Document:

Exhibit 10.1

 

EXECUTION VERSION

  

CSMC TRUST 2014-OAK1

MORTGAGE PASS-THROUGH CERTIFICATES

 

MORTGAGE LOAN PURCHASE AND SALE AGREEMENT

 

Between

 

FIVE OAKS ACQUISITION CORP.

 

and

 

CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES
CORP.

 

dated as of December 23, 2014

 

    	 

    	 

    

 

TABLE OF CONTENTS

 

	Section 1.	Representations and Warranties of CSFBMSC	1
	Section 2.	Representations and Warranties of Five Oaks	1
	Section 3.	Representations, Warranties and Agreements of Five Oaks with respect to the Mortgage Loans	3
	Section 4.	Arbitration with respect to Remedies by Five Oaks	5
	Section 5.	Conveyance of Mortgage Loans	6
	Section 6	Intention of Parties	7
	Section 7.	Termination	7
	Section 8.	Miscellaneous	7
	Schedule A.	Mortgage Loan Schedule	A-1

 

    	-i-

    	 

    

 

MORTGAGE LOAN PURCHASE AND SALE AGREEMENT

 

This Mortgage Loan
Purchase and Sale Agreement (the “Agreement”) is made as of December 23, 2014, by and between Five Oaks Acquisition
Corp., a Delaware corporation (“Five Oaks” or the “Seller”), and Credit Suisse First Boston
Mortgage Securities Corp., a Delaware corporation (“CSFBMSC”). Capitalized terms used herein but not defined
herein shall have the meanings assigned to them in the Pooling and Servicing Agreement dated as of December 1, 2014 (the “Pooling
and Servicing Agreement”) among CSFBMSC, Christiana Trust, a division of Wilmington Savings Fund Society, FSB as trustee
(the “Trustee”), Select Portfolio Servicing, Inc. as a servicer (“SPS”) and Wells Fargo Bank, N.A. as master
servicer and securities administrator.

 

WHEREAS, the parties
hereto desire to provide for the purchase and sale of the Mortgage Loans identified on Schedule A hereto (the “Mortgage
Loans”) on the date hereof (the “Closing Date”) in accordance with the terms and conditions set forth
in this Agreement.

 

NOW, THEREFORE, the
parties in consideration of good and valuable and fair consideration, the receipt and sufficiency of which is hereby acknowledged,
and intending to be legally bound, hereby agree as follows:

 

Section 1. Representations
and Warranties of CSFBMSC. CSFBMSC hereby represents, warrants and agrees for the benefit of the other party that:

 

(a)          Authorization.
The execution, delivery and performance of this Agreement by it are within its respective powers and have been duly authorized
by all necessary action on its part.

 

(b)          No
Conflict. The execution, delivery and performance of this Agreement will not violate or conflict with (i) its charter or bylaws,
(ii) any resolution or other corporate action by it, or (iii) any decisions, statutes, ordinances, rulings, directions, rules,
regulations, orders, writs, decrees, injunctions, permits, certificates or other requirements of any court or other governmental
or public authority in any way applicable to or binding upon it, and will not result in or require the creation, except as provided
in or contemplated by this Agreement, of any lien, mortgage, pledge, security interest, charge or encumbrance of any kind upon
the Mortgage Loans.

 

(c)          Binding
Obligation. This Agreement has been duly executed by it and is its legally valid and binding obligation, enforceable against
it in accordance with this Agreement’s terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization,
moratorium or similar laws affecting creditors’ rights generally, and by general principles of equity.

 

Section 2. Representations
and Warranties of Five Oaks. Five Oaks hereby represents, warrants and agrees that:

 

(a)          Authorization.
The execution, delivery and performance of this Agreement by it are within its respective powers and have been duly authorized
by all necessary action on its part.

 

    	-1-

    	 

    

 

 

(b)          No
Conflict. The execution, delivery and performance of this Agreement will not violate or conflict with (i) its charter or bylaws,
(ii) any resolution or other corporate action by it, or (iii) any decisions, statutes, ordinances, rulings, directions, rules,
regulations, orders, writs, decrees, injunctions, permits, certificates or other requirements of any court or other governmental
or public authority in any way applicable to or binding upon it, and will not result in or require the creation, except as provided
in or contemplated by this Agreement, of any lien, mortgage, pledge, security interest, charge or encumbrance of any kind upon
the Mortgage Loans.

 

(c)          Binding
Obligation. This Agreement has been duly executed by it and is its legally valid and binding obligation, enforceable against
it in accordance with this Agreement’s terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization,
moratorium or similar laws affecting creditors’ rights generally, and by general principles of equity.

 

(d)          No
Consent. The execution, delivery and performance by it of this Agreement and the consummation of the transactions contemplated
hereby do not require the consent or approval of, the giving of notice to, the registration with, or the taking of any other action
in respect of, any state, federal or other governmental authority or agency, except those consents, approvals, notices, registrations
or other actions as have already been obtained, given or made.

 

(e)          No
Litigation. There is no action, suit, proceeding, or inquiry before or by any court or governmental body now pending or threatened
against the Seller which, either individually or collectively, would prevent the Seller from entering into the purchase agreement
or that would have a material adverse effect on its ability to perform its obligations under this Agreement.

 

(f)          No
Material Default. It is not in default under any agreement, contract or instrument to which it is a party or to which it or
its asset are bound, unless such default would not materially and adversely affect its ability to perform under the purchase agreement
and no event has occurred that, with notice or lapse of time or both would constitute a default, under, or a breach of, any such
contract, agreement or other instrument which violation, breach or default would materially and adversely affect its ability to
perform its obligations under this Agreement.

 

(g)          Sale
Treatment. The Seller will treat the conveyance of the Mortgage Loans under this Agreement as a sale for tax and accounting
purposes.

 

(h)          Solvency.
The Seller is solvent and will not become insolvent as a result of the sale of the Mortgage Loans. The Seller is not selling the
Mortgage Loans with the intent to hinder, delay or defraud and of the Seller’s creditors.

 

(i)          No
Broker. The Seller has not dealt with any broker, investment banker, agent, or any other person that may be entitled to any
commission or compensation in connection with the sale of the Mortgage Loans.

 

    	-2-

    	 

    

 

(j)          No
Judgments or Tax Liens.   The Seller is not aware of any judgment or tax
lien filing against itself.

 

Section 3. Representations,
Warranties and Agreements of Five Oaks with respect to the Mortgage Loans.

 

Five Oaks represents
and warrants to, and agrees with, CSFBMSC that Five Oaks shall cure the breach, or repurchase or substitute for any Mortgage Loan
as to which there has been an uncured breach of a representation or warranty restated by an Originator to the Trustee pursuant
to the related AAR Agreement that materially and adversely affects the value of such Mortgage Loan or the interest of the Trustee,
for the benefit of the Certificateholders, in such Mortgage Loan, but only if each of the following conditions is met: (i) the
related Originator fails to cure such breach or repurchase or substitute for such Mortgage Loan after a valid demand has been made
and remains unresolved and (ii) the related Originator is subject to a bankruptcy or insolvency proceeding or such Originator is
no longer in existence. In addition, with respect to a breach of a representation or warranty restated by an Originator that materially
and adversely affects the value of a Mortgage Loan or the interest of the Trustee, for the benefit of the Certificateholders in
such Mortgage Loan, Five Oaks hereby agrees to cure the breach, or repurchase or substitute for any such Mortgage Loan when a representation
and warranty restated by the related Originator to the Trustee was true and correct as of the date that the related Originator
is restating the representations and warranties to the Trustee (if such date is not the Closing Date), but not true and correct as
of the Closing Date. In any AAR Agreement where the related Originator restated representations and warranties to the Trustee as
of the Closing Date, the Seller shall not have the obligations described in the prior sentence.

 

Any exceptions identified
at the time Five Oaks purchased a Mortgage Loan from an Originator or other third party shall not be considered a breach of the
underwriting guidelines representation and warranty provided that such exceptions and the related compensating factors are accurately
described in the exhibit to the related purchase price and terms letter or other document that identifies the exceptions.

 

In addition, in no
event shall any obligation which the Seller may have to cure, repurchase or substitute for any Mortgage Loans for which there has
been a breach of any representation and warranty survive (to the extent such obligation has not expired earlier) beyond the earlier
of (a) the termination of the Trust Fund and (b) the payment of all amounts due on the related Mortgage Loan.

 

Any substitution must
be done within two years of the Closing Date.

 

Five Oaks hereby represents
and warrants to, and agrees with, CSFBMSC that (i) on the Closing Date, Five Oaks will have good, valid and marketable title to
the Mortgage Loans, in each case free and clear of all liens, mortgages, deeds of trust, pledges, security interests, charges,
encumbrances or other claims and (ii) upon transfer to CSFBMSC, CSFBMSC will receive good, valid and marketable title to all of
the Mortgage Loans, in each case free and clear of any liens, mortgages, deeds of trust, pledges, security interests, charges,
encumbrances or other claims.

 

    	-3-

    	 

    

 

Five Oaks hereby represents
and warrants for the benefit of CSFBMSC and the Trustee that: (i) this Agreement creates a valid and continuing security interest
(as defined in the applicable UCC) in the Mortgage Loans in favor of CSFBMSC, which security interest is prior to all other Liens,
and is enforceable as such as against creditors of and purchasers from Five Oaks; (ii) the Mortgage Notes constitute “instruments”
within the meaning of the applicable UCC; (iii) Five Oaks, immediately prior to its transfer of Mortgage Loans under this Agreement,
will own and have good, valid and marketable title to the Mortgage Loans free and clear of any Lien, claim or encumbrance of any
Person; (iv) Five Oaks has received all consents and approvals required by the terms of the Mortgage Loans to the sale of the Mortgage
Loans hereunder to CSFBMSC; (v) all original executed copies of each Mortgage Note that constitute or evidence the Mortgage Loans
have been delivered to the Custodian (as assignee of CSFBMSC); (vi) Five Oaks has received a written acknowledgment from the Custodian
that the Custodian is holding the Mortgage Notes that constitute or evidence the Mortgage Loans solely on behalf and for the benefit
of CSFBMSC or its assignee; (vii) other than the security interest granted to CSFBMSC pursuant to this Agreement and security interests
(if any) granted to lenders which will be automatically released on the Closing Date, Five Oaks has not pledged, assigned, sold,
granted a security interest in, or otherwise conveyed any of the Mortgage Loans; Five Oaks has not authorized the filing of and
is not aware of any financing statements against it that include a description of collateral covering the Mortgage Loans other
than any financing statement relating to the security interest granted to CSFBMSC hereunder or that will be automatically released
upon the sale to CSFBMSC; (viii) Five Oaks is not aware of any judgment or tax lien filing against itself; and (ix) none of the
Mortgage Notes that constitute or evidence the Mortgage Loans have any marks or notations indicating that they have been pledged,
assigned or otherwise conveyed to any Person other than CSFBMSC.

 

In the event of any
cure, repurchase or substitution obligations of Five Oaks specified in this Section 3, Five Oaks will cure the breach, or repurchase
or substitute for such Mortgage Loan pursuant to Section 2.04 of the Pooling and Servicing Agreement, this Section 3 and Section
4 below and in accordance with the timing requirements set forth in this Section 3 and Section 2.04 and Section 2.05 of the Pooling
and Servicing Agreement.

 

Solely to the extent
Five Oaks is specifically required to correct or cure a breach pursuant to this Section 3, Five Oaks shall cure or cause the cure
of such breach within 90 days from the earlier of the date that Five Oaks discovered or was notified of such breach, and if Five
Oaks does not cure or cause the cure of such breach in all material respects during such period, the Trustee shall use reasonable
efforts to enforce Five Oaks’s obligation to repurchase at the Repurchase Price or substitute that Mortgage Loan from the
Trust Fund on or prior to the Determination Date following the expiration of such 90-day period; provided, however, that, in connection
with any such breach that could not reasonably have been cured within such 90-day period, Five Oaks shall be required to repurchase
or substitute the Mortgage Loan no later than 120 days after its discovery or notice of such breach, and provided further, that,
if such breach would cause the Mortgage Loan to be other than a “qualified mortgage” (as defined in the Code), then
notwithstanding the previous provisions of this paragraph, the Seller shall be required to repurchase or substitute the Defective
Mortgage Loan within 60 days from the date the defect was discovered.

 

    	-4-

    	 

    

 

Section 4. Arbitration
with respect to Remedies by Five Oaks.

 

Five Oaks and CSFBMSC
agree that the resolution of any controversy or claim arising out of or relating to an obligation or alleged obligation of Five
Oaks to cure, repurchase or substitute a Mortgage Loan or Mortgage Loans pursuant to Section 3 above shall be by Arbitration administered
by the American Arbitration Association. If any such controversy or claim has not been resolved to the satisfaction of both Five
Oaks and CSFBMSC, either party may commence Arbitration to resolve the dispute; provided that a party may commence Arbitration
with respect to one or more unresolved allegations only during the months of January, April, July and October, and all matters
with respect to which Arbitration has been commenced in any such month shall be heard in a single Arbitration in the immediately
following month or as soon as practicable thereafter; and provided further that if any Arbitration arising out of or relating to
an obligation or alleged obligation of an Originator to repurchase a Mortgage Loan relating to the same representation and warranty
has commenced and is continuing, then such Arbitration shall be joined with the Arbitration commenced hereunder.

 

(a)          To
commence Arbitration, the moving party shall deliver written notice to the other party that it has elected to pursue Arbitration
in accordance with this Section 4, provided that if Five Oaks has not responded to CSFBMSC's notification of a breach of a
representation and warranty, CSFBMSC shall not commence Arbitration with respect to that breach before 60 days following such notification
in order to provide Five Oaks with an opportunity to respond to such notification. Within 10 Business Days after a party has provided
notice that it has elected to pursue Arbitration, each party may submit the names of one or more proposed Arbitrators to the other
party in writing. If the parties have not agreed on the selection of an Arbitrator within 5 Business Days after the first such
submission, then the party commencing Arbitration shall, within the next 5 Business Days, notify the American Arbitration Association
in New York, New York and request that it appoint a single Arbitrator with experience in arbitrating disputes arising in the financial
services industry.

 

(b)          It
is the intention of the parties that Arbitration shall be conducted in as efficient and cost-effective a manner as is reasonably
practicable, without the burden of discovery. Accordingly, the Arbitrator will resolve the dispute on the basis of a review of
the written correspondence between the parties (including any supporting materials attached to such correspondence) conveyed by
the parties to each other in connection with the dispute prior to the delivery of notice to commence Arbitration; however, upon
a showing of good cause, a party may request the Arbitrator to direct the production of such additional information, evidence and/or
documentation from the parties that the Arbitrator deems appropriate. If requested by the Arbitrator or any party, any hearing
with respect to an Arbitration shall be conducted by video conference or teleconference, except upon the agreement of both parties
or the request of the Arbitrator.

 

(c)          The
finding of the Arbitrator shall be final and binding upon the parties. Judgment upon any arbitration award rendered may be entered
and enforced in any court of competent jurisdiction. The costs of the Arbitrator shall be shared equally between both parties.
Each party, however, shall bear its own attorneys’ fees and costs in connection with the Arbitration.

 

    	-5-

    	 

    

 

(d)          The
following capitalized terms shall have the meaning specified below:

 

Arbitration: Arbitration
in accordance with the then governing Commercial Arbitration Rules of the American Arbitration Association (“AAA”)
and administered by the AAA, which shall be conducted in New York, New York or other place mutually acceptable to the parties to
the arbitration.

 

Arbitrator: A person
who is not affiliated with DLJ, CSFBMSC or any Originator, who is a member of the American Arbitration Association.

 

Repurchase Price: With
respect to any Mortgage Loan, a price equal to (i) the unpaid principal balance of such Mortgage Loan plus (ii) interest on such
unpaid principal balance at the mortgage interest rate from and including the last Due Date through which interest has been paid
by or on behalf of the Mortgagor up to the Due Date following the date of repurchase, minus (iii) amounts received in respect of
such repurchased Mortgage Loan which are being held in the Collection Account for distribution in connection with such Mortgage
Loan.         

 

Section 5. Conveyance
of Mortgage Loans.

 

(a)          Mortgage
Loans. In return for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Five Oaks,
concurrently with the execution and delivery hereof, hereby sells, transfers, assigns, sets over and otherwise conveys to CSFBMSC,
without recourse, all of Five Oaks’s right, title and interest in and to the Mortgage Loans (excluding the servicing rights
with respect to the Mortgage Loans), including (i) the related Mortgage Documents and all principal and interest received by Five
Oaks on or with respect to the Mortgage Loans after December 1, 2014 (the “Cut-off Date”) (other than Scheduled
Payments due on or before such date), and all such payments due after such date but received on or prior to such date and intended
by the related Mortgagors to be applied after such date, (ii) all insurance policies with respect to the Mortgage Loans and (iii)
all proceeds of the foregoing.

 

CSFBMSC shall pay the
purchase price for the Mortgage Loans by delivering to Five Oaks on the Closing Date immediately available funds in an amount mutually
agreed upon by Five Oaks and CSFBMSC.

 

On or prior to the
Closing Date, Five Oaks shall deliver or cause to be delivered to CSFBMSC or, at CSFBMSC’s direction, to the Custodian, the
Trustee Mortgage File for each Mortgage Loan in the manner set forth in Article 2 of the Custodial Agreement as in effect on the
date of execution hereof, by and among Wells Fargo Bank, N.A. as custodian, the Depositor and Christiana Trust, a division of Wilmington
Savings Fund Society, FSB as trustee.

 

(b)          Limited
Remedies. CSFBMSC acknowledges and agrees that it shall have no recourse to Five Oaks with respect to any Defective Mortgage
Loan except as provided in Sections 3 and 4 and that CSFBMSC’s remedies with respect to any other Defective Mortgage Loans
shall be exercised by the Trustee with respect to the Originator of such Defective Mortgage Loan as set forth in the related AAR
Agreement.

 

    	-6-

    	 

    

 

Section 6. Intention
of Parties. The conveyance of the Mortgage Loans and all other property hereunder by Five Oaks as contemplated hereby is absolute
and is intended by the parties to constitute a sale of the Mortgage Loans and such other property by Five Oaks to CSFBMSC. It is,
further, not intended that such conveyance be the grant of a security interest to secure a loan or other obligation. However, in
the event that, notwithstanding the intent of the parties, the Mortgage Loans and the other property described in Section 5 are
held to be the property of Five Oaks, or if for any other reason this Agreement is held or deemed to create a security interest
in the Mortgage Loans and such other property, then this Agreement shall constitute a security agreement, and the conveyance provided
for in Section 5 shall be deemed to be a grant by Five Oaks to CSFBMSC of, and Five Oaks hereby grants to CSFBMSC, to secure all
of Five Oaks’s obligations hereunder, a security interest in all of Five Oaks’s right, title and interest, whether
now owned or hereafter acquired, in and to (i) the Mortgage Loans (excluding the servicing rights with respect to the Mortgage
Loans), including the Mortgage Notes, the Mortgages, and the right to all payments of principal and interest received on or with
respect to the Mortgage Loans after the Cut-off Date (other than Scheduled Payments due on or before such date), and all such payments
due after such date but received on or prior to such date and intended by the related Mortgagors to be applied after such date,
and, with respect to the Mortgage Loans serviced by SPS, the Servicing Rights with respect to such Mortgage Loans, (ii) all of
Five Oaks’s right, title and interest, if any, in and to all amounts from time to time credited to and the proceeds of any
Custodial Accounts or any Escrow Account established with respect to the Mortgage Loans, (iii) all of Five Oaks’s right,
title and interest, if any, in REO Property and the proceeds thereof, (iv) all of Five Oaks’s rights under any Insurance
Policies related to the Mortgage Loans, (v) Five Oaks’s security interest in any collateral pledged to secure the Mortgage
Loans, including the Mortgaged Properties and (vi) all proceeds of the conversion, voluntary or involuntary, of any of the foregoing
into cash or other liquid assets, including, without limitation, all Insurance Proceeds, Liquidation Proceeds and condemnation
awards.

 

Section 7. Termination.

 

Notwithstanding any
termination of this Agreement or the completion of all sales contemplated hereby, the representations, warranties and agreements
in Sections 1, 2 and 3 hereof shall survive and remain in full force and effect.

 

Section 8. Miscellaneous.

 

(a)          Amendments,
Etc. No rescission, modification, amendment, supplement or change of this Agreement shall be valid or effective unless in writing
and signed by all of the parties to this Agreement. No amendment of this Agreement may modify or waive the representations, warranties
and agreements set forth in Sections 1, 2 and 3 hereof.

 

    	-7-

    	 

    

 

(b)          Binding
Upon Successors, Etc. This Agreement shall bind and inure to the benefit of and be enforceable by Five Oaks and CSFBMSC, and
the respective successors and assigns thereof. The parties hereto acknowledge that CSFBMSC is acquiring the Mortgage Loans for
the purpose of selling, transferring, assigning, setting over and otherwise conveying them to the Trustee, pursuant to the Pooling
and Servicing Agreement. Five Oaks acknowledges and consents to the assignment to the Trustee by CSFBMSC of all of CSFBMSC’s
rights against Five Oaks hereunder in respect of the Mortgage Loans sold to CSFBMSC and that the enforcement or exercise of any
right or remedy against Five Oaks hereunder by the Trustee or to the extent permitted under Section 2.04 of the Pooling and Servicing
Agreement shall have the same force and effect as if enforced and exercised by CSFBMSC directly.

 

(c)          Counterparts.
This Agreement may be executed in two or more counterparts, each of which shall be deemed an original but all of which together
shall constitute one and the same instrument.

 

(d)          Governing
Law. This Agreement and all questions relating to its validity, interpretation, performance and enforcement shall be governed
by and construed, interpreted and enforced in accordance with the laws of the State of New York notwithstanding any law, rule,
regulation, or other conflict-of-law provisions to the contrary.

 

(e)          Headings.
The headings of the several parts of this Agreement are inserted for convenience of reference and are not intended to be a part
of or affect the meaning or interpretation of this Agreement.

 

(f)          Definitions.
Capitalized terms not otherwise defined herein have the meanings ascribed to such terms in the Pooling and Servicing Agreement
as in effect on the date of execution hereof.

 

(g)          Nonpetition
Covenant. Until one year plus one day shall have elapsed since the termination of the Pooling and Servicing Agreement in accordance
with its terms, Five Oaks shall not petition or otherwise invoke the process of any court or government authority for the purpose
of commencing or sustaining a case against CSFBMSC under any federal or state bankruptcy, insolvency or similar law or appointing
a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of CSFBMSC or any substantial part
of its property, or ordering the winding up or liquidation of the affairs of CSFBMSC.

 

[remainder of page intentionally left blank]

 

    	-8-

    	 

    

  

IN WITNESS WHEREOF,
each party has caused this Mortgage Loan Purchase and Sale Agreement to be executed by its duly authorized officer or officers
as of the day and year first above written.

 

	 	FIVE OAKS ACQUISITION CORP.
	 	 	 
	 	By:	/s/ Darren Comisso
	 	 	 
	 	Name:	Darren Comisso
	 	 	 
	 	Title:	EVP
	 	 	 
	 	
        CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP.

	 	 	 
	 	By:	/s/ Deirdre Harrington
	 	 	 
	 	Name:	Deirdre Harrington
	 	 	 
	 	Title:	Vice President

 

    	 

    	 

    

 

SCHEDULE A

MORTGAGE LOAN SCHEDULE 

 

    	Schedule A-1Exhibit 10.2

 

CSMC Trust 2014-OAK1,

Mortgage Pass-Through Certificates, Series 2014-OAK1

 

CERTIFICATE PURCHASE AGREEMENT

 

December 22, 2014

 

Credit Suisse Securities (USA) LLC

Eleven Madison Avenue, 4th Floor

New York, New York 10010

 

Wells Fargo Securities, LLC

375 Park Avenue, 2nd Floor

New York, New York 10152

 

Ladies and Gentlemen:

 

Credit Suisse First
Boston Mortgage Securities Corp., as depositor (the “Depositor”), proposes to offer the CSMC Trust 2014-OAK1,
Mortgage Pass-Through Certificates, Series 2014-OAK1, Class 1-A-1, Class 1-X-1, Class 1-A-2, Class 2-X-4, Class 2-A-1, Class 2-X-1,
Class 2-A-2, Class 2-A-3, Class 2-A-4, Class 2-X-2, Class 2-A-5, Class 2-X-3, Class B-1, Class B-2, Class B-3, Class B-4 and Class
B-5 Certificates (the “Offered Certificates”) and engage Credit Suisse Securities (USA) LLC and Wells Fargo
Securities, LLC (each, an “Initial Purchaser” and together, the “Initial Purchasers”) pursuant
to the terms of this Certificate Purchase Agreement (the “Agreement”) to use their best efforts to identify
investors for the Offered Certificates. The Offered Certificates, together with the Class R Certificates, are referred to herein
as the “Certificates.” The Certificates are to be issued by CSMC Trust 2014-OAK1 (the “Issuing Entity”)
pursuant to a pooling and servicing agreement (the “Pooling Agreement”), to be dated as of December 1, 2014,
among the Depositor, Wells Fargo Bank, N.A., as master servicer (in such capacity, the “Master Servicer”) and
securities administrator (in such capacity, the “Securities Administrator”), Select Portfolio Servicing, Inc.
(“SPS”), as a servicer, and Christiana Trust, a division of Wilmington Savings Fund Society, FSB, as trustee
(the “Trustee”). The Certificates will represent ownership interests in mortgage loans (the “Mortgage
Loans”) consisting of two mortgage pools: a pool of fixed rate mortgage loans, which have original terms to maturity
of 15 years and a pool of fixed rate mortgage loans which substantially have original terms to maturity of 30 years.

 

The Offered Certificates
are more fully described in a preliminary offering circular as supplemented by the preliminary offering circular supplement (collectively,
the “Preliminary Offering Circular”), each dated December 19, 2014, and in a final offering circular as supplemented
by the final offering circular supplement (collectively, the “Final Offering Circular”), each to be dated on
or before the Closing Date, each of which the Depositor has furnished or will furnish to the Initial Purchasers for purposes of
offering and selling the Offered Certificates. The Offered Certificates will not be registered under the Securities Act of 1933,
as amended (the “Securities Act”), but will be offered and sold in reliance on exemptions from registration
under the Securities Act and rules and regulations thereunder. The Offered Certificates will have the characteristics set forth
in the Preliminary Offering Circular and the Final Offering Circular.

 

    	-1-

    	 

    

 

Pursuant to the Mortgage
Loan Purchase and Sale Agreement, to be dated as of December 1, 2014 (the “MLPSA”), between Five Oaks Acquisition
Corp., as seller (the “Sponsor” or “Five Oaks”), and the Depositor, as purchaser, the Sponsor
will sell all of its interest in the Mortgage Loans (excluding the servicing rights thereto) to the Depositor. Additionally, under
the MLPSA, the Sponsor is obligated to cure, repurchase or substitute for any Mortgage Loan, if the representation and warranty
made by the related Originator under the related AAR Agreement (as defined herein) was true and correct as of the date that the
related Originator is restating the representations and warranties to the Trustee (if such restatement date is prior to the Closing
Date), but not true and correct as of the Closing Date. In addition, under the MLPSA, the Sponsor is obligated as described therein
to cure, repurchase or substitute for any Mortgage Loan as to which there has been an uncured breach of representations or warranties
restated by each Originator to the Trustee that materially and adversely affects the value of such Mortgage Loan or the interests
of the Trustee for the benefit of the Certificateholders in such Mortgage Loan, but only if each of the following conditions is
met: (i) the related Originator fails to cure such breach or repurchase or substitute for such Mortgage Loan after a valid demand
has been made and remains unresolved and (ii) the related Originator is subject to a bankruptcy or insolvency proceeding or such
Originator is no longer in existence.

 

Pursuant to the Pooling
Agreement, the Depositor will assign all of its right, title and interest in and to the Mortgage Loans on or after December 1,
2014 (the “Cut-off Date”) to the Trustee for the benefit of the holders of the Certificates. PHH Mortgage Corporation
(“PHH”) and New Penn Financial, LLC d/b/a Shellpoint Mortgage Servicing (“SMS,” together
with PHH and SPS, the “Servicers”) will each act as a servicer with respect to certain of the Mortgage Loans
pursuant to a reconstitution agreement (each, a “Servicing Agreement”) and SPS will service certain of the Mortgage
Loans pursuant to the Pooling Agreement. Five Oaks, as owner of the servicing rights with respect to approximately 99.35% of the
Mortgage Loans (by Stated Principal Balance as of the Cut-off Date) will be primarily responsible with respect to the such Mortgage
Loans for (1) remitting the aggregate amount of required monthly advances and required prepayment interest shortfall amounts to
PHH and SMS and each of PHH and SMS will then remit such amounts to the Securities Administrator to the extent received and (2)
at its option, terminating any of SPS, SMS or PHH with or without cause, and appointing a successor servicer.

 

On the Closing Date,
the Sponsor, the Trustee, and each Originator of the Mortgage Loans will enter into an assignment, assumption and recognition agreement
(each, an “AAR Agreement”) pursuant to which the related originator will restate the representations and warranties
to the Trustee that such Originator had made or restated to the Sponsor regarding the related Mortgage Loans.

 

Pursuant to a custodial
agreement, dated as of December 1, 2014 (the “Custodial Agreement”) among Wells Fargo Bank, N.A., as custodian
(the “Custodian”), the Trustee and the Depositor, the Custodian will hold the Mortgage Loan files on behalf
of the Trustee.

 

This Agreement, the
MLPSA, the Pooling Agreement. the Servicing Agreements, the Custodial Agreement and the AAR Agreements shall be referred to herein
as the “Operative Agreements.”

 

    	-2-

    	 

    

 

Capitalized terms used
but not defined herein shall have the meanings assigned to such terms in the Pooling Agreement.

 

SECTION 1.        Representations
and Warranties of the Sponsor and the Guarantor. The Sponsor and Five Oaks Investment Corp. (the “Guarantor”)
jointly and severally represent and warrant to each Initial Purchaser and the Depositor that as of the date hereof and as of the
Closing Date (unless any representation or warranty speaks of or relates to a specific date, in which case such representation
or warranty shall be as of such specific date):

 

(a)          Each
of the Sponsor and the Guarantor has been duly formed and is validly existing and in good standing under the laws of its state
of organization, with full power and authority (corporate and other, including, without limitation, all material licenses, certificates,
authorizations or permits from all appropriate governmental authorities) to own its assets and property, to carry on its business
as presently conducted and as proposed to be conducted, to enter into and perform its obligations under the Operative Agreements
to which it is a party and each is duly qualified as a foreign company in good standing in all jurisdictions in which the ownership
or lease of its property or the conduct of its business requires such qualification, except where the failure to be so qualified
would not have a material adverse effect on it or its execution and performance;

 

(b)          The
execution, delivery and performance by the Sponsor of the Operative Agreements to which it is a party and the consummation of the
transactions contemplated hereby and thereby, do not and will not conflict with or result in a breach or violation of any of the
terms or provisions of or constitute a default under any indenture, mortgage, deed of trust, loan agreement or other agreement
or instrument to which the Sponsor is a party, by which the Sponsor is bound or to which any of the properties or assets of the
Sponsor or any of its subsidiaries is subject, which conflict, breach, violation or default would have a material adverse effect
on the business, operations or financial condition of the Sponsor or the Sponsor’s ability to perform its obligations under
the Operative Agreements to which it is a party, nor will such actions result in any violation of the provisions of the organizational
documents of the Sponsor or any statute or any order, rule or regulation of any court or governmental agency or body having jurisdiction
over the Sponsor or any of the Sponsor’s properties or assets, which violation would have a material adverse effect on the
business, operations or financial condition of the Sponsor or the Sponsor’s ability to perform its obligations under any
of the Operative Agreements to which it is a party;

 

(c)          The
execution, delivery and performance by the Guarantor of this Agreement and the consummation of the transactions contemplated hereby
do not and will not conflict with or result in a breach or violation of any of the terms or provisions of or constitute a default
under, any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which the Guarantor is a party,
by which the Guarantor is bound or to which any of the properties or assets of the Guarantor or any of its subsidiaries is subject,
which conflict, breach, violation or default would have a material adverse effect on the business, operations or financial condition
of the Guarantor or the Guarantor’s ability to perform its obligations under this Agreement, nor will such actions result
in any violation of the provisions of the organizational documents of the Guarantor or any statute or any order, rule or regulation
of any court or governmental agency or body having jurisdiction over the Guarantor or any of the Guarantor’s properties or
assets, which violation would have a material adverse effect on the business, operations or financial condition of the Guarantor
or the Guarantor’s ability to perform its obligations under this Agreement;

 

    	-3-

    	 

    

 

(d)          (i)
This Agreement has been duly authorized, executed and delivered by the Sponsor and constitutes a legal, valid, binding and enforceable
obligation of the Sponsor, except as such enforceability may be limited by bankruptcy, insolvency, reorganization and other similar
laws of general applicability relating to or affecting the rights of creditors generally and the application of general equitable
principles (regardless of whether the issue of enforceability is considered in a proceeding in equity or at law) and (ii) each
Operative Agreement to which the Sponsor is a party will be authorized by each such party and, when such Operative Agreement is
fully executed and delivered by the other parties to such Operative Agreement on the Closing Date, will constitute a legal, valid,
binding and enforceable obligation of such party, except as such enforceability may be limited by bankruptcy, insolvency, reorganization
and other similar laws of general applicability relating to or affecting the rights of creditors generally and the application
of general equitable principles (regardless of whether the issue of enforceability is considered in a proceeding in equity or at
law);

 

(e)          This
Agreement has been duly authorized, executed and delivered by the Guarantor and constitutes a legal, valid, binding and enforceable
obligation of the Guarantor, except as such enforceability may be limited by bankruptcy, insolvency, reorganization and other similar
laws of general applicability relating to or affecting the rights of creditors generally and the application of general equitable
principles (regardless of whether the issue of enforceability is considered in a proceeding in equity or at law);

 

(f)           No
consent, approval, authorization, order, registration, license, permit or qualification of or with any court or governmental agency
or body of the United States or any other jurisdiction is required for the consummation by the Sponsor or the Guarantor of other
transactions contemplated by this Agreement, except such consents, approvals, authorizations, registrations or qualifications as
(a) have been previously obtained or (b) the failure to obtain would not have a material adverse effect on the performance by the
Sponsor or the Guarantor of their respective obligations under, or the validity or enforceability of, the Operative Agreements
to which the Sponsor or the Guarantor is a party;

 

(g)          Neither
the Sponsor nor the Guarantor has offered or sold or solicited any offer to buy, and will not offer or sell or solicit any offer
to buy, directly or indirectly, any Certificates or any other security in any manner that would render the issuance and sale of
such Certificates, or the reoffer and resale of such Certificates, a violation of the Securities Act;

 

(h)          It
is not necessary in connection with the offer, sale and delivery of the Offered Certificates in the manner contemplated by this
Agreement, the Preliminary Offering Circular and the Final Offering Circular to register the Offered Certificates under the Securities
Act, assuming that the Initial Purchasers have complied with and fulfilled their obligations hereunder and that the Sponsor has
complied with and fulfilled its obligations under the Operative Agreements;

 

(i)           None
of the Sponsor, the Guarantor or the Issuing Entity is required to be registered as an “investment company” within
the meaning of such term under the Investment Company Act of 1940 and the rules and regulations of the Securities and Exchange
Commission thereunder and the Issuing Entity will be relying on the exclusion from the definition of “investment company”
under the 1940 Act contained in Section 3(c)(5)(C) of the 1940 Act, although there may be other exemptions or exclusions available.
The Issuing Entity does not constitute a “covered fund” for purposes of Section 619 of the Dodd-Frank Wall Street Reform
and Consumer Protection Act;

 

    	-4-

    	 

    

 

(j)          At
the Closing Date the representations and warranties made by the Sponsor in the Operative Agreements to which the Sponsor is a party
are true and correct;

 

(k)          As
of the Cut-off Date, the Mortgage Loans conformed in all material respects to the descriptions thereof contained in the Preliminary
Offering Circular and the Final Offering Circular;

 

(l)           The
statements set forth in the Preliminary Offering Circular and Final Offering Circular under the caption “Description of the
Certificates,” insofar as they purport to constitute a summary of the terms of the Certificates and insofar as they purport
to describe the provisions of the documents referred to therein, are accurate, complete and fair;

 

(m)         Under
generally accepted accounting principles and for federal income tax purposes, the Sponsor will report the transfer of the Mortgage
Loans to the Depositor pursuant to this Agreement as a sale of its interest in the Mortgage Loans. The consideration received by
the Sponsor will constitute reasonably equivalent value and fair consideration for such Mortgage Loans. The Sponsor will be solvent
at all relevant times prior to, and will not be rendered insolvent by, the sale of any Mortgage Loans to the Depositor;

 

(n)          Immediately
prior to execution and delivery of the MLPSA, the Sponsor will have equitable title to the interest in the Mortgage Loans to be
conveyed by the Sponsor, free and clear of any lien, mortgage, pledge, charge, encumbrance, adverse claim or other security interest
(collectively, “Liens”); and (ii) not have assigned to any person (other than the Depositor pursuant to the
MLPSA) any of its right, title or interest in the Mortgage Loans;

 

(o)          Any
taxes, fees and other governmental charges in connection with the execution and delivery of the Operative Agreements required to
be paid by the Sponsor have been paid or will be paid at or prior to the Closing Date;

 

(p)          None
of the Sponsor, the Guarantor or any of their affiliates have entered into, nor will they enter into, any contractual arrangement
with respect to the distribution of the Offered Certificates except for this Agreement;

 

(q)          Since
the respective dates as of which information is given in the Preliminary Offering Circular and the Final Offering Circular, there
has not been any material adverse change in the general affairs, management, financial condition, or results of operations of the
Sponsor and the Guarantor, otherwise than as set forth in or contemplated by the Preliminary Offering Circular or the Final Offering
Circular as supplemented or amended on or before the Closing Date;

 

(r)          At
the Closing Date, the Offered Certificates and the Operative Agreements will conform in all material respects to the descriptions
thereof contained in the Preliminary Offering Circular and the Final Offering Circular;

 

    	-5-

    	 

    

 

(s)          As
of the date hereof, the information provided to each Initial Purchaser (in writing or via electronic transmission) concerning the
characteristics of the Mortgage Loans is true and correct in all material respects, except for errors that were corrected by the
delivery to such Initial Purchaser of corrected written or electronic information prior to the first sale of any Offered Certificates
by such Initial Purchaser;

 

(t)           As
of their respective dates, each of the Pool Information and the Term Sheet is true and correct in all material respects;

 

(u)          None
of (i) the Term Sheet, the Preliminary Offering Circular (excluding any pricing information omitted therefrom and any information
derived from such pricing information) and any amendments or supplements thereto, as of the dates thereof and as of the Closing
Date or (ii) the Final Offering Circular and any amendment or supplement thereto, as of its issue date and as of the Closing Date,
contained or will contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements
therein, in light of the circumstances under which they were made, not misleading; provided, however, that the Sponsor and the
Guarantor make no representations, warranties or agreements as to the information contained in the Preliminary Offering Circular
or Final Offering Circular or any revision or amendment thereof or supplement thereto (in the case of the Final Offering Circular)
in reliance upon and in conformity with the Initial Purchaser Information or Depositor Information or any revision or amendment
thereof or supplement thereto (in the case of the Final Offering Circular);

 

If, subsequent to the
date of this Agreement, the Sponsor, the Depositor and the Initial Purchasers determine that any of the Term Sheet or the Preliminary
Offering Circular included an untrue statement of material fact or omitted to state a material fact necessary in order to make
the statements therein, in the light of the circumstances under which they were made, not misleading, and pursuant to Section 6(g),
the Preliminary Offering Circular is revised, amended or supplemented to correct such statement or omission, then such revised,
amended or supplemented Preliminary Offering Circular will refer to the information agreed upon in writing by the Sponsor, the
Depositor and the Initial Purchasers and conveyed to purchasers of the Offered Certificates prior to the Closing Date, including
any information that corrects such material misstatements or omissions;

 

(v)          There
are no actions, proceedings or investigations pending with respect to which the Sponsor or Guarantor has received service of process
before, or, to the best of the Sponsor’s or Guarantor’s knowledge, threatened, by any court, administrative agency
or other tribunal to which the Sponsor or Guarantor is a party or of which any of its properties is the subject (a) which if determined
adversely to the Sponsor or Guarantor would have a material adverse effect on the business or financial condition of the Sponsor
or Guarantor, (b) asserting the invalidity of any of the Operative Agreements or the Certificates, (c) seeking to prevent the issuance
of the Certificates or the consummation by the Sponsor or the Guarantor of any of the transactions contemplated by any of the Operative
Agreements or (d) which would be reasonably likely to materially and adversely affect the performance by the Sponsor or the Guarantor
of its obligations under, or the validity or enforceability of, any of the Operative Agreements or the Certificates;

 

    	-6-

    	 

    

 

(w)         Each
Offered Certificate of the Class (or if applicable, Classes) or type indicated to be “mortgage related securities”
under the heading “Summary of Terms—Legal Investment” in each of the Preliminary Offering Circular and the Final
Offering Circular will, when issued, be a “mortgage related security” as such term is defined in Section 3(a)(41) of
the Securities Exchange Act of 1934, as amended (the “Exchange Act”);

 

(x)           The
Pooling Agreement is not required to be qualified under the Trust Indenture Act of 1939, as amended;

 

(y)          The
Offered Certificates satisfy the requirements set forth in Rule 144A(d)(3) under the Securities Act for securities to be eligible
for trading pursuant to Rule 144A;

 

(z)          Neither
the Sponsor nor the Guarantor has relied on the Depositor or Initial Purchasers for any tax, legal, regulatory, accounting or other
advice with respect to compliance with or registration under any statute, rule or regulation of any governmental, regulatory, administrative
or other agency or authority;

 

(aa)        Neither
the Sponsor nor the Guarantor, or any of their respective subsidiaries, or any director, officer or employee of the Sponsor or
the Guarantor or any of their respective subsidiaries, or, to the knowledge of the Sponsor or the Guarantor, any agent, affiliate
or other person associated with or acting on behalf of the Sponsor or the Guarantor or any of their respective subsidiaries has
(i) used any corporate funds for any unlawful contribution, gift, entertainment or other unlawful expense relating to political
activity; (ii) made or taken an act in furtherance of an offer, promise or authorization of any direct or indirect unlawful payment
or benefit to any foreign or domestic government official or employee, including of any government-owned or controlled entity or
of a public international organization, or any person acting in an official capacity for or on behalf of any of the foregoing,
or any political party or party official or candidate for political office; (iii) violated or is in violation of any provision
of the Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder, or any applicable law or regulation
implementing the Organisation for Economic Co-operation and Development Convention on Combating Bribery of Foreign Public Officials
in International Business Transactions, or committed an offence under the Bribery Act 2010 of the United Kingdom, or any other
applicable anti-bribery or anti-corruption law; or (iv) made, offered, agreed, requested or taken an act in furtherance of any
unlawful bribe or other unlawful benefit, including, without limitation, any rebate, payoff, influence payment, kickback or other
unlawful or improper payment or benefit. The Sponsor and the Guarantor, and their respective subsidiaries have instituted, maintained
and enforced, and will continue to maintain and enforce, policies and procedures designed to promote and ensure compliance with
all applicable anti-bribery and anticorruption laws;

 

(bb)        The
operations of the Sponsor and the Guarantor, and their respective subsidiaries are and have been conducted at all times in compliance
with applicable financial recordkeeping and reporting requirements, including those of the Currency and Foreign Transactions Reporting
Act of 1970, as amended, the applicable money laundering statutes of all jurisdictions where the Sponsor, the Guarantor, or any
of their respective subsidiaries conducts business, the rules and regulations thereunder and any related or similar rules, regulations
or guidelines, issued, administered or enforced by any governmental agency (collectively, the “Anti-Money Laundering Laws”),
and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving
the Sponsor, the Guarantor, or any of their respective subsidiaries with respect to the Anti-Money Laundering Laws is pending or,
to the knowledge of the Sponsor or the Guarantor, threatened; and

 

    	-7-

    	 

    

 

(cc)        None
of the Sponsor, the Guarantor or any of their respective subsidiaries, directors, officers or employees, nor, to the knowledge
of the Sponsor, the Guarantor or any agent, affiliate or other person associated with or acting on behalf of the Sponsor, the Guarantor,
or any of their respective subsidiaries is currently the subject or the target of any sanctions administered or enforced by the
U.S. government (including, without limitation, the Office of Foreign Assets Control of the U.S. Department of the Treasury (“OFAC”)
or the U.S. Department of State and including, without limitation, the designation as a “specially designated national”
or “blocked person”), the United Nations Security Council (“UNSC”), the European Union, Her Majesty’s
Treasury (“HMT”), or other relevant sanctions authority (collectively, “Sanctions”), nor is the
Sponsor, the Guarantor or any of their respective subsidiaries located, organized or resident in a country or territory that is
the subject or target of Sanctions, including, without limitation, Cuba, Burma (Myanmar), Iran, North Korea, Russia, Sudan, Syria
and Ukraine (each, a “Sanctioned Country”); and neither the Sponsor nor the Guarantor will directly or indirectly
use the proceeds of the offering of the Offered Certificates hereunder, or lend, contribute or otherwise make available such proceeds
to any subsidiary, joint venture partner or other person or entity (i) to fund or facilitate any activities of or business with
any person that, at the time of such funding or facilitation, is the subject or target of Sanctions, (ii) to fund or facilitate
any activities of or business in any Sanctioned Country or (iii) in any other manner that will result in a violation by any person
(including any person participating in the transaction, whether as depositor, underwriter, initial purchaser, advisor, investor
or otherwise) of Sanctions. For the past five years, the Sponsor, the Guarantor and their respective subsidiaries have not knowingly
engaged in, are not now knowingly engaged in and will not engage in any dealings or transactions with any person that at the time
of the dealing or transaction is or was the subject or the target of Sanctions or with any Sanctioned Country.

 

SECTION 2.         Representations
and Warranties of the Depositor. The Depositor represents and warrants to each Initial Purchaser that as of the date hereof
and as of the Closing Date (unless any representation or warranty speaks of or relates to a specific date, in which case such representation
or warranty shall be as of such specific date):

 

(a)          The
Depositor has been duly formed and is validly existing and in good standing under the laws of its state of organization, with full
power and authority (corporate and other, including, without limitation, all material licenses, certificates, authorizations or
permits from all appropriate governmental authorities) to own its assets and property, to carry on its business as presently conducted
and as proposed to be conducted, to enter into and perform its obligations under the Operative Agreements to which it is a party;

 

(b)          On
the Closing Date, the Certificates will have been duly and validly executed, authenticated and delivered by the Trustee to or upon
the order of the Depositor, in the authorized denominations specified by the Depositor, and, when duly and validly authorized,
executed, authenticated and delivered by the Trustee, will be validly issued and outstanding and entitled to the benefits of the
Pooling Agreement;

 

    	-8-

    	 

    

 

(c)          The
execution, delivery and performance by the Depositor of the Operative Agreements to which it is a party and the consummation of
the transactions contemplated hereby and thereby, and the issuance and delivery of the Certificates, do not and will not conflict
with or result in a breach or violation of any of the terms or provisions of or constitute a default under any indenture, mortgage,
deed of trust, loan agreement or other agreement or instrument to which the Depositor is a party, by which the Depositor is bound
or to which any of the properties or assets of the Depositor or any of its subsidiaries is subject, which conflict, breach, violation
or default would have a material adverse effect on the business, operations or financial condition of the Depositor or the Depositor’s
ability to perform its obligations under the Operative Agreements to which it is a party, nor will such actions result in any violation
of the provisions of the organizational documents of the Depositor or any statute or any order, rule or regulation of any court
or governmental agency or body having jurisdiction over the Depositor or any of the Depositor’s properties or assets, which
violation would have a material adverse effect on the business, operations or financial condition of the Depositor or the Depositor’s
ability to perform its obligations under any of the Operative Agreements to which it is a party;

 

(d)          (i)
This Agreement has been duly authorized, executed and delivered by the Depositor and constitutes a legal, valid, binding and enforceable
obligation of the Depositor, except as such enforceability may be limited by bankruptcy, insolvency, reorganization and other similar
laws of general applicability relating to or affecting the rights of creditors generally and the application of general equitable
principles (regardless of whether the issue of enforceability is considered in a proceeding in equity or at law) and (ii) each
Operative Agreement to which the Depositor is a party will be authorized by the Depositor and, when such Operative Agreement is
fully executed and delivered by the other parties to such Operative Agreement on the Closing Date, will constitute a legal, valid,
binding and enforceable obligation of the Depositor, except as such enforceability may be limited by bankruptcy, insolvency, reorganization
and other similar laws of general applicability relating to or affecting the rights of creditors generally and the application
of general equitable principles (regardless of whether the issue of enforceability is considered in a proceeding in equity or at
law);

 

(e)          No
consent, approval, authorization, order, registration, license, permit or qualification of or with any court or governmental agency
or body of the United States or any other jurisdiction is required for the authorization, issue and sale of the Offered Certificates
to the Initial Purchasers, or the consummation by the Depositor of other transactions contemplated by this Agreement, except such
consents, approvals, authorizations, registrations or qualifications as (a) have been previously obtained or (b) the failure to
obtain would not have a material adverse effect on the performance by the Depositor of its obligations under, or the validity or
enforceability of, the Operative Agreements to which the Depositor is a party;

 

(f)           The
Depositor has not offered or sold or solicited any offer to buy, and will not offer or sell or solicit any offer to buy, directly
or indirectly, any Certificates or any other security in any manner that would render the issuance and sale of such Certificates,
or the reoffer and resale of such Certificates, a violation of the Securities Act;

 

(g)          It
is not necessary in connection with the offer, sale and delivery of the Offered Certificates in the manner contemplated by this
Agreement, the Preliminary Offering Circular and the Final Offering Circular to register the Offered Certificates under the Securities
Act, assuming that the Initial Purchasers have complied with and fulfilled their obligations hereunder and that the Sponsor has
complied with and fulfilled its obligations under the Operative Agreements;

 

    	-9-

    	 

    

 

(h)          The
Issuing Entity is not an “investment company” within the meaning of such term under the Investment Company Act of 1940
and the rules and regulations of the Securities and Exchange Commission thereunder;

 

(i)           At
the Closing Date the representations and warranties made by the Depositor in the Operative Agreements to which the Depositor is
a party will be true and correct;

 

(j)           Under
generally accepted accounting principles and for federal income tax purposes, the Depositor will report the transfer of the Mortgage
Loans to the Trustee in exchange for the Certificates and the sale of any Offered Certificates to the Initial Purchasers pursuant
to this Agreement as a sale of the interest in the Mortgage Loans evidenced by such Offered Certificates. The consideration received
by the Depositor upon the sale of any Offered Certificates to the Initial Purchasers will constitute reasonably equivalent value
and fair consideration for such Offered Certificates. The Depositor will be solvent at all relevant times prior to, and will not
be rendered insolvent by, the sale of any Offered Certificates to the Initial Purchasers. The Depositor is not selling any Offered
Certificates to the Initial Purchasers with any intent to hinder, delay or defraud any of the creditors of the Depositor;

 

(k)          At
the time of execution and delivery of the Pooling Agreement, the Depositor will: (i) have equitable title to the interest in the
Mortgage Loans conveyed by the Sponsor, free and clear of any Liens; (ii) not have assigned to any person (other than the Trustee
pursuant to the Pooling Agreement) any of its right, title or interest in the Mortgage Loans; and (iii) have the power and authority
to sell its interest in the Mortgage Loans to the Trustee under the Pooling Agreement and to sell the Offered Certificates to the
Initial Purchasers;

 

(l)           Any
taxes, fees and other governmental charges in connection with the execution and delivery of the Operative Agreements and the execution,
delivery and issuance of the Offered Certificates required to be paid by the Depositor have been paid or will be paid at or prior
to the Closing Date;

 

(m)         Neither
the Depositor nor any of its affiliates have entered into, nor will they enter into, any contractual arrangement with respect to
the distribution of the Offered Certificates except for this Agreement;

 

(n)          Since
the respective dates as of which information is given in the Preliminary Offering Circular and the Final Offering Circular, there
has not been any material adverse change in the general affairs, management, financial condition, or results of operations of the
Depositor otherwise than as set forth in or contemplated by the Preliminary Offering Circular or the Final Offering Circular as
supplemented or amended on or before the Closing Date;

 

    	-10-

    	 

    

 

(o)          There
are no actions, proceedings or investigations pending with respect to which the Depositor has received service of process before,
or, to the best of the Depositor’s knowledge, threatened, by any court, administrative agency or other tribunal to which
the Depositor is a party or of which any of its properties is the subject (i) which if determined adversely to the Depositor would
have a material adverse effect on the business or financial condition of the Depositor, (ii) asserting the invalidity of any of
the Operative Agreements or the Certificates, (iii) seeking to prevent the issuance of the Certificates or the consummation by
the Depositor of any of the transactions contemplated by any of the Operative Agreements or (iv) which would be reasonably likely
to materially and adversely affect the performance by the Depositor of its obligations under, or the validity or enforceability
of, any of the Operative Agreements or the Certificates;

 

(p)          The
Depositor has executed and delivered a written representation (each, a “17g-5 Representation”) to each nationally
recognized statistical rating organization hired by Depositor to rate the rated Certificates, which satisfies the requirements
of paragraph (a)(3)(iii) of Rule 17g-5 of the Exchange Act. The Depositor has complied with the 17g-5 Representations;

 

(q)          Neither
the Depositor nor any of its subsidiaries, or any director, officer or employee of the Depositor or any of its subsidiaries, or,
to the knowledge of the Depositor, any agent, affiliate or other person associated with or acting on behalf of the Depositor or
any of its subsidiaries has (i) used any corporate funds for any unlawful contribution, gift, entertainment or other unlawful expense
relating to political activity; (ii) made or taken an act in furtherance of an offer, promise or authorization of any direct or
indirect unlawful payment or benefit to any foreign or domestic government official or employee, including of any government-owned
or controlled entity or of a public international organization, or any person acting in an official capacity for or on behalf of
any of the foregoing, or any political party or party official or candidate for political office; (iii) violated or is in violation
of any provision of the Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder, or any applicable
law or regulation implementing the Organisation for Economic Co-operation and Development Convention on Combating Bribery of Foreign
Public Officials in International Business Transactions, or committed an offence under the Bribery Act 2010 of the United Kingdom,
or any other applicable anti-bribery or anti-corruption law; or (iv) made, offered, agreed, requested or taken an act in furtherance
of any unlawful bribe or other unlawful benefit, including, without limitation, any rebate, payoff, influence payment, kickback
or other unlawful or improper payment or benefit. The Depositor and its subsidiaries have instituted, maintain and enforce, and
will continue to maintain and enforce, policies and procedures designed to promote and ensure compliance with all applicable anti-bribery
and anticorruption laws;

 

(r)          The
operations of the Depositor and its subsidiaries are and have been conducted at all times in compliance with applicable financial
recordkeeping and reporting requirements, including those of the Currency and Foreign Transactions Reporting Act of 1970, as amended,
the applicable money laundering statutes of all jurisdictions where the Depositor or any of its subsidiaries conducts business,
the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced
by any governmental agency (collectively, the “Anti-Money Laundering Laws”), and no action, suit or proceeding
by or before any court or governmental agency, authority or body or any arbitrator involving the Depositor or any of its subsidiaries
with respect to the Anti-Money Laundering Laws is pending or, to the knowledge of the Depositor, threatened; and

 

    	-11-

    	 

    

 

(s)          Neither
the Depositor nor any of its subsidiaries, directors, officers or employees, nor, to the knowledge of the Depositor or any agent,
affiliate or other person associated with or acting on behalf of the Depositor or any of its subsidiaries is currently the subject
or the target of any Sanctions, nor is the Depositor or any of its subsidiaries located, organized or resident in a country or
territory that is the subject or target of Sanctions, including, without limitation, any Sanctioned Country; and the Depositor
will not knowingly directly or indirectly use the proceeds of the offering of the Offered Certificates hereunder, or lend, contribute
or otherwise make available such proceeds to any subsidiary, joint venture partner or other person or entity (i) to fund or facilitate
any activities of or business with any person that, at the time of such funding or facilitation, is the subject or target of Sanctions,
(ii) to fund or facilitate any activities of or business in any Sanctioned Country or (iii) in any other manner that will result
in a violation by any person (including any person participating in the transaction, whether as underwriter, initial purchaser,
advisor, investor or otherwise) of Sanctions. For the past five years, the Depositor and its subsidiaries have not knowingly engaged
in, are not now knowingly engaged in and will not engage in any dealings or transactions with any person that at the time of the
dealing or transaction is or was the subject or the target of Sanctions or with any Sanctioned Country.

 

SECTION 3.         Placement
and Delivery to the Initial Purchasers; Closing. On the basis of the representations and warranties herein contained and subject
to the terms and conditions herein set forth, each Initial Purchaser is hereby appointed as a placement agent in connection with
the placement of the Offered Certificates (the “Offering”) for the period (the “Offering Period”)
commencing on the date hereof and terminating on the Closing Date. Subject to the performance by the Sponsor and the Depositor
of their respective obligations to be performed hereunder, and to the completeness and accuracy of all of the representations and
warranties of the Sponsor and Depositor contained herein, each Initial Purchaser hereby accepts such agency and agrees on the terms
and conditions herein set forth to use its reasonable best efforts during the Offering Period to identify qualified subscribers
for the Offered Certificates with no understanding, express or implied, on either Initial Purchaser’s part of a commitment
to purchase (other than as described below) or place the Offered Certificates. The Sponsor will have the sole right to accept or
reject offers presented by an Initial Purchaser and no sale will be final until approved by the Sponsor. The offering price to
each prospective investor will be the price approved by the Sponsor (the “Approved Purchase Price”), which will
be set forth on Schedule I attached hereto. The Sponsor reserves the right to terminate an Initial Purchaser’s offering of
the Offered Certificates pursuant to this Agreement, as to any Offered Certificates for which an Approved Purchase Price is not
obtained. In connection with the foregoing, and in accordance with applicable law, each Initial Purchaser will: (a) offer the Offered
Certificates to prospective investors in accordance with the Preliminary Offering Circular and the Final Offering Circular; (b)
solicit indications of interest to purchase the Offered Certificates; (c) submit pricing and settlement information for each proposed
sale to the Sponsor, which in each case shall be subject to the Sponsor’s approval in its sole discretion and (d) prepare
and deliver a confirmation for each sale. Except as otherwise provided herein, the agency created hereunder shall terminate at
the earliest of (i) the close of business on the day that all the Offered Certificates have been sold, (ii) the Closing Date and
(iii) any other termination date permitted hereunder (the “Expiration Date”).

 

    	-12-

    	 

    

 

An Initial Purchaser
will only be obligated to purchase only those Offered Certificates for which investors are ready, willing and able to purchase
from such Initial Purchaser on the Closing Date. Each Initial Purchaser will make reasonable efforts to assist the Sponsor in obtaining
performance by each prospective investor whose offer to purchase Offered Certificates has been solicited by such Initial Purchaser
and accepted by the Sponsor but such Initial Purchaser shall not have liability to the Sponsor or the Depositor in the event any
such purchase is not consummated for any reason. If the Sponsor shall fail to deliver or cause to be delivered any Offered Certificates
to an Initial Purchaser whose offer it has accepted from a prospective purchaser, the Sponsor (i) shall hold such Initial Purchaser
harmless against any loss, claim, damage or liability arising as a result of such failure by the Sponsor and (ii) shall pay to
such Initial Purchaser the Placement Fee to which it would be entitled hereunder in connection with such sale as if such sale had
been consummated; provided, however, that payment of the Placement Fee pursuant to clause (ii) of this sentence shall only be required
if such failure by the Sponsor to deliver any Offered Certificates that are placed with investors is a direct result of the action
or inaction of the Sponsor.

 

The Sponsor agrees
to pay or cause to be paid in same day funds to each Initial Purchaser, as compensation for its services in connection with the
Offering as set forth above, on the Closing Date, a fee in an amount equal to $*** with respect to Credit Suisse Securities (USA)
LLC and $*** with respect to Wells Fargo Securities, LLC (with respect to each Initial Purchaser, a “Placement Fee”).
On the Closing Date, each Initial Purchaser shall remit to the Depositor, by wire transfer pursuant to instructions provided to
such Initial Purchaser by the Depositor, an amount equal to the Approved Purchase Price for the Offered Certificates placed by
such Initial Purchaser, net of the Placement Fee for such Initial Purchaser.

 

Delivery of and payment
for the Offered Certificates that are placed with investors will be made at the office of Credit Suisse Securities (USA) LLC set
forth on the first page hereof at such time as shall be on Schedule I hereto or at such other time thereafter as the Initial Purchasers
and the Depositor shall agree upon, each such time being herein referred to as a “Closing Date.” Delivery of
the Offered Certificates that are placed with investors shall be made by the Depositor to the Initial Purchasers for the accounts
of the Initial Purchasers against payment of the Approved Purchase Price in immediately available funds wired to such bank as may
be designated by the Depositor, or paid by such other manner as may be agreed upon by the Depositor and the Initial Purchasers.

 

The Offered Certificates
so delivered will be initially represented by one or more certificates registered in the name of Cede & Co., the nominee of
The Depository Trust Company (“DTC”). The interests of the beneficial owners of the Offered Certificates will
be represented by book entries on the records of DTC and participating members thereof. Definitive Certificates will be available
only under the limited circumstances specified in the Pooling Agreement. The Offered Certificates will be made available for examination
by the Initial Purchasers no later than 2:00 p.m. New York City time on the Business Day immediately prior to the Closing Date.

 

The parties hereto
agree that settlement for all securities sold pursuant to this Agreement shall take place on the terms set forth herein as permitted
under Rule 15c6-1(d) under the Exchange Act.

 

The parties hereto
agree on or prior to the Closing Date the Initial Purchasers shall have no obligation to offer any Certificates other than the
Offered Certificates or purchase any Certificates other than the Offered Certificates that are placed with investors in accordance
with this Agreement, and shall have no obligation to offer or purchase any additional Certificates after the Closing Date.

 

    	-13-

    	 

    

 

On the Expiration Date,
the agency created hereby and this Agreement shall terminate without obligation on the part of either Initial Purchaser, except
that the obligations of the Sponsor to pay the amounts described above and set forth in Section 7 hereto, and the obligations
of the parties with respect to the indemnification and contribution provided for in Section 9 and the provisions of Sections
12, 14 and 15 shall survive such termination of this Agreement.

 

SECTION 4.         Resale
of Offered Certificates. Each Initial Purchaser understands that the Offered Certificates have not been registered under the
Securities Act in reliance upon the exemption provided in Section 4(a)(2) of the Securities Act, and it agrees that it will not
sell or otherwise transfer any of the Offered Certificates except upon compliance with the provisions of this Agreement and the
Pooling Agreement. Each Initial Purchaser represents and warrants that it will make sales of the Offered Certificates (i) in the
United States to institutional purchasers that such Initial Purchaser reasonably believes are “qualified institutional buyers”
as provided by Rule 144A (“Rule 144A”) of the rules and regulations promulgated under the Securities Act and
otherwise in compliance with Rule 144A, or (ii) in “offshore transactions” to persons who are not “U.S. persons”
as such terms are defined in Regulation S promulgated under the Securities Act (“Regulation S”) pursuant to Rule 903
of Regulation S.

 

The following terms
have the specified meanings for purposes of this Agreement:

 

(i)          “Sponsor
Information” means (i) the information contained in the Preliminary Offering Circular and the Final Offering Circular
(excluding the Initial Purchaser Information and the Depositor Information), the Term Sheet and the Pool Information and (ii) intex/cdi
file (pre-price deal model files) distributed by the Initial Purchasers to potential investors to conduct stress analysis.

 

(ii)         “Pool
Information” means the information concerning the characteristics of the Mortgage Loans furnished by the Sponsor to the
Depositor and each Initial Purchaser.

 

(iii)        “Term
Sheet” means the Term Sheet dated December 17, 2014 (attached hereto as Exhibit A) and distributed by each Initial Purchaser,
as information therein in each case was revised, updated or corrected and approved by the Depositor and the Sponsor for use by
each Initial Purchaser in connection with marketing the Offered Certificates.

 

(iv)        “Derived
Information” means such information regarding the Offered Certificates or the Mortgage Loans which is disseminated by
an Initial Purchaser to a potential investor, which information is not in any of the Term Sheet, the Preliminary Offering Circular,
the Final Offering Circular, the Pool Information or any amendments or supplements thereto, taking into account information incorporated
therein by reference.

 

(v)         “Initial
Purchaser Information”: The information in the Preliminary Offering Circular and the Final Offering Circular set forth
in the (i) second sentence of the second to last paragraph of the cover page and (ii) second sentence of the last paragraph under
the caption “PRIVATE PLACEMENT.”

 

    	-14-

    	 

    

 

 

(vi)        “Depositor
Information”: The information in the Preliminary Offering Circular and the Final Offering Circular set forth under the
caption “THE DEPOSITOR.”

 

SECTION 5.         Representations,
Warranties and Covenants of each Initial Purchaser. Each Initial Purchaser, severally and not jointly, represents and warrants
to, and agrees with, the Depositor as to itself that:

 

(a)          Such
Initial Purchaser is duly authorized to enter into and has duly executed and delivered this Agreement.

 

(b)          Such
Initial Purchaser understands that the Offered Certificates have not been registered or qualified under the Securities Act or the
securities laws of any state or other jurisdiction and, therefore, cannot be resold unless they are registered or qualified thereunder
or unless an exemption from registration or qualification is available.

 

(c)          Such
Initial Purchaser is acquiring the Offered Certificates (if any) it places for its own account and not with a view to the public
offering thereof in violation of the Securities Act (subject, nevertheless, to the understanding that disposition of such Initial
Purchaser’s property shall at all times be and remain within such Initial Purchaser’s control). Such Initial Purchaser
is a sophisticated institutional investor having such knowledge and experience in purchasing securities similar to the Offered
Certificates and in financial and business matters that it is capable of evaluating the merits and risks of investment in the Offered
Certificates.

 

(d)          Such
Initial Purchaser shall not solicit any offer to sell, or offer to sell, any of the Offered Certificates to any investor unless
(i) such Initial Purchaser has provided to such prospective investor a copy of the Preliminary Offering Circular or the Final Offering
Circular and (ii) such Initial Purchaser reasonably believes such investor is a qualified institutional buyer. Prior to the sale
of any Offered Certificates to an investor, each Initial Purchaser shall provide a copy of the Preliminary Offering Circular, confirm
the purchase price to be paid by such investor for such Offered Certificates and deliver the Final Offering Circular to such investor
promptly after it becomes available, but in any event prior to the Closing Date.

 

(e)          Such
Initial Purchaser has not and shall not, nor has it authorized or will it authorize any person to, (a) offer, pledge, sell, dispose
of or otherwise transfer any Offered Certificate, any interest in any Offered Certificate or any other similar security to any
person in any manner, (b) solicit any offer to buy or to accept a pledge, disposition or other transfer of any Offered Certificate,
any interest in any Offered Certificate or any other similar security from any person in any manner, (c) otherwise approach or
negotiate with respect to any Offered Certificate, any interest in any Offered Certificate or any other similar security with any
person in any manner, (d) make any general solicitation by means of general advertising or in any other manner or (e) take any
other action, that (as to any of (a) through (d) above), would constitute a distribution of any Offered Certificate under the Securities
Act, that would render the disposition of any Offered Certificate a violation of Section 5 of the Securities Act or the securities
law of any state or jurisdiction, or that would require registration or qualification pursuant thereto. Such Initial Purchaser
will not sell or otherwise transfer any of the Offered Certificates, except in compliance with the provisions of the Pooling Agreement.

 

    	-15-

    	 

    

 

(f)           Each
Initial Purchaser has only communicated or caused to be communicated and will only communicate or cause to be communicated in the
United Kingdom any invitation or inducement to engage in investment activity (within the meaning of section 21 of the Financial
Services and Markets Act 2000 (the “FSMA”)) received by it in connection with the issue or sale of any Offered
Certificates in circumstances in which section 21(1) of the FSMA does not apply to the Issuing Entity;

 

(g)          Each
Initial Purchaser has complied and will comply in all material respects with all applicable provisions of the FSMA with respect
to anything done by it in relation to the Offered Certificates in, from or otherwise involving the United Kingdom;

 

(h)          In
relation to each Member State of the European Economic Area which has implemented the Prospectus Directive (each, a “Relevant
Member State”), that with effect from and including the date on which the Prospectus Directive is implemented in that
Member State (the “Relevant Implementation Date”) it has not made and will not make an offer of any Offered
Certificates to the public in that Relevant Member State prior to the publication of a prospectus
in relation to the Offered Certificates which has been approved by the competent authority in that Relevant Member State or, where
appropriate, approved in another Relevant Member State and notified to the competent authority in that Relevant Member State, all
in accordance with the Prospectus Directive, except that it may, with effect from and including the Relevant Implementation Date,
make an offer of the Offered Certificates to the public in that Relevant Member State at any time:

 

(i)          to
legal entities which are authorized or regulated to operate in the financial markets or, if not so authorized or regulated, whose
corporate purpose is solely to invest in securities;

 

(ii)         to
fewer than 100 or, if the Relevant Member State has implemented the relevant provision of the 2010 PD Amending Directive (as defined
below), 150, natural or legal persons (other than “qualified investors” as defined in the Prospectus Directive) subject
to obtaining prior consent of the Initial Purchaser nominated by the Issuing Entity for any such offer; or

 

(iii)        in
any other circumstances falling within Article 3(2) of the Prospectus Directive,

 

provided, that no such
offer of the Certificates pursuant to clauses (i) to (iii) above will require the Issuing Entity or the Initial Purchasers to publish
a prospectus pursuant to Article 3 of the Prospectus Directive

 

For the purposes of this
provision, the expression “offer of Offered Certificates to the public” in relation to any Offered Certificates in
any Relevant Member State means the communication in any form and by any means of sufficient information on the terms of the offer
and the Offered Certificates to be offered so as to enable an investor to decide to purchase or subscribe the Offered Certificates,
as the same may be varied in that Member State by any measure implementing the Prospectus Directive in that Member State and the
expression “Prospectus Directive” means Directive 2003/71/EC (and amendments thereto, including Directive 2010/73/EU
(the “2010 PD Amending Directive”), if implemented in the Relevant Member State) and includes any relevant implementing
measure in each Relevant Member State.

 

    	-16-

    	 

    

 

SECTION 6.         Agreements.
The Depositor or Sponsor, as applicable, agrees with each Initial Purchaser that:

 

(a)          The
Depositor will furnish the Initial Purchasers with electronic copies of the Preliminary Offering Circular and the Final Offering
Circular for a particular offering of Offered Certificates as the Initial Purchasers may from time to time reasonably request.

 

(b)          The
Depositor and Sponsor will furnish such information, execute such instruments and take such actions as may be reasonably requested
by the Initial Purchasers to qualify the Offered Certificates for sale pursuant to an exemption under the state securities or Blue
Sky Laws of any state as an Initial Purchaser may reasonably designate and to determine the legality of such Offered Certificates
for purchase by institutional investors; provided, however, that neither the Depositor nor the Sponsor shall be required to qualify
to do business in any jurisdiction where it is not qualified on the date hereof or to take any action which would subject it to
general or unlimited service of process in any jurisdiction in which it is not now subject to such service of process.

 

(c)          So
long as the Offered Certificates are outstanding, the Sponsor will furnish or caused to be furnished to the Initial Purchasers
(and any subsequent beneficial owner or potential transferee of an Offered Certificate) (i) copies of the annual statement of compliance
prepared by the Master Servicer, the Servicers and any subservicers pursuant to the Pooling Agreement or the Servicing Agreement,
(ii) any information required to be delivered to prospective transferees in accordance with Rule 144A and (iii) within a reasonable
time after the end of each calendar year, such information as is reasonably necessary to assist such certificateholder in preparing
federal income tax returns.

 

(d)          Prior
to the resale by an Initial Purchaser of any Offered Certificates, the Depositor will provide such Initial Purchaser with the Final
Offering Circular.

 

(e)          Each
of the Term Sheet, the Preliminary Offering Circular and the Final Offering Circular shall contain, among other things, information
concerning the Operative Agreements, the Mortgage Loans and the Offered Certificates. The Sponsor shall deliver (or caused to be
delivered) to the Initial Purchasers (in their capacity as specified users), at the Sponsor’s sole expense, a letter from
Ernst & Young (“E&Y”), dated on or prior to the Closing Date, and satisfactory in form and substance
to the Depositor and the Initial Purchasers to the effect that (A) any decrement tables, yield tables and any related statistical
data relating to the Offered Certificates or the Mortgage Loans contained in or incorporated by reference in the Term Sheet, the
Preliminary Offering Circular and the Final Offering Circular are accurate based upon the modeling assumptions set forth therein,
and (B) covering such other matters relating to the Term Sheet, the Preliminary Offering Circular and the Final Offering Circular
as the Initial Purchasers or the Depositor may reasonably request.

 

(f)           Each
of the Depositor and the Sponsor authorizes each Initial Purchaser to deliver to prospective investors copies of the Operative
Agreements, the Pool Information, the Term Sheet, the Preliminary Offering Circular and the Final Offering Circular.

 

    	-17-

    	 

    

 

(g)          If
at any time prior to the completion of the distribution of the Offered Certificates (as determined by the Initial Purchasers),
any event occurs as a result of which the Final Offering Circular or the Preliminary Offering Circular as then amended or supplemented
would contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements
therein in the light of the circumstances under which they were made not misleading, the Sponsor shall promptly notify the Initial
Purchasers and shall, upon the request of the Initial Purchasers, or may, after consultation with the Initial Purchasers, prepare
a revision, amendment or supplement which will correct such statement or omission, and furnish without charge to the Initial Purchasers,
subject to prior review by the Initial Purchasers as provided in Section 6(h) below, an amended Final Offering Circular or the
Preliminary Offering Circular or a supplement to the Final Offering Circular or the Preliminary Offering Circular that will correct
such statement or omission or effect such compliance.

 

(h)          Neither
the Depositor nor the Sponsor will prepare any amendment or supplement to the Preliminary Offering Circular or the Final Offering
Circular unless the Depositor or the Sponsor, as applicable, has furnished to each Initial Purchaser and the other parties hereto
a copy for review prior to distribution thereof to any Person and shall not distribute any such proposed amendment or supplement
to which the Depositor or an Initial Purchaser reasonably objects in writing after being timely furnished in advance a copy thereof.

 

SECTION 7.         Payment
of Expenses. The Sponsor will be responsible for, all costs and expenses incident to the performance of this Agreement including,
without limitation, those related to: (i) the preparation, printing, registration, issuance and delivery of the Offered Certificates
to the Initial Purchasers, (ii) the fees and disbursements of the Sponsor’s counsel, the Depositor’s counsel and the
counsel to the Initial Purchasers, (iii) the cost of the accountant’s comfort letters relating to the Preliminary Offering
Circular, the Final Offering Circular, the Term Sheet and the Mortgage Loans and the cost of any diligence provider delivering
reliance letters and due diligence reports relating to the Mortgage Loans, (iv) the initial and surveillance fees of any rating
agencies, (v) the preparation, reproduction and delivery to the Initial Purchasers of copies of the Preliminary Offering Circular
and the Final Offering Circular and all amendments and supplements thereto, (vi) the fees and expenses of any other third party
necessary for the completion of the issuance of the Certificates, (vii) all expenses in connection with the qualification or exemption
of the Certificates for placement and sale under state securities laws, (viii) the reproduction and delivery to the Initial Purchasers,
in such quantities as the Initial Purchasers may reasonably request, of copies of the Operative Agreements, (ix) any costs incurred
by the Depositor or its affiliates in connection with any filings on Form ABS-15G relating to the Certificates, (x) any costs
incurred by the Depositor or its affiliates in connection with the maintenance of a Rule 17g-5 website for the Certificates and
(xi) any additional costs that may be imposed on the Depositor or its affiliates resulting from future regulatory developments
that apply to the Certificates; provided, however, the Depositor shall pay any such expenses set forth in clauses (i) through
(x) the amount of which are identified by the Sponsor to the Depositor by 9:00 a.m. on the Closing Date from the sum of the Approved
Purchase Prices (net of Placement Fees) to the extent such net sum paid to the Depositor on the Closing Date exceeds the amount
of such expenses.

 

The Sponsor shall also
promptly reimburse the Initial Purchasers for all reasonable out-of-pocket fees and expenses incident to the performance of this
Agreement and all transactions contemplated hereby including, without limitation: (a) reasonable travel expenses, (b) the expenses
of any due diligence conducted by the Initial Purchasers with respect to the Mortgage Loans and (c) marketing expenses.

 

    	-18-

    	 

    

 

If this Agreement is
terminated because of the failure of any closing condition set forth in Section 8 hereof, the Sponsor shall cause each Initial
Purchaser to be reimbursed for all reasonable costs and expenses incurred by such Initial Purchaser in connection with this Agreement
and the proposed offering and sale of the Offered Certificates, including the fees and disbursements of counsel for the Initial
Purchasers; provided that, in the event a new Closing Date is scheduled for the purchase of the Offered Certificates as contemplated
by this Agreement, then the reimbursement for any fees, costs and expenses shall occur on the earlier of (i) such new Closing Date
and (ii) January 23, 2015.

 

SECTION 8.         Conditions
to each Initial Purchaser’s Obligations. The obligations of each Initial Purchaser hereunder to purchase any Offered
Certificates shall be subject to the accuracy at and as of the Closing Date of the representations and warranties of the Depositor
and the Sponsor herein contained, to the accuracy at and as of the Closing Date of the statements of officers of the Depositor
and the Sponsor made pursuant hereto, to the performance by the Depositor and the Sponsor of their respective obligations hereunder
and to compliance at and as of the Closing Date by the Depositor and the Sponsor with their respective covenants and agreements
herein contained including the following:

 

(a)          The
Initial Purchasers shall have received from Dentons US LLP (“Dentons”), counsel for the Depositor, such opinions,
dated the Closing Date, as the Initial Purchasers may reasonably request, in form and substance satisfactory to the Initial Purchasers
and their counsel;

 

(b)          The
Initial Purchasers shall have received from each of Hunton & Williams LLP and Dentons, a letter, dated the Closing Date, providing
negative assurance with respect to the Preliminary Offering Circular as of the date hereof (excluding any pricing information omitted
therefrom and any information derived from such pricing information) and with respect to the Final Offering Circular, as of its
date and as of the Closing Date;

 

(c)          The
Initial Purchasers shall have received a letter dated the Closing Date from Standard & Poor’s Ratings Services, a Standard
& Poor’s Financial Services LLC business and DBRS, Inc. that the Offered Certificates have received the ratings specified
in the Preliminary Offering Circular;

 

(d)          Kaye
Scholer LLP, as counsel for the Sponsor and the Guarantor, as well as counsel for the Master Servicer, the Trustee, and Shellpoint
Partners, LLC and SPS, respectively, shall have furnished to the Initial Purchasers opinions, dated the Closing Date, in form and
substance satisfactory to the Initial Purchasers and their counsel;

 

(e)          E&Y
shall have furnished to the Initial Purchasers (in their capacity as specified users) a letter or letters, in form and substance
satisfactory to the Initial Purchasers and their counsel, dated on or before the date on which the Final Offering Circular is dated
and printed, (i) regarding certain numerical information contained or incorporated by reference in the Preliminary Offering Circular
and the Final Offering Circular and the Term Sheet and (ii) relating to certain agreed upon procedures as requested by the Initial
Purchasers relating to the Mortgage Loans;

 

    	-19-

    	 

    

 

(f)           The
Initial Purchasers shall have received an officer’s certificate or certificates (as the Initial Purchasers may request) signed
by such of the principal executive, financial and accounting officers of the Sponsor and the Guarantor, dated as of the Closing
Date, in which such officers, to the best of their knowledge after reasonable investigation, shall state that with respect to each
such party, as applicable, (i) the representations and warranties of such party in this Agreement or in any applicable Operative
Agreement are true and correct in all material respects; (ii) such party has complied in all material respects with all agreements
to which it is a party and satisfied all conditions on its part to be complied with or satisfied at or prior to the Closing Date;
(iii) the information contained in the Preliminary Offering Circular and the Final Offering Circular relating to the Sponsor and
the Guarantor and relating to the Mortgage Loans, is true and accurate in all material respects and nothing has come to his or
her attention that would lead such officer to believe that the Preliminary Offering Circular or the Final Offering Circular contains
any untrue statement of a material fact or omits to state a material fact necessary to make the statements made therein not misleading;
(iv) subsequent to the respective dates as of which information is given in the Preliminary Offering Circular or the Final Offering
Circular, and except as otherwise set forth in or contemplated by the Preliminary Offering Circular or the Final Offering Circular,
there has not been any material adverse change in the general affairs, capitalization, financial condition or results of operations
of such party; and (v) except as otherwise stated in the Preliminary Offering Circular and the Final Offering Circular, there are
no material actions, suits or proceedings pending before any court or governmental agency, authority or body or, to their knowledge,
threatened, affecting such party or the transactions contemplated by this Agreement;

 

(g)          The
Initial Purchasers shall have received an officer’s certificate or certificates (as the Initial Purchasers may request) signed
by authorized officer of the Depositor, dated as of the Closing Date, in which such officer, to the best of its knowledge after
reasonable investigation, shall state that with respect to each such party, as applicable, (i) the representations and warranties
of such party in this Agreement or in any applicable Operative Agreement are true and correct in all material respects; (ii) such
party has complied in all material respects with all agreements to which it is a party and satisfied all conditions on its part
to be complied with or satisfied at or prior to the Closing Date; (iii) the Depositor Information is true and accurate in all material
respects; and (iv) subsequent to the respective dates as of which information is given in the Preliminary Offering Circular or
the Final Offering Circular, and except as otherwise set forth in or contemplated by the Preliminary Offering Circular or the Final
Offering Circular, there has not been any material adverse change in the general affairs, capitalization, financial condition or
results of operations of the Depositor;

 

(h)          The
Initial Purchasers shall have received a certificate from the Trustee, dated as of the Closing Date, signed by one or more duly
authorized officers of the Trustee, reasonably satisfactory in form and substance to the Initial Purchasers and their counsel;

 

(i)           There
shall not have occurred any change, or any development involving a prospective change, in the condition, financial or otherwise,
or in the earnings, business or operations, subsequent to the execution and delivery of this Agreement, of the Sponsor, the Guarantor
or the Servicers, that is in the reasonable judgment of the Initial Purchasers material and adverse and that makes it in the reasonable
judgment of the Initial Purchasers impracticable to market the Offered Certificates on the terms and in the manner contemplated
in the Preliminary Offering Circular and the Final Offering Circular;

 

    	-20-

    	 

    

 

(j)           Subsequent
to the execution and delivery of this Agreement, none of the following shall have occurred (i) trading in securities generally
on the New York Stock Exchange, the American Stock Exchange, the Nasdaq National Market, the Chicago Board of Options Exchange,
the Chicago Mercantile Exchange or the Chicago Board of Trade shall have been suspended or limited, or minimum prices shall have
been established in such exchanges, (ii) a banking moratorium shall have been declared by federal or New York state authorities,
(iii) a material disruption in securities settlement, payment or clearance services in the United States shall have occurred, (iv)
the United States shall have become engaged in material hostilities, there shall have been an escalation of such hostilities involving
the United States or there shall have been a declaration of war by the United States, or (v) there shall have occurred such a material
adverse change in general economic, political or financial conditions (or the effect of international conditions on the financial
markets of the United States shall be such), and in the case of any of the events specified in clauses (i) through (v), such event
makes it, in the reasonable judgment of the Initial Purchasers, impractical or inadvisable to market the Offered Certificates;
and

 

(k)          Prior
to the Closing Date, the Depositor, the Sponsor, the Master Servicer, the Securities Administrator, the Servicers, the Guarantor
and the Trustee shall have furnished to the Initial Purchasers such further information, certificates, opinions and documents as
the Initial Purchasers or their counsel may reasonably request.

 

SECTION 9.         Indemnification.

 

(a)          The
Sponsor shall indemnify and hold harmless each Initial Purchaser and the Depositor, each of their respective directors, officers
and each Person, if any, that controls each Initial Purchaser or the Depositor, as applicable, within the meaning of either the
Securities Act or the Exchange Act, against any and all losses, claims, expenses, damages, penalties, fines, forfeitures or liabilities
to which such party or any such director, officer or controlling Person may become subject, under the Securities Act, the Exchange
Act or otherwise, to the extent that such losses, claims, expenses, damages, penalties, fines, forfeitures or liabilities (or actions
in respect thereof) arise out of or are based upon (x) any untrue statement or alleged untrue statement of any material fact contained
in the Preliminary Offering Circular or Final Offering Circular, or in any amendment or supplement thereto, or arise out of, or
are based upon, the omission or alleged omission to state therein a material fact necessary to make the statements made therein
(excluding any pricing information omitted from the Preliminary Offering Circular), in light of the circumstances under which they
were made, not misleading, or (y) any untrue statement or alleged untrue statement of a material fact contained in the Term Sheet
or the Pool Information, or arise out of, or are based upon, the omission or alleged omission to state therein a material fact
necessary to make the statements made therein, in light of the circumstances under which they were made, not misleading, and will
reimburse such Initial Purchaser or the Depositor, as applicable, and each such director, officer or controlling Person for any
legal or other expenses reasonably incurred by such Initial Purchaser or the Depositor, as applicable, and such director, officer
or controlling Person in connection with investigating or defending any such loss, claim, expense, damage, liability, penalty,
fine, forfeiture or action; provided, however, that the Sponsor will not be liable in any such case to the extent that any such
loss, claim, expense, damage, liability, penalty, fine, forfeiture or action arises out of or is based upon an untrue statement
or omission, or alleged untrue statement or omission, made in any of such documents in reliance upon and in conformity with (A)
the Initial Purchaser Information, (B) the Depositor Information or (C) any Derived Information, except in the case of this clause
(C) to the extent that any untrue statement or alleged untrue statement results (or is alleged to have resulted) from a material
error in the Pool Information which error was not superseded or corrected by the delivery to such Initial Purchaser or the Depositor
of corrected written or electronic information, or for which the Sponsor did not provide timely written notice of such error to
such Initial Purchaser or the Depositor (any such uncorrected Pool Information, a “Pool Error”); provided, further,
that no indemnity shall be provided under this Section 9(a) with respect to the Initial Purchasers for any error that was superseded
or corrected by the delivery to such Initial Purchaser of corrected written or electronic information prior to the written confirmation
of the applicable sale by such Initial Purchaser, or for which the Sponsor provided written notice of such error to such Initial
Purchaser prior to the written confirmation of the applicable sale and such Initial Purchaser failed to correct such error prior
to entering into such written confirmation of sale. The Sponsor’s liability under this Section 9(a) shall be in addition
to any other liability that the Sponsor may otherwise have.

 

    	-21-

    	 

    

 

(b)          The
Depositor shall indemnify and hold harmless each Initial Purchaser, each of their respective directors and officers, and each Person,
if any, that controls such Initial Purchaser within the meaning of either the Securities Act or the Exchange Act, against any and
all losses, claims, expenses, damages, penalties, fines, forfeitures or liabilities to which such Initial Purchaser or any such
director, officer or controlling Person may become subject, under the Securities Act, the Exchange Act or otherwise, to the extent
that such losses, claims, expenses, damages, penalties, fines, forfeitures or liabilities (or actions in respect thereof) arise
out of or are based upon any untrue statement or alleged untrue statement of any material fact contained in, or, taken together
with the Preliminary Offering Circular, any omission or alleged omission to state therein a material fact necessary in order to
make the statements therein, in light of the circumstances under which they were made, not misleading in the Depositor Information;
and shall reimburse each Initial Purchaser and each of their respective directors, officers or controlling Persons for any legal
or other expenses reasonably incurred by such Initial Purchaser or such director, officer or controlling Person in connection with
investigating or defending any such loss, claim, expense, damage, liability or action; provided, that the Depositor shall not be
obligated to so indemnify and hold harmless to the extent such liabilities are caused by a misstatement or omission resulting from
an error or omission in the Sponsor Information or Initial Purchaser Information which was not corrected by information subsequently
supplied by the Sponsor or Initial Purchasers, as applicable, within a reasonable period of time prior to the written confirmation
of sale. The Depositor’s liability under this Section 9(b) shall be in addition to any other liability that the Depositor
may otherwise have.

 

(c)          Each
Initial Purchaser, severally and not jointly, shall indemnify and hold harmless the Depositor, each of its respective directors
and officers, and each Person, if any, that controls the Depositor within the meaning of either the Securities Act or the Exchange
Act, against any and all losses, claims, expenses, damages, penalties, fines, forfeitures or liabilities to which the Depositor
or any such director, officer or controlling Person may become subject, under the Securities Act, the Exchange Act or otherwise,
to the extent that such losses, claims, expenses, damages, penalties, fines, forfeitures or liabilities (or actions in respect
thereof) arise out of or are based upon any untrue statement or alleged untrue statement of any material fact contained in, or,
taken together with the Preliminary Offering Circular, any omission or alleged omission to state therein a material fact necessary
in order to make the statements therein, in light of the circumstances under which they were made, not misleading in (i) the Initial
Purchaser Information or (ii) any Derived Information disseminated by such Initial Purchaser (except in the case of this clause
(ii), to the extent that any such untrue statement or alleged untrue statement or omission or alleged omission results (or is alleged
to have resulted) from a Pool Error); and shall reimburse the Depositor and each of its respective directors, officers or controlling
Persons for any legal or other expenses reasonably incurred by the Depositor or such director, officer or controlling Person in
connection with investigating or defending any such loss, claim, expense, damage, liability or action; provided, that such Initial
Purchaser shall not be obligated to so indemnify and hold harmless to the extent such liabilities are caused by a misstatement
or omission resulting from an error or omission in the Sponsor Information which was not corrected by information subsequently
supplied by the Sponsor to such Initial Purchaser within a reasonable period of time prior to the written confirmation of sale.
The Initial Purchasers’ liability under this Section 9(c) shall be in addition to any other liability that an Initial Purchaser
may otherwise have.

 

    	-22-

    	 

    

 

 

(d)          If
the indemnification provided for in this Section 9 shall for any reason be unavailable to an indemnified party under this Section
9, then the party which would otherwise be obligated to indemnify with respect thereto, on the one hand, and the parties which
would otherwise be entitled to be indemnified, on the other hand, shall contribute to the aggregate losses, liabilities, claims,
damages, penalties, fines, forfeitures and expenses of the nature contemplated herein and incurred by the parties hereto in such
proportions that are appropriate to reflect the relative benefit to such indemnified party, on the one hand, and such indemnifying
party, on the other hand, from the issuance and sale of the Offered Certificates or, if such allocation is not permitted by a court
of competent jurisdiction, then on a basis appropriate to also recognize the relative fault of such parties in connection with
the applicable misstatements or omissions as well as any other relevant equitable considerations, which may include such parties’
relative knowledge and access to information concerning the matter with respect to which the claim was asserted, the opportunity
to correct and prevent any statement or omission, and any other equitable considerations appropriate under the circumstances; provided,
however, that the total contribution of an Initial Purchaser shall not exceed the total fee paid to it under this Agreement. The
relative benefits received by the Sponsor, on the one hand, and the Initial Purchasers, on the other hand, in connection with the
offering of the Offered Certificates shall be deemed to be in the same respective proportions as the net proceeds from the offering
of the Offered Certificates (before deducting expenses) received by the Sponsor, and the total fees received by the Initial Purchasers
hereunder. Notwithstanding the foregoing, no Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f)
of the Securities Act) shall be entitled to contribution from any Person that was not guilty of such fraudulent misrepresentation.
For purposes of this Section 9, each officer and director of a party to this Agreement and each Person, if any, that controls a
party to this Agreement within the meaning of Section 15 of the Securities Act shall have the same rights to contribution as such
party.

 

(e)          Guarantor
agrees with each indemnified party, for the sole and exclusive benefit of such indemnified party and not for the benefit of any
assignee thereof or any other person or persons dealing with such indemnified party, to indemnify and hold harmless such indemnified
party against any failure by the Sponsor to perform its obligations pursuant to Section 9(a) or (d) under this Agreement. Guarantor
agrees that there are no conditions precedent to its obligations hereunder other than the failure of the Sponsor to perform its
obligations pursuant to Section 9(a) or (d) within ten (10) Business Days of written demand therefor.

 

    	-23-

    	 

    

 

(f)           Promptly
after receipt by an indemnified party under this Section 9 of notice of any claim or the commencement of any action, such indemnified
party shall, if a claim in respect thereof is to be made against the indemnifying party (or if a claim for contribution is to be
made against another party) under this Section 9, notify the indemnifying party (or other contributing party) in writing of the
claim or the commencement thereof; but the omission to so notify the indemnifying party (or other contributing party) shall not
relieve it from any liability it may have to any indemnified party (or to the party requesting contribution) otherwise than under
this Section 9 hereof, except to the extent that it has been materially prejudiced by such failure. In case any such action is
brought against any indemnified party and it notifies the indemnifying party of the commencement thereof, the indemnifying party
shall be entitled to participate therein and, to the extent that, by written notice delivered to each indemnified party promptly
after receiving the aforesaid notice from an indemnified party, the indemnifying party elects to assume the defense thereof, it
may participate (jointly with any other indemnifying party similarly notified) with counsel satisfactory to each indemnified party;
provided, however, that if the defendants in any such action include both an indemnified party and the indemnifying party and the
indemnified party or parties shall reasonably have concluded that there may be legal defenses available to it or them and/or other
indemnified parties that are different from or additional to those available to the indemnifying party, the indemnified party or
parties shall have the right to select separate counsel to assert such legal defenses and to otherwise participate in the defense
of such action on behalf of such indemnified party or parties. Upon receipt of notice from the indemnifying party to such indemnified
party of its election so to assume the defense of such action and approval by the indemnified party of such counsel, the indemnifying
party shall not be liable to such indemnified party under this paragraph for fees of separate counsel, unless (i) such indemnified
party shall have employed separate counsel (plus any local counsel) in connection with the assertion of legal defenses in accordance
with the proviso to the immediately preceding sentence, (ii) the indemnifying party shall not have employed counsel satisfactory
to such indemnified party to represent such indemnified party within a reasonable time after notice of commencement of the action
or (iii) such indemnifying party shall have authorized the employment of counsel for such indemnified party at the expense of the
indemnifying party. The indemnifying party shall not be liable for any settlement of any proceeding effected without its written
consent, which consent shall not be unreasonably withheld, but if settled with such consent or if there shall be a final judgment
against the indemnified party, the indemnifying party agrees to indemnify the indemnified party from and against any loss or liability
by reason of such settlement or judgment. In no event shall any indemnifying party be liable for the fees and expenses of more
than one counsel (in addition to any local counsel) separate from its own counsel for all indemnified parties in connection with
any one action or separate but similar or related actions in the same jurisdiction arising out of the same general allegations
or circumstances. No indemnifying party shall, without prior written consent of the indemnified party, effect any settlement of
any pending or threatened proceeding in respect of which any indemnified party is or could have been a party and indemnity could
have been sought thereunder by such indemnified party, unless such settlement (i) does not include a statement as to or admission
of, fault, culpability or a failure to act by or on behalf of any such indemnified party, and (ii) includes an unconditional release
of such indemnified party from all liability on claims that are the subject matter of such proceeding.

 

    	-24-

    	 

    

 

SECTION 10.       Termination
of Obligations of the Initial Purchasers. The obligations of the Initial Purchasers hereunder shall be terminable by the Initial
Purchasers if at any time on or prior to the Closing Date (i) any of the events set forth in Section 8(j) of this Agreement shall
occur and be continuing, or if any other closing condition set forth in Section 8 shall not have been fulfilled or waived when
required to be fulfilled; (ii) there shall have been the entry of a decree or order by a court or agency or supervisory authority
having jurisdiction in the premises for the appointment of a conservator, receiver or liquidator in any insolvency, readjustment
of debt, marshaling of assets and liabilities or similar proceedings of or relating to the Sponsor, the Guarantor or the Depositor,
or for the winding up or liquidation of the affairs of the Sponsor, the Guarantor or the Depositor; or (iii) there shall have been
the consent by the Sponsor, the Guarantor or the Depositor to the appointment of a conservator or receiver or liquidator in any
insolvency, readjustment of debt, marshaling of assets and liabilities or similar proceedings of or relating to the Sponsor, the
Guarantor or the Depositor or of or relating to substantially all of the property of the Sponsor, the Guarantor or the Depositor.
The termination of the Initial Purchasers’ obligations hereunder shall not terminate the Initial Purchasers’ rights
hereunder or their right to exercise any remedy available to it at law or in equity. In the event of any such termination, the
provisions of Sections 7, 9, 12, 14 and 15 hereof shall remain in effect.

 

SECTION 11.       No
Fiduciary Duty. The Depositor acknowledges and agrees that each Initial Purchaser is acting solely in the capacity of an arm’s
length contractual counterparty to the Depositor with respect to the offering of the Offered Certificates (including in connection
with determining the terms of the offering) and not as a financial advisor or a fiduciary to, or an agent of, the Depositor or
any other person. In addition, no Initial Purchaser is advising the Depositor or any other person as to any legal, tax, investment,
accounting or regulatory matters in any jurisdiction. The Depositor shall consult with its own advisors concerning such matters,
and no Initial Purchaser shall have any responsibility or liability to the Depositor with respect thereto. Any review by an Initial
Purchaser of the Depositor, the transactions contemplated hereby or other matters relating to such transactions will be performed
solely for the benefit of such Initial Purchaser and shall not be on behalf of the Depositor.

 

The Sponsor acknowledges
and agrees that the Depositor and each Initial Purchaser is acting solely in the capacity of an arm’s length contractual
counterparty to the Sponsor with respect to the offering of the Offered Certificates (including in connection with determining
the terms of the offering) and not as a financial advisor or a fiduciary to, or an agent of, the Sponsor or any other person. In
addition, the Depositor and the Initial Purchasers are not advising the Sponsor or any other person as to any legal, tax, investment,
accounting or regulatory matters in any jurisdiction. The Sponsor shall consult with its own advisors concerning such matters,
and neither the Depositor nor the Initial Purchasers shall have any responsibility or liability to the Sponsor with respect thereto.
Any review by the Depositor or an Initial Purchaser of the Sponsor, the transactions contemplated hereby or other matters relating
to such transactions will be performed solely for the benefit of the Depositor or such Initial Purchaser (as applicable) and shall
not be on behalf of the Sponsor.

 

SECTION 12.       Representations,
Warranties, Covenants and Indemnities to Survive Delivery. All representations, warranties, covenants and indemnities contained
in this Agreement shall remain operative and in full force and effect, regardless of any investigation made by or on behalf of
an Initial Purchaser or controlling Person, or by or on behalf of the Depositor or the Sponsor, and shall survive delivery of
any Offered Certificates to the Initial Purchasers or termination or cancellation of this Agreement.

 

    	-25-

    	 

    

 

SECTION 13.       Notices.
All notices and other communications hereunder shall be in writing and shall be deemed to have been duly given if mailed or transmitted
by any standard form of written telecommunication and shall be deemed to take effect at the time of receipt thereof. Notices to
the Initial Purchasers shall be directed to the address set forth on the first page hereof. Notices to the Depositor shall be
directed to it at Eleven Madison Avenue, 4th Floor, New York, New York 10010, Attention: Legal Department (CSMC 2014-OAK1), notices
to the Sponsor shall be directed to it at Five Oaks Acquisition Corp., c/o Oak Circle Capital Partners LLC, 540 Madison Avenue,
19th Floor, New York, New York 10022 and notices to the Guarantor shall be directed to it at Five Oaks Investment Corp., c/o Oak
Circle Capital Partners LLC, 540 Madison Avenue, 19th Floor, New York, New York 10022.

 

SECTION 14.       Parties.
This Agreement shall inure to the benefit of and be binding upon the Initial Purchasers, the Depositor, the Sponsor, the Guarantor
and the controlling Persons referred to in Section 9 hereof and their respective successors.

 

SECTION 15.       Governing
Law: Submission to Jurisdiction: Waiver of Jury Trial. This Agreement and the Offered Certificates and any claim, controversy
or dispute arising under or related to this Agreement and the Offered Certificates, the relationship of the parties and/or the
interpretation and enforcement of the rights and duties of the parties shall be governed by, and construed in accordance with,
the laws of the State of New York, without regard to conflict of laws principles thereof other than Section 5-1401 of the New
York General Obligations Law.

 

The parties hereto
hereby submit to the jurisdiction of the United States District Court for the Southern District of New York and any court in the
State of New York located in the City and County of New York, and any appellate court from any thereof, in any action, suit or
proceeding brought against it or in connection with this Agreement or any of the related documents or the transactions contemplated
hereunder or for recognition or enforcement of any judgment, and the parties hereto hereby agree that all claims in respect of
any such action or proceeding may be heard or determined in New York State court or, to the extent permitted by law, in such federal
court.

 

The parties hereto
hereby irrevocably waive, to the fullest extent permitted by law, any and all rights to trial by jury in any legal proceeding arising
out of or relating to this Agreement or the transactions contemplated hereby.

 

* * * * * * *

 

    	-26-

    	 

    

 

If the foregoing is
in accordance with your understanding of our agreement, please sign and return to us a counterpart hereof, whereupon this instrument
along with all counterparts will become a binding agreement among the Depositor, the Sponsor, the Guarantor and the Initial Purchasers
in accordance with its terms.

 

	 	Credit Suisse First Boston Mortgage Securities Corp.
	 	 	 
	 	By:	/s/ Deirdre Harrington
	 	Name:	Deirdre Harrington
	 	Title: 	Vice President
	 	 	 
	 	Five Oaks Acquisition Corp.
	 	 	 
	 	By:	/s/ Darren Comisso
	 	Name:	Darren Comisso
	 	Title:	 EVP
	 	 	 
	 	Five Oaks Investment Corp.
	 	 	 
	 	By:	/s/ David Carroll
	 	Name:	David Carroll
	 	Title:	CEO
	 	 	 
	 	Credit Suisse Securities (USA) LLC
	 	 	 
	 	By:	/s/ Deirdre Harrington
	 	Name:	Deirdre Harrington
	 	Title:	Director
	 	 	 
	 	Wells Fargo Securities, LLC
	 	 	 
	 	By:	/s/ Susan C. Valenti
	 	Name:	Susan C. Valenti
	 	Title:	Director

 

    	-27-

    	 

    

 

SCHEDULE I

 

TITLE, APPROVED PURCHASE PRICE AND DESCRIPTION
OF OFFERED CERTIFICATES

 

	
        Title:
	 	CSMC Trust 2014-OAK1, Mortgage Pass-Through Certificates, Series 2014-OAK1
	 	 	 
	Aggregate Stated Principal Balance of the Mortgage Loans on the Cut-off Date:	 	$272,140,731.14
	 	 	 
	Closing Date:	 	December 23, 2014, at the office of Credit Suisse Securities (USA) LLC at Eleven Madison Avenue, 4th Floor, New York, New York 10010, at 10:00 a.m.

 

	Class of

Certificates	Allocation of 

Certificates	Approved Purchase

Price (Including

Accrued Interest)
	Class 1-A-1	Amount:  $57,891,000

Initial Purchaser:  Credit Suisse Securities (USA) LLC	[***]
	Class 1-X-1	Amount:  $57,891,000 (notional)

Initial Purchaser:  Credit Suisse Securities (USA) LLC	[***]
	Class 2-A-1	Amount:  $76,000,000

Initial Purchaser:  Credit Suisse Securities (USA) LLC	[***]
	Class 2-A-2	Amount:  $25,333,000

Initial Purchaser:  Credit Suisse Securities (USA) LLC	[***]
	Class 2-A-3	Amount:  $10,305,000

Initial Purchaser:  Credit Suisse Securities (USA) LLC	[***]
	Class 2-X-3	Amount:  $135,711,000 (notional)

Initial Purchaser:  Credit Suisse Securities (USA) LLC	[***]
	Class 2-A-4	Amount:  $59,711,000

Initial Purchaser:  Credit Suisse Securities (USA) LLC	[***]
	Class 2-X-4	Amount:  $191,253,000 (notional)

Initial Purchaser:  Credit Suisse Securities (USA) LLC	[***]
	Class 2-A-5	Amount:  $19,904,000

Initial Purchaser:  Credit Suisse Securities (USA) LLC	[***]
	Class B-1	Amount:  $2,041,000

Initial Purchaser:  Credit Suisse Securities (USA) LLC	[***]
	Class B-2	Amount:  $4,763,000

Initial Purchaser:  Credit Suisse Securities (USA) LLC	[***]
	Class B-3	Amount:  $2,993,000

Initial Purchaser:  Credit Suisse Securities (USA) LLC	[***]
	Class B-4	Amount:  $8,845,000

Initial Purchaser:  Credit Suisse Securities (USA) LLC	[***]
	Class B-5	Amount:  $4,354,731

Initial Purchaser:  Credit Suisse Securities (USA) LLC	[***]

 

    	I-1

    	 

    

 

EXHIBIT A

 

TERM SHEET

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00239-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00239-of-00352.parquet"}]]