Document:

SALES AND SERVICE AGREEMENT DATED SEP 30 2004

 Exhibit 10.66 
  
 Dated as of September 30, 2004 
  
 MCG COMMERCIAL LOAN TRUST 2004–1, 
 As the Trust, 
  
 MCG FINANCE
IV, LLC, 
 as the Trust Depositor, 
  
 MCG CAPITAL CORPORATION, 
 as the
Originator and as the Servicer, 
  
 and 
  
 WELLS FARGO BANK, NATIONAL ASSOCIATION, 
 as the Indenture Trustee and as the Backup Servicer. 
  

  
 SALE AND SERVICING
AGREEMENT 
  

  
 MCG Commercial Loan Trust Notes, Series 2004–1 
 Class A, Class B, Class C and Class D Notes 

 CONTENTS 

					
	 SECTION

	  	PAGE

			
	 1.
	  	 DEFINITIONS
	  	3
	 	  	 Definitions
	  	3
	 	  	 Usage of Terms
	  	46
	 	  	 Section References
	  	46
	 	  	 Calculations
	  	47
	 	  	 Accounting Terms
	  	47
			
	 2.
	  	 ADMINISTRATION OF THE TRUST; ACQUISITION OF LOAN ASSETS
	  	47
	 	  	 Administration of the Trust; Acquisition of Loan Assets
	  	47
	 	  	 Conditions Precedent
	  	50
	 	  	 Acceptance by Trust
	  	53
	 	  	 Conveyance of Additional Loans
	  	53
	 	  	 Release of Released Amounts
	  	55
	 	  	 Delivery of Documents in the Loan File
	  	56
	 	  	 Optional Disposition of Certain Loans
	  	56
	 	  	 Certification by Indenture Trustee; Possession of Loan Files
	  	58
			
	 3.
	  	 REPRESENTATIONS AND WARRANTIES
	  	60
	 	  	 Representations and Warranties Regarding the Trust Depositor
	  	60
	 	  	 Representations and Warranties Regarding Each Loan and as to Certain Loans in the Aggregate
	  	65
	 	  	 Representations and Warranties Regarding the Initial Loans in the Aggregate
	  	65
	 	  	 Representations and Warranties Regarding the Loan Files
	  	65
	 	  	 Representations and Warranties Regarding Concentrations of Initial Loans
	  	65
	 	  	 Representations and Warranties Regarding MCG
	  	66
	 	  	 Representations and Warranties of the Backup Servicer
	  	67
			
	 4.
	  	 PERFECTION OF INDENTURE COLLATERAL AND PROTECTION OF SECURITY INTERESTS
	  	68
	 	  	 Custody of Loans
	  	68
	 	  	 Filing
	  	68
	 	  	 Changes in Name, Corporate Structure or Location
	  	69
	 	  	 Costs and Expenses
	  	70
	 	  	 Sale Treatment
	  	70
	 	  	 Separateness from Trust Depositor
	  	70
			
	 5.
	  	 SERVICING OF LOANS
	  	70
	 	  	 Appointment and Acceptance
	  	70
	 	  	 Duties of the Servicer
	  	70
	 	  	 Liquidation of Loans
	  	75

  

 Page I 

					
	 	  	 Fidelity Bond; Insurance
	  	76
	 	  	 Collection of Certain Loan Payments
	  	76
	 	  	 Access to Certain Documentation and Information Regarding the Loans
	  	76
	 	  	 Satisfaction and Release of Loan Files
	  	77
	 	  	 Scheduled Payment Advances
	  	78
	 	  	 Title, Management and Disposition of Foreclosed Property
	  	79
	 	  	 Servicing Compensation
	  	79
	 	  	 Assignment; Resignation
	  	80
	 	  	 Merger or Consolidation of Servicer
	  	80
	 	  	 Limitation on Liability of the Servicer and Others
	  	80
	 	  	 The Backup Servicer
	  	80
	 	  	 Covenants of the Backup Servicer
	  	84
			
	 6.
	  	 COVENANTS
	  	84
	 	  	 Covenants of the Trust Depositor
	  	84
	 	  	 Covenants of MCG
	  	89
			
	 7.
	  	 ESTABLISHMENT OF ACCOUNTS; DISTRIBUTIONS; RESERVE FUND
	  	89
	 	  	 Note Distribution Account and Reserve Fund
	  	89
	 	  	 Reserve Fund Deposit
	  	90
	 	  	 Unused Proceeds Account
	  	90
	 	  	 Principal and Interest Account
	  	91
	 	  	 Securityholder Distributions
	  	94
	 	  	 Allocations and Distributions
	  	95
	 	  	 Determination of LIBOR
	  	98
			
	 8.
	  	 SERVICER DEFAULT; SERVICE TRANSFER
	  	99
	 	  	 Servicer Default
	  	99
	 	  	 Servicer Transfer
	  	100
	 	  	 Appointment of Successor Servicer; Reconveyance; Successor Servicer to Act
	  	101
	 	  	 Notification to Securityholders
	  	104
	 	  	 Effect of Transfer
	  	104
	 	  	 Database File
	  	104
	 	  	 Waiver of Defaults
	  	104
	 	  	 Responsibilities of the Successor Servicer
	  	105
	 	  	 Rating Agency Condition for Servicer Transfer
	  	105
	 	  	 Appointment of Successor Backup Servicer; Successor Backup Servicer to Act
	  	106
			
	 9.
	  	 REPORTS
	  	107
	 	  	 Monthly Reports
	  	107
	 	  	 Remittance Date Accounting
	  	109
	 	  	 Officer’s Certificate
	  	110
	 	  	 Other Data
	  	111
	 	  	 Annual Report of Accountants
	  	111

  

 Page II 

					
	 	  	 Annual Statement of Compliance from Servicer
	  	112
	 	  	 Notices
	  	112
	 	  	 Indenture Trustee’s Right to Examine Servicer Records and Audit Operations
	  	112
	 	  	 Reports to the Indenture Trustee; Principal and Interest Account Statements
	  	113
			
	 10.
	  	 TERMINATION
	  	113
	 	  	 Sale of Loans
	  	113
	 	  	 Termination
	  	114
			
	 11.
	  	 REMEDIES UPON MISREPRESENTATION; REPURCHASE OPTION
	  	114
	 	  	 Repurchases of, or Substitution for, Loans for Breach of Representations and Warranties
	  	114
	 	  	 Reassignment of Repurchased or Substituted Loans
	  	115
			
	 12.
	  	 INDEMNITIES
	  	115
	 	  	 Indemnification by MCG
	  	115
	 	  	 Indemnification by Trust Depositor
	  	116
			
	 13.
	  	 MISCELLANEOUS
	  	116
	 	  	 Amendment
	  	116
	 	  	 Protection of Title to Trust
	  	117
	 	  	 Governing Law
	  	117
	 	  	 Notices
	  	118
	 	  	 Severability of Provisions
	  	120
	 	  	 Third Party Beneficiaries
	  	120
	 	  	 Counterparts
	  	121
	 	  	 Headings
	  	121
	 	  	 No Bankruptcy Petition; Disclaimer
	  	121
	 	  	 Jurisdiction
	  	122
	 	  	 Tax Characterization
	  	122
	 	  	 Prohibited Transactions with Respect to the Trust
	  	123
	 	  	 Limitation of Liability of Owner Trustee
	  	123
	 	  	 Payments with respect to Partially Funded Term Loans, Traditional Revolving Loans and Reducing Revolving Loans
	  	123
	 	  	 No Partnership
	  	124
	 	  	 Successors and Assigns
	  	124
	 	  	 Acts of Holders
	  	124
	 	  	 Duration of Agreement
	  	124
	 	  	 Limited Recourse
	  	124
	 	  	 Confidentiality
	  	125
	 	  	 Non-Confidentiality of Tax Treatment
	  	125

  

 Page III 

 EXHIBITS, SCHEDULES AND APPENDIX 
  

			
	Exhibit A:	  	Form of Assignment
	Exhibit B:	  	[Reserved]
	Exhibit C:	  	List of Loans
	Exhibit D:	  	Form of Subsequent Purchase Agreement
	Exhibit E:	  	Form of Subsequent Transfer Agreement
	Exhibit F:	  	[Reserved]
	Exhibit G:	  	Form of Officer’s Certificate of Originator
	Exhibit H:	  	Form of Officer’s Certificate of Trust Depositor
	Exhibit I:	  	Form of Release by UBS
	Exhibit J-1:	  	Form of Opinion of Freshfields Bruckhaus Deringer LLP
	Exhibit J-2:	  	Form of Opinion of Counsel of Freshfields Bruckhaus Deringer LLP, as to securities law matters
	Exhibit K-1:	  	Form of Opinion of Dechert LLP as to corporate and security interest matters
	Exhibit K-2:	  	Form of Opinion of Dechert LLP as to securities law matters
	Exhibit K-3:	  	Form of Opinion of Counsel of Dechert LLP, as to certain non-consolidation matters
	Exhibit L-1:	  	Form of Opinion of Counsel of Dorsey & Whitney LLP, Minnesota counsel to Wells Fargo
	Exhibit L-2:	  	Form of Opinion of Indenture Trustee
	Exhibit M:	  	Form of Certification of Trust as to Ramp-Up Criteria
	Exhibit N:	  	Form of Certification of Indenture Trustee on Transfer Date
	Exhibit O-1:	  	initial Certification of Indenture Trustee upon receipt of portion of Loan File
	Exhibit O-2:	  	Final Certification of Indenture Trustee upon receipt of Loan File
	Exhibit P:	  	Form of Certification of Servicer upon Substitution, Partial Release, Satisfaction of Loan or Release of Loan File
	Exhibit Q:	  	[Reserved]
	Exhibit R:	  	Form of Liquidation Report
	Exhibit S:	  	Form of letter agreement with respect to Principal and Interest Accounts
	Exhibit T:	  	Form of Certification of Servicer for Repurchased Loans
	Exhibit U:	  	Funding Certificate of the Issuer
	Exhibit V:	  	Funding Certificate of MCG

  

 Page 1 

 SALE AND SERVICING AGREEMENT, dated as of September 30, 2004, between: 
  
 (1) MCG COMMERCIAL LOAN TRUST 2004–1, a statutory trust created and existing
under the law of the State of Delaware (together with its successors and assigns, the Trust); 
  
 (2) MCG FINANCE IV, LLC, a Delaware limited liability company, as the trust depositor (together with its successors and assigns, the Trust Depositor); 
  
 (3) MCG CAPITAL CORPORATION, a Delaware corporation (together with its successors and
assigns, MCG), as the servicer (together with its successor and assigns, in such capacity, the Servicer), and as the originator (together with its successors and assigns, in such capacity, the Originator);
and 
  
 (4) WELLS FARGO BANK, NATIONAL ASSOCIATION (together with its
successors and assigns, Wells Fargo), not in its individual capacity but as the indenture trustee (together with its successors and assigns duly appointed pursuant to the terms of this Agreement, in such capacity, the Indenture
Trustee), and as the backup servicer (together with its successors and assigns duly appointed pursuant to the terms of this Agreement, in such capacity, the Backup Servicer). 
  
 R E C I T A L S 
  
 WHEREAS, in the regular course of its business, the Originator originates and/or otherwise acquires Loans; 
  
 WHEREAS, pursuant to an Amended and Restated Credit and Warehouse Agreement, dated as
of January 29, 2004, as amended and restated as of March 11, 2004, among the Originator, the Trust Depositor, MCG Commercial Loan Trust 2003–1 (the Warehouse Fund) and UBS AG, Stamford Branch (UBS) (the Credit
and Warehouse Agreement), the Originator acquired a portfolio of Loans and, pursuant to a Master Conveyance Agreement dated as of March 11, 2004, between the Originator, the Initial Depositor named therein and the Warehouse Fund (the
Warehouse Master Conveyance Agreement), such Loans were conveyed to such Initial Depositor and further conveyed to the Warehouse Fund; 
  
 WHEREAS, pursuant to a Purchase and Sale Agreement dated as of the date hereof between the Warehouse Fund and the Originator, the Warehouse Fund will convey to the
Originator all Loans owned by the Warehouse Fund; 
  
 WHEREAS, immediately
after such conveyance from the Warehouse Fund to the Originator, pursuant to a Commercial Loan Sale Agreement dated as of the date hereof between the Originator and the Trust Depositor (the Commercial Loan Sale
Agreement), (a) the Originator will sell to the Trust Depositor such portion of the Loans conveyed to it pursuant to the Commercial Loan Sale Agreement having a fair market value equal to the net cash proceeds from the sale of the Class A
Notes and Class B Notes being issued pursuant to the Indenture (excluding amounts applied to fund the Accounts as described herein) and (b) the remaining portion of the Loans so conveyed to it the Originator will contribute to the Trust Depositor as
a capital contribution in kind; 
  

 Page 2 

 WHEREAS, on the date hereof, pursuant to this Sale and Servicing Agreement, the Trust Depositor will sell all such
Loans to the Trust in exchange for Cash and the Class C Notes and Class D Notes; 
  
 WHEREAS, on the date hereof, pursuant to an Indenture, dated as of September 30, 2004 between the Trust and the Indenture Trustee (the Indenture), the Trust will (a) issue the Class A Notes and Class B Notes and sell
all of such Class A Notes and Class B Notes to UBS Securities LLC (the Initial Purchaser), the net cash proceeds of the sale of which will be used to purchase that portion of the Loans being conveyed by the Trust Depositor having a
fair market value equal to the net cash proceeds of the sale of the Class A Notes and Class B Notes (excluding amounts applied to fund the Accounts as described herein), (b) issue the Class C Notes and Class D Notes (each as defined below) and sell
such Class C Notes and Class D Notes to the Trust Depositor in exchange for the remaining portion of the Loans being conveyed by the Trust Depositor, such Loans having a fair market value equal to the issue price of the Class C Notes and Class D
Notes and (c) pledge all of its right, title and interest in the Loans to the Indenture Trustee for the benefit of the Senior Noteholders (as defined below) and the other secured parties under the Indenture; 
  
 WHEREAS, on and after the date hereof, the Trust intends to acquire certain additional
Loans sold or contributed to the Trust Depositor by the Originator pursuant to the terms and conditions set forth herein, and intends to dispose of certain Loans and acquire other Loans in substitution therefor all pursuant to the terms and
conditions set forth herein; 
  
 WHEREAS, it is a condition precedent to
the Trustee’s execution and delivery of the Indenture that the Trust appoint MCG as Servicer and appoint Wells Fargo as Backup Servicer, all pursuant to the terms and conditions set forth herein; and 
  
 WHEREAS, the Servicer is willing to service the Loan Assets for the benefit and
account of the Trust pursuant to the terms hereof and the Backup Servicer is willing to act in such capacity with respect to the Loan Assets for the benefit and account of the Trust. 
  
 NOW, THEREFORE, based upon the above Recitals, the mutual premises and agreements contained herein, and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows: 
  
 1. DEFINITIONS 
  
 Definitions 
  
 1.1 Whenever used in this Agreement, the following words and phrases, unless the context otherwise requires, shall have the following meanings: 
  

 Page 3 

 Account Control Agreement means (i) the Account Control Agreement dated as of September 30, 2004 between
MCG, the Trust, the Indenture Trustee and Wells Fargo and (ii) any other substantially similar agreement entered into between MCG, the Trust and any other Qualified Institution at which an Eligible Account is established. 

 
 Accounts means the Collection Accounts, the Trust Accounts and the Unused
Proceeds Account. 
  
 Addition Notice means, with respect to any
transfer of Additional Loans or Substitute Loans to the Trust in accordance with Section 2.4 and 2.7, respectively, a notice, which shall be given at least 10 Business Days prior to the related Transfer Date, identifying the Additional Loans or
Substitute Loans to be transferred, as the case may be, the Outstanding Loan Balance of such Additional Loans or Substitute Loans, as the case may be, and, in the case of a Substitute Loan, the related Substitution Event (with respect to an
identified Loan or Loans then in the Loan Pool) to which such Substitute Loan relates, with such notice to be signed by the Servicer on behalf of the Trust and which shall include a certification that (i) immediately prior to such Transfer Date, the
Originator and/or a collateral custodian therefor had possession of the related complete Loan File (including, to the extent provided for herein, each original Underlying Note), and there were no other custodial agreements relating to the same in
effect and (ii) except as otherwise provided in Section 2.6, the related complete Loan File for each Loan is in the possession of the Indenture Trustee. 
  
 Additional Loan Assets has the meaning given to such term in Section 2.4(a). 
  
 Additional Loan Qualification Conditions means, with respect to any Additional Loan being transferred to the Trust pursuant to
Section 2.4, the accuracy of each of the following conditions as of the related Subsequent Cutoff Date for such Additional Loan: 
  

	(a)	the Transfer Date for such Additional Loan shall be prior to the Effective Date; 

  

	(b)	such Additional Loan shall satisfy all of the criteria set forth in the definition of “Loan”; 

  

	(c)	immediately after giving effect to the transfer of such Additional Loan to the Trust, the Ramp-Up Criteria shall be satisfied; 

  

	(d)	immediately after giving effect to the transfer of such Additional Loan to the Trust, the Diversity Score shall either be maintained or improved; and 

  

	(e)	the acquisition of such Additional Loan does not result in a reduction or withdrawal of the rating of any outstanding Class of Notes with respect to which a Rating Agency has
previously issued a rating. 

  
 Additional Loans means
a Loan that (a) is transferred to the Trust prior to the Effective Date under and in accordance with Section 2.4 and identified in the related Addition Notice, and (b) becomes part of the Indenture Collateral prior to the Effective Date. 

 

 Page 4 

 Additional Servicing Fee means an amount, in addition to the Servicing Fee, necessary to induce a Successor
Servicer to serve as Servicer hereunder. 
  
 Affiliate of any
specified Person means any other Person controlling or controlled by, or under common control with, such specified Person or a director or officer of such specified Person; provided that “Affiliate” shall not include any Portfolio
Investment. For the purposes of this definition, “control” (including the terms “controlling”, “controlled by” and “under common control with”) when used with respect to any specified Person means the
possession, direct or indirect, of the power to vote 10% or more of the voting securities of such Person or to direct or cause the direction of the management and policies of such Person whether through the ownership of voting securities, by
contract or otherwise. Each of the Indenture Trustee and the Owner Trustee may conclusively presume that a Person is not an Affiliate of another Person unless a Responsible Officer of such trustee has actual knowledge to the contrary. 
  
 Aggregate Outstanding Loan Balance means, as of any Determination Date, the sum
of the Outstanding Loan Balances on such date for each Loan in the Indenture Collateral. 
  
 Aggregate Outstanding Principal Balance means, as of any Determination Date, the sum of the Outstanding Principal Balances of each Class outstanding on such date. 
  
 Agreement means this Sale and Servicing Agreement, as amended, modified,
waived, supplemented or restated from time to time in accordance with the terms hereof. 
  
 Assignment means each Assignment, substantially in the form of Exhibit A, relating to an assignment, transfer and conveyance of Loans and related property by the Trust Depositor to the Trust. 
  
 Average Life means, on any Determination Date with respect to any Loan, the
quotient obtained by dividing (a) the sum of the products of (i) the number of years (rounded to the nearest one tenth thereof) from such Determination Date to the respective dates of each successive Scheduled Payment of principal of such
Loan and (ii) the respective amounts of principal of such Scheduled Payments by (b) the sum of all successive Scheduled Payments of principal on such Loan. 
  
 Backup Servicer has the meaning given to such term in the Preamble. 
  
 Backup Servicer Termination Notice has the meaning given to such term in
Section 8.10. 
  
 Backup Servicer Transfer has the meaning given to
such term in Section 8.10. 
  
 Backup Servicing Fee has the meaning
given to such term in the fee letter, dated as of the date hereof, among the Originator, the Trust Depositor, the Trust and the Backup Servicer. 
  

 Page 5 

 Balance means, on any date, with respect to Cash or Permitted Investments in the Indenture Collateral, the
aggregate of (a) the face amount or current balance, as the case may be, of Cash, demand deposits, time deposits, certificates of deposit, bankers’ acceptances and federal funds; (b) the outstanding principal amounts of interest-bearing
government and corporate securities, money market accounts and repurchase obligations; and (c) the accreted value (but not greater than the face amount) of non-interest-bearing government and corporate securities and commercial paper. 
  
 Bankruptcy Code means Title 11 of the United States Code (11 U.S.C.
§§ 101 et seq.), as amended or any successor statute thereto. 
  
 Business Day means any day other than (i) a Saturday or a Sunday, (ii) any other day on which banking institutions are authorized or obligated by law, regulation or executive order to close in the States of Minnesota, New York
or Virginia or the city of the principal Corporate Trust Office of the Indenture Trustee or, in the case of the final payment of principal of a Note, the place of presentation of such Note and (iii) to the extent action is required of the Paying
Agent in Ireland, any other day on which banking institutions are authorized or obligated by law, regulation or executive order to close in Dublin, Ireland. 
  
 Cash means such funds denominated in currency of the United States of America as at the time shall be legal tender for payment of all public and private
debts, including funds credited to a deposit account or a Securities Account. 
  
 Certificate means the MCG Commercial Loan Trust 2004–1 Certificates representing an equity interest in the Trust and issued pursuant to the Trust Agreement. 
  
 Certificate Register has the meaning given to such term in the Trust Agreement. 
  
 Certificateholder means the registered holder of the Certificate. 

 
 Charged-Off Loan means a Loan in the Loan Pool with respect to which there
has occurred one or more of the following: (i) the occurrence of both (a) any portion of a payment of interest on or principal of such Loan is not paid when due (without giving effect to any grace period) and (b) within 120 days of when such
delinquent payment was first due, all delinquencies have not been cured, (ii) an Insolvency Event has occurred with respect to the related Obligor, (iii) the related Obligor has suffered any material adverse change that materially affects its
viability as a going concern, or (iv) the Servicer has determined, in its sole discretion, in accordance with the Credit and Collection Policy, that such Loan is not collectible. 
  
 Class means any of the group of Notes identified herein as, as applicable, the Class A Notes, the Class B Notes, the Class C
Notes or the Class D Notes. 
  
 Class A Noteholders means the Class
A-1 Noteholders and Class A-2 Noteholders. 
  
 Class A Notes means
the Class A-1 Notes and Class A-2 Notes. 
  

 Page 6 

 Class A Principal Coverage Ratio means, on any Determination Date, the ratio, expressed as a percentage, of
(a) the Principal Coverage Amount as of such Determination Date to (b) the Outstanding Principal Balance of the Class A Notes on such Determination Date. 
  
 Class A Principal Coverage Test means on any Determination Date on which any Class A Notes remain Outstanding, a test that is satisfied if the Class A
Principal Coverage Ratio on such Determination Date equals or exceeds 120%. 
  
 Class A Trigger means any Remittance Date on or after January 20, 2010 on which any of the Class A Notes shall be Outstanding. 
  
 Class A-1 Interest Amount means, for each Interest Accrual Period, an amount equal to the product of (i) the Class A-1 Note Interest Rate for such Interest
Accrual Period, (ii) the Outstanding Principal Balance of the Class A-1 Notes as of the first day of such Interest Accrual Period (after giving effect to all distributions made on such day), and (iii) a fraction, the numerator of which is the actual
number of days in such Interest Accrual Period and the denominator of which is 360. 
  
 Class A-1 Noteholder means each Person in whose name a Class A-1 Note is registered in the Note Register. 
  
 Class A-1 Note Interest Rate means the annual rate of interest payable with respect to the Class A-1 Notes, which shall be equal LIBOR for such Interest
Accrual Period plus 0.43%. 
  
 Class A-1 Notes means the MCG
Commercial Loan Trust Notes, Series 2004–1, Class A-1 Notes, having an initial Outstanding Principal Balance of $250,500,000, issued pursuant to the Indenture. 
  
 Class A-2 Interest Amount means, for each Interest Accrual Period, an amount equal the product of (i) the Class A-2 Note
Interest Rate for such Interest Accrual Period, (ii) the Outstanding Principal Balance of the Class A-2 Notes as of the first day of such Interest Accrual Period (after giving effect to all distributions made on such day), and (iii) a fraction, the
numerator of which is the actual number of days in such Interest Accrual Period and the denominator of which is 360. 
  
 Class A-2 Note Interest Rate means the annual rate of interest payable with respect to the Class A-2 Notes, which shall be equal to LIBOR for such Interest
Accrual Period plus 0.65%. 
  
 Class A-2 Noteholder means each
Person in whose name a Class A-2 Note is registered in the Note Register. 
  
 Class A-2 Notes means the MCG Commercial Loan Trust Notes, Series 2004–1, Class A-2 Notes, having an initial Outstanding Principal Balance of $31,500,000, issued pursuant to the Indenture. 
  

 Page 7 

 Class B Deferred Interest Amount means, to the extent Periodic Interest for any Interest Accrual Period is
not paid on the Class B Notes on any Remittance Date on which any Class A Note remains Outstanding because insufficient funds are available for such purpose in accordance with the Priority of Payments, the amount of any such interest shortfall,
which shall thereafter be added to the Outstanding Principal Balance of the Class B Notes and shall constitute principal of the Class B Notes for all purposes, including the accrual of interest. 
  
 Class B Interest Amount means, for each Interest Accrual Period, an amount
equal to the product of (i) the Class B Note Interest Rate for such Interest Accrual Period, (ii) the Outstanding Principal Balance of the Class B Notes as of the first day of such Interest Accrual Period (after giving effect to all
distributions made on such day) and (iii) a fraction, the numerator of which is the actual number of days in such Interest Accrual Period and the denominator of which is 360. 
  
 Class B Note Interest Rate means the annual rate of interest payable with respect to the Class B Notes, which shall be equal
to LIBOR for such Interest Accrual Period plus 1.30% per annum. 
  
 Class B
Noteholder means each Person in whose name a Class B Note is registered in the Note Register. 
  
 Class B Notes means MCG Commercial Loan Trust Notes, Series 2004–1, Class B Notes, having an initial Outstanding Principal Balance of $43,500,000, issued pursuant to the Indenture. 
  
 Class B Principal Coverage Ratio means on any Determination Date, the ratio,
expressed as a percentage, of (a) the Principal Coverage Amount as of such Determination Date to (b) the sum of (i) the Outstanding Principal Balance of the Class A Notes plus (ii) the Outstanding Principal Balance of the Class B Notes, in
each case as of such Determination Date. 
  
 Class B Principal Coverage
Test means on any Determination Date on which any Class B Notes remain Outstanding, a test that is satisfied if the Class B Principal Coverage Ratio on such Determination Date equals or exceeds 110.0%. 
  
 Class B Trigger means any Remittance Date on or after July 20, 2010 on which
any of the Class B Notes shall be Outstanding. 
  
 Class C Deferred Interest
Amount means, to the extent Periodic Interest for any Interest Accrual Period is not paid on the Class C Notes on any Remittance Date on which any Class A Note or Class B Note remains Outstanding because insufficient funds are available for
such purpose in accordance with the Priority of Payments, the amount of any such interest shortfall, which shall thereafter be added to the Outstanding Principal Balance of the Class C Notes and shall constitute principal of the Class C Notes for
all purposes, including the accrual of interest. 
  

 Page 8 

 Class C Interest Amount means, for each Interest Accrual Period, an amount equal to the product of (i) the
Class C Note Interest Rate for such Interest Accrual Period, (ii) the Outstanding Principal Balance of the Class C Notes as of the first day of such Interest Accrual Period (after giving effect to all distributions made on such day) and (iii) a
fraction, the numerator of which is the actual number of days in such Interest Accrual Period and the denominator of which is 360. 
  
 Class C Note Interest Rate means the annual rate of interest payable with respect to the Class C Notes, which shall be equal to LIBOR for such Interest
Accrual Period plus 2.50% per annum. 
  
 Class C Noteholder means
each Person in whose name a Class C Note is registered in the Note Register. 
  
 Class C Notes means MCG Commercial Loan Trust Notes, Series 2004–1, Class C Notes, having an initial Outstanding Principal Balance of $15,800,000, issued pursuant to the Indenture. 
  
 Class C Principal Coverage Ratio means on any Determination Date, the ratio,
expressed as a percentage, of (a) the Principal Coverage Amount as of such Determination Date to (b) the sum of (i) the Outstanding Principal Balance of the Class A Notes, (ii) the Outstanding Principal Balance of the Class B Notes, (iii) the
Outstanding Principal Balance of the Class C Notes and (iv) the Outstanding Principal Balance of the Class D Notes (assuming for purpose of determining the Class C Principal Coverage Ratio that any distributions on the Class D Notes do not result in
a reduction of the Outstanding Principal Balance of the Class D Notes) minus (v) the Reserve Fund Initial Balance. 
  
 Class C Principal Coverage Test means on any Determination Date on which any Class C Notes remain Outstanding, a test that is satisfied if the Class C
Principal Coverage Ratio on such Determination Date equals or exceeds 100.0%. 
  
 Class C Trigger means any Remittance Date on or after October 20, 2010 on which any of the Class C Notes shall be Outstanding. 
  
 Class D Noteholder means each Person in whose name a Class D Note is registered in the Note Register. 
  
 Class D Notes means MCG Commercial Loan Trust Notes, Series 2004–1, Class
D Notes, having an initial Outstanding Principal Balance of $56,445,000, issued pursuant to the Indenture. 
  
 Clearing Agency means an organization registered as a “clearing agency” pursuant to Section 17A of the Exchange Act. 
  
 Closing Date means September 30, 2004. 
  

 Page 9 

 Code means the Internal Revenue Code of 1986, as amended, or any successor legislation thereto. 

 
 Collateral means the assets on which a Lien has been granted as security for
each Loan, including, but not limited to, real property, fixtures, accounts receivable, general intangibles, intellectual property rights, equipment, inventory and equity. 
  
 Collection Accounts means the Interest Collection Account and the Principal Collection Account. 
  
 Collections means, with respect to any Remittance Date, the sum of (i) the
Interest Collections with respect to the applicable Due Period and (ii) the Principal Collections with respect to the applicable Due Period. 
  
 Commercial Loan Sale Agreement has the meaning given to such term in the Recitals. 
  
 Commission means the United States Securities and Exchange Commission. 
  
 Computer Records means the computer records generated by the Servicer that
provide information relating to the Loans. 
  
 Contractual
Obligation means, with respect to any Person, any provision of any securities issued by such Person or any indenture, mortgage, deed of trust, contract, undertaking, agreement, instrument or other document to which such Person is a party or
by which it or any of its property is bound or is subject. 
  
 Corporate
Trust Office means, with respect to the Indenture Trustee or Owner Trustee, as applicable, the office of the Indenture Trustee or Owner Trustee at which at any particular time its corporate trust business shall be principally administered,
which offices at the date of the execution of this Agreement are located at the addresses set forth in Section 13.4. 
  
 Coverage Tests means the Class A Principal Coverage Test, the Class B Principal Coverage Test and the Class C Principal Coverage Test. 
  
 Credit and Collection Policy means the written credit and collection policy of
the Originator and the Servicer in effect on the Closing Date and delivered to the Trust Depositor, the Trust, the Indenture Trustee and the Noteholders on the Closing Date, as amended or supplemented from time to time in accordance with subsection
5.2(m) of this Agreement; and with respect to any Successor Servicer, the collection policies and procedures of such Person at the time such Person becomes Successor Servicer. 
  
 Credit and Warehouse Agreement has the meaning given to such term in the Recitals. 
  
 Cumulative Deferred Class B Interest means, as of any date, the amount equal to
(a) the sum of all Class B Deferred Interest Amounts, if any, with respect to all Remittance Dates preceding any Determination Date, minus (b) any amounts applied on preceding 

  

 Page 10 

 
Remittance Dates to reduce such sum pursuant to (i) clause (8) of Section 7.5(a) and (ii) clause (7) of Section 7.5(a) and clause (2) of Section 7.5(c) (but
in the case of this clause (ii), only to the extent any such amounts are applied against payment of the Class B Deferred Interest Amount). 
  
 Cumulative Deferred Class C Interest means, as of any date, to any date of determination, the amount equal to (a) the sum of all Class C Deferred Interest
Amounts, if any, with respect to all Remittance Dates preceding any Determination Date, minus (b) any amounts applied on preceding Remittance Dates to reduce such sum pursuant to (i) clause (11) of Section 7.5(a) and (ii) clause (9) of
Section 7.5(a) and clause (2) of Section 7.5(c) (but in the case of this clause (ii), only to the extent any such amounts are applied against payment of the Class C Deferred Interest Amount). 
  
 Cutoff Date means either or both (as the context may require) of the Initial
Cutoff Date and any Subsequent Cutoff Date as applicable to the Loan or Loans in question. 
  
 Defaulted Amount means, as of any Determination Date, with respect to any Note of any Class, any Periodic Interest on such Note, in each case, accrued to but excluding the most recent Remittance Date or
Final Maturity Date of such Note, as the case may be, which is not punctually paid or duly provided for on such Remittance Date or on the Final Maturity Date of such Note and which remains unpaid. In no event shall “Defaulted Amount”
include any Periodic Interest on any Note that is, and is permitted under this Agreement to be, capitalized as additional principal of such Note. 
  
 Delinquent Loan means a Loan in the Loan Pool with respect to which there has occurred one or more of the following: (i) such Loan is, in the case of an
Originated Loan, more than 60 days and, in the case of a Syndicated Loan, more than 5 Business Days delinquent (in each case calculated from the scheduled payment date under such Loan) in any payment of interest on or principal of such Loan (without
giving effect to any grace period) and is not a Charged-Off Loan, (ii) such Loan would be so delinquent but for any amendment or modification made to such Loan resulting from the Obligor’s inability to pay such Loan in accordance with its
terms, (iii) any portion of the proceeds used to make payments of principal of or interest on such Loan have come from a new loan made by the Originator or any of its affiliates for the direct purpose of avoiding default in the payment of principal
of or interest on such Loan or (iv) any other Loan the Servicer determines in its commercially reasonable discretion to be a “Delinquent Loan”. 
  
 Determination Date means any of the following: (a) the Closing Date, (b) the Initial Cutoff Date, (c) any date on which the Trust acquires or disposes of
any Additional Loan or Substitute Loan, (d) each date as of which a Monthly Report is prepared, (e) the third Business Day prior to a Remittance Date, (f) the Effective Date and (g) with reasonable notice to the Trust, the Servicer and the Indenture
Trustee, any other Business Day that either Rating Agency requests be a Determination Date; provided that, if any such date would otherwise fall on a day that is not a Business Day, the relevant Determination Date will be the first following
day that is a Business Day. 
  

 Page 11 

 Discount Purchase Loan means any Syndicated Loan which was purchased by, or on behalf of, the Trust for
less than 85.0% of its principal balance; provided that such Syndicated Loan will no longer be a “Discount Purchase Loan” on and after the date on which its market value has equaled or exceeded 95.0% of its principal balance for a
period of 20 consecutive Business Days after such Syndicated Loan was purchased by or on behalf of the Trust. 
  
 Diversity Score means the single number that indicates collateral concentration for Loans in terms of both Obligor and industry concentration, which is calculated as described in Schedule 1 attached
hereto. 
  
 Diversity Test means a test satisfied on any
Determination Date if the Diversity Score on such date is greater than or equal to 25. 
  
 Dollar and $ means lawful currency of the United States. 
  
 Due Period means, with respect to any Remittance Date, the period beginning on the day following the last day of the immediately preceding Due Period (or, in the case of the Due Period that is applicable
to the first Remittance Date, beginning on the Closing Date) and ending (and including) at the close of business on the third Business Day prior to such Remittance Date (or, for the last Due Period, ending at the close of business on the Final
Maturity Date for the Notes). 
  
 Effective Date means the earlier
of (a) February 28, 2005 and (b) the date on which the Servicer or the Backup Servicer, as applicable, certifies to the Indenture Trustee that the Aggregate Outstanding Loan Balance of the Loans purchased by the Trust for inclusion in the Indenture
Collateral, together with any Principal Collections received since the Closing Date (whether or not distributed pursuant to Section 7.5(c)), equals the Expected Aggregate Outstanding Loan Balance. 
  
 Effective Date Rating Confirmation means a Rating Agency Confirmation requested
by the Trust or by the Servicer on behalf of the Trust after the Effective Date pursuant to Section 5.2(g). 
  
 Effective Date Ratings Downgrade has the meaning given to such term in Section 5.2(g). 
  
 Eligible Account means a Securities Account (i) that is established by (A) the Indenture Trustee or (B) a Qualified Institution, so long as any of the
securities of such Qualified Institution shall have a short-term credit rating of at least (x) in the case Fitch, “F-1+” if rated by Fitch, (y) in the case of Moody’s, “P-1” and (z) in the case of Standard & Poor’s,
“A-1+” if rated by Standard & Poor’s and (ii) in respect of which the Indenture Trustee or such Qualified Institution, as the case may be, agrees in an Account Control Agreement that its “securities intermediary’s
jurisdiction” (within the meaning of Section 8-110(c) of the NYUCC) with respect to such Securities Account is the State of New York. 
  
 Eligible Repurchase Obligations means repurchase obligations with respect to any security that is a direct obligation of, or fully guaranteed by, the United
States or any 

  

 Page 12 

 
agency or instrumentality thereof the obligations of which are backed by the full faith and credit of the United States, in either case entered into with a
depository institution or trust company (acting as principal) described in clauses (c)(ii) and (c)(iv) of the definition of Permitted Investments. 
  
 Event of Default shall have the meaning given to such term in Section 5.1 of the Indenture. 
  
 Exchange Act means the Securities Exchange Act of 1934, as amended or supplemented from time to time. 
  
 Expected Aggregate Outstanding Loan Balance means $395,740,000. 
  
 Funding Certificate means the funding certificates attached as Exhibit U and
Exhibit V hereto. 
  
 FDIC means the Federal Deposit Insurance
Corporation and any successor thereto. 
  
 Final Maturity Date means
(a) with respect to any Note, the Legal Final Maturity Date (or, if such date is not a Business Day, the next succeeding Business Day) or such earlier date on which the Outstanding Principal Balance of such Class of Notes is paid in full and (b)
with respect to any Loan, Additional Loan or Substitute Loan, the stated maturity date of such Loan, Additional Loan or Substitute Loan. 
  
 Fitch means Fitch, Inc. or any successor thereto. 
  
 Fitch Rating means with respect to any Loan, for determining the Fitch Rating as of any date of determination: 
  

	 	(i)	if there is an issuer rating or senior unsecured rating of the Obligor in question by Fitch as published in any publicly available news source, such issuer rating, if no issuer
rating is available then the senior unsecured rating; 

  

	 	(ii)	if the rating cannot be assigned pursuant to clause (i), but there is a rating by Fitch on another obligation of the same obligor: 

  

	 	(a)	if such rating is on a senior secured obligation, one subcategory below such rating; 

  

	 	(b)	if such rating is on a subordinate obligation, one subcategory above such rating; 

  

	 	(iii)	if the rating cannot be assigned pursuant to clauses (i) or (ii), such Loan is a Syndicated Loan and there is a publicly available senior implied rating by Moody’s or issuer
rating by Standard & Poor’s, then the rating that corresponds to the average of the senior implied rating by Moody’s or issuer rating by Standard & Poor’s, if rated by both agencies, otherwise the sole senior implied or issuer
rating by either agency; 

  

 Page 13 

	 	(iv)	if the rating cannot be assigned pursuant to clauses (i) through (iii), such Loan is a Syndicated Loan and there is a publicly available rating by Moody’s or Standard &
Poor’s on another Obligation of the same obligor, using the average of Moody’s or Standard & Poor’s rating, if rated by both agencies, otherwise the sole rating from either agency: 

  

	 	(a)	if such rating is on a senior secured obligation, one subcategory below such rating; 

  

	 	(b)	if such rating is on a subordinate obligation, one subcategory above such rating; 

  

	 	(v)	if a rating cannot be assigned pursuant to clauses (i) through (iv), the Fitch Rating may be determined using any of the methods below: 

  

	 	(a)	the Issuer or the Servicer on behalf of the Issuer may apply to Fitch for a Fitch private rating, which shall then be the Fitch Rating; or 

  

	 	(b)	the Issuer may impute a Fitch Rating of “CCC”, provided that the Obligor in question is not in default of its payment obligations under such Loan;

  
 provided that (x) if such Loan has been put on rating
watch negative or negative credit watch for possible downgrade by Moody’s or Standard & Poor’s (as the case may be), then the rating used to determine the Fitch Rating above shall be one rating subcategory below such rating by
Moody’s or Standard & Poor’s (as the case may be), and (y) if such Loan has been put on rating watch positive or positive credit watch for possible upgrade by Moody’s or Standard & Poor’s (as the case may be), then the
rating used to determine the Fitch Rating above shall be one rating subcategory above such rating by Moody’s or Standard & Poor’s (as the case may be), and (z) notwithstanding the provisions of this definition, Fitch reserves the right
to issue a rating estimate for any Loan at any time.. 
  
 With respect to clauses
(i) through (v) above, for purposes of clarification, if there is any inconsistency in nomenclature with regard to Standard & Poor’s and Moody’s, the Fitch Rating shall always mean the closest equivalent to a “senior unsecured
rating” by Standard & Poor’s and Moody’s. 
  
 Fitch
Weighted Average Rating means, as of any Determination Date, the numerical average Fitch debt rating obtained by (a) multiplying the Outstanding Loan Balance of each Loan (excluding any Charged-Off Loans) as of such date by the applicable
Fitch Rating Factor for such Loan as indicated in the table below; (b) summing the products obtained in clause (a) for all such Loans; and (c) dividing the sum obtained in clause (b) by the Aggregate Outstanding Loan Balance of all Loans (excluding
any Charged-Off Loans) as of such date. The Fitch Rating Factor shall be, for any Loan with a given 
  

 Page 14 

 Fitch Rating, the number set forth below under the heading “Fitch Rating Factor” across from the Fitch Rating
of such Loan or, in the case of a rating assigned by Fitch at the request of the Trust (or the Servicer on behalf of the Trust), the Fitch Rating Factor as assigned by Fitch. 
  

			
	 Fitch Rating of Loan

	 	 Fitch Rating Factor

	 AAA
	 	0.19
	 AA+
	 	0.57
	 AA
	 	0.89
	 AA-
	 	1.15
	 A+
	 	1.65
	 A
	 	1.85
	 A-
	 	2.44
	 BBB+
	 	3.13
	 BBB
	 	3.74
	 BBB-
	 	7.26
	 BB+
	 	10.18
	 BB
	 	13.53
	 BB-
	 	18.46
	 B+
	 	22.84
	 B
	 	27.67
	 B-
	 	34.98
	 CCC+
	 	43.36
	 CCC
	 	48.52
	 CC
	 	77.00
	 C
	 	95.00
	 DDD - D
	 	100.00

  
 Fixed Rate Excess means,
as of any Determination Date, an amount equal to a fraction (expressed as a percentage), the numerator of which is equal to the product of (a) the excess, if any, of the Weighted Average Coupon for such Determination Date over the Minimum Weighted
Average Coupon for such Determination Date and (b) the aggregate Outstanding Loan Balance of all fixed rate Loans (excluding any Charged-Off Loans and Delinquent Loans) as of such Determination Date and the denominator of which is equal to the
aggregate Outstanding Loan Balance of all floating rate Loans (excluding Charged-Off Loans and Delinquent Loans) held by the Trust as of such Determination Date. In determining the Fixed Rate Excess on any Determination Date, the Weighted Average
Coupon will be calculated as if the Spread Excess were equal to zero. 
  
 Foreclosed Property means Collateral acquired by the Trust for the benefit of the Noteholders and Certificateholder in foreclosure or by deed in lieu of foreclosure or by other legal process. 
  

 Page 15 

 Foreclosed Property Disposition means the final sale of a Foreclosed Property or of Repossessed Collateral.
The proceeds of any Foreclosed Property Disposition constitute part of the definition of Liquidation Proceeds. 
  
 Fully Funded Term Loan means a Loan that is fully funded as of the applicable Cutoff Date and the Obligor thereunder has no rights to re-borrow amounts repaid. 
  
 General Intangible has the meaning given to such term in the Indenture.

  
 Governmental Authority means, with respect to any Person, any
nation or government, any state or other political subdivision thereof, any central bank (or similar monetary or regulatory authority) thereof, any entity exercising executive, legislative, judicial, regulatory or administrative functions of or
pertaining to government and any court or arbitrator having jurisdiction over such Person. 
  
 Highest Required Investment Category means (i) with respect to ratings assigned by Fitch (if such investment is rated by Fitch), “F1+” for short-term instruments and “AAA” for
long-term instruments and (ii) with respect to ratings assigned by Moody’s, “A2” or “P-1” for one month instruments, “A1” and “P-1” for three month instruments, “Aa3” and “P-1” for six
month instruments and “Aaa” and “P-1” for instruments with a term in excess of six months. 
  
 Holder means (i) with respect to a Certificate, the Person in whose name such Certificate is registered in the Certificate Register, and (ii) with respect to a Note, the Person in whose name such Note is
registered in the Note Register. 
  
 Indebtedness means, with
respect to any Person at any date, (a) all indebtedness of such Person for borrowed money or for the deferred purchase price of property or services (other than current liabilities incurred in the ordinary course of business and payable in
accordance with customary trade practices) or which is evidenced by a note, bond, debenture or similar instrument, (b) all obligations of such Person under capital leases, (c) all obligations of such Person in respect of acceptances issued or
created for the account of such Person, and (d) all liabilities secured by any Lien on any property owned by such Person even though such Person has not assumed or otherwise become liable for the payment thereof. 
  
 Indenture has the meaning given to such term in the Recitals. 
  
 Indenture Collateral has the meaning given to such term in the “granting
clause” of the Indenture. 
  
 Indenture Trustee has the meaning
given to such term in the Recitals. 
  
 Indenture Trustee Expenses
means, with respect to any Remittance Date (including the Final Maturity Date for the Notes), an amount equal to the sum of all amounts incurred by or otherwise owing to the Indenture Trustee during the preceding Due Period in accordance with this
Agreement other than the Indenture Trustee Fee. 
  

 Page 16 

 Indenture Trustee Fee has the meaning given to such term in the fee letter, dated as of the date hereof,
among the Originator, the Trust Depositor, the Trust and the Indenture Trustee. 
  
 Independent means, when used with respect to any specified Person, such Person (i) is in fact independent of the Trust, any other obligor on the Notes, the Trust Depositor and any Affiliate of any of the foregoing Persons,
(ii) does not have any direct financial interest or any material indirect financial interest in the Trust, any such other obligor, the Trust Depositor or any Affiliate of any of the foregoing Persons and (iii) is not connected with the Trust, any
such other obligor, the Trust Depositor or any Affiliate of any of the foregoing Persons as an officer, employee, trustee, partner, director or person performing similar functions. 
  
 Ineligible Loan means (A) any Loan that does not, at any time after the Closing Date (in the case of any Initial Loan) or the
applicable Transfer Date (in the case of any Additional Loan or Substitute Loan), satisfy any one or more of the criteria set forth in the definition “Loan” as of the Closing Date or applicable Transfer Date, as applicable, (B) any Loan
with respect to which any breach of a representation or warranty has been made or has been deemed made in any Addition Notice or any Subsequent Purchase Agreement relating to Additional Loans or Substitute Loans that materially and adversely affects
(i) the value of any such Loan and (ii) the interests of the Noteholders therein (notwithstanding that such representation or warranty may have been made to the Originator’s or the Trust Depositor’s best knowledge) or (C) any Loan deemed
to be an Ineligible Loan pursuant to Section 2.8(b). 
  
 Initial Cutoff
Date means the beginning of business on September 16, 2004 other than with respect to payments of interest on Loans for which Interest Collections have been received prior to September 30, 2004. 
  
 Initial Loan Assets has the meaning given to such term in Section 2.1.

  
 Initial Loans means those Loans forming part of the Indenture
Collateral on the Closing Date and identified on the initial List of Loans required to be delivered pursuant to subsection 2.2(d). 
  
 Initial Purchaser has the meaning given to such term in the Recitals. 
  
 Insolvency Event means, with respect to a specified Person, (a) the filing of a decree or order for relief by a court having
jurisdiction in the premises in respect of such Person or any substantial part of its property in an involuntary case under any applicable Insolvency Law now or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian, trustee,
sequestrator or similar official for such Person or for any substantial part of its property, or ordering the winding-up or liquidation of such Person’s affairs, and such decree or order shall remain unstayed or undismissed and in effect for a
period of 60 consecutive days; or (b) the commencement by such Person of a voluntary case under any applicable Insolvency Law now or hereafter in effect, or the consent by such Person to 
  

 Page 17 

 the entry of an order for relief in an involuntary case under such law, taking possession by a receiver, liquidator,
assignee, custodian, trustee, sequestrator or similar official for such Person or for any substantial part of this property, or the making by such Person of any general assignment for the benefit of creditors, or the failure by such Person generally
to pay its debts as such debts become due, or the taking of action by such Person in furtherance of any of the foregoing. 
  
 Insolvency Law means the Bankruptcy Code and all other applicable liquidation, conservatorship, bankruptcy, moratorium, rearrangement, receivership,
insolvency, reorganization, suspension of payments, or similar debtor relief laws from time to time in effect in the United States or any State thereof affecting the rights of creditors generally. 
  
 Insolvency Proceeds has the meaning given to such term in Section 10.1(a).

  
 Instrument has the meaning given to such term in the Indenture.

  
 Insurance Policy means, with respect to any Loan, an insurance
policy covering physical damage to or loss of the related Collateral, including, but not limited to, title, hazard, life and/or accident insurance policies. 
  
 Insurance Proceeds means, depending on the context, any amounts payable or any payments made under any Insurance Policy covering a Loan, Collateral,
Repossessed Collateral or Foreclosed Property. 
  
 Interest Accrual
Period means (a) in the case of the initial Due Period, the period from, and including, the Closing Date to, but excluding, the first Remittance Date and (b) thereafter, the period from, and including, the Remittance Date immediately
following the last day of the immediately preceding Due Period to, but excluding, the next succeeding Remittance Date. 
  
 Interest Collection Account means a Securities Account that is a sub-account of the Principal and Interest Account designated the “Interest Collection
Account” and established in the name of the Indenture Trustee pursuant to subsection 7.3(a). 
  
 Interest Collections means, with respect to amounts deposited into the Principal and Interest Account during any Due Period, (i) all payments received on account of interest on the Loans (including the
deferred interest component of any Payment-in-Kind Loan actually received by the Trust or by the Servicer for the benefit of the Trust in such Due Period) and all late payment, default and waiver charges excluding payments of Purchased Accrued
Interest, (ii) (a) Net Liquidation Proceeds, (b) Insurance Proceeds (other than amounts to be applied to the restoration or repair of the related Collateral, or to be released to the Obligor) and (c) any other proceeds from any other Collateral
securing the Loans (other than amounts released to the Obligor), (iii) the interest portion of any amounts paid in connection with the purchase or repurchase of any Loan and the interest portion of the amount of any Substitute Loans, (iv) the
interest portion of any Scheduled Payment Advances that the Servicer determines to make, (v) the amount of any losses incurred in connection with investments in Permitted Investments, and (vi) Investment Earnings on funds held in the Principal and
Interest Account. 
  

 Page 18 

 Investment Company Act means the Investment Company Act of 1940, as amended. 
  
 Investment Earnings means the investment earnings (net of losses and investment
expenses) on amounts on deposit in any of the Accounts, to be credited to the Principal and Interest Account on applicable Remittance Date pursuant to Section 7.3. 
  
 Investment Rating means the rating (ranging from “Rating 1” to “Rating 5”) assigned to each Loan by the
Servicer (or any comparable categories established by any Successor Servicer) under and in accordance with the Credit and Collection Policy. 
  
 Junior Loan means a Loan to an Obligor that is not a Senior Loan, the payment of which obligation may contain a form of equity participation in the Obligor
and may be secured by a pledge from the parent of the Obligor of the equity in such Obligor or otherwise; provided that the classification of a debt obligation as a Junior Loan will be determined by the Servicer in good faith and in the
exercise of its reasonable business judgment. 
  
 Legal Final Maturity
Date means July 20, 2016. 
  
 LIBOR has the meaning given to
such term in Section 7.6. 
  
 LIBOR Determination Date means the
date that is two London Banking Days prior to the first day of each Interest Accrual Period. 
  
 Lien means any mortgage, deed of trust, pledge, security interest, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or other), preference, priority or other security or
preferential arrangement of any kind or nature whatsoever, including, without limitation, any conditional sale or other title retention agreement, and any financing lease having substantially the same economic effect as any of the foregoing.

  
 Liquidation Proceeds means, Cash, including Insurance Proceeds,
proceeds of any Foreclosed Property Disposition, revenues received by the Servicer or the Trust with respect to the conservation and disposition of any Foreclosed Property, and any other amounts received by the Servicer, Backup Servicer or Trust in
connection with the liquidation of Charged-Off Loans, whether through trustee’s sale, foreclosure sale or otherwise. 
  
 Liquidation Report shall have the meaning given to such term in subsection 5.3(b). 
  
 List of Loans means the list identifying each Loan in the Indenture Collateral, which list shall consist of the initial List
of Loans reflecting the Initial Loans, together with any Subsequent List of Loans amending the most current List of Loans reflecting the Additional Loans and Substitute Loans transferred to the Trust on the related Transfer Date (together with a
deletion from such list of the related Loan or Loans identified on 
  

 Page 19 

 the corresponding Addition Notice with respect to which a Substitution Event has occurred), and which list in each case
(a) identifies by account number and Obligor name each Loan included in the Indenture Collateral, and (b) sets forth as to each such Loan (i) the Outstanding Loan Balance as of the applicable Cutoff Date, and (ii) the maturity date, and which list
(as in effect on the Closing Date) is attached to this Agreement as Exhibit C. 
  
 Loan means a debt obligation arising pursuant to a bilateral loan agreement or any portion of a debt obligation arising pursuant to a syndicated loan agreement, incurred by an Obligor owing to the Originator (whether
originated by the Originator, acquired pursuant to a Loan Assignment or purchased by way of a Participation) that at the time the Trust enters into a binding obligation to acquire such obligation, meets all of the following criteria: 
  

	 	(i)	 	such debt obligation is a Senior Loan or Junior Loan; provided that not more than 25% of the Expected Aggregate Outstanding Loan Balance may be Syndicated Loans;

  

	 	(ii)	 	the information with respect to such debt obligation set forth in the List of Loans delivered to the Indenture Trustee is true and correct; 

  

	 	(iii)	 	all of the original or certified documentation required to be delivered to the Indenture Trustee (including all material documents related thereto) with respect to such debt
obligation has been or will be delivered to the Indenture Trustee on the related Transfer Date or as otherwise provided in Section 2.6 of this Agreement; 

  

	 	(iv)	 	such debt obligation was originated or purchased by the Originator and is being serviced by the Servicer, in each case in accordance with the Credit and Collection Policy;

  

	 	(v)	 	such debt obligation is denominated in Dollars; 

  

	 	(vi)	 	the primary Obligor on such debt obligation is located in the United States or any of its territories; 

  

	 	(vii)	 	the Loan Rate for such debt obligation is either a fixed rate or adjusts periodically to equal the then applicable index plus the margin set forth in the related Underlying Note
(or, if there is no Underlying Note for such debt obligation, the applicable Loan Documents); provided that not more than 10% of the Expected Aggregate Outstanding Loan Balance may be fixed rate loans; and provided further that, up to
15% of the Expected Aggregate Outstanding Loan Balance may be fixed rate loans so long as the Rating Agency Condition is satisfied; 

  

 Page 20 

	 	(viii)	 	such debt obligation provides for scheduled payments of interest no less frequently than quarterly; provided that up to 5% of the Expected Aggregate Outstanding Loan Balance
may pay semi-annually; 

  

	 	(ix)	 	immediately prior to the transfer and assignment contemplated by the Commercial Loan Sale Agreement and this Agreement related to such debt obligation, as applicable, the Originator
held, and immediately prior to the transfer and assignment contemplated by this Agreement the Trust Depositor held, good and indefeasible title to, and was the sole owner of, such debt obligation, subject to no Liens or rights of others except for
Permitted Liens and Liens which will be released simultaneously with such transfer and assignment and Liens provided by the Transfer and Servicing Agreements, and upon the transfer and assignment contemplated by this Agreement, the Trust will hold
good and indefeasible title to, and will be the sole owner of, such debt obligation subject to no Liens or rights of others, except for Permitted Liens; 

  

	 	(x)	 	as of its Transfer Date, such debt obligation is not delinquent in payment of principal or interest and, since its origination, such debt obligation has never been more than 60 days
delinquent in payment of principal or interest owing to the Originator or any of its Affiliates or, to the knowledge of the Originator, any other Person, in each case after giving effect to any grace period pursuant to the Credit and Collection
Policy; 

  

	 	(xi)	 	(a) such debt obligation is not subject to any right of rescission, set-off, counterclaim or defense, including the defense of usury, nor will the operation of any of the terms of
the Underlying Note (or, if there is no Underlying Note for such debt obligation, the applicable Loan Documents) or any related security agreement, or the exercise of any right thereunder, render either the Underlying Note (or, if there is no
Underlying Note for such debt obligation, the applicable Loan Documents) or any related security agreement unenforceable in whole or in part (except for provisions in the security agreement that if held to be unenforceable would not have a material
adverse effect on the ability of the Servicer to realize the value of the Collateral securing the related debt obligation and except for provisions of any applicable Loan Documents in respect of Collateral that if held to be unenforceable would not
have a material adverse effect on the ability of the Servicer to collect the entire principal and interest thereunder), (b) such debt obligation contains an effective provision substantially to the effect that each Obligor thereon agrees to make its
payments without any deduction, offset, netting, recoupment, defenses, reservation of rights or counterclaim, and (c) no right of rescission, set-off, counterclaim or defense has been asserted with respect to such debt obligation;

  

 Page 21 

	 	(xii)	 	such debt obligation at the time it was originally incurred complied, and as of its Transfer Date complies, in all material respects with all Requirements of Law, including, without
limitation, usury, equal credit opportunity, disclosure and recording laws; 

  

	 	(xiii)	 	there is one or more originally signed Underlying Notes (or, if there is no Underlying Note for such debt obligation, fully executed applicable Loan Documents) in effect for such
debt obligation, which in the aggregate evidence the portion of the debt obligation being assigned to or acquired by the Trust and which Underlying Notes or applicable Loan Documents have been delivered to the Indenture Trustee; provided, if the
Originator funds a debt obligation in multiple installments, there may be one originally signed Underlying Note or related Loan Documents for each such installment; 

  

	 	(xiv)	 	the Underlying Note (or, if there is no Underlying Note for such debt obligation, the applicable Loan Documents) with respect to such debt obligation and any agreement pursuant to
which Collateral is pledged is the legal, valid and binding obligation of the maker thereof (or, if there is no Underlying Note, any Obligor party thereto) and is enforceable in accordance with its terms, except only as such enforcement may be
limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors’ rights generally and by general principles of equity (whether considered in a proceeding or action in equity or at law,
except for provisions in the security agreement that if held to be unenforceable would not have a material adverse effect on the ability of the Servicer to realize the value of the Collateral securing the related debt obligation and except for
provisions of the other Loan Documents that if held to be unenforceable would not have a material adverse effect on the ability of the Servicer to collect the entire principal and interest thereunder), none of which will prevent the ultimate
realization of the security provided by the Collateral or other agreement, and each Obligor on such debt obligation had full legal capacity to execute all Loan Documents and grant any collateral security purported to be granted thereby;

  

	 	(xv)	 	the terms of the Underlying Note (or, if there is no Underlying Note for such debt obligation, the applicable Loan Documents) with respect to such debt obligation and the security
agreement pursuant to which Collateral was pledged have not been impaired, altered or modified in any material respect, except by a written instrument which has been recorded, if necessary, to protect the interest of the Noteholders and the
Certificateholder and which has been delivered to the Indenture Trustee; 

  

 Page 22 

	 	(xvi)	 	there is no obligation on the part of the Trust Depositor or any other party (except for any guarantor of such debt obligation) to make Scheduled Payments in addition to those made
by the primary Obligor thereon; 

  

	 	(xvii)	 	to the best actual knowledge of the Trust Depositor, the documents signed by a Responsible Officer of the Originator constituting a part of the Loan File as of the date the Trust
enters into a binding obligation to acquire it do not (taken as a whole together with the other components of the Loan File) contain any untrue statement of a material fact or omit to state a material fact necessary to make the factual statements
contained therein not misleading in light of the circumstances under which they were made; 

  

	 	(xviii)	 	such debt obligation was originated to a business located in the state or territory identified in the List of Loans, and the primary Collateral (but in the case of Junior Loan, only
if such Junior Loan is a secured loan) securing such debt obligation is located in the United States or any of its territories; 

  

	 	(xix)	 	as of the related Transfer Date, there is no default, breach, violation or event of acceleration existing under the Underlying Note (or, if there is no Underlying Note for such debt
obligation, the applicable Loan Documents) and no event which, with the passage of time or with notice and the expiration of any grace or cure period, would constitute a default, breach, violation or event of acceleration (except for such defaults,
breaches and violations that would not have a material adverse effect on the ability of the Servicer to collect the entire principal and interest thereunder and would not have a material adverse effect on the ability of the Servicer to realize the
value of the Collateral securing such debt obligation (but in the case of Junior Loan, only if such Junior Loan is a secured loan)); 

  

	 	(xx)	 	all parties to the Underlying Note (or, if there is no Underlying Note for such debt obligation, the applicable Loan Documents) pursuant to which Collateral was pledged (but in the
case of Junior Loan, only if such Junior Loan is a secured loan) had legal capacity to execute the Underlying Note or applicable Loan Documents and each Underlying Note or applicable Loan Document has been duly and properly executed by such parties;

  

	 	(xxi)	 	such debt obligation is not Margin Stock; 

  

	 	(xxii)	 	the related Underlying Note, other Loan Documents and mortgages, if any, and UCC-1 financing statement and/or intellectual property security agreement filed or to be filed with
respect to any Collateral for such debt obligation collectively create a valid and subsisting lien of record (but in the case of Junior Loan, only if such Junior Loan is a secured loan and which, in the case of any Senior Loan, is a first priority
lien on the 

  

 Page 23 

	 	    	 	Collateral over which lenders under such Loans customarily require a first priority lien as a condition to making such Loan) on such Collateral subject in all cases to such
exceptions that are generally acceptable to lending institutions in connection with their regular commercial lending activities and such other exceptions to which similar Collateral is commonly subject and which do not individually, or in the
aggregate, materially and adversely affect the benefits of the collateral security intended to be provided by such the related Underlying Note, other Loan Documents and mortgages, if any, and UCC-1 financing statement and/or intellectual property
security agreement; 

  

	 	(xxiii)	 	the Underlying Note (or, if there is no Underlying Note for such debt obligation, the applicable Loan Documents) with respect to such debt obligation contains customary
cross-default provisions with respect to other indebtedness for borrowed money incurred by any Obligor on such debt obligation; 

  

	 	(xxiv)	 	such debt obligation either constitutes a General Intangible or is evidenced by an Instrument; 

  

	 	(xxv)	 	at the time such debt obligation was originated, and on its Transfer Date, no Obligor thereon was the subject of an Insolvency Event; 

  

	 	(xxvi)	 	either no consent or waiver is required from any Obligor or any other party in connection with the transfer of such debt obligation pursuant to the terms of this Agreement or any
other Transaction Document or each such consent or waiver has been obtained; 

  

	 	(xxvii)	 	such debt obligation has an Investment Rating of 3 or better; 

  

	 	(xxviii)	 	such debt obligation provides for a fixed amount of principal to be payable in cash according to a fixed schedule (including, if payable on a single date, on the Final Maturity Date
of such debt obligation) and does not mature after the Final Maturity Date of the Notes; 

  

	 	(xxix)	 	all payments due under such debt obligation, and all proceeds from any disposition thereof, will be received by the holder free and clear of withholding tax, other than any
withholding tax as to which the primary Obligor must make additional payments so that the net amount received by the Trust after satisfaction of such tax (including in respect of any such additional payment) is the amount due to the Trust before the
imposition of any withholding tax; 

  

	 	(xxx)	 	such debt obligation is an “eligible asset” within the meaning given to such term in Rule 3a-7 under the Investment Company Act; 

  

 Page 24 

	 	(xxxi)	 	such debt obligation is not a Participation representing a Participation from a counterparty (other than the Originator) that is not rated “A2” or better by Moody’s
or “A” or better by Standard & Poor’s or Fitch; and 

  

	 	(xxxii)	 	such debt obligation is eligible to be sold, assigned or participated to the Trust and pledged to the Indenture Trustee in accordance with its Underlying Note (or, if there is no
Underlying Note for such debt obligation, the applicable Loan Documents) and the law of the United States and any applicable state thereof. 

  
 Loan Assets means the Initial Loan Assets, the Additional Loan Assets and the Substitute Loan Assets. 
  
 Loan Assignments means an assignment of a fractional undivided interest in a
Loan originated by any person other than the Originator. 
  
 Loan
Checklist means the list delivered by the Trust Depositor to the Indenture Trustee pursuant to Section 2.6 of this Agreement that identifies the items contained in the related Loan File. 
  
 Loan Document means, with respect to any Loan, 
  
 (i) the Underlying Note; 
  
 (ii) any related credit agreement; 
  
 (iii) any related security agreement; 
  
 (iv) any related Loan Assignment; 
  
 (v) any related guarantees; 
  
 (vi) any related UCC financing statements and continuation statements (including amendments or modifications thereof) executed by the Obligor thereof or by another Person on the Obligor’s behalf in respect of
such Loan and Underlying Note and, and, for all Loans with an Underlying Note; 
  
 (vii) the stock certificate and stock power described in clause (b)(vi) of the definition Loan File, if applicable; and 
  
 (viii) an indorsement (which may be by allonge) or any Underlying Note; 
  
 provided, “Loan Document” shall not include any warrants, options or other equity instruments issued in the name of MCG or its Affiliates in connection
with such Loan and included in the Retained Interest. 
  

 Page 25 

 Loan File means, each of the following documents (but with respect to a Loan that is syndicated, for which
the Originator is not the agent and with respect to which any documents have been prepared by a third party, only to the extent the Originator has received any such documents) with respect to 
  
 (a) all Initial Loans in the aggregate: 
  

	 	(i)	 	an original executed blanket assignment of all of the Trust Depositor’s right, title and interest in and to all Collateral securing the Loans at any time transferred to the
Trust pursuant to this Agreement, including without limitation, all rights under applicable guarantees and Insurance Policies, such assignment shall be in the name of “Wells Fargo Bank, National Association, its successors and assigns, as
Indenture Trustee under the Indenture, dated as of September 30, 2004, relating to MCG Commercial Loan Trust 2004–1”; 

  

	 	(ii)	 	original, executed irrevocable powers of attorney of the Originator, the Trust Depositor and the Trust to the Indenture Trustee to execute, deliver, file or record and otherwise
deal with the Collateral for the Loans at any time transferred to the Trust. The powers of attorney will be delegable by the Indenture Trustee to the Servicer and any Successor Servicer and will permit the Indenture Trustee or its delegate to
prepare, execute and file or record UCC financing statements and notices to insurers; 

  

	 	(iii)	 	a copy of the UCC-1 financing statements identifying by type all Collateral for the Loans to be transferred to the Trust and assigned to the Indenture Trustee as part of the
Indenture Collateral under the Indenture and naming the Indenture Trustee, as assignee of the Trust on behalf of the Secured Parties, as “Secured Party” and the Trust Depositor as the “Debtor”; and 

  
 (b) each Loan: 
  

	 	(i)	 	if such Loan is evidenced by an Underlying Note, the original executed Underlying Note and original executed allonge, if any, each indorsed as follows: “Pay to the order of
Wells Fargo Bank, National Association, and its successors and assigns, as Indenture Trustee under the Indenture, dated as of September 30, 2004, relating to MCG Commercial Loan Trust 2004–1, without recourse”, which underlying Note has
been signed, in the name of the Obligor thereunder by a Responsible Officer, with all original executed prior and intervening endorsements, in the case of Loans originated by the Originator, showing a complete chain of original executed endorsements
from the Originator to the Trust Depositor and from the Trust Depositor to the Trust as set forth in the Commercial Loan Sale Agreement and this Agreement; 

  

 Page 26 

	 	(ii)	 	an executed copy of any related credit agreement, any related security agreement, any related Loan Assignment and any related guarantees, together with all amendments and
modifications thereto; 

  

	 	(iii)	 	a copy of the Loan Checklist; 

  

	 	(iv)	 	a copy of all UCC financing statements recorded securing the related Collateral naming the Originator or the collateral agent with respect to any syndicated loan that agrees to act
as collateral agent pursuant to a Subservicing Agreement as “Secured Party” and a copy of any UCC continuation statements; 

  

	 	(v)	 	for Loan Assignments relating to a Loan for which the Originator is not the originator, a copy of an executed assignment agreement between the selling lender and the Originator;

  

	 	(vi)	 	if the Originator is the only lender under the credit facility or if the Originator is the collateral agent for a syndicate of lenders under the credit facility and the Loan
Checklist indicates that the Collateral includes a pledge of stock, the original stock certificate serving as Collateral for such Loan, along with an original executed stock power executed in blank; and 

  

	 	(vii)	 	if the Originator is the only lender under the credit facility or if the Originator is the collateral agent for a syndicate of lenders under the credit facility, a copy of all other
items listed in the related Loan Checklist that have not previously been delivered, executed where required, or a certificate from a Responsible Officer of the Trust Depositor that such delivery has been waived consistent with the prudent lending
practices and the Credit and Collection Policy of the Originator and such waiver shall not have a material adverse effect on the Noteholders. 

  
 Loan Pool means, as of any date, the Initial Loans, Additional Loans and Substitute Loans (if any) included in the Indenture Collateral, other than any such
Loans that (i) have been reconveyed by the Trust to the Trust Depositor, and concurrently by the Trust Depositor to the Originator, pursuant to Section 11.2 hereof or (ii) have been paid (or prepaid) in full. 
  
 Loan Rate means, for each Loan in a Due Period, the current cash pay interest
rate for such Loan in such period, as specified in the related Loan Documents. 
  
 London Banking Day means any day on which dealings in deposits in Dollars are transacted in the London interbank market. 
  
 Majority Noteholders means, prior to the payment in full of the Class A Notes, the Class A Noteholders evidencing more than 50% of the Outstanding Principal
Balance of all Class A Notes and, after the Class A Notes have been paid in full and prior to the payment in full of the Class B Notes, the Class B Noteholders evidencing more than 50% 
  

 Page 27 

 of the Outstanding Principal Balance of all Class B Notes and, after the Class A Notes and the Class B Notes have been
paid in full, the Class C Noteholders evidencing more than 50% of the Outstanding Principal Balance of all Class C Notes and from and after the payment in full of the Class A Notes, the Class B Notes and the Class C Notes, the Class D
Noteholders evidencing more than 50% of the Outstanding Principal Balance of all Class D Notes. 
  
 Margin Stock means “margin stock” as defined under Regulation U of the Federal Reserve Board, 12 C.F.R. § 221, or any successor regulation. 
  
 Material Modification means any change or amendment to a Loan that (1) reduces
the principal amount due under such Loan, (2) extends its Final Maturity Date by more than 20% from its Final Maturity Date on the Closing date or Transfer date, as applicable; provided that in no event shall the Final Maturity Date of any
Loan extend beyond the Final Maturity Date of any Note, (3) delays or extends the required or scheduled amortization in any way that increases the Weighted Average Life of such Loan by more than 20% from its Weighted Average Life on the Closing Date
or Transfer Date, as applicable, (4) reduces its Weighted Average Spread by more than 20% from the Weighted Average Spread of such Loan on the Closing Date or Transfer Date, as applicable, (5) contractually or structurally subordinates such Loan by
reason of a priority of payments, turnover provisions, the transfer of assets in order to limit recourse or the granting of Liens (other than Permitted Liens) or (6) changes the Collateral securing such Loan, unless in the Servicer’s
commercially reasonable judgment, the value of any new or remaining Collateral obtained as security for such Loan equals or exceeds the Outstanding Loan Balance. 
  
 MCG has the meaning given to such term in the Preamble. 
  
 Minimum Weighted Average Coupon means 10.0%. 
  
 Minimum Weighted Average Spread means 5.75%. 
  
 Monthly Period means each calendar month. 
  
 Monthly Report shall have the meaning given to such term in Section 9.1. 
  
 Moody’s means Moody’s Investors Service, Inc. or any successor
thereto. 
  
 Moody’s Minimum Weighted Average Recovery Rate
means, as of any Determination Date, the percentage obtained by summing the products obtained by multiplying the Outstanding Loan Balance of each applicable Loan by its Moody’s Priority Category Recovery Rate, dividing such sum by the Aggregate
Outstanding Loan Balance of all such Loans and rounding up to the first decimal place. 
  

 Page 28 

 Moody’s Priority Category Recovery Rate means, with respect to any Loan, unless otherwise specified by
Moody’s, the percentage specified in the table below: 
  

			
	 Moody’s Priority Category

	  	Recovery Rate

	 Type 1
	  	 
		
	 A secured Loan which (a) does not have a rating from Moody’s or (b) has a rating from Moody’s equal to (x) the
Moody’s senior implied rating of the Obligor in respect of such Loan or (y) if such Obligor does not have a senior implied rating, the senior unsecured rating of such Obligor
	  	45%
		
	 Type 2
	  	 
		
	 A secured Loan which has a rating from Moody’s one subcategory higher than the Moody’s senior implied rating of the
Obligor in respect of such Loan or, if such Obligor does not have a senior implied rating, the senior unsecured rating of such Obligor or, if such Obligor does not have a senior unsecured rating from Moody’s, the rating from Moody’s as
determined in accordance with the definition of “Moody’s Rating”
	  	50%
		
	 Type 3
	  	 
		
	 A secured Loan which has a rating from Moody’s two or more subcategories higher than the Moody’s senior implied rating
of the Obligor in respect of such Loan or, if such Obligor does not have a senior implied rating, the senior unsecured rating of such Obligor or, if such Obligor does not have a senior unsecured rating from Moody’s, the rating from Moody’s
as determined in accordance with the definition of “Moody’s Rating”
	  	60%
		
	 Type 4
	  	 
		
	 A Loan not described under Type 1, Type 2 or Type 3 above
	  	40%

  
 Moody’s Rating
means, with respect to any Loan, for determining the Moody’s Rating as of any Determination Date (a) if the issuer of such Loan has a senior implied rating from Moody’s, then the Moody’s Rating of such Loan shall be such implied
rating, (b) if the issuer of such Loan does not have a senior implied rating from Moody’s but the Loan is rated by Moody’s, then the Moody’s Rating of such Loan shall be such rating, (c) if the issuer of such Loan does not have senior
implied rating from Moody’s and such Loan is not rated by Moody’s but the issuer has a senior unsecured obligation publicly rated by Moody’s, then the Moody’s Rating of such Loan shall be such rating and (d) if the issuer of such
Loan does not have senior implied rating from Moody’s and neither such Loan 
  

 Page 29 

 nor any senior unsecured obligation of the issuer has been publicly rated by Moody’s, then the Moody’s Rating
of such Loan shall be a rating estimate as assigned by Moody’s at the request of the Trust (or the Servicer on behalf of the Trust); provided that if a Loan (A) is placed on a watch list for possible upgrade by Moody’s, the
Moody’s Rating applicable to such Loan shall be one rating subcategory above the Moody’s Rating applicable to such Loan immediately prior to such Loan being placed on such watch list and (B) if a Loan is placed on a watch list for possible
downgrade by Moody’s, the Moody’s Rating applicable to such Loan shall be one rating subcategory below the Moody’s Rating applicable to such Loan immediately prior to such Loan being placed on such watch list.

  
 Moody’s Weighted Average Rating means, as of any
Determination Date, the numerical average Moody’s debt rating obtained by (a) multiplying the Outstanding Loan Balance of each Loan (excluding any Charged-Off Loans) as of such date by the applicable Moody’s Rating Factor for such Loan as
indicated in the table below; (b) summing the products obtained in clause (a) for all such Loans; and (c) dividing the sum obtained in clause (b) by the Aggregate Outstanding Loan Balance of all Loans (excluding any Charged-Off Loans) as of such
date. The Moody’s Rating Factor shall be, for any Loan with a given Moody’s Rating, the number set forth below under the heading “Moody’s Rating Factor” across from the Moody’s Rating of such Loan or, in
the case of a rating assigned by Moody’s at the request of the Trust (or the Servicer on behalf of the Trust), the Moody’s Rating Factor as assigned by Moody’s. 
  

			
	 Moody’s Rating of Loan

	 	 Moody’s Rating Factor

	 Aaa (1)
	 	1
	 Aa1
	 	10
	 Aa2
	 	20
	 Aa3
	 	40
	 A1
	 	70
	 A2
	 	120
	 A3
	 	180
	 Baa1
	 	260
	 Baa2
	 	360
	 Baa3
	 	610
	 Ba1
	 	940
	 Ba2
	 	1,350
	 Ba3
	 	1,766
	 B1
	 	2,220
	 B2
	 	2,720
	 B3
	 	3,490
	 Caa1
	 	4,770
	 Caa2
	 	6,500
	 Caa3
	 	8,070
	 Ca
	 	10,000
	 C
	 	10,000

	(1)	Includes any security issued or guaranteed as to the payment of principal and interest by the United States government or any agency or instrumentality thereof.

  

 Page 30 

 Net Liquidation Proceeds means Liquidation Proceeds net of (i) any reimbursements to the Servicer made
therefrom pursuant to terms of this Agreement and (ii) amounts required to be released to other creditors, including any other costs, expenses and taxes, or the related Obligor or grantor pursuant to applicable law or the governing Loan Documents.

  
 Note means any one of the notes of the Trust of any Class
executed and authenticated in accordance with the Indenture. 
  
 Note
Distribution Account means the Securities Account designated the “Note Distribution Account” and established in the name of the Indenture Trustee pursuant to Section 7.1. 
  
 Note Interest Rate means the Class A-1 Note Interest Rate, Class A-2 Note
Interest Rate, Class B Note Interest Rate or Class C Note Interest Rate, as the context may require. 
  
 Note Register has the meaning given to such term in Section 2.4 of the Indenture. 
  
 Noteholders means each Person in whose name a Note is registered in the Note Register. 
  
 Note Valuation Report has the meaning given to such term in Section 9.1. 
  
 NYUCC means the Uniform Commercial Code as in effect from time-to-time in the
State of New York. 
  
 Obligor means, with respect to any Loan, any
Person obligated to make payments with respect to such Loan. 
  
 OCC
means the Office of the Comptroller of the Currency. 
  
 Officer’s
Certificate means a certificate delivered to the Indenture Trustee signed by the Chief Executive Officer, the President, an Executive Vice President, a Senior Vice President, a Vice President, Assistant Vice President, the Treasurer, the
Secretary, or one of the Assistant Treasurers or Assistant Secretaries of the Trust Depositor, the Servicer, or the Owner Trustee (or another Person) on behalf of the Trust, as required by this Agreement or any other Transaction Document.

  
 Opinion of Counsel means a written opinion of counsel, who may
be outside counsel, or internal counsel (except with respect to Federal securities law or tax law matters), for the Trust Depositor or the Servicer and who shall be reasonably acceptable to the Owner Trustee or the Indenture Trustee, as the case may
be. 
  
 Originated Loan means any Loan that either (i) was
originated by the Originator or one of its wholly-owned subsidiaries or (ii) is made as part of a loan facility with an initial Outstanding Loan Balance (which, for purposes of this definition, shall include the 
  

 Page 31 

 maximum available amount of commitments available to be drawn by the Obligor under any revolving or delayed draw loans)
of less than $150,000,000; provided that, if such loan facility comprises multiple classes or tranches of debt, only the class or tranche of debt held by the Originator (along with any other classes or tranches that are entitled to payment of
principal or interest on a pari passu basis with respect to such class or tranche) must have an initial Outstanding Loan Balance of less than $150,000,000 (which, for purposes of this definition, shall include the maximum available amount of
commitments available to be drawn under such classes or tranches by the Obligor under any revolving or delayed draw loans). 
  
 Originator has the meaning given to such term in the Preamble. 
  
 Outstanding has the meaning given to such term in the Indenture. 
  
 Outstanding Loan Balance means, as of any Determination Date and with respect to any Loan, an amount equal to the excess of (a) the principal amount of such
Loan, or portion thereof transferred to the Trust, outstanding as of the applicable Cutoff Date over (b) all Principal Collections received on such Loan, or portion thereof transferred to the Trust, since the applicable Cutoff Date. Charged-Off
Loans will be deemed to have an Outstanding Loan Balance equal to zero. 
  
 Outstanding Principal Balance means, as of any Determination Date and with respect to any Class, the original principal amount of such Class on the Closing Date as reduced by all amounts paid by the Trust with respect to such
principal amount up to such date. Except as otherwise described herein, the “Outstanding Principal Balance” of (i) the Class B Notes shall include the Cumulative Deferred Class B Interest and (ii) the Class C Notes shall include the
Cumulative Deferred Class C Interest. 
  
 Owner Trustee means the
Person acting, not in its individual capacity, but solely as Owner Trustee, under the Trust Agreement, its successors in interest and any successor owner trustee under the Trust Agreement. 
  
 Partially Funded Term Loan means a Loan that is a closed-end multiple advance
Loan that has not been fully funded as of the applicable Cutoff Date. 
  
 Participation means an interest in a Loan that is acquired indirectly by way of a participation from a Selling Institution. At the time that a Participation is acquired by the Trust, the percentage of the sum of the
Outstanding Loan Balances of the Loans that are represented by Participations entered into by the Trust with Selling Institutions (or their Affiliates) having the same credit rating shall not exceed the percentage set forth below for such credit
rating (in the event of a split rating, the lower rating shall apply); (provided that if the rating of any Selling Institution has been placed on watch by Moody’s for possible upgrade or downgrade, such rating shall be deemed to have
been upgraded or downgraded, as the case may be, by one rating subcategory): 
  

 Page 32 

					
	 Credit Rating of
 Selling Institution
 (Moody’s/
 Standard & Poor’s or
 Fitch)

	 	 Individual
 Participation
 Selling Institution
 Percentage

	 	 Aggregate
 Participation
 Selling Institution
 Percentage

	 “Aaa”/“AAA”
	 	15%	 	15%
			
	 “Aa1”/“AA+”
	 	15%	 	15%
			
	 “Aa2”/“AA”
	 	15%	 	15%
			
	 “Aa3”/“AA-”
	 	15%	 	15%
			
	 “A1”/“A+”
	 	10%	 	10%
			
	 “A2”/“A”
	 	5%	 	5%(1)
			
	 “A3” or below/“A-” or
 below
	 	0%	 	0%

	(1)	provided any Selling Institution rated “A2” by Moody’s shall have a short-term unsecured debt rating of at least “P-1” from Moody’s and such
rating shall not be on watch for possible downgrade. 

  
 Paying Agent means as described in Section 3.3 of the Indenture and Section 3.09 of the Trust Agreement. 
  
 Payment-in-Kind Loan means a Loan that requires the related Obligor to pay in Cash only a portion of the accrued and unpaid interest on a current basis,
with the remaining interest being deferred and paid later, together with any unpaid interest thereon, in a lump sum; provided that the interest paid on a current basis is equal to a rate of at least 3%. 
  
 Periodic Interest means, with respect to any Class of Senior Notes for any
Interest Accrual Period, the sum of interest accrued on the Aggregate Outstanding Principal Balance of the Notes of such Class. 
  
 Permitted Investments with respect to any Remittance Date means negotiable instruments or securities or other investments maturing on or before such
Remittance Date (a) which, except in the case of demand or time deposits, investments in money market funds and Eligible Repurchase Obligations, are represented by instruments in bearer or registered form or ownership of which is represented by book
entries by a Clearing Agency or by a Federal Reserve Bank in favor of depository institutions eligible to have an account with such Federal Reserve Bank who hold such investments on behalf of their customers, (b) that, as of any Determination Date,
mature by their terms on or prior to the Remittance Date immediately following such Determination Date, and (c) that evidence: 
  

	 	(i)	direct obligations of, and obligations fully guaranteed as to full and timely payment by, the United States (or by any agency thereof to the extent such obligations are backed by
the full faith and credit of the United States); 

  

 Page 33 

	 	(ii)	 	demand deposits, time deposits or certificates of deposit of depository institutions or trust companies incorporated under the laws of the United States or any State thereof and
subject to supervision and examination by Federal or State banking or depository institution authorities; provided, that at the time of the Trust’s investment or contractual commitment to invest therein, the commercial paper, if any, and
short-term unsecured debt obligations (other than such obligation whose rating is based on the credit of a Person other than such institution or trust company) of such depository institution or trust company shall have a credit rating from each
Rating Agency in the Highest Required Investment Category granted by such Rating Agency, which, in the case of Fitch, shall be “F1+”; 

  

	 	(iii)	 	commercial paper, or other short term obligations, having, at the time of the Trust’s investment or contractual commitment to invest therein, a rating in the Highest Required
Investment Category granted by each Rating Agency, which, in the case of Fitch, shall be “AAA”; 

  

	 	(iv)	 	demand deposits, time deposits or certificates of deposit that are fully insured by the FDIC and either have a rating on their certificates of deposit or short-term deposits from
Moody’s and Standard & Poor’s of “P-1” and “A-1+”, respectively, and, if rated by Fitch, from Fitch of “F1+/AAA”; 

  

	 	(v)	 	notes that are payable on demand or bankers’ acceptances issued by any depository institution or trust company referred to in clause (ii) above; 

  

	 	(vi)	 	investments in taxable money market funds or other regulated investment companies having, at the time of the Trust’s investment or contractual commitment to invest therein, a
rating of the Highest Required Investment Category from Moody’s and Fitch (if rated by Fitch) or otherwise subject to satisfaction of the Rating Agency Condition; 

  

	 	(vii)	 	time deposits (having maturities of not more than 90 days) by an entity the commercial paper of which has, at the time of the Trust’s investment or contractual commitment to
invest therein, a rating of the Highest Required Investment Category granted by each Rating Agency; 

  

	 	(viii)	 	Eligible Repurchase Obligations with a rating acceptable to the Rating Agencies; or 

  

	 	(ix)	 	any negotiable instruments or securities or other investments subject to satisfaction of the Rating Agency Condition. 

  

 Page 34 

 Any of the Permitted Investments described above may be purchased from or sold to the Person at the time acting as
Indenture Trustee, or any Affiliate of such Person, whether acting as principal or agent. 
  
 Permitted Liens means 
  

	(a)	with respect to Loans in the Loan Pool, (i) Liens in favor of the Trust Depositor created pursuant to the Commercial Loan Sale Agreement and transferred to the Trust pursuant
hereto, (ii) Liens in favor of the Trust created pursuant to this Agreement, and (iii) Liens in favor of the Indenture Trustee created pursuant to the Indenture and/or this Agreement; and 

  

	(b)	with respect to the interest of the Originator, the Trust Depositor and the Trust in the related Collateral, (i) materialmen’s, warehousemen’s, mechanics’ and other
liens arising by operation of law in the ordinary course of business for sums not due or sums that are being contested in good faith, (ii) Liens for State, municipal and other local taxes if such taxes shall not at the time be due and payable or if
the Trust Depositor shall currently be contesting the validity thereof in good faith by appropriate proceedings, (iii) Liens in favor of the Trust Depositor created by the Originator and transferred by the Trust Depositor to the Trust pursuant to
this Agreement, (iv) Liens in favor of the Trust created pursuant to this Agreement, (v) Liens in favor of the Indenture Trustee created pursuant to the Indenture and/or this Agreement, and (vi) Liens in favor of senior lenders in Collateral pledged
with respect to any Junior Loans. 

  
 Person means any
individual, corporation, estate, partnership, business or statutory trust, limited liability company, sole proprietorship, joint venture, association, joint stock company, trustee, settlor or beneficiary of a trust, unincorporated organization or
government or any agency or political subdivision thereof or other entity. 
  
 Portfolio Investment means any investment made by the Originator in the ordinary course of business that is accounted for under generally accepted accounting principles as in effect from time-to-time in the United States as a
portfolio investment of the Originator. 
  
 Prepaid Loan means any
Loan that has terminated or been prepaid or refinanced in full prior to its scheduled expiration date, other than a Charged-Off Loan. 
  
 Prepaid Loan Amount means, with respect to each Substitute Loan being transferred in place of a Prepaid Loan, an amount equal to the lesser of (i) the
amount deposited into the Principal Collection Account with respect to such Prepaid Loan and (ii) the Outstanding Loan Balance of the Prepaid Loan immediately prior to the date it was prepaid. 
  
 Prepayment means any full prepayments, including any prepayment premiums, on a
Loan. 
  

 Page 35 

 Principal and Interest Account means the Securities Account designated the “Principal and Interest
Account” and established in the name of the Indenture Trustee pursuant to Section 7.3. 
  
 Principal Collection Account means a Securities Account that is a sub-account of the Principal and Interest Account designated the “Principal Collection Account” and established in the name of
the Indenture Trustee pursuant to subsection 7.3(a). 
  
 Principal
Collections means, with respect to amounts deposited into the Principal and Interest Account during any Due Period, (i) all payments received on or after the applicable Cutoff Date on account of principal on the Loans, including (a) the
principal portion of any Scheduled Payments and Prepayments (other than any prepayment premiums) and (b) any payment of principal received by the Trust during a Due Period as part of a payment allocable to a Loan that is in excess of the principal
portion of the Scheduled Payment due for such Due Period and which is not intended to satisfy the Loan in full, nor is intended to cure a delinquency, (ii) the principal portion of any amounts paid in connection with the purchase or repurchase of
any Loan and the amount of any Transfer Deposit Amounts, (iii) the principal portion of any Scheduled Payment Advances that the Servicer determines to make, (iv) any payments of Purchased Accrued Interest purchased with Principal Collections
received by the Trust during the related Due Period and (v) after the Effective Date, any amounts on deposit in the Unused Proceeds Account; and (vi) on and after an Event of Default or the occurrence and continuance of a Class A Trigger, Class B
Trigger, or a Class C Trigger all available funds remaining after application of payments to clauses (1) through (11) of Section 7.5(a). 
  
 Principal Coverage Amount means as of any Remittance Date, an amount equal to the sum (without duplication) of (a) the amount of Principal Collections held
as Cash or Permitted Investments plus (b) the Aggregate Outstanding Loan Balance (other than Charged-Off Loans and Discount Purchase Loans) plus (c) the aggregate purchase price of all Discount Purchase Loans plus (d) on or
prior to the Effective Date, any amounts on deposit in the Unused Proceeds Account. 
  
 Principal Prepayment has the meaning given to search term in the Indenture. 
  
 Priority of Payments has the meaning given to such term in Section 7.5. 
  
 Public Securities means the securities issued by MCG in connection with its initial public offering, and any subsequent securities issued by MCG in a
transaction registered under the Securities Act. 
  
 Purchased Accrued
Interest means respect to any Loan, accrued interest on such Loan purchased by the Trust with Principal Collections or Unused Proceeds. 
  
 Qualified Institution means (a) the corporate trust department of the Indenture Trustee or (b) a state or national bank or trust company organized under the
law of the United States or any one of the States thereof or the District of Columbia (or any United States branch 
  

 Page 36 

 of a foreign bank) that (i) is not an Affiliate of the Trust or the Servicer and has a combined capital and surplus of at
least $250,000,000, (ii) either (A) has either (1) a long-term unsecured debt rating acceptable to the Rating Agencies, or (2) a short-term unsecured debt rating or certificate of deposit rating acceptable to the Rating Agencies, (B) the parent
corporation, if such parent corporation guarantees the obligations of the depository institution, of which has either (1) a long-term unsecured debt rating acceptable to the Rating Agencies, or (2) a short-term unsecured debt rating or certificate
of deposit rating acceptable to the Rating Agencies or (C) otherwise satisfies the Rating Agency Condition, and (iii) whose deposits are insured by the FDIC. 
  
 Ramp-Up Criteria means the conditions to acquisition of any Loans by the Trust during the Ramp-Up Period for inclusion in the Indenture Collateral, as set
forth in Section 2.4(b). 
  
 Ramp-Up Period means the period
starting on the Closing Date and ending on the Effective Date. 
  
 Rating means a Moody’s Rating or a Fitch Rating, as the context may require. 
  
 Rating Agency means each of (i) Moody’s, for so long as any of the Outstanding Notes are rated by Moody’s (including any private or confidential rating) and (ii) Fitch, for so long as any of
the Outstanding Notes are rated by Fitch (including any private or confidential rating) and if any of Moody’s or Fitch no longer maintains a rating on any Class of Senior Notes, such other nationally recognized statistical rating organization
selected by the Indenture Trustee. 
  
 Rating Agency Confirmation
means, on any day after the Closing Date, a confirmation by each Rating Agency, at the request of the Trust or the Servicer on behalf of the Trust, of the ratings assigned to each Class of Senior Notes on the Closing Date. 
  
 Rating Agency Condition means, with respect to any action or series of related
actions or proposed transaction or series of related proposed transactions, that each Rating Agency shall have notified the Trust Depositor, the Owner Trustee and the Indenture Trustee that such action or series of related actions or the
consummation of such proposed transaction or series of related transactions will not result in a Ratings Effect. 
  
 Ratings Effect means, with respect to any action or series of related actions or proposed transaction or series of related proposed transactions, a
reduction or withdrawal of the rating of any outstanding Class of Notes with respect to which a Rating Agency has previously issued a rating as a result of such action or series of related actions or the consummation of such proposed transaction or
series of related transactions. 
  
 Record Date means the last
Business Day of the month immediately preceding a Remittance Date. 
  
 Reducing Revolving Loans means a Loan that is a revolving line of credit with a commitment that reduces over the life of the Loan. 
  

 Page 37 

 Reference Banks means leading banks selected by the Indenture Trustee and engaged in transactions in
Eurodollar deposits in the international Eurocurrency market. 
  
 Released
Amounts means, with respect to any payment or collection received with respect to any Loan on any Business Day (whether such payment or collection is received by the Servicer, the Owner Trustee or the Trust Depositor), an amount equal to
that portion of such payment or collection on any Retained Interest released from the Loan Assets pursuant to Section 2.5. 
  
 Remittance Date means the 20th day of each January, April, July and October, commencing January 20, 2005 or, if such day is not a Business Day, on the next
succeeding Business Day. 
  
 Repossessed Collateral means items of
Collateral taken in the name of the Trust as a result of legal action enforcing the Lien on the Collateral resulting from a default on the related Loan. 
  
 Required Reserve Amount means, with respect to each Remittance Date, an amount equal to the sum of (i) the sum of the then current Class A-1 Interest
Amount, Class A-2 Interest Amount, Class B Interest Amount and Class C Interest Amount and (ii) the Outstanding Loan Balance of each Delinquent Loan. 
  
 Requirements of Law for any Person means the certificate of incorporation or articles of association and by-laws or other organizational or governing
documents of such Person, and any law, treaty, rule or regulation, or order or determination of an arbitrator or Governmental Authority, in each case applicable to or binding upon such Person or to which such Person is subject, whether Federal,
State or local (including, without limitation, usury laws, the Federal Truth in Lending Act and Regulation Z and Regulation B of the Board of Governors of the Federal Reserve System). 
  
 Reserve Fund means the Securities Account designated the “Reserve Fund” and established in the name of the Indenture
Trustee pursuant to Section 7.1. 
  
 Reserve Fund Initial Balance
means an amount equal to $2,000,000. 
  
 Responsible Officer means,
when used with respect to the Owner Trustee or the Indenture Trustee, any officer assigned to the Corporate Trust Office, including any Chief Executive Officer, President, Executive Vice President, Vice President, Assistant Vice President,
Secretary, any Assistant Secretary, any trust officer or any other officer of the Owner Trustee or the Indenture Trustee customarily performing functions similar to those performed by any of the above designated officers 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. When used with respect to any Obligor, any officer of such Obligor duly authorized under
such Obligor’s organizational documents to execute the applicable Loan Documents. When used with respect to the Trust Depositor, the Trust, the Originator or the Servicer, any Chief Executive Officer, 
  

 Page 38 

 the President, Executive Vice President, Vice President, Assistant Vice President, or Secretary or Assistant Secretary;
provided, where any provision of the Transaction Documents requires a Responsible Officer to receive notice or have certain knowledge, such provision will be effective with respect to the Trust Depositor, the Trust, the Originator or the
Servicer only if its respective Chief Executive Officer, President, Chief Financial Officer, Executive Vice President or General Counsel receives such notice or has such knowledge. 
  
 Retained Interest means, for each Loan, the following interests, rights and obligations in such Loan and under the associated
Loan Documents, which are being retained by the Originator: (i) all of the obligations, if any, to provide additional funding with respect to such Loan, (ii) all of the rights and obligations, if any, of the agent(s) under the documentation
evidencing such Loan, (iii) the applicable portion of the interests, rights and obligations under the documentation evidencing such Loan that relate to such portion(s) of the indebtedness that is owned by another lender or is being retained by the
Originator, (iv) any unused, commitment or similar fees associated with the additional funding obligations that are not being transferred in accordance with clause (i) of this definition, (v) any agency or similar fees associated with the rights and
obligations of the agent that are not being transferred in accordance with clause (ii) of this definition, (vi) any advisory, consulting or similar fees due from the Obligor associated with services provided by the agent that are not being
transferred in accordance with clause (ii) of this definition, (vii) the right to collect from such Obligor(s) the fees and expense reimbursements associated with the preparation, negotiation, execution, perfection and documentation of such Loan,
the associated Collateral therefor, and any subsequent amendments, waivers, consents and restructuring thereof (which fees, for avoidance of doubt, shall not include any underwriting fees or fees serving as consideration for amendments and waivers)
and (viii) any and all warrants, options, and other equity instruments issued in the name of MCG or its Affiliates in connection with or relating to any Loan. 
  

Scheduled Payment means, with respect to any Loan, the payment of principal and/or interest scheduled to be made by the related Obligor under the terms
of such Loan after the related Cutoff Date, as adjusted pursuant to the terms of the related Underlying Note (if such Loan contains an Underlying Note) and/or the Loan Documents related thereto, and any such payment received after the related Cutoff
Date. 
  
 Scheduled Payment Advance means, with respect to any
Remittance Date, the amounts, if any, deposited by the Servicer in the Principal and Interest Account for such Remittance Date in respect of Scheduled Payments (or portions thereof) pursuant to Section 5.9. 
  
 Secured Party has the meaning given to such term in the Indenture. 

 
 Securities means the Notes and the Certificate, or any of them. 

 
 Securities Account has the meaning given to such term in Section 8-501(a) of
the UCC. 
  

 Page 39 

 Securities Act means the Securities Act of 1933, as amended from time to time. 
  
 Securityholders means the Holders of the Notes or the Certificate. 

 
 Selling Institution means an institution from which the Trust acquires a
participation interest in a loan or in a security. 
  
 Senior Loan
means any senior secured term loan, or a funded portion of a senior secured revolving or delayed draw loan so long as only the funded portion of such loan, and not any funding obligation, is transferred to the Trust on the relevant Transfer Date, in
each case so long as such loan is not by its express terms subordinated in right of payment to any other indebtedness of the related Obligor. 
  
 Senior Notes means the Class A Notes, Class B Notes and Class C Notes. 
  
 Senior Noteholders means the holders of any Senior Notes. 
  
 Servicer has the meaning given to such term in the preamble. 
  
 Servicer Default has the meaning given to such term in Section 8.1. 
  
 Servicer Employees has the meaning given to such term in Section 5.4.

  
 Servicer Transfer has the meaning given to such term in Section
8.2(b). 
  
 Servicer Transfer Fees has the meaning given to such
term in Section 8.3(d). 
  
 Servicing Advances means, all reasonable
and customary “out-of-pocket” costs and expenses incurred in the performance by the Servicer of its servicing obligations, including, but not limited to, the cost of (i) the preservation, restoration and protection of the Collateral, (ii)
any enforcement or judicial proceedings, including foreclosures, (iii) the management and liquidation of the Foreclosed Property or Repossessed Collateral, (iv) compliance with the obligations under this Agreement, which “Servicing
Advances” are reimbursable to the Servicer to the extent provided in subsection 5.10(d) of this Agreement, and (v) in connection with the liquidation of a Loan, for all of which costs and expenses the Servicer is entitled to reimbursement
thereon up to a maximum rate per annum equal to the related Loan Rate. 
  
 Servicing Fee has the meaning given to such term in Section 5.10(a). 
  
 Servicing Fee Percentage means 1.00%. 
  
 Servicing Officer means any officer of the Servicer involved in, or responsible for, the administration and servicing of Loans whose name appears on a list of servicing officers appearing in an Officer’s Certificate
furnished to the Indenture Trustee by the Servicer, as the same may be amended from time to time. 
  

 Page 40 

 SIC Code means any one of the Standard Industrial Classification Codes, as applicable. 
  
 Solvent means, as to any Person at any time, that (a) the fair value of the
property of such Person is greater than the amount of such Person’s liabilities (including disputed, contingent and unliquidated liabilities) as such value is established and liabilities evaluated for purposes of Section 101(32) of the
Bankruptcy Code; (b) such Person is able to realize upon its property and pay its debts and other liabilities (including disputed, contingent and unliquidated liabilities) as they mature in the normal course of business; (c) such Person does not
intend to, and does not believe that it will, incur debts or liabilities beyond such Person’s ability to pay as such debts and liabilities mature; and (d) such Person is not engaged in business or a transaction, and is not about to engage in a
business or a transaction, for which such Person’s property would constitute unreasonably small capital. 
  
 Spread Excess means, as of any Determination Date, a fraction (expressed as a percentage), the numerator of which is equal to the product of (a) the excess, if any, of the Weighted Average Spread for
such Determination Date over the Minimum Weighted Average Spread for such Determination Date and (b) the aggregate Outstanding Loan Balance of all floating rate Loans (excluding Charged-Off Loans and Delinquent Loans) held by the Trust as of such
Determination Date, and the denominator of which is the aggregate Outstanding Loan Balance of all fixed rate Loans (excluding Charged-Off Loans and Delinquent Loans) held by the Trust as of such Determination Date. In computing the Spread Excess on
any Determination Date, the Weighted Average Spread for such Determination Date will be computed as if the Fixed Rate Excess were equal to zero. 
  
 Standard & Poor’s means Standard & Poor’s Rating Services, a division of the McGraw- Hill Companies or any successor thereto. 

 
 Subsequent Cutoff Date means the date specified as such for Additional Loans
and Substitute Loans in the related Subsequent Purchase Agreement or Subsequent Transfer Agreement, as applicable. 
  
 Subsequent List of Loans means a list, in the form of the initial List of Loans delivered on the Closing Date, but listing each Additional Loan and
Substitute Loan transferred to the Trust pursuant to the related Subsequent Purchase Agreement or Subsequent Transfer Agreement, as applicable. 
  
 Subsequent Purchase Agreement means, with respect to any Additional Loans or any Substitute Loans, the agreement between the Originator and the Trust
Depositor pursuant to which the Originator will transfer such Additional Loans or Substitute Loans, as the case may be, to the Trust Depositor, the form of which is attached to hereto as Exhibit D. 
  
 Subsequent Transfer Agreement means the agreement described in Section
2.4(c)(3) hereof, the form of which is attached hereto as Exhibit E. 
  

 Page 41 

 Subservicer means any direct or indirect wholly-owned subsidiary of MCG that MCG has identified as a
subservicer or additional collateral agent or any other Person with whom the Servicer has entered into a Subservicing Agreement and who satisfies the requirements set forth in subsection 5.2(a) of this Agreement in respect of the qualification of a
Subservicer. 
  
 Subservicing Agreement means any agreement between
the Servicer and any Subservicer relating to subservicing and/or administration of certain Loans as provided in this Agreement, a copy of which shall be delivered, along with any modifications thereto, to the Indenture Trustee. 
  
 Substitute Loan means a Loan that (a) is transferred to the Trust under and in
accordance with Section 2.7 and identified in the related Addition Notice, and (b) becomes part of the Indenture Collateral. 
  
 Substitute Loan Assets has the meaning given to such term in Section 2.7. 
  
 Substitute Loan Qualification Conditions means, with respect to any Substitute Loan being transferred to the Trust pursuant to
Section 2.7, the following conditions, determined as of the related Cutoff Date for such Loan: 
  

	(a)	the principal amount of such Substitute Loan shall be equal to or greater than that of the Loan being disposed of in exchange for such Substitute Loan; provided that all
proceeds received by the Trust from the Loan being disposed of shall be reinvested in a Substitute Loan or Substitute Loans that, in aggregate, have a principal amount at least equal to the Loan being disposed of; 

  

	(b)	if the Moody’s Rating or the Fitch Rating of the Substitute Loan is lower than the Moody’s Rating or the Fitch Rating, as applicable, of the Loan being disposed of in
exchange for such Substitute Loan (as identified in the related Addition Notice) at the time of such disposition, (i) the Moody’s Rating of such Substitute Loan shall be at least “B3” and the Fitch Rating of such Substitute Loan shall
be at least “B-” and (ii) after giving effect to such substitution, the Moody’s Weighted Average Rating and weighted average Fitch Rating of all Loans in the Loan Pool shall be equal to or better than the Moody’s Weighted Average
Rating and the weighted average Fitch Rating of all Loans in the Loan pool, as applicable, as of the Effective Date; provided that for the purposes of calculating the Moody’s Weighted Average Rating for purposes of this definition, any
Delinquent Loan will be deemed to have a Moody’s Rating of “Ca”; 

  

	(c)	in the case of an Originated Loan, the market value of which (as determined by the Servicer as of its most recent valuation of such Loan prior to its acquisition by the Trust) is
less than par, the Outstanding Loan Balance of such Substitute Loan shall be its actual cost to the Trust; 

  

 Page 42 

	(d)	the Final Maturity Date of such Substitute Loan shall be no later than September 30, 2014; 

  

	(e)	the current weighted average Loan Rate (i.e. the current pay interest rate) on such Substitute Loan is equal to or greater than the current Loan Rate of the Loan being disposed of
in exchange for such Substitute Loan (as identified in the related Addition Notice); 

  

	(f)	the then-current weighted average gross interest rate (i.e. the sum of the Loan Rate and any deferred interest that, at the time of acquisition by the Trust, has been or is
scheduled to be deferred) of the Substitute Loan shall not be less than 90% (or, if the Loan to be replaced was not an Initial Loan, 100%) of the then-current Loan Rate of the Loan being disposed of in exchange for such Substitute Loan (as
identified in the related Addition Notice); 

  

	(g)	all actions or additional actions (if any) necessary to create and perfect a first-priority, perfected security interest in such Substitute Loan to the Trust Depositor, the Trust,
and Indenture Trustee in favor of the Senior Noteholders shall have been taken as of or prior to the date such Substitute Loan is being acquired by the Trust; 

  

	(h)	other than as expressly provided in this definition, such Substitute Loan satisfies all of the criteria in the definition of “Loan”; 

  

	(i)	no selection procedure known to the Originator or the Trust Depositor to be adverse to the interests of the Trust, the Indenture Trustee and the Noteholders shall have been employed
in the selection of such Substitute Loan; 

  

	(j)	in the case of a Substitute Loan, (i) the Moody’s Priority Category Recovery Rate of such Substitute Loan is equal to or higher than the Moody’s Priority Category Recovery
Rate of the Loan being substituted, or (ii) the Moody’s Priority Category Recovery Rate of such Substitute Loan is less than the Moody’s Priority Category Recovery Rate of the Loan being substituted and the Moody’s Minimum Weighted
Average Recovery Rate following such substitution is not lower than the Moody’s Minimum Weighted Average Recovery Rate as of the Effective Date; and 

  

	(k)	the acquisition of such Loan by the Trust does not result in a reduction or withdrawal of the rating of any outstanding Class of Notes with respect to which a Rating Agency has
previously issued a rating. 

  
 Substitution Event has
the meaning given to such term in Section 2.7. 
  
 Successor Backup
Servicer has the meaning given to such term in Section 8.10. 
  
 Successor Servicer has the meaning given to such term in subsection 8.2(b). 
  

 Page 43 

 Syndicated Loan means any Loan that is not an Originated Loan. 
  
 Tape has the meaning given to such term in subsection 5.15(b). 
  
 Telerate Page 3750 means the display page currently so designated on the
Moneyline Telerate, Inc. service (or such other page as may replace that page on that service for the purpose of displaying comparable rates or prices). 
  
 Three-Month Index Maturity has the meaning given to such term in Section 7.6. 
  
 Traditional Revolving Loans means a Loan that allows the Obligor to re-borrow amounts repaid under a loan agreement with a
commitment that does not vary over the life of the Loan. 
  
 Transaction
Documents means this Agreement, the Indenture, the Trust Agreement, the Account Control Agreement, the Commercial Loan Sale Agreement, any Subsequent Transfer Agreement, and any Subsequent Purchase Agreement, as such agreements are amended,
modified, restated, replaced, substituted, waived, supplemented or extended from time to time. 
  
 Transfer and Servicing Agreements means collectively this Agreement and the Commercial Loan Sale Agreement. 
  
 Transfer Date means each date on which the Trust Depositor transfers Loans, or portions thereof, to the Trust. 
  
 Transfer Deposit Amount means, with respect to each Ineligible Loan, Additional
Loan or Substitute Loan, on any Determination Date, the sum of the Outstanding Loan Balance of such Loan, together with accrued interest thereon through such Determination Date at the Loan Rate provided for thereunder, and any outstanding Scheduled
Payment Advances thereon that have not been waived by the Servicer entitled thereto. 
  
 Trust has the meaning given to such term in the Preamble. 
  
 Trust Accounts means, collectively, the Principal and Interest Account (including the Principal Collection Account and Interest Collection Account), the Reserve Fund and the Note Distribution Account, or any of them.

  
 Trust Agreement means the Trust Agreement, dated as of September
24, 2004, between the Trust Depositor and the Owner Trustee. 
  
 Trust
Depositor has the meaning given to such term in the Preamble. 
  
 Trust Estate shall have the meaning given to such term in the Trust Agreement. 
  
 Trustees means the Owner Trustee and the Indenture Trustee, or any of them individually as the context may require. 
  

 Page 44 

 UBS has the meaning given to such term in the Recitals. 
  
 UBS Securities means UBS Securities LLC, a Delaware limited liability company,
together with its successors and assigns. 
  
 UCC means the Uniform
Commercial Code, as amended from time to time, as in effect in any applicable jurisdiction. 
  
 Underlying Note means the one or more promissory notes executed by an Obligor evidencing a Loan. 
  
 United States means the United States of America. 
  
 Unused Proceeds means (a) as of the Closing Date, proceeds of the issuance and sale of the Notes remaining after the Trust has purchased the Initial Loans
on the Closing Date, and has paid organizational expenses and (b) as of any date after the Closing Date, the amount determined pursuant to clause (a) of this definition minus any amount of such funds applied to purchase Additional Loans
plus any Purchased Accrued Interest relating to the Initial Loans or any Purchased Accrued Interest purchased with Unused Proceeds. Unused Proceeds shall not include any amounts deposited in the Reserve Fund. 
  
 Unused Proceeds Account means the Securities Account designated the
“Unused Proceeds Account” and established in the name of the Indenture Trustee pursuant to Section 7.2. 
  
 Warehouse Fund has the meaning given to such term in the Recitals. 
  
 Warehouse Master Conveyance Agreement has the meaning given to such term in the Recitals. 
  
 Weighted Average Coupon means, as of any Determination Date, a fraction
(expressed as a percentage) obtained by (a) multiplying the Outstanding Loan Balance of each fixed rate Loan (other than any Charged-Off Loan or Delinquent Loan) held by the Trust as of such Determination Date by the current per annum rate at which
it pays interest; (b) summing the amounts determined pursuant to clause (a) for all fixed rate Loans (excluding Charged-Off Loans and Delinquent Loans) held by the Trust as of such Determination Date; (c) dividing such sum by the aggregate
Outstanding Loan Balance of all fixed rate Loans (excluding Charged-Off Loans and Delinquent Loans) held by the Trust as of such Determination Date and rounding up to the next 0.001%; and (d) if the foregoing amount is less than the Minimum Weighted
Average Coupon for such Determination Date, adding to such amount any Spread Excess as of such Determination Date. For purposes of this definition, (1) no contingent payment of interest will be included in such calculation, (2) for a Payment-in-Kind
Loan, the stated spread shall exclude any portion of the interest that is currently being deferred and (3) for purposes of calculating the Weighted Average Coupon, Loans that are Charged-Off Loans or Delinquent Loans will be excluded except for
those Delinquent Loans that at the time of such calculation are paying in full current interest pursuant to the terms of their respective Underlying Note (or, of there is no Underlying Note, their underlying Loan Documents). 
  

 Page 45 

 Weighted Average Life means, on any Determination Date with respect to any Loan, the number obtained by (a)
summing the products obtained by multiplying (i) the Average Life at such time of each Loan (excluding Charged-Off Loans) by (ii) the Outstanding Loan Balance of such Loan and (b) dividing such sum by the Aggregate Outstanding
Loan Balance at such time of all Loans (excluding Charged-Off Loans). 
  
 Weighted Average Spread means, as of any Determination Date, the sum (rounded up to the next 0.001%) of (a) the number obtained by (i) summing the products obtained by multiplying (x) the stated spread above or below
LIBOR at which interest accrues on each floating rate Loan (other than a Charged-Off Loan or a Delinquent Loan) as of such date by (y) the Outstanding Loan Balance of such Loan as of such date, and (ii) dividing such sum by the
aggregate Outstanding Loan Balance of all floating rate Loans (excluding all Charged-Off Loans and Delinquent Loans) and if such amount is less than Minimum Weighted Average Spread as of such Determination Date, adding to such amount the Fixed Rate
Excess as of such Determination Date. For purposes of this definition, (1) no contingent payment of interest will be included in such calculation, (2) for a Payment-in-Kind Loan, the stated spread shall exclude any portion of the interest that is
currently being deferred and (3) in the case of any Loan that does not bear interest at a rate expressed as a stated spread above or below LIBOR, the stated spread to LIBOR relating to such Loan shall be calculated on any Determination Date by the
Servicer in its sole judgment on behalf of the Trust by subtracting LIBOR (as determined on the most recent LIBOR Determination Date) from the interest rate payable on such Loan. 
  
 Wells Fargo has the meaning given to such term in the Preamble. 
  
 Usage of Terms 
  
 1.2 With respect to all terms in this Agreement, the singular includes the plural and the plural the singular; words importing any gender include the other genders;
references to “writing” include printing, typing, lithography and other means of reproducing words in a visible form; references to agreements and other contractual instruments include all amendments, modifications and supplements thereto
or any changes therein entered into in accordance with their respective terms and not prohibited by this Agreement; references to Persons include their permitted successors and assigns; and the term “including” means “including
without limitation.” 
  
 Section References 
  
 1.3 All Section references (including references to the Preamble), unless otherwise
indicated, shall be to Sections (and the Preamble) in this Agreement. 
  

 Page 46 

 Calculations 
  
 1.4 Except as otherwise provided herein, all interest rate and basis point calculations hereunder will be made on the basis of a 360 day year and the actual days elapsed
in the relevant period and will be carried out to at least three decimal places. 
  
 Accounting Terms 
  
 1.5 All accounting terms used but not
specifically defined herein shall be construed in accordance with generally accepted accounting principles in the United States. 
  
 Sub-Accounts of the Principal and Interest Account 
  
 1.6 Reference to any “sub-account” when used with respect to any sub-account of the Principal and Interest Account shall be deemed to refer to (a) the Interest
Collection Account in the context of the application of Interest Collections to or from such applicable sub-account and (b) the Principal Collection Account in the context of the application of Principal Collections to or from such applicable
sub-account. 
  
 2. ADMINISTRATION OF
THE TRUST; ACQUISITION OF LOAN ASSETS 
  
 Administration of the Trust; Transfer and Acquisition of Loan Assets 
  

	2.1 (a)	The Trust shall be administered pursuant to the provisions of this Agreement and the Trust Agreement for the benefit of the Noteholders and Certificateholder. The Owner Trustee is
hereby specifically recognized by the parties hereto as empowered to conduct business dealings on behalf of the Trust in accordance with the terms hereof and of the Trust Agreement. In addition, the Servicer is hereby specifically recognized by the
parties hereto as empowered to act on behalf of the Trust in accordance with subsections 5.2(e) and (h) hereof. 

  
 The parties hereto hereby acknowledge that, subject to and upon the terms and conditions hereto, the Trust Depositor hereby absolutely transfers to the Trust, for a
purchase price consisting of (x) $224,563,568 in Cash and (y) $15,800,000 in Outstanding Principal Balance of the Class C Notes and $56,445,000 in Outstanding Principal Balance of the Class D Notes, all of the right, title and interest of the Trust
Depositor in items (i) through (vi) below, being collectively referred to herein as the Initial Loan Assets): 
  

	 	(i)	 	the Initial Loans, all payments paid in respect thereof and all amounts due, to become due or paid in respect thereof accruing on and after the Initial Cutoff Date and all
Liquidation Proceeds and recoveries thereon, in each case as they arise after the Initial Cutoff Date, but not including the Retained Interest or Interest Collections received prior to September 30, 2004; 

  

	 	(ii)	 	all security interests and liens (and Collateral subject thereto) from time to time purporting to secure payment by Obligors under such Loans; 

  

 Page 47 

	 	(iii)	 	all guaranties, indemnities and warranties, and other agreements or arrangements of whatever character from time to time supporting or securing payment of such Loans;

  

	 	(iv)	 	all collections and records (including computer records) with respect to the foregoing; 

  

	 	(v)	 	the Loan Files and all documents relating thereto; and 

  

	 	(vi)	 	all income, payments, proceeds and other benefits of any and all of the foregoing. 

  

	(b)	 	On the Closing Date, the Indenture Trustee shall: 

  

	 	(i)	 	purchase for Cash the Initial Loan Assets from the Trust Depositor for and on behalf of the Trust having the fair market value set forth in the Funding Certificate;

  

	 	(ii)	 	purchase, in exchange for the Class C Notes and Class D Notes, Initial Loans Assets from the Trust Depositor for and on behalf of the Trust having a fair market value set forth in
the Funding Certificate attached; 

  

	 	(iii)	 	apply and credit to the Reserve Fund, an amount equal to the Reserve Fund Initial Balance; and 

  

	 	(iv)	 	apply and credit all remaining amounts to the Unused Proceeds Account for application to the purchase of Additional Loans during the Ramp-Up Period in accordance with the terms and
conditions set forth herein. 

  

	(c)	 	The Originator and the Trust Depositor acknowledge that the representations and warranties of the Trust Depositor in Sections 3.1, 3.2, 3.3, 3.4 and 3.5 and the representations and
warranties of MCG in Sections 3.1, 3.2, 3.3, 3.4 and 3.5 of the Commercial Loan Sale Agreement will run to and be for the benefit of the Trust and the Trustees and the Trust and the Trustees may enforce, directly without joinder of Trust Depositor,
the repurchase obligations of the Originator with respect to breaches of such representations and warranties as set forth herein and in Section 11.1 and in Section 6.1 of the Commercial Loan Sale Agreement. 

  

	(d)	 	The absolute transfer of the Initial Loan Assets by the Trust Depositor to the Trust pursuant hereto (and, with respect to any Additional Loan Assets and Substitute Loan Assets,
pursuant to the applicable Subsequent Purchase Agreement or Subsequent Transfer Agreement, as applicable), does not create, and is not intended to result in, an assumption by the Trust Depositor or the Trust of any obligation of the Originator in
connection with the Loan Assets, or any agreement or instrument relating thereto, including, without limitation, any obligation to any Obligor, if any, not financed by the Originator, or (1) any taxes, fees, or other charges imposed by any
Governmental Authority and (2) any insurance premiums 

  

 Page 48 

 that remain owing with respect to any Loan at the time such Loan is sold hereunder. The Trust Depositor
also hereby assigns to the Trust all of the Trust Depositor’s right, title and interest (but none of its obligations) under the Commercial Loan Sale Agreement, including but not limited to the Trust Depositor’s right to exercise the
remedies created by the Commercial Loan Sale Agreement. 
  

	(e)	 	The Originator, Trust Depositor and Trust intend and agree that (i) (x) the transfer of the Loan Assets by the Originator to the Trust Depositor pursuant to the Commercial Loan Sale
Agreement and (y) the transfer of the Loan Assets by the Trust Depositor to the Trust, pursuant to, in the case of the Initial Loan Assets, this Agreement and, in the case of the Additional Loan Assets or Substitute Loan Assets, the applicable
Subsequent Purchase Agreement or Subsequent Transfer Agreement, as applicable, are in each and every case intended to be an absolute sale, conveyance and transfer of ownership of the applicable Loan Assets, as the case may be, rather than the mere
granting of a security interest to secure a financing and (ii) such Loan Assets shall not be part of the Originator’s or the Trust Depositor’s estate in the event of a filing of a bankruptcy petition or other action by or against such
Person under any Insolvency Law. In the event, however, that notwithstanding such intent and agreement, such transfers are deemed to secure indebtedness, the Originator hereby grants to the Trust Depositor and the Trust Depositor hereby grants to
the Trust and the Trust hereby grants to the Indenture Trustee, as the case may be, a security interest in such Loan Assets and this Agreement shall constitute a security agreement under Requirements of Law, securing the repayment of the purchase
price paid hereunder and the obligations and/or interests represented by the Securities, in the order and priorities, and subject to the other terms and conditions of, this Agreement, the Indenture and the Trust Agreement, together with such other
obligations or interests as may arise hereunder and thereunder in favor of the parties hereto and thereto. 

  

	(f)	 	If any such transfer of the Loan Assets by the Originator to the Trust Depositor is deemed to be the mere granting of a security interest to secure a financing, the Trust Depositor
may, to secure the Trust Depositor’s own obligations under this Agreement (to the extent that the transfer of the Loan Assets thereunder is deemed to be a mere granting of a security interest to secure a financing) repledge and reassign (1) all
or a portion of the Loans and Loan Assets pledged to Trust Depositor by the Originator and with respect to which the Trust Depositor has not released its security interest at the time of such pledge and assignment, and (2) all proceeds thereof. Such
repledge and reassignment may be made by Trust Depositor with or without a repledge and reassignment by Trust Depositor of its rights under any agreement with the Originator, and without further notice to or acknowledgment from the Originator. The
Originator waives, to the extent permitted by applicable law, all claims, causes of action and remedies, whether legal or equitable (including any right of setoff), against Trust Depositor or any assignee of Trust Depositor relating to such action
by Trust Depositor in 

  

 Page 49 

 connection with the transactions contemplated by this Agreement and the Commercial Loan Sale Agreement.
The Originator and Trust Depositor shall file or shall cause to be filed a UCC-1 financing statement naming the Originator as debtor, the Trust Depositor as secured party and the Indenture Trustee as assignee, listing all of the Loan Assets as
collateral thereunder. 
  

	(g)	 	If any such transfer of the Loan Assets by the Trust Depositor to the Trust (whether Initial Loans, Additional Loans or Substitute Loans) is deemed to be the mere granting of a
security interest to secure a financing, the Trust may, to secure the Trust’s own obligations under this Agreement and the Indenture (to the extent that the transfer of the Loan Assets thereunder is deemed to be a mere granting of a security
interest to secure a financing) repledge and reassign to the Indenture Trustee for the benefit of the Secured Parties (1) all or a portion of the Loan Assets pledged to Trust by the Trust Depositor and with respect to which the Trust has not
released its security interest at the time of such pledge and assignment, and (2) all proceeds thereof. Such repledge and reassignment may be made by Trust with or without a repledge and reassignment by Trust of its rights under any agreement with
the Trust Depositor, and without further notice to or acknowledgment from the Trust Depositor. The Trust Depositor waives, to the extent permitted by applicable law, all claims, causes of action and remedies, whether legal or equitable (including
any right of setoff), against the Trust or any assignee of the Trust relating to such action by the Trust in connection with the transactions contemplated by this Agreement and the Commercial Loan Sale Agreement. The Originator and Trust Depositor
shall file or shall cause to be filed a UCC-1 financing statement naming the Trust Depositor as debtor, the Trust as secured party and the Indenture Trustee as assignee, listing all of the Loan Assets as collateral thereunder.

  
 Conditions Precedent 
  
 2.2 On or before the Closing Date, the Originator or the Trust Depositor, as applicable,
shall deliver or cause to be delivered to the Owner Trustee and Indenture Trustee each of the documents, certificates and other items as follows: 
  

	(a)	a certificate of an officer of the Originator substantially in the form of Exhibit G hereto; 

  

	(b)	copies of resolutions of the Board of Directors of the Originator, the Servicer and the member of the Trust Depositor or of the Executive Committee of the Board of Directors of the
Originator, the Servicer and the member of the Trust Depositor approving the execution, delivery and performance of this Agreement and the transactions contemplated hereunder, certified in each case by the Secretary or an Assistant Secretary of the
Originator, the Servicer and member of the Trust Depositor; 

  

 Page 50 

	(c)	officially certified recent evidence of due incorporation and good standing of the Originator, the Servicer, the Trust Depositor and the Trust, in each case under the law of the
State of Delaware; 

  

	(d)	the initial List of Loans (in an electronic format acceptable to the Indenture Trustee and a paper copy), certified by an officer of the Trust Depositor, together with an Assignment
substantially in the form of Exhibit A (along with the delivery of any instruments and Loan Documents as required under Section 2.6); 

  

	(e)	a certificate of the Trust stating that, as of the Closing Date, it will have acquired or committed to acquire Initial Loans with an Aggregate Outstanding Loan Balance of at least
$296,808,000. 

  

	(f)	a certificate of an officer of the Trust Depositor substantially in the form of Exhibit H hereto; 

  

	(g)	a letter from Ernst & Young LLP or another nationally recognized accounting firm in form and substance acceptable to the Trust and the Indenture Trustee (i) confirming the
information with respect to each Loan set forth on the List of Loans, (ii) confirming the calculations of weighted average maturity of the Loans in the Indenture Collateral as of the Closing Date, the Weighted Average Spread, the Diversity Score and
the Moody’s Minimum Weighted Average Recovery Rate and (iii) specifying the procedures undertaken by the accountants to review data and computations relating to the Loans; 

  

	(h)	a letter from Moody’s confirming that the Class A-1 Notes have been rated “Aaa” by Moody’s, the Class A-2 Notes have been rated at least “Aa1” by
Moody’s, the Class B Notes have been rated at least “A2” by Moody’s and the Class C Notes have been rated at least “Baa2” by Moody’s; 

  

	(i)	a letter from Fitch confirming that the Class A-1 Notes and Class A-2 Notes have been rated “AAA” by Fitch, the Class B Notes have been rated at least “A” by
Fitch and the Class C Notes have been rated at least “BBB” by Fitch; 

  

	(j)	execution and delivery of a UCC financing statement terminating the UCC-1 Financing Statement filed with the Delaware Secretary of State on March 11, 2004, naming the Trust as
debtor (and terminating any other Financing Statement naming the Trust as debtor in connection with the security agreement entered into in connection with advances to the Warehouse Fund) to be filed with the office of the Secretary of State for the
State of Delaware; 

  

	(k)	a release by UBS in substantially the form of Exhibit I hereto, terminating the security interest granted in connection with advances to the Warehouse Fund and releasing all
Collateral (as defined thereunder) pledged to UBS pursuant thereto; 

  

	(l)	execution and delivery of UCC financing statements executed by the Originator, as debtor, naming the Trust Depositor as secured party (and the Indenture Trustee

  

 Page 51 

 as assignee) and identifying the Loan Assets as collateral for filing with the office of the Secretary of
State for the State of Delaware; and execution and delivery of UCC financing statements executed by the Trust Depositor, as debtor, naming the Trust as secured party (and the Indenture Trustee as assignee) and identifying the Loan Assets as
collateral for filing with the office of the Secretary of State for the State of Delaware; and execution and delivery of UCC financing statements executed by the Trust and naming the Indenture Trustee on behalf of the Secured Parties as secured
party and identifying the Indenture Collateral, as collateral for filing with the office of the Secretary of State for the State of Delaware; 
  

	(m)	an Officer’s Certificate listing the Servicer’s Servicing Officers; 

  

	(n)	evidence of establishment and funding of the Accounts in the manner required pursuant to Section 2.1(c); 

  

	(o)	a fully executed copy of the Transaction Documents; 

  

	(p)	an Opinion of Counsel of Freshfields Bruckhaus Deringer LLP, special New York counsel to the Trust, dated the Closing Date, substantially in the form of Exhibit J-1 hereto;

  

	(q)	an Opinion of Counsel of Freshfields Bruckhaus Deringer LLP, special New York counsel to the Initial Purchaser as to certain security law matters, dated the Closing Date, in form
and substance satisfactory to the Initial Purchaser; 

  

	(r)	an Opinion of Counsel of Dechert LLP, special counsel to the Servicer, Originator and Trust Depositor, substantially in the form of Exhibit K-1 attached hereto;

  

	(s)	an Opinion of Counsel of Dechert LLP, special counsel to the Servicer, Originator and Trust Depositor, as to certain true sale matters substantially in the form of Exhibit K-2
attached hereto; 

  

	(t)	an Opinion of Counsel of Dechert LLP, special counsel to the Servicer, Originator and Trust Depositor, as to certain non-consolidation matters substantially in the form of Exhibit
K-3 attached hereto; 

  

	(u)	an Opinion of Counsel of Dechert LLP, special counsel to the Servicer, Originator and Trust Depositor, as to certain security law matters, dated the Closing Date, in form and
substance satisfactory to the Initial Purchaser; 

  

	(v)	an Opinion of Counsel of Dorsey & Whitney LLP, Minnesota counsel to Wells Fargo, substantially in the form of Exhibit L-1 attached hereto; 

  

	(w)	an Opinion of in-house counsel of the Indenture Trustee, dated the Closing Date, substantially in the form of Exhibit L-2 attached hereto; and 

  

 Page 52 

	(x)	the Trust shall have delivered a Funding Certificate in the form of Exhibit U hereto. 

  

	(y)	MCG shall have delivered a Funding Certificate in the form of Exhibit V hereto. 

  
 Acceptance by Trust 
  
 2.3 On the Closing Date, if the conditions set forth in Section 2.2 have been satisfied, the Trust shall issue, and the Indenture Trustee shall authenticate, to, or upon
the order of, the Trust Depositor the Notes secured by the Indenture Collateral. The Trust hereby acknowledges its acceptance of the Loan Assets, and declares that it shall maintain such right, title and interest in accordance with the terms of this
Agreement and the Trust Agreement upon the trust herein and therein set forth. 
  
 Conveyance of Additional Loans 
  

	2.4 (a)	The Trust may, at any time during the Ramp-Up Period and subject to the conditions set forth in this Section 2.4, apply Unused Proceeds standing to the credit of the Unused Proceeds
Account to purchase from the Trust Depositor, the Trust Depositor’s right, title and interest in the following assets identified by the Servicer (all of such assets referred to in clauses (i) through (vi) below, the Additional Loan
Assets): 

  

	 	(i)	 	the Additional Loans being purchased, all payments paid in respect thereof and all amounts due, to become due or paid in respect thereof accruing on and after the Subsequent Cutoff
Date and all Liquidation Proceeds and recoveries thereon, in each case as they arise after the Subsequent Cutoff Date, but not including the Retained Interest; 

  

	 	(ii)	 	all security interests and liens (and Collateral subject thereto) from time to time purporting to secure payment by Obligors under such Additional Loans; 

 

	 	(iii)	 	all guaranties, indemnities and warranties, and other agreements or arrangements of whatever character from time to time supporting or securing payment of such Loans;

  

	 	(iv)	 	all collections and records (including Computer Records) with respect to the foregoing; 

  

	 	(v)	 	the Loan Files and all documents relating thereto for such Additional Loans; and 

  

	 	(vi)	 	all income, payments, proceeds and other benefits of any and all of the foregoing. 

  

 Page 53 

 Upon the acquisition of any Additional Loan Assets pursuant to this Section, such Additional Loan Assets shall become
part of the Indenture Collateral subject to the Lien of the Indenture. The Servicer represents and warrants in connection with the foregoing that it will not cause the Trust to acquire any Additional Loan pursuant to this Section 2.4 for the primary
purpose of recognizing gains or decreasing losses resulting from market value changes. 
  

	(b)	 	During the Ramp-Up Period, each Additional Loan to be acquired by the Trust for inclusion in the Indenture Collateral will be eligible for purchase by the Trust and inclusion in the
Indenture Collateral only if the Servicer on behalf of the Trust certifies to the Indenture Trustee, in the form attached as Exhibit M, that, as of the applicable time of commitment to purchase such security, the Ramp-Up Criteria are satisfied
(other than the Diversity Test, provided that if the Diversity Score is less than what is required by the Ramp-Up Criteria, the Diversity Score shall be maintained or improved as of the time immediately after the Trust acquires such Loan) or,
if not satisfied, the Rating Agency Condition is satisfied as to such proposed Additional Loan. Furthermore, on the Effective Date, the Servicer shall certify in an Officer’s Certificate of the Servicer, that (i) each of the representations set
forth in Sections 3.2(a) and 3.2(c) are true and correct as of the Effective Date and with respect to each representation set forth in Section 3.2(b), was true and correct on each Transfer Date (after giving effect to the addition of each Additional
Loan on each such Transfer Date) between the Closing Date and the Effective Date and (ii) the following criteria (the Ramp-Up Criteria) are satisfied with respect to all Loans in the Indenture Collateral as of the Effective Date:

  

	 	(i)	 	the Moody’s Weighted Average Rating is no greater than 3250; 

  

	 	(ii)	 	the Weighted Average Life is no greater than 6.0 years; 

  

	 	(iii)	 	the Weighted Average Spread is greater than or equal to 5.75%; 

  

	 	(iv)	 	the Weighted Average Coupon is greater than or equal to 10.0%; 

  

	 	(v)	 	the Diversity Score is greater than or equal to 25; 

  

	 	(vi)	 	the Moody’s Minimum Weighted Average Recovery Rate is greater than or equal to 43.50%; and 

  

	 	(vii)	 	the Fitch Weighted Average Rating is no greater than 32.0. 

  

	(c)	 	The seller of any Additional Loan (which may be the Originator or the Trust Depositor) shall transfer to the Trust the Additional Loans and the other property and rights related
thereto described in subsection 2.4(a) only upon the satisfaction of each of the following conditions on or prior to the related Transfer Date (and the delivery of a related Addition Notice by the Trust shall be deemed a 

  

 Page 54 

 representation and warranty by the Trust, the Trust Depositor and the Originator that such conditions are
satisfied as of the related Transfer Date): 
  

	 	(i)	 	the Servicer shall have provided the Trust and the Indenture Trustee with a timely Addition Notice complying with the definition thereof contained herein, which Addition Notice
shall in any event be no later than 10 Business Days prior to the Transfer Date; 

  

	 	(ii)	 	the Additional Loan(s) being conveyed to the Trust satisfy the Additional Loan Qualification Conditions; 

  

	 	(iii)	 	the seller of such Additional Loan(s) shall have delivered to the Trust and Indenture Trustee a duly executed written assignment in substantially the form of Exhibit D hereto (the
Subsequent Purchase Agreement), which shall include a List of Loans listing the Additional Loans (in an electronic format acceptable to the Indenture Trustee and a paper copy); and 

  

	 	(iv)	 	the seller of such Additional Loan(s) shall have delivered to the Indenture Trustee all Principal Collections and Interest Collections received with respect to the Additional Loans
on and after the related Subsequent Cutoff Date and the Indenture Trustee shall promptly deposit any such amounts in the Principal and Interest Account (such amounts shall be included as Loan Assets). 

  
 Release of Released Amounts 
  

	2.5 (a)	The parties hereto acknowledge and agree that the Trust has no interest in the Retained Interest and Released Amounts. The Indenture Trustee hereby agrees to release to the Trust
from the Loan Assets, and the Trust hereby agrees to release to the Trust Depositor, an amount equal to the Released Amounts immediately upon identification thereof and upon receipt of an Officer’s Certificate of the Servicer, which release
shall be automatic and shall require no further act by the Indenture Trustee or the Trust; provided, that, the Indenture Trustee and the Trust shall execute and deliver such instruments of release and assignment or other documents, or
otherwise confirm the foregoing release, as may reasonably be requested by the Trust Depositor. Such Released Amounts shall not constitute and shall not be included in the Loan Assets. 

  

	(b)	 	Immediately upon the release to the Trust Depositor by the Indenture Trustee of the Released Amounts, the Trust Depositor hereby irrevocably agrees to release to the Originator such
Released Amounts, which release shall be automatic and shall require no further act by the Trust Depositor; provided, that, the Trust Depositor shall execute and deliver such instruments of release and assignment, or otherwise confirming the
foregoing release of any Released Amounts, as may be reasonably requested by the Originator. 

  

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 Delivery of Documents in the Loan File 
  

	2.6 (a)	Subject to the delivery requirements set forth in subsection 2.6(b), the Trust hereby authorizes and directs the Originator and the Trust Depositor, to the extent not previously
delivered, to deliver possession of all the Loan Files to the Indenture Trustee on behalf of and for the account of the Noteholders. The Originator and the Trust Depositor shall also identify on the List of Loans (including any deemed amendment
thereof associated with any Substitute Loans), whether by attached schedule or marking or other effective identifying designation, all Loans that are or are evidenced by such instruments. 

  

	(b)	 	With respect to each Loan in the Loan Pool on the related Transfer Date, the Trust Depositor will deliver or cause to be delivered to the Indenture Trustee, to the extent not
previously delivered, each of the documents in the Loan File with respect to such Loan (including any Loan Assignments), together with a Loan Checklist that shall identify what items should be contained in each Loan File, except that the items
described in clause (b)(i) of the Loan File definition will be delivered or caused to be delivered within 120 days after the related Transfer Date. 

  

	(c)	 	Prior to the occurrence of an Event of Default or a Servicer Default, the Indenture Trustee shall not record, or give notice to the applicable Obligor of, the Loan Assignments
delivered pursuant to subsection 2.6(b). Upon the occurrence of an Event of Default or a Servicer Default, the Indenture Trustee shall cause to be recorded in the appropriate offices, and shall give notice to each related Obligor, of each Loan
Assignment delivered to it along with instructions that each such Obligor shall make all payments under the related Loans directly to the Principal and Interest Account. Each such recording shall be at the expense of the Servicer; provided,
to the extent the Servicer does not pay such expense then the Indenture Trustee shall be reimbursed pursuant to the provisions of Section 7.5. 

  
 Optional Disposition of Certain Loans 
  
 2.7 The Servicer shall have the right, but not the obligation, to dispose of any Loan then included in the Indenture Collateral and identified in the related Addition
Notice as falling within any of the following categories (each, a Substitution Event): (1) a Prepaid Loan, (2) a Charged-Off Loan, (3) a Loan that is past due in payment or has a covenant default, (4) a Loan as to which the related
underlying Loan Documents have been amended, supplemented or modified in a manner contrary to this Agreement or any of the other Transaction Documents or such Loan has been subject to a Material Modification or (5) a Loan that the Servicer
determines, in its sole discretion, was an Ineligible Loan at the time of its sale or transfer to the Trust, so long as the Outstanding Loan Balance of all Substitute Loans acquired pursuant to any of subclauses (1) through (4) above (in each case,
calculated as of the date such Substitute Loan was acquired by the Trust) does not exceed 20% of the Expected Aggregate Outstanding Loan Balance; provided that no Loan shall be disposed of pursuant to this Section 2.7 if the disposition of
such Loan 
  

 Page 56 

 would result in a reduction or withdrawal of the rating of any outstanding Class of Notes with respect to which a Rating
Agency has previously issued a rating. The proceeds of any such disposition shall be deposited in the Principal Collection Account and shall be used to purchase one or more Substitute Loans satisfying the Substitute Loan Qualification Conditions.
Upon the purchase of any Substitute Loans from the Trust Depositor, the Trust shall acquire all of the Trust Depositor’s right, title and interest in the following assets identified by the Servicer (all of such assets referred to in clauses (i)
through (vi) below, the Substitute Loan Assets): 
  

	 	(i)	 	the Substitute Loan being purchased, all payments paid in respect thereof and all amounts due, to become due or paid in respect thereof accruing on and after the Subsequent Cutoff
Date and all Liquidation Proceeds and recoveries thereon, in each case as they arise after the Subsequent Cutoff Date, but not including the Retained Interest; 

  

	 	(ii)	 	all security interests and liens (and Collateral subject thereto) from time to time purporting to secure payment by Obligors under such Substitute Loans; 

 

	 	(iii)	 	all guaranties, indemnities and warranties, and other agreements or arrangements of whatever character from time to time supporting or securing payment of such Substitute Loans;

  

	 	(iv)	 	all collections and records (including Computer Records) with respect to the foregoing; 

  

	 	(v)	 	the Loan Files and all documents relating thereto for such Substitute Loan; and 

  

	 	(vi)	 	all income, payments, proceeds and other benefits of any and all of the foregoing. 

  
 On the date on which any Substitute Loan Assets are purchased, the Servicer shall deliver to the Indenture Trustee a certificate stating
that the related Substitute Loan satisfies each of the Substitute Loan Qualification Conditions. The Servicer, the Trust and the Indenture Trustee shall execute and deliver such instruments, consents or other documents and perform all acts
reasonably requested by the Servicer in order to effect the transfer and release of any of the Trust’s interests in the Loans that are being purchased or substituted pursuant to this Section 2.7. 
  
 Prior to the acquisition of any Substitute Loan Assets by the Trust in accordance with this
Section 2.7: 
  

	 	(i)	 	the Trust shall have provided the Indenture Trustee with a timely Addition Notice complying with the definition thereof contained herein, which Notice shall in any event be no later
than 10 Business Days prior to the Transfer Date; 

  

 Page 57 

	 	(ii)	 	the Substitute Loan(s) being conveyed to the Trust satisfy the Substitute Loan Qualification Conditions; 

  

	 	(iii)	 	the seller of such Substitute Loan(s) shall have delivered to the Trust and the Indenture Trustee a Subsequent Purchase Agreement, which shall include a Subsequent List of Loans (in
an electronic format acceptable to the Indenture Trustee and a paper copy) listing the Substitute Loans; 

  

	 	(iv)	 	the seller of such Substitute Loan(s) shall have delivered to the Indenture Trustee all Principal Collections and Interest Collections received with respect to the Substitute Loans
on and after the related Subsequent Cutoff Date and the Indenture Trustee shall promptly deposit any such amounts in the Principal and Interest Account and such amounts shall be included as Loan Assets; and 

  

	 	(v)	 	Fitch shall have received notice of the inclusion of such Substitute Loan as part of the Indenture Collateral. 

  
 The Servicer represents and warrants in connection with the foregoing that it will not cause
the Trust to acquire or dispose of any Loan or other asset held by the Trust for the primary purpose of recognizing gains or decreasing losses resulting from market value changes. 
  
 Certification by Indenture Trustee; Possession of Loan Files 
  

	2.8 (a)	On or prior to the applicable Transfer Date, the Indenture Trustee shall review the portion of the Loan File required to be delivered pursuant to subsection 2.6(b) on the applicable
Transfer Date and shall deliver to the Originator, the Trust Depositor and the Servicer a certification in the form attached hereto as Exhibit N on or prior to such Transfer Date. Promptly after the Indenture Trustee receives the portion of the Loan
File permitted to be delivered after the applicable Transfer Date pursuant to subsection 2.6(b), the Indenture Trustee shall deliver to the Originator, the Trust Depositor and the Servicer a certification in the form attached hereto as Exhibit O-1.
Within 360 days after each Transfer Date (or, with respect to any Substitute Loan, within 360 days after the assignment thereof), the Indenture Trustee shall deliver to the Originator, the Servicer, the Trust Depositor, each Rating Agency and any
Noteholder who requests a copy from the Indenture Trustee a final certification in the form attached hereto as Exhibit O-2 evidencing the completeness of the Loan Files with respect to the Loans being transferred on such Transfer Date.

  

	(b)	 	If the Indenture Trustee during the process of reviewing the Loan Files finds any document constituting a part of a Loan File that has not been executed (if the requirements set
forth in the definition of Loan File specifies that such document is to be executed), has not been received, is unrelated to a Loan identified in the List of Loans, or does not conform in a material respect to the requirements of the

  

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 definition of Loan File, or does not contain all of the items described in the Loan Checklist, the
Indenture Trustee shall promptly so notify the Originator, the Trust Depositor, the Servicer and each Rating Agency. In performing any such review, the Indenture Trustee may conclusively rely on the Loan Checklist regarding the contents of each Loan
File and on the Originator as to the purported genuineness of any such document and any signature thereon. It is understood that the scope of the Indenture Trustee’s review of the Loan Files is limited solely to confirming that the documents
listed in the Loan Checklist for each file have been executed (where applicable) and received and on their face relate to the Loans identified in the List of Loans; provided, with respect to the UCC financing statements referenced in clause
(b)(iv) of the definition of Loan File, the Indenture Trustee’s sole responsibility will be to confirm that the Loan File contains UCC financing statements and not to make determinations about the effectiveness of such UCC financing statements.
The Originator agrees to use reasonable efforts to remedy a material defect in a document constituting part of a Loan File of which it is so notified by the Indenture Trustee. If, however, within 30 days after the Indenture Trustee’s notice to
it respecting such material defect the Originator has not remedied the defect and such defect materially and adversely affects the value of the related Loan, such Loan will be treated as an Ineligible Loan and the Originator will (i) substitute in
lieu of such Loan a Substitute Loan in the manner and subject to the conditions set forth in Section 11.1 or (ii) repurchase such Loan at a purchase price equal to the Transfer Deposit Amount, which purchase price shall be deposited in the Principal
and Interest Account within such 30 day period. 
  

	(c)	 	Release of Entire Loan File Upon Substitution. Upon receipt by the Indenture Trustee of a certificate requesting the release of a Loan File signed by a Servicing Officer of
the Servicer in the form attached as Exhibit P hereto upon substitution or the purchase and the deposit of the amounts described in subsection 2.8(b) in the Principal and Interest Account, the Indenture Trustee shall release to the Servicer for
release to the Originator the related Loan File and the Indenture Trustee and the Trust shall execute, without recourse, and deliver such instruments of transfer necessary to transfer all right, title and interest in such Loan to the Originator free
and clear of any Liens created by the Transaction Documents. All costs of any such transfer shall be borne by the Servicer. 

  

	(d)	 	Partial Release of Loan File and/or Collateral. If in connection with taking any action in connection with a Loan (including, without limitation, the amendment to documents
in the Loan File and/or a revision to Collateral) the Servicer requires any item constituting part of the Loan File, or the release from the lien of the related Loan of all or part of any Collateral, the Servicer shall deliver to the Indenture
Trustee a certificate to such effect in the form attached as Exhibit P hereto. Upon receipt of such certification, the Indenture Trustee shall promptly deliver to the Servicer the requested documentation, and the Indenture Trustee shall execute,
without recourse, and deliver such instruments of transfer necessary to release all or the requested part of the Collateral from the lien of the related Loan and/or the Lien under the Transaction Documents. 

  

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	(e)	 	On the Remittance Date in July of each year, commencing in July 2005, the Indenture Trustee shall deliver to the Originator, the Trust Depositor, the Servicer and each Rating Agency
a certification detailing all transactions with respect to the Loans for which the Indenture Trustee holds the Loan Files pursuant to this Agreement during the prior calendar year. Such certification shall list all Loan Files which were released by
or returned to the Indenture Trustee during the prior calendar year, the date of such release or return and the reason for such release or return. 

  

3. REPRESENTATIONS AND WARRANTIES 
  
 The Trust Depositor makes, and upon execution of each Subsequent Purchase Agreement is deemed to make, the following representations and
warranties in Sections 3.1, 3.2, 3.3, 3.4 and 3.5, on which the Trust will rely in purchasing the Loan Assets on the Closing Date (and on any Transfer Date), and on which the Noteholders and Certificateholder will rely. 
  
 Such representations and warranties are given as of the execution and delivery of this
Agreement and as of the Closing Date (or Transfer Date, as applicable), but shall survive the sale, transfer and assignment of the Loan Assets to the Trust. The repurchase obligation or substitution obligation of the Originator set forth in Section
11.1 constitutes the sole remedy available for a breach of a representation or warranty of the Trust Depositor set forth in Sections 3.1, 3.2, 3.3, 3.4 or 3.5 of this Agreement. Except as otherwise provided in Section 2.4(c)(vii), the Trust
Depositor shall not be deemed to be remaking any of the representations set forth in Section 3.3 on a Transfer Date with respect to the Substitute Loan or Additional Loans, as such representations relate solely to the composition of the Initial
Loans conveyed on the Closing Date. 
  
 Representations and Warranties
Regarding the Trust Depositor 
  
 3.1 By its execution of this Agreement, the
Commercial Loan Sale Agreement and each Subsequent Purchase Agreement or Subsequent Transfer Agreement, as applicable, the Trust Depositor represents and warrants to the Trust, the Indenture Trustee and the Noteholders that: 
  

	(a)	Organization and Good Standing. The Trust Depositor is a limited liability company duly formed, validly existing and in good standing under the law of the State of Delaware
and has the power to own its assets and to transact the business in which it is currently engaged. Subject to Section 6.1(a), the Trust Depositor is duly qualified to do business as a foreign entity and is in good standing in each jurisdiction in
which the character of the business transacted by it or 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 otherwise) of the Trust Depositor or the Trust. 

  

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	(b)	Authorization; Valid Sale; Binding Obligations. The Trust Depositor has the power and authority to make, execute, deliver and perform this Agreement and the other Transaction
Documents to which it is a party and all of the transactions contemplated under this Agreement and the other Transaction Documents to which it is a party, and to create the Trust and the Trust has the power to make, execute, deliver and perform its
obligations under this Agreement and the other Transaction Documents to which it is a party and has taken all necessary corporate action to authorize the execution, delivery and performance of this Agreement and the other Transaction Documents to
which it is a party and to cause the Trust to be created. This Agreement, the Commercial Loan Sale Agreement, each Subsequent Purchase Agreement or Subsequent Transfer Agreement, as applicable, if any, shall effect a valid sale, transfer and
assignment of or grant a security interest in the Loan Assets from the Trust Depositor to the Trust, enforceable against the Trust Depositor and creditors of and purchasers from the Trust Depositor. This Agreement and the other Transaction Documents
to which the Trust Depositor is a party constitute the legal, valid and binding obligation of the Trust Depositor enforceable in accordance with their terms, except as enforcement of such terms may be limited by applicable Insolvency Laws and
general principles of equity, whether considered in a suit at law or in equity. 

  

	(c)	No Consent Required. The Trust Depositor is not required to obtain the consent of any other party (other than those that it has already obtained) or any consent, license,
approval or authorization from, or registration or declaration with, any Governmental Authority (other than those that it has already obtained) in connection with the execution, delivery, performance, validity or enforceability of this Agreement or
the other Transaction Documents to which it is a party. 

  

	(d)	No Violations. The execution, delivery and performance of this Agreement and the other Transaction Documents to which it is a party by the Trust Depositor, and the
consummation of the transactions contemplated hereby and thereby, will not violate any material Requirements of Law applicable to the Trust Depositor, or constitute a material breach of any indenture, contract or other agreement to which the Trust
Depositor is a party or by which the Trust Depositor or any of the Trust Depositor’s properties may be bound, or result in the creation or imposition of any security interest, lien, charge, pledge, preference, equity or encumbrance of any kind
upon any of its properties pursuant to the terms of any such indenture, contract or other agreement, other than as contemplated by the Transaction Documents. 

  

	(e)	Litigation. No litigation or administrative proceeding of or before any court, tribunal or governmental body is currently pending, or to the knowledge of the Trust Depositor
threatened, against the Trust Depositor or any of its properties or with respect to this Agreement, the other Transaction Documents to which it is a party or the Securities (1) that, if adversely determined, would in the reasonable judgment of the
Trust Depositor be expected to have a material adverse effect on 

  

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 the business, properties, assets or condition (financial or otherwise) of the Trust Depositor or the
Trust or the transactions contemplated by this Agreement or the other Transaction Documents to which the Trust Depositor is a party or (2) seeking to adversely affect the Federal income tax or other Federal, state or local tax attributes of the
Certificate or Notes. 
  

	(f)	Solvency. The Trust Depositor, at the time of and after giving effect to each conveyance of Loan Assets hereunder, is Solvent on and as of the date thereof.

  

	(g)	Taxes. The Trust Depositor has filed or caused to be filed all tax returns which, to its knowledge, are required to be filed and has paid all taxes shown to be due and
payable on such returns or on any assessments made against it or any of its property and all other taxes, fees or other charges imposed on it or any of its property by any Governmental Authority (other than any amount of tax due, the validity of
which is currently being contested in good faith by appropriate proceedings and with respect to which reserves in accordance with generally accepted accounting principles have been provided on the books of the Trust Depositor); no tax lien has been
filed and, to the Trust Depositor’s knowledge, no claim is being asserted, with respect to any such tax, fee or other charge. 

  

	(h)	Place of Business; No Changes. The Trust Depositor’s place of business and chief executive office is as set forth in Section 13.4. The Trust Depositor has not changed
its name or the State under whose laws it is formed, whether by amendment of its certificate of formation, by reorganization or otherwise, and has not changed the State in which its principal place of business is located within the five years
preceding the Closing Date. 

  

	(i)	Not an Investment Company. The Trust Depositor is not required to register as an “investment company” under the Investment Company Act. 

  

	(j)	Sale Treatment. Other than for tax and accounting purposes, the Trust Depositor has treated the transfer of Loan Assets from the Originator to the Trust Depositor and from
the Trust Depositor to the Trust for all purposes as a sale and purchase on all of its relevant books and records and other applicable documents. 

  

	(k)	Security Interest. 

  

	 	(i)	 	In the event that the transfer by the Trust Depositor to the Trust of any Loan Assets is determined not to be an absolute transfer, this Agreement is effective to create in favor of
the Trust a valid and continuing security interest (as defined in the NYUCC) in all of the right, title and interest of the Trust Depositor in, to and under such Loan Assets, which security interest is perfected and is prior to all other Liens
(except for Permitted Liens) of, and is enforceable as such against, creditors of and purchasers from the Trust Depositor; 

  

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	 	(ii)	 	each such Loan constitutes either a General Intangible or an Instrument; 

  

	 	(iii)	 	upon the transfer by the Trust Depositor to the Trust of any Loan Asset, the Trust will own and have good and marketable title to such Loan Asset free and clear of any Lien (other
than Permitted Liens), claim or encumbrance created by, or attaching to property of, the Trust Depositor; 

  

	 	(iv)	 	the Trust Depositor has received all consents and approvals required by the terms of any Loan Asset to the sale of such Loan Asset hereunder to the Trust; 

 

	 	(v)	 	the Trust Depositor has caused the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to
perfect the security interest in such Loan Assets granted to the Trust under this Agreement and the Commercial Loan Sale Agreement; 

  

	 	(vi)	 	other than the security interest granted to UBS pursuant to the security agreement entered into in connection with the acquisition of loans by the Warehouse Fund and the security
interest granted to the Indenture Trustee on behalf of the Senior Noteholders pursuant to the Indenture, the Trust Depositor has not pledged, assigned, sold, granted a security interest in or otherwise conveyed any of such Loan Assets. The Trust
Depositor has not authorized the filing of and is not aware of any financing statements against the Trust Depositor that include a description of Collateral covering such Loan Assets other than any financing statement that has been terminated. The
Trust Depositor is not aware of the filing of any judgment or tax lien filings against the Trust Depositor; 

  

	 	(vii)	 	if any such Loan is evidenced by an Underlying Note, all original executed copies of such Underlying Note have been delivered to the Indenture Trustee; 

  

	 	(viii)	 	the Trust Depositor has received a written acknowledgment from the Indenture Trustee that it has possession of the Loan Assets and Underlying Notes that constitute or evidence the
Loan Assets at its Corporate Trust Office, on behalf of and for the benefit of the Secured Parties; and 

  

	 	(ix)	 	none of the Underlying Notes that constitute or evidence the Loan Assets has any marks or notations indicating that they have been pledged, assigned or otherwise conveyed to any
Person other than the Trust or the Indenture Trustee. 

  

	(l)	Value Given. The cash payments received by the Trust Depositor in respect of the purchase price of each Loan sold hereunder constitutes reasonably equivalent value in
consideration for the transfer to the Trust of such Loan under this 

  

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 Agreement, such transfer was not made for or on account of an antecedent debt owed by the Trust to the
Trust Depositor, and such transfer was not and is not voidable or subject to avoidance under any Insolvency Law. 
  

	(m)	Investment Company. Neither the Trust Depositor nor the Trust is required to be registered as an “investment company” within the meaning of the Investment Company
Act. 

  

	(n)	No Defaults. The Trust Depositor is in not default with respect to any order or decree of any court or any order, regulation or demand of any federal, state, municipal or
governmental agency, which default might have consequences that would materially and adversely affect the condition (financial or otherwise) or operations of the Trust Depositor or its respective properties or might have consequences that would
materially and adversely affect its performance hereunder. 

  

	(o)	Bulk Transfer Laws. The transfer, assignment and conveyance of the Loans by the Trust Depositor pursuant to this Agreement and the Commercial Loan Sale Agreement are not
subject to the bulk transfer laws or any similar statutory provisions in effect in any applicable jurisdiction. 

  

	(p)	Origination and Collection Practices. The origination and collection practices used with respect to each Loan have been in all material respects legal, proper, prudent and
customary in the Loan origination and servicing business and comply with the Credit and Collection Policy. 

  

	(q)	Lack of Intent to Hinder, Delay or Defraud. The Trust Depositor did not and will not sell any interest in any Loan with any intent to hinder, delay or defraud any of its
creditors. 

  

	(r)	Nonconsolidation. The Trust Depositor conducts its affairs such that the Trust would not be substantively consolidated in the estate of the Trust Depositor and their
respective separate existences would not be disregarded in the event of the Trust Depositor’s bankruptcy. 

  

	(s)	Accuracy of Information. All written factual information heretofore furnished by the Trust Depositor for purposes of or in connection with this Agreement or the other
Transaction Documents to which Trust Depositor is a party, or any transaction contemplated hereby or thereby is, and all such written factual information hereafter furnished by the Trust Depositor to any such party will be, true and accurate in
every material respect, on the date such information is stated or certified. 

  
 The representations and warranties set forth in subsection 3.1(k) may not be waived by any Person and shall survive the termination of this Agreement. 
  

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 Representations and Warranties Regarding Each Loan and as to Certain Loans in the Aggregate 
  
 3.2 The Trust Depositor represents and warrants as to each Loan as of the execution and
delivery of this Agreement and on the Closing Date: 
  

	(a)	List of Loans. The information set forth in the List of Loans attached hereto as Exhibit C (as the same may be amended or deemed amended in respect of a conveyance of
Additional Loans and Substitute Loans on any relevant Transfer Date) is true, complete and correct as of the applicable Cutoff Date. 

  

	(b)	Eligible Loan. Each Loan in the Indenture Collateral satisfies all the criteria set forth in the definition of Loan in this Agreement as of the Transfer Date of each such
Loan hereunder. 

  

	(c)	Loans Secured by Real Property. Less than 35% of the aggregate federal income tax basis of all Loans in the Loan Pool as of the Closing Date consists of Loans that are
“real estate mortgages (or interests therein)” within the meaning of Section 7701(i)(2)(A)(i) of the Code and Treasury Regulations thereunder. 

  
 Representations and Warranties Regarding the Initial Loans in the Aggregate 
  
 3.3 The Trust Depositor represents and warrants, on the Closing Date, that as of the Initial
Cutoff Date the Aggregate Outstanding Loan Balance of the Initial Loans is $296,808,568. 
  
 Representations and Warranties Regarding the Loan Files 
  
 3.4 The Trust Depositor represents and warrants on the Closing Date with respect to the Initial Loans (or as of the Transfer Date, with respect to Additional Loans or Substitute Loans), that (i) immediately prior to
such date (as applicable), the Originator and/or a collateral custodian therefor had possession of each original Underlying Note and the related complete Loan File, and there were no other custodial agreements relating to the same in effect and (ii)
except as otherwise provided in Section 2.6, the complete Loan File for each Loan is in the possession of the Indenture Trustee. 
  
 Representations and Warranties Regarding Concentrations of Initial Loans 
  

3.5 The Trust Depositor represents and warrants on the Closing Date, as to the composition of the Initial Loans in the Loan Pool as of the Initial Cutoff Date, that:

  

	(a)	the sum of the Outstanding Loan Balances of Obligors that are in any single industry (by SIC code) shall not exceed 14%; 

  

	(b)	the sum of the Outstanding Loan Balances of the ten largest Obligors (measured by the Outstanding Loan Balance) shall not exceed 34%; and 

  

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	(c)	the sum of the Outstanding Loan Balances of Obligors that have their principal executive offices in any single State of the United States shall not exceed 13%.

  
 Representations and Warranties Regarding MCG 

 
 3.6 MCG represents and warrants to the Trust, the Indenture Trustee, the Noteholders and
the Certificateholder that: 
  

	(a)	Organization and Good Standing. MCG is a corporation duly organized, validly existing and in good standing under the law of the jurisdiction of its organization and has the
corporate power to own its assets and to transact the business in which it is currently engaged. MCG 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 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 otherwise) of the
Originator, the Servicer, the Trust Depositor or the Trust. MCG is properly licensed in each jurisdiction to the extent required by the laws of such jurisdiction to originate or service the Loans in accordance with the terms hereof and in which the
failure to so qualify would have a material adverse effect on the business, properties, assets, or condition (financial or otherwise) of the Servicer, Trust Depositor or Trust. 

  

	(b)	Authorization; Valid Sale; Binding Obligations. MCG has the power and authority to make, execute, deliver and perform this Agreement and the other Transaction Documents to
which it is a party and all of the transactions contemplated under this Agreement and the other Transaction Documents to which it is a party, and has taken all necessary corporate action to authorize the execution, delivery and performance of this
Agreement and the other Transaction Documents to which it is a party and to cause the Trust Depositor to be created. This Agreement, the Commercial Loan Sale Agreement, each Subsequent Purchase Agreement or Subsequent Transfer Agreement, as
applicable, if any, shall effect a valid sale, transfer and assignment of or grant a security interest in the applicable Loan Assets from the Originator to the Trust Depositor, enforceable against MCG and creditors of and purchasers from MCG. This
Agreement and the other Transaction Documents to which it is a party constitute the legal, valid and binding obligation of MCG enforceable in accordance with their terms, except as enforcement of such terms may be limited by Insolvency Laws and
general principles of equity, whether considered in a suit at law or in equity. 

  

	(c)	No Consent Required. MCG is not required to obtain the consent of any other party (other than those that it has already obtained) or any consent, license, approval or
authorization from, or registration or declaration with, any Governmental Authority (other than those that it has already obtained) in connection with the execution, delivery, performance, validity or enforceability of this Agreement and the other
Transaction Documents to which it is a party. 

  

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	(d)	No Violations. The execution, delivery and performance of this Agreement and the other Transaction Documents to which MCG is a party by MCG will not violate any material
Requirements of Law applicable to it, or constitute a material breach of any mortgage, indenture, contract or other agreement to which it is a party or by which it or any of the its properties may be bound, or result in the creation of or imposition
of any security interest, lien, pledge, preference, equity or encumbrance of any kind upon any of its properties pursuant to the terms of any such mortgage, indenture, contract or other agreement, other than as contemplated by the Transaction
Documents. 

  

	(e)	Litigation. No litigation or administrative proceeding of or before any court, tribunal or governmental body is currently pending, or to the knowledge of MCG, is threatened
against MCG or any of its properties or with respect to this Agreement, or any other Transaction Document to which MCG is a party or the Securities (1) that, if adversely determined, would in the reasonable judgment of MCG be expected to have a
material adverse effect on the business, properties, assets or condition (financial or otherwise) of MCG, the Trust Depositor or the Trust or the transactions contemplated by this Agreement or any other Transaction Document to which MCG is a party
or (2) seeking to adversely affect the Federal income tax or other Federal, state or local tax attributes of the Certificate or Notes. 

  

	(f)	Reports. All reports, certificates and other written information furnished by MCG with respect to the Loans are correct in all material respects. 

  
 Representations and Warranties of the Backup Servicer 
  
 3.7 The Backup Servicer hereby represents and warrants to the Trust, the Indenture Trustee,
the Noteholders and the Certificateholder, as follows: 
  

	(a)	Organization. It is a national banking association duly organized, validly existing and in good standing under the Federal law of the United States with all requisite power
and authority to own its properties and to conduct its business as presently conducted and to enter into and perform its obligations pursuant to this Agreement. 

  

	(b)	Good Standing. The Backup Servicer is duly qualified to do business as a national banking association and is in good standing, and has obtained all necessary licenses and
approvals, in all jurisdictions in which the ownership or lease of its property and the conduct of its business requires such qualification, licenses or approvals, except where the failure to so qualify or have such licenses or approvals has not
had, and would not be reasonably expected to have, a material adverse effect on the interests of the Holders. 

  

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	(c)	Authorization. It has the power and authority to execute and deliver this Agreement and to carry out its terms. It has duly authorized the execution, delivery and performance
of this Agreement by all requisite action. 

  

	(d)	No Violations. The consummation of the transactions contemplated by, and the fulfillment of the terms of, this Agreement by it will not (i) conflict with, result in any
breach of any of the terms or provisions of, or constitute a default under, its articles of association or any Contractual Obligation by which it or any of its property is bound, (ii) result in the creation or imposition of any Lien upon any of its
properties pursuant to the terms of any Contractual Obligation (other than the Agreement), or (iii) violate any Requirements of Law. 

  

	(e)	No Consent Required. No consent, approval, authorization, order, registration, filing, qualification, license or permit of or with any Governmental Authority having
jurisdiction over it or any of its respective properties is required to be obtained in order for it to enter into this Agreement or perform its obligations hereunder. 

  

	(f)	Binding Obligation. This Agreement constitutes its legal, valid and binding obligation, enforceable in accordance with its terms, except as such enforceability may be limited
by (i) applicable Insolvency Laws and (ii) general principles of equity (whether considered in a suit at law or in equity). 

  

	(g)	Litigation. There are no proceedings or investigations pending or, to the best of its knowledge, threatened, against it before any Governmental Authority (i) asserting the
invalidity of this Agreement, (ii) seeking to prevent the consummation of any of the transactions contemplated by this Agreement or (iii) seeking any determination or ruling that might (in its reasonable judgment) have a material adverse effect on
the interests of the Holders. 

  
 4. PERFECTION
OF INDENTURE COLLATERAL AND PROTECTION OF SECURITY INTERESTS 
  
 Custody of Loans 
  
 4.1 The contents of each Loan File shall be held in the custody of the Indenture Trustee under the Indenture for the benefit of the Secured Parties, and as security for
the Trust under the Senior Notes and the Indenture. 
  
 Filing 

 
 4.2 On or prior to the Closing Date, the Servicer shall cause the UCC financing
statement(s) referred to in subsection 2.2(ix) hereof to be filed, and from time to time the Servicer shall take and cause to be taken such actions and execute such documents as are necessary or desirable or as the Trust or Indenture Trustee (acting
at the direction of the Majority Noteholders) may reasonably request to perfect and protect the interest of the Trust and the Indenture Trustee in the Loan Assets against all other Persons, including, 
  

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 without limitation, the filing of financing statements, amendments thereto and continuation statements, the execution of
transfer instruments and the making of notations on or taking possession of all records or documents of title. Notwithstanding the obligations of the Originator, Trust Depositor and Servicer set forth in the preceding sentence, the Originator, Trust
Depositor and Servicer hereby authorize the Trust and Indenture Trustee to prepare and file, at the expense of the Servicer, UCC financing statements (including but not limited to renewal, continuation or in lieu statements) and amendments or
supplements thereto or other instruments as the Trust or Indenture Trustee may from time to time deem necessary or appropriate in order to perfect and maintain the security interest granted hereunder in accordance with the UCC. On or prior to June
30 of each year, the Originator, Trust Depositor or Servicer shall cause to be delivered to the Indenture Trustee (with a copy to each Rating Agency) an Opinion of Counsel with respect to the law of the State of New York, stating that, in the
opinion of such counsel, as of the date of such opinion, (i) the lien created by the Indenture on the Indenture Collateral is a valid lien and security interest, (ii) such security interest is perfected and is not (subject to reasonable assumptions
and qualifications as applicable) subject to any other UCC security interest and (iii) that no further action (other than as specified in such opinion) is required to be taken to ensure the continued perfection and validity of such security interest
during the succeeding year. 
  
 Changes in Name, Corporate Structure or
Location 
  

	4.3 (a)	During the term of this Agreement, none of the Originator, the initial Servicer, the Trust Depositor or the Trust shall change its name, identity, structure, existence, State of
organization or principal place of business without first giving at least 30 days’ prior written notice to the Trust, the Indenture Trustee and each Rating Agency. 

  

	(b)	 	If any change in the initial Servicer’s, the Originator’s or the Trust Depositor’s name, State of formation or other action would make any financing or continuation
statement or notice of ownership interest or lien relating to any Loan Asset seriously misleading or otherwise ineffective to perfect the interest of the Trust or the Indenture Trustee within the meaning of applicable provisions of the UCC or any
title statute, the initial Servicer, no later than ten Business Days after the effective date of such change, shall file such amendments or new UCC financing statements as may be required to preserve and protect the interest of the Trust and the
Indenture Trustee in the Loan Assets and the proceeds thereof. In addition, none of the Originator, the initial Servicer and the Trust Depositor shall change its location (within the meaning of Section 9-307 of the UCC) unless it has first taken
such action as is advisable or necessary to preserve and protect the Trust’s interest in the Loan Assets. Promptly after taking any of the foregoing actions, the initial Servicer shall deliver to the Trust and the Indenture Trustee (with a copy
to each Rating Agency) an Opinion of Counsel reasonably acceptable to the Trust and the Indenture Trustee stating that, in the opinion of such counsel, all financing statements or amendments necessary to preserve and protect the interests of the
Trust in the Loan Assets have been filed, and reciting the details of such filing. 

  

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 Costs and Expenses 
  
 4.4 The initial Servicer, for so long as it is acting as Servicer hereunder, agrees to pay all reasonable costs and disbursements in connection with the perfection and
the maintenance of perfection, as against all third parties, of the Trust’s right, title and interest in and to the Loan Assets (including, without limitation, the security interest in the Indenture Collateral related thereto and the security
interests provided for in the Indenture); provided, to the extent permitted by the Loan Documents, the initial Servicer may seek reimbursement for such costs and disbursements from the related Obligors. 
  
 Sale Treatment 
  
 4.5 Other than for tax and accounting purposes, the Trust Depositor shall treat the transfer of Loan Assets made hereunder for all purposes
as a sale and purchase on all of its relevant books and records. 
  
 Separateness from Trust Depositor 
  
 4.6 The Originator agrees
to take or refrain from taking or engaging in with respect to the Trust Depositor each of the actions or activities specified in the “substantive consolidation” opinion of Dechert LLP attached as Exhibit K-3 hereto (including any
certificates of the Originator attached thereto) delivered on the Closing Date, upon which the conclusions therein are based. 
  
 5. SERVICING OF LOANS 
  
 Appointment and Acceptance 
  
 5.1 MCG is hereby appointed as Servicer pursuant to this Agreement. MCG accepts the appointment and agrees to act as the Servicer pursuant to this Agreement. 

 
 Duties of the Servicer 
  

	5.2 (a)	The Servicer, as an independent contract servicer, shall service and administer the Loans and 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, so long as the same are consistent with the terms of this Agreement and the Credit and Collection Policy. The Servicer may enter into Subservicing
Agreements for any servicing and administration of Loans with any entity provided the Rating Agency Condition is satisfied; provided that, so long as MCG is the Servicer and is a publicly owned investment company that has elected to be
regulated as a business development company under the Investment Company Act, the Servicer shall only be required to provide written notice to the Rating Agencies in the event that it enters into a Subservicing 

  

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 Agreement with a direct or indirect wholly-owned subsidiary. The Servicer shall be entitled to terminate
any Subservicing Agreement in accordance with the terms and conditions of such Subservicing Agreement and to either itself directly service the related Loans or enter into a Subservicing Agreement with a successor Subservicer which qualifies
hereunder. 
  

	(b)	 	Notwithstanding any Subservicing Agreement, any of the provisions of this Agreement relating to agreements or arrangements between the Servicer and a Subservicer or reference to
actions taken through a Subservicer or otherwise, so long as this Agreement shall remain effective, the Servicer shall remain obligated and primarily liable to the Indenture Trustee, for itself and on behalf of the Noteholders and the
Certificateholder, for the servicing and administering of the Loans in accordance with the provisions of this Agreement and the Credit and Collection Policy, without diminution of such obligation or liability by virtue of such Subservicing
Agreements or arrangements or by virtue of indemnification from the Subservicer and to the same extent and under the same terms and conditions as if the Servicer alone were servicing and administering the Loans. For purposes of this Agreement, the
Servicer shall be deemed to have received payments on Loans when any Subservicer has received such payments. The Servicer shall be entitled to enter into any agreement with a Subservicer for indemnification of the Servicer by such Subservicer, and
nothing contained in this Agreement shall be deemed to limit or modify such indemnification. 

  

	(c)	 	Any Subservicing Agreement that may be entered into and any transactions or services relating to the Loans involving a Subservicer in its capacity as such and not as an originator
shall be deemed to be between the Subservicer and the Servicer alone, and the Trust, the Indenture Trustee, the Noteholders and the Certificateholder shall not be deemed parties thereto and shall have no claims, rights, obligations, duties or
liabilities with respect to the Subservicer except as set forth in subsection 5.2(d). Notwithstanding the foregoing, the Servicer shall (i) at its expense and without reimbursement, deliver to the Indenture Trustee and, upon its request, to the
Trust, a copy of each Subservicing Agreement and (ii) provide notice of the termination of any Subservicer within a reasonable time after such Subservicer’s termination to the Indenture Trustee and, upon its request, to the Trust.

  

	(d)	 	In the event the Servicer shall for any reason no longer be the Servicer, the Servicer at its expense and without right of reimbursement therefor, shall, upon request of the
Indenture Trustee, deliver to the successor servicer all documents and records (including computer tapes and diskettes) relating to each Subservicing Agreement and the Loans then being serviced hereunder and an accounting of amounts collected and
held by it hereunder and otherwise use its best efforts to effect the orderly and efficient transfer of the Subservicing Agreements to the assuming party. 

  

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	(e)	 	Modifications and Waivers Relating to Loans. So long as it is consistent with the terms of this Agreement and the Credit and Collection Policy, the Servicer may waive, modify
or vary any term of any Loan or consent to the postponement of strict compliance with any such term or in any manner grant indulgence to any Obligor or other parties to the Loan Documents (and the Servicer may execute any such waivers,
modifications, postponements or indulgences on behalf of the Trust) if in the Servicer’s determination such waiver, modification, postponement or indulgence will not be materially adverse to the interests of the Noteholders; provided
that (a) Loans representing not more than 10% (or 15% if the Rating Agency Condition is satisfied) of the Expected Aggregate Outstanding Loan Balance shall have been subject to Material Modification and (b) the Trust shall notify the Rating Agencies
of any Material Modification. No costs incurred by the Servicer or any Subservicer in respect of Servicing Advances shall for the purposes of distributions to Noteholders be added to the amount owing under the related Loan. Any fees and costs
imposed in connection therewith may be retained by the Servicer. Without limiting the generality of the foregoing, so long as it is consistent with the Credit and Collection Policy, the Servicer shall continue, and is hereby authorized and empowered
to execute and deliver on behalf of the Indenture Trustee, the Trust, each Noteholder and each Certificateholder, all instruments of amendment, waiver, satisfaction or cancellation, or of partial or full release, discharge and all other comparable
instruments, with respect to the Loans and with respect to any Collateral. Such authority shall include, but not be limited to, the authority to substitute or release items of Collateral consistent with the Credit and Collection Policy and sell
participations or assignments in Loans previously transferred to the Trust, subject to Section 2.7. In connection with any such sale, the Servicer shall deposit in the Principal and Interest Account, pursuant to subsection 7.3(b), all proceeds
received upon such sale. If reasonably required by the Servicer, the Indenture Trustee, on behalf of the Trust, shall furnish the Servicer, within five Business Days of receipt of the Servicer’s request, so long as no Servicer Default has
occurred and is continuing, with any powers of attorney and other documents necessary or appropriate to enable the Servicer to carry out its servicing and administrative duties under this Agreement. In connection with any substitution of Collateral,
the Servicer shall deliver to the Indenture Trustee the items, and within the time frame, set forth in Section 2.6, assuming that the date of substitution is the relevant “Transfer Date”. 

  

	(f)	 	The Servicer, in servicing and administering the Loans, shall employ or cause to be employed procedures (including collection, foreclosure and Foreclosed Property and Repossessed
Collateral management procedures) and exercise the same care that it customarily employs and exercises in servicing and administering Loans for its own account and prudent lending standards, and in accordance with the Credit and Collection Policy,
giving due consideration to the Noteholders’ reliance on the Servicer. 

  

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	(g)	 	Effective Date Rating Confirmation and Effective Date Ratings Downgrade. The Servicer shall request, on behalf of the Trust, that Moody’s and Fitch confirm their
respective ratings on the Senior Notes assigned on the Closing Date within 10 days after the Effective Date, or such other date in excess of 10 days but not to exceed 45 days after the Effective Date as Moody’s or Fitch shall determine and so
notify the Servicer and the Trust. In the event that Moody’s or Fitch (i) notifies the Servicer or the Trust that such Rating Agency’s rating on any Class of Senior Notes will be reduced or withdrawn or (ii) fails, by the date that is 45
days after the Effective Date, to provide a written confirmation of their respective ratings on the Senior Notes assigned on the Closing Date, in each case, an Effective Date Ratings Downgrade will have occurred unless, prior to the
first Remittance Date occurring on or after the earlier to occur of (x) receipt of the notice referred to in clause (i) and (y) the expiration of the period referred to in clause (ii), the Servicer receives written evidence that the Rating Agencies
have since confirmed their respective ratings on the Senior Notes assigned on the Closing Date. In the event of an Effective Date Ratings Downgrade, the Servicer on behalf of the Trust shall inform the Irish Paying Agent (to the extent required by
the rules of such exchange) of such Effective Date Ratings Downgrade, and all Interest Collections and Principal Collections remaining after payment of amounts referred to in clauses (1) through (12) of Section 7.5(a) shall be applied pursuant to
clause (13) of the Section 7.5(a) to pay principal first of the Class A-1 Notes, then of the Class A-2 Notes, then of the Class B Notes and then of the Class C Notes, in whole or in part, in each case until paid in full or until and to the extent
necessary for each Rating Agency to confirm the ratings assigned by it on the Closing Date to each Class of Senior Notes. Any payment in respect of the Senior Notes pursuant to this Section 5.2(g) will be made only on a Remittance Date.

  

	(h)	 	In accordance with the power set forth in subsection 2.1(a), the Servicer shall perform the duties of the Trust under the Transaction Documents. In furtherance of the foregoing, the
Servicer shall consult with the Trust as the Servicer deems appropriate regarding the duties of the Trust under the Transaction Documents. The Servicer shall monitor the performance of the Trust and shall advise the Trust when action is necessary to
comply with the Trust’s duties under the Transaction Documents. The Servicer shall prepare for execution by the Trust or shall cause the preparation by other appropriate Persons of all such documents, reports, filings, instruments, certificates
and opinions as it shall be the duty of the Trust to prepare, file or deliver pursuant to the Transaction Documents. 

  

	(i)	 	In addition to the duties of the Servicer set forth in this Agreement or any of the Transaction Documents, the Servicer shall perform such calculations and shall prepare for
execution by the Trust or shall cause the preparation by other appropriate Persons of all such documents, reports, filings, instruments, certificates and opinions as it shall be the duty of the Trust to prepare, file or deliver pursuant to state and
federal tax and securities laws and this Agreement. In accordance with the directions of the Trust, the Servicer shall administer, perform or supervise the performance of such other activities in connection with 

  

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 the Trust as are not covered by any of the foregoing provisions and as are expressly requested by the
Trust and are reasonably within the capability of the Servicer. 
  

	(j)	 	Notwithstanding anything in this Agreement or any of the Transaction Documents to the contrary, the Servicer shall be responsible for promptly (upon knowledge thereof) notifying the
Trust and the Paying Agent in the event that any withholding tax is imposed on the Trust’s payments (or allocations of income) to a Noteholder or a Certificateholder. Any such notice shall specify the amount of any withholding tax required to
be withheld by the Trust or the Paying Agent pursuant to such provision. 

  

	(k)	 	All tax returns of the Trust will be signed by the Servicer on behalf of the Trust, and the Trust expressly authorizes and empowers the Servicer to sign such tax returns in the name
of and on behalf of the Trust. 

  

	(l)	 	The Servicer shall maintain appropriate books of account and records relating to services performed under this Agreement, which books of account and records shall be reasonably
accessible for inspection by the Trust at any time during normal business hours. 

  

	(m)	 	Revisions to Credit and Collection Policy. Without the prior written consent of the Majority Noteholders, the Servicer shall not agree or consent to, or otherwise permit to
occur, any amendment, modification, change, supplement or rescission of or to the Credit and Collection Policy, in whole or in part, in any manner that could have a material adverse effect on the Loans and, in the case of any material amendment,
modification, change, supplement or rescission of or to the Credit and Collection Policy, in whole or in part, the Servicer shall deliver prompt notice thereof to each Rating Agency along with a copy of the revised Credit and Collection Policy.

  

	(n)	 	For so long as any of the Notes are outstanding and are “restricted securities” within the meaning of Rule 144(a)(3) of the Securities Act, (1) the Servicer will provide
or cause to be provided to any holder of such Notes and any prospective purchaser thereof designated by such holder, upon the request of such a holder or prospective purchaser, the information required to be provided to such holder or prospective
purchaser by Rule 144A(d)(4) under the Securities Act; and (2) the Servicer shall update such information from time to time in order to prevent such information from becoming false and misleading and will take such other actions as are necessary to
ensure that the safe harbor exemption from the registration requirements of the Securities Act under Rule 144A is and will be available for resales of such Notes conducted in accordance with Rule 144A. 

  

	(o)	 	The initial Servicer will keep in full force and effect its existence, rights and franchise as a Delaware corporation, and the Servicer shall obtain and preserve its qualification
to do business as a foreign corporation in each jurisdiction in which 

  

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 such qualification is or shall be necessary to protect the validity and enforceability of this Agreement
and of any of the Loans and to perform its duties under this Agreement. 
  

	(p)	 	The Servicer shall be obligated to make the Servicing Advances (but not Scheduled Payment Advances) incurred in the performance of its servicing duties hereunder. The Servicer shall
be entitled to reimbursement for such Servicing Advances pursuant to subsections 5.9(d) and 7.3(g). 

  

	(q)	 	The Servicer is not responsible for any taxes on the Trust or any Servicing Fees to any Successor Servicer. 

  

	(r)	 	All payments (other than Prepayments) received on Loans will be applied by the Servicer to amounts due by the Obligor starting with the most recent Scheduled Payment.

  
 Liquidation of Loans 
  

	5.3 (a)	In the event that any payment due under any Loan and not postponed pursuant to Section 5.2 is not paid when the same becomes due and payable, or in the event the Obligor fails to
perform any other covenant or obligation under the Loan, the Servicer in accordance with the Credit and Collection Policy shall take such action as it shall deem to be in the best interests of the Noteholders. The Servicer consistent with its Credit
and Collection Policy shall foreclose upon or otherwise comparably effect the disposition of Collateral relating to Charged-Off Loans and defaulted Loans for which the related Loan is still outstanding, and as to which no satisfactory arrangements
can be made for collection of delinquent payments in accordance with the provisions of Section 5.10. In connection with such foreclosure or other conversion and any other liquidation action or enforcement of remedies, the Servicer shall exercise
collection and foreclosure procedures with the same degree of care and skill in its exercise or use as it would exercise with respect to its own affairs, in accordance with prudent servicing standards, and in accordance with the Credit and
Collection Policy. 

  

	(b)	 	After a Loan has been liquidated, the Servicer shall promptly prepare and forward to the Indenture Trustee and upon request, any Noteholder or Certificateholder, a report (the
Liquidation Report), in the form attached hereto as Exhibit R, detailing the Liquidation Proceeds received from such Loan, expenses incurred with respect thereto, and any loss incurred in connection therewith. 

 

	(c)	 	Upon classification of a Loan as a Charged-Off Loan, the Servicer may accelerate all payments due thereunder to the extent permitted under the Loan Documents or take any other
action as the Servicer reasonably believes will maximize the amount of recovery thereon and shall otherwise follow the Credit and Collection Policy, which other actions may include the foreclosure and transfer of any related Collateral or other
security on behalf of the Noteholders. 

  

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 Fidelity Bond; Insurance 
  

5.4 The Servicer (but not the Backup Servicer in the event it replaces the Servicer under this Agreement) shall maintain with a responsible company, and at its own
expense, a blanket fidelity bond and an errors and omissions insurance policy (which, for avoidance of doubt, may be used by the Servicer to satisfy requirements under different agreements), in a minimum aggregate amount equal to $1,500,000, and a
maximum deductible of $250,000 (with respect to the fidelity bond) and $100,000 (with respect to the errors and omissions insurance policy), if commercially available, with coverage on all employees acting in any capacity requiring such persons to
handle funds, money, documents or papers relating to the Loans (Servicer Employees). The fidelity bond shall provide coverage to the Indenture Trustee and the Trust, their respective officers and employees, against losses resulting
from forgery, theft, embezzlement or fraud by such Servicer Employees. The errors and omissions policy shall insure against losses resulting from the errors, omissions and negligent acts of such Servicer Employees. No provision of this Section 5.4
requiring such fidelity bond and errors and omissions insurance shall relieve the Servicer from its duties as set forth in this Agreement. Upon the request of the Indenture Trustee, the Trust, any Noteholder or any Certificateholder, the Servicer
shall cause to be delivered to the Indenture Trustee, the Trust, such Noteholder or such Certificateholder a certified true copy of such fidelity bond and insurance policy. Notwithstanding the foregoing, the Servicer shall not be required to obtain
an errors and omissions insurance policy satisfying the standard described above until the first advance is made on the Series of Notes. 
  
 Collection of Certain Loan Payments 
  
 5.5 The Servicer shall make reasonable efforts, consistent with the Credit and Collection Policy, to collect all payments required under the terms and provisions of the
Loans. Consistent with the foregoing and the Credit and Collection Policy, the Servicer may in its discretion waive or permit to be waived any fee or charge which the Servicer would be entitled to retain hereunder as servicing compensation and
extend the due date for payments due on an Underlying Note or in accordance with any Loan Documents as provided in subsection 5.2(e). 
  
 Access to Certain Documentation and Information Regarding the Loans 
  
 5.6 The Servicer shall provide to the Trust, the Indenture Trustee, the FDIC, the OCC, the Federal Reserve, the Office of Thrift Supervision and the supervisory agents
and examiners of the foregoing, access to the documentation regarding the Loans required by applicable local, state and federal regulations, such access being afforded without charge but only upon reasonable request and during normal business hours
at the offices of the Servicer designated by it and in a manner that does not unreasonably interfere with the Servicer’s normal operations or customer or employee relations. The Indenture Trustee and the Trust shall and shall cause their
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 and the
Trust may reasonably determine that such disclosure is consistent with their obligations hereunder. 
  

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 Satisfaction and Release of Loan Files 
  

	5.7 (a)	Upon the payment in full of any Loan, the receipt by the Servicer of a notification that payment in full will be escrowed in a manner customary for such purposes or the deposit into
the Principal and Interest Account of the purchase price of any Loan acquired by the Trust Depositor, the Servicer or another Person pursuant to this Agreement, or any other Transaction Document, the Servicer will immediately notify the Indenture
Trustee by a certification in the form of Exhibit P attached hereto (which certification shall include a statement to the effect that all amounts received or to be received in connection with such payment which are required to be deposited in the
Principal and Interest Account pursuant to subsection 7.3(b) have been or will be so deposited) signed by a Servicing Officer and shall request delivery to it of the Loan File. Upon receipt of such certification and request, the Indenture Trustee
shall promptly release the related Loan File to the Servicer. Expenses incurred in connection with any instrument of satisfaction or deed of reconveyance shall be payable by the Servicer and shall not be chargeable to the Principal and Interest
Account or the Note Distribution Account. 

  

	(b)	 	From time to time and as appropriate for the servicing or foreclosure of any Loan, the Indenture Trustee shall, upon request of the Servicer and delivery to the Indenture Trustee of
a certification in the form of Exhibit P attached hereto signed by a Servicing Officer, promptly release the related Loan File to the Servicer within two Business Days and the Indenture Trustee shall execute such documents as shall be necessary to
the prosecution of any such proceedings. The Servicer shall return the Loan File to the Indenture Trustee when the need therefor by the Servicer no longer exists, unless the Loan has been liquidated and the Liquidation Proceeds relating to the Loan
have been deposited in the Principal and Interest Account and remitted to the Indenture Trustee for deposit in the Note Distribution Account or the Loan File or such document has been delivered to an attorney, or to a public trustee or other public
official as required by law, for purposes of initiating or pursuing legal action or other proceedings for the foreclosure or repossession of Collateral either judicially or non-judicially, and the Servicer has delivered to the Indenture Trustee a
certificate of a Servicing Officer certifying as to the name and address of the Person to whom such Loan File or such document was delivered and the purpose or purposes of such delivery. Upon receipt of a certificate of a Servicing Officer stating
that such Loan was liquidated, the servicing receipt relating to such Loan shall be released by the Indenture Trustee to the Servicer. 

  

	(c)	 	The Indenture Trustee shall execute and deliver to the Servicer any court pleadings, requests for trustee’s sale or other documents provided to it necessary to the foreclosure
or trustee’s sale in respect of any portion of the Indenture 

  

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 Collateral or to any legal action brought to obtain judgment against any Obligor on the Underlying Note
or other Loan Document securing Indenture Collateral or to obtain a deficiency judgment, or to enforce any other remedies or rights provided by the Underlying Note or other Loan Document securing Indenture Collateral or otherwise available at law or
in equity. Together with such documents or pleadings, the Servicer shall deliver to the Indenture Trustee a certificate of a Servicing Officer requesting that such pleadings or documents be executed by the Indenture Trustee and certifying as to the
reason such documents or pleadings are required and that the execution and delivery thereof by the Indenture Trustee will not invalidate or otherwise adversely affect the lien of the agreement creating a security interest in Collateral, except for
the termination of such a lien upon completion of the foreclosure or trustee’s sale. The Indenture Trustee shall, upon receipt of a written request from a Servicing Officer, execute any document provided to the Indenture Trustee by the Servicer
or take any other action requested in such request, that is, in the opinion of the Servicer as evidenced by such request, required or appropriate by any State or other jurisdiction to discharge the lien on Collateral upon the satisfaction thereof
and the Indenture Trustee will sign and post, but will not guarantee receipt of, any such documents to the Servicer, or such other party as the Servicer may direct, within five Business Days of the Indenture Trustee’s receipt of such
certificate or documents. Such certificate or documents shall establish to the Indenture Trustee’s satisfaction that the related Loan has been paid in full by or on behalf of the Obligor (or subject to a deficiency claim against such Obligor)
and that such payment has been deposited in the Principal and Interest Account. 
  

	(d)	 	Notwithstanding anything contained in this Section 5.8 to the contrary, in no event may the Servicer possess in excess of fifteen (15) Loan Files (excluding Loan Files for Loans
which have been paid in full or repurchased) at any given time without the consent of the Indenture Trustee. 

  
 Scheduled Payment Advances 
  
 5.8 For each Due Period, if the Servicer determines that any Scheduled Payment (or portion thereof) that was due and payable pursuant to a Loan in the Loan Pool during
such Due Period was not received prior to the end of such Due Period, the Servicer has the right to elect, but is not obligated, to make a Scheduled Payment Advance in an amount up to the amount of such delinquent Scheduled Payment (or portion
thereof) if the Servicer reasonably believes that the advance will be reimbursed or subsequently paid by the related Obligor. The Servicer will deposit any Scheduled Payment Advances into the Principal and Interest Account on or prior to 11:00 a.m.
(New York City time) on the related Determination Date, in immediately available funds. The Servicer will be entitled to be reimbursed for Scheduled Payment Advances pursuant to subsections 7.5(a) and 7.5(b). 
  

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 Title, Management and Disposition of Foreclosed Property 
  

	5.9 (a)	In the event that title to Collateral is acquired in foreclosure or by deed in lieu of foreclosure or by other legal process, the deed or certificate of sale, or the Repossessed
Collateral, shall be taken in the name of the Trust. 

  

	(b)	 	The Servicer, subject to the provisions of this Section 5, shall manage, conserve, protect and operate each Foreclosed Property or other Repossessed Collateral for the Holders
solely for the purpose of its prudent and prompt disposition and sale. The Servicer shall, either itself or through an agent selected by the Servicer, manage, conserve, protect and operate the Foreclosed Property or other Repossessed Collateral in
the same manner that it manages, conserves, protects and operates other foreclosed or repossessed property for its own account, and in a similar manner to that of similar property in the same locality as the Foreclosed Property or other Repossessed
Collateral is managed. The Servicer shall attempt to sell the same (and may temporarily rent the same) on such terms and conditions as the Servicer deems to be in the best interest of the Holders. 

  

	(c)	 	The Servicer shall cause to be deposited in the Principal and Interest Account, no later than two Business Days after the receipt thereof, all revenues received with respect to the
conservation and disposition of the related Foreclosed Property or other Repossessed Collateral net of Servicing Advances. 

  

	(d)	 	The Servicer shall, subject to Section 7.3, reimburse itself for any related unreimbursed Servicing Advances and unpaid Servicing Fees, and the Servicer shall deposit in the
Principal and Interest Account the net cash proceeds of the sale of any Foreclosed Property or other Repossessed Collateral to be distributed to the Holders in accordance with Section 7.5 hereof. 

  
 Servicing Compensation 
  

	5.10 (a)	As compensation for its servicing activities hereunder and reimbursement for its expenses, the Servicer shall be entitled to receive a servicing fee for each month (or portion
thereof), calculated monthly but payable quarterly in arrears on each Remittance Date prior to the termination of the Trust (with respect to each Due Period, the Servicing Fee) equal to the sum of the products for each of the three
Monthly Periods included in the related Due Period of: (A) the Servicing Fee Percentage, (B) the Aggregate Outstanding Loan Balance of the Loans as of the first day of the applicable Monthly Period and (c) a fraction, the numerator of which is equal
to the number of days in the applicable Monthly Period and the denominator of which is 360. The Servicing Fee is payable out of Interest Collections pursuant to subsections 7.5(a), (b) and (c). 

  

	(b)	 	In addition to the Servicing Fee, the Servicer shall be entitled to retain for itself as additional servicing compensation, assignment and other administrative fees paid or payable
in connection with any Loan. 

  

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 Assignment; Resignation 
  

5.11 The Servicer shall not assign or delegate its rights and duties under this Agreement (other than in connection with a subservicing arrangement) nor resign from
the obligations and duties hereby imposed on it as Servicer except (i) by mutual consent of the Servicer, the Trust, the Indenture Trustee and the Majority Noteholders, (ii) in connection with a merger, conversion or consolidation permitted pursuant
to Section 5.13 (in which case the Person resulting from the merger, conversion or consolidation shall be the successor of the Servicer), (iii) in connection with an assignment permitted pursuant to Section 5.13 (in which case the Assignee shall be
the successor of the Servicer), or (iv) upon the Servicer’s determination that its duties hereunder are no longer permissible under Requirements of Law or administrative determination and such incapacity cannot be cured by the Servicer. Any
such determination permitting the resignation of the Servicer shall be evidenced by a written Opinion of Counsel (who may be counsel for the Servicer) to such effect delivered to the Indenture Trustee, which Opinion of Counsel shall be in form and
substance reasonably acceptable to the Indenture Trustee. No such resignation shall become effective until a successor has assumed the Servicer’s responsibilities and obligations hereunder in accordance with Section 8.3. 
  
 Merger or Consolidation of Servicer 
  
 5.12 Any Person into which the Servicer may be merged or consolidated, or any Person
resulting from such merger, conversion or consolidation to which the Servicer is a party, or any Person succeeding to substantially all of the business of the Servicer, and who shall be an established commercial Loan servicing institution that on a
consolidated basis has a net worth of at least $250,000,000, shall be the Successor Servicer hereunder without execution or filing of any paper or any further act on the part of any of the parties hereto, notwithstanding anything herein to the
contrary; provided, no such merger, conversion or consolidation of the Servicer or transfer of all or substantially all or the Servicer assets or business shall be permitted hereunder unless the Rating Agency Condition is satisfied with
respect thereto. 
  
 Limitation on Liability of the Servicer and Others

  
 5.13 The Servicer and any director, officer, employee or agent of the
Servicer may rely on any document of any kind which it in good faith reasonably believes to be genuine and to have been adopted or signed by the proper authorities or persons respecting any matters arising hereunder. Subject to the terms of Section
12.1 herein, the Servicer shall have no obligation to appear with respect to, prosecute or defend any legal action which is not incidental to the Servicer’s duty to service the Loans in accordance with this Agreement. The Servicer shall not be
responsible for the payment of any taxes imposed on or with respect to the Trust or for the fees of any Successor Servicer 
  
 The Backup Servicer 
  

	5.14 (a)	The Trust, the Indenture Trustee and the Trust Depositor hereby appoint Wells Fargo to act as Backup Servicer in accordance with the terms of this Agreement. Wells Fargo hereby
accepts such appointment and agrees to perform the duties and responsibilities with respect thereto set forth herein. 

  

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	(b)	 	The Backup Servicer shall perform the following duties and obligations: 

  

	 	(i)	 	On or before the Closing Date, the Backup Servicer shall accept from the Servicer delivery of the information required to be set forth in the Note Valuation Reports and Monthly
Reports in hard copy and in an agreed upon electronic format. 

  

	 	(ii)	 	Not later than 12:00 noon New York time 10 Business Days after the end of the related Monthly Period, the Servicer shall provide to the Backup Servicer and the Backup Servicer shall
accept delivery of tape in an agreed upon electronic format (the Tape) from the Servicer, which shall include but not be limited to the following information: (x) for each Loan, (1) Loan number, (2) legal name of the related Obligor,
(3) scope (i.e., whether revenues are local, regional or national), (4) state of Obligor’s Chief executive office, (5) SIC Code, (6) outstanding at cost, (7) type of Loan (i.e., Partially Funded Term Loan, Fully Funded Term Loan, Reducing
Revolving Loan or Traditional Revolving Loan), (8) type of security interest (i.e., senior or subordinated), (9) term payment type (i.e., amortizing, balloon or bullet), (10) origination date, (11) maturity date, (12) benchmark for Loan Rate, (13)
margin, (14) frequency of Scheduled Payments, (15) controlling interest, (16) the collection status, (17) the Loan status and (18) the Outstanding Loan Balance and (y) the Aggregate Outstanding Loan Balance. With respect to its duties pursuant to
this subsection 5.15(b)(ii), the Backup Servicer shall have no duty to confirm that the Tape contains the foregoing information. 

  

	 	(iii)	 	Prior to the Remittance Date, the Backup Servicer shall review the Note Valuation Report to ensure that it is complete on its face and that the following items in such Note
Valuation Report have been accurately calculated, if applicable, and reported: (A) the Aggregate Outstanding Loan Balance, (B) the Backup Servicing Fee, (C) the Loans that are more than 60 days delinquent (other than Charged-Off Loans), (D) the
Charged-Off Loans and (E) principal and interest payments due to the Noteholders. The Backup Servicer shall notify the Indenture Trustee, the Placement Agent and the Servicer of any discrepancies with the Note Valuation Report based on such review
not later than the Business Day preceding such Remittance Date. 

  

	 	(iv)	 	If the Servicer disagrees with the report provided under paragraph (iii) above by the Backup Servicer or if the Servicer or any subservicer has not reconciled such discrepancy, the
Backup Servicer agrees to confer with the Servicer to resolve such disagreement on or prior to the next succeeding Determination Date and shall settle such discrepancy with the 

  

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	 	    	Servicer if possible, and notify the Indenture Trustee, the Placement Agent and the Rating Agencies of the resolution thereof. The Servicer hereby agrees to cooperate at its own
expense with the Backup Servicer in reconciling any discrepancies herein. If within twenty (20) days after the delivery of the report provided under paragraph (iii) above by the Backup Servicer, such discrepancy is not resolved, the Backup Servicer
shall promptly notify the Servicer, Indenture Trustee, the Placement Agent and the Rating Agencies of the continued existence of such discrepancy. Following receipt of such notice by the Indenture Trustee, the Placement Agent and the Rating
Agencies, the Servicer shall deliver to the Indenture Trustee, the Initial Purchaser, the Backup Servicer and the Rating Agencies no later than the related Remittance Date a certificate describing the nature and amount of such discrepancies and the
actions the Servicer proposes to take with respect thereto. 

  
 With
respect to the foregoing, the Backup Servicer, in the performance of its duties and obligations hereunder, is entitled to rely conclusively, and shall be fully protected in so relying, on the contents of each Tape, including, but not limited to, the
completeness and accuracy thereof, provided by the Servicer. 
  

	(c)	 	After the termination or resignation by the Servicer in accordance with this Agreement, all authority, power, rights and responsibilities of the Servicer, under this Agreement,
whether with respect to the Loans or otherwise, shall pass to and be vested in the Backup Servicer and the Backup Servicer shall be deemed the Successor Servicer, subject to and in accordance with the provisions of Section 8.3, as long as the Backup
Servicer is not prohibited by an applicable provision of law from fulfilling the same, as evidenced by an Opinion of Counsel; provided, if Wells Fargo as Backup Servicer becomes the Successor Servicer, it will not make any Scheduled Payment
Advances. 

  

	(d)	 	Any Person (i) into which the Backup Servicer may be merged or consolidated, (ii) that may result from any merger or consolidation to which the Backup Servicer shall be a party, or
(iii) that may succeed to the properties and assets of the Backup Servicer substantially as a whole, which Person in any of the foregoing cases executes an agreement of assumption to perform every obligation of the Backup Servicer hereunder, shall
be the successor to the Backup Servicer under this Agreement without further act on the part of any of the parties to this Agreement. 

  

	(e)	 	As compensation for its backup servicing activities hereunder, the Backup Servicer shall be entitled to receive the Backup Servicing Fee from the Servicer. The Backup Servicing Fee
shall be calculated monthly but payable quarterly on each Remittance Date. The Backup Servicer’s entitlement to receive the Backup Servicing Fee (other than due and unpaid Backup Servicer Fees owed through such date) shall cease on the earliest
to occur of: (i) it becoming the Successor Servicer, (ii) its removal as Backup Servicer, or (iii) the termination of this Agreement. 

  

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	(f)	 	The Backup Servicer may be removed with or without cause by the Majority Noteholders by notice given to the Backup Servicer. In the event of any such removal, a replacement Backup
Servicer may be appointed by Majority Noteholders. No removal of the Backup Servicer and no appointment of a successor Backup Servicer pursuant to this Section 5.15 shall become effective until the acceptance of appointment by the successor Backup
Servicer under the same terms and subject to the terms and conditions set forth in Section 8.10. 

  

	(g)	 	The Backup Servicer undertakes to perform only such duties and obligations as are specifically set forth in this Agreement, it being expressly understood by all parties hereto that
there are no implied duties or obligations of the Backup Servicer hereunder. Without limiting the generality of the foregoing, the Backup Servicer, except as expressly set forth herein, shall have no obligation to supervise, verify, monitor or
administer the performance of the Servicer. The Backup Servicer may act through its agents, attorneys and custodians in performing any of its duties and obligations under this Agreement, it being understood by the parties hereto that the Backup
Servicer will be responsible for any misconduct or negligence on the part of such agents, attorneys or custodians acting for and on behalf of the Backup Servicer. Neither the Backup Servicer nor any of its officers, directors, employees or agents
shall be liable, directly or indirectly, for any damages or expenses arising out of the services performed under this Agreement other than damages or expenses that result from the gross negligence or willful misconduct of it or them or the failure
to perform materially in accordance with this Agreement. 

  

	(h)	 	Limitation on Liability. The Backup Servicer shall not be liable for any obligation of the Servicer contained in this Agreement or for any errors of the Servicer contained in
any Tape, certificate or other data or document delivered to the Backup Servicer hereunder or on which the Backup Servicer must rely in order to perform its obligations hereunder, and the parties hereto each agree to look only to the Servicer to
perform such obligations. The Backup Servicer shall have no responsibility and shall not be in default hereunder or incur any liability for any failure, error, malfunction or any delay in carrying out any of its respective duties under this
Agreement if such failure or delay results from the Backup Servicer acting in accordance with information prepared or supplied by a Person other than the Backup Servicer or the failure of any such other Person to prepare or provide such information.
The Backup Servicer shall have no responsibility, shall not be in default and shall incur no liability for (i) any act or failure to act of any third party, including the Servicer (ii) any inaccuracy or omission in a notice or communication received
by the Backup Servicer from any third party, (iii) the invalidity or unenforceability of any Loan under Requirements of Law, (iv) the breach or inaccuracy of any representation or warranty made with respect to any Loan, or (v) the acts or omissions
of any Successor Backup Servicer. 

  

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 Covenants of the Backup Servicer 
  
 5.15 The Backup Servicer hereby covenants that: 
  

	(a)	The Backup Servicer will comply in all material respects with all Requirements of Law. 

  

	(b)	The Backup Servicer will preserve and maintain its existence, rights, franchises and privileges as a national banking association in good standing under the federal laws of the
United States. 

  

	(c)	The Backup Servicer shall perform in all material respects all of its obligations and duties under this Agreement. 

  
 6. COVENANTS 
  
 Covenants of the Trust Depositor 
  
 6.1 The Trust Depositor hereby covenants that: 
  

	(a)	Legal Existence. During the term of this Agreement, the Trust Depositor will keep in full force and effect its existence, rights and franchises as a limited liability company
under the laws of the jurisdiction of its organization 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
Agreement, the other Transaction Documents and each other instrument or agreement necessary or appropriate to the proper administration of this Agreement and the transactions contemplated hereby; provided that, if as of the Closing Date the
Trust Depositor has not produced evidence of its good standing to carry on business in the Commonwealth of Virginia, the Trust Depositor shall provide evidence of such good standing within five Business Days of the Closing Date. In addition, all
transactions and dealings between the Trust Depositor and its Affiliates will be conducted on an arm’s-length basis. 

  

	(b)	Single Member. During the term of this Agreement, the Trust Depositor will at all times have only a single member, which shall at all times be MCG. 

 

	(c)	Security Interests. The Trust Depositor will not sell, pledge, assign or transfer to any other Person, or grant, create, incur, assume or suffer to exist any Lien (other than
Permitted Liens) on any Loan in the Loan Pool or its interest in any related Collateral, whether now existing or hereafter transferred to the Trust, or any interest therein. The Trust Depositor will immediately notify the Trust and the Indenture
Trustee of the existence of any Lien on any Loan in the Loan Pool or its interest in any related Collateral; and the Trust Depositor shall defend the right, 

  

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 title and interest of the Trust in, to and under the Loans in the Loan Pool and its interest in any
related Collateral, against all claims of third parties; provided, that nothing in this Section 6.1(c) shall prevent or be deemed to prohibit the Trust Depositor from suffering to exist Permitted Liens upon any of the Loans in the Loan Pool
or its interest in any related Collateral. 
  

	(d)	Delivery of Principal Collections and Interest Collections. The Trust Depositor agrees to pay to the Servicer promptly (but in no event later than two Business Days after
receipt) all Principal Collections and Interest Collections received by the Trust Depositor in respect of the Loans, for application in accordance with Section 7.5 hereof. 

  

	(e)	Regulatory Filings. The Trust Depositor shall make any filings, reports, notices, applications and registrations with, and seek any consents or authorizations from, the
Commission and any state securities authority on behalf of the Trust as may be necessary or that the Trust Depositor deems advisable to comply with any Federal or State securities or reporting requirements laws. 

  

	(f)	Compliance with Law. The Trust Depositor hereby agrees to comply in all material respects with all Requirements of Law applicable to the Trust Depositor except where the
failure to do so would not have a material adverse effect on the Holders. 

  

	(g)	Activities. Except as contemplated by this Agreement or the other Transaction Documents, the Trust Depositor shall not engage in any business or activity of any kind, or
enter into any transaction or indenture, mortgage, instrument, agreement, contract, lease or other undertaking, which is not directly related to the transactions contemplated and authorized by this Agreement or the other Transaction Documents;
provided, that the Trust Depositor may purchase and sell (or grant Liens in respect of) assets similar to the Loan Assets to other Persons in securitization or other non-recourse financing transactions involving the Originator or any of its
Affiliates on terms and conditions (with respect to liabilities and restrictions on its activities, as well as restrictions on its interactions with the Originator or its Affiliates, relevant to the “bankruptcy remoteness” or
“substantive consolidation” analysis relating to the Trust Depositor) substantially similar to the terms and conditions applicable to the Trust Depositor under the Transaction Documents so long as the Securityholders are not materially
adversely affected thereby and the Rating Agency Condition is satisfied. 

  

	(h)	Indebtedness. The Trust Depositor shall not create, incur, assume or suffer to exist any Indebtedness or other liability whatsoever, except (i) obligations incurred under
this Agreement or the Transactions Documents, (ii) liabilities incident to the maintenance of its corporate existence in good standing or (iii) liabilities necessarily incurred to facilitate securitizations referred to in the proviso in Section 6.7.

  

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	(i)	Guarantees. The Trust Depositor shall not become or remain liable, directly or contingently, in connection with any Indebtedness or other liability of any other Person,
whether by guarantee, endorsement (other than endorsements of negotiable instruments for deposit or collection in the ordinary course of business), agreement to purchase or repurchase, agreement to supply or advance funds, or otherwise except in
connection with the transactions described in Section 6.7. 

  

	(j)	Investments. The Trust Depositor shall not make or suffer to exist any loans or advances to, or extend any credit to, or make any investments (by way of transfer of property,
contributions to capital, purchase of stock or securities or evidences of indebtedness, acquisition of the business or assets, or otherwise) in, any Person except (i) for purchases of Loans from the Originator, (ii) for investments in Permitted
Investments in accordance with the terms of this Agreement, (iii) as may be necessary to facilitate securitizations referred to in the proviso in Section 6.7 or (iv) for the receipt of the Class C Notes and the Class D Notes on the Closing Date and
the Certificate shortly before the Closing Date. Without limiting the generality of the foregoing, the Trust Depositor shall not: (i) provide credit to any Securityholder for the purpose of enabling such Securityholder to purchase any Securities or
(ii) lend any money to the Trust. 

  

	(k)	Merger; Sales. The Trust Depositor shall not enter into any transaction of merger or consolidation, or liquidate or dissolve itself (or suffer any liquidation or dissolution)
or acquire or be acquired by any Person, or convey, sell, lease or otherwise dispose of all or substantially all of its property or business, except as provided for in this Agreement. 

  

	(l)	Distributions. The Trust Depositor shall not declare or pay, directly or indirectly, any dividend or make any other distribution (whether in cash or other property) with
respect to the profits, assets or capital of the Trust Depositor or any Person’s interest therein, or purchase, redeem or otherwise acquire for value any of its shareholders interests now or hereafter outstanding, except that, so long as no
Event of Default has occurred and is continuing and no Event of Default would occur as a result thereof or after giving effect thereto and the Trust Depositor would continue to be Solvent as a result thereof and after giving effect thereto, the
Trust Depositor may declare and pay distributions to its shareholders. 

  

	(m)	Other Agreements. Except as provided in this Agreement or the other Transaction Documents, the Trust Depositor shall not become a party to, or permit any of its properties to
be bound by, any indenture, mortgage, instrument, contract, agreement, lease or other undertaking, except this Agreement and the other Transaction Documents to which it is a party and any agreement relating to another securitization transaction
permitted by Section 6.7; nor shall it amend or modify the provisions of its certificate of formation or allow amendments to the Limited Liability Company Operating Agreement dated as of January 27, 2004, and as amended and restated as of September
[29], 2004, other than as permitted 

  

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 thereunder, or issue any power of attorney except to the Trust, the Indenture Trustee or the Servicer in
accordance with the Transaction Documents or in connection with another securitization transaction permitted by Section 6.7 
  

	(n)	Separate Legal Existence. The Trust Depositor shall: 

  

	 	(i)	 	maintain its own deposit account or accounts, separate from those of any other Person, with commercial banking institutions. The funds of the Trust Depositor will not be diverted to
any other Person or for other than authorized uses of the Trust Depositor; 

  

	 	(ii)	 	ensure that, to the extent that it shares the same officers or other employees as its member or any of its Affiliates, the salaries of and the expenses related to providing benefits
to such officers and other employees shall be fairly allocated among such entities, and each such entity shall bear its fair share of the salary and benefit costs associated with all such common officers and employees; 

  

	 	(iii)	 	ensure that, to the extent that it jointly contracts with its member or any of its Affiliates to do business with vendors or service providers or to share overhead expenses, the
costs incurred in so doing shall be allocated fairly among such entities, and each such entity shall bear its fair share of such costs. To the extent that the Trust Depositor contracts or does business with vendors or service providers when the
goods and services provided are partially for the benefit of any other Person, the costs incurred in so doing shall be fairly allocated to or among such entities for whose benefit the goods and services are provided, and each such entity shall bear
its fair share of such costs. All material transactions between Trust Depositor and any of its Affiliates shall be only on an arm’s length basis; 

  

	 	(iv)	 	to the extent that the Trust Depositor and its members or any of its Affiliates have offices in the same location, there shall be a fair and appropriate allocation of overhead costs
among them, and each such entity shall bear its fair share of such expenses; 

  

	 	(v)	 	conduct its affairs strictly in accordance with its certificate of formation and its Limited Liability Company Operating Agreement dated as of January 27, 2004 and as amended and
restated as of September [29], 2004 and observe all necessary, appropriate and customary limited liability company formalities, including, but not limited to, holding all regular and special board of director meetings appropriate to authorize all
limited liability company action, keeping separate and accurate minutes of its meetings, passing all resolutions or consents necessary to authorize actions taken or to be taken, and maintaining accurate and separate books, records and accounts,
including, but not limited to, payroll and intercompany transaction accounts; and 

  

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	 	(vi)	 	take or refrain from taking, as applicable, each of the activities specified in the “substantive consolidation” opinion of Dechert LLP attached as Exhibit K-3 hereto,
delivered on the Closing Date, upon which the conclusions expressed therein are based. 

  

	(o)	Location; Records. The Trust Depositor (x) shall not move its place of business or chief executive office outside of the Commonwealth of Virginia or its jurisdiction of
formation outside of the State of Delaware without 30 days’ prior written notice to the Trust and the Indenture Trustee and (y) will promptly take all actions (if any) required (including, but not limited to, all filings and other acts
necessary or advisable under the UCC of each relevant jurisdiction) in order to continue the first priority perfected security interest of the Indenture Trustee in all Loans. The Trust Depositor will give the Trust and the Indenture Trustee prompt
notice of a change within the Commonwealth of Virginia of the location of its chief executive office. 

  

	(p)	Liability of Trust Depositor. The Trust Depositor shall be liable in accordance herewith only to the extent of the obligations specifically undertaken by the Trust Depositor
under this Agreement. 

  

	(q)	Bankruptcy Limitations. The Trust Depositor shall not, without the affirmative vote of a majority of the managers of the Trust Depositor (which must include the affirmative
vote of at least two duly appointed Independent managers) (A) dissolve or liquidate, in whole or in part, or institute proceedings to be adjudicated bankrupt or insolvent, (B) consent to the institution of bankruptcy or insolvency proceedings
against it, (C) file a petition seeking or consent to reorganization or relief under any applicable federal or state law relating to bankruptcy, (D) consent to the appointment of a receiver, liquidator, assignee, trustee, sequestrator (or other
similar official) of the limited liability company or a substantial part of its property, (E) make a general assignment for the benefit of creditors, (F) admit in writing its inability to pay its debts generally as they become due, or (G) take any
limited liability company action in furtherance of the actions set forth in clauses (A) through (F) above; provided, that no manager may be required by any member of the Trust Depositor to consent to the institution of bankruptcy or
insolvency proceedings against the Trust Depositor so long as it is Solvent. 

  

	(r)	Limitation on Liability of Trust Depositor and Others. The Trust Depositor and any director or officer or employee or agent of the Trust Depositor 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 Trust Depositor and any director or officer or employee or agent of the Trust Depositor shall be reimbursed by the
Indenture Trustee for any liability or expense incurred by reason of the Indenture Trustee’s willful misfeasance, bad faith or gross negligence (except errors in judgment) in the performance of its duties hereunder, or by reason of the
Indenture Trustee’s material breach of the obligations and duties under this Agreement or the Transaction Documents. The Trust Depositor 

  

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 shall not be under any obligation to appear in, prosecute or defend any legal action that shall not be
incidental to its obligations under this Agreement, and that in its opinion may involve it in any expense or liability. 
  

	(s)	Insurance Policies. Upon and after an Event of Default or Servicer Default, at the request of the Indenture Trustee, the Trust Depositor will cause to be performed any and
all acts reasonably required to be performed to preserve the rights and remedies of the Indenture Trustee and the Owner Trustee in any insurance policies applicable to the Loans including, without limitation, in each case, any necessary
notifications of insurers, assignments of policies or interests therein, and establishments of co-insured, joint loss payee and mortgagee rights in favor of the Indenture Trustee or the Trust Depositor, respectively. 

  
 Covenants of MCG 
  
 6.2 MCG’s covenants made in Section 5 of the Commercial Loan Sale Agreement are incorporated by reference herein in their entirety, for
the direct benefit of the Trust and the Indenture Trustee (for the benefit of the Secured Parties) who may enforce such covenants against MCG in the manner permitted hereby and in the Indenture. MCG further covenants that it shall, upon request of
any party hereto or of any Noteholder at any time, provide a copy of the most recent Credit and Collection Policy to such party or such Noteholder, as the case may be. 
  
 7. ESTABLISHMENT OF ACCOUNTS; DISTRIBUTIONS; RESERVE
FUND 
  
 Note Distribution Account and Reserve Fund

  

	7.1 (a)	On or before the Closing Date, the Trust shall cause to be established at Wells Fargo, the Note Distribution Account and the Reserve Fund in the name of the Indenture Trustee. The
Trust and Indenture Trustee are hereby required to ensure that each of the Note Distribution Account and Reserve Fund is established and maintained as an Eligible Account with a Qualified Institution. If any institution with which any of the
accounts established pursuant to this subsection 7.1(a) are established ceases to be a Qualified Institution, the Trust or the Servicer on behalf of the Trust, or if the Trust or the Servicer on behalf of the Trust fails to do so, the Indenture
Trustee (as the case may be) shall within 10 Business Days establish a replacement account at a Qualified Institution after notice of such event. In no event shall the Indenture Trustee be responsible for monitoring whether such Qualified
Institution shall remain a Qualified Institution. 

  

	(b)	So long as no Servicer Default, Default or Event of Default shall have occurred and be continuing, the Servicer may direct that the Indenture Trustee invest amounts standing to the
credit of the Note Distribution Account and the Reserve Fund in Permitted Investments of the type specified in such written direction that mature or are withdrawable not later than one Business Day before the next succeeding Determination Date.
Permitted Investments shall be credited to the 

  

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 Account from which amounts were applied for purchase of such Permitted Investments. Once such funds are
invested, the Indenture Trustee shall not change the investment of such funds other than in connection with the withdrawal or liquidation of such investments and the transfer of such funds as provided herein on or prior to the next succeeding
Remittance Date. Subject to the restrictions herein, the Servicer or Indenture Trustee may purchase a Permitted Investment from itself or an Affiliate with respect to investment of funds in the Trust Accounts. Subject to the other provisions hereof,
the Servicer and Indenture Trustee in the case of the Principal and Interest Account and the Indenture Trustee in the case of all other Trust Accounts shall have sole control over each such investment and the income thereon, and any certificate or
other instrument evidencing any such investment, if any, shall be delivered directly to the Servicer or its agent (in the case of investments standing to the credit of the Principal and Interest Account (or any sub-account thereof) and the Indenture
Trustee or its agent, as applicable, together with each document of transfer, if any, necessary to transfer title to such investment to the Servicer (in the case of investments standing to the credit of the Principal and Interest Account or any
sub-account thereof) and the Indenture Trustee, as applicable, in a manner which complies with this Section 7.1. All Investment Earnings on investments of funds in the Trust Accounts and proceeds of disposition of any Permitted Investments standing
to the credit of any Account shall be credited to the Account to which the Permitted Investments generating such Investment Earnings were credited and may, at the discretion of the Servicer, be applied to the Note Distribution Account for
distribution on the next Remittance Date pursuant to Section 7.5. In the absence of timely written direction from the Servicer, the Indenture Trustee shall invest amounts in the Note Distribution Account and Reserve Fund Account in Permitted
Investments of the type specified in clause (vi) of the definition of Permitted Investments herein. 
  
 Reserve Fund Deposit 
  

	(c)	On the Closing Date, the Indenture Trustee on behalf of the Trust shall, pursuant to Section 2.1(c), deposit the Reserve Fund Initial Balance into the Reserve Fund from the net
proceeds of the issuance of the Notes. 

  
 Unused Proceeds
Account 
  
 7.2 On the Closing Date, the amount of Unused Proceeds designated
for credit to the Unused Proceeds Account pursuant to Section 2.1(c) shall be credited by the Indenture Trustee to the Unused Proceeds Account. Funds in the Unused Proceeds Account may be used to purchase Additional Loans during the Ramp-Up Period
in accordance with Section 2.4. Any amounts remaining in the Unused Proceeds Account on the Effective Date shall be treated as Principal Collections and such amounts shall be applied in accordance with Section 7.5 on the first Remittance Date
following the Effective Date. The Servicer may direct that the Indenture Trustee invest amounts standing to the credit of the Unused Proceeds Account in Permitted Investments of the type specified in such 
  

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 written direction. All such Permitted Investments shall be credited to the Unused Proceeds Account until the Effective
Date, after which such Permitted Investments shall be liquidated and the proceeds thereof shall be credited to the Principal Collection Account and applied in accordance with Section 7.5 on the first Remittance Date following the Effective Date.
Once such funds are invested, the Indenture Trustee shall not change the investment of such funds other than in connection with the withdrawal of such investments and the transfer of such funds as provided herein in connection with each purchase of
an Additional Loan or on the first Remittance Date following the Effective Date. Subject to the restrictions herein, the Indenture Trustee may purchase a Permitted Investment from itself, the Servicer or either of their respective Affiliates with
respect to investment of funds in the Unused Proceeds Account. Subject to the other provisions hereof, the Indenture Trustee shall have sole control over each such investment and the income thereon, and any certificate or other instrument evidencing
any such investment, if any, shall be delivered directly to the Indenture Trustee or its agent, together with each document of transfer, if any, necessary to transfer title to such investment to the Indenture Trustee in a manner which complies with
this Section 7.2. All Investment Earnings on investments of funds in the Unused Proceeds Account shall be deposited in the Interest Collection Account pursuant to this Section 7.2 and distributed on the next Remittance Date pursuant to Section 7.5.
In the absence of timely written direction from the Servicer, the Indenture Trustee shall invest amounts in the Unused Proceeds Account in Permitted Investments of the type specified in clause (vi) of the definition of Permitted Investments herein.

  
 Principal and Interest Account 
  

	7.3 (a)	The Indenture Trustee shall cause to be established and maintained at Wells Fargo one or more Principal and Interest Accounts (including for each such account two subaccounts, one
designated as the Interest Collection Account and the other designated as the Principal Collection Account), in one or more Eligible Accounts titled “Wells Fargo Bank, National Association, as Indenture Trustee, in trust for the registered
holders of MCG Commercial Loan Trust Notes, Series 2004–1 Class A, Class B and Class C Notes.” The creation of the Principal and Interest Account shall be evidenced by a letter agreement in the form of Exhibit S hereto. A copy of such
letter agreement shall be furnished to the Indenture Trustee, the Trust and, upon request, any Noteholder or Certificateholder. 

  

	(b)	 	The Servicer shall deposit without duplication (as soon as practicable, but, unless otherwise specified below, in no event later than two Business Days of receipt thereof) in the
applicable sub-account of the Principal and Interest Account and retain therein the following amounts received by the Servicer: 

  

	 	(i)	 	On the Closing Date, all Interest Collections and Principal Collections received on or after the Initial Cutoff Date and, as soon as practicable, but in no event later than two
Business Days of receipt thereof, all Interest Collections and Principal Collections received on or after the applicable Subsequent Cutoff Date (in each case net of the servicing compensation, including but not limited to all origination and
commitment fees, to which the Servicer is entitled pursuant to Section 5.11(b)); 

  

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	 	(ii)	 	all Net Liquidation Proceeds (other than Insurance Proceeds covered under clause (iii) below); 

  

	 	(iii)	 	all Insurance Proceeds (other than amounts to be applied to restoration or repair of any related Collateral, or to be released to the Obligor in accordance with the Credit and
Collection Policy); 

  

	 	(iv)	 	all proceeds from any Collateral securing the Loans (other than amounts released to the Obligor in accordance with the Credit and Collection Policy); 

  

	 	(v)	 	any amounts paid to the Trust in connection with the purchase or repurchase of any Loan; 

  

	 	(vi)	 	any amount required to be deposited in the Principal and Interest Account (or any sub-account thereof) pursuant to Sections 5.10; 

  

	 	(vii)	 	any Scheduled Payment Advance that the Servicer determines to make, which shall be remitted to the Principal and Interest Account (or any sub-account thereof) on instruction from
the Servicer given not later than two Business Days before the close of business on each Determination Date immediately preceding a Remittance Date; and 

  

	 	(viii)	 	the amount of any Investment Earnings in connection with investments in Permitted Investments standing to the credit of the Principal and Interest Account (or any sub-account
thereof). 

  

	(c)	 	The Servicer shall have no obligation to deposit into the Principal and Interest Account or any sub-account thereof any Retained Interest or Released Amounts.

  

	(d)	 	Notwithstanding subsection 7.3(b) but subject to the letter agreement set forth in the form attached hereto as Exhibit S, so long as no Default, Event of Default or Servicer Default
has occurred and is continuing, if (i) the Servicer makes a deposit into a sub-account of the Principal and Interest Account in respect of a Collection of a Loan in the Loan Pool and such Collection was received by the Servicer in the form of a
check that is not honored for any reason, or (ii) the Servicer makes a mistake with respect to the amount of any Collection and deposits an amount that is less than or more than the actual amount of such Collection, the Servicer shall appropriately
adjust the amount subsequently deposited into the applicable sub-account of the Principal and Interest Account to reflect such dishonored check or mistake. Any Scheduled Payment in respect of which a dishonored check is received shall be deemed not
to have been paid. 

  

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	(e)	 	The foregoing requirements for deposit in the applicable sub-accounts of the Principal and Interest Accounts shall be exclusive, it being understood and agreed that, without
limiting the generality of the foregoing, payments with respect to the Servicing Fee, together with the difference between any Liquidation Proceeds and the related Net Liquidation Proceeds, may not be deposited by the Servicer in the Principal and
Interest Account or any sub-account thereof. 

  

	(f)	 	The Principal and Interest Accounts and sub-accounts thereof shall be maintained with a Qualified Institution and the funds held therein may be invested by the Servicer (so long as
no Default, Event of Default or Servicer Default has occurred and is continuing) or the Indenture Trustee (if a Default, Event of Default or Servicer Default has occurred and is continuing) as directed by the Servicer (to the extent practicable) in
Permitted Investments. In either case, funds in the Principal and Interest Accounts and sub-accounts thereof must be available for withdrawal without penalty, and any Permitted Investments must mature not later than the Business Day immediately
preceding the Determination Date next following the date of such investment (except that if such Permitted Investments is an obligation of the institution that maintains such account, then such Permitted Investments shall mature not later than such
Determination Date) and shall not be sold or disposed of prior to its maturity. All Permitted Investments must be in the name of “Wells Fargo Bank, National Association” or be in bearer form and shall, in each case, be credited to the
Account from which the funds were taken to make such Permitted Investments. Any Investment Earnings on funds held in the applicable sub-account of the Principal and Interest Account shall be deemed part of the Interest Collection Account and shall
be deposited therein pursuant to Section 7.3(b) and distributed on the next Remittance Date pursuant to Section 7.5. The amount of any losses incurred in connection with the investment of funds in the applicable sub-accounts of the Principal and
Interest Account in Permitted Investments shall be deposited in the applicable sub-account of the Principal and Interest Account by the Servicer from its own funds immediately as realized without reimbursement therefor. 

  

	(g)	 	So long as no Default, Event of Default or Servicer Default shall have occurred and be continuing and in accordance with the terms of the letter agreement in the form attached as
Exhibit S hereto, the Servicer may (and, for the purposes of clause (ii), shall) make withdrawals from the applicable sub-account of the Principal and Interest Account for the following purposes: 

  

	 	(i)	 	to remit to the Trust Depositor, in connection with the transfer of a Substitute Loan by the Trust Depositor to the Trust in place of a Prepaid Loan, an amount equal to the Prepaid
Loan Amount; 

  

	 	(ii)	 	to remit to the Indenture Trustee on each Determination Date immediately preceding a Remittance Date, for deposit in the Note Distribution Account, the Interest Collections and
Principal Collections received during the immediately preceding Due Period as set forth in the applicable Note Valuation Report less any amounts remitted to the Trust Depositor pursuant to clause (i) above prior to such Determination Date;

  

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	 	(iii)	 	to reimburse itself for any unreimbursed Servicing Advances to the extent deposited in the applicable sub-account of the Principal and Interest Account (and not netted from
Scheduled Payments received); 

  

	 	(iv)	 	to withdraw any amount received from an Obligor that is recoverable and sought to be recovered as a voidable preference by a trustee in bankruptcy pursuant to the Bankruptcy Code in
accordance with a final, nonappealable order of a court having competent jurisdiction; 

  

	 	(v)	 	to make investments in Permitted Investments; 

  

	 	(vi)	 	to withdraw any funds deposited in any sub-account of the Principal and Interest Account that were not required or permitted to be deposited therein or were deposited therein in
error; 

  

	 	(vii)	 	to pay itself certain additional servicing compensation as permitted under subsection 5.11(b) of the Agreement; and 

  

	 	(viii)	 	to clear and terminate the Principal and Interest Account and sub-accounts thereof upon the termination of the Agreement. 

  

	(h)	 	Upon the Indenture Trustee obtaining knowledge that a Default, Event of Default or a Servicer Default has occurred and is continuing, the Indenture Trustee shall so notify Wells
Fargo and shall instruct Wells Fargo to immediately stop accepting instructions with respect to the Principal and Interest Account and all sub-accounts thereof from the Servicer. 

  
 Securityholder Distributions 
  

	7.4 (a)	Each Holder as of the related Record Date shall be paid on the next succeeding Remittance Date by wire transfer pursuant to such Holder’s written instructions to the Indenture
Trustee, or Owner Trustee (or, if no such written instructions have been provided to the Indenture Trustee, by check mailed to such Holder at the address for such Holder appearing on the Note Register or Certificate Register), respectively, at least
(10) ten days prior to such Remittance Date, which instructions may be in the form of a standing order. 

  

	(b)	The Indenture Trustee shall serve as the Paying Agent hereunder and shall make the payments to the Holder required hereunder. The Indenture Trustee hereby agrees that all amounts
held by it for payment hereunder will be held in trust for the benefit of the Holder. 

  

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 Allocations and Distributions 
  

	7.5 (a)	On each Remittance Date, so long as no Event of Default has occurred and is continuing, the Indenture Trustee shall (i) deposit into the Note Distribution Account (x) all funds on
deposit in the Reserve Fund and (y) the available funds from the Collection Accounts (from both Interest Collections and Principal Collections received in the related Due Period, in each case as determined in the Note Valuation Report prepared in
respect of the applicable Remittance Date) and (ii) withdraw from the Note Distribution Account on such Remittance Date, in accordance with the amounts referenced in the Note Valuation Report for such Remittance Date, (A) the Interest Collections,
(B) the Investment Earnings on funds in the Note Distribution Account and (C) all amounts deposited therein from the Reserve Fund to make the following payments. The payments listed below will be made only to the extent there are sufficient amounts
available on the Remittance Date. Payments will be made, in the following order of priority (the Priority of Payments): 

  

	 	(1)	to the Backup Servicer, any Servicer Transfer Fees incurred in the related Interest Accrual Period in an amount not to exceed $100,000, and then, to the Indenture Trustee, the
Backup Servicer and the Owner Trustee, any amounts owed to such parties under the Transaction Documents for fees and expenses, including Servicer Transfer Fees, if any, other than for fees, expenses and other amounts related to indemnification;
provided, that in no event shall the amounts payable pursuant to this clause (1) in the aggregate, exceed the sum of (x) $125,000 and (y) 0.02% of the Aggregate Outstanding Principal Balance for any 12 month period; 

 

	 	(2)	to the Servicer, from Interest Collections received from the specific Loan for which Scheduled Payment Advances were made, reimbursement for the amount of any such Scheduled Payment
Advances, relating to interest on such Loans; 

  

	 	(3)	to the Servicer, its Servicing Fee for the preceding Due Period, together with any amounts in respect of the Servicing Fee that were due in respect of prior Due Periods that remain
unpaid; 

  

	 	(4)	to the holders of the Class A Notes, first, the Class A-1 Interest Amount to the Class A-1 Noteholders for the related Interest Accrual Period and including any Defaulted
Amounts with respect to the Class A-1 Notes and interest on such Defaulted Amounts, if any, accrued at the Class A-1 Note Interest Rate and second, the Class A-2 Interest Amount to the Class A-2 Noteholders for the related Interest Accrual
Period and including any Defaulted Amounts with respect to the Class A-2 Notes and interest on such Defaulted Amounts, if any, accrued at the Class A-2 Note Interest Rate; 

  

	 	(5)	if the Class A Principal Coverage Test is not satisfied, to the payment of principal of the Class A Notes in an amount necessary to satisfy the Class A Principal Coverage Test (or
until the Class A Notes are paid in full); 

  

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	 	(6)	to the holders of the Class B Notes, the Class B Interest Amount for the related Interest Accrual Period and, if no Class A Notes are Outstanding, including any Defaulted Amounts
with respect to the Class B Notes and interest on such Defaulted Amounts, if any, accrued at the Class B Note Interest Rate; 

  

	 	(7)	if the Class B Principal Coverage Test is not satisfied, first, to the payment of principal of the Class A Notes and then second, to the payment of principal of the
Class B Notes, in each case to the extent necessary to satisfy the Class B Principal Coverage Test (or until the Class A Notes and Class B Notes are paid in full); 

  

	 	(8)	to the Class B Noteholders, principal of the Class B Notes in an amount up to the Cumulative Deferred Class B Interest, if any; 

  

	 	(9)	to the holders of the Class C Notes, the Class C Interest Amount for the related Interest Accrual Period and, if no Class A Notes or Class B Notes are Outstanding, including any
Defaulted Amounts with respect to the Class B Notes and interest on such Defaulted Amounts, if any, accrued at the Class B Note Interest Rate; 

  

	 	(10)	if the Class C Principal Coverage Test is not satisfied, first, to the payment of principal of the Class A Notes, then second, to the payment of principal of the Class
B Notes and then third to the payments of principal of the Class C Notes, in each case to the extent necessary to satisfy the Class C Principal Coverage Test (or until the Class A Notes, Class B Notes and Class C Notes are paid in full);

  

	 	(11)	to the Class C Noteholders, principal of the Class C Notes in an amount up to the Cumulative Deferred Class C Interest, if any; 

  

	 	(12)	subject to Section 7.5(b), to the Reserve Fund an amount, if any, which, when so deposited, causes the balance of the Reserve Fund to equal the Required Reserve Amount;

  

	 	(13)	in the event of an Effective Date Ratings Downgrade, first, to the payment of principal of the Class A Notes, second, to the payment of principal of the Class B Notes, and third, to
the payment of principal of the Class C Notes to the extent necessary for each of the Rating Agencies to confirm the ratings assigned by it on the Closing Date to each Class of Notes; 

  

	 	(14)	subject to Section 7.5(b), to the Servicer, reimbursement for the amount of any Servicer Advances relating to interest on Loans, to the extent not reimbursed pursuant to clause (2)
above; 

  

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	 	(15)	subject to Section 7.5(b), pro rata based on the amount owed to such Person under this clause (15), to the Indenture Trustee, the Backup Servicer and the Owner Trustee, to
the extent not paid pursuant to clause (1) due to the limitations set forth therein, amounts owed to such parties for fees and expenses and other amounts, including such amounts related to indemnification and, to a Successor Servicer, any Additional
Servicing Fee; and 

  

	 	(16)	subject to Section 7.5(b), any remaining amount for payment to the Class D Notes. 

  

	(b)	On each Remittance Date on and after the occurrence and continuance of a Class A Trigger, a Class B Trigger or a Class C Trigger, all amounts remaining after clause (11) of
subsection 7.5(a) shall be treated as Principal Collections and distributed in accordance with subsection 7.5(c); 

  

	(c)	On each Remittance Date, the Servicer shall instruct the Indenture Trustee to withdraw, and the Indenture Trustee will follow such instructions to withdraw, from the Principal
Collections on deposit in the Note Distribution Account in accordance with the amounts referenced in the Note Valuation Report for such Remittance Date, the amounts needed to make the following payments in the following order of priority:

  

	 	(1)	to the Servicer, from Principal Collections received from the specific Loan for which Scheduled Payment Advances were made, reimbursement for the amount of any such Scheduled
Payment Advances, relating to principal on such Loans; 

  

	 	(2)	to the payment of the amounts referred to in clauses (4) through (11) of Section 7.5(a) (in the priority stated therein), but only to the extent not paid in full thereunder;

  

	 	(3)	to the holders of first, the Class A-1 Notes until the Outstanding Principal Balance of the Class A-1 Notes equals zero and second, the Class A-2 Notes until the
Outstanding Principal Balance of the Class A-2 Notes equals zero; 

  

	 	(4)	to the holders of the Class B Notes, until the Outstanding Principal Balance of the Class B Notes equals zero; 

  

	 	(5)	to the holders of the Class C Notes, until the Outstanding Principal Balance of the Class C Notes equals zero; 

  

	 	(6)	to the Servicer, to the extent not reimbursed pursuant to clause (1) above, reimbursement for the amount of any Scheduled Payment Advance, relating to the principal on the Loans;

  

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	 	(7)	pro rata based upon the amount owed to such Person under this clause (7), to the Indenture Trustee, the Backup Servicer and the Owner Trustee, to the extent not previously
paid, amounts owed to such parties for fees and expenses and other amounts, including such amounts related to indemnification and, to a Successor Servicer, any Additional Servicing Fee; 

  

	 	(8)	to the holders of the Class D Notes until the Outstanding Principal Balance of the Class D Notes is reduced to zero; and 

  

	 	(9)	any remaining amounts, to the Certificateholder. 

  
 Determination of LIBOR 
  

	7.6 (a)	The Indenture Trustee will determine the London interbank offered rate for deposits in Dollars having a maturity of three months (LIBOR) for each Interest Accrual
Period as of the LIBOR Determination Date preceding the first day of such Interest Accrual Period other than the first Interest Accrual Period (the Three-Month Index Maturity) which appears on Telerate Page 3750 as of 11:00 a.m.,
London time, on such LIBOR Determination Date. If such rate does not appear on Telerate Page 3750, the rate for that day will be determined on the basis of the arithmetic mean of the rates at which deposits in Dollars, having the Three-Month Index
Maturity and in a principal amount of not less than $1,000,000, are offered at approximately 11:00 a.m., London time, on such LIBOR Determination Date to prime banks in the London interbank market by the Reference Banks. The Indenture Trustee will
request the principal London office of each of such Reference Banks to provide a quotation of its rate. If at least two such quotations are provided, the rate for that day will be the arithmetic mean of the quotations. If fewer than two quotations
are provided, the rate for that day will be the arithmetic mean of the rates quoted by major banks in New York City, selected by the Indenture Trustee, at approximately 11:00 a.m., New York City time, on such LIBOR Determination Date for Loans in
Dollars to leading European banks having the Three-Month Index Maturity and in a principal amount equal to an amount not less than $1,000,000; provided, that, if the banks selected as aforesaid are not quoting as mentioned in this sentence,
LIBOR in effect for the applicable Interest Accrual Period will be LIBOR in effect for the previous Interest Accrual Period. 

  

	(b)	 	The determination for LIBOR for the first Interest Accrual Period shall be done through the use of straight-line interpolation by reference to two rates calculated as described
above, one of which will be determined as if the maturity of the Dollar deposits referred to therein were the period of time for which rates are available next shorter than such Interest Period or other relevant portion thereof and the other of
which will be determined as if such maturity were the period of time for which rates are available next longer than such Interest Period or other relevant portion thereof (except that, if such Interest Period or other relevant

  

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 portion thereof is less than or equal to seven days, then LIBOR will be determined by reference to a rate
calculated as if the maturity of the Dollar deposits referred to therein were a period of time equal to seven days). 
  

	(c)	 	The establishment of LIBOR on each LIBOR Determination Date by the Indenture Trustee and the Indenture Trustee’s subsequent calculation of the rates of interest applicable to
the Notes for the related Remittance Date shall, in the absence of manifest error, be final and binding. Each such rate of interest may be obtained by telephoning the Indenture Trustee at (800) 344-5128. 

  
 8. SERVICER DEFAULT; SERVICE
TRANSFER 
  
 Servicer Default 
  
 8.1 Servicer Default means the occurrence of any of the following: 

 

	(a)	any failure by the Servicer to remit when due to the Noteholders, or to the Indenture Trustee for the benefit of the Noteholders, or to the Trust for the benefit of the
Certificateholder, any payment required to be made under the terms of this Agreement or the other Transaction Documents, it being understood that the Servicer shall not be responsible for the failure of either the Trust or the Indenture Trustee to
remit funds that were received by the Trust or the Indenture Trustee from the Servicer in accordance with this Agreement or the other Transaction Documents; or 

  

	(b)	failure by the Servicer duly to observe or perform, in any material respect, any other covenants, obligations or agreements of the Servicer set forth in this Agreement or the other
Transaction Documents, or any representation or warranty of the Servicer made in this Agreement or the other Transaction Documents or in any certificate or other writing delivered thereto or in connection therewith proves to have been incorrect when
made, which failure or breach has a material adverse effect on the rights of the Noteholders and continues unremedied for a period of 30 days (if such failure or breach can be cured) after the first to occur of (i) the date on which written notice
of such failure requiring the same to be remedied shall have been given to a Responsible Officer of the Servicer by the Indenture Trustee, or a Responsible Officer of the Servicer and the Indenture Trustee by any Noteholder or Certificateholder, and
(ii) the date on which a Responsible Officer of the Servicer receives actual knowledge of such failure or breach; or 

  

	(c)	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, marshaling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Servicer and such decree or order shall have remained in force, undischarged or unstayed for
a period of 30 days; or 

  

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	(d)	the Servicer shall consent to the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshaling of assets and liabilities or similar
proceedings of or relating to the Servicer or of or relating to all or substantially all of the Servicer’s property; or 

  

	(e)	the Servicer shall admit in writing its inability to pay its debts 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 

  

	(f)	without the consent of the Majority Noteholders, the Servicer agrees or consents to, or otherwise permits to occur, any amendment, modification, change, supplement or rescission of
or to the Servicer or the Credit and Collection Policy, in whole or in part, in any manner that would have a material adverse effect on the Loans; or 

  

	(g)	failure by the Servicer to observe or perform the Credit and Collection Policy regarding the servicing of the Loans in any manner that would have a material adverse effect on the
Loans. 

  
 Servicer Transfer 
  

	8.2 (a)	If a Servicer Default has occurred and is continuing, the Majority Noteholders may, by written notice (a Termination Notice) delivered to the parties hereto, terminate
all (but not less than all) of the Servicer’s management, administrative, servicing, custodial and collection functions; provided, no Termination Notice shall be required with respect to any Servicer Default described under subsections
8.1(c), (d), or (e). 

  

	(b)	 	Upon delivery of the notice required by subsection 8.2(a) (or, if later, on a date designated therein), and on the date that a successor Servicer shall have been appointed pursuant
to Section 8.3 (such appointment being herein called a Servicer Transfer), all rights, benefits, fees, indemnities, authority and power of the Servicer under this Agreement, whether with respect to the Loans, the Loan Files or
otherwise, shall pass to and be vested in such successor (the Successor Servicer) pursuant to and under this Section 8.2; and, without limitation, the Successor Servicer is authorized and empowered to execute and deliver on behalf of
the Servicer, as attorney-in-fact or otherwise, any and all documents and other instruments, and to do any and all acts or things necessary or appropriate to effect the purposes of such notice of termination. The Servicer agrees to cooperate with
the Successor Servicer in effecting the termination of the responsibilities and rights of the Servicer hereunder, including, without limitation, the transfer to the Successor Servicer for administration by it of all cash amounts which shall at the
time be held by the Servicer for deposit, or have been deposited by the Servicer, in the applicable sub-account of the Principal and Interest Account, or for its own account in connection with its services hereafter or thereafter received with

  

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 respect to the Loans. The Servicer shall transfer to the Successor Servicer (i) all records held by the
Servicer relating to the Loans in such electronic form as the Successor Servicer may reasonably request and (ii) any Loan Files in the Servicer’s possession. In addition, the Servicer shall permit access to its premises (including all computer
records and programs) to the Successor Servicer or its designee, and shall pay the reasonable transition expenses of the Successor Servicer. Upon a Servicer Transfer, the Successor Servicer shall also be entitled to receive the Servicing Fee for
performing the obligations of the Servicer. Any indemnities provided in this Agreement or the other Transaction Documents in favor of the Servicer and any fees, costs, expenses, Servicing Advances or Scheduled Payment Advances which have accrued
and/or are unpaid to the Servicer shall survive the resignation or termination of the Servicer. 
  
 Appointment of Successor Servicer; Reconveyance; Successor Servicer to Act 
  

	8.3 (a)	Upon delivery of the notice required by subsection 8.2(a) (or, if later, on a date designated therein), the Servicer shall continue to perform all servicing functions under this
Agreement until the date specified in the Termination Notice or, if no such date is specified, until a date mutually agreed by the Servicer and the Indenture Trustee. The Indenture Trustee shall as promptly as possible after the giving of or receipt
of a Termination Notice, appoint a Successor Servicer, which shall be the Backup Servicer, in accordance with subsection 5.16(c) (the Successor Servicer), and such Successor Servicer shall accept its appointment by a written assumption
in a form acceptable to the Indenture Trustee and the Trust. No removal of the Servicer or termination of the Servicer hereunder shall be effective until a Successor Servicer is duly appointed pursuant to the terms of this Article VIII and such
Successor Servicer accepts such appointment in a written assumption in a form acceptable to the Indenture Trustee and the Trust. If within 60 days of delivery of a Termination Notice a Successor Servicer is not appointed and the Servicer shall have
yet to cure the Servicer Default, then the Indenture Trustee shall offer the Trust Depositor, and the Trust Depositor shall offer the Originator, the right to accept retransfer of all the Loan Assets, and such parties may accept retransfer of such
Loan Assets in consideration of the Trust Depositor’s delivery to the applicable sub-account of the Principal and Interest Account on or prior to the next upcoming Remittance Date of a sum equal to the Aggregate Outstanding Principal Balance of
all Securities (other than the Certificates) then outstanding, together with accrued and unpaid interest thereon through such date of deposit; provided, that, the Indenture Trustee, if so directed by the Majority Noteholders, need not accept
and effect such reconveyance in the absence of evidence (which may include valuations of an investment bank or similar entity) reasonably acceptable to such Indenture Trustee or Majority Noteholders that such retransfer would not constitute a
fraudulent conveyance of the Trust Depositor or the Originator. 

  

	(b)	 	Notwithstanding anything contained in the Transaction Documents to the contrary, Wells Fargo as Successor Servicer is authorized to accept and rely on all 

 

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 of the accounting, records (including Computer Records) and work of the prior Servicer relating to the
Loan Assets (collectively, the Predecessor Servicer Work Product) without any audit or other examination thereof, and Wells Fargo shall have no duty, responsibility, obligation or liability for the acts and omissions of the prior
Servicer. If any error, inaccuracy, omission or incorrect or non-standard practice or procedure (collectively, Errors) exist in any Predecessor Servicer Work Product and such Errors make it materially more difficult to service or
should cause or materially contribute to Wells Fargo making or continuing any Errors (collectively, Continued Errors), Wells Fargo shall have no liability for such Continued Errors; provided, however, that Wells Fargo
agrees to use its best efforts to prevent further Continued Errors. In the event that Wells Fargo becomes aware of Errors or Continued Errors, Wells Fargo shall, with the prior consent of the Noteholders representing 66 2/3% of the Aggregate Outstanding Principal Balance of the most senior Class Outstanding, use its best efforts to
reconstruct and reconcile such data as is commercially reasonable to correct such Errors and Continued Errors and to prevent future Continued Errors. Wells Fargo shall be entitled to recover its costs thereby expended in accordance with Section
7.5(a)(1). 
  

	(c)	 	The Backup Servicer may, in its discretion, or shall, if it is unable to so act or if the Majority Noteholders request that the Backup Servicer, appoint, or petition a court of
competent jurisdiction to appoint, any established servicing institution having a net worth of not less than $250,000,000 and provided the appointment of such Successor Servicer satisfies the Rating Agency Condition, as the Successor Servicer in the
assumption of all or any part of the responsibilities, duties or liabilities of the Servicer. 

  

	(d)	 	As compensation, any Successor Servicer (including, without limitation, the Backup Servicer) so appointed shall be entitled to receive the Servicing Fee, together with any other
servicing compensation in the form of assumption fees, late payment charges or otherwise as provided herein that accrued prior thereto; including, without limitation, all reasonable costs (including reasonable attorneys’ fees) incurred in
connection with transferring the servicing obligations under the Agreement and amending the Agreement to reflect such transfer (collectively, the Servicer Transfer Fees) 

  

	(e)	 	In the event the Backup Servicer is required to solicit bids, the Backup Servicer shall solicit, by public announcement, bids from banks and mortgage servicing institutions meeting
the qualifications set forth above. Such public announcement shall specify that the Successor Servicer shall be entitled to the full amount of the Servicing Fee as servicing compensation, together with the other servicing compensation in the form of
assumption fees, late payment charges or otherwise that accrued prior thereto. Within 30 days after any such public announcement, the Backup Servicer shall negotiate and effect the sale, transfer and assignment of the servicing rights and
responsibilities hereunder to the qualified party submitting the highest qualifying bid. The Backup Servicer shall deduct from any 

  

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 sum received by the Backup Servicer from the successor to the Servicer in respect of such sale, transfer
and assignment all costs and expenses of any public announcement and of any sale, transfer and assignment of the servicing rights and responsibilities hereunder and the amount of any unreimbursed Servicing Advances. After such deductions, the
remainder of such sum shall be paid by the Backup Servicer to the Servicer at the time of such sale, transfer and assignment to the Servicer’s successor. The Backup Servicer and such successor shall take such action, consistent with the
Agreement, as shall be necessary to effectuate any such succession. Neither the Backup Servicer nor any other Successor Servicer shall be held liable by reason of any failure to make, or any delay in making, any distribution hereunder or any portion
thereof caused by (i) the failure of the Servicer to deliver, or any delay in delivering, cash, documents or records to it, or (ii) restrictions imposed by any regulatory authority having jurisdiction over the Servicer hereunder. No appointment of a
successor to the Servicer shall be effective until written notice of such proposed appointment shall have been provided by the Indenture Trustee to each Noteholder and Certificateholder and the Backup Servicer shall have consented thereto. The
Backup Servicer shall not resign as Servicer until a Successor Servicer has been appointed and accepted such appointment. 
  

	(f)	 	On or after a Servicer Transfer, the Successor Servicer shall be the successor in all respects to the Servicer in its capacity as servicer under this Agreement and the transactions
set forth or provided for herein and shall be subject to all the responsibilities, duties and liabilities relating thereto placed on the Servicer by the terms and provisions hereof, and the terminated Servicer shall be relieved of such
responsibilities, duties and liabilities arising after such Servicer Transfer; provided, that (i) the Successor Servicer will not assume any obligations of the Servicer described in Section 8.2 and (ii) the Successor Servicer shall not be
liable for any acts or omissions of the Servicer occurring prior to such Servicer Transfer or for any breach by the Servicer of any of its representations and warranties contained herein or in any related document or agreement. Notwithstanding
anything else herein to the contrary, in no event shall the Indenture Trustee or the Backup Servicer be liable for any Servicing Fee or for any differential in the amount of the servicing fee paid hereunder and the amount necessary to induce any
Successor Servicer to act as Successor Servicer under this Agreement and the transactions set forth or provided for herein, including any Additional Servicing Fee. The Trust, Securityholders and the Indenture Trustee and such successor shall take
such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. To the extent the terminated Servicer has made Servicer Advances, it shall be entitled to reimbursement of the same notwithstanding its termination
hereunder, to the same extent as if it had continued to service the Loans hereunder. 

  

 Page 103 

 Notification to Securityholders 
  

	8.4 (a)	Promptly following the occurrence of any Servicer Default, the Servicer shall give written notice thereof to the Trust, the Indenture Trustee, the Trust Depositor and each Rating
Agency at the addresses described in Section 13.4 hereof and to the Noteholders and Certificateholder at their respective addresses appearing on the Note Register and the Certificate Register, respectively. 

  

	(b)	 	Within 10 days following any termination or appointment of a Successor Servicer pursuant to this Article VIII, the Indenture Trustee shall give written notice thereof to each Rating
Agency and the Trust Depositor at the addresses described in Section 13.4 hereof, and to the Noteholders and Certificateholder at their respective addresses appearing on the Note Register and the Certificate Register, respectively.

  
 Effect of Transfer 
  

	8.5 (a)	After a Servicer Transfer, the terminated Servicer shall have no further obligations with respect to the management, administration, servicing, custody or collection of the Loans
and the Successor Servicer appointed pursuant to Section 8.3 shall have all of such obligations, except that the terminated Servicer will transmit or cause to be transmitted directly to the Successor Servicer for its own account, promptly on receipt
and in the same form in which received, any amounts (properly endorsed where required for the Successor Servicer to collect them) received as payments upon or otherwise in connection with the Loans. 

  

	(b)	 	A Servicer Transfer shall not affect the rights and duties of the parties hereunder (including but not limited to the indemnities of the Servicer) other than those relating to the
management, administration, servicing, custody or collection of the Loans. 

  
 Database File 
  
 8.6 Upon reasonable
request by the Indenture Trustee or the Backup Servicer, the Servicer will provide the Successor Servicer, in a form acceptable to the Successor Servicer, the database file for each Loan (i) as of the Initial Cutoff Date (for each such Loan that is
an Initial Loan), (ii) the Subsequent Cutoff Dates (for each such Loan that is an Additional Loan or a Substitute Loan), (iii) thereafter, as of the last day of the preceding Due Period on the Determination Date prior to a Servicer Default and (iv)
on and as of the Business Day before the actual commencement of servicing functions by the Successor Servicer following the occurrence of a Servicer Default. 
  
 Waiver of Defaults 
  
 8.7 The Majority Noteholders may, on behalf of all the Noteholders and Certificateholder, waive any events permitting removal of the Servicer pursuant to this Section 8; provided, that the Majority Noteholders
may not waive a default in making a required distribution on a Note without the consent of each holder of such Note. Upon 
  

 Page 104 

 any waiver or cure of a past default, such default shall cease to exist, and any Servicer Default or Event of Default
arising therefrom shall be deemed to have been remedied for every purpose of this Agreement. No such waiver or cure shall extend to any subsequent or other default or impair any right consequent thereto except to the extent expressly so waived.

  
 Responsibilities of the Successor Servicer 
  

	8.8 (a)	The Successor Servicer will not be responsible for delays attributable to the Servicer’s failure to deliver information, defects in the information supplied by the Servicer or
other circumstances beyond the control of the Successor Servicer. 

  

	(b)	 	The Successor Servicer will make arrangements with the Servicer for the prompt and safe transfer of, and the Servicer shall provide to the Successor Servicer, all necessary
servicing files and records, including (as deemed necessary by the Successor Servicer at such time): (i) microfiche Loan documentation, (ii) servicing system tapes, (iii) Loan payment history, (iv) collections history and (v) the trial balances, as
of the close of business on the day immediately preceding conversion to the Successor Servicer, reflecting all applicable Loan information. The current Servicer shall be obligated to pay the costs associated with the transfer of the servicing files
and records to the Successor Servicer. 

  

	(c)	 	The Successor Servicer shall have no responsibility and shall not be in default hereunder nor incur any liability for any failure, error, malfunction or any delay in carrying out
any of its duties under this Agreement if any such failure or delay results from the Successor Servicer acting in accordance with information prepared or supplied by a Person other than the Successor Servicer or the failure of any such Person to
prepare or provide such information. The Successor Servicer shall have no responsibility, shall not be in default and shall incur no liability (i) for any act or failure to act by any third party, including the Servicer, the Trust Depositor, the
Trust or the Indenture Trustee or for any inaccuracy or omission in a notice or communication received by the Successor Servicer from any third party or (ii) which is due to or results from the invalidity, unenforceability of any Loan with
applicable law or the breach or the inaccuracy of any representation or warranty made with respect to any Loan. 

  

	(d)	 	If the Indenture Trustee or any other Successor Servicer assumes the role of Successor Servicer hereunder, such Successor Servicer shall be entitled to the benefits of (and subject
to the provisions of) Section 5.2 concerning delegation of duties to subservicers. 

  
 Rating Agency Condition for Servicer Transfer 
  
 8.9 Notwithstanding the foregoing provisions relating to a Servicer Transfer, no Servicer Transfer shall be effective hereunder unless prior written notice thereof shall have been given to the Rating Agencies, and the Rating Agency
Condition shall have been satisfied with respect thereto. 
  

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 Appointment of Successor Backup Servicer; Successor Backup Servicer to Act 
  

	8.10 (a)	The Backup Servicer may be removed, with or without cause, by the Majority Noteholders or the Indenture Trustee, by notice given to the Backup Servicer (the Backup Servicer
Termination Notice). The Backup Servicer shall continue to perform all backup servicing functions under this Agreement until the a replacement Backup Servicer is appointed pursuant to this Section 8.10 and accepts such appointment. The
Indenture Trustee shall as promptly as possible after the giving of a Backup Servicer Termination Notice, to appoint a Successor Backup Servicer (the Successor Backup Servicer) and such Successor Backup Servicer shall accept its
appointment by a written assumption in a form acceptable to the Indenture Trustee and the Trust. 

  

	(b)	 	In the event that a Successor Backup Servicer has not been appointed and has not accepted its appointment at the time when the then Backup Servicer has ceased to act as Backup
Servicer, the Indenture Trustee shall petition a court of competent jurisdiction to appoint any established financial institution having a net worth of at least $250,000,000 and whose regular business includes the backup servicing of loans similar
to the Loans as the Successor Backup Servicer hereunder and the Successor Backup Servicer shall be the successor in all respects to the Backup Servicer in its capacity as Backup Servicer under this Agreement and the transactions set forth or
provided for herein and shall be subject to all the responsibilities, duties and liabilities relating thereto placed on the Backup Servicer by the terms and provisions hereof, and the terminated Backup Servicer shall be relieved of such
responsibilities, duties and liabilities arising after such backup servicer transfer (the Backup Servicer Transfer); provided, that the Successor Backup Servicer shall not be liable for any acts or omissions of the Backup
Servicer occurring prior to such Backup Servicer Transfer or for any breach by the Backup Servicer of any of its representations and warranties contained herein or in any related document or agreement. As compensation therefor, the Successor Backup
Servicer shall be entitled to receive reasonable compensation equal to the monthly Backup Servicing Fee. Notwithstanding anything else herein to the contrary, in no event shall the Indenture Trustee or the Servicer be liable for any Backup Servicing
Fee or for any differential in the amount of the backup servicing fee paid hereunder and the amount necessary to induce any Successor Backup Servicer to act as Backup Servicer under this Agreement and the transactions set forth or provided for
herein. The Trust, Securityholders and the Indenture Trustee and such successor shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. 

  

	(c)	 	No removal of the Backup Servicer or termination of the Backup Servicer hereunder shall be effective until a Successor Backup Servicer is duly appointed 

  

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	    	 	pursuant to the terms of this Article VIII and such Successor Backup Servicer accepts such appointment in writing and agrees to be bound by this Agreement as the Servicer hereunder.

  
 9. REPORTS 
  
 Monthly Reports 
  
 9.1 Not later than five Business Days after receipt of the Tape described in Section 5.14(b) (excluding months in which a Remittance Date
occurs), commencing in December 2004, the Servicer or the Indenture Trustee, from information supplied by the Servicer, shall compile and deliver to the Trust, the Indenture Trustee, the Backup Servicer and each Rating Agency and, upon written
request (as and to the extent provided in this Section 9.1), to any Holder of a Note, a monthly report (the Monthly Report), which shall contain the following information and instructions with respect to the Loans and Permitted
Investments determined as of the date outlined in such report: 
  

	(a)	the Aggregate Outstanding Loan Balance of all Loans in the Indenture Collateral, the Outstanding Loan Balance of each Loan, the Loan Rate, Final Maturity Date, Obligor, industry
classification (by SIC Code), Fitch Rating and Moody’s Rating of each Loan in the Indenture Collateral; provided, that, in the case of any Moody’s Rating or Fitch Rating determined based on a credit estimate or private rating
obtained by the Trust, the Servicer or the Backup Servicer, as the case may be, from Moody’s or Fitch, respectively or otherwise, (x) except as otherwise agreed with the Trust, the Servicer or the Backup Servicer, by Moody’s or Fitch, such
Moody’s Rating or Fitch Rating shall not be disclosed in the Monthly Report (unless such disclosure does not allow the relevant Obligor or Trust to be identified from such disclosure) and (y) a notation in the Monthly Report will indicate that
such Moody’s Rating or Fitch Rating was determined based on a credit estimate or private rating and the date of such determination; 

  

	(b)	the Balance of the Permitted Investments in the Collection Accounts and the principal balance of each Permitted Investment in the Collection Accounts; 

  

	(c)	the aggregate amount of Collections in the Collection Accounts, including Interest Collections and Principal Collections received during the preceding month;

  

	(d)	the aggregate amount of any funds in the Unused Proceeds Accounts, and the identity of, principal balance, annual interest rate, maturity, issuer of and rating of each Permitted
Investment purchased with funds from the Unused Proceeds Account; 

  

	(e)	on a quarterly basis only during the second month of each quarter with respect to the prior quarter end (unless either Rating Agency requests that such information be provided to it
on a monthly basis), the identity of each Loan disposed of pursuant to Section 2.7 (indicating the reason for such disposition), and the 

  

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 identity of each Additional Loan and Substitute Loan acquired by the Trust pursuant to Section 2.4 and
Section 2.7, respectively, during the related calendar quarter or calendar month, as applicable, the amount and identity of each Prepaid Loan, Charged-Off Loan and Ineligible Loan that has not been released for sale and the date any such Loan became
a Charged-Off Loan, Prepaid Loan or Ineligible Loan; 
  

	(f)	on a quarterly basis only during the second month of each quarter with respect to the prior quarter end (unless either Rating Agency requests that such information be provided to it
on a monthly basis), the identity and Outstanding Loan Balance of each Loan (i) that became a Charged-Off Loan, a Prepaid Loan or an Ineligible Loan, (ii) that has breached a financial covenant or a covenant not to incur, permit or suffer to exist
any other indebtedness, (iii) that has been subject to a Material Modification and (iv) that has become a Delinquent Loan, in each case during the preceding calendar quarter or calendar month, as applicable; 

  

	(g)	the purchase price of each Loan and Permitted Investment transferred to the Trust and the purchase and the sale price of each Loan and Permitted Investment subject to disposition
pursuant to Section 2.7 during the preceding calendar month; and whether such Loan or Permitted Investment is in either of the Collection Accounts; 

  

	(h)	the calculation of each of the Coverage Tests and, prior to the Effective Date, the calculation of each component of the Ramp-Up Criteria, accompanied by a list setting forth the
applicable maximum or minimum value, percentage or ratio (i) with respect to each of the Coverage Tests and (ii) with respect to the components of the Ramp-Up Criteria pursuant to this Agreement, and a list setting forth the results of the
calculation of each of the Coverage Tests and each component of the Ramp-Up Criteria with respect to all Loans in the Indenture Collateral on the Closing Date; 

  

	(i)	the identity of each Loan, the public rating of which has been upgraded or downgraded or placed on “negative credit watch” or “positive credit watch” by either
Rating Agency since the date of the last Monthly Report; provided that the identity of each Loan that was upgraded or downgraded must be obtained from information provided directly from the Rating Agencies and not Bloomberg or a similar
service to Bloomberg; and 

  

	(j)	such other information as the Indenture Trustee may reasonably request be provided to either Rating Agency. 

  
 Upon receipt of each Monthly Report, the Indenture Trustee shall compare the information
contained therein and described in clauses (a) through (j) above to the information contained in its records with respect to the Indenture Collateral and shall, within three Business Days after receipt of such Monthly Report, notify the Trust and
the Servicer if such information contained in the Monthly Report does not conform to the 
  

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 information maintained by the Indenture Trustee with respect to the Indenture Collateral, and detail any discrepancies.
If any discrepancy exists, the Indenture Trustee and the Trust, or the Servicer on behalf of the Trust, shall attempt to resolve the discrepancy. If such discrepancy cannot be promptly resolved, the Indenture Trustee shall cause the Independent
accountants appointed by the Trust pursuant to Section 9.5 to review such Monthly Report and the Indenture Trustee’s records to determine the cause of such discrepancy. If such review reveals an error in the Monthly Report or the Indenture
Trustee’s records, the Monthly Report or the Trustee’s records shall be revised accordingly and, as so revised, shall be utilized in making all calculations pursuant to this Agreement or the Indenture. Each Rating Agency shall be notified
of any such revisions. 
  
 Remittance Date Accounting 
  
 9.2 With respect to each Remittance Date and the related Due Period, the Servicer will
provide to the Trust, the Indenture Trustee, the Backup Servicer, each Rating Agency, each Noteholder and UBS Securities, on the Determination Date occurring three Business Days prior to such Remittance Date, a quarterly statement (a Note
Valuation Report) with respect to the preceding Due Period, including the following information: 
  

	(a)	the Aggregate Outstanding Loan Balance of all Loans comprising the Indenture Collateral as of the close of business on such Determination Date, after giving effect to (x) Interest
Collections and Principal Collections received during the related Due Period and reinvested in Substitute Loans during such Due Period in accordance with the provisions of this Agreement, (y) the sale of each Loan that was sold during such Due
Period and (z) the acquisition by the Trust of each Additional Loan or Substitute Loan during such Due Period; 

  

	(b)	the Outstanding Principal Balance of each Class of Notes as of the Determination Date (expressed as a Dollar amount and as a percentage of the original Outstanding Principal Balance
of each such Class), the amount of principal payments (including prepayments) to be made on such Class of Notes on the Remittance Date relating to such Determination Date and the Outstanding Principal Balance of such Class of Notes after giving
effect to such principal payments (expressed as a Dollar amount and as a percentage of the original Outstanding Principal Balance of such Class); 

  

	(c)	the amount of the Interest Collections and the amount of Principal Collections received during the related Due Period; 

  

	(d)	the Indenture Trustee Fee and the Indenture Trustee Expenses payable on the Remittance Date relating to such Determination Date; 

  

	(e)	the Servicing Fee and any additional fees or compensation received by the Servicer pursuant to Section 5.11(b) on the Remittance Date relating to such Determination Date;

  

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	(f)	with respect to each Collection Account: 

  

	 	(i)	 	the Balance of all Cash and Permitted Investments as of such Determination Date; 

  

	 	(ii)	 	the amounts payable from each Collection Account pursuant to Section 7.5 on the Remittance Date relating to such Determination Date (in the aggregate and under each Section and
subsection of Section 7.5); and 

  

	 	(iii)	 	the Balance of all Cash and Permitted Investments remaining in each Collection Account immediately after giving effect to all payments to be made on the Remittance Date relating to
such Determination Date. 

  

	(g)	a list of the Loans indicating the Principal Balance and Obligor of each 

  

	(h)	the results of the Coverage Tests as of the close of business on such Determination Date (both before and after giving effect to any payments to be made on the Remittance Date
relating to such Determination Date); 

  

	(i)	if any Coverage Test is not met, the amount of Principal Prepayment of each applicable Class of Notes pursuant to Section 10.5(a) of the Indenture that would be necessary as of such
Determination Date for the related Remittance Date in order to cause such Coverage Test to be met (after giving effect to all other payments to be made on such Remittance Date) and the results of such Coverage Test after giving effect to such
Principal Prepayment pursuant to Section 10.5(a) of the Indenture and the other payments, if any, to be made on such Remittance Date; 

  

	(j)	the identity of each Loan that was released for sale or other disposition (indicating the reason for such sale or disposition), and the identity of each Substitute Loan acquired by
the Trust during the related Due Period; 

  

	(k)	to each Rating Agency, the Servicer’s Investment Rating for each Loan in the Indenture Collateral and any change to such Investment Rating since the date of the prior Note
Valuation Report; and 

  

	(l)	any information requested by Fitch as set forth in spreadsheets prepared by Fitch and provided to the Servicer from time-to-time by mutual agreement of Fitch and the Servicer.

  
 Officer’s Certificate 
  
 9.3 Each Monthly Report and Note Valuation Report delivered pursuant to Sections 9.1 and
9.2, respectively, shall be accompanied by a certificate of a Responsible Officer of the Servicer certifying the accuracy of such Monthly Report or Note Valuation Report, as applicable, and that no Servicer Default or event that with notice or lapse
of 
  

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 time or both would become a Servicer Default has occurred, or if such event has occurred and is continuing, specifying
the event and its status. 
  
 Other Data 
  
 9.4 In addition, the Servicer shall, upon the request of the Trust, the Indenture Trustee,
the Backup Servicer, or any Rating Agency, furnish such Person such underlying data used to generate a Note Valuation Report as may be reasonably requested. The Servicer will also forward to the Indenture Trustee, the Owner Trustee, each Rating
Agency and UBS (a) within 60 days after each calendar quarter (except the fourth calendar quarter), commencing with the quarter ending March 31, 2005, the unaudited quarterly financial statement of the Servicer and (b) within 90 days after each
fiscal year of the Servicer, commencing with the fiscal year ending December 31, 2004, the audited annual financial statement of the Servicer, together with the related report of the Independent accountants to the Servicer. On the Remittance Date
following the receipt of each such financial statements and report, the Indenture Trustee will forward to each Noteholder of record a copy of such financial statements and report. 
  
 Annual Report of Accountants 
  
 9.5 On or before June 30 of each year beginning on June 30, 2005, the initial Servicer shall, at its expense, or any subsequent servicer shall, at the expense of the
Trust, cause a firm of nationally recognized Independent certified public accountants to furnish a letter or letters to the Indenture Trustee to the effect that such firm has with respect to the Servicer’s overall servicing operations examined
such operations in accordance with agreed upon procedures specified by such firm, and stating such firm’s conclusions relating thereto. In the event such Independent certified public accountants require the Indenture Trustee to agree to the
procedures to be performed by such firm in any of the reports required to be prepared pursuant to this Section 9.5, the Servicer shall direct the Indenture Trustee to so agree; it being understood and agreed that the Indenture Trustee will deliver
such letter of agreement in conclusive reliance upon the direction of the Servicer, and the Indenture Trustee will not have made any independent inquiry or investigation as to, and shall have no obligation or liability in respect of, the
sufficiency, validity or correctness of such procedures. 
  
 Remittance Date Instructions. 
  
 9.6 The
Note Valuation Report referred to in Section 9.2 shall constitute instructions to the Indenture Trustee to withdraw on or before the Remittance Date relating to such Note Valuation Report the available funds from the applicable Collection Account
and make the payments set forth in the Note Valuation Report in the manner specified, and in accordance with the Priority of Payments established in Section 7.5. 
  

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 Non-Receipt of Information. 
  
 9.7 If the Indenture Trustee shall not have received any accounting provided for in this
Section 9 on the first Business Day after the date on which such accounting is due to the Indenture Trustee, the Indenture Trustee shall notify the Trust and the Servicer thereof and the Trust and the Servicer shall use best efforts to cause such
accounting to be delivered to the Indenture Trustee by the applicable Remittance Date. 
  
 Annual Statement of Compliance from Servicer 
  
 9.8 The Servicer
will deliver to the Trust and the Indenture Trustee within 90 days of the end of each fiscal year commencing with the year ending 2004, an Officer’s Certificate stating that (a) the Servicer has fully complied in all material respects with
certain provisions of the Agreement relating to servicing of the Loans and payments on the Notes, (b) a review of the activities of the Servicer during the prior calendar year and of its performance under this Agreement was made under the
supervision of the officer signing such certificate and (c) to the best of such officer’s knowledge, based on such review, the Servicer has fully performed or cause to be performed in all material respects all its obligations under this
Agreement for such year, or, if there has been a default in the fulfillment in all material respects any of its obligations, specifying each such default known to such officer and the nature and status thereof and the steps being taken or necessary
to be taken to remedy such event. A copy of such certificate may be obtained by any Securityholder by a request to the Indenture Trustee, with respect to any Noteholder, or the Trust, with respect to any Certificateholder. 
  
 Notices 
  

	9.9 (a)	The Servicer shall furnish to the Indenture Trustee (i) promptly, copies of any material and adverse notices (including, without limitation, notices of defaults, breaches, potential
defaults or potential breaches) given to or received from its other lenders and (ii) immediately, notice of the occurrence of any Event of Default or Servicer Default or of any situation which the Servicer reasonably expects to develop into an Event
of Default or Servicer Default. 

  

	(b)	 	The Servicer also agrees to make available on a reasonable basis to any Noteholder a knowledgeable financial or accounting officer for the purpose of answering reasonable questions
respecting recent developments affecting the Servicer or the financial statements of the Servicer and to permit any Noteholder upon reasonable advance notice and subject to reasonable confidentiality restrictions to inspect the Servicer’s
servicing facilities during normal business hours and in a manner that does not unreasonably interfere with the Servicer’s normal operations or customer or employee relations for the purpose of satisfying such Noteholder that the Servicer has
the ability to service the Loans in accordance with this Agreement. 

  

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 Indenture Trustee’s Right to Examine Servicer Records and Audit Operations 
  
 9.10 The Indenture Trustee shall have the right upon reasonable prior notice, during normal
business hours, in a manner that does not unreasonably interfere with the Servicer’s normal operations or customer or employee relations, and as often as reasonably required, to examine and audit any and all of the books, records or other
information of the Servicer, whether held by the Servicer or by another on behalf of the Servicer, which may be relevant to the performance or observance by the Servicer of the terms, covenants or conditions of this Agreement. No amounts payable in
respect of the foregoing shall be paid from the Loan Assets. 
  
 Reports to the
Indenture Trustee; Principal and Interest Account Statements 
  
 9.11 Not
later than 20 days after each Record Date, the Servicer shall forward to the Indenture Trustee a statement, certified by a Servicing Officer, setting forth the status of the Principal and Interest Account and sub-accounts thereof as of the close of
business on the preceding Record Date and showing, for the period covered by such statement, the aggregate of deposits into the sub-accounts of the Principal and Interest Account for each category of deposit specified in Section 7.3, the aggregate
of withdrawals from the sub-accounts of the Principal and Interest Account for each category of withdrawal specified in Section 7.3 and the aggregate amount of permitted withdrawals not made in the related Due Period. 
  
 10. TERMINATION 
  
 Sale of Loans 
  

	10.1 (a)	Upon any sale of the assets of the Trust pursuant to Section 9.02 of the Trust Agreement, the Servicer shall instruct the Indenture Trustee to deposit the proceeds from such sale
after all payments and reserves therefrom have been made (the Insolvency Proceeds) in the applicable sub-account of the Principal and Interest Account. On the Remittance Date on which the Insolvency Proceeds are deposited in the
applicable sub-account of the Principal and Interest Account (or, if such proceeds are not so deposited on a Remittance Date, on the Remittance Date immediately following such deposit), the Servicer shall instruct the Indenture Trustee to allocate
and apply (after the application on such Remittance Date of Principal Collections and Interest Collections pursuant to Section 7.5 of this Agreement) the Insolvency Proceeds as if (and in the same order of priority as) the Insolvency Proceeds were
Principal Collections and Interest Collections being allocated and distributed on such date pursuant to Section 7.5 of this Agreement. 

  

	(b)	 	As described in Article IX of the Trust Agreement, notice of any termination of the Trust shall be given by the Servicer to the Owner Trustee and the Indenture Trustee as soon as
practicable after the Servicer has received notice thereof. 

  

	(c)	 	Following the satisfaction and discharge of the Indenture and the payment in full of the principal of and interest on the Notes, the Certificateholder will succeed to

  

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 the rights of the Noteholders hereunder and the Trust will succeed to the rights of the Indenture Trustee
pursuant to this Agreement. 
  
 Termination 
  

	10.2 (a)	This Agreement shall terminate upon notice to the Indenture Trustee of the earlier of the following events: (i) the final payment on or the disposition or other liquidation by the
Trust of the last Loan or the disposition of all property acquired upon foreclosure or deed in lieu of foreclosure of any Loan and the remittance of all funds due thereunder, or (ii) mutual written consent of the Servicer, the Trust Depositor,
Indenture Trustee, the Originator and all Noteholders and Certificateholder. 

  

	(b)	 	Notice of any termination, specifying the Remittance Date upon which the Trust will terminate and that the Noteholders shall surrender their Notes to the Indenture Trustee for
payment of the final distribution and cancellation shall be given promptly by the Servicer by letter to all Noteholders mailed during the month of such final distribution before the Determination Date in such month, specifying (i) the Remittance
Date upon which final payment of the Notes will be made upon presentation and surrender of Notes at the office of the Indenture Trustee therein designated, (ii) the amount of any such final payment and (iii) that the Record Date otherwise applicable
to such Remittance Date is not applicable, payments being made only upon presentation and surrender of the Notes at the office of the Indenture Trustee therein specified. The Servicer shall give such notice to the Indenture Trustee at the time such
notice is given to Noteholders. 

  

	(c)	 	Notwithstanding anything else in this Section 10, this Agreement shall not terminate unless the final payment on the Notes made pursuant to Section 10.2(b) is adequate to pay the
Outstanding Principal Balance on each Class of Senior Notes, without the consent of all of the holders of the most senior Class of Notes Outstanding. 

  
 11. REMEDIES UPON MISREPRESENTATION; REPURCHASE OPTION

  
 Repurchases of, or Substitution for, Loans for Breach of
Representations and Warranties 
  
 11.1 Upon a discovery by a Responsible
Officer of the Servicer or any subservicer, a Responsible Officer of the Trust or the Indenture Trustee of (a) a breach of subsection 2.8(b) or a breach of a representation or warranty as set forth in Section 3.1, Section 3.2, Section 3.3, Section
3.4 or Section 3.5 or (b) any Loan having become an Ineligible Loan, in each case the party discovering the breach shall give prompt written notice to the other parties; provided that neither the Owner Trustee nor the Indenture Trustee shall
have any duty or obligation to inquire or to investigate the breach of any of such representations or warranties. Within 30 days of the earlier of its discovery or its receipt of notice of any breach of a representation or warranty, the Originator
shall (a) promptly cure such breach 
  

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 in all material respects, (b) purchase each such Ineligible Loan by depositing in the applicable sub-account of the
Principal and Interest Account, within such 30 day period, an amount equal to the Transfer Deposit Amount, or (c) remove such Loan from the Trust and effect a substitution for such affected Loan with a Substitute Loan in accordance with the
substitution requirements set forth in Section 2.7 not later than the date a repurchase of such affected Loan would be required hereunder; provided, that with respect to a breach of a representation or warranty relating to the Loans in the
aggregate and not to any particular Loan, the Originator may select Loans (without adverse selection) to purchase (or substitute for) such that had such Loans not been included as part of the Trust (and, in the case of a substitution, had such
Substitute Loan been included as part of the Loan Assets instead of the selected Loan) there would have been no breach of such representation or warranty. 
  
 Reassignment of Repurchased or Substituted Loans 
  
 11.2 Upon receipt by the Indenture Trustee for deposit in the applicable sub-account of the Principal and Interest Account of the amounts described in Section 11.1 (or
upon the Transfer Date related to a Substitute Loan described in Section 11.1), and upon receipt of an Officer’s Certificate of the Servicer in the form attached hereto as Exhibit T, the Indenture Trustee shall, pursuant to Section 8.5 of the
Indenture, release the Lien of the Indenture with respect to such Loan being substituted and assign to the Trust Depositor and the Trust Depositor shall assign to the Originator all of the Trust’s (or Trust Depositor’s, as applicable)
right, title and interest in the repurchased or substituted Loan and related Loan Assets without recourse, representation or warranty. Such reassigned Loan shall no longer thereafter be included in any calculations of Outstanding Loan Balances
required to be made hereunder or otherwise be deemed a part of the Trust Estate. 
  
 12. INDEMNITIES 
  
 Indemnification by MCG

  
 12.1 MCG agrees to indemnify, defend and hold the Indenture Trustee (as
such and in its individual capacity), the Owner Trustee (as such and in its individual capacity), the Backup Servicer and each Noteholder and Certificateholder harmless from and against any and all claims, losses, penalties, fines, forfeitures,
reasonable legal fees and related costs, judgments, and any other reasonable costs, fees and expenses that such Person may sustain as a result of the material failure of MCG (whether as Servicer or as Originator) to perform its duties and transfer
and service the Loans in compliance with the terms of this Agreement and the Commercial Loan Sale Agreement, as applicable, except to the extent arising from (a) the gross negligence, willful misconduct or fraud by the Person claiming
indemnification or (b) an Obligor’s financial difficulty. MCG shall immediately notify the Indenture Trustee and the Trust if a claim is made by any party with respect to this Agreement, and MCG shall assume (with the consent of the indemnified
party) the defense and any settlement of any such claim and pay all expenses in connection therewith, including reasonable counsel fees, and promptly pay, discharge and satisfy any judgment or decree which may be entered against the indemnified
party in respect of such claim. 
  

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 Indemnification by Trust Depositor 
  
 12.2 The Trust Depositor agrees to indemnify, defend, and hold the Indenture Trustee (as such and in its individual capacity), the Trust and
each Noteholder and Certificateholder harmless from and against any and all claims, losses, penalties, fines, forfeitures, reasonable legal fees and related costs, judgments, and any other reasonable costs, fees and expenses that such Person may
sustain as a result of the material failure of the Trust Depositor to perform its duties in compliance with the terms of this Agreement and in the best interests of the Noteholders and the Certificateholder, except to the extent arising from (a) the
gross negligence, willful misconduct or fraud by the Person claiming indemnification or (b) an Obligor’s financial difficulty. The Trust Depositor shall immediately notify the Indenture Trustee and the Trust if a claim is made by a third party
with respect to this Agreement, and the Trust Depositor shall assume (with the consent of the indemnified party) the defense and any settlement of any such claim and pay all expenses in connection therewith, including reasonable counsel fees, and
promptly pay, discharge and satisfy any judgment or decree which may be entered against the indemnified party in respect of such claim. 
  
 13. MISCELLANEOUS 
  
 Amendment 
  

	13.1 (a)	This Agreement may be amended from time to time by the parties hereto by written agreement, with the prior written consent of the Indenture Trustee but without notice to or consent
of the Noteholders or Certificateholder, to cure any ambiguity, to correct or supplement any provisions herein, to comply with any changes in the Code, or to make any other provisions with respect to matters or questions arising under this Agreement
which shall not be inconsistent with the existing provisions of this Agreement; provided, that (i) such action shall not, as evidenced by an Opinion of Counsel delivered to the Indenture Trustee, adversely affect the interests of any
Noteholder or Certificateholder and (ii) no such amendment shall have any of the effects set forth in the provisos to Section 13.1(b). 

  

	(b)	 	This Agreement may be amended from time to time by the parties hereto by written agreement, with the prior written consent of the Indenture Trustee and the Majority Noteholders or
Certificateholder and provided that the Rating Agency Condition is satisfied, 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
any Noteholder or Certificateholder; provided that the Indenture Trustee shall not execute and deliver any such amendment without the prior written consent of each Noteholder and Certificateholder affected thereby (i) if such proposed
amendment reduces in any 

  

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 manner the amount of or delays the timing of payments under any Note or the Certificate, (ii) if such
proposed amendment changes the Final Maturity Date of any Note or (iii) if such proposed amendment reduces the percentage of Noteholders required to consent to any such amendment; and provided further that such amendment shall not cause the
Trust to be subject to an entity level tax or be classified as a taxable mortgage pool within the meaning of Section 7701(i) of the Code. 
  

	(c)	 	At least 15 Business Days prior to the execution and delivery of any such proposed amendment or consent, the Indenture Trustee shall furnish written notification of the substance of
such proposed amendment or consent and a statement as to whether such amendment is being effected pursuant to clause (a) or (b) of this Section 13.1, together with a copy thereof, to each Noteholder, the Certificateholder, the Servicer, the Backup
Servicer and each Rating Agency. 

  

	(d)	 	Promptly after the execution and delivery of any such amendment or consent, the Trust and the Indenture Trustee, as the case may be, shall furnish written notification of the
substance of such amendment or consent to each Noteholder and the Certificateholder. It shall not be necessary for the consent of the Noteholders and the Certificateholder pursuant to subsection 13.1(b) to approve the particular form of any proposed
amendment or consent, but it shall be sufficient if such consent shall approve the substance thereof. The manner of obtaining such consents and of evidencing the authorization by Noteholders and the Certificateholder of the execution thereof shall
be subject to such reasonable requirements as the Trust or the Indenture Trustee may prescribe. 

  

	(e)	 	Prior to the execution of any amendment to this Agreement, the Owner Trustee and the Indenture Trustee shall be entitled to receive and conclusively rely upon an Opinion of Counsel
stating that the execution of such amendment is authorized and permitted by this Agreement. The Trust and the Indenture Trustee may, but shall not be obligated to, enter into any such amendment that affects its own rights, duties, indemnities or
immunities under this Agreement or otherwise. 

  
 Protection of
Title to Trust 
  
 13.2 The Servicer shall execute and file such financing
statements and cause to be executed and filed such continuation statements, all in such manner and in such places as may be required by law fully to preserve, maintain and protect the interest of the Trust, the Securityholders and the Indenture
Trustee in the Loans and in the proceeds thereof. The Servicer or Backup Servicer shall deliver (or cause to be delivered) to the Trust and the Indenture Trustee file-stamped copies of, or filing receipts for, any document filed as provided above,
as soon as available following such filing. 
  

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 Governing Law 
  

	13.3 (a)	This Agreement shall be construed in accordance with, and this Agreement and all matters arising out of or relating in any way whatsoever (whether in contract, tort or otherwise) to
this Agreement shall be governed by, the law of the State of New York 

  

	(b)	 	EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY
ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT. Each party hereto (i) certifies that no representative, agent or attorney of any other party has represented, expressly or otherwise, that such other party would not, in the event of
litigation, seek to enforce the foregoing waiver and (ii) acknowledges that it and the other parties hereto have been induced to enter into this Agreement by, among other things, the mutual waivers and certifications in this subsection 13.3(b).

  
 Notices 
  
 13.4 All notices, demands, certificates, requests, directions and communications hereunder
(notices) shall be in writing and shall be effective (a) upon receipt when sent through the U.S. mails, registered or certified mail, return receipt requested, postage prepaid, with such receipt to be effective the date of delivery
indicated on the return receipt, or (b) one Business Day after delivery to an overnight courier, or (c) on the date personally delivered to an Responsible Officer of the party to which sent, or (d) on the date transmitted by legible telecopier
transmission with a confirmation of receipt, in all cases addressed to the recipient as follows: 
  

	(a)	if to the Servicer or the Originator: 

  
 MCG Capital Corporation 
 9011 Arboretum
Parkway, Suite 250 
 Richmond, Virginia 23236 
 Attention: Chief Accounting Officer 
 Facsimile No.: (804) 272-3694 
  
 and 
  
 MCG Capital Corporation 
 1100 Wilson Blvd., Suite 3000 
 Arlington, Virginia 22209 
 Attention: Chief Financial Officer and General Counsel: 
 Facsimile No.: (703) 247-7545 
  

 Page 118 

	(b)	if to the Trust Depositor: 

  
 MCG Finance IV, LLC 
 9011 Arboretum Parkway,
Suite 250 
 Richmond, Virginia 23236 
 Attention: Chief Accounting Officer 
 Facsimile No.: (804) 272-3694 
  
 and 
  
 MCG Finance IV, LLC 
 1100 Wilson Blvd., Suite
3000 
 Arlington, Virginia 22209 
 Attention: Chief Financial Officer and General Counsel: 
 Facsimile No.: (703) 247-7545 
  

	(c)	if to the Indenture Trustee: 

  
 Wells Fargo Bank, National Association 
 Sixth
Street and Marquette Avenue 
 MAC N9311-161 
 Minneapolis, Minnesota 55479 
 Attention: Corporate Trust Services/Asset Backed Administration 
 Facsimile No.: (612) 667-3464 
  

	(d)	if to the Trust: 

  
 MCG Commercial Loan Trust 2004–1 
 c/o
Wilmington Trust Company 
 One Rodney Square North 
 Wilmington, Delaware 19890 
 Attention: Corporate Trust Administration 
 Facsimile No.: (302) 427-4749 
  
 with a copy to: 
  
 the Originator and the Servicer as provided in clause (i) above 
  

	(e)	if to Moody’s: 

  
 Moody’s Investors Service, Inc. 
 99
Church Street 
 New York, New York 10007 
 Attention: CDO Monitoring Department 
 Facsimile No.: (212) 553-0344 
  

 Page 119 

	(f)	if to Fitch: 

  
 Fitch, Inc. 
 One State Street Plaza

 New York, New York 10004 
 Attention: CDO Surveillance 
 Facsimile No. (212) 514-6501 
  

	(g)	if to the Initial Purchaser: 

  
 UBS AG, Stamford Branch 
 677 Washington
Boulevard 
 Stamford, Connecticut 06901 
 Attention: Global CDO Products 
 Facsimile: (203) 719-3550 
  
 Each party hereto may, by notice given in accordance herewith to each of the other parties hereto, designate any further or different
address to which subsequent notices shall be sent. 
  
 Severability of
Provisions 
  
 13.5 If 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 Certificates or the rights of the Holders thereof, and any such prohibition, invalidity or unenforceability in any jurisdiction shall not
invalidate or render unenforceable such covenants, agreements, provisions or terms in any other jurisdiction. 
  
 Third Party Beneficiaries 
  
 13.6 Except
as otherwise specifically provided herein, the parties hereto hereby manifest their intent that no third party shall be deemed a third party beneficiary of this Agreement, and specifically that the Obligors are not third party beneficiaries of this
Agreement. 
  

 Page 120 

 Counterparts 
  
 13.7 This Agreement may be executed by facsimile signature and in several counterparts, each of which shall be an original and all of which shall together constitute but
one and the same instrument. 
  
 Headings 
  
 13.8 The headings of the various Articles and Sections herein are for convenience of
reference only and shall not define or limit any of the terms or provisions hereof. 
  
 No Bankruptcy Petition; Disclaimer 
  

	13.9 (a)	Each of the Originator, the Indenture Trustee, the Servicer, the Trust and each Holder (by acceptance of the applicable Securities) covenants and agrees that, prior to the date that
is one year and one day after the payment in full of all amounts owing in respect of all outstanding Securities, or, if longer, the applicable preference period then in effect under any applicable Insolvency Law, it will not institute against the
Trust Depositor or the Trust, or join any other Person in instituting against the Trust Depositor or the Trust, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other similar proceedings under the laws of the
United States or any state of the United States; provided, that nothing herein shall prohibit the Indenture Trustee from filing proofs of claim or otherwise participating in any such proceedings instituted by any other Person. This Section
13.9 will survive the termination of this Agreement. 

  

	(b)	The Trust acknowledges and agrees that the Certificates represent an equity interest in the Trust and a beneficial interest in the Loan Assets only and the Securities do not
represent an interest in any assets (other than the Loan Assets) of the Trust Depositor (including by virtue of any deficiency claim in respect of obligations not paid or otherwise satisfied from the Loan Assets and proceeds thereof). In furtherance
of and not in derogation of the foregoing, to the extent that the Trust Depositor enters into other securitization transactions as contemplated in Section 6.7 the Trust acknowledges and agrees that it shall have no right, title or interest in or to
any assets (or interests therein), other than the Loan Assets, conveyed or purported to be conveyed (whether by way of a sale, capital contribution or by the granting of a Lien) by the Trust Depositor to any Person other than the Trust (the
Other Assets). 

  

	(c)	To the extent that notwithstanding the agreements contained in this Section, the Trust or any Securityholder, either (i) asserts an interest in or claim to, or benefit from any
Other Assets, whether asserted against or through the Trust Depositor or any other Person owned by the Trust Depositor, or (ii) is deemed to have any interest, claim or benefit in or from any Other Assets, whether by operation of law, legal process,
pursuant to applicable provisions of Insolvency Laws or otherwise (including without limitation pursuant to Section 1111(b) of the Bankruptcy Code) and whether deemed asserted against or through the Trust 

  

 Page 121 

 Depositor or any other Person owned by the Trust Depositor, then the Trust and each Securityholder by
accepting a Note or Certificate further acknowledges and agrees that any such interest, claim or benefit in or from the Other Assets is and shall be expressly subordinated to the indefeasible payment in full of all obligations and liabilities of the
Trust Depositor that, under the terms of the documents relating to the securitization of the Other Assets, are entitled to be paid from, entitled to the benefits of, or otherwise secured by such Other Assets (whether or not any such entitlement or
security interest is legally perfected or otherwise entitled to a priority of distribution under applicable law, including Insolvency Laws, and whether asserted against the Trust Depositor or any other Person owned by the Trust Depositor) including,
without limitation, the payment of post-petition interest on such other obligations and liabilities. This subordination agreement shall be deemed a subordination agreement within the meaning of Section 510(a) of the Bankruptcy Code. Each
Securityholder is deemed to have acknowledged and agreed that no adequate remedy at law exists for a breach of this Section 13.9 and that the terms and provisions of this Section 13.9 may be enforced by an action for specific performance.

  

	(d)	The provisions of this Section 13.9 shall be for the third party benefit of those entitled to rely thereon and shall survive the termination of this Agreement.

  
 Jurisdiction 
  
 13.10 Each party hereto hereby irrevocably submits to the non-exclusive jurisdiction of any
New York State or Federal court sitting in the Borough of Manhattan in The City of New York in any action or proceeding arising out of or relating to the Notes or this Sale and Servicing Agreement, and hereby irrevocably agrees that all claims in
respect of such action or proceeding may be heard and determined in such New York State or Federal court. Each party hereto hereby irrevocably waives, to the fullest extent that it may legally do so, the defense of an inconvenient forum to the
maintenance of such action or proceeding. Each party hereto irrevocably consents to the service of any and all process in any action or proceeding by the mailing or delivery of copies of such process to it the address set forth in Section 13.4. Each
party hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. 
  
 Tax Characterization 
  
 13.11 The Trust Depositor and Trust agree that pursuant to Treasury Regulations Section 301.7701-3(b)(1), in the event that the Certificates
and the Class D Notes are owned by more than one Holder the Trust will be treated as a partnership, the partners of which are the Certificateholder and the Holders of the Class D Notes and, in the event that the Certificates and the Class D Notes
are owned by a single Holder, the Trust will be treated as a division of such Holder. 
  

 Page 122 

 Prohibited Transactions with Respect to the Trust 
  
 13.12 The Originator shall not: 
  

	(a)	Provide credit to any Noteholder or Certificateholder for the purpose of enabling such Noteholder or Certificateholder to purchase Notes or Certificates, respectively;

  

	(b)	Purchase any Notes or Certificates in an agency or trustee capacity; or 

  

	(c)	Except in its capacity as Servicer as provided in this Agreement, lend any money to the Trust. 

  
 Limitation of Liability of Owner Trustee 
  
 13.13 Wilmington Trust Company acts on behalf of the Trust solely as Owner Trustee hereunder and not in its individual capacity, and all Persons having any claim against
the Trust by reason of the transactions contemplated by this Agreement or any other Transaction Document shall look only to the Trust Estate under the Trust Agreement for payment or satisfaction thereof. The Owner Trustee makes no representations as
to the validity or sufficiency of this Agreement, any other Transaction Document or the Notes, or of any Loan or related documents. The Owner Trustee shall at no time have any responsibility or liability for or with respect to the legality, validity
and enforceability of any Loan, or the perfection and priority of any security interest created by any Loan in any Collateral or the maintenance of any such perfection and priority, or for or with respect to the sufficiency of the Trust Estate under
the Trust Agreement or its ability to generate the payments to be distributed to the Certificateholder under the Trust Agreement or the Noteholders under the Indenture, including, without limitation, the existence, condition and ownership of any
Collateral; the existence and enforceability of any insurance thereon; the existence and contents of any Loan on any computer or other record thereof; the validity of the assignment of any Loan to the Trust or of any intervening assignment; the
completeness of any Loan; the performance or enforcement of any Loan; the compliance by the Trust, the Trust Depositor or the Servicer with any covenant, agreement or other obligation or any warranty or representation made under any Transaction
Document or in any related document or the accuracy of any such warranty or representation; or any action of the Indenture Trustee or the Servicer or any subservicer taken in the name of the Owner Trustee or the Trust. 
  
 Payments with respect to Partially Funded Term Loans, Traditional Revolving Loans and
Reducing Revolving Loans 
  

	13.14 (a)	With respect to any Partially Funded Term Loans, any Traditional Revolving Loans and any Reducing Revolving Loans, the Trust will own only the principal portion of such Loans
outstanding as of the applicable Cutoff Date. Principal Collections received by the Servicer on any Traditional Revolving Loans and any Reducing Revolving Loans will be allocated first to the portion of such Loan not owned by the Trust, until the
principal amount of such portion is reduced to zero, and then to the portion owned by the Trust; provided, (i) if a payment default 

  

 Page 123 

 occurs with respect to any Traditional Revolving Loan or any Reducing Revolving Loans, (ii) an Event of
Default occurs or (iii) a Servicer Default occurs, then Principal Collections received on (x) the applicable Loan (in the case of clause (i) above) or (y) all the Traditional Revolving Loans and Reducing Revolving Loans (in the case of clauses (ii)
or (iii) above) will be allocated between the portion not owned by the Trust and the portion owned by the Trust, pro rata based upon the outstanding principal amount of each such portion. 
  

	(b)	With respect to any Partially Funded Term Loan, any Traditional Revolving Loan and any Reducing Revolving Loan, Interest Collections received by the Servicer on those Loans will be
allocated between the portion not owned by the Trust and the portion owned by the Trust on a pro rata basis according to the outstanding principal amount of each such portion. 

  
 No Partnership 
  
 13.15 Nothing herein contained shall be deemed or construed to create a co-partnership or joint venture between the parties hereto, and the
services of the Servicer shall be rendered as an independent contractor and not as agent for the Holders. 
  
 Successors and Assigns 
  
 13.16 This
Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective successors and permitted assigns. 
  
 Acts of Holders 
  
 13.17 Except as otherwise specifically provided herein, whenever Holder 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 Holders if the Majority Noteholders agree to take such action or give such consent or approval. 
  
 Duration of Agreement 
  
 13.18 This Agreement shall continue in existence and effect until terminated as herein provided. 
  
 Limited Recourse 
  
 13.19 The obligations of the Trust Depositor, the Originator and the Servicer under this Agreement are solely the obligations of the Trust Depositor, the Originator and the Servicer. No recourse shall be had for the
payment of any amount owing by the Trust Depositor, the Originator, and the Servicer under this Agreement or for the payment by the Trust Depositor, the Originator and the Servicer of any fee in respect hereof or any other obligation or claim of or
against the Trust Depositor, the Originator and the Servicer arising out of or based upon this Agreement, against any employee, officer, 
  

 Page 124 

 director, Affiliate, shareholder, partner or member of the Trust Depositor, the Originator and the Servicer or against
the employee, officer, director, shareholder, partner or member or any Affiliate of such Person. The provisions of this Section 13.19 shall survive termination of this Agreement. 
  
 Confidentiality 
  
 13.20 Each of the Trust, the Trust Depositor, the Servicer (if other than MCG), the Indenture Trustee and the Backup Servicer shall maintain and shall cause each of its
employees, officers, agents and Affiliates to maintain the confidentiality of material non-public information concerning MCG and its Public Securities or about the Obligors (to the extent MCG has advised such Person or such Person has actual
knowledge that the Loan Documents prohibit disclosure of such information with respect to the Obligors) obtained by it or them in connection with the structuring, negotiating, execution and performance of the transactions contemplated herein, except
that each such party and its employees, officers, agents and Affiliates may disclose such information to other parties to the Transaction Documents and to its external accountants, attorneys, any potential subservicers and the agents of such Persons
provided such Persons expressly agree to maintain the confidentiality of such information (Excepted Persons), and as required by an applicable law or order of any judicial or administrative proceeding. 
  
 Non-Confidentiality of Tax Treatment 
  
 13.21 All parties hereto agree that each of them and each of their employees,
representatives and other agents may disclose to any and all persons, without limitation of any kind, the tax treatment and tax structure of the transaction and all materials of any kind (including opinions or other tax analyses) that are provided
to any of them relating to such tax treatment and tax structure. “Tax treatment” and “tax structure” shall have the same meaning as such terms have for the purposes of Treasury Regulation Section 1.6011-4. 
  
 [Remainder of Page Intentionally Left Blank] 
  

 Page 125 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their respective officers
as of the day and year first above written. 
  
 MCG COMMERCIAL LOAN TRUST
2004–1 
  

			
	 By:
	 	WILMINGTON TRUST COMPANY, not in its individual capacity, but solely as Owner Trustee on behalf of the Trust
		
	 By:
	 	 /s/ James P. Lawler

	Name:	 	 James P. Lawler

	Title:	 	 Vice President

  
  
 MCG FINANCE IV, LLC, the Trust Depositor 
  

			
	 By:
	 	MCG CAPITAL CORPORATION, its sole member
		
	 By:
	 	 /s/ Samuel G. Rubenstein

	 Name:
	 	 Samuel G. Rubenstein

	 Title:
	 	 General Counsel and
 Executive Vice President

  
  
 MCG CAPITAL CORPORATION, the Originator 
 and the Servicer 

 

			
	 By:
	 	 /s/ Samuel G. Rubenstein

	 Name:
	 	 Samuel G. Rubenstein

	 Title:
	 	 General Counsel and
 Executive Vice President

  
 [SALE AND SERVICING
AGREEMENT] 

			
	WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but as the Indenture Trustee and as the Backup Servicer
		
	 By:
	 	 /s/ Joe Nardi

	 Name:
	 	 Joe Nardi

	 Title:
	 	 Vice President

  
 [SALE AND SERVICING
AGREEMENT] 
  

 SCHEDULE 1 
  

Diversity Score Calculation 
  
 The Diversity Score for the Loans is calculated by summing each of the Industry Diversity Scores, which are calculated as follows: 
  

	(i)	An “Obligor Par Amount” is calculated for each Obligor represented in the Loans by summing the par amounts of all Loans in the Indenture Collateral issued by that Obligor
or any affiliate of that Obligor. 

  

	(ii)	An “Average Par Amount” is calculated by summing the Obligor Par Amounts and dividing by the number of Obligors represented. For purposes of calculating the number
of issuers of the Loans, any issuers affiliated with one another will be considered one Obligor. 

  

	(iii)	An “Equivalent Unit Score” is calculated for each Obligor represented in the Loans by taking the lesser of (A) one and (B) the Obligor Par Amount for such Obligor
divided by the Average Par Amount; provided that for purposes of calculating the Equivalent Unit Score, any Obligors affiliated with one another will be considered one Obligor. 

  

	(iv)	An “Aggregate Industry Equivalent Unit Score” is then calculated for each of the Moody’s industrial classification groups by summing the Equivalent Unit Scores for
each Obligor in the industry. 

  

	(v)	An “Industry Diversity Score” is then established by reference to the Diversity Score Table shown below for the related Aggregate Industry Equivalent Unit Score;
provided that if any Aggregate Industry Equivalent Unit Score falls between any two such scores then the applicable Industry Diversity Score will be the lower of the two Industry Diversity Scores in the Diversity Score Table.

  

	(vi)	Charged-Off Loans shall be excluded from the calculation of the Diversity Score. 

  
 Diversity Score Table 
  

															
	 Aggregate
Industry
Equivalent
 Unit Score

	 	 Diversity
 Score

	 	 Aggregate
Industry
Equivalent
 Unit Score

	 	 Diversity
 Score

	 	 Aggregate
Industry
Equivalent
 Unit Score

	 	 Diversity
 Score

	 	 Aggregate
Industry
Equivalent
 Unit Score

	 	 Diversity
 Score

	 0.0000
	 	0.0000	 	5.0500	 	2.7000	 	10.1500	 	4.0200	 	15.2500	 	4.5300
	 0.0500
	 	0.1000	 	5.1500	 	2.7333	 	10.2500	 	4.0300	 	15.3500	 	4.5400
	 0.1500
	 	0.2000	 	5.2500	 	2.7667	 	10.3500	 	4.0400	 	15.4500	 	4.5500
	 0.2500
	 	0.3000	 	5.3500	 	2.8000	 	10.4500	 	4.0500	 	15.5500	 	4.5600
	 0.3500
	 	0.4000	 	5.4500	 	2.8333	 	10.5500	 	4.0600	 	15.6500	 	4.5700
	 0.4500
	 	0.5000	 	5.5500	 	2.8667	 	10.6500	 	4.0700	 	15.7500	 	4.5800

  

															
	 Aggregate
Industry
Equivalent
 Unit Score

	 	 Diversity
 Score

	 	 Aggregate
Industry
Equivalent
 Unit Score

	 	 Diversity
 Score

	 	 Aggregate
Industry
Equivalent
 Unit Score

	 	 Diversity
 Score

	 	 Aggregate
Industry
Equivalent
 Unit Score

	 	 Diversity
 Score

	 0.5500
	 	0.6000	 	5.6500	 	2.9000	 	10.7500	 	4.0800	 	15.8500	 	4.5900
	 0.6500
	 	0.7000	 	5.7500	 	2.9333	 	10.8500	 	4.0900	 	15.9500	 	4.6000
	 0.7500
	 	0.8000	 	5.8500	 	2.9667	 	10.9500	 	4.1000	 	16.0500	 	4.6100
	 0.8500
	 	0.9000	 	5.9500	 	3.0000	 	11.0500	 	4.1100	 	16.1500	 	4.6200
	 0.9500
	 	1.0000	 	6.0500	 	3.0250	 	11.1500	 	4.1200	 	16.2500	 	4.6300
	 1.0500
	 	1.0500	 	6.1500	 	3.0500	 	11.2500	 	4.1300	 	16.3500	 	4.6400
	 1.1500
	 	1.1000	 	6.2500	 	3.0750	 	11.3500	 	4.1400	 	16.4500	 	4.6500
	 1.2500
	 	1.1500	 	6.3500	 	3.1000	 	11.4500	 	4.1500	 	16.5500	 	4.6600
	 1.3500
	 	1.2000	 	6.4500	 	3.1250	 	11.5500	 	4.1600	 	16.6500	 	4.6700
	 1.4500
	 	1.2500	 	6.5500	 	3.1500	 	11.6500	 	4.1700	 	16.7500	 	4.6800
	 1.5500
	 	1.3000	 	6.6500	 	3.1750	 	11.7500	 	4.1800	 	16.8500	 	4.6900
	 1.6500
	 	1.3500	 	6.7500	 	3.2000	 	11.8500	 	4.1900	 	16.9500	 	4.7000
	 1.7500
	 	1.4000	 	6.8500	 	3.2250	 	11.9500	 	4.2000	 	17.0500	 	4.7100
	 1.8500
	 	1.4500	 	6.9500	 	3.2500	 	12.0500	 	4.2100	 	17.1500	 	4.7200
	 1.9500
	 	1.5000	 	7.0500	 	3.2750	 	12.1500	 	4.2200	 	17.2500	 	4.7300
	 2.0500
	 	1.5500	 	7.1500	 	3.3000	 	12.2500	 	4.2300	 	17.3500	 	4.7400
	 2.1500
	 	1.6000	 	7.2500	 	3.3250	 	12.3500	 	4.2400	 	17.4500	 	4.7500
	 2.2500
	 	1.6500	 	7.3500	 	3.3500	 	12.4500	 	4.2500	 	17.5500	 	4.7600
	 2.3500
	 	1.7000	 	7.4500	 	3.3750	 	12.5500	 	4.2600	 	17.6500	 	4.7700
	 2.4500
	 	1.7500	 	7.5500	 	3.4000	 	12.6500	 	4.2700	 	17.7500	 	4.7800
	 2.5500
	 	1.8000	 	7.6500	 	3.4250	 	12.7500	 	4.2800	 	17.8500	 	4.7900
	 2.6500
	 	1.8500	 	7.7500	 	3.4500	 	12.8500	 	4.2900	 	17.9500	 	4.8000
	 2.7500
	 	1.9000	 	7.8500	 	3.4750	 	12.9500	 	4.3000	 	18.0500	 	4.8100
	 2.8500
	 	1.9500	 	7.9500	 	3.5000	 	13.0500	 	4.3100	 	18.1500	 	4.8200
	 2.9500
	 	2.0000	 	8.0500	 	3.5250	 	13.1500	 	4.3200	 	18.2500	 	4.8300
	 3.0500
	 	2.0333	 	8.1500	 	3.5500	 	13.2500	 	4.3300	 	18.3500	 	4.8400
	 3.1500
	 	2.0667	 	8.2500	 	3.5750	 	13.3500	 	4.3400	 	18.4500	 	4.8500
	 3.2500
	 	2.1000	 	8.3500	 	3.6000	 	13.4500	 	4.3500	 	18.5500	 	4.8600
	 3.3500
	 	2.1333	 	8.4500	 	3.6250	 	13.5500	 	4.3600	 	18.6500	 	4.8700
	 3.4500
	 	2.1667	 	8.5500	 	3.6500	 	13.6500	 	4.3700	 	18.7500	 	4.8800
	 3.5500
	 	2.2000	 	8.6500	 	3.6750	 	13.7500	 	4.3800	 	18.8500	 	4.8900
	 3.6500
	 	2.2333	 	8.7500	 	3.7000	 	13.8500	 	4.3900	 	18.9500	 	4.9000
	 3.7500
	 	2.2667	 	8.8500	 	3.7250	 	13.9500	 	4.4000	 	19.0500	 	4.9100
	 3.8500
	 	2.3000	 	8.9500	 	3.7500	 	14.0500	 	4.4100	 	19.1500	 	4.9200
	 3.9500
	 	2.3333	 	9.0500	 	3.7750	 	14.1500	 	4.4200	 	19.2500	 	4.9300
	 4.0500
	 	2.3667	 	9.1500	 	3.8000	 	14.2500	 	4.4300	 	19.3500	 	4.9400
	 4.1500
	 	2.4000	 	9.2500	 	3.8250	 	14.3500	 	4.4400	 	19.4500	 	4.9500
	 4.2500
	 	2.4333	 	9.3500	 	3.8500	 	14.4500	 	4.4500	 	19.5500	 	4.9600
	 4.3500
	 	2.4667	 	9.4500	 	3.8750	 	14.5500	 	4.4600	 	19.6500	 	4.9700
	 4.4500
	 	2.5000	 	9.5500	 	3.9000	 	14.6500	 	4.4700	 	19.7500	 	4.9800
	 4.5500
	 	2.5333	 	9.6500	 	3.9250	 	14.7500	 	4.4800	 	19.8500	 	4.9900
	 4.6500
	 	2.5667	 	9.7500	 	3.9500	 	14.8500	 	4.4900	 	19.9500	 	5.0000
	 4.7500
	 	2.6000	 	9.8500	 	3.9750	 	14.9500	 	4.5000	 	 	 	 
	 4.8500
	 	2.6333	 	9.9500	 	4.0000	 	15.0500	 	4.5100	 	 	 	 
	 4.9500
	 	2.6667	 	10.0500	 	4.0100	 	15.1500	 	4.5200INDENTURE AGREEMENT DATED SEPT 30 2004

 Exhibit 10.67 
  
 Dated as of September 30, 2004 
  
 MCG COMMERCIAL LOAN TRUST 2004–1, 
 Issuer, 
  
 and 
  
 WELLS FARGO BANK, NATIONAL ASSOCIATION, 
 as Indenture Trustee. 
  

  
 INDENTURE 
  

  
  
 MCG Commercial Loan Trust Notes, Series 2004–1 

 CONTENTS 
  

					
	 SECTION

	  	Page

	 PRELIMINARY STATEMENT
	  	1
		
	 GRANTING CLAUSE
	  	1
			
	 1.
	  	 DEFINITIONS
	  	3
	 	  	 Definitions
	  	3
	 	  	 Rules of Construction
	  	9
			
	 2.
	  	 THE NOTES
	  	10
	 	  	 Form
	  	10
	 	  	 Execution, Authentication and Delivery
	  	10
	 	  	 Conditions Precedent
	  	11
	 	  	 Transfer of Initial Loans to the Issuer
	  	11
			
	 3.
	  	 COVENANTS
	  	11
	 	  	 Collection of Payments on Loans; Trust Accounts; Transfer of Loans and Permitted Investments
	  	11
	 	  	 Maintenance of Office or Agency
	  	13
	 	  	 Funds for Payments To Be Held in Trust; Paying Agent
	  	14
	 	  	 Existence
	  	15
	 	  	 Payment of Principal and Interest on Senior Notes and Payments on Class D Notes
	  	15
	 	  	 Protection of Indenture Collateral
	  	16
	 	  	 Opinions as to Indenture Collateral
	  	17
	 	  	 Accountant’s Certificate; Annual Ratings Review; Certain Tax Matters
	  	17
	 	  	 Performance of Obligations; Sale and Servicing Agreement
	  	18
	 	  	 Negative Covenants
	  	18
	 	  	 Annual Statement as to Compliance
	  	19
	 	  	 Recording of Assignments
	  	20
	 	  	 Representations and Warranties Concerning the Loans
	  	20
	 	  	 Indenture Trustee’s Review of Loan Files
	  	20
	 	  	 Indenture Collateral; Related Documents
	  	20
	 	  	 Amendments to Sale and Servicing Agreement
	  	21
	 	  	 Investment Company Act
	  	21
	 	  	 Issuer May Not Consolidate or Merge
	  	21
	 	  	 Additional Covenants
	  	21
	 	  	 No Other Business
	  	22
	 	  	 No Borrowing
	  	22
	 	  	 Guarantees, Loans, Advances and Other Liabilities
	  	22

					
	 	  	 Capital Expenditures
	  	22
	 	  	 Restricted Payments
	  	22
	 	  	 Notice of Events of Default
	  	23
	 	  	 Further Instruments and Acts
	  	23
	 	  	 Statements to Noteholders
	  	23
	 	  	 Grant of Substitute Loans
	  	24
	 	  	 Determination of Note Rate
	  	24
			
	 4.
	  	 THE NOTES; SATISFACTION AND DISCHARGE OF INDENTURE
	  	24
	 	  	 The Notes
	  	24
	 	  	 Registration of Transfer and Exchange of Notes
	  	24
	 	  	 Mutilated, Destroyed, Lost or Stolen Notes
	  	38
	 	  	 Payment of Principal and Interest; Defaulted Amount
	  	39
	 	  	 Tax Treatment
	  	41
	 	  	 Satisfaction and Discharge of Indenture
	  	41
	 	  	 Termination Upon Distribution to Noteholders
	  	41
	 	  	 Application of Amounts Held in Trust
	  	43
	 	  	 Repayment of Amounts Held by Paying Agent
	  	43
	 	  	 No Gross-Up
	  	43
			
	 5.
	  	 REMEDIES
	  	43
	 	  	 Events of Default
	  	43
	 	  	 Acceleration of Maturity; Rescission and Annulment
	  	45
	 	  	 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee
	  	46
	 	  	 Remedies; Priorities
	  	48
	 	  	 Optional Preservation of the Indenture Collateral
	  	51
	 	  	 Limitation of Suits
	  	51
	 	  	 Unconditional Rights of Noteholders To Receive Principal and Interest
	  	52
	 	  	 Restoration of Rights and Remedies
	  	53
	 	  	 Rights and Remedies Cumulative
	  	53
	 	  	 Delay or Omission Not a Waiver
	  	53
	 	  	 Control by Noteholders
	  	53
	 	  	 Waiver of Past Defaults
	  	54
	 	  	 Undertaking for Costs
	  	54
	 	  	 Waiver of Stay or Extension Laws
	  	55
	 	  	 Sale of Indenture Collateral
	  	55
	 	  	 Action on Notes
	  	56
	 	  	 Performance and Enforcement of Certain Obligations
	  	56
			
	 6.
	  	 THE INDENTURE TRUSTEE
	  	57
	 	  	 Duties of Indenture Trustee
	  	57
	 	  	 Rights of Indenture Trustee
	  	59
	 	  	 Individual Rights of Indenture Trustee
	  	59
	 	  	 Indenture Trustee’s Disclaimer
	  	60
	 	  	 Notice of Event of Default
	  	60
	 	  	 Reports by Indenture Trustee to Holders
	  	60
	 	  	 Compensation and Indemnity
	  	60

					
	 	  	 Replacement of Indenture Trustee
	  	61
	 	  	 Successor Indenture Trustee by Merger
	  	62
	 	  	 Appointment of Co-Indenture Trustee or Separate Indenture Trustee
	  	63
	 	  	 Eligibility; Disqualification
	  	64
	 	  	 Representations, Warranties and Covenants of Wells Fargo
	  	65
	 	  	 Directions to Indenture Trustee
	  	66
			
	 7.
	  	 NOTEHOLDERS’ LISTS AND REPORTS
	  	66
	 	  	 Issuer To Furnish Indenture Trustee Names and Addresses of Noteholders
	  	66
	 	  	 Preservation of Information; Communications to Noteholders
	  	66
	 	  	 Fiscal Year
	  	67
			
	 8.
	  	 TRUST ACCOUNTS, DISBURSEMENTS AND RELEASES
	  	67
	 	  	 Collection of Money
	  	67
	 	  	 Accounts
	  	67
	 	  	 Opinion of Counsel
	  	68
	 	  	 Release of Indenture Collateral
	  	68
	 	  	 Remedies for Misrepresentations of MCG in Commercial Loan Sale Agreement; Release of Certain Indenture Collateral Upon Payment of Deposit
Transfer Amount
	  	68
	 	  	 Surrender of Notes Upon Final Payment
	  	69
			
	 9.
	  	 SUPPLEMENTAL INDENTURES
	  	69
	 	  	 Supplemental Indentures Without Consent of Noteholders
	  	69
	 	  	 Supplemental Indentures With Consent of Noteholders
	  	71
	 	  	 Notice of Supplemental Indentures to Noteholders
	  	72
	 	  	 Execution of Supplemental Indentures
	  	72
	 	  	 Effect of Supplemental Indenture
	  	72
	 	  	 Reference in Notes to Supplemental Indentures
	  	72
			
	 10.
	  	 REDEMPTION
	  	73
	 	  	 Optional Redemption and Tax Redemption
	  	73
	 	  	 Notice of Optional Redemption or Tax Redemption
	  	75
	 	  	 Manner of Notice of Optional Redemption or Tax Redemption or Maturity
	  	75
	 	  	 Notes Payable on Redemption Date
	  	76
	 	  	 Principal Prepayment; Special Redemption; Effective Date Ratings Downgrade
	  	77
			
	 11.
	  	 NOTEHOLDER RELATIONS
	  	78
	 	  	 Subordination
	  	78
	 	  	 Standard of Conduct
	  	80
			
	 12.
	  	 MISCELLANEOUS
	  	80
	 	  	 Compliance Certificates and Opinions, etc.
	  	80
	 	  	 Form of Documents Delivered to Indenture Trustee
	  	81
	 	  	 Acts of Noteholders
	  	82
	 	  	 Notices, etc., to Indenture Trustee and Others
	  	83
	 	  	 Notices to Noteholders; Waiver
	  	83
	 	  	 Alternate Payment and Notice Provisions
	  	84

					
	 	  	 Effect of Headings
	  	84
	 	  	 Successors and Assigns
	  	84
	 	  	 Severability
	  	84
	 	  	 Benefits of Indenture
	  	84
	 	  	 Legal Holidays
	  	84
	 	  	 Governing Law; Submission to Jurisdiction
	  	85
	 	  	 Counterparts
	  	85
	 	  	 Issuer Obligation
	  	85
	 	  	 No Petition
	  	86
	 	  	 Inspection; Confidentiality
	  	86
	 	  	 Limitation of Liability
	  	86

  

			
	 Exhibit A-1
	  	 Form of Class A-1 Rule 144A Global Note

	 Exhibit A-2
	  	 Form of Class A-1 Regulation S Global Note

	 Exhibit A-3
	  	 Form of Class A-2 Rule 144A Global Note

	 Exhibit A-4
	  	 Form of Class A-2 Regulation S Global Note

	 Exhibit B-1
	  	 Form of Class B Rule 144A Global Note

	 Exhibit B-2
	  	 Form of Class B Regulation S Global Note

	 Exhibit C
	  	 Form of Class C Rule 144A Individual Note

	 Exhibit D
	  	 Form of Class D Rule 144A Individual Note

	 Exhibit E
	  	 Form of Rule 144A Global Note Transfer Certificate

	 Exhibit F
	  	 Form of Regulation S Global Note Transfer Certificate

	 Exhibit G
	  	 Form of Class D Note Transfer Certificate

	 Exhibit H
	  	 Form of Noteholder Certificate

  

 THIS INDENTURE, dated as of September 30, 2004 (as amended, modified, restated, replaced, substituted,
supplemented, waived or extended from time to time, this Indenture), between MCG COMMERCIAL LOAN TRUST 2004–1, a Delaware statutory trust (the Issuer), and WELLS FARGO BANK, NATIONAL ASSOCIATION (Wells
Fargo), not in its individual capacity, except as herein expressly provided, but solely in its capacity as the Indenture Trustee (together with its successors and assigns, in such capacity, the Indenture Trustee). 

 
 PRELIMINARY STATEMENT 
  
 The Issuer is duly authorized to execute and deliver this Indenture to provide for the
issuance of the Notes as provided in this Indenture. All covenants and agreements made by the Issuer herein are for the benefit and security of the Senior Noteholders, the Servicer, the Backup Servicer and the Indenture Trustee (collectively, the
Secured Parties). The Issuer is entering into this Indenture, and the Indenture Trustee is accepting the trusts created hereby, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged.

  
 All things necessary to make this Indenture a valid agreement of the Issuer in
accordance with its terms have been done. 
  
 GRANTING CLAUSE 

 
 The Issuer hereby Grants to the Indenture Trustee, on behalf of and for the benefit of
the Secured Parties, subject to the terms of this Indenture and the other Transaction Documents, a continuing security interest in all of its right, title and interest in, to and under, in each case, whether now owned or existing, or hereafter
acquired or arising, all general intangibles, instruments and investment property (other than the Retained Interest) of any type or nature owned by it, including: 
  

	(a)	the Initial Loan Assets (related to or in connection with all Loans listed as of the Closing Date on the initial List of Loans delivered pursuant to Section 2.2(d) of the Sale and
Servicing Agreement) which the Issuer causes to be delivered directly or indirectly (through a Securities Intermediary) to the Indenture Trustee herewith, all payments thereon or with respect thereto, and all Additional Loan Assets and Substitute
Loan Assets delivered directly or indirectly (through a Securities Intermediary) to the Indenture Trustee after the Closing Date pursuant to the terms of, in the case of the Initial Loan Assets, the Sale and Servicing Agreement and, in the case of
the Additional Loan Assets and Substitute Loan Assets, the applicable Subsequent Transfer Agreement, and in each and every case, all payments thereon or with respect thereto; 

  

	(b)	the Accounts and Permitted Investments purchased with funds standing to the credit of the Accounts and all income from the investment of funds therein; 

  

	(c)	the Sale and Servicing Agreement and the Account Control Agreement; 

  

	(d)	all Cash delivered to the Indenture Trustee (directly or through a Securities Intermediary); and 

	(e)	all proceeds, accessions, profits, income benefits, substitutions and replacements, whether voluntary or involuntary, of and to any of the property of the Issuer described in the
preceding clauses (collectively, the Indenture Collateral). 

  
 Such
Grants are made to the Indenture Trustee to hold in trust, to secure the Senior Notes equally and ratably without prejudice, priority or distinction between any Class of Senior Notes, except as expressly provided in this Indenture and the Sale and
Servicing Agreement, and to secure (i) the payment of all other sums payable under this Indenture and the Sale and Servicing Agreement and (ii) compliance with the provisions of this Indenture and the other Transaction Documents, all as provided in
this Indenture and the Transaction Documents (collectively, the Secured Obligations). 
  
 Except to the extent otherwise provided in this Indenture, the Issuer does hereby constitute and irrevocably appoint the Indenture Trustee the true and lawful attorney of the Issuer, with full power (in the name of
the Issuer or otherwise), to exercise all rights of the Issuer with respect to the Indenture Collateral held for the benefit and security of the Secured Parties and to ask, require, demand, receive, settle, compromise, compound and give acquittance
for any and all amounts and claims for amounts due and to become due under or arising out of any of the Indenture Collateral held for the benefit and security of the Secured Parties, to endorse any checks or other instruments or orders in connection
therewith and to file any claims or take any action or institute any proceedings that the Indenture Trustee may deem to be necessary or advisable in the premises. The power of attorney granted pursuant to this Indenture and all authority hereby
conferred are granted and conferred solely to protect the Indenture Trustee’s interest in the Indenture Collateral held for the benefit and security of the Secured Parties and shall not impose any duty upon the Indenture Trustee to exercise any
power. This power of attorney shall be irrevocable as one coupled with an interest prior to the payment in full of all the Secured Obligations. 
  
 Except to the extent otherwise provided in this Indenture, this Indenture shall constitute a security agreement under the law of the State of New York. Upon the
occurrence of any Event of Default and in addition to any rights available under this Indenture or any other instruments included in the Indenture Collateral held for the benefit and security of the Secured Parties or otherwise available at law or
in equity, the Indenture Trustee shall have all rights and remedies of a secured party on default under the NYUCC and other Requirements of Law to enforce the security interests Granted hereby and, in addition, shall have the right, subject to
compliance with any mandatory requirements of applicable law, to sell or apply any rights and other interests assigned or pledged hereby in accordance with the terms hereof at public or private sale. 
  
 It is expressly agreed that anything therein contained to the contrary notwithstanding, the
Issuer shall remain liable under any instruments included in the Indenture Collateral to perform all the obligations assumed by it thereunder, all in accordance with and pursuant to the terms and provisions thereof, and except as otherwise expressly
provided herein, the Indenture Trustee shall not have any obligations or liabilities under such instruments by reason of or arising out of this Indenture, nor shall the Indenture Trustee be required or obligated in any manner to perform or fulfill
any obligations of the Issuer under or pursuant to such instruments or to make any payment, to make any inquiry as to the nature or sufficiency of any payment received by it, to present or file any claim, or to take any action to collect or enforce
the payment of any amounts which may have been assigned to it or to which it may be entitled at any time or times. 
  

 Page 2 

 The designation of the Securities Intermediary maintaining any Account as the transferee in any transfer document or
record is intended and shall be deemed to refer to such Securities Intermediary as custodian on behalf and for the benefit of the Issuer, subject to the security interest and rights of the Indenture Trustee hereunder. 
  
 The designation of the Indenture Trustee as the transferee in any transfer document or record
is intended and shall be deemed to refer to the Indenture Trustee as custodian on behalf of the Issuer, subject to the security interest and right of the Indenture Trustee hereunder. 
  
 The Indenture Trustee acknowledges such Grants, accepts the trusts hereunder in accordance with the provisions hereof, and agrees to perform
the duties herein such that the interests of the Secured Parties may be adequately and effectively protected. 
  
 1. DEFINITIONS 
  
 Definitions

  
 1.1 Certain defined terms used throughout this Indenture are defined
above or in this Section 1.1. In addition, except as otherwise expressly provided herein or unless the context otherwise requires, capitalized terms used but not otherwise defined herein shall have the meanings given to such terms in the Sale and
Servicing Agreement (as defined below), which are incorporated by reference herein. 
  
 Applicable Procedures has the meaning given to such term in subsection 4.2(j)(i). 
  
 Applicable Redemption Price means, with respect to any Redemption Date (a) with respect to any Senior Note, an amount equal to the sum of (i) the Outstanding Principal Balance of such Senior Note on such
Redemption Date and (ii) any unpaid interest thereon accrued at the Note Interest Rate for such Senior Note (including any related Defaulted Amount and interest on such Defaulted Amount) through such Redemption Date and (b) in connection with the
redemption of the Class D Notes, an amount equal to the proceeds of the Indenture Collateral remaining after giving effect to the redemption of the Senior Notes in accordance with Section 7.5(a) of the Sale and Servicing Agreement and the payment of
all other amounts payable prior to payments to the Class D Noteholders in accordance with Section 7.5(a) of the Sale and Servicing Agreement pro rata with respect to each Class D Noteholder based on the Outstanding Principal Balance of Class
D Notes owned by such Noteholder. 
  
 Authorized Newspaper means a
newspaper of general circulation in the Borough of Manhattan, The City of New York, printed in the English language and customarily published on each Business Day, whether or not published on Saturdays, Sundays or holidays. 
  
 Authorized Officer means, with respect to any Person, any person who is
authorized to act for such Person in matters relating to the Transaction Documents and whose action is binding upon such Person. With respect to the Issuer, any officer of the Owner Trustee who is authorized, 
  

 Page 3 

 pursuant to the Trust Agreement, to act for the Owner Trustee in matters relating to the Issuer. With respect to the
Trust Depositor or the Servicer, initially those individuals the names of whom are listed as Authorized Officers in the applicable incumbency certificate delivered on the Closing Date (as such list may be modified or supplemented from time to time
thereafter). With respect to the Indenture Trustee, any officer whose name is listed on the incumbency certificate delivered on the Closing Date (as such list may be modified or supplemented from time to time thereafter). 
  
 Beneficial Owner means, with respect to a Note, the Person who is the
beneficial owner of such Note, as reflected on the books of the Depository or on the books of a Person maintaining an account with such Depository (directly or as an indirect participant, in accordance with the rules of such Depository), as the case
may be. 
  
 Call Period means the period commencing on (and
including) the Remittance Date upon which the Outstanding Principal Balance of the Class A Notes is equal to or less than 20% of the Outstanding Principal Balance of the Class A Notes on the Closing Date; provided that so long as any Class
A-1 Notes are Outstanding, the Call Period shall not commence earlier than the Remittance Date occurring in April 2007. 
  
 Certificate Account has the meaning given to such term in Section 5.1 of the Trust Agreement. 
  
 Certificate Registrar means initially, the Indenture Trustee, and thereafter, any successor appointed pursuant to the Trust
Agreement. 
  
 Clearstream means Clearstream Banking, a
société anonyme, a limited liability company organized under the laws of Luxembourg. 
  
 Corporate Trust Office means in the case of Owner Trustee: Wilmington Trust Company, One Rodney Square North, Wilmington, Delaware 19890, Attention: Corporate Trust Administration and in the case of the
Indenture Trustee: Wells Fargo Bank, National Association, Sixth and Marquette Avenue, MAC N9311-161, Minneapolis, Minnesota 55479, Attention: Corporate Trust Services/Asset Backed Administration, or at such other address as the Owner Trustee or the
Indenture Trustee may designate from time to time by notice to the Issuer and the Servicer, or the principal corporate trust officer of any successor Owner Trustee or Indenture Trustee at the address designated by such successor by notice to the
Issuer and the Servicer. 
  
 Default means any occurrence that is,
or with the lapse of time, notice or both would (unless cured or waived) become, an Event of Default. 
  
 Depository means DTC or its successors or assigns. 
  
 Depository Participant means a Person from or to whom, from time to time, the Depository effects book-entry transfers and pledges of securities deposited with the Depository. 
  
 Direct Participant means any broker-dealer, bank or other financial institution
for whom the nominee of the Depository holds an interest in any Note. 
  

 Page 4 

 DTC means The Depository Trust Company and its successors and assigns. 
  
 DTC Custodian means the custodian appointed by DTC and identified by DTC to the
Indenture Trustee. 
  
 DUCC means the UCC as in effect from
time-to-time in the State of Delaware. 
  
 Entitlement Holder has
the meaning given to such term in Section 8-102(a)(7) of the NYUCC. 
  
 Entitlement Order has the meaning given to such term in Section 8-102(a)(8) of the NYUCC. 
  
 ERISA means The Employee Retirement Income Security Act of 1974, as amended, or any successor legislation thereto. 
  
 Event of Default has the meaning set forth in Section 5.1. 
  
 Expected Sale Proceeds means the sum of the proceeds as measured by the market
value of each type of Indenture Collateral (as set out in the table below) multiplied by the applicable factor (as set out in the table below, without interpolation) based on the number of Business Days that will elapse from (but not including) the
date of certification by the Servicer in respect of the sale of the Indenture Collateral pursuant to Section 10.1(d) through the date of the contemplated sale of such Indenture Collateral as measured by the expected trade date; provided that,
for any sale in which a sale agreement has been entered into and such agreement satisfies the requirements of Section 10.1(d)(i), the applicable factor will be 100%: 
  

													
	Number of Business Days for Sale of Collateral after Certification	 
					
	 Collateral Type

	  	Same Day

	 	 	 One to Two
 Business Days

	 	 	 Three to Five
 Business Days

	 	 	 Six to Fifteen
 Business Days

	 
	 Cash or Permitted Investments
	  	100	%	 	100	%	 	100	%	 	100	%
	 Loans
	  	100	%	 	93	%	 	92	%	 	88	%

  
 Financial Asset has the
meaning given to such term in Section 8-102(a)(9) of the NYUCC. 
  
 FRB means the Board of Governors of the Federal Reserve System. 
  
 General Intangible has the meaning given to such term in Section 9-102(a)(42) of the DUCC. 
  
 Global Note means any Note registered in the name of the Depository or its nominee, beneficial interests of which are reflected on the books of the
Depository or on the books of a Person maintaining any account with such Depository (directly or as an indirect participant in accordance with the rules of such Depository). The Global Notes shall include the Rule 144A Global Notes and the
Regulation S Global Notes. 
  

 Page 5 

 Grant means to mortgage, pledge, bargain, warrant, alienate, remise, release, convey, assign, transfer,
create, and grant a Lien upon and a security interest in and right of set-off against, deposit, set over and confirm pursuant to this Indenture. A Grant of Indenture Collateral or of any other agreement or instrument shall include all rights, powers
and options (but none of the obligations) of the granting party thereunder, including the immediate and continuing right to claim for, collect, receive and give receipt for principal and interest payments in respect of such collateral or other
agreement or instrument and all other amounts 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. 
  
 Indenture Collateral has the meaning given to such term in the Granting Clauses. 
  
 Indenture Trustee has the meaning given to such term in the preamble. 
  
 Indirect Participant means any financial institution for whom any Direct
Participant holds an interest in any Note. 
  
 Individual Note means
the Class C Notes and the Class D Notes registered in the name of the legal and beneficial holders thereof. 
  
 Instrument has the meaning given to such term in Section 9-102(a)(47) of the NYUCC. 
  
 Investment Property has the meaning given to such term in Section 9-102(a)(49) of the NYUCC. 
  
 Irish Paying Agent means NCB Stockbrokers Limited and its successors and assigns. 
  
 Issuer has the meaning given to such term in the preamble. 
  
 Issuer Order means a written order or request signed in the name of the Issuer
by any one of its Authorized Officers or by the Servicer on behalf of the Issuer pursuant to the Sale and Servicing Agreement and delivered to the Indenture Trustee. 
  
 Letter of Representations means the Letter of Representations, dated September 29, 2004 between the Issuer and the Depository.

  
 Majority means, with respect to any Notes of any Class, the
Holders of more than 50% of the Outstanding Principal Balance of the Notes of such Class. 
  
 MCG means MCG Capital Corporation, together with its successors and assigns. 
  
 Note Legend means, with respect to any Class of Notes, the legend for such Class set forth in the related form of Note attached hereto as Exhibit A-1, A-2,
A-3, A-4, B-1, B-2, C or D, as applicable. 
  
 Note Register has the
meaning given to such term in Section 4.2. 
  

 Page 6 

 Note Registrar has the meaning given to such term in Section 4.2. 
  
 NYUCC means the UCC as in effect in the State of New York.

  
 Opinion or Opinion of Counsel means a written opinion of
counsel, who may, without limitation, be counsel for MCG, such counsel to be acceptable to the Indenture Trustee in its reasonable determination and experienced in matters relating thereto. 
  
 Optional Redemption has the meaning given to such term in Section 10.1(a).

  
 Outstanding means as of the date of determination, all Notes
theretofore executed, authenticated and delivered under this Indenture except: 
  

	(a)	Notes in exchange for or in lieu of which other Notes have been executed, authenticated and delivered pursuant to this Indenture unless proof satisfactory to the Indenture Trustee
is presented that any such Notes are held by a holder in due course; and 

  

	(b)	Notes theretofore canceled by the Note Registrar or delivered to the Indenture Trustee for cancellation. 

  
 Owner means each Holder of a Note. 
  
 Owner Trustee means Wilmington Trust Company, not in its individual capacity but solely as trustee of the Issuer under the Trust Agreement, and any
successor Owner Trustee thereunder. 
  
 Paying Agent means, with
respect to the Notes, any paying agent or co-paying agent appointed pursuant to Section 3.3 of this Indenture, which initially shall be the Indenture Trustee, and at any time when any Class of Senior Notes is listed on the Irish Stock Exchange, NCB
Stockbrokers Limited. With respect to the Certificates, any paying agent or co-paying agent appointed pursuant to Section 3.9 of the Trust Agreement, which initially shall be Wells Fargo. 
  
 Percentage Interest means (a) with respect to a Class A Note, Class B Note, Class C Note or Class D Note, the fraction,
expressed as a percentage, the numerator of which is the denomination represented by such Class A Note, Class B Note, Class C Note or Class D Note and the denominator of which is the Outstanding Principal Balance of the Class A Notes, Class B Notes,
Class C Notes or Class D Notes, respectively, in each case on the Closing Date, as the case may be and (b) with respect to a Certificate, the percentage set forth on the face thereof. 
  
 Plan has the meaning given to such term in subsection 4.2(t). 
  
 Principal Prepayment: The meaning specified in Section 10.5(a). 
  
 Proceeding means any suit in equity, action at law or other judicial or administrative proceeding. 
  
 Qualified Institutional Buyer has the meaning ascribed to such term in Rule
144A under the Securities Act. 
  

 Page 7 

 Redemption Date: Any Remittance Date following the Closing Date on which any of the Notes and Certificates
are to be redeemed in whole. 
  
 Redemption Date Statement has the
meaning given to such term in Section 10.3. 
  
 Regulation S means
Regulation S under the Securities Act. 
  
 Regulation S Global Notes
means the Senior Notes sold in offshore transactions in reliance on Regulation S and represented by one or more Global Notes deposited with the Depository. 
  
 Regulation S Investor means a transferee of a Regulation S Global Note pursuant to Regulation S. 
  
 Regulation S Transfer Certificate means a letter substantially in the form
attached to this Indenture as Exhibit F. 
  
 Restricted Period means
the 40-day period prescribed by Regulation S commencing on the later of (a) the date upon which Senior Notes are first offered to Persons other than the Initial Purchaser and any other distributor (as such term is defined in Regulation S) of the
Senior Notes and (b) the Closing Date. 
  
 Rule 144A Transfer
Certificate means a letter substantially in the form attached to this Indenture as Exhibit E. 
  
 Rule 144A Global Notes means the Senior Notes sold within the United States to U.S. Persons, in the form of Global Notes, deposited with the Depository. 
  
 Rule 144A Notes means the Rule 144A Global Notes and the Individual Notes.

  
 Sale has the meaning given to such term in Section 5.15.

  
 Sale and Servicing Agreement means the Sale and Servicing
Agreement, dated as of September 30, 2004, between the Issuer, MCG Finance IV, LLC, MCG Capital Corporation and Wells Fargo as Indenture Trustee and Backup Servicer. 
  
 Securities Act means the Securities Act of 1933, as amended. 
  
 Securities Intermediary has the meaning given to such term in Section 8-102(a)(14) of the NYUCC. 
  
 Security Entitlement has the meaning given to such term in Section 8-102(a)(17)
of the NYUCC. 
  
 Series means 2004—1. 
  
 Servicer’s Certificate means the certificate as defined in Section 9.2 of
the Sale and Servicing Agreement. 
  

 Page 8 

 Servicing Officer means any officer of the Servicer involved in, or responsible for, the administration and
servicing of the Loans whose name appears on a list of servicing officers furnished to the Indenture Trustee by the Servicer, as such list may from time to time be amended. 
  
 Tax Event: For purposes of a Tax Redemption, a Tax Event will occur if (a) any obligor of any Loan is, or on the next
scheduled payment date under any Loan any obligor will be, subject to a Withholding Tax Event or (b) any jurisdiction imposes net income, profits or a similar tax on the Issuer. 
  
 Tax Materiality Condition: A condition that is satisfied if, during any twelve-month period, (a) a Withholding Tax Event
results in the withholding of 5% or more of the Interest Collections scheduled to be received in any Interest Accrual Period, or (b) the aggregate amount of any net income, profits or similar tax imposed on the Issuer exceeds $4,000,000. 

 
 Tax Redemption has the meaning given to such term in Section 10.1(a)(ii).

  
 Total Redemption Amount has the meaning given to such term in
Section 10.1(d)(i). 
  
 Transferee Letter means the letter set forth
in Exhibit E or Exhibit F to this Indenture, as applicable. 
  
 Trust
Certificate means a certificate evidencing the beneficial interest of a Certificateholder in the Issuer, substantially in the form of Exhibit A attached to the Trust Agreement. 
  
 Trust Company means Wilmington Trust Company (and any successor thereto or assign thereof), in its individual capacity, and
any other Person who shall act as Owner Trustee under the Trust Agreement, in its individual capacity. 
  
 Trust Indenture Act or TIA means the Trust Indenture Act of 1939, as amended from time to time, as in effect on any relevant date. 
  
 U.S. Person has the meaning given to such term in Rule 902 of Regulation S of
the Securities Act. 
  
 Withholding Tax Event: The occurrence of a
change in or the adoption of any U.S. or foreign tax statute or treaty, or any change in or the issuance of any regulation (whether final, temporary or proposed), rule, ruling, practice, procedure or judicial decision or interpretation of the
foregoing after the Closing Date which results in any portion of any payment due from any Obligor becoming properly subject to the imposition of U.S. or foreign withholding tax, unless fully compensated for by a “gross-up” provision under
the applicable Underlying Note (or, if there is no Underlying Note, the related Loan Documents). 
  
 Rules of Construction 
  
 1.2 Unless the
context otherwise requires: 
  

	(a)	an accounting term not otherwise defined has the meaning given to it in accordance with generally accepted accounting principles as in effect in the United States from time to time;

  

 Page 9 

	(b)	“or” is not exclusive; 

  

	(c)	“including” means including without limitation; 

  

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

  

	(e)	any pronouns shall be deemed to cover all genders; and 

  

	(f)	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, waived or supplemented and includes (in the case of agreements or instruments) references to all attachments thereto and instruments incorporated therein; references to a Person are also to its permitted
successors and assigns. 

  
 2. THE NOTES 
  
 Form, Authentication and Delivery of the Notes 
  
 2.1 The Notes, together with the Indenture Trustee’s certificate of authentication,
shall be in substantially the forms set forth in Exhibits A-1, A-2, A-3, A-4, B-1, B-2, C-1 and D 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 appropriate Authorized 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 Notes shall be typewritten or printed (without steel engraved borders), all as determined by the Authorized Officers executing such Notes, as evidenced by their
execution of such Notes. 
  
 The terms of the Notes set forth in Exhibits A-1,
A-2, A-3, A-4, B-1, B-2, C and D are part of the terms of this Indenture. 
  
 Execution, Authentication and Delivery 
  
 2.2 The Notes shall be
executed on behalf of the Issuer by any of the Authorized Officers 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 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. 
  

 Page 10 

 The Indenture Trustee shall upon Issuer Order authenticate and deliver the Notes for original issue in an aggregate
amount equal to the initial Outstanding Principal Balance of the Class A-1 Notes, Class A-2 Notes, Class B Notes, Class C Notes and Class D Notes, respectively as set forth in the definitions “Class A-1 Notes”, “Class A-2 Notes”,
“Class B Notes”, “Class C Notes” and “Class D Notes”, respectively, in the Sale and Servicing Agreement. 
  
 Each Note issued on the Closing Date shall be dated the date of its authentication and each such Note shall be authenticated as of the Closing Date. The Notes shall be
issuable as registered Notes in the minimum initial denominations of $500,000 and in integral multiples of $1,000 in excess thereof. 
  
 No Note shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose, unless there appears on such Note a certificate of authentication
substantially in the form provided for herein executed by the Indenture Trustee by the manual signature of one of its authorized signatories, and such certificate upon any Note shall be conclusive evidence, and the only evidence, that such Note has
been duly authenticated and delivered hereunder. 
  
 Conditions Precedent

  
 2.3 It shall be a condition to the issuance of the Notes by the Issuer
that, on or before the Closing Date, the Indenture Trustee and the Issuer shall have received evidence of the satisfaction of all conditions precedent (other than those that have been waived in writing by the Indenture Trustee) set forth in Section
2.2 of the Sale and Servicing Agreement. 
  
 Transfer of Initial Loans to the
Issuer 
  
 2.4 It shall be a condition to the issuance of the Notes by the
Issuer that, on or before the Closing Date, the Initial Loans shall be transferred to the Issuer pursuant to the terms and subject to the satisfaction of the conditions set forth in the Commercial Loan Sale Agreement and the Sale and Servicing
Agreement. 
  
 3. COVENANTS 
  
 Collection of Payments on Loans; Trust Accounts; Transfer of Loans and Permitted
Investments 
  

	3.1 (a)	The Indenture Trustee shall ensure that each of the Accounts is established and maintained as an Eligible Account. If any institution at which any of the Accounts are established
and maintained ceases to be a Qualified Institution, the Indenture Trustee shall within 10 Business Days establish a replacement account at a Qualified Institution after notice of such event. In no event shall the Indenture Trustee be responsible
for monitoring whether any Qualified Institution shall remain a Qualified Institution. The Indenture Trustee shall make all payments of principal of and interest on the Senior Notes and all payments on the Class D Notes, subject to Section 3.3 and
as provided in Section 3.5 herein, from any amounts standing to the credit of the Note Distribution Account. 

  

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	(b)	The Issuer agrees to deliver, and the Indenture Trustee shall hold and maintain possession of, all Underlying Notes related to any Loans in physical form at its Corporate Trust
Office. 

  

	(c)	Each time that the Issuer, or the Servicer on behalf of the Issuer, shall direct or cause the acquisition of any Loan, the Servicer (on behalf of the Issuer) shall deliver such Loan
to the Indenture Trustee to be held by it in accordance with the terms of this Indenture. 

  

	(d)	The security interest of the Indenture Trustee created by this Indenture shall come into existence and continue in all Indenture Collateral acquired on or after the Closing Date. On
the Closing Date and on each day any of the Indenture Collateral is acquired or otherwise becomes subject to the Lien of this Indenture, the Issuer represents and warrants to the Indenture Trustee as follows (which representations and warranties
shall survive the execution of this Indenture): 

  

	 	(i)	 	This Indenture creates a valid and continuing security interest (as defined in the NYUCC) in the Indenture Collateral in favor of the Indenture Trustee, which security interest is
prior to all other Liens, claims and encumbrances therein, and is enforceable as such as against creditors of, and purchasers from, the Issuer; 

  

	 	(ii)	 	The Indenture Collateral consists of (1) General Intangibles, (2) Instruments and (3) Investment Property. The parties hereto agree to treat each item of Investment Property as a
Financial Asset credited to an Account; 

  

	 	(iii)	 	(a) the Issuer’s rights under the Sale and Servicing Agreement constitute General Intangibles and (b) the assets credited to the Accounts constitute Financial Assets;

  

	 	(iv)	 	All Investment Property comprising part of the Indenture Collateral has been or upon acquisition by the Issuer will be credited to one of the Accounts. The Issuer, Wells Fargo and
the Indenture Trustee have each agreed to treat all assets credited to any Account as Financial Assets pursuant to the terms of an Account Control Agreement. Each Account constitutes a Securities Account; 

  

	 	(v)	 	The Issuer has received all consents and approvals required by the terms of the Underlying Note (or, if there is no Underlying Note, the related Loan Documents) of each item of the
Indenture Collateral to pledge to the Indenture Trustee its rights and interests in each item of the Indenture Collateral; 

  

	 	(vi)	 	In order to perfect the security interest in the Indenture Collateral Granted to the Indenture Trustee hereunder: 

  

	 	(A)	 	in the case of a Financial Asset standing to the credit of any Account, the Issuer will take all steps necessary to cause Wells Fargo to identify in its records the Indenture
Trustee as the Entitlement Holder of the Security Entitlement with respect to each such Financial Asset; 

  

 Page 12 

	 	(B)	 	in the case of an Instrument, the Issuer (or the Servicer on behalf of the Issuer) has delivered each such Instruments to the Indenture Trustee and the Indenture Trustee has agreed
to maintain possession of such Instrument at its Corporate Trust Office; 

  

	 	(C)	 	in the case of a General Intangible, the Issuer has caused or will cause, within 10 days of the Closing Date, the filing of all appropriate financing statements in the office of the
Secretary of State of the State of Delaware. 

  

	 	(vii)	 	No note evidencing an Instrument has any marks or notations indicating that such Instrument has been pledged, assigned or otherwise conveyed to any Person other than the Issuer (or
the Indenture Trustee for the benefit of the Secured Parties); 

  

	 	(viii)	 	The Accounts are not in the name of any Person other than the Indenture Trustee. The Indenture Trustee has not consented to Wells Fargo complying with Entitlement Orders of any
Person other than the Indenture Trustee and, in the case of the Principal and Interest Account only, the Servicer (so long as no Default, Event of Default or Servicer Default has occurred and is continuing); 

  

	 	(ix)	 	Other than the security interest Granted to the Indenture Trustee pursuant to this Indenture, the Issuer owns and has good and marketable title to the Indenture Collateral free and
clear of any Lien, claim or encumbrance of any Person; 

  

	 	(x)	 	Other than the security interest Granted to the Indenture Trustee pursuant to this Indenture the Issuer has not pledged, assigned, sold or Granted a security interest in, or
otherwise conveyed any of the Indenture Collateral. The Issuer has not authorized the filing of, and is not aware of, any financing statements against it that include a description of the Indenture Collateral other than any financing statement
relating to the security interest Granted to the Indenture Trustee hereunder or that has been terminated; and 

  

	 	(xi)	 	The Issuer is not aware of any judgment, Pension Benefit Guaranty Corporation lien or tax lien filed against the Issuer. 

  
 The Indenture Trustee and the Issuer shall not, without satisfying the Rating Agency
Condition, waive any of the representations and warranties set forth in this Section 3.1(d) or any breach thereof. The Issuer shall provide each Rating Agency and the Indenture Trustee with prompt written notice of any breach of the representations
and warranties set forth in this Section 3.1(d) and upon receipt of any such notice, the Indenture Trustee shall promptly notify each Noteholder. 
  
 Maintenance of Office or Agency 
  
 3.2 The Issuer will maintain with the Indenture Trustee an office or agency where, subject to satisfaction of conditions set forth herein, Notes may be surrendered for
registration of transfer or 
  

 Page 13 

 exchange, and where notices and demands to or upon the Issuer in respect of the Notes and this Indenture may be served.
The Issuer hereby initially appoints the Indenture Trustee to serve as its agent for the foregoing purposes. If at any time the Issuer shall fail to maintain any such office or agency or shall fail to furnish the Indenture Trustee with the address
thereof, such surrenders, notices and demands may be made or served at the Corporate Trust Office of the Indenture Trustee, and the Issuer hereby appoints the Indenture Trustee as its agent to receive all such surrenders, notices and demands.

  
 Funds for Payments To Be Held in Trust; Paying Agent 
  
 3.3 As provided in Section 3.1, all payments of amounts due and payable with respect to any
Notes that are to be made from amounts withdrawn from the Note Distribution Account pursuant to Section 3.1 shall be made on behalf of the Issuer by the Indenture Trustee or by another Paying Agent, and no amounts so withdrawn from the Note
Distribution Account for payments of Notes shall be paid over to the Issuer except as provided in this Section 3.3. 
  
 The Issuer will cause each Paying Agent other than the Indenture Trustee to execute and deliver to the Indenture Trustee an instrument in which such Paying Agent shall
agree with the Indenture Trustee (and if the Indenture Trustee acts as Paying Agent, it hereby so agrees), subject to the provisions of this Section 3.3, that such Paying Agent will: 
  

	(a)	hold all sums held by it for the payment of amounts due with respect to the Notes in trust for the benefit of the Persons entitled thereto until such sums shall be paid to such
Persons or otherwise disposed of as herein provided and pay such sums to such Persons as herein provided; 

  

	(b)	give the Indenture Trustee notice of any default by the Issuer of which it has actual knowledge in the making of any payment required to be made with respect to the Senior Notes;

  

	(c)	at any time during the continuance of any such default, upon the written request of the Indenture Trustee, forthwith pay to the Indenture Trustee all sums so held in trust by such
Paying Agent; 

  

	(d)	immediately resign as Paying Agent and forthwith pay to the Indenture Trustee all sums held by it in trust for the payment of Notes if at any time it ceases to meet the standards
required to be met by a Paying Agent as set forth in the Trust Agreement at the time of its appointment; and 

  

	(e)	comply with all requirements of the Code with respect to the withholding from any payments made by it on any Notes of any applicable withholding taxes imposed thereon and with
respect to any applicable reporting requirements in connection therewith. 

  
 The Issuer shall have for so long as any Senior Notes are listed on the Irish Stock Exchange, a Paying Agent for the payment of principal and interest on such Notes in Ireland and where notices and demands to or upon the Issuer in respect
of such Notes or this Indenture may be served and where such securities may be surrendered for registration or transfer or exchange. The Issuer shall appoint NCB Stockbrokers Limited as Paying Agent for the payment of principal and interest with
respect to only those securities listed on the Irish Stock Exchange. 
  

 Page 14 

 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 funds. 
  
 Subject to applicable laws with respect to escheat of funds, any funds 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 an Issuer Order; 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 funds shall
thereupon cease; provided that the Indenture Trustee or such Paying Agent, before being required to make any such repayment, shall at the expense and direction of the Issuer cause to be published once, in an Authorized Newspaper, notice that
such funds remain 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 funds then remaining will be repaid to the Issuer. The Indenture Trustee
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 amounts 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).

  
 Existence 
  
 3.4 The Issuer will keep in full effect its existence, rights and franchises as a statutory
trust under the Statutory Trust Statute and all of the equity interests in the Issuer shall at all times be owned only by the Trust Depositor so long as any Senior Notes are Outstanding. 
  
 Payment of Principal and Interest on Senior Notes and Payments on Class D Notes 
  
 3.5 The Issuer shall duly and punctually pay the principal of and interest on the Senior
Notes in accordance with the terms of such Senior Notes and shall make payments on the Class D Notes in accordance with the terms of the Class D Notes and, in each case, this Indenture and the Sale and Servicing Agreement. The Issuer will cause to
be distributed all amounts on deposit in the Note Distribution Account on a Remittance Date deposited therein pursuant to the Priority of Payments to the applicable Noteholders. Amounts properly withheld under the Code or any applicable state law by
any Person from a payment to any Noteholder of interest, principal or any other payments shall be considered as having been paid by the Issuer to such Noteholder for all purposes of this Indenture. 
  

 Page 15 

 Protection of Indenture Collateral 
  
 3.6 The Issuer intends the security interest Granted pursuant to this Indenture in favor of the Indenture Trustee on behalf of the Secured
Parties to be prior to all other Liens in respect of the Indenture Collateral, and the Issuer shall take or shall cause the Servicer to take all actions necessary to obtain and maintain, in favor of the Indenture Trustee for the benefit of the
Secured Parties, a first Lien on and a first priority, perfected security interest in the Indenture Collateral. In connection therewith, pursuant to Section 2.6 of the Sale and Servicing Agreement, the Issuer shall cause to be delivered into the
possession of the Indenture Trustee as pledgee hereunder, indorsed in blank, any Instruments evidencing any Loan which is part of the Indenture Collateral. The Indenture Trustee acknowledges and agrees that it holds the Indenture Collateral
delivered to it pursuant to this Indenture and the Sale and Servicing Agreement for the benefit of the Secured Parties. The Indenture Trustee agrees to maintain continuous possession of such delivered instruments as pledgee hereunder until this
Indenture shall have terminated in accordance with its terms or until, pursuant to the terms hereof or of the Sale and Servicing Agreement, the Indenture Trustee is otherwise authorized to release such Instrument from the Indenture Collateral. The
Servicer, on behalf of the Issuer, will from time to time prepare (or shall cause to be prepared), execute and deliver all such supplements and amendments hereto and all such financing statements, continuation statements, instruments of further
assurance and other instruments, and will take such other action necessary or advisable to: 
  

	 	(i)	 	Grant more effectively all or any portion of the Indenture Collateral; 

  

	 	(ii)	 	cause the Issuer to pay any and all taxes levied or assessed upon all or any part of the Indenture Collateral; 

  

	 	(iii)	 	maintain, preserve and perfect the Lien and security interest created pursuant to this Indenture (and the perfected, first priority nature of such security interest) or carry out
more effectively the purposes hereof; 

  

	 	(iv)	 	perfect, publish notice of or protect the validity of any Grant made or to be made by this Indenture (including any and all actions necessary or desirable as a result of changes in
law or regulation); 

  

	 	(v)	 	enforce any of the Loans, Instruments and any other property included in the Indenture Collateral; or 

  

	 	(vi)	 	preserve and defend title to the Indenture Collateral and the rights of the Indenture Trustee and the Secured Parties in such Indenture Collateral against the claims of all other
persons and parties. 

  
 The Issuer hereby designates the Indenture
Trustee as its agent and attorney-in-fact to file any financing statement, continuation statement or other instrument required to be executed pursuant to this Section 3.6. The Issuer agrees that a photocopy, electronic copy or other reproduction of
this Indenture or of a financing statement is sufficient as a financing statement. 
  

 Page 16 

 Opinions as to Indenture Collateral 
  

	3.7 (a)	On or before the Closing Date, the Issuer shall furnish to the Indenture Trustee an Opinion of Counsel (subject to customary qualifications) either stating that, in the opinion of
such counsel, such action has been taken with respect to the delivery of the Underlying Notes, Loan Documents and any other requisite documents, and with respect to the execution and filing of any financing statements and continuation statements, as
are necessary to perfect and make effective the Lien and security interest of this Indenture and reciting the details of such action, or stating that, in the opinion of such counsel, no such action is necessary to make such Lien and security
interest effective. 

  

	(b)	On or before December 31 in each calendar year, beginning in 2005, the Servicer on behalf of the Issuer will furnish to the Indenture Trustee an Opinion of Counsel at the expense of
the Issuer either stating that, in the opinion of such counsel (subject to customary qualifications), such action has been taken with respect to any other requisite documents and with respect to the execution and filing of any financing statements
and continuation statements as is necessary to maintain the perfection of the Lien and security interest created by this Indenture and reciting the details of such action or stating that in the opinion of such counsel no such (subject to customary
qualifications) action is necessary to maintain the perfection of such Lien and security interest. Such Opinion of Counsel shall also describe any other requisite documents and the execution and filing of any financing statements and continuation
statements that will, in the opinion of such counsel (subject to customary qualifications), be required to maintain the Lien and security interest of this Indenture until December 31 in the following calendar year (subject to customary
qualifications). 

  
 Accountant’s Certificate; Annual
Ratings Review; Certain Tax Matters 
  

	3.8 (a)	The Servicer on behalf of the Issuer shall request an annual review of the ratings assigned to each Class of Notes by Moody’s and Fitch. The Servicer on behalf of the Issuer
shall promptly notify the Indenture Trustee in writing (who shall promptly notify the Senior Noteholders) if at any time the rating of any Class of Senior Notes has been or the Servicer or the Issuer, as applicable, knows will be, qualified,
downgraded or withdrawn. Upon receipt of such notice, the Indenture Trustee, in the name and at the expense of the Issuer, shall promptly notify (i) the Noteholders of any such qualification, downgrade or withdrawal of the ratings on any Class of
Senior Notes and (ii) if and for so long as any Class of Senior Notes is listed on the Irish Stock Exchange, the Irish Paying Agent of any qualification, downgrade or withdrawal of the ratings on any such Class of Senior Notes.

  

	(b)	If required to prevent the withholding or imposition of U.S. Federal income tax, the Issuer shall deliver or cause to be delivered an IRS Form W-9, or successor form, to each
Obligor of a Loan in the Indenture Collateral at the time such Loan is purchased by the Issuer and annually thereafter; provided that any form required to be delivered under this Section 3.8 shall be delivered by the Issuer on or prior to
March 1 of each year. 

  

 Page 17 

 Performance of Obligations; Sale and Servicing Agreement 
  

	3.9 (a)	The Issuer will punctually perform and observe all of its obligations and agreements contained in this Indenture, the Transaction Documents and in the instruments and agreements
included in the Indenture Collateral. 

  

	(b)	The Issuer may contract with other Persons to assist it in performing its duties under this Indenture, the Transaction Documents and in the instruments and agreements included in
the Indenture Collateral, 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 Servicer to assist the Issuer in performing its duties under this Indenture, the Transaction Documents and in the instruments and agreements included in the Indenture Collateral. 

  

	(c)	The Issuer will not take any action or permit any action to be taken by others which would release any Person from any of such Person’s covenants or obligations under any of
the documents relating to the Loans or under any instrument included in the Indenture Collateral, or which would result in the amendment, subordination (whether in right of payment or grant of security), termination or discharge of, or impair the
validity or effectiveness of, any of the documents relating to the Loans or any Instrument, except such actions as the Servicer is expressly permitted to take pursuant to the Transaction Documents. 

  

	(d)	If the Servicer, Indenture Trustee or the Issuer shall have knowledge of the occurrence of a Servicer Default, the Issuer shall promptly notify the Indenture Trustee and the Rating
Agencies thereof, and shall specify in such notice the action, if any, the Issuer is taking in respect of such Servicer Default. If such Servicer Default arises from the failure of the Servicer to perform any of its duties or obligations under the
Sale and Servicing Agreement with respect to the Loans, the Issuer may remedy such failure. So long as any such Servicer Default shall be continuing, the Indenture Trustee may exercise its remedies set forth in Section 8.2 of the Sale and Servicing
Agreement. Unless granted or permitted by the Holders of the Notes to the extent provided above, the Issuer may not waive any such Servicer Default or terminate the rights and powers of the Servicer under the Sale and Servicing Agreement.

  
 Negative Covenants 
  
 3.10 So long as any Notes are Outstanding, the Issuer shall not: 
  

	(a)	except as expressly permitted by this Indenture or any other Transaction Document, sell, transfer, exchange or otherwise dispose of or pledge, mortgage or otherwise encumber (or
permit such to occur or suffer such to exist), any part of the Indenture Collateral; 

  

	(b)	claim any credit on, or make any deduction from the principal or interest payable in respect of, the Senior Notes or any payments in respect of the Class D Notes (other than, in
each case, amounts properly withheld from such payments under the Code or 

  

 Page 18 

 applicable state law) 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 Indenture Collateral; 
  

	(c)	permit the validity or effectiveness of this Indenture or any Grant hereunder to be impaired, or permit the Lien of this Indenture to be amended, subordinated (whether in right of
payment or grant of security), terminated or discharged, or permit the Lien of this Indenture to be amended, subordinated (whether in right of payment or grant of security), 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, permit any Lien, charge, excise, claim, security interest, mortgage or other encumbrance (other than the Lien of this Indenture or
any other Transaction Document) to be created on or extend to or otherwise arise upon or burden the Indenture Collateral or any part thereof or any interest therein or the proceeds thereof or permit the Lien of this Indenture not to constitute a
valid first priority security interest in the Indenture Collateral; 

  

	(d)	(A) incur or assume any indebtedness other than the Notes and any indebtedness pursuant to this Indenture, (B) incur, assume or guarantee the indebtedness of any Person, (C) enter
into a securities lending transaction or (D) issue any additional certificates representing an ownership interest in the Issuer other than the Certificates authorized to be issued as of the Closing Date; 

  

	(e)	except for any agreements involving the purchase and sale of Loans having customary purchase or sale terms and documented with customary loan trading documentation, be a party to
any agreements unless such agreements contain “non-petition” and “limited recourse” provisions; 

  

	(f)	amend any “non-petition” and “limited recourse” provisions in any agreement without first satisfying the Rating Agency Condition; or 

  

	(g)	except as expressly permitted in the Transaction Documents, dissolve or liquidate in whole or in part. 

  
 Annual Statement as to Compliance 
  
 3.11 The Issuer will deliver to the Indenture Trustee and the Rating Agencies, within 90 days after the end of each calendar year (commencing with the calendar year
ending 2005), or within three Business Days if there has been an Event of Default under this Indenture, an Officer’s Certificate stating, as to the Person signing such Officer’s Certificate, that: 
  

	(a)	a review of the activities of the Issuer during such year (or such shorter period as may be applicable if an Officer’s Certificate is delivered in respect of an Event of
Default) and of its performance under this Indenture has been made under such Person’s supervision or direction; and 

  

 Page 19 

	(b)	to the best of such Person’s knowledge, based on such review, (i) there did not exist, as at a date not more than five days prior to the date of the certificate or, in the case
of the first such certificate, the date hereof, nor had there existed at any time prior thereto since the date of the last certificate, any Event of Default or, if such an Event of Default did then exist or had existed, specifying the same and the
nature and status thereof, including actions undertaken to remedy the same and (ii) the Issuer has complied with all conditions and covenants under this Indenture throughout such year (or such shorter period as may be applicable if an Officer’s
Certificate is delivered in respect of an Event of Default), or, if there has been such a default in its compliance with any such condition or covenant, specifying each such default known to such Person and the nature and status thereof.

  
 Recording of Assignments 
  
 3.12 The Issuer shall submit or cause to be submitted for recording all Loan Assignments
within the time period set forth in the Sale and Servicing Agreement. 
  
 Representations and Warranties Concerning the Loans 
  
 3.13 The
Issuer has pledged to the Indenture Trustee for the benefit of the Senior Noteholders all of its rights under the Sale and Servicing Agreement and the Indenture Trustee has the benefit of the representations and warranties made by MCG and the Trust
Depositor in such document concerning the Loans transferred to the Issuer and the right to enforce any remedy against the Originator and the Trust Depositor provided in the Sale and Servicing Agreement, to the same extent as though such
representations and warranties were made directly to the Indenture Trustee. 
  
 Indenture Trustee’s Review of Loan Files 
  
 3.14 The
Indenture Trustee agrees, for the benefit of the Senior Noteholders, to review the Loan Files as provided in Section 2.8 of the Sale and Servicing Agreement. 
  
 Indenture Collateral; Related Documents 
  

	3.15 (a)	When instructed to do so by the Issuer or the Servicer, the Indenture Trustee 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 expressly permitted by this Indenture or the Sale and Servicing Agreement. No party relying upon an instrument executed by the Indenture Trustee as provided in this
Section 3 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 funds. 

  

	(b)	In order to facilitate the servicing of the Loans, the Indenture Trustee authorizes the Servicer in the name and on behalf of the Indenture Trustee and the Issuer, to perform its
duties and obligations under the Sale and Servicing Agreement and the Indenture Trustee agrees to perform its obligations thereunder in accordance with the terms thereof. 

  

	(c)	The Indenture Trustee shall, at such time as there are no Notes Outstanding, release all of the Indenture Collateral to the Issuer (other than any cash held for the payment of the
Notes pursuant to Section 3.3 or 4.6), subject, however, to the rights of the Indenture Trustee under Section 6.7. 

  

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 Amendments to Sale and Servicing Agreement 
  
 3.16 The Indenture Trustee may enter into any amendment or supplement to the Sale and Servicing Agreement only in accordance with Section 13
of the Sale and Servicing Agreement. The Indenture Trustee may, in its reasonable discretion, decline to enter into or consent to any such supplement or amendment if its own rights, duties or immunities shall be adversely affected in any material
respect. 
  
 Investment Company Act 
  
 3.17 The Issuer shall not be required to register as an “investment company” under
the Investment Company Act of 1940, as amended (or any successor or amendatory statute). 
  
 Issuer May Not Consolidate or Merge 
  

	3.18 (a)	The Issuer shall not consolidate or merge with or into any other Person. 

  

	(b)	Except as expressly permitted hereunder or under the Transaction Documents, the Issuer shall not convey or transfer all or substantially all of its properties or assets, including
those included in the Indenture Collateral, to any Person. 

  
 Additional Covenants 
  

	3.19 (a)	The Issuer shall comply with all applicable laws, rules, regulations, orders, writs, judgments, injunctions, decrees, determinations and awards (including any fiscal and accounting
rules and regulations and any foreign or domestic law, rule or regulation), including in connection with the issuance, offer and sale of the Notes. 

  

	(b)	The Issuer shall give prompt notice in writing to the Indenture Trustee and each Rating Agency upon becoming aware of the occurrence of any Default or Event of Default under this
Indenture. 

  

	(c)	The Issuer shall comply with the terms and conditions of this Indenture, the Notes and the other Transaction Documents to which it is a party. The Issuer shall take all actions as
may be necessary to ensure that all of the Issuer’s representations and warranties made pursuant to the Transaction Documents are true and correct as of the date thereof and continue to be true and correct for so long as any Notes are
Outstanding. The Issuer further agrees not to authorize the Indenture Trustee or Servicer to act in contravention of the representations, warranties and agreements of the Servicer under the Sale and Servicing Agreement. 

  

	(d)	The Issuer shall not (i) commence any case, proceeding or other action under any existing or future law of any jurisdiction, domestic or foreign, relating to bankruptcy, insolvency,
reorganization or relief of debtors, seeking to have any order for relief entered with 

  

 Page 21 

 respect to it, or seeking reorganization, arrangement, adjustment, winding-up, liquidation, dissolution,
composition or other relief with respect to it or its debts or (ii) seek appointment of a receiver, trustee, custodian or other similar official for it or for all or any substantial part of its assets, or make a general assignment for the benefit of
its creditors or take any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the acts set forth above; and the Issuer shall generally pay its debts as they become due and not admit in writing its
inability to pay its debts as they become due. 
  
 No Other Business

  

	3.20 (a)	The Issuer shall have no employees and shall not engage in any business or activity other than (i) the issuance, payment and redemption of (A) the Notes pursuant to this Indenture
and the Sale and Servicing Agreement and (B) the Certificates, (ii) solely for its own account, acquiring, managing, holding, pledging, financing and selling the Loans and other Indenture Collateral described in the Granting Clauses and the
ownership interests in the Issuer and (iii) engaging in any other activities incidental to the foregoing. 

  

	(b)	 	Without the prior written consent of each Senior Noteholder, the Issuer will not amend or permit any amendment to the Trust Agreement if such amendment would materially adversely
effect the Senior Noteholders or result in the rating of any Class of Senior Notes being reduced or withdrawn. 

  
 No Borrowing 
  
 3.21 The Issuer shall not issue, incur, assume, guarantee or otherwise become liable, directly or indirectly, for any indebtedness except for the Notes and any other indebtedness permitted by the Transaction
Documents. 
  
 Guarantees, Loans, Advances and Other Liabilities

  
 3.22 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. 
  
 Capital Expenditures 
  
 3.23 The Issuer shall not make any expenditure (by long-term or operating lease or
otherwise) for capital assets (either realty or personalty). 
  
 Restricted
Payments 
  
 3.24 The Issuer shall not, directly or indirectly, (i) pay any
dividend or make any distribution (by reduction of capital or otherwise), whether in cash, property, securities or a combination 
  

 Page 22 

 thereof, to the Owner Trustee or the Trust Depositor or otherwise with respect to any ownership or equity interest or
security in or of the Issuer other than in accordance with the Priority of Payments, (ii) redeem, purchase, retire or otherwise acquire for value any such ownership or equity interest or security other than as expressly permitted herein and in the
Sale and Servicing Agreement or (iii) set aside or otherwise segregate any amounts for any such purpose; provided, that the Issuer may make, or cause to be made, (x) distributions to the Owner Trustee, the Trust Company and the
Certificateholder as contemplated by, and to the extent funds are available for such purpose under the Trust Agreement and the Sale and Servicing Agreement, (y) payment to the Servicer and/or Trust Depositor pursuant to the terms of the Sale and
Servicing Agreement or the other Transaction Documents and (z) payments to the Indenture Trustee pursuant to terms of the Sale and Servicing Agreement. The Issuer will not, directly or indirectly, make payments to or distributions from the Note
Distribution Account except in accordance with this Indenture and the Transaction Documents. 
  
 Notice of Events of Default 
  
 3.25 The
Issuer shall give the Indenture Trustee and the Rating Agencies prompt written notice of each Event of Default hereunder and under the Trust Agreement. 
  
 Further Instruments and Acts 
  
 3.26 Upon request of the Indenture Trustee, 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. 
  
 Statements to
Noteholders 
  
 3.27 The Indenture Trustee shall forward by mail to each
Noteholder the statements delivered to it pursuant to Section 9 of the Sale and Servicing Agreement except for the Note Valuation Report. The Indenture Trustee may mail copies to or make available to each of the Noteholders, the parties to the
Transaction Documents and the Rating Agencies, via the Indenture Trustee’s internet website, each Note Valuation Report and, with the consent or at the direction of the Trust Depositor, such other information regarding the Notes and the Loans
as the Indenture Trustee may have in its possession, but only with the use of a password provided by the Indenture Trustee or its agent to such Person upon receipt by the Indenture Trustee from such Person of a certification in the form of Exhibit H
hereto; provided, that the Indenture Trustee or its agent shall provide such password to the parties to the Transaction Documents and the Rating Agencies without requiring such certification. 
  
 The Indenture Trustee’s Internet website shall be initially located at
“www.CTSLink.com” or at such other address as shall be specified by the Indenture Trustee from time to time in writing to the Noteholders, the parties to the Transaction Documents and the Rating Agencies. In connection with providing
access to the Indenture Trustee’s internet website, the Indenture Trustee may require registration and the acceptance of a disclaimer. The Indenture Trustee shall not be liable for the dissemination of information in accordance with this
Agreement. 
  

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 Grant of Substitute Loans 
  
 3.28 In consideration of the delivery on each Transfer Date pursuant to and in accordance with the terms of Sections 2.4 and 2.7 of the Sale
and Servicing Agreement, the Issuer shall, on such Transfer Date, grant to the Indenture Trustee a security interest in all of its right, title and interest in the Loans being transferred on such Transfer Date and simultaneously with the grant of
the Additional Loan Assets and Substitute Loan Assets, the Issuer will cause the related Loan File to be delivered to the Indenture Trustee. 
  
 Determination of Note Rate 
  
 3.29 Until the Outstanding Principal Balance of each Class of Senior Notes has been reduced to zero, the Indenture Trustee shall determine LIBOR, the Class A-1 Note
Interest Rate, the Class A-2 Note Interest Rate, the Class B Note Interest Rate and the Class C Note Interest Rate for each Class of Senior Notes for each Interest Accrual Period as provided in Section 7.6 of the Sale and Servicing Agreement and
shall inform the Issuer, the Trust Depositor, the Servicer and, upon request, the Initial Purchaser and any Senior Noteholder, at their respective email addresses given to the Indenture Trustee in writing thereof. Any such determination by the
Indenture Trustee of the amount of interest distributable on the Class A-1 Notes, the Class A-2 Notes, the Class B Notes and the Class C Notes shall be binding on the parties absent manifest error. 
  
 4. THE NOTES; SATISFACTION AND
DISCHARGE OF INDENTURE 
  
 The Notes 
  
 4.1 The Class A Notes and Class B Notes shall be
registered in the name of Cede & Co. Beneficial Owners will hold interests in the Class A Notes, Class B Notes and Class C Notes through the book-entry facilities of the Depository in minimum denominations of $500,000 and integral multiples of
$1,000 in excess thereof. Subject to subsections 4.2(b), (p), (q) and (r), all of the Class D Notes shall be issued in the name as set forth on an Issuer Order delivered to the Indenture Trustee. 
  
 The Notes shall, on original issue, be executed by the Issuer, authenticated by the Indenture
Trustee and delivered by the Indenture Trustee to or upon the order of the Issuer. 
  
 Registration of Transfer and Exchange of Notes 
  

	4.2 (a)	The Indenture Trustee shall cause to be kept a Note Register (the Note Register) in which, subject to such reasonable regulations as it may prescribe, the Issuer shall
provide for the registration of Notes and the registration of transfers and exchanges of Notes as herein provided. The Indenture Trustee shall be “Note Registrar” for the purpose of registering Notes and transfers of Notes as herein
provided. The Note Register shall contain the name, remittance instructions, Class of each Noteholder, as well as the Series and the number in the Series. 

  

	(b)	 	Each Class of Notes shall be issued in minimum denominations of $500,000 initial principal amount and integral multiples of $1,000 in excess thereof. On the Closing Date,

  

 Page 24 

 the Indenture Trustee will execute and authenticate (i) in the case of the Class A Notes and Class B
Notes, one or more Global Notes and (ii) in the case of the Class C Notes and Class D Notes, Individual Notes registered in the name of the legal and beneficial holder thereof, and in each case in the initial Outstanding Principal Balance for the
Class A-1 Notes, Class A-2 Notes, Class C Notes and Class D Notes as set forth in the Sale and Servicing Agreement in the definitions “Class A-1 Notes”, “Class A-2 Notes”, “Class B Notes”, “Class C Notes” and
“Class D Notes”, respectively. 
  
 The Global Notes (i)
shall be delivered by the Indenture Trustee to the DTC Custodian, registered in the name of Cede & Co. and (ii) shall bear a legend substantially to the following effect: 
  
 “ANY TRANSFER, PLEDGE OR OTHER USE OF THIS NOTE FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL, SINCE THE
REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN, UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (“DTC“), NEW YORK, NEW YORK, TO THE ISSUER OR THEIR AGENT FOR REGISTRATION OF
TRANSFER, EXCHANGE OR PAYMENT AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR OF SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO.). 
  
 “TRANSFERS OF THIS NOTE SHALL BE LIMITED TO TRANSFERS IN WHOLE, AND NOT
IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE, AND TRANSFERS OF INTERESTS IN THIS NOTE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE.” 
  
 The Global Notes may be deposited with such other depository as the Issuer
may from time to time designate, and shall bear such legend as may be appropriate; provided, that, such successor depository maintains a book-entry system that qualifies to be treated as “registered form” under Section
163(f)(3) of the Code. 
  
 The Issuer and the Indenture Trustee
are hereby authorized to execute and deliver a Letter of Representations with the Depository relating to the Global Notes. 
  

	(c)	With respect to Global Notes registered in the Note Register in the name of Cede & Co., as nominee of the Depository, the Issuer, the Servicer, the Owner Trustee (as such and in
its individual capacity) and the Indenture Trustee shall have no responsibility or obligation to Direct or Indirect Participants or beneficial owners for which the Depository holds Global Notes from time to time as a Depository. Without limiting the
immediately preceding sentence, the Issuer, the Servicer, the Owner Trustee (as such and in its individual capacity) and the Indenture Trustee shall have no responsibility or obligation with respect to (a) the accuracy of the records of the
Depository, Cede & Co., or any Direct or Indirect Participant with respect to the ownership interest in the Global Notes, 

  

 Page 25 

 (b) the delivery to any Direct or Indirect Participant or any other Person, other than a registered
Holder of a Global Note, (c) the payment to any Direct or Indirect Participant or any other Person, other than a registered Holder of a Global Note as shown in the Note Register, of any amount with respect to any distribution of principal or
interest on the Notes or (d) the making of book-entry transfers among Direct Participants of the Depository with respect to Global Notes registered in the Note Register in the name of the nominee of the Depository. No Person other than a registered
Holder of a Global Note as shown in the Note Register shall receive a Global Note evidencing such Global Note. 
  

	(d)	Upon delivery by the Depository to the Indenture Trustee of written notice to the effect that the Depository has determined to substitute a new nominee in place of Cede & Co.,
and subject to the provisions hereof with respect to the payment of distributions by the mailing of checks or drafts to the registered Holders of Global Notes appearing as registered Owners in the Note Register on a Record Date, the name “Cede
& Co.” in this Indenture shall refer to such new nominee of the Depository. 

  

	(e)	In the event that the Depository or the Servicer advises the Indenture Trustee in writing that the Depository is no longer willing or able to discharge properly its responsibilities
as nominee and depository with respect to the Global Notes and the Servicer is unable to locate a qualified successor, the Servicer may determine that the Global Notes shall be registered in the name of and deposited with a successor depository
operating a global book-entry system, as may be acceptable to the Servicer, or such depository’s agent or designee but, if the Servicer does not select such alternative global book-entry system, then upon surrender to the Note Registrar of the
Global Notes by the Depository, accompanied by the registration instructions from the Depository for registration, the Indenture Trustee shall at the Servicer’s expense authenticate Individual Notes. Neither the Servicer nor 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 Individual Notes, the Indenture Trustee, the Note Registrar, the
Servicer, any Paying Agent and the Issuer shall recognize the Holders of the Individual Notes as Noteholders hereunder. 

  

	(f)	Notwithstanding any other provision of this Agreement to the contrary, so long as any Global Notes are registered in the name of Cede & Co., as nominee of the Depository, all
distributions of principal and interest on such Global Notes and all notices with respect to such Global Notes shall be made and given, respectively, in the manner provided in the Letter of Representations. 

  

	(g)	Subject to the preceding paragraphs, upon surrender for registration of transfer of any Note at the office of the Note Registrar and, upon satisfaction of the conditions set forth
below, the Issuer shall execute in the name of the designated transferee or transferees, a new Note of the same Percentage Interest and dated the date of authentication by the Indenture Trustee. The Note Registrar shall notify the Servicer and the
Indenture Trustee of any such transfer. 

  

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 At the option of the Noteholders, Notes may be exchanged for other Notes in authorized denominations of a
like Class, upon surrender of the Notes to be exchanged at such office. Whenever any Notes are so surrendered for exchange, the Issuer shall execute the Notes which the Noteholder making the exchange is entitled to receive. Every Note presented or
surrendered for transfer or exchange shall be accompanied by wiring instructions, if applicable. 
  

	(h)	No service charge shall be made for any transfer or exchange of Notes, but prior to transfer the Note Registrar may require payment by the transferor of a sum sufficient to cover
any tax or governmental charge that may be imposed in connection with any transfer or exchange of Notes. 

  
 All Notes surrendered for payment, transfer and exchange or redemption shall be marked canceled by the Note Registrar and retained for one year and
destroyed thereafter. 
  

	(i)	By acceptance of an Individual Note, whether upon original issuance or subsequent transfer or exchange of a Global Note for an Individual Note pursuant to this Indenture, each
holder of such a Note acknowledges the restrictions on the transfer of such Note set forth in the Note Legend and agrees that it will transfer such a Note only as provided herein. In addition to the provisions of subsection 4.2(n) the following
restrictions shall apply with respect to the transfer and registration of transfer of an Individual Note to a transferee that takes delivery in the form of an Individual Note: 

  

	 	(i)	The Note Registrar shall register the transfer of an Individual Note if the requested transfer is being made to a transferee who has provided the Note Registrar with a Rule 144A
Certification. 

  

	 	(ii)	The Note Registrar shall register the transfer of any Individual Note if (x) the transferor has advised the Note Registrar in writing that the Note is being transferred to a
Qualified Institutional Buyer and (y) prior to the transfer the transferee furnishes to the Note Registrar a Transferee Letter, provided that, if based upon an Opinion of Counsel to the effect that the delivery of (x) and (y) above are not
sufficient to confirm that the proposed transfer is being made pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and other applicable laws, the Note Registrar may as a condition of
the registration of any such transfer require the transferor to furnish other certifications, legal opinions or other information prior to registering the transfer of an Individual Note. 

  

	(j)	Subject to subsection 4.2(n), so long as a Global Note remains outstanding and is held by or on behalf of the Depository, transfers of beneficial interests in the Global Note, or
transfers by holders of Individual Notes to transferees that take delivery in the form of beneficial interests in the Global Note, may be made only in accordance with this subsection 4.2(j) and in accordance with the rules of the Depository.

  

 Page 27 

	 	(i)	Rule 144A Global Note to Regulation S Global Note During the Restricted Period. If, during the Restricted Period, a Beneficial Owner of an interest in a Rule 144A Global Note
wishes at any time to transfer its beneficial interest in such Rule 144A Global Note to a Person who wishes to take delivery thereof in the form of a beneficial interest in a Regulation S Global Note, such Beneficial Owner may, in addition to
complying with all applicable rules and procedures of the Depository and Clearstream or Euroclear applicable to transfers by their respective participants (the Applicable Procedures), transfer or cause the transfer of such beneficial
interest for an equivalent beneficial interest in the Regulation S Global Note only upon compliance with the provisions of this subsection 4.2(j)(i). Upon receipt by the Note Registrar at its Corporate Trust Office of (1) written instructions given
in accordance with the Applicable Procedures from a Depository Participant directing the Note Registrar to credit or cause to be credited to another specified Depository Participant’s account a beneficial interest in the Regulation S Global
Note in an amount equal to the denomination of the beneficial interest in the Rule 144A Global Note to be transferred, (2) a written order given in accordance with the Applicable Procedures containing information regarding the account of the
Depository Participant (and the Euroclear or Clearstream account, as the case may be) to be credited with, and the account of the Depository Participant to be debited for, such beneficial interest, and (3) a certificate in the form of Exhibit F
hereto given by the Beneficial Owner that is transferring such interest, the Note Registrar shall instruct the Depository to reduce the denomination of the Rule 144A Global Note by the denomination of the beneficial interest in the Rule 144A Global
Note to be so transferred and, concurrently with such reduction, to increase the denomination of the Regulation S Global Note by the denomination of the beneficial interest in the Rule 144A Global Note to be so transferred, and to credit or cause to
be credited to the account of the Person specified in such instructions (who shall be a Depository Participant acting for or on behalf of Euroclear or Clearstream, or both, as the case may be) a beneficial interest in the Regulation S Global Note
having a denomination equal to the amount by which the denomination of the Rule 144A Global Note was reduced upon such transfer. 

  

	 	(ii)	Rule 144A Global Note to Regulation S Global Note After the Restricted Period. If, after the Restricted Period, a Beneficial Owner of an interest in a Rule 144A Global Note
wishes at any time to transfer its beneficial interest in such Rule 144A Global Note to a Person who wishes to take delivery thereof in the form of a beneficial interest in a Regulation S Global Note, such holder may, in addition to complying with
all Applicable Procedures, transfer or cause the transfer of such beneficial interest for an equivalent beneficial interest in a Regulation S Global Note only upon compliance with the provisions of this subsection 4.2(j)(ii). Upon receipt by the
Note Registrar at its Corporate Trust Office of (1) written instructions given in accordance with the Applicable Procedures from a Depository Participant directing the Note Registrar to credit or cause to be credited to another specified Depository
Participant’s account a 

  

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 beneficial interest in the Regulation S Global Note in an amount equal to the denomination of the
beneficial interest in the Rule 144A Global Note to be transferred, (2) a written order given in accordance with the Applicable Procedures containing information regarding the account of the Depository Participant (and, in the case of a transfer
pursuant to and in accordance with Regulation S, the Euroclear or Clearstream account, as the case may be) to be credited with, and the account of the Depository Participant to be debited for, such beneficial interest, and (3) a certificate in the
form of Exhibit F hereto given by the Beneficial Owner that is transferring such interest, the Note Registrar shall instruct the Depository to reduce the denomination of the Rule 144A Global Note by the aggregate denomination of the beneficial
interest in the Rule 144A Global Note to be so transferred and, concurrently with such reduction, to increase the denomination of the Regulation S Global Note by the aggregate denomination of the beneficial interest in the Rule 144A Global Note to
be so transferred, and to credit or cause to be credited to the account of the Person specified in such instructions (who shall be a Depository Participant acting for or on behalf of Euroclear or Clearstream, or both, as the case may be) a
beneficial interest in the Regulation S Global Note having a denomination equal to the amount by which the denomination of the Rule 144A Global Note was reduced upon such transfer. 
  

	 	(iii)	Regulation S Global Note to Rule 144A Global Note. If the Beneficial Owner of an interest in a Regulation S Global Note wishes at any time to transfer its beneficial interest
in such Regulation S Global Note to a Person who wishes to take delivery thereof in the form of a beneficial interest in the Rule 144A Global Note, such holder may, in addition to complying with all Applicable Procedures, transfer or cause the
transfer of such beneficial interest for an equivalent beneficial interest in the Rule 144A Global Note only upon compliance with the provisions of this subsection 4.2(j)(iii). Upon receipt by the Note Registrar at its Corporate Trust Office of (1)
written instructions given in accordance with the Applicable Procedures from a Depository Participant directing the Note Registrar to credit or cause to be credited to another specified Depository Participant’s account a beneficial interest in
the Rule 144A Global Note in an amount equal to the denomination of the beneficial interest in the Regulation S Global Note to be transferred, (2) a written order given in accordance with the Applicable Procedures containing information regarding
the account of the Depository Participant to be credited with, and the account of the Depository Participant (or, if such account is held for Euroclear or Clearstream, the Euroclear or Clearstream account, as the case may be) to be debited for such
beneficial interest, and (3) with respect to a transfer of a beneficial interest in the Regulation S Global Note for a beneficial interest in the related Rule 144A Global Note (i) during the Restricted Period, a certificate in the form of Exhibit E
hereto given by the Beneficial Owner, or (ii) after the Restricted Period, a Rule 144A Certification from the transferee to the effect that such transferee is a Qualified Institutional Buyer, the Note Registrar shall instruct the Depository to
reduce the denomination of the Regulation S Global Note by the denomination of the beneficial interest in the 

  

 Page 29 

 Regulation S Global Note to be transferred, and, concurrently with such reduction, to increase the
denomination of the Rule 144A Global Note by the aggregate denomination of the beneficial interest in the Regulation S Global Note to be so transferred, and to credit or cause to be credited to the account of the Person specified in such
instructions (who shall be a Depository Participant acting for or on behalf of Euroclear or Clearstream, or both, as the case may be) a beneficial interest in the Rule 144A Global Note having a denomination equal to the amount by which the
denomination of the Regulation S Global Note was reduced upon such transfer. 
  

	 	(iv)	Transfers Within Regulation S Global Notes During Restricted Period. If, during the Restricted Period, the Beneficial Owner of an interest in a Regulation S Global Note
wishes at any time to transfer its beneficial interest in such Certificate to a Person who wishes to take delivery thereof in the form of a Regulation S Global Note, such Beneficial Owner may transfer or cause the transfer of such beneficial
interest for an equivalent beneficial interest in such Regulation S Global Note only upon compliance with the provisions of this subsection 4.2(j)(iv) and all Applicable Procedures. Upon receipt by the Note Registrar at its Corporate Trust Office of
(1) written instructions given in accordance with the Applicable Procedures from a Depository Participant directing the Note Registrar to credit or cause to be credited to another specified Depository Participant’s account a beneficial interest
in such Regulation S Global Note in an amount equal to the denomination of the beneficial interest to be transferred, (2) a written order given in accordance with the Applicable Procedures containing information regarding the account of the
Depository Participant to be credited with, and the account of the Depository Participant (or, if such account is held for Euroclear or Clearstream, the Euroclear or Clearstream account, as the case may be) to be debited for, such beneficial
interest and (3) a certificate in the form of Exhibit F hereto given by the transferee, the Note Registrar shall instruct the Depository to credit or cause to be credited to the account of the Person specified in such instructions (who shall be a
Depository Participant acting for or on behalf of Euroclear or Clearstream, or both, as the case may be) a beneficial interest in the Regulation S Global Note having a denomination equal to the amount specified in such instructions by which the
account to be debited was reduced upon such transfer. The Note Registrar shall not be required to monitor compliance by Beneficial Owners of the provisions of this subsection 4.2(j)(iv). 

  

	(k)	Any and all transfers from a Global Note to a transferee wishing to take delivery in the form of an Individual Note will only be allowed under the circumstances described in Section
4.2(e) and require the transferee to take delivery subject to the restrictions on the transfer of such Individual Note described on the face of such Note, and such transferee agrees that it will transfer such Individual Note only as provided therein
and herein. No such transfer shall be made and the Note Registrar shall not register any such transfer unless such transfer is made in accordance with this subsection 4.2(k). 

  

 Page 30 

	 	(i)	Transfers of a beneficial interest in a Global Note to a Qualified Institutional Buyer or a Regulation S Investor wishing to take delivery in the form of an Individual Note will be
registered by the Note Registrar only upon the occurrence of the circumstances and only upon compliance with the provisions of subsection 4.2(j) and if the Note Registrar is provided with a Rule 144A Certification or a Regulation S Transfer
Certificate, as applicable. 

  

	 	(ii)	Notwithstanding the foregoing, no transfer of a beneficial interest in a Regulation S Global Note to an Individual Note pursuant to subparagraph (B) above shall be made prior to the
expiration of the Restricted Period. Upon acceptance for exchange or transfer of a beneficial interest in a Global Note for an Individual Note, as provided herein, the Note Registrar shall endorse on the schedule affixed to the related Global Note
Registrar (or on a continuation of such schedule affixed to such Global Note Registrar and made a part thereof) an appropriate notation evidencing the date of such exchange or transfer and a decrease in the denomination of such Global Note Registrar
equal to the denomination of such Individual Note Registrar issued in exchange therefor or upon transfer thereof. Unless determined otherwise by the Company in accordance with applicable law, an Individual Note Registrar issued upon transfer of or
exchange for a beneficial interest in the Global Note Registrar shall bear the Securities Legend. 

  

	(l)	Transfers of Individual Note to the Global Notes. Individual Notes may only be exchanged for Global Notes upon written request (upon completion of the transfer certificate
and Transferee Letter in substantially the form attached as Exhibit E or Exhibig F hereto, as applicable) delivered to the Indenture Trustee in the manner described below. In addition, once an Individual Note has been exchanged for an interest in a
Global Note, except in the limited circumstances described in Section 4.2(e) hereto, the Holder of such interest in Global Notes will not be entitled to have such Global Notes registered in its name, will not receive or be entitled to receive
definitive physical certificates and will not be considered a “Holder” of such Notes under the Indenture. If a Holder of an Individual Note wishes at any time to transfer such Note to a Person who wishes to take delivery thereof in the
form of a beneficial interest in the related Regulation S Global Note or the related Rule 144A Global Note, such transfer may be effected only in accordance with the Applicable Procedures, and this subsection 4.2(l). Upon receipt by the Note
Registrar at the Corporate Trust Office of (1) the Individual Note to be transferred with an assignment and transfer, (2) written instructions given in accordance with the Applicable Procedures from a Depository Participant directing the Note
Registrar to credit or cause to be credited to another specified Depository Participant’s account a beneficial interest in such Regulation S Global Note or such Rule 144A Global Note, as the case may be, in an amount equal to the denomination
of the Individual Note to be so transferred, (3) a written order given in accordance with the Applicable Procedures containing information regarding the account of the Depository Participant (and, in the case of any transfer pursuant to Regulation
S, the Euroclear or Clearstream account, as the case may be) to be credited with such beneficial interest, and (4) (x) if delivery is to be taken in the form of a beneficial interest in the Regulation S Global Note from the transferor or (y) a
Transferee 

  

 Page 31 

 Letter from the transferee to the effect that such transferee is a Qualified Institutional Buyer, if
delivery is to be taken in the form of a beneficial interest in the Rule 144A Global Note, the Note Registrar shall cancel such Individual Note, execute and deliver a new Individual Note for the denomination of the Individual Note not so
transferred, registered in the name of the Holder, and the Note Registrar shall instruct the Depository to increase the denomination of the Regulation S Global Note or the Rule 144A Global Note, as the case may be, by the denomination of the
Individual Note to be so transferred, and to credit or cause to be credited to the account of the Person specified in such instructions (who, in the case of any increase in the Regulation S Global Note during the Restricted Period, shall be a
Depository Participant acting for or on behalf of Euroclear or Clearstream, or both, as the case may be) a corresponding denomination of the Rule 144A Global Note or the Regulation S Global Note, as the case may be. 
  

	(m)	An exchange of a beneficial interest in a Global Note for an Individual Note or Notes, an exchange of an Individual Note or Notes for a beneficial interest in a Global Note and an
exchange of an Individual Note or Notes for another Individual Note or Notes (in each case, whether or not such exchange is made in anticipation of subsequent transfer, and in the case of the Global Notes, so long as the Global Notes remain
outstanding and are held by or on behalf of the Depository), may be made only in accordance with this Section 4.2 and in accordance with the rules of the Depository and Applicable Procedures. 

  

	(n)     (i)	Upon acceptance for exchange or transfer of an Individual Note for a beneficial interest in the Global Note as provided herein, the Note Registrar shall cancel such Individual Note
and shall (or shall request the Depository to) endorse on the schedule affixed to the applicable Global Note (or on a continuation of such schedule affixed to the Global Note and made a part thereof) an appropriate notation evidencing the date of
such exchange or transfer and an increase in the Note balance of the Global Note equal to the Note balance of such Individual Note exchanged or transferred therefor. 

  

	          (ii)	Upon acceptance for exchange or transfer of a beneficial interest in the Global Note for an Individual Note as provided herein, the Note Registrar shall (or shall request the
Depository to) endorse on the schedule affixed to the Global Note (or on a continuation of such schedule affixed to the Global Note and made a part thereof) an appropriate notation evidencing the date of such exchange or transfer and a decrease in
the Note balance of the Global Note equal to the Note balance of such Individual Note issued in exchange therefor or upon transfer thereof. 

  

	(o)	The Note Legend shall be placed on any Individual Note issued in exchange for or upon transfer of another Individual Note or of a beneficial interest in the Global Note.

  

	(p)	Subject to the restrictions on transfer and exchange set forth in this Section 4.2, the holder of any Individual Note may transfer or exchange the same in whole or in part (in an
initial Note balance equal to the minimum authorized denomination of $500,000 or any integral multiple of $1,000 in excess thereof) by surrendering such Note at the Corporate Trust Office, or at the office of any transfer agent, together with an
executed instrument of 

  

 Page 32 

 assignment and transfer satisfactory in form and substance to the Note Registrar in the case of transfer
and a written request for exchange in the case of exchange. The holder of a beneficial interest in an Individual Note wishing to transfer such Note and any prospective transferee of such Individual Notes shall complete the transfer certificate and
Transferee Letter in substantially the form attached as Exhibit E, Exhibit F or rance; luzania hereto, as applicable. The holder of a beneficial interest in a Global Note may, subject to the rules and procedures of the Depository, cause the
Depository (or its nominee) to notify the Note Registrar in writing of a request for transfer or exchange of such beneficial interest for an Individual Note or Notes. Following a proper request for transfer or exchange, the Note Registrar shall,
within five Business Days of such request made at such Corporate Trust Office, cause the Indenture Trustee to authenticate and the Note Registrar to deliver at such Corporate Trust Office, to the transferee (in the case of transfer) or holder (in
the case of exchange) or send by first class mail at the risk of the transferee (in the case of transfer) or holder (in the case of exchange) to such address as the transferee or holder, as applicable, may request, an Individual Note or Notes, as
the case may require, for a like aggregate Percentage Interest and in such authorized denomination or denominations as may be requested. The presentation for transfer or exchange of any Individual Note shall not be valid unless made at the Corporate
Trust Office by the registered holder in person, or by a duly authorized attorney-in-fact. 
  

	(q)	No transfer of any Note shall be made unless such transfer is exempt from the registration requirements of the Securities Act and any applicable state securities laws or is made in
accordance with said Act and laws. No transfer of any Note shall be made if such transfer would require the Issuer to register as an “investment company” under the Investment Company Act. In the event of any such transfer, unless such
transfer is made in reliance upon Rule 144A under the Securities Act or Regulation S under the Securities Act, (i) the Indenture Trustee may require a written Opinion of Counsel (which may be in-house counsel) acceptable to and in form and substance
reasonably satisfactory to the Indenture Trustee that such transfer may be made pursuant to an exemption, describing the applicable exemption and the basis therefor, from said Act and laws or is being made pursuant to said Act and laws, which
Opinion of Counsel shall not be an expense of the Indenture Trustee, the Issuer, or the Servicer and (ii) the Indenture Trustee shall require the transferee to execute a Transferee Letter certifying to the Issuer and the Indenture Trustee the facts
surrounding such transfer, which Transferee Letter shall not be an expense of the Indenture Trustee, the Issuer or the Servicer. The holder of a Note desiring to effect such transfer shall, and does hereby agree to, indemnify the Indenture Trustee,
the Issuer and the Servicer against any liability that may result if the transfer is not so exempt or is not made in accordance with such federal and state laws. None of the Issuer, the Indenture Trustee or the Trust Depositor intends or is
obligated to register or qualify any Note under the Securities Act or any state securities laws. 

  

	(r)	Notwithstanding any other provision of this Agreement to the contrary, on the Closing Date, the Indenture Trustee shall authenticate in the name of, and deliver to, the Trust
Depositor, the Class D Note in the form of a single Individual Note in an aggregate principal amount equal to the initial Outstanding Principal Balance of the Class D Notes as set forth in the definition thereof in the Sale and Servicing Agreement.
The Holder of the Class D Note shall be the Trust Depositor. 

  

 Page 33 

	(s)	The Class D Notes may only be owned by the Trust Depositor so long as any Senior Notes are Outstanding and, thereafter, may only be owned by U.S. Persons (as defined in Section
7701(a)(30) of the Code). 

  

	(t)	No Class D Note may be acquired directly or indirectly, for, on behalf of or with any assets of an employee benefit plan or other retirement arrangement subject to Title I of ERISA,
and/or Section 4975 of the Code (collectively, a Plan). No transfer of a Class D Note representing an Individual Note shall be made unless the Indenture Trustee shall have received a certification from the transferee of such Individual
Note, acceptable to and in form and substance satisfactory to the Indenture Trustee and the Issuer, to the effect that such transferee is acquiring a Class D Note in conformance with the requirements of the preceding sentence and the restrictions
set forth in Section 4.2(s). Notwithstanding anything else to the contrary herein, in the event any purported transfer of any Class D Note representing an Individual Note is made without delivery of the certification referred to above, such
certification shall be deemed to have been made by the Transferee by its acceptance of such Individual Note. 

  

	(u)	Each holder of a Class A Note or Class B Note or Class C Note that is not a U.S. Person (as defined in section 7701(a)(30) of the Code) will be required to provide a duly completed
applicable IRS Form W-8 claiming complete exemption from any U.S. withholding tax that applies to payments on the Notes. 

  

	(v)	No transfer of any Class C Note beneficially owned by the Trust Depositor shall be permitted unless the Trust Depositor certifies in writing to any transferee (with a copy to the
Indenture Trustee) that less than 35% of the aggregate federal income tax basis of all Loans in the Loan Pool as of the date of transfer consists of Loans that are “real estate mortgages (or interests therein)” within the meaning of
Section 7701(i)(2)(A)(i) of the Code and Treasury Regulations thereunder. 

  

	(w)	Initial Investors and Transferees of Interests in Rule 144A Global Notes. Each initial investor in, and subsequent transferee of, the Class A Notes or the Class B Notes
represented by an interest in a Rule 144A Global Note will be deemed to have represented and agreed as follows: 

  

	 	(i)	 	It (A) is a Qualified Institutional Buyer and is acquiring such Notes in reliance on the exemption from Securities Act registration provided by Rule 144A thereunder, and (B)
understands such Notes will bear the legend set forth above and be represented by one or more Rule 144A Global Notes. In addition, it represents and warrants that it (1) will provide notice to any subsequent transferee of the transfer restrictions
provided in the legend, (2) will hold and transfer such Notes in an amount of not less than U.S.$500,000 for it or for each account for which it is acting, and (3) will provide the Issuer from time to time with such information as it may reasonably
request in order to ascertain compliance with this paragraph (i). 

  

 Page 34 

	 	(ii)	 	It understands that such Notes are being offered only in a transaction not involving any public offering in the United States within the meaning of the Securities Act, such Notes
have not been and will not be registered under the Securities Act and, if in the future such beneficial owner decides to offer, resell, pledge or otherwise transfer such Notes, such Notes may be offered, resold, pledged or otherwise transferred only
in accordance with the provisions of the Indenture and the legend on such Notes. It acknowledges that no representation has been made as to the availability of any exemption under the Securities Act or any State securities laws for resale of such
Notes. 

  

	 	(iii)	 	In connection with the purchase of such Notes: (A) none of the Issuer, the Initial Purchaser, the Servicer or any of their respective Affiliates is acting as a fiduciary or
financial or investment adviser for such beneficial owner; (B) such beneficial owner is not relying (for purposes of making any investment decision or otherwise) upon any advice, counsel or representations (whether written or oral) of the Issuer,
the Servicer or the Initial Purchaser other than any statements in a current offering circular for such Notes; (C) such beneficial owner has consulted with its own legal, regulatory, tax, business, investment, financial and accounting advisers to
the extent it has deemed necessary and has made its own investment decisions (including decisions regarding the suitability of any transaction pursuant to the Indenture) based upon its own judgment and upon any advice from such advisers as it has
deemed necessary and not upon any view expressed by the Issuer, the Servicer or the Initial Purchaser; and (D) it is a sophisticated investor and is purchasing the Notes with a full understanding of all the terms, conditions and risks thereof and is
capable of assuming and willing to assume those risks. 

  

	 	(iv)	 	On each day from the date on which it acquires a Note through and including the date on which it disposes of its interest in such Note, either (A) it will not be, and will not be
acting on behalf of, or with any assets of, a Plan subject to Title I of ERISA or Section 4975 of the Code, or a governmental, church or foreign plan that is subject to any foreign, Federal, State or local law that is materially similar to the
prohibited transaction provisions of Section 406 of ERISA or Section 4975 of the Code, or (B) its acquisition, holding and disposition of such Rule 144A Global Note will not constitute or otherwise result in a non-exempt prohibited transaction under
Section 406 of ERISA or Section 4975 of the Code (or, in the case of a foreign, governmental or church plan, a violation of any such materially similar foreign, Federal, State or local law). 

  

	 	(iv)	 	It understands that the Indenture permits the Issuer to demand that any Holder of Rule 144A Global Notes who is determined not to be a Qualified Institutional Buyer at the time of
acquisition of such Notes to sell the Notes (A) to a person who is a Qualified Institutional Buyer in a transaction meeting the requirements of Rule 144A or (B) to a person who will take delivery of the Holder’s Rule 144A

  

 Page 35 

 Global Notes in the form of an interest in a Regulation S Global Note and who is not a U.S. Person or a
U.S. Resident in a transaction meeting the requirements of Regulation S, and if the Holder does not comply with such demand within 30 days thereof, the Issuer may sell such Holder’s interest in the relevant Note in accordance with and pursuant
to the terms of the Indenture. 
  

	 	(vi)	 	It is aware that, except as provided in the Indenture, the Rule 144A Global Notes being sold to it will be represented by one or more Global Notes and that the beneficial interests
therein may be held only through DTC or one of its nominees as applicable. 

  

	 	(vii)	 	The Holder will provide notice to each Person to whom it proposes to transfer any interest in the Rule 144A Global Notes of the transfer restrictions and representations set forth
in the Indenture, including the exhibits referenced therein. 

  

	 	(viii)	 	It acknowledges that it is its intent and that it understands it is the intent of the Issuer that, for purposes of U.S. Federal income, State and local income and franchise tax and
any other income taxes, the Senior Notes will be treated as indebtedness; it agrees to such treatment and agrees to take no action inconsistent with such treatment, unless required by law. 

  

	 	  (ix)	 	If the transferee is acquiring the Notes from an existing Holder, the transferee has satisfied and will satisfy all applicable registration and other requirements of the FRB in
connection with its acquisition of the Notes. 

  

	 	  (xi)	 	It either (a) is exempt from registering with the FRB or (b) is registered with the FRB on or prior to the date of acquisition of the Notes or, if not so registered, will, within
the required time period, register with the FRB. 

  

	 	  (xii)	 	It understands that the Issuer will require each holder of a Class A Note or Class B Note that is not a U.S. Person (as defined in section 7701(a)(30) of the Code) to provide a duly
completed applicable IRS Form W-8 (or any successor form) and any other required documentation claiming a complete exemption from any U.S. withholding tax that applies to payments on such Notes. 

  

	(x)	Initial Investors and Transferees of Interests in Regulation S Global Notes. Each initial investor in, and subsequent transferee of, the Offered Notes represented by an
interest in a Regulation S Global Note will be deemed to have made the representations set forth in clauses (ii), (iii), (vii), (viii), (x) and (xi) of Section 4.2(w) and will be deemed to have further represented and agreed as follows:

  

	 	  (i)	 	It is aware that the sale of Notes to it is being made in reliance on the exemption from registration provided by Regulation S and understands that the Notes offered in reliance on
Regulation S will bear the legend set forth above. The Notes so represented may not at any time be held by or on behalf of U.S. Persons as defined in Regulation S under the Securities Act. The purchaser and each beneficial owner of the Notes is not,
and will not be, a U.S. Person as defined 

  

 Page 36 

 in Regulation S under the Securities Act or a U.S. Resident within the meaning of the Investment Company
Act, and its purchase of the Notes will comply with all applicable laws in any jurisdiction in which it resides or is located. 
  

	 	(ii)	 	In the case of each Note represented by a Regulation S Global Note, on each day from the date on which such beneficial owner acquires such Note through and including the date on
which such beneficial owner disposes of its interest in such Note, either (A) such beneficial owner will not be, and will not be acting on behalf of, or with any assets of, a Plan subject to Title I of ERISA or Section 4975 of the Code, or a
governmental, church or foreign plan that is subject to any foreign, Federal, State or local law that is materially similar to the prohibited transaction provisions of Section 406 of ERISA or Section 4975 of the Code, or (B) its acquisition, holding
and disposition of such Note will not constitute or otherwise result in a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code (or, in the case of a foreign, governmental or church plan, a violation of any such
materially similar foreign, Federal, State or local law). 

  

	 	(iii)	 	The Holder will provide the Issuer with a duly completed applicable IRS Form W-8 (or successor form) claiming complete exemption from any U.S. withholding tax that applies to
payments on the Notes and, prior to transferring its Notes to any transferee that is not a U.S. Person (as defined in Section 7701(a)(30) of the Code) will obtain from such transferee and provide to the Issuer a duly completed applicable IRS Form
W-8 (or successor form) with respect to such transferee claiming complete exemption from any U.S. withholding tax that applies to payments on the Notes 

  

	 	(iv)	 	The purchaser understands that the Indenture permits the Issuer to demand that any Holder of Regulation S Global Notes who is determined to be a U.S. Person (or has not provided the
representation provided in clause (v) below on or prior to the first Remittance Date) to sell the relevant Offered Notes (A) to a person who is not a U.S. Person in a transaction meeting the requirements of Regulation S or (B) to a person who will
take delivery of the Holder’s Regulation S Global Notes in the form of an interest in a Rule 144A Global Note, who is a Qualified Institutional Buyer in a transaction meeting the requirements of Rule 144A and, if the Holder does not comply with
such demand within 30 days thereof, the Issuer may sell such Holder’s interest in the relevant Offered Note in accordance with and pursuant to the terms of the Indenture. 

  

	 	(v)	 	It is aware that, except as otherwise provided in the Indenture, the Offered Notes being sold to it, if any, in reliance on Regulation S will be represented by one or more
Regulation S Global Notes and that in each case beneficial interests therein may be held only through Euroclear or Clearstream. 

  

 Page 37 

	 	(vi)	 	The transferee and each beneficial owner of the Offered Notes does not have its principal place of business in any Federal Reserve District of the FRB, or it has satisfied and will
satisfy all applicable registration and other requirements of the FRB in connection with its acquisition of the Notes. 

  

	(y)	Initial Investors and Transferees of Interests in Rule 144A Individual Notes. Each initial investor in, and subsequent transferee of, the Notes represented by an interest in
a Rule 144A Individual Note will be deemed to have made the representations set forth in clauses (ii), (iii), (vii), (viii), (x), (xi) and (xii) of Section 4.2(w) and will be deemed to have further represented and agreed as follows:

  

	 	(i)	It (A) is a Qualified Institutional Buyer and is acquiring the Notes in reliance on the exemption from Securities Act registration provided by Rule 144A thereunder and (B)
understands the Notes will bear the legend set forth in Exhibits C and D, as applicable. In addition, the Holder represents and warrants that it (A) has received the necessary consent from its beneficial owners when the purchaser is a private
investment company formed before April 30, 1996, (B) is not a broker-dealer which owns or invests on a discretionary basis less than U.S.$25 million in securities of unaffiliated issuers, (C) is not a pension, profit sharing or other retirement
trust fund or plan in which the partners, beneficiaries or participants, as applicable, may designate the particular investments to be made, (D) was not formed for the purpose of investing in the Issuer, (E) will provide notice to any transferee of
the transfer restrictions described in the legend and (F) will provide to the Issuer from time to time such information as may be reasonably requested to ascertain compliance with this paragraph (i). 

  

	 	(ii)	It understands that the Issuer may demand that any Holder of an Individual Notes who is determined not to be a Qualified Institutional Buyer to sell the Notes to a person who is a
Qualified Institutional Buyer in a transaction meeting the requirements of Rule 144A and, if the Holder does not comply with such demand within 30 days thereof, the Issuer may sell such Holder’s interest in the Note. 

 

	 	(iii)	The Holder of a Rule 144A Individual Note that holds such Note in the Form of a Class D Note agrees not to transfer such Note so long as any Class A Notes, Class B Notes or Class C
Notes are Outstanding. 

  

	 	(iv)	It understands that the Issuer, the Indenture Trustee, the Servicer and the Initial Purchaser and their respective counsel will rely upon the accuracy and truth of the foregoing
representations, and it hereby consents to such reliance. 

  
 Mutilated, Destroyed, Lost or Stolen Notes 
  
 4.3 Subject to
Section 8-405 of the NYUCC, 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 
  

 Page 38 

 the absence of notice to the Issuer, the Note Registrar or the Indenture Trustee that such Note has been acquired by a
protected purchaser, the Issuer shall execute, and upon its request the Indenture Trustee shall authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Note, a replacement Note; provided, that if
any such destroyed, lost or stolen Note, but not a mutilated Note, shall have become or within seven days shall be due and payable, instead of issuing a replacement Note, the Issuer may pay such destroyed, lost or stolen Note when so due or payable
without surrender thereof. If, after the delivery of such replacement Note or payment of a destroyed, lost or stolen Note pursuant to the proviso to the preceding sentence, a protected purchaser of the original Note in lieu of which such replacement
Note was issued presents for payment such original Note, the Issuer and the Indenture Trustee shall be entitled to recover such replacement Note (or such payment) from the Person to whom it was delivered or any Person taking such replacement Note
from such Person to whom such replacement Note was delivered or any assignee of such Person, except a 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 4.3, the Issuer 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 4.3 in replacement of any mutilated, destroyed, lost or stolen Note shall constitute an original additional contractual obligation of the Issuer, whether or not
the mutilated, destroyed, lost or stolen Note shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Notes duly issued hereunder. 
  
 The provisions of this Section 4.3 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. 
  
 Payment of Principal and Interest; Defaulted Amount 
  

	4.4 (a)	Each Class of Senior Notes shall accrue interest at the applicable Note Interest Rate for such Class during each Interest Accrual Period on the basis of the actual number of days
elapsed during such Interest Accrual Period and a year assumed to consist of 360 days. Any installment of interest or principal, if any, payable on any Senior Note which is punctually paid or duly provided for by the Issuer on the applicable
Remittance Date shall be paid to the Person in whose name such Senior Note is registered on the Record Date by wire transfer in immediately available funds to the account designated by such Person and (except for the final installment of principal
payable with respect to such Senior Note) on a Remittance Date or on the Final Maturity Date or, if no wire transfer information is provided, by check mailed first-class, postage prepaid, to such Person’s address as it appears on the Note
Register on such Record Date. Notwithstanding the foregoing, the Total Redemption Amount with respect to any Note called for redemption pursuant to Section 10.1 shall be payable as provided below. The funds represented by any checks sent pursuant to
this Section 4.4(a) and returned undelivered shall be held in accordance with Section 3.3. 

  

 Page 39 

	      (b)	The principal of each Senior Note shall be payable as provided in the Sale and Servicing Agreement. Notwithstanding the foregoing, the entire unpaid principal amount of the Senior
Notes shall be due and payable, if not previously paid in full, on the date on which an Event of Default shall have occurred and be continuing, if the Indenture Trustee with the consent of the Majority Noteholders have declared the Senior Notes to
be immediately due and payable in the manner provided in Section 5.2. All principal payments among the Classes of Senior Notes shall be made in the order and priorities set forth herein and in the Sale and Servicing Agreement, and all principal
payments on the Senior Notes of the same Class (or, in the case of the Class A-1 Notes and Class A-2 Notes, the same sub-class) shall be made a pari passu basis to the Noteholders of each such Class (or, in the case of the Class A-1 Notes and Class
A-2 Notes, the same sub-class). The Indenture Trustee shall notify the Person in whose name a Senior Note is registered at the close of business on the Record Date preceding the Remittance Date on which the Issuer expects that the final installment
of principal of and interest on such Senior Note will be paid. Such notice shall be mailed or transmitted by facsimile prior to such final Remittance Date and shall specify that such final installment will be payable only upon presentation and
surrender of such Senior Note and shall specify the place where such Senior Note may be presented and surrendered for payment of such installment. Notices in connection with redemptions of Senior Notes shall be mailed to Noteholders as provided in
Section 10.2. To the extent lawful and enforceable, interest shall accrue on any Defaulted Amount on any Senior Note at the applicable Note Interest Rate for such Senior Note until paid as provided herein. 

  

	      (c)	Payments to the Holders of the Class D Notes shall be made on a pro rata basis according to the Outstanding Principal Balance of Class D Notes held by each Holder. All
payments in connection with a redemption on the Class D Notes shall be made only upon the surrender of the Class D Note Certificates representing the Class D Notes at the office of the Note Registrar. All of such payments shall be made by U.S.
Dollar check drawn by the Paying Agent on an account maintained by it and shall be mailed by first-class mail, postage prepaid or, at the option of the relevant Class D Noteholder, by wire transfer in immediately available funds to a U.S. Dollar
account maintained by the Holder thereof from the Note Distribution Account (subject to usual and necessary banking procedures regarding U.S. Dollar denominated accounts) from available funds remaining after payment of amounts pursuant to clauses
(1) through (15) of Section 7.5(a) of the Sale and Servicing Agreement (or, in certain circumstances specified hereon in clause (12) of Section 5.4(b)), subject in all cases to any tax, fiscal or other laws or regulations applicable in the place of
payment. Any Class D Noteholder desiring to receive a wire transfer payment shall deliver a written request therefor to the Paying Agent setting forth the aggregate principal amounts of the Class D Notes held by it and for which it desires to
receive payment by wire transfer and specifying the banking institution and U.S. Dollar account number (with any other appropriate information necessary to enable the Paying Agent to transmit such payment and to assure proper credit to such
Holder’s account) to 

  

 Page 40 

	      	which such payments are to be transferred. A record of each payment made shall be maintained by or on behalf of the Paying Agent in accordance with its customary procedures, and
such record shall be prima facie evidence that the payment in question has been made. The Issuer and the Paying Agent shall be fully protected in relying upon any such request in making payments on the Class D Notes, and any payment
transmitted in accordance with such request shall be deemed to have been made upon transmission thereof to the banking institution identified in such request. The Note Registrar will communicate such distributions and payments to the Issuer and the
Paying Agent. 

  
 Tax Treatment 
  
 4.5 The Issuer has entered into this Indenture, and the Notes will be issued, with the
intention that, for federal, state and local income, business and franchise tax purposes, (i) the Senior Notes will qualify as indebtedness secured by the Indenture Collateral and (ii) the Issuer shall not be treated as an association or publicly
traded partnership taxable as a corporation. The Issuer, by entering into this Indenture, and each Senior Noteholder, by the acceptance of any such Senior Note (and each beneficial owner of a Senior Note, by its acceptance of an interest in the
applicable Senior Note), agrees to treat such Senior Notes for federal, state and local income and franchise tax purposes as indebtedness. Each Holder of such Senior Note agrees that it will cause any beneficial owner of such Senior Note acquiring
an interest in a Senior Note through it to comply with this Indenture as to treatment of indebtedness under applicable tax law, as described in this Section 4.5. The parties hereto agree that they shall not cause or permit the making, as applicable,
of any election under Treasury Regulation Section 301.7701-3 whereby the Issuer or any portion thereof would be treated as a corporation for federal income tax purposes and, except as required by the terms of this Indenture, shall not file tax
returns or obtain any federal employer identification number for the Issuer, but shall treat the Issuer as a disregarded entity for federal income tax purposes. The provisions of this Indenture shall be construed in furtherance of the foregoing
intended tax treatment. 
  
 It is the intent of the Issuer, the Trust Depositor,
the Servicer, the Class D Noteholder and the Certificateholder that, for purposes of federal income taxes, in the event that the Certificate and the Class D Notes are owned by more than one holder the Issuer will be treated as a partnership, the
partners of which are the Certificateholder and the Class D Noteholders and, in the event that the Certificate and the Class D Notes are all owned by a single holder, the Issuer will be treated as a division of such holder. The Certificateholder and
the Class D Noteholder, by acceptance of a Certificate and a Class D Note, respectively, agree to treat the Certificate and Class D Notes as equity and to take no action inconsistent with the treatment of the Issuer, the Certificate and Class D
Notes for such tax purposes as just described. 
  
 Satisfaction and Discharge
of Indenture 
  
 Termination Upon Distribution to Noteholders

  
 4.6 This Indenture shall be discharged and shall cease to be of further
effect with respect to the obligations of the Issuer under the Notes except as to (i) rights of registration of transfer and exchange of Notes, (ii) substitution of mutilated, defaced, destroyed, lost or stolen Notes, 
  

 Page 41 

 (iii) rights of the Senior Noteholders to receive payments of principal thereof and interest thereon as provided herein,
(iv) the rights, obligations and indemnities of the Indenture Trustee hereunder, and (v) the rights of the Secured Parties as beneficiaries with respect to the Indenture Collateral deposited with the Indenture Trustee; 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, when: 
  

	(a)	either: 

  

	 	(i)	 	all Notes theretofore authenticated and delivered (other than (A) Notes that have been mutilated, defaced, destroyed, lost or stolen and that have been replaced or paid as provided
in Section 4.3 and (B) Notes for whose payment amounts has theretofore irrevocably been deposited in trust and thereafter repaid to the Issuer or discharged from such trust, as provided in Section 5.2(a)) have been delivered to the Indenture Trustee
for cancellation; or 

  

	 	(ii)	 	all Notes not theretofore delivered to the Indenture Trustee for cancellation (A) have become due and payable, or (B) will become due and payable at their Final Maturity Date within
one year, and the Issuer, in the case of clauses (A) or (B) of this subsection (ii), has irrevocably deposited or caused to be deposited with the Indenture Trustee, in trust for such purpose, Cash or non-callable direct obligations of the United
States; provided that the obligations are entitled to the full faith and credit of the United States or are debt obligations which are rated “AAA” by Fitch and “Aaa” by Moody’s, in an amount sufficient, as verified in
writing to the Indenture Trustee by a firm of Independent certified public accountants which are nationally recognized, to pay and discharge the entire indebtedness on such Notes not theretofore delivered to the Indenture Trustee for cancellation,
for principal, interest (including the Class B Deferred Interest Amount and Class C Notes Deferred Interest Amount, if any, and the Defaulted Amount and interest on the Defaulted Amount); provided that this subsection (ii) shall not apply if
an election to act in accordance with the provisions of Section 5.5 shall have been made and not rescinded; 

  

	(b)	the Issuer has paid or caused to be paid all other sums payable hereunder to the Final Maturity Date and no other amounts will become due and payable by the Issuer; and

  

	(c)	the Issuer has delivered to the Indenture Trustee an Officer’s Certificate meeting the applicable requirements of Section 12.1 and stating that all conditions precedent herein
provided for relating to the satisfaction and discharge of this Indenture have been complied with. 

  
 Notwithstanding the satisfaction and discharge of this Indenture, the rights and obligations of the Issuer, the Indenture Trustee and, if applicable, the Noteholders, as
the case may be, under Sections 3.1, 3.3, 3.4, 3.5, 3.6, 3.10, 3.18, 3.19, 3.20, 3.21, 4.5, 4.7, 5.7, 5.16, 6.7, 7.1, 7.4, 12.15 and 12.16 shall survive. 
  

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 Application of Amounts Held in Trust 
  
 4.7 All amounts deposited with the Indenture Trustee pursuant to Section 4.6 hereof shall be held in trust and applied by it, in accordance
with the provisions of the Senior Notes and this Indenture, to the payment, either directly or through any Paying Agent, as the Indenture Trustee may determine, to the Holders of Senior Notes for the payment or redemption of which such amounts have
been deposited with the Indenture Trustee, of all sums due and to become due thereon whether principal and interest or any other payments owing thereto in accordance with the Priority of Payments for whose payment such amounts have been deposited
with the Indenture Trustee, and such amounts shall be held in a segregated trust account identified as being held in trust for the benefit of the Secured Parties. 
  
 Repayment of Amounts Held by Paying Agent 
  

4.8 In connection with the satisfaction and discharge of this Indenture with respect to the Notes, all amounts 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 3.5 and thereupon such Paying Agent shall be released from all
further liability with respect to such amounts. 
  
 No Gross-Up 

 
 4.9 The Issuer shall not be obligated to pay any additional amounts to the Holders or
beneficial owners of the Notes as a result of any withholding or deduction for, or on account of, any present or future taxes, duties, assessments or governmental charges with respect to the Notes. 
  
 5. REMEDIES 
  
 Events of Default 
  
 5.1 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) shall constitute an Event of Default: 
  

	(a)	a default in the payment of any Periodic Interest on any Class A Note when the same becomes due and payable and such default shall continue for a period of two Business Days; then,
if no Class A Notes are Outstanding, a default in the payment of Periodic Interest on any Class B Note when the same becomes due and payable and such default shall continue for a period of two Business Days; and then, if no Class A Notes or Class B
Notes are Outstanding, a default in the payment of any Periodic Interest on any Class C Note when the same becomes due and payable and such default shall continue for a period of two Business Days; 

  

	(b)	failure to reduce to zero the Aggregate Outstanding Principal Balance by the Legal Final Maturity Date or any Redemption Date; 

  

 Page 43 

	(c)	a failure to apply, within two Business Days following any Remittance Date or Redemption Date, available amounts in accordance with the Priority of Payments;

  

	(d)	there occurs a default in the observance or performance in any material respect of any covenant or agreement of the Originator, the Servicer, the Trust Depositor or the Issuer made
in the Sale and Servicing Agreement or this Indenture (other than the covenants to satisfy the Coverage Tests or the Ramp-Up Criteria, which will result solely in the consequences described in the Sale and Servicing Agreement), or any representation
or warranty of the Originator, the Servicer, the Trust Depositor or the Issuer made in the Sale and Servicing Agreement or this Indenture or in any certificate or other writing delivered pursuant to or in connection with this Indenture or the Sale
and Servicing Agreement shall prove to have been incorrect in any material respect as of the time when the same shall have been made and such default or incorrect representation or warranty has a material adverse effect on the rights of the
Noteholders, and such default shall continue or not be cured, or the circumstance or condition in respect of which such representation or warranty was incorrect shall not have been eliminated or otherwise cured, for a period of 30 days (if such
failure can be remedied) after the first to occur of (i) actual knowledge thereof by a Responsible Officer of the Servicer, the Originator, the Trust Depositor or the Issuer or (ii) there shall have been given to the Issuer by the Indenture Trustee
or to the Issuer and the Indenture Trustee, by any Noteholder, 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;

  

	(e)	there occurs the filing of a decree or order for relief by a court having jurisdiction in the premises in respect of the Trust Depositor, the Issuer or any substantial part of the
Indenture 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 Trust Depositor, the Issuer or for any substantial part of either Indenture Collateral, or ordering the winding-up or liquidation of the Trust Depositor’s or the Issuer’s affairs, and such decree or order shall remain
unstayed and in effect for a period of 30 consecutive days; 

  

	(f)	there occurs the commencement by the Trust Depositor or the Issuer of a voluntary case under any applicable Federal or State bankruptcy, insolvency or other similar law now or
hereafter in effect, or the consent by the Trust Depositor or the Issuer to the entry of an order for relief in an involuntary case under any such law, or the consent by the Trust Depositor or the Issuer to the appointment or taking possession by a
receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of the Trust Depositor or the Issuer or for any substantial part of the assets of the Indenture Collateral, or the making by the Trust Depositor or the Issuer of
any general assignment for the benefit of creditors, or the failure by the Trust Depositor or the Issuer generally to pay its debts as such debts become due, or the taking of any action by the Trust Depositor or the Issuer in furtherance of any of
the foregoing; 

  

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	(g)	the Indenture Trustee, on behalf of the Noteholders, shall fail to have a valid and perfected first priority security interest in any of the Indenture Collateral; or

  

	(h)	the Issuer shall be required to register as an “investment company” under the Investment Company Act of 1940, as amended. 

  
 The Issuer shall deliver to the Indenture Trustee and the Rating Agencies, within two
Business Days after the occurrence of an Event of Default, written notice in the form of an Officer’s Certificate of any event that with the giving of notice and the lapse of time would become an Event of Default its status and what action the
Issuer is taking or proposes to take with respect thereto. The Indenture Trustee shall then transmit such notice of an Event of Default pursuant to Section 6.5. 
  

Acceleration of Maturity; Rescission and Annulment 
  
 5.2 If an Event of Default (other than an Event of Default specified in Section 5.1(e) or (f), in which case, the principal of and accrued interest on the Senior Notes
shall automatically become immediately due and payable) with respect to the Senior Notes should occur and be continuing, then the Indenture Trustee at the written direction of the Majority Noteholders of the most senior Class Outstanding may declare
the Senior Notes to be immediately due and payable, by a notice in writing to the Issuer and the Rating Agencies 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 thereon through the date of acceleration, shall become immediately due and payable. If the Senior Notes are declared to be immediately due and payable or if an Event of Default specified in Section 5.1(e) or (f)
occurs, the Holders of each Class of Senior Notes shall be entitled to receive, in the order of priority set forth in Section 5.4(b), the Outstanding Principal Balance for such Class, as well as the Periodic Interest for such Class of Senior Notes.
So long as any Senior Notes are Outstanding, the Class D Noteholders will not have any creditors’ rights against the Issuer and will not have the right to determine the remedies to be exercised under this Indenture. 
  
 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 Section 5 provided, the Majority Noteholders, by written notice to the Issuer and the Indenture Trustee, may rescind and annul such
declaration and its consequences if: 
  

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

  

	 	(i)	 	all payments of principal of and interest on the Senior Notes and all other amounts that would then be due hereunder or upon the Senior Notes if the Event of Default giving rise to
such acceleration had not occurred; and 

  

	 	(ii)	 	all sums paid or advanced by the Indenture Trustee hereunder and the reasonable compensation, expenses, disbursements and advances of the Indenture Trustee and its agents and
counsel; and 

  

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	(b)	all Events of Default, other than the nonpayment of the principal of the Senior 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. 
  
 Collection of Indebtedness
and Suits for Enforcement by Indenture Trustee 
  

	5.3 (a)	The Issuer covenants that if (i) default is made in the payment of any principal of or interest on any Class A Note or Class B Note (so long as the Class A Notes have been paid in
full) or Class C Note (so long as the Class A Notes and Class B Notes have been paid in full), when the same becomes due and payable and such default continues for a period of two Business Days, the Issuer will, upon demand of the Indenture Trustee
on behalf of any affected Holder of a Class A Note, Class B Note or Class C Note (as applicable), pay to the Indenture Trustee, for the benefit of such Noteholders, the whole amount then due and payable on such Senior Notes for principal and
interest, with interest upon the overdue principal, and, to the extent that payments of such interest shall be legally enforceable, upon overdue installments of interest, at the applicable Note Interest Rate 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, such Noteholders and their respective agents and counsel.

  

	(b)	In case the Issuer shall fail forthwith to pay such amounts upon such demand, the Indenture Trustee, in its own name and as trustee of an express trust, with the consent of the
Majority Noteholders of the most senior Class Outstanding and subject to the provisions of Section 12.15 hereof may institute a Proceeding for the collection of the sums so due and unpaid, and may prosecute such Proceeding to judgment or final
decree, and may enforce the same against the Issuer or other obligor upon the Notes and collect in the manner provided by law out of the Indenture Collateral, wherever situated, the moneys adjudged or decreed to be payable. 

 

	(c)	If an Event of Default occurs and is continuing and the Senior Notes have been declared due and payable and such declaration and its consequences have not been rescinded and
annulled, or at any time on or after the Final Maturity Date, the Indenture Trustee subject to the provisions of Section 12.15 hereof may, as more particularly provided in Section 5.4, in its discretion, proceed to protect and enforce its rights and
the rights of the Noteholders and by such appropriate Proceedings as the Indenture Trustee or as the Indenture Trustee may be directed in writing by the Majority Noteholders of the most senior Class of Senior Notes Outstanding 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 Senior Notes or any Person having or claiming an ownership interest in the Indenture Collateral,

  

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 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, 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 Senior Notes, or to the creditors or property of the Issuer or such other obligor, the Indenture Trustee, irrespective of whether the
principal of any Senior 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 Senior Notes and to file such other papers or documents as may
be necessary or advisable in order to have the claims of the Indenture Trustee (including any claim for reasonable compensation to the Indenture Trustee and each predecessor Indenture Trustee, and their respective agents, attorneys and counsel, and
for reimbursement of all reasonable 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 Senior Noteholders allowed in
such Proceedings; 

  

	 	(ii)	 	unless prohibited by applicable law and regulations, to vote on behalf of the Holders of Senior 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 funds or other property payable or deliverable on any such claims and to distribute all amounts received with respect to the claims of the Senior
Noteholders and of the Indenture Trustee on their behalf pursuant to the priority set forth in Section 5.4(b); 

  

	 	(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 Senior Noteholders allowed in
any judicial proceedings relative to the Issuer, its creditors and its property; and 

  

	 	(v)	 	to participate as a member, voting or otherwise, of any official committee of creditors appointed in such matter; 

  
 and any trustee, receiver, liquidator, custodian or other similar official in any such
Proceeding is hereby authorized by each of such Senior 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 Senior Noteholders, to pay to the
Indenture Trustee such amounts as shall be sufficient to cover reasonable compensation to the Indenture Trustee, each predecessor Indenture Trustee and their respective agents, attorneys and counsel, and all other expenses and liabilities incurred,
and all advances made, by the Indenture Trustee and each predecessor Indenture Trustee except as a result of negligence or bad faith. 
  

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	(e)	Nothing herein contained shall be deemed to authorize the Indenture Trustee to authorize or consent to or vote for or accept or adopt on behalf of any Noteholder any plan of
reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any 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 Senior Notes, may be enforced by the Indenture Trustee without the possession of any of the
Senior 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 Senior
Notes. 

  

	(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 Senior Notes, and it shall not be necessary to make any Senior Noteholder a party to any such Proceedings. 

  
 Remedies; Priorities 
  

	5.4 (a)	If an Event of Default shall have occurred and be continuing and the Senior Notes have been declared due and payable and such declaration and its consequences have not been
rescinded and annulled or if an Event of Default specified in Section 5.1(e) or 5.1(f) occurs, or at any time on or after the Final Maturity Date, subject to the provisions of Section 12.15 hereof, the Indenture Trustee shall, upon direction by the
Majority Noteholders of the most senior Class Outstanding (so long as any Class of Senior Notes are Outstanding), do one or more of the following as so directed: 

  

	 	(i)	 	institute Proceedings in its own name and as trustee of an express trust for the collection of all amounts then payable on the Senior Notes or under this Indenture and the Sale and
Servicing Agreement with respect thereto, whether by declaration or otherwise, enforce any judgment obtained, and collect from the Issuer and any other obligor upon such Senior Notes moneys adjudged due; 

  

	 	(ii)	 	institute Proceedings from time to time for the complete or partial foreclosure of this Indenture with respect to the Indenture Collateral; 

  

 Page 48 

	 	(iii)	 	exercise any remedies of a secured party under the UCC and take any other appropriate action to protect and enforce the rights and remedies of the Indenture Trustee and the Secured
Parties hereunder; 

  

	 	(iv)	 	sell all or a portion of the Indenture 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 and in accordance with Section 5.15; or 

  

	 	(v)	 	exercise any other rights and remedies that may be available at law or in equity; 

  
 provided, that the Indenture Trustee may not sell or otherwise liquidate the Indenture Collateral unless (A) (i)
prior to the payment in full of the Class A Notes, the Class B Notes and the Class C Notes, the Class A Noteholders evidencing 100% of the Outstanding Principal Balance of all Class A Notes, the Class B Noteholders evidencing 100% of the Outstanding
Principal Balance of all Class B Notes and the Class C Noteholders evidencing 100% of the Outstanding Principal Balance of all Class C Notes consent thereto and (ii) from and after the payment in full of the Class A Notes, the Class B Notes and the
Class C Notes, Class D Noteholders evidencing 100% of the Outstanding Principal Balance of all Class D Notes consent thereto, (B) the proceeds of such sale or liquidation distributable to the Senior Noteholders are sufficient to discharge in full
all amounts then due and unpaid upon the Senior Notes for principal and interest or (C) the Indenture Trustee determines that the Loans will not continue to provide sufficient funds for the payment of principal of and interest on the Senior 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 (i) prior to the payment in full of the Class A Notes, the Class B Notes and the Class C Notes, the Class A
Noteholders evidencing 66 2/3% of the Outstanding Principal Balance of all Class A Notes, the Class B Noteholders
evidencing 66 2/3% of the Outstanding Principal Balance of all Class B Notes and the Class C Noteholders
evidencing 66 2/3% of the Outstanding Principal Balance of all Class C Notes and (ii) from and after the payment
in full of the Class A Notes, the Class B Notes and the Class C Notes, the Class D Noteholders evidencing 66 2/3%
of the Outstanding Principal Balance of all Class D 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 Indenture Collateral for such purpose. Notwithstanding the foregoing, so long as a Servicer Default has not occurred,
any Sale of the Indenture Collateral shall be made subject to the continued servicing of the Loans by the Servicer as provided in the Sale and Servicing Agreement. The cost of such opinion by an independent accounting firm shall be paid by the
Issuer. If the applicable Noteholders consent to any sale or liquidation of the Indenture Collateral or any portion thereof is required by this Section 5.4(a), the Indenture Trustee shall sell or liquidate the Indenture Collateral, or such portion
thereof, in accordance with Section 5.15 at one or more public or private sales conducted in any manner permitted by law; provided that so long as MCG or any of its Affiliates is Servicer, any Senior Notes beneficially owned by MCG or any of
its Affiliates shall be disregarded and deemed not to be Outstanding for the purposes of any vote, direction or consent pursuant to this Section 5.4(a). 
  

 Page 49 

	(b)	If the Indenture Trustee collects any money or property pursuant to this Section 5, it shall pay out the money or property as follows: 

  

	 	(1)	to the Backup Servicer, any Servicer Transfer Fees incurred and unpaid in an amount not to exceed $100,000, and then, to the Indenture Trustee, the Backup Servicer and the Owner
Trustee, any amounts owed to such parties under the Transaction Documents for fees and expenses, including the Servicer Transfer Fees, if any, other than for fees, expenses and other amounts related to indemnification; provided, that in no
event shall the amounts payable pursuant to this clause (1) in the aggregate, exceed the sum of (x) $125,000 and (y) 0.02% of the Aggregate Outstanding Principal Balance for any 12 month period; 

  

	 	(2)	to the Servicer, from Interest Collections received from the specific Loan for which Scheduled Payment Advances were made, reimbursement for the amount of any such Scheduled Payment
Advances, relating to interest on such Loans; 

  

	 	(3)	to the Servicer, its Servicing Fee for the preceding Due Period, together with any amounts in respect of the Servicing Fee that were due in respect of prior Due Periods that remain
unpaid; 

  

	 	(4)	to pay to the Holders of the Class A Notes accrued and unpaid interest (including the Defaulted Amount and interest thereon) on, first, the Class A-1 Notes accrued at the
Class A-1 Note Interest Rate and second, the Class A-2 Notes accrued at the Class A-2 Note Interest Rate; 

  

	 	(5)	to pay principal of, first, the Class A-1 Notes until the Class A-1 Notes are paid in full and second, the Class A-2 Notes until the Class A-2 Notes are paid in full;

  

	 	(6)	to the Holders of the Class B Notes, accrued and unpaid interest (including the Defaulted Amount and interest thereon) with respect to the Class B Notes accrued at the Class B Note
Interest Rate; 

  

	 	(7)	to pay principal of the Class B Notes until the Class B Notes are paid in full; 

  

	 	(8)	to the Holders of the Class C Notes, accrued and unpaid interest on the Class C Notes (including the Defaulted Amount and any interest thereon) with respect to the Class C Notes
accrued at the Class C Note Interest Rate; 

  

	 	(9)	to pay principal of the Class C Notes until the Class C Notes are paid in full; 

  

	 	(10)	to the Servicer, reimbursement for the amount of any Servicer Advances relating to interest on Loans, to the extent not reimbursed pursuant to clause (2) above;

  

 Page 50 

	 	(11)	pro rata to the Indenture Trustee, the Backup Servicer and the Owner Trustee, to the extent not paid pursuant to clause (1) due to the limitations set forth therein, amounts
owed to such parties for fees and expenses and other amounts, including such amounts related to indemnification and, to a Successor Servicer, any Additional Servicing Fee; and 

  

	 	(12)	any remaining amount for payment to Holders of the Class D Notes. 

  
 The Indenture Trustee may fix a record date and Remittance Date for any payment to Noteholders pursuant to this Section 5.4. At least five days before
such record date, the Issuer shall mail to each Noteholder and the Indenture Trustee a notice that states the record date, the Remittance Date and the amount to be paid. 
  
 Optional Preservation of the Indenture Collateral 
  
 5.5 If the Notes have been declared to be due and payable under Section 5.2 following an Event of Default or if an Event of Default
specified in Section 5.1(e) or 5.1(f) occurs, or at any time on or after the Final Maturity Date and such declaration and its consequences have not been rescinded and annulled, the Indenture Trustee may, but shall not be required to unless otherwise
directed by the Noteholders in accordance with this Indenture, elect to maintain possession of the Indenture 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 other obligations of the Issuer and the Indenture Trustee shall take such desire into account when determining whether or not to maintain possession of the Indenture Collateral. In determining whether to
maintain possession of the Indenture Collateral, 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 Indenture Collateral for such purpose. 
  
 Limitation of Suits 
  
 5.6 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 and subject to the provisions of Section 12.15 hereof: 

 

	(a)	such Holder has previously given written notice to the Indenture Trustee of a continuing Event of Default; 

  

	(b)	except as otherwise provided in Section 5.7(a), (A) prior to the payment in full of the Class A Notes, the Class B Notes and the Class C Notes, the Class A Noteholders evidencing
25% of the Outstanding Principal Balance of all Class A Notes, the Class B Noteholders evidencing 25% of the Outstanding Principal Balance of all Class B Notes and the Class C Noteholders evidencing 25% of the Outstanding Principal Balance of all
Class C 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 and (B) from and after the payment in full of the Class A Notes, the
Class B 

  

 Page 51 

 Notes and the Class C Notes, Class D Noteholders evidencing 25% of the Outstanding Principal Balance of
all Class D 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; 
  

	(c)	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;

  

	(d)	the Indenture Trustee for 30 days after its receipt of such notice, request and offer of indemnity has failed to institute such Proceedings; and 

  

	(e)	no direction inconsistent with such written request has been given to the Indenture Trustee during such 30 day period by the Holders of a majority of the Outstanding Principal
Balance of the Class A Notes, Class B Notes and Class C Notes (voting collectively as a single Class). 

  
 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 Aggregate Outstanding Principal Balance, the Indenture Trustee in its sole discretion may determine what action, if any, shall be
taken, notwithstanding any other provisions of this Indenture. 
  
 Unconditional Rights of Noteholders To Receive Principal and Interest 
  

	5.7 (a)	Notwithstanding any other provisions in this Indenture, the Holder of any Senior Note shall have the right, which is absolute and unconditional, to receive payment of the principal
of and interest, if any, on such Senior Note on or after the respective due dates thereof expressed in such Senior Note or in this Indenture and such right shall not be impaired without the consent of such Holder. Furthermore, subject to the
provisions of Section 5.6, the Holder of any Note shall have the right to institute Proceedings for the enforcement of any such payment, and such right shall not be impaired without the consent of such Holder. 

  

	(b)	If collections in respect of the Indenture Collateral are insufficient to make payments on the Senior Notes, no other assets will be available for payment of the deficiency
following realization on the Indenture Collateral, and the obligations of the Issuer to pay any deficiency shall be extinguished. 

  

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 Restoration of Rights and Remedies 
  
 5.8 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. 
  
 Rights and Remedies Cumulative 
  
 5.9 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. 
  
 Delay or Omission Not a Waiver 
  
 5.10 No delay or omission of the Indenture Trustee or any Holder of any Senior Note to
exercise any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Section 5 or by law to the
Indenture Trustee or to the Senior Noteholders may be exercised from time to time, and as often as may be deemed expedient, by the Indenture Trustee or by the Senior Noteholders, as the case may be. 
  
 Control by Noteholders 
  
 5.11 The Majority Noteholders of the most senior Class Outstanding shall have the right on behalf of all the Noteholders to direct the time,
method and place of conducting any Proceeding for any remedy available to the Indenture Trustee with respect to the Notes or exercising any trust or power conferred on the Indenture Trustee; provided, that: 
  

	(a)	such direction shall not be in conflict with any rule of law or with any express provision of this Indenture (including any provision hereof which expressly provides for a greater
percentage of any Class or an additional Class to effect an action hereunder and any provision providing express personal protection to the Indenture Trustee or a limitation on the liability of the Issuer); 

  

	(b)	subject to the express terms of Section 5.4, any direction to the Indenture Trustee to sell or liquidate the Indenture Collateral shall be by Holders of the Notes representing (A)
prior to the payment in full of the Class A Notes, 100% of the Outstanding Principal Balance of all Class A Notes (voting together and not as separate sub-classes) (B) after the payment in full of the Class A Notes, 100% of the Outstanding Principal
Balance of all Class B Notes, (D) after the payment in full of the Class A Notes and Class B Notes, 100% of the Outstanding Principal Balance of all Class C Notes and (E) after payment in full of the Senior Notes, 100% of the Outstanding Principal
Balance of all Class D Notes; 

  

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	(c)	if the conditions set forth in Section 5.5 have been satisfied and the Indenture Trustee elects to retain the Indenture Collateral pursuant to such Section, then any direction to
the Indenture Trustee to sell or liquidate the Indenture Collateral shall be of no force and effect unless (A) prior to the payment in full of the Class A Notes, the Class B Notes and the Class C Notes, the Class A Noteholders evidencing 100% of the
Outstanding Principal Balance of all Class A Notes, the Class B Noteholders evidencing 100% of the Outstanding Principal Balance of all Class B Notes and the Class C Noteholders evidencing 100% of the Outstanding Principal Balance of all Class C
Notes consent thereto and (B) from and after the payment in full of the Class A Notes, the Class B Notes and the Class C Notes, the Class D Noteholders evidencing 100% of the Outstanding Principal Balance of all Class D Notes consent thereto; and

  

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

  
 Notwithstanding the rights of Noteholders set forth in this Section 5.11, subject to Section
6.1, 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. 
  
 Waiver of Past Defaults 
  
 5.12 Prior to the declaration of the acceleration of the maturity of the Notes as provided in Section 5.2, the Majority Noteholders, may
waive any past Event of Default and its consequences except (a) an Event of Default with respect to payment of principal of or interest (and the Defaulted Amount and any interest thereon) on any of the Senior Notes or in respect of a covenant or
provision hereof which cannot be modified or amended without the consent of the Holder of each Senior Note, (b) in respect of a covenant or provision hereof that under Section 9.2 cannot be modified or amended without the waiver or consent of the
Holder of each Outstanding Senior Note affected thereby or (c) in respect of any negative covenant under Section 3.10(d). In the case of any such waiver, the Issuer, the Indenture Trustee and the Noteholders shall be restored to their former
positions and rights hereunder, respectively; but no such waiver shall extend to any subsequent or other Event of Default or impair any right consequent thereto. The Indenture Trustee shall promptly give written notice of any such waiver to the
Servicer and to each Rating Agency. 
  
 Upon any such waiver, any Event of Default
arising therefrom shall be deemed to have been cured and not to have occurred, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other Event of Default or impair any right consequent thereto. 
  
 Undertaking for Costs 
  
 5.13 All parties to this Indenture agree, and each Holder of any Note by such Holder’s acceptance thereof shall be deemed to have
agreed, that any court may in its discretion require, in 
  

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 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 5.13 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 25% of the Outstanding Principal Balance of the most senior Class Outstanding 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 applicable
Redemption Date). 
  
 Waiver of Stay or Extension Laws 
  
 5.14 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 had been enacted. 
  
 Sale of Indenture Collateral 
  

	5.15 (a)	The power to effect any sale or other disposition (a Sale) of any portion of Indenture Collateral pursuant to Section 5.4 is expressly subject to the provisions of
Section 5.5 and this Section 5.15. The power to effect any such Sale shall not be exhausted by any one or more Sales as to any portion of the Indenture Collateral remaining unsold, but shall continue unimpaired until the entire Indenture Collateral
shall have been sold or all amounts payable on the Senior Notes and under this Indenture shall have been paid. The Indenture Trustee may, upon giving notice on behalf of the Issuer to the Secured Parties, and shall, upon written direction of the
Majority Noteholders of the most senior Class Outstanding, from time to time postpone any Sale by public announcement made at the time of and place of such Sale. The Indenture Trustee hereby expressly waives its right to any amount fixed by law as
compensation for any Sale. 

  

	(b)	 	In connection with a Sale of all or any portion of the Indenture Collateral: 

  

	 	(i)	 	any Holder or Holders of Senior Notes may bid for and purchase the property offered for Sale, and upon compliance with the terms of Sale may hold, retain and possess and dispose of
such property, without further accountability, and may, in paying the purchase money therefor, deliver any Senior Notes or claims for interest thereon in lieu of cash up to the amount which shall, upon distribution of the net proceeds of such Sale,
be payable thereon, and such Senior Notes, in case 

  

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 the amounts so payable thereon shall be less than the amount due thereon, shall be returned to the
Holders thereof after being appropriately stamped to show such partial payment; 
  

	 	(ii)	 	the Indenture Trustee may bid for and acquire the property offered for Sale in connection with any Sale thereof, and, subject to any requirements of, and to the extent permitted by,
Requirements of Law in connection therewith, may purchase all or any portion of the Indenture Collateral in a private sale, and, in lieu of paying cash therefor, may make settlement for the purchase price by crediting the gross Sale price against
the sum of (A) the amount which would be distributable to the Holders of the Senior Notes as a result of such Sale in accordance with Section 5.4(b) on the Remittance Date next succeeding the date of such Sale and (B) the expenses of the Sale and of
any Proceedings in connection therewith which are reimbursable to it, without being required to produce the Senior Notes in order to complete any such Sale or in order for the net Sale price to be credited against such Notes, and any property so
acquired by the Indenture Trustee shall be held and dealt with by it in accordance with the provisions of this Indenture; 

  

	 	(iii)	 	the Indenture Trustee shall execute and deliver an appropriate instrument of conveyance transferring its interest in any portion of the Indenture Collateral in connection with a
Sale thereof; 

  

	 	(iv)	 	the Indenture Trustee is hereby irrevocably appointed the agent and attorney-in-fact of the Issuer to transfer and convey its interest in any portion of the Indenture Collateral in
connection with a Sale thereof, and to take all action necessary to effect such Sale; and 

  

	 	(v)	 	no purchaser or transferee at such a Sale shall be bound to ascertain the Indenture Trustee’s authority, inquire into the satisfaction of any conditions precedent or see to the
application of any moneys. 

  
 Action on Notes 
  
 5.16 The Indenture Trustee’s right to seek and recover judgment on the Senior 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 Senior
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 Indenture 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 subsection 5.4(b). 
  
 Performance and Enforcement of Certain Obligations 
  

	5.17 (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

  

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 performance and observance by the Trust Depositor and the Servicer, as applicable, of each of their
obligations to the Issuer under or in connection with the Transaction Documents, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under or in connection with the Transaction Documents to the extent
and in the manner directed by the Indenture Trustee, including the transmission of notices of default on the part of the Issuer, the Trust Depositor or the Servicer thereunder and the institution of legal or administrative actions or proceedings to
compel or secure performance by the Issuer, the Trust Depositor or the Servicer of each of their obligations under the Transaction Documents. 
  

	(b)	If a Servicer Default has occurred and is continuing, the Indenture Trustee, at the direction (which direction shall be in writing or by telephone (confirmed in writing promptly
thereafter)) of (i) prior to the payment in full of the Class A Notes, the Class A Noteholders evidencing 66 2/3%
of the Outstanding Principal Balance of all Class A Notes (voting together, and not as separate sub-classes), or, if no Class A Notes are Outstanding, the Class B Noteholders evidencing 66 2/3% of the Outstanding Principal Balance of all Class B Notes or, if no Class B Notes are outstanding, the Class C Noteholders evidencing 66 2/3% of the Outstanding Principal Balance of all Class C Notes or, if no Senior Notes are Outstanding, the Class D
Noteholders evidencing 66 2/3% of the Outstanding Principal Balance of all Class D Notes (provided, in
determining such direction, any Notes beneficially owned by the Servicer or any of its Affiliates shall be disregarded and deemed not to be Outstanding), shall exercise all rights, remedies, powers, privileges and claims of the Issuer against the
Servicer under or in connection with the Sale and Servicing Agreement, including the right or power to take any action to compel or secure performance or observance by the Servicer, of its obligations to the Issuer thereunder and to give any
consent, request, notice, direction, approval, extension or waiver under the Sale and Servicing Agreement, and any right of the Issuer to take such action shall not be suspended. 

  
 6. THE INDENTURE TRUSTEE 
  
 Duties of Indenture Trustee 
  

	6.1 (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 their exercise as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs with respect to the Indenture Collateral. 

  

	(b)	 	Except during the continuance of an Event of Default or Servicer Default: 

  

	 	(i)	 	the Indenture Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture and no implied covenants or obligations shall be read
into this Indenture against the Indenture Trustee; and 

  

	 	(ii)	 	in the absence of bad faith on its part, the Indenture Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed

  

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 therein, upon certificates or opinions furnished to the Indenture Trustee and conforming to the
requirements of this Indenture; however, the Indenture Trustee shall examine the certificates and opinions to determine whether or not they conform to the requirements of this Indenture. 
  

	(c)	The Indenture Trustee may not be relieved from liability for its own negligent action, its own negligent failure to act or its own willful misconduct, except that:

  

	 	(i)	 	this paragraph does not limit the effect of paragraph (b) of this Section 6.1; 

  

	 	(ii)	 	the Indenture Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer unless it is proved that the Indenture Trustee was negligent in
ascertaining the pertinent facts; and 

  

	 	(iii)	 	the Indenture Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received by it pursuant to Section 5.11.

  

	(d)	Every provision of this Indenture that in any way relates to the Indenture Trustee is subject to paragraphs (a), (b), (c) and (f) of this Section 6.1. 

  

	(e)	The Indenture Trustee shall not be liable for interest on any money received by it except as the Indenture Trustee may agree in writing with the Issuer. 

  

	(f)	The Indenture Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture, to expend or risk its own funds or otherwise incur
financial liability or to honor the request or direction of any of the Noteholders pursuant to this Indenture, unless the Noteholders shall have offered to the Indenture Trustee reasonable security or indemnity against the costs, expenses, and
liabilities that might be incurred by it in compliance with the request or direction. 

  

	(g)	Every provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Indenture Trustee shall be subject to the provisions of this
Section 6.1. 

  

	(h)	The Indenture Trustee shall not be deemed to have notice of any Event of Default unless the Indenture Trustee has received notice thereof in the manner provided herein or in the
Sale and Servicing Agreement or a Responsible Officer assigned to and working in the Indenture Trustee’s Corporate Trust Office has actual knowledge thereof. 

  

	(i)	Funds 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 Sale and Servicing
Agreement. 

  

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 Rights of Indenture Trustee 
  

	6.2 (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 (or if expressly required herein or in the Sale and Servicing Agreement, shall require) an Officer’s
Certificate, or, with respect to legal matters, an Opinion of Counsel. The Indenture Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on an Officer’s Certificate or Opinion of Counsel.

  

	(c)	The Indenture Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys or a custodian or
nominee, and the Indenture Trustee shall not be responsible for any misconduct or negligence on the part of, or for the supervision of, any such agent, attorney, custodian or nominee appointed with due care by it hereunder. 

 

	(d)	The Indenture Trustee shall not be liable for any action it takes or omits to take in good faith which it believes to be authorized or within its rights or powers;
provided, that the Indenture Trustee shall be liable for any conduct constituting willful misconduct, negligence or bad faith or breach of this Agreement or the Sale and Servicing Agreement or the letter agreement with respect to the
Principal and Interest Account. 

  

	(e)	The Indenture Trustee may consult with legal counsel, and the advice or opinion of counsel with respect to legal matters relating to this Indenture and the Notes shall be full and
complete authorization and protection from liability in respect to any action taken, omitted or suffered by it hereunder in good faith and in accordance with the advice or opinion of such legal counsel. 

  

	(f)	The Indenture Trustee shall not be bound to make any investigation into the performance of the Issuer or the Servicer under this Indenture or any other Transaction Document or into
the matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, note or other document, but the Indenture Trustee, in its discretion, may make any further inquiry or
investigation into those matters that it deems appropriate, and if the Indenture Trustee determines to inquire further, it shall be entitled to examine the books, records and premises of the Issuer and the Servicer, personally or by agent or
attorney. 

  

	(g)	If the Indenture Trustee is also acting as Paying Agent or as Note Registrar, the rights and protections afforded to the Indenture Trustee pursuant to the Article shall also be
afforded to it in such additional capacities. 

  
 Individual
Rights of Indenture Trustee 
  
 6.3 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 
  

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 would have if it were not Indenture Trustee. Any Note Registrar, co-registrar, Paying Agent or co-paying agent may do the
same with like rights. However, the Indenture Trustee must comply with Section 6.11. 
  
 Indenture Trustee’s Disclaimer 
  
 6.4 The Indenture Trustee
shall not be responsible for and makes no representation as to the validity or adequacy of this Indenture, the Sale and Servicing Agreement, the Trust Agreement or any other Transaction Document, the validity or sufficiency of any security interest
intended to be created or the characterization of the Notes for tax purposes, 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 in this Indenture or
in any document issued in connection with the sale of the Notes or in the Notes other than the Indenture Trustee’s certificate of authentication. 
  
 Notice of Event of Default 
  
 6.5 The Indenture Trustee shall mail to each Noteholder and the Issuer notice of an Event of Default or Servicer Default promptly (and in no event later than two Business
Days) after the Indenture Trustee has received notice or has actual knowledge thereof in accordance with Section 6.1(h). 
  
 Reports by Indenture Trustee to Holders 
  
 6.6 The Indenture Trustee shall deliver to each Noteholder such information as may be required by a Governmental Authority or as requested by a Noteholder to enable such
holder to prepare its federal and state income tax returns. In addition, upon the Issuer’s or a Noteholder’s written request, the Indenture Trustee shall promptly furnish information reasonably requested by the Issuer or such Noteholder
that is reasonably available to the Indenture Trustee to enable the Issuer or such Noteholder to perform its federal and state income tax reporting obligations. 
  

Compensation and Indemnity 
  
 6.7 The Issuer shall or shall cause the Trust Depositor to pay to the Indenture Trustee on each Remittance Date such reasonable compensation for its services pursuant to
a separate agreement between the Indenture Trustee and the Trust Depositor. The Indenture Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Issuer shall or shall cause the Trust
Depositor to reimburse the Indenture Trustee for all reasonable out-of-pocket expenses incurred or made by it, including costs of collection, in addition to the compensation for its services. Such expenses shall include the reasonable compensation
and expenses, disbursements and advances of the Indenture Trustee’s agents, counsel, accountants and experts. The Issuer shall or shall cause the Trust Depositor to indemnify the Indenture Trustee against any and all loss, liability or expense
(including attorneys’ fees) incurred by it in connection with the administration of this trust and the performance of its duties hereunder. The Indenture Trustee shall notify the Issuer and the Trust Depositor promptly of any claim for which it
may seek indemnity. Failure by the Indenture Trustee to so notify the Issuer and the Trust Depositor shall not relieve the Issuer or the Trust Depositor of its obligations hereunder or under 
  

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 the Trust Agreement. Neither the Issuer nor the Trust Depositor need reimburse any expense or indemnify against any loss,
liability or expense incurred by the Indenture Trustee through the Indenture Trustee’s own willful misconduct, negligence or bad faith. 
  
 The Issuer’s payment obligations to the Indenture Trustee pursuant to this Section 6.7 shall survive the discharge of this Indenture. When the Indenture Trustee
incurs expenses after the occurrence of an Event of Default specified in Section 5.1(e) or (f), 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. 
  
 The amounts payable to the Indenture
Trustee pursuant to this Section 6.7 shall not, except as provided by Section 7.5(a)(15) and Section 7.5(c)(7) of the Sale and Servicing Agreement, exceed on any Remittance Date the Dollar limitation applicable to the Indenture Trustee described in
Section 7.5(a)(1) of the Sale and Servicing Agreement for such Payment Date, and the Indenture Trustee shall have a Lien ranking senior to that of the Noteholders upon all property and funds held or collected as part of the Indenture Collateral to
secure payment of amounts payable to the Indenture Trustee under this Section 6.7, not to exceed such amount with respect to any Remittance Date; provided that (A) the Indenture Trustee shall not institute any proceeding for enforcement of
such Lien except in connection with an action pursuant to Section 5.3 or 5.4 for the enforcement of the Lien of this Indenture for the benefit of the Secured Parties and (B) the Indenture Trustee may only enforce such a Lien in conjunction with the
enforcement of the rights of the Secured Parties in the manner set forth in Section 5.4. Amounts payable to the Indenture Trustee under this Section 6.7 shall constitute administration expenses under any Insolvency Law. 
  
 Fees applicable to periods shorter than a calendar quarterly period shall be prorated based
on the actual number of days within such period. The Indenture Trustee shall receive amounts pursuant to this Section 6.7 and Section 7.5(c)(7) of the Sale and Servicing Agreement only in accordance with the Priority of Payments. 
  
 Replacement of Indenture Trustee 
  
 6.8 No resignation or removal of the Indenture Trustee and no appointment of a successor
Indenture Trustee shall become effective until the acceptance of appointment by the successor Indenture Trustee pursuant to this Section 6.8. The Indenture Trustee may resign at any time by so notifying the Issuer. The Majority Noteholders or the
Issuer, with the written consent of the Majority Noteholders, may remove the Indenture Trustee by so notifying the Indenture Trustee and the Rating Agencies in writing and may appoint a successor Indenture Trustee. The Issuer shall remove the
Indenture Trustee if: 
  

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

  

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

  

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

  

	(d)	the Indenture Trustee otherwise becomes incapable of acting; or 

  

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	(e)	the Indenture Trustee defaults in any of its obligations under the Transaction Documents and such default is not cured within 30 days after a Responsible Officer of the Indenture
Trustee receives written notice of such default. 

  
 If the
Indenture Trustee resigns or is removed or if a vacancy exists in the office of 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. 
  
 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. No successor Indenture Trustee shall accept appointment as provided in this Section 6.8 unless at the time of such acceptance such Person shall be eligible under the provisions of
Section 6.11. The successor Indenture Trustee shall mail a notice of its succession to Noteholders. The retiring Indenture Trustee shall promptly transfer all property (including all Indenture Collateral) held by it as Indenture Trustee to the
successor Indenture Trustee and shall execute and deliver such instruments and such other documents as may reasonably be required to more fully and certainly vest and confirm in the successor Indenture Trustee all such rights, powers, duties and
obligations. 
  
 If a successor Indenture Trustee does not take office within 60
days after the retiring Indenture Trustee resigns or is removed, the retiring Indenture Trustee, the Issuer or the Majority Noteholders, may petition any court of competent jurisdiction for the appointment of a successor Indenture Trustee.

  
 If the Indenture Trustee fails to comply with Section 6.11, any Noteholder may
petition any court of competent jurisdiction for the removal of the Indenture Trustee and the appointment of a successor Indenture Trustee. 
  
 Notwithstanding the replacement of the Indenture Trustee pursuant to this Section 6.8, the Issuer’s obligations under Section 6.7 shall continue for the benefit of
the retiring Indenture Trustee. 
  
 Upon acceptance of appointment by a successor
Indenture Trustee as provided in this Section 6.8, the Servicer shall mail notice of such succession hereunder to all Holders of Notes at their addresses as shown in the Note Register. If the Servicer fails to mail such notice within 10 days after
acceptance of appointment by the successor Indenture Trustee, the successor Indenture Trustee shall cause such notice to be mailed at the expense of the Servicer. 
  
 Successor Indenture Trustee by Merger 
  
 6.9 If the Indenture Trustee consolidates with, merges or converts into, or transfers all or substantially all its corporate trust business or assets to, another
corporation or banking association, the resulting, surviving or transferee corporation without any further act shall be the successor Indenture Trustee; provided, that, such corporation or banking association shall be otherwise
qualified and eligible under Section 6.11. The Indenture Trustee shall provide the Rating Agencies with notice of any such transaction. 
  

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 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 and effect as permitted by the Notes or this Indenture. 
  
 Appointment of Co-Indenture Trustee or Separate Indenture Trustee 
  

	6.10 (a)	Notwithstanding any other provisions of this Indenture, at any time, for the purpose of meeting any legal requirement of any jurisdiction in which any part of the Indenture
Collateral may at the time be located, the Indenture Trustee shall have the power and may execute and deliver all instruments necessary or desirable 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 Indenture Collateral, and to vest in such Person or Persons, in such capacity and for the benefit of the Noteholders, such interest to the Indenture Collateral, or any part hereof, and, subject to the
other provisions of this Section 6.10, 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 Indenture Trustee under Section 6.11 and no notice to the Noteholders of the appointment of any co-trustee or separate trustee shall be required under Section 6.8 hereof. No appointment of a co-trustee or a separate trustee shall
relieve the Indenture Trustee of its duties and obligations hereunder. 

  

	(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 Indenture 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 

  

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

  

	(c)	Any notice, request or other writing given to the Indenture Trustee shall be deemed to have been given to each of the then separate trustees and co-trustees, as effectively as if
given to each of them. Every instrument appointing any separate trustee or co-trustee shall refer to this Indenture and the conditions of this Section 6. 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 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. 

  
 Eligibility; Disqualification 
  
 6.11 The Indenture Trustee hereunder shall at all times (a) be (i) a national banking association or banking corporation or trust company organized and doing business
under the laws of any state or the United States, (ii) authorized under such laws to exercise corporate trust powers, (iii) having a combined capital and surplus of at least $250,000,000, (iv) having unsecured and unguaranteed long-term debt
obligations rated at least “Baa3” by Moody’s (and if rated “Baa3” by Moody’s is not on watch for possible downgrade) and, “BBB” by Fitch (if rated by Fitch), and (v) is subject to supervision or examination by
federal or state authority and (b) satisfy the requirements of Rule 3a-7(a)(4)(i) under the Investment Company Act. If such banking association publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid
supervising or examining authority, then for the purposes of this Section 6.11 its combined capital and surplus shall be deemed to be as set forth in its most recent report of condition so published. In case at any time the Indenture Trustee shall
cease to be eligible in accordance with the provisions of this Section 6.11, the Indenture Trustee shall (a) give prompt notice to the Issuer, the Trust Depositor, the Servicer and the Noteholders that it has so ceased to be eligible to be the
Indenture Trustee and (b) resign, upon the request of the Majority Noteholders in the manner and with the effect specified in Section 6.8. 
  

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 Representations, Warranties and Covenants of Wells Fargo 
  
 6.12 Wells Fargo hereby makes the following representations, warranties and covenants on
which the Issuer, the Trust Depositor, the Servicer and the Noteholders shall be entitled to rely: 
  

	(a)	Wells Fargo is a national banking association duly organized, validly existing and in good standing under the law of the United States with authority to exercise trust powers.

  

	(b)	Wells Fargo has full power, authority and legal right to execute, deliver and perform this Indenture and the other Transaction Documents to which it is a party and shall have taken
all necessary action to authorize the execution, deliver and performance by it of this Indenture and the other Transaction Documents to which it is a party. 

  

	(c)	The execution, delivery and performance by Wells Fargo of this Indenture and the other Transaction Documents to which it is a party does not and shall not (i) violate any provision
of any law or any order, writ, judgment or decree of any court, arbitrator or governmental authority applicable to Wells Fargo or any of its assets, (ii) violate any provision of the corporate charter or by-laws of the Indenture Trustee or (iii)
violate any provision of, or constitute, with or without notice or lapse of time, a default under, or result in the creation or imposition of any Lien on any properties included in the Indenture Collateral pursuant to the provisions of, any
mortgage, indenture, contract, agreement or other undertaking to which it is a party, which violation, default or Lien could reasonably be expected to materially and adversely affect the Indenture Trustee’s performance or ability to perform its
duties under this Indenture and the other Transaction Documents to which it is a party or the transactions contemplated in this Indenture and the other Transaction Documents to which it is a party. 

  

	(d)	The execution, delivery and performance by Wells Fargo of this Indenture and the other Transaction Documents to which it is a party shall not require the authorization, consent or
approval of, the giving of notice to, the filing or registration with or the taking of any other action in respect of any governmental authority or agency regulating the banking and corporate trust activities of the Indenture Trustee.

  

	(e)	This Indenture and the other Transaction Documents to which it is a party have been duly executed and delivered by Wells Fargo and constitute the legal, valid and binding agreements
of Wells Fargo, enforceable in accordance with their respective terms, subject to the effect of insolvency, conservatorship, receivership, reorganization, moratorium and other similar laws relating to or affecting rights of creditors of national
banking associations generally or the application of equitable principles in any proceeding, whether at law or in equity. Wells Fargo hereby agrees and covenants that it will not at any time in the future, deny that this Indenture and the other
Transaction Documents to which it is a party constitute the legal, valid and binding agreement of Wells Fargo. 

  

	(f)	Wells Fargo shall not take any action, or fail to take any action, if such action or failure to take action could reasonably be expected to interfere with the enforcement of any
rights of the Noteholders under this Indenture or the other Transaction Documents. 

  

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 Directions to Indenture Trustee 
  
 6.13 The Indenture Trustee is hereby directed: 
  

	(a)	to accept collateral assignment of the Loan Assets and hold the assets of the Indenture Collateral as security for the Senior Noteholders; 

  

	(b)	to authenticate and deliver the Notes substantially in the forms attached hereto as Exhibits A-1, A-2, A-3, A-4, B-1, B-2, C and D and in accordance with the terms of this
Indenture; 

  

	(c)	to execute and deliver the Transaction Documents to which it is a party; and 

  

	(d)	to take all other actions as shall be required to be taken by the terms of this Indenture and the Sale and Servicing Agreement. 

  
 7. NOTEHOLDERS’ LISTS AND
REPORTS 
  
 Issuer To Furnish Indenture Trustee Names and
Addresses of Noteholders 
  
 7.1 The Issuer will furnish or cause to be
furnished to the Indenture Trustee (a) within one day after each Record Date, a list, in such form as the Indenture Trustee may reasonably require, of the names and addresses of the Holders of Notes as of such Record Date and (b) at such other times
as the Indenture Trustee may reasonably request in writing, within 30 days after receipt by the Issuer of any such request, a list of similar form and content as of a date not more than 10 days prior to the time such list is furnished;
provided, that so long as the Indenture Trustee is the Note Registrar, no such list shall be required to be furnished. 
  
 Preservation of Information; Communications to Noteholders 
  

	7.2 (a)	The Indenture Trustee 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 Indenture Trustee as provided in Section 7.1 and the names and addresses of Holders of Notes received by the Indenture Trustee in its capacity as Note Registrar. The Indenture Trustee may destroy any list furnished to it as provided in such
Section 7.1 upon receipt of a new list so furnished. 

  

	(b)	Noteholders may communicate pursuant to TIA § 312(b) with other Noteholders with respect to their rights under this Indenture or under the Notes. 

  

	(c)	The Issuer, the Indenture Trustee and the Note Registrar shall have the protection of TIA § 312(c). 

  

	(d)	The Indenture Trustee shall furnish to the Noteholders promptly upon receipt of a written request therefor, duplicates or copies of all reports, notices, requests, demands,
certificates, financial statements and any other instruments furnished to the Indenture Trustee under the Transaction Documents. 

  

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 Fiscal Year 
  
 7.3 Unless the Issuer otherwise determines, the fiscal year of the Issuer shall end on December 31 of each year. 
  
 8. TRUST ACCOUNTS, DISBURSEMENTS
AND RELEASES 
  
 Collection of Money

  
 8.1 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 funds and other property payable to or receivable by the Indenture Trustee pursuant to
this Indenture. The Indenture Trustee shall apply all such funds received by it as provided in this Indenture. Except as otherwise expressly provided in this Indenture, if any Event of Default occurs in the making of any payment or performance under
any agreement or instrument that is part of the Indenture 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 Section 5. 
  
 Accounts 
  

	8.2 (a)	On or prior to the Closing Date, the Issuer shall cause to be established and maintained, in the name of the Indenture Trustee, for the benefit of the Noteholders and the
Certificateholder, the Accounts as provided in Sections 7.1, 7.2 and 7.3 of the Sale and Servicing Agreement. 

  

	(b)	All funds required to be deposited in the Principal and Interest Account with respect to the preceding Due Period will be deposited in the Principal and Interest Account as provided
in Section 7.3 of the Sale and Servicing Agreement. On or before each Determination Date, the Interest Collections and Principal Collections with respect to the preceding Due Period will be transferred from the Principal and Interest Account to the
Note Distribution Account as provided in Section 7.5 of the Sale and Servicing Agreement. 

  

	(c)	On each Remittance Date, the Indenture Trustee shall distribute all amounts on deposit in the Note Distribution Account to Noteholders in respect of each Class of Notes, and to the
Paying Agent under the Trust Agreement, for distribution to the Noteholders in accordance with the provisions of Section 7.5 of the Sale and Servicing Agreement. 

  

	(d)	All funds deposited from time to time in the Note Distribution Account pursuant to the Sale and Servicing Agreement and all deposits therein pursuant to this Indenture are for the
benefit of the Noteholders and all investments made with such moneys including all income or other gain from such investments are for the benefit of the Noteholders as provided by the Sale and Servicing Agreement. 

  

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	(e)	The Indenture Trustee shall invest any funds in the Accounts as provided in the Sale and Servicing Agreement. 

  
 Opinion of Counsel 
  
 8.3 Except for releases or conveyances required or permitted by the Sale and Servicing Agreement and the other Transaction Documents, the
Indenture Trustee shall receive at least two Business Days’ notice when requested by the Issuer to take any action pursuant to subsection 8.4(a), accompanied by copies of any instruments to be executed, and the Indenture Trustee shall also
require, as a condition to such action, an Opinion of Counsel, in form and substance satisfactory to the Indenture Trustee (but subject to customary qualifications), stating the legal effect of any such action, outlining the steps required to
complete the same, and concluding that all conditions precedent to the taking of such action have been complied with and such action could not reasonably be expected to adversely impair the security for the Notes or the rights of the Noteholders in
contravention of the provisions of this Indenture; provided, that such Opinion of Counsel shall not be required to express an opinion as to the fair value of the Indenture Collateral. Counsel rendering any such opinion may rely, without
independent investigation, on the accuracy and validity of any certificate or other instrument delivered to the Indenture Trustee in connection with any such action. 
  
 Release of Indenture Collateral 
  

	8.4 (a)	Subject to the payment of its fees and reasonable expenses, the Indenture Trustee may, and when required by the provisions of this Indenture 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, Section 5.9 of the Sale and Servicing
Agreement and the other Transaction Documents. No party relying upon an instrument executed by the Indenture Trustee as provided in Section 6 hereunder shall be bound to ascertain the Indenture Trustee’s authority, inquire into the satisfaction
of any conditions precedent, or see to the application of any funds. 

  

	(b)	The Indenture Trustee shall, at such time as (i) there are no Senior Notes Outstanding and (ii) all sums due the Indenture Trustee pursuant to this Indenture have been paid, release
any remaining portion of the Indenture Collateral that secured the Senior Notes from the Lien of this Indenture. The Indenture Trustee shall release property from the Lien of this Indenture pursuant to this subsection 8.4(b) only upon receipt of a
request from the Issuer accompanied by an Officer’s Certificate and an Opinion of Counsel (but subject to customary qualifications) stating that all conditions precedent to such release have been satisfied. 

  
 Remedies for Misrepresentations of MCG in Commercial Loan Sale Agreement; Release of
Certain Indenture Collateral Upon Payment of Deposit Transfer Amount 
  
 8.5
Upon receipt by the Indenture Trustee of notice of a breach of a representation or warranty as set forth in Section 3.1, Section 3.2, Section 3.3, Section 3.4 or Section 3.5 of the 
  

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 Commercial Loan Sale Agreement or a breach of any representation or warranty made or deemed made in any Addition Notice
or Subsequent Purchase Agreement relating to Additional Loan Assets or Substitute Loan Assets such that, as a result of such breach of representation or warranty, any such Loan is an Ineligible Loan, the Indenture Trustee shall give prompt written
notice of such breach to the Originator, the Servicer and the Issuer. Upon confirmation by the Indenture Trustee that MCG has cured such breach, the Indenture Trustee shall provide written notice of the cure and the manner such cure was effected to
the Originator, the Servicer and the Issuer, within five Business Days of the Indenture Trustee’s receipt of such confirmation. If such cure was effected by the Originator or Servicer depositing or causing to be deposited in the Principal and
Interest Account, the Transfer Deposit Amount, upon receipt of an Officer’s Certificate of the Servicer in the form attached as Exhibit T to the Sale and Servicing Agreement, the Indenture Trustee shall release from the Lien of this Indenture
and assign to the Trust Depositor and the Trust Depositor shall, pursuant to Section 6.2 of the Commercial Loan Sale Agreement, assign to the Originator all of the Issuer’s (or Trust Depositor’s, as applicable) right, title and interest in
the repurchased or substituted Loan and related Loan Assets without recourse, representation or warranty. 
  
 Surrender of Notes Upon Final Payment 
  
 8.6 By acceptance of any Note, the Holder thereof agrees to surrender such Note to the Indenture Trustee promptly, prior to such Noteholder’s receipt of the final payment thereon. 
  
 9. SUPPLEMENTAL INDENTURES 
  
 Supplemental Indentures Without Consent of Noteholders 
  

	9.1 (a)	Without the consent of the Holders of any Notes but with the prior notice and a copy of any proposed supplemental indenture to the Rating Agencies, the Issuer and the Indenture
Trustee, when authorized by an Issuer Order, at any time and from time to time, may enter into one or more indentures supplemental, in form satisfactory to the Indenture Trustee, for any of the following purposes: 

  

	 	(i)	 	to correct or amplify the description of any property at any time subject to the Lien of this Indenture, or better to assure, convey and confirm unto the Indenture Trustee any
property subject or required to be subjected to the Lien of this Indenture, or to subject to the Lien of this Indenture additional property; 

  

	 	(ii)	 	to evidence the succession, in compliance with the applicable provisions hereof, of another person to the Issuer, and the assumption by any such successor of the covenants of the
Issuer herein and in the Notes; 

  

	 	(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; 

  

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	 	(v)	 	to cure any ambiguity, to correct or supplement any provision herein or in any supplemental indenture that may be inconsistent with any other provision herein or in any supplemental
indenture or to make any other provisions with respect to matters or questions arising under this Indenture or in any supplemental indenture; provided, that, such action shall not as evidenced by an Opinion of Counsel (subject to customary
qualifications) delivered to the Indenture Trustee, adversely affect the interests of the Noteholders in any material respect; 

  

	 	(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 Section 6; 

  

	 	(vii)	 	to make any change required by the Irish Paying Agent so long as any of the Senior Notes are listed on the Irish Stock Exchange, or any other stock exchange on which any Class of
Senior Notes is listed, in each case in order to permit or maintain such listing; 

  

	 	(viii)	 	to modify the restrictions on and procedures for resales and other transfers of Notes to reflect any changes in applicable law or regulation (or the interpretation thereof) or to
enable the Issuer to rely upon any exemption from registration under the Securities Act or the Investment Company Act or to remove restrictions on resale and transfer to the extent not required thereunder or under ERISA; 

  

	 	    	 	provided, that no such indenture supplements shall be entered into unless the Indenture Trustee shall have received an Opinion of Counsel (subject to customary
qualifications) that entering into such indenture supplement will not (A) cause an exchange of the Notes for U.S. Federal income tax purposes under Section 1.1001-3 of Treasury regulations and (B) cause the Issuer to be subject to an entity level
tax or be classified as a taxable mortgage pool within the meaning of Section 7701(i) of the Code. 

  

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

  

	 	(b)	 	The Issuer and the Indenture Trustee, when authorized by an Issuer Order, may, also without the consent of any of the Holders of the Notes but with prior notice and a copy of any
such proposed supplemental indenture to the Rating Agencies, 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, that such action would not, as evidenced by an Opinion of Counsel, (i) be reasonably expected to adversely affect the interest of any Noteholder
or (ii) cause the Issuer to be subject to an entity level tax or be classified as a taxable mortgage pool within the meaning of Section 7701(i) of the Code. 

  

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 Supplemental Indentures With Consent of Noteholders 
  
 9.2 The Issuer and the Indenture Trustee, when authorized by an Issuer Order, also may, with prior notice to the Rating Agencies and with
satisfaction of the Rating Agency Condition, with the consent of the Majority Noteholders 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, that no such supplemental indenture
shall, without the consent of the Holder of each Note affected thereby: 
  

	(a)	change the date of payment of any installment of principal of or interest on any Senior Note, or reduce the principal amount thereof or the interest rate thereon, change the
provisions of this Indenture relating to the application of collections on, or the proceeds of the sale of the Indenture Collateral to payment of principal of or interest on the Senior Notes, or change any place of payment where, or the coin or
currency in which, any Senior Note or the interest thereon is payable, or impair the right to institute suit for the enforcement of the provisions of this Indenture requiring the application of funds available therefor, as provided in Section 5, to
the payment of any such amount due on the Senior Notes on or after the respective due dates thereof; 

  

	(b)	reduce the percentage of the Aggregate Outstanding Principal Balance, the consent of the Holders of which is required for any such supplemental indenture, or the consent of the
Holders of which is required for any waiver of compliance with any provision of this Indenture or defaults hereunder and their consequences provided for in this Indenture; 

  

	(c)	modify or alter the provisions of the proviso to the definition of the term “Outstanding” or modify or alter the exception in the definition of the term
“Holder”; 

  

	(d)	reduce the percentage of the Aggregate Outstanding Principal Balance required to direct the Indenture Trustee to direct the Issuer to sell or liquidate the Indenture Collateral
pursuant to Section 5.4; 

  

	(e)	modify any provision of this Section 9.2 or Section 5.15 except to increase any percentage specified herein or to provide that certain additional provisions of this Indenture or the
Transaction Documents cannot be modified or waived without the consent of the Holder of each Note affected thereby; or 

  

	(f)	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 Indenture 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 any Senior Noteholder of the security provided by the Lien of this Indenture; 

  

	    	provided that any action set forth in clauses (a) through (f) of this Section 9.2 shall not, as evidenced by an Opinion of Counsel (subject to customary qualifications),
cause the Issuer to be subject to an entity level tax or be classified as a taxable mortgage pool within the meaning of Section 7701(i) of the Code. 

  

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 The Indenture Trustee may in its discretion determine whether or not any Notes would be affected by any supplemental
indenture and any such determination shall be conclusive upon the Holders of all Notes, whether theretofore or thereafter authenticated and delivered hereunder. The Indenture Trustee shall not be liable for any such determination made in good faith.

  
 It shall not be necessary for any Act of Noteholders under this Section 9.2 to
approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such Act shall approve the substance thereof. 
  
 Notice of Supplemental Indentures to Noteholders 
  
 9.3 Promptly after the execution by the Issuer and the Indenture Trustee of any supplemental indenture pursuant to Section 9.1 or Section 9.2, the Indenture Trustee shall
mail to each Noteholder a copy 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.

  
 Execution of Supplemental Indentures 
  
 9.4 In executing, or permitting the additional trusts created by, any supplemental indenture
permitted by this Section 9 or the modification thereby of the trusts created by this Indenture, the Indenture Trustee shall be entitled to receive, and subject to Sections 6.1 and 6.2, shall be fully protected in relying upon, an Opinion of Counsel
(subject to customary qualifications) stating that the execution of such supplemental indenture is authorized or permitted by this Indenture. The Indenture Trustee may, but shall not be obligated to, enter into any such supplemental indenture that
affects the Indenture Trustee’s own rights, duties, liabilities or immunities under this Indenture or otherwise. The Indenture Trustee shall provide copies of each supplemental indenture to the Rating Agencies. 
  
 Effect of Supplemental Indenture 
  
 9.5 Upon the execution of any supplemental indenture pursuant to the provisions hereof, this
Indenture shall be and shall be deemed to be modified and amended in accordance therewith with respect to the Notes affected thereby, and the respective rights, limitations of rights, obligations, duties, liabilities and immunities under this
Indenture of the Indenture Trustee, the Issuer and the Noteholders shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and amendments, and all the terms and conditions of any such
supplemental indenture shall be and be deemed to be part of the terms and conditions of this Indenture for any and all purposes. 
  
 Reference in Notes to Supplemental Indentures 
  
 9.6 Notes authenticated and delivered after the execution of any supplemental indenture pursuant to this Section 9 may, and if required by the Indenture Trustee shall,
bear a notation in 
  

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 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. 
  
 10.
REDEMPTION 
  
 Optional Redemption and Tax Redemption

  
 10.1 (a) Subject to compliance with the requirements of this Section 10.1
and Sections 10.2, 10.3 and 10.4: 
  

	 	(i)	 	with respect to any Remittance Date occurring during the Call Period, at the written direction of a Majority of the Class D Notes (which direction shall be given so as to be
received by the Issuer, the Originator, the Initial Depositor, the Servicer, the Backup Servicer and the Indenture Trustee not later than 60 days prior to the proposed Redemption Date, which shall be a Remittance Date), the Indenture Trustee shall,
on behalf of the Issuer, effect, on such Remittance Date, the redemption in whole (but not in part) of the Notes at the Applicable Redemption Prices thereof (any such redemption, an Optional Redemption); and 

 

	 	(ii)	 	upon the occurrence of a Tax Event as of any Remittance Date in an amount satisfying the Tax Materiality Condition, the Indenture Trustee shall provide prompt notice to the Issuer,
the Originator, the Trust Depositor, the Servicer, the Backup Servicer, the Owner Trustee, the Noteholders and the Certificateholder upon it having actual knowledge that such an event has occurred, and at the written direction of a Majority of the
Class D Notes following such Tax Event (which direction shall be accompanied by an Opinion of Counsel substantially to the effect that such a Tax Event occurred and the Tax Materiality Condition has been satisfied and which direction shall be given
so as to be received by the Issuer, the Originator, the Trust Depositor, the Servicer, the Backup Servicer and the Indenture Trustee not later than 60 days prior to the proposed Redemption Date, which shall be a Remittance Date), the Indenture
Trustee shall, on behalf of the Issuer, effect the redemption of the Notes of all Classes in whole (but not in part) at the Applicable Redemption Prices thereof (any such redemption, a Tax Redemption). 

  

	(b)	Upon a redemption of the Notes, the Indenture Trustee shall apply from amounts transferred to the Note Distribution Account, the following amounts in the following order of
priority: first, to the payment of the amounts set forth in clauses (1), (2), (3), (14) and (15) of Section 7.5(a) of the Sales and Servicing Agreement (in that order) on a pro rata basis, second, to the Holders of the Class A-1
Notes of the Applicable Redemption Price for such Class A-1 Notes, third, to the payment to the Holders of the Class A-2 Notes of the Applicable Redemption Price of the Class A-2 Notes, fourth, to the payment to the Holders of the
Class B Notes of the Applicable Redemption Price of the Class B 

  

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	    	Notes, fifth, to the payment to the Holders of the Class C Notes of the Applicable Redemption Price of the Class C Notes; and, sixth, any amounts remaining after the
application of funds pursuant to clauses first through fifth above, to the Holders of the Class D Notes. Following the liquidation of the Indenture Collateral and the distribution of any available funds remaining following a redemption
of the Notes in accordance with this Section 10.1(b), all of the Class D Notes will be cancelled and deemed paid in full for all purposes, whether or not any amounts are available to the Issuer for distribution to the Class D Noteholders in
connection with such redemption. 

  

	(c)	If a redemption is directed to be made pursuant to subsection (a) above, the Servicer shall make arrangements for the sale of, and on a timely basis shall direct the Indenture
Trustee to sell, all of the Loans subject to Section 10.1(d). 

  

	(d)	No redemption of the Notes may be effected pursuant to Section 10.1(a) and no Loans may be sold in connection with any such redemption unless either: 

  

	 	(i)	 	at least seven Business Days before the scheduled Redemption Date, the Servicer shall have furnished to the Indenture Trustee evidence, in form satisfactory to the Indenture
Trustee, that the Servicer on behalf of the Issuer has entered into a binding agreement or agreements with: 

  

	 	(A)	 	a financial institution or institutions (or a guarantor or guarantors of the obligations thereof) (x) whose long-term unsecured debt obligations (other than such obligations the
rating of which is based on the credit of a person other than such institution) have a credit rating of at least “AA-“ from Fitch if rated by Fitch and of at least “Aa3” from Moody’s or (y) the short-term unsecured debt
obligations of which have a credit rating of “F-1” from Fitch if rated by Fitch and of “P-1” from Moody’s or (z) the obligations of which under such binding agreements are supported by a letter of credit or other agreement
acceptable to the Indenture Trustee, issued by a financial institution (or a guarantor or guarantors of the obligations thereof) satisfying either of the foregoing clauses (x) or (y); or 

  

	 	(B)	 	MCG, a fund managed by MCG, or any Affiliate of MCG 

  

	 	    	 	to purchase, not later than the Business Day immediately preceding the scheduled Redemption Date, in immediately available funds, all or part of the Loans at a purchase price at
least equal to an amount sufficient, together with the Permitted Investments maturing prior to the scheduled Redemption Date to pay all of the amounts to be paid pursuant to clauses first through fifth of Section 10.1(b) (the aggregate
amount required to make such payments and effect such redemption, the Total Redemption Amount); or 

  

	 	(ii)	 	prior to selling any Loans or any other part of the Indenture Collateral, the Servicer shall certify that the Expected Sale Proceeds thereof, together with the Permitted Investments
maturing prior to the scheduled Redemption Date, shall, in the aggregate, equal or exceed the Total Redemption Amount. 

  

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	(e)	Installments of interest and principal due on or prior to a Redemption Date shall continue to be payable to the Holders of such Notes as of the relevant Record Date according to
their terms. An election to redeem any Notes pursuant to this Section 10.1 shall be evidenced by an Issuer Order directing the Indenture Trustee to make the payment to the Paying Agent of the Applicable Redemption Prices of all of the Notes to be
redeemed from funds in the Note Distribution Account as described herein. The Issuer shall deposit, or cause to be deposited, the funds required for a redemption pursuant to Section 10.1(a) in the Note Distribution Account on or before the Business
Day prior to the Redemption Date. 

  
 The Servicer on behalf of the
Issuer shall set the Redemption Date and the applicable Record Date and give notice thereof to the Indenture Trustee pursuant to Section 10.2. 
  
 Notice of Optional Redemption or Tax Redemption 
  
 10.2 In the event of any redemption pursuant to Section 10.1, the Indenture Trustee on behalf of the Issuer shall, at least 20 days prior to the Redemption Date, notify
the Owner Trustee, the Servicer, the Backup Servicer, the Originator, the Initial Depositor, the Irish Paying Agent (if and for so long as any Class of Senior Notes are listed on the Irish Stock Exchange) and each Rating Agency which has assigned a
rating to any Class then Outstanding on such Redemption Date, of such redemption, the applicable Record Date, the Outstanding Principal Balance of Notes to be redeemed on such Redemption Date and the Applicable Redemption Prices of such Notes, in
accordance with Section 10.1. 
  
 Manner of Notice of Optional Redemption or
Tax Redemption or Maturity 
  
 10.3 Notice of a redemption pursuant to
Sections 10.1 or 10.2 or of the maturity of any Class shall be given by first-class mail, postage prepaid, mailed not less than 10 Business Days prior to the applicable Redemption Date or Final Maturity Date to each Holder of Notes to be redeemed
pursuant to Section 10.1 (or, in the case of the Final Maturity Date, to each Holder of a maturing Note) or Section 10.2, at the address of such Holder in the Note Register by the Indenture Trustee on behalf of the Issuer. In addition, if and so
long as any Class of Senior Notes to be redeemed is listed on the Irish Stock Exchange, the Indenture Trustee shall cause to be delivered to the Company Announcements Office of the Irish Stock Exchange notice of such redemption and the Redemption
Date not less than 10 Business Days prior to the applicable Redemption Date and promptly notify the Irish Paying Agent. 
  
 All notices of redemption or maturity shall state (such notice, the Redemption Date Statement): 
  

	(a)	the applicable Redemption Date or Final Maturity Date; 

  

	(b)	the Applicable Redemption Price for each Class being redeemed; 

  

	(c)	the Outstanding Principal Balance of each Class being redeemed; 

  

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	(d)	that all the Senior Notes are being paid in full and that interest on such Senior Notes being redeemed or paid in full shall cease to accrue on the date specified in the notice;

  

	(e)	the applicable Record Date; and 

  

	(f)	the place or places where such Notes to be redeemed are to be surrendered for final payment which shall be the office or agency of any Paying Agent. 

  
 In the event of a redemption pursuant to Section 10.1 only, the Servicer shall be permitted
to instruct the Indenture Trustee on behalf of the Issuer to withdraw the notice of redemption up to the fifth Business Day prior to the scheduled Redemption Date by written notice to the Indenture Trustee, the Owner Trustee, the Backup Servicer,
the Originator and the Initial Depositor only if the Servicer shall be unable to deliver the sale agreement or agreements or certifications, as the case may be, in form satisfactory to the Indenture Trustee or in an amount sufficient to satisfy the
requirements of Section 10.1(d). 
  
 At the cost of the Issuer, any notice of any
such withdrawal shall be given by the Indenture Trustee to each Noteholder at such Holder’s address in the Note Register by overnight courier guaranteeing next day delivery not later than the third Business Day prior to the scheduled Redemption
Date and to the Irish Paying Agent (if and for so long as any Class of Senior Notes is listed on the Irish Stock Exchange). 
  
 Notice of redemption shall be given by the Indenture Trustee on behalf of the Issuer 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 selected for redemption shall not impair or affect the validity of the redemption of any other Note. 
  
 Notes Payable on Redemption Date 
  
 10.4 Notice of redemption having been given as aforesaid, the Notes to be redeemed shall, on the Redemption Date, become due and payable in whole at the Applicable
Redemption Price therefor specified in such notice, in accordance with the Priority of Payments and from and after the Redemption Date (unless the Issuer shall default in the payment of the Applicable Redemption Price of the Senior Notes) such
Senior Notes shall cease to bear interest. Upon final payment on a Note, the Holder shall present and surrender such Note at the place specified in the notice of redemption on or prior to such Redemption Date; provided that if there is
delivered to the Indenture Trustee and the Issuer an undertaking thereafter to surrender such Note, then, in the absence of notice to the Issuer and the Indenture Trustee that the applicable Note has been acquired by a bona fide purchaser, such
final payment shall be made without presentation or surrender. 
  
 If any Class of
Senior Notes called for redemption shall not be paid upon surrender thereof for redemption, the principal thereof shall, until paid, bear interest from the Redemption Date at the applicable Note Interest Rate for each successive Interest Accrual
Period during which such Senior Note remains Outstanding. 
  

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 Principal Prepayment; Special Redemption; Effective Date Ratings Downgrade 
  
 10.5 At any time during which any Class is Outstanding: 
  

	(a)	(A) if the Class A Principal Coverage Test is not satisfied as of any Determination Date, Interest Collections remaining after payment of amounts under clauses (1) through (4) of
Section 7.5(a) of the Sale and Servicing Agreement will be applied on the related Remittance Date pursuant to the Priority of Payments, until and to the extent necessary to satisfy such Class A Coverage Test as of such Determination Date, to pay
principal of the Class A Notes, (B) if the Class B Principal Coverage Test is not satisfied as of any Determination Date, Interest Collections remaining after payment of amounts under clauses (1) through (6) of Section 7.5(a) of the Sale and
Servicing Agreement and Principal Collections remaining after payment of amounts under clauses (1) and (2) of Section 7.5(c) of the Sale and Servicing Agreement (to the extent such amounts under clause (2) relate to clauses (1) through (6) of
Section 7.5(a) of the Sale and Servicing Agreement) will be applied on the related Remittance Date pursuant to the Priority of Payments, until and to the extent necessary to satisfy such Class B Principal Coverage Test as of such Determination Date,
to pay, first, principal of the Class A-1 Notes, then principal of the Class A-2 Notes and, then, principal of the Class B Notes and (C) if the Class C Principal Coverage Test is not satisfied as of any Determination Date, Interest Collections
remaining after payment of amounts under clauses (1) through (9) of Section 7.5(a) of the Sale and Servicing Agreement will be applied on the related Remittance Date pursuant to the Priority of Payments, until and to the extent necessary to satisfy
such Class C Principal Coverage Test as of such Determination Date, to pay, first, principal of the Class A-1 Notes, then, principal of the Class A-2 Notes and then, principal of the Class B Notes and then principal of the Class C Notes (any such
prepayment, a Principal Prepayment); or 

  

	(b)	In the event of an Effective Date Ratings Downgrade, on the first Remittance Date after such Effective Date Ratings Downgrade, the Indenture Trustee shall apply, first, all
Interest Collections remaining after payment of amounts referred to in clauses (1) through (12) of Section 7.5(a) of the Sale and Servicing Agreement, second, all Unused Proceeds standing to the credit to the Note Distribution Account and,
third, Principal Collections remaining after payment of amounts referred to in clauses (1) and (2) of Section 7.5(c) (to the extent that amounts under Clause (2) relate to clauses (1) through (12) of Section 7.5(a) of the Sale and Servicing
Agreement) to the payment of, first, principal of the Class A-1 Notes, then, principal of the Class A-2 Notes and, then, principal of the Class B Notes and then, principal of the Class C Notes, in each case in accordance with
the Priority of Payments, in each case, until and to the extent necessary for each of the Rating Agencies to confirm the ratings assigned by it on the Closing Date to each Class of Senior Notes. The Indenture Trustee on behalf of the Issuer shall
inform the Irish Paying Agent (to the extent required by the rules of the Irish Stock Exchange) of any Effective Date Ratings Downgrade. 

  

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 11. NOTEHOLDER RELATIONS 
  
 Subordination 
  

	11.1 (a)	Anything in this Indenture, the Notes or the Sale and Servicing Agreement to the contrary notwithstanding, the Certificateholder and the Holders of the Class D Notes and the
Certificate agree for the benefit of the Holders of the Class A Notes, Class B Notes and Class C Notes that the Class D Noteholders’ and the Certificateholder’s rights in and to the Indenture Collateral shall be subordinate and junior to
Class A Notes, Class B Notes and Class C Notes to the extent and in the manner set forth in this Indenture including as set forth in the Priority of Payments and Section 10.1(b) and as hereinafter provided. Anything in this Indenture, the Notes or
the Sale and Servicing Agreement to the contrary notwithstanding, the Holders of the Class C Notes agree for the benefit of the Holders of the Class A Notes and Class B Notes that the Class C Noteholders’ rights in and to the Indenture
Collateral shall be subordinate and junior to Class A Notes and Class B Notes to the extent and in the manner set forth in this Indenture including as set forth in the Priority of Payments and Section 10.1(b) and as hereinafter provided. Anything in
this Indenture, the Notes or the Sale and Servicing Agreement to the contrary notwithstanding, Holders of the Class B Notes agree for the benefit of the Holders of the Class A Notes that the Class B Noteholders’ rights in and to the Indenture
Collateral shall be subordinate and junior to Class A Notes to the extent and in the manner set forth in this Indenture including as set forth in the Priority of Payments and Section 10.1(b) and as hereinafter provided. Anything in this Indenture,
the Notes or the Sale and Servicing Agreement to the contrary notwithstanding, Holders of the Class A-2 Notes agree for the benefit of the Holders of the Class A-1 Notes that the Class A-2 Noteholders’ rights in and to the Indenture Collateral
shall be subordinate and junior to Class A-1 Notes to the extent and in the manner set forth in this Indenture including as set forth in the Priority of Payments and Section 10.1(b) and as hereinafter provided. If any Event of Default has not been
cured or waived and acceleration occurs in accordance with Section 5.2, including as a result of an Event of Default specified in Section 5.1(e) or (f), the Class A-1 Notes shall be paid in full in Cash or, to the extent a Majority of the Class A-1
Notes consents, other than in Cash, before any further payment or other distribution is made on account of the Class A-2 Notes, Class B Notes, Class C Notes, Class D Notes or the Certificate. The Holders of the Class D Notes and the
Certificateholder agree, for the benefit of the Holders of the Class A Notes, Class B Notes and Class C Notes, not to cause the filing of a petition in bankruptcy against the Issuer for failure to pay to them amounts due under the Class D Notes or
under the Certificate, or hereunder until the Class A Notes, Class B Notes and Class C Notes have been paid in full and a year and a day or, if longer, the applicable preference period then in effect under any applicable Insolvency Law, has elapsed
since such payment. The Holders of the Class C Notes agree, for the benefit of the Holders of the Class A Notes and Class B Notes, not to cause the filing of a petition in bankruptcy against the Issuer for failure to pay to them amounts due under
the Class C Notes or hereunder until the Class A Notes and Class B Notes have been paid in full and a year and a day or, if longer, the applicable preference period then in effect under any applicable Insolvency Law, has elapsed since such payment.
The Holders of the Class B Notes agree, for the benefit of the Holders of the Class A Notes, 

  

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	    	not to cause the filing of a petition in bankruptcy against the Issuer for failure to pay to them amounts due under the Class B Notes or hereunder until the Class A Notes have been
paid in full and a year and a day or, if longer, the applicable preference period then in effect under any applicable Insolvency Law, has elapsed since such payment. The Holders of the Class A-2 Notes agree, for the benefit of the Holders of the
Class A-1 Notes, not to cause the filing of a petition of bankruptcy against the Issuer for failure to pay them amounts due under the Class A-2 Notes or hereunder until the Class A-1 Notes have been paid in full and a year and a day or, if longer,
the applicable preference period then in effect under any applicable Insolvency Law, has elapsed since such payment. 

  

	(b)	If, notwithstanding the provisions of this Indenture, any Holder of any Class A-1 Notes, Class A-2 Notes, Class B Notes, Class C Notes, Class D Notes or the Certificateholder shall
have received any payment or distribution in respect thereof contrary to the provisions of this Indenture, then, unless and until the Class A-1 Notes, Class A-2 Notes, Class B Notes, Class C Notes or Class D Notes as the case may be, shall have been
paid in full in Cash or, to the extent a Majority of the Class A-1 Notes, Class A-2 Notes, Class B Notes, Class C Notes and Class D Notes, as the case may be, consent, other than in Cash in accordance with this Indenture, such payment or
distribution shall be received and held in trust for the benefit of, and shall forthwith be paid over and delivered to, the Indenture Trustee, which shall pay and deliver the same to the Holders of the Class A-1 Notes, Class A-2 Notes, Class B
Notes, Class C Notes and Class D Notes, as the case may be, in accordance with this Indenture; provided that, if any such payment or distribution is made other than in Cash, it shall be held by the Indenture Trustee as part of the Trust Estate and
subject in all respects to the provisions of this Indenture, including this Section 11.1. 

  

	(c)	Each Holder of Class A Notes, Class B Notes, Class C Notes and Class D Notes and the Certificateholder agrees with all Holders of Class A Notes, Class B Notes, Class C Notes and
Class D Notes, as the case may be, that such Holder of Class A Notes, Class B Notes, Class C Notes or Class D Notes and the Certificateholder shall not demand, accept or receive any payment or distribution in respect thereof in violation of the
provisions of this Indenture including this Section 11.1; provided that (i) after the Class A-1 Notes have been paid in full, the Holders of the Class A-2 Notes shall be fully subrogated to the rights of the Holders of the Class A-1 Notes,
(ii) after the Class A Notes have been paid in full, the Holders of the Class B Notes shall be fully subrogated to the rights of the Holders of the Class A Notes, (iii) after the Class A Notes and Class B Notes have been paid in full, the Holders of
the Class C Notes shall be fully subrogated to the rights of the Holders of the Class A Notes and Class B Notes, (iv) after the Class A Notes, Class B Notes and Class C Notes have been paid in full, the Holders of the Class D Notes shall be fully
subrogated to the rights of the Holders of the Class A Notes, Class B Notes and Class C Notes and (v) after the Class A Notes, Class B Notes, Class C Notes and Class D Notes have been paid in full, the Certificateholder shall be fully subrogated to
the rights of the Holders of the Class A Notes, Class B Notes, Class C Notes and Class D Notes. Nothing in this Section 11.1 shall affect the obligation of the Issuer to pay the Holders of the Class A Notes, Class B Notes, Class C Notes or Class D
Notes or the Certificateholder. 

  

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 Standard of Conduct 
  
 11.2 In exercising any of its or their voting rights, rights to direct and consent or any other rights as a Secured Party under this Indenture, subject to the terms and
conditions of this Indenture, including Section 5.7 and Section 11.1, a Secured Party or Secured Parties shall not have any obligation or duty to any Person or to consider or take into account the interests of any Person and shall not be liable to
any Person for any action taken by it or them or at its or their direction or any failure by it or them to act or to direct that an action be taken, without regard to whether such action or inaction benefits or adversely affects any Secured Party,
the Issuer, the Certificateholder or any other Person. 
  
 12.
MISCELLANEOUS 
  
 Compliance Certificates and Opinions,
etc. 
  

	12.1 (a)	Upon any application or request by the Issuer to the Indenture Trustee to take any action under any provision of this Indenture, the Issuer shall furnish to the Indenture Trustee an
Officer’s Certificate stating that all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with, and, if required, an Opinion of Counsel stating that in the opinion of such counsel all
such conditions precedent, if any, have been complied with, except that, in the case of any such application or request as to which the furnishing of such documents is specifically required by any provision of this Indenture, no additional
certificate or opinion need be furnished. 

  

	    	Every certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture shall include: 

  

	 	(i)	 	a statement that each signatory of such certificate or opinion has read or has caused to be read such covenant or condition and the definitions herein relating thereto;

  

	 	(ii)	 	a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based;

  

	 	(iii)	 	a statement that, in the opinion of each such signatory, such signatory has made such examination or investigation as is necessary to enable such signatory to express an informed
opinion as to whether or not such covenant or condition has been complied with; 

  

	 	(iv)	 	a statement as to whether, in the opinion of each such signatory, such condition or covenant has been complied with; and 

  

	 	(v)	 	if the signer of such Certificate or Opinion is required to be Independent, the Statement required by the definition of the term “Independent”. 

 

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	 	(b)    (i)	 	Prior to the deposit of any Indenture Collateral or other property or securities with the Indenture Trustee that is to be made the basis for the release of any property or
securities subject to the Lien of this Indenture, the Issuer shall, in addition to any obligation imposed in subsection 12.1(a) or elsewhere in this Indenture, furnish to the Indenture Trustee an Officer’s Certificate certifying or stating the
opinion of each person signing such certificate as to the estimated fair value (within 90 days of such deposit) to the Issuer of the Indenture Collateral or other property or securities to be so deposited. 

  

	 	(ii)	 	Subject to clause (iii), whenever any property or securities are to be released from the Lien of this Indenture, the Issuer shall also furnish to the Indenture Trustee an
Officer’s Certificate certifying or stating the opinion of each person signing such certificate as to the estimated fair value (within 90 days of such release) of the property or securities proposed to be released and stating that in the
opinion of such person the proposed release will not impair the security under this Indenture in contravention of the provisions hereof. 

  

	 	(iii)	 	Notwithstanding any provision of this Indenture, the Issuer may, without compliance with the requirements of the other provisions of this Section 12.1, (A) collect, sell or
otherwise dispose of Loans and other Indenture Collateral as and to the extent permitted or required by the Transaction Documents, or (B) make cash payments out of the Trust Accounts. 

  
 Form of Documents Delivered to Indenture Trustee 
  
 12.2 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 that the certificate or opinion or representations with respect to the matters upon which the certificate or opinion is based are
erroneous. Any such certificate of an Authorized Officer or Opinion of Counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an officer or officers of the Servicer, the Issuer, the
Trust Depositor, or other appropriate Person, stating that the information with respect to such factual matters is in the possession of the Servicer, the Issuer, the Trust Depositor or such other Person, unless such counsel knows 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. 
  

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 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 in all material respects, 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 Section 6. 
  
 Acts of Noteholders

  

	12.3 (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 6.1)
conclusive in favor of the Indenture Trustee and the Issuer, if made in the manner provided in this Section 12.3. 

  

	(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.

  

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 Notices, etc., to Indenture Trustee and Others 
  
 12.4 Any request, demand, authorization, direction, notice, consent, waiver or Act of Noteholders or other documents provided or permitted
by this Indenture shall be in writing and if such request, demand, authorization, direction, notice, consent, waiver or act of Noteholders is to be made upon, given or furnished to or filed with: 
  

	(a)	the Indenture Trustee by any Noteholder or by the Issuer shall be sufficient for every purpose hereunder if made, given, furnished or filed in writing to or with the Indenture
Trustee and received at the Corporate Trust Office, or 

  

	(b)	the Issuer by the Indenture Trustee or by any Noteholder shall be sufficient for every purpose hereunder if in writing and mailed first-class, postage prepaid to the Issuer
addressed to: MCG Commercial Loan Trust 2004–1, c/o Wilmington Trust Company, One Rodney Square North, Wilmington, Delaware 19890, Attention: Corporate Trust Administration, with a copy to MCG Capital Corporation at 9011 Arboretum Parkway,
Suite 250, Richmond, Virginia 23236, Attention: Chief Accounting Officer and at 1100 Wilson Boulevard, Suite 3000, Arlington, Virginia 22209, Attention: Chief Financial Officer and General Counsel, or at any other address previously furnished in
writing to the Indenture Trustee by the Issuer, MCG or the Trust Depositor. 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 or
the Owner Trustee shall be in writing, personally delivered or mailed by certified mail, return receipt requested, to (i) in the case of Fitch, at the following address: 55 East Monroe Street, Suite 3500, Chicago, Illinois 60603, Attention: CDO
Surveillance, and (ii) in the case of Moody’s, at the following address: Moody’s Investors Service, ABS Monitoring Department, 99 Church Street, New York, New York 10007, e-mail: cdomonitoring@moodys.com; or as to each of the foregoing, at
such other address as shall be designated by written notice to the other parties; provided, that no notice shall be required to be given to the Rating agencies until a Class of Notes has been rated by such Rating Agency. 
  
 Notices to Noteholders; Waiver 
  
 12.5 Where this Indenture provides for notice to Noteholders of any event, such notice shall
be sufficiently given (unless otherwise herein expressly provided) if, 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. 
  

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 Where this Indenture provides for notice to the Rating Agencies, failure to give such notice shall not affect any other
rights or obligations created hereunder, and shall not under any circumstance constitute an Event of Default. 
  
 Alternate Payment and Notice Provisions 
  
 12.6 Notwithstanding any provision of this Indenture or any of the Notes to the contrary, the Issuer may enter into any agreement with any Holder of a Note providing for a method of payment, or notice by the Indenture Trustee or any Paying
Agent to such Holder, that is different from the methods provided for in this Indenture for such payments or notices. The Issuer will furnish to the Indenture Trustee a copy of each such agreement and the Indenture Trustee will cause payments to be
made and notices to be given in accordance with such agreements. 
  
 Effect of
Headings 
  
 12.7 The Article and Section headings herein are for convenience
only and shall not affect the construction hereof. 
  
 Successors and Assigns

  
 12.8 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. 
  
 Severability 
  
 12.9 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. 
  
 Benefits
of Indenture 
  
 12.10 Nothing in this Indenture or in the Notes, express or
implied, shall give to any Person, other than the parties hereto and their successors hereunder, and the Noteholders, and any other party secured hereunder, and any other Person with an ownership interest in any part of the Indenture Collateral, any
benefit or any legal or equitable right, remedy or claim under this Indenture. 
  
 Legal Holidays 
  
 12.11 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. 
  

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 Governing Law; Submission to Jurisdiction 
  
 12.12 This Indenture, each supplement hereto and the Notes shall be governed by and construed in accordance with, and all matters arising
out of this Indenture, each supplement thereto and the Notes (whether in contract, tort or otherwise) shall be governed by the law of the State of New York. 
  
 Each party hereto irrevocably submits to the non-exclusive jurisdiction of any New York State or federal court sitting in the Borough of Manhattan in The City of New York
in any action or proceeding arising out of or relating to the Notes or this Indenture, and each party hereto irrevocably agrees that all claims in respect of such action or proceeding may be heard and determined in such New York State or federal
court. Each party hereto irrevocably waives, to the fullest extent that it may legally do so, the defense of an inconvenient forum to the maintenance of such action or proceeding. Each party hereto irrevocably consents to the service of any and all
process in any action or proceeding by the mailing or delivery of copies of such process to it at the address set forth in Section 12.4(b). Each party hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may
be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. 
  
 Counterparts 
  
 12.13 This Indenture may
be executed in any number of counterparts (including by facsimile), 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. 
  
 Issuer Obligation 
  
 12.14 No recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Indenture
Trustee on the Notes or under this Indenture or any certificate or other writing delivered in connection herewith or therewith, against (i) the Indenture Trustee or the Owner Trustee in its individual capacity, (ii) any owner of a beneficial
interest in the Issuer or (iii) any partner, owner, beneficiary, agent, officer, director, employee or agent of the Indenture Trustee or the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the Owner
Trustee or the Indenture Trustee or of any successor or assign of the Indenture Trustee or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that the Indenture Trustee and the
Owner Trustee have no such obligations in their individual capacity) 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 and the Trust Company shall be subject to,
and entitled to the benefits of, the terms and provisions of the Trust Agreement. 
  

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 No Petition 
  
 12.15 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 Trust Depositor or the Issuer, or join in any institution against the Trust 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 Transaction Documents. 
  
 Inspection; Confidentiality 
  
 12.16 The Issuer agrees that, on reasonable prior notice, it will permit any representative of the Indenture Trustee, during the Issuer’s normal business hours, and
in a manner that does not unreasonably interfere with the Issuer’s normal operations, to examine all the books of account, records, reports and other papers of the Issuer, to make copies and extracts therefrom, to cause such books to be audited
by Independent certified public accountants, and to discuss the Issuer’s affairs, finances and accounts with the Issuer’s officers, employees, and Independent certified public accountants, all at such reasonable times, in such reasonable
manner, and as often as may be reasonably requested. The Indenture Trustee shall and shall cause its representatives, its legal counsel and its auditors 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 and under
applicable law.  
  
 Limitation of Liability 
  
 12.17 It is expressly understood and agreed by the parties hereto that (a) this Indenture is
executed and delivered by Wilmington Trust Company, not individually or personally but solely as Owner Trustee on behalf of the Issuer under the Trust Agreement, in the exercise of the powers and authority conferred and vested in it, (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 Wilmington Trust Company 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 Wilmington Trust Company individually or personally, to perform any covenant either expressed or implied contained herein, all such liability, if any, being
expressly waived by the parties to this Indenture and by any person claiming by, through or under them and (d) under no circumstances shall Wilmington Trust Company be personally liable for the payment of any indebtedness or expenses of the Issuer
or be 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 undertaking by the Issuer under this Indenture or any related
documents. 
  
 [Remainder of Page Intentionally Left Blank.]

  

 Page 86 

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

					
	
	 MCG COMMERCIAL LOAN TRUST 2004–1

		
	 By:
	 	 WILMINGTON TRUST COMPANY,
 not in its
individual capacity, but solely as
 Owner Trustee on behalf of the Issuer

			
	 	 	 By:
	 	 /s/ James P. Lawler

	 	 	 	 	Name: James P. Lawler
	 	 	 	 	Title:   Vice President
	
	 WELLS FARGO BANK, NATIONAL
 ASSOCIATION, not
in its individual capacity,
 except as herein expressly provided, but solely
 as the Indenture Trustee

  

			
	 By:
	 	 /s/ Joe Nardi

	 	 	Name: Joe Nardi
	 	 	Title:   Vice President

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