appoint a
receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official for the Trust Administrator or any substantial part of its property, or (z) order the winding-up or liquidation of the Trust Administrator’s affairs; or

  
 (iii) the Trust Administrator shall commence
a voluntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, shall consent to the entry of an order for relief in an involuntary case under any such law, or shall consent to the appointment of a
receiver, liquidator, assignee, trustee, custodian, sequestrator or similar official for the Trust Administrator or any substantial part of its property, shall consent to the taking of possession by any such official of any substantial part of its
property, shall make any general assignment for the benefit of creditors or shall fail generally to pay its debts as they become due. 
  
 The Trust Administrator agrees that if any of the events specified in clauses (ii) or (iii) of this Section 7.09(c) shall occur, it shall give written
notice thereof to the Issuer and the Indenture Trustee within seven days after the occurrence of such event. 
  
 (d) No resignation or removal of the Trust Administrator pursuant to this Section shall be effective until (i) a successor Trust Administrator shall have
been appointed by the Issuer in accordance with the Trust Agreement and (ii) such successor Trust Administrator shall have agreed in writing to be bound by the terms of this Agreement in the same manner as the Trust Administrator is bound hereunder.
If a successor Trust Administrator does not take office within 60 days after the retiring Trust Administrator resigns or is removed, the resigning or removed Trust Administrator or the Issuer may petition any court of competent jurisdiction for the
appointment of a successor Trust Administrator. 
  
 (e) The
appointment of any successor Trust Administrator shall be effective only after receipt of a letter from each Rating Agency to the effect that such proposed appointment will not cause a reduction or withdrawal of the then current ratings of the
Notes. 
  
 (f) Subject to Sections 7.09(d) and 7.09(e) above, the
Trust Administrator acknowledges that upon the appointment of a successor Master Servicer pursuant to Section 8.01, the Trust Administrator shall immediately resign and such successor Master Servicer shall automatically become the Trust
Administrator under this Agreement. Any such successor Master Servicer shall be required to agree to assume the duties of the Trust Administrator under the terms and conditions of this Agreement and the other Operative Agreements in its acceptance
of appointment as successor Master Servicer. 
  
 Section 7.10.
Action upon Termination, Resignation or Removal of the Trust Administrator. Promptly upon the effective date of termination of this Agreement or the resignation or removal of the Trust Administrator pursuant to Section 7.09 hereof, the Trust
Administrator shall be entitled to be paid all reimbursable expenses, including any reasonable out-of-pocket attorneys’ fees, accruing to it to the date of such termination, resignation or 
  

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 removal. The Trust Administrator shall forthwith upon such termination pursuant to Section 7.09 deliver to the successor
Trust Administrator all property and documents of or relating to the Collateral then in the custody of the Trust Administrator, or if this Agreement has been terminated, to the Depositor. In the event of the resignation or removal of the Trust
Administrator pursuant to Section 7.09, the Trust Administrator shall cooperate with the Issuer and take all reasonable steps requested to assist the Issuer in making an orderly transfer of the duties of the Trust Administrator. 
  
 ARTICLE VIII 
  
 MASTER SERVICER EVENTS OF DEFAULT 
  
 Section 8.01. Master Servicer Events of Default; Indenture Trustee To Act; Appointment of Successor. 
  
 (a) The occurrence of any one or more of the following events shall
constitute a “Master Servicer Event of Default”: 
  
 (i) Any failure by the Master Servicer to furnish to the Trust Administrator the Mortgage Loan data sufficient to prepare the reports described in Section 5.09(a) which continues unremedied for a period of one (1)
Business Day after the date upon which written notice of such failure shall have been given to such Master Servicer by the Indenture Trustee or the Trust Administrator or to such Master Servicer and the Indenture Trustee by the Holders of not less
than 25% of the Class Principal Amount (or Class Notional Amount) of each Class of Notes affected thereby; or 
  
 (ii) Any failure on the part of the Master Servicer duly to observe or perform in any material respect any other of the covenants or
agreements on the part of the Master Servicer contained in this Agreement which continues unremedied for a period of 30 days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the
Master Servicer by the Indenture Trustee or the Trust Administrator or to the Master Servicer and the Indenture Trustee by the Majority Noteholders; or 
  
 (iii) A decree or order of a court or agency or supervisory authority having jurisdiction for the appointment of a conservator or receiver
or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Master Servicer, and such decree or order
shall have remained in force undischarged or unstayed for a period of 60 days or any Rating Agency reduces or withdraws or threatens to reduce or withdraw the rating of the Notes because of the financial condition or loan servicing capability of
such Master Servicer; or 
  
 (iv) The Master
Servicer shall consent to the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities, voluntary liquidation or similar proceedings of or relating to the Master Servicer
or of or relating to all or substantially all of its property; or 
  

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 (v) The Master Servicer shall admit in writing its inability to pay its debts generally
as they become due, file a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors or voluntarily suspend payment of its obligations; or 
  
 (vi) The Master Servicer shall be dissolved, or shall
dispose of all or substantially all of its assets, or consolidate with or merge into another entity or shall permit another entity to consolidate or merge into it, such that the resulting entity does not meet the criteria for a successor servicer as
specified in Section 5.26 hereof; or 
  
 (vii) If
a representation or warranty set forth in Section 5.01 hereof shall prove to be incorrect as of the time made in any respect that materially and adversely affects the interests of the Noteholders, and the circumstance or condition in respect of
which such representation or warranty was incorrect shall not have been eliminated or cured within 30 days after the date on which written notice of such incorrect representation or warranty shall have been given to the Master Servicer by the
Indenture Trustee or the Trust Administrator, or to the Master Servicer and the Indenture Trustee by the Majority Noteholders; or 
  
 (viii) A sale or pledge of any of the rights of the Master Servicer hereunder or an assignment of this Agreement by the Master Servicer or
a delegation of the rights or duties of the Master Servicer hereunder shall have occurred in any manner not otherwise permitted hereunder and without the prior written consent of the Indenture Trustee and the Majority Noteholders; or 
  
 (ix) The Master Servicer has notice or actual knowledge that
the Servicer at any time is not either an FNMA- or FHLMC- approved Seller/Servicer, and the Master Servicer has not terminated the rights and obligations of such Servicer under this Agreement and replaced the Servicer with an FNMA- or FHLMC-approved
servicer within 60 days of the date the Master Servicer receives such notice or acquires such actual knowledge; or 
  
 (x) Any failure of the Master Servicer to remit to the Trust Administrator any Advance required to be made to the Trust Administrator for
the benefit of Noteholders under the terms of this Agreement, which failure continues unremedied as of the close of business on the Business Day prior to a Payment Date. 
  
 If a Master Servicer Event of Default described in clauses (i) through (ix) of this Section 8.01 shall occur, then, in each
and every case, subject to applicable law, so long as any such Master Servicer Event of Default shall not have been remedied within any period of time prescribed by this Section 8.01, the Indenture Trustee, by notice in writing to the Master
Servicer may, and shall, if so directed by the Majority Noteholders, terminate all of the rights and obligations of the Master Servicer hereunder and in and to the Mortgage Loans and the proceeds thereof. If a Master Servicer Event of Default
described in clause (x) of this Section 8.01 shall occur, then, in each and every case, subject to applicable law, so long as such Master Servicer Event of Default shall not have been remedied within the time period prescribed by clause (x) of this
Section 8.01, the Indenture Trustee, by notice in writing to the Master Servicer, shall 
  

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 promptly terminate all of the rights and obligations of the Master Servicer hereunder and in and to the Mortgage Loans
and the proceeds thereof. On or after the receipt by the Master Servicer of such written notice, all authority and power of the Master Servicer, and only in its capacity as Master Servicer under this Agreement, whether with respect to the Mortgage
Loans or otherwise, shall pass to and be vested in the Indenture Trustee pursuant to and under the terms of this Agreement; and the Indenture Trustee is hereby authorized and empowered to execute and deliver, on behalf of the defaulting Master
Servicer as attorney-in-fact or otherwise, any and all documents and other instruments, and to do or accomplish all other acts or things necessary or appropriate to effect the purposes of such notice of termination, whether to complete the transfer
and endorsement or assignment of the Mortgage Loans and related documents or otherwise. The defaulting Master Servicer agrees to cooperate with the Indenture Trustee in effecting the termination of the defaulting Master Servicer’s
responsibilities and rights hereunder as Master Servicer including, without limitation, notifying the Servicers of the assignment of the master servicing function and providing the Indenture Trustee or its designee all documents and records in
electronic or other form reasonably requested by it to enable the Indenture Trustee or its designee to assume the defaulting Master Servicer’s functions hereunder and the transfer to the Indenture Trustee for administration by it of all amounts
which shall at the time be or should have been deposited by the defaulting Master Servicer in the Collection Account maintained by such defaulting Master Servicer and any other account or fund maintained with respect to the Notes or thereafter
received with respect to the Mortgage Loans. The Master Servicer being terminated shall bear all reasonable out-of-pocket costs of a master servicing transfer, including but not limited to those of the Indenture Trustee, legal fees and expenses,
accounting and financial consulting fees and expenses, and costs of amending the Agreement, if necessary. 
  
 The Indenture Trustee shall be entitled to be reimbursed from the Master Servicer (or by the Trust Estate, if the Master Servicer is unable to fulfill its
obligations hereunder) for all costs associated with the transfer of servicing from the predecessor Master Servicer, including, without limitation, any costs or expenses associated with the complete transfer of all servicing data and the completion,
correction or manipulation of such servicing data as may be required by the Indenture Trustee to correct any errors or insufficiencies in the servicing data or otherwise to enable the Indenture Trustee to master service the Mortgage Loans properly
and effectively. If the terminated Master Servicer does not pay such reimbursement within thirty (30) days of its receipt of an invoice therefore, such reimbursement shall be an expense of the Trust Estate and the Indenture Trustee shall be entitled
to withdraw such reimbursement from amounts on deposit in the Collection Account pursuant to Section 5.07(c); provided that the terminated Master Servicer shall reimburse the Trust Estate for any such expense incurred by the Trust Estate; and
provided, further, that the Indenture Trustee shall decide whether and to what extent it is in the best interest of the Noteholders to pursue any remedy against any party obligated to make such reimbursement. 
  
 Notwithstanding the termination of its activities as Master Servicer, each
terminated Master Servicer shall continue to be entitled to reimbursement to the extent provided in Section 5.08 to the extent such reimbursement relates to the period prior to such Master Servicer’s termination. 
  
 If any Master Servicer Event of Default shall occur, of which a Responsible
Officer of the Indenture Trustee has actual knowledge, the Indenture Trustee shall promptly 
  

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 notify each Rating Agency of the nature and extent of such Master Servicer Event of Default. The Trust Administrator or
the Master Servicer shall immediately give written notice to the Indenture Trustee upon the Master Servicer’s failure to remit Advances on the date specified herein. 
  
 (b) On and after the time the Master Servicer receives a notice of termination from the Indenture Trustee pursuant to
Section 8.01(a) or the Indenture Trustee receives the resignation of the Master Servicer evidenced by an Opinion of Counsel pursuant to Section 5.27, the Indenture Trustee, unless another master servicer shall have been appointed, shall be the
successor in all respects to the Master Servicer in its capacity as such under this Agreement and the transactions set forth or provided for herein and shall have all the rights and powers and be subject to all the responsibilities, duties and
liabilities relating thereto and arising thereafter placed on the Master Servicer hereunder, including the obligation to make Advances; provided, however, that any failure to perform such duties or responsibilities caused by the Master
Servicer’s failure to provide information required by this Agreement shall not be considered a default by the Indenture Trustee hereunder. In addition, the Indenture Trustee shall have no responsibility for any act or omission of the Master
Servicer prior to the issuance of any notice of termination and shall have no liability relating to the representations and warranties of the Master Servicer set forth in Section 5.01. In the Indenture Trustee’s capacity as such successor, the
Indenture Trustee shall have the same limitations on liability herein granted to the Master Servicer. As compensation therefor, the Indenture Trustee shall be entitled to receive all compensation payable to the Master Servicer under this Agreement.

  
 (c) Notwithstanding the above, the Indenture Trustee may, if
it shall be unwilling to continue to so act, or shall, if it is unable to so act, appoint, or petition a court of competent jurisdiction to appoint, any established housing and home finance institution servicer, master servicer, servicing or
mortgage servicing institution having a net worth of not less than $15,000,000 and meeting such other standards for a successor master servicer as are set forth in this Agreement, as the successor to such Master Servicer in the assumption of all of
the responsibilities, duties or liabilities of a master servicer, like the Master Servicer. Such successor Master Servicer may be an Affiliate of the Indenture Trustee; provided, however, that, unless such Affiliate meets the net worth
requirements and other standards set forth herein for a successor master servicer, the Indenture Trustee, in its individual capacity shall agree, at the time of such designation, to be and remain liable to the Issuer and the Indenture Trustee for
such Affiliate’s actions and omissions in performing its duties hereunder. In connection with such appointment and assumption, the Indenture Trustee may make such arrangements for the compensation of such successor out of payments on the
Mortgage Loans as it and such successor shall agree; provided, however, that no such compensation shall be in excess of that permitted to the Master Servicer hereunder. The Indenture Trustee and such successor shall take such actions,
consistent with this Agreement, as shall be necessary to effectuate any such succession and may make other arrangements with respect to the servicing to be conducted hereunder which are not inconsistent herewith. The Master Servicer shall cooperate
with the Indenture Trustee and any successor master servicer in effecting the termination of the Master Servicer’s responsibilities and rights hereunder including, without limitation, notifying Servicers of the assignment of the master
servicing functions and providing the Indenture Trustee and successor master servicer, as applicable, all documents and records in electronic or other form reasonably requested by it to enable it to assume the Master Servicer’s functions
hereunder and the transfer 
  

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 to the Indenture Trustee or such successor master servicer, as applicable, all amounts or investment property which shall
at the time be or should have been deposited by the Master Servicer in the Collection Account and any other account or fund maintained with respect to the Notes or thereafter be received with respect to the Mortgage Loans. Neither the Indenture
Trustee nor any other successor master servicer shall be deemed to be in default hereunder by reason of any failure to make, or any delay in making, any payment hereunder or any portion thereof caused by (i) the failure of the Master Servicer to
deliver, or any delay in delivering, cash, documents or records to it, (ii) the failure of the Master Servicer to cooperate as required by this Agreement, (iii) the failure of the Master Servicer to deliver the Mortgage Loan data to the Indenture
Trustee as required by this Agreement or (iv) restrictions imposed by any regulatory authority having jurisdiction over the Master Servicer. 
  
 Section 8.02. Additional Remedies of Indenture Trustee Upon Event of Default. During the continuance of any Master Servicer Event of Default, so
long as such Master Servicer Event of Default shall not have been remedied, the Indenture Trustee, in addition to the rights specified in Section 8.01, shall have the right, in its own name and as trustee of an express trust, to take all actions now
or hereafter existing at law, in equity or by statute to enforce its rights and remedies and to protect the interests, and enforce the rights and remedies, of the Noteholders (including the institution and prosecution of all judicial, administrative
and other proceedings and the filings of proofs of claim and debt in connection therewith). Except as otherwise expressly provided in this Agreement, no remedy provided for by this Agreement shall be exclusive of any other remedy, and each and every
remedy shall be cumulative and in addition to any other remedy, and no delay or omission to exercise any right or remedy shall impair any such right or remedy or shall be deemed to be a waiver of any Event of Default. 
  
 Section 8.03. Waiver of Defaults. The Majority Noteholders may, on
behalf of all Noteholders, waive any default or Master Servicer Event of Default by the Master Servicer in the performance of its obligations hereunder, except that a default in the making of any required deposit to the Collection Account that would
result in a failure of the Indenture Trustee to make any required payment of principal of or interest on the Notes may only be waived with the consent of 100% of the affected Noteholders. Upon any such waiver of a past default, such default shall
cease to exist, and any Event of Default arising therefrom shall be deemed to have been remedied for every purpose of this Agreement. No such waiver shall extend to any subsequent or other default or impair any right consequent thereon except to the
extent expressly so waived. 
  
 Section 8.04. Notification to
Holders. Upon termination of the Master Servicer or appointment of a successor to the Master Servicer, in each case as provided herein, the Indenture Trustee shall promptly mail notice thereof by first class mail to the Noteholders at their
respective addresses appearing on the applicable Register. The Indenture Trustee shall also, within 45 days after the occurrence of any Master Servicer Event of Default known to the Indenture Trustee, give written notice thereof to Noteholders,
unless such Event of Default shall have been cured or waived prior to the issuance of such notice and within such 45-day period. 
  
 Section 8.05. Directions by Noteholders and Duties of Indenture Trustee During Master Servicer Event of Default. During the continuance of any
Master Servicer Event of Default, the Majority Noteholders may direct the time, method and place of conducting any proceeding for 
  

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 any remedy available to the Indenture Trustee, or exercising any trust or power conferred upon the Indenture Trustee,
under this Agreement; provided, however, that the Indenture Trustee shall be under no obligation to pursue any such remedy, or to exercise any of the trusts or powers vested in it by this Agreement (including, without limitation, (i) the
conducting or defending of any administrative action or litigation hereunder or in relation hereto and (ii) the terminating of the Master Servicer or any successor master servicer from its rights and duties as master servicer hereunder) at the
request, order or direction of any of the Noteholders, unless such Noteholders shall have offered to the Indenture Trustee reasonable security or indemnity against the cost, expenses and liabilities which may be incurred therein or thereby; and,
provided further, that, the Indenture Trustee shall have the right to decline to follow any such direction if the Indenture Trustee, in accordance with an Opinion of Counsel, determines that the action or proceeding so directed may not
lawfully be taken or if the Indenture Trustee in good faith determines that the action or proceeding so directed would involve it in personal liability for which it is not indemnified to its satisfaction or be unjustly prejudicial to the
non-assenting Noteholders. 
  
 Section 8.06. Action Upon
Certain Failures of the Master Servicer and Upon Master Servicer Event of Default. In the event that a Responsible Officer of the Indenture Trustee or the Trust Administrator shall have actual knowledge of any action or inaction of the Master
Servicer that would become a Master Servicer Event of Default upon the Master Servicer’s failure to remedy the same after notice, the Indenture Trustee or Trust Administrator, as applicable, shall give notice thereof to the Master Servicer.

  
 Section 8.07. Preparation of Reports. 
  
 (a) The Depositor shall prepare or cause to be prepared the initial current
report on Form 8-K. Thereafter, within 15 days after each Payment Date, the Trust Administrator shall, in accordance with industry standards customary for securities similar to the Notes as required by the Exchange Act and the rules and regulations
of the Securities and Exchange Commission (the “Commission”), file with the Commission via the Electronic Data Gathering and Retrieval System (EDGAR), a Form 8-K with a copy of the statement to the Noteholders for such Payment Date as an
exhibit thereto. Prior to January 30, 2006, the Trust Administrator shall, in accordance with industry standards applicable to the Notes, file a Form 15 Suspension Notification with respect to the Issuer, if applicable. Prior to March 31, 2006, and
prior to March 31 in each succeeding year so long as a Form 15 Suspension Notification has not been filed for the prior calendar year, the Trust Administrator shall file (and the Master Servicer will execute) a Form 10-K, in substance conforming to
industry standards applicable to the Notes, with respect to the Issuer. The Form 10-K shall include the certification required pursuant to Rule 13a-14 under the Exchange Act, as amended (the “Form 10-K Certification,” which Form 10-K
Certification shall be signed by the Master Servicer). The Indenture Trustee and the Trust Administrator shall have no liability for any delay in filing the Form 10-K due to the failure of such party to timely sign the Form 10-K or Form 10-K
Certification. The Depositor hereby grants to the Indenture Trustee, the Master Servicer and the Trust Administrator a limited power of attorney to execute and file each such document on behalf of the Depositor. Such power of attorney shall continue
until either the earlier of (i) receipt by the Master Servicer and the Trust Administrator from the Depositor of written termination of such power of attorney and (ii) the termination of the Issuer. The Depositor agrees to promptly furnish to the
Trust Administrator, from time to time upon request, such further information, reports, and financial statements within 
  

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 its control related to this Agreement and the Mortgage Loans as the Depositor reasonably deems appropriate to prepare and
file all necessary reports with the Commission. The Trust Administrator shall have no responsibility to file any items other than those specified in this section. 
  
 (b) Each person (including their officers or directors) that signs any Form 10-K Certification shall be entitled to
indemnification from the Trust Estate for any liability or expense incurred by it in connection with such certification, other than any liability or expense attributable to such Person’s own bad faith, negligence or willful misconduct. The
provisions of this subsection shall survive any termination of this Agreement and the resignation or removal of such Person. 
  
 (c) To the extent that, following the Closing Date, the contents of Forms 8-K, 10-K or other Forms required by the Exchange Act and the Rules and
Regulations of the Commission and the time by which such Forms are required to be filed, differs from the provisions of this Agreement, the parties hereto hereby agree that each shall reasonably cooperate to amend the provisions of this Agreement
(in accordance with Section 10.03) in order to comply with such amended reporting requirements and such amendment of this Agreement. Notwithstanding the foregoing, neither the Master Servicer nor the Trust Administrator shall be obligated to enter
into any amendment pursuant to this Section that adversely affects its obligations and immunities under this Agreement. 
  
 ARTICLE IX 
  
 TERMINATION 
  
 Section 9.01. Termination. The respective obligations and responsibilities of the Master Servicer, the Trust Administrator, the Depositor, the Issuer, the Servicer, the Subservicer and the Indenture Trustee created hereby (other than
obligations expressly stated to survive the termination of the Trust) shall terminate on the day after the day on which the Notes are paid in full (including payment pursuant to Section 9.02 below) (the “Termination Date”). 
  
 Section 9.02. Termination Prior to Maturity Date; and Optional
Redemption. On any Payment Date on which the Aggregate Loan Balance at the beginning of the Due Period related to that Payment Date is less than 20% of the sum of the Aggregate Loan Balance as of the Initial Cut-off Date and the amount on
deposit in the Pre-Funding Account as of the Closing Date, the Servicer acting directly or through one or more Affiliates, shall have the option to purchase the Mortgage Loans, any REO Property and any other property remaining in the Trust for a
price equal to the Redemption Price. The Master Servicer, the Servicer and the Subservicer will be reimbursed from the Redemption Price for any outstanding Advances, Servicing Advances and unpaid Servicing Administration Fees and other amounts not
previously reimbursed pursuant to the provisions of this Agreement, as applicable, and the Trust Administrator, the Owner Trustee and the Indenture Trustee shall be reimbursed for any previously unreimbursed amounts for which they are entitled to be
reimbursed pursuant to this Agreement, the Indenture or the Trust Agreement, as applicable. If such option is exercised, the Trust will be terminated resulting in a mandatory redemption of the Notes. The Servicer shall deliver written notice of its
intention to exercise such option to the Issuer, the Trust Administrator, the Indenture Trustee and the Master 
  

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 Servicer not less than 15 days prior to the applicable Payment Date. If the Servicer fails to exercise such option prior
to the Stepup Date, the Interest Rate for each class of Notes will be increased as set forth in the table in the Preliminary Statement herein beginning on the Stepup Date and for each Payment Date thereafter. The Servicer shall deliver written
notice of its intention to exercise such option to the Issuer, the Indenture Trustee and the Master Servicer not less than ten days prior to the applicable Payment Date. 
  
 In connection with such purchase, the Servicer shall remit to the Trust Administrator all amounts then on deposit in the
Custodial Account in respect of the related Total Remittance Amount for deposit to the Note Account, which deposit shall be deemed to have occurred immediately preceding such purchase. 
  
 (a) Promptly following any such purchase pursuant to paragraph (a) of this Section, the Indenture Trustee or the applicable
Custodian shall release the Mortgage Files to the purchaser of such Mortgage Loans pursuant to this Section 10.02, or otherwise upon its order. 
  
 Section 9.03. Certain Notices upon Final Payment. The Master Servicer or the Trust Administrator, as applicable, shall give the Issuer, the
Indenture Trustee, the Owner Trustee, each Rating Agency, each Noteholder and the Depositor at least 30 days’ prior written notice of the date on which the Trust is expected to terminate in accordance with Section 9.01, or the date on which the
Notes will be redeemed in accordance with Section 9.02. Not later than the fifth Business Day in the Due Period in which the final payment in respect to the Notes is payable to the Noteholders, the Indenture Trustee shall mail to the Noteholders a
notice specifying the procedures with respect to such final payment. The Trust Administrator on behalf of the Indenture Trustee shall give a copy of such notice to each Rating Agency at the time such notice is given to Noteholders. Following the
final payment thereon, such Notes shall become void, no longer outstanding and no longer evidence any right or interest in the Mortgage Loans, the Mortgage Files or any proceeds of the foregoing. 
  
 Section 9.04. Beneficiaries. This Agreement will inure to the benefit
of and be binding upon the parties hereto, the Noteholders, and their respective successors and permitted assigns. No other Person will have any right or obligation hereunder. 
  
 ARTICLE X 
  
 MISCELLANEOUS PROVISIONS 
  
 Section 10.01. Binding Nature of Agreement; Assignment. This Agreement shall be binding upon and inure to the benefit of the parties hereto and
their respective successors and permitted assigns. 
  
 Section
10.02. Entire Agreement. This Agreement contains the entire agreement and understanding among the parties hereto with respect to the subject matter hereof, and supersedes all prior and contemporaneous agreements, understandings, inducements
and conditions, express or implied, oral or written, of any nature whatsoever with respect to the subject matter hereof. The express terms hereof control and supersede any course of performance and/or usage of the trade inconsistent with any of the
terms hereof. 
  

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 Section 10.03. Amendment. 
  
 (a) This Agreement may be amended from time to time by the parties hereto and the Holder of the Ownership Certificate and
with the prior written consent of the Swap Counterparty (but only to the extent such amendment materially adversely affects the amounts, priority or timing of payments under the Swap Agreement and all outstanding payments under the Swap Agreement
have been made), without notice to or the consent of any of the Holders of the Notes, (i) to cure any ambiguity, (ii) to cause the provisions herein to conform to or be consistent with or in furtherance of the statements made with respect to the
Notes, the Trust or this Agreement in any Offering Document, or to correct or supplement any provision herein which may be inconsistent with any other provisions herein or in any other Operative Agreement, to make any other provisions with respect
to matters or questions arising under this Agreement, (iii) to make any other provision with respect to matters or questions arising under this Agreement or (iv) to add, delete, or amend any provisions to the extent necessary or desirable to comply
with any requirements imposed by the Code or ERISA and applicable regulations. No such amendment effected pursuant to the preceding sentence shall, as evidenced by an Opinion of Counsel (which shall be an expense of the party requesting such
amendment and shall not be an expense of the Trust), the status of the Notes as debt for federal income tax purposes, nor shall such amendment effected pursuant to clause (iii) of such sentence adversely affect in any material respect the interests
of any Holder, nor shall such amendment be with respect to Section 6.02 or the definitions of “Interest Funds,” “Principal Funds” or “Monthly Excess Cashflow” without the prior written consent of the Swap Counterparty;
provided, however, that all outstanding payments under the Swap Agreement have been made. Prior to entering into any amendment without the consent of Holders pursuant to this paragraph, the Indenture Trustee may require an Opinion of Counsel
(at the expense of the party requesting such amendment) to the effect that such amendment is permitted under this paragraph. Any such amendment shall be deemed not to adversely affect in any material respect any Holder, if the Indenture Trustee
receives written confirmation from each Rating Agency that such amendment will not cause such Rating Agency to reduce the then current rating assigned to the Notes. 
  
 (b) This Agreement may also be amended from time to time by the parties hereto and with the prior written consent of the
Swap Counterparty (but only to the extent such amendment materially adversely affects the amounts, priority or timing of payments under the Swap Agreement and all outstanding payments under the Swap Agreement have been made), with the consent of the
Noteholders representing 66 2/3% Voting Interests 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 Holders; provided, however, that no such amendment may (i) reduce in any manner the amount of, or delay the timing of,
payments which are required to be paid on any Class of Notes, without the consent of the Noteholders of such Class or (ii) reduce the aforesaid percentages of Class Principal Amount of Notes, the Holders of which are required to consent to any such
amendment without the consent of the Holders of 100% of the Class Principal Amount of the Notes. For purposes of this paragraph, references to “Holder” or “Holders” shall be deemed to include, in the case of Book-Entry Notes, the
related Note Owners; provided further, however, that no such amendment may be made with respect to Section 6.01(b) or (c) or the definition of “Interest Funds” without the prior written consent of the Swap Counterparty, unless all
outstanding payments under the Swap Agreement have been made. 
  

 137 

 (c) Promptly after the execution of any such amendment, the Indenture Trustee shall furnish written
notification of the substance of such amendment to each Holder, the Depositor and to each Rating Agency. 
  
 (d) It shall not be necessary for the consent of Holders under this Section 10.03 to approve the particular form of any proposed amendment, but it shall
be sufficient if such consent shall approve the substance thereof. The manner of obtaining such consents and of evidencing the authorization of the execution thereof by Holders shall be subject to such reasonable regulations as the Indenture Trustee
may prescribe. 
  
 Section 10.04. Acts of Noteholders.
Except as otherwise specifically provided herein, whenever Noteholder action, consent or approval is required under this Agreement, such action, consent or approval shall be deemed to have been taken or given on behalf of, and shall be binding upon,
all Noteholders if the Majority Noteholders agree to take such action or give such consent or approval. 
  
 Section 10.05. Recordation of Agreement. To the extent permitted by applicable law, this Agreement, or a memorandum thereof if permitted under
applicable law, is subject to recordation in all appropriate public offices for real property records in all of the counties or other comparable jurisdictions in which any or all of the properties subject to the Mortgages are situated, and in any
other appropriate public recording office or elsewhere, such recordation to be effected by the Depositor on direction and at the expense of Holders of not less than 66 2/3% of the Note Principal Balance of the Notes and of the Holder of the Ownership Certificate requesting such recordation, but only when accompanied by an Opinion of Counsel to the
effect that such recordation materially and beneficially affects the interests of the Noteholders, or is necessary for the administration or servicing of the Mortgage Loans. 
  
 Section 10.06. Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE
STATE OF NEW YORK, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES APPLIED IN NEW YORK (OTHER THAN SECTION 5-1401 OF THE NEW YORK
GENERAL OBLIGATIONS LAW WHICH SHALL APPLY HERETO). 
  
 Section
10.07. Notices. All demands, notices and communications hereunder shall be in writing and shall be deemed to have been duly given if mailed by overnight courier, addressed as follows or delivered by facsimile (or such other address as may
hereafter be furnished to the other party by like notice): 
  

	 	(i)	if to the Seller: 

  

	 	    	New York Mortgage Funding, LLC 

	 	    	1301 Avenue of the Americas 

	 	    	New York, New York 10019 

	 	    	Attention: Chief Operating Officer 

	 	    	Telephone: (212) 634-9400 

	 	    	Facsimile: (212) 655-6269 

  

 138 

	 	(ii)	if to the Servicer: 

  

	 	    	NYMT Servicing Corporation 

	 	    	1301 Avenue of the Americas 

	 	    	New York, New York 10019 

	 	    	Attention: Chief Operating Officer 

	 	    	Telephone: (212) 634-9400 

	 	    	Facsimile: (212) 655-6269 

  

	 	(iii)	if to the Subservicer: 

  

	 	    	[                                       
         ] 

	 	    	Telephone: [                    ] 

	 	    	Facsimile: [                    ] 

  

	 	    	with a copy to: 

  

	 	    	[                                       
         ] 

	 	    	Attention: General Counsel 

	 	    	Telephone: [                    ] 

	 	    	Facsimile: [                    ] 

  

	 	(iv)	if to the Master Servicer: 

  

	 	    	[                                       
         ] 

	 	    	Telephone: [                    ] 

	 	    	Facsimile: [                    ] 

  

	 	(v)	if to the Trust Administrator: 

  

	 	    	[                                       
         ] 

	 	    	Telephone: [                    ] 

	 	    	Facsimile:         [            ] 

  

	 	(vi)	if to the Indenture Trustee: 

  

	 	    	[                                       
         ] 

  

	 	(vii)	if to the Depositor: 

  

	 	    	NYMT Securities Corporation 

	 	    	1301 Avenue of the Americas 

	 	    	New York, New York 10019 

	 	    	Attention: Chief Operating Officer 

	 	    	Telephone: (212) 634-9400 

	 	    	Facsimile: (212) 655-6269 

  

 139 

	 	(viii)	if to the Issuer: 

  

	 	    	c/o
[                                        
        ] 

  

	 	    	Attention: [                            ]

  
 All demands, notices and communications to a
party hereunder shall be in writing and shall be deemed to have been duly given when delivered to such party at the relevant address, facsimile number or electronic mail address set forth above or at such other address, facsimile number or
electronic mail address as such party may designate from time to time by written notice in accordance with this Section 10.07. 
  
 Section 10.08. Severability of Provisions. If any one or more of the covenants, agreements, provisions or terms of this Agreement shall be for any
reason whatsoever held invalid, then such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions or terms of this Agreement and shall in no way affect the validity or enforceability
of the other provisions of this Agreement or of the Notes or the rights of the Holders thereof. 
  
 Section 10.09. Indulgences; No Waivers. Neither the failure nor any delay on the part of a party to exercise any right, remedy, power or privilege
under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the same or of any other right, remedy, power or privilege, nor shall
any waiver of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence. No waiver shall be effective unless it is in writing and is
signed by the party asserted to have granted such waiver. 
  
 Section 10.10. Headings Not To Affect Interpretation. The headings contained in this Agreement are for convenience of reference only, and they shall not be used in the interpretation hereof. 
  
 Section 10.11. Benefits of Agreement. Nothing in this Agreement or in
the Notes, express or implied, shall give to any Person, other than the parties to this Agreement and their successors hereunder and the Holders of the Notes, any benefit or any legal or equitable right, power, remedy or claim under this Agreement.
Notwithstanding the foregoing, the Owner Trustee shall be an express third-party beneficiary of this Agreement. 
  
 Section 10.12. Special Notices to the Rating Agencies. 
  
 (a) The Seller shall give prompt notice to each Rating Agency of the occurrence of any of the following events of which it has notice: 
  
 (i) any amendment to this Agreement pursuant to Section
10.03; and 
  
 (ii) the making of a final payment
hereunder. 
  

 140 

 (b) All notices to the Rating Agencies provided for by this Section shall be in writing and sent by first
class mail, telecopy or overnight courier, as follows: 
  
 if to Moody’s:

  
 Moody’s Investors Service, Inc. 
 99 Church Street 
 New York, New York 10004

 Fax no.: (212) 553-4392 
  
 if to S&P: 
  
 Standard & Poor’s Ratings Services, a division 
 of The McGraw-Hill Companies, Inc. 
 55 Water Street 
 New York, New York 10041

 Fax no.: (212) 438-2661 
  
 (c) The Trust Administrator shall make available to the Rating Agencies each report prepared pursuant to Section 5.09. 
  
 Section 10.13. Counterparts. This Agreement may be executed in one or
more counterparts, each of which shall be deemed to be an original, and all of which together shall constitute one and the same instrument. 
  
 Section 10.14. Execution by the Issuer. It is expressly understood and agreed by the parties hereto that (a) this Agreement is executed and
delivered by [                    ], not individually or personally but solely as Owner Trustee of the Issuer, in the exercise of the powers and
authority conferred and vested in it as trustee, (b) each of the representations, undertakings and agreements herein made on the part of the Issuer is made and intended not as personal representations, undertakings and agreements by
[                    ] but is made and intended for the purpose of binding only the Issuer, (c) nothing herein contained shall be construed as
creating any liability on [                    ], individually or personally, to perform any covenant either expressed or implied contained herein,
all such liability, if any, being expressly waived by the parties hereto and by any person claiming by, through or under the parties hereto and (d) under no circumstances shall
[                    ] be personally liable for the payment of any indebtedness or expenses of the Issuer or be liable for the breach or failure of
any obligation, representation, warranty or covenant made or undertaken by the Issuer under this Agreement or any other document. 
  

 141 

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

			
	NEW YORK MORTGAGE TRUST, SERIES 2005-
[    ], as Issuer
		
	 By:
	 	[                    ], not in its individual capacity but solely as Owner
Trustee
	
	 By:

	 Name:
	 	 
	 Title:
	 	 
	
	NYMT SECURITIES CORPORATION, as Depositor
	
	 By:

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

	 Name:
	 	 
	 Title:
	 	 
	
	[                                       
                                        
     ],
	as Trust Administrator and Master Servicer
	
	 By:

	 Name:
	 	 
	 Title:
	 	 

			
	 NYMT SERVICING CORPORATION,
 as
Servicer

	
	 By:

	 Name:
	 	 
	 Title:
	 	 
	
	[                                       
                                        
     ],
	as Subservicer
	
	 By:

	 Name:
	 	 
	 Title:
	 	 
	
	 NEW YORK MORTGAGE FUNDING, LLC,
 as
Seller

	
	 By:

	 Name:
	 	 
	 Title:
	 	 

  
 Solely for purposes of 6.02 and

 Section 10.03, accepted and agreed to by: 
  

			
	[                                       
                                        
 ],
as Swap Counterparty
	
	 By:

	 Name:
	 	 
	 Title:
	 	 

			
	 STATE OF
	  	)
	 	  	: ss.:
	 COUNTY OF
	  	)

  
 On this
[    ] day of [            ], 2005, before me, personally appeared
[                    ], known to me to be a Vice President of
[                    ], one of the corporations that executed the within instrument, and also known to me to be the person who executed it on behalf
of said corporation, and acknowledged to me that such corporation executed the within instrument. 
  
 IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and year in this certificate first above written. 
  

	
	
 Notary Public

  
 [NOTARIAL SEAL] 

			
	 STATE OF
	  	)
	 	  	: ss.:
	 COUNTY OF
	  	)

  
 On the
[    ] day of [            ], 2005, before me, personally appeared [            ], known to me to be a
[    ] of NYMT Securities Corporation, a corporation that executed the within instrument and also known to me to be the person who executed it on behalf of said corporation, and acknowledged to me that such corporation executed
the within instrument. 
  
 IN WITNESS WHEREOF, I have hereunto set
my hand and affixed my official seal the day and year in this certificate first above written. 
  

	
	
 Notary Public

 [NOTARIAL SEAL] 

			
	 STATE OF
	  	)
	 	  	        : ss.:
	 COUNTY OF
	  	)

  
 On the
[    ] of [            ], 2005 before me, a Notary Public in and for said State, personally appeared
[            ] known to me to be a [                    ] of a
[            ] that executed the within instrument and also known to me to be the person who executed it on behalf of said corporation, and acknowledged to me that such corporation executed
the within instrument. 
  
 IN WITNESS WHEREOF, I have hereunto set
my hand and affixed my official seal the day and year in this certificate first above written. 
  

	
	
 Notary Public

  
 [NOTARIAL SEAL] 

			
	 STATE OF
	  	)
	 	  	        : ss.:
	 COUNTY OF
	  	)

  
 On the
[    ] day of [            ], 2005, before me, a notary public in and for said State, personally appeared
[            ], known to me to be a [            ] of [            ],
one of the corporations that executed the within instrument, and also known to me to be the person who executed it on behalf of said corporation, and acknowledged to me that such corporation executed the within instrument. 
  
 IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal
the day and year in this certificate first above written. 
  

	
	
 Notary Public

			
	 STATE OF
	  	)
	 	  	        : ss.:
	 COUNTY OF
	  	)

  
 On the
[    ] of [            ], 2005 before me, a Notary Public in and for said State, personally appeared
[                    ] known to me to be a
[                    ] of NYMT Servicing Corporation, a corporation that executed the within instrument and also known to me to be the person who
executed it on behalf of said corporation, and acknowledged to me that such corporation executed the within instrument. 
  
 IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and year in this certificate first above written. 
  

	
	
 Notary Public

  
 [NOTARIAL SEAL] 

			
	 STATE OF [            ]
	  	)
	 	  	: ss.:
	 COUNTY OF [            ]
	  	)

  
 On the
[    ] of [            ], 2005 before me, a Notary Public in and for said State, personally appeared
[            ] known to me to be an [            ] of [Subservicer], a corporation that executed the within instrument and also
known to me to be the person who executed it on behalf of said corporation, and acknowledged to me that such corporation executed the within instrument. 
  
 IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and year in this certificate first above written. 
  

	
	
 Notary Public

  
 [NOTARIAL SEAL]

			
	 STATE OF MARYLAND
	  	)
	 	  	: ss.:
	 COUNTY OF HOWARD
	  	)

  
 On the
[    ] of December, 2005 before me, a Notary Public in and for said State, personally appeared [                    ] known to me
to be a [                    ] of New York Mortgage Funding, LLC, a corporation that executed the within instrument and also known to me to be the
person who executed it on behalf of said corporation, and acknowledged to me that such corporation executed the within instrument. 
  
 IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and year in this certificate first above written. 
  

	
	
 Notary Public

  
 [NOTARIAL SEAL] 

 EXHIBIT A-1 
  
 FORM OF INITIAL CERTIFICATION 
  

	
	
	

	              Date

  
 [Name and address of Indenture
Trustee] 
  
 NYMT SECURITIES CORPORATION 
 1301 Avenue of the Americas 
 New York, New York 10019 
  
 Attention: 
  

	 	Re:	Transfer and Servicing Agreement (the “Transfer and Servicing Agreement”) dated as of [            ], 2005 by
and among NYMT Securities Corporation, as Depositor, [                                ],
as Indenture Trustee, [                                ], as Trust Administrator and
Master Servicer, New York Mortgage Trust, Series 2005-[            ], as Issuer, NYMT Servicing Corporation, as Servicer,
[            ], as Subservicer, and New York Mortgage Funding, LLC, as Seller  

  

Ladies and Gentlemen: 
  
 In accordance with Section 2.02(a) of the Transfer and Servicing Agreement, subject to review of the contents thereof, the undersigned, as Custodian,
hereby certifies that it has received the documents listed in Section 2.0 1(b) of the Transfer and Servicing Agreement for each Mortgage File pertaining to each Mortgage Loan listed on Schedule A, to the Transfer and Servicing Agreement, subject to
any exceptions noted on Schedule I hereto. 
  
 Capitalized words
and phrases used herein and not otherwise defined herein shall have the respective meanings assigned to them in the Transfer and Servicing Agreement. This certificate is subject in all respects to the terms of Section 2.02 of the Transfer and
Servicing Agreement and the sections cross-referenced therein. 
  

			
	 [Custodian]

		
	 By:
	 	  

	 	 	 Name:

	 	 	 Title:

  

 A-1 

 EXHIBIT A-2 
  
 FORM OF INTERIM CERTIFICATION 
  

	
	
	

	             Date

  
 [Name and address of Indenture
Trustee] 
  
 NYMT SECURITIES CORPORATION 
 1301 Avenue of the Americas 
 New York, New York 10019 
  
 Attention: 
  

	 	Re:	Transfer and Servicing Agreement (the “Transfer and Servicing Agreement”) dated as of [            ], 2005 by
and among NYMT Securities Corporation, as Depositor, [            ], as Indenture Trustee, [            ], as Trust Administrator
and Master Servicer, New York Mortgage Trust, Series 2005-[            ], as Issuer, NYMT Servicing Corporation, as Servicer,
[            ], as Subservicer, and New York Mortgage Funding, LLC, as Seller  

  

Ladies and Gentlemen: 
  
 In accordance with Section 2.02(b) of the Transfer and Servicing Agreement, the undersigned, as Custodian, hereby certifies that as to each Mortgage Loan
listed in the Mortgage Loan Schedule (other than any Mortgage Loan paid in full or listed on Schedule I hereto) it (or its custodian) has received the applicable documents listed in Section 2.01(b) of the Transfer and Servicing Agreement.

  
 The undersigned hereby certifies that as to each Mortgage Loan
identified on the Mortgage Loan Schedule, other than any Mortgage Loan listed on Schedule I hereto, it has reviewed the documents identified above and has determined that each such document appears regular on its face and appears to relate to the
Mortgage Loan identified in such document. 
  
 Capitalized words
and phrases used herein shall have the respective meanings assigned to them in the Transfer and Servicing Agreement. This certificate is qualified in all respects by the terms of said Transfer and Servicing Agreement including, but not limited to,
Section 2.02(b). 
  

			
	 [Custodian]

		
	 By:
	 	  

	 	 	 Name:

	 	 	 Title:

  

 A-2-1 

 EXHIBIT A-3 
  
 FORM OF FINAL CERTIFICATION 
  

	
	
	

	            Date

  
 [Name and address of Indenture
Trustee] 
  
 NYMT SECURITIES CORPORATION 
 1301 Avenue of the Americas 
 New York, New York 10019 
  
 Attention: 
  

	 	Re:	Transfer and Servicing Agreement (the “Transfer and Servicing Agreement”) dated as of [            ], 2005 by
and among NYMT Securities Corporation, as Depositor, [                                ],
as Indenture Trustee, [                                ], as Trust Administrator and
Master Servicer, New York Mortgage Trust, Series 2005-[            ], as Issuer, NYMT Servicing Corporation, as Servicer,
[            ], as Subservicer, and New York Mortgage Funding, LLC, as Seller  

  

Ladies and Gentlemen: 
  
 In accordance with Section 2.02(d) of the Transfer and Servicing Agreement, the undersigned, as Custodian on behalf of the Indenture Trustee, hereby
certifies that as to each Mortgage Loan listed in the Mortgage Loan Schedule (other than any Mortgage Loan paid in full or listed on Schedule I hereto) it (or its custodian) has received the applicable documents listed in Section 2.01(b) of the
Transfer and Servicing Agreement. 
  
 The undersigned hereby
certifies that as to each Mortgage Loan identified on the Mortgage Loan Schedule, other than any Mortgage Loan listed on Schedule I hereto, it has reviewed the documents listed above and has determined that each such document appears to be complete
and, based on an examination of such documents, the information set forth in the Mortgage Loan Schedule is correct. 
  
 Capitalized words and phrases used herein shall have the respective meanings assigned to them in the Transfer and Servicing Agreement. This certificate is
qualified in all respects by the terms of said Transfer and Servicing Agreement. 
  

			
	 [Custodian]

		
	 By:
	 	

	 	 	 Name:

	 	 	 Title:

  

 A-3-1 

 EXHIBIT A-4 
  
 FORM OF ENDORSEMENT 
  
 Pay to the order of [            ], as indenture trustee (the “Indenture Trustee”)
under the Transfer and Servicing Agreement dated as of [            ], 2005 by and among NYMT Securities Corporation, as Depositor, the Indenture Trustee,
[            ], as Trust Administrator and Master Servicer, New York Mortgage Trust, Series 2005-[            ], as Issuer, NYMT
Servicing Corporation, as Servicer, [            ], as Subservicer, and New York Mortgage Funding, LLC, as Seller, relating to New York Mortgage Trust, Series
2005-[    ] Mortgage-Backed Notes, without recourse. 
  

			
	
 [current signatory on note]

		
	By:	 	

	 	 	Name:
	 	 	Title:

  

 A-4-1 

 EXHIBIT B 
  

FORM OF SWAP AGREEMENT 
  

 B-1 

 EXHIBIT C 
  

FORM OF LOST NOTE AFFIDAVIT 
  
 I,
                                        
                        , being duly sworn, do hereby state under oath that: 
  

	1.	I, as
                                 of
                                        
     (the “Company”), am authorized to make this Affidavit on behalf of the Company. 

  

	2.	The Company received the following described mortgage note (the “Note”): 

  
 Loan No.: 
 Borrower(s): 
 Original Principal Amount: 
  

	 	from the Borrower(s) to secure a Deed of Trust/Mortgage (the “Deed of Trust/Mortgage”) dated
                     from the Borrower(s) to the Company. 

  

	3.	The Company represents and warrants that it has not canceled, altered, assigned, or hypothecated the Note. 

  

	4.	The original Note, a true and correct copy of which is attached hereto, was not located after a thorough and diligent search, and based thereon, the Company declares the Note lost.

  

	5.	This Affidavit is intended to be relied on by the Indenture Trustee and its successors and assigns. 

  

	6.	The Company has assigned all of its right, title and interest in the Note and the Deed of Trust/Mortgage to the Indenture Trustee and agrees immediately and without further
consideration to surrender the original Note to the Indenture Trustee or its successor and assigns if such original Note ever comes into the Company’s possession, custody, or power. 

  

	7.	The Company further agrees to indemnify and hold harmless the Indenture Trustee and its successors and assigns from any and all loss, liability, costs, damages, reasonable
attorneys’ fees and expenses without limitation in connection with or arising out of the representations, warranties, and agreements made in this Affidavit and any claim of any nature made by any entity with respect to the Note.

  

	8.	The Company agrees and acknowledges that this Affidavit may be presented as evidence of the Note, whether in any proceeding or action with respect thereto or otherwise, and hereby
authorizes such use of this Affidavit. 

  

 C-1 

	9.	The representations, warranties, and agreements herein shall bind the undersigned and its successors and assigns, and shall inure to the benefit of the Indenture Trustee and its
successors and assigns. 

  
 EXECUTED THIS
             day of                     ,
200     on behalf of                             
  

			
	 	 	  

	 By:
	 	 
	 Its:
	 	 

  

			
	 STATE
OF                              
	 	 )

	 	 	 )
ss:

	 COUNTY
OF                         
	 	 )

  
 On the
             day of                     ,
200    , before me,
                                    , a notary public in and
for said State, personally appeared                                  personally
known to me (or proved to me on the basis of satisfactory evidence) to be the person whose name is subscribed to the within instrument and acknowledged to me that he/she executed the same in his/her authorized capacity, and that by his/her signature
on the instrument, the person, or the entity upon behalf of which the person acted, executed the instrument. 
  
 WITNESS my hand and official seal. 
  

	
	
 Notary Public

  
 My Commission
Expires:                                   
  

 C-2 

 EXHIBIT D 
  

CUSTODIAL AGREEMENT 
  
 (Exhibit 4.1) 
  
 Exhibit D to the Form of Transfer and Servicing Agreement 
  

  
 [                            ] 
  
 as Custodian 
  
 NEW YORK MORTGAGE TRUST, SERIES 2005-[    ] 
  
 as Issuer 
  
 and 
  
 [                            ] 
  
 as Indenture Trustee 
  

  
 CUSTODIAL AGREEMENT 
  
 Dated as of
[                        ], 2005 
  

  
 New York Mortgage Trust,
Series 2005-[        ] 
  
 Mortgage-Backed Notes 
  

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page

	 Section 1.
	  	Definitions	  	1
			
	 Section 2.
	  	Delivery of this Agreement; Delivery of the Custodial Files	  	4
			
	 Section 3.
	  	Acceptance of Mortgage Loans by Custodian; Review of Documentation.	  	6
			
	 Section 4.
	  	Obligations of the Custodian; Ownership of Mortgage Loan Documents.	  	7
			
	 Section 5.
	  	Release of Custodial Files.	  	8
			
	 Section 6.
	  	Fees of Custodian	  	8
			
	 Section 7.
	  	Removal of Custodian With Respect to Some or All of the Mortgage Loans	  	9
			
	 Section 8.
	  	Transfer of Custodial Files Upon Termination	  	9
			
	 Section 9.
	  	Examination of Custodial Files	  	9
			
	 Section 10.
	  	Insurance of Custodian	  	10
			
	 Section 11.
	  	Counterparts	  	10
			
	 Section 12.
	  	Periodic Statements	  	10
			
	 Section 13.
	  	Governing Law	  	10
			
	 Section 14.
	  	Copies of Mortgage Documents	  	11
			
	 Section 15.
	  	No Adverse Interest of Custodian	  	11
			
	 Section 16.
	  	Resignation by Custodian	  	11
			
	 Section 17.
	  	Term of Agreement	  	11
			
	 Section 18.
	  	Notices	  	12
			
	 Section 19.
	  	Successors and Assigns	  	13
			
	 Section 20.
	  	Limitation on Liability.	  	14
			
	 Section 21.
	  	Custodian Obligations Regarding Genuineness of Documents	  	15
			
	 Section 22.
	  	Shipment of Documents	  	15
			
	 Section 23.
	  	Authorized Representatives	  	15
			
	 Section 24.
	  	Amendments	  	16
			
	 Section 25.
	  	Limited Role of Owner Trustee; Successor Owner Trustee.	  	16
			
	 Section 26.
	  	Eligibility Requirements for the Custodian	  	16

  

 i 

 EXHIBITS 
  

			
	EXHIBIT A	  	MORTGAGE LOAN SCHEDULE
		
	EXHIBIT B-1	  	FORM OF INITIAL CERTIFICATION
		
	EXHIBIT B-2	  	FORM OF INTERIM CERTIFICATION
		
	EXHIBIT B-3	  	FORM OF FINAL CERTIFICATION
		
	EXHIBIT B-4	  	FORM OF REQUEST FOR RELEASE OF DOCUMENTS AND RECEIPT
		
	EXHIBIT B-5	  	FORM OF LOST NOTE AFFIDAVIT
		
	EXHIBIT B-6	  	FORM OF ENDORSEMENT
		
	EXHIBIT C	  	AUTHORIZED REPRESENTATIVES OF THE CUSTODIAN
		
	EXHIBIT D-1	  	AUTHORIZED REPRESENTATIVES OF THE INDENTURE TRUSTEE
		
	EXHIBIT D-2	  	AUTHORIZED REPRESENTATIVES OF THE TRUST ADMINISTRATOR
		
	EXHIBIT E	  	AUTHORIZED REPRESENTATIVES OF THE MASTER SERVICER
		
	EXHIBIT F-1	  	AUTHORIZED REPRESENTATIVES OF THE SERVICER
		
	EXHIBIT F-2	  	AUTHORIZED REPRESENTATIVES OF THE SUBSERVICER

  

 ii 

 This is a Custodial Agreement (the “Agreement”), dated and effective as of
[                    ], 2005, by and among
[                        ], as custodian (the “Custodian”), New York Mortgage Trust, Series
2005-[    ], as issuer (the “Issuer”), and [                    ], as indenture trustee (the “Indenture
Trustee”). 
  
 W I T N E S S E T H: 
  
 WHEREAS, the Indenture Trustee has entered into a transfer and servicing agreement, dated as of
[                    ], 2005 (the “Transfer and Servicing Agreement”), by and among the Issuer, the Indenture Trustee, NYMT Securities
Corporation, as depositor (the “Depositor”), [                    ], as trust administrator (in such capacity, the “Trust
Administrator”) and as master servicer (in such capacity, the “Master Servicer”), NYMT Servicing Corporation, as servicer (the “Servicer”),
[                    ], as Subservicer (the “Subservicer”) and New York Mortgage Funding, LLC, as seller (the “Seller”), pursuant
to which the Depositor has conveyed certain Mortgage Loans identified on Exhibit A hereto (the “Mortgage Loan Schedule”) to the Issuer; 
  
 WHEREAS, the Issuer has entered into an Indenture, dated as of
[                    ], 2005 (the “Indenture”), among the Indenture Trustee, the Trust Administrator and the Issuer, pursuant to which the
Issuer has pledged such Mortgage Loans to the Indenture Trustee to secure the Issuer’s Mortgage-Backed Notes, Series 2005-[    ] (the “Notes”); and 
  
 WHEREAS, the Indenture Trustee and the Custodian desire that the Custodian shall hold the Mortgage Loan Documents (as
defined herein) on behalf of the Indenture Trustee in accordance with the terms hereof, and that the Custodian shall cooperate with the Master Servicer in the performance of the Master Servicer’s duties under the Transfer and Servicing
Agreement; 
  
 NOW, THEREFORE, in consideration of the mutual
agreements hereinafter set forth, and for other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, the Indenture Trustee and the Custodian agree as follows: 
  
 ARTICLE I 
  
 Definitions. All capitalized terms used but not otherwise defined herein shall have the meanings assigned to such
terms in the Transfer and Servicing Agreement or the Indenture, as applicable. The Indenture Trustee shall notify the Custodian of any material changes to such Transfer and Servicing Agreement that may affect the rights and obligations of the
Custodian set forth herein. Whenever used herein, the following words and phrases, unless the context otherwise requires, shall have the following meanings: 
  
 Agreement: This Custodial Agreement and all amendments and attachments hereto and supplements hereof. 
  
 Closing Date:
[                    ], 2005 
  
 Custodian: [                    ] and any
successor in interest or assigns, or any successor to the Custodian under this Agreement as herein provided. 

 Custodial File: As to each Mortgage Loan, any Mortgage Loan Documents that are delivered to the
Custodian or which at any time come into the possession of the Custodian pursuant to this Agreement. 
  
 Final Certification: A final certification as to each Mortgage Loan, which Final Certification is delivered to the Depositor, the Master Servicer,
the Servicer, the Subservicer, the Indenture Trustee by the Custodian in accordance with Section 3(d) hereof and in the form annexed hereto as Exhibit B-3. 
  
 Force Majeure: Acts which shall include, without limitation, acts of God, strikes, lockouts, riots, acts of war or terrorism, epidemics,
nationalization, expropriation, currency restrictions, government regulations adopted after the date of this Agreement, fire, communication line failures, computer viruses, power failures, earthquakes or other disasters of a similar nature.

  
 Indenture: The Indenture dated as of
[                    ], 2005, among the Issuer, the Trust Administrator and the Indenture Trustee, as such may be amended or supplemented from time
to time. 
  
 Indenture Trustee:
[                                ], a
[                                ], and any successor in interest, not in its individual
capacity, but solely as indenture trustee under the Indenture. 
  
 Initial Certification: An initial certification as to each Mortgage Loan, which Initial Certification is delivered to the Depositor, the Master Servicer, the Servicer, the Subservicer, the Indenture Trustee by the Custodian in
accordance with Section 3(a) hereof and in the form annexed hereto as Exhibit B-1. 
  
 Initial Mortgage Loans: The mortgage loans included in the Trust as of the Closing Date. 
  
 Interim Certification: An interim certification as to each Mortgage Loan, which Interim Certification is delivered to the Depositor, the Master
Servicer, the Servicer, the Subservicer, the Indenture Trustee by the Custodian in accordance with Section 3(b) hereof and in the form annexed hereto as Exhibit B-2. 
  
 Master Servicer:
[                    ] and any successor in interest or assigns. 
  
 Mortgage Loan: Each Initial Mortgage Loan or Subsequent Mortgage Loan. A Mortgage Loan includes, without limitation,
the Custodial File, which shall include the Mortgage Loan Documents. 
  
 Mortgage Loan Documents: The original documents as to each Mortgage Loan, as set forth or described in Section 2 hereof. 
  
 Mortgage Loan Schedule: The schedule attached hereto as Schedule A, which shall initially identify each initial Mortgage Loan, as such schedule may
be amended from time to time to reflect the addition of subsequent Mortgage Loans to, or the deletion of Mortgage Loans 
  

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 from, the Trust Estate. Such schedule shall set forth, among other things, the following information with respect to each
Mortgage Loan: (i) the Mortgage Loan identifying number; (ii) the Mortgagor’s name; (iii) the street address of the Mortgaged Property including the city, state and zip code; (iv) the original principal amount of the Mortgage Loan; (v) the
Mortgage Rate at origination; (vi) the Mortgage Index; (vii) the first Mortgage Rate adjustment date; (viii) the monthly payment of principal and interest at origination; (ix) the applicable Servicing Administration Fee Rate; (x) the Master
Servicing Fee Rate; and (xi) whether such Mortgage Loan is subject to a Prepayment Premium for voluntary prepayments by the Mortgagor, the term during which such Prepayment Premiums are imposed and the method of calculating the Prepayment Premium.
The Servicer shall be responsible for providing the Indenture Trustee and the Master Servicer with all amendments to the Mortgage Loan Schedule. 
  
 Owner Trustee:
[                                ], a
[                                ], and any successor in interest, not in its individual
capacity, but solely as owner trustee under the Trust Agreement. 
  
 Pre-Funding Period: The period from the Closing Date to [                    ] during which the Seller is expected to transfer
Subsequent Mortgage Loans to the Trust. 
  
 Seller: New
York Mortgage Funding, LLC under the Mortgage Loan Purchase Agreement dated as of [                    ], 2005, by and between New York Mortgage
Funding, LLC, as Seller, and NYMT Securities Corporation, as Purchaser. 
  
 Servicer: NYMT Servicing Corporation and any successor in interest or assigns. 
  
 Servicing Officer: Any officer of the Servicer or the Subservicer involved in, or responsible for, the administration and servicing of Mortgage Loans, whose name and specimen signature appear on the list of
Authorized Representatives in the form annexed hereto as Exhibits F-1 and F-2, as applicable, furnished by the Servicer and the Subservicer to the Indenture Trustee, the Master Servicer, the Trust Administrator, the Custodian and the Depositor on
the Closing Date, as such list may from time to time be amended. 
  
 Subsequent Mortgage Loans: The mortgage loans transferred to the trust during the Pre-Funding period. 
  
 Subservicer:
[                                ] and any successor in interest or assigns. 

 
 Tax Reports: Any reports or returns relating to federal, state or
local income taxes with respect to this Custodial Agreement, other than in respect to the Custodian’s compensation or for reimbursement of expenses. 
  
 Transfer and Servicing Agreement: As defined in the first RECITAL of this Agreement. 
  
 Trust: The Issuer, as defined in the preamble to this Agreement. 
  
 Trust Administrator: As defined in the first RECITAL of this
Agreement. 
  

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 Trust Agreement: The amended and restated trust agreement, dated as of
[            ], 2005, among the Depositor, [                    ], as owner trustee, and
the Trust Administrator, as such may be amended or supplemented from time to time. 
  
 ARTICLE II 
  
 Delivery of this
Agreement; Delivery of the Custodial Files. On or prior to the Closing Date, the Depositor shall deliver the Initial Mortgage Loan Schedule to the Custodian and on each Subsequent Transfer Date, the Subsequent Mortgage Loans. On the Closing Date
and on each Subsequent Transfer Date, the Indenture Trustee, the Servicer and the Custodian will, if necessary, amend the Mortgage Loan Schedule. Subsequent to the Closing Date, in the event of any repurchase or substitution of any Mortgage Loan,
the Indenture Trustee shall instruct the Custodian in writing to amend the Mortgage Loan Schedule to reflect such withdrawals or substitutions of a Deleted Mortgage Loan from this Agreement and provide a copy of the applicable certificate from the
Seller or Master Servicer regarding such withdrawal of a Deleted Mortgage Loan from this Agreement; and in the case of any substitution of a Mortgage Loan, to reflect the addition of any Qualifying Substitute Mortgage Loan to this Agreement. The
Mortgage Loans set forth in the Mortgage Loan Schedule from time to time shall be subject to this Agreement. 
  
 On or prior to the Closing Date and on each Subsequent Transfer Date, the Depositor will deliver or cause to be delivered to and deposited with the
Custodian the following documents (as to each Mortgage Loan, the “Mortgage Loan Documents”) pertaining to each of the Mortgage Loans identified in the Mortgage Loan Schedule annexed hereto: 
  
 (a) the original Mortgage Note, endorsed either (A) in blank or (B) in the
form of the Form of Endorsement set forth in Exhibit B-6 hereto, or with respect to any lost Mortgage Note, an original Lost Note Affidavit, in the form set forth in Exhibit B-5 hereto, stating that the original Mortgage Note was lost, misplaced or
destroyed, together with a copy of the related Mortgage Note; 
  
 (b) the original of any guarantee executed in connection with the Mortgage Note assigned to the Indenture Trustee; 
  
 (c) the original Mortgage with evidence of recording thereon, and the original recorded power of attorney, if the Mortgage was executed pursuant to a
power of attorney, with evidence of recording thereon or, if such Mortgage or power of attorney has been submitted for recording but has not been returned from the applicable public recording office, has been lost or is not otherwise available, a
copy of such Mortgage or power of attorney, as the case may be, certified by an Officer’s Certificate of the Seller to be a true and complete copy of the original submitted for recording, together with a written Opinion of Counsel acceptable to
the Indenture Trustee and the Depositor that an original recorded Mortgage is not required to enforce the Indenture Trustee’s interest in the Mortgage Loan; 
  
 (d) an original copy of any intervening assignment of Mortgage showing a complete chain of assignments or, in the case of an
intervening assignment that has been lost, a written Opinion of Counsel for the Seller acceptable to the Indenture Trustee that such original intervening assignment is not required to enforce the Indenture Trustee’s interest in the Mortgage
Loans; 
  

 4 

 (e) with respect to each Non-MERS Mortgage Loan, an original Assignment of Mortgage, in form and
substance acceptable for recording. The Mortgage shall be assigned either (A) in blank, without recourse, or (B) to
“[                                ] as Indenture Trustee of the New York Mortgage
Trust, Series 2005-[    ],” without recourse or (C) to the order of the Indenture Trustee; 
  
 (f) the original or a certified copy of lender’s title insurance policy (or, in lieu thereof, a commitment to issue such title insurance policy, with
an original or a certified copy of such title insurance policy to follow as soon after the Closing Date as reasonably practicable); 
  
 (g) the original or copies of each assumption, modification, written assurance or substitution agreement, if any, or as to any such agreement which cannot
be delivered prior to the Closing Date because of a delay caused by the public recording office where such assumption, modification or substitution agreement has been delivered for recordation, a photocopy of such assumption, modification or
substitution agreement, pending delivery of the original thereof, together with an Officer’s Certificate of the Seller certifying that the copy of such assumption, modification or substitution agreement delivered to the Custodian is a true copy
and that the original of such agreement has been forwarded to the public recording office; and 
  
 (h) the original of any security agreement or equivalent instrument executed in connection with the Mortgage or as to any security agreement or equivalent instrument that cannot be delivered on or prior to the Closing
Date because of a delay caused by the public recording office where such document has been delivered for recordation, a photocopy of such document, pending delivery of the original thereof, together with an Officer’s Certificate of the
Depositor certifying that the copy of such security agreement, chattel mortgage or their equivalent delivered to the Custodian is a true copy and that the original of such document has been forwarded to the public recording office. 
  
 Any Opinion of Counsel delivered by the Seller pursuant to this Section shall
be accompanied by an Officer’s Certificate of the Seller, upon which the Custodian shall be entitled to conclusively rely, to the effect that the Depositor has delivered such Opinion of Counsel to the Indenture Trustee and such Opinion of
Counsel is acceptable to both. From time to time, the Indenture Trustee, the Master Servicer, the Trust Administrator, the Servicer or the Subservicer will forward to the Custodian additional documents pursuant to the Transfer and Servicing
Agreement or additional documents evidencing an assumption, modification or extension of a Mortgage Loan approved by the Master Servicer or the Servicer in accordance with the Transfer and Servicing Agreement. 
  
 All such Mortgage Loan Documents held by the Custodian as to each Mortgage
Loan shall constitute the related Custodial File. 
  
 For Mortgage
Loans (if any) that have been prepaid in full after the related Cut-off Date and prior to the Closing Date, the Depositor, in lieu of delivering the above documents, herewith delivers to the Custodian an Officer’s Certificate of the Seller
which shall include a statement to 
  

 5 

 the effect that all amounts received in connection with such prepayment that are required to be deposited in the
Collection Account pursuant to Section 5.07 of the Transfer and Servicing Agreement have been so deposited. 
  
 ARTICLE III 
  
 Acceptance of Mortgage Loans by Custodian; Review of Documentation. 
  
 The Custodian, by execution and delivery hereof, acknowledges receipt of the Custodial Files pertaining to the Mortgage Loans listed on the Mortgage Loan Schedule, subject to review thereof by the Custodian, on behalf
of the Indenture Trustee, under this Section 3. The Custodian, on behalf of the Indenture Trustee, will execute and deliver to the Depositor, the Master Servicer, the Servicer, the Subservicer and the Indenture Trustee on the Closing Date or any
Subsequent Transfer Date, as applicable, an Initial Certification in the form annexed hereto as Exhibit B-1. 
  
 Within 45 days after the Closing Date or any Subsequent Transfer Date, as applicable, the Custodian will, on behalf of the Indenture Trustee and for the
benefit of Holders of the Notes, review each Custodial File to ascertain that all required documents set forth in Section 2 hereof have been received and appear on their face to contain the requisite signatures by or on behalf of the respective
parties thereto, and shall deliver to the Depositor, the Master Servicer, the Servicer, the Subservicer and the Indenture Trustee an Interim Certification in the form annexed hereto as Exhibit B-2 to the effect that, as to each Mortgage Loan listed
in the related Mortgage Loan Schedule (other than any Mortgage Loan prepaid in full or any Mortgage Loan specifically identified in such certification as not covered by such certification), (i) all of the applicable documents specified in Section 2
of this Agreement are in its possession and (ii) such documents have been reviewed by it and appear to relate to such Mortgage Loan. The Custodian shall review the documents to see that they are executed and are endorsed as in Section 2 hereof, but
shall be under no duty or obligation to inspect, review or examine any such documents, instruments, certificates or other papers to determine that the same are valid, binding, legally effective, properly endorsed, genuine, enforceable or appropriate
for the represented purpose or that they have actually been recorded or are in recordable form or that they are other than what they purport to be on their face. The Custodian shall have no responsibility for verifying the genuineness or the legal
effectiveness of or authority for any signatures of or on behalf of any party or endorser. Such Interim Certification shall supersede all Initial Certifications relating to the same Custodial File. 
  
 If in the course of the review described in paragraph (b) above the Custodian
discovers one or more documents constituting a part of a Custodial File that are missing, do not appear regular on their respective faces (i.e., are mutilated, damaged, defaced, torn or otherwise physically altered except as to alterations to
which the related borrower has given its written consent) or appear to be unrelated to the Mortgage Loans identified in the Mortgage Loan Schedule (each, a “Material Defect”), the Custodian shall promptly identify the Mortgage Loan to
which such Material Defect relates in the Interim Certificate delivered to the Depositor, the Master Servicer, the Servicer, the Subservicer and the Indenture Trustee. 
  

 6 

 Within 180 days following the Closing Date or a Subsequent Transfer Date, as applicable, the Custodian
shall deliver to the Depositor, the Master Servicer, the Servicer, the Subservicer and the Indenture Trustee a Final Certification substantially in the form annexed hereto as Exhibit B-3 evidencing the completeness of the Custodial Files in its
possession or control. Such Final Certification shall supersede all Initial and Interim Certificates relating to the same Custodial File. 
  
 If, during the term of this Agreement, the Custodian discovers any defect with respect to any Custodial File, the Custodian shall give written
specifications of such defect to the Indenture Trustee. 
  
 ARTICLE
IV 
  
 Obligations of the Custodian; Ownership of Mortgage Loan
Documents. 
  
 With respect to each Custodial File that is
delivered to the Custodian or that comes into the possession of the Custodian pursuant to this Agreement, the Custodian acknowledges and agrees that the Custodian is the custodian for the Indenture Trustee exclusively and that the Indenture Trustee
of the Mortgage Loans has the legal right to, at any time and in its absolute discretion, direct, in writing, the Custodian to release any Custodial File or all Custodial Files to the Indenture Trustee or the Indenture Trustee’s designee, as
the case may be, at such place or places as such party may designate. The Custodian shall hold each Custodial File received by it for the exclusive use and benefit of the Indenture Trustee, and shall make disposition thereof only in accordance with
this Agreement and upon the written instructions furnished by the Indenture Trustee or its designee. The Custodian shall segregate and maintain continuous custody of all Mortgage Loan Documents constituting the Custodial File in secure and fire
resistant facilities in accordance with customary standards (e.g., two-hour fire rated) for such custody. The Custodian shall conduct, or cause to be conducted, periodic audits of the Custodial Files held by it under this Agreement in
accordance with this Agreement and of the related accounts, records and computer systems, in such a manner as shall allow the Indenture Trustee to verify the accuracy of the Custodian’s record keeping. The Custodian shall not be responsible to
verify (i) the validity, legality, enforceability, recordability, sufficiency, due authorization or genuineness of any document in the Custodial File or of any Mortgage Loans or (ii) the collectability, insurability, effectiveness including the
authority or capacity of any Person to execute or issue any document in the Custodial File, or suitability of any Mortgage Loan unless specified otherwise in this Agreement. The Custodian shall promptly report to the Indenture Trustee any failure on
its part to hold the Custodial Files and maintain its accounts, records and computer systems as herein provided and promptly take appropriate action to remedy such failure. 
  
 The Custodian shall not be responsible for preparation or filing of any Tax Reports. 
  
 The Custodian shall not be responsible for delays or failures in performance
resulting from Force Majeure, provided however, the Custodian shall take reasonably appropriate measures to prevent any such acts from causing delays or failures in performance under this Agreement. 
  

 7 

 ARTICLE V 
  
 Release of Custodial Files. 
  
 Upon (i) becoming aware of the payment in full of any Mortgage Loan, (ii) the receipt by the Servicer or the Subservicer of a notification that payment in
full has been escrowed in a manner customary for such purposes for payment to Certificateholders on the next applicable Distribution Date, or (iii) in the case of a Mortgage Loan as to which the related Mortgaged Property is located in California,
if the Servicer or the Subservicer reasonably expects that payment in full will be received promptly, the Servicer or the Subservicer will promptly notify the Custodian by a certification (which certification will include (except in the case of a
request for release pursuant to clause (iii) above) a statement to the effect that all amounts received in connection with such payment that are required to be deposited in the Custodial Account maintained by the Servicer or the Subservicer pursuant
to the Transfer and Servicing Agreement have been or will be deposited) of a Servicing Officer and shall request the Custodian, on the request for release and receipt substantially in the form of Exhibit B-4 (or in a mutually agreeable electronic
format acceptable to the Custodian), to deliver to the Servicer or the Subservicer, as the case may be, the related Custodial File. Upon receipt of such certification and request, the Custodian shall promptly release and send via overnight mail the
related Custodial File within three (3) Business Days to the Servicer or the Subservicer and the Custodian shall have no further responsibility with regard to such Custodial File. If the Servicer or Subservicer does not request release of a
Custodial File with respect to any Mortgage Loan that has been paid in full, the Master Servicer may submit a request for release to the Custodian and the Custodian shall deliver the Custodial File to the Master Servicer. 
  
 The Custodian shall, upon request of the Master Servicer, the Servicer or the
Subservicer and delivery to the Custodian of a request for release and receipt signed by a Servicing Officer substantially in the form of Exhibit B-4 (or in a mutually agreeable electronic format acceptable to the Custodian), release within three
(3) Business Days the related Custodial File held in its possession or control to the Master Servicer, the Servicer or the Subservicer. Such trust receipt shall obligate the Master Servicer or the applicable Servicer to return the Custodial File to
the Custodian when the need therefor by the Servicer or the Subservicer no longer exists unless the Mortgage Loan shall be liquidated, in which case, upon receipt of a certificate of a Servicing Officer similar to that hereinabove specified, the
Custodial File shall be released by the Custodian to the Master Servicer, the Servicer or the Subservicer. 
  
 ARTICLE VI 
  
 Fees of Custodian. 
  
 All fees of the Custodian
for its services under this Agreement, and any expenses incurred but not paid by the Custodian (including but not limited to counsel fees), will be paid by the Seller on behalf of the Depositor. In the event that the Seller fails to make any such
payment, the Custodian agrees that it will continue to act as Custodian hereunder and perform its duties hereunder, and if after a 60-day period the Seller has failed to pay the Custodian’s fees, the Custodian may seek repayment of such fees
from the Trust Administrator who will pay such fees from amounts on deposit in the Collection Account prior to any distributions to Noteholders pursuant to Section 5.08 of the Transfer and Servicing Agreement. 
  

 8 

 ARTICLE VII 
  
 Removal of Custodian With Respect to Some or All of the Mortgage Loans. 
  
 With or without cause, the Indenture Trustee may, with 60 days’ notice, remove and discharge the Custodian from the
performance of its duties under this Agreement with respect to all of the Mortgage Loans by written notice from the Indenture Trustee to the Custodian, with a copy to the Depositor, the Master Servicer, the Servicer and the Subservicer and delivery
of all outstanding Final Certifications. Having given notice of such removal, the Indenture Trustee promptly shall, by written instrument, with a copy to the Depositor and an original to the successor custodian or document custodian, (i) appoint a
successor custodian to act on behalf of the Indenture Trustee to replace the Custodian under this Agreement, (ii) designate a document custodian to receive the Custodial Files with respect to the Mortgage Loans removed from this Agreement, or (iii)
take delivery of the Custodial Files. The Indenture Trustee’s appointment of a successor custodian or document custodian shall be subject to the consent of the Depositor, which consent shall not be unreasonably withheld. In the event of any
such removal, the Custodian shall promptly transfer to the successor custodian, as directed, all affected Custodial Files. In the event of removal of the Custodian for cause and the appointment of a successor custodian under this Agreement, the
expenses of transferring the Custodial Files to the successor custodian shall be at the expense of the Custodian. In the event of removal of the Custodian without cause by the Indenture Trustee and the appointment of a successor custodian under this
Agreement, the Indenture Trustee shall be responsible for transferring the Custodial Files to the successor custodian. In all cases, the fees of the successor custodian hereunder shall be paid by the Seller on behalf of the Depositor or, if the
Seller fails to pay such fees, then as provided in Section 6 hereof. Notwithstanding the foregoing, this Agreement shall remain in full force and effect with respect to any Mortgage Loans for which this Agreement is not terminated hereunder.

  
 ARTICLE VIII 
  
 Transfer of Custodial Files Upon Termination. 
  
 If the Custodian is notified by the Indenture Trustee or the Trust
Administrator that the Transfer and Servicing Agreement has been terminated, upon written request of the Indenture Trustee or the Trust Administrator, as applicable, the Custodian shall release to such Persons as the Indenture Trustee or the Trust
Administrator, as applicable, shall designate the Custodial Files relating to such Mortgage Loans as shall have been requested. 
  
 ARTICLE IX 
  
 Examination of Custodial Files. 
  
 Upon reasonable (but in no event less than two Business Days) prior written notice to the Custodian, the Servicer, the Subservicer, the Master Servicer,
the Indenture Trustee and the Trust Administrator and their agents, accountants, attorneys, auditors and prospective purchasers will 
  

 9 

 be permitted during the Custodian’s normal business hours to examine the Custodial Files, documents, records and
other papers in the possession of or under the control of the Custodian relating to any or all of the Mortgage Loans at the expense of the requesting party. 
  
 ARTICLE X 
  
 Insurance of Custodian. 
  
 At its own expense, the Custodian shall maintain at all times during the existence of this Agreement and keep in full force and effect fidelity insurance,
theft of documents insurance, and errors and omissions insurance (which includes forgery insurance). All such insurance shall be in amounts, with standard coverage and subject to deductibles, as is customary for insurance typically maintained by
banks which act as custodian and in amounts and with insurance companies reasonably acceptable to the Indenture Trustee or the Trust Administrator. A certificate of the respective insurer as to each such policy, with a copy of such policy attached,
shall be furnished to the Indenture Trustee and the Trust Administrator, upon request, containing the statement of the insurer or endorsement evidencing that such insurance shall not terminate prior to receipt by the Indenture Trustee and/or the
Trust Administrator, by registered mail, of 30 days’ prior written notice thereof. 
  
 ARTICLE XI 
  
 Counterparts. 
  
 For the purpose of facilitating
the execution of this Agreement as herein provided and for other purposes, this Agreement may be executed simultaneously in any number of counterparts, each of which counterparts shall be deemed to be an original, and such counterparts shall
constitute one and the same instrument. 
  
 ARTICLE XII 

 
 Periodic Statements. 
  
 On or before December 31 of each year, or upon the request of the Indenture
Trustee or the Trust Administrator at any other time, the Custodian shall provide to the Indenture Trustee and the Trust Administrator a list of all the Mortgage Loans for which the Custodian holds a Custodial File pursuant to this Agreement. Such
list may be in the form of a copy of the Mortgage Loan Schedule with manual additions and deletions to specifically denote any Mortgage Loans substituted, paid off or repurchased since the date of this Agreement. 
  
 ARTICLE XIII 
  
 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 
  

 10 

 OF THE GENERAL OBLIGATIONS LAW), AND THE OBLIGATIONS, RIGHTS, AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED
IN ACCORDANCE WITH SUCH LAWS. 
  
 ARTICLE XIV 
  
 Copies of Mortgage Documents. 
  
 Upon the written request of the Master Servicer, the Servicer, the
Subservicer, the Indenture Trustee or the Trust Administrator and at the expense of the Seller, the Custodian shall provide the requestor with copies of any Custodial File. 
  
 ARTICLE XV 
  
 No Adverse Interest of Custodian. By execution of this Agreement, the Custodian represents and warrants that it currently holds, and during the
existence of this Agreement shall hold, no adverse interest, by way of security or otherwise, in any Mortgage Loan, and hereby waives and releases any such interest which it may have in any Mortgage Loan as of the date hereof. 
  
 ARTICLE XVI 
  
 Resignation by Custodian. The Custodian may resign as custodian under this Agreement upon at least 60 days’
notice to the Depositor, the Master Servicer, the Servicer, the Subservicer, the Trust Administrator and the Indenture Trustee. The costs associated with the resignation of the Custodian, including all costs associated with the transfer of the
Custodial Files, shall be borne by the Custodian. In the event of such resignation, the Indenture Trustee shall promptly appoint a successor custodian to serve as Custodian hereunder. Upon such appointment the Custodian shall promptly transfer to
the successor custodian, as directed, all Custodial Files being administered under this Agreement. If no successor is so appointed and approved by the end of such 60-day period, the Custodian shall deliver all Custodial Files to the Indenture
Trustee or its designee, as directed. The Seller shall be responsible for the payment or reimbursement of such successor custodian’s reasonable fees and expenses in connection with the performance of such successor custodian’s obligations
under this Agreement. 
  
 ARTICLE XVII 
  
 Term of Agreement. Unless terminated pursuant to Section 7, Section 8
or Section 16 hereof, this Agreement shall terminate upon the final payment or other liquidation (or advance with respect thereto) of the last Mortgage Loan or the disposition of all property acquired upon foreclosure or deed in lieu of foreclosure
of any Mortgage Loan, and the final remittance of all funds due the Indenture Trustee under the Transfer and Servicing Agreement. In such event, all remaining Custodial Files shall be released in accordance with the written instructions of the
Indenture Trustee. 
  

 11 

 ARTICLE XVIII 
  
 Notices. 
  
 Any demand, notice, consent, report, statement or any other communication hereunder shall be deemed to have been received on the date delivered to or
received at the premises of the addressee (as evidenced, in the case of registered or certified mail, by the date noted on the return receipt). All demands, notices, consents, reports, statements and any other communications hereunder shall be in
writing and shall be deemed to have been duly given if mailed, by registered or certified mail, return receipt requested, or, if by other means, when received by the recipient party at the address shown below, or at such other addresses as may
hereafter be furnished to the other parties by like notice: 
  
 (a) if to the Custodian: 
  
 [                                ] 
 [                                ] 
 [                                ] 
 Attention:
[                                ] 
  
 or such other address as may hereafter be furnished to the
Indenture Trustee in writing by the Custodian; 
  
 (b) if to the
Master Servicer: 
  
 [                                ] 
 [                                ] 
 [                                ] 
 Attention:
[                                ] 
 Telephone:
[                                ] 
 Facsimile:
[                                    ] 
  
 (c) if to the Trust Administrator: 
  
 [                                ] 
 [                                ] 
 [                                ] 
 Attention:
[                                ] 
 Telephone:
[                                ] 
 Facsimile:
[                                    ] 
  
 (d) if to the Indenture Trustee: 
  
 [                                ] 
 [                                ] 
 [                                ] 
 Attention:
[                                ] 
  

 12 

 with a copy to the Depositor and the Seller: 
  
 NYMT Securities Corporation 
 1301 Avenue of the Americas 
 New York, New York 10019 
 Telephone: (212) 634-9400 
 Facsimile: (212) 655-6269 
  
 New York Mortgage Funding, LLC 
 1301 Avenue of the Americas 
 New York, New York 10019 
 Telephone: (212) 634-9400 
 Facsimile: (212) 655-6269 
  
 (e)
if to the Servicer: 
  
 NYMT Servicing
Corporation 
 1301 Avenue of the Americas 
 New York, New York 10019 
 Telephone: (212) 634-9400 
 Facsimile: (212) 655-6269 
  
 (f) if to the Subservicer: 
  
 [                                ] 
 [                                ] 
 [                                ] 
 Attention:
[                                ] 
 Telephone:
[                                ] 
 Facsimile:
[                                    ] 
  
 ARTICLE XIX 
  
 Successors and Assigns. 
  
 This Agreement shall inure to the benefit of the successors and assigns of the parties hereto, subject to the limitations herein provided. The Indenture
Trustee shall have the right, subject to the terms of the Transfer and Servicing Agreement, without the consent of the Custodian or the Depositor (but with notice in writing to the Custodian), to assign, in whole or in part, its interest under this
Agreement with respect to the Mortgage Loans to one or more parties 
  

 13 

 including the Depositor and affiliates thereof, each of which in turn may assign its interest under this Agreement with
respect to the Mortgage Loans to one or more parties, and such parties shall succeed to the rights of the Indenture Trustee under this Agreement with respect to the applicable Mortgage Loans. All references to the Indenture Trustee in this Agreement
shall be deemed to include its assignee or designee and any subsequent assignee, specifically including the Depositor and the Indenture Trustee. The Custodian shall have the right to assign, in whole or in part, its interest under this Agreement
only with the prior written consent of the Indenture Trustee and the Depositor or in accordance with Section 16 hereof. 
  
 ARTICLE XX 
  
 Limitation on Liability. 
  
 None of the Custodian or any of its directors, officers, agents or employees, shall be liable for any action taken or omitted to be taken by it or them
hereunder or in connection herewith in good faith and believed (which belief may be based upon the opinion or advice of counsel selected in the exercise of reasonable care) by it or them to be within the purview of this Agreement, except for its or
their own negligence, lack of good faith or willful misconduct. The Custodian and any director, officer, employee or agent of the Custodian may rely in good faith on any document of any kind prima facie properly executed and submitted by any Person
respecting any matters arising hereunder. In no event shall the Custodian or its directors, officers, agents and employees be held liable for any special, indirect, incidental, punitive or consequential damages resulting from any action taken or
omitted to be taken by it or them hereunder or in connection herewith even if advised of the possibility of such damages. 
  
 Notwithstanding anything herein to the contrary, the Custodian agrees to indemnify the Trust, the Master Servicer, the Servicer, the Subservicer, the
Indenture Trustee and each of their respective officers, directors and agents for any and all liabilities, obligations, losses, damages, payments, costs or expenses of any kind whatsoever that may be imposed on, incurred by or asserted against the
Trust, the Indenture Trustee, the Master Servicer, the Servicer or the Subservicer, due to any act or omission by the Custodian with respect to the Custodial Files which constitutes negligence, lack of good faith or willful misconduct on the part of
the Custodian; provided, however, that the Custodian shall not be liable to any of the foregoing Persons for any amount and any portion of any such amount resulting from the willful misconduct, lack of good faith or negligence of such Person. The
provisions of this Subsection 20(b) shall survive the termination of this Custodial Agreement. 
  
 The Custodian and its directors, officers, employees and agents shall be entitled to indemnification and defense from and by the Trust for any loss, liability or expense incurred without negligence, willful
misconduct, or bad faith on their part, arising out of, or in connection with, the acceptance or administration of the custodial arrangement created hereunder, including the costs and expenses of defending themselves against any claim or liability
in connection with the exercise or performance of any of their powers or duties hereunder. 
  

 14 

 ARTICLE XXI 
  
 Custodian Obligations Regarding Genuineness of Documents. 
  

In the absence of bad faith on the part of the Custodian, the Custodian may conclusively rely, as to the truth of the statements and the correctness of
the opinions expressed therein, upon any request, instructions, certificate, opinion or other document furnished to the Custodian, reasonably believed by the Custodian to be genuine and to have been signed or presented by the proper party or parties
and conforming to the requirements of this Agreement; provided that the provisions of this Section shall not in any manner limit or reduce the responsibilities of the Custodian under Section 3 hereof. 
  
 ARTICLE XXII 
  
 Shipment of Documents. 
  
 Written instructions as to the method of shipment and the shipper(s) that the Custodian is directed to utilize in connection with transmission of Mortgage
Loan Documents in the performance of the Custodian’s duties hereunder shall be delivered by the Depositor to the Custodian prior to any shipment of any Mortgage Loan Documents hereunder. The Seller will arrange for the provision of such
services at its sole cost and expense (or, at the Custodian’s option, reimburse the Custodian for all costs and expenses incurred by the Custodian consistent with such instructions) and will maintain such insurance against loss or damage to
Custodial Files as the Depositor deems appropriate. Without limiting the generality of the provisions of Section 20 hereof, it is expressly agreed that in no event shall the Custodian have any liability for any losses or damages to any person or
property, arising out of actions of the Custodian properly taken pursuant to instructions of the Indenture Trustee. 
  
 ARTICLE XXIII 
  
 Authorized Representatives. 
  
 Each individual
designated as an authorized representative of the Custodian, the Indenture Trustee, the Trust Administrator, the Master Servicer, the Servicer or the Subservicer (an “Authorized Representative”) is authorized to give and receive notices,
requests and instructions and to deliver notes and documents in connection with this Custodial Agreement on behalf of the Custodian, the Indenture Trustee, the Trust Administrator, the Master Servicer, the Servicer, and the Subservicer,
respectively, and the specimen signature for each such Authorized Representative of the Custodian, the Indenture Trustee, the Trust Administrator, the Master Servicer, the Servicer and the Subservicer initially authorized hereunder is set forth on
Exhibits C, D-1, D-2, E, F-1 and F-2, respectively. From time to time, the Custodian, the Indenture Trustee, the Trust Administrator, the Master Servicer, the Servicer or the Subservicer may, by delivering to the others a revised exhibit, change the
information previously given pursuant to this Section, but each of the parties hereto shall be entitled to rely conclusively on the then current exhibit until receipt of a superseding exhibit. 
  

 15 

 ARTICLE XXIV 
  
 Amendments. 
  
 This Agreement may be amended or modified from time to time by the Indenture Trustee and the Custodian in writing, with prior notice to the Master
Servicer, the Servicer and the Depositor. In the event of an amendment to the Transfer and Servicing Agreement, the Servicer shall provide a copy of such amendment to the Custodian. No amendments or modifications to the Transfer and Servicing
Agreement that have an impact on this Agreement shall be effective unless agreed to in writing by the Custodian. 
  
 ARTICLE XXV 
  
 Limited Role of Owner Trustee; Successor Owner Trustee. 
  
 The execution and delivery of this Agreement by the undersigned Owner Trustee on behalf of the Issuer is solely and strictly in its capacity as Owner Trustee under the Trust Agreement and not individually, and has
been undertaken at the direction of the Depositor. It is hereby expressly acknowledged that any obligations, liabilities, covenants, duties, representations and warranties hereunder are those of the Issuer only, and not those of the Owner Trustee
and [                                ] in its individual capacity. There shall be no
individual or corporate liability against or on the part of the Owner Trustee (or any of its officers, directors or employees) under this Agreement, and there shall be no recourse against the Owner Trustee in its individual or corporate capacity (or
any of its directors, officers or employees), or against any of its properties or assets, for recovery of or as a result of any claim, debt, liability or obligation (whether of payment or performance) of or against the Issuer or the Owner Trustee
under or pursuant to this Agreement (whether arising out of or relating to any covenant, agreement, representation or warranty, or otherwise). Recourse against the Owner Trustee for any claims, liabilities, debts or obligations under this Agreement
is limited to the assets and properties of the trust established by the Trust Agreement. 
  
 It is hereby acknowledged that the rights and remedies of the Owner Trustee under or pursuant to this Agreement shall automatically be transferred to and vest in any successor trustee under the Trust Agreement, in the
event of the resignation or removal of the Owner Trustee as owner trustee thereunder. 
  
 ARTICLE XXVI 
  
 Eligibility
Requirements for the Custodian. 
  
 The Custodian and any
successor custodian shall at all times (i) be a depository institution subject to supervision or examination by a federal or state authority, (ii) have a combined capital and surplus of at least $15,000,000 and (iii) be qualified to do business in
all applicable jurisdictions in which it engages in business. In case at any time the Custodian shall cease to be eligible in accordance with the provisions of this Section, the Custodian shall resign immediately in the manner and with the effect
specified in Section 16. 
  
 [SIGNATURE PAGE IMMEDIATELY FOLLOWS]

  

 16 

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

			
	 [                                ],

	 as Custodian

		
	 By:
	 	  

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

	 Name:
	 	 
	 Title:
	 	 
	
	 NEW YORK MORTGAGE TRUST, SERIES 2005-
 [    ], as Issuer

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

	 Name:
	 	 
	 Title:
	 	 

			
	 Acknowledged:

	
	 NEW YORK MORTGAGE FUNDING, LLC

	 as Seller

		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 
	
	 NYMT SECURITIES CORPORATION

	 as Depositor

		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 
	
	 NYMT SERVICING CORPORATION,

	 as Servicer

		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 
	
	 [                                ],

	 as Subservicer

		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 

			
	 [                                ]

	 as Master Servicer

		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 
	
	 [                                ]

	 as Trust Administrator

		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 

 EXHIBIT A 
  
 MORTGAGE LOAN SCHEDULE 
  

 A-1 

 EXHIBIT B-1 
  
 FORM OF INITIAL CERTIFICATION 
  

	
	
	

	          [Date]

  
 [Name and address of Indenture
Trustee] 
  
 [Name and address of Master Servicer and Trust Administrator]

  
  
  
  
 NYMT Securities Corporation 
 1301 Avenue of the Americas 
 New York, New York 10019 
  
 [Name and address of Subservicer] 
  
 NYMT Servicing Corporation 
 1301 Avenue of the Americas 
 New York, New York 10019 
  

	Re:	Custodial Agreement, dated as of [            ], 2005 (the “Custodial Agreement”), among
[                                ], as Indenture Trustee, New York Mortgage Trust, Series
2005-[    ], as Issuer, and [                    ], as Custodian, with respect to New York Mortgage Trust, Series
2005-[    ] Mortgage-Backed Notes 

  

 B-1-1 

 Ladies and Gentlemen: 
  
 In accordance with Section 3(a) of the Custodial Agreement, subject to review of the contents thereof, the undersigned, as Custodian, hereby certifies
that it has received the applicable documents listed in Section 2 of the Custodial Agreement for each Custodial File pertaining to each Mortgage Loan listed on Exhibit A to the Custodial Agreement, subject to any exceptions noted on Schedule I
hereto. 
  
 Capitalized words and phrases used herein and not
otherwise defined herein shall have the respective meanings assigned to them in the Custodial Agreement. This Certification is subject in all respects to the terms of Section 3 of the Custodial Agreement and the Custodial Agreement sections
cross-referenced therein. 
  

	
	 [                                       
                 ], as Custodian

	
	 By:

	 Name:

	 Title:

  

 B-1-2 

 EXHIBIT B-2 
  
 FORM OF INTERIM CERTIFICATION 
  

	
	
	

	          [Date]

  
 [Name and address of Indenture
Trustee] 
  
 [Name and address of Master Servicer and Trust Administrator]

  
 NYMT Securities Corporation 
 1301 Avenue of the Americas 
 New York, New York 10019 
  
 [Name and address of Subservicer] 
  
 NYMT Servicing Corporation 
 1301 Avenue of the Americas 
 New York, New York 10019 
  

	Re:	Custodial Agreement, dated as of [            ], 2005 (the “Custodial Agreement”), among
[            ], as Indenture Trustee, NYMT Mortgage Investment Trust, Series 2005-[            ], as Issuer, and
[            ], as Custodian, with respect to New York Mortgage Trust, Series 2005-[            ] Mortgage-Backed Notes

  
 Ladies and Gentlemen: 
  
 In accordance with Section 3(b) of the Custodial Agreement, the undersigned,
as Custodian, hereby certifies that as to each Mortgage Loan listed in the Mortgage Loan Schedule (other than any Mortgage Loan paid in full or listed on Schedule I hereto) it has received the applicable documents listed in Section 2 of the
Custodial Agreement. 
  
 The undersigned hereby certifies that as
to each Mortgage Loan identified on the Mortgage Loan Schedule, other than any Mortgage Loan listed on Schedule I hereto, it has reviewed the documents listed in Section 2 of the Custodial Agreement and has determined that each such document appears
regular on its face and to contain the required signatures by or on 
  

 B-2-1 

 behalf of the mortgagor and the mortgagee and appears to relate to the Mortgage Loan identified in such document. Such
Interim Certification shall supersede the Initial Certification relating to the same Custodial File. 
  
 Capitalized words and phrases used herein shall have the respective meanings assigned to them in the Custodial Agreement. This Certificate is qualified in
all respects by the terms of the Custodial Agreement including, but not limited to, Section 3. 
  

	
	 [                                       
                     ], as Custodian

	
	 By:

	 Name:

	 Title:

  

 B-2-2 

 EXHIBIT B-3 
  
 FORM OF FINAL CERTIFICATION 
  

	
	
	

	          [Date]

  
 [Name and address of Indenture
Trustee] 
  
 [Name and address of Master Servicer and Trust Administrator]

  
 NYMT Securities Corporation 
 1301 Avenue of the Americas 
 New York, New York 10019 
  
 [Name and address of Subservicer] 
  
 NYMT Servicing Corporation 
 1301 Avenue of the Americas 
 New York, New York 10019 
  

	Re:	Custodial Agreement, dated as of [            ], 2005 (the “Custodial Agreement”), among
[            ], as Indenture Trustee, NYMT Mortgage Investment Trust, Series 2005-[            ], as Issuer, and
[            ], as Custodian, with respect to New York Mortgage Trust, Series 2005-[            ] Mortgage-Backed Notes

  
 Ladies and Gentlemen: 
  
 In accordance with Section 3(d) of the Custodial Agreement, the undersigned,
as Custodian, hereby certifies that as to each Mortgage Loan listed in the Mortgage Loan Schedule (other than any Mortgage Loan paid in full or listed on Schedule I hereto) it has received the applicable documents listed in Section 2 of the
Custodial Agreement. 
  
 The undersigned hereby certifies that as
to each Mortgage Loan identified in the Mortgage Loan Schedule, other than any Mortgage Loan listed on Schedule I hereto, it has reviewed the documents listed in Section 2 of the Custodial Agreement and has determined that each such document appears
to be complete and, based on an examination of such documents, 
  

 B-3-1 

 the information set forth in items (i) through (v) of the definition of Mortgage Loan Schedule is correct. This Final
Certification shall supersede all Initial and Interim Certifications relating to the same Custodial File. 
  
 Capitalized words and phrases used herein shall have the respective meanings assigned to them in the Custodial Agreement. This Certificate is qualified in
all respects by the terms of the Custodial Agreement. 
  

	
	 [                                       
                 ], as Custodian

	
	 By:

	 Name:

	 Title:

  

 B-3-2 

 EXHIBIT B-4 
  
 FORM OF REQUEST FOR RELEASE OF DOCUMENTS AND RECEIPT 
  

	
	
	

	          [Date]

  
 [Name and address of Custodian]

  
 Attention: Operations Manager (NYMT 2005-[    ])

  
 In connection with the administration of the mortgages held by
you as Custodian under that certain Custodial Agreement dated as of [                    ], 2005 (the “Custodial Agreement”), among
[                    ], as Indenture Trustee, New York Mortgage Trust, Series 2005-[    ], as Issuer, and you, as Custodian, the
undersigned Master Servicer, Servicer or Subservicer hereby requests a release of the Mortgage File held by you as Custodian with respect to the following described Mortgage Loan for the reason indicated below. 
  
 Mortgagor’s Name: 
  
 Address: 
  
 Loan No.: 
  
 Reason for requesting file: 
  
 1. Mortgage Loan paid in full. The Master Servicer [or Servicer or Subservicer] hereby certifies that all amounts received in connection with the
loan have been or will be credited to the Custodial Account and remitted to the Trust Administrator for deposit into the Collection Account pursuant to the Transfer and Servicing Agreement. 
  
 2. The Mortgage Loan is being foreclosed. 
  
 3. Mortgage Loan substituted. The Master Servicer [or Servicer or
Subservicer] hereby certifies that a Qualifying Substitute Mortgage Loan has been assigned and delivered to you along with the related Mortgage File pursuant to the Transfer and Servicing Agreement. 
  

 B-4-1 

 4. Mortgage Loan repurchased. The Master Servicer [or Servicer or Subservicer] hereby certifies
that the Purchase Price has been credited to the Collection Account (or the Custodial Account) and remitted to the Indenture Trustee and/or the Owner Trustee for deposit into the Collection Account and/or the Certificate Account (whichever is
applicable) pursuant to the Transfer and Servicing Agreement. 
  
 5. Other. (Describe) 
  
 The undersigned
acknowledges that the above Custodial File will be held by the undersigned in accordance with the provisions of the Transfer and Servicing Agreement and will be returned to you within ten (10) days of our receipt of such Custodial File, except if
the Mortgage Loan has been paid in full, repurchased or substituted for a Qualifying Substitute Mortgage Loan (in which case the Custodial File will be retained by us permanently) and except if the Mortgage Loan is being foreclosed (in which case
the Custodial File will be returned when no longer required by us for such purpose). 
  
 Capitalized terms used herein shall have the meanings ascribed to them in the Custodial Agreement. 
  

	
	

	 Name of Master Servicer [or Servicer or

	 Subservicer]

	
	 By:

	 Name:

	 Title: Servicing Officer

  

 B-4-2 

 EXHIBIT B-5 
  
 FORM OF LOST NOTE AFFIDAVIT AND AGREEMENT 
  
 I,
                                        
            , being duly sworn, do hereby state under oath that: 
  
 1. I am a duly elected
                                     of NYMT Securities
Corporation (the “Company”) and am duly authorized to make this affidavit. 
  
 2. This affidavit is being delivered in connection with the transfer of the Mortgage Loan described in Paragraph 3 hereof by the Company pursuant to the Transfer and Servicing Agreement, dated as of
[                    ], 2005, among NYMT Securities Corporation, as Depositor,
[                    ], as Trust Administrator and Master Servicer,
[                    ], as Indenture Trustee, NYMT Servicing Corporation, as Servicer,
[                    ], as Subservicer, and New York Mortgage Funding, LLC, as Seller, relating to the
                                    , Series
2005-[    ] Mortgage-Backed Notes (the “Agreement”). 
  
 3. The                      is the payee under the following described Mortgage Note (“Mortgage
Note”) which evidences the obligation of the borrower(s) to repay the Mortgage Loan: 
  

			
		
	 Loan
Number:                                       
                                        
            
	 	 
		
	 Mortgage Note
Date:                                       
                                      
 
	 	 
		
	 Borrower(s):                                    
                                        
                  
	 	 
		
	 Original Payee (if not the
Company):                                      
          
	 	 
		
	 Original
Amount:                                       
                                        
      
	 	 
		
	 Mortgage
Rate:                                       
                                        
          
	 	 
		
	 Address of Mortgaged
Property:                                      
                   
	 	 
		
	                                       
                                        
                                        
 
	 	 

  
  

 B-5-1 

 4. The Company is the lawful owner of the Mortgage Note and has not cancelled, altered, assigned or
hypothecated the Mortgage Note. 
  
 5. A thorough and diligent
search for the executed original Mortgage Note was undertaken and was unsuccessful. 
  
 6. Attached hereto is a true and correct copy of the Mortgage Note. 
  
 7. The Mortgage Note has not been endorsed by the Company in any manner inconsistent with its transfer of the Mortgage Loan under the Mortgage Loan
Purchase Agreement. 
  
 8. Without limiting the generality of the
rights and remedies of the Indenture Trustee contained in the Agreement, the Company hereby confirms and agrees that in the event the inability to produce the executed original Mortgage Note results in a breach of the representations, warranties and
covenants appearing in Section 3.2 of the Mortgage Loan Purchase Agreement and Section 3.01 of the Agreement, the Company shall repurchase the Mortgage Loan at the Purchase Price and otherwise in accordance with Section 3.03 of the Agreement. In
addition, the Company covenants and agrees to indemnify the Indenture Trustee and the Trust from and hold them harmless against any and all losses, liabilities, damages, claims or expenses (other than those resulting from negligence or bad faith of
the Indenture Trustee) arising from the Company’s failure to have delivered the Mortgage Note to the Indenture Trustee, including without limitation any such losses, liabilities, damages, claims or expenses arising from any action to enforce
the indebtedness evidenced by the Mortgage Note or any claim by any third party who is the holder of such indebtedness by virtue of possession of the Mortgage Note. 
  
 9. In the event that the Company locates the executed original Mortgage Note, it shall promptly provide the Mortgage Note to
the Indenture Trustee. 
  
 10. Capitalized terms not otherwise
defined herein shall have the meanings given them in the Agreement. 
  

	
	 Date:

  

	
	
	  

 (signature)

	
	  

 (print name)

	
	  

 (print title)

  

 B-5-2 

 EXHIBIT B-6 
  
 FORM OF ENDORSEMENT 
  
 Pay to the order of
[                        ], as indenture trustee (the “Indenture Trustee”) under the Indenture dated as of
[                        ], 2005, relating to New York Mortgage Trust, Series 2005-[    ] Mortgage-Backed
Notes, without recourse. 
  
  

	
	
 [current signatory on note]

	
	 By:

	 Name:

	 Title:

  

 B-6-1 

 EXHIBIT C 
  
 AUTHORIZED REPRESENTATIVES OF THE CUSTODIAN 
  

					
	 Name
  
	 	 Signature
  
	 	 Title
  

	 	 	 
	 	 	 	 	 
	 	 	 
	 	 	 	 	 
	 	 	 
	 	 	 	 	 
	 	 	 
	 	 	 	 	 
	 	 	 
	 	 	 	 	 

  

 C-1 

 EXHIBIT D-1 
  
 AUTHORIZED REPRESENTATIVES OF THE INDENTURE TRUSTEE 
  

					
	 Name
  
	 	 Signature
  
	 	 Title
  

	 	 	 
	 	 	 	 	 
	 	 	 
	 	 	 	 	 
	 	 	 
	 	 	 	 	 
	 	 	 
	 	 	 	 	 
	 	 	 
	 	 	 	 	 

  

 D-1-1 

 EXHIBIT D-2 
  
 AUTHORIZED REPRESENTATIVES OF THE TRUST ADMINISTRATOR 
  

					
	 Name
  
	 	 Signature
  
	 	 Title
  

	 	 	 
	 	 	 	 	 
	 	 	 
	 	 	 	 	 
	 	 	 
	 	 	 	 	 
	 	 	 
	 	 	 	 	 
	 	 	 
	 	 	 	 	 

  

 D-2-1 

 EXHIBIT E 
  
 AUTHORIZED REPRESENTATIVES OF THE MASTER SERVICER 
  
  

					
	 Name
  
	 	 Signature
  
	 	 Title
  

	 	 	 
	 	 	 	 	 
	 	 	 
	 	 	 	 	 
	 	 	 
	 	 	 	 	 
	 	 	 
	 	 	 	 	 
	 	 	 
	 	 	 	 	 

  

 E-1 

 EXHIBIT F-1 
  
 AUTHORIZED REPRESENTATIVES OF THE SERVICER 
  

					
	 Name
  
	 	 Signature
  
	 	 Title
  

	 	 	 
	 	 	 	 	 
	 	 	 
	 	 	 	 	 
	 	 	 
	 	 	 	 	 
	 	 	 
	 	 	 	 	 
	 	 	 
	 	 	 	 	 

  

 D-1 

 EXHIBIT F-2 
  
 AUTHORIZED REPRESENTATIVES OF THE SUBSERVICER 
  

					
	 Name
  
	 	 Signature
  
	 	 Title
  

	 	 	 
	 	 	 	 	 
	 	 	 
	 	 	 	 	 
	 	 	 
	 	 	 	 	 
	 	 	 
	 	 	 	 	 
	 	 	 
	 	 	 	 	 

  

 E-2 

 EXHIBIT E 
  

CUSTODIAL ACCOUNT LETTER AGREEMENT 
  
  

	
	

			
	 To:
	 	  

	 	 	  

	 	 	  

     (the
“Depository”)

  
 As Subservicer under
the Transfer and Servicing Agreement dated as of [            ], 2005 by and among NYMT Securities Corporation, as Depositor, you, as Indenture Trustee,
[        ], as Trust Administrator and Master Servicer, New York Mortgage Trust, Series 2005-[    ], as Issuer,
                    , as Servicer, [            ], as Subservicer and New York
Mortgage Funding, LLC, as Seller (the “Transfer and Servicing Agreement”), we hereby authorize and request you to establish an account as a Custodial Account pursuant to Section 3.03 of the Transfer and Servicing Agreement, designated as
“ [Subservicer] in trust for [        ], as Indenture Trustee for the New York Mortgage Trust, Series 2005-[        ].” All deposits in the account shall be
subject to withdrawal therefrom by order signed by the Subservicer. This letter is submitted to you in duplicate. Please execute and return one original to us. 
  

					
	 [                                       
                                        
     ]

	 	 	 Subservicer

		
	 By:
	 	  

	 	 	 Name:
	 	  

	 	 	 Title:
	 	  

	 	 	 Date:
	 	  

	

  

 E-1 

 The undersigned, as Depository, hereby certifies that the above described account has been established
under Account Number                     , at the office of the Depository indicated above, and agrees to honor withdrawals on such account as
provided above. 
  
  

					
	
 Depository

	
	 By:

	 	 	 Name:

	 	 	 Title:

	 	 	 Date:

  

 E-2 

 EXHIBIT F 
  

ESCROW ACCOUNT LETTER AGREEMENT 
  
                     
            ,              
  

			
	To:	 	  

	 	 	  

	 	 	  

	 	 	 (the “Depository”)

  
 As Subservicer under
the Transfer and Servicing Agreement dated as of [            ], 2005 by and among NYMT Securities Corporation, as Depositor, you, as Indenture Trustee,
[            ], as Trust Administrator and Master Servicer, New York Mortgage Trust, Series 2005-[            ], as Issuer, NYMT
Servicing Corporation, as Servicer, [            ], as Subservicer and New York Mortgage Funding, LLC, as Seller (the “Transfer and Servicing Agreement”), we hereby authorize and
request you to establish an account, as an Escrow Account pursuant to Section 3.05 of the Transfer and Servicing Agreement, to be designated as
“[                    ] in trust for
[                    ], as Indenture Trustee for the New York Mortgage Trust, Series 2005-[    ].” All deposits in the
account shall be subject to withdrawal therefrom by order signed by the Subservicer. This letter is submitted to you in duplicate. Please execute and return one original to us. 
  

					
	 [                                       
     ,]

	 	 	 Subservicer

		
	 By:
	 	  

	 	 	 Name:
	 	  

	 	 	 Title:
	 	  

	 	 	 Date:
	 	  

  

 F-1 

 The undersigned, as Depository, hereby certifies that the above described account has been established
under Account Number             , at the office of the Depository indicated above, and agrees to honor withdrawals on such account as provided above. 
  

			
	  

	Depository
		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

	 Date:
	 	  

  

 F-2 

 EXHIBIT G-1 
  
 FORM OF MONTHLY REMITTANCE ADVICE 
  

					
	FIELD NAME	  	DESCRIPTION	  	FORMAT
			
	 INVNUM
	  	INVESTOR LOAN NUMBER	  	Number no decimals
	 SERVNUM
	  	SERVICER LOAN NUMBER, REQUIRED	  	Number no decimals
	 BEGSCHEDBAL
	  	BEGINNING SCHEDULED BALANCE FOR SCHED/SCHED	  	Number two decimals
	 	  	BEGINNING TRAIL BALANCE FOR ACTUAL/ACTUAL,	  	 
	 	  	REQUIRED	  	 
	 SCHEDPRIN
	  	SCHEDULED PRINCIPAL AMOUNT FOR SCHEDULED/SCHEDULED	  	Number two decimals
	 	  	ACTUAL PRINCIPAL COLLECTED FOR ACTUAL/ACTUAL,	  	 
	 	  	REQUIRED, .00 IF NO COLLECTIONS	  	 
	 CURT1
	  	CURTAILMENT 1 AMOUNT, .00 IF NOT APPLICABLE	  	Number two decimals
	 CURT1DATE
	  	CURTAILMENT 1 DATE, BLANK IF NOT APPLICABLE	  	DD-MM-YY
	 CURTIADJ
	  	CURTAILMENT 1 ADJUSTMENT, .00 IF NOT APPLICABLE	  	Number two decimals
	 CURT2
	  	CURTAILMENT 2 AMOUNT, .00 IF NOT APPLICABLE	  	Number two decimals
	 CURT2DATE
	  	CURTAILMENT 2 DATE, BLANK IF NOT APPLICABLE	  	DD-MM-YY
	 CURT2ADJ
	  	CURTAILMENT 2 ADJUSTMENT, .00 IF NOT APPLICABLE	  	Number two decimals
	 LIQPRIN
	  	PAYOFF, LIQUIDATION PRINCIPAL, .00 IF NOT APPLICABLE	  	Number two decimals
	 OTHPRIN
	  	OTHER PRINCIPAL, .00 IF NOT APPLICABLE	  	Number two decimals
	 PRINREMIT
	  	TOTAL PRINCIPAL REMITTANCE AMOUNT, .00 IF NOT APPLICABLE	  	Number two decimals
	 INTREMIT
	  	NET INTEREST REMIT, INCLUDE PAYOFF INTEREST,	  	Number two decimals
	 	  	.00 IF NOT APPLICABLE	  	 
	 TOTREMIT
	  	TOTAL REMITTANCE AMOUNT, .00 IF NOT APPLICABLE	  	Number two decimals
	 ENDSCHEDBAL
	  	ENDING SCHEDULED BALANCE FOR SCHEDULED/SCHEDULED	  	Number two decimals
	 	  	ENDING TRIAL BALANCE FOR ACTUAL/ACTUAL	  	 
	 	  	.00 IF PAIDOFF, LIQUIDATED OR FULL CHARGEOFF	  	 
	 ENDACTBAL
	  	ENDING TRIAL BALANCE	  	Number two decimals
	 	  	.00 IF PAIDOFF, LIQUIDATED OR FULL CHARGEOFF	  	 
	 ENDDUEDATE
	  	ENDING ACTUAL DUE DATE, NOT LAST PAID INSTALLMENT	  	DD-MM-YY
	 ACTCODE
	  	60 IF PAIDOFF, BLANK IF NOT APPLICABLE	  	Number no decimals

  

 G-1-1 

					
	 ACTDATE
	  	ACTUAL PAYOFF DATE, BLANK IF NOT APPLICABLE	  	DD-MM-YY
	 INTRATE
	  	INTEREST RATE, REQUIRED	  	Number seven decimals
	 	  	 	  	Example .0700000 for 7.00%
	 SFRATE.
	  	SERVICING ADMINISTRATION FEE RATE, REQUIRED	  	Number seven decimals
	 	  	 	  	Example .0025000 for .25%
	 PTRATE
	  	PASS THRU RATE, REQUIRED	  	Number seven decimals
	 	  	 	  	Example .0675000 for 6.75%
	 PIPMT
	  	P&I CONSTANT, REQUIRED	  	Number two decimals
	 	  	.00 IF PAIDOFF	  	 

  

 G-1-2 

 EXHIBIT G-2 
  
 STANDARD LAYOUT FOR MONTHLY DEFAULTED LOAN REPORT 
  
 1.  Deal Identifier by Loan 
 2.  SBO Loan Number 
 3.  Loan Number 
 4.  Investor Loan Number 
 5.  Street Address 
 6.  City 
 7.  State 
 8.  Zip Code 
 9.  Original Loan Amount 
 10. Origination Date 
 11. First Payment Date 
 12.
Current Loan Amount 
 13. Current Interest Rate 
 14. Current
P&I Payment Amount 
 15. [Reserved] 
 16. [Reserved]

 17. Next Rate Adjustment Date 
 18. Next Payment Adjustment
Date 
 19. Loan Term 
 20. Loan Type 
 21. [Reserved] 
 22. Product Type 
 23. Property Type 
 24. Ownership Code 
 25. Actual Due Date 
 26. Delinquency Status 
 27. [Reserved] 
 28. FC Flag 
 29. Date Loan Reinstated 
  

 G-2-1 

 30. FC Suspended Date 
 31.
Reason Suspended 
 32. FC Start Date (referral date) 
 33. Actual
Notice of Intent Date 
 34. Actual First Legal Date 
 35.
[Reserved] 
 36. Date F/C Sale Scheduled 
 37. Foreclosure Actual
Sale Date 
 38. Actual Redemption End Date 
 39. Occupancy Status

 40. Occupancy Status Date 
 41. Actual Eviction Start Date

 42, Actual Eviction Complete Date 
 43. Loss Mit Workstation
Status 
 44. Loss Mit Flag 
 45. Loss Mit Type 
 46. Loss Mit Start Date 
 47. Loss Mit Approval Date 
 48. Loss Mit Removal Date 
 49. REO Flag 
 50. Actual REO Start Date 
 51. REO List Date 
 52. REO List Price 
 53. Date REO Offer Received 
 54. Date REO Offer Accepted 
 55. REO Scheduled Close Date 
 56. REO Actual Closing Date 
 57. REO Net Sales proceeds 
 58. REO Sales Price 
 59. Paid Off Code 
 60. Paid in Full Date 
 61. MI Certificate Number 
 62. [Reserved] 
  

 G-2-2 

 63. [Reserved] 
 64.
[Reserved] 
 65. [Reserved] 
 66. [Reserved] 
 67. [Reserved] 
 68. [Reserved] 
 69. [Reserved] 
 70. [Reserved] 
 71. [Reserved] 
 72. Actual Claim Filed Date 
 73. Actual Claim Amount Filed 
 74. Claim Amount Paid 
 75. Claim Funds Received Date 
 76. Realized Gain or Loss 
 77. BK Flag 
 78. Bankruptcy Chapter 
 79. Actual Bankruptcy Start Date 
 80. Actual Payment Plan Start Date

 81. Actual Payment Plan End Date 
 82. Date POC Filed

 83. Date Filed Relief/Dismissal 
 84. Relief/Dismissal Hearing
Date 
 85. Date Relief/Dismissal Granted 
 86. Post Petition Due
Date 
 87. Prepayment Flag 
 88. Prepayment Waived 
 89. Prepayment Premium Collected 
 90. Partial Prepayment Amount Collected

 91. Prepayment Expiration Date 
 92. Origination Value Date

 93. Origination Value Source 
 94. Original Value Amount

 95. FC Valuation Amount 
  

 G-2-3 

 96. FC Valuation Source 
 97.
FC Valuation Date 
 98. REO Value Source 
 99. REO Value(As-is)

 100. REO Repaired Value 
 101. REO Value Date 
 102. Investor/Security Billing Date Sent 
  

 G-2-4 

 EXHIBIT G-3 
  
 Form 332 Realized Loss Report 
 [Master Servicer] 
  
 Purpose 
  
 To provide the Servicer with a form for the
calculation of any Realized Loss (or gain) as a result of a Mortgage Loan having been foreclosed and Liquidated. 
  
 Distribution 
  
 The Servicer will prepare the form in duplicate and send the original together with evidence of conveyance of title and appropriate supporting documentation to the Master
Servicer with the Monthly Accounting Reports which supports the Mortgage Loan’s removal from the Mortgage Loan Activity Report. The Servicer will retain the duplicate for its own records. 
  
 Due Date 
  
 With respect to any liquidated Mortgage Loan, the form Will be submitted to the Master
Servicer no later than the date on which statements are due to the Master Servicer under Section 4.02 of this Agreement (the “Statement Date”) in the month following receipt of final liquidation proceeds and supporting documentation
relating to such liquidated Mortgage Loan; provided, that if such Statement Date is not at least 30 days after receipt of final liquidation proceeds and supporting documentation relating to such liquidated Mortgage Loan, then the form will be
submitted on the first Statement Date occurring after the 30th day following receipt of final liquidation proceeds and supporting documentation. 
  
 Preparation Instructions 
  
 The numbers on the form correspond with the numbers listed below. 
  

	1.	The actual Unpaid Principal Balance of the Mortgage Loan. 

  

	2.	The Total Interest Due less the aggregate amount of servicing fee that would have been earned if all delinquent payments had been made as agreed. 

  

	3-7.	Complete as necessary. All line entries must be supported by copies of appropriate statements, vouchers, receipts, canceled checks, etc., to document the expense. Entries not
properly documented will not be reimbursed to the Servicer. 

  

	8.	Accrued Servicing Fees based upon the Stated Principal Balance of the Mortgage Loan as calculated on a monthly basis. 

  

	10.	The total of lines 1 through 9. 

  

 G-3-1 

 Credits 
  

	11-17.	Complete as necessary. All line entries must be supported by copies of the appropriate claims forms, statements, payment checks, etc. to document the credit. If the Mortgage Loan is
subject to a Bankruptcy Deficiency, the difference between the Unpaid Principal Balance of the Note prior to the Bankruptcy Deficiency and the Unpaid Principal Balance as reduced by the Bankruptcy Deficiency should be input on line 16.

  

	18.	The total of lines 11 through 17. 

  
 Total Realized Loss (or Amount of Any Gain) 
  

	19.	The total derived from subtracting line 18 from 10. If the amount represents a realized gain, show the amount in parenthesis (    ).

  

 G-3-2 

 [Master Servicer] 
 CALCULATION OF REALIZED LOSS 
  

  
 [                                ]
Trust:                                       
       

			
	 Prepared by:
                                
	  	Date:                    
	 Phone:
                                       
 
	  	 

  

									
	 Servicer Loan No.

 
	  	 	  	Servicer Name	  	 	  	Servicer Address

  

					
	 [Master Servicer and Trust Administrator]

	 Loan
No.                                       
                                        
 

	 Borrower’s
Name:                                       
                                        
                                        
              

	 Property

	 Address:                                     
                                        
                                        
                               

	 Liquidation and Acquisition Expenses:

	 Actual Unpaid Principal Balance of Mortgage Loan
	 	$                    (1)
	 Interest accrued at Net Rate
	 	                    (2)
	 Attorney’s Fees
	 	                    (3)
	 Taxes
	 	                    (4)
	 Property Maintenance
	 	                    (5)
	 MI/Hazard Insurance Premiums
	 	                    (6)
	 Hazard Loss Expenses
	 	                    (7)
	 Accrued Servicing Fees
	 	                    (8)
	 Other (itemize)
	 	                    (9)
	                                       
                                        
                                        
                                        
                     
	 	$                        
	                                       
                                        
                                        
                                        
                     
	 	   __________
	                                       
                                        
                                        
                                        
                     
	 	   __________
	                                       
                                        
                                        
                                        
                     
	 	   __________
	 Total Expenses
	 	$                 (10)
	 Credits:
	 	 
	 Escrow Balance
	 	$                 (11)
	 HIP Refund
	 	                 (12)
	 Rental Receipts
	 	                 (13)
	 Hazard Loss Proceeds
	 	                 (14)
	 Primary Mortgage Insurance Proceeds
	 	                 (15)
	 Proceeds from Sale of Acquired Property
	 	                 (16)
	 Other (itemize)
	 	                 (17)
	                                       
                                        
                                        
                                        
              
	 	   __________
	                                       
                                        
                                        
                                        
              
	 	   __________
	 Total
Credits                                      
                                        
                          
	 	$                 (18)
	 Total Realized Loss (or of Gain)
	 	$                 (19)

  
 Data must be submitted
to [Master Servicer and Trust Administrator] in an Excel spreadsheet format with fixed field names and data type. The Excel spreadsheet should be used as a template consistently every month when submitting data for all loans that are
60 days + delinquent and/or in bankruptcy, foreclosure or REO. 
  

 G-3-3 

 Table:  Delinquency 
  

					
	 Name
	  	Type	  	    Max Character Size    
	 Servicer Loan #
	  	Number	  	10            
	 Investor Loan #
	  	Number	  	10            
	 Servicer Investor #
	  	Text	  	3            
	 Borrower Name
	  	Text	  	20            
	 Address
	  	Text	  	30            
	 State
	  	Text	  	2            
	 Zip
	  	Text	  	5            
	 Due Date
	  	Date/Time	  	8            
	 Loan Type
	  	Text	  	8            
	 BK Filed Date
	  	Date/Time	  	8            
	 BK Chapter
	  	Text	  	6            
	 BK Case Number
	  	Text	  	30 Maximum            
	 Post Petition Due
	  	Date/Time	  	8            
	 Motion for Relief
	  	Date/Time	  	8            
	 Lift of Stay
	  	Date/Time	  	8            
	 BK Discharge/Dismissal Date
	  	Date/Time	  	8            
	 Loss Mit Approval Date
	  	Date/Time	  	8            
	 Loss Mit Type
	  	Text	  	5            
	 Loss Mit Code
	  	Number	  	2            
	 Loss Mit Estimated Completion Date
	  	Date/Time	  	8            
	 Loss Mit Actual Completion Date
	  	Date/Time	  	8            
	 FC Approval Date
	  	Date/Time	  	8            
	 File Referred to Attorney
	  	Date/Time	  	8            
	 NOD
	  	Date/Time	  	8            
	 Complaint Filed
	  	Date/Time	  	8            
	 Scheduled Sale Date
	  	Date/Time	  	8            
	 Actual Sale Date
	  	Date/Time	  	8            
	 F/C Sale Amount
	  	Currency	  	8            
	 Eviction Start Date
	  	Date/Time	  	8            
	 Eviction Completed Date
	  	Date/Time	  	8            
	 List Price
	  	Currency	  	8            
	 List Date
	  	Date/Time	  	8            
	 Accepted Offer Price
	  	Currency	  	8            
	 Accepted Offer Date
	  	Date/Time	  	8            
	 Estimated REO Closing Date
	  	Date/Time	  	8            
	 Actual REO Sale Date
	  	Date/Time	  	8            
	 Occupant Code
	  	Text	  	10            
	 Property Condition Code
	  	Text	  	2            
	 Property Inspection Date
	  	Date/Time	  	8            
	 Property Value Date
	  	Date/Time	  	8            
	 Current Property Value
	  	Currency	  	8            
	 Repaired Property Value
	  	Currency	  	8            
	 Current LTV
	  	Currency	  	8            
	 FNMA Delinquent Status Code
	  	Text	  	2            

  

 G-3-4 

					
	 FNMA Delinquent Reason Code
	  	 Text
	  	3
			
	 If applicable:
	  	 	  	 
	 MI Cancellation Date
	  	 Date/Time
	  	8
	 MI Claim Filed Date
	  	 Date/Time
	  	8
	 MI Claim Amount
	  	 Currency
	  	8
	 MI Claim Reject Date
	  	 Date/Time
	  	8
	 MI Claim Resubmit Date
	  	 Date/Time
	  	8
	 MI Claim Paid Date
	  	 Date/Time
	  	8
	 MI Claim Amount Paid
	  	 Currency
	  	8
	 Pool Claim Filed Date
	  	 Date/Time
	  	8
	 Pool Claim Amount
	  	 Currency
	  	8
	 Pool Claim Reject Date
	  	 Date/Time
	  	8
	 Pool Claim Paid Date
	  	 Date/Time
	  	8
	 Pool Claim Amount Paid
	  	 Currency
	  	8
	 Pool Claim Resubmit Date
	  	 Date/Time
	  	8
	 FHA Part A Claim Filed Date
	  	 Date/Time
	  	8
	 FHA Part A Claim Amount
	  	 Currency
	  	8
	 FHA Part A Claim Paid Date
	  	 Date/Time
	  	8
	 FHA Part A Claim Paid Amount
	  	 Currency
	  	8
	 FHA Part B Claim Filed Date
	  	 Date/Time
	  	8
	 FHA Part B Claim Amount
	  	 Currency
	  	8
	 FHA Part B Claim Paid Date
	  	 Date/Time
	  	8
	 FHA Part B Claim Paid Amount
	  	 Currency
	  	8
	 VA Claim Filed Date
	  	 Date/Time
	  	8
	 VA Claim Paid Date
	  	 Date/Time
	  	8
	 VA Claim Paid Amount
	  	 Currency
	  	8

  
 The Loss Mit Type field should show
the approved Loss Mitigation arrangement. The following are acceptable: 
  

					
	 •
	  	ASUM-	  	Approved Assumption
	 •
	  	BAP-	  	Borrower Assistance Program
	 •
	  	CO-	  	Charge Off
	 •
	  	DIL-	  	Deed-in-Lieu
	 •
	  	FFA-	  	Formal Forbearance Agreement
	 •
	  	MOD-	  	Loan Modification
	 •
	  	PRE-	  	Pre-Sale
	 •
	  	SS-	  	Short Sale
	 •
	  	MISC-	  	Anything else approved by the PMI or Pool Insurer

  
 [Master Servicer and Trust
Administrator] will accept alternative Loss Mitigation Types to those above, provided that they are consistent with industry standards. If Loss Mitigation Types other than those above are used, the Servicer must supply [Master Servicer and Trust
Administrator] with a description of each of the Loss Mitigation Types prior to sending the file. 
  

 G-3-5 

 The Occupant Code field should show the current status of the property. The acceptable codes are: 
  

	•	 	Mortgagor 

  

	•	 	Tenant 

  

	•	 	Unknown 

  

	•	 	Vacant 

  
 The Property Condition field should show the last reported condition of the property. The acceptable codes are: 
  

	•	 	Damaged 

  

	•	 	Excellent 

  

	•	 	Fair 

  

	•	 	Gone 

  

	•	 	Good 

  

	•	 	Poor 

  

	•	 	Special Hazard 

  

	•	 	Unknown 

  
 The FNMA Delinquent Reason Code field should show the Reason for Default. The following FNMA Delinquency Reason Codes to be used are below. 
  

			
	 Delinquency Code

	  	 Delinquency Description

	 001
	  	FNMA-Death of principal mortgagor
	 002
	  	FNMA-Illness of principal mortgagor
	 003
	  	FNMA-Illness of mortgagor’s family member
	 004
	  	FNMA-Death of mortgagor’s family member
	 005
	  	FNMA-Marital difficulties
	 006
	  	FNMA-Curtailment of income
	 007
	  	FNMA-Excessive Obligation
	 008
	  	FNMA-Abandonment of property
	 009
	  	FNMA-Distant employee transfer
	 011
	  	FNMA-Property problem
	 012
	  	FNMA-Inability to sell property
	 013
	  	FNMA-Inability to rent property
	 014
	  	FNMA-Military Service
	 015
	  	FNMA-Other

  

 G-3-6 

			
	 016
	  	FNMA-Unemployment
	 017
	  	FNMA-Business failure
	 019
	  	FNMA-Casualty loss
	 022
	  	FNMA-Energy environment costs
	 023
	  	FNMA-Servicing problems
	 026
	  	FNMA-Payment adjustment
	 027
	  	FNMA-Payment dispute
	 029
	  	FNMA-Transfer of ownership pending
	 030
	  	FNMA-Fraud
	 031
	  	FNMA-Unable to contact borrower
	 INC
	  	FNMA-Incarceration

  
 The FNMA Delinquent Status Code field
should show the Status of Default. The following FNMA Delinquency Status Codes to be used are below. 
  

			
	 Status Code

	  	 Status Description

	 09.
	  	 Forbearance

	 17
	  	 Pre-foreclosure Sale Closing Plan Accepted

	 24
	  	 Government Seizure

	 26
	  	 Refinance

	 27
	  	 Assumption

	 28
	  	 Modification

	 29
	  	 Charge-Off

	 30
	  	 Third Party Sale

	 31
	  	 Probate

	 32
	  	 Military Indulgence

	 43
	  	 Foreclosure Started

	 44
	  	 Deed-in-Lieu Started

	 49
	  	 Assignment Completed

	 61
	  	 Second Lien Considerations

	 62
	  	 Veteran’s Affairs-No Bid

	 63
	  	 Veteran’s Affairs-Refund

	 64
	  	 Veteran’s Affairs-Buydown

	 65
	  	 Chapter 7 Bankruptcy

	 66
	  	 Chapter 11 Bankruptcy

	 67
	  	 Chapter 13 Bankruptcy

  
  

 G-3-7 

 EXHIBIT H 
  

[Subservicer] Form of Back-Up Certification 
  
 [Name and address of 
 master servicer] 
  
 Re:        [name of securitization] 
  
 [                                ], as Subservicer hereby
certifies to the Seller, the Master Servicer, the Indenture Trustee, the Trust Administrator and the Servicer that: 
  
 1. To our knowledge, the information in the Annual Statement of Compliance, the Annual Independent Public Accountant’s Servicing Report and all
servicing reports, officer’s certificates and other information relating to the servicing of the Mortgage Loans submitted to the Master Servicer taken as a whole, does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading as of the last day of the period covered by such reports; 
  
 2. To our knowledge, the servicing information required to be provided to the
Master Servicer by the Servicer under the Transfer and Servicing Agreement has been provided to the Master Servicer; 
  
 3. Based upon the review required by the Transfer and Servicing Agreement, and except as disclosed in the Annual Statement of Compliance or the Annual
Independent Public Accountant’s Servicing Report, the Subservicer has, as of the last day of the period covered by such reports fulfilled the obligations of the Servicer under the Transfer and Servicing Agreement; and 
  
 4. The Subservicer has disclosed to the Master Servicer all significant
deficiencies relating to the Subservicer’s compliance with the minimum servicing standards in accordance with a review conducted in compliance with the Uniform Single Attestation Program for Mortgage Bankers or similar standard as set forth in
the Transfer and Servicing Agreement. 
  
 Capitalized terms used
but not defined herein have the meanings ascribed to them in the Transfer and Servicing Agreement, dated as of [                    ], 2005 (the
“Servicing Agreement”), among New York Mortgage Trust, Series 2005-[    ], as issuer (the “Issuer”), NYMT Securities Corporation, as depositor (the “Depositor”),
[                    ], as indenture trustee (the “Indenture Trustee”), NYMT Servicing Corporation, as servicer (the “Servicer”),
New York Mortgage Funding, LLC, as seller (the “Seller”), [                    ], as Subservicer (the “Subservicer”) and
[                                ], as master servicer (the “Master Servicer”)
and trust administrator (the “Trust Administrator”). 
  

 H-1 

					
	 [                                ], as Subservicer

		
	 By:
	 	  

	 	 	 Name:
	 	 
	 	 	 Title:
	 	 
	 	 	 Date:
	 	 

  

 H-2 

 EXHIBIT I 
  
 FORM OF SUBSEQUENT TRANSFER AGREEMENT 
  
 SUBSEQUENT TRANSFER AGREEMENT (the “Agreement”), dated as of
            , 200     by and among New York Mortgage Funding, LLC (the “Seller”), NYMT Securities Corporation (the “Depositor)”,
New York Mortgage Trust, Series 2005-[    ] (the “Trust”), [                    ](the “Indenture Trustee”)
and [                    ] (the “Trust Administrator”) pursuant to the Transfer and Servicing Agreement referred to below. 
  
 WITNESSETH: 
  
 WHEREAS, pursuant to a Transfer and Servicing Agreement (the “Transfer and Servicing Agreement”), dated as of
[                    ], 2005, among the Seller, the Depositor, the Trust, the Indenture Trustee and the Trust Administrator, the Seller wishes to
convey the Subsequent Mortgage Loans (as defined below) to the Depositor, the Depositor wishes to convey the Subsequent Mortgage Loans to the Trust, and the Trust wishes to acquire the same for the consideration set forth in Section IV below; and

  
 WHEREAS, the Seller shall timely deliver to the Indenture
Trustee, Trust Administrator and Depositor an Addition Notice related to such conveyance as required by Section 2.04 of the Transfer and Servicing Agreement; 
  
 NOW THEREFORE, the Seller, the Depositor, the Trust, the Indenture Trustee and the Trust Administrator hereby agree as follows: 
  
 Section I. Capitalized terms used herein shall have the meanings ascribed to
them in the Transfer and Servicing Agreement unless otherwise defined. 
  
 “Subsequent Mortgage Loans” shall mean, for purposes of this Agreement, the Subsequent Mortgage Loans listed in the Subsequent Mortgage Loan Schedule attached hereto as Schedule I. 
  
 “Subsequent Transfer Date” shall mean, with
respect to the Subsequent Mortgage Loans transferred hereby, the date hereof. 
  
 “Subsequent Cut-off Date” shall mean, with respect to the Subsequent Mortgage Loans transferred hereby,
[                     ]. 
  
 Section II. Subsequent Mortgage Loan Schedule. The Subsequent Mortgage Loan Schedule attached hereto as Schedule I is a supplement to the Initial
Mortgage Loan Schedule attached as Schedule A to the Transfer and Servicing Agreement. The Mortgage Loans listed in the Subsequent Mortgage Loan Schedule constitute the Subsequent Mortgage Loans to be transferred pursuant to this Agreement on the
Subsequent Transfer Date. 
  
 Section III. Transfer of
Subsequent Mortgage Loans. As of the related Cut-off Date, subject to and upon the terms and conditions set forth in Sections 2.01, 2.02, 2.04, 3.01, 3.02 and 
  

 I-1 

 3.03 of the Transfer and Servicing Agreement and set forth in this Agreement, the Seller hereby irrevocably sells,
transfers, assigns, sets over and otherwise conveys to the Depositor and the Depositor hereby irrevocably sells, transfers, assigns, sets over and otherwise conveys to the Trust without recourse other than as expressly provided herein and in the
Transfer and Servicing Agreement, all the right, title and interest of the Seller and the Depositor in and to the (i) Subsequent Mortgage Loans including the related Scheduled Principal Balance as of the subsequent Cut-off Date, all interest
accruing thereon after the Subsequent Cut-off Date, and all collections in respect of principal received after the Subsequent Cut-off Date; (ii) property which secured a Subsequent Mortgage Loan and which is acquired by foreclosure or in lieu of
foreclosure; (iii) interest of the Seller in any insurance policies in respect of the Subsequent Mortgage Loans; and (iv) all proceeds of any of the foregoing. 
  

Section IV. Representations and Warranties of the Seller and the Depositor. (a) The Seller and the Depositor hereby represent and warrant to the
Trust for the benefit of the Certificateholders that the representations and warranties of the Seller and the Depositor set forth in Sections 3.01(a), (b) and (c) of the Transfer and Servicing Agreement are true and correct with respect to the
Seller and the Subsequent Mortgage Loans as of the Subsequent Transfer Date. 
  
 (b) The Seller hereby represents and warrants that (i) the aggregate of the Scheduled Principal Balances of the Subsequent Mortgage Loans listed on the Subsequent Mortgage Loan Schedule and conveyed to the Trust
pursuant to this Agreement as of the Subsequent Cut-off Date is $                and (ii) the conditions precedent for the transfer of Subsequent Mortgage Loans
set forth in Section 2.04 of the Transfer and Servicing Agreement have been satisfied as of the Subsequent Transfer Date. 
  
 (c) The Seller and the Depositor hereby represent and warrant that neither the Seller nor the Depositor is (i) insolvent and will not be rendered
insolvent by the transfer of Subsequent Mortgage Loans pursuant to this Agreement or (ii) aware of any pending insolvency. 
  
 Section V. Counterparts. This Agreement may be executed in two or more counterparts (and by different parties in separate counterparts), each of
which shall be an original but all of which together shall constitute one and the same instrument. 
  
 Section VI. Governing Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York, and the
obligations, rights and remedies of the parties hereunder shall be determined in accordance with such laws without regard to conflict of laws principles applied in New York (other than Section 5-1401 of the New York General Obligations Law which
shall apply hereto). 
  

 I-2 

 IN WITNESS WHEREOF, the parties hereto have caused this agreement to be executed by their respective
officers thereunto authorized as of the date first written above. 
  

			
	 NEW YORK MORTGAGE TRUST,

	 SERIES 2005-[    ], as Issuer

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

	 Name:
	 	 
	 Title:
	 	 
	
	 NYMT SECURITIES CORPORATION,

	 as Depositor

	
	 By:

	 Name:
	 	 
	 Title:
	 	 
	
	 [                                       
                                     ], not

	 	 	in its individual capacity but solely as Indenture
Trustee
	
	 By:

	 Name:
	 	 
	 Title:
	 	 
	
	 [                                       
                                     ]

	as Trust Administrator and Master Servicer
	
	 By:

	 Name:
	 	 
	 Title:
	 	 

  

 I-3 

			
	 NYMT SERVICING CORPORATION,

	 as Servicer

	
	 By:

	 Name:
	 	 
	 Title:
	 	 
	
	 NEW YORK MORTGAGE FUNDING, LLC, as

	 Seller

	
	 By:

	 Name:
	 	 
	 Title:
	 	 

  

 I-4 

			
	STATE OF	  	)
	 	  	: ss.:
	COUNTY OF	  	)

  
 On this
     day of             , before me, personally appeared
                    , known to me to be a              of
[                    ], a Delaware banking corporation that executed the within instrument, and also known to me to be the person who executed it on
behalf of said corporation, and acknowledged to me that such corporation executed the within instrument. 
  
 IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and year in this certificate first above written. 
  

	
	
 Notary Public

  
 [NOTARIAL SEAL] 
  

 I-5 

			
	STATE OF MARYLAND	  	        )
	 	  	        : ss.:
	COUNTY OF HOWARD	  	        )

  
 On the
     day of                                 , before
me, personally appeared                     , known to me to be a
                     of NYMT Securities Corporation, a corporation that executed the within instrument and also known to me to be the person
who executed it on behalf of said corporation, and acknowledged to me that such corporation executed the within instrument. 
  
 IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and year in this certificate first above written. 
  

	
	
 Notary Public

  
 [NOTARIAL SEAL] 
  

 I-6 

			
	STATE OF	  	)
	 	  	: ss.:
	COUNTY OF	  	)

  
 On the
     day of                     , before me, a Notary Public in and for said State, personally appeared
                     known to me to be a
                     of [Indenture Trustee], a
[                    ] that executed the within instrument and also known to me to be the person who executed it on behalf of said corporation, and
acknowledged to me that such corporation executed the within instrument. 
  
 IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and year in this certificate first above written. 
  

	
	
 Notary Public

  
 [NOTARIAL SEAL] 
  

 I-7 

			
	STATE OF	  	)
	 	  	: ss.:
	COUNTY OF	  	)

  
 On the
     day of                     , before me, a Notary Public in and for said State, personally appeared
                     known to me to be a
                     of [Master Servicer], a
[                    ] that executed the within instrument and also known to me to be the person who executed it on behalf of said corporation, and
acknowledged to me that such corporation executed the within instrument. 
  
 IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and year in this certificate first above written. 
  

	
	
 Notary Public

  
 [NOTARIAL SEAL] 
  

 I-8 

			
	STATE OF	  	)
	 	  	: ss.:
	COUNTY OF	  	)

  
 On the
     day of                     , before me, a Notary Public in and for said State, personally appeared
                     known to me to be a
                     of NYMT Servicing Corporation, a corporation that executed the within instrument and also known to me to be the person
who executed it on behalf of said corporation, and acknowledged to me that such corporation executed the within instrument. 
  
 IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and year in this certificate first above written. 
  

	
	
 Notary Public

  
 [NOTARIAL SEAL] 
  

 I-9 

 EXHIBIT J 
  

SUBSEQUENT MORTGAGE LOAN CRITERIA 
  
 The obligation of the Trust to purchase Subsequent Mortgage Loans during the Pre-Funding Period is subject to the following requirements: 
  

	 	•	 	such Subsequent Mortgage Loan may not be more than one calendar month contractually delinquent as of the related Subsequent Cut-off Date; 

  

	 	•	 	such Subsequent Mortgage Loan may not have a final maturity date later than
[                    ]; 

  

	 	•	 	the remaining term to stated maturity of such Subsequent Mortgage Loan will not exceed 30 years; 

  

	 	•	 	such Subsequent Mortgage Loan will have a Mortgage Rate not less than [        ]% per annum; 

  

	 	•	 	such Subsequent Mortgage Loan will not have an original loan-to-value ratio greater than 100%; 

  

	 	•	 	such Subsequent Mortgage Loan will have a principal balance not greater than $[            ]

  

	 	•	 	such Subsequent Mortgage Loan will be secured by a first lien on a Mortgaged Property; and 

  

	 	•	 	such Subsequent Mortgage Loan will be otherwise acceptable to the Rating Agencies. 

  
 Following the purchase of such Subsequent Mortgage Loans by the Trust, the mortgage pool and each Mortgage Group will have
the following characteristics (based upon the characteristics of the (a) Initial Mortgage Loans as of the Initial Cut-off Date and (b) Subsequent Mortgage Loans as of the related Subsequent Cut-off Date): 
  
 Mortgage Pool 
  

	 	•	 	a weighted average current Mortgage Rate of at least [        ]% per annum; 

  

	 	•	 	a weighted average remaining term to stated maturity of less than 360 months; 

  

	 	•	 	a weighted average original loan-to-value ratio of not more than [        ]%; 

  

	 	•	 	a weighted average Credit Score of at least [            ]; and 

  

	 	•	 	no more than [        ]% of the Mortgage Loans by Aggregate Loan Balance at the end of the Pre-Funding Period will be used for cash-out
refinances. 

  

 J-1 

 Group 1 
  

	 	•	 	a weighted average current Mortgage Rate of at least [        ]% per annum; 

  

	 	•	 	a weighted average remaining term to stated maturity of less than 360 months; 

  

	 	•	 	a weighted average original loan-to-value ratio of not more than [        ]%; and 

  

	 	•	 	no more than [        ]% of the Group 1 Mortgage Loans by Aggregate Loan Balance at the end of the Pre-Funding Period will be used for
cash-out refinances. 

  
 Group 2 

 

	 	•	 	a weighted average current Mortgage Rate of at least [        ]% per annum; 

  

	 	•	 	a weighted average remaining term to stated maturity of less than 360 months; 

  

	 	•	 	a weighted average original loan-to-value ratio of not more than [        ]%; and 

  

	 	•	 	no more than [        ]% of the Group 1 Mortgage Loans by Aggregate Loan Balance at the end of the Pre-Funding Period will be used for
cash-out refinances. 

  

 J-2 

 EXHIBIT K 
  

FANNIE MAE GUIDE NO. 95-19 
  
 Reference 
  

			
	 •      Selling
	  	This announcement amends the guide(s) indicated.
		
	 •      Servicing
change.
	  	Please keep it for reference until we issue a formal

  
 Subject            “Full-File” Reporting to Credit Repositories 
  
 Part IV, Section 107, of the servicing Guide currently requires servicers to report only 90-day delinquencies to the four major credit repositories. To ensure that the
repositories have up-to-date information for both servicing and origination activity, we have decided to begin requiring — as of the month ending March 31, 1996 — servicers to provide the credit repositories a “full-file” status
report for the mortgages they service for us. 
  
 “Full-file” reporting
requires that servicers submit a monthly report to each of the credit repositories to describe the exact status for each mortgage they service for us. The status reported generally should be the one in effect as of the last business day of each
month. Servicers may, however, use a slightly later cut-off date — for example, at the end of the first week of a month — to assure that payment corrections, returned checks, and other adjustments related to the previous month’s
activity can be appropriately reflected in their report for that month. Statuses that must be reported for any given mortgage include the following: new origination, current, delinquent (30-, 60-, 90-days, etc.), foreclosed, and charged-off. (The
credit repositories will provide the applicable codes for reporting these statuses to them.) A listing of each of the major repositories to which “full-file” status reports must be sent is attached. 
  
 Servicers are responsible for the complete and accurate reporting of mortgage status
information to the repositories and for resolving any disputes that arise about the information they report. Servicers must respond promptly to any inquiries from borrowers regarding specific mortgage status information about them that was reported
to the credit repositories. 
  
 Servicers should contact their Customer Account
Team in their lead Fannie Mae regional office if they have any questions about this expanded reporting requirement. 
  
 Robert J. Engeletad 
 Senior Vice President – Mortgage and Lender
Standards 
  
 11/20/95 
  

 K-1 

 FANNIE MAE GUIDE 95-19 
  
 ATTACHMENT I 
  
 ANNOUNCEMENT 
  
 Major Credit Repositories 
  
 A “full-file” status report for each mortgage serviced for Fannie Mae must be sent to the following repositories each month (beginning with the month ending March 31, 1996): 
  

			
	 Company
	  	 Telephone Number

	 Consumer Credit Associates, Inc.
	  	 Call (713) 595-1190, either extension

	 950 Threadneedle Street, Suite 200
	  	 150, 101, or 112, for all inquiries.

	 Houston, Texas 77079-2903
	  	 
		
	 Equifax
	  	 Members that have an account number

	 	  	 may call their local sales representative

	 	  	 for all inquiries; lenders that need to set

	 	  	 up an account should call (800) 685-

	 	  	 5000 and select the customer assistance

	 	  	 option.

		
	 TRW Information Systems & Services
	  	 Call (800) 831-5614 for all inquiries,

	 601 TRW Parkway
	  	 current members should select option 3;

	 Allen, Texas 75002
	  	 lenders that need to set up an account

	 	  	 should select Option 4.

		
	 Trans Union Corporation
	  	 Call (312) 258-1818 to get the name of

	 555 West Adams
	  	 the local bureau to contact about setting

	 Chicago, Illinois 60661
	  	up an account or obtaining other
information.

  

 Attachment 1 

 SCHEDULE A 
  

MORTGAGE LOAN SCHEDULE 
  

 Schedule A 

 SCHEDULE A-1 
  

 Schedule A-1Form of Indenture

 Exhibit 4.2 
  

INDENTURE 
  
 among 
  
 NEW
YORK MORTGAGE TRUST, SERIES 2005-[    ], 
 Issuer 
  
 [                                      
                  ], 
 Trust Administrator

  
 and 
  
 [                                      
                  ], 
 Indenture Trustee

  
 Dated as of
[                            ], 2005 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page

	ARTICLE ONE DEFINITIONS AND INCORPORATION BY REFERENCE	  	 
			
	 Section 1.01.
	  	Definitions	  	2
	 Section 1.02.
	  	Incorporation by Reference of Trust Indenture Act	  	7
	 Section 1.03.
	  	Rules of Construction	  	7
		
	ARTICLE TWO THE NOTES	  	 
			
	 Section 2.01.
	  	Form	  	8
	 Section 2.02.
	  	Executions Authentication and Delivery	  	9
	 Section 2.03.
	  	Limitation on Transfer of Notes	  	10
	 Section 2.04.
	  	Registration; Registration of Transfer and Exchange	  	11
	 Section 2.05.
	  	Mutilated, Destroyed, Lost or Stolen Notes	  	12
	 Section 2.06.
	  	Persons Deemed Owners	  	13
	 Section 2.07.
	  	Payment of Principal and Interest	  	13
	 Section 2.08.
	  	Cancellation	  	14
	 Section 2.09.
	  	Release of Collateral	  	14
	 Section 2.10.
	  	Book-Entry Notes	  	15
	 Section 2.11.
	  	Notices to Clearing Agency	  	15
	 Section 2.12.
	  	Definitive Notes	  	16
	 Section 2.13.
	  	Tax Treatment	  	16
		
	ARTICLE THREE COVENANTS	  	 
			
	 Section 3.01.
	  	Payment of Principal and Interest	  	16
	 Section 3.02.
	  	Maintenance of Office or Agency	  	16
	 Section 3.03.
	  	Money for Payments to be Held in Trust	  	17
	 Section 3.04.
	  	Existence	  	18
	 Section 3.05.
	  	Protection of Collateral	  	19
	 Section 3.06.
	  	Opinions as to Collateral	  	19
	 Section 3.07.
	  	Performance of Obligations	  	19
	 Section 3.08.
	  	Negative Covenants	  	21
	 Section 3.09.
	  	Annual Statement as to Compliance	  	21
	 Section 3.10.
	  	Treatment of Notes as Debt for Tax Purposes	  	22
	 Section 3.11.
	  	[Reserved]	  	22
	 Section 3.12.
	  	No Other Business	  	22
	 Section 3.13.
	  	No Borrowing	  	22
	 Section 3.14.
	  	[Reserved].	  	22
	 Section 3.15.
	  	Guarantees, Loans, Advances and Other Liabilities	  	22
	 Section 3.16.
	  	Capital Expenditures	  	22
	 Section 3.17.
	  	Removal of Trust Administrator	  	22
	 Section 3.18.
	  	Restricted Payments	  	22
	 Section 3.19.
	  	Notice of Events of Default	  	23

  

 i 

					
	 Section 3.20.
	  	Further Instruments and Acts	  	23
	 Section 3.21.
	  	Covenants of the Issuer	  	23
	 Section 3.22.
	  	Representations and Warranties of the Issuer	  	23
		
	ARTICLE FOUR SATISFACTION AND DISCHARGE	  	 
			
	 Section 4.01.
	  	Satisfaction and Discharge of Indenture	  	24
	 Section 4.02.
	  	Application of Trust Money	  	25
	 Section 4.03.
	  	Repayment of Moneys Held by Paying Agent	  	25
	 Section 4.04.
	  	Trust Money Received by Indenture Trustee	  	25
		
	ARTICLE FIVE REMEDIES	  	 
			
	 Section 5.01.
	  	Events of Default	  	26
	 Section 5.02.
	  	Acceleration of Maturity; Rescission and Annulment	  	27
	 Section 5.03.
	  	Collection of Indebtedness and Suits for Enforcement by Indenture Trustee	  	28
	 Section 5.04.
	  	Remedies; Priorities	  	30
	 Section 5.05.
	  	Optional Preservation of the Collateral	  	31
	 Section 5.06.
	  	Limitation of Suits	  	31
	 Section 5.07.
	  	Unconditional Rights of Noteholders To Receive Principal and Interest	  	32
	 Section 5.08.
	  	Restoration of Rights and Remedies	  	32
	 Section 5.09.
	  	Rights and Remedies Cumulative	  	32
	 Section 5.10.
	  	Delay or Omission Not a Waiver	  	32
	 Section 5.11.
	  	Control by Noteholders	  	33
	 Section 5.12.
	  	Waiver of Past Defaults	  	33
	 Section 5.13.
	  	Undertaking for Costs	  	34
	 Section 5.14.
	  	Waiver of Stay or Extension Laws	  	34
	 Section 5.15.
	  	Action on Notes	  	34
	 Section 5.16.
	  	Performance and Enforcement of Certain Obligations	  	34
		
	ARTICLE SIX THE INDENTURE TRUSTEE	  	 
			
	 Section 6.01.
	  	Duties of Indenture Trustee	  	35
	 Section 6.02.
	  	Rights of Indenture Trustee	  	37
	 Section 6.03.
	  	Individual Rights of Indenture Trustee	  	37
	 Section 6.04.
	  	Indenture Trustee’s Disclaimer	  	37
	 Section 6.05.
	  	Notice of Defaults	  	38
	 Section 6.06.
	  	Reports by Indenture Trustee to Holders	  	38
	 Section 6.07.
	  	Compensation and Indemnity	  	38
	 Section 6.08.
	  	Replacement of Indenture Trustee	  	39
	 Section 6.09.
	  	Successor Indenture Trustee by Merger	  	39
	 Section 6.10.
	  	Appointment of Co-Indenture Trustee or Separate Indenture Trustee	  	40
	 Section 6.11.
	  	Eligibility; Disqualification	  	41
	 Section 6.12.
	  	Representations and Warranties	  	41
	 Section 6.13.
	  	Preferential Collection of Claims Against Issuer	  	42

  

 ii 

					
	ARTICLE SEVEN NOTEHOLDERS’ LISTS AND REPORTS	  	 
			
	 Section 7.01.
	  	Note Registrar To Furnish to the Indenture Trustee the Names and Addresses of Noteholders	  	42
	 Section 7.02.
	  	Preservation of Information: Communications to Noteholders	  	42
	 Section 7.03.
	  	Reports by Issuer	  	43
	 Section 7.04.
	  	Reports by Indenture Trustee	  	43
		
	ARTICLE EIGHT ACCOUNTS, DISBURSEMENTS AND RELEASES	  	 
			
	 Section 8.01.
	  	Collection of Money	  	43
	 Section 8.02.
	  	Collection Account	  	44
	 Section 8.03.
	  	Release of Collateral	  	44
		
	ARTICLE NINE SUPPLEMENTAL INDENTURES	  	 
			
	 Section 9.01.
	  	Supplemental Indentures Without Consent of Noteholders	  	44
	 Section 9.02.
	  	Supplemental Indentures with Consent of Noteholders	  	46
	 Section 9.03.
	  	Execution of Supplemental Indentures	  	47
	 Section 9.04.
	  	Effect of Supplemental Indenture	  	47
	 Section 9.05.
	  	Conformity with Trust Indenture Act	  	47
	 Section 9.06.
	  	Reference in Notes to Supplemental Indentures	  	47
	 Section 9.07.
	  	Opinion of Counsel	  	47
		
	ARTICLE TEN REDEMPTION OF NOTES	  	 
			
	 Section 10.01.
	  	Redemption	  	48
	 Section 10.02.
	  	Form of Redemption Notice	  	48
	 Section 10.03.
	  	Notes Payable on Redemption Date	  	48
		
	ARTICLE ELEVEN MISCELLANEOUS	  	 
			
	 Section 11.01.
	  	Compliance Certificates and Opinions, etc	  	49
	 Section 11.02.
	  	Form of Documents Delivered to Indenture Trustee	  	49
	 Section 11.03.
	  	Acts of Noteholders	  	50
	 Section 11.04.
	  	Notices, etc., to Indenture Trustee, Trust Administrator, Issuer and Rating Agencies	  	50
	 Section 11.05.
	  	Notices to Noteholders; Waiver	  	51
	 Section 11.06.
	  	Conflict with Trust Indenture Act	  	52
	 Section 11.07.
	  	Effect of Headings and Table of Contents	  	52
	 Section 11.08.
	  	Successors and Assigns	  	52
	 Section 11.09.
	  	Severability	  	52
	 Section 11.10.
	  	Benefits of Indenture and Consents of Noteholders	  	52
	 Section 11.11.
	  	Legal Holidays	  	52
	 Section 11.12.
	  	Governing Law	  	52
	 Section 11.13.
	  	Counterparts	  	52
	 Section 11.14.
	  	Recording of Indenture	  	53
	 Section 11.15.
	  	Trust Obligations	  	53
	 Section 11.16.
	  	No Petition	  	53
	 Section 11.17.
	  	Inspection	  	54

  

 iii 

 EXHIBITS 
  

			
	EXHIBIT A	  	Forms of Notes
	EXHIBIT B	  	[Reserved]
	EXHIBIT C	  	Form of ERISA Transfer Affidavit

  

 iv 

 This INDENTURE, dated as of
[                            ], 2005, is among NEW YORK MORTGAGE TRUST, SERIES
2005-[    ], a Delaware statutory trust (the “Issuer”),
[                                        
                ], as Trust Administrator (the “Trust Administrator”) and
[                                        
                ], a
[                                       
 ], as indenture trustee and not in its individual capacity (the “Indenture Trustee”). 
  
 Each party agrees as follows for the benefit of the other party, for the equal and ratable benefit of the Holders of the Issuer’s variable rate Notes
in the Classes specified herein (the “Notes”) and the Swap Counterparty: 
  
 GRANTING CLAUSE 
  
 The Issuer
hereby Grants to the Indenture Trustee at the Closing Date, as Indenture Trustee for the benefit of the Holders of the Notes and the Swap Counterparty, all of the Issuer’s right, title and interest, whether now owned or hereafter acquired, in
and to: (i) the Trust Estate (as defined in the Transfer and Servicing Agreement); (ii) the Issuer’s rights and benefits but none of its obligations under the Transfer and Servicing Agreement (including the Issuer’s right to cause the
Seller to repurchase Mortgage Loans from the Issuer under the circumstances described therein); (iii) the Issuer’s rights and benefits but none of its obligations under the Custodial Agreement; (iv) the Issuer’s rights and benefits but
none of its obligations under the Mortgage Loan Purchase Agreement; (v) the Trust Account, the Pre-Funding Account and all amounts and property in the Trust Account and the Pre-Funding Account, and the Security Entitlements to all Financial Assets
credited to such accounts from time to time; (vi) the Swap Agreement and all payments thereunder; (vii) all other property of the Trust from time to time; (viii) all present and future claims, demands, causes of action and choses in action in
respect of any or all of the foregoing and all payments on or under and all proceeds of every kind and nature whatsoever in respect of any or all of the foregoing, including all proceeds of the conversion thereof, voluntary or involuntary, into cash
or other liquid property, all cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, insurance proceeds, condemnation awards, rights to payment of any and every kind and other forms of
obligations and receivables, instruments and other property which at any time constitute all or part of or are included in the proceeds of any of the foregoing; and (ix) all rights of the Trust under the Swap Agreement (collectively, the
“Collateral”). 
  
 The foregoing Grant is made in trust
to secure the payment of principal of and interest on, and any other amounts owing in respect of, the Notes, and to secure (i) the payment of all amounts due on the Notes in accordance with their terms, (ii) the payment of all other sums payable
under the Indenture with respect to the Notes, and (iii) compliance with the provisions of this Indenture, all as provided in this Indenture. 
  
 The Indenture Trustee, as Indenture Trustee on behalf of the Holders of the Notes and the Swap Counterparty, acknowledges such Grant, accepts the trusts
under this Indenture in accordance with the provisions of this Indenture and agrees to perform its duties required of it in this Indenture in accordance with its terms. 
  

 1 

 ARTICLE ONE 
  
 DEFINITIONS AND INCORPORATION BY REFERENCE 
  
 Section 1.01. Definitions. (a) Except as otherwise specified herein or as the context may otherwise require, the following terms have
the respective meanings set forth below for all purposes of this Indenture. 
  
 [NOTE: The following definitions and certain provisions of this Indenture generally include references to the securities structure and payment terms from a deal involving a notional class and a swap agreement. The
securities structure is illustrative of the securities structures that NYMT Securities Corporation may include in takedowns from its shelf-registration statement. Please note that this is a different securities structure from that presented in the
accompanying offering document.] 
  
 Act: The meaning
specified in Section 11.03(a). 
  
 Authorized Officer: With
respect to the Issuer, any officer of the Owner Trustee who is authorized to act for the Owner Trustee in matters relating to the Issuer and who is identified on the list of Authorized Officers delivered by the Owner Trustee to the Indenture Trustee
on the Closing Date (as such list may be modified or supplemented from time to time thereafter) and, so long as the Transfer and Servicing Agreement is in effect, any Vice President, Assistant Vice President, Trust Officer or more senior officer of
the Trust Administrator who is authorized to act for the Trust Administrator in matters relating to the Issuer and to be acted upon by the Trust Administrator pursuant to the Transfer and Servicing Agreement and who is identified on the list of
Authorized Officers delivered by the Trust Administrator to the Indenture Trustee on the Closing Date (as such list may be modified or supplemented from time to time thereafter). 
  
 Book-Entry Notes: Beneficial interests in Notes designated as “Book-Entry Notes” in this Indenture,
ownership and transfers of which shall be evidenced or made through book entries by a Clearing Agency as described in Section 2.11; provided, that after the occurrence of a condition whereupon Definitive Notes are to be issued to Note Owners, such
Book-Entry Notes shall no longer be “Book-Entry Notes.” 
  
 Certificate of Trust: The certificate of trust of the Issuer substantially in the form of Exhibit C to the Trust Agreement. 
  
 Clearing Agency: An organization registered as a “clearing agency” pursuant to Section 17A of the Exchange Act, as amended. As of the
Closing Date, the Clearing Agency shall be The Depository Trust Company. 
  
 Clearing Agency Participant: A broker, dealer, bank, other financial institution or other Person for whom from time to time a Clearing Agency effects book-entry transfers and pledges of securities deposited
with the Clearing Agency. 
  
 Clearstream: Clearstream
Banking, société anonyme, and any successor thereto. 
  
 Collateral: The meaning specified in the Granting Clause of this Indenture. 
  

 2 

 Commission: The Securities and Exchange Commission. 
  
 Current Interest: As defined in the Transfer and Servicing Agreement.

  
 Default: Any occurrence that is, or with notice or the
lapse of time or both would become, an Event of Default. 
  
 Definitive Note: A Note of any Class issued in definitive, fully registered, certificated form. 
  
 Depository Institution: Any depository institution or trust company, including the Indenture Trustee, that (a) is incorporated under the laws of
the United States of America or any State thereof, (b) is subject to supervision and examination by federal or state banking authorities and (c) has outstanding unsecured commercial paper or other short-term unsecured debt obligations that are rated
in the highest rating category by each Rating Agency, or is otherwise acceptable to each Rating Agency. 
  
 Eligible Corporation: A domestic corporation described in section 860L(a)(2) of the Code that (i) is not the obligor on any debt instrument held as
part of the Trust, and (ii) is not related, within the meaning of section 860L(g), to any person who is an obligor on any debt instrument held as part of the Trust. 
  
 Euroclear: Euroclear SA/NV, as operator of the Euroclear System. 
  
 Event of Default: The meaning specified in Section 5.01. 

 
 Exchange Act: The Securities Exchange Act of 1934, as amended.

  
 Executive Officer: With respect to any corporation or
limited liability company, the Chief Executive Officer, Chief Operating Officer, Chief Financial Officer, President, Manager, Executive Vice President, any Vice President, the Secretary or the Treasurer of such entity; and with respect to any
partnership, any general partner thereof. 
  
 Global
Securities: The meaning specified in Section 2.01(a). 
  
 Grant: Mortgage, pledge, bargain, sell, warrant, alienate, remise, release, convey, assign, transfer, create, and grant a lien upon and a security interest in and a right of set-off against, deposit, set over and confirm pursuant to
this Indenture. A Grant of the Collateral or of any other agreement or instrument shall include all rights, powers and options (but none of the obligations) of the granting party thereunder, including the immediate and continuing right to claim for,
collect, receive and give receipt for principal and interest payments in respect of the Collateral and all other moneys payable thereunder, to give and receive notices and other communications, to make waivers or other agreements, to exercise all
rights and options, to bring Proceedings in the name of the granting party or otherwise, and generally to do and receive anything that the granting party is or may be entitled to do or receive thereunder or with respect thereto. 
  

 3 

 Holder or Noteholder: A Person in whose name a Note is registered on the Note Register.

  
 Independent: When used with respect to any specified
Person, that such Person (a) is in fact independent of the Issuer, any other obligor on the Notes, the Seller and any Affiliate of any of the foregoing Persons, (b) does not have any direct financial interest or any material indirect financial
interest in the Issuer, any such other obligor, the Seller or any Affiliate of any of the foregoing Persons and (c) is not connected with the Issuer, any such other obligor, the Seller or any Affiliate of any of the foregoing Persons as an officer,
employee, promoter, underwriter, trustee, partner, director or person performing similar functions. 
  
 Independent Certificate: A certificate or opinion to be delivered to the Indenture Trustee under the circumstances described in, and otherwise
complying with, the applicable requirements of Section 11.01, made by an Independent appraiser or other expert appointed by an Issuer Order and approved by the Indenture Trustee in the exercise of reasonable care, and such opinion or certificate
shall state that the signer has read the definition of “Independent” in this Indenture and that the signer is Independent within the meaning thereof. 
  

Issuer: New York Mortgage Trust, Series 2005-[    ], a Delaware statutory trust, or any successor and, for purposes of any
provision contained herein and required by the TIA, each other obligor on the Notes. 
  
 Issuer Order or Issuer Request: A written order or request signed in the name of the Issuer by any one of its Authorized Officers and delivered to the Indenture Trustee. 
  
 Non-Priority Class Note: As of any date of determination, any
Outstanding Note other than the related Notes that comprise the Priority Class Notes. 
  
 Note: Any of the Class 1-Al, Class 1-A2, Class 2-Al, Class 2-A2, Class A-IO, Class Ml, Class M2, Class M3, Class M4, Class M5, Class M6 and Class M7 Notes issued pursuant to this Indenture, substantially in the
forms attached hereto as Exhibit A. 
  
 Note Owner or
Owner: With respect to a Book-Entry Note, the Person that is the beneficial owner of such Book-Entry Note, as reflected on the books of the Clearing Agency or on the books of a Person maintaining an account with such Clearing Agency (directly as
a Clearing Agency Participant or as an indirect participant, in each case in accordance with the rules of such Clearing Agency), and with respect to a Definitive Note, the Person that is the registered owner of such Note as reflected in the Note
Register. 
  
 Note Register: The meaning specified in
Section 2.04. 
  
 Note Registrar: The meaning specified in
Section 2.04. The initial Note Registrar shall be the Trust Administrator. 
  
 Officer’s Certificate: A certificate signed by any Authorized Officer of the Issuer, under the circumstances described, in, and otherwise complying with, the applicable requirements of Section 11.01, and
delivered to the Indenture Trustee. Unless otherwise specified, any reference in this Indenture to an Officer’s Certificate shall be to an Officer’s Certificate of any Authorized Officer of the Issuer. 
  

 4 

 Outstanding: As of the date of determination, all Notes theretofore authenticated and delivered
under this Indenture except: 
  
 (i) Notes
theretofore cancelled by the Note Registrar or delivered to the Note Registrar for cancellation; 
  
 (ii) Notes the payment for which money in the necessary amount has been theretofore deposited with the Trust Administrator or any Paying
Agent in trust for the Holders of such Notes (provided, however, that if such Notes are to be redeemed, notice of such redemption has been duly given pursuant to this Indenture or provision for such notice has been made, satisfactory to the
Trust Administrator); and 
  
 (iii) Notes in
exchange for or in lieu of which other Notes have been authenticated and delivered pursuant to this Indenture unless proof satisfactory to the Indenture Trustee is presented that any such Notes are held by a protected purchaser; 
  
 provided, that in determining whether the Holders of the requisite Outstanding Balance of the
Notes have given any request, demand, authorization, direction, notice, consent or waiver hereunder or under any Operative Agreement, Notes owned by the Issuer, any other obligor upon the Notes, the Depositor, the Owner Trustee, the Indenture
Trustee, the Master Servicer, any Servicer, the Trust Administrator or any Affiliate of any of the foregoing Persons shall be disregarded and deemed not to be Outstanding, except that, in determining whether the Indenture Trustee shall be protected
in relying upon any such request, demand, authorization, direction, notice, consent or waiver, only Notes that the Indenture Trustee knows to be so owned shall be so disregarded (unless such action requires the consent, waiver, request or demand of
100% of the Outstanding Balance represented by a particular Class and 100% of the Outstanding Balance represented by such Class is registered in the name of one or more of the foregoing entities). Notes so owned that have been pledged in good faith
may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Indenture Trustee the pledgee’s right so to act with respect to such Notes and that the pledgee is not the Issuer, any other obligor upon the Notes, the
Depositor, the Owner Trustee, the Indenture Trustee, the Master Servicer, any Servicer, the Trust Administrator or any Affiliate of any of the foregoing Persons. 
  
 Outstanding Balance: The aggregate principal or notional amount of the Notes Outstanding as of the date of
determination. 
  
 Paying Agent: Initially, the Trust
Administrator or any other Person that meets the eligibility standards for the Indenture Trustee specified in Section 6.11 and is authorized by the Issuer, in accordance with the provisions of Section 3.03, to make payments to and distributions from
the Trust Account, including payments of principal of or interest on the Notes on behalf of the Issuer. 
  
 Predecessor Note: With respect to any particular Note, every previous Note evidencing all or a portion of the same debt as that evidenced by such
particular Note; and, for the purpose of this definition, any Note authenticated and delivered under Section 2.04 in lieu of a mutilated, lost, destroyed or stolen Note shall be deemed to evidence the same debt as the mutilated, lost, destroyed or
stolen Note. 
  

 5 

 Priority Class Notes: Until the Class Principal Amounts (or Class Notional Amounts) of the Senior
Notes are reduced to zero and all sums payable to the Holders of the Senior Notes have been paid in full, the Senior Notes; when the Class Principal Amounts (or Class Notional Amounts) of the Senior Notes have been reduced to zero and all amounts
payable to the Holders of the Senior Notes have been paid in full, the Class Ml Notes; when the Class Principal Amounts (or Class Notional Amounts) of the Senior Notes and the Class Ml Notes have been reduced to zero and all sums payable to the
Holders of such Classes have been paid in full, the Class M2 Notes; when the Class Principal Amounts (or Class Notional Amounts) of the Senior Notes, the Class Ml Notes and the Class M2 Notes have been reduced to zero and all sums payable to the
Holders of such Classes have been paid in full, the Class M3 Notes; when the Class Principal Amounts (or Class Notional Amounts) of the Senior Notes, the Class Ml Notes, the Class M2 Notes and the Class M3 Notes have been reduced to zero and all
sums payable to the Holders of such Classes have been paid in full, the Class M4 Notes; when the Class Principal Amounts (or Class Notional Amounts) of the Senior Notes, the Class Ml Notes, the Class M2 Notes, the Class M3 Notes and the Class M4
Notes have been reduced to zero and all sums payable to the Holders of such Classes have been paid in full, the Class M5 Notes; when the Class Principal Amounts (or Class Notional Amounts) of the Senior Notes and the Class Ml Notes, the Class M2
Notes, the Class M3 Notes, the Class M4 Notes and the Class M5 Notes have been reduced to zero and all sums payable to the Holders of such Classes have been paid in full, the Class M6 Notes; and when the Class Principal Amounts (or Class Notional
Amounts) of the Senior Notes and the Class Ml Notes, the Class M2 Notes, the Class M3 Notes, the Class M4 Notes, the Class M5 Notes and the Class M6 Notes have been reduced to zero and all sums payable to the Holders of such Classes have been paid
in full, the Class M7 Notes. 
  
 Proceeding: Any suit in
equity, action at law or other judicial or administrative proceeding. 
  
 Prospective Owner: Each prospective purchaser and any subsequent transferee of a Note. 
  
 Rating Agency Condition: With respect to any action to which the Rating Agency Condition applies, that each Rating Agency shall have been given 10
days (or such shorter period as is acceptable to each Rating Agency) prior notice thereof and that each Rating Agency shall have notified the Depositor, the Issuer and the Indenture Trustee in writing that such action will not result in a reduction
or withdrawal of the then current rating of the rated Notes. 
  
 Redemption Date: In the case of a redemption of the Notes pursuant to Section 10.01, the Payment Date specified by the Indenture Trustee in the notice delivered pursuant to Section 10.02. 
  
 Responsible Officer: Any officer of the Indenture Trustee with direct
responsibility for administration of the Indenture. 
  

 6 

 Retained Notes: Those certain Classes, or portions of certain Classes, of Notes which, at the time
of their issuance, FIC or one of its qualified REIT subsidiaries acquires beneficial ownership thereof. 
  
 State: Any one of the 50 States of the United States of America or the District of Columbia. 
  
 Transfer and Servicing Agreement: The Transfer and Servicing Agreement
dated as of [                    ], 2005, among the Issuer, NYMT Securities Corporation, as depositor,
[                                        
    ], as master servicer and trust administrator,
[                                        
                ], as indenture trustee, New York Mortgage Funding, LLC, as seller, NYMT Servicing Corporation, as servicer, and
[                                        
                ], as sub-servicer, as such may be amended or supplemented from time to time. 
  
 Trust Indenture Act or TIA: The Trust Indenture Act of 1939 as in force on the date hereof, unless otherwise
specifically provided. 
  
 (b) Except as otherwise specified
herein or as the context may otherwise require, capitalized terms used but not otherwise defined herein shall have the meanings assigned to them in the Transfer and Servicing Agreement. 
  
 Section 1.02. Incorporation by Reference of Trust Indenture Act. Whenever this Indenture refers to a provision of the
TIA, the provision is incorporated by reference in and made a part of this Indenture. The following TIA terms used in this Indenture have the following meanings: 
  
 “Commission” means the Securities and Exchange Commission. 
  
 “indenture securities” means the Notes. 
  
 “indenture security holder” means a Noteholder. 
  
 “indenture to be qualified” means this Indenture. 
  
 “indenture trustee” or “institutional trustee” means the
Indenture Trustee. 
  
 “obligor” on the indenture
securities means the Issuer and any other obligor on the indenture securities. 
  
 (c) All other TIA terms used in this Indenture that are defined in the TIA, defined by TIA reference to another statute or defined by rule of the Securities and Exchange Commission have the respective meanings
assigned to them by such definitions. 
  
 Section 1.03. Rules
of Construction. Unless the context otherwise requires: 
  
 (i) a term has the meaning assigned to it; 
  

 7 

 (ii) an accounting term not otherwise defined has the meaning assigned to it in
accordance with generally accepted accounting principles as in effect from time to time; 
  
 (iii) “or” is not exclusive; 
  
 (iv) “including” means including without limitation; 
  
 (v) words in the singular include the plural and words in the plural include the singular; 
  
 (vi) any agreement, instrument or statute defined or
referred to herein or in any instrument or certificate delivered in connection herewith means such agreement, instrument or statute as from time to time amended, modified or supplemented and 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; 
  
 (vii) terms defined in the UCC and not otherwise defined herein shall have the meaning assigned to them in the UCC; and 
  
 (viii) to “U.S. dollars”, “dollars”, or
the sign “$” shall be construed as references to United States dollars which are freely transferable by residents and non-residents of the United States of America and convertible by such persons into any other freely convertible currency
unless such transferability or convertibility is restricted by any law or regulation of general application in which event references to “U.S. dollars”, “dollars”, or the sign “$” shall be construed as references to
such coin or currency of the United States of America as at the time of payment shall be legal tender for the payment of public and private debts in the United States of America, and “cents” shall be construed accordingly. 
  
 ARTICLE TWO 
  
 THE NOTES 
  
 Section 2.01. Form. (a) The Notes shall be designated as the “New York Mortgage Trust, Series 2005-[    ] Mortgage-Backed
Notes.” The Notes, together with the Trust Administrator’s certificate of authentication, shall be in substantially the forms set forth in Exhibit A with such appropriate insertions, omissions, substitutions and other variations as are
required or permitted by this Indenture, and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may, consistently herewith, be determined by the officers executing such Notes, as
evidenced by their execution of the Notes. Any portion of the text of any Note may be set forth on the reverse thereof, with an appropriate reference thereto on the face of the Note. 
  
 The Definitive Notes and the global certificates (“Global Securities”) representing the Book-Entry Notes shall be
typewritten, printed, lithographed or engraved or produced by any combination of these methods (with or without steel engraved borders), all as determined by the officers executing such Notes, as evidenced by their execution of such Notes.

  

 8 

 Each Note shall be dated the date of its authentication. The terms of the Notes set forth in Exhibit A
are part of the terms of this Indenture. 
  
 Section 2.02.
Executions Authentication and Delivery. The Notes shall be executed on behalf of the Issuer by any Authorized Officer of the Owner Trustee. The signature of any such Authorized Officer on the Notes may be manual or facsimile. 
  
 Notes bearing the manual or facsimile signature of individuals who were at
any time Authorized Officers of the Owner Trustee or the Trust Administrator shall bind the Issuer, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Notes or did
not hold such offices at the date of such Notes. 
  
 The Trust
Administrator shall, upon Issuer Order, authenticate and deliver the Notes for original issue in the aggregate principal or notional amounts with respect to each Class as specified below: 
  

					
	 Class

	  	Class Principal Amount

	 
	 1-Al
	  	$	[                    	]
	 l-A2
	  	$	[                    	]
	 2-Al
	  	$	[                    	]
	 2-A2
	  	$	[                    	]
	 A-IO(1)
	  	$	[                    	]
	 Ml
	  	$	[                    	]
	 M2
	  	$	[                    	]
	 M3
	  	$	[                    	]
	 M4
	  	$	[                    	]
	 M5
	  	$	[                    	]
	 M6
	  	$	[                    	]
	 M7
	  	$	[                    	]

	(1)	The Class A-IO Notes have no Class Principal Amount. The Class A-IO Notes will accrue interest on its Class Notional Amount, which as of the Closing Date will equal
$[            ]. 

  
 The aggregate principal amounts of such Classes of Notes outstanding at any time may not exceed such respective amounts. 
  
 The Class 1-Al, Class 1-A2, Class 2-Al and Class 2-A2 Notes will be issued in
minimum principal amount denominations of $[25,000] and integral multiples of $1 in excess thereof. The Class Ml, Class M2, Class M3, Class M4, Class M5, Class M6 and Class M7 Notes will be issued in minimum denominations of $100,000 and integral
multiples of $1,000 in excess thereof. The Class A-IO Notes will be issued in minimum denominations of $100,000 in original notional amount and integral multiples of $1,000 in excess thereof. 
  
 No Note shall be entitled to any benefit under this Indenture or be valid or
obligatory for any purpose, unless there appears on such Note a certificate of authentication substantially in the form provided for herein executed by the Trust Administrator by the manual signature of one of its authorized signatories, and such
certificate upon any Note shall be conclusive evidence, and the only evidence, that such Note has been duly authenticated and delivered hereunder. 
  

 9 

 Section 2.03. Limitation on Transfer of Notes. (a) No transfer of a Note in the form of a
Definitive Note shall be made unless the Note Registrar shall have received a representation from the transferee of such Note, acceptable to and in form and substance satisfactory to the Note Registrar and the Depositor (such requirement is
satisfied only by the Note Registrar’s receipt of a transfer affidavit from the transferee substantially in the form of Exhibit C hereto), to the effect that such transferee (i) is not acquiring such note for, or with the assets of, an employee
benefit plan or other retirement arrangement that is subject to Section 406 of ERISA or to Section 4975 of the Code or to any substantially similar law (“Similar Law”), or any entity deemed to hold the plan assets of the foregoing
(collectively, “Benefit Plans”), or (ii) its acquisition and holding of such Notes for, or with the assets of, a Benefit Plan will not result in a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code
which is not covered under Prohibited Transaction Class Exemption (“PTCE”) 84-14, PTCE 90-1, PTCE 91-38, PTCE 95-60, PTCE 96-23 or some other applicable exemption, and will not result in a non-exempt violation of any Similar Law.

  
 In the case of a Note that is a Book-Entry Note, for purposes
of clauses (i) or (ii) of the preceding paragraph, such representations shall be deemed to have been made to the Note Registrar by the transferee’s acceptance of such Note that is a Book-Entry Note (or the acceptance by a Note Holder of the
beneficial interest in such Note). 
  
 None of the Indenture
Trustee, the Note Registrar or the Depositor shall have any liability to any Person for any registration of transfer of any Note that is in fact not permitted by this Section 2.03(a) or for the Indenture Trustee or the Paying Agent making any
payments due on such Note to the Holder thereof or taking any other action with respect to such Holder under the provisions of this Agreement so long as the transfer was registered by the Note Registrar in accordance with the foregoing requirements.
In addition, none of the Indenture Trustee, the Note Registrar or the Depositor shall be required to monitor, determine or inquire as to compliance with the transfer restrictions with respect to any Note in the form of a Book-Entry Note, and none of
the Indenture Trustee, the Note Registrar or the Depositor shall have any liability for transfers of Book-Entry Notes or any interests therein made in violation of the restrictions on transfer described in the Prospectus and this Agreement.

  
 In the event that a Note is transferred to a Person that does
not meet the requirements of this Section 2.03, such transfer shall be of no force and effect, shall be void ab initio, and shall not operate to transfer any rights to such Person, notwithstanding any instructions to the contrary to the
Issuer, the Indenture Trustee or any intermediary; and the Trust Administrator shall not make any payments on such Note for as long as such Person is the Holder of such Note. 
  
 Each Note shall contain a legend substantially similar to the applicable legend provided in Exhibit A hereto stating that
transfer of such Notes is subject to certain restrictions as set forth herein. 
  
 (b) Any purported transfer of a Note (or any interest therein) not in accordance with this Section 2.03 shall be null and void and shall not be given effect for any purpose hereunder. 
  

 10 

 (c) The Trust Administrator will not have the ability to monitor transfers of the Notes while they are in
book-entry form and will have no liability for transfers of Book-Entry Notes in violation of any of the transfer restrictions described in this Section 2.03. 
  
 Section 2.04. Registration; Registration of Transfer and Exchange. The Issuer shall cause the Note Registrar to keep a register (the “Note
Register”) in which, subject to such reasonable regulations as it may prescribe and the restrictions on transfers of the Notes set forth herein, the Issuer shall provide for the registration of Notes and the registration of transfers of Notes.
The Trust Administrator initially shall be the “Note Registrar” for the purpose of registering Notes and transfers of Notes as herein provided. Upon any resignation of any Note Registrar, the Issuer shall promptly appoint a successor or,
if it elects not to make such an appointment, assume the duties of Note Registrar. 
  
 If a Person other than the Indenture Trustee is appointed by the Issuer as Note Registrar, the Issuer will give the Indenture Trustee prompt written notice of the appointment of such Note Registrar and of the
location, and any change in the location, of the Note Register, and the Indenture Trustee shall have the right to inspect the Note Register at all reasonable times and to obtain copies thereof, and the Indenture Trustee shall have the right to rely
upon a certificate executed on behalf of the Note Registrar by an Executive Officer thereof as to the names and addresses of the Holders of the Notes and the principal amounts and number of such Notes. 
  
 Subject to Section 2.03 upon surrender for registration of transfer of any
Note at the office or agency of the Issuer to be maintained as provided in Section 3.02, the Issuer shall execute, and the Note Registrar shall authenticate and the Noteholder shall be entitled to obtain from the Note Registrar, in the name of the
designated transferee or transferees, one or more new Notes of the same Class in any authorized denominations, of a like aggregate principal amount. 
  
 At the option of the Holder, Notes may be exchanged for other Notes of the same Class in any authorized denominations, of a like aggregate principal
amount, upon surrender of the Notes to be exchanged at such office or agency. Whenever any Notes are so surrendered for exchange, the Issuer shall execute, and the Note Registrar shall authenticate and the Noteholder shall be entitled to obtain from
the Indenture Trustee, the Notes which the Noteholder making the exchange is entitled to receive. 
  
 All Notes issued upon any registration of transfer or exchange of Notes shall be the valid obligations of the Issuer, evidencing the same debt, and
entitled to the same benefits under this Indenture, as the Notes surrendered upon such registration of transfer or exchange. 
  
 Every Note presented or surrendered for registration of transfer or exchange shall be duly endorsed by, or be accompanied by a written instrument of
transfer in form satisfactory to the Note Registrar duly executed by, the Holder thereof or such Holder’s attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution” meeting the
requirements of the Note Registrar, which requirements include membership or participation in the Securities Transfer Agent’s Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by
the Note Registrar in addition to, or in substitution for, STAMP. 
  

 11 

 No service charge shall be made to a Holder for any registration of transfer or exchange of Notes, but
the Issuer or the Note Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration of transfer or exchange of Notes, other than exchanges pursuant to Section
2.05 not involving any transfer. 
  
 The preceding provisions of
this Section notwithstanding, the Issuer shall not be required to make and the Note Registrar need not register transfers or exchanges of Notes selected for redemption or of any Note for a period of 15 days preceding the due date for any payment
with respect to such Note. 
  
 Section 2.05. Mutilated,
Destroyed, Lost or Stolen Notes. If (i) any mutilated Note is surrendered to the Indenture Trustee, or the Indenture Trustee receives evidence to its satisfaction of the destruction, loss or theft of any Note, and (ii) there is delivered to the
Indenture Trustee such security or indemnity as may be required by it to hold the Issuer and the Indenture Trustee harmless, then, in the absence of actual notice to the Issuer, the Note Registrar or the Indenture Trustee that such Note has been
acquired by a protected purchaser, and upon certification provided by the Holder of such Note that the requirements of Section 8-405 of the Relevant UCC are met, the Issuer shall execute, and upon its request the Note Registrar shall authenticate
and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Note, a replacement Note; provided, however, that if any such destroyed, lost or stolen Note, but not a mutilated Note, shall have become or
within seven days shall be due and payable, or shall have been called for redemption, instead of issuing a replacement Note, the Issuer may pay such destroyed, lost or stolen Note when so due or payable or upon the Redemption Date without surrender
thereof. If, after the delivery of such replacement Note or payment of a destroyed, lost or stolen Note pursuant to the proviso to the preceding sentence, a bona fide purchaser of the original Note in lieu of which such replacement Note was issued
presents for payment such original Note, the Issuer and the Note Registrar shall be entitled to recover such replacement Note (or such payment) from the Person to whom it was delivered or any Person taking such replacement Note from such Person to
whom such replacement Note was delivered or any assignee of such Person, except a protected purchaser, and shall be entitled to recover upon the security or indemnity provided therefor to the extent of any loss, damage, cost or expense incurred by
the Issuer or the Indenture Trustee in connection therewith. 
  
 Upon the issuance of any replacement Note under this Section, the Issuer, the Indenture Trustee or the Note Registrar may require the payment by the Holder of such Note of a sum sufficient to cover any tax or other governmental charge that
may be imposed in relation thereto and any other reasonable expenses (including the fees and expenses of the Indenture Trustee) connected therewith. 
  
 Every replacement Note issued pursuant to this Section in replacement of any mutilated, destroyed, lost or stolen Note shall constitute an original
additional contractual obligation of the Issuer, whether or not the mutilated, destroyed, lost or stolen Note shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with
any and all other Notes duly issued hereunder. 
  

 12 

 The provisions of this Section are exclusive and shall preclude (to the extent lawful) all other rights
and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes. 
  
 Section 2.06. Persons Deemed Owners. Prior to due presentment for registration of transfer of any Note, the Issuer, the Trust Administrator, the
Indenture Trustee and any agent of the Issuer or the Indenture Trustee may treat the Person in whose name any Note is registered (as of the day of determination) as the owner of such Note for the purpose of receiving payments of principal of and
interest, if any, on such Note and for all other purposes whatsoever, whether or not such Note be overdue, and none of the Issuer, the Trust Administrator, the Indenture Trustee or any agent of the Issuer or the Indenture Trustee shall be affected
by notice to the contrary. 
  
 Section 2.07. Payment of
Principal and Interest. (a) Each Class of Notes shall accrue interest at the Interest Rate as set forth in the Transfer and Servicing Agreement, and such interest shall be payable on each Payment Date, subject to Section 3.01. Interest shall be
computed on each Class of LIBOR Notes on the basis of a 360-day year and the actual number of days elapsed in each Accrual Period. Interest shall be computed on each Class of Notes (other than any Class of LIBOR Notes) on the basis of a 360-day year
consisting of twelve 30-day months. With respect to each outstanding Class of LIBOR Notes, the Trust Administrator shall determine LIBOR for each applicable Accrual Period on the second London Business Day prior thereto, in accordance with the
provisions of the Transfer and Servicing Agreement. All interest payments on each Class of Notes shall be made in the order provided for in Section 6.02 of the Transfer and Servicing Agreement. Any installment of interest or principal payable on any
Note shall be paid on the applicable Payment Date to the Person in whose name such Note (or one or more Predecessor Notes) is registered on the Record Date by check mailed first-class postage prepaid to such Person’s address as it appears on
the Note Register on such Record Date or, upon written request made to the Note Registrar and the Paying Agent at least five Business Days prior to the related Record Date, by the Holder of a Note having an initial Note Principal Amount of not less
than $2,500,000 by wire transfer in immediately available funds to an account specified in the request and at the expense of such Noteholder, except that, unless Definitive Notes have been issued pursuant to Section 2.12, with respect to Notes
registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.), payment will be made by wire transfer in immediately available funds to the account designated by such nominee, except
for the final installment of principal payable with respect to such Note on a Payment Date or on the applicable Maturity Date for such Class of Notes (and except for the Redemption Price for any Note called for redemption pursuant to Section 10.01),
which shall be payable as provided below. The funds represented by any such checks returned undelivered shall be held in accordance with Section 3.03. 
  
 (b) The principal of the Notes shall be payable in installments on each Payment Date as provided herein and in the Notes, subject to Section 3.01.
Notwithstanding the foregoing, the entire unpaid principal amount of the Notes shall be due and payable, if not previously paid, on the date on which an Event of Default shall have occurred and be continuing, if the Indenture Trustee or Holders of
the Notes representing not less than a majority of the Outstanding Balance of the Priority Class Notes, have declared the Notes to be immediately due and payable in the manner provided in Section 5.02. All principal payments on a Class of Notes
shall be made in accordance with Section 6.02 of the Transfer and Servicing Agreement. The Trust Administrator 
  

 13 

 shall notify the Person in whose name a Note is registered at the close of business on the Record Date preceding the
Payment Date on which the Issuer expects that the final installment of principal of and interest on such Note will be paid. Such notice shall be mailed or transmitted by facsimile no later than five Business Days prior to such final Payment Date and
shall specify that such final installment will be payable only upon presentation and surrender of such Note and shall specify the place where such Note may be presented and surrendered for payment of such installment. Notices in connection with
redemptions of Notes shall be mailed to Noteholders as provided in Section 10.02. 
  
 Section 2.08. Cancellation. All Notes surrendered for payment, registration of transfer, exchange or redemption shall, if surrendered to any Person other than the Indenture Trustee, be delivered to the
Indenture Trustee and shall be promptly cancelled by the Indenture Trustee. The Issuer may at any time deliver to the Note Registrar for cancellation any Notes previously authenticated and delivered hereunder which the Issuer may have acquired in
any manner whatsoever, and all Notes so delivered shall be promptly cancelled by the Indenture Trustee. No Notes shall be authenticated in lieu of or in exchange for any Notes cancelled as provided in this Section, except as expressly permitted by
this Indenture. All cancelled Notes may be held or disposed of by the Note Registrar in accordance with its standard retention or disposal policy as in effect at the time unless the Issuer shall direct by an Issuer Order that they be destroyed or
returned to it; provided, that such Issuer Order is timely and the Notes have not been previously disposed of by the Indenture Trustee. 
  
 Section 2.09. Release of Collateral. (a) Except as otherwise provided in subsections (b) and (c) of this Section and the terms of the Operative
Agreements, the Indenture Trustee shall release property from the lien of this Indenture only upon receipt by it of an Issuer Request accompanied by (i) an Officer’s Certificate, (ii) an Opinion of Counsel, (iii) certificates in accordance with
TIA Sections 314(c) and (d)(1), and (iv)(A) Independent Certificates in accordance with TIA Sections 314(c) and 314(d)(1) or (B) an Opinion of Counsel in lieu of such Independent Certificates to the effect that the TIA does not require any such
Independent Certificates; provided that no such Independent Certificates or Opinion of Counsel in lieu of such Independent Certificates shall be necessary in respect of property released from the lien of the Indenture in accordance with the
provisions hereof if such property consists solely of cash. 
  
 (b) The Servicer or any Subservicer (or if neither does so, the Master Servicer), on behalf of the Issuer, shall be entitled to obtain a release from the lien of this Indenture for any Mortgage Loan and the Mortgaged Property at any time
(i) after a payment by the Seller or the Issuer of the Purchase Price of the Mortgage Loan, (ii) after a Qualifying Substitute Mortgage Loan is substituted for such Mortgage Loan and payment of the Substitution Amount, if any, (iii) after
liquidation of the Mortgage Loan in accordance with the Transfer and Servicing Agreement and the deposit of all Liquidation Proceeds and Insurance Proceeds in the Collection Account, (iv) upon the termination of a Mortgage Loan (due to, among other
causes, a prepayment in full of the Mortgage Loan and sale or other disposition of the related Mortgaged Property), or (v) as contemplated by Section 9.02 of the Transfer and Servicing Agreement. 
  
 (c) The Indenture Trustee shall, if requested by the Servicer or the
Subservicer, temporarily release or cause the applicable Custodian temporarily to release to such party the Mortgage File pursuant to the provisions of Section 5.15 of the Transfer and Servicing 
  

 14 

 Agreement and Section 5 of the Custodial Agreement; provided, however, that the Mortgage File shall have been
stamped to signify the Issuer’s pledge to the Indenture Trustee under the Indenture. 
  
 Section 2.10. Book-Entry Notes. Each Class of Notes will be issued in the form of typewritten Notes or Global Securities representing the Book-Entry Notes, to be delivered to, or to the Indenture Trustee as
custodian for, the initial Clearing Agency, by, or on behalf of, the Issuer. The Book-Entry Notes shall be registered initially on the Note Register in the name of Cede & Co., the nominee of the initial Clearing Agency, and no Owner thereof will
receive a Definitive Note representing such Note Owner’s interest in such Note, except as provided in Section 2.11. Unless and until definitive, fully registered Notes (the “Definitive Notes”) have been issued to such Note Owners
pursuant to Section 2.12: 
  
 (i) the provisions
of this Section shall be in full force and effect; 
  
 (ii) the Note Registrar and the Indenture Trustee shall be entitled to deal with the Clearing Agency for all purposes of this Indenture (including the payment of principal of and interest on the Notes and the giving of instructions or
directions hereunder) as the sole holder of the Notes, and shall have no obligation to the Note Owners; 
  
 (iii) to the extent that the provisions of this Section conflict with any other provisions of this Indenture, the provisions of this
Section shall control; 
  
 (iv) the rights of
Note Owners shall be exercised only through the Clearing Agency and shall be limited to those established by law and agreements between such Note Owners and the Clearing Agency and/or the Clearing Agency Participants pursuant to the Note Depository
Agreement. Unless and until Definitive Notes are issued pursuant to Section 2.12, the Note Registrar shall not register any transfer of a beneficial interest in a Book-Entry Note; and the initial Clearing Agency will make book-entry transfers among
the Clearing Agency Participants and receive and transmit payments of principal of and interest on the Notes to such Clearing Agency Participants; and 
  
 (v) whenever this Indenture requires or permits actions to be taken based upon instructions or directions of Holders of Notes evidencing a
specified percentage of the Outstanding Balance of the Notes (or the Priority Class Notes), the Clearing Agency shall be deemed to represent such percentage only to the extent that it has received instructions to such effect from Note Owners and/or
Clearing Agency Participants owning or representing, respectively, such required percentage of the beneficial interest in the Notes and has delivered such instructions to the Indenture Trustee. 
  
 Section 2.11. Notices to Clearing Agency. Whenever a notice or other
communication to the Noteholders is required under this Indenture, unless and until Definitive Notes shall have been issued to such Note Owners pursuant to Section 2.12, the Trust Administrator shall give all such notices and communications
specified herein to be given to Holders of the Notes to the Clearing Agency, and shall have no obligation to such Note Owners. 
  

 15 

 Section 2.12. Definitive Notes. If (i) the Clearing Agency is no longer willing or able to
properly discharge its responsibilities with respect to the Book-Entry Notes and the Issuer is unable to locate a qualified successor or (ii) after the occurrence of an Event of Default hereunder, Note Owners of the Book-Entry Notes representing
beneficial interests aggregating at least a majority of the Outstanding Balance of the Book-Entry Notes advise the Clearing Agency in writing that the continuation of a book-entry system through the Clearing Agency is no longer in the best interests
of such Note Owners and the Clearing Agency consents, then the Clearing Agency shall notify all Note Owners and the Note Registrar of the occurrence of any such event and of the availability of Definitive Notes to Note Owners requesting the same.
Upon surrender to the Note Registrar of the typewritten Notes representing the Book-Entry Notes by the Clearing Agency, accompanied by registration instructions, the Issuer shall execute and the Note Registrar shall authenticate the Definitive Notes
in accordance with the instructions of the Clearing Agency. None of the Issuer, the Note Registrar, Trust Administrator or the Indenture Trustee shall be liable for any delay in delivery of such instructions and may conclusively rely on, and shall
be protected in relying on, such instructions. Upon the issuance of Definitive Notes, the Indenture Trustee and the Trust Administrator shall recognize the Holders of the Definitive Notes as Noteholders. 
  
 Section 2.13. Tax Treatment. The Issuer has entered into this
Indenture, and the Notes will be issued, with the intention that, for federal, state and local income, single business and franchise tax purposes, the Notes (other than the Retained Notes) will qualify as indebtedness of the Issuer secured by the
Collateral. The Issuer, by entering into this Indenture, and each Noteholder, by its acceptance of a Note (and each Note Owner by its acceptance of an interest in the applicable Book-Entry Note), agree to treat the Notes for federal, state and local
income, single business and franchise tax purposes as indebtedness of the Issuer. 
  
 ARTICLE THREE 
  
 COVENANTS

  
 Section 3.01. Payment of Principal and Interest. The
Issuer will duly and punctually pay (or will cause to be duly and punctually paid) the principal of and interest on the Notes in accordance with the terms of the Notes and this Indenture. Amounts properly withheld under the Code by any Person from a
payment to any Noteholder of interest and/or principal shall be considered as having been paid by the Issuer to such Noteholder for all purposes of this Indenture. 
  
 The Notes shall be non-recourse obligations of the Issuer and shall be limited in right of payment to amounts available from
the Collateral as provided in this Indenture. The Issuer shall not otherwise be liable for payments of the Notes, and none of the owners, agents, officers, directors, employees, or successors or assigns of the Issuer shall be personally liable for
any amounts payable, or performance due, under the Notes or this Indenture. If any other provision of this Indenture shall be deemed to conflict with the provisions of this Section 3.01, the provisions of this Section 3.01 shall control. 

 
 Section 3.02. Maintenance of Office or Agency. The Note Registrar
on behalf of the Issuer will maintain an office or agency where Notes may be surrendered for registration of transfer or exchange, and where notices and demands to or upon the Issuer in respect of the Notes and this Indenture may be served.

  

 16 

 Section 3.03. Money for Payments to be Held in Trust. As provided in Section 8.02, all payments of
amounts due and payable with respect to any Notes that are to be made from amounts withdrawn from the Collection Account pursuant to Article VI of the Transfer and Servicing Agreement shall be made on behalf of the Issuer by the Indenture Trustee,
the Trust Administrator or by another Paying Agent, and no amounts so withdrawn from the such account for payments of Notes shall be paid over to the Issuer except as provided in this Section. 
  
 On or before the Business Day preceding each Payment Date, the Issuer shall
deposit or cause to be deposited in the Collection Account an aggregate sum sufficient to pay the amounts then becoming due under the Notes, such sum to be held in trust for the benefit of the Persons entitled thereto, and (unless the Paying Agent
is the Indenture Trustee) shall promptly notify the Indenture Trustee of its action or failure so to act. 
  
 The Trust Administrator is hereby appointed the initial Paying Agent. Any successor Paying Agent shall be appointed by Issuer Order with written notice
thereof to the Indenture Trustee. Any Paying Agent appointed by the Issuer shall be a Person that would be eligible to be Indenture Trustee hereunder as provided in Section 6.11. The Issuer shall not appoint any Paying Agent (other than the
Indenture Trustee) which is not, at the time of such appointment, a Depository Institution. 
  
 The Issuer shall cause each Paying Agent other than the Indenture Trustee or the Trust Administrator, as initial Paying Agent, to execute and deliver to the Indenture Trustee an instrument in which such Paying Agent
shall agree with the Indenture Trustee (and if the Indenture Trustee or the Trust Administrator acts as Paying Agent, it hereby so agrees), subject to the provisions of this Section, that such Paying Agent will: 
  
 (i) hold all sums held by it for the payment of amounts due
with respect to the Notes in trust for the benefit of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided and in the Transfer and Servicing Agreement and pay such sums to such
Persons as herein provided; 
  
 (ii) give the
Indenture Trustee notice of any default by the Issuer of which the Paying Agent has actual knowledge in the making of any payment required to be made with respect to the Notes; 
  
 (iii) at any time during the continuance of any such default, upon the written request of the Indenture
Trustee, forthwith pay to the Indenture Trustee all sums so held in trust by such Paying Agent; 
  
 (iv) immediately resign as a Paying Agent and forthwith pay to the Indenture Trustee all sums held by it in trust for the payment of Notes
if at any time it ceases to meet the standards required to be met by a Paying Agent at the time of its appointment; and 
  

 17 

 (v) comply with all requirements of the Code with respect to the withholding from any
payments made by it on any Notes of any applicable withholding taxes imposed thereon and with respect to any applicable reporting requirements in connection therewith; 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 Notes, the Depositor shall have first provided the calculations pertaining thereto and the amount of any resulting withholding taxes to the
Indenture Trustee and the Paying Agent. 
  
 The Issuer may at any
time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, by Issuer Order direct any Paying Agent to pay to the Indenture Trustee all sums held in trust by such Paying Agent, such sums to be held
by the Indenture Trustee upon the same trusts as those upon which the sums were held by such Paying Agent; and upon such payment by any Paying Agent to the Indenture Trustee, such Paying Agent shall be released from all further liability with
respect to such money. 
  
 Subject to applicable laws with respect
to escheat of funds, any money held by the Indenture Trustee or any Paying Agent in trust for the payment of any amount due with respect to any Note and remaining unclaimed for two years after such amount has become due and payable shall be
discharged from such trust and be paid to the Issuer on Issuer Request; and the Holder of such Note shall thereafter, as an unsecured general creditor, look only to the Issuer for payment thereof (but only to the extent of the amounts so paid to the
Issuer), and all liability of the Indenture Trustee or such Paying Agent with respect to such trust money shall thereupon cease; provided, however, that the Indenture Trustee or such Paying Agent, before being required to make any such
repayment, shall at the expense and direction of the Issuer cause to be published once, in a newspaper published in the English language, customarily published on each Business Day and of general circulation in The City of New York (including, but
not limited to, The Bond Buyer), notice that such money remains unclaimed and that, after a date. specified therein, which shall not be less than 30 days from the date of such publication, any unclaimed balance of such money then remaining
will be repaid to the Issuer. The Indenture Trustee or Paying Agent shall also adopt and employ, at the expense and direction of the Issuer, any other reasonable means of notification of such repayment (including, but not limited to, mailing notice
of such repayment to Holders whose Notes have been called but have not been surrendered for redemption or whose right to or interest in moneys due and payable but not claimed is determinable from the records of the Indenture Trustee or of any Paying
Agent, at the last address of record for each such Holder). 
  
 Section 3.04. Existence. (a) The Issuer will keep in full effect its existence, rights and franchises as a statutory trust under the laws of the State of Delaware (unless it becomes, or any successor Issuer hereunder is or becomes,
organized under the laws of any other State or of the United States of America, in which case the Issuer will keep in full effect its existence, rights and franchises under the laws of such other jurisdiction) and will obtain and preserve its
qualification to do business in each jurisdiction in which such qualification is or shall be necessary to protect the validity and enforceability of this Indenture, the Notes, the Collateral and each other instrument or agreement included in the
Collateral. 
  

 18 

 (b) Any successor to the Owner Trustee appointed pursuant to Section 9.03 of the Trust Agreement shall be
the successor Owner Trustee under this Indenture without the execution or filing of any paper, instrument or further act to be done on the part of the parties hereto. 
  
 (c) Upon any consolidation or merger of or other succession to the Owner Trustee, the Person succeeding to the Owner Trustee
under the Trust Agreement may exercise every right and power of the Owner Trustee under this Indenture with the same effect as if such Person had been named as the Owner Trustee herein. 
  
 Section 3.05. Protection of Collateral. The Issuer will from time to time execute, deliver and file all such
supplements and amendments hereto and all such financing statements, continuation statements, instruments of further assurance and other instruments, and will take such other action necessary or advisable to: 
  
 (i) maintain or preserve the lien and security interest (and
the priority thereof) of this Indenture or carry out more effectively the purposes hereof, 
  
 (ii) perfect, publish notice of or protect the validity of any Grant made or to be made by this Indenture; 
  
 (iii) enforce any rights with respect to the Collateral; or

  
 (iv) preserve and defend title to the
Collateral and the rights of the Indenture Trustee and the Noteholders in such Collateral against the claims of all persons and parties. 
  
 The Issuer hereby designates each of the Indenture Trustee and the Trust Administrator as its agent and attorneys-in-fact to execute any financing
statement, continuation statement or other instrument required to be executed pursuant to this Section 3.05 and hereby authorizes either of them to file in any filing office any financing statement, amendment to financing statement, or continuation
statement required to be executed pursuant to this Section 3.05. 
  
 Section 3.06. Opinions as to Collateral. On the Closing Date, the Issuer shall furnish to the Trust Administrator and the Indenture Trustee an Opinion of Counsel to the effect that either, in the opinion of such counsel, such action
has been taken with respect to the recording and filing of this Indenture, any indentures supplemental hereto, and any other requisite documents, and with respect to the execution and filing of any financing statements and continuation statements,
as are necessary to make effective the lien and security interest of this Indenture, or stating that, in the opinion of such counsel, no such action is necessary to make such lien and security interest effective. 
  
 Section 3.07. Performance of Obligations. (a) The Issuer will not take
any action and will use its best efforts not to permit any action to be taken by others that would release any Person from any of such Person’s material covenants or obligations under any instrument or agreement included in the Collateral or
that would result in the amendment, hypothecation, subordination, termination or discharge of, or impair the validity or effectiveness of, any such instrument or agreement, except as expressly provided in this Indenture, the Transfer and Servicing
Agreement or such other instrument or agreement. 
  

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 (b) The Issuer may contract with other Persons to assist it in performing its duties under this
Indenture, and any performance of such duties by a Person identified to the Indenture Trustee in an Officer’s Certificate of the Issuer shall be deemed to be action taken by the Issuer. Initially, the Issuer has contracted with the Trust
Administrator pursuant to the Transfer and Servicing Agreement to assist the Issuer in performing certain of its duties under this Indenture. 
  
 (c) The Issuer will punctually perform and observe all of its obligations and agreements contained in this indenture, the Operative Agreements and in the
instruments and agreements included in the Collateral, including but not limited to filing or causing to be filed all financing statements and continuation statements required to be filed by the terms of this Indenture and the Transfer and Servicing
Agreement in accordance with and within the time periods provided for herein and therein. 
  
 (d) If a responsible officer of the Owner Trustee shall have written notice or actual knowledge of the occurrence of an Event of Default under the Transfer and Servicing Agreement, the Issuer shall promptly notify the
Indenture Trustee and each Rating Agency thereof. 
  
 (e) As
promptly as possible after the giving of notice of termination to the Master Servicer of the Master Servicer’s rights and powers pursuant to Section 8.01(a) of the Transfer and Servicing Agreement, the Indenture Trustee shall proceed in
accordance with Section 8.01 and 8.02 of the Transfer and Servicing Agreement. 
  
 (f) Without derogating from the absolute nature of the assignment granted to the Indenture Trustee under this Indenture or the rights of the Indenture Trustee hereunder, the Issuer agrees (i) that it will not, without
the prior written consent of the Indenture Trustee or the Holders of at least a majority in Outstanding Balance of the Notes affected thereby, amend, modify, waive, supplement, terminate or surrender, or agree to any amendment, modification,
supplement, termination, waiver or surrender of, the terms of any Collateral or the Operative Agreements (except to the extent otherwise provided in any such Operative Agreement), or waive timely performance or observance by the Trust Administrator,
Master Servicer or the Depositor of its respective duties under the Transfer and Servicing Agreement; and (ii) that any such amendment shall not (A) increase or reduce in any manner the amount of, or accelerate or delay the timing of, payments that
are required to be made for the benefit of the Noteholders or (B) reduce the aforesaid percentage of the Notes that is required to consent to any such amendment, without the consent of the Holders of all the Outstanding Notes affected thereby. If
any such amendment, modification, supplement or waiver shall be so consented to by the Indenture Trustee or such Holders, the Issuer agrees, promptly following a request by the Indenture Trustee to do so, to execute and deliver, in its own name and
at its own expense, such agreements, instruments, consents and other documents as the Indenture Trustee may deem necessary or appropriate in the circumstances. 
  

 20 

 Section 3.08. Negative Covenants. So long as any Notes are Outstanding, the Issuer shall not:

  
 (i) except as expressly permitted by this
Indenture, the Mortgage Loan Purchase Agreement or the Transfer and Servicing Agreement, sell, transfer, exchange or otherwise dispose of any of the properties or assets of the Issuer, including those included in the Collateral, unless directed to
do so by the Indenture Trustee; 
  
 (ii) claim
any credit on, or make any deduction from the principal or interest payable in respect of, the Notes (other than amounts properly withheld from such payments under the Code) or assert any claim against any present or former Noteholder by reason of
the payment of the taxes levied or assessed upon any part of the Collateral; 
  
 (iii) (A) permit the validity or effectiveness of this Indenture to be impaired, or permit the lien of this Indenture to be amended, hypothecated, subordinated, terminated or discharged, or permit any Person to be
released from any covenants or obligations with respect to the Notes under this Indenture except as may be expressly permitted hereby, (B) permit any lien, charge, excise, claim, security interest, mortgage or other encumbrance (other than the lien
of this Indenture) to be created on or extend to or otherwise arise upon or burden the Collateral or any part thereof or any interest therein or the proceeds thereof (other than tax liens, mechanics’ liens and other liens that arise by
operation of law, in each case with respect to any Collateral and arising solely as a result of an action or omission of a Borrower or as otherwise permitted in the Transfer and Servicing Agreement) or (C) permit the lien of this Indenture not to
constitute a valid first priority (other than with respect to any such tax, mechanics’ or other lien) or as otherwise permitted in the Transfer and Servicing Agreement) security interest in the Collateral; 
  
 (iv) dissolve or liquidate in whole or in part or merge or
consolidate with any other Person; 
  
 (v) remove
the Trust Administrator without cause unless the Rating Agency Condition shall have been satisfied in connection with such removal; 
  
 (vi) take any other action or fail to take any action that would jeopardize the status of the Holder of the Ownership Certificate as a
REIT under the Code or result in an imposition of tax on the Issuer; or 
  
 (vii) except with the prior written consent of the Noteholders, take any action described in Section 5.06 of the Trust Agreement. 
  
 Section 3.09. Annual Statement as to Compliance. The Issuer will deliver to the Indenture Trustee, within 120 days
after the end of each fiscal year of the Issuer (commencing with the fiscal year 2005), an Officer’s Certificate stating, as to the Authorized Officer signing such Officer’s Certificate, that: 
  
 (i) a review of the activities of the Issuer during such
year and of its performance under this Indenture has been made under such Authorized Officer’s supervision; and 
  
 (ii) to the best of such Authorized Officer’s knowledge, based on such review, the Issuer has complied with all conditions and
covenants under this Indenture throughout 
  

 21 

 such year or, if there has been a default in its compliance with any such condition or covenant,
specifying each such default known to such Authorized Officer and the nature and status thereof. 
  
 Section 3.10. Treatment of Notes as Debt for Tax Purposes. The Issuer shall, and shall cause the Trust Administrator and the Master Servicer to,
treat the Notes as indebtedness for all federal, state and local income, single business, and franchise tax purposes. 
  
 Section 3.11. [Reserved] 
  
 Section 3.12. No Other Business. The Issuer shall not engage in any business other than financing, purchasing, owning, selling and managing the
Collateral in the manner contemplated by this Indenture and the Operative Agreements and activities incidental thereto. 
  
 Section 3.13. No Borrowing. The Issuer shall not issue, incur, assume, guarantee or otherwise become liable, directly or indirectly, for any
indebtedness other than the Notes. 
  
 Section 3.14. [Reserved].

  
 Section 3.15. Guarantees, Loans, Advances and Other
Liabilities. Except as contemplated by the Transfer and Servicing Agreement or this Indenture, the Issuer shall not make any loan or advance or credit to, or guarantee (directly or indirectly or by an instrument having the effect of assuring
another’s payment or performance on any obligation or capability of so doing or otherwise), endorse or otherwise become contingently liable, directly or indirectly, in connection with the obligations, stocks or dividends of, or own, purchase,
repurchase or acquire (or agree contingently to do so) any stock, obligations, assets or securities of, or any other interest in, or make any capital contribution to, any other Person. 
  
 Section 3.16. Capital Expenditures. The Issuer shall not make any expenditure (by long-term or operating lease or
otherwise) for capital assets (either realty or personalty). 
  
 Section 3.17. Removal of Trust Administrator. So long as any Notes are Outstanding, the Issuer shall not remove the Trust Administrator without cause unless the Issuer has received a letter from each Rating Agency to the effect that
such removal will not cause the then-current ratings on the Notes to be qualified, reduced or withdrawn. 
  
 Section 3.18. Restricted Payments. The Issuer shall not, directly or indirectly, (i) pay any dividend or make any payment (by reduction of capital
or otherwise), whether in cash, property, securities or a combination thereof, to the Owner Trustee or any owner of a beneficial interest in the Issuer or otherwise with respect to any ownership or equity interest or security in or of the Issuer,
(ii) redeem, purchase, retire or otherwise acquire for value any such ownership or equity interest or security or (iii) set aside or otherwise segregate any amounts for any such purpose; provided, however, the Issuer may make, or cause
to be made, payments and distributions as contemplated by, and to the extent funds are available for such purpose under, the Transfer and Servicing Agreement, any Swap Agreement, this Indenture or the Trust Agreement. The Issuer will not, directly
or indirectly, make payments to or from the Collection Account except in accordance with this Indenture and the Operative Agreements. 
  

 22 

 Section 3.19. Notice of Events of Default. The Issuer shall promptly, and in no event more than
three Business Days following such event, give the Indenture Trustee, Trust Administrator and each Rating Agency written notice of each Event of Default hereunder, and each default on the part of the Trust Administrator, Master Servicer or the
Depositor of its obligations under the Transfer and Servicing Agreement, to the extent a responsible officer of the Owner Trustee shall have written notice or actual knowledge thereof. 
  
 Section 3.20. Further Instruments and Acts. Upon request of the Indenture Trustee or the Trust Administrator, the
Issuer will execute and deliver such further instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively the purpose of this Indenture. 
  
 Section 3.21. Covenants of the Issuer. All covenants of the Issuer in this Indenture are covenants of the Issuer and
are not covenants of the Owner Trustee in its individual capacity. The Owner Trustee is, and any successor Owner Trustee under the Trust Agreement will be, entering into this Indenture on behalf of the Issuer solely as Owner Trustee under the Trust
Agreement and not in its respective individual capacity, and in no case whatsoever shall the Owner Trustee or any such successor Owner Trustee be personally liable on, or for any loss in respect of, any of the statements, representations, warranties
or obligations of the Issuer hereunder, as to all of which the parties hereto agree to look solely to the property of the Issuer. 
  
 Section 3.22. Representations and Warranties of the Issuer. (a) With respect to the Mortgage Notes, the Issuer represents and warrants that:

  
 (i) This Indenture creates a valid and
continuing security interest (as defined in the applicable Uniform Commercial Code (the “UCC”)) in the Mortgage Notes in favor of the Indenture Trustee, which security interest is prior to all other liens, and is enforceable as such
against creditors of and purchasers from the Issuer; 
  
 (ii) The Mortgage Notes constitute “instruments” within the meaning of the applicable UCC; 
  
 (iii) The Issuer owns and has good title to the Mortgage Notes free and clear of any lien, claim or encumbrance of any Person; 

 
 (iv) The Issuer has received all consents and approvals
required by the terms of the Mortgage Notes to the pledge of the Mortgage Notes hereunder to the Indenture Trustee; 
  
 (v) All original executed copies of each Mortgage Note have been or will be delivered to the Indenture Trustee (or its custodian), as set
forth in the Transfer and Servicing Agreement; 
  
 (vi) The Issuer has received a written acknowledgement from the Indenture Trustee (or its custodian) that it is holding the Mortgage Notes solely on behalf and for the benefit of the Indenture Trustee; 
  

 23 

 (vii) Other than the security interest granted to the Indenture Trustee pursuant to this
Indenture, the Issuer has not pledged, assigned, sold, granted a security interest in, or otherwise conveyed any of the Mortgage Notes. The Issuer has not authorized the filing of and is not aware of any financing statements against the Issuer that
include a description of the collateral covering the Mortgage Notes other than a financing statement relating to the security interest granted to the Indenture Trustee hereunder or that has been terminated. The Issuer is not aware of any judgment or
tax lien filings against the Issuer; and 
  
 (viii) None of the Mortgage Notes has any marks or notations indicating that they have been pledged, assigned or otherwise conveyed to any Person other than the Indenture Trustee. 
  
 (b) The representations and warranties set forth in this Section 3.22 shall
survive the Closing Date and shall not be waived. 
  
 ARTICLE FOUR

  
 SATISFACTION AND DISCHARGE 
  
 Section 4.01. Satisfaction and Discharge of Indenture. This Indenture
shall cease to be of further effect with respect to the Notes, except as to (i) rights of registration of transfer and exchange, (ii) substitution of mutilated, destroyed, lost or stolen Notes, (iii) rights of Noteholders to receive payments of
principal thereof and interest thereon, (iv) the rights, obligations and immunities of the Indenture Trustee hereunder (including the rights of the Indenture Trustee under Section 6.07 and the obligations of the Indenture Trustee under Sections 3.03
and 4.02) and (v) the rights of Noteholders as beneficiaries hereof with respect to the property so deposited with the Indenture Trustee payable to all or any of them, and the Indenture Trustee, on demand of and at the expense of the Issuer, shall
execute proper instruments acknowledging satisfaction and discharge of this Indenture with respect to the Notes, when either (I) the Transfer and Servicing Agreement has been terminated pursuant to Section 9.01 thereof or (II) 
  
 (A) either 
  
 (1) all Notes theretofore authenticated and delivered (other than (i) Notes that have been destroyed, lost or stolen and
that have been replaced or paid as provided in Section 2.05 and (ii) Notes for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Issuer and thereafter repaid to the Issuer or discharged from such
trust, as provided in Section 3.03) have been delivered to the Indenture Trustee for cancellation; or 
  
 (2) all Notes not theretofore delivered to the Trust Administrator for cancellation 
  
 a. have become due and payable, 
  
 b. will become due and payable at the applicable Maturity Date within one year, or 
  

 24 

 c. are to be called for redemption within one year under arrangements satisfactory to the
Indenture Trustee for the giving of notice of redemption by the Trust Administrator in the name, and at the expense, of the Issuer, 
  
 and the Issuer, in the case of a., b. or c. above, has irrevocably deposited or caused to be irrevocably deposited with the Trust Administrator cash or direct obligations
of or obligations guaranteed by the United States of America (which will mature prior to the date such amounts are payable), in trust for such purpose, in an amount sufficient to pay and discharge the entire indebtedness on such Notes not
theretofore delivered to the Indenture Trustee for cancellation when due to the Maturity Date or Redemption Date (if the Notes are called for redemption pursuant to Section 10.01 hereof), as the case may be; 
  
 (B) the Issuer has paid or caused to be paid all other sums payable hereunder
by the Issuer; 
  
 (C) the Issuer has delivered to the Indenture
Trustee an Officer’s Certificate and an Opinion of Counsel (at the Issuer’s expense) and (if required by the TIA or the Indenture Trustee) an Independent Certificate from a firm of certified public accountants, each meeting the applicable
requirements of Section 11.01 hereof and, subject to Section 11.02 hereof, each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture with respect to the Notes have been complied with;
and 
  
 (D) the Issuer has delivered to each Rating Agency notice
of such satisfaction and discharge. 
  
 Section 4.02.
Application of Trust Money. All moneys deposited with the Trust Administrator pursuant to Sections 3.03 and 4.01 hereof shall be held in trust and applied by it, in accordance with the provisions of the Notes and this Indenture, to the
payment, either directly or through any Paying Agent, as the Trust Administrator may determine, to the Holders of the particular Notes for the payment or redemption of which such moneys have been deposited with the Trust Administrator, of all sums
due and to become due thereon for principal and interest; but such moneys need not be segregated from other funds except to the extent required herein or in the Transfer and Servicing Agreement or required by law. 
  
 Section 4.03. Repayment of Moneys Held by Paying Agent. In connection
with the satisfaction and discharge of this Indenture with respect to the Notes, all moneys then held by any Paying Agent other than the Indenture Trustee under the provisions of this Indenture with respect to such Notes shall, upon demand of the
Issuer, be paid to the Indenture Trustee to be held and applied according to Section 3.03 and thereupon such Paying Agent shall be released from all further liability with respect to such moneys. 
  
 Section 4.04. Trust Money Received by Indenture Trustee. If the
Indenture Trustee receives any moneys in respect of the Collateral (other than with respect to any amounts in respect of any payments or reimbursements of fees, expenses or indemnity amounts properly owing to the Indenture Trustee pursuant to the
terms of any of the Operative Agreements), the Indenture Trustee shall remit promptly such funds to the Trust Administrator. 
  

 25 

 ARTICLE FIVE 
  
 REMEDIES 
  
 Section 5.01. Events of Default. “Event of Default”, wherever used herein, means any one of the following events (whatever the reason for
such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body):

  
 (i) Default for thirty days or more in the
payment of any Current Interest on the Notes when the same becomes due and payable under Section 6.02 of the Transfer and Servicing Agreement; 
  
 (ii) failure to pay the entire principal of any Note when the same becomes due and payable under the Transfer and Servicing Agreement or
on the applicable Maturity Date; 
  
 (iii)
failure to observe or perform any covenant or agreement of the Issuer made in this Indenture (other than a covenant or agreement, a default in the observance or performance of which is elsewhere in this Section specifically dealt with), or any
representation or warranty of the Issuer made in this Indenture or in any certificate or other writing delivered pursuant hereto or in connection herewith proving to have been incorrect in any material respect as of the time when the same shall have
been made, and such default shall continue or not be cured, or the circumstance or condition in respect of which such misrepresentation or warranty was incorrect shall not have been eliminated or otherwise cured, for a period of 30 days after there
shall have been given, by registered or certified mail, to the Issuer by the Indenture Trustee or to the Issuer and the Indenture Trustee by the Holders of at least 25% of the Outstanding Balance of the Notes, a written notice specifying such
default or incorrect representation or warranty and requiring it to be remedied and stating that such notice is a notice of Default hereunder; 
  
 (iv) the filing of a decree or order for relief by a court having jurisdiction in the premises in respect of the Issuer or any substantial
part of the Collateral in an involuntary case under any applicable federal or state bankruptcy, insolvency or other similar law now or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar
official of the Issuer or for any substantial part of the Collateral, or ordering the winding-up or liquidation of the Issuer’s affairs, and such decree or order shall remain unstayed and in effect for a period of 60 consecutive days;

  
 (v) the receipt of notice from the Holder of
the Ownership Certificate to the Indenture Trustee of such Holder’s failure to qualify as a REIT or a Qualified REIT Subsidiary; or 
  
 (vi) the commencement by the Issuer of a voluntary case under any applicable federal or state bankruptcy, insolvency or other similar law
now or hereafter in effect, or 
  

 26 

 the consent by the Issuer to the entry of an order for relief in an involuntary case under any such law,
or the consent by the Issuer to the appointment or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of the Issuer or for any substantial part of the Collateral, or the making by the Issuer
of any general assignment for the benefit of creditors, or the failure by the Issuer generally to pay its debts as such debts become due, or the taking of any action by the Issuer in furtherance of any of the foregoing. 
  
 The Issuer shall deliver to the Indenture Trustee, within five days after the
occurrence thereof, written notice in the form of an Officer’s Certificate of any event which with the giving of notice and the lapse of time would become an Event of Default under clause (iii), its status and what action the Issuer is taking
or proposes to take with respect thereto. 
  
 Section 5.02.
Acceleration of Maturity; Rescission and Annulment. If an Event of Default should occur and be continuing, then and in every such case the Indenture Trustee may, or shall, at the direction of the Holders of Notes representing not less than a
majority of the Outstanding Balance of the Priority Class Notes, declare all the Notes to be immediately due and payable, by a notice in writing to the Issuer (and to the Indenture Trustee if given by Noteholders), and upon any such declaration the
unpaid principal amount of such Notes, together with accrued and unpaid interest on the Notes through the date of acceleration, shall become immediately due and payable. 
  
 At any time after such declaration of acceleration of maturity has been made and before a judgment or decree for payment of
the money due has been obtained by the Indenture Trustee as hereinafter in this Article Five provided, the Holders of Notes representing a majority of the Outstanding Balance of the Priority Class Notes, by written notice to the Issuer and the
Indenture Trustee, may rescind and annul such declaration and its consequences if: 
  
 (i) the Issuer has paid or deposited with the Trust Administrator a sum sufficient to pay: 
  
 (A) all payments of principal of and interest on all
affected Priority Class Notes and all other amounts that would then be due hereunder or upon such Notes if the Event of Default giving rise to such acceleration had not occurred; and 
  
 (B) all sums paid or advanced by the Indenture Trustee hereunder and the reasonable compensation, expenses,
disbursements and advances of the Indenture Trustee and its agents and counsel; and 
  
 (ii) all Events of Default, other than the nonpayment of the principal of the Notes that has become due solely by such acceleration, have
been cured or waived as provided in Section 5.12. 
  
 No such rescission shall
affect any subsequent default or impair any right consequent thereto. 
  
 The Holders of Non-Priority Class Notes shall have no right to exercise any Noteholders’ rights referred to in this Article Five, except to the extent expressly provided herein. 
  

 27 

 Section 5.03. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee. (a) The
Issuer covenants that if (i) default is made in the payment of any Current Interest on any Note when the same becomes due and payable, and such default continues for a period of five days, or (ii) default is made in the payment of the principal of
any Note when the same becomes due and payable on the applicable Maturity Date, the Issuer will, upon demand of the Indenture Trustee, pay to it, for the benefit of the Holders of the Notes, the whole amount then due and payable on such Notes for
principal and interest, with interest on the overdue principal and, to the extent payment at such rate of interest shall be legally enforceable, on overdue installments of interest at the rate borne by the Notes and, in addition thereto, such
further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Indenture Trustee and its agents and counsel, and such amounts as may be due to
the Swap Counterparty. 
  
 (b) In case the Issuer shall fail
forthwith to pay such amounts upon such demand, the Indenture Trustee, in its own name and as trustee of an express trust, may institute a Proceeding for the collection of the sums so due and unpaid, and may prosecute such Proceeding to judgment or
final decree, and may enforce the same against the Issuer upon such Notes and collect in the manner provided by law out of the property of the Issuer upon such Notes, wherever situated, the moneys adjudged or decreed to be payable. 
  
 (c) If an Event of Default occurs and is continuing, the Indenture Trustee
may, in its discretion, or shall, at the direction of the Holders of Priority Class Notes representing not less than a majority of the Outstanding Balance thereof, as more particularly provided in Section 5.04, proceed to protect and enforce its
rights and the rights of the Noteholders, by such appropriate Proceedings as the Indenture Trustee shall deem most effective to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture
or in aid of the exercise of any power granted herein, or to enforce any other proper remedy or legal or equitable right vested in the Indenture Trustee by this Indenture or by law. 
  
 (d) In case there shall be pending, relative to the Issuer or any other obligor upon the Notes or any Person having or
claiming an ownership interest in the Collateral, Proceedings under Title 11 of the United States Code or any other applicable federal or state bankruptcy, insolvency or other similar law, or in case a receiver, assignee or trustee in bankruptcy or
reorganization, or liquidator, sequestrator or similar official shall have been appointed for or taken possession of the Issuer or its property or such other obligor or Person, or in case of any other comparable judicial Proceedings relative to the
Issuer or other obligor upon the Notes, or to the creditors or property of the Issuer or such other obligor, the Indenture Trustee, irrespective of whether the principal of any Notes shall then be due and payable as therein expressed or by
declaration or otherwise and irrespective of whether the Indenture Trustee shall have made any demand pursuant to the provisions of this Section, shall be entitled and empowered, by intervention in such Proceedings or otherwise: 
  
 (i) to file and prove a claim or claims for the whole amount
of principal and interest owing and unpaid in respect of the Notes and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Indenture Trustee (including any claim for reasonable compensation to
the Indenture Trustee and 
  

 28 

 each predecessor Indenture Trustee, and their respective agents, attorneys and counsel, and for
reimbursement of all expenses and liabilities incurred, and all advances made, by the Indenture Trustee and each predecessor Indenture Trustee, except as a result of negligence or bad faith) and of the Noteholders allowed in such Proceedings;

  
 (ii) unless prohibited by applicable law and
regulations, to vote on behalf of the Holders of Notes in any election of a trustee, a standby trustee or Person performing similar functions in any such Proceedings; 
  
 (iii) to collect and receive any moneys or other property payable or deliverable on any such claims and to
distribute all amounts received with respect to the claims of the Noteholders and of the Indenture Trustee on their behalf; and 
  
 (iv) to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the
Indenture Trustee or the Holders of Notes allowed in any Proceedings relative to the Issuer, its creditors and its property; 
  
 and any trustee, receiver, liquidator, custodian or other similar official in any such Proceeding is hereby authorized by each of such Noteholders to make payments to the
Indenture Trustee and, in the event that the Indenture Trustee shall consent to the making of payments directly to such Noteholders, to pay to the Indenture Trustee such amounts as shall be sufficient to cover reasonable compensation to the
Indenture Trustee, each predecessor Indenture Trustee and their respective agents, attorneys and counsel, and all other expenses and liabilities incurred by it or its agents, and all advances made, by the Indenture Trustee and each predecessor
Indenture Trustee except as a result of negligence or bad faith. 
  
 (e) Nothing herein contained shall be deemed to authorize the Indenture Trustee to authorize or consent to or vote for or accept or adopt on behalf of any Noteholder any plan of reorganization, arrangement, adjustment or composition
affecting the Notes or the rights of any Holder thereof or to authorize the Indenture Trustee to vote in respect of the claim of any Noteholder in any such proceeding except, as aforesaid, to vote for the election of a trustee in bankruptcy or
similar Person. 
  
 (f) All rights of action and of asserting
claims under this Indenture, or under any of the Notes, may be enforced by the Indenture Trustee without the possession of any of the Notes or the production thereof in any trial or other Proceedings relative thereto, and any such action or
Proceedings instituted by the Indenture Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment, subject to the payment of the expenses, disbursements and compensation of the Indenture Trustee, each
predecessor Indenture Trustee and their respective agents and attorneys, shall be for the ratable benefit of the Holders of the Notes and the Swap Counterparty. 
  

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

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 Section 5.04. Remedies; Priorities. (a) If an Event of Default shall have occurred and be
continuing, the Indenture Trustee may, and at the direction of Holders of Priority Class Notes representing a majority of the Outstanding Balance thereof shall, do one or more of the following (subject to Section 5.05): 
  
 (i) institute Proceedings in its own name and as trustee of
an express trust for the collection of all amounts then payable on the Notes or under this Indenture with respect thereto, whether by declaration or otherwise, enforce any judgment obtained and collect from the Issuer and any other obligor upon such
Notes moneys adjudged due; 
  
 (ii) institute
Proceedings from time to time for the complete or partial foreclosure of this Indenture with respect to the Collateral; 
  
 (iii) exercise any remedies of a secured party under the Relevant UCC and take any other appropriate action to protect and enforce the
rights and remedies of the Indenture Trustee and the Holders of the Notes; and 
  
 (iv) sell the Collateral or any portion thereof or rights or interest therein, at one or more public or private sales called and conducted
in any manner permitted by law; 
  
 provided, however, that the
Indenture Trustee may not sell or otherwise liquidate any Collateral following an Event of Default, other than an Event of Default described in Section 5.01(a)(i) or (ii), unless (A) the Holders of 100% of the Outstanding Balance of the Notes
consent thereto or (B) the proceeds of such sale or liquidation distributable to the Noteholders are sufficient to discharge in full all amounts then due and unpaid upon such Notes for principal and interest or (C) the Indenture Trustee determines
that the Collateral will not continue to provide sufficient funds for the payment of principal of and interest on the Notes as they would have become due if the Notes had not been declared due and payable, and the Indenture Trustee obtains the
consent of Holders of 66 2/3% of the Outstanding Balance of the Notes. In determining such sufficiency or
insufficiency with respect to clauses (B) and (C), the Indenture Trustee may, but need not, obtain and rely upon an opinion of an Independent investment banking or accounting firm of national reputation as to the feasibility of such proposed action
and as to the sufficiency of the Collateral for such purpose. 
  
 (b) If the Indenture Trustee collects any money or property pursuant to this Article Five, it shall pay out the money or property in the following order: 
  
 first: to the Indenture Trustee, for any costs or expenses, including any reasonable out-of-pocket
attorneys’ fees, incurred by it in connection with the enforcement of the remedies provided for in this Article V and for any other unpaid amounts due to the Indenture Trustee hereunder, to the Trust Administrator for any amounts due and owing
to it under the Transfer and Servicing Agreement, to the Custodian for any amounts due and owing to them under the Custodial Agreement, and to the Owner Trustee, to the extent of any fees and expenses due and owing to it (including pursuant to
Section 7.03 of the Trust Agreement) and for any other unpaid amounts due to the Owner Trustee under the Transfer and Servicing Agreement; 
  

 30 

 second: to the Master Servicer and Servicer for any Servicing Fees then due and
unpaid and any unreimbursed Advances and other servicing advances; 
  
 third: to the Swap Counterparty, any Net Swap Payments, if any, owed under the Swap Agreement; 
  
 fourth: to the Notes, all accrued and unpaid interest thereon and amounts in respect of principal, and to the Swap Counterparty,
any swap termination payments, in each case according to the priorities set forth in Section 6.02 of the Transfer and Servicing Agreement; provided, however, that accrued and unpaid interest shall be paid to Noteholders of each Class of Notes before
any payments in respect of principal; and 
  
 fifth: to the Owner Trustee or its Paying Agent for any amounts to be distributed to the Holder of the Ownership Certificate. 
  
 The Indenture Trustee may fix a record date and payment date for any payment to Noteholders pursuant to this Section. At least 15 days before such record
date, the Issuer shall mail to each Noteholder and the Indenture Trustee a notice that states the record date, the payment date and the amount to be paid. 
  
 Section 5.05. Optional Preservation of the Collateral. If the Notes have been declared to be due and payable under Section 5.02 following an Event
of Default and such declaration and its consequences have not been rescinded and annulled, the Indenture Trustee may, but need not, elect to maintain possession of the Collateral. It is the desire of the parties hereto and the Noteholders that there
be at all times sufficient funds for the payment of principal of and interest on the Notes, and the Indenture Trustee shall take such desire into account when determining whether or not to maintain possession of the Collateral. In determining
whether to maintain possession of the Collateral, the Indenture Trustee may, but need not, obtain and rely upon an opinion (at the expense of the Issuer) of an Independent investment banking or accounting firm of national reputation as to the
feasibility Of such proposed action and as to the sufficiency of the Collateral for such purpose. 
  
 Section 5.06. Limitation of Suits. Other than as otherwise expressly provided herein in the case of an Event of Default, no Holder of any Note
shall have any right to institute any Proceeding, judicial or otherwise, with respect to this Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless: 
  
 (i) such Holder has previously given written notice to the
Indenture Trustee of a continuing Event of Default; 
  
 (ii) the Holders of not less than 25% of the Outstanding Balance of the Notes have made written request to the Indenture Trustee to institute such Proceeding in respect of such Event of Default in its own name as Indenture Trustee
hereunder; 
  
 (iii) such Holder or Holders have
offered to the Indenture Trustee reasonable indemnity against the costs, expenses and liabilities to be incurred in complying with such request; 
  

 31 

 (iv) the Indenture Trustee for 60 days after its receipt of such notice, request and
offer of indemnity has failed to institute such Proceedings; and 
  
 (v) no direction inconsistent with such written request has been given to the Indenture Trustee during such 60-day period by the Holders of a majority of the Outstanding Balance of the Notes. 
  
 It is understood and intended that no one or more Holders of Notes shall have
any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice the rights of any other Holders of Notes or to obtain or to seek to obtain priority or preference over any other
Holders or to enforce any right under this Indenture, except in the manner herein provided. 
  
 In the event the Indenture Trustee shall receive conflicting or inconsistent requests and indemnity from two or more groups of Holders of Notes, each representing less than a majority of the Outstanding Balance of the
Notes, the Indenture Trustee in its sole discretion may determine what action, if any, shall be taken, notwithstanding any other provisions of this Indenture. 
  

Section 5.07. Unconditional Rights of Noteholders To Receive Principal and Interest. Notwithstanding any other provisions in this Indenture, the
Holder of any Note shall have the right, which is absolute and unconditional, to receive payment of the principal of and interest, if any, on such Note on or after the respective due dates thereof expressed in such Note or in this Indenture (or, in
the case of redemption, on or after the Redemption Date) and to institute suit. for the enforcement of any such payment, and such right shall not be impaired without the consent of such Holder. 
  
 Section 5.08. Restoration of Rights and Remedies. If the Indenture
Trustee or any Noteholder has instituted any Proceeding to enforce any right or remedy under this Indenture and such Proceeding has been discontinued or abandoned for any reason or has been determined adversely to the Indenture Trustee or to such
Noteholder, then and in every such case the Issuer, the Indenture Trustee and the Noteholders shall, subject to any determination in such Proceeding, be restored severally and respectively to their former positions hereunder, and thereafter all
rights and remedies of the Indenture Trustee and the Noteholders shall continue as though no such Proceeding had been instituted. 
  
 Section 5.09. Rights and Remedies Cumulative. No right or remedy herein conferred upon or reserved to the Indenture Trustee or to the Noteholders
is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in
equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 
  
 Section 5.10. Delay or Omission Not a Waiver. No delay or omission of
the Indenture Trustee or any Holder of any Note to exercise any right or remedy accruing upon any Default or Event of Default, shall impair any such right or remedy or constitute a waiver of any such 
  

 32 

 Default or Event of Default or an acquiescence therein. Every right and remedy given by this Article Five or by law to
the Indenture Trustee or to the Noteholders may be exercised from time to time, and as often as may be deemed expedient, by the Indenture Trustee or by the Noteholders, as the case may be. 
  
 Section 5.11. Control by Noteholders. Except as otherwise provided in
Section 5.02, the Holders of a majority of the Outstanding Balance of the Notes shall have the right to direct the time, method and place of conducting any Proceeding for any remedy available to the Indenture Trustee with respect to the Notes or
exercising any trust or power conferred on the Indenture Trustee; provided that: 
  
 (i) such direction shall not be in conflict with any rule of law or with this Indenture; 
  
 (ii) subject to the express terms of Section 5.04, any
direction to the Indenture Trustee to sell or liquidate the Collateral shall be by Holders of Notes representing not less than 100% of the Outstanding Balance of the Notes; 
  
 (iii) if the conditions set forth in Section 5.05 have been satisfied and the Indenture Trustee elects to
retain the Collateral pursuant to such Section, then any direction to the Indenture Trustee by Holders of Notes representing less than 100% of the Outstanding Balance of the Notes to sell or liquidate the Collateral shall be of no force and effect;
and 
  
 (iv) the Indenture Trustee may take any
other action deemed proper by the Indenture Trustee that is not inconsistent with such direction. 
  
 Notwithstanding the rights of the Noteholders set forth in this Section, subject to Section 6.01(h), the Indenture Trustee need not take any action that
it determines might involve it in liability or might materially adversely affect the rights of any Noteholders not consenting to such action. 
  
 Section 5.12. Waiver of Past Defaults. Prior to the declaration of the acceleration of the maturity of the Notes as provided in Section 5.02, the
Holders of Notes of not less than a majority of the Outstanding Balance of the Notes may waive, in writing, any past Default or Event of Default and its consequences except a Default (a) in payment of principal of or interest on any of the Notes or
(b) in respect of a covenant or provision hereof which cannot be modified or amended without the consent of the Holder of each Note. In the case of any such waiver, the Issuer, the Indenture Trustee and the Holders of the Notes shall be restored to
their former positions and rights hereunder, respectively; but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereto. 
  
 Upon any such waiver, such Default shall cease to exist and be deemed to have been cured and not to have occurred, and any
Event of Default arising therefrom shall be deemed to have been cured and not to have occurred, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right
consequent thereto. 
  

 33 

 Section 5.13. Undertaking for Costs. All parties to this Indenture agree, and each Holder of a
Note by such Holder’s acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this indenture, or in any suit against the Indenture Trustee for
any action taken, suffered or omitted by it as Indenture Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable
attorneys’ fees, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section shall not apply to (a) any suit instituted by the
Indenture Trustee, (b) any suit instituted by any Noteholder, or group of Noteholders, in each case holding in the aggregate more than 10% of the Outstanding Balance of the Notes or (c) any suit instituted by any Noteholder for the enforcement of
the payment of principal of or interest on any Note on or after the respective due dates expressed in such Note and in this Indenture (or, in the case of redemption, on or after the Redemption Date). 
  
 Section 5.14. Waiver of Stay or Extension Laws. The Issuer covenants
(to the extent that it may lawfully do so) that it will not at any time insist upon, or plead or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force,
that may affect the covenants or the performance of this Indenture; and the Issuer (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will not hinder, delay or impede
the execution of any power herein granted to the Indenture Trustee, but will suffer and permit the execution of every such power as though no such law bad been enacted. 
  
 Section 5.15. Action on Notes. The Indenture Trustee’s right to seek and recover judgment on the Notes or under
this Indenture shall not be affected by the seeking, obtaining or application of any other relief under or with respect to this Indenture. Neither the lien of this Indenture nor any rights or remedies of the Indenture Trustee or the Noteholders
shall be impaired by the recovery of any judgment by the Indenture Trustee against the Issuer or by the levy of any execution under such judgment upon any portion of the Collateral or upon any of the assets of the Issuer. Any money or property
collected by the Indenture Trustee shall be applied in accordance with Section 5.04(b). 
  
 Section 5.16. Performance and Enforcement of Certain Obligations. (a) Promptly following a request from the Indenture Trustee to do so, the Issuer shall take all such lawful action as the Indenture Trustee may
request to compel or secure the performance and observance by the Seller, the Depositor, the Trust Administrator or the Master Servicer, as applicable, of each of their obligations to the Issuer under or in connection with the Mortgage Loan Purchase
Agreement and Transfer and Servicing Agreement, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under or in connection with the Transfer and Servicing Agreement to the extent and in the manner
directed by the Indenture Trustee, including the transmission of notices of default on the part of the Seller, the Depositor, the Trust Administrator or the Master Servicer, as applicable, under the Mortgage Loan Purchase Agreement and Transfer and
Servicing Agreement and the institution of legal or administrative actions or proceedings to compel or secure performance by the Seller, the Depositor, the Trust Administrator or the Master Servicer of each of their applicable obligations under the
Mortgage Loan Purchase Agreement and Transfer and Servicing Agreement. 
  

 34 

 (b) If an Event of Default has occurred and is continuing, the Indenture Trustee may, and at the
direction (which direction shall be in writing or by telephone (confirmed in writing promptly thereafter)) of the Holders of a majority of the Outstanding Balance of the Priority Class Notes shall, exercise all rights, remedies, powers, privileges
and claims of the Issuer against the Depositor, the Trust Administrator or the Master Servicer under or in connection with the Transfer and Servicing Agreement or the Seller under or in connection with the Mortgage Loan Purchase Agreement, including
the right or power to take any action to compel or secure performance or observance by the Seller, the Depositor or the Master Servicer, of each of their applicable obligations to the Issuer thereunder and to give any consent, request, notice,
direction, approval, extension or waiver under the Transfer and Servicing Agreement, and any right of the Issuer to take such action shall be suspended. 
  
 ARTICLE SIX 
  
 THE INDENTURE TRUSTEE 
  
 Section 6.01. Duties of Indenture Trustee. (a) If an Event of Default has occurred and is continuing, the Indenture Trustee shall exercise the rights and powers vested in it by this Indenture and use the same
degree of care and skill in its exercise as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs. 
  
 (b) Except during the continuance of an Event of Default: 
  
 (i) the Indenture Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture and shall
not be liable except for the performance of such duties and obligations as are specifically set forth in this Indenture and no implied covenants or obligations shall be read into this Indenture against the Indenture Trustee; and 
  
 (ii) in the absence of bad faith on its part, the Indenture
Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Indenture Trustee and on their face conforming to the requirements of this
Indenture; however, the Indenture Trustee shall examine the certificates and opinions to determine whether or not they conform on their face to the requirements of this Indenture. 
  
 (c) The Indenture Trustee may not be relieved from liability for its own negligent action, its own negligent failure to act,
its own willful misconduct or its own bad faith, except that: 
  
 (i) this paragraph does not limit the effect of paragraph (a) of this Section; 
  
 (ii) the Indenture Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer unless it is proved
that the Indenture Trustee was negligent in ascertaining the pertinent facts; 
  

 35 

 (iii) the Indenture Trustee shall not be liable with respect to any action it takes or
omits to take in good faith in accordance with this Indenture or upon a direction received by it from the requisite Noteholders pursuant to Article Five; and 
  

(iv) the Indenture Trustee shall not be required to take notice or be deemed to have notice or knowledge of (a) any failure by the
Issuer to comply with its obligations hereunder or in the Operative Agreements or (b) any Default or Event of Default, unless a Responsible Officer of the Indenture Trustee assigned to and working in its corporate trust department obtains actual
knowledge of such Default or Event of Default or shall have received written notice thereof. In the absence of such actual knowledge or notice, the Indenture Trustee may conclusively assume that there is no Default or Event of Default. 

 
 (d) Every provision of this Indenture that in any way relates to the
Indenture Trustee is subject to the provisions of this Section. 
  
 (e) The Indenture Trustee shall not be liable for indebtedness evidenced by or arising under any of the Operative Agreements, including principal of or interest on the Notes, or interest on any money received by it except as the Indenture
Trustee may agree in writing with the Issuer. 
  
 (f) Money held
in trust by the Indenture Trustee need not be segregated from other funds except to the extent required by law or the terms of this Indenture or the Transfer and Servicing Agreement. 
  
 (g) No provision of this Indenture shall require the Indenture Trustee to expend, advance or risk its own funds or otherwise
incur financial liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers, if it shall have reasonable grounds to believe that repayment of such funds or adequate indemnity against such risk or
liability is not reasonably assured to it provided, however, that the Indenture Trustee shall not refuse or fail to perform any of its duties hereunder solely as a result of nonpayment of its normal fees and expenses. 
  
 (h) Every provision of this Indenture or any Operative Agreement relating to
the conduct or affecting the liability of or affording protection to the Indenture Trustee shall be subject to the provisions of this Section, Section 6.02 and to the provisions of the TIA. 
  
 (i) The Indenture Trustee shall execute and deliver the Transfer and
Servicing Agreement and perform its duties thereunder. 
  
 (j) The
Indenture 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 Collateral, or to otherwise take or refrain from taking any action under, or in
connection with, any document contemplated hereby to which the Indenture Trustee is a party, except as expressly provided (i) in accordance with the powers granted to and the authority conferred upon the Indenture Trustee pursuant to this Agreement
or any other Operative Agreement, and (ii) in accordance with any document or instruction delivered to the Indenture Trustee pursuant to the terms of this Agreement; and no implied duties or obligations shall be read into this Agreement or any

  

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 Operative Agreement against the Indenture Trustee. The Indenture Trustee agrees that it will, at the cost and expense of
the Issuer, promptly take all action as maybe necessary to discharge any liens on any part of the Collateral that result from actions by, or claims against itself (in its individual capacity, and not in the capacity of Indenture Trustee) that are
not related to the administration of the Collateral. 
  
 Section
6.02. Rights of Indenture Trustee. (a) The Indenture Trustee may rely on any document believed by it to be genuine and to have been signed or presented by the proper person. The Indenture Trustee need not investigate any fact or matter stated
in the document. 
  
 (b) Before the Indenture Trustee acts or
refrains from acting, it may require an Officer’s Certificate or an Opinion of Counsel, which shall not be at the expense of the Indenture Trustee. The Indenture Trustee shall not be liable for any action it takes or omits to take in good faith
in reliance on an Officer’s Certificate or Opinion of Counsel. The right of the Indenture Trustee to perform any discretionary act enumerated in this Indenture or in any Operative Agreement shall not be construed as a duty and the Indenture
Trustee shall not be answerable for other than its negligence or willful misconduct in the performance of such act. 
  
 (c) The Indenture Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or
attorneys or a custodian or nominee. 
  
 (d) The Indenture Trustee
shall not be liable for any action it takes or omits to take in good faith which it believes to be authorized or within its rights or powers; provided, that the Indenture Trustee’s conduct does not constitute willful misconduct, negligence or
bad faith. 
  
 (e) The Indenture Trustee may consult with counsel,
and any Opinion of Counsel with respect to legal matters relating to this Indenture, any Operative Agreement and the Notes shall be full and complete authorization and protection from liability in respect to any action taken, omitted or suffered by
it hereunder in good faith and in accordance with any Opinion of Counsel of such counsel. 
  
 (f) In the event that the Indenture Trustee is also acting as Paying Agent, Note Registrar, Custodian or Trust Administrator hereunder or under any Operative Agreement, the rights and protections afforded to the
Indenture Trustee pursuant to this Article Six shall be afforded to such Paying Agent, Note Registrar, Custodian and Trust Administrator. 
  
 (g) The permissive rights of the Indenture Trustee enumerated herein shall not be construed as duties. 
  
 Section 6.03. Individual Rights of Indenture Trustee. The Indenture
Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Issuer or its Affiliates with the same rights it would have if it were not Indenture Trustee. Any Paying Agent, Note Registrar,
co-registrar or co-paying agent may do the same with like rights. However, the Indenture Trustee must comply with Section 6.11. 
  
 Section 6.04. Indenture Trustee’s Disclaimer. The Indenture Trustee shall not be responsible for and makes no representation as to the
validity or adequacy of any of the 
  

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 Operative Agreements or the Notes or the sufficiency of the Collateral; it shall not be accountable for the Issuer’s
use of the proceeds from the Notes, and it shall not be responsible for any statement of the Issuer or the Servicer in this Indenture, any Operative Agreement or in any other document issued in connection with the sale of the Notes or in the Notes
other than the Indenture Trustee’s certificate of authentication. 
  
 Section 6.05. Notice of Defaults. If a Default occurs and is continuing and if a Responsible Officer of the Indenture Trustee has actual knowledge thereof, the Indenture Trustee shall give prompt written notice thereof to each
Noteholder. 
  
 Section 6.06. Reports by Indenture Trustee to
Holders. The Trust Administrator shall deliver to each Noteholder such information with respect to the Notes as may be required to enable such holder to prepare its federal and state income tax returns and shall file such information returns
with the Internal Revenue Service with respect to payments or accruals of interest on the Notes as are required to be filed under the Code or applicable Treasury Regulations. 
  
 Section 6.07. Compensation and Indemnity. The Indenture Trustee shall be entitled, as compensation for its services,
a fee to be paid by the Master Servicer as provided in the Transfer and Servicing Agreement. The Indenture Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Indenture Trustee and any
co-trustee shall be reimbursed on behalf of the Issuer from funds in the Collection Account, as provided in the Transfer and Servicing Agreement, for all reasonable ordinary out-of-pocket expenses incurred or made by it, including costs of
collection, in addition to the compensation for its services (as provided in the Transfer and Servicing Agreement). Reimbursable expenses under this Section shall include the reasonable compensation and expenses, disbursements and advances of the
Indenture Trustee’s agents, counsel, accountants and experts. The Issuer shall indemnify the Indenture Trustee, any co-trustee and their respective employees, directors and agents, as provided in the Transfer and Servicing Agreement and from
funds in the Collection Account, against any and all claim, loss, liability or expense (including attorneys’ fees) incurred by it in connection with the administration of this trust and the performance of its duties hereunder or under any
Operative Agreement, including, without limitation, the execution and filing of any information returns. The Indenture Trustee or co-trustee, as applicable, shall notify the Issuer and the Trust Administrator promptly of any claim for which it may
seek indemnity. Failure by the Indenture Trustee or the co-trustee, as applicable, to so notify the Issuer and the Trust Administrator shall not relieve the Issuer or the Trust Administrator of its obligations hereunder. The Issuer shall defend any
such claim, and the Indenture Trustee and any co-trustee may have separate counsel and the fees and expenses of such counsel shall be payable on behalf of the Issuer from funds in the Collection Account. The Issuer shall not be required to reimburse
any expense or indemnify against any loss, liability or expense incurred by the Indenture Trustee or any co-trustee through the Indenture Trustee’s or co-trustee’s, as the case may be, own willful misconduct, negligence or bad faith.

  
 The Issuer’s obligations to the Indenture Trustee and any
co-trustee pursuant to this Section shall survive the resignation or removal of the Indenture Trustee and the termination of discharge of this Indenture. When the Indenture Trustee or any co-trustee incurs expenses after the occurrence of a Default
specified in Section 5.01(iv) or (vi) with respect to the Issuer, the expenses are intended to constitute expenses of administration under Title 11 of the United States Code or any other applicable federal or state bankruptcy, insolvency or similar
law. 
  

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 Section 6.08. Replacement of Indenture Trustee. No resignation or removal of the Indenture Trustee
and no appointment of a successor Indenture Trustee shall become effective until the acceptance of appointment by the successor Indenture Trustee pursuant to this Section. The Indenture Trustee may resign at any time by giving 90 days’ written
notice thereof to the Depositor, the Issuer, each Noteholder and each Rating Agency. The Issuer shall remove the Indenture Trustee if: 
  
 (i) the Indenture Trustee fails to comply with Section 6.11; 
  
 (ii) the Indenture Trustee is adjudged bankrupt or insolvent; 
  
 (iii) a receiver or other public officer takes charge of the
Indenture Trustee or its property; or 
  
 (iv)
the Indenture Trustee otherwise becomes incapable of acting. 
  
 If the Indenture Trustee resigns or is removed or if a vacancy exists in the office of the Indenture Trustee for any reason (the Indenture Trustee in such event being referred to herein as the retiring Indenture Trustee), the Issuer shall
promptly appoint a successor Indenture Trustee that satisfies the eligibility requirements of Section 6.11. 
  
 The resigning or removed Indenture Trustee agrees to cooperate with any successor Indenture Trustee in effecting the termination of the resigning or
removed Indenture Trustee’s responsibilities and rights hereunder and shall promptly provide such successor Indenture Trustee all documents and records reasonably requested by it to enable it to assume the Indenture Trustee’s functions
hereunder. 
  
 A successor Indenture Trustee shall deliver a
written acceptance of its appointment to the retiring Indenture Trustee and to the Issuer. Thereupon the resignation or removal of the retiring Indenture Trustee shall become effective, and the successor Indenture Trustee shall have all the rights,
powers and duties of the Indenture Trustee under this Indenture. The successor Indenture Trustee shall mail a notice of its succession to Noteholders. The retiring Indenture Trustee shall promptly transfer all property held by it as Indenture
Trustee to the successor Indenture Trustee. 
  
 If a successor
Indenture Trustee does not take office within 30 days after the retiring Indenture Trustee resigns or is removed, the retiring Indenture Trustee, the Issuer or the Holders of a majority in Outstanding Balance of the Notes may petition any court of
competent jurisdiction for the appointment of a successor Indenture Trustee. 
  
 If the Indenture Trustee fails to comply with Section 6.11, any Noteholder may petition any court of competent jurisdiction for the removal of the Indenture Trustee and the appointment of a successor Indenture
Trustee. 
  
 Section 6.09. Successor Indenture Trustee by
Merger. If the Indenture Trustee consolidates with, merges or converts into, or transfers all or substantially all its corporate trust 
  

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 business or assets to, another corporation or banking association, the resulting, surviving or transferee corporation
without any further act shall be the successor Indenture Trustee; provided, that such corporation or banking association shall be otherwise qualified and eligible under Section 6.11. The Indenture Trustee shall provide each Rating Agency prior
written notice of any such transaction. 
  
 In case at the time
such successor or successors by merger, conversion or consolidation to the Indenture Trustee shall succeed to the trusts created by this Indenture any of the Notes shall have been authenticated but not delivered, any such successor to the Indenture
Trustee may adopt the certificate of authentication of any predecessor trustee and deliver such Notes so authenticated; and in case at that time any of the Notes shall not have been authenticated, any successor to the Indenture Trustee may
authenticate such Notes either in the name of any predecessor hereunder or in the name of the successor to the Indenture Trustee; and in all such cases such certificates shall have the full force which it is anywhere in the Notes or in this
Indenture provided that the certificate of the Indenture Trustee shall have. 
  
 Section 6.10. Appointment of Co-Indenture Trustee or Separate Indenture Trustee. (a) Notwithstanding any other provisions of this Indenture, at anytime, for the purpose of meeting any legal requirement of any
jurisdiction in which any part of the Collateral may at the time be located, the Indenture Trustee shall have the power and may execute and deliver all instruments to appoint one or more Persons to act as a co-trustee or co-trustees, or separate
trustee or separate trustees, of all or any part of the Trust, and to vest in such Person or Persons, in such capacity and for the benefit of the Noteholders, such title to the Collateral, or any part hereof, and, subject to the other provisions of
this Section, such powers, duties, obligations, rights and trusts as the Indenture Trustee may consider necessary or desirable. No co-trustee or separate trustee hereunder shall be required to meet the terms of eligibility as a successor trustee
under Section 6.11 and no notice to Noteholders of the appointment of any co-trustee or separate trustee shall be required under Section 6.08 hereof. 
  
 (b) Every separate trustee and co-trustee shall, to the extent permitted by law, be appointed and act subject to the following provisions and conditions:

  
 (i) all rights, powers, duties and
obligations conferred or imposed upon the Indenture Trustee shall be conferred or imposed upon and exercised or performed by the Indenture Trustee and such separate trustee or co-trustee jointly (it being understood that such separate trustee or
co-trustee is not authorized to act separately without the Indenture Trustee joining in such act), except to the extent that under any law of any jurisdiction in which any particular act or acts are to be performed the Indenture Trustee shall be
incompetent or unqualified to perform such act or acts, in which event such rights, powers, duties and obligations (including the holding of title to the Collateral or any portion thereof in any such jurisdiction) shall be exercised and performed
singly by such separate trustee or co-trustee, but solely at the direction of the Indenture Trustee; 
  
 (ii) no trustee hereunder shall be personally liable by reason of any act or omission of any other trustee hereunder; and 
  
 (iii) the Indenture Trustee may at any time accept the
resignation of or remove any separate trustee or co-trustee. 
  

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 (c) Any notice, request or other writing given to the Indenture Trustee shall be deemed to have been
given to each of the then separate trustees and co-trustees, as effectively as if given to each of them. Every instrument appointing any separate trustee or co-trustee shall refer to this Indenture and the conditions of this Article Six. Each
separate trustee and co-trustee, upon its acceptance of the trusts conferred, shall be vested with the estates or property specified in its instrument of appointment, either jointly with the Indenture Trustee or separately, as may be provided
therein, subject to all the provisions of this Indenture, specifically including every provision of this Indenture relating to the conduct of, affecting the liability of, or affording protection to, the Indenture Trustee. Every such instrument shall
be filed with the Indenture Trustee. 
  
 (d) Any separate trustee
or co-trustee may at any time constitute the Indenture Trustee, its agent or attorney-in-fact with full power and authority, to the extent not prohibited by law, to do any lawful act under or in respect of this Indenture on its behalf and in its
name. If any separate trustee or co-trustee shall die, become incapable of acting, resign or be removed, all of its estates, properties, rights, remedies and trusts shall vest in and be exercised by the Indenture Trustee, to the extent permitted by
law, without the appointment of a new or successor trustee. 
  
 Section 6.11. Eligibility; Disqualification. The Indenture Trustee shall at all times (i) satisfy the requirements of TIA Section 310(a), (ii) have a combined capital and surplus of at least $100,000,000 as set forth in its most
recently published annual report of condition, (iii) have a long-term debt rating equivalent to “A” or better by the Rating Agencies or be otherwise acceptable to the Rating Agencies and (iv) not be an Affiliate of the Issuer or the Owner
Trustee. The Indenture Trustee shall comply with TIA Section 310(b), including the optional provision permitted by the second sentence of TIA Section 310(b)(9); provided, however, that there shall be excluded from the operation of TIA Section
310(b)(l) any indenture or indentures under which other securities of the Issuer are outstanding if the requirements for such exclusion set forth in TIA Section 310(b)(1) are met. 
  
 Section 6.12. Representations and Warranties. The Indenture Trustee hereby represents that: 
  
 (a) the Indenture Trustee is duly organized and validly existing as a
[                            ] in good standing under the laws of
[                            ] with power and authority to own its properties and to conduct its
business as such properties are currently owned and such business is presently conducted; 
  
 (b) the Indenture Trustee has the power and authority to execute and deliver this Indenture and to carry out its terms; and the execution, delivery and performance of this Indenture have been duly authorized by the
Indenture Trustee by all necessary corporate action; 
  
 (c) the
consummation of the transactions contemplated by this Indenture and the fulfillment of the terms hereof do not conflict with, result in any breach of any of the terms and 
  

 41 

 provisions of, or constitute (with or without notice or lapse of time) a default under the articles of organization or
bylaws of the Indenture Trustee or, to the knowledge of the Indenture Trustee, any agreement or other instrument to which the Indenture Trustee is a party or by which it is bound; and 
  
 (d) to the Indenture Trustee’s best knowledge, there are no proceedings or investigations pending or threatened before
any court, regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Indenture Trustee or its properties: (i) asserting the invalidity of this Indenture, (ii) seeking to prevent the consummation of any
of the transactions contemplated by this Indenture or (iii) seeking any determination or ruling that might materially and adversely affect the performance by the Indenture Trustee of its obligations under, or the validity or enforceability of, this
Indenture. 
  
 Section 6.13. Preferential Collection of Claims
Against Issuer. The Indenture Trustee shall comply with TIA Section 311(a), excluding any creditor relationship listed in TIA Section 311(b). An Indenture Trustee which has resigned or been removed shall be subject to TIA Section 311(a) to the
extent indicated. 
  
 ARTICLE SEVEN 
  
 NOTEHOLDERS’ LISTS AND REPORTS 
  
 Section 7.01. Note Registrar To Furnish to the Indenture Trustee the Names
and Addresses of Noteholders. The Note Registrar will furnish or cause to be furnished to the Indenture Trustee at such times as the Indenture Trustee may request in writing, within 30 days after receipt by the Note Registrar of any such
request, a list in such form as the Indenture Trustee may reasonably require, of the names and addresses of the Holders of Notes as of a date not more than 10 days prior to the time such list is furnished. 
  
 Section 7.02. Preservation of Information: Communications to
Noteholders. (a) The Trust Administrator shall preserve, in as current a form as is reasonably practicable, the names and addresses of the Holders of Notes contained in the most recent list furnished to the Trust Administrator as provided in
Section 7.01 and the names and addresses of Holders of Notes received by the Trust Administrator in its capacity as Note Registrar. The Trust Administrator may destroy any list furnished to it as provided in such Section 7.01 upon receipt of a new
list so furnished. If three or more Noteholders, or one or more Holders of a Class of Notes evidencing not less than 25% of the Outstanding Balance thereof (hereinafter referred to as “Applicants”), apply in writing to the Trust
Administrator or the Indenture Trustee, and such application states that the Applicants desire to communicate with other holders with respect to their rights under this Indenture or under the Notes, then the Trust Administrator shall, within five
Business Days after the receipt of such application, afford such Applicants access, during normal business hours, to the current list of Holders. Every Holder, by receiving and holding a Note, agrees with the Issuer, the Indenture Trustee and the
Trust Administrator that neither the Issuer, the Indenture Trustee nor the Trust Administrator shall be held accountable by reason of the disclosure of any such information as to the names and addresses of the Holders under this Indenture,
regardless of the source from which such information was derived. 
  

 42 

 (b) Noteholders may communicate pursuant to TIA Section 312(b) with other Noteholders with respect to
their rights under this Indenture or under the Notes. 
  
 (c) The
Issuer, the Indenture Trustee and the Trust Administrator shall have the protection of TIA Section 312(e). 
  
 Section 7.03. Reports by Issuer. (a) The Issuer shall: 
  
 (i) file with the Indenture Trustee and the Commission in accordance with the rules and regulations prescribed from time to time by the
Commission such additional information, documents and reports with respect to compliance by the Issuer with the conditions and covenants of this Indenture as may be required from time to time by such rules and regulations. Delivery of such
information, documents and reports to the Indenture Trustee is for informational purposes only and the Indenture Trustee’s receipt of such reports shall not constitute constructive notice of any information contained therein or determinable
from information contained therein, including the Issuer’s compliance with any of its covenants hereunder (as to which the Indenture Trustee is entitled to rely exclusively on Officers’ Certificates); and 
  
 (ii) supply to the Trust Administrator (and the Trust
Administrator shall transmit by mail to all Noteholders described in TIA Section 313(c)) such summaries of any information, documents and reports required to be filed by the Issuer pursuant to clause (i) of this Section 7.03(a) and by rules and
regulations prescribed from time to time by the Commission. 
  
 (b) Unless the Issuer otherwise determines, the fiscal year of the Issuer shall end on December 31 of each year. 
  
 Section 7.04. Reports by Indenture Trustee. If required by TIA Section 313(a), within 60 days after each March 1, beginning with March 1, 2006, the
Indenture Trustee shall mail to each Noteholder as required by TIA Section 313(c) a brief report dated as of such date that complies with TIA Section 313(a). The Indenture Trustee also shall comply with TIA Section 313(b). 
  
 A copy of each report at the time of its mailing to Noteholders shall be
filed by the Indenture Trustee with the Commission and each securities exchange, if any, on which the Notes are listed. The Issuer shall notify the Indenture Trustee if and when the Notes are listed on any securities exchange. 
  
 ARTICLE EIGHT 
  
 ACCOUNTS, DISBURSEMENTS AND RELEASES 
  

Section 8.01. Collection of Money. Except as otherwise expressly provided herein, the Indenture Trustee may demand payment or delivery of, and
shall receive and collect, directly and without intervention or assistance of any fiscal agent or other intermediary, all money and other property payable to or receivable by the Indenture Trustee pursuant to this Indenture. The Indenture Trustee
shall apply all such money received by it as provided in this Indenture. Except 
  

 43 

 as otherwise expressly provided in this Indenture, if any default occurs in the making of any payment or performance
under any agreement or instrument that is part of the Collateral, the Indenture Trustee may take such action as may be appropriate to enforce such payment or performance, including the institution and prosecution of appropriate Proceedings. Any such
action shall be without prejudice to any right to claim a Default or Event of Default under this Indenture and any right to proceed thereafter as provided in Article Five. 
  
 Section 8.02. Collection Account. On each Payment Date and Redemption Date, the Paying Agent (or, if the Indenture
Trustee acts as Paying Agent, the Indenture Trustee) shall distribute all amounts on deposit in the Collection Account as provided in Sections 5.08 and 6.02 of the Transfer and Servicing Agreement. 
  
 Section 8.03. Release of Collateral. (a) Subject to the payment of its
fees and expenses pursuant to Section 6.07, the Indenture Trustee may, and when required by the provisions of this Indenture and the Transfer and Servicing Agreement shall, execute instruments to release property from the lien of this Indenture, or
convey the Indenture Trustee’s interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this
Article Eight shall be bound to ascertain the Indenture Trustee’s authority, inquire into the satisfaction of any conditions precedent or see to the application of any monies. 
  
 (b) The Indenture Trustee shall, at such time as there are no Notes outstanding and all sums due to the Noteholders pursuant
to the Transfer and Servicing Agreement and all fees and expenses of the Indenture Trustee, the Master Servicer, the Trust Administrator and the Custodian pursuant to this Indenture or any other Operative Agreement have been paid, release any
remaining portion of the Collateral that secured the Notes from the lien of this Indenture and release to the Issuer or any other Person entitled thereto any funds then on deposit in the Trust Account and assign or transfer any outstanding Swap
Agreement. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this subsection (b) only upon receipt of an Issuer Request accompanied by an Officer’s Certificate, an Opinion of Counsel and (if required by
the TIA) Independent Certificates in accordance with TIA Sections 314(c) and 314(d)( 1) meeting the applicable requirements of Section 11.01 hereof. 
  
 ARTICLE NINE 
  
 SUPPLEMENTAL INDENTURES 
  
 Section 9.01. Supplemental Indentures Without Consent of Noteholders. (a) Without the consent of the Holders of any Notes but with prior notice to each Rating Agency, the Issuer and the Indenture Trustee and
with the prior written consent of the Swap Counterparty (but only to the extent such supplemental indenture materially adversely affects the amounts, priority or timing of payments under the Swap Agreement), when authorized by an Issuer Order, at
any time and from time to time, may enter into one or more indentures supplemental hereto (which shall conform to the provisions of the Trust Indenture Act as in force at the date of the execution thereof), in form satisfactory to the Indenture
Trustee, for any of the following purposes: 
  

 44 

 (i) to correct or amplify the description of any property at any time subject to the lien
of this Indenture, or better to assure, convey and confirm unto the Indenture Trustee any property subject or required to be subjected to the lien of this Indenture, or to subject to the lien of this Indenture additional property; 
  
 (ii) to evidence the succession, in compliance with the
applicable provisions hereof, of another person to the Issuer, and the assumption by any such successor of the covenants of the Issuer herein and in the Notes contained; 
  
 (iii) to add to the covenants of the Issuer, for the benefit of the Holders of the Notes, or to surrender
any right or power herein conferred upon the Issuer; 
  
 (iv) to convey, transfer, assign, mortgage or pledge any property to or with the Indenture Trustee; 
  
 (v) (A) to cure any ambiguity, (B) to correct or supplement any provision herein or in any supplemental indenture that may be inconsistent
with any other provisions herein or in any supplemental indenture or to conform the provisions hereof to those of the Offering Document, (C) to obtain or maintain a rating for a Class of Notes from a nationally recognized statistical rating
organization, (D) to make any other provisions with respect to matters or questions arising under this Indenture; provided, however, that no such supplemental indenture entered into pursuant to clause (D) of this subparagraph (v) shall
adversely affect in any material respect the interests of any Holder not consenting thereto; 
  
 (vi) to evidence and provide for the acceptance of the appointment hereunder by a successor trustee with respect to the Notes and to add
to or change any of the provisions of this Indenture as shall be necessary to facilitate the administration of the trusts hereunder by more than one trustee, pursuant to the requirements of Article Six; or 
  
 (vii) to modify, eliminate or add to the provisions of this
Indenture to such extent as shall be necessary to effect the qualification of this Indenture under the TIA or under any similar federal statute hereafter enacted and to add to this Indenture such other provisions as may be expressly required by the
TIA. 
  
 provided, however, that no such supplemental indenture
shall be entered into unless the Indenture Trustee shall have received an Opinion of Counsel stating that as a result of such supplemental indenture, the Trust will not be subject to federal income tax as long as an entity that qualifies as a REIT
under the Code holds directly, or indirectly through one or more Qualified REIT Subsidiaries, a 100% ownership interest in the Ownership Certificate, and the Indenture Trustee receives an Officer’s Certificate from the Holder of the Ownership
Certificate that the Holder of the Ownership Certificate either qualifies as a REIT or a Qualified REIT Subsidiary under the Code and the Holder of the Ownership Certificate holds a 100% ownership Interest in the Ownership Certificate. 

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

 45 

 (b) A letter from each Rating Agency to the effect that any supplemental indenture entered into pursuant
to this Section 9.01 will not cause the then-current ratings on the Notes to be qualified, reduced or withdrawn shall constitute conclusive evidence that such amendment does not adversely affect in any material respect the interests of the
Noteholders. 
  
 Section 9.02. Supplemental Indentures with
Consent of Noteholders. The Issuer and the Indenture Trustee, when authorized by an Issuer Order, also may, with prior notice to each Rating Agency and with the consent of the Holders of not less than 66 2/3% of the Outstanding Balance of the Notes and with the prior written consent of the Swap Counterparty (but only to
the extent such supplemental indenture materially adversely affects the amounts, priority or timing of payments under the Swap Agreement), by Act of such Holders delivered to the Issuer and the Indenture Trustee, enter into an indenture or
indentures supplemental hereto for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of modifying in any manner the rights of the Holders of the Notes under this Indenture;
provided, however, that no such supplemental indenture shall, adversely affect the interests of the Noteholders without the consent of the Holder of each Outstanding Note affected thereby (i) reduce in any manner the amount of, or
delay the timing of, payments in respect of any Note, (ii) alter the obligations of the Servicer or the Indenture Trustee to make an Advance or alter the servicing standards set forth in the Transfer and Servicing Agreement or the Servicing
Agreement, (iii) reduce the aforesaid percentages of Notes the Holders of which. are required to consent to any such supplemental indenture, without the consent of the Holders of all Notes affected thereby, or (iv) permit the creation of any lien
ranking prior to or on a parity with the lien of this Indenture with respect to any part of the Collateral or, except as otherwise permitted or contemplated herein, terminate the lien of this Indenture on any property at any time subject hereto or
deprive the Holder of any Note of the security provided by the lien of this Indenture and provided, further, that such action shall not, as evidenced by an Opinion of Counsel, subject the Trust to federal income tax as long as an entity that
qualifies as a REIT under the Code holds directly, or indirectly through one or more Qualified REIT Subsidiaries, a 100% ownership interest in the Ownership Certificate, and provided further, that the Indenture Trustee receives an
Officer’s Certificate from the Holder of the Ownership Certificate that the Holder of the Ownership Certificate either qualifies as a REIT or a Qualified REIT Subsidiary under the Code and the Holder of the Ownership Certificate holds a 100%
ownership Interest in the Ownership Certificate. 
  
 The
Indenture Trustee may rely on an Opinion of Counsel to determine whether or not any Notes would be affected by any supplemental indenture and any such determination shall be conclusive upon the Holders of all Notes, whether theretofore or thereafter
authenticated and delivered hereunder. 
  
 It shall not be
necessary for any Act of Noteholders under this Section to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such Act shall approve the substance thereof. 
  
 Promptly after the execution by the Issuer and the Indenture Trustee of any
supplemental indenture pursuant to this Section, the Issuer shall mail to the Holders of the Notes to which such amendment or supplemental indenture relates and each Rating Agency a notice setting forth in general terms the substance of such
supplemental indenture. Any failure of the Indenture Trustee to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture. 
  

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 Section 9.03. Execution of Supplemental Indentures. In executing, or permitting the additional
trusts created by, any supplemental indenture permitted by this Article Nine or the modification thereby of the trusts created by this Indenture, the Indenture Trustee shall be entitled to receive, and subject to Section 6.02, shall be fully
protected in relying upon, in addition to the documents required under Section 11.01, an Opinion of Counsel to the effect provided in Section 9.07. The Indenture Trustee may, but shall not be obligated to, enter into any such supplemental indenture
that affects the Indenture Trustee’s own rights, duties, liabilities or immunities under this Indenture or otherwise. 
  
 Section 9.04. Effect of Supplemental Indenture. Upon the execution of any supplemental indenture pursuant to the provisions hereof, this Indenture
shall be and shall be deemed to be modified and amended in accordance therewith with respect to the Notes affected thereby, and the respective rights, limitations of rights, obligations, duties, liabilities and immunities under this Indenture of the
Indenture Trustee, the Issuer and the Holders of the Notes shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and amendments, and all the terms and conditions of any such supplemental
indenture shall be and be deemed to be part of the terms and conditions of this Indenture for any and all purposes. 
  
 Section 9.05. Conformity with Trust Indenture Act. Every amendment of this Indenture and every supplemental indenture executed pursuant to this
Article IX shall conform to the requirements of the Trust Indenture Act as then in effect so long as this Indenture shall then be qualified under the Trust Indenture Act. 
  
 Section 9.06. Reference in Notes to Supplemental Indentures. Notes authenticated and delivered after the execution of
any supplemental indenture pursuant to this Article Nine may, and if required by the Indenture Trustee shall, bear a notation in a form approved by the Indenture Trustee as to any matter provided for in such supplemental indenture. If the Issuer or
the Indenture Trustee shall so determine, new Notes so modified as to conform, in the opinion of the Indenture Trustee and the Issuer, to any such supplemental indenture may be prepared and executed by the Issuer and authenticated and delivered by
the Indenture Trustee in exchange for Outstanding Notes. 
  
 Section 9.07. Opinion of Counsel. In connection with any supplemental indenture pursuant to this Article Nine, the Indenture Trustee shall be entitled to receive an Opinion of Counsel to the effect that such supplemental indenture is
authorized or permitted by this Indenture and that all conditions precedent to the execution of such supplemental indenture in accordance with the relevant provisions of this Article Nine have been met. 
  
 Nothing in this Section shall be construed to require that any Person obtain
the consent of the Indenture Trustee to any amendment or waiver or any provision of any document where the making of such amendment or the giving of such waiver without obtaining the consent of the Indenture Trustee is not prohibited by this
Indenture or by the terms of the document that is the subject of the proposed amendment or waiver. 
  

 47 

 ARTICLE TEN 
  
 REDEMPTION OF NOTES 
  
 Section 10.01. Redemption. The Notes are subject to redemption pursuant to Section 9.02 of the Transfer and Servicing Agreement. The Issuer shall
furnish each Rating Agency notice of such redemption. If the Notes are to be redeemed pursuant to Section 9.02 of the Transfer and Servicing Agreement, FSC shall furnish notice of its exercise of its option to redeem the Notes to the Indenture
Trustee and the Trust Administrator not later than 15 days prior to the Redemption Date and FSC shall deposit by 10:00 A.M. New York City time on the Redemption Date with the Trust Administrator in the Collection Account the Redemption Price of the
Notes to be redeemed, whereupon all such Notes shall be due and payable on the Redemption Date upon the furnishing of a notice complying with Section 10.02 hereof to each Holder of the Notes. 
  
 Section 10.02. Form of Redemption Notice. Notice of redemption under
Section 10.01 shall be given by the Indenture Trustee by first-class mail, postage prepaid, or by facsimile mailed or transmitted not later than 10 days prior to the applicable Redemption Date to each Holder of Notes, as of the close of business on
the Record Date preceding the applicable Redemption Date, at such Holder’s address or facsimile number appearing in the Note Register. 
  
 All notices of redemption shall state: 
  
 (i) the Redemption Date; 
  
 (ii) the Redemption Price; and 
  
 (iii) the place where such Notes are to be surrendered for payment of the Redemption Price (which shall be the office or agency of the
Issuer to be maintained as provided in Section 3.02). 
  
 Notice
of redemption of the Notes shall be given by the Indenture Trustee in the name and at the expense of the Issuer. Failure to give notice of redemption, or any defect therein, to any Holder of any Note shall not impair or affect the validity of the
redemption of any other Note. 
  
 Section 10.03. Notes Payable
on Redemption Date. The Notes or portions thereof to be redeemed shall, following notice of redemption as required under Section 10.02 (in the case of redemption pursuant to Section 10.01) and remittance to the Indenture Trustee of the
Redemption Price as required under Section 10.01, on the Redemption Date become due and payable at the Redemption Price and (unless the Issuer shall default in the payment of the Redemption Price) no interest shall accrue on the Redemption Price for
any period after the date to which accrued interest is calculated for purposes of calculating the Redemption Price. 
  

 48 

 ARTICLE ELEVEN 
  
 MISCELLANEOUS 
  
 Section 11.01. Compliance Certificates and Opinions, etc. Upon any application or request by the Issuer to the Indenture Trustee to take any action
under any provision of this Indenture, the Issuer shall furnish to the Indenture Trustee: (i) an Officer’s Certificate stating that all conditions precedent; if any, provided for in this Indenture relating to the proposed action have been
complied with, (ii) an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent, if any, have been complied with, and (iii) (if required by the TIA) an Independent Certificate from a firm of certified public
accountants meeting the applicable requirements of this Section, except that, in the case of any such application or request as to which the furnishing of such documents is specifically required by any provision of this Indenture, no additional
certificate or opinion need be furnished. 
  
 Every certificate or
opinion with respect to compliance with a condition or covenant provided for in this Indenture shall include: 
  
 (i) a statement that each signatory of such certificate or opinion has read or has caused to be read such covenant or condition and the
definitions herein relating thereto; 
  
 (ii) a
brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; 
  
 (iii) a statement that, in the opinion of each such signatory, such signatory has made such examination or
investigation as is necessary to enable such signatory to express an informed opinion as to whether or not such covenant or condition has been complied with; and 
  
 (iv) a statement as to whether, in the opinion of each such signatory, such condition or covenant has been
complied with. 
  
 Section 11.02. Form of Documents Delivered
to Indenture Trustee. In any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one such
Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and any such Person may certify or give an
opinion as to such matters in one or several documents. 
  
 Any
certificate or opinion of an Authorized Officer of the Issuer may be based, insofar as it relates to legal matters, upon a certificate or opinion of, or representations by, counsel, unless such officer knows, or in the exercise of reasonable care
should know, that the certificate or opinion or representations with respect to the matters upon which such officer’s certificate or opinion is based are erroneous. Any such certificate of an Authorized Officer or Opinion of Counsel may be
based, insofar as it relates to factual matters, upon a certificate or opinion of, or 
  

 49 

 representations by, an officer or officers of the Servicer, Sub-Servicer, the Depositor, the Issuer or the Trust
Administrator, stating that the information with respect to such factual matters is in the possession of the Servicer, the Sub-Servicer, the Depositor, the Issuer or the Trust Administrator, unless such counsel knows, or in the exercise of
reasonable care should know, that the certificate or opinion or representations with respect to such matters are erroneous. 
  
 Where any Person is required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or other
instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 
  
 Whenever in this Indenture, in connection with any application or certificate or report to the Indenture Trustee, it is provided that the Issuer shall
deliver any document as a condition of the granting of such application, or as evidence of the Issuer’s compliance with any term hereof, it is intended that the truth and accuracy, at the time of the granting of such application or at the
effective date of such certificate or report (as the case may be), of the facts and opinions stated in such document shall in such case be conditions precedent to the right of the Issuer to have such application granted or to the sufficiency of such
certificate or report. The foregoing shall not, however, be construed to affect the Indenture Trustee’s right to rely upon the truth and accuracy of any statement or opinion contained in any such document as provided in Article Six. 

 
 Section 11.03. Acts of Noteholders. (a) Any request, demand,
authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by Noteholders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Noteholders in
person or by agents duly appointed in writing; and except as herein otherwise expressly provided such action shall become effective when such instrument or instruments are delivered to the Indenture Trustee and, where it is hereby expressly
required, to the Issuer. Such instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Noteholders signing such instrument or instruments. Proof of execution of
any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture and (subject to Section 6.01) conclusive in favor of the Indenture Trustee and the Issuer, if made in the manner provided in this
Section. 
  
 (b) The fact and date of the execution by any person
of any such instrument or writing may be proved in any manner that the Indenture Trustee deems sufficient. 
  
 (c) The ownership of Notes shall be proved by the Note Register. 
  

(d) Any request, demand, authorization, direction, notice, consent, waiver or other action by the Holder of any Notes shall bind the Holder of every
Note issued upon the registration thereof or in exchange therefor or in lieu thereof, in respect of anything done, omitted or suffered to be done by the Indenture Trustee or the Issuer in reliance thereon, whether or not notation of such action is
made upon such Note. 
  
 Section 11.04. Notices, etc., to
Indenture Trustee, Trust Administrator, Issuer and Rating Agencies. Any request, demand, authorization, direction, notice, consent, waiver or Act of Noteholders or other documents provided or permitted by this Indenture shall be in writing and
if 
  

 50 

 such request, demand, authorization, direction, notice, consent, waiver or act of Noteholders is to be made upon, given
or furnished to or filed with: 
  
 (i) the
Indenture Trustee by any Noteholder or by the Issuer shall be sufficient for every purpose hereunder if made, given, furnished or filed in writing to or with the Indenture Trustee at its Corporate Trust Office, or 
  
 (ii) the Trust Administrator by the Indenture Trustee, any
Noteholder or by the Issuer shall be sufficient for every purpose hereunder if made, given, furnished or filed in writing to or with the Trust Administrator at its Corporate Trust Office, or 
  
 (iii) the Issuer by the Indenture Trustee, the Trust
Administrator or any Noteholder shall be sufficient for every purpose hereunder if in writing and mailed first-class, postage prepaid to the Issuer addressed to the address provided in the Transfer and Servicing Agreement, or at any other address
previously furnished in writing to the Indenture Trustee by the Issuer. The Issuer shall promptly transmit any notice received by it from the Noteholders to the Indenture Trustee. 
  
 Notices required to be given to the Rating Agencies by the Issuer, the Indenture Trustee, the Trust Administrator or the
Owner Trustee shall be in writing, personally delivered or mailed by certified mail, return receipt requested, to the address provided in the Transfer and Servicing Agreement or such other address as shall be designated by written notice to the
other parties. 
  
 Section 11.05. Notices to Noteholders;
Waiver. Where this Indenture provides for notice to Noteholders of any event, such notice shall be sufficiently given (unless otherwise herein expressly provided) if in writing and mailed, first-class, postage prepaid to each Noteholder affected
by such event, at such Holder’s address as it appears on the Note Register, not later than the latest date, and not earlier than the earliest date, prescribed for the giving of such notice. In any case where notice to Noteholders is given by
mail, neither the failure to mail such notice nor any defect in any notice so mailed to any particular Noteholder shall affect the sufficiency of such notice with respect to other Noteholders, and any notice that is mailed in the manner herein
provided shall conclusively be presumed to have been duly given. 
  
 Where this Indenture provides for notice in any manner, such notice may be waived in writing by any Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of
notice by Noteholders shall be filed with the Indenture Trustee but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such a waiver. 
  
 In case, by reason of the suspension of regular mail service as a result of a strike, work stoppage or similar activity, it
shall be impractical to mail notice of any event to Noteholders when such notice is required to be given pursuant to any provision of this Indenture, then any manner of giving such notice as shall be satisfactory to the Indenture Trustee shall be
deemed to be a sufficient giving of such notice. 
  
 Where this
Indenture provides for notice to the Rating Agencies, failure to give such notice shall not affect any other rights or obligations created hereunder, and shall not under any circumstance constitute a Default or Event of Default. 
  

 51 

 Section 11.06. Conflict with Trust Indenture Act. If any provision hereof limits, qualifies or
conflicts with another provision hereof that is required to be included in this Indenture by any of the provisions of the Trust Indenture Act, such required provision shall control. 
  
 The provisions of TIA Sections 310 through 317 that impose duties on any person (including the provisions automatically
deemed included herein unless expressly excluded by this Indenture) are a part of and govern this Indenture, whether or not physically contained herein. 
  
 Section 11.07. Effect of Headings and Table of Contents. The Article and Section headings herein and the Table of Contents are for convenience only
and shall not affect the construction hereof. 
  
 Section 11.08.
Successors and Assigns. All covenants and agreements in this Indenture and the Notes by the Issuer shall bind its successors and assigns, whether so expressed or not. All agreements of the Indenture Trustee in this Indenture shall bind its
successors, co-trustees and agents. 
  
 Section 11.09.
Severability. In case any provision in this Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

  
 Section 11.10. Benefits of Indenture and Consents of
Noteholders. Nothing in this Indenture or in the Notes, express or implied, shall give to any Person, other than the parties hereto and their successors hereunder, the Owner Trustee and the Noteholders, any benefit or any legal or equitable
right, remedy or claim under this Indenture. Each Noteholder and Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, consents to and agrees to be bound by the terms and conditions of this Indenture.

  
 Section 11.11. Legal Holidays. In any case where the
date on which any payment is due shall not be a Business Day, then (notwithstanding any other provision of the Notes or this Indenture) payment need not be made on such date, but may be made on the next succeeding Business Day with the same force
and effect as if made on the date on which nominally due, and no interest shall accrue for the period from and after any such nominal date. 
  
 Section 11.12. Governing Law. THIS INDENTURE 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 11.13. Counterparts. This Indenture may be executed in any
number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 
  

 52 

 Section 11.14. Recording of Indenture. If this Indenture is subject to recording in any
appropriate public recording offices, such recording is to be effected by the Issuer and at its expense accompanied by an Opinion of Counsel (which may be counsel to the Indenture Trustee or any other counsel reasonably acceptable to the Indenture
Trustee) to the effect that such recording is necessary either for the protection of the Noteholders or any other Person secured hereunder or for the enforcement of any right or remedy granted to the Indenture Trustee under this Indenture.

  
 Section 11.15. Trust Obligations. (a) No recourse may
be taken, directly or indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under this Indenture or any certificate or other writing delivered in connection herewith or therewith,
against (i) the Indenture Trustee or the Owner Trustee in their respective individual capacities, (ii) any owner of a beneficial interest in the Issuer or (iii) any partner, owner, beneficiary, agent, officer, director, employee or agent of the
Indenture Trustee or the Owner Trustee in its respective individual capacity, any holder of a beneficial interest in the Issuer, the Owner Trustee or the Indenture Trustee or of any successor or assign of the Indenture Trustee or the Owner Trustee
in its individual capacity, except as any such Person may have expressly agreed (it being understood that the Indenture Trustee and the Owner Trustee have no such obligations in their respective individual capacities) and except that any such
partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. For all purposes of
this Indenture, in the performance of any duties or obligations of the Issuer hereunder, the Owner Trustee shall be subject to, and entitled to the benefits of, the terms and provisions of Articles Six, Seven and Eight of the Trust Agreement.

  
 (b) In addition, (i) this Indenture is executed and delivered
by [                            ], not individually or personally but solely as Owner Trustee, in the
exercise of the powers and authority conferred and vested in it, (ii) each of the representations, undertakings and agreements herein made on the part of the Issuer or the Owner Trustee is made and intended not as personal representations,
undertakings and agreements by [                            ] but is made and intended for the purpose
for binding only the Trust, (iii) nothing herein contained shall be construed as creating any liability on
[                            ], individually or personally, to perform any covenant either expressed
or implied contained herein, all such liability, if any, being expressly waived by the Indenture Trustee and by. any Person claiming by, through or under the Indenture Trustee, and (iv) under no circumstances shall
[                            ] be personally liable for the payment of any indebtedness or expenses of
the Issuer or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Issuer under this Indenture or the Operative Agreements. 
  
 Section 11.16. No Petition. The Indenture Trustee, by entering into
this Indenture, and each Noteholder, by accepting a Note, hereby covenant and agree that they will not at any time institute against the Depositor or the Issuer, or join in any institution against the Depositor or the Issuer of, any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings under any United States federal or state bankruptcy or similar law in connection with any obligations relating to the Notes, this Indenture or any of the
Operative Agreements. 
  

 53 

 Section 11.17. Inspection. The Issuer agrees that, on reasonable prior notice, it will permit any
representative of the Indenture Trustee, during the Issuer’s normal business hours, to examine all the books of account, records, reports and other papers of the Issuer, to make copies and extracts therefrom, to cause such books to be audited
by Independent Public Accountants, and to discuss the Issuer’s affairs, finances and accounts with the Issuer’s officers, employees and Independent certified public accountants, all at such reasonable times and as often as may be
reasonably requested. The Indenture Trustee shall, and shall cause its representatives to, hold in confidence all such information except to the extent disclosure may be required by law (and all reasonable applications for confidential treatment are
unavailing) and except to the extent that the Indenture Trustee may reasonably determine that such disclosure is consistent with its obligations hereunder. 
  

 54 

 IN WITNESS WHEREOF, the Issuer, the Trust Administrator and the Indenture Trustee have caused this
Indenture to be duly executed by their respective officers, thereunto duly authorized and duly attested, all as of the day and year first above written. 
  

					
	NEW YORK MORTGAGE TRUST, SERIES 2005-[    ], as Issuer
		
	By:	 	[                                      
                                     
 ],
	 	 	not in its individual capacity but solely as Owner Trustee
		
	By:	 	  

	Name:	 	 
	Title:	 	 
	
	 [                                      
                                      ],
 as Trust Administrator

		
	By:	 	  

	Name:	 	 
	Title:	 	 
	
	 [                                      
                                      ],
 not in its individual capacity but solely as Indenture Trustee

		
	By:	 	  

	Name:	 	 
	Title:	 	 

  

			
	 Solely for purposes of Section 5.04, Section 9.01
 and Section 9.02, accepted and agreed to by:

	
	 [                                      
                                      ],
 as Swap Counterparty

		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 

 EXHIBIT A 
  

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

  
 THIS NOTE DOES NOT EVIDENCE AN OBLIGATION OF OR AN INTEREST IN, AND IS NOT
GUARANTEED BY, THE ISSUER, THE DEPOSITOR, THE MASTER SERVICER, THE INDENTURE TRUSTEE, THE OWNER TRUSTEE, THE TRUST ADMINISTRATOR, OR ANY AFFILIATE OF ANY OF THEM AND IS NOT INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR PRIVATE INSURER.

  
 [FOR LIBOR NOTES: THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS
AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.] [FOR CLASS A-IO NOTES: PRINCIPAL WILL NOT BE PAYABLE IN RESPECT OF THIS NOTE. INTEREST
CALCULATED ON THIS NOTE IS BASED ON A NOTIONAL AMOUNT DETERMINED AS DESCRIBED IN THE TRANSFER AND SERVICING AGREEMENT. THE NOTIONAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE INITIAL NOTIONAL AMOUNT OF THIS NOTE AS SET FORTH HEREON.]

  
 [FOR SUBORDINATE NOTES: THIS NOTE IS SUBORDINATE IN RIGHT OF PAYMENT AS
PROVIDED IN THE INDENTURE REFERRED TO HEREIN.] 
  
 EACH PURCHASER OF THIS NOTE
WILL BE DEEMED TO HAVE MADE THE REPRESENTATIONS AND AGREEMENTS SET FORTH IN SECTION 2.03 OF THE INDENTURE. ANY TRANSFER IN VIOLATION OF THE FOREGOING WILL BE OF NO FORCE AND EFFECT, WILL BE VOID AB INITIO, AND WILL NOT OPERATE TO TRANSFER ANY
RIGHTS TO THE TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE ISSUER, THE INDENTURE TRUSTEE OR ANY INTERMEDIARY. 
  
 THIS NOTE MAY NOT BE ACQUIRED BY A TRANSFEREE FOR, OR ON BEHALF OF AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT THAT IS SUBJECT TO THE EMPLOYEE RETIREMENT
INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”) OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) OR TO ANY SUBSTANTIALLY SIMILAR LAW (“SIMILAR LAW”) OR ANY ENTITY DEEMED TO HOLD THE PLAN
ASSETS OF THE 
  

 A-1 

 FOREGOING (“BENEFIT PLAN”), UNLESS THE TRANSFEREE REPRESENTS AND WARRANTS THAT THE ACQUISITION AND HOLDING OF
THIS NOTE: (X) WILL NOT RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE WHICH IS NOT COVERED BY PROHIBITED TRANSACTION CLASS EXEMPTION (“PTCE”) 84-14, PTCE 90-1, PTCE 91-38, PTCE 95- 60,
PTCE 96-23 OR SOME OTHER APPLICABLE EXEMPTION AND (Y) WILL NOT RESULT IN A NON-EXEMPT VIOLATION OF ANY SIMILAR LAW SUBSTANTIALLY SIMILAR APPLICABLE LAW. EACH INVESTOR IN THIS NOTE 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 NOTE IN VIOLATION OF THE FOREGOING. 
  

 A-2 

 NEW YORK MORTGAGE TRUST, SERIES 2005-[    ] 
  
 CLASS NOTES 
  

			
		
	[Aggregate Class Principal Amount of the Class Notes: $]	 	[Class Principal Amount of this Note: $]
		
	[Initial Class Notional Amount of the Class A-IO Notes: $]	 	[Class Notional Amount of this Note: $]
		
	Interest Rate:	 	Cut-off Date: [                    ], 2005
		
	Number:	 	CUSIP No.:

  

 A-3 

 NEW YORK MORTGAGE TRUST, SERIES 2005-[    ], a statutory trust organized and existing
under the laws of the State of Delaware (herein referred to as the “Issuer”), for value received, hereby promises to pay to CEDE & CO., or registered assigns, [For LIBOR Notes: the principal sum
of                     (S            ) payable on each Payment Date in an
amount equal to the result obtained by multiplying (A) the Percentage Interest evidenced by this Note (obtained by dividing the initial Class Principal Amount of this Note by the initial Class Principal Amount of all Class Notes, both as specified
above) and (B) the amount payable on such Payment Date in respect of principal of the Class Notes] [For Class A-IO Notes: on each Payment Date, certain payments in respect of interest in an amount equal to the result obtained by multiplying
(A) the Percentage Interest represented by this Note(obtained by dividing the initial Class Notional Amount of this Note by the initial Class Notional Amount of all Class A-IO Notes, both as specified above) and (B) the aggregate amount, if any,
payable on such Payment Date in respect of interest of the Class A-IO Notes] pursuant to the Indenture dated as of [                    ],
2005 (as amended and supplemented from time to time, the “Indenture”), between the Issuer, [                    ], as Trust
Administrator (the “Trust Administrator”) and [                            ], a
[                    ], as Indenture Trustee (the “Indenture Trustee”); provided, however, that the entire unpaid principal
amount of this Note shall be due and payable on the Payment Date occurring in [                    ] (the “Maturity Date”) or as
otherwise specified in the Indenture. Capitalized terms used but not defined herein have the meanings assigned to such terms in the Indenture or the Transfer and Servicing Agreement dated as of
[                    ] (as amended and supplemented from time to time, the “Transfer and Servicing Agreement”), by and among the
Trust, NYMT Securities Corporation, as depositor (the “Depositor”),
[                            ], as trust administrator (in such capacity, the “Trust
Administrator”) and master servicer (in such capacity, the “Master Servicer”), NYMT Servicing Corporation, as servicer,
[                            ], as sub-servicer, New York Mortgage Funding, LLC, as seller, and the
Indenture Trustee, which agreements also contain rules as to construction that shall be applicable herein. 
  
 [For LIBOR Notes: The Issuer will pay interest on this Note at a per annum rate equal to the applicable Interest Rate, on the principal amount of
this Note outstanding on the immediately preceding Payment Date (after giving effect to all payments of principal made on such preceding Payment Date) on each Payment Date until the principal of this Note is paid or made available for payment in
full.] [For Class A-IO Notes: The Issuer will pay interest on this Note at a per annum rate equal to the applicable Interest Rate on each Payment Date on the Note Notional Amount of this Class A-IO Note.] 
  
 Payments on this Note will be made on the 25th day of each month or, if such
a day is not a Business Day, then on the next succeeding Business Day, commencing in [                    ], 2005 (each, a “Payment
Date”), to the Person in whose name this Note is registered [For LIBOR Notes: at the close of business on the Business Day immediately preceding such Payment Date] [For Class A-IO Notes: at the close of business on the last
Business Day of the month immediately preceding the month of such Payment Date] (the “Record Date”), in an amount equal to the product of the Percentage Interest evidenced by this Note and the amount, if any, required to be distributed to
all the Notes of the Class represented by this Note. All sums distributable on this Note are payable in the coin or currency of the United States of America which at the time of payment is legal tender for the payment of public and private debts.
Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof. 
  

 A-4 

 [For LIBOR Notes: All payments made by the Issuer with respect to this Note shall be applied first
to interest due and payable on this Note as provided above and then to the unpaid principal of this Note.] 
  
 Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on
the face of this Note. 
  
 Unless the certificate of
authentication hereon has been executed by the Trust Administrator whose name appears below by manual signature, this Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any
purpose. 
  

 A-5 

 IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually or in facsimile, by its
Authorized Officer, as of the date set forth below. 
  

					
	NEW YORK MORTGAGE TRUST, SERIES 2005-[    ]
		
	By:	 	[                                      
                                        
  ],
	 	 	 not in its individual capacity but solely as
 Owner Trustee under the Trust Agreement

		
	By:	 	  

	 	 	Authorized Signatory
	
	 Dated:                    , 2005

  
 TRUST
ADMINISTRATOR’S CERTIFICATE OF AUTHENTICATION 
  
 This is one
of the Notes designated above and referred to in the within-mentioned Indenture. 
  

			
	[                                      
                                        
  ],
	not in its individual capacity but solely as Trust Administrator,
		
	 By:
	 	  

	 	 	Authorized Signatory
	
	 Dated:
                    , 2005

  

 A-6 

 NEW YORK MORTGAGE TRUST, SERIES 2005-[    ] 
  
 This Note is one of a duly authorized issue of Notes of the Issuer, all
issued under the Indenture, to which Indenture and all indentures supplemental thereto reference is hereby made for, a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Holders of the Notes.
To the extent that any provision of this Note contradicts or is inconsistent with the provisions of the Indenture, the provisions of the Indenture shall control and supersede such contradictory or inconsistent provision herein. This Note is subject
to all terms of the Indenture. 
  
 The Class I-Al, Class 1-A2,
Class 2-Al, Class 2-A2 and Class A-IO Notes (the “Senior Notes”) are, and will be, equally and ratably secured by the collateral pledged as security therefor as provided in the Indenture. The rights of the Holders of the Class Ml, Class
M2, Class M3, Class M4, Class M5, Class M6 and Class M7 Notes (the “Subordinate Notes”) to receive payments or distribution of interest and principal are, and will be, subordinate to the rights of the Holders of the Senior Notes to receive
payments of interest and principal, respectively, as provided in the Indenture. 
  
 Payments to each Noteholder shall be made (i) by check mailed to the Person whose name appears as the Registered Holder of this Note (or one or more Predecessor Notes) on the books of the Note Registrar and Paying
Agent as of the close of business on each Record Date or (ii) upon written request made to the Note Registrar and Paying Agent at least five Business Days prior to the related Record Date by the Holder of a Note having an initial Note Principal
Amount of not less than $2,500,000, by wire transfer in immediately available funds to an account specified in writing by such Noteholder. The final payment in retirement of this Note shall be made only upon surrender of this Note to the Note
Registrar and Paying Agent at the office thereof specified in the notice to Noteholders of such final payment mailed prior to the Payment Date on which the final payment is expected to be made to the Holder thereof. 
  
 As provided in the Indenture and subject to certain limitations set forth
therein, the transfer of this Note may be registered by the Note Registrar upon surrender of this Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, duly endorsed by, or accompanied by a
written instrument of transfer in form satisfactory to the Note Registrar duly executed by, the Holder hereof or such Holder’s attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution”
meeting the requirements of the Note Registrar, which requirements include membership or participation in the Securities Transfer Agent’s Medallion Program (“STAMP”) or such other “signature guarantee program” as may be
determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended, and thereupon one or more new Notes of authorized denominations and in the same aggregate
principal amount will be issued to the designated transferee or transferees. No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient to cover any tax or
other governmental charge that may be imposed in connection with any such registration of transfer or exchange. 
  
 The Class 1-Al, Class l-A2, Class 2-Al and Class 2-A2 Notes will be issued in minimum denominations of $[25,000] in original principal amount and in
integral multiples of $1 in excess 
  

 A-7 

 thereof. The Class A-IO Notes will be issued in minimum denominations of $[100,000] in original notional amount and in
integral multiples of $1,000 in excess thereof. The Class Ml, Class M2, Class M3, Class M4, Class M5, Class M6 and Class M7 Notes will be issued in minimum denominations of $[100,000] in original principal amount and integral multiples of $1,000 in
excess thereof. 
  
 The Notes are subject to optional redemption
in accordance with the Indenture and the Transfer and Servicing Agreement. 
  
 Each Noteholder and Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the
obligations of the Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection therewith, against (i) the Indenture Trustee, or the Owner Trustee in their
respective individual capacities, (ii) any owner of a beneficial interest in the Issuer or (iii) any partner, owner, beneficiary, agent, officer, director or employee of the Indenture Trustee or the Owner Trustee in its individual capacity, any
holder of a beneficial interest in the Issuer, the Owner Trustee or the Indenture Trustee or of any successor or assign of the Indenture Trustee or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed and
except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity.

  
 Each Noteholder and Note Owner, by acceptance of a Note or, in
the case of a Note Owner, a beneficial interest in a Note, covenants and agrees by accepting the benefits of the Indenture that such Noteholder or Note Owner will not at any time institute against the Depositor or the Issuer, or join in any
institution against the Depositor or the Issuer of, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings under any United States federal or state bankruptcy or similar law in connection with any obligations relating to
the Notes, the Indenture or the other Operative Agreements. 
  
 Each Noteholder and Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, consents to and agrees to be bound by the terms and conditions of the Indenture. 
  
 The Issuer has entered into the Indenture and this Note is issued with the
intention that, for federal, state and local income, single business and franchise tax purposes, the Notes will qualify as indebtedness of the Issuer secured by the Collateral. Each Noteholder, by acceptance of a Note (and each Note Owner by
acceptance of a beneficial interest in a Note), agrees to treat the Notes for all federal, state and local income tax purposes as indebtedness (except that any Note held by a person that, for federal income tax purposes, owns or is treated as owning
a 100% Percentage Interest of the Ownership Certificate shall not be treated as outstanding indebtedness). 
  
 Prior to the due presentment for registration of transfer of this Note, the Issuer, the Indenture Trustee, the Note Registrar, the Paying Agent and any
agent of the Issuer or the Indenture Trustee may treat the Person in whose name this Note (as of the day of determination 
  

 A-8 

 or as of such other date as may be specified in the Indenture) is registered as the owner hereof for all purposes,
whether or not this Note be overdue, and none of the Issuer, the Indenture Trustee, the Note Registrar, the Paying Agent or any such agent shall be affected by notice to the contrary. 
  
 The Indenture permits, with certain exceptions as therein provided, the amendment thereof by supplemental indenture and the
modification of the rights and obligations of the Issuer and the rights of the Holders of the Notes under the Indenture at any time by the Depositor, the Issuer arid the Indenture Trustee with the consent of the Holders of not less than 66 2/3% of the Outstanding Balance of the Notes for the purpose of adding any provisions to or changing in any manner or
eliminating any of the provisions of the Indenture or of modifying in any manner the rights of the Noteholders. Any such consent or waiver by the Holder of this Note (or any one or more Predecessor Notes) shall be conclusive and binding upon such
Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Note. The Indenture also
permits the amendment thereof, in certain limited circumstances, or the waiver of certain terms and conditions set forth in the Indenture, without the consent of Holders of the Notes issued thereunder. 
  
 The term “Issuer” as used in this Note includes any successor to
the Issuer under the Indenture. 
  
 The Notes are issuable only in
registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth. 
  
 THIS NOTE AND THE INDENTURE 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. 
  
 No reference herein to the Indenture and no provision of this Note or of the
Indenture shall alter or impair the obligation of the Issuer, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place and rate, and in the coin or currency herein prescribed. 
  
 Anything herein to the contrary notwithstanding, except as expressly provided
in the Operative Agreements, none of the Issuer in its individual capacity, the Owner Trustee in its individual capacity, the Indenture Trustee in its individual capacity, any owner of a beneficial interest in the Issuer, or any of their respective
partners, beneficiaries, agents, officers, directors, employees or successors or assigns shall be personally liable for, nor shall recourse be had to any of them for, the payment of principal of or interest on this Note or performance of, or
omission to perform, any of the covenants, obligations or indemnifications contained in the Indenture. The Holder of this Note by its acceptance hereof agrees that, except as expressly provided in the Operative Agreements, in the case of an Event of
Default under the Indenture, the Holder shall have no claim against any of the foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, and
enforcement against, the assets of the issuer for any and all liabilities, obligations and undertakings contained in the Indenture or in this Note. 
  

 A-9 

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

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

			
	 Dated:                     */

		
	 Signature Guaranteed:
	 	 
	
	                                      
                                  */

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

 A-10 

 EXHIBIT B 
  
 [RESERVED] 
  

 B-1 

 EXHIBIT C 
  
 FORM OF ERISA TRANSFER AFFIDAVIT 
  
 ______________________ 
 date                     
  

			
	 STATE OF NEW YORK
	 	)
	 	 	) ss.:
	 COUNTY OF NEW YORK
	 	)

  

	 	Re:	New York Mortgage Trust, Series 2005-[    ] Mortgage-Backed Notes, Series 2005-[    ] 

  
 1. The undersigned is the
                                        
                     of (the “Investor”), a [corporation duly organized] and existing under the laws of
                                        ,
on behalf of which he makes this affidavit. 
  
 2. The Investor
either (i) is not, and on                      [date of transfer] will not be, acquiring the Notes 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”), or to Section 4975 of the Internal Revenue Code of 1986, as amended (or to any substantially
similar law (“Similar Law”)) or any entity deemed to hold the plan assets of the foregoing (a “Benefit Plan”) or (ii) our acquisition and holding of the Notes for, or on behalf of, a Benefit Plan will not result in a non-exempt
prohibited transaction under Section 406 of ERISA or Section 4975 of the Code which is not covered under Prohibited Transaction Class Exemption (“PTCE”) 84-14, PTCE 90-1, PTCE 91-38, PTCE 95-60, PTCE 96-23 or some other applicable
exemption, and will not result in a non-exempt violation of any Similar Law. 
  
 3. The Investor hereby acknowledges that under the terms of the Indenture among New York Mortgage Trust, Series 2005-[    ], as Issuer,
[                                        
                    ], as Trust Administrator and
[                                       
 ], as Indenture Trustee, dated as of [                    ], 2005, no transfer of any Note shall be permitted to be made to any
person unless the Indenture Trustee has received a certificate from such transferee in the form hereof. 
  

 C-1 

 IN WITNESS WHEREOF, the Investor has caused this instrument to be executed on its behalf, pursuant to
proper authority, by its duly authorized officer, duly attested, this         day of             , 20    .

  

			
	
             [Investor]

		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 

  

			
	ATTEST:	 	 
		
	
	 	 

  

			
	 STATE OF
	 	)
	 	 	) ss.:
	 COUNTY OF
	 	)

  
 Personally appeared
before me the above-named                             , known or proved to me to be the same person
who executed the foregoing instrument and to be the                              of the Investor, and
acknowledged that he executed the same as his free act and deed and the free act and deed of the Investor. 
  
 Subscribed and sworn before me this          day
of             20    . 
  

	
	  

 NOTARY
PUBLIC

	
	My commission expires the         day of
            ,20    .

  
 64065.000008 RICHMOND 1496261v4

  

 C-2

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