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Indenture Trustee, Exchange Administrator and Custodian EXECUTION VERSION CONNECTICUT AVENUE SECURITIES TRUST 2020-R02, as Issuer, WELLS FARGO BANK, N.A., as Indenture Trustee, Exchange Administrator and Custodian and FANNIE MAE, as Administrator INDENTURE Dated as of February 12, 2020 Relating to CONNECTICUT AVENUE SECURITIES, SERIES 2020-R02 143206019 TABLE OF CONTENTS Page ARTICLE I. DEFINITIONS AND GENERAL PROVISIONS ............................................ 1 SECTION 1.01. Definitions .......................................................................................... 1 SECTION 1.02. Other Definitional Provisions ........................................................... 29 ARTICLE II. THE COLLATERAL; THE NOTES .............................................................. 31 SECTION 2.01. Granting Clause ................................................................................ 31 SECTION 2.02. Representations and Warranties of the Issuer ................................... 32 SECTION 2.03. Forms Generally ............................................................................... 34 SECTION 2.06. Dating, Aggregate Principal Amount, Denominations ..................... 34 SECTION 2.07. Execution, Authentication, Delivery and Dating .............................. 34 SECTION 2.06. Notes Held or Acquired by Trustor .................................................. 35 SECTION 2.07. Registration, Registration of Transfer and Exchange; Limitations Upon Transfer ............................................................... 35 SECTION 2.08. Mutilated, Destroyed, Lost or Stolen Notes ..................................... 36 SECTION 2.09. Calculations of Payments, Certificate Reports and Tax Reporting .......................................................................................... 37 SECTION 2.10. Payments in Respect of Notes .......................................................... 40 SECTION 2.11. Book-Entry Notes; Definitive Notes; Transfer Restrictions ............. 42 SECTION 2.12. Notices to DTC ................................................................................. 49 SECTION 2.13. Persons Deemed Owners .................................................................. 49 SECTION 2.14. Cancellation ...................................................................................... 49 SECTION 2.15. Authentication and Delivery of Notes .............................................. 49 SECTION 2.16. Exchanges of Notes .......................................................................... 49 SECTION 2.17. Procedures for Exchange .................................................................. 50 SECTION 2.18. Termination ....................................................................................... 51 -i- 143206019 TABLE OF CONTENTS (continued) Page SECTION 2.19. Early Redemption Option ................................................................. 52 SECTION 2.20. Projected Recovery Amount ............................................................. 52 SECTION 2.21. Federal Income Tax Treatment ......................................................... 52 SECTION 2.22. REMIC Matters ................................................................................ 53 ARTICLE III. COVENANTS ................................................................................................ 59 SECTION 3.01. Payment of Notes .............................................................................. 59 SECTION 3.02. Maintenance of Office or Agency .................................................... 59 SECTION 3.03. Money for Payments on Notes to Be Held in Trust.......................... 59 SECTION 3.04. Existence of the Issuer ...................................................................... 60 SECTION 3.05. Protection of Collateral ..................................................................... 60 SECTION 3.06. Performance of Obligations .............................................................. 61 SECTION 3.07. Negative Covenants .......................................................................... 62 SECTION 3.08. Guarantees, Loans, Advances and Other Liabilities ......................... 63 SECTION 3.09. Capital Expenditures ......................................................................... 63 SECTION 3.10. Notice of Events of Default .............................................................. 63 SECTION 3.11. Further Instruments and Acts ............................................................ 63 SECTION 3.12. Certain Agreements of the Issuer ..................................................... 64 SECTION 3.13. Restricted Payments .......................................................................... 64 ARTICLE IV. SATISFACTION AND DISCHARGE ........................................................... 64 SECTION 4.01. Satisfaction and Discharge of Indenture ........................................... 64 SECTION 4.02. Application of Trust Money ............................................................. 65 SECTION 4.03. Release of Collateral ......................................................................... 65 ARTICLE V. DEFAULTS AND REMEDIES ...................................................................... 65 -ii- 143206019 TABLE OF CONTENTS (continued) Page SECTION 5.01. Event of Default ................................................................................ 65 SECTION 5.02. Rights Upon an Event of Default ...................................................... 66 SECTION 5.03. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee .............................................................................. 67 SECTION 5.04. Remedies ........................................................................................... 68 SECTION 5.05. Indenture Trustee May Enforce Claims Without Possession of Notes ................................................................................................. 69 SECTION 5.06. Limitation on Suits ........................................................................... 69 SECTION 5.07. Restoration of Rights and Remedies ................................................. 70 SECTION 5.08. Rights and Remedies Cumulative ..................................................... 70 SECTION 5.09. Delay or Omission Not Waiver ........................................................ 70 SECTION 5.10. Waiver of Past Defaults .................................................................... 70 ARTICLE VI. THE INDENTURE TRUSTEE ...................................................................... 71 SECTION 6.01. Duties of Indenture Trustee .............................................................. 71 SECTION 6.02. Notice of Default .............................................................................. 72 SECTION 6.03. Certain Issuer Orders ........................................................................ 72 SECTION 6.04. Not Responsible for Recitals or Issuance of Notes .......................... 72 SECTION 6.05. May Hold Notes ................................................................................ 73 SECTION 6.06. Money Held in Trust ......................................................................... 73 SECTION 6.07. Conditions of Indenture Trustee's, Exchange Administrator's and Custodian's Obligations ............................................................. 73 SECTION 6.08. Eligibility of the Indenture Trustee................................................... 78 SECTION 6.09. Resignation and Removal; Appointment of Successor .................... 78 SECTION 6.10. Acceptance of Appointment by Successor ....................................... 79 -iii- 143206019 TABLE OF CONTENTS (continued) Page SECTION 6.11. Merger, Conversion, Consolidation or Succession of Business of Indenture Trustee .......................................................................... 80 SECTION 6.11. Separateness of Indenture Trustee and Co-Trustees ......................... 80 ARTICLE VII. THE EXCHANGE ADMINISTRATOR ........................................................ 81 SECTION 7.01. Appointment ..................................................................................... 81 SECTION 7.02. Variance or Termination of Appointment ........................................ 82 ARTICLE VIII. THE CUSTODIAN ......................................................................................... 82 SECTION 8.01. Appointment ..................................................................................... 82 SECTION 8.02. Securities Accounts .......................................................................... 82 SECTION 8.03. Transfer of Proceeds and Eligible Credit Support; Holding of Collateral ........................................................................................... 83 SECTION 8.04. Liquidation of Collateral ................................................................... 84 SECTION 8.05. Statements ......................................................................................... 84 SECTION 8.06. Corporate Actions ............................................................................. 84 SECTION 8.07. Securities Intermediary's Jurisdiction ............................................... 84 SECTION 8.08. Limitation on Custodian's Duties ..................................................... 85 SECTION 8.09. Delivery of Directions ...................................................................... 85 SECTION 8.10. Custodian's Fees
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