Document:

Form of Pooling and Servicing Agreement

 EXHIBIT 4.4 
  
 BELLAVISTA [FINANCE] [FUNDING] CORPORATION, 
  
 as Depositor 
  
 and 
  
 [NAME OF MASTER SERVICER] 
  
 as Master Servicer 
  
 and

  
 [NAME OF TRUSTEE], 
  
 as Trustee 
  
 and 
  
 [NAME OF DELAWARE TRUSTEE], 
  
 as Delaware Trustee 
  
 POOLING AND SERVICING AGREEMENT 
  
 $[        ] Bella Vista Mortgage Pass-Through Certificates 
  
 Series
            -             
  

Cut-Off Date:             ,
             
  

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page

	 ARTICLE I
	  	 	  	3
			
	 Section 1.01.
	  	 Definitions
	  	3
	 	  	 Adjustment Date
	  	3
	 	  	 Aggregate Certificate Principal Balance
	  	3
	 	  	 Appraised Value
	  	3
	 	  	 Assignment of Proprietary Lease
	  	3
	 	  	 Authenticating Agent
	  	4
	 	  	 Authorized Denomination
	  	4
	 	  	 Available Distribution Amount
	  	4
	 	  	 Bankruptcy Loss
	  	5
	 	  	 Beneficial Holder
	  	5
	 	  	 Benefit Plan Opinion
	  	5
	 	  	 Book-Entry Certificates
	  	5
	 	  	 Business Day
	  	5
	 	  	 Buydown Agreement
	  	5
	 	  	 Buydown Fund
	  	5
	 	  	 Buydown Fund Account
	  	6
	 	  	 Buydown Loan
	  	6
	 	  	 Carry-Forward Subsequent Recoveries Amount
	  	6
	 	  	 Certificate
	  	6
	 	  	 Certificateholder or Holder
	  	6
	 	  	 Certificate Interest Rate
	  	6
	 	  	 Certificate of Trust
	  	6
	 	  	 Certificate Principal Balance
	  	7
	 	  	 Certificate Register and Certificate Registrar
	  	7
	 	  	 Class
	  	7
	 	  	 Class A Certificates
	  	7
	 	  	 Class A-1 Certificates
	  	7
	 	  	 Class A-2 Certificates
	  	7
	 	  	 Class B Certificates
	  	7
	 	  	 Class B-1 Certificates
	  	7
	 	  	 Class B-2 Certificates
	  	7
	 	  	 Class B-3 Certificates
	  	7
	 	  	 Class B-4 Certificates
	  	7
	 	  	 Class B-5 Certificates
	  	7
	 	  	 Class B-6 Certificates
	  	7
	 	  	 Class Principal Balance
	  	7
	 	  	 Class R Certificates
	  	8
	 	  	 Clean-Up Call Percentage
	  	8
	 	  	 Clearing Agency
	  	8
	 	  	 Closing Date
	  	8
	 	  	 Code
	  	8
	 	  	 Company
	  	8
	 	  	 Compensating Interest
	  	8
	 	  	 Cooperative
	  	8

  

 -i- 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	  	 	  	Page

	 	  	 Cooperative Apartment
	  	9
	 	  	 Cooperative Lease
	  	9
	 	  	 Cooperative Loans
	  	9
	 	  	 Cooperative Stock
	  	9
	 	  	 Cooperative Stock Certificate
	  	9
	 	  	 Corporate Trust Office
	  	9
	 	  	 Corporation
	  	9
	 	  	 Cumulative Carry-Forward Subsequent Recoveries Amount
	  	9
	 	  	 Curtailment
	  	9
	 	  	 Curtailment Shortfall
	  	10
	 	  	 Custodial Account for P&I
	  	10
	 	  	 Custodial Account for Reserves
	  	10
	 	  	 Custodial Agreement
	  	10
	 	  	 Custodian
	  	10
	 	  	 Cut-Off Date
	  	11
	 	  	 Definitive Certificates
	  	11
	 	  	 Delaware Trustee
	  	11
	 	  	 Depositary Agreement
	  	11
	 	  	 Destroyed Mortgage Note
	  	11
	 	  	 Determination Date
	  	11
	 	  	 Disqualified Organization
	  	11
	 	  	 Distribution Account
	  	11
	 	  	 Distribution Amount
	  	11
	 	  	 Distribution Date
	  	13
	 	  	 DTC
	  	13
	 	  	 DTC Participant
	  	14
	 	  	 Due Date
	  	14
	 	  	 Eligible Account
	  	14
	 	  	 ERISA
	  	14
	 	  	 ERISA Restricted Certificate
	  	14
	 	  	 Event of Default
	  	14
	 	  	 Excess Liquidation Proceeds
	  	14
	 	  	 Excess Subsequent Recoveries
	  	14
	 	  	 FDIC
	  	14
	 	  	 FHA
	  	14
	 	  	 Fannie Mae
	  	15
	 	  	 Final Maturity Date
	  	15
	 	  	 Fraud Loss
	  	15
	 	  	 Freddie Mac
	  	15
	 	  	 Index
	  	15
	 	  	 Indirect DTC Participants
	  	15
	 	  	 Insurance Proceeds
	  	15
	 	  	 Interest Distribution Amount
	  	15
	 	  	 Investment Account
	  	15
	 	  	 Investment Depository
	  	16

  

 -ii- 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	  	 	  	Page

	 	  	 Junior Subordinate Certificates
	  	16
	 	  	 Last Scheduled Distribution Date
	  	16
	 	  	 Liquidated Mortgage Loan
	  	16
	 	  	 Liquidation Principal
	  	16
	 	  	 Liquidation Proceeds
	  	16
	 	  	 Loan-to-Value Ratio
	  	16
	 	  	 Margin
	  	16
	 	  	 Master Servicer
	  	16
	 	  	 Master Servicer Business Day
	  	16
	 	  	 Master Servicing Fee
	  	16
	 	  	 Master Servicing Fee Rate
	  	17
	 	  	 MERS
	  	17
	 	  	 MERS Loan
	  	17
	 	  	 MERS® System
	  	17
	 	  	 MIN
	  	17
	 	  	 MOM Loan
	  	17
	 	  	 Monthly P&I Advance
	  	17
	 	  	 Monthly Payment
	  	17
	 	  	 Moody’s
	  	17
	 	  	 Mortgage
	  	17
	 	  	 Mortgage File
	  	17
	 	  	 Mortgage Interest Rate
	  	20
	 	  	 Mortgage Loan Schedule
	  	20
	 	  	 Mortgage Loans
	  	20
	 	  	 Mortgage Loan Purchase Agreement
	  	20
	 	  	 Mortgage Note
	  	21
	 	  	 Mortgage Pool
	  	21
	 	  	 Mortgage Pool Assets
	  	21
	 	  	 Mortgaged Property
	  	21
	 	  	 Mortgagor
	  	21
	 	  	 Nonrecoverable Advance
	  	21
	 	  	 Non-U.S. Person
	  	21
	 	  	 Notice Addresses
	  	21
	 	  	 OTS
	  	22
	 	  	 Officer’s Certificate
	  	22
	 	  	 One-Year CMT
	  	22
	 	  	 One-Year LIBOR
	  	22
	 	  	 Opinion of Counsel
	  	22
	 	  	 Original Trust Agreement
	  	22
	 	  	 Original Value
	  	22
	 	  	 Ownership Interest
	  	22
	 	  	 Pass-Through Entity
	  	22
	 	  	 Pass-Through Rate
	  	23
	 	  	 Paying Agent
	  	23
	 	  	 Payoff
	  	23

  

 -iii- 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	  	 	  	Page

	 	  	 Payoff Earnings
	  	23
	 	  	 Payoff Interest
	  	23
	 	  	 Payoff Period
	  	23
	 	  	 Percentage Interest
	  	23
	 	  	 Periodic Cap
	  	24
	 	  	 Permitted Investments
	  	24
	 	  	 Permitted Transferee
	  	25
	 	  	 Person
	  	26
	 	  	 Prepaid Monthly Payment
	  	26
	 	  	 Primary Insurance Policy
	  	26
	 	  	 Principal Balance
	  	26
	 	  	 Principal Payment
	  	26
	 	  	 Principal Payment Amount
	  	26
	 	  	 Principal Prepayment
	  	27
	 	  	 Principal Prepayment Amount
	  	27
	 	  	 Prior Period
	  	27
	 	  	 Pro Rata Allocation
	  	27
	 	  	 Prospectus
	  	27
	 	  	 Purchase Obligation
	  	27
	 	  	 Purchase Price
	  	27
	 	  	 Qualified Insurer
	  	28
	 	  	 Rate Ceiling
	  	28
	 	  	 Rate Floor
	  	28
	 	  	 Rating Agency
	  	28
	 	  	 Ratings
	  	28
	 	  	 Realized Loss
	  	28
	 	  	 Recognition Agreement
	  	29
	 	  	 Record Date
	  	29
	 	  	 Refinanced Mortgage Loan
	  	29
	 	  	 Relief Act Shortfall
	  	29
	 	  	 REMIC
	  	29
	 	  	 REMIC Provisions
	  	29
	 	  	 REMIC I
	  	30
	 	  	 REMIC I Assets
	  	30
	 	  	 REMIC I Regular Interests
	  	30
	 	  	 Residual Certificates
	  	30
	 	  	 Residual Distribution Amount
	  	30
	 	  	 Responsible Officer
	  	30
	 	  	 S&P
	  	30
	 	  	 Secretary of State
	  	30
	 	  	 Securities Act
	  	30
	 	  	 Security Agreement
	  	30
	 	  	 Seller
	  	30
	 	  	 Senior Certificates
	  	30
	 	  	 Senior Liquidation Amount
	  	30

  

 -iv- 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	  	 	  	Page

	 	  	 Senior Percentage
	  	31
	 	  	 Senior Prepayment Percentage
	  	31
	 	  	 Senior Principal Distribution Amount
	  	32
	 	  	 Senior Subordinate Certificates
	  	33
	 	  	 Servicing Officer
	  	33
	 	  	 Special Hazard Loss
	  	33
	 	  	 Special Primary Insurance Policy
	  	33
	 	  	 Special Primary Insurance Premium
	  	33
	 	  	 Statutory Trust Statute
	  	33
	 	  	 Subordinate Certificates
	  	33
	 	  	 Subordinate Liquidation Amount
	  	33
	 	  	 Subordinate Percentage
	  	34
	 	  	 Subordinate Prepayment Percentage
	  	34
	 	  	 Subordinate Principal Distribution Amount
	  	34
	 	  	 Subordinate Principal Prepayments Distribution Amount
	  	34
	 	  	 Subordination Level
	  	34
	 	  	 Subsequent Recoveries
	  	34
	 	  	 Subservicer
	  	34
	 	  	 Substitute Mortgage Loan
	  	35
	 	  	 Tax Matters Person
	  	35
	 	  	 Termination Date
	  	35
	 	  	 Termination Payment
	  	35
	 	  	 Transfer
	  	35
	 	  	 Transferee
	  	35
	 	  	 Transferee Affidavit and Agreement
	  	35
	 	  	 Trust
	  	35
	 	  	 Trustee
	  	35
	 	  	 Uncollected Interest
	  	35
	 	  	 Uncompensated Interest Shortfall
	  	36
	 	  	 Underwriter
	  	36
	 	  	 Underwriting Standards
	  	36
	 	  	 Uninsured Cause
	  	36
	 	  	 U.S. Person
	  	36
	 	  	 VA
	  	36
	 	  	 Weighted Average Pass-Through Rate
	  	36
	 	  	 Withdrawal Date
	  	36
	 ARTICLE II
	  	 CREATION OF THE TRUST; CONVEYANCE OF THE MORTGAGE POOL ASSETS; REMIC ELECTION AND DESIGNATIONS; ORIGINAL ISSUANCE OF
CERTIFICATES
	  	36
			
	 Section 2.01.
	  	 Creation of the Trust
	  	36
			
	 Section 2.02.
	  	 Restrictions on Activities of the Trust
	  	37
			
	 Section 2.03.
	  	 Separateness Requirements
	  	38
			
	 Section 2.04.
	  	 Conveyance of Mortgage Pool Assets; Security Interest
	  	40

  

 -v- 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	  	 	  	Page

			
	 Section 2.05.
	  	 Delivery of Mortgage Files
	  	41
			
	 Section 2.06.
	  	 REMIC Election for REMIC I
	  	42
			
	 Section 2.07.
	  	 Acceptance by Trustee
	  	44
			
	 Section 2.08.
	  	 Representations and Warranties of the Company Concerning the Mortgage Loans
	  	45
			
	 Section 2.09.
	  	 Acknowledgment of Transfer of Mortgage Pool Assets
	  	50
			
	 Section 2.10.
	  	 Acknowledgement of Transfer of REMIC I Assets; Authentication of Certificates
	  	50
			
	 Section 2.11.
	  	 Legal Title
	  	50
			
	 Section 2.12.
	  	 Compliance with ERISA Requirements
	  	50
			
	 ARTICLE III
	  	 ADMINISTRATION AND SERVICING OF MORTGAGE LOANS
	  	51
			
	 Section 3.01.
	  	 The Master Servicer
	  	51
			
	 Section 3.02.
	  	 Custodial Accounts and Buydown Fund Accounts
	  	53
			
	 Section 3.03.
	  	 The Investment Account; Eligible Investments
	  	54
			
	 Section 3.04.
	  	 The Distribution Account
	  	55
			
	 Section 3.05.
	  	 Permitted Withdrawals from the Distribution Account, the Investment Account and Custodial Accounts for P&I and of Buydown Funds from
the Buydown Fund Accounts
	  	56
			
	 Section 3.06.
	  	 Maintenance of Primary Insurance Policies; Collections Thereunder
	  	58
			
	 Section 3.07.
	  	 Maintenance of Hazard Insurance
	  	58
			
	 Section 3.08.
	  	 Enforcement of Due-on-Sale Clauses; Assumption Agreements
	  	59
			
	 Section 3.09.
	  	 Realization Upon Defaulted Mortgage Loans
	  	60
			
	 Section 3.10.
	  	 Trustee to Cooperate; Release of Mortgage Files
	  	62
			
	 Section 3.11.
	  	 Compensation to the Master Servicer
	  	62
			
	 Section 3.12.
	  	 Reports to the Trustee; Distribution Account Statement
	  	62
			
	 Section 3.13.
	  	 Annual Statement as to Compliance
	  	63
			
	 Section 3.14.
	  	 Access to Certain Documentation and Information Regarding the Mortgage Loans
	  	63
			
	 Section 3.15.
	  	 Annual Independent Public Accountants’ Servicing Report
	  	63
			
	 Section 3.16.
	  	 Assumption or Termination of Subservicing Agreements by Trustee
	  	64
			
	 ARTICLE IV
	  	 PAYMENTS TO CERTIFICATEHOLDERS; PAYMENT OF EXPENSES
	  	64

  

 -vi- 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	  	 	  	Page

			
	 Section 4.01.
	  	 Distributions to Certificateholders; Payment of Special Primary Insurance Premiums
	  	64
			
	 Section 4.02.
	  	 Advances by the Master Servicer; Distribution Reports to the Trustee
	  	65
			
	 Section 4.03.
	  	 Nonrecoverable Advances
	  	67
			
	 Section 4.04.
	  	 Statements to Certificateholders
	  	67
			
	 ARTICLE V
	  	 THE CERTIFICATES
	  	68
			
	 Section 5.01.
	  	 The Certificates
	  	68
			
	 Section 5.02.
	  	 Certificates Issuable in Classes; Distributions of Principal and Interest; Authorized Denominations
	  	74
			
	 Section 5.03.
	  	 Registration of Transfer and Exchange of Certificates
	  	74
			
	 Section 5.04.
	  	 Mutilated, Destroyed, Lost or Stolen Certificates
	  	75
			
	 Section 5.05.
	  	 Persons Deemed Owners
	  	75
			
	 Section 5.06.
	  	 Temporary Certificates
	  	76
			
	 Section 5.07.
	  	 Book-Entry for Book-Entry Certificates
	  	76
			
	 Section 5.08.
	  	 Notices to Clearing Agency
	  	77
			
	 Section 5.09.
	  	 Definitive Certificates
	  	77
			
	 Section 5.10.
	  	 Office for Transfer of Certificates
	  	78
			
	 Section 5.11.
	  	 Nature of Certificates
	  	78
			
	 ARTICLE VI
	  	 THE COMPANY AND THE MASTER SERVICER
	  	78
			
	 Section 6.01.
	  	 Liability of the Company and the Master Servicer
	  	78
			
	 Section 6.02.
	  	 Merger or Consolidation of the Company, or the Master Servicer
	  	78
			
	 Section 6.03.
	  	 Limitation on Liability of the Company, the Master Servicer and Others
	  	79
			
	 Section 6.04.
	  	 The Company and the Master Servicer not to Resign
	  	79
			
	 Section 6.05.
	  	 Trustee Access
	  	80
			
	 ARTICLE VII
	  	 DEFAULT
	  	80
			
	 Section 7.01.
	  	 Events of Default
	  	80
			
	 Section 7.02.
	  	 Trustee to Act; Appointment of Successor
	  	83
			
	 Section 7.03.
	  	 Notification to Certificateholders
	  	84
			
	 ARTICLE VIII
	  	 CONCERNING THE TRUSTEES
	  	84
			
	 Section 8.01.
	  	 Duties of Trustees
	  	84

  

 -vii- 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	  	 	  	Page

			
	 Section 8.02.
	  	 Certain Matters Affecting the Trustees
	  	85
			
	 Section 8.03.
	  	 Trustees Not Liable for Certificates or Mortgage Loans
	  	86
			
	 Section 8.04.
	  	 Trustees May Own Certificates
	  	87
			
	 Section 8.05.
	  	 The Master Servicer to Pay Trustees’ Fees and Expenses
	  	87
			
	 Section 8.06.
	  	 Eligibility Requirements for Trustees
	  	87
			
	 Section 8.07.
	  	 Resignation and Removal of Trustees
	  	87
			
	 Section 8.08.
	  	 Successor Trustee
	  	88
			
	 Section 8.09.
	  	 Merger or Consolidation of Trustee
	  	89
			
	 Section 8.10.
	  	 Appointment of Co-Trustee or Separate Trustee
	  	89
			
	 Section 8.11.
	  	 Authenticating Agents
	  	90
			
	 Section 8.12.
	  	 Paying Agents
	  	91
			
	 Section 8.13.
	  	 Duties of Delaware Trustee
	  	92
			
	 Section 8.14.
	  	 Amendment to Certificate of Trust
	  	92
			
	 ARTICLE IX
	  	 TERMINATION
	  	92
			
	 Section 9.01.
	  	 Termination Upon Purchase by the Master Servicer or Liquidation of All Mortgage Loans
	  	92
			
	 Section 9.02.
	  	 Additional Termination Requirements
	  	94
			
	 Section 9.03.
	  	 Trust Irrevocable
	  	95
			
	 ARTICLE X
	  	 MISCELLANEOUS PROVISIONS
	  	95
			
	 Section 10.01.
	  	 Amendment
	  	95
			
	 Section 10.02.
	  	 Recordation of Agreement
	  	96
			
	 Section 10.03.
	  	 Limitation on Rights of Certificateholders
	  	96
			
	 Section 10.04.
	  	 Access to List of Certificateholders
	  	97
			
	 Section 10.05.
	  	 Governing Law
	  	98
			
	 Section 10.06.
	  	 Notices
	  	98
			
	 Section 10.07.
	  	 Severability of Provisions
	  	98
			
	 Section 10.08.
	  	 Counterpart Signatures
	  	98
			
	 Section 10.09.
	  	 Benefits of Agreement
	  	98
			
	 Section 10.10.
	  	 Notices and Copies to Rating Agencies
	  	98

  

 -viii- 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	  	 	  	Page

	 Exhibit A
	  	 Form of Certificates
	  	 
	 Exhibit B
	  	 [Reserved]
	  	 
	 Exhibit C
	  	 Anti-Predatory Lending Categorization
	  	 
	 Exhibit D
	  	 Mortgage Loan Schedule
	  	 
	 Exhibit E
	  	 Form of Transferor Certificate For Junior Subordinate Certificates
	  	 
	 Exhibit F
	  	 Form of Transferee’s Agreement For Junior Subordinate Certificates
	  	 
	 Exhibit G
	  	 Form of Additional Matter Incorporated Into The Certificates
	  	 
	 Exhibit H
	  	 Transferor Certificate
	  	 
	 Exhibit I
	  	 Transferee Affidavit And Agreement
	  	 
	 Exhibit J
	  	 Form of Investment Letter
	  	 
	 Exhibit K
	  	 Form of Trustee’s Certification Pursuant to Section 2.07
	  	 
	 Exhibit L
	  	 Officer’s Certificate With Respect to ERISA Matters Pursuant to Section 5.01(d)
	  	 
	 Exhibit M
	  	 Officer’s Certificate With Respect to ERISA Matters Pursuant to Section 5.01(g)
	  	 

  

 -ix- 

 This Pooling and Servicing Agreement, dated and effective as of
            ,              (this “Agreement”), is executed by and among BellaVista [Finance]
[Funding] Corporation, as depositor (the “Company”), [Name of Master Servicer], as Master Servicer (the “Master Servicer”), [Name of Trustee], a
                     with a corporate trust office at
                    , as Trustee (the “Trustee”), and [Name of Delaware Trustee], as Delaware Trustee (the “Delaware
Trustee”). Capitalized terms used in this Agreement and not otherwise defined have the meanings ascribed to such terms in Article I hereof. 
  
 PRELIMINARY STATEMENT 
  
 The Company at the Closing Date is the owner of the Mortgage Loans and the other property being conveyed by it to the Trust. On the Closing Date, the
Company will acquire the Certificates from the Trust as consideration for its transfer to the Trust of the Mortgage Loans and certain other assets and will be the owner of the Certificates. The Company has duly authorized the execution and delivery
of this Agreement to provide for (i) the conveyance to the Trust of the Mortgage Loans and certain other assets and (ii) the issuance to the Company of the Certificates, representing in the aggregate the entire beneficial interest in REMIC I. The
Company is entering into this Agreement, and the Trustee and the Delaware Trustee are each accepting the trust created hereby, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged. 
  

 1 

 The Certificates issued hereunder, other than the Junior Subordinate Certificates, have been offered for
sale pursuant to a Prospectus, dated             ,             , and a Prospectus Supplement, dated
            ,             , of the Company (together, the “Prospectus”). The Junior Subordinate
Certificates have been offered for sale pursuant to a Private Placement Memorandum, dated             ,
            . The Trust created hereunder is intended to be the “Trust” described in the Prospectus and the Private Placement Memorandum and the Certificates are intended
to be the “Certificates” described therein. The following table sets forth the designation, type of interest, Certificate Interest Rate, initial Class Principal Balance and Final Maturity Date for the Certificates: 
  
 REMIC I Interests 
  

									
	 Class Designation for
each Class of
Certificates

	 	 Type of
Interest

	 	 Certificate
Interest
 Rate (1)

	 	 Initial Class
 Principal
 Balance

	 	 Final Maturity
 Date*

	 Class A-1
	 	Regular	 	Variable (2)	 	 	 	 
	 Class A-2
	 	Regular	 	Variable (2)	 	 	 	 
	 Class B-1
	 	Regular	 	Variable (2)	 	 	 	 
	 Class B-2
	 	Regular	 	Variable (2)	 	 	 	 
	 Class B-3
	 	Regular	 	Variable (2)	 	 	 	 
	 Class B-4
	 	Regular	 	Variable (2)	 	 	 	 
	 Class B-5
	 	Regular	 	Variable (2)	 	 	 	 
	 Class B-6
	 	Regular	 	Variable (2)	 	 	 	 
	 Class R (3)
	 	Residual	 	 	 	 	 	 

  

	*	The Distribution Date in the specified month, which is the month following the month the latest maturing Mortgage Loan matures. For federal income tax purposes, for each Class of
REMIC I Regular and Residual Interests, the “latest possible maturity date” shall be the Final Maturity Date. 

  

	(1)	Interest distributed on each Distribution Date to the Certificates will have accrued at the applicable per annum Certificate Interest Rate on the applicable Class
Principal Balance outstanding immediately before such Distribution Date. 

  

	(2)	For each Distribution Date, the Certificate Interest Rate on each Class of the Class A and
Class B Certificates shall equal the Weighted Average Pass-Through Rate for such Distribution Date. 

  

	(3)	The Class R Certificates shall be entitled to receive the Residual Distribution Amount and
any Excess Liquidation Proceeds. 

  
 As provided
herein, with respect to REMIC I, the Company will cause an election to be made on behalf of REMIC I to be treated for federal income tax purposes as a REMIC. The Certificates (other than the Class R Certificates) will be designated regular interests
in REMIC I and the Class R Certificates will be designated the sole class of residual interest in REMIC I, for purposes of the REMIC Provisions. As of the Cut-Off Date, the Mortgage Loans have an aggregate Principal Balance of
$                     and the Certificates have an Aggregate Certificate Principal Balance of
$                    . 
  
 W I T N E S S E T H : 
  
 WHEREAS, the Company is a corporation duly organized and existing under and by virtue of the laws of the State of Delaware and has full corporate power
and authority to enter into this Agreement and to undertake the obligations undertaken by it herein; 
  
 WHEREAS, the Trustee is a                  duly organized and
existing under the laws of the                  and has full power and authority to enter into this Agreement; 
  
 WHEREAS, the Delaware Trustee is a
                 duly organized and existing under the laws of
                 and has full power and authority to enter into this Agreement; 
  

 2 

 WHEREAS, prior to the execution and delivery hereof, the Company and the Delaware Trustee have entered
into the Original Trust Agreement, and the Delaware Trustee has filed the Certificate of Trust; 
  
 WHEREAS, it is the intention of the Company, the Trustee and the Delaware Trustee that the Trust created by this Agreement constitute a statutory trust
under the Statutory Trust Statute, that this Agreement constitute the governing instrument of the Trust, and that this Agreement amend and restate the Original Trust Agreement; 
  
 WHEREAS, the Company is the owner of the Mortgage Loans identified in the Mortgage Loan Schedule hereto having unpaid
Principal Balances on the Cut-Off Date as stated therein; and 
  
 WHEREAS, the Company has been duly authorized to create the Trust to (i) hold the Mortgage Loans and certain other property and (ii) issue the Certificates. 
  
 NOW, THEREFORE, in order to declare the terms and conditions upon which the Certificates are to be issued, and in
consideration of the premises and of the purchase and acceptance of the Certificates by the Holders thereof, the Company covenants and agrees with the Trustee and the Delaware Trustee, for the equal and proportionate benefit of the respective
Holders from time to time of the Certificates, as applicable, as follows: 
  
 ARTICLE I 
  
 Section 1.01.
Definitions. 
  
 Whenever used in this Agreement, the
following words and phrases, unless the context otherwise requires, shall have the following meanings: 
  
 Adjustment Date: As to each Mortgage Loan, a Due Date on or about the fifth anniversary of the first Due Date and annually thereafter, as set forth
in the related Mortgage Note, on which date an adjustment to the Mortgage Interest Rate of such Mortgage Loan becomes effective. 
  
 Aggregate Certificate Principal Balance: At any given time, the sum of the then current Class Principal Balances of the Certificates. 

 
 Appraised Value: With respect to any Mortgaged Property, the lesser
of (i) the value thereof as determined by an appraisal made for the originator of the Mortgage Loan at the time of origination of the Mortgage Loan, and (ii) the purchase price paid for the related Mortgaged Property by the Mortgagor with the
proceeds of the Mortgage Loan, provided, however, in the case of a Refinanced Mortgage Loan, such value of the Mortgaged Property is based solely upon the value determined by an appraisal made for the originator of such Refinanced Mortgage Loan at
the time of origination of such Refinanced Mortgage Loan. 
  
 Assignment of Proprietary Lease: With respect to a Cooperative Loan, the assignment or mortgage of the related Cooperative Lease from the Mortgagor to the originator of the Cooperative Loan. 
  

 3 

 Authenticating Agent: Any authenticating agent appointed by the Trustee pursuant to Section 8.11.

  
 Authorized Denomination: With respect to each Class of
the Certificates, other than the Class R Certificates, an initial Certificate Principal Balance equal to $25,000 and multiples of $1 in excess thereof, except that one Certificate of each Class of the Junior Subordinate Certificates may be issued in
an amount that is not an integral multiple of $1. With respect to the Class R Certificates, one Certificate with a Percentage Interest equal to 0.01% and one Certificate with a Percentage Interest equal to 99.99%. 
  
 Available Distribution Amount: For any Distribution Date, the sum of
the following amounts with respect to the Mortgage Loans: 
  
 (1)
the total amount of all cash received by or on behalf of the Master Servicer with respect to such Mortgage Loans by the Determination Date for such Distribution Date and not previously distributed, including Monthly P&I Advances made by
Subservicers, Liquidation Proceeds and scheduled amounts of distributions from Buydown Funds respecting Buydown Loans, if any, except: 
  
 (a) all scheduled payments of principal and interest collected but due subsequent to such Distribution Date; 
  
 (b) all Curtailments received after the Prior Period;

  
 (c) all Payoffs received after the Payoff
Period immediately preceding such Distribution Date (together with any interest payment received with such Payoffs to the extent that it represents the payment of interest accrued on the Mortgage Loans for the period subsequent to the Prior Period),
and interest which was accrued and received on Payoffs received during the period from the              to the
             day of the month of such Distribution Date, which interest shall not be included in the calculation of the Available Distribution Amount for any Distribution Date;

  
 (d) Insurance Proceeds, Liquidation Proceeds
and Subsequent Recoveries received on such Mortgage Loans after the Prior Period; 
  
 (e) all amounts in the Distribution Account which are due and reimbursable to a Subservicer or the Master Servicer pursuant to the terms
of this Agreement; 
  
 (f) the Master Servicing
Fee for each such Mortgage Loan, and any Special Primary Insurance Premium payable on such Distribution Date with respect to such Mortgage Loan; and 
  
 (g) Excess Liquidation Proceeds; 
  
 (2) the sum, to the extent not previously distributed, of the following amounts, to the extent advanced or received, as applicable, by the Master
Servicer: 
  
 (a) any Monthly P&I Advance
made by the Master Servicer to the Trustee with respect to such Distribution Date relating to such Mortgage Loans; and 
  

 4 

 (b) Compensating Interest; and 
  
 (3) the total amount of any cash received during the Prior Period by the
Trustee or the Master Servicer in respect of a Purchase Obligation under Section 2.07 and Section 2.08 or any permitted purchase of such a Mortgage Loan. 
  
 Bankruptcy Loss: A loss on a Mortgage Loan arising out of (i) a reduction in the scheduled Monthly Payment for such Mortgage Loan by a court of
competent jurisdiction in a case under the United States Bankruptcy Code, other than any such reduction that arises out of clause (ii) of this definition of “Bankruptcy Loss,” including, without limitation, any such reduction that results
in a permanent forgiveness of principal, or (ii) with respect to any Mortgage Loan, a valuation, by a court of competent jurisdiction in a case under such Bankruptcy Code, of the related Mortgaged Property in an amount less than the then outstanding
Principal Balance of such Mortgage Loan. 
  
 Beneficial
Holder: A Person holding a beneficial interest in any Book-Entry Certificate as or through a DTC Participant or an Indirect DTC Participant or a Person holding a beneficial interest in any Definitive Certificate. 
  
 Benefit Plan Opinion: With respect to any Certificate presented for
registration in the name of any Person, an Opinion of Counsel acceptable to and in form and substance satisfactory to the Trustee and the Company to the effect that the purchase or holding of such Certificate is permissible under applicable law,
will not constitute or result in a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code, and will not subject the Trust, the Trustee, the Delaware Trustee, the Master Servicer or the Company to any obligation or
liability (including obligations or liabilities under Section 406 of ERISA or Section 4975 of the Code) in addition to those undertaken in this Agreement, which Opinion of Counsel shall not be an expense of the Trust, the Trustee, the Delaware
Trustee, the Master Servicer or the Company. 
  
 Book-Entry
Certificates: The Class A and Senior Subordinate Certificates, beneficial ownership and transfers of which shall be made through book entries as described in Section 5.07. 
  
 Business Day: Any day other than (i) a Saturday or a Sunday or (ii) a day on which banking institutions in
                ,                  or any city in which the Corporate Trust
Office is located (which shall initially be                 ) are authorized or obligated by law or executive order to be closed. 
  
 Buydown Agreement: An agreement between a Person and a Mortgagor
pursuant to which such Person has provided a Buydown Fund. 
  
 Buydown Fund: A fund provided by the originator of a Mortgage Loan or another Person with respect to a Buydown Loan which provides an amount sufficient to subsidize regularly scheduled principal and interest payments due on such
Buydown Loan for a period. Buydown 

  

 5 

 
Funds may be (i) funded at the par values of future payment subsidies, or (ii) funded in an amount less than the par values of future payment subsidies, and
determined by discounting such par values in accordance with interest accruing on such amounts, in which event they will be deposited in an account bearing interest. Buydown Funds may be held in a separate Buydown Fund Account or may be held in a
Custodial Account for P&I or a Custodial Account for Reserves and monitored by a Subservicer. 
  
 Buydown Fund Account: A separate account or accounts created and maintained pursuant to Section 3.02 (a) with a financial institution approved by
the Master Servicer, (b) within FDIC insured accounts (or other accounts with comparable insurance coverage acceptable to the Rating Agencies) created, maintained and monitored by a Subservicer or (c) in a separate non-trust Eligible Account without
FDIC or other insurance. Such account or accounts may be non-interest bearing or may bear interest. In the event that a Buydown Fund Account is established pursuant to clause (b) of the preceding sentence, amounts held in such Buydown Fund Account
shall not exceed the level of deposit insurance coverage on such account; accordingly, more than one Buydown Fund Account may be established. 
  
 Buydown Loan: A Mortgage Loan for which the Mortgage Interest Rate has been subsidized through a Buydown Fund provided at the time of origination
of such Mortgage Loan. 
  
 Carry-Forward Subsequent Recoveries
Amount: For any Distribution Date, the excess, if any, of (i) the Subsequent Recoveries for such Distribution Date over (ii) the amount by which the Class Principal Balance of the Class of Subordinate Certificates with the lowest priority is
increased in respect of Subsequent Recoveries on such Distribution Date pursuant to the definition of “Class Principal Balance” herein. 
  
 Certificate: Any one of the Certificates issued pursuant to this Agreement, executed by the Trustee and authenticated by or on behalf of the
Trustee hereunder in substantially one of the forms set forth in Exhibit A and B hereto. The additional matter appearing in Exhibit G shall be deemed incorporated into Exhibit A as though set forth at the end of such Exhibit. 
  
 Certificateholder or Holder: With respect to the Certificates, the
person in whose name a Certificate is registered in the Certificate Register, except that, solely for the purposes of giving any consent pursuant to this Agreement, any Certificate registered in the name of the Company, the Master Servicer or any
affiliate thereof shall be deemed not to be outstanding and the Percentage Interest evidenced thereby shall not be taken into account in determining whether the requisite percentage of Percentage Interests necessary to effect any such consent has
been obtained; provided, that the Trustee may conclusively rely upon an Officer’s Certificate to determine whether any Person is an affiliate of the Company or the Master Servicer. 
  
 Certificate Interest Rate: For each Class of Certificates and REMIC I Regular Interests, the per annum rate set forth
as the Certificate Interest Rate for such Class in the Preliminary Statement hereto. 
  
 Certificate of Trust: The certificate of trust filed with respect to the Trust with the Secretary of State in accordance with Section 3810(a) of the Statutory Trust Statute. 
  

 6 

 Certificate Principal Balance: For each Certificate of any Class, the portion of the related Class
Principal Balance, if any, represented by such Certificate. 
  
 Certificate Register and Certificate Registrar: The register maintained and the registrar appointed, respectively, pursuant to Section 5.03. 
  
 Class: All Certificates having the same priority and rights to payments on the Mortgage Loans from the Available Distribution Amount, which
Certificates shall be designated as a separate Class, and which shall be set forth in the applicable forms of Certificates attached hereto as Exhibit A. Each Class of Certificates shall be entitled to receive the amounts allocated to such Class
pursuant to the definition of “Distribution Amount” only to the extent of the Available Distribution Amount for such Distribution Date remaining after distributions in accordance with prior clauses of the definition of “Distribution
Amount.” 
  
 Class A Certificates: The Class A-1 and
Class A-2 Certificates. 
  
 Class A-1 Certificates: The
Certificates designated as “Class A-1” on the face thereof in substantially the form attached hereto as Exhibit A. 
  
 Class A-2 Certificates: The Certificates designated as “Class A-2” on the face thereof in substantially the form attached hereto as
Exhibit A. 
  
 Class B Certificates: The Class B-1, Class
B-2, Class B-3, Class B-4, Class B-5 and Class B-6 Certificates. 
  
 Class B-1 Certificates: The Certificates designated as “Class B-1” on the face thereof in substantially the form attached hereto as Exhibit A. 
  
 Class B-2 Certificates: The Certificates designated as “Class B-2” on the face thereof in substantially the
form attached hereto as Exhibit A. 
  
 Class B-3
Certificates: The Certificates designated as “Class B-3” on the face thereof in substantially the form attached hereto as Exhibit A. 
  
 Class B-4 Certificates: The Certificates designated as “Class B-4” on the face thereof in substantially the form attached hereto as
Exhibit A. 
  
 Class B-5 Certificates: The Certificates
designated as “Class B-5” on the face thereof in substantially the form attached hereto as Exhibit A. 
  
 Class B-6 Certificates: The Certificates designated as “Class B-6” on the face thereof in substantially the form attached hereto as
Exhibit A. 
  
 Class Principal Balance: For any Class of
Certificates, the applicable initial Class Principal Balance therefor set forth in the Preliminary Statement hereto, corresponding to the rights of such Class in payments of principal due to be passed through to the Certificateholders from principal
payments on the Mortgage Loans, as reduced from time to time by (x) distributions of principal to the Certificateholders of such Class and (y) the portion of Realized 

  

 7 

 
Losses allocated to the Class Principal Balance of such Class pursuant to the definition of “Realized Loss” with respect to a given Distribution
Date. For any Distribution Date, the reduction of the Class Principal Balance of any Class of Certificates pursuant to the definition of “Realized Loss” shall be deemed effective after the determination and distribution of principal on
such Class pursuant to the definition of “Distribution Amount.” 
  
 Notwithstanding the foregoing, any amounts distributed in respect of principal losses pursuant to paragraph (xxii) of the definition of “Distribution Amount” shall not cause a reduction in the Class
Principal Balances of the Certificates. 
  
 In addition to the
foregoing, on each Distribution Date, the Class Principal Balance of the Class of Subordinate Certificates with the lowest priority then outstanding shall be increased by an amount equal to the lesser of (i) the Subsequent Recoveries for such
Distribution Date and (ii) the amount of Realized Losses allocated to such Class on previous Distribution Dates (the amount in this clause (ii) reduced by the amount, if any, by which such Class Principal Balance has been increased on prior
Distribution Dates pursuant to this paragraph). 
  
 The Class
Principal Balance for the Class A-1 Certificates shall be referred to as the “Class A-1 Principal Balance,” the Class Principal Balance for the Class A-2 Certificates shall be referred to as the “Class A-2 Principal Balance,” and
so on. 
  
 Class R Certificates: The Certificates
designated as “Class R” on the face thereof in substantially the form attached hereto as Exhibit A, which Class has been designated as the sole class of “residual interest” in REMIC I, pursuant to Section 2.06 for purposes of
Section 860G(a)(2) of the Code. 
  
 Clean-Up Call
Percentage:             %. 
  
 Clearing Agency: An organization registered as a “clearing agency” pursuant to Section 17A of the Securities Exchange Act of 1934, as
amended, which initially shall be DTC. 
  
 Closing Date:
            ,             , which is the date of settlement of the sale of the Certificates to the original
purchasers thereof. 
  
 Code: The Internal Revenue Code of
1986, as amended. 
  
 Company: BellaVista [Finance]
[Funding] Corporation, a Delaware corporation, or its successor-in-interest. 
  
 Compensating Interest: For any Distribution Date, the lesser of (i) the sum of (a) the aggregate Master Servicing Fee payable with respect to the Mortgage Loans on such Distribution Date, (b) the aggregate
Payoff Earnings with respect to the Mortgage Loans for such Distribution Date and (c) the aggregate Payoff Interest with respect to the Mortgage Loans for such Distribution Date and (ii) the aggregate Uncollected Interest with respect to the
Mortgage Loans for such Distribution Date. 
  
 Cooperative:
A private, cooperative housing corporation which owns or leases land and all or part of a building or buildings, including apartments, spaces used for commercial purposes 

  

 8 

 
and common areas therein and whose board of directors authorizes, among other things, the sale of Cooperative Stock. 
  
 Cooperative Apartment: A dwelling unit in a multi-dwelling building
owned or leased by a Cooperative, which unit the Mortgagor has an exclusive right to occupy pursuant to the terms of a proprietary lease or occupancy agreement. 
  

Cooperative Lease: With respect to a Cooperative Loan, the proprietary lease or occupancy agreement with respect to the Cooperative Apartment
occupied by the Mortgagor and relating to the related Cooperative Stock, which lease or agreement confers an exclusive right to the holder of such Cooperative Stock to occupy such apartment. 
  
 Cooperative Loans: Any of the Mortgage Loans made in respect of a
Cooperative Apartment, evidenced by a Mortgage Note and secured by (i) a Security Agreement, (ii) the related Cooperative Stock Certificate, (iii) an assignment or mortgage of the Cooperative Lease, (iv) financing statements and (v) a stock power
(or other similar instrument), and ancillary thereto, a Recognition Agreement, each of which was transferred and assigned to the Trust pursuant to Section 2.04. 
  

Cooperative Stock: With respect to a Cooperative Loan, the single outstanding class of stock, partnership interest or other ownership instrument
in the related Cooperative. 
  
 Cooperative Stock
Certificate: With respect to a Cooperative Loan, the stock certificate or other instrument evidencing the related Cooperative Stock. 
  
 Corporate Trust Office: The corporate trust office of the Trustee in the State of California, at which at any particular time its corporate trust
business with respect to this Agreement shall be administered, which office at the date of the execution of this Agreement is located at
                    , Attention:
                    . 
  
 Corporation: Any Person (other than an individual, partnership, joint venture or unincorporated organization) incorporated, associated, organized,
chartered or existing under the laws of any state or under the federal laws of the United States of America; provided, that such Person have indefinite existence under the law of its domicile. 
  
 Cumulative Carry-Forward Subsequent Recoveries Amount: For any
Distribution Date, the sum of (i) the Carry-Forward Subsequent Recoveries Amount for such Distribution Date and (ii) the Carry-Forward Subsequent Recoveries Amounts for prior Distribution Dates to the extent such Carry-Forward Subsequent Recoveries
Amounts have not been applied in reduction of Realized Losses on prior Distribution Dates pursuant to the first paragraph of the definition of “Realized Loss” herein. 
  
 Curtailment: Any payment of principal on a Mortgage Loan, made by or on behalf of the related Mortgagor, other than a
Monthly Payment, a Prepaid Monthly Payment or a Payoff, which is applied to reduce the outstanding principal balance of the Mortgage Loan. (Prepayment penalties are not payments of principal and hence Curtailments do not include prepayment
penalties.) 
  

 9 

 Curtailment Shortfall: For any Distribution Date and for any Curtailment applied with a Monthly
Payment in the Prior Period other than a Prepaid Monthly Payment, an amount equal to one month’s interest on such Curtailment at the applicable Pass-Through Rate on such Mortgage Loan. 
  
 Custodial Account for P&I: The Custodial Account for principal and
interest established and maintained by each Subservicer and caused by the Master Servicer to be established and maintained pursuant to Section 3.02 (a) with a financial institution approved by the Master Servicer such that the rights of the Master
Servicer, the Trust, the Trustee, the Delaware Trustee and the Certificateholders thereto shall be fully protected against the claims of any creditors of the applicable Subservicer and of any creditors or depositors of the institution in which such
account is maintained, (b) within FDIC insured accounts (or other accounts with comparable insurance coverage acceptable to the Rating Agencies) created, maintained and monitored by a Subservicer or (c) in a separate non-trust Eligible Account
without FDIC or other insurance. In the event that a Custodial Account for P&I is established pursuant to clause (b) of the preceding sentence, amounts held in such Custodial Account for P&I shall not exceed the level of deposit insurance
coverage on such account; accordingly, more than one Custodial Account for P&I may be established. Any amount that is at any time not protected or insured in accordance with the first sentence of this definition of “Custodial Account for
P&I” shall promptly be withdrawn from such Custodial Account for P&I and be remitted to the Investment Account. 
  
 Custodial Account for Reserves: The Custodial Account for Reserves established and maintained by each Subservicer and caused by the Master Servicer
to be established and maintained pursuant to Section 3.02 (a) with a financial institution approved by the Master Servicer such that the rights of the Master Servicer, the Trust, the Trustee, the Delaware Trustee and the Certificateholders thereto
shall be fully protected against the claims of any creditors of the applicable Subservicer and of any creditors or depositors of the institution in which such account is maintained, (b) within FDIC insured accounts (or other accounts with comparable
insurance coverage acceptable to the Rating Agencies) created, maintained and monitored by a Subservicer or (c) in a separate non-trust Eligible Account without FDIC or other insurance. In the event that a Custodial Account for Reserves is
established pursuant to clause (b) of the preceding sentence, amounts held in such Custodial Account for Reserves shall not exceed the level of deposit insurance coverage on such account; accordingly, more than one Custodial Account for Reserves may
be established. Any amount that is at any time not protected or insured in accordance with the first sentence of this definition of “Custodial Account for Reserves” shall promptly be withdrawn from such Custodial Account for Reserves and
be remitted to the Investment Account. 
  
 Custodial
Agreement: The agreement, if any, between the Company, the Trustee, a Custodian and the Master Servicer providing for the safekeeping of the Mortgage Files on behalf of the Trust. 
  
 Custodian: A custodian which is appointed by the Trustee with the consent of the Master Servicer, as provided in
Article II hereof, pursuant to a Custodial Agreement. Any Custodian so appointed shall act as agent on behalf of the Trustee. The reasonable fees and expenses of the Custodian shall be paid by the Master Servicer. The Trustee shall remain at all
times responsible 

  

 10 

 
under the terms of this Agreement, notwithstanding the fact that certain duties have been assigned to a Custodian. 
  
 Cut-Off Date:
            ,             . 
  
 Definitive Certificates: Certificates in definitive, fully registered and certificated form. 
  
 Delaware Trustee:
                    , or its successor-in-interest as provided in Section 8.09, or any successor trustee appointed as herein provided.

  
 Depositary Agreement: The Letter of Representations,
dated             ,              by and among DTC, the Trust and the Trustee. The Trustee is authorized to enter
into the Depositary Agreement on behalf of the Trust. 
  
 Destroyed Mortgage Note: A Mortgage Note the original of which (or a portion of the original of which) was permanently lost or destroyed and has not been replaced. 
  
 Determination Date: A day not later than the 10th day preceding a related Distribution Date, as determined by the
Master Servicer. 
  
 Disqualified Organization: Any Person
which is not a Permitted Transferee, but does not include any Pass-Through Entity which owns or holds a Residual Certificate and of which a Disqualified Organization, directly or indirectly, may be a stockholder, partner or beneficiary. 

 
 Distribution Account: The separate trust account created and
maintained with the Trustee, the Investment Depository or any other bank or trust company acceptable to the Rating Agencies which is incorporated under the laws of the United States or any state thereof pursuant to Section 3.04, which account shall
bear a designation clearly indicating that the funds deposited therein are held in trust for the benefit of the Trust or any other account serving a similar function acceptable to the Rating Agencies. Funds in the Distribution Account may be
invested in Eligible Investments pursuant to Section 3.04(b) and reinvestment earnings thereon shall be paid to the Master Servicer as additional servicing compensation. Funds deposited in the Distribution Account (exclusive of the Master Servicing
Fee) shall be held in trust for the Certificateholders and for the uses and purposes set forth in Section 2.01, Section 3.04, Section 3.05 and Section 4.01. 
  
 Distribution Amount: (I) For any Distribution Date, the Available Distribution Amount for such Distribution Date shall be distributed to the
Certificates in the following amounts and priority, to the extent of the Available Distribution Amount for such Distribution Date: 
  
 (i) first, to the Class A and Class R Certificates, concurrently, the sum of the Interest Distribution Amounts for such Classes remaining
unpaid from previous Distribution Dates, pro rata according to their respective shares of such unpaid amounts; 
  
 (ii) second, to the Class A and Class R Certificates, concurrently, the sum of the Interest Distribution Amounts for such Classes for the
current Distribution Date, pro rata according to their respective Interest Distribution Amounts; 
  

 11 

 (iii) third, to the Class A and Class R Certificates, as principal, the Senior Principal
Distribution Amount, sequentially, as follows: 
  
 (a) first, to the Class R Certificates, until the Class R Principal Balance has been reduced to zero; 
  
 (b) second, to the Class A-1 and Class A-2 Certificates, pro rata, until the Class Principal Balances of the Class A-1 and Class A-2
Certificates have each been reduced to zero; 
  
 (iv) fourth, to the Class B-1 Certificates, the Interest Distribution Amount for such Class of Certificates remaining unpaid from previous Distribution Dates; 
  
 (v) fifth, to the Class B-1 Certificates, the Interest Distribution Amount for such Class of Certificates
for the current Distribution Date; 
  
 (vi)
sixth, to the Class B-1 Certificates, the portion of the Subordinate Principal Distribution Amount allocable to such Class of Certificates pursuant to the definition of “Subordinate Principal Distribution Amount,” until the Class B-1
Principal Balance has been reduced to zero; 
  
 (vii) seventh, to the Class B-2 Certificates, the Interest Distribution Amount for such Class of Certificates remaining unpaid from previous Distribution Dates; 
  
 (viii) eighth, to the Class B-2 Certificates, the Interest Distribution Amount for such Class of
Certificates for the current Distribution Date; 
  
 (ix) ninth, to the Class B-2 Certificates, the portion of the Subordinate Principal Distribution Amount allocable to such Class of Certificates pursuant to the definition of “Subordinate Principal Distribution Amount,” until the
Class B-2 Principal Balance has been reduced to zero; 
  
 (x) tenth, to the Class B-3 Certificates, the Interest Distribution Amount for such Class of Certificates remaining unpaid from previous Distribution Dates; 
  
 (xi) eleventh, to the Class B-3 Certificates, the Interest Distribution Amount for such Class of
Certificates for the current Distribution Date; 
  
 (xii) twelfth, to the Class B-3 Certificates, the portion of the Subordinate Principal Distribution Amount allocable to such Class of Certificates pursuant to the definition of “Subordinate Principal Distribution Amount,” until
the Class B-3 Principal Balance has been reduced to zero; 
  
 (xiii) thirteenth, to the Class B-4 Certificates, the Interest Distribution Amount for such Class of Certificates remaining unpaid from previous Distribution Dates; 
  
 (xiv) fourteenth, to the Class B-4 Certificates, the
Interest Distribution Amount for such Class of Certificates for the current Distribution Date; 
  

 12 

 (xv) fifteenth, to the Class B-4 Certificates, the portion of the Subordinate Principal
Distribution Amount allocable to such Class of Certificates pursuant to the definition of “Subordinate Principal Distribution Amount,” until the Class B-4 Principal Balance has been reduced to zero; 
  
 (xvi) sixteenth, to the Class B-5 Certificates, the Interest
Distribution Amount for such Class of Certificates remaining unpaid from previous Distribution Dates; 
  
 (xvii) seventeenth, to the Class B-5 Certificates, the Interest Distribution Amount for such Class of Certificates for the current
Distribution Date; 
  
 (xviii) eighteenth, to the
Class B-5 Certificates, the portion of the Subordinate Principal Distribution Amount allocable to such Class of Certificates pursuant to the definition of “Subordinate Principal Distribution Amount,” until the Class B-5 Principal Balance
has been reduced to zero; 
  
 (xix) nineteenth,
to the Class B-6 Certificates, the Interest Distribution Amount for such Class of Certificates remaining unpaid from previous Distribution Dates; 
  
 (xx) twentieth, to the Class B-6 Certificates, the Interest Distribution Amount for such Class of Certificates for the current
Distribution Date; 
  
 (xxi) twenty-first, to the
Class B-6 Certificates, the portion of the Subordinate Principal Distribution Amount allocable to such Class of Certificates pursuant to the definition of “Subordinate Principal Distribution Amount,” until the Class B-6 Principal Balance
has been reduced to zero; 
  
 (xxii)
twenty-second, to the outstanding Classes of Certificates in the order of seniority (which, from highest to lowest, shall be as follows: the Class A Certificates of equal seniority, and then Class B-1, Class B-2, Class B-3, Class B-4, Class B-5 and
Class B-6 of decreasing seniority) the remaining portion, if any, of the Available Distribution Amount, up to the amount of unreimbursed Realized Losses allocable to principal previously allocated to each such Class, if any; provided,
however, that in the case of Classes of equal seniority, the amount distributable to such Classes shall be allocated among such Classes according to the amount of losses allocated thereto; provided, further, that any amounts distributed
pursuant to this paragraph (xxii) of this definition of “Distribution Amount” shall not cause a further reduction in the Class Principal Balances of any of the Classes of Certificates; and 
  
 (xxiii) twenty-third, to the Class R Certificates, the
Residual Distribution Amount for such Distribution Date. 
  
 Distribution Date: With respect to distributions on the Certificates, the              day (or, if such
             day is not a Business Day, the Business Day immediately succeeding such              day) of each
month, with the first such date being             ,             . The “related Due Date” for any
Distribution Date is the Due Date immediately preceding such Distribution Date. 
  
 DTC: The Depository Trust Company. 
  

 13 

 DTC Participant: A broker, dealer, bank, other financial institution or other Person for whom DTC
effects book-entry transfers and pledges of securities deposited with DTC. 
  
 Due Date: The day on which the Monthly Payment for each Mortgage Loan is due. 
  
 Eligible Account: An account that is any of the following: (i) maintained with a depository institution the short-term debt obligations of which
have been rated by each Rating Agency in its highest rating category available, or (ii) an account or accounts in a depository institution in which such accounts are fully insured to the limits established by the FDIC, provided that any deposits not
so insured shall, to the extent acceptable to each Rating Agency, as evidenced in writing, be maintained such that (as evidenced by an Opinion of Counsel delivered to the Indenture Trustee and each Rating Agency) the Indenture Trustee have a claim
with respect to the funds in such account or a perfected first security interest against any collateral (which shall be limited to Permitted Investments) securing such funds that is superior to claims of any other depositors or creditors of the
depository institution with which such account is maintained, or (iii) an account or accounts maintained with a depository institution or trust company, as long as its short-term debt obligations are rated P-1 by Moody’s, and A-1+ by Standard
& Poor’s (or the equivalent) or better by each Rating Agency, and its long term debt obligations are rated A2 by Moody’s and AA- by Standard & Poor’s (or the equivalent) or better by each Rating Agency, or (iv) a segregated
trust account or accounts maintained in the corporate trust division of a depository institution or trust company, acting in its fiduciary capacity, or (v) an account or accounts of a depository institution acceptable to each Rating Agency (as
evidenced in writing by each Rating Agency that use of any such account will not cause a Rating Event (if determined without regard to the Policy). 
  
 ERISA: The Employee Retirement Income Security Act of 1974, as amended. 
  
 ERISA Restricted Certificate: Any Senior Subordinate Certificate. 
  
 Event of Default: Any event of default as specified in Section 7.01.

  
 Excess Liquidation Proceeds: With respect to any
Distribution Date, the sum of (i) the excess, if any, of aggregate Liquidation Proceeds received during the Prior Period over the amount that would have been received if Payoffs had been made with respect to such Mortgage Loans on the date such
Liquidation Proceeds were received and (ii) any Excess Subsequent Recoveries for such Distribution Date. 
  
 Excess Subsequent Recoveries: For any Distribution Date, the excess, if any, of (i) amounts received by the Master Servicer during the Prior Period
(after deduction of amounts reimbursable under Section 3.05(a)(i) and (ii)) in connection with the liquidation of defaulted Mortgage Loans after such Mortgage Loans became Liquidated Mortgage Loans over (ii) the Subsequent Recoveries for such
Distribution Date. 
  
 FDIC: Federal Deposit Insurance
Corporation, or any successor thereto. 
  
 FHA: Federal
Housing Administration, or any successor thereto. 
  

 14 

 Fannie Mae: The entity formerly known as the Federal National Mortgage Association, or any
successor thereto. 
  
 Final Maturity Date: With respect to
each Class of Certificates, the date set forth in the table contained in the Preliminary Statement hereto. 
  
 Fraud Loss: A Realized Loss (or portion thereof) with respect to a Mortgage Loan arising from any action, event or state of facts with respect to
such Mortgage Loan which, because it involved or arose out of any dishonest, fraudulent, criminal, negligent or knowingly wrongful act, error or omission by the Mortgagor, originator (or assignee thereof) of such Mortgage Loan, a Subservicer or the
Master Servicer, would result in an exclusion from, denial of, or defense to coverage which otherwise would be provided by a Primary Insurance Policy previously issued with respect to such Mortgage Loan. 
  
 Freddie Mac: The entity formerly known as the Federal Home Loan
Mortgage Corporation, or any successor thereto. 
  
 Index:
Initially, either One-Year CMT or One-Year LIBOR, as set forth on the Mortgage Loan Schedule. In the event such initial Index is no longer available, the Master Servicer will choose a new Index in accordance with the terms of the related Mortgage
Note and in compliance with applicable law. 
  
 Indirect DTC
Participants: Entities such as banks, brokers, dealers or trust companies, that clear through or maintain a custodial relationship with a DTC Participant, either directly or indirectly. 
  
 Insurance Proceeds: Amounts paid or payable by the insurer under any
Primary Insurance Policy or any other insurance policy (including any replacement policy permitted under this Agreement) covering any Mortgage Loan or Mortgaged Property, including, without limitation, any hazard insurance policy required pursuant
to Section 3.07, any title insurance policy required pursuant to Section 2.08 and any FHA insurance policy or VA guaranty. 
  
 Interest Distribution Amount: For any Distribution Date, for any Class of Certificates, the amount of interest accrued during the Prior Period, at
the related Certificate Interest Rate for such Class for such Distribution Date, on the respective Class Principal Balance immediately before such Distribution Date, reduced by Uncompensated Interest Shortfall and the interest portion of Realized
Losses allocated to such Class on such Distribution Date pursuant to the definitions of “Uncompensated Interest Shortfall” and “Realized Loss,” respectively. 
  
 The computation of interest accrued shall be made on the basis of a 360-day year of twelve 30-day months. 
  
 Investment Account: The commingled account (which shall be commingled
only with investment accounts related to series of pass-through certificates with a class of certificates which has a rating equal to the highest of the Ratings of the Certificates) maintained by the Master Servicer in the trust department of the
Investment Depository pursuant to Section 3.03 and which bears a designation acceptable to the Rating Agencies. 
  

 15 

 Investment Depository:
                    , or another bank or trust company designated from time to time by the Master Servicer. Any account held at the Investment
Depository shall at all times be an Eligible Account. 
  
 Junior Subordinate Certificates: The Class B-4, Class B-5 and Class B-6 Certificates. 
  
 Last Scheduled Distribution Date: With respect to any Class of Certificates, the Final Maturity Date for such Class. 
  
 Liquidated Mortgage Loan: A Mortgage Loan (other than a Mortgage Loan
with respect to which a Payoff has been made) for which the Master Servicer or the applicable Subservicer has determined in accordance with its customary servicing practices that it has received all amounts which it expects to recover from or on
account of such Mortgage Loan, whether from Insurance Proceeds, Liquidation Proceeds or otherwise. For purposes of this definition, acquisition of a Mortgaged Property by the Trust shall not constitute final liquidation of the related Mortgage Loan.

  
 Liquidation Principal: The principal portion of
Liquidation Proceeds received with respect to each Mortgage Loan which became a Liquidated Mortgage Loan (but not in excess of the principal balance thereof) during the Prior Period. 
  
 Liquidation Proceeds: Amounts after deduction of amounts reimbursable under Section 3.05(a)(i) and (ii) received and
retained in connection with the liquidation of defaulted Mortgage Loans, whether through foreclosure or otherwise, other than any Subsequent Recoveries. 
  
 Loan-to-Value Ratio: The original principal amount of a Mortgage Loan divided by the Original Value; provided, however, that references to
“current Loan-to-Value Ratio” or “Loan-to-Value Ratio as of the Cut-Off Date” in Section 2.08 shall be deemed to mean the then current Principal Balance of a Mortgage Loan divided by the Original Value. 
  
 Margin: For each Mortgage Loan, the applicable fixed per annum
percentage rate specified in the applicable Mortgage Note and designated as such in the Mortgage Loan Schedule. 
  
 Master Servicer:                     ,
or any successor thereto appointed as provided pursuant to Section 7.02, acting to service and administer the Mortgage Loans pursuant to Section 3.01. 
  
 Master Servicer Business Day: Any day other than a Saturday, a Sunday, or a day on which banking institutions in
                     are authorized or obligated by law or executive order to be closed. 
  
 Master Servicing Fee: For each Mortgage Loan, the fee charged by the
Master Servicer for supervising the mortgage servicing and advancing certain expenses, equal to 1/12 of the product of (i) the Master Servicing Fee Rate for such Mortgage Loan and (ii) the outstanding Principal Balance of such Mortgage Loan, payable
monthly from the Distribution Account, the Investment Account or the Custodial Account for P&I. 
  

 16 

 Master Servicing Fee Rate: For each Mortgage Loan, the per annum rate set forth for such Mortgage
Loan in the Mortgage Loan Schedule, equal to             %. 
  
 MERS: Mortgage Electronic Registration Systems, Inc., a Delaware corporation, or any successor thereto. 
  
 MERS Loan: Any Mortgage Loan registered on the MERS® System for which MERS appears as the mortgagee of
record on the Mortgage or on an assignment thereof. 
  
 MERS® System: The system of
electronically recording transfers of Mortgages maintained by MERS. 
  
 MIN: The Mortgage Identification Number for a MERS Loan. 
  
 MOM Loan: A Mortgage Loan that was registered on the MERS® System at the time of origination thereof and for which MERS appears as the mortgagee of record on the Mortgage. 
  
 Monthly P&I Advance: An advance of funds by the Master Servicer pursuant to Section 4.02 or a Subservicer
pursuant to its subservicing agreement to cover delinquent principal and interest installments. 
  
 Monthly Payment: The scheduled payment of principal (if any) and interest on a Mortgage Loan (including any amounts due from a Buydown Fund, if
any) which is due on the related Due Date for such Mortgage Loan. 
  
 Moody’s: Moody’s Investors Service, Inc., provided that at any time it be a Rating Agency. 
  
 Mortgage: The mortgage, deed of trust or other instrument securing a Mortgage Note. 
  
 Mortgage File: The following documents or instruments with respect to each Mortgage Loan transferred and assigned by
the Company pursuant to Section 2.04, (X) with respect to each Mortgage Loan that is not a Cooperative Loan: 
  
 (i) The original Mortgage Note endorsed (A) in blank, without recourse, or (B) to “[Name of Trustee], as Trustee, without
recourse” or to “BellaVista Mortgage Pass-Through Certificates Series             -         Trust, without recourse” and
all intervening endorsements evidencing a complete chain of endorsements from the originator to the Trustee or the Trust, as applicable, or, in the event of any Destroyed Mortgage Note, a copy or a duplicate original of the Mortgage Note, together
with an original lost note affidavit from the originator of the Mortgage Loan or the Company (or any affiliate of the Company from which the Company acquired the Mortgage Loan), as applicable, stating that the original Mortgage Note (or portion
thereof, as applicable) was lost, misplaced or destroyed, together with a copy of the Mortgage Note; provided, however, that in the event the Company acquired the Mortgage Loan from an affiliate of the Company, then the Mortgage Note need not
be endorsed in blank or to [Name of Trustee] or the Trust as provided above (but, if not so endorsed, shall be made payable to, or endorsed by the mortgagee named therein to, such affiliate of the Company); 
  

 17 

 (ii) The Buydown Agreement, if applicable; 
  
 (iii) A Mortgage that is either 
  
 (1) (x) the original recorded Mortgage with evidence of
recording thereon for the jurisdiction in which the Mortgaged Property is located (which original recorded Mortgage, in the case of a MOM Loan, shall set forth the MIN and shall indicate that the Mortgage Loan is a MOM Loan), (y) unless the Mortgage
Loan is a MERS Loan, an original Mortgage assignment thereof duly executed and acknowledged in recordable form (A) in blank or (B) to “[Name of Trustee], as Trustee,” or to “BellaVista Mortgage Pass-Through Certificates Series
            -         Trust,” and (z) unless the Mortgage Loan is a MOM Loan, recorded originals of all intervening assignments
evidencing a complete chain of assignment, from the originator to the name holder or the payee endorsing the related Mortgage Note (or, in the case of a MERS Loan other than a MOM Loan, from the originator to MERS); or 
  
 (2) (x) a copy (which may be in electronic form) of the
Mortgage (which Mortgage, in the case of a MOM Loan, shall set forth the MIN and shall indicate that the Mortgage Loan is a MOM Loan) which represents a true and correct reproduction of the original Mortgage and which has either been certified (i)
on the face thereof by the public recording office in the appropriate jurisdiction in which the Mortgaged Property is located, or (ii) by the originator or the escrow or title company which provided closing services in connection with such Mortgage
Loan as a true and correct copy the original of which has been sent for recordation, (y) unless the Mortgage Loan is a MERS Loan, an original Mortgage assignment thereof duly executed and acknowledged in recordable form (A) in blank or (B) to
“[Name of Trustee], as Trustee,” or to “BellaVista Mortgage Pass-Through Certificates Series             -        
Trust” and (z) unless the Mortgage Loan is a MOM Loan, true and correct copies, certified by the applicable county recorder or by the originator as described above, of all intervening assignments evidencing a complete chain of assignment from
the originator to the name holder or the payee endorsing the related Mortgage Note (or, in the case of a MERS Loan other than a MOM Loan, from the originator to MERS); 
  
 provided, however, that in the event the Company acquired the Mortgage Loan from an affiliate of the Company, then
the Mortgage File need not include a Mortgage assignment executed in blank or to [Name of Trustee] or the Trust as provided in clause (X)(iii)(1)(y) or (X)(iii)(2)(y) above, as applicable (but the Mortgage File shall, unless the Mortgage Loan was
originated by such affiliate of the Company, include an intervening Mortgage assignment to such affiliate as provided in clause (X)(iii)(1)(z) or (X)(iii)(2)(z) above, as applicable); and 
  
 (iv) For any Mortgage Loan that has been modified or
amended, the original instrument or instruments effecting such modification or amendment; 
  
 and (Y) with respect to each Cooperative Loan: 
  

 18 

 (i) the original Mortgage Note endorsed (A) in blank, without recourse, or (B) to
“[Name of Trustee], as Trustee, without recourse” or to “BellaVista Mortgage Pass-Through Certificates Series
            -         Trust, without recourse” and all intervening endorsements evidencing a complete chain of endorsements, from
the originator to the Trustee or the Trust, as applicable, or, in the event of any Destroyed Mortgage Note, a copy or a duplicate original of the Mortgage Note, together with an original lost note affidavit from the originator of the Cooperative
Loan or the Company (or any affiliate of the Company from which the Company acquired the Mortgage Loan), as applicable, stating that the original Mortgage Note (or portion thereof, as applicable) was lost, misplaced or destroyed, together with a
copy of the Mortgage Note; provided, however, that in the event the Company acquired the Cooperative Loan from an affiliate of the Company, then the Mortgage Note need not be endorsed in blank or to [Name of Trustee] or the Trust as provided
above (but, if not so endorsed, shall be made payable to, or endorsed by the originator or successor lender named therein to, such affiliate of the Company); 
  

(ii) A counterpart of the Cooperative Lease and the Assignment of Proprietary Lease to the originator of the Cooperative Loan;

  
 (iii) The related Cooperative Stock
Certificate, representing the related Cooperative Stock pledged with respect to such Cooperative Loan, together with an undated stock power (or other similar instrument) executed in blank; 
  
 (iv) The Recognition Agreement; 
  
 (v) The Security Agreement; 
  
 (vi) Copies of the original UCC financing statement, and any
continuation statements, filed by the originator of such Cooperative Loan as secured party, each with evidence of recording thereof, evidencing the interest of the originator under the Security Agreement and the Assignment of Proprietary Lease;

  
 (vii) Copies of the filed UCC assignments or
amendments of the security interest referenced in clause (vi) above showing an unbroken chain of title from the originator to the Trust, each with evidence of recording thereof, evidencing the interest of the assignee under the Security Agreement
and the Assignment of Proprietary Lease; 
  
 (viii) An executed assignment of the interest of the originator in the Security Agreement, the Assignment of Proprietary Lease and the Recognition Agreement, showing an unbroken chain of title from the originator to the Trust; and

  
 (ix) For any Cooperative Loan that has been
modified or amended, the original instrument or instruments effecting such modification or amendment; 
  
 provided, however, that in the event the Company acquired the Cooperative Loan from an affiliate of the Company, then the Mortgage File need not
include (1) a UCC assignment or amendment of the security interest referenced in clause (Y)(vi) above to the Trust as provided in clause (Y)(vii) above (but the Mortgage File shall, unless the Cooperative 

  

 19 

 
Loan was originated by such affiliate of the Company, include a UCC assignment or amendment of such security interest to such affiliate) or (2) an assignment
of the interest of the originator in the Security Agreement, the Assignment of Proprietary Lease and the Recognition Agreement to the Trust as provided in clause (Y)(viii) above (but the Mortgage File shall, unless the Cooperative Loan was
originated by such affiliate of the Company, include an assignment of such interest to such affiliate). 
  
 Mortgage Interest Rate: For any Mortgage Loan, the per annum rate at which interest accrues on such Mortgage Loan pursuant to the terms of the
related Mortgage Note. 
  
 Mortgage Loan Schedule: The
schedule, as amended from time to time, of Mortgage Loans attached hereto as Exhibit D, which shall set forth as to each Mortgage Loan the following, among other things: 
  
 (i) its loan number, 
  
 (ii) the address of the Mortgaged Property, 
  
 (iii) the name of the Mortgagor, 
  
 (iv) the Original Value of the property subject to the Mortgage, 
  
 (v) the Principal Balance as of the Cut-Off Date,

  
 (vi) the Mortgage Interest Rate, as of the
Cut-Off Date, borne by the Mortgage Note and the Rate Ceiling, Rate Floor, subsequent Periodic Cap, Index and Margin, as applicable, borne by the Mortgage Note, 
  
 (vii) whether a Primary Insurance Policy is in effect as of the Cut-Off Date, and, if so, whether such
Primary Insurance Policy is a Special Primary Insurance Policy, 
  
 (viii) the maturity of the Mortgage Note, 
  
 (ix) the Master Servicing Fee Rate, and 
  
 (x) whether it imposes penalties for early prepayments. 
  
 Mortgage Loans: The mortgage loans and cooperative loans (if any) listed on the Mortgage Loan Schedule and transferred and assigned to the Trust pursuant hereto. With respect to each Mortgage Loan that is a
Cooperative Loan, “Mortgage Loan” shall include, but not be limited to, the Mortgage Note, Security Agreement, Assignment of Proprietary Lease, Recognition Agreement, Cooperative Stock Certificate and Cooperative Lease, and, with respect
to each Mortgage Loan other than a Cooperative Loan, “Mortgage Loan” shall include, but not be limited to the Mortgage Note and the related Mortgage. 
  

Mortgage Loan Purchase Agreement: The agreement among the Seller and the Depositor, regarding the transfer of the Mortgage Loans by the Seller
to or at the direction of the Depositor. 
  

 20 

 Mortgage Note: The note or other evidence of the indebtedness of a Mortgagor under a Mortgage
Loan. 
  
 Mortgage Pool: All of the Mortgage Loans.

  
 Mortgage Pool Assets: (i) The Mortgage Loans (including
all Substitute Mortgage Loans) identified on the Mortgage Loan Schedule, and all rights pertaining thereto, including the related Mortgage Notes, Mortgages, Cooperative Stock Certificates, Cooperative Leases, Security Agreements, Assignments of
Proprietary Lease, and Recognition Agreements, and all payments and distributions with respect to the Mortgage Loans payable on and after the Cut-Off Date; (ii) the Distribution Account, the Investment Account, and all money, instruments, investment
property, and other property credited thereto, carried therein, or deposited therein (except amounts constituting the Master Servicing Fee); (iii) the Custodial Accounts for P&I, the Custodial Accounts for Reserves, any Buydown Fund Account (to
the extent of the amounts on deposit or other property therein attributable to the Mortgage Loans), and all money, instruments, investment property, and other property credited thereto, carried therein, or deposited therein (except amounts
constituting the Master Servicing Fee); (iv) all property that secured a Mortgage Loan and that has been acquired by foreclosure or deed in lieu of foreclosure or, in the case of a Cooperative Loan, a similar form of conversion, after the Cut-Off
Date; and (v) each FHA insurance policy, Primary Insurance Policy, VA guaranty, and other insurance policy related to any Mortgage Loan, and all amounts paid or payable thereunder and all proceeds thereof. 
  
 Mortgaged Property: With respect to any Mortgage Loan, other than a
Cooperative Loan, the real property, together with improvements thereto, and, with respect to any Cooperative Loan, the related Cooperative Stock and Cooperative Lease, securing the indebtedness of the Mortgagor under the related Mortgage Loan.
“Mortgaged Property” shall also refer to property which once secured the indebtedness of a Mortgagor under the related Mortgage Loan but which was acquired by the Trust upon foreclosure or other liquidation of such Mortgage Loan.

  
 Mortgagor: The obligor on a Mortgage Note. 

 
 Nonrecoverable Advance: With respect to any Mortgage Loan, any
advance which the Master Servicer shall determine to be a Nonrecoverable Advance pursuant to Section 4.03 and which was, or is proposed to be, made by (i) the Master Servicer or (ii) a Subservicer pursuant to its subservicing agreement. 

 
 Non-U.S. Person: A Person that is not a U.S. Person. 
  
 Notice Addresses: (a) In the case of the Company,
                    , Attention:
                    , or such other address as may hereafter be furnished to the Trustee in writing by the Company, (b) in the case of the
Trustee, at its Corporate Trust Office, or such other address as may hereafter be furnished to the Master Servicer in writing by the Trustee, (c) in the case of the Delaware Trustee,
                    , or such other address as may hereafter be furnished to the Master Servicer in writing by the Delaware Trustee, (d) in
the case of the Trust, c/o [Name of Trustee], at the Corporate Trust Office, or such other address as may hereafter be furnished to the Master Servicer in writing by the Trustee, (e) in the case of the Certificate Registrar, at its Corporate Trust
Office, or such other address as may hereafter be furnished to the Trustee in 

  

 21 

 
writing by the Certificate Registrar, (f) [in the case of S&P, 55 Water Street, 41st Floor, New York, New York 10041-0003, Attention:
                    , or such other address as may hereafter be furnished to the Trustee and Master Servicer in writing by S&P, (g) in the
case of Moody’s, 99 Church Street, New York, New York 10007, Attention:                     , or such other address as may hereafter be
furnished to the Trustee and Master Servicer in writing by Moody’s and (h) in the case of Fitch, 1 State Street Plaza, New York, New York 10004, Attention:
                    , or such other address as may hereafter be furnished to the Trustee and Master Servicer in writing by Fitch. 

 
 OTS: The Office of Thrift Supervision, or any successor thereto.

  
 Officer’s Certificate: A certificate signed by the
Chairman of the Board, the President, a Vice President, or the Treasurer of the Master Servicer and delivered to the Trustee or the Delaware Trustee, as applicable. 
  
 One-Year CMT: The weekly average yield on United States Treasury Securities adjusted to a constant maturity of one
year, as made available by the Federal Reserve Board, published in Federal Reserve Statistical Release H.15(519) most recently available as of 45 days before the applicable Adjustment Date. 
  
 One-Year LIBOR: The average of interbank offered rates for one-year
U.S. dollar-denominated deposits in the London market, as published in The Wall Street Journal and most recently available as of the date 45 days before the applicable Adjustment Date. 
  
 Opinion of Counsel: A written opinion of counsel, who shall be reasonably acceptable to the Trustee or the Delaware
Trustee, as applicable, and who may be counsel (including in-house counsel) for the Company or the Master Servicer. 
  
 Original Trust Agreement: The Trust Agreement, dated as of             ,
        , between the Company and the Delaware Trustee, providing for the creation of the Trust. 
  
 Original Value: With respect to any Mortgage Loan other than a Mortgage Loan originated for the purpose of refinancing an existing mortgage debt,
the lesser of (a) the Appraised Value (if any) of the Mortgaged Property at the time the Mortgage Loan was originated or (b) the purchase price paid for the Mortgaged Property by the Mortgagor. With respect to a Mortgage Loan originated for the
purpose of refinancing existing mortgage debt, the Original Value shall be equal to the Appraised Value of the Mortgaged Property. 
  
 Ownership Interest: With respect to any Residual Certificate, any ownership or security interest in such Residual Certificate, including any
interest in a Residual Certificate as the Holder thereof and any other interest therein whether direct or indirect, legal or beneficial, as owner or as pledgee. 
  

Pass-Through Entity: Any regulated investment company, real estate investment trust, common trust fund, partnership, trust or estate, and any
organization to which Section 1381 of the Code applies. 
  

 22 

 Pass-Through Rate: For each Mortgage Loan, the Mortgage Interest Rate for such Mortgage Loan less
(i) the Master Servicing Fee Rate for such Mortgage Loan and (ii) if such Mortgage Loan was covered by a Special Primary Insurance Policy on the Closing Date (even if no longer so covered), the per annum rate at which the applicable Special Primary
Insurance Premium for such Mortgage Loan is calculated. For each Mortgage Loan, any calculation of monthly interest at such rate shall be based upon annual interest at such rate (computed on the basis of a 360-day year of twelve 30-day months) on
the unpaid Principal Balance of such Mortgage Loan divided by twelve, and any calculation of interest at such rate by reason of a Payoff shall be based upon annual interest at such rate on the outstanding Principal Balance of such Mortgage Loan
multiplied by a fraction, the numerator of which is the number of days elapsed from the Due Date of the last scheduled payment of principal and interest to, but not including, the date of such Payoff, and the denominator of which is (a) for Payoffs
received on a Due Date, 360, and (b) for all other Payoffs, 365. 
  
 Paying Agent: Any paying agent appointed by the Trustee pursuant to Section 8.12. 
  
 Payoff: Any Mortgagor payment of principal on a Mortgage Loan equal to the entire outstanding Principal Balance of such Mortgage Loan, if received
in advance of the last scheduled Due Date for such Mortgage Loan and accompanied by an amount of interest equal to accrued unpaid interest on the Mortgage Loan to the date of such payment-in-full. (Prepayment penalties are not payments of principal
and hence Payoffs do not include prepayment penalties.) 
  
 Payoff Earnings: For any Distribution Date with respect to each Mortgage Loan on which a Payoff was received by the Master Servicer during the Payoff Period, the aggregate of the interest earned by the Master Servicer from investment
of each such Payoff from the date of receipt of such Payoff until the Business Day immediately preceding the related Distribution Date (net of investment losses). 
  
 Payoff Interest: For any Distribution Date with respect to a Mortgage Loan for which a Payoff was received on or
after the first calendar day of the month of such Distribution Date and before the          calendar day of such month, an amount of interest thereon at the applicable Pass-Through Rate from the first
day of the month of distribution through the day of receipt thereof; to the extent (together with Payoff Earnings and the aggregate Master Servicing Fee) not required to be distributed as Compensating Interest on such Distribution Date, Payoff
Interest shall be payable to the Master Servicer as additional servicing compensation. 
  
 Payoff Period: For the first Distribution Date, the period from the Cut-Off Date through             ,
        , inclusive; and for any Distribution Date thereafter, the period from the          day of the Prior Period through the
         day of the month of such Distribution Date, inclusive. 
  
 Percentage Interest: (a) With respect to the right of each Certificate of a particular Class in the distributions allocated to such Class,
“Percentage Interest” shall mean the percentage equal to: 
  
 (i) with respect to any Certificate (other than the Residual Certificates), its Certificate Principal Balance divided by the applicable Class Principal Balance; and 
  

 23 

 (ii) with respect to any Residual Certificate, the percentage set forth on the face of
such Certificate. 
  
 (b) With respect to the rights of each
Certificate in connection with Sections 5.09, 7.01, 8.01(c), 8.02, 8.07, 10.01 and 10.03, “Percentage Interest” shall mean the percentage equal to: 
  

(i) with respect to any Certificate (other than the Residual Certificates), its Certificate Principal Balance divided by the Aggregate
Certificate Principal Balance of the Certificates; and 
  
 (ii) with respect to any Residual Certificate, zero. 
  
 Periodic Cap: For each Mortgage Loan, any applicable limit on adjustment of the Mortgage Interest Rate for each Adjustment Date specified in the applicable Mortgage Note and designated as such in the Mortgage Loan Schedule.

  
 Permitted Investments: Any one or more of the
obligations or securities listed below in which funds deposited in the Investment Account, the Distribution Account, the Custodial Account for P&I and the Custodial Account for Reserves may be invested: 
  
 (i) Obligations of, or guaranteed as to principal and
interest by, the United States or any agency or instrumentality thereof when such obligations are backed by the full faith and credit of the United States; 
  
 (ii) Repurchase agreements on obligations described in clause (i) of this definition of “Eligible Investments,” provided that
the unsecured obligations of the party (including the Trustee in its commercial capacity) agreeing to repurchase such obligations have at the time one of the two highest short term debt ratings of the Rating Agencies and provided that such
repurchaser’s unsecured long term debt has one of the two highest unsecured long term debt ratings of the Rating Agencies; 
  
 (iii) Federal funds, certificates of deposit, time deposits and bankers’ acceptances of any U.S. bank or trust company incorporated
under the laws of the United States or any state (including the Trustee in its commercial capacity), provided that the debt obligations of such bank or trust company (or, in the case of the principal bank in a bank holding company system, debt
obligations of the bank holding company) at the date of acquisition thereof have one of the two highest short term debt ratings of the Rating Agencies and unsecured long term debt has one of the two highest unsecured long term debt ratings of the
Rating Agencies; 
  
 (iv) Obligations of, or
obligations guaranteed by, any state of the United States or the District of Columbia, provided that such obligations at the date of acquisition thereof shall have the highest long-term debt ratings available for such securities from the Rating
Agencies; 
  
 (v) Commercial paper of any
corporation incorporated under the laws of the United States or any state thereof, which on the date of acquisition has the highest 

  

 24 

 
commercial paper rating of the Rating Agencies, provided that the corporation has unsecured long term debt that has one of the two highest unsecured long
term debt ratings of the Rating Agencies; 
  
 (vi) Securities (other than stripped bonds or stripped coupons) bearing interest or sold at a discount that are issued by any corporation incorporated under the laws of the United States or any state thereof and have the highest long-term
unsecured rating available for such securities from the Rating Agencies; provided, however, that securities issued by any such corporation will not be investments to the extent that investment therein would cause the outstanding principal amount of
securities issued by such corporation that are then held as part of the Investment Account or the Distribution Account to exceed 20% of the aggregate principal amount of all Eligible Investments then held in the Investment Account and the
Distribution Account; and 
  
 (vii) Units of
taxable money market funds (which may be 12b-1 funds, as contemplated under the rules promulgated by the Securities and Exchange Commission under the Investment Company Act of 1940), which funds have the highest rating available for such securities
from the Rating Agencies or which have been designated in writing by the Rating Agencies as Eligible Investments; 
  
 provided, however, that such obligation or security is held for a temporary period pursuant to Section 1.860G-2(g)(1) of the Treasury Regulations, and that such
period can in no event exceed thirteen months. 
  
 In no event
shall an instrument be an Eligible Investment if such instrument (a) evidences a right to receive only interest payments with respect to the obligations underlying such instrument or (b) has been purchased at a price greater than the outstanding
principal balance of such instrument. 
  
 Permitted
Transferee: With respect to the holding or ownership of any Residual Certificate, any Person other than (i) the United States, a State or any political subdivision thereof, or any agency or instrumentality of any of the foregoing, (ii) a foreign
government, International Organization or any agency or instrumentality of either of the foregoing, (iii) an organization (except certain farmers’ cooperatives described in Code Section 521) which is exempt from the taxes imposed by Chapter 1
of the Code (unless such organization is subject to the tax imposed by Section 511 of the Code on unrelated business taxable income), (iv) rural electric and telephone cooperatives described in Code Section 1381(a)(2)(C), (v) any “electing
large partnership” as defined in Section 775(a) of the Code, (vi) any Person from whom the Trustee has not received an affidavit to the effect that it is not a “disqualified organization” within the meaning of Section 860E(e)(5) of
the Code, and (vii) any other Person so designated by the Company based upon an Opinion of Counsel that the transfer of an Ownership Interest in a Residual Certificate to such Person may cause REMIC I to fail to qualify as a REMIC at any time that
the Certificates are outstanding. The terms “United States,” “State” and “International Organization” shall have the meanings set forth in Code Section 7701 or successor provisions. A corporation shall not be treated as
an instrumentality of the United States or of any State or political subdivision thereof if all of its activities are subject to tax, and, with the exception of the Freddie Mac, a majority of its board of directors is not selected by such
governmental unit. 
  

 25 

 Person: Any individual, corporation, limited liability company, partnership, joint venture,
association, joint-stock company, trust, unincorporated organization or government or any agency or political subdivision thereof. 
  
 Prepaid Monthly Payment: Any Monthly Payment received prior to its scheduled Due Date, which is intended to be applied to a Mortgage Loan on its
scheduled Due Date and held in the related Custodial Account for P&I until the Withdrawal Date following its scheduled Due Date. 
  
 Primary Insurance Policy: A policy of mortgage guaranty insurance, if any, on an individual Mortgage Loan or on pools of mortgage loans that
include an individual Mortgage Loan, providing coverage as required by Section 2.08(xi) (including any Special Primary Insurance Policy). 
  
 Principal Balance: Except as used in Sections 2.07, 3.09 and 9.01 and for purposes of the definition of Purchase Price, at the time of any
determination, the principal balance of a Mortgage Loan remaining to be paid at the close of business on the Cut-Off Date, after application of all scheduled principal payments due on or before the Cut-Off Date, whether or not received, reduced by
all amounts distributed or (except when such determination occurs earlier in the month than the Distribution Date) to be distributed to Certificateholders through the Distribution Date in the month of determination that are reported as allocable to
principal of such Mortgage Loan. 
  
 For purposes of the
definition of Purchase Price and as used in Sections 2.07, 3.09 and 9.01, at the time of any determination, the principal balance of a Mortgage Loan remaining to be paid at the close of business on the Cut-Off Date, after deduction of all scheduled
principal payments due on or before the Cut-Off Date, whether or not received, reduced by all amounts distributed or to be distributed to Certificateholders through the Distribution Date in the month of determination that are reported as allocable
to principal of such Mortgage Loan. 
  
 In the case of a
Substitute Mortgage Loan, “Principal Balance” shall mean, at the time of any determination, the principal balance of such Substitute Mortgage Loan transferred to the Trust, on the date of substitution, reduced by all amounts distributed or
to be distributed to Certificateholders through the Distribution Date in the month of determination that are reported as allocable to principal of such Substitute Mortgage Loan. 
  
 The Principal Balance of a Mortgage Loan (including a Substitute Mortgage Loan) shall not be adjusted solely by reason of
any bankruptcy or similar proceeding or any moratorium or similar waiver or grace period. Whenever a Realized Loss has been incurred with respect to a Mortgage Loan during a calendar month, the Principal Balance of such Mortgage Loan shall be
reduced by the amount of such Realized Loss as of the Due Date next following the end of such calendar month. 
  
 Principal Payment: Any payment of principal on a Mortgage Loan other than a Principal Prepayment. 
  
 Principal Payment Amount: For any Distribution Date, the sum of (i)
the scheduled principal payments (if any) on the Mortgage Loans due on the related Due Date, (ii) the principal 

  

 26 

 
portion of proceeds received with respect to any Mortgage Loan which was purchased or repurchased pursuant to a Purchase Obligation or as permitted by this
Agreement during the Prior Period and (iii) any other unscheduled payments of principal which were received with respect to any Mortgage Loan during the Prior Period, other than Payoffs, Curtailments, Liquidation Principal and Subsequent Recoveries.

  
 Principal Prepayment: Any payment of principal on a
Mortgage Loan which constitutes a Payoff or a Curtailment. 
  
 Principal Prepayment Amount: For any Distribution Date, the sum of (i) Curtailments received during the Prior Period from the Mortgage Loans and (ii) Payoffs received during the Payoff Period from the Mortgage Loans. 
  
 Prior Period: With respect to any Distribution Date, the calendar
month immediately preceding such Distribution Date. 
  
 Pro
Rata Allocation: The allocation of the principal portion of Realized Losses to all Classes of Certificates pro rata according to their respective Class Principal Balances in reduction thereof, and the allocation of the interest portion of
Realized Losses to all Classes of Certificates pro rata according to the amount of interest accrued but unpaid on each such Class, in reduction thereof, and then to such Classes pro rata according to their respective Class Principal Balances in
reduction thereof. 
  
 Prospectus: The Prospectus, dated
            ,         , and the Prospectus Supplement, dated
            ,         , of the Company. 
  
 Purchase Obligation: An obligation of the Company to repurchase Mortgage Loans under the circumstances and in the manner provided in Section 2.07
or Section 2.08. 
  
 Purchase Price: With respect to any
Mortgage Loan to be purchased pursuant to a Purchase Obligation or pursuant to Section 3.01, an amount equal to the sum of (i) the Principal Balance thereof, (ii) unpaid accrued interest thereon, if any, during the calendar month in which the date
of purchase occurs to the last day of such month at a rate equal to the applicable Pass-Through Rate and (iii) with respect to any Mortgage Loan to be purchased pursuant to Section 2.08, any costs and damages incurred by the Trust in connection with
any violation by such Mortgage Loan of any predatory and abusive lending laws, to the extent such costs and damages result from a breach of the representation and warranty made by the Company pursuant to clause (viii) of Section 2.08; provided,
however, that to the extent that such costs and damages constitute a set-off against the principal balance of the Mortgage Loan, such costs and damages will not be paid pursuant to this clause (iii), and the amount paid pursuant to clause (i)
above will be calculated without regard to such set-off; provided, further, that no Mortgage Loan shall be purchased or required to be purchased pursuant to Section 2.08, or more than two years after the Closing Date under Section 2.07,
unless (a) the Mortgage Loan to be purchased is in default, or default is in the judgment of the Company reasonably imminent, or (b) the Company, at its expense, delivers to the Trustee an Opinion of Counsel addressed to the Trust and the Trustee to
the effect that the purchase of such Mortgage Loan will not give rise to a tax on a prohibited transaction, as defined in Section 860F(a) of the Code. 
  

 27 

 Qualified Insurer: A mortgage guaranty insurance company duly qualified as such under the laws of
the states in which the Mortgaged Properties are located if such qualification is necessary to issue the applicable insurance policy or bond, duly authorized and licensed in such states to transact the applicable insurance business and to write the
insurance provided by the Primary Insurance Policies and approved as an insurer by the Master Servicer. A Qualified Insurer must have the rating required by the Rating Agencies. 
  
 Rate Ceiling: The maximum per annum Mortgage Interest Rate permitted under the related Mortgage Note. 
  
 Rate Floor: The minimum per annum Mortgage Interest Rate permitted
under the related Mortgage Note. 
  
 Rating Agency:
Initially, each of [S&P], [Fitch] and [Moody’s] and thereafter, each nationally recognized statistical rating organization that has rated the Certificates at the request of the Company, or their respective successors in interest.

  
 Ratings: As of any date of determination, the ratings,
if any, of the Certificates as assigned by the applicable Rating Agencies. 
  
 Realized Loss: For any Distribution Date, with respect to any Mortgage Loan which became a Liquidated Mortgage Loan during the related Prior Period, the sum of (i) the principal balance of such Mortgage Loan
remaining outstanding and the principal portion of Nonrecoverable Advances actually reimbursed with respect to such Mortgage Loan (the principal portion of such Realized Loss), and (ii) the accrued interest on such Mortgage Loan remaining unpaid and
the interest portion of Nonrecoverable Advances actually reimbursed with respect to such Mortgage Loan (the interest portion of such Realized Loss); provided, however, that for purposes of allocating Realized Losses to the Certificates
pursuant to this definition of “Realized Loss,” the aggregate principal portion of Realized Losses for any Distribution Date shall be reduced by the Cumulative Carry-Forward Subsequent Recoveries Amount for such Distribution Date. For any
Distribution Date, with respect to any Mortgage Loan which is not a Liquidated Mortgage Loan, the amount of the Bankruptcy Loss incurred with respect to such Mortgage Loan as of the related Due Date. 
  
 Realized Losses shall be allocated among the Certificates (i) for Realized
Losses allocable to principal (a) first, to the Class B-6 Certificates, until the Class B-6 Principal Balance has been reduced to zero, (b) second, to the Class B-5 Certificates, until the Class B-5 Principal Balance has been reduced to zero, (c)
third, to the Class B-4 Certificates, until the Class B-4 Principal Balance has been reduced to zero, (d) fourth, to the Class B-3 Certificates, until the Class B-3 Principal Balance has been reduced to zero, (e) fifth, to the Class B-2
Certificates, until the Class B-2 Principal Balance has been reduced to zero, (f) sixth, to the Class B-1 Certificates, until the Class B-1 Principal Balance has been reduced to zero, and (g) seventh, to the Class A Certificates, pro rata according
to the Class Principal Balances thereof, in reduction thereof; and (ii) for Realized Losses allocable to interest (a) first, to the Class B-6 Certificates, in reduction of accrued but unpaid interest thereon and then in reduction of the Class B-6
Principal Balance, (b) second, to the Class B-5 Certificates, in reduction of accrued but unpaid interest thereon and then in reduction of the Class B-5 Principal Balance, (c) third, to the Class B-4 

  

 28 

 
Certificates, in reduction of accrued but unpaid interest thereon and then in reduction of the Class B-4 Principal Balance, (d) fourth, to the Class B-3
Certificates, in reduction of accrued but unpaid interest thereon and then in reduction of the Class B-3 Principal Balance, (e) fifth, to the Class B-2 Certificates, in reduction of accrued but unpaid interest thereon and then in reduction of the
Class B-2 Principal Balance, (f) sixth, to the Class B-1 Certificates, in reduction of accrued but unpaid interest thereon and then in reduction of the Class B-1 Principal Balance, and (g) seventh, to the Class A Certificates, pro rata according to
accrued but unpaid interest on such Classes, in reduction thereof, and then to such Classes, pro rata according to the Class Principal Balances thereof, in reduction thereof. 
  
 Special Hazard Losses, Fraud Losses in excess of the Fraud Coverage and Bankruptcy Losses shall be allocated among the
Certificates by Pro Rata Allocation. 
  
 On each Distribution
Date, after giving effect to the principal distributions and allocations of losses as provided in this Agreement (without regard to this paragraph), if the aggregate Class Principal Balance of all outstanding Classes of Certificates (plus any
Cumulative Carry-Forward Subsequent Recoveries Amount for such Distribution Date) exceeds the aggregate principal balance of the Mortgage Loans remaining to be paid at the close of business on the Cut-Off Date, after deduction of (i) all principal
payments due on or before the Cut-Off Date in respect of each Mortgage Loan whether or not paid, and (ii) all amounts of principal in respect of each Mortgage Loan that have been received or advanced and included in the Available Distribution Amount
and all losses in respect of each Mortgage Loan that have been allocated to the Certificates on such Distribution Date or prior Distribution Dates, then such excess will be deemed a principal loss and will be allocated to the most junior Class of
Class B Certificates, in reduction of the Class Principal Balance thereof. 
  
 Recognition Agreement: With respect to a Cooperative Loan, the recognition agreement between the Cooperative and the originator of such Cooperative Loan. 
  
 Record Date: The last Business Day of the month immediately preceding
the month of the related Distribution Date. 
  
 Refinanced
Mortgage Loan: A Mortgage Loan the proceeds of which were not used to purchase the related Mortgaged Property. 
  
 Relief Act Shortfall: For any Distribution Date for any Mortgage Loan with respect to which the Servicemembers Civil Relief Act, formerly known as
the Soldiers’ and Sailors’ Civil Relief Act of 1940, or any comparable state legislation (collectively, the “Relief Act”), limits the amount of interest payable by the related Mortgagor, an amount equal to one month’s
interest on such Mortgage Loan at an annual interest rate equal to the excess, if any, of (i) the annual interest rate at which interest otherwise accrued during the Prior Period under the terms of the related Mortgage Note over (ii) the annual
interest rate at which interest accrued during the Prior Period by application of the Relief Act. 
  
 REMIC: A real estate mortgage investment conduit, as such term is defined in the Code. 
  
 REMIC Provisions: Sections 860A through 860G of the Code, related Code
provisions and regulations promulgated thereunder, as the foregoing may be in effect from time to time. 
  

 29 

 REMIC I: The segregated pool of assets of the Trust consisting of the REMIC I Assets, which shall
be a REMIC pursuant to the Code, with respect to which a separate REMIC election is to be made and the beneficial interests in which shall be the Certificates. 
  

REMIC I Assets: All of the Mortgage Pool Assets. 
  
 REMIC I Regular Interests: The Certificates (other than the Class R Certificates). 
  
 Residual Certificates: The Class R Certificates. 
  
 Residual Distribution Amount: For any Distribution Date, any portion of the Available Distribution Amount remaining
after all distributions of the Available Distribution Amount pursuant to the definition of “Distribution Amount” (other than the distributions pursuant to the last subclause thereof). 
  
 Upon termination of the obligations created by this Agreement and liquidation
of REMIC I, the amounts which remain on deposit in the Distribution Account after payment to the Holders of the Certificates of the amounts set forth in Section 9.01 of this Agreement, and subject to the conditions set forth therein, shall be
distributed to the Class R Certificates in accordance with the preceding sentences of this definition as if the date of such distribution were a Distribution Date. 
  
 Responsible Officer: When used with respect to the Trustee or the Delaware Trustee, any officer assigned to and
working in the Corporate Trust Office (in the case of the Trustee) or its corporate trust office (in the case of the Delaware Trustee) or, in each case, in a similar group 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. 
  
 S&P: Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc., provided that at any time it be a Rating
Agency. 
  
 Secretary of State: The Secretary of State of
the State of Delaware. 
  
 Securities Act: The Securities
Act of 1933, as amended. 
  
 Security Agreement: With
respect to a Cooperative Loan, the agreement or mortgage creating a security interest in favor of the originator of the Cooperative Loan in the related Cooperative Stock. 
  
 Seller:
                                        
    , a                          company, or its successor in interest, in its capacity as seller
under the Mortgage Loan Purchase Agreement. 
  
 Senior
Certificates: The Class A Certificates and the Class R Certificates. 
  
 Senior Liquidation Amount: For any Distribution Date, the sum of (A) the aggregate, for each Mortgage Loan which became a Liquidated Mortgage Loan during the Prior Period, of the lesser of: (i) the Senior
Percentage of the Principal Balance of such Mortgage Loan and (ii) the Senior Prepayment Percentage of the Liquidation Principal with respect to such Mortgage Loan 

  

 30 

 
and (B) the Senior Prepayment Percentage of any Subsequent Recoveries for such Distribution Date. 
  
 Senior Percentage: For any Distribution Date, the aggregate Class
Principal Balance of the Class A and Residual Certificates divided by the aggregate Class Principal Balance of the Class A, Class B and Residual Certificates, in each case immediately before such Distribution Date. 
  
 Senior Prepayment Percentage: Subject to the immediately succeeding
paragraph, (A) for any Distribution Date prior to the seventh anniversary of the first Distribution Date, the Senior Prepayment Percentage shall equal 100% and (B) for any Distribution Date on or after the seventh anniversary of the first
Distribution Date, the Senior Prepayment Percentage shall be calculated as follows: (1) for any such Distribution Date on or after the seventh anniversary but before the eighth anniversary of the first Distribution Date, the Senior Percentage for
such Distribution Date plus 70% of the Subordinate Percentage for such Distribution Date; (2) for any such Distribution Date on or after the eighth anniversary but before the ninth anniversary of the first Distribution Date, the Senior Percentage
for such Distribution Date plus 60% of the Subordinate Percentage for such Distribution Date; (3) for any such Distribution Date on or after the ninth anniversary but before the tenth anniversary of the first Distribution Date, the Senior Percentage
for such Distribution Date plus 40% of the Subordinate Percentage for such Distribution Date; (4) for any such Distribution Date on or after the tenth anniversary but before the eleventh anniversary of the first Distribution Date, the Senior
Percentage for such Distribution Date plus 20% of the Subordinate Percentage for such Distribution Date; and (5) for any such Distribution Date thereafter, the Senior Percentage for such Distribution Date; provided, however, that (x) for any
Distribution Date on or prior to the Distribution Date in                     , if (i) the Subordinate Percentage for such Distribution Date
is greater than or equal to twice the Subordinate Percentage as of the Closing Date and (ii) cumulative Realized Losses on the Mortgage Loans allocated to the Class B Certificates, as a percentage of the aggregate Class Principal Balance of the
Class B Certificates as of the Closing Date, do not exceed 20%, then the Senior Prepayment Percentage shall equal the Senior Percentage for such Distribution Date plus 50% of the Subordinate Percentage for such Distribution Date and (y) for any
Distribution Date after the Distribution Date in                     , if (i) the Subordinate Percentage for such Distribution Date is greater
than or equal to twice the Subordinate Percentage as of the Closing Date and (ii) cumulative Realized Losses on the Mortgage Loans allocated to the Class B Certificates, as a percentage of the aggregate Class Principal Balance of the Class B
Certificates as of the Closing Date, do not exceed 30%, then the Senior Prepayment Percentage shall equal the Senior Percentage for such Distribution Date. 
  
 Notwithstanding the immediately preceding paragraph, (A) for any Distribution Date, if the Senior Percentage for such Distribution Date is greater than
the Senior Percentage as of the Closing Date, then the Senior Prepayment Percentage shall equal 100%, (B) for any Distribution Date on or before the seventh anniversary of the first Distribution Date, if any of the tests specified in clauses (a) and
(b) below is met, then the Senior Prepayment Percentage shall equal 100% and (C) for any Distribution Date after the seventh anniversary of the first Distribution Date, if any of the tests specified in clauses (a) and (b) below is met (unless either
(x) the Senior Percentage for such Distribution Date is greater than the Senior Percentage as of the Closing Date or (y) there is no Earlier Distribution Date (as defined below), in each of which case the 

  

 31 

 
Senior Prepayment Percentage shall equal 100%), then the Senior Prepayment Percentage shall be calculated as follows: (1) if the most recent preceding
Distribution Date on which none of the tests specified in clauses (a) and (b) below was met (such date referred to as the “Earlier Distribution Date”) is on or after the seventh anniversary but before the eighth anniversary of the
first Distribution Date, then the Senior Prepayment Percentage shall equal the Senior Percentage for the current Distribution Date plus 70% of the Subordinate Percentage for the current Distribution Date, (2) if the Earlier Distribution Date is on
or after the eighth anniversary but before the ninth anniversary of the first Distribution Date, then the Senior Prepayment Percentage shall equal the Senior Percentage for the current Distribution Date plus 60% of the Subordinate Percentage for the
current Distribution Date, (3) if the Earlier Distribution Date is on or after the ninth anniversary but before the tenth anniversary of the first Distribution Date, then the Senior Prepayment Percentage shall equal the Senior Percentage for the
current Distribution Date plus 40% of the Subordinate Percentage for the current Distribution Date, (4) if the Earlier Distribution Date is on or after the tenth anniversary but before the eleventh anniversary of the first Distribution Date, then
the Senior Prepayment Percentage shall equal the Senior Percentage for the current Distribution Date plus 20% of the Subordinate Percentage for the current Distribution Date, and (5) if the Earlier Distribution Date is on or after the eleventh
anniversary of the first Distribution Date, then the Senior Prepayment Percentage shall equal the Senior Percentage for the current Distribution Date: 
  

	 	(a)	the mean aggregate Principal Balance, as of the Distribution Date in each of the immediately preceding six calendar months, of the Mortgage Loans which were 60 or more days
delinquent as of such date (including Mortgage Loans in bankruptcy or foreclosure and Mortgaged Properties held by REMIC I) is greater than 50% of the aggregate Class Principal Balance of the Class B Certificates as of the current Distribution Date,
or 

  

	 	(b)	cumulative Realized Losses on the Mortgage Loans allocated to the Class B Certificates, as a percentage of the aggregate Class Principal Balance of the Class B Certificates as of
the Closing Date, are greater than, for any Distribution Date (1) before the eighth anniversary of the first Distribution Date, 30%, (2) on or after the eighth anniversary but before the ninth anniversary of the first Distribution Date, 35%, (3) on
or after the ninth anniversary but before the tenth anniversary of the first Distribution Date, 40%, (4) on or after the tenth anniversary but before the eleventh anniversary of the first Distribution Date, 45%, and (5) on or after the eleventh
anniversary of the first Distribution Date, 50%. 

  
 If on any Distribution Date the allocation to the Class A Certificates of Principal Prepayments in the percentage required would reduce the aggregate Class Principal Balance of such Certificates below zero, the Senior Prepayment Percentage
for such Distribution Date shall be limited to the percentage necessary to reduce such aggregate Class Principal Balance to zero. 
  
 Senior Principal Distribution Amount: For any Distribution Date, an amount equal to the sum of (a) the Senior Percentage of the Principal Payment
Amount, (b) the Senior Prepayment Percentage of the Principal Prepayment Amount and (c) the Senior Liquidation Amount. 
  

 32 

 Senior Subordinate Certificates: The Subordinate Certificates other than the Junior Subordinate
Certificates. 
  
 Servicing Officer: Any officer of the
Master Servicer (or of the Subservicer, but only with respect to the Custodial Agreement) involved in, or responsible for, the administration and servicing of the Mortgage Loans or the Certificates, as applicable, whose name and specimen signature
appear on a list of servicing officers furnished to the Trustee by the Master Servicer, as such list may from time to time be amended. 
  
 Special Hazard Loss: A Realized Loss (or portion thereof) with respect to a Mortgage Loan arising from any direct physical loss or damage to a
Mortgaged Property not covered by a standard hazard maintenance policy with extended coverage which is caused by or results from any cause except: (i) fire, lightning, windstorm, hail, explosion, riot, riot attending a strike, civil commotion,
vandalism, aircraft, vehicles, smoke, sprinkler leakage, except to the extent of that portion of the loss which was uninsured because of the application of a co-insurance clause of any insurance policy covering these perils; (ii) normal wear and
tear, gradual deterioration, inherent vice or inadequate maintenance of all or part thereof; (iii) errors in design, faulty workmanship or materials, unless the collapse of the property or a part thereof ensues and then only for the ensuing loss;
(iv) nuclear reaction or nuclear radiation or radioactive contamination, all whether controlled or uncontrolled and whether such loss be direct or indirect, proximate or remote or be in whole or in part caused by, contributed to or aggravated by a
peril covered by this definition of Special Hazard Loss; (v) hostile or warlike action in time of peace or war, including action in hindering, combating or defending against an actual, impending or expected attack (a) by any government of sovereign
power (de jure or de facto), or by an authority maintaining or using military, naval or air forces, (b) by military, naval or air forces, or (c) by an agent of any such government, power, authority or forces; (vi) any weapon of war employing atomic
fission or radioactive force whether in time of peace or war; (vii) insurrection, rebellion, revolution, civil war, usurped power or action taken by governmental authority in hindering, combating or defending against such occurrence; or (viii)
seizure or destruction under quarantine or customs regulations, or confiscation by order of any government or public authority. 
  
 Special Primary Insurance Policy: Any Primary Insurance Policy covering a Mortgage Loan the premium of which is payable by the Trustee pursuant to
Section 4.01(a), if so identified in the Mortgage Loan Schedule. There are no Special Primary Insurance Policies with respect to any of the Mortgage Loans. 
  
 Special Primary Insurance Premium: With respect to any Special Primary Insurance Policy, the monthly premium payable thereunder. 
  
 Statutory Trust Statute: Chapter 38 of Title 12 of the Delaware Code,
12 Del.C. §3801 et seq., as the same may be amended from time to time. 
  
 Subordinate Certificates: The Class B Certificates. 
  
 Subordinate Liquidation Amount: For any Distribution Date, the excess, if any, of the sum of (A) the aggregate of Liquidation Principal for all Mortgage Loans which became 

  

 33 

 
Liquidated Mortgage Loans during the Prior Period and (B) any Subsequent Recoveries for such Distribution Date, over the Senior Liquidation Amount for such
Distribution Date. 
  
 Subordinate Percentage: For any
Distribution Date, the excess of 100% over the Senior Percentage for such date. 
  
 Subordinate Prepayment Percentage: For any Distribution Date, the excess of 100% over the Senior Prepayment Percentage for such Distribution Date; provided, however, that if the aggregate Class Principal
Balance of the Class A and Residual Certificates has been reduced to zero, then the Subordinate Prepayment Percentage shall equal 100%. 
  
 Subordinate Principal Distribution Amount: For any Distribution Date, the sum of (i) the Subordinate Percentage of the Principal Payment Amount,
(ii) the Subordinate Principal Prepayments Distribution Amount and (iii) the Subordinate Liquidation Amount. 
  
 For any Distribution Date, the Subordinate Principal Distribution Amount shall be allocated pro rata, by Class Principal Balance, among the Classes of
Class B Certificates and paid in the order of distribution to such Classes pursuant to the definition of “Distribution Amount” except as otherwise stated in such definition. Notwithstanding the foregoing, for any Distribution Date prior to
distributions on such date, if the Subordination Level for any Class or Classes of Class B Certificates is less than such Subordination Level as of the Closing Date, then the pro rata portion of the Subordinate Principal Prepayments Distribution
Amount, if any, otherwise allocable to such Class or Classes of Class B Certificates shall be allocated to the more senior Classes of Class B Certificates, pro rata according to the Class Principal Balances of such Classes. For purposes of this
definition and the definition of “Subordination Level,” the relative seniority, from highest to lowest, of the Class B Certificates shall be as follows: Class B-1, Class B-2, Class B-3, Class B-4, Class B-5 and Class B-6. 
  
 Subordinate Principal Prepayments Distribution Amount: For any
Distribution Date, the Subordinate Prepayment Percentage of the Principal Prepayment Amount. 
  
 Subordination Level: On any specified date, with respect to any Class of Class B Certificates, the percentage obtained by dividing the aggregate Class Principal Balance of such Class and the Classes of Class B
Certificates which are subordinate in right of payment to such Class by the aggregate Class Principal Balance of the Certificates as of such date prior to giving effect to distributions of principal and interest and allocations of Realized Losses on
such date. 
  
 Subsequent Recoveries: For any Distribution
Date, amounts received by the Master Servicer during the Prior Period (after deduction of amounts reimbursable under Section 3.05(a)(i) and (ii)) in connection with the liquidation of defaulted Mortgage Loans after such Mortgage Loans became
Liquidated Mortgage Loans, for each such Mortgage Loan up to the amount of Realized Losses, if any, previously allocated in respect of such Mortgage Loan in reduction of the Class Principal Balance of any Class of Certificates. 
  
 Subservicer: A mortgage loan servicing institution to which the Master
Servicer has assigned servicing duties with respect to any Mortgage Loan under a subservicing agreement; provided, however, the Master Servicer may designate itself or one or more other mortgage loan servicing institutions as Servicer upon
termination of an initial Servicer’s servicing duties. 
  

 34 

 Substitute Mortgage Loan: A Mortgage Loan which is substituted for another Mortgage Loan pursuant
to and in accordance with the provisions of Section 2.07. 
  
 Tax Matters Person: A Holder of a Class R Certificate with a Percentage Interest of at least 0.01% or any Permitted Transferee of such Class R Certificateholder designated as succeeding to the position of Tax Matters Person in a
notice to the Trustee signed by authorized representatives of the transferor and transferee of such Class R Certificate. The Company is hereby appointed to act as the Tax Matters Person for REMIC I so long as it holds a Class R Certificate with a
Percentage Interest of at least 0.01%. The Company is hereby appointed to act as agent for the Tax Matters Person for REMIC I, to perform the functions of such Tax Matters Person as provided herein, so long as the Company is the Master Servicer
hereunder, in the event that the Company ceases to hold a Class R Certificate with the required Percentage Interest. In the event that the Company ceases to be the Master Servicer hereunder, the successor Master Servicer is hereby appointed to act
as agent for the Tax Matters Person for REMIC I, to perform the functions of such Tax Matters Person as provided herein. If the Tax Matters Person for REMIC I becomes a Disqualified Organization, the last preceding Holder, that is not a Disqualified
Organization, of the Class R Certificate held by the Disqualified Organization shall be Tax Matters Person pursuant to and as permitted by Section 5.01(c). If any Person is appointed as tax matters person by the Internal Revenue Service pursuant to
the Code, such Person shall be Tax Matters Person. 
  
 Termination Date: The date upon which final payment of the Certificates will be made pursuant to the procedures set forth in Section 9.01(b). 
  
 Termination Payment: The final payment delivered to the Certificateholders on the Termination Date pursuant to the procedures set forth in Section
9.01(b). 
  
 Transfer: Any direct or indirect transfer or
sale of any Ownership Interest in a Residual Certificate. 
  
 Transferee: Any Person who is acquiring by Transfer any Ownership Interest in a Residual Certificate. 
  
 Transferee Affidavit and Agreement: An affidavit and agreement in the form attached hereto as Exhibit I. 
  
 Trust: BellaVista Mortgage Pass-Through Certificates Series
        -         Trust, a Delaware statutory trust, created pursuant to this Agreement. 
  
 Trustee:
                    , or its successor-in-interest as provided in Section 8.09, or any successor trustee appointed as herein provided.

  
 Uncollected Interest: With respect to any Distribution
Date for any Mortgage Loan on which a Payoff was made by a Mortgagor during the related Payoff Period, except for Payoffs received during the period from the first through the          day of the month
of such Distribution Date, an amount equal to one month’s interest at the applicable Pass-Through Rate on such Mortgage Loan less the amount of interest actually paid by the Mortgagor with respect to such Payoff. 
  

 35 

 Uncompensated Interest Shortfall: For any Distribution Date, the sum of (i) the aggregate Relief
Act Shortfall for such Distribution Date, (ii) aggregate Curtailment Shortfall for such Distribution Date and (iii) the excess, if any, of (a) aggregate Uncollected Interest for such Distribution Date over (b) Compensating Interest for such
Distribution Date. 
  
 Uncompensated Interest Shortfall shall be
allocated to the Class A and Class B Certificates, pro rata according to the amount of interest accrued on each such Class during the immediately preceding accrual period, in reduction thereof. 
  
 Underwriter:
                    . 
  
 Underwriting Standards: The underwriting standards of
                    . 
  
 Uninsured Cause: Any cause of damage to a Mortgaged Property, the cost of the complete restoration of which is not fully reimbursable under the
hazard insurance policies required to be maintained pursuant to Section 3.07. 
  
 U.S. Person: A citizen or resident of the United States, a corporation, partnership or other entity created or organized in or under the laws of the United States, any state thereof or the District of Columbia,
or an estate or trust that is subject to U.S. federal income tax regardless of the source of its income. 
  
 VA: The Department of Veterans Affairs, formerly known as the Veterans Administration, or any successor thereto. 
  
 Weighted Average Pass-Through Rate: For any Distribution Date, the
weighted average of the Pass-Through Rates on the Mortgage Loans as of the second preceding Due Date (after giving effect to the payments due on the Mortgage Loans on that Due Date). 
  
 Withdrawal Date: Any day during the period commencing on the         
day of the month of the related Distribution Date (or if such day is not a Business Day, the immediately preceding Business Day) and ending on the last Business Day prior to the          day of the
month of such Distribution Date. The “related Due Date” for any Withdrawal Date is the Due Date immediately preceding the related Distribution Date.  
  
 ARTICLE II 
  
 Creation of the Trust; Conveyance of the Mortgage Pool Assets; REMIC Election and 
 Designations; Original Issuance of Certificates 
  
 Section 2.01. Creation of the Trust. The Trust is hereby created and shall be known as “BellaVista Mortgage Pass-Through Certificates Series
        -         Trust”. The purpose of the Trust is, and the Trust shall have the power and authority, to engage in the following activities, all as
provided by and subject to the terms of this Agreement: 
  

	 	(i)	to acquire, hold, lease, manage, administer, control, invest, reinvest, operate and/or transfer the Mortgage Pool Assets; 

  

 36 

	 	(ii)	to issue the Certificates; 

  

	 	(iii)	to make distributions to the Certificates; and 

  

	 	(iv)	to engage in such other activities, including entering into agreements, as are described in or required by the terms of this Agreement or as are necessary, suitable or convenient to
accomplish the foregoing or incidental thereto. 

  
 [Name of
Trustee] is hereby appointed as a trustee of the Trust, to have all the rights, duties and obligations of the Trustee with respect to the Trust hereunder, and [Name of Trustee] hereby accepts such appointment and the Trust created hereby. [Name of
Delaware Trustee], is hereby appointed as a Delaware trustee of the Trust, to have all the rights, duties and obligations of the Delaware Trustee with respect to the Trust hereunder, and [Name of Delaware Trustee], hereby accepts such appointment
and the Trust created hereby. It is the intention of the Company, the Trustee and the Delaware Trustee that the Trust constitute a statutory trust under the Statutory Trust Statute, that this Agreement constitute the governing instrument of the
Trust, and that this Agreement amend and restate the Original Trust Agreement. The parties hereto acknowledge and agree that, prior to the execution and delivery hereof, the Delaware Trustee has filed the Certificate of Trust. 
  
 The assets of the Trust shall remain in the custody of the Trustee, on behalf
of the Trust, and shall be owned by the Trust except as otherwise expressly set forth herein. Moneys to the credit of the Trust shall be held by the Trustee and invested as provided herein. All assets received and held in the Trust will not be
subject to any right, charge, security interest, lien or claim of any kind in favor of either of [Name of Trustee] or [Name of Delaware Trustee] in its own right, or any Person claiming through it. Neither the Trustee nor the Delaware Trustee, on
behalf of the Trust, shall have the power or authority to transfer, assign, hypothecate, pledge or otherwise dispose of any of the assets of the Trust to any Person, except as permitted herein. No creditor of a beneficiary of the Trust, of the
Trustee, of the Delaware Trustee, of the Master Servicer or of the Company shall have any right to obtain possession of, or otherwise exercise legal or equitable remedies with respect to, the property of the Trust, except in accordance with the
terms of this Agreement. 
  
 Section 2.02. Restrictions on
Activities of the Trust. Notwithstanding any other provision of this Agreement and any provision of law that otherwise so empowers the Trust, so long as any Certificates are outstanding, the Trust shall not, and none of the Trustee, the Delaware
Trustee, the Company or the Master Servicer shall (except by amendment of this Agreement permitted by Section 10.01) knowingly cause the Trust to, do any of the following: 
  

	 	(i)	engage in any business or activity other than those set forth in Section 2.01; 

  

	 	(ii)	incur or assume any indebtedness except for such indebtedness that may be incurred by the Trust in connection with the execution or performance of this Agreement or any other
agreement contemplated hereby; 

  

	 	(iii)	guarantee or otherwise assume liability for the debts of any other party; 

  

 37 

	 	(iv)	do any act in contravention of this Agreement or any other agreement contemplated hereby to which the Trust is a party; 

  

	 	(v)	do any act which would make it impossible to carry on the ordinary business of the Trust; 

  

	 	(vi)	confess a judgment against the Trust; 

  

	 	(vii)	possess or assign the assets of the Trust for other than a Trust purpose; 

  

	 	(viii)	cause the Trust to lend any funds to any entity, except as contemplated by this Agreement; or 

  

	 	(ix)	change the purposes and powers of the Trust from those set forth in this Agreement. 

  
 Section 2.03. Separateness Requirements. Notwithstanding any other provision of this Agreement and any provision of
law that otherwise so empowers the Trust, so long as any Certificates are outstanding, the Trust shall perform the following: 
  

	 	(i)	except as expressly permitted by this Agreement, maintain its books, records, bank accounts and files separate from those of any other Person; 

  

	 	(ii)	except as expressly permitted by this Agreement, maintain its assets in its own separate name and in such a manner that it is not costly or difficult to segregate, identify, or
ascertain such assets; 

  

	 	(iii)	consider the interests of the Trust’s creditors in connection with its actions; 

  

	 	(iv)	hold itself out to creditors and the public as a legal entity separate and distinct from any other Person and correct any known misunderstanding regarding its separate identity and
refrain from engaging in any activity that compromises the separate legal identity of the Trust; 

  

	 	(v)	prepare and maintain separate records, accounts and financial statements in accordance with generally accepted accounting principles, consistently applied, and susceptible to audit.
To the extent it is included in consolidated financial statements or consolidated tax returns, such financial statements and tax returns will reflect the separateness of the respective entities and indicate that the assets of the Trust will not be
available to satisfy the debts of any other Person; 

  

	 	(vi)	allocate and charge fairly and reasonably any overhead shared with any other Person; 

  

	 	(vii)	transact all business with affiliates on an arm’s-length basis and pursuant to written, enforceable agreements; 

  

 38 

	 	(viii)	conduct business solely in the name of the Trust. In that regard all written and oral communications of the Trust, including, without limitation, letters, invoices, purchase orders
and contracts, shall be made solely in the name of the Trust (or the Trustee on behalf of the Trust); 

  

	 	(ix)	maintain a separate office through which its business shall be conducted, provided that such office may be an office of the Trustee, which office shall not be shared with the
Company or any affiliates of the Company; 

  

	 	(x)	in the event that services have been or are in the future performed or paid by any Person on behalf of the Trust (other than the Trustee, the Delaware Trustee, the Master Servicer
or the Tax Matters Person as permitted herein), reimburse such Person, as applicable, for the commercially reasonable value of such services or expenses provided or incurred by such Person. Accordingly, (i) the Trust shall reimburse such Person, as
applicable, for the commercially reasonable value of such services or expenses provided or incurred by such Person; (ii) to the extent invoices for such services are not allocated and separately billed to the Trust, the amount thereof that was or is
to be allocated and separately billed to the Trust was or will be reasonably related to the services provided to the Trust; and (iii) any other allocation of direct, indirect or overhead expenses for items shared between the Trust and any other
Person, was or will be, to the extent practicable, allocated on the basis of actual use or value of services rendered or otherwise on a basis reasonably related to actual use or the value of services rendered; 

  

	 	(xi)	except as expressly permitted by this Agreement, not commingle its assets or funds with those of any other Person; 

  

	 	(xii)	except as expressly permitted by this Agreement, not assume, guarantee, or pay the debts or obligations of any other Person; 

  

	 	(xiii)	except as expressly permitted by this Agreement, not pledge its assets for the benefit of any other Person; 

  

	 	(xiv)	not hold out its credit or assets as being available to satisfy the obligations of others; 

  

	 	(xv)	pay its liabilities only out of its funds; 

  

	 	(xvi)	pay the salaries of its own employees, if any; and 

  

	 	(xvii) 	cause the agents and other representatives of the Trust, if any, to act at all times with respect to the Trust consistently and in furtherance of the foregoing.

  
 None of the Trustee, the Delaware Trustee, the
Company or the Master Servicer shall (except by amendment of this Agreement permitted by Section 10.01) take any action that is inconsistent with the purposes of the Trust or Section 2.02 or Section 2.03. Neither the Company nor the Master Servicer
shall (except by amendment of this Agreement permitted by 

  

 39 

 
Section 10.01) direct the Trustee or the Delaware Trustee to take any action that is inconsistent with the purposes of the Trust or Section 2.02 or Section
2.03. 
  
 Section 2.04. Conveyance of Mortgage Pool Assets;
Security Interest. 
  
 Concurrently with the execution and
delivery hereof, the Company does hereby irrevocably sell, transfer, assign, set over and otherwise convey to the Trust, without recourse, all the Company’s right, title and interest in and to the Mortgage Pool Assets (such transfer and
assignment by the Company to be referred to herein as the “Conveyance”). 
  
 It is the express intent of the parties hereto that the Conveyance of the Mortgage Pool Assets to the Trust by the Company as provided in this Section 2.04 be, and be construed as, an absolute sale of the Mortgage
Pool Assets. It is, further, not the intention of the parties that such Conveyance be deemed the grant of a security interest in the Mortgage Pool Assets by the Company to the Trust to secure a debt or other obligation of the Company. However, in
the event that, notwithstanding the intent of the parties, the Mortgage Pool Assets are held to be the property of the Company, or if for any other reason this Agreement is held or deemed to create a security interest in the Mortgage Pool Assets,
then 
  
 (a) this Agreement shall constitute a security agreement;

  
 (b) the conveyance provided for in this Section 2.04 shall be
deemed to be a grant by the Company to the Trust of, and the Company hereby grants to the Trust, to secure all of the Company’s obligations hereunder, a security interest in all of the Company’s right, title, and interest, whether now
owned or hereafter acquired, in and to: 
  
 (I)
The Mortgage Pool Assets; 
  
 (II) All accounts,
chattel paper, deposit accounts, documents, general intangibles, goods, instruments, investment property, letter-of-credit rights, letters of credit, money, and oil, gas, and other minerals, consisting of, arising from, or relating to, any of the
foregoing; and 
  
 (III) All proceeds of the
foregoing. 
  
 The Company shall file such financing statements,
and the Company and the Trustee acting on behalf of the Trust at the direction of the Company shall, to the extent consistent with this Agreement, take such other actions as may be necessary to ensure that, if this Agreement were found to create a
security interest in the Mortgage Pool Assets, such security interest would be a perfected security interest of first priority under applicable law and will be maintained as such throughout the term of the Agreement. In connection herewith, the
Trust shall have all of the rights and remedies of a secured party and creditor under the Uniform Commercial Code as in force in the relevant jurisdiction. 
  
 In the event that a pleading is filed in a court of competent jurisdiction asserting that this Agreement creates a security interest in the Mortgage Pool
Assets, the Trustee on behalf of the Trust shall take actual possession of the Mortgage Pool Assets or, at the Company’s option, the Trustee on behalf of the Trust shall be provided an Opinion of Counsel addressed to the Trust 

  

 40 

 
and the Trustee reasonably satisfactory to the Trustee to the effect that such security interest is a perfected security interest of first priority while the
Mortgage Pool Assets are in the possession of the Company or its affiliates. 
  
 Section 2.05. Delivery of Mortgage Files. 
  
 In connection with the sale, transfer and assignment referred to in Section 2.04, the Company, concurrently with the execution and delivery hereof, does deliver to, and deposit with, or cause to be delivered to and
deposited with, the Trustee or Custodian the Mortgage Files, which shall at all times be identified in the records of the Trustee or the Custodian, as applicable, as being held by or on behalf of the Trust. 
  
 Concurrently with the execution and delivery hereof, the Company shall cause
to be filed the UCC assignment or amendment referred to in clause (Y)(vii) of the definition of “Mortgage File.” In connection with its servicing of Cooperative Loans, the Master Servicer will use its best efforts to file timely
continuation statements, if necessary, with regard to each financing statement and assignment relating to Cooperative Loans. 
  
 In instances where the original recorded Mortgage or any intervening assignment thereof (recorded or in recordable form) required to be included in the
Mortgage File pursuant to the definition of “Mortgage File” relating to a Mortgage Loan is not included in the Mortgage File delivered to the Trustee (or the Custodian) prior to or concurrently with the execution and delivery hereof (due
to a delay on the part of the recording office), the Company shall deliver to the Trustee (or the Custodian) a fully legible reproduction (which may be in electronic form) of the original Mortgage or intervening assignment provided that the
originator, the related Lender or the escrow or title company which provided closing services in connection with such Mortgage Loan certifies on the face of such reproduction(s) or copy as follows: “Certified true and correct copy of original
which has been transmitted for recordation.” For purposes hereof, transmitted for recordation means having been mailed or otherwise delivered for recordation to the appropriate authority. In all such instances, the Company shall transmit the
original recorded Mortgage and any intervening assignments with evidence of recording thereon (or a copy of such original Mortgage or intervening assignment certified by the applicable recording office) (which may be in electronic form)
(collectively, “Recording Documents”) to the Trustee (or the Custodian) within 270 days after the execution and delivery hereof. In instances where, due to a delay on the part of the recording office where any such Recording
Documents have been delivered for recordation, the Recording Documents cannot be delivered to the Trustee within 270 days after execution and delivery hereof, the Company shall deliver to the Trustee within such time period a certificate (a
“Company Officer’s Certificate”) signed by the Chairman of the Board, President, any Vice President or Treasurer of the Company stating the date by which the Company expects to receive such Recording Documents from the
applicable recording office. In the event that Recording Documents have still not been received by the Company and delivered to the Trustee (or the Custodian) by the date specified in its previous Company Officer’s Certificate delivered to the
Trustee, the Company shall deliver to the Trustee by such date an additional Company Officer’s Certificate stating a revised date by which the Company expects to receive the applicable Recording Documents. This procedure shall be repeated until
the Recording Documents have been received by the Company and delivered to the Trustee (or the Custodian). 
  

 41 

 For Mortgage Loans for which the Company has received a Payoff after the Cut-Off Date and prior to the
date of execution and delivery hereof, the Company, in lieu of delivering the above documents, herewith delivers to the Trustee a certification of a Servicing Officer of the nature set forth in Section 3.10. 
  
 The Trustee is authorized, with the Master Servicer’s consent, to
appoint any bank or trust company approved by each of the Company and the Master Servicer as Custodian of the documents or instruments referred to above in this Section 2.05, and to enter into a Custodial Agreement for such purpose, provided,
however, that the Trustee shall be and remain liable for the acts of any such Custodian only to the extent that it is responsible for its own acts hereunder. Any documents delivered by the Company or the Master Servicer to the Custodian, if any,
shall be deemed to have been delivered to the Trustee for all purposes hereunder; and any documents held by the Custodian, if any, shall be deemed to be held by the Trustee for all purposes hereunder. There shall be a written Custodial Agreement
between the Trustee and each Custodian. Each Custodial Agreement shall contain an acknowledgment by the Custodian that all Mortgage Pool Assets, Mortgage Files, and related documents and property held by it at any time are held by it for the benefit
of the Trust. 
  
 On or promptly after the Closing Date, the
Master Servicer shall cause the MERS® System to
indicate that each MERS Loan, if any, has been assigned to “[Name of Trustee], as Trustee, without recourse” or “BellaVista Mortgage Pass-Through Certificates Series
             -             Trust, without recourse” by including in the MERS® System computer files (a) the code necessary to identify the Trustee and (b)
the code necessary to identify the series of the Certificates issued in connection with such Mortgage Loans; provided, however, that in the event the Company acquired such Mortgage Loans from an affiliate of the Company, then the Master
Servicer need not cause the MERS® System to
indicate such assignment. The Master Servicer shall not alter the codes referenced in this paragraph with respect to any MERS Loan during the term of this Agreement except in connection with an assignment of such MERS Loan or de-registration thereof
from the MERS® System in accordance with the terms
of this Agreement. 
  
 Section 2.06. REMIC Election for
REMIC I. 
  
 The Tax Matters Person, shall, on behalf of REMIC
I, elect to treat REMIC I as a REMIC within the meaning of Section 860D of the Code and, if necessary, under applicable state laws. Such election shall be included in the Form 1066 and any appropriate state return to be filed on behalf of REMIC I
for its first taxable year. 
  
 The Closing Date is hereby
designated as the “startup day” of REMIC I within the meaning of Section 860G(a)(9) of the Code. 
  
 The regular interests (as set forth in the table contained in the Preliminary Statement hereto) relating to REMIC I are hereby designated as “regular
interests” in REMIC I for purposes of Section 860G(a)(1) of the Code. The Class R Certificates are hereby designated as the sole class of “residual interest” in REMIC I for purposes of Section 860G(a)(2) of the Code. 
  
 The parties intend that the affairs of REMIC I shall constitute, and that the
affairs of REMIC I shall be conducted so as to qualify REMIC I as a REMIC. In furtherance of such 

  

 42 

 
intention, the Tax Matters Person shall, on behalf of REMIC I: (a) prepare and file, or cause to be prepared and filed, a federal tax return using a calendar
year as the taxable year and using an accrual method of accounting for REMIC I when and as required by the REMIC Provisions and other applicable federal income tax laws; (b) make an election, on behalf of the trust, for REMIC I to be treated as a
REMIC on the federal tax return of REMIC I for its first taxable year, in accordance with the REMIC Provisions; (c) prepare and forward, or cause to be prepared and forwarded, to the Certificateholders and the Trustee, all information reports as and
when required to be provided to them in accordance with the REMIC Provisions, and make available the information necessary for the application of Section 860E(e) of the Code; (d) conduct the affairs of REMIC I at all times that any REMIC I Regular
Interests are outstanding so as to maintain the status of REMIC I as a REMIC under the REMIC Provisions; (e) not knowingly or intentionally take any action or omit to take any action that would cause the termination of the REMIC status of REMIC I;
and (f) pay the amount of any federal prohibited transaction penalty taxes imposed on REMIC I when and as the same shall be due and payable (but such obligation shall not prevent the Company or any other appropriate person from contesting any such
tax in appropriate proceedings and shall not prevent the Company from withholding payment of such tax, if permitted by law, pending the outcome of such proceedings); provided, that the Company shall be entitled to be indemnified by REMIC I for any
such prohibited transaction penalty taxes if the Company’s failure to exercise reasonable care was not the primary cause of the imposition of such prohibited transaction penalty taxes. 
  
 The Trustee and the Master Servicer shall promptly provide the Company with
such information in the possession of the Trustee or the Master Servicer, respectively, as the Company may from time to time request for the purpose of enabling the Company to prepare tax returns. If so requested by the Tax Matters Person, the
Trustee shall sign tax returns on behalf of REMIC I. 
  
 In the
event that a Mortgage Loan is discovered to have a defect which, had such defect been discovered before the startup day, would have prevented such Mortgage Loan from being a “qualified mortgage” within the meaning of Section 860G(a)(3) of
the Code, and the Company does not repurchase such Mortgage Loan within 90 days of such date, the Master Servicer, on behalf of the Trustee, shall within 90 days of the date such defect is discovered sell such Mortgage Loan at such price as the
Master Servicer in its sole discretion, determines to be the greatest price that will result in the purchase thereof within 90 days of such date, unless the Master Servicer delivers to the Trustee an Opinion of Counsel to the effect that continuing
to hold such Mortgage Loan will not adversely affect the status of the electing portion of REMIC I as a REMIC for federal income tax purposes. 
  
 In the event that any tax is imposed on “prohibited transactions” of REMIC I as defined in Section 860F of the Code and not paid by the Company
pursuant to clause (f) of the third preceding paragraph, such tax shall be charged against amounts otherwise distributable to the Class R Certificates. Notwithstanding anything to the contrary contained herein, the Trustee is hereby authorized to
retain from amounts otherwise distributable to the Class R Certificates on any Distribution Date sufficient funds to reimburse the Tax Matters Person (or any agent therefor appointed in accordance with the definition of “Tax Matters
Person” herein, if applicable), for the payment of such tax (upon the written request of the Tax Matters Person or its agent, to the 

  

 43 

 
extent reimbursable, and to the extent that the Tax Matters Person or its agent has not been previously reimbursed therefor). 
  
 Section 2.07. Acceptance by Trustee. The Trustee acknowledges receipt
(or with respect to any Mortgage Loan subject to a Custodial Agreement, receipt by the Custodian thereunder) on behalf of the Trust of the documents (or certified copies thereof as specified in Section 2.05) referred to in Section 2.05 above, but
without having made the review required to be made within 45 days pursuant to this Section 2.07. The Trustee acknowledges that all Mortgage Pool Assets, Mortgage Files, and related documents and property held by it at any time are held by it in its
capacity as Trustee of the Trust for the benefit of the holders of the Certificates. The Trustee agrees, for the benefit of the Trust, to review each Mortgage File within 45 days after the Closing Date and deliver to the Company a certification in
the form attached as Exhibit K hereto, to the effect that, except as noted, all documents required (in the case of instruments described in clauses (X)(ii), (X)(iv) and (Y)(ix) of the definition of “Mortgage File,” known by the Trustee to
be required) pursuant to the definition of “Mortgage File” and Section 2.05 have been executed and received, and that such documents relate to the Mortgage Loans identified in the Mortgage Loan Schedule. In performing such review, the
Trustee may rely upon the purported genuineness and due execution of any such document, and on the purported genuineness of any signature thereon. The Trustee shall not be required to make any independent examination of any documents contained in
each Mortgage File beyond the review specifically required herein. The Trustee makes no representations as to: (i) the validity, legality, enforceability or genuineness of any of the Mortgage Loans identified on the Mortgage Loan Schedule, or (ii)
the collectability, insurability, effectiveness or suitability of any Mortgage Loan. If the Trustee finds any document or documents constituting a part of a Mortgage File not to have been executed or received, or to be unrelated to the Mortgage
Loans identified in the Mortgage Loan Schedule, the Trustee shall promptly so notify the Company. The Company hereby covenants and agrees that, if any such defect cannot be corrected or cured, the Company shall, not later than 60 days after the
Trustee’s notice to it respecting such defect, within the three-month period commencing on the Closing Date (or within the two-year period commencing on the Closing Date if the related Mortgage Loan is a “defective obligation” within
the meaning of Section 860G(a)(4)(B)(ii) of the Code and Treasury Regulation Section 1.860G-2(f)), either (i) repurchase the related Mortgage Loan from the Trust at the Purchase Price, or (ii) substitute for any Mortgage Loan to which such defect
relates a different mortgage loan (a “Substitute Mortgage Loan”) which is a “qualified replacement mortgage” (as defined in the Code) and, (iii) after such three-month or two-year period, as applicable, the Company shall
repurchase the Mortgage Loan from the Trust at the Purchase Price but only if the Mortgage Loan is in default or default is, in the judgment of the Company, reasonably imminent. If such defect would cause the Mortgage Loan to be other than a
“qualified mortgage” (as defined in the Code), then notwithstanding the previous sentence or any provision in the definition of “Purchase Price,” the repurchase or substitution must occur within the sooner of (i) 90 days from the
date the defect was discovered or (ii) in the case of substitution, two years from the Closing Date. 
  
 Such Substitute Mortgage Loan shall be an adjustable rate mortgage loan with a first Adjustment Date occurring on approximately the same date as, but not
earlier than, the first Adjustment Date for the Mortgage Loan being substituted for and adjustments annually thereafter, be based on the same Index as, mature no later than, and not more than two years earlier than, have a principal balance and
Loan-to-Value Ratio equal to or less than, and have a 

  

 44 

 
Pass-Through Rate on the date of substitution equal to or no more than 1 percentage point greater than, and a Margin, Rate Ceiling and Rate Floor equal to or
greater than, and a Periodic Cap no more than 0.5 percentage point greater or smaller than, the Mortgage Loan being substituted for. In addition, if the Mortgage Loan being substituted for does not provide for any payments of principal prior to its
first Adjustment Date, such substitute Mortgage Loan also shall not provide for such payments of principal. If the aggregate of the principal balances of the Substitute Mortgage Loans substituted for a Mortgage Loan is less than the Principal
Balance of such Mortgage Loan, the Company shall pay the difference in cash, together with unpaid accrued interest, if any, on the difference between the aggregate of the principal balances of the Substitute Mortgage Loans and the Principal Balance
of such Mortgage Loan during the calendar month in which the substitution occurs to the last day of such month at a rate equal to the applicable Pass-Through Rate, to the Trustee for deposit into the Distribution Account, and such payment by the
Company shall be treated in the same manner as proceeds of the repurchase by the Company of a Mortgage Loan pursuant to this Section 2.07. Furthermore, such Substitute Mortgage Loan shall otherwise have such characteristics so that the
representations and warranties of the Company set forth in Section 2.08 hereof would not have been incorrect had such Substitute Mortgage Loan originally been a Mortgage Loan, and the Company shall be deemed to have made such representations and
warranties as to such Substitute Mortgage Loan. A Substitute Mortgage Loan may be substituted for a defective Mortgage Loan whether or not such defective Mortgage Loan is itself a Substitute Mortgage Loan. Notwithstanding anything herein to the
contrary, each Substitute Mortgage Loan shall be deemed to have the same Pass-Through Rate as the Mortgage Loan for which it was substituted. 
  
 The Purchase Price for each purchased or repurchased Mortgage Loan shall be deposited by the Company in the Distribution Account and, upon receipt by the
Trustee of written notification of such deposit signed by a Servicing Officer, the Trustee shall (or, if applicable, shall cause the Custodian to) release to the Company the related Mortgage File and shall execute and deliver (or, in the event that
the Mortgage Files are held in the name of the Custodian, shall cause the Custodian to execute and deliver) on behalf of the Trust such instruments of transfer or assignment, in each case without recourse, as shall be necessary to vest in the
Company or its designee or assignee title to any Mortgage Loan released pursuant hereto. In furtherance of the foregoing, if such Mortgage Loan is a MERS Loan and as a result of the repurchase thereof such Mortgage Loan shall cease to be serviced by
a servicer that is a member of MERS or if the Company or its assignee shall so request, the Master Servicer shall cause MERS to execute and deliver an assignment of the Mortgage in recordable form from MERS to the Company or its assignee and shall
cause the Mortgage Loan to be removed from registration on the MERS® System in accordance with MERS’ rules and procedures. The obligation of the Company to repurchase or substitute any Mortgage Loan as to which such a defect in a constituent document exists shall constitute the
sole remedy respecting such defect available to the Trust or the Holders of the Certificates. 
  
 Section 2.08. Representations and Warranties of the Company Concerning the Mortgage Loans. With respect to the conveyance of the Mortgage Loans provided for in Section 2.04 herein, the Company hereby represents
and warrants to the Trust that as of the Cut-Off Date unless otherwise indicated: 
  
 (i) The information set forth in the Mortgage Loan Schedule was true and correct in all material respects at the date or dates respecting
which such information is furnished; 
  

 45 

 (ii) As of the Closing Date, each Mortgage relating to a Mortgage Loan that is not a
Cooperative Loan is a valid and enforceable (subject to Section 2.08(xvi)) first lien on an unencumbered estate in fee simple or (if the related Mortgage Loan is secured by the interest of the Mortgagor as a lessee under a ground lease) leasehold
estate in the related Mortgaged Property subject only to (a) liens for current real property taxes and special assessments; (b) covenants, conditions and restrictions, rights of way, easements and other matters of public record as of the date of
recording such Mortgage, such exceptions appearing of record being acceptable to mortgage lending institutions generally or specifically reflected in the appraisal obtained in connection with the origination of the Mortgage Loan; (c) exceptions set
forth in the title insurance policy relating to such Mortgage, such exceptions being acceptable to mortgage lending institutions generally; and (d) other matters to which like properties are commonly subject which do not materially interfere with
the benefits of the security intended to be provided by the Mortgage; 
  
 (iii) Immediately upon the transfer and assignment contemplated herein, the Trust shall have good title to, and will be the sole legal owner of, each Mortgage Loan, free and clear of any encumbrance or lien (other
than any lien under this Agreement); 
  
 (iv) As
of the day prior to the Cut-Off Date, all payments due on each Mortgage Loan had been made and no Mortgage Loan had been delinquent (i.e., was more than 30 days past due) more than once in the preceding 12 months and any such delinquency lasted for
no more than 30 days; 
  
 (v) As of the Closing
Date, there is no late assessment for delinquent taxes outstanding against any Mortgaged Property; 
  
 (vi) As of the Closing Date, there is no offset, defense or counterclaim to any Mortgage Note, including the obligation of the Mortgagor
to pay the unpaid principal or interest on such Mortgage Note except to the extent that the Buydown Agreement for a Buydown Loan forgives certain indebtedness of a Mortgagor; 
  
 (vii) As of the Closing Date, each Mortgaged Property is free of damage and in good repair, ordinary wear
and tear excepted; 
  
 (viii) Each Mortgage Loan
at the time it was made complied with all applicable local, state and federal laws, including, without limitation, usury, equal credit opportunity, disclosure and recording laws, and predatory and abusive lending laws applicable to the originating
lender; 
  
 (ix) Each Mortgage Loan was
originated by a savings association, savings bank, credit union, insurance company, or similar institution which is supervised and examined by a federal or state authority or by a mortgagee approved by the FHA and will 

  

 46 

 
be serviced by an institution which meets the servicer eligibility requirements established by the Company; 
  
 (x) As of the Closing Date, each Mortgage Loan that is not a
Cooperative Loan is covered by an ALTA form or CLTA form of mortgagee title insurance policy or other form of policy of insurance which has been issued by, and is the valid and binding obligation of, a title insurer which, as of the origination date
of such Mortgage Loan, was qualified to do business in the state in which the related Mortgaged Property is located. Such policy insures the originator of the Mortgage Loan, its successors and assigns as to the first priority lien of the Mortgage in
the original principal amount of the Mortgage Loan subject to the exceptions set forth in such policy. Such policy is in full force and effect and inures to the benefit of the Trust upon the consummation of the transactions contemplated by this
Agreement and no claims have been made under such policy, and no prior holder of the related Mortgage, including the Company, has done, by act or omission, anything which would impair the coverage of such policy; 
  
 (xi) Each Mortgage Loan with a Loan-to-Value Ratio as of the
Cut-Off Date in excess of 80% was covered by a Primary Insurance Policy or an FHA insurance policy or a VA guaranty, and such policy or guaranty is valid and remains in full force and effect; 
  
 (xii) As of the Closing Date, all policies of insurance
required by this Agreement or by a subservicing agreement have been validly issued and remain in full force and effect, including such policies covering the Company, the Master Servicer or any Subservicer; 
  
 (xiii) As of the Closing Date, each insurer issuing a
Primary Insurance Policy holds a rating acceptable to the Rating Agencies; 
  
 (xiv) Each Mortgage (exclusive of any riders thereto) was documented by appropriate Fannie Mae/Freddie Mac mortgage instruments in effect at the time of origination, or other instruments approved by the Company;

  
 (xv) As of the Closing Date, the Mortgaged
Property securing each Mortgage relating to a Mortgage Loan that is not a Cooperative Loan is improved with a one- to four-family dwelling unit, including units in a duplex, triplex, fourplex, condominium project, townhouse, a planned unit
development or a de minimis planned unit development; 
  
 (xvi) As of the Closing Date, each Mortgage and Mortgage Note is the legal, valid and binding obligation of the maker thereof and is enforceable in accordance with its terms, except only as such enforcement may be limited by laws affecting
the enforcement of creditors’ rights generally and principles of equity; 
  
 (xvii) As of the date of origination, as to Mortgaged Properties which are units in condominiums or planned unit developments, all of such units met the applicable Underwriting Standards, are located in a condominium
or planned unit development projects which have received Fannie Mae or Freddie Mac approval, or are approvable by Fannie Mae or Freddie Mac or have otherwise been approved by the Company; 
  

 47 

 (xviii) None of the Mortgage Loans are Buydown Loans; 
  
 (xix) Based solely on representations of the Mortgagors
obtained at the origination of the related Mortgage Loans, approximately             % (by Principal Balance) of the Mortgage Loans will be secured by owner occupied Mortgaged
Properties which are the primary residences of the related Mortgagors, approximately             % (by Principal Balance) of the Mortgage Loans will be secured by owner occupied
Mortgaged Properties which were second or vacation homes of the Mortgagors and             % of the Mortgage Loans will be secured by Mortgaged Properties which were non-owner
occupied properties; 
  
 (xx) Prior to
origination or refinancing, an appraisal of each Mortgaged Property was made by an appraiser on a form satisfactory to Fannie Mae or Freddie Mac; 
  
 (xxi) The Mortgage Loans have been underwritten substantially in accordance with the applicable Underwriting Standards; 
  
 (xxii) All of the Mortgage Loans have due-on-sale clauses;
however, the due on sale provisions may not be exercised at the time of a transfer if prohibited by law or the terms of the related Mortgage Note; 
  
 (xxiii) The Company used no adverse selection procedures in selecting the Mortgage Loans from among the outstanding adjustable rate
conventional mortgage loans purchased by it which were available for inclusion in the Mortgage Pool and as to which the representations and warranties in this Section 2.08 could be made; 
  
 (xxiv) With respect to each Cooperative Loan, the Cooperative Stock that is pledged as security for the
Cooperative Loan is held by a person as a tenant-stockholder (as defined in Section 216 of the Code) in a cooperative housing corporation (as defined in Section 216 of the Code); 
  
 (xxv) Each Cooperative Loan is secured by a valid, subsisting and enforceable (except as such enforcement
may be limited by laws affecting the enforcement of creditors’ rights generally and principles of equity) perfected first lien and security interest in the related Cooperative Stock securing the related Mortgage Note, subject only to (a) liens
of the Cooperative for unpaid assessments representing the Mortgagor’s pro rata share of the Cooperative’s payments for its blanket mortgage, current and future real property taxes, insurance premiums, maintenance fees and other
assessments to which like collateral is commonly subject, and (b) other matters to which like collateral is commonly subject which do not materially interfere with the benefits of the security intended to be provided by the Security Agreement;

  
 (xxvi) With respect to any Mortgage Loan as
to which an affidavit has been delivered to the Trustee certifying that the original Mortgage Note is a Destroyed Mortgage Note, if such Mortgage Loan is subsequently in default, the enforcement of such Mortgage Loan or of the related Mortgage by or
on behalf of the Trust will not be materially adversely affected by the absence of the original Mortgage Note (or portion thereof, as applicable); 
  

 48 

 (xxvii) Based upon an appraisal of the Mortgaged Property securing each Mortgage Loan,
approximately             % (by Principal Balance) of the Mortgage Loans had a current Loan-to-Value Ratio less than or equal to 80%, approximately
            % (by Principal Balance) of the Mortgage Loans had a current Loan-to-Value Ratio greater than 80% but less than or equal to 95% and approximately
            % (by Principal Balance) of the Mortgage Loans had a current Loan-to-Value Ratio greater than 95%; 
  
 (xxviii) Approximately             % (by
Principal Balance) of the Mortgage Loans were originated for the purpose of refinancing existing mortgage debt, including cash-out refinancings; and approximately             % (by
Principal Balance) of the Mortgage Loans were originated for the purpose of purchasing the Mortgaged Property; 
  
 (xxix) Not less than approximately             % (by Principal Balance)
of the Mortgage Loans were originated under full documentation programs; 
  
 (xxx) Each Mortgage Loan constitutes a qualified mortgage under Section 860G(a)(3)(A) of the Code and Treasury Regulations Section 1.860G-2(a)(1); 
  
 (xxxi) No Mortgage Loan is a High Cost Loan or Covered Loan (as such terms are defined in the Standard &
Poor’s LEVELS® Glossary in effect on the
Closing Date, which is now Version 5.6 Revised, Appendix E, applicable portions of which are attached hereto as Exhibit C) and no Mortgage Loan originated on or after October 1, 2002 through March 6, 2003 is governed by the Georgia Fair Lending Act;
and 
  
 (xxxii) No Mortgage Loan is subject to
the Home Ownership and Equity Protection Act of 1994 or Section 226.32 of Regulation Z, is a “high-cost” loan or a “predatory” loan as defined under any state or local law or regulation applicable to the originator of such
Mortgage Loan or which would result in liability to the purchaser or assignee of such Mortgage Loan under any predatory or abusive lending law, or, without limiting the generality of the foregoing, is a “covered” loan under the laws of the
states of California, Colorado or Ohio; and 
  
 (xxxiii) With respect to each Mortgage Loan, the Periodic Cap shall equal five percentage points on the first Adjustment Date and shall equal two percentage points on each Adjustment Date thereafter. 
  
 It is understood and agreed that the representations and warranties set forth
in this Section 2.08 shall survive delivery of the respective Mortgage Files to the Trustee or the Custodian, as the case may be, and shall continue throughout the term of this Agreement. Upon discovery by any of the Company, the Master Servicer,
the Trustee or the Custodian of a breach of any of the foregoing representations and warranties which materially and adversely affects the value of the related Mortgage Loans or the interests of the Trust in the related Mortgage Loans, the Company,
the Master Servicer, the Trustee or the Custodian, as the case may be, discovering such breach shall give prompt written notice to the others. Any breach of the representation set forth in clause (xxxi) and (xxxii) of this Section 2.08 shall be
deemed to materially and adversely affect the value of the related Mortgage Loans or the interests of the Trust in the related Mortgage Loans. Within 90 days of its discovery or its receipt of notice of breach, the Company 

  

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shall repurchase, subject to the limitations set forth in the definition of “Purchase Price,” or substitute for the affected Mortgage Loan or
Mortgage Loans or any property acquired in respect thereof from the Trust, unless it has cured such breach in all material respects. After the end of the three-month period beginning on the “start-up day,” any such substitution shall be
made only if the Company provides to the Trustee an Opinion of Counsel addressed to the Trust and the Trustee reasonably satisfactory to the Trustee that each Substitute Mortgage Loan will be a “qualified replacement mortgage” within the
meaning of Section 860G(a)(4) of the Code. Such substitution shall be made in the manner and within the time limits set forth in Section 2.07. Any such repurchase by the Company shall be accomplished in the manner and at the Purchase Price, if
applicable, but shall not be subject to the time limits, set forth in Section 2.07. It is understood and agreed that the obligation of the Company to provide such substitution or to make such repurchase of any affected Mortgage Loan or Mortgage
Loans or any property acquired in respect thereof as to which a breach has occurred and is continuing shall constitute the sole remedy respecting such breach available to the Holders of the Certificates or the Trustee on behalf of the Holders of the
Certificates. 
  
 Section 2.09. Acknowledgment of Transfer of
Mortgage Pool Assets. The Trustee hereby acknowledges and accepts on behalf of the Trust the transfer and assignment to the Trust of the Mortgage Pool Assets, but without having made the review required to be made within 45 days pursuant to
Section 2.07, and declares that as of the Closing Date it (or the Custodian on behalf of the Trustee) holds and shall hold any documents constituting a part of the Mortgage Pool Assets, and the Mortgage Pool Assets, as Trustee in trust, upon the
trust herein set forth, for the use and benefit of all present and future Holders of the Certificates. In connection therewith, as of the Closing Date, in exchange for the Mortgage Pool Assets, the Trust does hereby issue to the Company the
Certificates. 
  
 Section 2.10. Acknowledgement of Transfer of
REMIC I Assets; Authentication of Certificates. The Trustee hereby acknowledges and accepts on behalf of the Trust the assignment to the Trust of the REMIC I Assets and declares that as of the Closing Date it holds and shall hold any documents
constituting a part of the REMIC I Assets, and the REMIC I Assets, as Trustee in trust, upon the trust herein set forth, for the use and benefit of all present and future Holders of the Certificates. In connection therewith, as of the Closing Date,
in exchange for the REMIC I Assets, the Trustee on behalf of the Trust shall cause to be authenticated and delivered, upon and pursuant to the order of the Company, the Certificates in Authorized Denominations. 
  
 Section 2.11. Legal Title. Legal title to all assets of the Trust
shall be vested at all times in the Trust as a separate legal entity. 
  
 Section 2.12. Compliance with ERISA Requirements. For purposes of ensuring compliance with the requirements of the “underwriter’s exemption” (U.S. Department of Labor Prohibited Transaction Exemption 2002-41, 67 Fed.
Reg. 54487 (Aug. 22, 2002)), issued under ERISA, and for the avoidance of any doubt as to the applicability of other provisions of this Agreement, to the fullest extent permitted by applicable law and except as contemplated by this Agreement, (1)
the Trust shall not be a party to any merger, consolidation or reorganization, or liquidate or sell its assets and (2) so long as any Certificates are outstanding, none of the Company, the Trustee or the Delaware Trustee shall institute against the
Trust, or join in any 

  

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institution against the Trust of, any bankruptcy or insolvency proceedings under any federal or state bankruptcy, insolvency or similar law. 
  
 ARTICLE III 
  
 Administration and Servicing of Mortgage Loans 
  
 Section 3.01. The Master Servicer. The Master Servicer shall service
and administer the Mortgage Loans on behalf of the Trust in accordance with the terms hereof, consistent with prudent mortgage loan servicing practices and (unless inconsistent with prudent mortgage loan servicing practices) in the same manner in
which, and with the same care, skill, prudence and diligence with which, it services and administers similar mortgage loans for other portfolios, and shall have full power and authority to do or cause to be done any and all things in connection with
such servicing and administration which a prudent servicer of mortgage loans would do under similar circumstances, including, without limitation, the power and authority to bring actions and defend the Mortgage Pool Assets on behalf of the Trust in
order to enforce the terms of the Mortgage Notes. The Master Servicer may perform its master servicing responsibilities through agents or independent contractors, but shall not thereby be released from any of its responsibilities hereunder and the
Master Servicer shall diligently pursue all of its rights against such agents or independent contractors. 
  
 The Master Servicer shall make reasonable efforts to collect or cause to be collected all payments called for under the terms and provisions of the
Mortgage Loans and shall, to the extent such procedures shall be consistent with this Agreement and the terms and provisions of any Primary Insurance Policy, any FHA insurance policy or VA guaranty, any hazard insurance policy, and federal flood
insurance, cause to be followed such collection procedures as are followed with respect to mortgage loans comparable to the Mortgage Loans and held in portfolios of responsible mortgage lenders in the local areas where each Mortgaged Property is
located. The Master Servicer shall enforce “due-on-sale” clauses with respect to the related Mortgage Loans, to the extent permitted by law, subject to the provisions set forth in Section 3.08. 
  
 Consistent with the foregoing, the Master Servicer may, in accordance with
prudent mortgage loan servicing practices, (i) waive or cause to be waived any assumption fee or late payment charge in connection with the prepayment of any Mortgage Loan and (ii) only upon determining that the coverage of any applicable insurance
policy or guaranty related to a Mortgage Loan will not be materially adversely affected, arrange a schedule, running for no more than 180 days after the first delinquent Due Date, for payment of any delinquent installment on any Mortgage Note or for
the liquidation of delinquent items. The Master Servicer, in its sole discretion, shall have the right, but not the obligation, to purchase any Mortgage Loan delinquent 90 consecutive days or more for an amount equal to its Purchase Price. The
Master Servicer, in its sole discretion, shall also have the right, but not the obligation, to purchase, for an amount equal to its Purchase Price, any Mortgage Loan delinquent 90 consecutive days or more, for the purpose of requiring the Person who
sold such Mortgage Loan to the Company to repurchase such Mortgage Loan based on a breach of a representation or warranty made by such Person in connection with the Company’s purchase or acquisition of such Mortgage Loan. For purposes of this
paragraph, a Mortgage Loan is considered delinquent for 90 

  

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consecutive days if a Monthly Payment is not received by the first day of the third month following the month during which such payment was due. 

 
 Consistent with the terms of this Section 3.01, the Master Servicer may
waive, modify or vary any term of any Mortgage Loan or consent to the postponement of strict compliance with any such term or in any manner grant indulgence to any Mortgagor if it has determined, exercising its good faith business judgment in the
same manner as it would if it were the owner of the related Mortgage Loan, that the security for, and the timely and full collectability of, such Mortgage Loan would not be adversely affected by such waiver, modification, postponement or indulgence;
provided, however, that (unless the Mortgagor is in default with respect to the Mortgage Loan or in the reasonable judgment of the Master Servicer such default is imminent) the Master Servicer shall not permit any modification with respect to any
Mortgage Loan that would (i) change the applicable Mortgage Interest Rate, defer or forgive the payment of any principal or interest, reduce the outstanding principal balance (except for actual payments of principal) or extend the final maturity
date with respect to such Mortgage Loan, or (ii) be inconsistent with the terms of any applicable Primary Insurance Policy, FHA insurance policy, VA guaranty, hazard insurance policy or federal flood insurance policy. Notwithstanding the foregoing,
the Master Servicer shall not permit any modification with respect to any Mortgage Loan that would both constitute a sale or exchange of such Mortgage Loan within the meaning of Section 1001 of the Code (including any proposed, temporary or final
regulations promulgated thereunder) (other than in connection with a proposed conveyance or assumption of such Mortgage Loan that is treated as a Principal Prepayment or in a default situation) and cause REMIC I to fail to qualify as such under the
Code. The Master Servicer shall be entitled to approve a request from a Mortgagor for a partial release of the related Mortgaged Property, the granting of an easement thereon in favor of another Person, any alteration or demolition of the related
Mortgaged Property or other similar matters if it has determined, exercising its good faith business judgment in the same manner as it would if it were the owner of the related Mortgage Loan, that the security for, and the timely and full
collectability of, such Mortgage Loan would not be adversely affected thereby and that REMIC I would not fail to continue to qualify as a REMIC under the Code as a result thereof and that no tax on “prohibited transactions” or
“contributions” after the startup day would be imposed on REMIC I as a result thereof. 
  
 The Master Servicer is hereby authorized and empowered by the Trust to execute and deliver or cause to be executed and delivered on behalf of the Holders
of the Certificates, and the Trust or any of them, any and all instruments of satisfaction or cancellation, or of partial or full release, discharge or modification, assignments of Mortgages and endorsements of Mortgage Notes in connection with
refinancings (in jurisdictions where such assignments are the customary and usual standard of practice of mortgage lenders) and all other comparable instruments, with respect to the Mortgage Loans and with respect to the Mortgaged Properties. The
Master Servicer is hereby further authorized and empowered by the Trust to execute and deliver or cause to be executed and delivered on behalf of the Holders of the Certificates and the Trust, or any of them, such instruments of assignment or other
comparable instruments as the Master Servicer shall, in its sole judgment, deem appropriate in order to register any Mortgage Loan on the MERS® System or to cause the removal of any Mortgage Loan from registration thereon. Any expenses incurred in connection with the actions described in the
preceding sentence shall be borne by the Master Servicer with no right of reimbursement; provided, however, that any such expenses incurred as a result of any termination by MERS of the 

  

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MERS® System shall be reimbursable to the Master Servicer. The Trustee on behalf of the Trust shall execute and furnish to the Master Servicer, at the Master Servicer’s direction, any
powers of attorney and other documents prepared by the Master Servicer and determined by the Master Servicer to be necessary or appropriate to enable the Master Servicer to carry out its supervisory, servicing and administrative duties under this
Agreement. 
  
 The Master Servicer shall obtain and maintain, and
shall cause each Subservicer to obtain and maintain (in each case, to the extent generally commercially available), fidelity bond and errors and omissions coverage acceptable to Fannie Mae or Freddie Mac with respect to its obligations under this
Agreement and the applicable subservicing agreement, respectively. The Master Servicer shall establish or cause to be established escrow accounts for, or pay or cause to be paid when due (by means of an advance), any tax liens in connection with the
Mortgaged Properties that are not paid by the Mortgagors when due to the extent that any such payment would not constitute a Nonrecoverable Advance when made. 
  

In connection with the servicing and administering of each Mortgage Loan, the Master Servicer and any affiliate of the Master Servicer (i) may perform
services such as appraisals, default management and (in the case of affiliates only) brokerage services that are not customarily provided by servicers of mortgage loans, and shall be entitled to reasonable compensation therefor and (ii) may, at its
own discretion and on behalf of the Trust, obtain credit information in the form of a “credit score” from a credit repository. 
  
 Section 3.02. Custodial Accounts and Buydown Fund Accounts. The Master Servicer shall cause to be established and maintained by each Subservicer
under the Master Servicer’s supervision the Custodial Account for P&I, Buydown Fund Accounts (if any) and special Custodial Account for Reserves and shall deposit or cause to be deposited therein daily the following amounts received or
advanced by the Subservicer with respect to the Mortgage Loans: 
  
 (i) all scheduled payments of principal; 
  
 (ii) all scheduled payments of interest; 
  
 (iii) all Curtailments and Payoffs; and 
  
 (iv) all Insurance Proceeds, Liquidation Proceeds, Excess Liquidation Proceeds and Subsequent Recoveries; 
  
 provided, however, that (x) proceeds received with respect to individual Mortgage Loans from any title, hazard, or FHA insurance policy, VA guaranty, Primary
Insurance Policy or other insurance policy (other than any Special Primary Insurance Policy) covering such Mortgage Loans, if required for the restoration or repair of the related Mortgaged Property, may be deposited either in the Custodial Account
for Reserves or the Custodial Account for P&I and (y) such proceeds (other than proceeds from any Special Primary Insurance Policy), if not required for the restoration or repair of the related Mortgaged Property, and if not released to the
Mortgagor in accordance with prudent mortgage loan servicing practices, shall be deposited in the Custodial Account for P&I, and shall be applied to the balances of the related Mortgage Loans as payments of interest and principal. 
  

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 The Master Servicer is hereby authorized to make withdrawals from and to issue drafts against the
Custodial Accounts for P&I and the Custodial Accounts for Reserves for the purposes required or permitted by this Agreement. Each Custodial Account for P&I and each Custodial Account for Reserves shall bear a designation clearly showing the
respective interests of the applicable Subservicer, as trustee, and of the Master Servicer, in substantially one of the following forms: 
  
 (a) With respect to the Custodial Account for P&I: (i) [Subservicer’s Name], as agent, trustee and/or bailee of principal and
interest custodial account for BellaVista [Finance] [Funding] Corporation, its successors and assigns, for various owners of interests in BellaVista [Finance] [Funding] Corporation mortgage-backed pools or (ii) [Subservicer’s Name] in trust for
BellaVista [Finance] [Funding] Corporation; 
  
 (b) With respect to the Custodial Account for Reserves: (i) [Subservicer’s Name], as agent, trustee and/or bailee of taxes and insurance custodial account for BellaVista [Finance] [Funding] Corporation, its successors and assigns for
various mortgagors and/or various owners of interests in BellaVista [Finance] [Funding] Corporation mortgage-backed pools or (ii) [Subservicer’s Name] in trust for BellaVista [Finance] [Funding] Corporation and various Mortgagors. 

 
 The Master Servicer hereby undertakes to assure remittance to the
Distribution Account of all amounts relating to the Mortgage Loans that have been collected by any Subservicer and are due to the Distribution Account pursuant to Section 4.01 of this Agreement. 
  
 Funds held in the Custodial Account for P&I and the Custodial Account for
Reserves may, at the Master Servicer’s option, be invested in (i) one or more Eligible Investments which shall in no event mature later than the Business Day prior to the related Withdrawal Date (except if such Eligible Investments are
obligations of the Trustee, such Eligible Investments may mature on the Withdrawal Date), or (ii) such other instruments as shall be required to maintain the Ratings. 
  
 Section 3.03. The Investment Account; Eligible Investments.(a) Not later than the Withdrawal Date, the Master
Servicer shall withdraw or direct the withdrawal of funds in the Custodial Accounts for P&I, for deposit in the Investment Account, in an amount representing: 
  
 (i) Scheduled installments of principal and interest on the Mortgage Loans received or advanced by the
applicable Subservicers which were due on the related Due Date, less any amounts to be withdrawn later by the applicable Subservicers from the applicable Buydown Fund Accounts; 
  
 (ii) Payoffs and the proceeds of other types of liquidations of the Mortgage Loans received by the
applicable Subservicer for such Mortgage Loans during the applicable Payoff Period, with interest to the date of Payoff or liquidation less any amounts to be withdrawn later by the applicable Subservicers from the applicable Buydown Fund Accounts;
and 
  
 (iii) Curtailments received by the
applicable Subservicers in the Prior Period. 
  

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 At its option, the Master Servicer may invest funds withdrawn from the Custodial Accounts for P&I, as
well as any Buydown Funds, Insurance Proceeds and Liquidation Proceeds previously received by the Master Servicer (including amounts paid by the Company in respect of any Purchase Obligation or its substitution obligations set forth in Section 2.07
or Section 2.08 or in connection with the exercise of the option to terminate this Agreement pursuant to Section 9.01) for its own account and at its own risk, during any period prior to their deposit in the Distribution Account. Such funds, as well
as any funds which were withdrawn from the Custodial Accounts for P&I on or before the Withdrawal Date, but not yet deposited into the Distribution Account, shall immediately be deposited by the Master Servicer with the Investment Depository in
an Investment Account in the name of the Master Servicer and the Trust for investment only as set forth in this Section 3.03. The Master Servicer shall bear any and all losses incurred on any investments made with such funds and shall be entitled to
retain all gains realized on such investments as additional servicing compensation. Not later than the Business Day prior to the Distribution Date, the Master Servicer shall deposit such funds, net of any gains (except Payoff Earnings) earned
thereon, in the Distribution Account. 
  
 (b) Funds held in the
Investment Account shall be invested in (i) one or more Eligible Investments which shall in no event mature later than the Business Day prior to the related Distribution Date (except if such Eligible Investments are obligations of the Trustee, such
Eligible Investments may mature on the Distribution Date), or (ii) such other instruments as shall be required to maintain the Ratings. 
  
 Section 3.04. The Distribution Account. 
  
 (a) On or prior to the Closing Date, the Trustee shall establish the Distribution Account, which shall be entitled “BellaVista [Finance] [Funding]
Corporation Distribution Account under the Pooling and Servicing Agreement, dated as of             ,             ,
among BellaVista [Finance] [Funding] Corporation, as Depositor, [Name of Master Servicer], as the Master Servicer, [Name of Trustee], as the Trustee, and [Name of Delaware Trustee], as the Delaware Trustee, for the benefit of BellaVista Mortgage
Pass-Through Certificates Series             -             Trust created pursuant thereto”. Promptly after the
Closing Date, the Trustee shall communicate to the Master Servicer the account number and wiring instructions for the Distribution Account. 
  
 Not later than the Business Day prior to the related Distribution Date, the Master Servicer shall direct the Investment Depository to deposit into the
Distribution Account the amounts previously deposited into the Investment Account (which may include a deposit of Eligible Investments) to which the Holders of the Certificates are entitled or which are necessary for payment of any Special Primary
Insurance Premiums. In addition, not later than the Business Day prior to the Distribution Date, the Master Servicer shall deposit into the Distribution Account any Monthly P&I Advances or other payments required to be made by the Master
Servicer pursuant to Section 4.02 of this Agreement and any Insurance Proceeds or Liquidation Proceeds (including amounts paid by the Company in respect of any Purchase Obligation) not previously deposited in the Custodial Accounts for P&I or
the Investment Account, and any amounts paid by the Master Servicer in connection with the exercise of its option to terminate this Agreement pursuant to Section 9.01 or any other purchase of Mortgage Loans permitted by this Agreement. 

 

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 (b) Funds held in the Distribution Account shall be invested at the written direction of the Master
Servicer in (i) one or more Eligible Investments which shall in no event mature later than the Business Day prior to the related Distribution Date (except if such Eligible Investments are obligations of the Trustee, such Eligible Investments may
mature on the Distribution Date), or (ii) such other instruments as shall be required to maintain the Ratings. The Master Servicer shall be entitled to receive any gains earned on such Eligible Investments and shall bear any losses suffered in
connection therewith. If the Trustee has not received such written investment directions from the Master Servicer, the Trustee shall not invest funds held in the Distribution Account. The Trustee shall have no liability for any losses on investments
of funds held in the Distribution Account. 
  
 In the event the
Trustee makes such investments, the parties acknowledge that the Trustee or its affiliates may receive additional compensation (not payable pursuant to this Agreement) that could be deemed to be in the Trustee’s economic self-interest for (i)
serving as investment adviser, administrator, shareholder, servicing agent, custodian or sub-custodian with respect to certain of the Eligible Investments, (ii) using affiliates to effect transactions in certain Eligible Investments and (iii)
effecting transactions in certain Eligible Investments. 
  
 Section 3.05. Permitted Withdrawals from the Distribution Account, the Investment Account and Custodial Accounts for P&I and of Buydown Funds from the Buydown Fund Accounts. 
  
 (a) The Master Servicer is authorized to make withdrawals (or, in the case of
the Distribution Account, to direct the Trustee to make withdrawals), from time to time, from the Investment Account, the Distribution Account or the Custodial Accounts for P&I established by the Subservicers of amounts deposited therein in
respect of the Certificates (and, to the extent applicable, to make deposits of the amounts withdrawn), as follows: 
  
 (i) To reimburse itself or the applicable Subservicer for Monthly P&I Advances made pursuant to Section 4.02 or a subservicing
agreement, such right to reimbursement pursuant to this paragraph (i) being limited to amounts received on particular Mortgage Loans (including, for this purpose, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of
principal and/or interest respecting which any such Monthly P&I Advance was made; 
  
 (ii) To reimburse itself or the applicable Subservicer for amounts expended by or for the account of the Master Servicer pursuant to
Section 3.09 or amounts expended by such Subservicer pursuant to a subservicing agreement in connection with the restoration of property damaged by an Uninsured Cause or in connection with the liquidation of a Mortgage Loan; 
  
 (iii) To pay to itself, with respect to the related Mortgage
Loans, the Master Servicing Fee (net of Compensating Interest reduced by Payoff Earnings and Payoff Interest) as to which no prior withdrawals from funds deposited by the Master Servicer have been made; 
  

 56 

 (iv) To reimburse itself or the applicable Subservicer for advances made with respect to
related Mortgage Loans (except for Mortgage Loans purchased pursuant to a Purchase Obligation or pursuant to the second or third sentence of the third paragraph of Section 3.01) which the Master Servicer has determined to be Nonrecoverable Advances;

  
 (v) To pay to itself reinvestment earnings
deposited or earned in the Investment Account and the Distribution Account to which it is entitled and to reimburse itself for expenses incurred by and reimbursable to it pursuant to Section 6.03; 
  
 (vi) To deposit to the Investment Account amounts in the
Distribution Account not required to be on deposit therein at the time of such withdrawal; 
  
 (vii) To deposit in the Distribution Account, not later than the Business Day prior to the related Distribution Date, the amounts in the
Investment Account specified in Section 3.04(a); 
  
 (viii) To pay on behalf of the Trustee any Special Primary Insurance Premium payable by the Trustee pursuant to Section 4.01(a); provided, the Master Servicer shall give written notice thereof to the Trustee prior to noon New York
City time two Business Days prior to the applicable Distribution Date; and after making or providing for the above withdrawals 
  
 (ix) To clear and terminate the Investment Account and the Distribution Account following termination of this Agreement pursuant to
Section 9.01. 
  
 Since, in connection with withdrawals pursuant
to paragraphs (i) and (ii), the Master Servicer’s entitlement thereto is limited to collections or other recoveries on the related Mortgage Loan, the Master Servicer shall keep and maintain, or cause the applicable Subservicer to keep and
maintain, separate accounting for each Mortgage Loan, for the purpose of justifying any such withdrawals. 
  
 (b) The Master Servicer is authorized to make withdrawals (or to permit the applicable Subservicer, if such Subservicer holds and maintains a Buydown Fund
Account, to make withdrawals), from time to time, of Buydown Funds from the Buydown Fund Account or Custodial Account for P&I established by any Subservicer under its supervision (and, to the extent applicable, to make deposits of the amounts
withdrawn), as follows: 
  
 (i) To deposit each
month in the Investment Account the amount necessary to supplement payments received on Buydown Loans; 
  
 (ii) In the event of a Payoff of any Mortgage Loan having a related Buydown Fund, to apply amounts remaining in Buydown Fund Accounts to
reduce the required amount of such principal Payoff (or, if the Mortgagor has made a Payoff, to refund such remaining Buydown Fund amounts to the Person entitled thereto); 
  

 57 

 (iii) In the event of foreclosure or liquidation of any Mortgage Loan having a Buydown
Fund, to deposit remaining Buydown Fund amounts in the Investment Account as Liquidation Proceeds; and 
  
 (iv) To clear and terminate the portion of any account representing Buydown Funds following termination of this Agreement pursuant to
Section 9.01; 
  
 (c) The Trustee is authorized to make
withdrawals from time to time from the Distribution Account to reimburse itself for advances it has made as successor Master Servicer pursuant to Section 7.01(a) hereof that it has determined to be Nonrecoverable Advances. 
  
 (d) With respect to each Subservicer, the Master Servicer shall (1) either
(x) make withdrawals, from time to time, to reimburse such Subservicer for advances and expenses (other than Nonrecoverable Advances) pursuant to clauses (i) and (ii) of Section 3.05(a) or (y) authorize such Subservicer to make such withdrawals,
from time to time, from the related Custodial Account for P&I, to the same extent that the Master Servicer is authorized to make such withdrawals pursuant to clauses (i) and (ii) of Section 3.05(a) and (2) make withdrawals, from time to time, to
reimburse such Subservicer for Nonrecoverable Advances pursuant to clause (iv) of Section 3.05(a), in the case of each of clause (1) and (2), to the extent no prior withdrawals of such amounts have been made by the Subservicer or the Master
Servicer, as applicable. 
  
 Section 3.06. Maintenance of
Primary Insurance Policies; Collections Thereunder. The Master Servicer shall use commercially reasonable efforts to keep, or to cause the Subservicers to keep, in full force and effect each Primary Insurance Policy (except any Special Primary
Insurance Policy) required with respect to a Mortgage Loan until no longer required, and the Master Servicer shall use commercially reasonable efforts to keep in full force and effect each Special Primary Insurance Policy, if any. Notwithstanding
the foregoing, the Master Servicer shall have no obligation to maintain any Primary Insurance Policy for a Mortgage Loan for which the outstanding Principal Balance thereof at any time subsequent to origination was 80% or less of the Appraised Value
of the related Mortgaged Property, unless required by applicable law. 
  
 Unless required by applicable law, the Master Servicer shall not cancel or refuse to renew, or allow any Subservicer under its supervision to cancel or refuse to renew, any Primary Insurance Policy in effect at the date of the initial
issuance of the Certificates that is required to be kept in force hereunder; provided, however, that neither the Master Servicer nor any Subservicer shall advance funds for the payment of any premium due under (i) any Primary Insurance Policy
(other than a Special Primary Insurance Policy) if it shall determine that such an advance would be a Nonrecoverable Advance or (ii) any Special Primary Insurance Policy. 
  
 Section 3.07. Maintenance of Hazard Insurance. The Master Servicer shall cause to be maintained for each Mortgage
Loan (other than a Cooperative Loan) fire insurance with extended coverage in an amount which is not less than the original principal balance of such Mortgage Loan, except in cases approved by the Master Servicer in which such amount exceeds the
value of the improvements to the Mortgaged Property. The Master Servicer shall also require fire insurance with extended coverage in a comparable amount on property acquired upon 

  

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foreclosure, or deed in lieu of foreclosure, of any Mortgage Loan (other than a Cooperative Loan). Any amounts collected under any such policies (other than
amounts to be applied to the restoration or repair of the related Mortgaged Property) shall be deposited into the Custodial Account for P&I, subject to withdrawal pursuant to Section 3.03 and Section 3.05. Any unreimbursed costs incurred in
maintaining any insurance described in this Section 3.07 shall be recoverable as an advance by the Master Servicer or the applicable Subservicer from the related Custodial Account for P&I, the Investment Account or the Distribution Account. Such
insurance shall be with insurers approved by the Master Servicer and Fannie Mae or Freddie Mac. Other additional insurance may be required of a Mortgagor, in addition to that required pursuant to such applicable laws and regulations as shall at any
time be in force and as shall require such additional insurance. Where any part of any improvement to the Mortgaged Property (other than a Mortgaged Property secured by a Cooperative Loan) is located in a federally designated special flood hazard
area and in a community which participates in the National Flood Insurance Program at the time of origination of the related Mortgage Loan, the Master Servicer shall cause flood insurance to be provided. The hazard insurance coverage required by
this Section 3.07 may be met with blanket policies providing protection equivalent to individual policies otherwise required. The Master Servicer shall be responsible for paying, or causing the applicable Subservicer to pay, any deductible amount on
any such blanket policy. The Master Servicer agrees to present, or cause to be presented, on behalf of and for the benefit of the Trust, claims under the hazard insurance policy respecting any Mortgage Loan, and in this regard to take such
reasonable actions as shall be necessary to permit recovery under such policy. 
  
 Section 3.08. Enforcement of Due-on-Sale Clauses; Assumption Agreements. When any Mortgaged Property is about to be conveyed by the Mortgagor, the Master Servicer shall, to the extent it has knowledge of such
prospective conveyance and prior to the time of the consummation of such conveyance, exercise on behalf of the Trust the Trust’s rights to accelerate the maturity of such Mortgage Loan, to the extent that such acceleration is permitted by the
terms of the related Mortgage Note, under any “due-on-sale” clause applicable thereto; provided, however, that the Master Servicer shall not exercise any such right if the due-on-sale clause, in the reasonable belief of the Master
Servicer, is not enforceable under applicable law or if such exercise would result in non-coverage of any resulting loss that would otherwise be covered under any insurance policy. In the event the Master Servicer is prohibited from exercising such
right, the Master Servicer is authorized to take or enter into an assumption and modification agreement from or with the Person to whom a Mortgaged Property has been or is about to be conveyed, pursuant to which such Person becomes liable under the
Mortgage Note and, unless prohibited by applicable state law or unless the Mortgage Note contains a provision allowing a qualified borrower to assume the Mortgage Note, the Mortgagor remains liable thereon; provided that the Mortgage Loan shall
continue to be covered (if so covered before the Master Servicer enters such agreement) by any related Primary Insurance Policy. The Master Servicer is also authorized to enter into a substitution of liability agreement with such Person, pursuant to
which the original Mortgagor is released from liability and such Person is substituted as Mortgagor and becomes liable under the Mortgage Note. The Master Servicer shall not enter into any substitution or assumption with respect to a Mortgage Loan
if such substitution or assumption shall (i) both constitute a “significant modification” effecting an exchange or reissuance of such Mortgage Loan under the Code (or Treasury regulations promulgated thereunder) and cause REMIC I to fail
to qualify as a REMIC under the REMIC Provisions or (ii) cause the imposition of any tax on “prohibited transactions” or “contributions” after the 

  

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startup day under the REMIC Provisions. The Master Servicer shall notify the Trustee that any such substitution or assumption agreement has been completed by
forwarding to the Trustee the original copy of such substitution or assumption agreement and other documents and instruments constituting a part thereof. In connection with any such assumption or substitution agreement, the terms of the related
Mortgage Note shall not be changed. Any fee collected by the applicable Subservicer for entering into an assumption or substitution of liability agreement shall be retained by such Subservicer as additional servicing compensation. 
  
 Notwithstanding the foregoing paragraph or any other provision of this
Agreement, the Master Servicer shall not be deemed to be in default, breach or any other violation of its obligations hereunder by reason of any assumption of a Mortgage Loan by operation of law or any assumption which the Master Servicer may be
restricted by law from preventing, for any reason whatsoever. 
  
 Section 3.09. Realization Upon Defaulted Mortgage Loans. The Master Servicer shall exercise its discretion, consistent with prudent mortgage loan servicing practices and the terms of this Agreement, with respect to the enforcement
and servicing of any defaulted Mortgage Loan in such a manner as will maximize the receipt of principal and interest with respect thereto, including but not limited to the sale of such Mortgage Loan to a third party, the modification of such
Mortgage Loan, or foreclosure upon the related Mortgaged Property and disposition thereof. Consistent with the immediately preceding sentence, the Master Servicer may foreclose upon or otherwise comparably convert, or cause to be foreclosed upon or
comparably converted, the ownership of any Mortgaged Property securing a Mortgage Loan which comes into and continues in default and as to which no satisfactory arrangements can be made for collection of delinquent payments pursuant to Section 3.01.
In lieu of such foreclosure or other conversion, and taking into consideration the desirability of maximizing net Liquidation Proceeds after taking into account the effect of Insurance Proceeds upon Liquidation Proceeds, the Master Servicer may, to
the extent consistent with prudent mortgage loan servicing practices, accept a payment of less than the outstanding Principal Balance of a delinquent Mortgage Loan in full satisfaction of the indebtedness evidenced by the related Mortgage Note and
release the lien of the related Mortgage upon receipt of such payment. The Master Servicer shall not foreclose upon or otherwise comparably convert a Mortgaged Property if the Master Servicer is aware of evidence of toxic waste, other hazardous
substances or other evidence of environmental contamination thereon and the Master Servicer determines that it would be imprudent to do so. In connection with such foreclosure or other conversion, the Master Servicer shall cause to be followed such
practices and procedures as it shall deem necessary or advisable and as shall be normal and usual in general mortgage servicing activities. The foregoing is subject to the provision that, in the case of damage to a Mortgaged Property from an
Uninsured Cause, the Master Servicer shall not be required to advance its own funds towards the restoration of the property unless it shall be determined in the sole judgment of the Master Servicer, (i) that such restoration will increase the
proceeds of liquidation of the Mortgage Loan to Certificateholders after reimbursement to itself for such expenses, and (ii) that such expenses will be recoverable to it through Liquidation Proceeds. The Master Servicer shall be responsible for all
other costs and expenses incurred by it in any such proceedings; provided, however, that it shall be entitled to reimbursement thereof (as well as its normal servicing compensation) as an advance. The Master Servicer shall maintain information
required for tax reporting purposes regarding any Mortgaged Property which is abandoned or which has been foreclosed or otherwise comparably converted. 
  

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 The Master Servicer shall report such information to the Internal Revenue Service and the Mortgagor in the manner
required by applicable law. 
  
 REMIC I shall not acquire any real
property (or personal property incident to such real property) except in connection with a default or imminent default of a Mortgage Loan. In the event that REMIC I acquires any real property (or personal property incident to such real property) in
connection with a default or imminent default of a Mortgage Loan, such property shall be disposed of by the Master Servicer as soon as practicable in a manner that, consistent with prudent mortgage loan servicing practices, maximizes the net present
value of the recovery to the Trust, but in any event within three years after its acquisition by the Master Servicer for REMIC I unless the Master Servicer provides to the Trustee an Opinion of Counsel to the effect that the holding by REMIC I of
such Mortgaged Property subsequent to three years after its acquisition will not result in the imposition of taxes on “prohibited transactions” of REMIC I as defined in Section 860F of the Code or under the law of any state in which real
property securing a Mortgage Loan owned by REMIC I is located or cause REMIC I to fail to qualify as a REMIC for federal income tax purposes or for state tax purposes under the laws of any state in which real property securing a Mortgage Loan owned
by REMIC I is located at any time that any Certificates are outstanding. The Master Servicer shall conserve, protect and operate each such property for the Certificateholders solely for the purpose of its prompt disposition and sale in a manner
which does not cause such property to fail to qualify as “foreclosure property” within the meaning of Section 860G(a)(8) or result in the receipt by the REMIC of any “income from non-permitted assets” within the meaning of
Section 860F(a)(2)(B) of the Code or any “net income from foreclosure property” which is subject to taxation under the REMIC Provisions. Pursuant to its efforts to sell such property, the Master Servicer shall either itself or through an
agent selected by the Master Servicer protect and conserve such property in the same manner and to such extent as is customary in the locality where such property is located and may, incident to its conservation and protection of the assets of the
Trust, rent the same, or any part thereof, as the Master Servicer deems to be in the best interest of the Master Servicer and the Trust for the period prior to the sale of such property. Additionally, the Master Servicer shall perform the tax
withholding and shall file information returns with respect to the receipt of mortgage interests received in a trade or business, the reports of foreclosures and abandonments of any Mortgaged Property and the information returns relating to
cancellation of indebtedness income with respect to any Mortgaged Property required by Sections 6050H, 6050J and 6050P, respectively, of the Code, and deliver to the Trustee an Officers’ Certificate on or before March 31 of each year stating
that such reports have been filed. Such reports shall be in form and substance sufficient to meet the reporting requirements imposed by Sections 6050H, 6050J and 6050P of the Code. 
  
 Notwithstanding any other provision of this Agreement, the Master Servicer and the Trustee, as applicable, shall comply with
all federal withholding requirements with respect to payments to Certificateholders of interest or original issue discount that the Master Servicer or the Trustee reasonably believes are applicable under the Code. The consent of Certificateholders
shall not be required for any such withholding. Without limiting the foregoing, the Master Servicer agrees that it will not withhold with respect to payments of interest or original issue discount in the case of a Certificateholder that has
furnished or caused to be furnished an effective Form W-8 or an acceptable substitute form or a successor form and who is not a “10 percent shareholder” within the meaning of Code Section 871(h)(3)(B) or a “controlled foreign
corporation” described in Code Section 881(c)(3)(C) with respect to REMIC I or the depositor. 
  

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 In the event the Trustee withholds any amount from interest or original issue discount payments or advances thereof to
any Certificateholder pursuant to federal withholding requirements, the Trustee shall indicate the amount withheld to such Certificateholder. 
  
 Section 3.10. Trustee to Cooperate; Release of Mortgage Files. Upon the Payoff or scheduled maturity of any Mortgage Loan, the Master Servicer
shall cause such final payment to be immediately deposited in the related Custodial Account for P&I or the Investment Account. The Master Servicer shall promptly notify the Trustee thereof by a certification (which certification shall include a
statement to the effect that all amounts received in connection with such payment which are required to be deposited in either such account have been so deposited) of a Servicing Officer and shall request delivery to it of the Mortgage File;
provided, however, that such certification shall not be required if the Mortgage File is held by a Custodian which is also the Subservicer of the Mortgage Loan. Upon receipt of such certification and request, the Trustee shall, not later than
the fifth succeeding Business Day, release, or cause to be released, the related Mortgage File to the Master Servicer or the applicable Subservicer indicated in such request. With any such Payoff or other final payment, the Master Servicer is
authorized (i) to prepare for and procure from the trustee or mortgagee under the Mortgage which secured the Mortgage Note a deed of full reconveyance or other form of satisfaction or assignment of Mortgage and endorsement of Mortgage Note in
connection with a refinancing covering the Mortgaged Property, which satisfaction, endorsed Mortgage Note or assigning document shall be delivered by the Master Servicer to the person or persons entitled thereto, and (ii) with respect to any MERS
Loan, to cause the removal of such Mortgage Loan from registration on the MERS® System. No expenses incurred in connection with such satisfaction or assignment shall be payable to the Master Servicer by the Trustee or from the Distribution Account, the related Investment Account or the related
Custodial Account for P&I. From time to time as appropriate for the servicing or foreclosure of any Mortgage Loan, including, for this purpose, collection under any Primary Insurance Policy, the Trustee shall, upon request of the Master Servicer
and delivery to it of a trust receipt signed by a Servicing Officer, release not later than the fifth Business Day following the date of receipt of such request and trust receipt the related Mortgage File to the Master Servicer or the related
Subservicer as indicated by the Master Servicer and shall execute such documents as shall be necessary to the prosecution of any such proceedings. Such trust receipt shall obligate the Master Servicer to return the Mortgage File to the Trustee when
the need therefor by the Master Servicer no longer exists, unless the Mortgage Loan shall be liquidated, in which case, upon receipt of a certificate of a Servicing Officer similar to that herein above specified, the trust receipt shall be released
by the Trustee to the Master Servicer. 
  
 Section 3.11.
Compensation to the Master Servicer. As compensation for its activities hereunder, the Master Servicer shall be entitled to receive from the Investment Account and the Distribution Account the amounts provided for by Section 3.05(a)(iii). The
Master Servicer shall be required to pay all expenses incurred by it in connection with its activities hereunder and shall not be entitled to reimbursement therefor, except as specifically provided herein. 
  
 Section 3.12. Reports to the Trustee; Distribution Account Statement.
Not later than 15 days after each Distribution Date, the Master Servicer shall forward a statement, certified by a Servicing Officer, to the Trustee setting forth the status of the Distribution Account as of the close of business on such
Distribution Date and showing, for the period covered by such statement, the aggregate of deposits into and withdrawals from the Distribution Account for each 

  

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category of deposit specified in Section 3.04 and each category of withdrawal specified in Section 3.05, and stating that all distributions required by this
Agreement have been made (or if any required distribution has not been made, specifying the nature and amount thereof). The Trustee shall make available such statements to any Certificateholder upon request at the expense of the Master Servicer.
Such statement shall also, to the extent available, include information regarding delinquencies on the Mortgage Loans, indicating the number and aggregate Principal Balance of Mortgage Loans which are one, two, three or more months delinquent, the
number and aggregate Principal Balance of Mortgage Loans with respect to which foreclosure proceedings have been initiated and the book value of any Mortgaged Property acquired by the Trust through foreclosure, deed in lieu of foreclosure or other
exercise of the Trust’s security interest in the Mortgaged Property. 
  
 Section 3.13. Annual Statement as to Compliance. The Master Servicer shall deliver to the Trustee, on or before April 30 of each year, beginning with the first April 30 succeeding the Cut-Off Date by at least
six months, an Officer’s Certificate stating as to the signer thereof, that (i) a review of the activities of the Master Servicer during the preceding calendar year and performance under this Agreement has been made under such officer’s
supervision, and (ii) to the best of such officer’s knowledge, based on such review, the Master Servicer has fulfilled all its obligations under this Agreement throughout such year, or, if there has been a default in the fulfillment of any such
obligation, specifying each such default known to such officer and the nature and status thereof. Copies of such statement shall be provided by the Master Servicer to Certificateholders upon request or by the Trustee (solely to the extent that such
copies are available to the Trustee) at the expense of the Master Servicer, should the Master Servicer fail to so provide such copies. 
  
 Section 3.14. Access to Certain Documentation and Information Regarding the Mortgage Loans. In the event that the Certificates are legal for
investment by federally-insured savings associations, the Master Servicer shall provide to the OTS, the FDIC and the supervisory agents and examiners of the OTS and the FDIC access to the documentation regarding the related Mortgage Loans required
by applicable regulations of the OTS or the FDIC, as applicable, and shall in any event provide such access to the documentation regarding such Mortgage Loans to the Trustee and its representatives, such access being afforded without charge, but
only upon reasonable request and during normal business hours at the offices of the Master Servicer designated by it. 
  
 Section 3.15. Annual Independent Public Accountants’ Servicing Report. On or before April 30 of each year, beginning with the first April 30
succeeding the Cut-Off Date by at least six months, the Master Servicer, at its expense, shall furnish to the Trustee a copy of a report delivered to the Master Servicer by a firm of independent public accountants (who may also render other services
to the Master Servicer or any affiliate thereof) to the effect that, on the basis of an examination conducted by such firm in accordance with standards established by the American Institute of Certified Public Accountants, the Master Servicer has
complied with certain minimum residential mortgage loan servicing standards in its role as Master Servicer with respect to the servicing of residential mortgage loans (including the Mortgage Loans) during the most recently completed fiscal year. In
rendering its report such firm may rely, (a) as to matters relating to the Certificates, upon a statistical sampling of series of mortgage-backed certificates which may include the Certificates and (b) as to matters relating to the direct servicing
of 

  

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residential mortgage loans by subservicers, upon comparable reports of firms of independent certified public accountants rendered on the basis of
examinations conducted in accordance with the same standards (rendered within one year of such report) with respect to those subservicers. 
  
 Section 3.16. Assumption or Termination of Subservicing Agreements by Trustee. In the event the Master Servicer, or any successor Master Servicer,
shall for any reason no longer be the Master Servicer (including by reason of an Event of Default), the Trustee as trustee hereunder or its designee shall thereupon assume all of the rights and obligations of the Master Servicer under the
subservicing agreements with respect to the related Mortgage Loans unless the Trustee elects to terminate the subservicing agreement with respect to such Mortgage Loans in accordance with the terms thereof. The Trustee, its designee or the successor
servicer for the Trustee shall be deemed to have assumed all of the Master Servicer’s interest therein with respect to the related Mortgage Loans and to have replaced the Master Servicer as a party to the subservicing agreements to the same
extent as if the rights and duties under the subservicing agreements relating to such Mortgage Loans had been assigned to the assuming party, except that the Master Servicer shall not thereby be relieved of any liability or obligations under the
subservicing agreements with respect to the Master Servicer’s duties to be performed prior to its termination hereunder. 
  
 The Master Servicer at its expense shall, upon request of the Trustee, deliver to the assuming party all documents and records relating to the
subservicing agreements and the Mortgage Loans then being master serviced by the Master Servicer and an accounting of amounts collected and held by the Master Servicer and otherwise use its best efforts to effect the orderly and efficient transfer
of the rights and duties under the related subservicing agreements relating to such Mortgage Loans to the assuming party. 
  
 ARTICLE IV 
  
 Payments to Certificateholders; Payment of Expenses 
  
 Section 4.01. Distributions to Certificateholders; Payment of Special Primary Insurance Premiums. 
  
 (a) On each Distribution Date, the Trustee (or any duly appointed paying
agent) shall (i) subject to Section 3.05(a)(viii), withdraw from the Distribution Account any Special Primary Insurance Premium payable on such Distribution Date and pay such amount to the insurer under the applicable Special Primary Insurance
Policy and (ii) withdraw from the Distribution Account the Available Distribution Amount for such Distribution Date and distribute, from the amount so withdrawn, to the extent of the Available Distribution Amount, the Distribution Amount to the
Certificateholders, all in accordance with the written statement received from the Master Servicer pursuant to Section 4.02(b). Any Special Primary Insurance Premiums distributed pursuant to clause (i) above shall be distributed by any method
specified in the respective Special Primary Insurance Policy as directed by the related insurer to the Master Servicer. Amounts distributed to the Certificateholders pursuant to clause (ii) above shall be distributed by wire transfer in immediately
available funds for the account of, or by check mailed to, each such Certificateholder of record on the immediately preceding Record Date (other than as provided in 

  

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Section 9.01 respecting the final distribution), as specified by each such Certificateholder and at the address of such Holder appearing in the Certificate
Register. 
  
 (b) All reductions in the Certificate Principal
Balance of a Certificate effected by distributions of principal and all allocations of Realized Losses made on any Distribution Date shall be binding upon all Holders of such Certificate and of any Certificate issued upon the registration of
transfer or exchange therefor or in lieu thereof, whether or not such distribution is noted on such Certificate. The final distribution of principal of each Certificate (and the final distribution upon the Class R Certificates upon (i) the
termination of REMIC I and (ii) the payment, or making provision for payment, of all liabilities of the Trust) shall be payable in the manner provided above only upon presentation and surrender thereof on or after the Distribution Date therefor at
the office or agency of the Certificate Registrar specified in the notice delivered pursuant to Section 4.01(c)(ii) and Section 9.01(b). 
  
 (c) Whenever, on the basis of Curtailments, Payoffs and Monthly Payments on the Mortgage Loans and Insurance Proceeds and Liquidation Proceeds received
and expected to be received during the Payoff Period, the Master Servicer has notified the Trustee in writing by the      day of any month that it believes that the entire remaining unpaid Class Principal Balance of any
Class of Certificates will become distributable on the next Distribution Date, the Trustee shall, no later than the      day of the month of such Distribution Date, mail or cause to be mailed to each Person in whose name a
Certificate to be so retired is registered at the close of business on the Record Date and to the Rating Agencies a notice to the effect that: 
  
 (i) it is expected that funds sufficient to make such final distribution will be available in the Distribution Account on such
Distribution Date, and 
  
 (ii) if such funds are
available, (A) such final distribution will be payable on such Distribution Date, but only upon presentation and surrender of such Certificate at the office or agency of the Certificate Registrar maintained for such purpose (the address of which
shall be set forth in such notice), and (B) no interest shall accrue on such Certificate after such Distribution Date. 
  
 Section 4.02. Advances by the Master Servicer; Distribution Reports to the Trustee. 
  
 (a) To the extent described below, the Master Servicer is obligated to advance its own funds to the Distribution Account to
cover any shortfall between (i) payments scheduled to be received in respect of Mortgage Loans, and (ii) the amounts actually deposited in the Distribution Account on account of such payments (including amounts advanced by a Subservicer pursuant to
a subservicing agreement). The Master Servicer’s obligation to make any advance or advances described in this Section 4.02 is effective only to the extent that such advance is, in the good faith judgment of the Master Servicer made on or before
the second Business Day prior to each Distribution Date, reimbursable from Insurance Proceeds or Liquidation Proceeds of the related Mortgage Loans or recoverable as late Monthly Payments with respect to the related Mortgage Loans or otherwise.

  
 Prior to the close of business on the second Business Day
prior to each Distribution Date, the Master Servicer shall determine whether or not it will make a Monthly P&I Advance on the 

  

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Business Day prior to such Distribution Date (in the event that the applicable Subservicer fails to make such advances) and shall furnish a written statement
to the Trustee, the Paying Agent, if any, and to any Certificateholder requesting the same, setting forth the aggregate amount to be advanced on account of principal and interest in respect of the Mortgage Loans, stated separately. 
  
 In the event that the Master Servicer shall be required to make a Monthly
P&I Advance, it shall on the Business Day prior to the related Distribution Date either (i) deposit in the Distribution Account an amount equal to such Monthly P&I Advance, (ii) make an appropriate entry in the records of the Distribution
Account that funds in such account being held for future distribution or withdrawal have been, as permitted by this Section 4.02, used by the Master Servicer to make such Monthly P&I Advance, or (iii) make advances in the form of any combination
of (i) and (ii) aggregating the amount of such Monthly P&I Advance. Any funds being held for future distribution to Certificateholders and so used shall be replaced by the Master Servicer by deposit in the Distribution Account on the Business
Day immediately preceding any future Distribution Date to the extent that funds in the Distribution Account on such Distribution Date with respect to the Mortgage Loans shall be less than payments to Certificateholders required to be made on such
date with respect to the Mortgage Loans. Under each subservicing agreement, the Master Servicer is entitled to receive from the Custodial Accounts for P&I established by the Subservicers amounts received by the applicable Subservicers on
particular Mortgage Loans as late payments of principal and interest or as Liquidation or Insurance Proceeds and respecting which the Master Servicer has made an unreimbursed advance of principal and interest. The Master Servicer is also entitled to
receive other amounts from the related Custodial Accounts for P&I established by the Subservicers to reimburse itself for prior Nonrecoverable Advances respecting Mortgage Loans serviced by such Subservicers. The Master Servicer shall deposit
these amounts in the Investment Account prior to withdrawal pursuant to Section 3.05. 
  
 In accordance with Section 3.05, Monthly P&I Advances are reimbursable to the Master Servicer from cash in the Investment Account or the Distribution Account to the extent that the Master Servicer shall determine
that any such advances previously made are Nonrecoverable Advances pursuant to Section 4.03. 
  
 (b) Prior to noon New York City time two Business Days prior to each Distribution Date, the Master Servicer shall provide (x) the Trustee and (y) the Company with a statement in writing of (1) the amount, as
applicable, of (i) interest, (ii) the interest portion, if any, of Realized Losses, (iii) Uncompensated Interest Shortfall, (iv) scheduled principal, (v) Principal Prepayments, (vi) Liquidation Principal, (vii) Subsequent Recoveries, (viii) the
principal portion of Realized Losses (after giving effect to any reduction thereof by application of any Cumulative Carry-Forward Subsequent Recoveries Amount), (ix) the principal portion of Realized Losses, (x) the Residual Distribution Amount and
(xi) the Excess Liquidation Proceeds to be distributed or allocated, as applicable, to each Class of Certificates on such Distribution Date (such amounts to be determined in accordance with the definition of “Distribution Amount” and
Section 4.01 hereof and other related definitions set forth in Article I hereof); (2) the applicable Class Principal Balance after giving effect to such distributions and allocations; (3) the Cumulative Carry-Forward Subsequent Recoveries Amount for
such Distribution Date; and (4) the amount of any Special Primary Insurance Premium payable on such Distribution Date. 
  

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 Section 4.03. Nonrecoverable Advances. Any advance previously made by a Subservicer pursuant to
its subservicing agreement with respect to a Mortgage Loan or by the Master Servicer that the Master Servicer shall determine in its good faith judgment not to be ultimately recoverable from Insurance Proceeds or Liquidation Proceeds or otherwise
with respect to such Mortgage Loan or recoverable as late Monthly Payments with respect to such Mortgage Loan shall be a Nonrecoverable Advance. The determination by the Master Servicer that it or the applicable Subservicer has made a Nonrecoverable
Advance or that any advance would constitute a Nonrecoverable Advance, shall be evidenced by an Officer’s Certificate of the Master Servicer delivered to the Trustee on the Determination Date and detailing the reasons for such determination.
Notwithstanding any other provision of this Agreement, any insurance policy relating to the Mortgage Loans, or any other agreement relating to the Mortgage Loans to which the Company or the Master Servicer is a party, (a) the Master Servicer and
each Subservicer shall not be obligated to, and shall not, make any advance that, after reasonable inquiry and in its sole discretion, the Master Servicer or such Subservicer shall determine would be a Nonrecoverable Advance, and (b) the Master
Servicer and each Subservicer shall be entitled to reimbursement for any advance as provided in Section 3.05(a)(i), (ii) and (iv) of this Agreement. 
  
 Section 4.04. Statements to Certificateholders. With each distribution from the Distribution Account on a Distribution Date, the Trustee shall send
to each Rating Agency and shall make available to each Certificateholder the statement required by Section 4.02(b). The Trustee may make available such statement and certain other information, including, without limitation, information required to
be provided by the Trustee pursuant to Sections 3.12 and 3.13, to Certificateholders through the Trustee’s web site. Such web site is currently located at “__________” Assistance in using the web site can currently be obtained by
calling the Trustee’s investor relations desk at __________. Parties unable to use this distribution method may request that a paper copy be mailed to them via first class mail by calling the investor relations desk. The location of such web
page and the procedures used therein are subject to change from time to time at the Trustee’s discretion. 
  
 Upon request by any Certificateholder or Rating Agency or the Trustee, the Master Servicer shall forward to such Certificateholder or Rating Agency and
the Trustee and the Company (if the Company is no longer acting as Master Servicer) an additional report which sets forth with respect to the Mortgage Loans: 
  

(a) The number and aggregate Principal Balance of the Mortgage Loans delinquent one, two and three months or more; 
  
 (b) The (i) number and aggregate Principal Balance of
Mortgage Loans with respect to which foreclosure proceedings have been initiated, and (ii) the number and aggregate book value of Mortgaged Properties acquired through foreclosure, deed in lieu of foreclosure or other exercise of rights respecting
the Trust’s security interest in the Mortgage Loans; and 
  
 (c) The cumulative amount of Realized Losses allocated to the related Certificates since the Cut-Off Date. 
  

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 Upon request by any Certificateholder, the Master Servicer, as soon as reasonably practicable, shall
provide the requesting Certificateholder with such information as is necessary and appropriate, in the Master Servicer’s sole discretion, for purposes of satisfying applicable reporting requirements under Rule 144A of the Securities Act.

  
 The Company may make available any reports, statements or
other information to Certificateholders through the Company’s home page on the world wide web. As of the Closing Date, such web page is located at
“www.[                    ].com” and information is available by clicking on “Investor Information.” 
  
 ARTICLE V 
  
 The Certificates 
  
 Section 5.01. The Certificates. 
  
 (a) The Certificates shall be substantially in the forms set forth in Exhibit A with the additional insertion from Exhibit G attached hereto, and shall be
executed by the Trustee on behalf of the Trust, authenticated by the Trustee (or any duly appointed Authenticating Agent) and delivered (i) upon and pursuant to the order of the Company and (ii) upon receipt by the Trustee of the documents specified
in Section 2.01. The Certificates shall be issuable in Authorized Denominations. Certificates shall be executed by manual or facsimile signature on behalf of the Trust by authorized officers of the Trustee. Certificates bearing the manual or
facsimile signatures of individuals who were at the time of execution the proper officers of the Trustee shall bind the Trust, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and
delivery of such Certificates or did not hold such offices at the date of such Certificates. No Certificate shall be entitled to any benefit under this Agreement, or be valid for any purpose, unless there appears on such Certificate a certificate of
authentication substantially in the form provided for herein executed by the Trustee or any Authenticating Agent by manual signature, and such certificate upon any Certificate shall be conclusive evidence, and the only evidence, that such
Certificate has been duly authenticated and delivered hereunder. All Certificates shall be dated the date of their authentication. 
  
 (b) The following definitions apply for purposes of this Section 5.01: “Disqualified Organization” means any Person which is not a
Permitted Transferee, but does not include any “Pass-Through Entity” which owns or holds a Residual Certificate and of which a Disqualified Organization, directly or indirectly, may be a stockholder, partner or beneficiary;
“Pass-Through Entity” means any regulated investment company, real estate investment trust, common trust fund, partnership, trust or estate, and any organization to which Section 1381 of the Code applies; “Ownership
Interest” means, with respect to any Residual Certificate, any ownership or security interest in such Residual Certificate, including any interest in a Residual Certificate as the Holder thereof and any other interest therein whether direct
or indirect, legal or beneficial, as owner or as pledgee; “Transfer” means any direct or indirect transfer or sale of, or directly or indirectly transferring or selling any Ownership Interest in a Residual Certificate; and
“Transferee” means any Person who is acquiring by Transfer any Ownership Interest in a Residual Certificate. 
  

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 (c) Restrictions on Transfers of the Residual Certificates to Disqualified Organizations are set forth in
this Section 5.01(c). 
  
 (i) Each Person who has
or who acquires any Ownership Interest in a Residual Certificate shall be deemed by the acceptance or acquisition of such Ownership Interest to have agreed to be bound by the following provisions and to have irrevocably authorized the Trustee or its
designee under clause (iii)(A) below to deliver payments to a Person other than such Person and to negotiate the terms of any mandatory sale under clause (iii)(B) below and to execute all instruments of transfer and to do all other things necessary
in connection with any such sale. The rights of each Person acquiring any Ownership Interest in a Residual Certificate are expressly subject to the following provisions: 
  
 (A) Each Person holding or acquiring any Ownership Interest in a Residual Certificate shall be a Permitted
Transferee and shall promptly notify the Trustee of any change or impending change in its status as a Permitted Transferee. 
  
 (B) In connection with any proposed Transfer of any Ownership Interest in a Residual Certificate to a U.S. Person, the Trustee shall
require delivery to it, and shall not register the Transfer of any Residual Certificate until its receipt of (1) an affidavit and agreement (a “Transferee Affidavit and Agreement”) attached hereto as Exhibit I from the proposed
Transferee, in form and substance satisfactory to the Company, representing and warranting, among other things, that it is not a Non-U.S. Person, that such transferee is a Permitted Transferee, that it is not acquiring its Ownership Interest in the
Residual Certificate that is the subject of the proposed Transfer as a nominee, trustee or agent for any Person who is not a Permitted Transferee, that for so long as it retains its Ownership Interest in a Residual Certificate, it will endeavor to
remain a Permitted Transferee, and that it has reviewed the provisions of this Section 5.01(c) and agrees to be bound by them, and (2) a certificate, attached hereto as Exhibit H, from the Holder wishing to transfer the Residual Certificate, in form
and substance satisfactory to the Company, representing and warranting, among other things, that no purpose of the proposed Transfer is to allow such Holder to impede the assessment or collection of tax. 
  
 (C) Notwithstanding the delivery of a Transferee Affidavit
and Agreement by a proposed Transferee under clause (B) above, if the Trustee has actual knowledge that the proposed Transferee is not a Permitted Transferee, no Transfer of an Ownership Interest in a Residual Certificate to such proposed Transferee
shall be effected. 
  
 (D) Each Person holding or
acquiring any Ownership Interest in a Residual Certificate agrees by holding or acquiring such Ownership Interest (i) to require a Transferee Affidavit and Agreement from any other Person to whom such Person attempts to transfer its Ownership
Interest and to provide a certificate to the Trustee in the form attached hereto as Exhibit I; (ii) to obtain the express written consent of the Company prior to any transfer of such Ownership Interest, 

  

 69 

 
which consent may be withheld in the Company’s sole discretion; and (iii) to provide a certificate to the Trustee in the form attached hereto as Exhibit
H. 
  
 (ii) The Trustee shall register the
Transfer of any Residual Certificate only if it shall have received the Transferee Affidavit and Agreement, a certificate of the Holder requesting such transfer in the form attached hereto as Exhibit I and all of such other documents as shall have
been reasonably required by the Trustee as a condition to such registration. 
  
 (iii) (A) If any “disqualified organization” (as defined in Section 860E(e)(5) of the Code) shall become a holder of a Residual Certificate, then the last preceding Permitted Transferee shall be restored, to
the extent permitted by law, to all rights and obligations as Holder thereof retroactive to the date of registration of such Transfer of such Residual Certificate. If any Non-U.S. Person shall become a holder of a Residual Certificate, then the last
preceding holder which is a U.S. Person shall be restored, to the extent permitted by law, to all rights and obligations as Holder thereof retroactive to the date of registration of the Transfer to such Non-U.S. Person of such Residual Certificate.
If a transfer of a Residual Certificate is disregarded pursuant to the provisions of Treasury Regulations Section 1.860E-1 or Section 1.860G-3, then the last preceding Permitted Transferee shall be restored, to the extent permitted by law, to all
rights and obligations as Holder thereof retroactive to the date of registration of such Transfer of such Residual Certificate. Neither the Trust nor the Trustee shall be under any liability to any Person for any registration of Transfer of a
Residual Certificate that is in fact not permitted by this Section 5.01(c) or for making any payments due on such Certificate to the holder thereof or for taking any other action with respect to such holder under the provisions of this Agreement.

  
 (B) If any purported Transferee shall become
a Holder of a Residual Certificate in violation of the restrictions in this Section 5.01(c) and to the extent that the retroactive restoration of the rights of the Holder of such Residual Certificate as described in clause (iii)(A) above shall be
invalid, illegal or unenforceable, then the Company shall have the right, without notice to the Holder or any prior Holder of such Residual Certificate, to sell such Residual Certificate to a purchaser selected by the Company on such terms as the
Company may choose. Such purported Transferee shall promptly endorse and deliver each Residual Certificate in accordance with the instructions of the Company. Such purchaser may be the Company itself or any affiliate of the Company. The proceeds of
such sale, net of the commissions (which may include commissions payable to the Company or its affiliates), expenses and taxes due, if any, shall be remitted by the Company to such purported Transferee. The terms and conditions of any sale under
this clause (iii)(B) shall be determined in the sole discretion of the Company, and the Company shall not be liable to any Person having an Ownership Interest in a Residual Certificate as a result of its exercise of such discretion. 
  

 70 

 (iv) The Company, on behalf of the Trustee, shall make available, upon written request
from the Trustee, all information necessary to compute any tax imposed (A) as a result of the Transfer of an Ownership Interest in a Residual Certificate to any Person who is not a Permitted Transferee, including the information regarding
“excess inclusions” of such Residual Certificates required to be provided to the Internal Revenue Service and certain Persons as described in Treasury Regulation Section 1.860D-1(b)(5), and (B) as a result of any regulated investment
company, real estate investment trust, common trust fund, partnership, trust, estate or organizations described in Section 1381 of the Code having as among its record holders at any time any Person who is not a Permitted Transferee. Reasonable
compensation for providing such information may be required by the Company from such Person. 
  
 (v) The provisions of this Section 5.01 set forth prior to this Section (v) may be modified, added to or eliminated by the Company and the
Trustee, provided that there shall have been delivered to the Trustee the following: 
  
 (A) written notification from each of the Rating Agencies to the effect that the modification, addition to or elimination of such
provisions will not cause such Rating Agency to downgrade its then-current Ratings of the Certificates; and 
  
 (B) an Opinion of Counsel, in form and substance satisfactory to the Company (as evidenced by a certificate of the Company), to the effect
that such modification, addition to or absence of such provisions will not cause REMIC I to cease to qualify as a REMIC and will not create a risk that (1) REMIC I may be subject to an entity-level tax caused by the Transfer of any Residual
Certificate to a Person which is not a Permitted Transferee or (2) a Certificateholder or another Person will be subject to a REMIC-related tax caused by the Transfer of a Residual Certificate to a Person which is not a Permitted Transferee.

  
 (vi) The following legend shall appear on all
Residual Certificates: 
  
 ANY RESALE, TRANSFER OR OTHER
DISPOSITION OF THIS CERTIFICATE MAY BE MADE ONLY IF THE PROPOSED TRANSFEREE PROVIDES A TRANSFER AFFIDAVIT TO THE COMPANY AND THE TRUSTEE THAT (1) SUCH TRANSFEREE IS NOT EITHER (A) THE UNITED STATES, ANY STATE OR POLITICAL SUBDIVISION THEREOF, ANY
FOREIGN GOVERNMENT, ANY INTERNATIONAL ORGANIZATION, OR ANY AGENCY OR INSTRUMENTALITY OF ANY OF THE FOREGOING, (B) ANY ORGANIZATION (OTHER THAN A COOPERATIVE DESCRIBED IN SECTION 521 OF THE CODE) WHICH IS EXEMPT FROM THE TAX IMPOSED BY CHAPTER 1 OF
THE CODE UNLESS SUCH ORGANIZATION IS SUBJECT TO THE TAX IMPOSED BY SECTION 511 OF THE CODE, (C) ANY ORGANIZATION DESCRIBED IN SECTION 1381(a)(2)(C) OF THE CODE (ANY SUCH PERSON DESCRIBED IN THE FOREGOING CLAUSES (A), (B), OR (C) BEING HEREINAFTER
REFERRED TO AS A “DISQUALIFIED ORGANIZATION”), OR (D) AN AGENT OF A DISQUALIFIED ORGANIZATION AND (2) NO PURPOSE OF SUCH TRANSFER IS TO ENABLE THE TRANSFEROR TO IMPEDE THE ASSESSMENT OR 

  

 71 

 
COLLECTION OF TAX. SUCH AFFIDAVIT SHALL INCLUDE CERTAIN REPRESENTATIONS AS TO THE FINANCIAL CONDITION OF THE PROPOSED TRANSFEREE. NOTWITHSTANDING THE
REGISTRATION IN THE CERTIFICATE REGISTER OF ANY TRANSFER, SALE OR OTHER DISPOSITION OF THIS CLASS R CERTIFICATE TO A DISQUALIFIED ORGANIZATION OR AN AGENT OF A DISQUALIFIED ORGANIZATION, SUCH REGISTRATION SHALL BE DEEMED TO BE OF NO LEGAL FORCE OR
EFFECT WHATSOEVER AND SUCH PERSON SHALL NOT BE DEEMED TO BE A CERTIFICATEHOLDER FOR ANY PURPOSE HEREUNDER, INCLUDING, BUT NOT LIMITED TO, THE RECEIPT OF DISTRIBUTIONS ON THIS CERTIFICATE. EACH HOLDER OF THE CLASS R CERTIFICATE BY ACCEPTANCE OF THIS
CERTIFICATE SHALL BE DEEMED TO HAVE CONSENTED TO THE PROVISIONS OF THIS PARAGRAPH. 
  
 (vii) The Tax Matters Person for each of REMIC I, while not a Disqualified Organization, shall be the tax matters person for REMIC I
within the meaning of Section 6231(a)(7) of the Code and Treasury Regulation Section 1.860F-4(d). 
  
 (d) In the case of any Junior Subordinate Certificate presented for registration in the name of any Person, the Trustee shall require (i) an
officer’s certificate substantially in the form of Exhibit L attached hereto acceptable to and in form and substance satisfactory to the Trustee and the Company, which officer’s certificate shall not be an expense of the Trust, the
Trustee, the Master Servicer or the Company, and (ii) only if such officer’s certificate indicates that a Benefit Plan Opinion is delivered in connection therewith, a Benefit Plan Opinion. 
  
 In the case of any Residual Certificate presented for registration in the
name of any Person, the Trustee shall require (i) a Transferee Affidavit and Agreement which includes the representation set forth in paragraph 19 of the form attached hereto as Exhibit I and (ii) only if the representation set forth in such
paragraph 19 indicates that a Benefit Plan Opinion is delivered in connection therewith, a Benefit Plan Opinion. 
  
 (e) No transfer, sale, pledge or other disposition of a Junior Subordinate Certificate shall be made unless such transfer, sale, pledge or other
disposition is made in accordance with this Section 5.01(e) or Section 5.01(f). Each Person who, at any time, acquires any ownership interest in any Junior Subordinate Certificate shall be deemed by the acceptance or acquisition of such ownership
interest to have agreed to be bound by the following provisions of this Section 5.01(e) and Section 5.01(f), as applicable. No transfer of a Junior Subordinate Certificate shall be deemed to be made in accordance with this Section 5.01(e) unless
such transfer is made pursuant to an effective registration statement under the Securities Act or unless the Trustee is provided with the certificates and an Opinion of Counsel, if required, on which the Trustee may conclusively rely, to the effect
that such transfer is exempt from the registration requirements under the Securities Act, as follows: In the event that a transfer is to be made in reliance upon an exemption from the Securities Act, the Trustee shall require, in order to assure
compliance with the Securities Act, that the Certificateholder desiring to effect such transfer certify to the Trustee in writing, in substantially the form attached hereto as Exhibit E, the facts surrounding the transfer, with such modifications to
such Exhibit E as may be appropriate to reflect the actual facts of the proposed transfer, and that the Certificateholder’s proposed transferee certify to the Trustee in writing, in substantially the form attached hereto as Exhibit F, the facts
surrounding 

  

 72 

 
the transfer, with such modifications to such Exhibit F as may be appropriate to reflect the actual facts of the proposed transfer. If such certificate of
the proposed transferee does not contain substantially the substance of Exhibit F, the Trustee shall require an Opinion of Counsel that such transfer may be made without registration, which Opinion of Counsel shall not be obtained at the expense of
the Trustee, the Trust or the Company. Such Opinion of Counsel shall allow for the forwarding, and the Trustee shall forward, a copy thereof to the Rating Agencies. Notwithstanding the foregoing, any Junior Subordinate Certificate may be
transferred, sold, pledged or otherwise disposed of in accordance with the requirements set forth in Section 5.01(f). 
  
 (f) To effectuate a Certificate transfer of a Junior Subordinate Certificate in accordance with this Section 5.01(f), the proposed transferee of such
Certificate must provide the Trustee and the Company with an investment letter substantially in the form of Exhibit J attached hereto, which investment letter shall not be an expense of the Trust, the Trustee or the Company, and which investment
letter states that, among other things, such transferee (i) is a “qualified institutional buyer” as defined under Rule 144A, acting for its own account or the accounts of other “qualified institutional buyers” as defined under
Rule 144A, and (ii) is aware that the proposed transferor intends to rely on the exemption from registration requirements under the Securities Act provided by Rule 144A. Notwithstanding the foregoing, the proposed transferee of such Certificate
shall not be required to provide the Trustee or the Company with Annex 1 or Annex 2 to the form of Exhibit J attached hereto if the Company so consents prior to each such transfer. Such transfers shall be deemed to have complied with the
requirements of this Section 5.01(f). The Holder of a Certificate desiring to effect such transfer does hereby agree to indemnify the Trust, the Trustee, the Company, and the Certificate Registrar against any liability that may result if transfer is
not made in accordance with this Agreement. 
  
 (g) (1) In the
case of any ERISA Restricted Certificate presented for registration in the name of any Person, the prospective transferee shall be required to provide the Trustee and the Company (A) an officer’s certificate substantially in the form of Exhibit
M attached hereto acceptable to and in form and substance satisfactory to the Trustee and the Company, which officer’s certificate shall not be an expense of the Trust, the Trustee, the Delaware Trustee, the Master Servicer or the Company, and
(B) only if such officer’s certificate indicates that a Benefit Plan Opinion is delivered in connection therewith, a Benefit Plan Opinion. 
  
 (2) Notwithstanding the foregoing, a certification (and, if applicable, a Benefit Plan Opinion) as described in Section 5.01(g)(1) above
will not be required with respect to the transfer of any ERISA Restricted Certificate to a Clearing Agency, or for any subsequent transfer of any interest in a ERISA Restricted Certificate for so long as such Certificate is a Book-Entry Certificate
(each such ERISA Restricted Certificate, a “Book-Entry ERISA Restricted Certificate”). Any transferee of a Book-Entry ERISA Restricted Certificate will be deemed to have represented, by virtue of its acquisition or holding of such
Certificate (or interest therein), that either (i) such transferee is not an employee benefit or other plan subject to the prohibited transaction provisions of ERISA or Section 4975 of the Code, or any person (including an investment manager, a
named fiduciary or a trustee of any such plan) acting, directly or indirectly, on behalf of or purchasing such Certificate with “plan assets” of any such plan (a “Plan Investor”), (ii) such transferee is an insurance
company, the source of funds to be used by it to acquire or hold such 

  

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Certificate is an “insurance company general account” (within the meaning of Department of Labor Prohibited Transaction Class Exemption
(“PTCE”) 95-60), and the conditions in Sections I and III of PTCE 95-60 have been satisfied (each entity that satisfies this clause (ii), a “Complying Insurance Company”) or (iii) such Certificate was rated
“BBB-” or better (or its equivalent) by at least one of the Rating Agencies at the time of such transferee’s acquisition of such Certificate (or interest therein). 
  
 (3) If any Book-Entry ERISA Restricted Certificate (or any interest therein) is acquired or held in
violation of the provisions of Section 5.01(g)(2) above, then the last preceding transferee that either (i) is not a Plan Investor, (ii) is a Complying Insurance Company or (iii) acquired such Certificate at a time when such Certificate was rated
“BBB-” or better (or its equivalent) by at least one of the Rating Agencies shall be restored, to the extent permitted by law, to all rights and obligations as Beneficial Holder thereof retroactive to the date of transfer of such
Certificate by such preceding transferee. Neither the Trust nor the Trustee shall be under any liability to any Person for making any payments due on such Certificate to such preceding transferee. 
  
 (4) Any purported Beneficial Holder whose acquisition or
holding of any Book-Entry ERISA Restricted Certificate (or interest therein) was effected in violation of the restrictions in this Section 5.01(g) shall indemnify and hold harmless the Company, the Trustee, the Delaware Trustee, the Master Servicer,
the Trust and the Underwriter from and against any and all liabilities, claims, costs or expenses incurred by such parties as a result of such acquisition or holding. 
  
 Section 5.02. Certificates Issuable in Classes; Distributions of Principal and Interest; Authorized Denominations.
The aggregate principal amount of the Certificates that may be authenticated and delivered under this Agreement is limited to the aggregate Principal Balance of the Mortgage Loans as of the Cut-Off Date, as specified in the Preliminary Statement to
this Agreement, except for Certificates authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Certificates pursuant to Section 5.03. Such aggregate principal amount shall be allocated among one or
more Classes having designations, types of interests, initial per annum Certificate Interest Rates, initial Class Principal Balances and Final Maturity Dates as specified in the Preliminary Statement to this Agreement. The aggregate Percentage
Interest of each Class of Certificates of which the Class Principal Balance equals zero as of the Cut-Off Date that may be authenticated and delivered under this Agreement is limited to 100%. Certificates shall be issued in Authorized Denominations.

  
 Section 5.03. Registration of Transfer and Exchange of
Certificates. The Trustee shall cause to be maintained at one of its offices or at its designated agent, a Certificate Register in which there shall be recorded the name and address of each Certificateholder. Subject to such reasonable rules and
regulations as the Trustee may prescribe, the Certificate Register shall be amended from time to time by the Trustee or its agent to reflect notice of any changes received by the Trustee or its agent pursuant to Section 10.06. The Trustee hereby
appoints itself as the initial Certificate Registrar. 
  
 Upon
surrender for registration of transfer of any Certificate to the Trustee at the office of the Trustee’s agent at DTC Transfer Agent Services, 55 Water Street, Jeanette Park Entrance, 

  

 74 

 
New York, New York 10041, or at DB Services Tennessee, Inc., 648 Grassmere Park Road, Nashville, TN 37211, Attention: Transfer Department, or such other
address or agency as may hereafter be provided to the Master Servicer in writing by the Trustee, the Trustee shall execute, and the Trustee or any Authenticating Agent shall authenticate and deliver, in the name of the designated transferee or
transferees, one or more new Certificates of Authorized Denominations. At the option of the Certificateholders, Certificates may be exchanged for other Certificates in Authorized Denominations of like Certificate Principal Balance or Percentage
Interest, as applicable, upon surrender of the Certificates to be exchanged at any such office or agency. Whenever any Certificates are so surrendered for exchange, the Trustee on behalf of the Trust shall execute, and the Trustee, or any
Authenticating Agent, shall authenticate and deliver, the Certificates which the Certificateholder making the exchange is entitled to receive. Every Certificate presented or surrendered for transfer shall (if so required by the Trustee or any
Authenticating Agent) be duly endorsed by, or be accompanied by a written instrument of transfer in form satisfactory to the Trustee or any Authenticating Agent and duly executed by, the Holder thereof or such Holder’s attorney duly authorized
in writing. 
  
 A reasonable service charge may be made for any
such exchange or transfer of Certificates, and the Trustee may require payment of a sum sufficient to cover any tax or governmental charge that may be imposed in connection with any exchange or transfer of Certificates. 
  
 All Certificates surrendered for exchange or transfer shall be cancelled by
the Trustee or any Authenticating Agent. 
  
 Section 5.04.
Mutilated, Destroyed, Lost or Stolen Certificates. If (i) any mutilated Certificate is surrendered to the Trustee or any Authenticating Agent, or (ii) the Trustee or any Authenticating Agent receives evidence to their satisfaction of the
destruction, loss or theft of any Certificate, and there is delivered to the Trustee or any Authenticating Agent such security or indemnity as may be required by them to save each of them and the Trust harmless, then, in the absence of notice to the
Trustee or any Authenticating Agent that such Certificate has been acquired by a protected purchaser, the Trustee shall execute and the Trustee or any Authenticating Agent shall authenticate and deliver, in exchange for or in lieu of any such
mutilated, destroyed, lost or stolen Certificate, a new Certificate of like Certificate Principal Balance or Percentage Interest as applicable. Upon the issuance of any new Certificate under this Section 5.04, the Trustee or any Authenticating Agent
may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee or any Authenticating Agent) connected
therewith. Any replacement Certificate issued pursuant to this Section 5.04 shall constitute complete and indefeasible evidence of ownership in REMIC I (or with respect to the Class R Certificates, the residual ownership interests in REMIC I) as if
originally issued, whether or not the lost or stolen Certificate shall be found at any time. 
  
 Section 5.05. Persons Deemed Owners. The Company, the Master Servicer, the Trust, the Trustee, the Delaware Trustee and any agent of any of them may treat the Person in whose name any Certificate is registered
as the owner of such Certificate for the purpose of receiving distributions pursuant to Section 4.01 and for all other purposes whatsoever, and neither the Company, the Master Servicer, the Trust, the Trustee, the Delaware Trustee, the Certificate

  

 75 

 
Registrar nor any agent of the Company, the Master Servicer, the Trust, the Trustee or the Delaware Trustee shall be affected by notice to the contrary.

  
 Section 5.06. Temporary Certificates. Upon the initial
issuance of the Certificates, the Trustee on behalf of the Trust may execute, and the Trustee or any Authenticating Agent shall authenticate and deliver, temporary Certificates which are printed, lithographed, typewritten or otherwise produced, in
any Authorized Denomination, of the tenor of the definitive Certificates in lieu of which they are issued and with such variations in form from the forms of the Certificates set forth as Exhibits A, B and H hereto as the Trustee’s officers
executing such Certificates may determine, as evidenced by their execution of the Certificates. Notwithstanding the foregoing, the Certificates may remain in the form of temporary Certificates. 
  
 If temporary Certificates are issued, the Trustee shall cause definitive
Certificates to be prepared within ten Business Days after the Closing Date or as soon as practicable thereafter. After preparation of definitive Certificates, the temporary Certificates shall be exchangeable for definitive Certificates upon
surrender of the temporary Certificates at the office or agency of the Trustee to be maintained as provided in Section 5.10 hereof, without charge to the holder. Any tax or governmental charge that may be imposed in connection with any such exchange
shall be borne by the Master Servicer. Upon surrender for cancellation of any one or more temporary Certificates, the Trustee on behalf of the Trust shall execute and the Trustee or any Authenticating Agent shall authenticate and deliver in exchange
therefor a like principal amount of definitive Certificates of Authorized Denominations. Until so exchanged, the temporary Certificates shall in all respects be entitled to the same benefits under this Agreement as definitive Certificates.

  
 Section 5.07. Book-Entry for Book-Entry Certificates.
Notwithstanding the foregoing, the Book-Entry Certificates, upon original issuance, shall be issued in the form of one or more typewritten Certificates of Authorized Denomination representing the Book-Entry Certificates, to be delivered to DTC, the
initial Clearing Agency, by, or on behalf of, the Company. The Book-Entry Certificates shall initially be registered on the Certificate Register in the name of Cede & Co., the nominee of DTC, as the initial Clearing Agency, and no Beneficial
Holder shall receive a definitive certificate representing such Beneficial Holder’s interest in any Class of Book-Entry Certificate, except as provided above and in Section 5.09. Each Book-Entry Certificate shall bear the following legend:

  
 Unless this Certificate is presented by an authorized
representative of The Depository Trust Company, a New York corporation (“DTC”), to the Company or its agent for registration of transfer, exchange, or payment, and any Certificate issued is registered in the name of Cede & Co.
or such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein. 
  
 Unless and until definitive, fully registered Book-Entry Certificates (the “Definitive Certificates”) have been issued to the Beneficial Holders pursuant
to Section 5.09: 
  
 (a) the provisions of this
Section 5.07 shall be in full force and effect with respect to the Book-Entry Certificates; 
  

 76 

 (b) the Master Servicer and the Trustee may deal with the Clearing Agency for all
purposes with respect to the Book-Entry Certificates (including the making of distributions on the Book-Entry Certificates) as the sole Certificateholder; 
  
 (c) to the extent that the provisions of this Section 5.07 conflict with any other provisions of this Agreement, the provisions of this
Section 5.07 shall control; and 
  
 (d) the
rights of the Beneficial Holders shall be exercised only through the Clearing Agency and the DTC Participants and shall be limited to those established by law and agreements between such Beneficial Holders and the Clearing Agency and/or the DTC
Participants. Pursuant to the Depositary Agreement, unless and until Definitive Certificates are issued pursuant to Section 5.09, the initial Clearing Agency will make book-entry transfers among the DTC Participants and receive and transmit
distributions of principal and interest on the related Class of Book-Entry Certificates to such DTC Participants. 
  
 For purposes of any provision of this Agreement requiring or permitting actions with the consent of, or at the direction of, Holders of Book-Entry
Certificates evidencing a specified Percentage Interest, such direction or consent may be given by the Clearing Agency at the direction of Beneficial Holders owning Book-Entry Certificates evidencing the requisite Percentage Interest represented by
the Book-Entry Certificates. The Clearing Agency may take conflicting actions with respect to the Book-Entry Certificates to the extent that such actions are taken on behalf of the Beneficial Holders. 
  
 Section 5.08. Notices to Clearing Agency. Whenever notice or other
communication to the Certificateholders is required under this Agreement, unless and until Definitive Certificates shall have been issued to the related Certificateholders pursuant to Section 5.09, the Trustee shall give all such notices and
communications specified herein to be given to Holders of the Book-Entry Certificates to the Clearing Agency which shall give such notices and communications to the related DTC Participants in accordance with its applicable rules, regulations and
procedures. 
  
 Section 5.09. Definitive Certificates. If
(a) the Clearing Agency or the Master Servicer notifies the Trustee in writing that the Clearing Agency is no longer willing or able to discharge properly its responsibilities under the Depositary Agreement with respect to the Book-Entry
Certificates and the Trustee or the Master Servicer is unable to locate a qualified successor, (b) the Master Servicer, with the consent of the applicable DTC Participants, advises the Trustee in writing that it elects to terminate the book-entry
system with respect to the Book-Entry Certificates through the Clearing Agency or (c) after the occurrence of an Event of Default, Certificateholders holding Book-Entry Certificates evidencing Percentage Interests aggregating not less than 66 2/3% of the aggregate Class Principal Balance of such Certificates advise the Trustee and the Clearing Agency through
DTC Participants in writing that the continuation of a book-entry system with respect to the Book-Entry Certificates through the Clearing Agency is no longer in the best interests of the Certificateholders with respect to such Certificates, the
Trustee shall notify all Certificateholders of Book-Entry Certificates of the occurrence of any such event 

  

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and of the availability of Definitive Certificates. Upon surrender to the Trustee of the Book-Entry Certificates by the Clearing Agency, accompanied by
registration instructions from the Clearing Agency for registration, the Trustee on behalf of the Trust shall execute and the Trustee or any Authenticating Agent shall authenticate and deliver the Definitive Certificates. Neither the Company, the
Master Servicer, the Trust nor the Trustee shall be liable for any delay in delivery of such instructions and may conclusively rely on, and shall be protected in relying on, such instructions. Upon the issuance of Definitive Certificates for all of
the Certificates all references herein to obligations imposed upon or to be performed by the Clearing Agency shall be deemed to be imposed upon and performed by the Trustee, to the extent applicable with respect to such Definitive Certificates, and
the Trustee shall recognize the Holders of Definitive Certificates as Certificateholders hereunder. 
  
 Section 5.10. Office for Transfer of Certificates. The Trustee shall maintain in New York, New York an office or agency where Certificates may be
surrendered for registration of transfer or exchange. The office of the Trustee’s agent at DTC Transfer Agent Services, 55 Water Street, Jeanette Park Entrance, New York, New York 10041, is initially designated for said purposes. 
  
 Section 5.11. Nature of Certificates. The Certificates shall be
personal property giving only the rights specifically set forth therein and in this Agreement. The Certificates shall have no preemptive or similar rights and when issued and delivered to the Holders against payment of the purchase price therefor
will be fully paid and nonassessable by the Trust. The Holders of the Certificates, in their capacities as such, shall be entitled to the same limitation of personal liability extended to stockholders of private corporations for profit organized
under the General Corporation Law of the State of Delaware. THE RECEIPT AND ACCEPTANCE OF A CERTIFICATE OR ANY INTEREST THEREIN BY OR ON BEHALF OF A HOLDER OR ANY BENEFICIAL OWNER, WITHOUT ANY SIGNATURE OR FURTHER MANIFESTATION OF ASSENT, SHALL
CONSTITUTE THE UNCONDITIONAL ACCEPTANCE BY THE HOLDER AND ALL OTHERS HAVING A BENEFICIAL INTEREST IN SUCH CERTIFICATE OF ALL THE TERMS AND PROVISIONS OF THIS AGREEMENT, AND SHALL CONSTITUTE THE AGREEMENT OF THE TRUST, SUCH HOLDER AND SUCH OTHERS
THAT THE TERMS AND PROVISIONS OF THIS AGREEMENT SHALL BE BINDING, OPERATIVE AND EFFECTIVE AS BETWEEN THE TRUST AND SUCH HOLDER AND SUCH OTHERS. 
  
 ARTICLE VI 
  
 The Company and the Master Servicer 
  
 Section 6.01. Liability of the Company and the Master Servicer. The Company and the Master Servicer shall be liable in accordance herewith only to the extent of the obligations specifically imposed upon and
undertaken by the Company or the Master Servicer, as applicable, herein. 
  
 Section 6.02. Merger or Consolidation of the Company, or the Master Servicer. Any Corporation into which the Company or the Master Servicer may be merged or consolidated, or any Corporation resulting from any
merger, conversion or consolidation to which the Company 

  

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or the Master Servicer shall be a party, or any Corporation succeeding to the business of the Company or the Master Servicer, shall be the successor of the
Company or the Master Servicer hereunder, without the execution or filing of any paper or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding. 
  
 Section 6.03. Limitation on Liability of the Company, the Master Servicer
and Others. Neither the Company nor the Master Servicer nor any of the directors, officers, employees or agents of the Company or the Master Servicer shall be under any liability to the Trust or the Certificateholders for any action taken by
such Person or by a Subservicer or for such Person’s or Subservicer’s refraining from the taking of any action in good faith pursuant to this Agreement, or for errors in judgment; provided, however, that this provision shall not protect
the Company, the Master Servicer or any such Person against any liability which would otherwise be imposed by reason of willful misfeasance, bad faith or gross negligence in the performance of duties or by reason of reckless disregard of duties and
obligations hereunder. The Company, the Master Servicer and any director, officer, employee or agent of the Company or the Master Servicer may rely in good faith on any document of any kind properly executed and submitted by any Person respecting
any matters arising hereunder. The Company, the Master Servicer and any director, officer, employee or agent of the Company or the Master Servicer shall be indemnified by the Trust and held harmless against any loss, liability or expense incurred in
connection with any legal action relating to this Agreement or the Certificates, other than any loss, liability or expense relating to any Mortgage Loan (other than as otherwise permitted in this Agreement) or incurred by reason of willful
misfeasance, bad faith or gross negligence in the performance of duties hereunder or by reason of reckless disregard of obligations and duties hereunder. The Company and the Master Servicer shall not be under any obligation to appear in, prosecute
or defend any legal action which is not incidental to its duties to service the Mortgage Loans in accordance with this Agreement and which in its opinion may involve it in any expense or liability; provided, however, that the Company or the Master
Servicer may in its discretion undertake any such action which it may deem necessary or desirable with respect to the Mortgage Loans, this Agreement, the Certificates or the rights and duties of the parties hereto and the interests of the
Certificateholders hereunder. In such event, the legal expenses and costs of such action and any liability resulting therefrom shall be expenses, costs and liabilities of the Trust and the Company and the Master Servicer shall be entitled to be
reimbursed therefor out of the Distribution Account, as provided by Section 3.05. 
  
 Section 6.04. The Company and the Master Servicer not to Resign. The Company shall not resign from the obligations and duties hereby imposed on it except upon determination that its duties hereunder are no
longer permissible under applicable law. The Master Servicer and any successor thereto shall not resign from the obligations and duties hereby imposed on it except upon determination that its duties hereunder are no longer permissible under
applicable law. Any such determination permitting the resignation of the Company or any Master Servicer shall be evidenced by an Opinion of Counsel to such effect delivered to the Trustee. No such resignation shall become effective until the Trustee
or a Master Servicer shall have assumed the Master Servicer’s responsibilities and obligations in accordance with Section 7.02 hereof. 
  
 The Master Servicer shall give prompt written notice to the Company of any information received by the Master Servicer that affects or relates to an
ongoing obligation or right of the Company under this Agreement. 
  

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 Section 6.05. Trustee Access. The Master Servicer shall afford the Company and the Trustee, upon
reasonable notice, during normal business hours access to all records maintained by the Master Servicer, in respect of the Mortgage Loans and in respect of its rights and obligations hereunder and access to such of its officers as are responsible
for such obligations. Upon reasonable request, the Master Servicer, shall furnish the Company and the Trustee with its most recent financial statements and such other information as it possesses, and which it is not prohibited by law or, to the
extent applicable, binding obligations to third parties with respect to confidentiality from disclosing, regarding its business, affairs, property and condition, financial or otherwise. 
  
 ARTICLE VII 
  
 Default 
  
 Section 7.01. Events of Default. (a) In case one or more of the following Events of Default by the Master Servicer or by a successor Master
Servicer shall occur and be continuing, that is to say: 
  
 (i) Any failure by the Master Servicer to deposit into the Distribution Account any payment required to be deposited therein by the Master Servicer under the terms of this Agreement which continues unremedied for a
period of five Business Days after the date upon which written notice of such failure, requiring the same to be remedied, shall have been given to the Master Servicer by the Trustee or to the Master Servicer and the Trustee by the Holders of
Certificates evidencing Percentage Interests aggregating not less than 25% of REMIC I; or 
  
 (ii) Failure on the part of the Master Servicer duly to observe or perform in any material respect any other of the covenants or
agreements on the part of the Master Servicer contained in the Certificates or in this Agreement which continues unremedied for a period of 60 days after the date on which written notice of such failure, requiring the same to be remedied, shall have
been given to the Master Servicer by the Trustee, or to the Master Servicer and the Trustee by the Holders of Certificates evidencing Percentage Interests aggregating not less than 25% of REMIC I; or 
  
 (iii) A decree or order of a court or agency or supervisory
authority having jurisdiction in the premises for the appointment of a trustee in bankruptcy, conservator or receiver or liquidator in any bankruptcy, insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or
for the winding-up or liquidation of its affairs, shall have been entered against the Master Servicer and such decree or order shall have remained in force undischarged or unstayed for a period of 60 days; or 
  
 (iv) The Master Servicer shall consent to the appointment of
a trustee in bankruptcy, conservator or receiver or liquidator in any bankruptcy, insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to the Master Servicer or of or relating to all or
substantially all of its property; or 
  

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 (v) The Master Servicer shall admit in writing its inability to pay its debts generally
as they become due, file a petition to take advantage of any applicable bankruptcy, insolvency or reorganization statute, make an assignment for the benefit of its creditors, or voluntarily suspend payment of its obligations; or 
  
 (vi) Any failure of the Master Servicer to make any Monthly
P&I Advance (other than a Nonrecoverable Advance) which continues unremedied at the opening of business on the Distribution Date in respect of which such Monthly P&I Advance was to have been made; 
  
 then, and in each and every such case, so long as an Event of Default shall not have been
remedied, either the Trustee or the Holders of Certificates evidencing Percentage Interests aggregating not less than 25% of REMIC I, by notice in writing to the Company and the Master Servicer (and to the Trustee if given by the Certificateholders,
in which case such notice shall set forth evidence reasonably satisfactory to the Trustee that such Event of Default has occurred and shall not have been remedied) may terminate all of the rights (other than its right to reimbursement for advances)
and obligations of the Master Servicer, including its right to the Master Servicing Fee, under this Agreement and in and to the Mortgage Loans and the proceeds thereof, if any. Such determination shall be final and binding. On or after the receipt
by the Master Servicer of such written notice, all authority and power of the Master Servicer under this Agreement, whether with respect to the Certificates or the Mortgage Loans or otherwise, shall pass to and be vested in the Trustee pursuant to
and under this Section 7.01; and, without limitation, the Trustee is hereby authorized and empowered to execute and deliver, on behalf of the Master Servicer, as attorney-in-fact or otherwise, any and all documents and other instruments, and to do
or accomplish all other acts or things necessary or appropriate to effect the purposes of such notice of termination, whether to complete the transfer and endorsement or assignment of the Mortgage Loans and related documents, or otherwise. The
Master Servicer agrees to cooperate with the Trustee in effecting the termination of the Master Servicer’s responsibilities and rights hereunder, including, without limitation, the transfer to the Trustee for administration by it of all cash
amounts which shall at the time be credited by the Master Servicer to the Distribution Account or thereafter be received with respect to the Mortgage Loans. 
  
 Notwithstanding the foregoing, if an Event of Default described in clause (vi) of this Section 7.01(a) shall occur, the Trustee shall, by notice in
writing to the Master Servicer, which may be delivered by telecopy, immediately suspend all of the rights and obligations of the Master Servicer thereafter arising under this Agreement, but without prejudice to any rights it may have as a
Certificateholder or to reimbursement of Monthly P&I Advances and other advances of its own funds, and the Trustee shall act as provided in Section 7.02 to carry out the duties of the Master Servicer, including the obligation to make any Monthly
P&I Advance the nonpayment of which was an Event of Default described in clause (vi) of this Section 7.01(a). Any such action taken by the Trustee must be prior to the distribution on the relevant Distribution Date. If the Master Servicer shall
within two Business Days following such suspension remit to the Trustee the amount of any Monthly P&I Advance the nonpayment of which by the Master Servicer was an Event of Default described in clause (vi) of this Section 7.01(a), the Trustee,
subject to the last sentence of this paragraph, shall permit the Master Servicer to resume its rights and obligations as Master Servicer hereunder. The Master 

  

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Servicer agrees that it will reimburse the Trustee for actual, necessary and reasonable costs incurred by the Trustee because of action taken pursuant to
clause (vi) of this Section 7.01(a). The Master Servicer agrees that if an Event of Default as described in clause (vi) of this Section 7.01(a) shall occur more than two times in any twelve month period, the Trustee shall be under no obligation to
permit the Master Servicer to resume its rights and obligations as Master Servicer hereunder. 
  
 (b) In case one or more of the following Events of Default by the Company shall occur and be continuing, that is to say: 
  
 (i) Failure on the part of the Company duly to observe or perform in any material respect any of the covenants or agreements on the part
of the Company contained in the Certificates or in this Agreement which continues unremedied for a period of 60 days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Company by
the Trustee, or to the Company and the Trustee by the Holders of Certificates evidencing Percentage Interests aggregating not less than 25% of REMIC I; or 
  
 (ii) A decree or order of a court or agency or supervisory authority having jurisdiction in the premises for the appointment of a trustee
in bankruptcy, conservator or receiver or liquidator in any bankruptcy, insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered
against the Company and such decree or order shall have remained in force undischarged or unstayed for a period of 60 days; or 
  
 (iii) The Company shall consent to the appointment of a trustee in bankruptcy, conservator or receiver or liquidator in any bankruptcy,
insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to the Company or of or relating to all or substantially all of its property; or 
  
 (iv) The Company shall admit in writing its inability to pay
its debts generally as they become due, file a petition to take advantage of any applicable bankruptcy, insolvency or reorganization statute, make an assignment for the benefit of creditors, or voluntarily suspend payment of its obligations;

  
 then, and in each and every such case, so long as such Event of Default shall
not have been remedied, the Holders of Certificates evidencing Percentage Interests aggregating not less than 25% of REMIC I, by notice in writing to the Company and the Trustee, may direct the Trustee in accordance with Section 10.03 to institute
an action, suit or proceeding in its own name as Trustee hereunder to enforce the Company’s obligations hereunder. 
  
 (c) In any circumstances in which this Agreement states that Certificateholders owning Certificates evidencing a certain Percentage Interest in REMIC I
may take certain action, such action shall be taken by the Trustee, but only if the requisite percentage of Certificateholders required under this Agreement for taking like action or giving like instruction to the Trustee under this Agreement shall
have so directed the Trustee in writing. 
  

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 Section 7.02. Trustee to Act; Appointment of Successor. 
  
 (a) On and after the date on which the Master Servicer receives a notice of
termination pursuant to Section 7.01 or the Master Servicer resigns pursuant to Section 6.04, the Trustee shall be the successor in all respects to the Master Servicer under this Agreement and under the subservicing agreements with respect to the
Mortgage Loans in the Mortgage Pool and with respect to the transactions set forth or provided for herein and shall have all the rights and powers and be subject to all the responsibilities, duties and liabilities relating thereto arising on or
after such date of termination or resignation placed on the Master Servicer by the terms and provisions hereof and thereof, and shall have the same limitations on liability herein granted to the Master Servicer; provided, that the Trustee
shall not under any circumstances be responsible for any representations and warranties or any Purchase Obligation of the Company or any liability incurred by the Master Servicer prior to such date of termination or resignation and the Trustee shall
not be obligated to make a Monthly P&I Advance if it is prohibited by law from so doing. As compensation therefor, the Trustee shall be entitled to all funds relating to the Mortgage Loans which the Master Servicer would have been entitled to
retain or to withdraw from the Distribution Account if the Master Servicer had continued to act hereunder, except for those amounts due to the Master Servicer as reimbursement for advances previously made or amounts previously expended and are
otherwise reimbursable hereunder. Notwithstanding the above, the Trustee may, if it shall be unwilling to so act, or shall if it is unable to so act, appoint, or petition a court of competent jurisdiction to appoint, any established housing and home
finance institution having a net worth of not less than $10,000,000 as the successor to the Master Servicer hereunder in the assumption of all or any part of the responsibilities, duties or liabilities of the Master Servicer hereunder. Pending any
such appointment, the Trustee is obligated to act in such capacity. In connection with such appointment and assumption, the Trustee may make such arrangements for the compensation of such successor out of payments on Mortgage Loans as it and such
successor shall agree; provided, however, that no such compensation shall, together with the compensation to the Trustee, be in excess of that permitted the Master Servicer hereunder. The Trustee and such successor shall take such actions,
consistent with this Agreement, as shall be necessary to effectuate any such succession. 
  
 (b) In connection with any termination or resignation of the Master Servicer hereunder, in the event that any of the Mortgage Loans are MERS Loans, either (i) the successor Master Servicer (including the Trustee if
the Trustee is acting as successor Master Servicer) shall represent and warrant that it is a member of MERS in good standing and shall agree to comply in all material respects with the rules and procedures of MERS in connection with the servicing of
the MERS Loans, in which case the predecessor Master Servicer shall cooperate with the successor Master Servicer in registering the transfer of servicing of the MERS Loans to the successor Master Servicer on the MERS® System in accordance with MERS’ rules and procedures, or (ii) if the
successor Master Servicer is not a member of MERS, the predecessor Master Servicer shall cooperate with the successor Master Servicer in (A) de-registering the MERS Loans from the MERS® System and (B) causing MERS to execute and deliver an assignment from MERS to the Trust
of the Mortgage securing each MERS Loan in recordable form and in the form otherwise provided under clause (X)(iii) of the definition of “Mortgage File” herein and to execute and deliver such other notices, documents and other instruments
as may be necessary or desirable to effect such de-registration and assignment. The predecessor 

  

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Master Servicer shall bear any and all fees of MERS and all fees and costs of preparing and recording any assignments of Mortgages as required under this
Section 7.02(b). 
  
 Section 7.03. Notification to
Certificateholders. Upon any such termination or appointment of a successor to the Master Servicer, the Trustee shall give prompt written notice thereof to the Certificateholders at their respective addresses appearing in the Certificate
Register. 
  
 ARTICLE VIII 
  
 Concerning the Trustees 
  
 Section 8.01. Duties of Trustees. 
  
 (a) The Trustee, prior to the occurrence of an Event of Default and after the
curing of all Events of Default which may have occurred, undertakes to perform such duties and only such duties as are specifically set forth in this Agreement. In case an Event of Default has occurred (which has not been cured or waived) the
Trustee shall exercise such of the rights and powers vested in it by this Agreement, and use the same degree of care and skill in its exercise as a prudent person would exercise or use under the circumstances in the conduct of such person’s own
affairs. 
  
 (b) The Trustee, upon receipt of all resolutions,
certificates, statements, opinions, reports, documents, orders or other instruments furnished to it which are specifically required to be furnished pursuant to any provision of this Agreement, shall examine them to determine whether they are in the
form required by this Agreement; provided, however, that the Trustee shall not be responsible for the accuracy or content of any such certificate, statement, opinion, report, or other order or instrument furnished by the Company or Master Servicer
to the Trustee pursuant to this Agreement. 
  
 (c) No provision of
this Agreement shall be construed to relieve the Trustee or the Delaware Trustee from liability for its own negligent action, its own negligent failure to act or its own willful misconduct; provided, however, that: 
  
 (i) Prior to the occurrence of an Event of Default and after
the curing of all such Events of Default which may have occurred, the duties and obligations of the Trustee shall be determined solely by the express provisions of this Agreement, 
  
 (ii) Neither the Trustee nor the Delaware Trustee shall be liable except for the performance of such duties
and obligations as are specifically set forth in this Agreement, no implied covenants or obligations shall be read into this Agreement against the Trustee or the Delaware Trustee, and, in the absence of bad faith on the part of the Trustee or the
Delaware Trustee, such trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon any certificates or opinions furnished to such trustee and conforming to the requirements of this
Agreement; and 
  
 (iii) Neither the Trustee nor
the Delaware Trustee shall be personally liable with respect to any action taken or omitted to be taken by it in good faith in accordance 

  

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with the direction of the Certificateholders holding Certificates which evidence Percentage Interests aggregating not less than 25% of REMIC I relating to
the time, method and place of conducting any proceeding for any remedy available to such trustee, or relating to the exercise of any trust or power conferred upon such trustee under this Agreement. 
  
 (d) Within ten Business Days after the occurrence of any Event of Default
known to the Trustee, the Trustee shall transmit by mail to the Rating Agencies notice of each Event of Default. Within 90 days after the occurrence of any Event of Default known to the Trustee, the Trustee shall transmit by mail to all
Certificateholders (with a copy to the Rating Agencies) notice of each Event of Default, unless such Event of Default shall have been cured or waived; provided, however, the Trustee shall be protected in withholding such notice if and so long as a
Responsible Officer of the Trustee in good faith determines that the withholding of such notice is in the best interests of the Certificateholders; and provided, further, that in the case of any Event of Default of the character specified in Section
7.01(i) and Section 7.01(ii) no such notice to Certificateholders or to the Rating Agencies shall be given until at least 30 days after the occurrence thereof. 
  

(e) The immediately following sentence shall constitute the Trustee’s notice required by the U.S. Patriot Act. In order to comply with its duties
under the U.S. Patriot Act, the Trustee shall obtain and verify certain information and documentation from the other parties to this Agreement including, but not limited to, each such party’s name, address, and other identifying information.

  
 Section 8.02. Certain Matters Affecting the Trustees.
Except as otherwise provided in Section 8.01: 
  
 (i) Each of the Trustee and the Delaware Trustee may request and rely upon and shall be protected in acting or refraining from acting upon any resolution, Officer’s Certificate, certificate of auditors or any other certificate,
statement, instrument, opinion, report, notice, request, consent, order, approval, bond or other paper or document believed by it to be genuine and to have been signed or presented by the proper party or parties; 
  
 (ii) Each of the Trustee and the Delaware Trustee may
consult with counsel and any Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken or suffered or omitted by it hereunder in good faith and in accordance with such Opinion of Counsel; 

 
 (iii) Neither the Trustee nor the Delaware Trustee shall
be personally liable for any action taken or omitted by it in good faith and reasonably believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Agreement; 
  
 (iv) Prior to the occurrence of an Event of Default
hereunder and after the curing of all Events of Default which may have occurred, neither the Trustee nor the Delaware Trustee shall be bound to make any investigation into the facts or matters stated 

  

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in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, bond or other paper or document, unless
requested in writing to do so by the Holders of Certificates evidencing Percentage Interests aggregating not less than 25% of REMIC I; provided, however, that if the payment within a reasonable time to the Trustee or the Delaware Trustee of the
costs, expenses or liabilities likely to be incurred by it in the making of such investigation is, in the opinion of such trustee, not reasonably assured to such trustee by the security, if any, afforded to it by the terms of this Agreement, such
trustee may require reasonable indemnity against such expense or liability as a condition to proceeding; 
  
 (v) Each of the Trustee and the Delaware Trustee may execute the trust or any of the powers hereunder or perform any duties hereunder
either directly or by or through agents or attorneys selected by it with reasonable care; 
  
 (vi) Neither the Trustee nor the Delaware Trustee shall be deemed to have knowledge or notice of any matter, including without limitation
an Event of Default, unless actually known by a Responsible Officer, or unless written notice thereof referencing this Agreement or the Certificates is received at the Notice Address of such trustee; 
  
 (vii) In no event shall the Trustee or the Delaware Trustee
be held liable for acts or omissions of the Master Servicer (excepting the Trustee’s own actions as Master Servicer). No provision of this Agreement shall require the Trustee or the Delaware Trustee to expend or risk its own funds or otherwise
incur any financial liability in the performance of any of its duties hereunder (except for the giving of required notices), or in the exercise of any of its rights or powers, if it shall have reasonable grounds for believing the repayment of such
funds or adequate indemnity against such risk or liability is not reasonably assured to it; and 
  
 (viii) When the Trustee is acting as Master Servicer pursuant to Section 7.02, and to the extent permitted under applicable law, the
Trustee is hereby authorized, in making or disposing of any investment permitted hereunder, to deal with itself (in its individual capacity) or with any one or more of its affiliates, whether it or its affiliate is acting as an agent of the Trustee
or of any third person or dealing as principal for its own account. 
  
 Section 8.03. Trustees Not Liable for Certificates or Mortgage Loans. The recitals contained herein (other than those relating to the due organization, power and authority of the Trustee and the Delaware Trustee) and in the
Certificates (other than the execution of, and certificate of authentication on, the Certificates) shall be taken as the statements of the Company and neither the Trustee nor the Delaware Trustee assumes any responsibility for their correctness.
Neither the Trustee nor the Delaware Trustee makes any representations as to the validity or sufficiency of this Agreement or of the Certificates or any Mortgage Loan. Neither the Trustee nor the Delaware Trustee shall be accountable for the use or
application by the Company of any of the Certificates or of the proceeds of such Certificates, or for the use or application of any funds paid to the Master Servicer, the Subservicers or the Company in respect of the Mortgage Loans or deposited into
the Custodial Accounts for P&I, any Buydown Fund Account, 

  

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or the Custodial Accounts for P&I by any Subservicer or into the Investment Account, or the Distribution Account by the Master Servicer or the Company.

  
 Section 8.04. Trustees May Own Certificates. The
Trustee, the Delaware Trustee or any agent or affiliate of such trustee, in its individual or any other capacity, may become the owner or pledgee of Certificates with the same rights it would have if it were not trustee. 
  
 Section 8.05. The Master Servicer to Pay Trustees’ Fees and
Expenses. Subject to separate written agreements with the Trustee and the Delaware Trustee, the Master Servicer covenants and agrees to, and the Master Servicer shall, pay each of the Trustee and the Delaware Trustee from time to time, and such
trustee shall be entitled to payment, for all services rendered by it in the execution of the trust hereby created and in the exercise and performance of any of the powers and duties hereunder of such trustee. Except as otherwise expressly provided
herein, the Master Servicer shall pay or reimburse each of the Trustee and the Delaware Trustee upon such trustee’s request for all reasonable expenses and disbursements incurred or made by such trustee in accordance with any of the provisions
of this Agreement and indemnify such trustee from any loss, liability or expense incurred by it hereunder (including the reasonable compensation and the expenses and disbursements of its counsel and of all persons not regularly in its employ) except
any such expense or disbursement as may arise from its negligence or bad faith. Such obligation shall survive the termination of this Agreement or resignation or removal of the Trustee or the Delaware Trustee. The Tax Matters Person shall, at its
expense, prepare or cause to be prepared all federal and state income tax and franchise tax and information returns relating to REMIC I required to be prepared or filed by the Trustee or the Delaware Trustee and shall indemnify the Trustee and the
Delaware Trustee for any liability of such trustees arising from any error in such returns. 
  
 Section 8.06. Eligibility Requirements for Trustees. The Trustee hereunder shall at all times be (i) an institution insured by the FDIC, (ii) a Corporation organized and doing business under the laws of the
United States of America or of any state, authorized under such laws to exercise corporate trust powers, having a combined capital and surplus of not less than $50,000,000 and subject to supervision or examination by federal or state authority and
(iii) acceptable to the Rating Agencies. If such Corporation publishes reports of condition at least annually, pursuant to law or to the requirements of any aforementioned supervising or examining authority, then for the purposes of this Section
8.06, the combined capital and surplus of such Corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. The Delaware Trustee hereunder shall at all times have its principal
place of business in the State of Delaware and shall satisfy the applicable requirements under the laws of the State of Delaware authorizing it to act as the Delaware trustee of the Trust. In case at any time the Trustee or the Delaware Trustee
shall cease to be eligible in accordance with the provisions of this Section 8.06, such trustee shall resign immediately in the manner and with the effect specified in Section 8.07. 
  
 Section 8.07. Resignation and Removal of Trustees. Each of the Trustee and the Delaware Trustee may at any time
resign and be discharged from the trust hereby created by giving written notice thereof to the Master Servicer. Upon receiving such notice of resignation, the Master Servicer shall promptly appoint a successor trustee by written instrument, in
duplicate, one copy of which instrument shall be delivered to the resigning trustee and one copy 

  

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to the successor trustee. If no successor trustee shall have been so appointed and shall have accepted appointment within 30 days after the giving of such
notice of resignation, the resigning trustee may petition any court of competent jurisdiction for the appointment of a successor trustee. 
  
 If at any time the Trustee or the Delaware Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 and shall fail to resign
after written request therefor by the Master Servicer, or if at any time the Trustee or the Delaware Trustee shall become incapable of acting, or shall be adjudged bankrupt or insolvent, or a receiver of such trustee or of its property shall be
appointed, or any public officer shall take charge or control of such trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Master Servicer may remove such trustee and appoint a successor
trustee by written instrument, in duplicate, copies of which instrument shall be delivered to the trustee so removed, the trustee continuing in its capacity and the successor trustee. 
  
 The Holders of Certificates evidencing Percentage Interests aggregating more than 50% of REMIC I may at any time remove the
Trustee or the Delaware Trustee and appoint a successor trustee by written instrument or instruments, in triplicate, signed by such Holders or their attorneys in-fact duly authorized, one complete set of which instruments shall be delivered to the
Master Servicer, one complete set to the Trustee so removed and one complete set to the successor so appointed. 
  
 Any resignation or removal of the Trustee or the Delaware Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section
8.07 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 8.08. Any expenses associated with the resignation of the Trustee or the Delaware Trustee shall be borne by such trustee, and any expenses
associated with the removal of the Trustee or the Delaware Trustee shall be borne by the Master Servicer. 
  
 Section 8.08. Successor Trustee. Any successor trustee appointed as provided in Section 8.07 shall execute, acknowledge and deliver to the Master
Servicer and to its predecessor trustee an instrument accepting such appointment hereunder, and thereupon the resignation or removal of the predecessor trustee shall become effective and such successor trustee, without any further act, deed or
conveyance, shall become fully vested with all the rights, powers, duties and obligations of its predecessor hereunder, with like effect as if originally named as Trustee or Delaware Trustee herein. The predecessor shall deliver to the successor
trustee all Mortgage Files, related documents, statements and all other property held by it hereunder, and the Master Servicer and the predecessor trustee shall execute and deliver such instruments and do such other things as may reasonably be
required for more fully and certainly vesting and confirming in the successor trustee all such rights, powers, duties and obligations. 
  
 No successor trustee shall accept appointment as provided in this Section 8.08 unless at the time of such appointment such successor trustee shall be
eligible under the provisions of Section 8.06. 
  
 Upon acceptance
of appointment by a successor trustee as provided in this Section 8.08, the Master Servicer shall mail notice of the succession of such trustee hereunder to (i) all 

  

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Certificateholders at their addresses as shown in the Certificate Register and (ii) the Rating Agencies. If the Master Servicer fails to mail such notice
within ten days after acceptance of appointment by the successor trustee, the successor trustee shall cause such notice to be mailed. 
  
 Section 8.09. Merger or Consolidation of Trustee. Any Corporation into which the Trustee or the Delaware Trustee may be merged or converted or with
which it may be consolidated, or any Corporation resulting from any merger, conversion or consolidation to which the Trustee or the Delaware Trustee shall be a party, or any Corporation succeeding to the corporate trust business of such trustee,
shall be the successor of such trustee hereunder, provided such resulting or successor Corporation shall be eligible under the provisions of Section 8.06, without the execution or filing of any paper or any further act on the part of any of the
parties hereto, anything herein to the contrary notwithstanding. 
  
 Section 8.10. Appointment of Co-Trustee or Separate Trustee. Notwithstanding any other provisions hereof, at any time, for the purpose of meeting any legal requirements of any jurisdiction in which any part of the assets of the Trust
may at the time be located, the Master Servicer and the Trustee or the Delaware Trustee, as applicable, acting jointly shall have the power and shall execute and deliver all instruments to appoint one or more Persons approved by such trustee to act
as co-trustee or co-trustees, jointly with such trustee, or separate trustee or separate trustees, of all or any part of the assets of the Trust and to vest in such Person or Persons, in such capacity, such title to the assets of the Trust, or any
part thereof, and, subject to the other provisions of this Section 8.10, such powers, duties, obligations, rights and trusts as the Master Servicer and the Trustee or the Delaware Trustee, as applicable, may consider necessary or desirable;
provided, that the Trustee or the Delaware Trustee, as applicable, shall remain liable for all of its obligations and duties under this Agreement. If the Master Servicer shall not have joined in such appointment within 15 days after the receipt by
it of a request so to do, or in case an Event of Default shall have occurred and be continuing, the Trustee or the Delaware Trustee, as applicable, alone shall have the power to make such appointment; provided, that such trustee shall remain liable
for all of its obligations and duties under this Agreement. No co-trustee or separate trustee hereunder shall be required to meet the terms of eligibility as a successor trustee under Section 8.06 hereunder and no notice to Certificateholders of the
appointment of co-trustee(s) or separate trustee(s) shall be required under Section 8.08 hereof. 
  
 In the case of any appointment of a co-trustee or separate trustee pursuant to this Section 8.10, all rights, powers, duties and obligations conferred or
imposed upon the Trustee or the Delaware Trustee, as applicable, shall be conferred or imposed upon and exercised or performed by the Trustee or the Delaware Trustee, as applicable, and such separate trustee or co-trustee jointly and severally,
except to the extent that under any law of any jurisdiction in which any particular act or acts are to be performed by the Trustee or the Delaware Trustee, as applicable (whether as Trustee or Delaware Trustee hereunder or as successor to the Master
Servicer hereunder), such 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 assets of the Trust or any portion thereof in any
such jurisdiction) shall be exercised and performed by such separate trustee or co-trustee at the direction of the Trustee or the Delaware Trustee, as applicable. 
  

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 Any notice, request or other writing given to the Trustee or the Delaware Trustee shall be deemed to have
been given to each of the then related separate trustee(s) and co-trustee(s), as effectively as if given to each of them. Every instrument appointing any separate trustee(s) or co-trustee(s) shall refer to this Agreement and the conditions of this
Article VIII. 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 Trustee or the Delaware Trustee, as
applicable, or separately, as may be provided therein, subject to all the provisions of this Agreement, specifically including every provision of this Agreement relating to the conduct of, affecting the liability of, or affording protection to, the
Trustee or the Delaware Trustee, as applicable. Every such instrument shall be filed with the Trustee or the Delaware Trustee, as applicable. 
  
 Any separate trustee or co-trustee may, at any time, constitute the Trustee or the Delaware Trustee, as applicable, its agent or attorney-in-fact, with
full power and authority, to the extent not prohibited by law, to do any lawful act under or in respect of this Agreement on its behalf and in its name. If any separate trustee or co-trustee shall die, become incapable of acting, resign or be
removed, all of its estates, properties, rights, remedies and the trust shall vest in and be exercised by the Trustee or the Delaware Trustee, as applicable, to the extent permitted by law, without the appointment of a new or successor trustee.

  
 Section 8.11. Authenticating Agents. The Trustee may
appoint one or more Authenticating Agents which shall be authorized to act on behalf of the Trustee in authenticating Certificates. Wherever reference is made in this Agreement to the authentication of Certificates by the Trustee or the
Trustee’s certificate of authentication, such reference shall be deemed to include authentication on behalf of the Trustee by an Authenticating Agent and a certificate of authentication executed on behalf of the Trustee by an Authenticating
Agent. Each Authenticating Agent must be acceptable to the Master Servicer and must be a corporation, trust company or banking association organized and doing business under the laws of the United States of America or of any state, having a
principal office and place of business in New York, New York, having a combined capital and surplus of at least $15,000,000, authorized under such laws to do a trust business and subject to supervision or examination by federal or state authorities.

  
 Any corporation into which any Authenticating Agent may be
merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which any Authenticating Agent shall be a party, or any corporation succeeding to the corporate agency business of
any Authenticating Agent, shall continue to be the Authenticating Agent so long as it shall be eligible in accordance with the provisions of the first paragraph of this Section 8.11 without the execution or filing of any paper or any further act on
the part of the Trustee or the Authenticating Agent. 
  
 Any
Authenticating Agent may at any time resign by giving written notice of resignation to the Trustee and the Master Servicer. The Trustee may, upon prior written approval of the Master Servicer, at any time terminate the agency of any Authenticating
Agent by giving written notice of termination to such Authenticating Agent and to the Master Servicer. Upon receiving a notice of resignation or upon such a termination, or in case at any time any Authenticating Agent shall cease to be eligible in
accordance with the provisions of the first paragraph of this Section 

  

 90 

 
8.11, the Trustee may appoint, upon prior written approval of the Master Servicer, a successor Authenticating Agent, shall give written notice of such
appointment to the Master Servicer and shall mail notice of such appointment to all Certificateholders. Any successor Authenticating Agent upon acceptance of its appointment hereunder shall become vested with all the rights, powers, duties and
responsibilities of its predecessor hereunder, with like effect as if originally named as Authenticating Agent. Any reasonable compensation paid to an Authenticating Agent shall be a reimbursable expense pursuant to Section 8.05 if paid by the
Trustee. 
  
 Section 8.12. Paying Agents. The Trustee may
appoint one or more Paying Agents which shall be authorized to act on behalf of the Trustee in making withdrawals from the Distribution Account, and distributions to Certificateholders as provided in Section 4.01(a) and Section 9.01(b) to the extent
directed to do so by the Master Servicer. Wherever reference is made in this Agreement to the withdrawal from the Distribution Account by the Trustee, such reference shall be deemed to include such a withdrawal on behalf of the Trustee by a Paying
Agent. Whenever reference is made in this Agreement to a distribution by the Trustee or the furnishing of a statement to Certificateholders by the Trustee, such reference shall be deemed to include such a distribution or furnishing on behalf of the
Trustee by a Paying Agent. Each Paying Agent shall provide to the Trustee such information concerning the Distribution Account as the Trustee shall request from time to time. Each Paying Agent must be reasonably acceptable to the Master Servicer and
must be a corporation, trust company or banking association organized and doing business under the laws of the United States of America or of any state, having a principal office and place of business in New York, New York, having a combined capital
and surplus of at least $15,000,000, authorized under such laws to do a trust business and subject to supervision or examination by federal or state authorities. 
  
 Any corporation into which any Paying Agent may be merged or converted or with which it may be consolidated, or any
corporation resulting from any merger, conversion or consolidation to which any Paying Agent shall be a party, or any corporation succeeding to the corporate agency business of any Paying Agent, shall continue to be the Paying Agent provided that
such corporation after the consummation of such merger, conversion, consolidation or succession meets the eligibility requirements of this Section 8.12. 
  
 Any Paying Agent may at any time resign by giving written notice of resignation to the Trustee and to the Master Servicer; provided, that the Paying Agent
has returned to the Distribution Account or otherwise accounted, to the reasonable satisfaction of the Master Servicer, for all amounts it has withdrawn from the Distribution Account. The Trustee may, upon prior written approval of the Master
Servicer, at any time terminate the agency of any Paying Agent by giving written notice of termination to such Paying Agent and to the Master Servicer. Upon receiving a notice of resignation or upon such a termination, or in case at any time any
Paying Agent shall cease to be eligible in accordance with the provisions of the first paragraph of this Section 8.12, the Trustee may appoint, upon prior written approval of the Master Servicer, a successor Paying Agent, shall give written notice
of such appointment to the Master Servicer and shall mail notice of such appointment to all Certificateholders. Any successor Paying Agent upon acceptance of its appointment hereunder shall become vested with all the rights, powers, duties and
responsibilities of its predecessor hereunder, with like effect as if originally named as Paying Agent. Any reasonable compensation paid to any Paying Agent shall be a reimbursable expense pursuant to Section 8.05 if paid by the Trustee. 

 

 91 

 Section 8.13. Duties of Delaware Trustee. 
  
 (a) The Delaware Trustee is appointed to serve as the trustee of the Trust in
the State of Delaware for the sole purpose of satisfying the requirement of Section 3807(a) of the Statutory Trust Statute that the Trust have at least one trustee with a principal place of business in Delaware. It is understood and agreed by the
parties hereto that the Delaware Trustee shall have none of the duties or liabilities of the Trustee. 
  
 (b) The duties of the Delaware Trustee shall be limited to (i) accepting legal process served on the Trust in the State of Delaware, (ii) the execution of
any certificates with respect to the Trust required to be filed with the Secretary of State which the Delaware Trustee is required to execute under Section 3811 of the Statutory Trust Statute and (iii) such other duties as are set forth in this
Article VIII. To the extent that, at law or in equity, the Delaware Trustee has duties (including fiduciary duties) and liabilities relating thereto to the Trust or the Holders of the Certificates, it is hereby understood and agreed by the parties
hereto that such duties and liabilities are replaced by the duties and liabilities of the Delaware Trustee expressly set forth in this Agreement. 
  
 Section 8.14. Amendment to Certificate of Trust. If at any time required by Section 3810 of the Statutory Trust Statute, the Trustee, the Delaware
Trustee and any other trustee of the Trust shall cause an amendment to the Certificate of Trust to be filed with the Secretary of State in accordance with the provisions of such Section 3810. 
  
 ARTICLE IX 
  
 Termination 
  
 Section 9.01. Termination Upon Purchase by the Master Servicer or Liquidation of All Mortgage Loans. 
  
 (a) Except as otherwise set forth in this Article IX, including, without
limitation, the obligation of the Master Servicer to make payments to Certificateholders as hereafter set forth, the Trust and the respective obligations and responsibilities of the Company, the Master Servicer, the Trustee and the Delaware Trustee
created hereby shall terminate in accordance with Section 3808 of the Statutory Trust Statute upon (i) the purchase by the Master Servicer pursuant to the following paragraph of this Section 9.01(a) of all Mortgage Loans (other than Liquidated
Mortgage Loans), all property acquired in respect of any Mortgage Loan remaining in the Trust and all other property included in the REMIC formed under this Agreement at a price equal, after the deduction of related advances, to the sum of (x) the
excess of (A) 100% of the aggregate outstanding Principal Balance of such Mortgage Loans (other than Liquidated Mortgage Loans) plus accrued interest at the applicable Pass-Through Rate with respect to such Mortgage Loan (other than a Liquidated
Mortgage Loan) through the last day of the month of such purchase, over (B) with respect to any Mortgage Loan which is not a Liquidated Mortgage Loan, the amount of the Bankruptcy Loss incurred with respect to such Mortgage Loan as of the date of
such purchase by the Master Servicer to the extent that the Principal Balance of such Mortgage Loan has not been previously reduced by such Bankruptcy Loss, and (y) the appraised fair market value as of the effective date of the termination of the
Trust of (A) all property in the 

  

 92 

 
Trust which secured a Mortgage Loan and which was acquired by foreclosure or deed in lieu of foreclosure after the Cut-Off Date, including related Insurance
Proceeds, and (B) all other property included in the REMIC formed under this Agreement, any such appraisal to be conducted by an appraiser mutually agreed upon by the Master Servicer and the Trustee, or (ii) the later of the final payment or other
liquidation (or any advance with respect thereto) of the last Mortgage Loan remaining in the Trust or the disposition of all property acquired upon foreclosure in respect of any Mortgage Loan, and the payment to the Certificateholders of all amounts
required to be paid to them hereunder; provided, however, that in no event shall the Trust continue beyond the expiration of 21 years from the death of the survivor of the issue of Joseph P. Kennedy, the late ambassador of the United States to the
Court of St. James, living on the date hereof. 
  
 On any
Distribution Date after the first date on which the aggregate Principal Balance of the Mortgage Loans is less than the Clean-Up Call Percentage of the aggregate Principal Balance of the Mortgage Loans as of the Cut-Off Date, the Master Servicer may
purchase the outstanding Mortgage Loans (other than Liquidated Mortgage Loans), all property acquired in respect of any Mortgage Loan remaining in the Trust and all other property included in the REMIC formed under this Agreement at the price stated
in clause (i) of the preceding paragraph; provided, that the Master Servicer may not so purchase the outstanding Mortgage Loans (other than Liquidated Mortgage Loans), all property acquired in respect of any Mortgage Loan remaining in the Trust and
all other property included in the REMIC formed under this Agreement if the price stated in clause (i) of the preceding paragraph exceeds the fair market value, determined in accordance with prudent industry practices, of all outstanding Mortgage
Loans (other than Liquidated Mortgage Loans), all property acquired in respect of any Mortgage Loan remaining in the Trust and all other property included in the REMIC formed under this Agreement. If such right is exercised, the Master Servicer
shall provide to the Trustee (and to the Company, if the Company is no longer acting as Master Servicer) the written certification of an officer of the Master Servicer (which certification shall include a statement to the effect that all amounts
required to be paid in order to purchase the Mortgage Loans have been deposited in the Distribution Account) and the Trustee on behalf of the Trust shall promptly execute all instruments as may be necessary to release and assign to the Master
Servicer the Mortgage Files and any foreclosed Mortgaged Property pertaining to the Trust. 
  
 In no event shall the Master Servicer be required to expend any amounts other than those described in the first paragraph of this Section 9.01(a) in order to terminate the Trust or purchase the Mortgage Loans under
this Section 9.01, and in no event shall the Company be required to expend any amounts in connection with such termination or purchase. 
  
 (b) In the event that the Master Servicer elects to exercise its purchase option as provided in Section 9.01(a), the Master Servicer shall provide to the
Trustee and the Delaware Trustee (and to the Company, if the Company is no longer acting as Master Servicer) notice thereof not less than 40 days prior to the date of the final distribution to Certificateholders. Notice of such purchase, specifying
the date upon which the Certificateholders may surrender their Certificates to the Trustee for payment and cancellation, shall be given promptly by letter from the Trustee to Certificateholders mailed not less than 30 days prior to such final
distribution, specifying (i) the date upon which final payment of the Certificates will be made upon presentation and surrender of Certificates at the office of the Certificate Registrar therein 

  

 93 

 
designated (the “Termination Date”), (ii) the amount of such final payment (the “Termination Payment”) and (iii) that the
Record Date otherwise applicable to the Distribution Date upon which the Termination Date occurs is not applicable, payments being made only upon presentation and surrender of the Certificates at the office of the Certificate Registrar therein
specified. Upon any such notice, the Distribution Account shall terminate subject to the Master Servicer’s obligation to hold all amounts payable to Certificateholders in trust without interest pending such payment. 
  
 In the event that all of the Certificateholders shall not surrender their
Certificates for cancellation within six months after the Termination Date, the Master Servicer shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the Termination
Payment with respect thereto. If within one year after the second notice all the Certificates shall not have been surrendered for cancellation, the Master Servicer may take appropriate steps to contact the remaining Certificateholders concerning
surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain in trust hereunder. 
  
 Upon the completion of winding up of the Trust, including the payment or the making reasonable provision for payment of all obligations of the Trust in
accordance with Section 3808(e) of the Statutory Trust Statute, the Trustee, the Delaware Trustee and any other trustee hereunder shall file a certificate of cancellation with the Secretary of State in accordance with Section 3810 of the Statutory
Trust Statute, at which time the Trust and this Agreement shall terminate. The Master Servicer shall act as the liquidator of the Trust and shall be responsible for taking all actions in connection with winding up the Trust, in accordance with the
requirements of this Agreement (including Section 9.02) and applicable law. 
  
 Section 9.02. Additional Termination Requirements. 
  
 (a) In the event the Master Servicer exercises its purchase option as provided in Section 9.01, REMIC I shall be terminated in accordance with the following additional requirements, unless the Master Servicer, at its
own expense, obtains for the Trustee an Opinion of Counsel to the effect that the failure of REMIC I to comply with the requirements of this Section 9.02 will not (i) result in the imposition of taxes on “prohibited transactions” of REMIC
I as described in Section 860F of the Code, or (ii) cause REMIC I to fail to qualify as a REMIC at any time that any Certificates are outstanding: 
  
 (i) Within 90 days prior to the final Distribution Date set forth in the notice given by the Trustee under Section 9.01, the Tax Matters
Person shall prepare the documentation required and the Tax Matters Person and the Trustee shall adopt a plan of complete liquidation on behalf of REMIC I meeting the requirements of a qualified liquidation under Section 860F of the Code and any
regulations thereunder, as evidenced by an Opinion of Counsel obtained at the expense of the Master Servicer, on behalf of REMIC I; and 
  
 (ii) At or after the time of adoption of such a plan of complete liquidation and at or prior to the final Distribution Date, the Master
Servicer on behalf of the Trust shall 

  

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sell all of the assets of REMIC I to the Master Servicer for cash in the amount specified in Section 9.01. 
  
 (b) By its acceptance of any Residual Certificate, the Holder thereof hereby
agrees to authorize the Tax Matters Person and the Trustee to adopt such a plan of complete liquidation and to take such other action in connection therewith as may be reasonably necessary. 
  
 Section 9.03. Trust Irrevocable. Except as expressly provided herein,
the trust created hereby is irrevocable. 
  
 ARTICLE X

  
 Miscellaneous Provisions 
  
 Section 10.01. Amendment. 
  
 (a) This Agreement may be amended from time to time by the Master Servicer,
the Company and the Trustee, without the consent of any of the Certificateholders: 
  
 (i) to cure any ambiguity; 
  
 (ii) to correct or supplement any provision herein which may be defective or inconsistent with any other provisions herein; 
  
 (iii) to comply with any requirements imposed by the Code or
any regulations thereunder; 
  
 (iv) to correct
the description of any property at any time included in REMIC I, or to assure the conveyance to the Trust of any property included in REMIC I; 
  
 (v) pursuant to Section 5.01(c)(v); and 
  
 (vi) to add any provision to, or amend any provision in, this Agreement, provided that such amendment or addition does not adversely
affect in any material respect the interests of any Certificateholder; 
  
 provided, however, that any such amendment which modifies the rights or obligations of the Delaware Trustee hereunder shall require the consent of the Delaware Trustee. No such amendment (other than one entered into pursuant to
clause (iii) of the preceding sentence) shall change the powers of the Master Servicer. Prior to entering into any amendment (other than one entered into pursuant to clause (iii) of the second preceding sentence) without the consent of
Certificateholders pursuant to this paragraph, the Trustee shall require an Opinion of Counsel addressed to the Trust and the Trustee to the effect that such amendment is permitted under this Agreement and has no material adverse effect on the
interests of the Certificateholders; provided, however, that no such Opinion of Counsel shall be required if the Company obtains a letter from each Rating Agency stating that the amendment would not result in the downgrading or
withdrawal of the respective ratings then assigned to the Certificates. Prior to entering into any amendment pursuant to clause (iii) of the third preceding sentence without the consent of 

  

 95 

 
Certificateholders pursuant to this paragraph, the Trustee shall require an Opinion of Counsel to the effect that such action is necessary or helpful to
comply with the requirements imposed by the Code or any regulations thereunder and shall not cause the REMIC formed under this Agreement to fail to qualify as such under the Code. 
  
 (b) This Agreement may also be amended from time to time by the Master Servicer, the Company and the Trustee with the
consent of the Holders of Certificates evidencing Percentage Interests aggregating not less than 66% of REMIC I for the purpose of adding any provisions to, or changing in any manner or eliminating any of the provisions of, this Agreement or of
modifying in any manner the rights of the Certificateholders; provided, however, that no such amendment shall, without the consent of the Holder of each Certificate affected thereby (i) reduce in any manner the amount of, or delay the timing
of, distributions of principal or interest required to be made hereunder or reduce the Certificateholder’s Percentage Interest, the Certificate Interest Rate or the Termination Payment with respect to any of the Certificates, (ii) reduce the
percentage of Percentage Interests specified in this Section 10.01 which are required to amend this Agreement, (iii) create or permit the creation of any lien against any part of REMIC I, or (iv) modify any provision in any way which would permit an
earlier retirement of the Certificates; provided, further, that any such amendment which modifies the rights or obligations of the Delaware Trustee hereunder shall require the consent of the Delaware Trustee. 
  
 Promptly after the execution of any such amendment, the Trustee shall furnish
written notification of the substance of such amendment to the Delaware Trustee and each Certificateholder. Any failure to provide such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such
amendment. 
  
 It shall not be necessary for the consent of
Certificateholders under this Section 10.01 to approve the particular form of any proposed amendment, but it shall be sufficient if such consent shall approve the substance thereof. The manner of obtaining such consents and of evidencing the
authorization of the execution thereof by Certificateholders shall be subject to such reasonable regulations as the Trustee may prescribe. 
  
 Section 10.02. Recordation of Agreement. To the extent permitted by applicable law, this Agreement is subject to recordation in all appropriate
public offices for real property records in all the counties or the comparable jurisdictions in which any Mortgaged Property is situated, and in any other appropriate public recording office or elsewhere, such recordation to be effected by the
Company and at its expense only if such recordation is reasonably necessary or required to effectuate the duties and powers of the Master Servicer provided to it under this Agreement. 
  
 Section 10.03. Limitation on Rights of Certificateholders. The death or incapacity of any Certificateholder shall not
operate to terminate this Agreement or the Trust, nor entitle such Certificateholder’s legal representatives or heirs to claim an accounting or to take any action or proceeding in any court for a partition or winding-up of the Trust, nor
otherwise affect the rights, obligations and liabilities of the parties hereto or any of them. 
  
 No Certificateholder shall have any right to vote or in any manner otherwise to control the operation and management of the Trust or the obligations of the parties hereto (except as provided in Section 5.09, Section
7.01, Section 8.01, Section 8.02, Section 8.07, Section 10.01 

  

 96 

 
and this Section 10.03), nor shall anything herein set forth, or contained in the terms of the Certificates, be construed so as to constitute the
Certificateholders from time to time as partners or members of an association; nor shall any Certificateholder be under any liability to any third person by reason of any action taken by the parties to this Agreement pursuant to any provision
hereof. 
  
 No Certificateholder shall have any right by virtue or
by availing of any provision of this Agreement to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Agreement, unless such Holder previously shall have given to the Trustee a written notice of default
and of the continuance thereof, as hereinbefore provided, and unless also the Holders of Certificates evidencing Percentage Interests aggregating not less than 25% of REMIC I shall have made written request upon the Trustee to institute such action,
suit or proceeding in its own name as Trustee hereunder and shall have offered to the Trustee such reasonable indemnity as it may require against the costs, expenses and liabilities to be incurred therein or thereby, and the Trustee, for 60 days
after its receipt of such notice, request and offer of indemnity, shall have neglected or refused to institute any such action, suit or proceeding. However, the Trustee is under no obligation to exercise any of the extraordinary trusts or powers
vested in it by this Agreement or to make any investigation of matters arising hereunder or to institute, conduct or defend any litigation hereunder or in relation hereto at the request, order or direction of any of the Certificateholders unless
such Certificateholders have offered to the Trustee reasonable security or indemnity against the costs, expenses and liabilities which may be incurred therein or thereby. It is understood and intended, and expressly covenanted by each
Certificateholder with every other Certificateholder and the Trustee, that no one or more Holders of Certificates shall have any right in any manner whatever by virtue or by availing of any provision of this Agreement to affect, disturb or prejudice
the rights of the Holders of any other of such Certificates, or to obtain or seek to obtain priority over or preference to any other such Holder, or to enforce any right under this Agreement, except in the manner herein provided and for the equal,
ratable and common benefit of all Certificateholders. For the protection and enforcement of the provisions of this Section 10.03, each and every Certificateholder and the Trustee shall be entitled to such relief as can be given either at law or in
equity. 
  
 Section 10.04. Access to List of
Certificateholders. The Certificate Registrar shall furnish or cause to be furnished to the Trustee, within 30 days after receipt of a request by the Trustee in writing, a list, in such form as the Trustee may reasonably require, of the names
and addresses of the Certificateholders as of the most recent Record Date for payment of distributions to such Certificateholders. 
  
 If three or more Certificateholders (hereinafter referred to as “applicants”) apply in writing to the Trustee, and such application
states that the applicants desire to communicate with other Certificateholders with respect to their rights under this Agreement or under the Certificates and is accompanied by a copy of the communication which such applicants propose to transmit,
then the Trustee shall, within five Business Days after the receipt of such list from the Certificate Registrar, afford such applicants access during normal business hours to the most recent list of Certificateholders held by the Trustee. If such a
list is as of a date more than 90 days prior to the date of receipt of such applicants’ request, the Trustee shall promptly request from the Certificate Registrar a current list as provided above, and shall afford such applicants access to such
list promptly upon receipt. 
  

 97 

 Every Certificateholder, by receiving and holding the same, agrees with the Master Servicer, the Trust,
the Trustee and the Delaware Trustee that none of the Master Servicer, the Trust, the Trustee or the Delaware Trustee shall be held accountable by reason of the disclosure of any such information as to the names and addresses of the
Certificateholders hereunder, regardless of the source from which such information was derived. 
  
 Section 10.05. Governing Law. This Agreement shall be construed in accordance with the laws of the State of Delaware without giving effect to its
conflict of law provisions and the obligations, rights and remedies of the parties hereunder shall be determined in accordance with such laws without giving effect to conflict of laws provisions. 
  
 Section 10.06. Notices. All demands, notices and communications
hereunder shall be in writing and shall be deemed to have been duly given if personally delivered at or mailed by registered or certified mail to the applicable Notice Address. Notices to the Rating Agencies shall also be deemed to have been duly
given if mailed by first class mail, postage prepaid, to the above listed addresses of the Rating Agencies. Any notice required or permitted to be mailed to a Certificateholder shall be given by first class mail, postage prepaid, at the address of
such Holder as shown in the Certificate Register. Any notice so mailed within the time prescribed in this Agreement shall be conclusively presumed to have been duly given, whether or not the Certificateholder receives such notice. 
  
 Section 10.07. Severability of Provisions. If any one or more of the
covenants, agreements, provisions or terms of this Agreement shall be for any reason whatsoever held invalid, then such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions or
terms of this Agreement and shall in no way affect the validity or enforceability of the other provisions of this Agreement or of the Certificates or the rights of the Holders thereof. 
  
 Section 10.08. Counterpart Signatures. For the purpose of facilitating the recordation of this Agreement as herein
provided and for other purposes, this Agreement may be executed simultaneously in any number of counterparts, each of which counterparts shall be deemed to be an original, and such counterparts shall constitute but one and the same instrument.

  
 Section 10.09. Benefits of Agreement. Nothing in this
Agreement or in any Certificate, expressed or implied, shall give to any Person, other than the parties hereto and their respective successors hereunder, any separate trustee or co-trustee appointed under Section 8.10 and the Certificateholders, any
benefit or any legal or equitable right, remedy or claim under this Agreement. 
  
 Section 10.10. Notices and Copies to Rating Agencies. 
  
 (a) The Trustee shall notify the Rating Agencies of the occurrence of any of the following events, in the manner provided in Section 10.06: 
  
 (i) the occurrence of an Event of Default pursuant to Section 7.01, subject to the provisions of Section
8.01(d); and 
  
 (ii) the appointment of a
successor Master Servicer pursuant to Section 7.02; 
  

 98 

 (b) The Master Servicer shall notify the Rating Agencies of the occurrence of any of the following
events, or in the case of clauses (iii), (iv), (vii) and (viii) promptly upon receiving notice thereof, in the manner provided in Section 10.06: 
  
 (i) any amendment of this Agreement pursuant to Section 10.01; 
  
 (ii) the appointment of a successor Trustee or successor Delaware Trustee pursuant to Section 8.08;

  
 (iii) the filing of any claim under or the
cancellation or modification of any fidelity bond and errors and omissions coverage pursuant to Section 3.01 and Section 3.06 with respect to the Master Servicer or any Subservicer; 
  
 (iv) any change in the location of the Distribution Account, any Custodial Account for P&I or any
Custodial Account for Reserves; 
  
 (v) the
purchase of any Mortgage Loan pursuant to a Purchase Obligation or as permitted by this Agreement or the purchase of the outstanding Mortgage Loans pursuant to Section 9.01; 
  
 (vi) the occurrence of the final Distribution Date or the termination of the trust pursuant to Section
9.01(a)(ii); 
  
 (vii) the failure of the Master
Servicer to make a Monthly P&I Advance following a determination on the Determination Date that the Master Servicer would make such advance pursuant to Section 4.02; and 
  
 (viii) the failure of the Master Servicer to make a determination on the Determination Date regarding
whether it would make a Monthly P&I Advance when a shortfall exists between (x) payments scheduled to be received in respect of the Mortgage Loans and (y) the amounts actually deposited in the Distribution Account on account of such payments,
pursuant to Section 4.02. 
  
 The Master Servicer shall provide copies of the
statements pursuant to Section 4.02, Section 4.04, Section 3.12, Section 3.13 or Section 3.15 or any other statements or reports to the Rating Agencies in such time and manner that such statements or determinations are required to be provided to
Certificateholders. With respect to the reports described in the second paragraph of Section 4.04, the Master Servicer shall provide such reports to the Rating Agencies in respect of each Distribution Date, without regard to whether any
Certificateholder or the Trustee or the Delaware Trustee has requested such report for such Distribution Date. 
  

 99 

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

			
	BELLAVISTA [FINANCE] [FUNDING] CORPORATION
		
	By:	 	 
	 	 	 Name:

	 	 	 Title:

  

			
	 [NAME OF MASTER SERVICER],

	 as Master Servicer

		
	By:	 	 
	 	 	 Name:

	 	 	 Title:

  

			
	 [NAME OF TRUSTEE],

	 as Trustee

		
	By:	 	 
	 	 	 Name:

	 	 	 Title:

  

			
	 [NAME OF DELAWARE TRUSTEE],

	 as Delaware Trustee

		
	By:	 	 
	 	 	 Name:

	 	 	 Title:

  

 Exhibit A          
 CUSIP              
  
 BELLAVISTA MORTGAGE PASS-THROUGH CERTIFICATE 
  
 Class A-1 
  
 Evidencing a beneficial interest in a pool of assets consisting of, among other things, conventional one- to four-family mortgage loans formed and administered by

  
 BELLAVISTA [FINANCE] [FUNDING] CORPORATION 
  
 This Certificate is issued by BellaVista Mortgage Pass-Through Certificates Series
                -         Trust. This Certificate represents ownership of a “regular interest” in a
“real estate mortgage investment conduit,” as those terms are defined in Sections 860G and 860D, respectively, of the Internal Revenue Code of 1986, as amended. The issue date of this Certificate is
                ,             . 
  
 Unless this Certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation
(“DTC”), to the Company or its agent for registration of transfer, exchange, or payment, and any Certificate issued is registered in the name of Cede & Co. or such other name as is requested by an authorized representative of DTC (and
any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein. 
  

			
	Series             -        	 	Portion of the Class A-1 Principal Balance as of the Cut-Off Date Evidenced by this Certificate:
$                    
		
	Class A-1 Certificate Interest Rate: Variable	 	 
		
	Cut-Off Date:                 ,
            	 	 
		
	First Distribution Date:                 ,
            	 	 
		
	Last Scheduled Distribution Date:                 ,
            	 	 
		
	Class A-1 Principal Balance as of the Cut-Off Date:
$                    	 	 

  
 Cede & Co.

 Registered Owner 
  

 A-1 

 Exhibit A          
 CUSIP              
  
 BELLAVISTA MORTGAGE PASS-THROUGH CERTIFICATE 
  
 Class A-2 
  
 Evidencing a beneficial interest in a pool of assets consisting of, among other things, conventional one- to four-family mortgage loans formed and administered by

  
 BELLAVISTA [FINANCE] [FUNDING] CORPORATION 
  
 This Certificate is issued by BellaVista Mortgage Pass-Through Certificates
Series                -         Trust. This Certificate represents ownership of a “regular interest” in a
“real estate mortgage investment conduit,” as those terms are defined in Sections 860G and 860D, respectively, of the Internal Revenue Code of 1986, as amended. The issue date of this Certificate is
                ,             . 
  
 Unless this Certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation
(“DTC”), to the Company or its agent for registration of transfer, exchange, or payment, and any Certificate issued is registered in the name of Cede & Co. or such other name as is requested by an authorized representative of DTC (and
any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein. 
  

			
	Series             -        	 	Portion of the Class A-2 Principal Balance as of the Cut-Off Date Evidenced by this Certificate:
$                    
		
	Class A-2 Certificate Interest Rate: Variable	 	 
		
	Cut-Off Date:                 ,
            	 	 
		
	First Distribution Date:                 ,
            	 	 
		
	Last Scheduled Distribution Date:                 ,
            	 	 
		
	Class A-2 Principal Balance as of the Cut-Off Date:
$                    	 	 

  
 Cede & Co.

 Registered Owner 
  

 A-2 

 Exhibit A          
 CUSIP              
  
 BELLAVISTA MORTGAGE PASS-THROUGH CERTIFICATE 
  
 Class B-1 
  
 Evidencing a beneficial interest in a pool of assets consisting of, among other things, conventional one- to four-family mortgage loans formed and administered by

  
 BELLAVISTA [FINANCE] [FUNDING] CORPORATION 
  
 This Certificate is issued by BellaVista Mortgage Pass-Through Certificates Series
                -         Trust. This Certificate represents ownership of a “regular interest” in a
“real estate mortgage investment conduit,” as those terms are defined in Sections 860G and 860D, respectively, of the Internal Revenue Code of 1986, as amended (the “Code”). The issue date of this Certificate is
                ,             . 
  
 Unless this Certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation
(“DTC”), to the Company or its agent for registration of transfer, exchange, or payment, and any Certificate issued is registered in the name of Cede & Co. or such other name as is requested by an authorized representative of DTC (and
any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein. 
  
 NO TRANSFER OF THIS CLASS B-1
CERTIFICATE WILL BE MADE UNLESS THE TRUSTEE HAS RECEIVED (I) AN OFFICER’S CERTIFICATE IN THE FORM DESCRIBED IN SECTION 5.01(g) OF THE POOLING AGREEMENT AND (II) IF SO INDICATED IN SUCH OFFICER’S CERTIFICATE, AN OPINION OF COUNSEL
ACCEPTABLE TO AND IN FORM AND SUBSTANCE SATISFACTORY TO THE TRUSTEE AND THE COMPANY TO THE EFFECT THAT THE PURCHASE AND HOLDING OF THIS CERTIFICATE ARE PERMISSIBLE UNDER APPLICABLE LAW, WILL NOT CONSTITUTE OR RESULT IN A NON-EXEMPT PROHIBITED
TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE, AND WILL NOT SUBJECT THE TRUST, THE TRUSTEE, THE DELAWARE TRUSTEE, THE MASTER SERVICER OR THE COMPANY TO ANY OBLIGATION OR LIABILITY (INCLUDING OBLIGATIONS OR LIABILITIES UNDER
SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE) IN ADDITION TO THOSE UNDERTAKEN IN THE POOLING AGREEMENT, WHICH OPINION OF COUNSEL SHALL NOT BE AN EXPENSE OF THE TRUST, THE TRUSTEE, THE DELAWARE TRUSTEE, THE MASTER SERVICER OR THE COMPANY.

  
 NOTWITHSTANDING THE FOREGOING PARAGRAPH, WITH RESPECT TO THE TRANSFER OF THIS
CLASS B-1 CERTIFICATE TO DTC OR ANY OTHER CLEARING AGENCY OR ANY SUBSEQUENT TRANSFER OF ANY INTEREST IN THIS CERTIFICATE FOR SO LONG AS THIS CERTIFICATE IS HELD BY DTC OR ANY OTHER CLEARING AGENCY, (I) AN OFFICER’S CERTIFICATE (AND, IF
APPLICABLE, A BENEFIT PLAN OPINION), AS DESCRIBED IN THE FOREGOING PARAGRAPH, SHALL NOT BE REQUIRED, AND (II) THE FOLLOWING CONDITIONS SHALL APPLY: 
  
 1. ANY TRANSFEREE OF THIS CERTIFICATE WILL BE DEEMED TO HAVE REPRESENTED, BY VIRTUE OF ITS ACQUISITION OR HOLDING OF THIS CERTIFICATE (OR
INTEREST HEREIN), THAT EITHER (A) SUCH TRANSFEREE IS NOT AN EMPLOYEE BENEFIT OR OTHER PLAN SUBJECT TO THE PROHIBITED TRANSACTION PROVISIONS OF ERISA OR SECTION 4975 OF THE CODE, OR ANY PERSON (INCLUDING AN INVESTMENT MANAGER, A NAMED FIDUCIARY OR A
TRUSTEE OF ANY SUCH PLAN) ACTING, DIRECTLY OR INDIRECTLY, ON BEHALF OF OR PURCHASING THIS CERTIFICATE WITH “PLAN ASSETS” OF ANY SUCH PLAN (A “PLAN INVESTOR”), (B) SUCH TRANSFEREE IS AN INSURANCE COMPANY, THE SOURCE OF FUNDS TO BE
USED BY IT TO ACQUIRE OR HOLD THIS CERTIFICATE IS AN “INSURANCE COMPANY GENERAL ACCOUNT” (WITHIN THE MEANING OF DEPARTMENT OF LABOR PROHIBITED TRANSACTION CLASS EXEMPTION (“PTCE”) 95-60), AND THE CONDITIONS IN SECTIONS I AND III
OF PTCE 95-60 HAVE BEEN SATISFIED (EACH ENTITY THAT SATISFIES THIS CLAUSE (B), A “COMPLYING INSURANCE COMPANY”) OR (C) THIS CERTIFICATE WAS RATED “BBB-” OR BETTER (OR ITS EQUIVALENT) BY AT LEAST ONE OF THE RATING AGENCIES AT THE
TIME OF SUCH TRANSFEREE’S ACQUISITION OF THIS CERTIFICATE (OR INTEREST HEREIN); AND 
  
 2. IF THIS CERTIFICATE (OR ANY INTEREST HEREIN) IS ACQUIRED OR HELD IN VIOLATION OF THE PROVISIONS OF THE PRECEDING PARAGRAPH, THEN THE
LAST PRECEDING TRANSFEREE THAT EITHER (I) IS NOT A PLAN INVESTOR, (II) IS A COMPLYING INSURANCE COMPANY OR (III) ACQUIRED THIS CERTIFICATE AT A TIME WHEN THIS CERTIFICATE WAS RATED 

  

 A-3 

 
“BBB-” OR BETTER (OR ITS EQUIVALENT) BY AT LEAST ONE OF THE RATING AGENCIES SHALL BE RESTORED, TO THE EXTENT PERMITTED BY LAW, TO ALL RIGHTS AND
OBLIGATIONS AS BENEFICIAL HOLDER THEREOF RETROACTIVE TO THE DATE OF TRANSFER OF THIS CERTIFICATE BY SUCH PRECEDING TRANSFEREE. NEITHER THE TRUST NOR THE TRUSTEE SHALL BE UNDER ANY LIABILITY TO ANY PERSON FOR MAKING ANY PAYMENTS DUE ON THIS
CERTIFICATE TO SUCH PRECEDING TRANSFEREE. 
  
 ANY PURPORTED BENEFICIAL HOLDER
WHOSE ACQUISITION OR HOLDING OF THIS CERTIFICATE (OR INTEREST HEREIN) WAS EFFECTED IN VIOLATION OF THE RESTRICTIONS IN SECTION 5.01(g) OF THE POOLING AGREEMENT SHALL INDEMNIFY AND HOLD HARMLESS THE COMPANY, THE TRUSTEE, THE MASTER SERVICER, THE
TRUST AND THE UNDERWRITERS FROM AND AGAINST ANY AND ALL LIABILITIES, CLAIMS, COSTS OR EXPENSES INCURRED BY SUCH PARTIES AS A RESULT OF SUCH ACQUISITION OR HOLDING. 
  
 The Class B-1 Certificates will be subordinate in right of payment to and provide credit support to certain Classes of Certificates, as
described in the Pooling Agreement. 
  

			
	Series             -        	 	Portion of the Class B-1 Principal Balance as of the Cut-Off Date Evidenced by this Certificate:
$                    
		
	Class B-1 Certificate Interest Rate: Variable	 	 
		
	Cut-Off Date:                 ,
            	 	 
		
	First Distribution Date:                 ,
            	 	 
		
	Last Scheduled Distribution Date:                 ,
            	 	 
		
	Class B-1 Principal Balance as of the Cut-Off Date:
$                    	 	 

  
 Cede & Co.

 Registered Owner 
  

 A-4 

 Exhibit A          
 CUSIP              
  
 BELLAVISTA MORTGAGE PASS-THROUGH CERTIFICATE 
  
 Class B-2 
  
 Evidencing a beneficial interest in a pool of assets consisting of, among other things, conventional one- to four-family mortgage loans formed and administered by

  
 BELLAVISTA [FINANCE] [FUNDING] CORPORATION 
  
 This Certificate is issued by BellaVista Mortgage Pass-Through Certificates Series
                -         Trust. This Certificate represents ownership of a “regular interest” in a
“real estate mortgage investment conduit,” as those terms are defined in Sections 860G and 860D, respectively, of the Internal Revenue Code of 1986, as amended (the “Code”). The issue date of this Certificate is
                ,             . 
  
 Unless this Certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation
(“DTC”), to the Company or its agent for registration of transfer, exchange, or payment, and any Certificate issued is registered in the name of Cede & Co. or such other name as is requested by an authorized representative of DTC (and
any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein. 
  
 NO TRANSFER OF THIS CLASS B-2
CERTIFICATE WILL BE MADE UNLESS THE TRUSTEE HAS RECEIVED (I) AN OFFICER’S CERTIFICATE IN THE FORM DESCRIBED IN SECTION 5.01(g) OF THE POOLING AGREEMENT AND (II) IF SO INDICATED IN SUCH OFFICER’S CERTIFICATE, AN OPINION OF COUNSEL
ACCEPTABLE TO AND IN FORM AND SUBSTANCE SATISFACTORY TO THE TRUSTEE AND THE COMPANY TO THE EFFECT THAT THE PURCHASE AND HOLDING OF THIS CERTIFICATE ARE PERMISSIBLE UNDER APPLICABLE LAW, WILL NOT CONSTITUTE OR RESULT IN A NON-EXEMPT PROHIBITED
TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE, AND WILL NOT SUBJECT THE TRUST, THE TRUSTEE, THE DELAWARE TRUSTEE, THE MASTER SERVICER OR THE COMPANY TO ANY OBLIGATION OR LIABILITY (INCLUDING OBLIGATIONS OR LIABILITIES UNDER
SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE) IN ADDITION TO THOSE UNDERTAKEN IN THE POOLING AGREEMENT, WHICH OPINION OF COUNSEL SHALL NOT BE AN EXPENSE OF THE TRUST, THE TRUSTEE, THE DELAWARE TRUSTEE, THE MASTER SERVICER OR THE COMPANY.

  
 NOTWITHSTANDING THE FOREGOING PARAGRAPH, WITH RESPECT TO THE TRANSFER OF THIS
CLASS B-2 CERTIFICATE TO DTC OR ANY OTHER CLEARING AGENCY OR ANY SUBSEQUENT TRANSFER OF ANY INTEREST IN THIS CERTIFICATE FOR SO LONG AS THIS CERTIFICATE IS HELD BY DTC OR ANY OTHER CLEARING AGENCY, (I) AN OFFICER’S CERTIFICATE (AND, IF
APPLICABLE, A BENEFIT PLAN OPINION), AS DESCRIBED IN THE FOREGOING PARAGRAPH, SHALL NOT BE REQUIRED, AND (II) THE FOLLOWING CONDITIONS SHALL APPLY: 
  
 1. ANY TRANSFEREE OF THIS CERTIFICATE WILL BE DEEMED TO HAVE REPRESENTED, BY VIRTUE OF ITS ACQUISITION OR HOLDING OF THIS CERTIFICATE (OR
INTEREST HEREIN), THAT EITHER (A) SUCH TRANSFEREE IS NOT AN EMPLOYEE BENEFIT OR OTHER PLAN SUBJECT TO THE PROHIBITED TRANSACTION PROVISIONS OF ERISA OR SECTION 4975 OF THE CODE, OR ANY PERSON (INCLUDING AN INVESTMENT MANAGER, A NAMED FIDUCIARY OR A
TRUSTEE OF ANY SUCH PLAN) ACTING, DIRECTLY OR INDIRECTLY, ON BEHALF OF OR PURCHASING THIS CERTIFICATE WITH “PLAN ASSETS” OF ANY SUCH PLAN (A “PLAN INVESTOR”), (B) SUCH TRANSFEREE IS AN INSURANCE COMPANY, THE SOURCE OF FUNDS TO BE
USED BY IT TO ACQUIRE OR HOLD THIS CERTIFICATE IS AN “INSURANCE COMPANY GENERAL ACCOUNT” (WITHIN THE MEANING OF DEPARTMENT OF LABOR PROHIBITED TRANSACTION CLASS EXEMPTION (“PTCE”) 95-60), AND THE CONDITIONS IN SECTIONS I AND III
OF PTCE 95-60 HAVE BEEN SATISFIED (EACH ENTITY THAT SATISFIES THIS CLAUSE (B), A “COMPLYING INSURANCE COMPANY”) OR (C) THIS CERTIFICATE WAS RATED “BBB-” OR BETTER (OR ITS EQUIVALENT) BY AT LEAST ONE OF THE RATING AGENCIES AT THE
TIME OF SUCH TRANSFEREE’S ACQUISITION OF THIS CERTIFICATE (OR INTEREST HEREIN); AND 
  
 2. IF THIS CERTIFICATE (OR ANY INTEREST HEREIN) IS ACQUIRED OR HELD IN VIOLATION OF THE PROVISIONS OF THE PRECEDING PARAGRAPH, THEN THE
LAST PRECEDING TRANSFEREE THAT EITHER (I) IS NOT A PLAN INVESTOR, (II) IS A COMPLYING INSURANCE COMPANY OR (III) ACQUIRED THIS CERTIFICATE AT A TIME WHEN THIS CERTIFICATE WAS RATED 

  

 A-5 

 
“BBB-” OR BETTER (OR ITS EQUIVALENT) BY AT LEAST ONE OF THE RATING AGENCIES SHALL BE RESTORED, TO THE EXTENT PERMITTED BY LAW, TO ALL RIGHTS AND
OBLIGATIONS AS BENEFICIAL HOLDER THEREOF RETROACTIVE TO THE DATE OF TRANSFER OF THIS CERTIFICATE BY SUCH PRECEDING TRANSFEREE. NEITHER THE TRUST NOR THE TRUSTEE SHALL BE UNDER ANY LIABILITY TO ANY PERSON FOR MAKING ANY PAYMENTS DUE ON THIS
CERTIFICATE TO SUCH PRECEDING TRANSFEREE. 
  
 ANY PURPORTED BENEFICIAL HOLDER
WHOSE ACQUISITION OR HOLDING OF THIS CERTIFICATE (OR INTEREST HEREIN) WAS EFFECTED IN VIOLATION OF THE RESTRICTIONS IN SECTION 5.01(g) OF THE POOLING AGREEMENT SHALL INDEMNIFY AND HOLD HARMLESS THE COMPANY, THE TRUSTEE, THE MASTER SERVICER, THE
TRUST AND THE UNDERWRITERS FROM AND AGAINST ANY AND ALL LIABILITIES, CLAIMS, COSTS OR EXPENSES INCURRED BY SUCH PARTIES AS A RESULT OF SUCH ACQUISITION OR HOLDING. 
  
 The Class B-2 Certificates will be subordinate in right of payment to and provide credit support to certain Classes of Certificates, as
described in the Pooling Agreement. 
  

			
	Series             -        	 	Portion of the Class B-2 Principal Balance as of the Cut-Off Date Evidenced by this Certificate:
$                    
		
	Class B-2 Certificate Interest Rate: Variable	 	 
		
	Cut-Off Date:                 ,
            	 	 
		
	First Distribution Date:                 ,
            	 	 
		
	Last Scheduled Distribution Date:                 ,
            	 	 
		
	Class B-2 Principal Balance as of the Cut-Off Date:
$                    	 	 

  
 Cede & Co.

 Registered Owner 
  

 A-6 

 Exhibit A          
 CUSIP              
  
 BELLAVISTA MORTGAGE PASS-THROUGH CERTIFICATE 
  
 Class B-3 
  
 Evidencing a beneficial interest in a pool of assets consisting of, among other things, conventional one- to four-family mortgage loans formed and administered by

  
 BELLAVISTA [FINANCE] [FUNDING] CORPORATION 
  
 This Certificate is issued by BellaVista Mortgage Pass-Through Certificates Series
                -         Trust. This Certificate represents ownership of a “regular interest” in a
“real estate mortgage investment conduit,” as those terms are defined in Sections 860G and 860D, respectively, of the Internal Revenue Code of 1986, as amended (the “Code”). The issue date of this Certificate is
                ,             . 
  
 Unless this Certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation
(“DTC”), to the Company or its agent for registration of transfer, exchange, or payment, and any Certificate issued is registered in the name of Cede & Co. or such other name as is requested by an authorized representative of DTC (and
any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein. 
  
 NO TRANSFER OF THIS CLASS B-3
CERTIFICATE WILL BE MADE UNLESS THE TRUSTEE HAS RECEIVED (I) AN OFFICER’S CERTIFICATE IN THE FORM DESCRIBED IN SECTION 5.01(g) OF THE POOLING AGREEMENT AND (II) IF SO INDICATED IN SUCH OFFICER’S CERTIFICATE, AN OPINION OF COUNSEL
ACCEPTABLE TO AND IN FORM AND SUBSTANCE SATISFACTORY TO THE TRUSTEE AND THE COMPANY TO THE EFFECT THAT THE PURCHASE AND HOLDING OF THIS CERTIFICATE ARE PERMISSIBLE UNDER APPLICABLE LAW, WILL NOT CONSTITUTE OR RESULT IN A NON-EXEMPT PROHIBITED
TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE, AND WILL NOT SUBJECT THE TRUST, THE TRUSTEE, THE DELAWARE TRUSTEE, THE MASTER SERVICER OR THE COMPANY TO ANY OBLIGATION OR LIABILITY (INCLUDING OBLIGATIONS OR LIABILITIES UNDER
SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE) IN ADDITION TO THOSE UNDERTAKEN IN THE POOLING AGREEMENT, WHICH OPINION OF COUNSEL SHALL NOT BE AN EXPENSE OF THE TRUST, THE TRUSTEE, THE DELAWARE TRUSTEE, THE MASTER SERVICER OR THE COMPANY.

  
 NOTWITHSTANDING THE FOREGOING PARAGRAPH, WITH RESPECT TO THE TRANSFER OF THIS
CLASS B-3 CERTIFICATE TO DTC OR ANY OTHER CLEARING AGENCY OR ANY SUBSEQUENT TRANSFER OF ANY INTEREST IN THIS CERTIFICATE FOR SO LONG AS THIS CERTIFICATE IS HELD BY DTC OR ANY OTHER CLEARING AGENCY, (I) AN OFFICER’S CERTIFICATE (AND, IF
APPLICABLE, A BENEFIT PLAN OPINION), AS DESCRIBED IN THE FOREGOING PARAGRAPH, SHALL NOT BE REQUIRED, AND (II) THE FOLLOWING CONDITIONS SHALL APPLY: 
  
 1. ANY TRANSFEREE OF THIS CERTIFICATE WILL BE DEEMED TO HAVE REPRESENTED, BY VIRTUE OF ITS ACQUISITION OR HOLDING OF THIS CERTIFICATE (OR
INTEREST HEREIN), THAT EITHER (A) SUCH TRANSFEREE IS NOT AN EMPLOYEE BENEFIT OR OTHER PLAN SUBJECT TO THE PROHIBITED TRANSACTION PROVISIONS OF ERISA OR SECTION 4975 OF THE CODE, OR ANY PERSON (INCLUDING AN INVESTMENT MANAGER, A NAMED FIDUCIARY OR A
TRUSTEE OF ANY SUCH PLAN) ACTING, DIRECTLY OR INDIRECTLY, ON BEHALF OF OR PURCHASING THIS CERTIFICATE WITH “PLAN ASSETS” OF ANY SUCH PLAN (A “PLAN INVESTOR”), (B) SUCH TRANSFEREE IS AN INSURANCE COMPANY, THE SOURCE OF FUNDS TO BE
USED BY IT TO ACQUIRE OR HOLD THIS CERTIFICATE IS AN “INSURANCE COMPANY GENERAL ACCOUNT” (WITHIN THE MEANING OF DEPARTMENT OF LABOR PROHIBITED TRANSACTION CLASS EXEMPTION (“PTCE”) 95-60), AND THE CONDITIONS IN SECTIONS I AND III
OF PTCE 95-60 HAVE BEEN SATISFIED (EACH ENTITY THAT SATISFIES THIS CLAUSE (B), A “COMPLYING INSURANCE COMPANY”) OR (C) THIS CERTIFICATE WAS RATED “BBB-” OR BETTER (OR ITS EQUIVALENT) BY AT LEAST ONE OF THE RATING AGENCIES AT THE
TIME OF SUCH TRANSFEREE’S ACQUISITION OF THIS CERTIFICATE (OR INTEREST HEREIN); AND 
  
 2. IF THIS CERTIFICATE (OR ANY INTEREST HEREIN) IS ACQUIRED OR HELD IN VIOLATION OF THE PROVISIONS OF THE PRECEDING PARAGRAPH, THEN THE
LAST PRECEDING TRANSFEREE THAT EITHER (I) IS NOT A PLAN INVESTOR, (II) IS A COMPLYING INSURANCE COMPANY OR (III) ACQUIRED THIS CERTIFICATE AT A TIME WHEN THIS CERTIFICATE WAS RATED 

  

 A-7 

 
“BBB-” OR BETTER (OR ITS EQUIVALENT) BY AT LEAST ONE OF THE RATING AGENCIES SHALL BE RESTORED, TO THE EXTENT PERMITTED BY LAW, TO ALL RIGHTS AND
OBLIGATIONS AS BENEFICIAL HOLDER THEREOF RETROACTIVE TO THE DATE OF TRANSFER OF THIS CERTIFICATE BY SUCH PRECEDING TRANSFEREE. NEITHER THE TRUST NOR THE TRUSTEE SHALL BE UNDER ANY LIABILITY TO ANY PERSON FOR MAKING ANY PAYMENTS DUE ON THIS
CERTIFICATE TO SUCH PRECEDING TRANSFEREE. 
  
 ANY PURPORTED BENEFICIAL HOLDER
WHOSE ACQUISITION OR HOLDING OF THIS CERTIFICATE (OR INTEREST HEREIN) WAS EFFECTED IN VIOLATION OF THE RESTRICTIONS IN SECTION 5.01(g) OF THE POOLING AGREEMENT SHALL INDEMNIFY AND HOLD HARMLESS THE COMPANY, THE TRUSTEE, THE MASTER SERVICER, THE
TRUST AND THE UNDERWRITERS FROM AND AGAINST ANY AND ALL LIABILITIES, CLAIMS, COSTS OR EXPENSES INCURRED BY SUCH PARTIES AS A RESULT OF SUCH ACQUISITION OR HOLDING. 
  
 The Class B-3 Certificates will be subordinate in right of payment to and provide credit support to certain Classes of Certificates, as
described in the Pooling Agreement. 
  

			
	Series             -        	 	Portion of the Class B-3 Principal Balance as of the Cut-Off Date Evidenced by this Certificate:
$                    
		
	Class B-3 Certificate Interest Rate: Variable	 	 
		
	Cut-Off Date:                 ,
            	 	 
		
	First Distribution Date:                 ,
            	 	 
		
	Last Scheduled Distribution Date:                 ,
            	 	 
		
	Class B-3 Principal Balance as of the Cut-Off Date:
$                    	 	 

  
 Cede & Co.

 Registered Owner 
  

 A-8 

 Exhibit A          
 CUSIP              
  
 BELLAVISTA MORTGAGE PASS-THROUGH CERTIFICATE 
  
 Class B-4 
  
 Evidencing a beneficial interest in a pool of assets consisting of, among other things, conventional one- to four-family mortgage loans formed and administered by

  
 BELLAVISTA [FINANCE] [FUNDING] CORPORATION 
  
 This Certificate is issued by BellaVista Mortgage Pass-Through Certificates Series
                -         Trust. This Certificate represents ownership of a “regular interest” in a
“real estate mortgage investment conduit,” as those terms are defined in Sections 860G and 860D, respectively, of the Internal Revenue Code of 1986, as amended (the “Code”). The issue date of this Certificate is
                ,             . 
  
 NO TRANSFER OF THIS CLASS B-4 CERTIFICATE WILL BE MADE UNLESS THE TRUSTEE HAS RECEIVED (I) AN OFFICER’S CERTIFICATE IN
THE FORM DESCRIBED IN SECTION 5.01(d) OF THE POOLING AGREEMENT AND (II) IF SO INDICATED IN SUCH OFFICER’S CERTIFICATE, AN OPINION OF COUNSEL ACCEPTABLE TO AND IN FORM AND SUBSTANCE SATISFACTORY TO THE TRUSTEE AND THE COMPANY TO THE EFFECT THAT
THE PURCHASE AND HOLDING OF THIS CERTIFICATE ARE PERMISSIBLE UNDER APPLICABLE LAW, WILL NOT CONSTITUTE OR RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE, AND WILL NOT SUBJECT THE TRUST, THE
TRUSTEE, THE DELAWARE TRUSTEE, THE MASTER SERVICER OR THE COMPANY TO ANY OBLIGATION OR LIABILITY (INCLUDING OBLIGATIONS OR LIABILITIES UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE) IN ADDITION TO THOSE UNDERTAKEN IN THE POOLING AGREEMENT,
WHICH OPINION OF COUNSEL SHALL NOT BE AN EXPENSE OF THE TRUST, THE TRUSTEE, THE DELAWARE TRUSTEE, THE MASTER SERVICER OR THE COMPANY. 
  
 THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933. THESE SECURITIES MAY NOT BE OFFERED, SOLD,
TRANSFERRED, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF REGISTRATION OR THE AVAILABILITY OF AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933 AND EXCEPT IN ACCORDANCE WITH SECTION 5.01(e) OF THE POOLING AGREEMENT. 
  
 The Class B-4 Certificates will be subordinate in right of payment to and provide credit
support to certain Classes of Certificates, as described in the Pooling Agreement. 
  

			
	Series             -        	 	Portion of the Class B-4 Principal Balance as of the Cut-Off Date Evidenced by this Certificate:
$                    
		
	Class B-4 Certificate Interest Rate: Variable	 	 
		
	Cut-Off Date:                 ,
            	 	 
		
	First Distribution Date:                 ,
            	 	 
		
	Last Scheduled Distribution Date:                 ,
            	 	 
		
	Class B-4 Principal Balance as of the Cut-Off Date:
$                    	 	 

  
 ________________________ 
 Registered Owner 
  

 A-9 

 Exhibit A          
 CUSIP              
  
 BELLAVISTA MORTGAGE PASS-THROUGH CERTIFICATE 
  
 Class B-5 
  
 Evidencing a beneficial interest in a pool of assets consisting of, among other things, conventional one- to four-family mortgage loans formed and administered by

  
 BELLAVISTA [FINANCE] [FUNDING] CORPORATION 
  
 This Certificate is issued by BellaVista Mortgage Pass-Through Certificates Series
                -         Trust. This Certificate represents ownership of a “regular interest” in a
“real estate mortgage investment conduit,” as those terms are defined in Sections 860G and 860D, respectively, of the Internal Revenue Code of 1986, as amended (the “Code”). The issue date of this Certificate is
                ,             . 
  
 NO TRANSFER OF THIS CLASS B-5 CERTIFICATE WILL BE MADE UNLESS THE TRUSTEE HAS RECEIVED (I) AN OFFICER’S CERTIFICATE IN
THE FORM DESCRIBED IN SECTION 5.01(d) OF THE POOLING AGREEMENT AND (II) IF SO INDICATED IN SUCH OFFICER’S CERTIFICATE, AN OPINION OF COUNSEL ACCEPTABLE TO AND IN FORM AND SUBSTANCE SATISFACTORY TO THE TRUSTEE AND THE COMPANY TO THE EFFECT THAT
THE PURCHASE AND HOLDING OF THIS CERTIFICATE ARE PERMISSIBLE UNDER APPLICABLE LAW, WILL NOT CONSTITUTE OR RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE, AND WILL NOT SUBJECT THE TRUST, THE
TRUSTEE, THE DELAWARE TRUSTEE, THE MASTER SERVICER OR THE COMPANY TO ANY OBLIGATION OR LIABILITY (INCLUDING OBLIGATIONS OR LIABILITIES UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE) IN ADDITION TO THOSE UNDERTAKEN IN THE POOLING AGREEMENT,
WHICH OPINION OF COUNSEL SHALL NOT BE AN EXPENSE OF THE TRUST, THE TRUSTEE, THE DELAWARE TRUSTEE, THE MASTER SERVICER OR THE COMPANY. 
  
 THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933. THESE SECURITIES MAY NOT BE OFFERED, SOLD,
TRANSFERRED, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF REGISTRATION OR THE AVAILABILITY OF AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933 AND EXCEPT IN ACCORDANCE WITH SECTION 5.01(e) OF THE POOLING AGREEMENT. 
  
 The Class B-5 Certificates will be subordinate in right of payment to and provide credit
support to certain Classes of Certificates, as described in the Pooling Agreement. 
  

			
	Series             -        	 	Portion of the Class B-5 Principal Balance as of the Cut-Off Date Evidenced by this Certificate:
$                    
		
	Class B-5 Certificate Interest Rate: Variable	 	 
		
	Cut-Off Date:                 ,
            	 	 
		
	First Distribution Date:                 ,
            	 	 
		
	Last Scheduled Distribution Date:                 ,
            	 	 
		
	Class B-5 Principal Balance as of the Cut-Off Date:
$                    	 	 

  
 __________________________ 
 Registered Owner 
  

 A-10 

 Exhibit A          
 CUSIP              
  
 BELLAVISTA MORTGAGE PASS-THROUGH CERTIFICATE 
  
 Class B-6 
  
 Evidencing a beneficial interest in a pool of assets consisting of, among other things, conventional one- to four-family mortgage loans formed and administered by

  
 BELLAVISTA [FINANCE] [FUNDING] CORPORATION 
  
 This Certificate is issued by BellaVista Mortgage Pass-Through Certificates Series
                -         Trust. This Certificate represents ownership of a “regular interest” in a
“real estate mortgage investment conduit,” as those terms are defined in Sections 860G and 860D, respectively, of the Internal Revenue Code of 1986, as amended (the “Code”). The issue date of this Certificate is
            ,             . 
  
 NO TRANSFER OF THIS CLASS B-6 CERTIFICATE WILL BE MADE UNLESS THE TRUSTEE HAS RECEIVED (I) AN OFFICER’S CERTIFICATE IN
THE FORM DESCRIBED IN SECTION 5.01(d) OF THE POOLING AGREEMENT AND (II) IF SO INDICATED IN SUCH OFFICER’S CERTIFICATE, AN OPINION OF COUNSEL ACCEPTABLE TO AND IN FORM AND SUBSTANCE SATISFACTORY TO THE TRUSTEE AND THE COMPANY TO THE EFFECT THAT
THE PURCHASE AND HOLDING OF THIS CERTIFICATE ARE PERMISSIBLE UNDER APPLICABLE LAW, WILL NOT CONSTITUTE OR RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE, AND WILL NOT SUBJECT THE TRUST, THE
TRUSTEE, THE DELAWARE TRUSTEE, THE MASTER SERVICER OR THE COMPANY TO ANY OBLIGATION OR LIABILITY (INCLUDING OBLIGATIONS OR LIABILITIES UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE) IN ADDITION TO THOSE UNDERTAKEN IN THE POOLING AGREEMENT,
WHICH OPINION OF COUNSEL SHALL NOT BE AN EXPENSE OF THE TRUST, THE TRUSTEE, THE DELAWARE TRUSTEE, THE MASTER SERVICER OR THE COMPANY. 
  
 THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933. THESE SECURITIES MAY NOT BE OFFERED, SOLD,
TRANSFERRED, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF REGISTRATION OR THE AVAILABILITY OF AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933 AND EXCEPT IN ACCORDANCE WITH SECTION 5.01(e) OF THE POOLING AGREEMENT. 
  
 The Class B-6 Certificates will be subordinate in right of payment to and provide credit
support to certain Classes of Certificates, as described in the Pooling Agreement. 
  

			
	Series             -        	 	Portion of the Class B-6 Principal Balance as of the Cut-Off Date Evidenced by this Certificate:
$                    
		
	Class B-6 Certificate Interest Rate: Variable	 	 
		
	Cut-Off Date:                 ,
            	 	 
		
	First Distribution Date:                 ,
            	 	 
		
	Last Scheduled Distribution Date:                 ,
            	 	 
		
	Class B-6 Principal Balance as of the Cut-Off Date:
$                    	 	 

  
 ______________________

 Registered Owner 
  

 A-11 

 Exhibit A          
 CUSIP              
  
 BELLAVISTA MORTGAGE PASS-THROUGH CERTIFICATE 
  
 Class R 
  
 Evidencing a Percentage Interest in certain distributions with respect to a pool of conventional one- to four-family mortgage loans formed and administered by 

 
 BELLAVISTA [FINANCE] [FUNDING] CORPORATION 
  
 ANY RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE MAY BE MADE ONLY IF THE
PROPOSED TRANSFEREE PROVIDES A TRANSFER AFFIDAVIT TO THE COMPANY AND THE TRUSTEE THAT (1) SUCH TRANSFEREE IS NOT EITHER (A) THE UNITED STATES, ANY STATE OR POLITICAL SUBDIVISION THEREOF, ANY FOREIGN GOVERNMENT, ANY INTERNATIONAL ORGANIZATION, OR ANY
AGENCY OR INSTRUMENTALITY OF ANY OF THE FOREGOING, (B) ANY ORGANIZATION (OTHER THAN A COOPERATIVE DESCRIBED IN SECTION 521 OF THE CODE) WHICH IS EXEMPT FROM THE TAX IMPOSED BY CHAPTER 1 OF THE CODE UNLESS SUCH ORGANIZATION IS SUBJECT TO THE TAX
IMPOSED BY SECTION 511 OF THE CODE, (C) ANY ORGANIZATION DESCRIBED IN SECTION 1381(a)(2)(C) OF THE CODE (ANY SUCH PERSON DESCRIBED IN THE FOREGOING CLAUSES (A), (B), OR (C) BEING HEREINAFTER REFERRED TO AS A “DISQUALIFIED ORGANIZATION”),
OR (D) AN AGENT OF A DISQUALIFIED ORGANIZATION AND (2) NO PURPOSE OF SUCH TRANSFER IS TO ENABLE THE TRANSFER TO IMPEDE THE ASSESSMENT OR COLLECTION OF TAX. SUCH AFFIDAVIT SHALL INCLUDE CERTAIN REPRESENTATIONS AS TO THE FINANCIAL CONDITION OF THE
PROPOSED TRANSFEREE. NOTWITHSTANDING THE REGISTRATION IN THE CERTIFICATE REGISTER OF ANY TRANSFER, SALE OR OTHER DISPOSITION OF THIS CLASS R CERTIFICATE TO A DISQUALIFIED ORGANIZATION OR AN AGENT OF A DISQUALIFIED ORGANIZATION, SUCH REGISTRATION
SHALL BE DEEMED TO BE OF NO LEGAL FORCE OR EFFECT WHATSOEVER AND SUCH PERSON SHALL NOT BE DEEMED TO BE A CERTIFICATEHOLDER FOR ANY PURPOSE HEREUNDER, INCLUDING, BUT NOT LIMITED TO, THE RECEIPT OF DISTRIBUTIONS ON THIS CERTIFICATE. EACH HOLDER OF A
CLASS R CERTIFICATE BY ACCEPTANCE OF THIS CERTIFICATE SHALL BE DEEMED TO HAVE CONSENTED TO THE PROVISIONS OF THIS PARAGRAPH. 
  
 IN THE CASE OF ANY CLASS R CERTIFICATE PRESENTED FOR REGISTRATION IN THE NAME OF ANY PERSON, THE TRUSTEE SHALL REQUIRE (I) AN OFFICER’S CERTIFICATE IN THE FORM
DESCRIBED IN SECTION 5.01(d) OF THE POOLING AGREEMENT AND (II) IF SO INDICATED IN SUCH OFFICER’S CERTIFICATE, AN OPINION OF COUNSEL ACCEPTABLE TO AND IN FORM AND SUBSTANCE SATISFACTORY TO THE TRUSTEE AND THE COMPANY TO THE EFFECT THAT THE
PURCHASE AND HOLDING OF A CLASS R CERTIFICATE ARE PERMISSIBLE UNDER APPLICABLE LAW, WILL NOT CONSTITUTE OR RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED
(“ERISA”), OR SECTION 4975 OF THE CODE AND WILL NOT SUBJECT THE TRUST, THE TRUSTEE, THE DELAWARE TRUSTEE, THE MASTER SERVICER OR THE COMPANY TO ANY OBLIGATION OR LIABILITY (INCLUDING OBLIGATIONS OR LIABILITIES UNDER SECTION 406 OF ERISA OR
SECTION 4975 OF THE CODE) IN ADDITION TO THOSE UNDERTAKEN IN THE POOLING AGREEMENT, WHICH OPINION OF COUNSEL SHALL NOT BE AN EXPENSE OF THE TRUST, THE TRUSTEE, THE DELAWARE TRUSTEE, THE MASTER SERVICER OR THE COMPANY. 
  
 This Certificate is issued by BellaVista Mortgage Pass-Through Certificates Series
            -             Trust. Solely for U.S. federal income tax purposes, this Certificate represents a
“residual interest” in a “real estate mortgage investment conduit,” as those terms are defined in Sections 860G and 860D, respectively, of the Internal Revenue Code of 1986, as amended. 
  

			
	Series              -             	 	Percentage Interest evidenced by this Class R Certificate in the distributions to be made with respect to the Class R
Certificates:                                      
   %
		
	Class R Certificate Interest Rate:             %. Additionally the Class R Certificates are entitled to Excess Liquidation
Proceeds and the Residual Distribution Amount as defined in the Pooling Agreement.	 	 
		
	Cut-Off Date:             ,             	 	 
		
	First Distribution Date:             ,
            	 	 
		
	Last Scheduled Distribution Date:             ,
            	 	 
		
	Class R Principal Balance as of the Cut-Off Date: $            	 	 

  
 _______________________

 Registered Owner 
 Certificate
No.              
  

 A-12 

 Exhibit B 
  
 [Reserved] 
  

 B-1 

 Exhibit C 
  
 Anti-Predatory Lending Categorization 
  

 C-1 

 Exhibit D 
  
 Mortgage Loan Schedule 
  

 D-1 

 Exhibit E 
  
 FORM OF TRANSFEROR CERTIFICATE FOR 
 JUNIOR
SUBORDINATE CERTIFICATES 
  
 [Date] 
  
 [NAME AND ADDRESS OF TRUSTEE] 
  

	 	Re:	Purchase of BellaVista Mortgage Pass-Through Certificates Series
            -            , Class [    ] (the “Certificates”)

  
 Ladies and Gentlemen: 
  
 In connection with our disposition of the above Certificates we certify that
(a) we understand the Certificates have not been registered under the Securities Act of 1933, as amended (the “Act”) and are being disposed by us in a transaction that is exempt from the registration requirements of the Act, and (b) we
have not offered or sold any certificates to, or solicited offers to buy any Certificates from, any person, or otherwise approached or negotiated with any person with respect thereto, or taken any other action which would result in a violation of
Section 5 of the Act. 
  

			
	 Very truly yours,

	
	 [Name of Transferor]

		
	By:	 	 
	 	 	Authorized Officer

  

 E-1 

 Exhibit F 
  
 FORM OF TRANSFEREE’S AGREEMENT FOR 
 JUNIOR
SUBORDINATE CERTIFICATES 
  
 [Date] 
  
 [NAME AND ADDRESS OF TRUSTEE] 
  
 The undersigned (the “Purchaser”) proposes to purchase BellaVista Mortgage Pass-Through Certificates, Series
            -            , Class [    ] (the “Purchased Certificates”) in the
principal amount of $      . In doing so, the Purchaser hereby acknowledges and agrees as follows: 
  
 Section 1. Definitions. Each capitalized term used herein and not otherwise defined herein shall have the meaning ascribed to it in the Pooling and
Servicing Agreement, dated as of             ,              (the “Pooling Agreement”), by and among
BellaVista [Finance] [Funding] Corporation (“BellaVista”), [Name of Master Servicer], as master servicer (the “Master Servicer”), [Name of Trustee], as trustee (the “Trustee”), and [Name of Delaware Trustee], as
Delaware trustee, of the BellaVista Mortgage Pass-Through Certificates, Series             -            .

  
 Section 2. Representations and Warranties of the Purchaser. In
connection with the proposed transfer, the Purchaser represents and warrants to BellaVista, the Trustee and the Trust that: 
  
 (a) The Purchaser is duly organized, validly existing and in good standing under the laws of the jurisdiction in which the Purchaser is organized, is
authorized to invest in the Purchased Certificates, and to enter into this Agreement, and duly executed and delivered this Agreement; 
  
 (b) The Purchaser is acquiring the Purchased Certificates for its own account as principal and not with a view to the distribution thereof, in whole or in
part; 
  
 (c) The Purchaser is an “accredited investor”
as such term is defined in paragraph (a)(1), (a)(2), (a)(3), (a)(7) or (a)(8) of Section 501 of Regulation D under the Securities Act of 1933, as amended (the “Act”), has knowledge of financial and business matters and is capable of
evaluating the merits and risks of an investment in the Purchased Certificates; the Purchaser has sought such accounting, legal and tax advice as it has considered necessary to make an informed investment decision; and the Purchaser is able to bear
the economic risk of an investment in the Purchased Certificates and can afford a complete loss of such investment; 
  
 (d) The Purchaser is not affiliated with the Trustee; 
  
 (e) The Purchaser confirms that BellaVista has made available to the Purchaser the opportunity to ask questions of, and receive answers from BellaVista
concerning the trust created pursuant to the Pooling Agreement (the “Trust”), the purchase by the Purchaser of the Purchased Certificates and all matters relating thereto that BellaVista possesses or can acquire without unreasonable effort
or expense; and 
  
 (f) If applicable, the Purchaser has complied,
and will continue to comply, with the guidelines established by Thrift Bulletin 13a issued April 23, 1998, by the Office of Regulatory Activities of the Federal Home Loan Bank System. 
  

 F-1 

 Section 3.Transfer of Purchased Certificates. 
  
 (a) The Purchaser understands that the Purchased Certificates have not been
registered under the Act, or any state securities laws and that no transfer may be made unless the Purchased Certificates are registered under the Act and under applicable state law or unless an exemption from registration is available. The
Purchaser further understands that neither Bella Vista nor the Trust is under any obligation to register the Purchased Certificates or make an exemption available. In the event that such a transfer is to be made within two years from the Closing
Date without registration under the Act or applicable state securities laws, (i) the Trustee shall require, in order to assure compliance with such laws, that the Certificateholder’s prospective transferee each certify to BellaVista, the
Trustee and the Trust as to the factual basis for the registration or qualification exemption relied upon, and (ii) the Trustee or BellaVista may require an Opinion of Counsel that such transfer may be made pursuant to an exemption from the Act and
state securities laws, which Opinion of Counsel shall not be an expense of the Trust, the Trustee or BellaVista. Any such Certificateholder desiring to effect such transfer shall, and does hereby agree to, indemnify the Trust, the Trustee and
BellaVista 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. 
  
 (b) No transfer of a Purchased Certificate shall be made unless the transferee provides BellaVista and the Trustee with (i) a Transferee’s Agreement,
substantially in the form of this Agreement, (ii) an affidavit substantially in the form of Exhibit L to the Pooling Agreement and (iii) if so indicated in such affidavit, a Benefit Plan Opinion (as defined in Section 1.01 of the Pooling Agreement).

  
 (c) The Purchaser acknowledges that its Purchased Certificates
bear a legend setting forth the applicable restrictions on transfer. 
  

 F-2 

 IN WITNESS WHEREOF, the undersigned has caused this Agreement to be validly executed by its duly
authorized representative as of the day and the year first above written. 
  

			
	 [Purchaser]

		
	By:	 	 
	 Its:
	 	 

  

 F-3 

 Exhibit G 
  
 FORM OF ADDITIONAL MATTER INCORPORATED INTO 
 THE FORM OF THE CERTIFICATES 
  
 This Certificate does
not represent an obligation of or interest in BellaVista [Finance] [Funding] Corporation or any of its affiliates. Neither this Certificate nor the underlying Mortgage Loans are guaranteed by any agency or instrumentality of the United States.

  
 This certifies that the above-named Registered Owner is the
registered owner of certain interests in a pool of assets (“REMIC I”) consisting of, among other things, conventional one- to four-family mortgage loans (the “Mortgage Loans”), formed and administered by BellaVista [Finance]
[Funding] Corporation (the “Company”), which term includes any successor entity under the Pooling Agreement referred to below. REMIC I was created pursuant to a Pooling and Servicing Agreement, dated as of the Cut-Off Date stated above
(the “Pooling Agreement”), among the Company, [Name of Master Servicer], as master servicer (the “Master Servicer”), [Name of Trustee], as Trustee (the “Trustee”), and [Name of Delaware Trustee], as Delaware Trustee, a
summary of certain of the pertinent provisions of which is set forth hereafter. To the extent not defined herein, the capitalized terms used herein have the meanings assigned in the Pooling Agreement. Nothing herein shall be deemed inconsistent with
such meanings, and in the event of any conflict between the Pooling Agreement and the terms of this Certificate, the Pooling Agreement shall control. This Certificate is issued under and is subject to the terms, provisions and conditions of the
Pooling Agreement, to which Pooling Agreement the Holder of this Certificate, by virtue of the acceptance hereof, assents and by which such Holder is bound. 
  
 Distributions will be made, pursuant to the Pooling Agreement, on the 25th day of each month or, if such 25th day is not a Business Day, the Business Day
immediately following (the “Distribution Date”), commencing on the first Distribution Date specified above, to the Person in whose name this Certificate is registered at the close of business on the last day (or if such last day is not a
Business Day, the Business Day immediately preceding such last day) of the month immediately preceding the month of such distribution (the “Record Date”), to the extent of such Certificateholder’s Percentage Interest represented by
this Certificate in the portion of the Available Distribution Amount for such Distribution Date then distributable on the Certificates of this Class, as specified in Section 4.01 of the Pooling Agreement. 
  
 Distributions on this Certificate will be made by the Trustee by wire
transfer or check mailed to the address of the Person entitled thereto, as such name and address shall appear on the Certificate Register. Notwithstanding the above, the final distribution on this Certificate will be made after due notice by the
Trustee of the pendency of such distribution and only upon presentation and surrender of this Certificate to the Certificate Registrar. 
  
 Reference is hereby made to the further provisions of this Certificate set forth below, which further provisions shall for all purposes have the same
effect as if set forth at this place. 
  
 Unless the certificate
of authentication hereon has been executed by or on behalf of the Trustee, by manual signature, this Certificate shall not be entitled to any benefit under the Pooling Agreement or be valid for any purpose. 
  

 G-1 

 IN WITNESS WHEREOF, the Trust has caused this Certificate to be duly executed. 
  

					
	BELLAVISTA MORTGAGE PASS-THROUGH CERTIFICATES SERIES
            -             TRUST
		
	By:	 	 [NAME OF TRUSTEE], as Trustee

			
	 	 	 By:
	 	 

  
 (TRUSTEE’S
CERTIFICATE OF AUTHENTICATION) 
  
 This is one of the Certificates
referred to in the within-mentioned Pooling Agreement. 
  

			
	 [NAME OF TRUSTEE],
 as Trustee

		
	By:	 	 
		
	 Dated:  
	 	 

  

 G-2 

 BELLAVISTA [FINANCE] [FUNDING] CORPORATION 
 BELLAVISTA MORTGAGE PASS-THROUGH CERTIFICATE 
  
 This Certificate is one of a duly authorized issue of Certificates designated as BellaVista Mortgage Pass-Through Certificates of the Series and Class
specified hereon (herein called the “Certificates”) and representing certain interests in REMIC I. 
  
 The Certificates do not represent an obligation of, or an interest in, the Company or any of its affiliates and are not insured or guaranteed by any
governmental agency. The Certificates are limited in right of payment to certain collections and recoveries respecting the Mortgage Loans, all as more specifically set forth herein and in the Pooling Agreement. In the event funds are advanced with
respect to any Mortgage Loan, such advance is reimbursable to the Master Servicer from the related recoveries on such Mortgage Loan or from other cash deposited in the Distribution Account to the extent that such advance is not otherwise
recoverable. 
  
 As provided in the Pooling Agreement, withdrawals
from the Distribution Account may be made from time to time for purposes other than distributions to Certificateholders, such purposes including reimbursement to the Master Servicer of advances made, or certain expenses incurred, by it. 

 
 The Pooling Agreement permits, with certain exceptions therein provided,
the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Certificateholders under the Pooling Agreement at any time by the Company, the Master Servicer and the Trustee with the consent of the
Holders of the Certificates evidencing Percentage Interests aggregating not less than 66% of REMIC I. Any such consent by the Holder of this Certificate shall be conclusive and binding on such Holder and upon all future Holders of this Certificate
and of any Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such consent is made upon this Certificate. The Pooling Agreement also permits the amendment thereof, in certain limited
circumstances, without the consent of the Holders of any of the Certificates. 
  
 As provided in the Pooling Agreement and subject to certain limitations therein set forth, the transfer of this Certificate is registrable in the Certificate Register upon surrender of this Certificate for
registration of transfer at the offices of the Certificate Registrar or the office maintained by the Trustee in the City and State of New York, duly endorsed by, or accompanied by an assignment in the form below or other written instrument of
transfer in form satisfactory to the Trustee or any Authenticating Agent duly executed by, the Holder hereof or such Holder’s attorney duly authorized in writing, and thereupon one or more new Certificates of Authorized Denominations evidencing
the same Percentage Interest set forth hereinabove will be issued to the designated transferee or transferees. 
  
 [to be used only in the case of the Junior Subordinate Certificates:] [No transfer of a Certificate will be made unless such transfer is exempt from or is
made in accordance with the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”) and any applicable state securities laws. In the event that a transfer is to be made without registration or
qualification under applicable laws, (i) in the event such transfer is made pursuant to Rule 144A under the Securities Act, the Company and the Trustee shall require the transferee to execute an investment letter in substantially the form attached
as Exhibit J to the Pooling Agreement, which investment letter shall not be an expense of the Company, the Master Servicer, the Trust or the Trustee and (ii) in the event that such a transfer is not made pursuant to Rule 144A under the Securities
Act, the Trustee may require an Opinion of Counsel satisfactory to the Trustee that such transfer may be made without such registration or qualification, which Opinion of Counsel shall not be an expense of the Company, the Master Servicer, the Trust
or the Trustee. Neither the Company nor the Trust will register the Certificate under the Securities Act, qualify the Certificate under any state securities law or provide registration rights to any purchaser. Any Holder 

  

 G-3 

 
desiring to effect such transfer shall, and does hereby agree to, indemnify the Trust, the Trustee, the Company and the Master 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.] 
  
 [to be used only in the case of the Class A Certificates:] [Pursuant to the Auction Administration Agreement and the Par Price Payment Agreement (each as
defined in the Pooling Agreement), this Certificate will be transferred to a third-party investor on the Auction Distribution Date (as defined in the Auction Administration Agreement), and in exchange therefor the Holder of this Certificate will
receive, to the extent received pursuant to the Auction Administration Agreement and the Par Price Payment Agreement, the Par Price (as defined in the Auction Administration Agreement) for this Certificate.] 
  
 The Certificates are issuable only as registered Certificates without coupons
in Authorized Denominations specified in the Pooling Agreement. As provided in the Pooling Agreement and subject to certain limitations therein set forth, Certificates are exchangeable for new Certificates of Authorized Denominations of like
Certificate Principal Balance or Percentage Interest, as applicable, as requested by the Holder surrendering the same. 
  
 A reasonable service charge may be made for any such registration of transfer or exchange, and the Trustee may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith. 
  
 The Company, the Trustee and the Certificate Registrar and any agent of the Company, the Trustee or the Certificate Registrar may treat the Person in whose name this Certificate is registered as the owner hereof for
all purposes, and neither the Company, the Trustee, the Certificate Registrar nor any such agent shall be affected by notice to the contrary. 
  
 The obligations created by the Pooling Agreement and the Trust created thereby shall terminate upon (i) the later of the maturity or other liquidation
(including purchase by the Master Servicer) of the last Mortgage Loan remaining in the Trust or the disposition of all property acquired upon foreclosure or deed in lieu of foreclosure of any Mortgage Loan, and (ii) the payment to Certificateholders
of all amounts held by the Trustee and required to be paid to them pursuant to the Pooling Agreement. In the event that the Company or the Master Servicer purchases any Mortgage Loan pursuant to the Pooling Agreement, the Pooling Agreement generally
requires that the Trustee distribute to the Certificateholders in the aggregate an amount equal to 100% of the unpaid Principal Balance of such Mortgage Loan, plus unpaid accrued interest thereon at the applicable Pass-Through Rate to the last day
of the month in which such purchase occurs. The Pooling Agreement permits, but does not require, the Master Servicer to purchase from the Trust all Mortgage Loans at the time subject thereto and all property acquired in respect of any Mortgage Loan
upon payment to the Certificateholders of the amounts specified in the Pooling Agreement. The exercise of such right will effect early retirement of the Certificates, the Master Servicer’s right to purchase being subject to the aggregate
Principal Balance of the Mortgage Loans at the time of purchase being less than the Clean-Up Call Percentage of the aggregate Principal Balance of the Mortgage Loans as of the Cut-Off Date. 
  

 G-4 

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

  

 (Please print or typewrite name and
address, including postal zip code of assignee. Please insert social security or other identifying number of assignee.) 
  
 the within BellaVista Mortgage Pass-Through Certificate and hereby irrevocably constitutes and appoints 
  

 Attorney to transfer said Certificate on the Certificate Register, with full power of
substitution in the premises. 
  

					
	 Dated:______________
	 	 
	 	 	 Signature Guaranteed

		
	  	 	 
	 	 	 NOTICE:
	 	The signature to this assignment must correspond with the name as written upon the face of the within instrument in every particular, without alteration or enlargement or any change whatever.
This Certificate does not represent an obligation of or an interest in BellaVista [Finance] [Funding] Corporation or any of its affiliates. Neither this Certificate nor the underlying Mortgage Loans are guaranteed by any agency or instrumentality of
the United States.

  

 G-5 

 Exhibit H 
  
 TRANSFEROR CERTIFICATE 
  
 [Date] 
  
 [NAME AND ADDRESS OF TRUSTEE] 
  

	 	Re:	BellaVista Mortgage Pass-Through Certificates, Series
            -            , Class R 

  
 Ladies and Gentlemen: 
  
 This letter is delivered to you in connection with the sale from
                                       
  (the “Seller”) to                              (the “Purchaser”)
of $        initial Certificate Principal Balance of BellaVista Mortgage Pass-Through Certificates, Series
            -            , Class R (the “Certificate”), pursuant to Section 5.01 of the Pooling and
Servicing Agreement (the “Pooling Agreement”), dated as of             ,              among BellaVista
[Finance] [Funding] Corporation, as depositor (the “Company”), [Name of Master Servicer], as master servicer (the “Master Servicer”), [Name of Trustee], as trustee (the “Trustee”), and [Name of Delaware Trustee], as
Delaware trustee. All terms used herein and not otherwise defined shall have the meanings set forth in the Pooling Agreement. The Seller hereby certifies, represents and warrants to, and covenants with, the Company, the Trustee and the Trust that:

  
 1. No purpose of the Seller relating to the sale of the
Certificate by the Seller to the Purchaser is or will be to enable the Seller to impede the assessment or collection of tax. 
  
 2. The Seller understands that the Purchaser has delivered to the Trustee and the Company a transferee affidavit and agreement in the form attached to the
Pooling Agreement as Exhibit I. The Seller does not know or believe that any representation contained therein is false. 
  
 3. The Seller has no actual knowledge that the proposed Transferee is not a Permitted Transferee. 
  
 4. The Seller has no actual knowledge that the Purchaser would be unwilling
or unable to pay taxes due on its share of the taxable income attributable to the Certificates. 
  
 5. The Seller has conducted a reasonable investigation of the financial condition of the Purchaser and, as a result of the investigation, found that the
Purchaser has historically paid its debts as they came due, and found no significant evidence to indicate that the Purchaser will not continue to pay its debts as they come due in the future. 
  

 H-1 

 6. The Purchaser has represented to the Seller that, if the Certificates constitute a noneconomic
residual interest, it (i) understands that as holder of a noneconomic residual interest it may incur tax liabilities in excess of any cash flows generated by the interest, and (ii) intends to pay taxes associated with its holding of the Certificates
as they become due. 
  

			
	 Very truly yours,

	
	 [Seller]

		
	By:	 	 
	 Name: 
	 	 
	 Title:
	 	 

  

 H-2 

 Exhibit I 
  
 TRANSFEREE AFFIDAVIT AND AGREEMENT 
  
 STATE OF                     ) 
  
                                        
 ) ss: 
  
 COUNTY
OF                 ) 
  
 [NAME OF OFFICER], being first duly sworn, deposes and says: 
  
 1. That he is [Title of Officer] of [Name of Owner] (record or beneficial owner of the Class R Certificate (the “Owner”)), a [savings
institution] [corporation] duly organized and existing under the laws of [the State of             ] [the United States], on behalf of which he makes this affidavit and
agreement. 
  
 2. That the Owner (i) is not and will not be a
“disqualified organization” as of [date of transfer] within the meaning of Section 860E(e)(5) of the Internal Revenue Code of 1986, as amended (the “Code”) and will endeavor to remain other than a disqualified organization for so
long as it retains its ownership interest in the Class R Certificates, and (ii) is acquiring the Class R Certificates for its own account or for the account of another Owner from which it has received an affidavit and agreement in substantially the
same form as this affidavit and agreement. (For this purpose, a disqualified organization” means the United States, any state or political subdivision thereof, or any agency or instrumentality of any of the foregoing (other than an
instrumentality all of the activities of which are subject to tax and, except for the Federal Home Loan Mortgage Corporation, a majority of whose board of directors is not selected by any such governmental entity), or any foreign government or
international organization, or any agency or instrumentality of such foreign government or organization, any rural electric or telephone cooperative, or any organization (other than certain farmers’ cooperatives) that is generally exempt from
federal income tax unless such organization is subject to the tax on unrelated business taxable income). 
  
 3. That the Owner is aware (i) of the tax that would be imposed on transfers of the Class R Certificates after March 31, 1988; (ii) that such tax would be
on the transferor, or, if such transfer is through an agent (which person includes a broker, nominee or middle-man) for a disqualified organization, on the agent; (iii) that the person otherwise liable for the tax shall be relieved of liability for
the tax if the transferee furnishes to such person an affidavit that the transferee is not a disqualified organization and, at the time of transfer, such person does not have actual knowledge that the affidavit is false; and (iv) that the Class R
Certificates may be a “noneconomic residual interest” within the meaning of Treasury regulations promulgated pursuant to the Code and that the transferor of a noneconomic residual interest will remain liable for any taxes due with respect
to the income on such residual interest, if a significant purpose of the transfer was to enable the transferor to impede the assessment or collection of tax. 
  
 4. That the Owner is aware of the tax imposed on a “pass-through entity” holding the Class R Certificates if at any time during the taxable year
of the pass-through entity a disqualified organization is the record holder of an interest in such entity. (For this purpose, a “pass through entity” includes a regulated investment company, a real estate investment trust or common trust
fund, a partnership, trust or estate, and certain cooperatives.) 
  

 I-1 

 5. That the Owner is aware that the Trustee will not register the Transfer of the Class R Certificates
unless the transferee, or the transferees’ agent, delivers to it an affidavit and agreement, among other things, in substantially the same form as this affidavit and agreement. The Owner expressly agrees that it will not consummate any such
transfer if it knows or believes that any of the representations contained in such affidavit and agreement are false. 
  
 6. That the Owner has reviewed the restrictions set forth on the face of the Class R Certificates and the provisions of Section 5.01 of the Pooling
Agreement under which the Class R Certificates were issued (in particular, clauses (iii)(A) and (iii)(B) of Section 5.01(c) which authorize the Trustee to deliver payments to a person other than the Owner and negotiate a mandatory sale by the
Trustee in the event the Owner holds such Certificates in violation of Section 5.01). The Owner expressly agrees to be bound by and to comply with such restrictions and provisions. 
  
 7. That the Owner consents to any additional restrictions or arrangements that shall be deemed necessary upon advice of
counsel to constitute a reasonable arrangement to ensure that the Class R Certificates will only be owned, directly or indirectly, by an Owner that is not a disqualified organization. 
  
 8. The Owner’s Taxpayer Identification Number is_________________ . 
  
 9. That no purpose of the Owner relating to the purchase of the Class R
Certificates by the Owner is or will be to enable the transferor to impede the assessment or collection of tax, and that in making this representation, the Owner warrants that the Owner is familiar with Treasury Regulation 1.860E-1(c) and with the
preamble to the adoption of amendments to that regulation as of July 19, 2002, attached hereto as Exhibit 1. 
  
 10. That the Owner anticipates that it will, so long as it holds the Class R Certificates, have sufficient assets to pay any taxes owed by the holder of
such Certificates, and hereby represents to and for the benefit of the person from whom it acquired the Class R Certificates that the Owner intends to pay taxes associated with holding such Certificates as they become due, fully understanding that
it may incur tax liabilities in excess of any cash flows generated by the Class R Certificates. That the Owner has provided financial statements or other financial information requested by the transferor in connection with the transfer of the Class
R Certificates to permit the transferor to assess the financial capability of the Owner to pay such taxes. 
  
 11. That the Owner has no present knowledge or expectation that it will be unable to pay any United States taxes owed by it so long as any of the Class R
Certificates remain outstanding. 
  
 12. That the Owner has no
present knowledge or expectation that it will become insolvent or subject to a bankruptcy proceeding for so long as any of the Class R Certificates remain outstanding. 
  
 13. That the Owner is familiar with Treasury Regulation 1.860E-1(c) and with the preamble to the adoption of amendments to
that regulation as of July 19, 2002, attached hereto as Exhibit 1, and that no purpose of the Owner relating to any sale of the Class R Certificates by the Owner will be to impede the assessment or collection of tax. 
  
 14. The Owner is a citizen or resident of the United States, a corporation,
partnership or other entity treated as a partnership or corporation for U.S. federal income tax purposes created or organized in, or under the laws of, the United States or any state thereof or the District of Columbia, or an estate or trust whose
income from sources without the United States is includible in gross income for 

  

 I-2 

 
United States federal income tax purposes regardless of its connection with the conduct of a trade or business within the United States. 
  
 15. The Owner hereby agrees that it will not cause income from the Class R
Certificates to be attributable to a foreign permanent establishment or fixed base (within the meaning of an applicable income tax treaty) of the Owner or another United States taxpayer. 
  
 16. The Owner hereby agrees to cooperate with the Company and to take any action required of it by the Code or Treasury
regulations thereunder (whether now or hereafter promulgated) in order to create or maintain the REMIC status of REMIC I (the “REMIC”). 
  
 17. The Owner hereby agrees that it will not take any action that could endanger the REMIC status of the REMIC or result in the imposition of tax on the
REMIC unless counsel for, or acceptable to, the Company has provided an opinion that such action will not result in the loss of such REMIC status or the imposition of such tax, as applicable. 
  
 18. The Owner as transferee of the Class R Certificates has represented to
the transferor that, if the Class R Certificates constitute a noneconomic residual interest, the Owner (i) understands that as holder of a noneconomic residual interest it may incur tax liabilities in excess of any cash flows generated by the
interest, and (ii) intends to pay taxes associated with its holding of the Class R Certificates as they become due. 
  
 19. That the Owner satisfies the condition in the paragraph marked below [mark one paragraph only]: 
  
  ̈ The Owner is not an employee benefit or other plan subject to the prohibited transaction provisions of the Employee Retirement Income Security Act of 1974, as amended, or Section 4975 of the Internal Revenue Code of
1986, as amended (a “Plan”), or any other person (including an investment manager, a named fiduciary or a trustee of any Plan) acting, directly or indirectly, on behalf of, or purchasing the Class R Certificates with “plan
assets” of, any Plan within the meaning of the Department of Labor (“DOL”) regulation at 29 C.F.R. Section 2510.3-101. 
  
  ̈ The Owner has delivered a Benefit Plan Opinion
(as defined in Section 1.01 of the Pooling Agreement under which the Class R Certificates were issued). 
  
 IN WITNESS WHEREOF, the Owner has caused this instrument to be executed on its behalf, pursuant to the authority of its Board of Directors, by its [Title
of Officer] and its corporate seal to be hereunto attached, attested by its [Assistant] Secretary, this              day of
            , 20    . 
  

			
	 [Name of Owner]

		
	 By:
	 	 
	 	 	[Name of Officer]
	 	 	[Title of Officer]

  
 [Corporate Seal] 
  
 ATTEST: 
  

 I-3 

 [Assistant] Secretary 
  
 Personally appeared before me the above-named [Name of Officer], known or proved to me to be the same person who executed the foregoing instrument and to
be the [Title of Officer] of the Owner, and Acknowledged to me that he executed the same as his free act and deed and the free act and deed of the Owner. 
  
 Subscribed and sworn before me this              day of
                                , 20    . 

 

	
	 NOTARY PUBLIC

	
	 COUNTY OF

	 STATE OF

	My Commission expires the day of
                        , 20    

  

 I-4 

 Exhibit 1 to Transferee Affidavit 
  
 DEPARTMENT OF THE TREASURY 
 Internal Revenue
Service 
 26 CFR Parts 1 and 602 
 [TD 9004] 
 RIN 1545-AW98 
  
 Real Estate Mortgage Investment Conduits 
  
 AGENCY: Internal Revenue Service (IRS), Treasury. 
  
 ACTION: Final
regulations. 
  
 —————————————————————————————————— 
  
 SUMMARY: This document contains final regulations relating to safe harbor
transfers of noneconomic residual interests in real estate mortgage investment conduits (REMICs). The final regulations provide additional limitations on the circumstances under which transferors may claim safe harbor treatment. 
  

			
	 DATES:
	  	 Effective Date: These regulations are effective July 19, 2002.
 Applicability Date: For dates of applicability, see Sec. 1.860E- (1)(c)(10).

  
 FOR FURTHER
INFORMATION CONTACT: Courtney Shepardson at (202) 622-3940 (not a toll-free number). 
  
 SUPPLEMENTARY INFORMATION: 
  
 Paperwork Reduction Act 
  
 The collection of information
in this final rule has been reviewed and, pending receipt and evaluation of public comments, approved by the Office of Management and Budget (OMB) under 44 U.S.C. 3507 and assigned control number 1545-1675. The collection of information in this
regulation is in Sec. 1.860E-1(c)(5)(ii). This information is required to enable the IRS to verify that a taxpayer is complying with the conditions of this regulation. The collection of information is mandatory and is required. Otherwise, the
taxpayer will not receive the benefit of safe harbor treatment as provided in the regulation. The likely respondents are businesses and other for-profit institutions. 
  
 Comments on the collection of information should be sent to the Office of Management and Budget, Attn: Desk Officer for the
Department of the Treasury, Office of Information and Regulatory Affairs, Washington, DC, 20503, with copies to the Internal Revenue Service, Attn: IRS Reports Clearance Officer, W:CAR:MP:FP:S, Washington, DC 20224. Comments on the collection of
information should be received by September 17, 2002. Comments are specifically requested concerning: 
  
 Whether the collection of information is necessary for the proper performance of the functions of the Internal Revenue Service, including
whether the information will have practical utility; 
  

 I-1-1 

 The accuracy of the estimated burden associated with the collection of information (see
below); 
  
 How the quality, utility, and clarity
of the information to be collected may be enhanced; 
  
 How the burden of complying with the collection of information may be minimized, including through the application of automated collection techniques or other forms of information technology; and 
  
 Estimates of capital or start-up costs and costs of
operation, maintenance, and purchase of service to provide information. 
  
 An agency may not conduct or sponsor, and a person is not required to respond to, a collection of information unless it displays a valid control number assigned by the Office of Management and Budget. 
  
 The estimated total annual reporting burden is 470 hours, based on an
estimated number of respondents of 470 and an estimated average annual burden hours per respondent of one hour. 
  
 Books or records relating to a collection of information must be retained as long as their contents may become material in the administration of any
internal revenue law. Generally, tax returns and tax return information are confidential, as required by 26 U.S.C. 6103. 
  
 Background 
  
 This document contains final regulations regarding the proposed amendments to 26 CFR part 1 under section 860E of the Internal Revenue Code (Code). The
regulations provide the circumstances under which a transferor of a noneconomic REMIC residual interest meeting the investigation and representation requirements may avail itself of the safe harbor by satisfying either the formula test or the asset
test. 
  
 Final regulations governing REMICs, issued in 1992,
contain rules governing the transfer of noneconomic REMIC residual interests. In general, a transfer of a noneconomic residual interest is disregarded for all tax purposes if a significant purpose of the transfer is to enable the transferor to
impede the assessment or collection of tax. A purpose to impede the assessment or collection of tax (a wrongful purpose) exists if the transferor, at the time of the transfer, either knew or should have known that the transferee would be unwilling
or unable to pay taxes due on its share of the REMIC’s taxable income. 
  
 Under a safe harbor, the transferor of a REMIC noneconomic residual interest is presumed not to have a wrongful purpose if two requirements are satisfied: (1) the transferor conducts a reasonable investigation of the
transferee’s financial condition (the investigation requirement); and (2) the transferor secures a representation from the transferee to the effect that the transferee understands the tax obligations associated with holding a residual interest
and intends to pay those taxes (the representation requirement). 
  
 The IRS and Treasury have been concerned that some transferors of noneconomic residual interests claim they satisfy the safe harbor even in situations where the economics of the transfer clearly indicate the transferee is unwilling or
unable to pay the tax associated with holding the interest. For this reason, on February 7, 2000, the IRS published in the Federal Register (65 FR 5807) a notice of proposed rulemaking (REG-100276-97; REG-122450-98) designed to clarify the safe
harbor by adding the “formula test,” an economic test. The proposed regulation provides that the safe harbor is unavailable unless the present value of the anticipated tax liabilities associated with holding the residual interest does not
exceed the sum of: (1) The present value of any consideration given to the transferee to acquire the 

  

 I-1-2 

 
interest; (2) the present value of the expected future distributions on the interest; and (3) the present value of the anticipated tax savings associated
with holding the interest as the REMIC generates losses. 
  
 The
notice of proposed rulemaking also contained rules for FASITs. Section 1.860H-6(g) of the proposed regulations provides requirements for transfers of FASIT ownership interests and adopts a safe harbor by reference to the safe harbor provisions of
the REMIC regulations. 
  
 In January 2001, the IRS published Rev.
Proc. 2001-12 (2001-3 I.R.B. 335) to set forth an alternative safe harbor that taxpayers could use while the IRS and the Treasury considered comments on the proposed regulations. Under the alternative safe harbor, if a transferor meets the
investigation requirement and the representation requirement but the transfer fails to meet the formula test, the transferor may invoke the safe harbor if the transferee meets a two-prong test (the asset test). A transferee generally meets the first
prong of this test if, at the time of the transfer, and in each of the two years preceding the year of transfer, the transferee’s gross assets exceed $100 million and its net assets exceed $10 million. A transferee generally meets the second
prong of this test if it is a domestic, taxable corporation and agrees in writing not to transfer the interest to any person other than another domestic, taxable corporation that also satisfies the requirements of the asset test. A transferor cannot
rely on the asset test if the transferor knows, or has reason to know, that the transferee will not comply with its written agreement to limit the restrictions on subsequent transfers of the residual interest. 
  
 Rev. Proc. 2001-12 provides that the asset test fails to be satisfied in the
case of a transfer or assignment of a noneconomic residual interest to a foreign branch of an otherwise eligible transferee. If such a transfer or assignment were permitted, a corporate taxpayer might seek to claim that the provisions of an
applicable income tax treaty would resource excess inclusion income as foreign source income, and that, as a consequence, any U.S. tax liability attributable to the excess inclusion income could be offset by foreign tax credits. Such a claim would
impede the assessment or collection of U.S. tax on excess inclusion income, contrary to the congressional purpose of assuring that such income will be taxable in all events. See, e.g., sections 860E(a)(1), (b), (e) and 860G(b) of the Code.

  
 The Treasury and the IRS have learned that certain taxpayers
transferring noneconomic residual interests to foreign branches have attempted to rely on the formula test to obtain safe harbor treatment in an effort to impede the assessment or collection of U.S. tax on excess inclusion income. Accordingly, the
final regulations provide that if a noneconomic residual interest is transferred to a foreign permanent establishment or fixed base of a U.S. taxpayer, the transfer is not eligible for safe harbor treatment under either the asset test or the formula
test. The final regulations also require a transferee to represent that it will not cause income from the noneconomic residual interest to be attributable to a foreign permanent establishment or fixed base. 
  
 Section 1.860E-1(c)(8) provides computational rules that a taxpayer may use
to qualify for safe harbor status under the formula test. Section 1.860E-1(c)(8)(i) provides that the transferee is presumed to pay tax at a rate equal to the highest rate of tax specified in section 11(b). Some commentators were concerned that this
presumed rate of taxation was too high because it does not take into consideration taxpayers subject to the alternative minimum tax rate. In light of the comments received, this provision has been amended in the final regulations to allow certain
transferees that compute their taxable income using the alternative minimum tax rate to use the alternative minimum tax rate applicable to corporations. 
  
 Additionally, Sec. 1.860E-1(c)(8)(iii) provides that the present values in the formula test are to be computed using a discount rate equal to the
applicable Federal short-term rate prescribed by section 1274(d). This is a change from the proposed regulation and Rev. Proc. 2001-12. In those publications the provision stated that “present values are computed using a discount rate equal to
the applicable Federal rate prescribed in section 1274(d) compounded semiannually” and that “[a] lower discount rate may be 

  

 I-1-3 

 
used if the transferee can demonstrate that it regularly borrows, in the course of its trade or business, substantial funds at such lower rate from an
unrelated third party.” The IRS and the Treasury Department have learned that, based on this provision, certain taxpayers have been attempting to use unrealistically low or zero interest rates to satisfy the formula test, frustrating the intent
of the test. Furthermore, the Treasury Department and the IRS believe that a rule allowing for a rate other than a rate based on an objective index would add unnecessary complexity to the safe harbor. As a result, the rule in the proposed
regulations that permits a transferee to use a lower discount rate, if the transferee can demonstrate that it regularly borrows substantial funds at such lower rate, is not included in the final regulations; and the Federal short-term rate has been
substituted for the applicable Federal rate. To simplify taxpayers’ computations, the final regulations allow use of any of the published short-term rates, provided that the present values are computed with a corresponding period of
compounding. With the exception of the provisions relating to transfers to foreign branches, these changes generally have the proposed applicability date of February 4, 2000, but taxpayers may choose to apply the interest rate formula set forth in
the proposed regulation and Rev. Proc. 2001-12 for transfers occurring before August 19, 2002. 
  
 It is anticipated that when final regulations are adopted with respect to FASITs, Sec. 1.860H-6(g) of the proposed regulations will be adopted in substantially its present form, with the result that the final
regulations contained in this document will also govern transfers of FASIT ownership interests with substantially the same applicability date as is contained in this document. 
  
 Effect on Other Documents 
  
 Rev. Proc. 2001-12 (2001-3 I.R.B. 335) is obsolete for transfers of noneconomic residual interests in REMICs occurring on or after August 19, 2002.

  
 Special Analyses 
  
 It is hereby certified that these regulations will not have a significant
economic impact on a substantial number of small entities. This certification is based on the fact that it is unlikely that a substantial number of small entities will hold REMIC residual interests. Therefore, a Regulatory Flexibility Analysis under
the Regulatory Flexibility Act (5 U.S.C. chapter 6) is not required. It has been determined that this Treasury decision is not a significant regulatory action as defined in Executive Order 12866. Therefore, a regulatory assessment is not required.
It also has been determined that sections 553(b) and 553(d) of the Administrative Procedure Act (5 U.S.C. chapter 5) do not apply to these regulations. 
  
 Drafting Information 
  
 The principal author of these regulations is Courtney Shepardson. However, other personnel from the IRS and Treasury Department participated in their
development. 
  
 List of Subjects 
  
 26 CFR Part 1 
  
 Income taxes, Reporting and record keeping requirements. 
  
 26 CFR Part 602 
  
 Reporting and record keeping requirements. 
  
 Adoption of Amendments to the Regulations 
  

 I-1-4 

 Accordingly, 26 CFR parts 1 and 602 are amended as follows: 
  
 PART 1—INCOME TAXES 
  
 Paragraph 1. The authority citation for part 1 continues to read in part as follows: 
  
 Authority: 26 U.S.C. 7805 * * * 
  

 I-1-5 

 Exhibit J 
  
 [FORM OF RULE 144A INVESTMENT REPRESENTATION] 
  
 Description of Rule 144A Securities, including numbers: 
  
  

  
  

  
  

  
  

  
 The undersigned seller, as registered holder (the “Seller”), intends to transfer the Rule 144A Securities described above to the undersigned
buyer (the “Buyer”). 
  
 1. In connection with such
transfer and in accordance with the agreements pursuant to which the Rule 144A Securities were issued, the Seller hereby certifies the following facts: Neither the Seller nor anyone acting on its behalf has offered, transferred, pledged, sold or
otherwise disposed of the Rule 144A Securities, any interest in the Rule 144A Securities or any other similar security to, or solicited any offer to buy or accept a transfer, pledge or other disposition of the Rule 144A Securities, any interest in
the Rule 144A Securities or any other similar security from, or otherwise approached or negotiated with respect to the Rule 144A Securities, any interest in the Rule 144A Securities or any other similar security with, any person in any manner, or
made any general solicitation by means of general advertising or in any other manner, or taken any other action, that would constitute a distribution of the Rule 144A Securities under the Securities Act of 1933, as amended (the “1933
Act”), or that would render the disposition of the Rule 144A Securities a violation of Section 5 of the 1933 Act or require registration pursuant thereto, and that the Seller has not offered the Rule 144A Securities to any person other than the
Buyer or another “qualified institutional buyer” as defined in Rule 144A under the 1933 Act. 
  
 2. The Buyer warrants and represents to, and covenants with, the Seller, the Trustee, the Trust and the Master Servicer (as defined in Section 1.01 of the
Pooling and Servicing Agreement (the “Agreement”) dated as of                     ,
             among BellaVista [Finance] [Funding] Corporation, as Depositor, [Name of Master Servicer], as Master Servicer (the “Master Servicer”), [Name of Trustee], as
Trustee, and [Name of Delaware Trustee], as Delaware Trustee) pursuant to Section 5.01(f) of the Agreement, as follows: 
  
 a. The Buyer understands that the Rule 144A Securities have not been registered under the 1933 Act or the securities laws of any state.

  
 b. The Buyer considers itself a substantial,
sophisticated institutional investor having such knowledge and experience in financial and business matters that it is capable of evaluating the merits and risks of investment in the Rule 144A Securities. 
  
 c. The Buyer has received and reviewed the Private Placement
Memorandum dated as of                     ,              relating to the
Rule 144A Securities and has been furnished with all information regarding the Rule 144A Securities that it has requested from the Seller, the Trustee, the Company or the Master Servicer. 
  

 J-1 

 d. Neither the Buyer nor anyone acting on its behalf has offered, transferred, pledged,
sold or otherwise disposed of the Rule 144A Securities, any interest in the Rule 144A Securities or any other similar security to, or solicited any offer to buy or accept a transfer, pledge or other disposition of the Rule 144A Securities, any
interest in the Rule 144A Securities or any other similar security from, or otherwise approached or negotiated with respect to the Rule 144A Securities, any interest in the Rule 144A Securities or any other similar security with, any person in any
manner, or made any general solicitation by means of general advertising or in any other manner, or taken any other action, that would constitute a distribution of the Rule 144A Securities under the 1933 Act or that would render the disposition of
the Rule 144A Securities a violation of Section 5 of the 1933 Act or require registration pursuant thereto, nor will it act, nor has it authorized or will it authorize any person to act, in such manner with respect to the Rule 144A Securities.

  
 e. The Buyer is a “qualified
institutional buyer” as that term is defined in Rule 144A under the 1933 Act and has (1) completed either of the forms of certification to that effect attached hereto as Annex 1 or Annex 2, or (2) obtained the waiver of the Company with respect
to Annex 1 and Annex 2 pursuant to Section 5.01(f) of the Agreement. The Buyer is aware that the sale to it is being made in reliance on Rule 144A. The Buyer is acquiring the Rule 144A Securities for its own account or the accounts of other
qualified institutional buyers, understands that such Rule 144A Securities may be resold, pledged or transferred only (i) to a person reasonably believed to be a qualified institutional buyer that purchases for its own account or for the account of
a qualified institutional buyer to whom notice is given that the resale, pledge or transfer is being made in reliance on Rule 144A, or (ii) pursuant to another exemption from registration under the 1933 Act. 
  
 f. The Buyer is not affiliated with (i) the Trustee or (ii)
any Rating Agency that rated the Rule 144A Securities. 
  
 g. If applicable, the Buyer has complied, and will continue to comply, with the guidelines established by Thrift Bulletin 13a issued April 23, 1998, by the Office of Regulatory Activities of the Federal Home Loan Bank System. 
  
 3. This document may be executed in one or more counterparts and by the
different parties hereto on separate counterparts, each of which, when so executed, shall be deemed to be an original; such counterparts, together, shall constitute one and the same document. 
  
 IN WITNESS WHEREOF, each of the parties has executed this document as of the
date set forth below. 
  

									
	 	 	 	 	 
	Print Name of Seller	 	 	 	Print Name of Buyer
					
	By:	 	 	 	 	 	By:	 	 
	 	 	 Name:
	 	 	 	 	 	 Name:

	 	 	 Title:
	 	 	 	 	 	 Title:

  

 J-2 

									
	 Taxpayer Identification:
	 	 	 	 	 	 Taxpayer Identification:
	 	 

									
	 No.:
	 	 	 	 	 	     No.:
	 	 
	 Date:
	 	 	 	 	 	     Date:
	 	 

  

 J-3 

 Annex 1 to Exhibit J 
  
 QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A 
  
 [For Buyers Other Than Registered Investment Companies] 
  
 The undersigned hereby certifies as follows in connection with the Rule 144A Investment Representation to which this
Certification is attached: 
  
 1. As indicated below, the
undersigned is the President, Chief Financial Officer, Senior Vice President or other executive officer of the Buyer. 
  
 2. In connection with purchases by the Buyer, the Buyer is a “qualified institutional buyer” as that term is defined in Rule 144A under the
Securities Act of 1933 (“Rule 144A”) because (i) the Buyer owned and/or invested on a discretionary basis
$                         (the Buyer must own and/or invest on a discretionary basis at least $100,000,000 in securities
unless the Buyer is a dealer, and, in that case, the Buyer must own and/or invest on a discretionary basis at least $10,000,000 in securities) in securities (except for the excluded securities referred to below) as of the end of the Buyer’s
most recent fiscal year (such amount being calculated in accordance with Rule 144A) and (ii) the Buyer satisfies the criteria in the category marked below. 
  
  ̈ Corporation, etc. The Buyer is a
corporation (other than a bank, savings and loan association or similar institution), Massachusetts or similar business trust, partnership, or charitable organization described in Section 501(c)(3) of the Internal Revenue Code. 
  
  ̈ Bank. The Buyer (a) is a national bank or banking institution organized under the laws of any State, territory or the District of Columbia, the business of which is substantially confined to banking and is
supervised by the State or territorial banking commission or similar official or is a foreign bank or equivalent institution, and (b) has an audited net worth of at least $25,000,000 as demonstrated in its latest annual financial statements, a
copy of which is attached hereto. 
  
  ̈ Savings and Loan. The Buyer (a) is a savings and loan association, building and loan association, cooperative bank, homestead association or similar
institution, which is supervised and examined by a State or Federal authority having supervision over any such institutions or is a foreign savings and loan association or equivalent institution and (b) has an audited net worth of at least
$25,000,000 as demonstrated in its latest annual financial statements. 
  
  ̈ Broker-Dealer. The Buyer is a dealer registered pursuant to Section 15 of the Securities Exchange Act of 1934. 
  
  ̈ Insurance Company. The Buyer is an insurance company whose primary and predominant business activity is the writing of insurance or the reinsuring of risks underwritten by insurance companies and which is
subject to supervision by the insurance commissioner or a similar official or agency of a State or territory or the District of Columbia. 
  
  ̈ State or Local Plan. The Buyer is a plan
established and maintained by a State, its political subdivisions, or any agency or instrumentality of the State or its political subdivisions, for the benefit of its employees. 
  

 J-1-1 

  ̈ ERISA Plan. The Buyer is an employee benefit plan within the meaning of Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) and is subject to the fiduciary responsibility provisions of
ERISA. 
  
  ̈ Investment Adviser. The Buyer is an investment adviser registered under the Investment Advisers Act of 1940. 
  
  ̈ SBIC. The
Buyer is a Small Business Investment Company licensed by the U.S. Small Business Administration under Section 301(c) or (d) of the Small Business Investment Act of 1958. 
  
  ̈ Business
Development Company. The Buyer is a business development company as defined in Section 202(a)(22) of the Investment Advisers Act of 1940. 
  
  ̈ Trust Fund. The Buyer is a trust fund
whose trustee is a bank or trust company and whose participants are exclusively (a) plans established and maintained by a State, its political subdivisions, or any agency or instrumentality of the State or its political subdivisions, for the benefit
of its employees, or (b) employee benefit plans within the meaning of Title I of the Employee Retirement Income Security Act of 1974, but is not a trust fund that includes as participants individual retirement accounts or H.R. 10 plans. 

 
 3. The term “securities” as used herein does not
include (i) securities of issuers that are affiliated with the Buyer, (ii) securities that are part of an unsold allotment to or subscription by the Buyer, if the Buyer is a dealer, (iii) bank deposit notes and certificates of deposit, (iv) loan
participations, (v) repurchase agreements, (vi) securities owned but subject to a repurchase agreement and (vii) currency, interest rate and commodity swaps. 
  
 4. For purposes of determining the aggregate amount of securities owned and/or invested on a discretionary basis by the Buyer, the Buyer used the cost of
such securities to the Buyer and did not include any of the securities referred to in the preceding paragraph. Further, in determining such aggregate amount, the Buyer may have included securities owned by subsidiaries of the Buyer, but only if such
subsidiaries are consolidated with the Buyer in its financial statements prepared in accordance with generally accepted accounting principles and if the investments of such subsidiaries are managed under the Buyer’s direction. However, such
securities were not included if the Buyer is a majority-owned, consolidated subsidiary of another enterprise and the Buyer is not itself a reporting company under the Securities Exchange Act of 1934. 
  
 5. The Buyer acknowledges that it is familiar with Rule 144A and understands
that the seller to it and other parties related to the Certificates are relying and will continue to rely on the statements made herein because one or more sales to the Buyer may be in reliance on Rule 144A. 
  

 J-1-2 

							
	 ̈	  	 ̈	  	Will the Buyer be purchasing the Rule 144A	  	 
				
	Yes	  	No	  	Securities only for the Buyer’s own account?	  	 

  
 6. If the answer to
the foregoing question is “no”, the Buyer agrees that, in connection with any purchase of securities sold to the Buyer for the account of a third party (including any separate account) in reliance on Rule 144A, the Buyer will only purchase
for the account of a third party that at the time is a “qualified institutional buyer” within the meaning of Rule 144A. In addition, the Buyer agrees that the Buyer will not purchase securities for a third party unless the Buyer has
obtained a current representation letter from such third party or taken other appropriate steps contemplated by Rule 144A to conclude that such third party independently meets the definition of “qualified institutional buyer” set forth in
Rule 144A. 
  
 7. The Buyer will notify each of the parties to
which this certification is made of any changes in the information and conclusions herein. Until such notice is given, the Buyer’s purchase of Rule 144A Securities will constitute a reaffirmation of this certification as of the date of such
purchase. 
  

			
	 
	Print Name of Buyer
		
	By:	 	 
	 	 	 Name:

	 	 	 Title:

	 Date:
	 	 

  

 J-1-3 

 Annex 2 to Exhibit J 
  
 QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A 
  
 [For Buyers That Are Registered Investment Companies] 
  
 The undersigned hereby certifies as follows in connection with the Rule 144A Investment Representation to which this
Certification is attached: 
  
 1. As indicated below, the
undersigned is the President, Chief Financial Officer or Senior Vice President of the Buyer or, if the Buyer is a “qualified institutional buyer” as that term is defined in Rule 144A under the Securities Act of 1933 (“Rule 144A”)
because Buyer is part of a Family of Investment Companies (as defined below), is such an officer of the Adviser. 
  
 2. In connection with purchases by Buyer, the Buyer is a “qualified institutional buyer” as defined in SEC Rule 144A because (i) the Buyer is an
investment company registered under the Investment Company Act of 1940, and (ii) as marked below, the Buyer alone, or the Buyer’s Family of Investment Companies, owned at least $100,000,000 in securities (other than the excluded securities
referred to below) as of the end of the Buyer’s most recent fiscal year. For purposes of determining the amount of securities owned by the Buyer or the Buyer’s Family of Investment Companies, the cost of such securities was used.

  
  ̈ The Buyer owned $             in securities (other than the excluded securities referred to below) as of the end
of the Buyer’s most recent fiscal year (such amount being calculated in accordance with Rule 144A). 
  
  ̈ The Buyer is part of a Family
of Investment Companies which owned in the aggregate $             in securities (other than the excluded securities referred to below) as of the end of the Buyer’s most recent
fiscal year (such amount being calculated in accordance with Rule 144A). 
  
 3. The term “Family of Investment Companies” as used herein means two or more registered investment companies (or series thereof) that have the same investment adviser or investment advisers that are
affiliated (by virtue of being majority owned subsidiaries of the same parent or because one investment adviser is a majority owned subsidiary of the other). 
  
 4. The term “securities” as used herein does not include (i) securities of issuers that are affiliated with the Buyer or are part of the
Buyer’s Family of Investment Companies, (ii) bank deposit notes and certificates of deposit, (iii) loan participations, (iv) repurchase agreements, (v) securities owned but subject to a repurchase agreement and (vi) currency, interest rate and
commodity swaps. 
  
 5. The Buyer is familiar with Rule 144A and
understands that each of the parties to which this certification is made are relying and will continue to rely on the statements made herein because one or more sales to the Buyer will be in reliance on Rule 144A. In addition, the Buyer will only
purchase for the Buyer’s own account. 
  
 6. The undersigned
will notify each of the parties to which this certification is made of any changes in the information and conclusions herein. Until such notice, the Buyer’s purchase of Rule 144A 
  

 J-2-1 

 Securities will constitute a reaffirmation of this certification by the undersigned as of the date of such purchase.

  

			
	 
	Print Name of Buyer
		
	By:	 	 
	 	 	 Name:

	 	 	 Title:

		
	 Date:
	 	 
	
	 IF AN ADVISER:

	
	 
	Print Name of Buyer
		
	By:	 	 
	 	 	 Name:

	 	 	 Title:

		
	 Date:
	 	 

  
 (SEAL) 
  

 J-2-2 

 Exhibit K 
  
 [Date] 
  
 [Company] 
  

	 	Re:	Pooling and Servicing Agreement dated as of ______, ____ by and among BellaVista [Finance] [Funding] Corporation, as Depositor, [Name of Master Servicer], as Master Servicer (the
“Master Servicer”), [Name of Trustee], as Trustee, and [Name of Delaware Trustee], as Delaware Trustee, relating to BellaVista Mortgage Pass-Through Certificates, Series ____-___ 

  
 Ladies and Gentlemen: 
  
 In accordance with Section 2.07 of the above-captioned Pooling and Servicing Agreement, the undersigned, as Trustee, hereby
certifies that, except as noted on the attachment hereto, as to each Mortgage Loan listed in the Mortgage Loan Schedule (other than any Mortgage Loan paid in full or listed on the attachment hereto) it has reviewed the documents delivered to it
pursuant to Section 2.04 of the Pooling and Servicing Agreement and has determined that (i) all documents required (in the case of instruments described in clauses (X)(ii), (X)(iv) and (Y)(ix) of the definition of “Mortgage File,” known by
it to be required) pursuant to the definition of “Mortgage File” and Section 2.05 of the Pooling and Servicing Agreement to have been executed and received as of the date hereof are in its possession and (ii) all such documents have been
executed and relate to the Mortgage Loans identified in the Mortgage Loan Schedule. The Trustee has made no independent examination of such documents beyond the review specifically required in the above referenced Pooling and Servicing Agreement and
has relied upon the purported genuineness and due execution of any such documents and upon the purported genuineness of any signature thereon. The Trustee makes no representations as to: (i) the validity, legality, enforceability or genuineness of
any of the documents contained in each Mortgage File or any of the Mortgage Loans identified on the Mortgage Loan Schedule, or (ii) the collectability, insurability, effectiveness or suitability of any such Mortgage Loan. 
  
 Capitalized words and phrases used herein shall have the respective meanings
assigned to them in the above-captioned Pooling and Servicing Agreement. 
  

			
	 
	 as Trustee

		
	By:	 	 
	 	 	 Name:

	 	 	 Title:

  

 K-1 

 Exhibit L 
  

BENEFIT PLAN AFFIDAVIT 
  
 [NAME AND ADDRESS OF TRUSTEE] 
  

	RE:	CLASS [B-4][B-5][B-6] CERTIFICATES (THE “PURCHASED CERTIFICATES”) ISSUED BY BELLAVISTA MORTGAGE PASS-THROUGH CERTIFICATES SERIES
            -             TRUST (THE “TRUST”) 

  
 Under penalties of perjury, I,
                        , declare that, to the best of my knowledge and belief, the following representations are true,
correct and complete; and 
  
 1. That I am the
                         of
                         (the “Purchaser”), whose taxpayer identification number is
                    , and on behalf of which I have the authority to make this affidavit. 
  
 2. That the Purchaser is acquiring a Purchased Certificate
representing an interest in the assets of the Trust. 
  
 3. That the Purchaser satisfies the condition in the paragraph marked below [mark one paragraph only]: 
  
  ̈ The Purchaser is not an employee benefit plan
or other plan subject to the prohibited transaction provisions of the Employee Retirement Income Security Act of 1974, as amended, or Section 4975 of the Internal Revenue Code of 1986, as amended (a “Plan”), or any other person (including
an investment manager, a named fiduciary or a trustee of any Plan) acting, directly or indirectly, on behalf of, or purchasing any of the Purchased Certificates with “plan assets” of, any Plan within the meaning of the Department of Labor
(“DOL”) regulation at 29 C.F.R. Section 2510.3-101. 
  
  ̈ The Purchaser is an insurance company, the source of funds to be used by it to acquire or hold the Purchased Certificate is an
“insurance company general account” (within the meaning of DOL Prohibited Transaction Class Exemption (“PTCE”) 95-60), and the conditions in Sections I and III of PTCE 95-60 have been satisfied. 
  
  ̈ The Purchaser has delivered to the Company and the Trustee a Benefit Plan Opinion (as defined in Section 1.01 of the Pooling and Servicing Agreement, dated as of
            ,             , by and among the Company, the Master Servicer, the Trustee and the Delaware Trustee
thereunder, and relating to the Trust). 
  
 IN WITNESS
WHEREOF, the Purchaser has caused this instrument to be duly executed on its behalf, by its duly authorized officer this              day of
                        , 20    . 
  

			
	[Purchaser]
		
	By:	 	 
	 	 	 Its:

  

 L-1 

 Personally appeared before me
                        , known or proved to me to be the same person who executed the foregoing instrument and to be a
                     of the Purchaser, and acknowledged to me that (s)he executed the same as his/her free act and deed and as the free act
and deed of the Purchaser. 
  
 SUBSCRIBED and SWORN to before me
this day of                     , 20    . 
  

	
	
	 
	 Notary Public

  

 L-2 

 Exhibit M 
  
 BENEFIT PLAN AFFIDAVIT 
  
 [NAME AND ADDRESS OF TRUSTEE] 
  

	RE:	CLASS [B-1][B-2][B-3] CERTIFICATES (THE “PURCHASED CERTIFICATES”) ISSUED BY BELLAVISTA MORTGAGE PASS-THROUGH CERTIFICATES SERIES
            -             TRUST (THE “TRUST”) 

  
 Under penalties of perjury, I,
                    , declare that, to the best of my knowledge and belief, the following representations are true, correct and complete; and

  
 1. That I am the
                     of
                     (the “Purchaser”), whose taxpayer identification number is
                    , and on behalf of which I have the authority to make this affidavit. 
  
 2. That the Purchaser is acquiring a Purchased Certificate representing an
interest in the assets of the Trust. 
  
 3. That the Purchaser
satisfies the condition in the paragraph marked below [mark one paragraph only]: 
  
  ̈ The Purchaser is not an
employee benefit or other plan subject to the prohibited transaction provisions of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), or Section 4975 of the Internal Revenue Code of 1986, as amended (a
“Plan”), or any other person (including an investment manager, a named fiduciary or a trustee of any such Plan) acting, directly or indirectly, on behalf of or purchasing the Purchased Certificate with “plan assets” of, any Plan
within the meaning of the Department of Labor (“DOL”) regulation at 29 C.F.R. Section 2510.3-101. 
  
  ̈ The Purchaser is an insurance
company, the source of funds to be used by it to acquire or hold the Purchased Certificate is an “insurance company general account” (within the meaning of DOL Prohibited Transaction Class Exemption (“PTCE”) 95-60), and the
conditions in Sections I and III of PTCE 95-60 have been satisfied. 
  
  ̈ The Purchased Certificate was rated “BBB-” or better (or its equivalent) by at least one of the
Rating Agencies (as defined in Section 1.01 of the Pooling and Servicing Agreement (the “the Pooling and Servicing Agreement”), dated as of             ,
            , by and among the Company, the Master Servicer, the Trustee and the Delaware Trustee thereunder, and relating to the Trust) at the time of Purchaser’s acquisition
of the Purchased Certificate (or interest therein). 
  
  ̈ The Purchaser has delivered to the Company and the Trustee a Benefit Plan Opinion (as defined in Section 1.01 of the Pooling and
Servicing Agreement). 
  
 IN WITNESS WHEREOF, the Purchaser
has caused this instrument to be duly executed on its behalf, by its duly authorized officer this              day of
                    , 20    . 
  

			
	 [Purchaser]

		
	 By:
	 	 
	 	 	 Its:

  

 M-1 

 Personally appeared before me
                    , known or proved to me to be the same person who executed the foregoing instrument and to be a
                     of the Purchaser, and acknowledged to me that (s)he executed the same as his/her free act and deed and as the free act
and deed of the Purchaser. 
  
 SUBSCRIBED and SWORN to before me
this day of                         , 20    . 
  

	
	
	 
	 Notary Public

  

 M-3Severance Agreement between SeaChange and William L. Fiedler

 Exhibit 10.1 
  
 CHANGE-IN-CONTROL 
 SEVERANCE AGREEMENT 
  
 THIS AGREEMENT, dated as of July
30, 2004, by and between SeaChange International, Inc., with its principal place of business at 124 Acton Street, Maynard, Massachusetts 01754 (the “Company”), and William L. Fiedler (the “Executive”). 
  
 WHEREAS, the Company considers it essential to the best interests of its
stockholders to foster the continuous employment of key management personnel, and recognizes that, as is the case with many publicly held corporations, the possibility of a change in control may exist and that such possibility, and the uncertainty
and questions which it may raise among management, may result in the distraction or departure of management personnel to the detriment of the Company and its stockholders; and 
  
 WHEREAS, the Board of Directors of the Company has determined that appropriate steps should be taken to reinforce and
encourage the Executive’s continued attention and dedication to the Executive’s assigned duties without distraction in the face of potentially disturbing circumstances arising from the possibility of a change in control of the Company,
although no such change is presently known to be contemplated. 
  
 NOW THEREFORE, in consideration of the mutual covenants and agreements hereinafter contained and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

  
 Section 1 
 DEFINITIONS 
  
 Except as may otherwise be specified or as the context may otherwise require, the following terms shall have the respective meanings set forth below
whenever used herein: 
  
 “Annual Bonus” shall mean the
annual bonus, or if the Executive is paid a bonus on a quarterly basis, the sum of the four quarterly bonus payments, paid to the Executive for the Company’s fiscal year immediately prior to the fiscal year in which the Date of Termination
occurs, or, if greater, the fiscal year immediately preceding such prior fiscal year, as well as the lesser of (i) the aggregate amount of sales commissions, if any, paid to the Executive for the Company’s fiscal year immediately prior to the
fiscal year in which the Date of Termination occurs, or, if greater, the fiscal year immediately preceding such prior fiscal year, or (ii) the average annual amount of sales commissions, if any, paid to the Executive for the three fiscal years
immediately prior to the fiscal year in which the Date of Termination occurs. 
  
 “Base Salary” shall mean the annual base rate of regular compensation of the Executive immediately before a Covered Termination, or if greater, the highest annual such rate at any time during the 12-month
period immediately preceding the Covered Termination. 
  
 “Board” shall mean the Board of Directors of the Company. 

 “Cause” shall mean (i) the Executive’s engaging in willful and repeated gross negligence
or gross misconduct, (ii) the Executive’s breaching of a material fiduciary duty to the Employer, or (iii) the Executive’s being convicted of a felony, in either case, to the demonstrable and material injury to the Employer. For purposes
hereof, no act, or failure to act, on the Executive’s part, shall be deemed “willful” unless done, or omitted to be done, by the Executive not in good faith and without reasonable belief that any act or omission was in the best
interest of the Employer. 
  
 “Change in Control” shall
mean the first to occur, after the date hereof, of any of the following: 
  
 (i) the members of the Board at the beginning of any consecutive 24- calendar-month period (the “Incumbent Directors”) cease for any reason other than due to death to constitute at least a majority of the
members of the Board; provided that any director whose election, or nomination for election by the Company’s stockholders, was approved by a vote of at least a majority of the members of the Board then still in office who were members of the
Board at the beginning of such 24- calendar-month period, shall be deemed to be an Incumbent Director; 
  
 (ii) any consolidation or merger of the Company where the stockholders of the Company, immediately prior to the consolidation or merger,
would not, immediately after the consolidation or merger, beneficially own (as such term is defined in Rule 13d-3 under the Securities Exchange Act), directly or indirectly, shares of Stock representing in the aggregate 50% or more of the combined
voting power of the securities of the corporation issuing cash or securities in the consolidation or merger (or of its ultimate parent corporation, if any); 
  
 (iii) there shall occur (A) any sale, lease, exchange or other transfer (in one transaction or a series of transactions contemplated or
arranged by any party as a single plan) of all or substantially all of the assets of the Company, other than a sale or disposition by the Company of all or substantially all of the Company’s assets to an entity, at least 50% of the combined
voting power of the voting securities of which are owned by Persons in substantially the same proportion as their ownership of the Company immediately prior to such sale or (B) the approval by stockholders of the Company of any plan or proposal for
the liquidation or dissolution of the Company; or 
  
 (iv) Any corporation or other legal person, pursuant to a tender offer, exchange offer, purchase of stock (whether in a market transaction or otherwise) or other transaction or event acquires securities representing 40% or more of the
combined voting power of the voting securities of the Company, or there is a report filed on Schedule 13D or Schedule 14D-1 (or any successor schedule, form or report), each as promulgated pursuant to the U.S. Securities Exchange Act, disclosing
that any “person” (as such term is used in Section 13(d)(3) or Section 14(d)(2) of the Securities Exchange Act) has become the “beneficial owner” (as such term is used in Rule 13d-3 under the Securities Exchange Act) of
securities representing 40% or more of the combined voting power of the voting securities of the Company. 
  

 - 2 - 

 Upon the occurrence of a Change in Control as provided above, no subsequent event or condition shall constitute a Change
in Control for purposes of this Agreement, with the result that there can be no more than one Change in Control hereunder. 
  
 “Code” shall mean the Internal Revenue Code of 1986, as amended. 
  
 “Company” shall mean, subject to Section 4.1(a), SeaChange International, Inc., a Delaware corporation.

  
 “Covered Termination” shall mean if, within the
one-year period immediately following a Change in Control, the Executive (i) is terminated by the Employer without Cause (other than on account of death or Disability), or (ii) terminates the Executive’s employment with the Employer for Good
Reason. The Executive shall not be deemed to have terminated for purposes of this Agreement merely because he or she ceases to be employed by the Employer and becomes employed by a new employer involved in the Change in Control; provided that such
new employer shall be bound by this Agreement as if it were the Employer hereunder with respect to the Executive. It is expressly understood that no Covered Termination shall be deemed to have occurred merely because, upon the occurrence of a Change
in Control, the Executive ceases to be employed by the Employer and does not become employed by a successor to the Employer after the Change in Control if the successor makes an offer to employ the Executive on terms and conditions which, if imposed
by the Employer, would not give the Executive a basis on which to terminate employment for Good Reason. 
  
 “Date of Termination” shall mean the date on which a Covered Termination occurs. 
  
 “Disability” shall mean the occurrence after a Change in Control of the incapacity of the Executive due to
physical or mental illness, whereby the Executive shall have been absent from the full-time performance of the Executive’s duties with the Employer for six consecutive months or, in any one year period, for an aggregate of six months.

  
 “Employer” shall mean the Company (if and for so
long as the Executive is employed thereby) and each Subsidiary which may now or hereafter employ the Executive or, where the context so requires, the Company and such Subsidiaries collectively. A subsidiary which ceases to be, directly or
indirectly, through one or more intermediaries, controlling, controlled by or under common control with the Company prior to a Change in Control (other than in connection with and as an integral part of a series of transactions resulting in a Change
in Control) shall, automatically and without any further action, cease to be (or be part of) the Employer for purposes hereof. 
  
 “Good Reason” shall mean, without the express written consent of the Executive, the occurrence after a Change in Control of any of the following
circumstances, unless such circumstances are fully corrected prior to the Date of Termination specified in the Notice of Termination given in respect thereof: 
  

(i) the material reduction of the Executive’s title, or the reduction of the Executive’s authority, duties or
responsibilities, or the assignment to the Executive of any duties inconsistent with Executive’s position, authority, duties or responsibilities from those in effect immediately prior to the Change in Control; 
  

 - 3 - 

 (ii) a reduction in the Executive’s Base Salary as in effect immediately before the
Change in Control; 
  
 (iii) a material reduction
in the Executive’s aggregate compensation opportunity, comprised only of the Executive’s (A) Base Salary, and (B) bonus opportunity (taking into account, without limitation, any target, minimum and maximum amounts payable and the
attainability and otherwise the reasonableness of any performance hurdles, goals and other measures), if any; 
  
 (iv) the Company’s requiring the Executive to be based at any office or location more than 75 miles from that location at which the
Executive performed Executive’s services immediately prior to the occurrence of a Change in Control, except for travel reasonably required in the performance of the Executive’s responsibilities; 
  
 (v) the failure of the Company to obtain a reasonable
agreement from any successor to assume and agree to perform this Agreement, as contemplated in Section 4.1(a); 
  
 (vi) the failure of the Company to pay the Executive any amounts due hereunder; or 
  
 (vii) any other material breach by the Company of this
Agreement. 
  
 “Notice of Termination” shall mean a
notice given by the Employer or Executive, as applicable, which shall indicate the date of termination and the specific termination provision in this Agreement relied upon and shall set forth in reasonable detail the facts and circumstances claimed
to provide a basis for termination of the Executive’s employment under the provisions so indicated. 
  
 “Person” shall have the meaning ascribed thereto by Section 3(a)(9) of the Securities Exchange Act, as modified and used in Sections 13(d) and
14(d) thereof (except that such term shall not include (i) the Company or any of its Subsidiaries, (ii) a trustee or other fiduciary holding securities under an employee benefit plan of the Company or any of its Subsidiaries, (iii) an underwriter
temporarily holding securities pursuant to an offering of such securities, (iv) a corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same proportion as their ownership of stock of the Company, or (v)
such Executive or any “group” (as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act) which includes the Executive). 
  
 “Securities Exchange Act” shall mean the Securities Exchange Act of 1934, as amended. 
  

 - 4 - 

 “Stock” shall mean the common stock, $.01 par value, of the Company 
  
 “Subsidiary” shall mean any entity, directly or indirectly, through
one or more intermediaries, controlled by the Company. 
  
 Section
2 
 BENEFITS 
  
 2.1 If a Change in Control occurs, then: 
  
 (a) (i) any and all outstanding unvested stock options and stock appreciation rights held by the Executive shall thereupon automatically vest and become
immediately exercisable in accordance with their terms, and (ii) notwithstanding anything to the contrary contained in clause (i), upon a termination of employment (regardless of the party initiating the termination, for any reason or no reason),
all stock options and stock appreciation rights held by the Executive shall be exercisable for the lesser of (A) the remainder of the generally applicable term of the stock options or stock appreciation rights, which is measured from the date of
grant thereof, and (B) three years from the date of such termination; provided that nothing in this Section 2.1(a) shall reduce or otherwise adversely affect the rights under such stock options and stock appreciation rights that the Executive would
have without regard to this Section 2.1(a); and 
  
 (b) any and
all restricted stock and restricted stock rights then held by the Executive shall thereupon fully vest and become immediately transferable free of restrictions, other than restrictions imposed by applicable law. 
  
 2.2 If a Covered Termination occurs, then (subject to the provisions of
Section 2.3(b)) the Executive shall be entitled hereunder to the following: 
  
 (a) the Company shall pay to the Executive an amount equal to the sum of (i) two times the Executive’s Base Salary and (ii) the Executive’s Annual Bonus, provided, however, that, in the event William
Styslinger is or may become entitled to a payment under Section 2.2(a) of a Change-in-Control Agreement of even date herewith (the “Styslinger Agreement”) with respect to the same Change-in-Control, the aggregate amount paid to the
Executive under this subsection (a)(ii) shall not exceed the amount paid or which may be payable to Mr. Styslinger under subsection 2.2(a) of the Styslinger Agreement (calculated as of the Date of Termination) less the amount paid to the Executive
pursuant to subsection 2.2(a)(i) hereof; 
  
 (b) for a period of
two years after such termination, the Employer shall arrange to make available to the Executive medical, dental, group life and disability benefits that are at least at a level (and cost to the Executive) that is substantially similar in the
aggregate to the level of such benefits which was available to the Executive immediately prior to the Change in Control; provided that (i) the Employer shall be required to provide group life and disability benefits only to the extent it is able to
do so on reasonable terms and at a reasonable cost, (ii) the Employer shall not be required to provide benefits under this Section 2.2(b) upon and after the Change in Control which are in excess of those provided to a significant number of
executives of similar 
  

 - 5 - 

 status who are employed by the Employer from time to time upon and after the Change in Control, and (iii) no type of
benefit otherwise to be made available to the Executive pursuant to this Section 2.2(b) shall be required to be made available to the extent that such type of benefit is made available to the Executive by any subsequent employer of the Executive;

  
 (c) the Employer shall provide the Executive with outplacement
service through a bona fide outplacement organization reasonably acceptable to the Executive that agrees to supply the Executive with outplacement counseling, a private office and administrative support including telephone service until the earlier
of one year from the Date of Termination or until such time that Executive secures employment; 
  
 (d) the Company shall pay for the Executive to receive financial planning services for which the Company pays not more than $5,000; and 
  
 (e) the Company shall provide the Executive with a payment for any accrued but unused vacation. 
  
 2.3 (a) The payments provided for in Section 2.2 shall (except as otherwise
expressly provided therein or as provided in Section 2.3(b) or as otherwise expressly provided hereunder) be made as soon as practicable, but in no event later than 30 days, following the Date of Termination. 
  
 (b) Notwithstanding any other provision of this Agreement to the contrary, no
payment or benefit otherwise provided for under or by virtue of the foregoing provisions of this Agreement shall be paid or otherwise made available unless and until the Employer shall have first received from the Executive (no later than 60 days
after the Employer has provided to the Executive estimates relating to the payments to be made under this Agreement) a valid, binding and irrevocable general release, in form and substance reasonably acceptable to the Employer; provided that the
Employer shall be permitted to defer any payment or benefit otherwise provided for in this Agreement to the fifth day after the later of its receipt of such release and the time at which the release has become valid, binding and irrevocable.

  
 Section 3 
 PARACHUTE TAX PROVISIONS 
  
 3.1 If all, or any portion, of the payments and benefits provided under this Agreement, if any, either alone or together with other payments and benefits
which the Executive receives or is entitled to receive from the Company or its affiliates, would constitute an excess “parachute payment” within the meaning of Section 280G of the Code (whether or not under an existing plan, arrangement or
other agreement) (each such parachute payment, a “Parachute Payment”), and would result in the imposition on the Executive of an excise tax under Section 4999 of the Code, then, in addition to any other benefits to which the Executive is
entitled under this Agreement or otherwise, the Executive shall be paid an amount in cash equal to the sum of the excise taxes payable by the Executive by reason of receiving Parachute Payments plus the amount necessary to place the Executive in the
same after-tax position (taking into account any and all applicable federal, state and local excise, income or other taxes at the highest possible 
  

 - 6 - 

 applicable rates on such Parachute Payments (including, without limitation, any payments under this Section 3.1)) as if
no excise taxes had been imposed with respect to Parachute Payments (the “Parachute Gross-up”). Any Parachute Gross-up otherwise required by this Section 3.1 shall be made not later than the time of the corresponding payment or benefit
hereunder giving rise to the underlying Section 4999 excise tax, even if the payment of the excise tax is not required under the Code until a later time. 
  
 3.2 Except as may otherwise be agreed to by the Company and the Executive, the amount or amounts (if any) payable under this Section 3 shall be
determined, at the sole cost of the Company, by the Company’s independent auditors (who served in such capacity immediately prior to the Change in Control), whose determination or determinations shall be final and binding on all parties. The
Executive hereby agrees to utilize such determination or determinations, as applicable, in filing all of the Executive’s tax returns with respect to the excise tax imposed by Section 4999 of the Code. If such independent auditors refuse to make
the required determinations, then such determinations shall be made by a comparable independent accounting firm of national reputation reasonably selected by the Company. Notwithstanding any other provision of this Agreement to the contrary, as a
condition to receiving any Parachute Gross-up payment, the Executive hereby agrees to be bound by and comply with the provisions of this Section 3.2. 
  
 Section 4 
 MISCELLANEOUS 
  
 4.1 (a) The Company shall require any successor (whether direct or indirect,
by purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of the Company expressly to assume and agree to perform under the terms of this Agreement in the same manner and to the same extent that the
Company and its affiliates would be required to perform it if no such succession had taken place (provided that such a requirement to perform which arises by operation of law shall be deemed to satisfy the requirements for such an express assumption
and agreement), and in such event the Company (as constituted prior to such succession) shall have no further obligation under or with respect to this Agreement. Failure of the Company to obtain such assumption and agreement with respect to the
Executive prior to the effectiveness of any such succession shall be a breach of the terms of this Agreement with respect to the Executive and shall entitle the Executive to compensation from the Employer (as constituted prior to such succession) in
the same amount and on the same terms as the Executive would be entitled to hereunder were the Executive’s employment terminated for Good Reason following a Change in Control, except that for purposes of implementing the foregoing, the date on
which any such succession becomes effective shall be deemed the Date of Termination. As used in this Agreement, “Company” shall mean the Company as hereinbefore defined and any successor to its business or assets as aforesaid which assumes
and agrees (or is otherwise required) to perform this Agreement. Nothing in this Section 4.1(a) shall be deemed to cause any event or condition which would otherwise constitute a Change in Control not to constitute a Change in Control. 

 
 (b) Notwithstanding Section 4.1(a), the Company shall remain liable to the
Executive upon a Covered Termination after a Change in Control if the Executive is not offered continuing employment by a successor to the Employer on a basis which would not constitute a termination for Good Reason. 
  

 - 7 - 

 (c) This Agreement, and the Executive’s and the Company’s rights and obligations hereunder, may
not be assigned by the Executive or, except as provided in Section 4.1(a), the Company, respectively; any purported assignment by the Executive or the Company in violation hereof shall be null and void. 
  
 (d) The terms of this Agreement shall inure to the benefit of and be
enforceable by the personal or legal representatives, executors, administrators, permitted successors, heirs, distributees, devisees and legatees of the Executive. If the Executive shall die while an amount would still be payable to the Executive
hereunder if they had continued to live, all such amounts, unless otherwise provided herein, shall be paid in accordance with the terms of this Agreement to the Executive’s devisee, legatee or other designee or, if there is no such designee,
the Executive’s estate. 
  
 4.2 Except as expressly provided
in Section 2.2, the Executive shall not be required to mitigate damages or the amount of any payment or benefit provided for under this Agreement by seeking other employment or otherwise, nor will any payments or benefits hereunder be subject to
offset in the event the Executive does mitigate. 
  
 4.3 The
Employer shall pay all reasonable legal fees and expenses incurred in a legal proceeding by the Executive in seeking to obtain or enforce any right or benefit provided by this Agreement. Such payments are to be made within twenty days after the
Executive’s request for payment accompanied with such evidence of fees and expenses incurred as the Employer reasonably may require; provided that if the Executive institutes a proceeding and the judge or other decision-maker presiding over the
proceeding affirmatively finds that the Executive has failed to prevail substantially, the Executive shall pay Executive’s own costs and expenses (and, if applicable, return any amounts theretofore paid on the Executive’s behalf under this
Section 4.3). 
  
 4.4 For the purposes of this Agreement, notice
and all other communications provided for in this Agreement shall be in writing and shall be deemed to have been duly given when hand delivered or mailed by United States certified or registered express mail, return receipt requested, postage
prepaid, if to the Executive, addressed to the Executive at his or her respective address on file with the Company; if to the Company, addressed to SeaChange International, Inc., 124 Acton Street, Maynard, MA 01754, and directed to the attention of
its Chief Financial Officer; if to the Board, addressed to the Board of Directors, c/o 124 Acton Street, Maynard, MA 01754, and directed to the Company’s Chief Financial Officer; or to such other address as any party may have furnished to the
others in writing in accordance herewith, except that notice of change of address shall be effective only upon receipt. 
  
 4.5 Unless otherwise determined by the Employer in an applicable plan or arrangement, no amounts payable hereunder upon a Covered Termination shall be
deemed salary or compensation for the purpose of computing benefits under any employee benefit plan or other arrangement of the Employer for the benefit of its employees. 
  

 - 8 - 

 4.6 This Agreement is the exclusive arrangement with the Executive applicable to payments and benefits in
connection with a change in control of the Company (whether or not a Change in Control), and supersedes any prior arrangements involving the Company or its predecessors or affiliates relating to changes in control (whether or not Changes in
Control). This Agreement shall not limit any right of the Executive to receive any payments or benefits under an employee benefit or executive compensation plan of the Employer, initially adopted as of or after the date hereof, which are expressly
contingent thereunder upon the occurrence of a change in control (including, but not limited to, the acceleration of any rights or benefits thereunder); provided that in no event shall the Executive be entitled to any payment or benefit under this
Agreement which duplicates a payment or benefit received or receivable by the Executive under any severance or similar plan or policy of the Employer, and in any such case the Executive shall only be entitled to receive the greater of the two
payments. 
  
 4.7 Any payments hereunder shall be made out of the
general assets of the Employer. The Executive shall have the status of general unsecured creditor of the Employer, and this Agreement constitutes a mere promise by the Employer to make payments under this Agreement in the future as and to the extent
provided herein. 
  
 4.8 Nothing in this Agreement shall confer on
the Executive any right to continue in the employ of the Employer or interfere in any way (other than by virtue of requiring payments or benefits as may expressly be provided herein) with the right of the Employer to terminate the Executive’s
employment at any time. 
  
 4.9 The Employer shall be entitled to
withhold from any payments or deemed payments any amount of tax withholding required by law. 
  
 4.10 Any controversy or claim arising out of or relating to this Agreement or the breach of this Agreement that is not resolved by the Employer and the Executive shall be submitted to arbitration in Boston,
Massachusetts, in accordance with Massachusetts law and the procedures of the American Arbitration Association. The determination of the arbitrator(s) shall be conclusive and binding on the Employer and Executive and judgment may be entered on the
arbitrator(s)’ award in any court having jurisdiction. 
  
 4.11 This Agreement may be amended, superseded, canceled, renewed or extended, and the terms hereof may be waived, only by a written instrument signed by the parties or, in the case of a waiver, by the party waiving compliance. No delay on
the part of any party in exercising any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any waiver on the part of any party of any such right, power or privilege nor any single or partial exercise of any such right,
power or privilege, preclude any other or further exercise thereof or the exercise of any other such right, power or privilege. 
  
 4.12 The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this
Agreement which shall remain in full force and effect. 
  

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 4.13 The use of captions in this Agreement is for convenience. The captions are not intended to and do
not provide substantive rights. 
  
 4.14 THIS AGREEMENT SHALL BE
CONSTRUED, ADMINISTERED AND ENFORCED ACCORDING TO THE LAWS OF THE COMMONWEALTH OF MASSACHUSETTS WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW, EXCEPT TO THE EXTENT PREEMPTED BY FEDERAL LAW. 
  
 [Remainder of Page Intentionally Left Blank] 
  

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 IN WITNESS WHEREOF, the parties hereto have signed their names, effective as of the date first above
written. 
  

			
	 SEACHANGE INTERNATIONAL, INC.

		
	 By:
	 	 /s/ William C. Styslinger, III

	 Name:
	 	 William C. Styslinger, III

	 Title:
	 	 President and Chief Executive Officer

		
	 	 	 /s/ William L. Fiedler

	 	 	 William L. Fiedler

  

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