Exhibit 4.20

(Multicurrency-Cross Border)

SCHEDULE

to the

Master Agreement

dated as of May 10, 2005

between

CALYON NEW YORK BRANCH(Party A),

the New York branch of Calyon, a
French bank organized under the laws of the Republic of France

and

ACCREDITED HOME LENDERS, INC. (Party B),

a corporation organized
under the laws of

Delaware

Part 1:
Termination Provisions

In this Agreement:



|(a) | Specified Entity means:
|--- | -------------------------

in relation to
Party A for the purpose of:



|                   |  |                
|------------------ |  | ---------------
|Section 5(a)(v),   |  | Not applicable.
|Section 5(a)(vi),  |  | Not applicable.
|Section 5(a)(vii), |  | Not applicable.
|Section 5(b)(iv),  |  | Not applicable.

and in relation to Party B for the purpose of:



|                   |  |                
|------------------ |  | ---------------
|Section 5(a)(v),   |  | All Affiliates.
|Section 5(a)(vi),  |  | All Affiliates.
|Section 5(a)(vii), |  | All Affiliates.
|Section 5(b)(iv),  |  | All Affiliates.



|(b) | Specified Transaction will have the meaning specified in Section 14 of this Agreement and shall also include any repurchase transactions, reverse
repurchase transactions, buy/sellback transactions and securities lending transactions and any other related OTC transactions now existing or hereafter entered into between one party to this Agreement (or any Credit Support Provider or Specified
Entity of such party) and the other party to this Agreement (or any Credit Support Provider or Specified Entity of such party).
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(c) | The Cross Defaultprovisions of Section 5(a)(vi) will not apply to Party A and will apply to Party B.
|--- | ------------------------------------------------------------------------------------------------------

The following provisions apply:

Specified Indebtedness will have the meaning specified in Section 14 of this Agreement.

Threshold Amount means the lesser of (i) USD 10 million or (ii) two percent (2%) of the Stockholders Equity of Party B, in the case of Party B (or its equivalent in any other currency).

For purposes hereof, Stockholders Equitymeans with respect to an entity, at any time, the sum at such time of
(i) its capital stock (including preferred stock) outstanding, taken at par value, (ii) its capital surplus and (iii) its retained earnings, minus (iv) treasury stock, each to be



---

determined in accordance with generally accepted accounting principles consistently applied at most recent quarter end.



|(d) | The Credit Event Upon Merger provisions of Section 5(b)(iv) will not apply to Party A and will apply to Party B.
|--- | ------------------------------------------------------------------------------------------------------------------



|(e) | The Automatic Early Termination provision of Section 6(a) will not apply to Party A and will not apply to Party B.
|--- | --------------------------------------------------------------------------------------------------------------------



|(f) | Payments on Early Termination. For the purpose of Section 6(e) of this Agreement, Loss and the Second Method will apply.
|--- | ------------------------------------------------------------------------------------------------------------------------



|(g) | Termination Currency means United States Dollars (USD).
|--- | -----------------------------------------------------------



|(h) | Additional Termination Events will apply. Each of the following shall constitute an Additional Termination Event with respect to which Party B shall be the sole Affected
Party:
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | Financial Covenants. AHLHC shall fail to maintain:
| | --- | --------------------------------------------------



| | (A) | at any time, a minimum Adjusted Tangible Net Worth of at least the sum of (1) $125,000,000 plus (2) 50% of the Net Income of AHLHC for each fiscal quarter in any fiscal
year commencing with the fiscal quarter ending on September 30, 2003, through the applicable date of determination,
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (B) | as of the last business day of each fiscal quarter, an Interest Coverage Ratio of at least 1.10:1.0,
| | --- | ----------------------------------------------------------------------------------------------------



| | (C) | at any time, a ratio of Non-Warehouse Debt to Adjusted Tangible Net Worth that is less than or equal to 2.0:1.0,
| | --- | ----------------------------------------------------------------------------------------------------------------



| | (D) | as of the last business day of any month, Unrestricted Cash And Cash Equivalents and available borrowing capacity of at least $20,000,000, which continues uncured for five
(5) business days, or
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (E) | at any time, a ratio of Recourse Debt to Tangible Net Worth Ratio that is less than or equal to 17.0:1.0.
| | --- | ---------------------------------------------------------------------------------------------------------



| | (ii) | Net Earnings. AHLHC shall report net earnings for any six rolling calendar months of less than $1.00 on a consolidated basis in accordance with GAAP.
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------



| | (iii) | Workout Agreement Default. An Event of Default (as such term is defined in the Workout Agreement) occurs and is continuing.
| | ----- | -----------------------------------------------------------------------------------------------------------------------------



| | (iv) | Computer Systems Modification. Within 90 days of the date hereof, Party B shall modify or upgrade its computer systems such that the Seller and the Servicers computer
records shall be able to recognize and track the Initial Purchase Price and the Outstanding Purchase Price of Mortgage Loans for which the Swap Counterparty disputes the Initial Purchase Price in accordance with Section 2.2 of the
Mortgage Loan Purchase and Servicing Agreement.
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (v) | Change of Control. A Designated Event (as defined below) occurs with respect to Party B. A Designated Event means that:
| | --- | -------------------------------------------------------------------------------------------------------------------------



| | (A) | Party B or AHLHC dissolves, merges or consolidates with another entity (unless (1) it is the surviving party or (2) the entity into which it merges has
equity and a market
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------



2



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| | value of at least that of Party B or AHLHC immediately prior to such merger and such entity expressly assumes the obligations of the Party B at the time of
such merger), or sells, transfers, or otherwise disposes of a material portion of its business or assets, other than sales, transfers or dispositions of mortgage loans in the ordinary course of Party Bs or AHLHCs business;
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (B) | any Person or entity or any group (within the meaning of Section 13(d)(3) of the Securities Exchange Act of 1934, as amended) of Persons and/or entities, shall have
acquired beneficial ownership (within the meaning of Rule 13d-3 of the Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended), directly or indirectly, in one or more transactions, of securities of Party B
(or other securities convertible into such securities) representing more than 50% of the combined voting power of all securities of Party B entitled to vote in the election of directors (other than a Person or entity owning such securities on the
date of this Agreement); or
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (C) | Party B shall cease to be a wholly-owned subsidiary of AHLHC.
| | --- | -------------------------------------------------------------



| | (vi) | Material Adverse Change. Party B has experienced or is experiencing a material adverse change, determined by Party A in Party As sole discretion, in its business,
assets, or operations or financial condition. For the purpose of the foregoing Termination Event, Party B shall be the Affected Party.
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Capitalized terms used in this Part 1(h) shall have the meanings set forth below:

Adjusted Tangible Net Worth means, at any date, all amounts that would, in conformity with GAAP, constitute stockholders equity included on the consolidated balance sheet of AHLHC plus any preferred stock not
already included in the calculation of stockholders equity plus any indebtedness of AHLHC which is convertible into equity or otherwise fully subordinated to the obligations of Party B under the facility minus any intangibles
(excluding mortgage-related securities and mortgage servicing rights), goodwill and deferred charges as defined under GAAP.

AHLHC means Accredited Home Lenders Holding Co. and its Subsidiaries on a consolidated basis.

Consolidated Debt means, at any time, the aggregate principal amount of Indebtedness of AHLHC outstanding at such time as reflected on the consolidated balance sheet of AHLHC, prepared in accordance with GAAP.

EBITDA means, for any period, Net Income for such period on a consolidated basis, plus, without duplication and to
the extent reflected as a charge in the statement of such Net Income for such period, the sum of (a) total income tax expense, (b) interest expense, (c) depreciation and amortization expense, (d) amortization of intangibles
(including, but not limited to, goodwill) and organization costs, (e) any extraordinary expenses or losses (including, whether or not otherwise includable as a separate item in the statement of such Net Income for such period, losses on sales
of assets outside of the ordinary course of business), and (f) any other noncash charges, and minus, to the extent included in the statement of such Net Income for such period, the sum of (a) any extraordinary income or gains (including,
whether or not otherwise includable as a separate item in the statement of such Net Income for such period, gains on the sales of assets outside of the ordinary course of business) and (b) any other noncash income (other than any income
represented by a receivable that in the ordinary course would be expected to be paid in cash), all as determined on a consolidated basis.

Indebtedness of AHLHC means AHLHCs (a) obligations for borrowed money, (b) obligations representing the deferred purchase price of property (whether real or personal, tangible or
intangible) or services (other than accounts payable arising in the ordinary course of AHLHCs business payable on terms customary in the trade), (c) obligations, whether or not assumed,



3



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secured by liens or payable out of the proceeds or production from property now or hereafter owned or acquired by AHLHC, (d) obligations which are
evidenced by notes, acceptances, or similar instruments, (e) capitalized lease obligations, (f) rate hedging obligations, (g) contingent obligations of any type which are reportable on AHLHCs balance sheet in accordance with
GAAP, (h) obligations for which AHLHC is obligated pursuant to or in respect of a letter of credit or similar instrument and (i) repurchase obligations or liabilities of Party B with respect to accounts or notes receivable and chattel
paper sold by AHLHC.

Interest Coverage Ratio means, for any applicable computation period, the ratio of
(a) EBITDA to (b) Interest Expense.

Interest Expense means, for any applicable computation
period, all interest paid or accrued during such period by AHLHC on a consolidated basis, determined in accordance with GAAP.

Net Income means, for any period, the consolidated net income (or loss) for such period, determined on a consolidated basis in accordance with GAAP.

Non-Warehouse Debt means, at any time, Consolidated Debt minus Warehouse Debt.

Recourse Debt to Adjusted Tangible Net Worth Ratio means, at any time, the ratio of (a) Consolidated Debt minus
the liabilities related to securitizations which are accounted for as financings under Financial Accounting Standards Board (FASB) Rule 140 to (b) Adjusted Tangible Net Worth.

Unrestricted Cash and Cash Equivalents means, as of any date of determination, the sum of (a) the aggregate amount
of unrestricted cash and (b) the aggregate amount of unrestricted cash equivalents (valued at the fair market value). As used in this definition, Unrestricted means the specified asset is not subject to any liens or claims of any
kind in favor of any Person.

Warehouse Debt shall mean Indebtedness of AHLHC, whether or not it is
recourse, that is secured or otherwise backed by Party Bs mortgage loans, mortgage-backed securities or other mortgage assets, and that is used generally by Party B to provide it with financing or liquidity for the origination or acquisition
by it of mortgage loans, mortgage-backed securities or other mortgage assets in Party Bs ordinary course of business.

Workout Agreement means the Second Amended and Restated Master Repurchase Agreement Governing Purchases and Sales of Mortgage Loans, dated as of January 30, 2004, between Lehman Brothers Bank and Party B, dated as of
the date hereof, as amended from time to time.



| | (i) | Additional Event of Default. An Event of Default with respect to which Party B shall be the Defaulting Party under and as defined in the ISDA Master Agreement,
dated as of the date hereof, between Lehman Brothers Special Financing Inc. and Party B (as amended from time to time) shall constitute an Event of Default hereunder with respect to Party B as the sole Defaulting Party.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Part 2: Tax Representations



|(a) | Payer Tax Representations. For the purpose of Section 3(e) of this Agreement, Party A and Party B will each make the following representation:
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------

It is not required by any applicable law, as modified by the practice of any relevant governmental revenue authority, of any
Relevant Jurisdiction to make any deduction or withholding for or on account of any Tax from any payment (other than interest under Sections 2(e), 6(d)(ii) or 6(e) of this Agreement) to be made by it to the other party under
this Agreement. In making this



4



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representation, it may rely on (i) the accuracy of any representation made by the other party pursuant to Section 3(f) of this Agreement,
(ii) the satisfaction(s) of the agreement of the other party contained in Section 4(a)(i) or 4(a)(iii) of this Agreement and the accuracy and effectiveness of any document provided by the other party pursuant to
Section 4(a)(i) or 4(a)(iii) of this Agreement; and (iii) the satisfaction of the agreement of the other party contained in Section 4(d) of this Agreement,

provided that it shall not be a breach of this representation where reliance is placed on clause (ii) and the other party does not deliver a form or
document under Section 4(a)(iii) of this Agreement by reason of material prejudice to its legal or commercial position.



|(b) | Payee Tax Representations. For the purpose of Section 3(f) of this Agreement:
|--- | -----------------------------------------------------------------------------



| | (i) | Each payment received or to be received by it in connection with this Agreement will be effectively connected with its conduct of a trade or business in the United States.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | Party B represents that it is a corporation duly organized and validly existing under the laws the State of California and its federal taxpayer identification number is 33-0426859.
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Part 3: Agreement to Deliver Documents

For the purpose of Sections 4(a)(i) and (ii) of this Agreement, each party agrees to deliver the following documents, as applicable:



|(a) | Party A and Party B will deliver forms and/or documents described in Section 4(a)(iii) of this Agreement upon reasonable demand by the other party.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------



|(b) | Other documents to be delivered are:
|--- | ------------------------------------



|                                  |  |                                                                                                                                                                                                                                          |  |                                  |  |                       
|--------------------------------- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | -------------------------------- |  | ----------------------
|Party required todeliver document |  | Form/Document/Certificate                                                                                                                                                                                                                |  | Date by whichto be delivered     |  | Covered bySection 3(d)
|Party A and Party B               |  | Incumbency certificate or otherevidence reasonably satisfactoryto the other party of the authorityand genuine signature of theindividual signing theAgreement and any
CreditSupport Document on behalf ofsuch party to execute the same. |  | Upon execution of thisAgreement. |  | Yes                   
|                                  |  |                                                                                                                                                                                                                                          | 
|Party A and Party B               |  | Evidence reasonably satisfactoryto the other party of the authorityof such party and its CreditSupport Provider to enter intothe Agreement, any CreditSupport Document and
eachTransaction entered intohereunder.                        |  | Upon execution of thisAgreement. |  | Yes                   



5



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|                                   |  |                                                                                                                                                                                                                                                                                                                                       |  |                                                                                               |  |                       
|---------------------------------- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | --------------------------------------------------------------------------------------------- |  | ----------------------
|Party required to deliver document |  | Form/Document/Certificate                                                                                                                                                                                                                                                                                                             |  | Date by whichto be delivered                                                                  |  | Covered bySection 3(d)
|Party A and Party B                |  | A copy of the annual report (i) inthe case of Party A, Party A and(ii) in the case of Party B,AHLHC, containing auditedconsolidated financial statementsfor such fiscal year
certified byindependent public accountantsand prepared in accordance withgenerally accepted accountingprinciples consistently applied.                   |  | As soon as available andin any event within 90days of the end of eachfiscal year of AHLHC.    |  | Yes                   
|                                   |  |                                                                                                                                                                                                                                                                                                                                       | 
|Party A and Party B                |  | For its most recent fiscal quarter,a copy of the unaudited financialstatements of (i) in the case ofParty A, Party A and (ii) in thecase of Party B, AHLHC,prepared in
accordance withgenerally accepted accountingprinciples consistently applied.                                                                                   |  | As soon as available andin any event within 60days of the end of eachfiscal quarter of AHLHC. |  | Yes                   
|                                   |  |                                                                                                                                                                                                                                                                                                                                       | 
|Party A and Party B                |  | Any Credit SupportDocument(s) specified in Part 4of this Schedule.                                                                                                                                                                                                                                                                    |  | Upon execution of thisAgreement.                                                              |  | No                    
|                                   |  |                                                                                                                                                                                                                                                                                                                                       | 
|Party A and Party B                |  | An opinion of counsel to Party Aand Party B substantially in theform of Exhibit A to thisSchedule.                                                                                                                                                                                                                                    |  | Upon execution of thisAgreement.                                                              |  | No                    
|                                   |  |                                                                                                                                                                                                                                                                                                                                       | 
|Party B                            |  | All notices, reports, documents,certificates information,statements or instructionsrequired to be delivered toReference Party A (as defined inthe Confirmation) under
anyProgram Documents and suchother documents as Party A mayreasonable request from time totime.                                                                 |  | Upon request.                                                                                 |  | Yes                   
|                                   |  |                                                                                                                                                                                                                                                                                                                                       | 
|Party B                            |  | A certificate of an authorizedfinancial officer of Party Bcertifying that no AdditionalTermination Event has occurredand the calculations of thefinancial covenants set forth
inPart 1(h)(i) of this Schedule forsaid period and the methodologyused in computing said financialcovenants, in form and detailsatisfactory to Party A. |  | Within 30 days after theend of each calendarquarter.                                          |  | Yes                   



6



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Part 4: Miscellaneous



|(a) | Addresses for Notices.For the purpose of Section 12(a) of this Agreement:
|--- | -------------------------------------------------------------------------

Address for notices or communications to Party A:



|               |  |                                                      
|-------------- |  | -----------------------------------------------------
|Address:       |  | 1301 Avenue of the Americas, New York, New York
10019
|               | 
|Attention:     |  | Treasury Department                                  
|Telephone No.: |  | (212) 261-7310                                       
|Facsimile No.: |  | (212) 459-3167                                       
|               | 
|               |  | For all purposes.                                    

Address for notices or communications to Party B:



|               |  |                                                                                   
|-------------- |  | ----------------------------------------------------------------------------------
|Address:       |  | Accredited Home Lenders, Inc. 15090 Avenue of
Science, San Diego, California 92128
|               | 
|Attention:     |  | Katy Hudson                                                                       
|Telephone No.: |  | 858-676-2177                                                                      
|Facsimile No.: |  | 866-278-5876                                                                      
|               | 
|               |  | For   all purposes.                                                               



|(b) | Process Agent. For the purpose of Section 13(c) of this Agreement:
|--- | ------------------------------------------------------------------



|                                       |  |                
|-------------------------------------- |  | ---------------
|Party A appoints as its Process Agent: |  | Not applicable.
|Party B appoints as its Process Agent: |  | Not applicable.



|(c) | Offices. The provisions of Section 10(a) will apply to this Agreement.
|--- | ----------------------------------------------------------------------



|(d) | Multibranch Party. For the purpose of Section 10(c) of this Agreement:
|--- | ----------------------------------------------------------------------

Party A is not a Multibranch Party.

Party B is not a Multibranch Party.



|(e) | Calculation Agent. The Calculation Agent is Party A.
|--- | ----------------------------------------------------



|(f) | Credit Support Document. Details of any Credit Support Document, each of which is incorporated by reference in, constitutes part of, and is in connection with, this Agreement
and each Confirmation (unless provided otherwise in a Confirmation) as if set forth in full in this Agreement or such Confirmation:
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

In the case of Party A:

None.

In the case of Party B:



7



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Credit Support Annex annexed hereto which supplements, forms part of, and is subject to, this Agreement
and the guaranty issued by Party Bs Credit Support Provider.



|(g) | Credit Support Provider.
|--- | ------------------------



|                                                      |  |                            
|----------------------------------------------------- |  | ---------------------------
|Credit Support Provider means in relation to Party A: |  | Not applicable.            
|Credit Support Provider means in relation to Party B: |  | Accredited Home Lenders Co.



|(h) | Governing Law. THIS AGREEMENT WILL BE GOVERNED BY, CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK (WITHOUT REGARD TO CONFLICTS OF LAWS
PROVISIONS THEREOF, OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW).
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(i) | Netting of Payments. Subparagraph (ii) of Section 2(c) of this Agreement will apply to any Transactions.
|--- | --------------------------------------------------------------------------------------------------------



|(j) | Affiliate will have the meaning specified in Section 14 of this Agreement.
|--- | ----------------------------------------------------------------------------



|(k) | Jurisdiction. Section 13(b) is hereby amended by: (i) deleting in the second line of subparagraph (i) thereof the word non-; and
(ii) deleting the final paragraph thereof.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Part 5: Other Provisions



|(a) | Representations.Section 3 of this Agreement is hereby amended by adding the following additional subsections:
|--- | -------------------------------------------------------------------------------------------------------------



| | (g) | No Reliance. It is acting for its own account, and it has made its own independent decisions to enter into that Transaction and as to whether that Transaction
is appropriate or proper for it based upon its own judgment and upon advice from such advisors as it has deemed necessary. It is not relying on any communication (written or oral) of the other party as investment advice or as a recommendation to
enter into that Transaction; it being understood that information and explanations related to the terms and conditions of the Transaction will not be considered investment advice or a recommendation to enter into that Transaction. No communication
(written or oral) received from the other party will be deemed to be an assurance or guarantee as to the expected results of that Transaction.
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (h) | Assessment and Understanding. It is capable of assessing the merits of and understanding (on its own behalf or through independent professional advice), and
understands and accepts, the terms, conditions and risks of that Transaction. It is also capable of assuming, and assumes, the risks of that Transaction.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | Status of Parties.The other party is not acting as a fiduciary for or an advisor to it in respect of that Transaction.
| | --- | ----------------------------------------------------------------------------------------------------------------------



| | (j) | No Agency.It is entering into this Agreement, including each Transaction, as principal and not as agent of any person or entity.
| | --- | --------------------------------------------------------------------------------------------------------------------------------



| | (k) | Eligible Contract Participant.It is an eligible contract participant within the meaning of Section 1a(12) of the Commodity Exchange Act.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------



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|(b) | Set-off.Section 6 of this Agreement is hereby amended by adding the following new subsection 6(f):
|--- | --------------------------------------------------------------------------------------------------



| | (f) | Set-off.
| | --- | --------



| | (i) | In addition to any rights of set-off a party may have as a matter of law or otherwise, upon the occurrence of an Event of Default or an Additional Termination Event and the
designation of an Early Termination Date pursuant to Section 6 of the Agreement with respect to a party (X), the other party (Y) will have the right (but not be obliged) without prior notice to X or any other
person to set-off or apply any obligation of X owed to Y (and to any Affiliate of Y) (whether or not matured or contingent and whether or not arising under this Agreement, and regardless of the currency, place of payment or booking office of the
obligation) against any obligation of Y (and of any Affiliate of Y) owed to X (whether or not matured or contingent and whether or not arising under this Agreement, and regardless of the currency, place of payment or booking office of the
obligation).
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | If the amount of an obligation is unascertained, Y may in good faith estimate that amount and set-off in respect of the estimate, subject to the relevant party accounting to the
other when the amount of the obligation is ascertained.
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iii) | This clause (f) shall not constitute a mortgage, charge, lien or other security interest upon any of the property or assets of either party to this Agreement.
| | ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------



|(c) | Notices.For the purposes of subsections (iii) and (v) of Section 12(a), the date of receipt shall be presumed to be the date sent if sent
on a Local Business Day or, if not sent on a Local Business Day, the date of receipt shall be presumed to be the first Local Business Day following the date sent.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(d) | Service of Process.The penultimate sentence of Section 13(c) shall be amended by adding the following language at the end thereof: if permitted in the
jurisdiction where the proceedings are initiated and in the jurisdiction where service is to be made.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(e) | Waiver of Trial By Jury.Insofar as is permitted by law, each party irrevocably waives any and all rights to trial by jury in any legal proceeding in connection with this
Agreement or any Transaction, and acknowledges that this waiver is a material inducement to the other partys entering into this Agreement and each Transaction hereunder.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(f) | Accuracy of Specified Information.Section 3(d) is hereby amended by adding in the third line thereof after the word respect and before the period the
words or, in the case of audited or unaudited financial statements or balance sheets, a fair presentation of the financial condition of the relevant person.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(g) | Confirmation.Party A and Party B each agrees and acknowledges that the only Transaction that is or will be governed by this Agreement is the Transactions evidenced by the
one Confirmation dated on the date hereof (it being understood that, in the event such Confirmation shall be amended (in any respect), such amendment shall not constitute (for purposes of this paragraph) a separate Transaction or a separate
Confirmation).
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(h) | Severability. Except as otherwise provided in Sections 5(b)(i) or 5(b)(ii) of the Agreement in the event that any one or more of the provisions
contained in this Agreement should be held invalid, illegal, or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions contained herein shall not in any way be affected or impaired thereby so long as
this Agreement as so modified continues to express, without material change, the original intentions of the parties as to the subject matter of this Agreement and the deletion of such portion of this Agreement will not substantially impair the
respective benefits and expectations of the parties to this Agreement. The parties shall endeavor, in good faith negotiations, to replace the
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



9



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| | invalid, illegal or unenforceable provisions with valid provisions, the economic effect of which comes as close as possible to that of the invalid, illegal
or unenforceable provisions.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(i) | Consent to Recording.The parties agree that each may electronically record all telephonic conversations between marketing and trading personnel in connection
with this Agreement and that any such recordings may be submitted in evidence in any Proceedings relating to this Agreement.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



10



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The parties executing this Schedule have executed the Master Agreement and have agreed as to the contents of this
Schedule.



|                              |  |                                                     |  |                         |  |        |  |                     
|----------------------------- |  | --------------------------------------------------- |  | ----------------------- |  | ------ |  | --------------------
|ACCREDITED HOME LENDERS, INC. |  |                                                     |  | CALYON, NEW YORK BRANCH
|(Name of Party )              |  |                                                     |  | (Name of Party )       
|                              |  |                                                     |  |                        
|By:                           |  | /s/ Melissa G. Dant                                 |  |                         |  | By:    |  | /s/ Ian Cheung      
|Name:                         |  | Melissa G. Dant                                     |  |                         |  | Name:  |  | Ian Cheung          
|Title:                        |  | Senior Secondary Markets Counsel, AVP & Asst Secy |  |                         |  | Title: |  | Director            
|                              |  |                                                     |  |                        
|                              |  |                                                     |  |                         |  | By:    |  | /s/ Ricardo L. Gomes
|                              |  |                                                     |  |                         |  | Name:  |  | Ricardo L. Gomes    
|                              |  |                                                     |  |                         |  | Title: |  | Vice President      



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EXHIBIT A to Schedule

[Form of Opinion of Counsel]

[Date]

[Other Counterparty]

Ladies and Gentlemen:

I have acted as counsel to [counterparty], a
[] corporation (Party [A][B]), and am familiar with matters pertaining to the
execution and delivery of the Master Agreement (the Master Agreement) dated as of [date] between Accredited Home Lenders, Inc. (Party B) and Calyon New York Branch (Party A).

In connection with this opinion, I have examined, or have had examined on my behalf, an executed copy of the Master Agreement, certificates and
statements of public officials and officers of Party B and such other agreements, instruments, documents and records as I have deemed necessary or appropriate for the purposes of this opinion.

Based on the foregoing but subject to the assumptions, exceptions, qualifications and limitations hereinafter expressed, I am of the opinion that:



| | 1. | Party B is a corporation duly incorporated, validly existing and in good standing under the laws of
[].
| | -- | -------------------------------------------------------------------------------------------------------



| | 2. | The execution, delivery and performance of the Master Agreement, by or on behalf of Party B, are within its corporate power, have been duly authorized by all corporate action and do
not conflict with any provision of its certificate of incorporation or by-laws.
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 3. | The Master Agreement has been duly executed and delivered by Party B and constitutes a legal, valid and binding obligation, enforceable against it in accordance with its terms.
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 4. | To the best of my knowledge no consent, authorization, license or approval of or registration or declaration with, any governmental authority is required in connection with the
execution, delivery and performance of the Master Agreement by Party [A][B].
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

The foregoing opinions are subject to the
following assumptions, exceptions, qualifications and limitations:

A. My opinion in paragraph 3 above is subject to (i) the effect of
any bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors rights generally (including, without limitation, the effect of statutory or other laws regarding fraudulent or other similar transfers),
(ii) general principles of equity, regardless of whether enforceability is considered in a proceeding in equity or at law, (iii) the equitable discretion of the court before which any proceeding therefor may be brought, (iv) the
application of judicial decisions involving statutes or principles of equity which have held that certain covenants and other provisions of agreements, including those providing for the acceleration of obligations upon the occurrence of events
therein described, are unenforceable in circumstances where it can be demonstrated that the enforcement of such provisions is not reasonably necessary for the protection of the party invoking the right to accelerate, (v) such requirements of
good



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faith, fair dealing and commercial reasonableness as may be imposed by the law of the State of New York on the exercise by a party of its contractual rights
and remedies, (vi) possible judicial application of foreign laws or foreign government actions affecting creditors rights, and (v) the validity, binding effect or enforceability, under certain circumstances, of contractual provisions
with respect to indemnification or waiving defenses to obligations where such indemnification or such waivers are against public policy.

B. I am qualified to practice law in [] and render no opinion on the laws of any jurisdiction other than the laws of
[].

C. My
opinions are limited to the present laws and to the facts as they presently exist. I assume no obligation to revise or supplement this opinion should the present laws of the jurisdictions referred to in paragraph B above be changed by legislative
action, judicial decision or otherwise.

D. This letter is rendered to you in connection with the Master Agreement [and the Guarantee] and
the transactions related thereto and may not be relied upon by any other person or by you in any other context or for any other purpose. This letter may not be quoted in whole or in part, nor may copies thereof be furnished or delivered to any other
person, without the prior written consent of Party B, except that you may furnish copies hereof (i) to your independent auditors and attorneys, (ii) to any state or local authority having jurisdiction over you or over Party [A][B],
(iii) pursuant to the order of any legal process of any court of competent jurisdiction or any governmental agency, and (iv) in connection with any legal action arising out of the Master Agreement.

E. I have assumed with your permission (i) the genuineness of all signatures by each party other than Party B, (ii) the authenticity of
documents submitted to me as originals and the conformity to authentic original documents of all documents submitted to me as copies, and (iii) the due execution and delivery, pursuant to due authorization, of the Master Agreement by each party
other than Party B.

F. I have also assumed for the purpose of this opinion that the Master Agreement constitute the legal valid and
binding obligation of Party [A][B] in accordance with New York law by which is governed.

G. I express no opinion as to the prohibition on
transfers in Section 7(a) of the Master Agreement Terms in any case in which its operation would conflict with Section 9-406 or Section 9-408 of the Uniform Commercial Code as in effect in the State of New York.

Very truly yours,



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