Document:

Sale and Servicing Agreement, dated as of January 1, 2007

 Exhibit 10.1 
 EXECUTION VERSION 
 SALE AND SERVICING AGREEMENT 
 dated as of January 1, 2007 
 by and
among 
 ACCREDITED MORTGAGE LOAN REIT TRUST, 
 as Depositor, 
 ACCREDITED HOME LENDERS, INC., 
 as Sponsor and Servicer, 
 ACCREDITED MORTGAGE LOAN TRUST 2007-1, 
 as Issuing Entity, 
 and 
 DEUTSCHE BANK NATIONAL TRUST COMPANY, 
 as
Indenture Trustee 
  

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	 ARTICLE I
 DEFINITIONS

			
	 Section 1.01.
	  	Certain Defined Terms	  	1
	 Section 1.02.
	  	Provisions of General Application	  	2
	
	 ARTICLE II
 SALE AND CONVEYANCE OF THE MORTGAGE LOANS

			
	 Section 2.01.
	  	Purchase and Sale of the Mortgage Loans; Deposit of Derivatives	  	2
	 Section 2.02.
	  	Reserved	  	3
	 Section 2.03.
	  	Purchase Price	  	3
	 Section 2.04.
	  	Possession of Mortgage Files; Access to Mortgage Files	  	3
	 Section 2.05.
	  	Delivery of Mortgage Loan Documents	  	3
	 Section 2.06.
	  	Acceptance of the Trust Estate; Certain Substitutions; Certification by the Indenture Trustee	  	6
	 Section 2.07.
	  	Grant of Security Interest	  	8
	 Section 2.08.
	  	Further Action Evidencing Assignments	  	9
	 Section 2.09.
	  	Assignment of Agreement	  	9
	
	 ARTICLE III
 REPRESENTATIONS, WARRANTIES AND COVENANTS

			
	 Section 3.01.
	  	Representations, Warranties and Covenants of the Servicer	  	10
	 Section 3.02.
	  	Representations, Warranties and Covenants of the Sponsor	  	12
	 Section 3.03.
	  	[Reserved	  	13
	 Section 3.04.
	  	Representations, Warranties and Covenants of the Indenture Trustee	  	13
	 Section 3.05.
	  	Covenants and Representations of the Sponsor and Servicer Regarding Prepayment Charges	  	14
	 Section 3.06.
	  	Representations, Warranties and Covenants of the Depositor	  	14
	
	 ARTICLE IV
 THE MORTGAGE LOANS

			
	 Section 4.01.
	  	Representations and Warranties Concerning the Mortgage Loans	  	16
	 Section 4.02.
	  	Purchase and Substitution	  	25
	
	 ARTICLE V
 ADMINISTRATION AND SERVICING OF THE MORTGAGE LOANS

			
	 Section 5.01.
	  	The Servicer	  	26
	 Section 5.02.
	  	Collection of Certain Mortgage Loan Payments; Collection Account	  	29
	 Section 5.03.
	  	Permitted Withdrawals from the Collection Account	  	30
	 Section 5.04.
	  	Hazard Insurance Policies; Property Protection Expenses	  	31

  

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	Section 5.05.	  	Assumption and Modification Agreements	  	33
	Section 5.06.	  	Realization Upon Defaulted Mortgage Loans	  	34
	Section 5.07.	  	Indenture Trustee to Cooperate	  	34
	Section 5.08.	  	Servicing Compensation; Payment of Certain Expenses by Servicer	  	36
	Section 5.09.	  	Annual Statement as to Compliance	  	36
	Section 5.10.	  	Assessments of Compliance and Attestation Reports	  	36
	Section 5.11.	  	Reports Filed with Securities and Exchange Commission	  	38
	Section 5.12.	  	Access to Certain Documentation	  	43
	Section 5.13.	  	Maintenance of Fidelity Bond	  	43
	Section 5.14.	  	Subservicing Agreements Between the Servicer and Subservicer and Subservicers	  	43
	Section 5.15.	  	Reports to the Indenture Trustee; Collection Account Statements	  	44
	Section 5.16.	  	Optional Purchase of Defaulted Mortgage Loans	  	44
	Section 5.17.	  	Reports to be Provided by the Servicer	  	45
	Section 5.18.	  	[Reserved	  	46
	Section 5.19.	  	Delinquency Advances	  	46
	Section 5.20.	  	Indemnification; Third Party Claims	  	47
	Section 5.21.	  	Maintenance of Corporate Existence and Licenses; Merger or Consolidation of the Servicer	  	47
	Section 5.22.	  	Assignment of Agreement by Servicer; Servicer Not to Resign	  	48
	Section 5.23.	  	[Reserved	  	48
	Section 5.24.	  	Administrative Duties	  	48
	Section 5.25.	  	Advance Facility	  	49
	
	 ARTICLE VI
 APPLICATION OF FUNDS

			
	Section 6.01.	  	Deposits to the Payment Account	  	51
	Section 6.02.	  	Collection of Money	  	52
	Section 6.03.	  	Application of Principal and Interest	  	52
	Section 6.04.	  	[Reserved	  	52
	Section 6.05.	  	Compensating Interest	  	52
	
	 ARTICLE VII
 SERVICER DEFAULT

			
	Section 7.01.	  	Servicer Events of Default	  	52
	Section 7.02.	  	Indenture Trustee to Act: Appointment of Successor	  	55
	Section 7.03.	  	Waiver of Defaults	  	58
	
	 ARTICLE VIII
 TERMINATION

			
	Section 8.01.	  	Termination	  	58
	Section 8.02.	  	Additional Termination Requirements	  	59
	Section 8.03.	  	Accounting Upon Termination of Servicer	  	59

  

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	 ARTICLE IX
 [RESERVED]
  
 ARTICLE X
 MISCELLANEOUS PROVISIONS

			
	Section 10.01.	  	Limitation on Liability	  	60
	Section 10.02.	  	Acts of Noteholders	  	60
	Section 10.03.	  	Amendment	  	61
	Section 10.04.	  	Recordation of Agreement	  	62
	Section 10.05.	  	Duration of Agreement	  	62
	Section 10.06.	  	Notices	  	62
	Section 10.07.	  	Severability of Provisions	  	63
	Section 10.08.	  	No Partnership	  	63
	Section 10.09.	  	Counterparts	  	63
	Section 10.10.	  	Successors and Assigns	  	63
	Section 10.11.	  	Headings	  	63
	Section 10.12.	  	No Petition	  	63
	Section 10.13.	  	Third Party Beneficiary	  	63
	Section 10.14.	  	Intent of the Parties	  	63
	Section 10.15.	  	Compliance With Regulation AB	  	64
	Section 10.16.	  	GOVERNING LAW; CONSENT TO JURISDICTION; WAIVER OF JURY TRIAL	  	64
			
	Schedule I	  	Mortgage Loan Schedule	  	
	Appendix I	  	Defined Terms	  	
	
	EXHIBITS
			
	Exhibit A	  	Contents of the Mortgage File	  	
	Exhibit B	  	Reserved	  	
	Exhibit C	  	Indenture Trustee’s Acknowledgement of Receipt	  	
	Exhibit D	  	Initial Certification of Indenture Trustee	  	
	Exhibit E	  	Final Certification of Indenture Trustee	  	
	Exhibit F	  	Request for Release of Documents	  	
	Exhibit G	  	AHL Officer’s Certificate	  	
	Exhibit H	  	Servicing Criteria to be Addressed in Assessment of Compliance	  	
	Exhibit I	  	Form 10-D, Form 8-K and Form 10-K Reporting Responsibility	  	
	Exhibit J-1	  	Form of Certification to Be Provided by the Depositor with Form 10-K	  	
	Exhibit J-2	  	Form of Certification to Be Provided to the Depositor by the Indenture Trustee	  	
	Exhibit K	  	Form of Officer’s Certificate Regarding Annual Statement of Compliance	  	
	Exhibit L	  	Form of Additional Disclosure Notification	  	

  

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 SALE AND SERVICING AGREEMENT, dated as of January 1, 2007 (this “Agreement”), by
and among ACCREDITED MORTGAGE LOAN REIT TRUST, a Maryland real estate investment trust, as depositor (the “Depositor”), ACCREDITED HOME LENDERS, INC., a California corporation, as sponsor (the “Sponsor”), ACCREDITED
MORTGAGE LOAN TRUST 2007-1, a Delaware statutory trust, as issuing entity (the “Issuing Entity”), ACCREDITED HOME LENDERS, INC., a California corporation, as servicer (the “Servicer”), and DEUTSCHE BANK NATIONAL
TRUST COMPANY, a national banking association, as indenture trustee (the “Indenture Trustee”). 
 W I T N E S S E T H

 WHEREAS, the Sponsor has contributed the mortgage loans (the “Mortgage Loans”) listed on Schedule I to this Agreement to
the Depositor, pursuant to the Contribution Agreement and Assignment, dated January 12, 2007, between the Sponsor and the Depositor, (the “Contribution Agreement”); 
 WHEREAS, the Depositor desires to sell to the Issuing Entity, and the Issuing Entity desires to purchase from the Depositor, the Mortgage Loans;

 WHEREAS, immediately after such purchase, the Issuing Entity will pledge such Mortgage Loans to the Indenture Trustee pursuant to the
terms of an Indenture, dated as of January 1, 2007 (the “Indenture”), between the Issuing Entity and the Indenture Trustee, and issue the Accredited Mortgage Loan Trust 2007-1, Asset-Backed Notes (the “Notes”);

 WHEREAS, the Servicer has agreed to service the Mortgage Loans, which constitute the principal assets of the Trust; 
 WHEREAS, the Indenture Trustee will hold the Mortgage Loans and certain other assets pledged to the Indenture Trustee pursuant to the Indenture;

 WHEREAS, the Issuing Entity will enter into an interest rate swap agreement with the Swap Provider where the Issuing Entity agrees to pay
certain fixed-rate amounts to the Swap Provider and the Swap Provider agrees to pay certain floating-rate amounts to the Trust; and 
 WHEREAS, the Issuing Entity will enter into an interest rate cap agreement with the Cap Provider where the Cap Provider agrees to pay certain floating-rate amounts to the Trust; and 
 NOW, THEREFORE, in consideration of the premises and the mutual agreements herein contained, the Depositor, the Sponsor, the Issuing Entity, the Servicer
and the Indenture Trustee hereby agree as follows: 
 ARTICLE I 
 DEFINITIONS 
 Section 1.01. Certain Defined Terms. Capitalized terms
used herein but not defined herein shall have the meanings ascribed to such terms in Appendix I attached hereto. 
  

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 Section 1.02. Provisions of General Application. 
 (a) The terms defined herein and in Appendix I to the Indenture include the plural as well as the singular. 
 (b) The words “herein,” “hereof” and “hereunder” and other words of similar import refer to this Agreement as a whole.
Unless otherwise noted, all references to Articles and Sections shall be deemed to refer to Articles and Sections of this Agreement. 
 (c)
Any reference to statutes are to be construed as including all statutory provisions consolidating, amending or replacing the statute to which reference is made and all regulations promulgated pursuant to such statutes. 
 (d) All calculations of interest with respect to the LIBOR Notes provided for herein shall be on the basis of a 360-day year and the actual number of
days elapsed in the related Interest Accrual Period. All calculations of interest with respect to any Mortgage Loan provided for herein shall be made in accordance with the terms of the related Mortgage Note and Mortgage or, if such documents do not
specify the basis upon which interest accrues thereon, on the basis of a 360 day year consisting of twelve 30-day months, to the extent permitted by applicable law. 
 (e) Any Mortgage Loan payment is deemed to be received on the date such payment is actually received by the Servicer; provided, however, that, for purposes of calculating payments on the Notes,
prepayments with respect to any Mortgage Loan are deemed to be received on the date they are applied in accordance with Accepted Servicing Practices consistent with the terms of the related Mortgage Note and Mortgage to reduce the outstanding
Principal Balance of such Mortgage Loan on which interest accrues. 
 ARTICLE II 
 SALE AND CONVEYANCE OF THE MORTGAGE LOANS 
 Section 2.01. Purchase and Sale of the Mortgage Loans; Deposit of Derivatives. 
 (a) The Sponsor hereby directs the
Depositor to sell, transfer, assign, set over and convey, and the Depositor does hereby sell, transfer, assign, set over and convey to the Issuing Entity, in each case without recourse, but subject to the terms and provisions of this Agreement, all
of the right, title and interest of the Depositor in and to the Mortgage Loans, including the Cut-Off Date Principal Balance of, and interest due on, such Mortgage Loans listed on Schedule I attached hereto, and all other assets included or to be
included in the Trust Estate (other than the Hedge Agreements, which are being entered into directly by the Issuing Entity). 
 (b) The
Depositor may cause the deposit of derivatives at any time into the Accredited Mortgage Loan Trust 2007-1 and any such deposited derivatives shall become part of the Trust Estate. 
  

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 (c) The parties hereto understand and agree that it is not intended that any Mortgage Loan be included in
the Issuing Entity that is a “High-Cost Home Loan” as defined by HOEPA or any other applicable predatory or abusive lending laws. 
 Section 2.02. Reserved. 
 Section 2.03. Purchase Price. On the Closing Date, as full consideration for the
Depositor’s sale of the Mortgage Loans to the Issuing Entity, the Underwriters, on behalf of the Issuing Entity, will deliver to, or at the direction of, the Depositor an amount in cash equal to $753,788,381.82. Additionally, the Depositor will
receive the Certificates issued by the Issuing Entity pursuant to the Trust Agreement. 
 Section 2.04. Possession of Mortgage Files;
Access to Mortgage Files. 
 (a) Upon the receipt by the Depositor, or its designee, of the purchase price for the Mortgage Loans set
forth in Section 2.03 hereof, the ownership of each Mortgage Note, each Mortgage and the contents of the Mortgage File related to each Mortgage Loan will be vested in the Issuing Entity, and will be pledged to the Indenture Trustee, for the
benefit of the Noteholders. 
 (b) Pursuant to Section 2.05 hereof, the Depositor has delivered, or caused to be delivered the Indenture
Trustee’s Mortgage File related to each Mortgage Loan to the Indenture Trustee. 
 (c) The Indenture Trustee will hold the Indenture
Trustee’s Mortgage Files in trust pursuant to the terms of the Indenture for the benefit of all present and future Noteholders and the Hedge Providers. 
 (d) Consistent with the terms of the Indenture, the Indenture Trustee shall afford the Depositor, the Sponsor, the Issuing Entity and the Servicer reasonable access to all records and documentation regarding the
Mortgage Loans relating to this Agreement, such access being afforded at customary charges, upon reasonable prior written request and during normal business hours at the offices of the Indenture Trustee. 
 (e) No later than the fifth Business Day of each fourth month, commencing in May 2007, the Indenture Trustee shall deliver to the Servicer a report dated
as of the first day of such month, identifying those Mortgage Loans for which it has not yet received (i) an original recorded Mortgage or a copy thereof certified to be true and correct by the public recording office in possession of such
Mortgage or (ii) in the event that Assignments of Mortgage are required to be recorded in accordance with the provisions of Section 2.05, an original recorded Assignment of Mortgage to the Indenture Trustee and any required intervening
Assignments of Mortgage or a copy thereof certified to be a true and correct copy by the public recording office in possession of such Assignment of Mortgage. 
 Section 2.05. Delivery of Mortgage Loan Documents. (a) In connection with the transfer and assignment of the Mortgage Loans, the Depositor shall, on or before the Closing Date, deliver, or cause to be
delivered, to the Indenture Trustee (as pledgee of the Issuing Entity 

  

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pursuant to the Indenture), the following documents or instruments constituting the Indenture Trustee’s Mortgage File with respect to each Mortgage Loan
so transferred or assigned: 
 (i) the original Mortgage Note, endorsed without recourse in blank or to “Deutsche Bank
National Trust Company, as Indenture Trustee under the Indenture dated as of January 1, 2007, Accredited Mortgage Loan Trust 2007-1” by the Sponsor, including all intervening endorsements showing a complete chain of endorsement;

 (ii) the related original Mortgage with evidence of recording indicated thereon or a copy thereof certified by the
applicable recording office and if the Mortgage Loan is registered on the MERS System, such Mortgage or an assignment of the mortgage shall reflect MERS as the mortgagee of record and shall include the MIN for such Mortgage Loan; 
 (iii) each intervening mortgage assignment, with evidence of recording indicated thereon or if the original is not available, a copy
thereof certified by the applicable recording office, if any, showing a complete chain of assignment from the originator of the related Mortgage Loan to the Sponsor (or to MERS, if the Mortgage Loan is registered on the MERS System), and noting the
presence of a MIN (if the Mortgage Loan is registered on the MERS System), which assignment may, at the Sponsor’s option, be combined with the assignment referred to in subpart (iv) hereof, in which case it must be in recordable form, but
need not have been previously recorded); 
 (iv) unless the Mortgage Loan is registered on the MERS System, a mortgage
assignment in recordable form (which, if acceptable for recording in the relevant jurisdiction as evidenced by an Opinion of Counsel addressed to the Indenture Trustee, may be included in a blanket assignment or assignments) of each Mortgage from
the Sponsor to the Indenture Trustee; 
 (v) originals of all assumption, modification and substitution agreements in those
instances where the terms or provisions of a Mortgage or Mortgage Note have been modified or such Mortgage or Mortgage Note has been assumed (if any); and 
 (vi) an original title insurance policy or title opinion (or (A) a copy of the title insurance policy or title opinion, or (B) the related binder, commitment or preliminary report, or copy thereof in which
case the Sponsor hereby certifies that the original Mortgage has been delivered to the title insurance company that issued such binder, commitment or preliminary report). 
 In instances where the original recorded Mortgage or any intervening mortgage assignment or a completed assignment of the Mortgage in recordable form cannot be delivered by the Sponsor to the Indenture Trustee prior
to or concurrently with the execution and delivery of this Agreement due to a delay in connection with recording, the Sponsor may: 
 (x) in lieu of delivering such original recorded Mortgage or intervening mortgage assignment, deliver to the Indenture Trustee, a copy thereof and the Sponsor hereby certifies that the original Mortgage has been delivered to a title
insurance company for recordation after receipt of its policy of title insurance or the related binder, commitment or preliminary report thereof; and 
  

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 (y) with respect to clause (iv) above, in lieu of delivering the completed
assignment in recordable form, deliver to the Indenture Trustee, the assignment in recordable form, otherwise complete except for recording information. 
 The Indenture Trustee is hereby authorized and directed, upon an Event of Default and subject to subsection (b) below, with respect to each assignment described in Section 2.05(a)(iv) hereof, to endorse such assignment as follows:
“Deutsche Bank National Trust Company, as Indenture Trustee under the Indenture dated as of January 1, 2007, Accredited Mortgage Loan Trust 2007-1.” 
 (b) As promptly as practicable, but in any event within thirty (30) days from the Closing Date, the Sponsor shall promptly submit, or cause to be submitted for recording in the appropriate public office for real
property records, each assignment referred to in Section 2.05(a)(iv); provided, that the Sponsor need not cause to be recorded any assignment which (i) is registered on the MERS System, or (ii) relates to a Mortgage Loan in any
jurisdiction under the laws of which, as evidenced by an Opinion of Counsel delivered by the Sponsor (at the Sponsor’s expense) to the Indenture Trustee, acceptable to the Rating Agencies, the recordation of such assignment is not necessary to
protect the Indenture Trustee’s, the Noteholders’, the Hedge Providers’ and the Certificates’ interest in the related Mortgage Loan. The Indenture Trustee, shall retain a copy of each assignment submitted for recording. In the
event that any such assignment is lost or returned unrecorded because of a defect therein, the Sponsor shall promptly prepare a substitute assignment or cure such defect, as the case may be, and thereafter the Sponsor shall submit each such
assignment for recording. The costs relating to the delivery and recordation of the documents in connection with the Mortgage Loans as specified in this Article II shall be borne by the Sponsor. With respect to Mortgage Loans (i) not registered
on the MERS System, or (ii) not covered by an Opinion of Counsel described in this section 2.05(b) to the extent that assignments of mortgage have not been recorded within one year after the Closing Date, the Depositor shall, and if the
Depositor fails to, then the Sponsor shall be obligated to repurchase such Mortgage Loans in accordance with the provisions of Section 4.02. 
 In connection with the assignment of any Mortgage Loan registered on the MERS System, promptly after the Closing Date, the Sponsor will cause, at its own expense, the MERS System to indicate that such Mortgage Loan has been assigned to the
Indenture Trustee for the benefit of the Noteholders by entering (a) the Indenture Trustee’s Org ID in the “Investor” field which identifies the Indenture Trustee and (b) in the “Pool” field a code which identifies
the securitization serial number of the Notes issued in connection with such Mortgage Loans. The Sponsor and the Servicer will not alter the entries referenced in this paragraph with respect to any such Mortgage Loan during the term of this
Agreement unless and until such Mortgage Loan is repurchased or otherwise in accordance with the terms of this Agreement. 
 (c) The Sponsor
shall, within five (5) Business Days after the receipt thereof, deliver, or cause to be delivered, to the Indenture Trustee: (i) the original recorded Mortgage and related power of attorney, if any, in those instances where a copy thereof
certified by the Sponsor was delivered to the Indenture Trustee; (ii) the original recorded assignment of Mortgage from 

  

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the last endorsee to the Indenture Trustee, which, together with any intervening assignments of Mortgage, evidences a complete chain of assignment from the
originator of the Mortgage Loan to the Indenture Trustee, in those instances where copies of such assignments certified by the Sponsor were delivered to the Indenture Trustee; and (iii) the title insurance policy or title opinion required in
Section 2.05(a)(vi). 
 Notwithstanding anything to the contrary contained in this Section 2.05, in those instances where the
public recording office retains the original Mortgage, power of attorney, if any, assignment or assignment of Mortgage after it has been recorded or such original has been lost, the Sponsor shall be deemed to have satisfied its obligations hereunder
upon delivery to the Indenture Trustee, of a copy of such Mortgage, power of attorney, if any, assignment or assignment of Mortgage certified by the public recording office to be a true copy of the recorded original thereof. 
 From time to time the Sponsor may forward, or cause to be forwarded, to the Indenture Trustee, additional original documents evidencing any assumption or
modification of a Mortgage Loan. 
 (d) All original documents relating to the Mortgage Loans that are not required to be delivered to the
Indenture Trustee, pursuant to Section 2.05(a) hereof are, and shall be, held by the Servicer, the Sponsor or the Depositor, as the case may be, in trust for the benefit of the Indenture Trustee, on behalf of the Noteholders and the Hedge
Providers. In the event that any such original document is required pursuant to the terms of this Section 2.05 to be a part of an Indenture Trustee’s Mortgage File, such document shall be delivered promptly to the Indenture Trustee. From
and after the sale of the Mortgage Loans to the Issuing Entity pursuant hereto, to the extent that the last assignee thereof retains title of record to any Mortgage Loans prior to the vesting of legal title in the Issuing Entity, such title shall be
retained in trust for the Issuing Entity as the owner of the Mortgage Loans, and the Indenture Trustee, as the pledgee of the Issuing Entity under the Indenture. In acting as custodian of any original document which is part of the Indenture
Trustee’s Mortgage Files, the Servicer agrees further that it does not and will not have or assert any beneficial ownership interest in the related Mortgage Loans or the Mortgage Files. Promptly upon the Servicer’s receipt of any such
original document, the Servicer, on behalf of the Issuing Entity, shall mark conspicuously each such original document, and its master data processing records with a legend evidencing that the Issuing Entity has purchased the related Mortgage Loan
and all right and title thereto and interest therein, and pledged such Mortgage Loan and all right and title thereto and interest therein to the Indenture Trustee, on behalf of the Noteholders and the Hedge Providers. 
 Section 2.06. Acceptance of the Trust Estate; Certain Substitutions; Certification by the Indenture Trustee. (a) The Indenture Trustee is
authorized and directed to, and agrees to, do the following: 
 (i) execute and deliver to the Depositor, the Sponsor and the
Servicer, on or prior to the Closing Date with respect to each Mortgage Loan transferred on such date, an acknowledgement of receipt, in the form attached as Exhibit C hereto, of the original Mortgage Note as required to be included in the
Indenture Trustee’s Mortgage File (with any exceptions noted) and declares that it will hold such documents and any 

  

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amendments, replacements or supplements thereto, as well as any other assets included in the definition of Trust Estate and delivered to the Indenture
Trustee, subject to the conditions set forth in the Indenture, for the benefit of the Noteholders. 
 (ii) to review (or cause
to be reviewed) each Indenture Trustee’s Mortgage File within sixty (60) days after the Closing Date (or, with respect to any Qualified Substitute Mortgage Loans, within sixty (60) days after receipt thereof), and to deliver to the
Servicer, the Depositor and the Sponsor a certification, in the form attached hereto as Exhibit D, to the effect that, except as otherwise noted, as to each Mortgage Loan listed in the related Mortgage Loan Schedule (other than any Mortgage
Loan paid in full or any Mortgage Loan specifically identified in such certification as not covered by such certification), (i) all documents specified in Section 2.05(a)(i)-(iv) and (vi) are in its possession, (ii) each
such document has been reviewed by it and appears, on its face, not to have been mutilated, damaged, torn or otherwise physically altered (handwritten additions, changes or corrections shall not constitute physical alteration if they reasonably
appear to have been initialed), appears regular on its face and relates to such Mortgage Loan, and (iii) based on its examination and only as to the foregoing documents, the information set forth on the Mortgage Loan Schedule with respect to
items (i), (ii) (with respect to property address only, excluding zip code), (iii) and (vi) of the definition of “Mortgage Loan Schedule” accurately reflects the information set forth in the Indenture Trustee’s Mortgage
File delivered on such date; provided however, no certification of the Indenture Trustee shall constitute a determination by the Indenture Trustee of the proper form, adequacy or enforceability of any document included in the Indenture
Trustee’s Mortgage File. 
 (iii) to review (or cause to be reviewed) each Indenture Trustee’s Mortgage File within
one hundred eighty (180) days after the Closing Date (or, with respect to any Qualified Substitute Mortgage Loans, within one hundred eighty (180) days after receipt thereof), and to deliver to the Servicer and the Sponsor a certification
in the form attached hereto as Exhibit E to the effect that, except as otherwise noted, as to each Mortgage Loan listed in the related Mortgage Loan Schedule (other than any Mortgage Loan paid in full or any Mortgage Loan specifically
identified in such certification as not covered by such certification), (i) all documents specified in Section 2.05(a)(i)-(iv) and (vi) are in its possession, (ii) each such document has been reviewed by it and has not been
mutilated, damaged, torn or otherwise physically altered (handwritten additions, changes or corrections shall not constitute physical alteration if they reasonably appear to be initialed by the Mortgagor), appears regular on its face and relates to
such Mortgage Loan, and (iii) based on its examination and only as to the foregoing documents, the information set forth in items (i), (ii) (with respect to property address only, excluding zip code), (iii) and (vi) of the
definition of “Mortgage Loan Schedule” accurately reflects the information set forth in the Indenture Trustee’s Mortgage File delivered on such date. 
 In performing any such review, the Indenture Trustee may conclusively rely on the Sponsor as to the purported genuineness of any such document and any signature thereon. It is understood that the scope of the
Indenture Trustee’s review of the Indenture Trustee’s Mortgage Files is limited solely to confirming that the documents listed in Section 2.05 have been executed 

  

 7 

 
and received and relate to the Indenture Trustee’s Mortgage Files identified in the related Mortgage Loan Schedule. The Indenture Trustee shall be under
no duty or obligation to inspect, review or examine any such documents, instruments, certificates or other papers to determine that they are genuine, enforceable, or appropriate for the represented purpose or that they are other than what they
purport to be on their face. 
 (b) If the Indenture Trustee during the process of reviewing the Indenture Trustee’s Mortgage Files
finds any document constituting a part of a Indenture Trustee’s Mortgage File which is not executed, has not been received, is unrelated to the Mortgage Loan identified in the related Mortgage Loan Schedule, or does not conform to the
requirements of Section 2.05 or the description thereof as set forth in the related Mortgage Loan Schedule, the Indenture Trustee shall promptly so notify the Servicer and the Sponsor. Upon receipt of such notice respecting such defect, the
Depositor and the Sponsor shall have a sixty (60) day period after such notice within which to correct or cure any such defect, or if the Servicer determines that the defect materially and adversely affects the value of the related Mortgage
Loan or the interest of the Noteholders in the related Mortgage Loan, to either (i) substitute in lieu of such Mortgage Loan a Qualified Substitute Mortgage Loan in the manner and subject to the conditions set forth in this Section 2.06 or
(ii) purchase such Mortgage Loan at a purchase price equal to the Loan Repurchase Price. Upon receipt by the Indenture Trustee of two copies of a certification, in the form attached hereto as Exhibit F, of a Servicing Officer of such
substitution or purchase and, in the case of a substitution, upon receipt by the Indenture Trustee, of the related Indenture Trustee’s Mortgage File, and the deposit of the Loan Repurchase Price, in the case of a purchase, or the Substitution
Adjustment, if any, in connection with a substitution, in the Collection Account, the Indenture Trustee shall release to the Servicer for release to the Depositor or the Sponsor, as applicable, the related Indenture Trustee’s Mortgage File and
the Indenture Trustee shall execute, without recourse, and deliver such instruments of transfer furnished by the Depositor or the Sponsor as may be necessary to transfer such Mortgage Loan to the Depositor or the Sponsor, as applicable. 

Section 2.07. Grant of Security Interest. (a) It is intended that the conveyance of the Mortgage Loans and other property by the
Depositor to the Issuing Entity as provided in this Article II be, and be construed for all purposes other than tax and accounting purposes as, a sale of the Mortgage Loans and such other property by the Depositor to the Issuing Entity. It is, for
all purposes other than tax and accounting purposes further, not intended that such conveyance be deemed a pledge of the Mortgage Loans or such other property by the Depositor to the Issuing Entity to secure a debt or other obligation of the
Depositor. However, in the event that the Mortgage Loans or any of such other property are held to be property of the Depositor, or if for any reason this Agreement is held or deemed to create a security interest in the Mortgage Loans or any of such
other property, then it is intended that: (i) this Agreement shall also be deemed to be a security agreement within the meaning of the Uniform Commercial Code; (ii) the conveyance provided for in this Article II shall be deemed to be a
grant by the Depositor to the Issuing Entity of a security interest in all of the Depositor’s right, title and interest in and to the Mortgage Loans and such other property and all amounts payable to the holders of the Mortgage Loans in
accordance with the terms thereof and all proceeds of the conversion, voluntary or involuntary, of the foregoing into cash, instruments, securities or other property, including, without limitation, all amounts from time to time held or invested in
the Accounts whether in the form of cash, instruments, securities or other property; (iii) the possession by the Indenture 

  

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Trustee, of the Mortgage Notes and such other items of property as constitute instruments, money, negotiable documents or chattel paper shall be deemed to be
“possession by the secured party” for purposes of perfecting the security interest pursuant to the Uniform Commercial Code; and (iv) notifications to persons holding such property, and acknowledgments, receipts or confirmations from
persons holding such property, shall be deemed notifications to, or acknowledgments, receipts or confirmations from financial intermediaries, bailees or agents, as applicable, of the Indenture Trustee for the purpose of perfecting such security
interest under applicable law. The Depositor, the Sponsor, the Servicer, on behalf of the Issuing Entity and the Indenture Trustee, shall, to the extent consistent with this Agreement, take such actions as may be reasonably necessary to ensure that,
if this Agreement were deemed to create a security interest in the Mortgage Loans or any of such other property, such security interest would be deemed to be a perfected security interest of first priority under applicable law and will be maintained
as such throughout the term of this Agreement. 
 (b) The Depositor, the Sponsor and the Servicer shall take no action inconsistent with the
Issuing Entity’s ownership of the Trust Estate and each shall indicate or shall cause to be indicated in its records and records held on its behalf that ownership of each Mortgage Loan and the other assets in the Trust Estate is vested in the
Issuing Entity, as owner, and is pledged to the Indenture Trustee, for the benefit of the Noteholders and the Hedge Providers pursuant to the terms of the Indenture. The Indenture Trustee is authorized to act, pursuant to the terms of this Agreement
for the benefit of the Noteholders and shall be authorized to act at the direction of such parties. In addition, the Depositor, the Sponsor and the Servicer shall respond to any inquiries from third parties with respect to ownership of a Mortgage
Loan or any other asset in the Trust Estate by stating that it is not the owner of such asset and that the Issuing Entity is the owner of such Mortgage Loan or other asset in the Trust Estate, which is pledged to the Indenture Trustee, for the
benefit of the Noteholders and the Hedge Providers. 
 Section 2.08. Further Action Evidencing Assignments. (a) The Servicer
agrees that, from time to time, at its expense, it shall cause the Sponsor or Depositor, as the case may be, to, and each of the Sponsor and Depositor agree that it shall, promptly execute and deliver all further instruments and documents, and take
all further action, that may be necessary or appropriate, or that the Servicer or the Indenture Trustee may reasonably request, in order to perfect, protect or more fully evidence the transfer of ownership of the Mortgage Loans and other assets in
the Trust Estate or to enable the Indenture Trustee, to exercise or enforce any of its rights hereunder. Without limiting the generality of the foregoing, the Servicer, the Sponsor and the Depositor shall, upon the request of the Servicer or the
Indenture Trustee execute and file (or cause to be executed and filed) such real estate filings, financing or continuation statements, or amendments thereto or assignments thereof, and such other instruments or notices, as may be necessary or
appropriate. 
 (b) Each of the Sponsor and the Depositor hereby grants to the Servicer and the Indenture Trustee powers of attorney to
execute all documents on its behalf under this Agreement as may be necessary or desirable to effectuate the foregoing. 
 Section 2.09.
Assignment of Agreement. The Sponsor, the Depositor and the Servicer hereby acknowledge and agree that the Issuing Entity may assign its interest under this Agreement to the Indenture Trustee, for the benefit of the Noteholders and the Hedge
Providers, 

  

 9 

 
as may be required to effect the purposes of the Indenture, without further notice to, or consent of, the Sponsor or the Servicer, and the Indenture Trustee
shall succeed to such of the rights of the Issuing Entity hereunder as shall be so assigned. The Issuing Entity shall, pursuant to the Indenture, assign all of its right, title and interest in and to the Mortgage Loans and its right to exercise the
remedies created by Section 4.02 of this Agreement for breaches of the representations, warranties, agreements and covenants of the Sponsor contained in Sections 3.02 and 4.01 of this Agreement, assign such right, title and interest to the
Indenture Trustee, for the benefit of the Noteholders and the Hedge Providers. The Sponsor agrees that, upon such assignment to the Indenture Trustee, such representations, warranties, agreements and covenants will run to and be for the benefit of
the Indenture Trustee and the Indenture Trustee may enforce, without joinder of the Sponsor or the Issuing Entity, the repurchase obligations of the Sponsor set forth herein with respect to breaches of such representations, warranties, agreements
and covenants. 
 ARTICLE III 
 REPRESENTATIONS, WARRANTIES AND COVENANTS 
 Section 3.01. Representations, Warranties and Covenants of the
Servicer. The Servicer hereby represents, warrants and covenants to the Indenture Trustee, the Depositor, the Sponsor, the Issuing Entity, the Hedge Providers and the Noteholders as of the Closing Date and during the term of this Agreement that:

 (a) The Servicer is duly organized, validly existing and in good standing under the laws of its state of incorporation and has the power to
own its assets and to transact the business in which it is currently engaged. The Servicer is duly qualified to do business as a foreign corporation and is in good standing in each jurisdiction in which the character of the business transacted by it
or properties owned or leased by it or the performance of its obligations hereunder requires such qualification and in which the failure so to qualify could reasonably be expected to have a material adverse effect on the business, properties,
assets, or condition (financial or other) of the Servicer or the performance of its obligations hereunder. 
 (b) The Servicer has the power
and authority to make, execute, deliver and perform this Agreement and all of the transactions contemplated under this Agreement, and has taken all necessary corporate action to authorize the execution, delivery and performance of this Agreement,
and assuming the due authorization, execution and delivery hereof by the other parties hereto constitutes, or will constitute, the legal, valid and binding obligation of the Servicer, enforceable in accordance with its terms, except as enforcement
of such terms may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws relating to or affecting the rights of creditors generally, and by general equity principles (regardless of whether such enforcement is
considered in a proceeding in equity or at law). 
 (c) The Servicer is not required to obtain the consent of any other party or any consent,
license, approval or authorization from, or registration or declaration with, any governmental authority, bureau or agency which consent already has not been obtained in connection with the execution, delivery, performance, validity or
enforceability of this Agreement, except such as have been obtained prior to the Closing Date. 
  

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 (d) The execution, delivery and performance of this Agreement by the Servicer will not violate any
provision of any existing law or regulation or any order or decree of any court or the charter or bylaws of the Servicer, or constitute a breach of any mortgage, indenture, contract or other Agreement to which the Servicer is a party or by which it
may be bound. 
 (e) Except as set forth in the Prospectus Supplement under the heading “Risk Factors,” there is no action,
suit, proceeding or investigation pending or to Servicer’s knowledge threatened against the Servicer which, either in any one instance or in the aggregate, is, in the Servicer’s judgment, likely to result in any material adverse change in
the business, operations, financial condition, properties, or assets of the Servicer, or in any material impairment of the right or ability of the Servicer to carry on its business substantially as now conducted, or in any material liability on the
part of the Servicer, or which would draw into question the validity of this Agreement, the Notes, or the Mortgage Loans or of any action taken or to be taken in connection with the obligations of the Servicer contemplated herein or therein, or
which would be likely to impair materially the ability of the Servicer to perform its obligations hereunder. 
 (f) Neither this Agreement
nor any statement, report, or other document furnished by the Servicer pursuant to this Agreement or in connection with the transactions contemplated hereby, including, without limitation, the sale or placement of the Notes, contains any untrue
material statement of fact provided by or on behalf of the Servicer or omits to state a material fact necessary to make the statements provided by or on behalf of the Servicer contained herein or therein not misleading. 
 (g) The Servicer does not believe, nor does it have any reason or cause to believe, that it cannot perform each and every covenant contained in this
Agreement. 
 (h) The Servicer is not an “investment company” or a company “controlled by an investment company,” within
the meaning of the Investment Company Act of 1940, as amended. 
 (i) The Servicer shall take all necessary steps to maintain the Indenture
Trustee’s perfection and priority in the Mortgage Loans. 
 (j) The Servicer will fully furnish, in accordance with the Fair Credit
Reporting Act and its implementing regulations, accurate and complete information (i.e., favorable and unfavorable) on its borrower credit files to Equifax, Experian, and Trans Union Credit Information Company (three of the credit repositories), on
a monthly basis. 
 (k) The Servicer is a member of MERS in good standing, and will comply in all material respects with the rules and
procedures of MERS in connection with the servicing of the Mortgage Loans that are registered with MERS. 
 It is understood and agreed that
the representations, warranties and covenants set forth in this Section 3.01 shall survive the delivery of the respective Indenture Trustee’s Mortgage Files to the Indenture Trustee and inure to the benefit of the Indenture Trustee.

  

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 Section 3.02. Representations, Warranties and Covenants of the Sponsor. The Sponsor hereby
represents, warrants and covenants to the Indenture Trustee, the Depositor, the Issuing Entity, the Hedge Providers and the Servicer that as of the date of this Agreement or as of such date specifically provided herein: 
 (a) The Sponsor is a corporation duly organized, validly existing and in good standing under the laws of the State of California. 
 (b) The Sponsor has the corporate power and authority to execute, deliver and perform, and to enter into and consummate the transactions contemplated by
this Agreement. 
 (c) This Agreement has been duly and validly authorized, executed and delivered by the Sponsor, all requisite corporate
action having been taken, and, assuming the due authorization, execution and delivery hereof by the other parties hereto, constitutes or will constitute the legal, valid and binding agreement of the Sponsor, enforceable against the Sponsor in
accordance with its terms, except as such enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws relating to or affecting the rights of creditors generally, and by general equity principles (regardless
of whether such enforcement is considered in a proceeding in equity or at law). 
 (d) No consent, approval, authorization or order of or
registration or filing with, or notice to, any governmental authority or court is required for the execution, delivery and performance of or compliance by the Sponsor with this Agreement or the consummation by the Sponsor of any of the transactions
contemplated hereby, except as have been made on or prior to the Closing Date. 
 (e) None of the execution and delivery of this Agreement,
the consummation of the transactions contemplated hereby or thereby, or the fulfillment of or compliance with the terms and conditions of this Agreement, (i) conflicts or will conflict with or results or will result in a breach of, or
constitutes or will constitute a default or results or will result in an acceleration under (A) the articles of incorporation or bylaws of the Sponsor, or (B) of any term, condition or provision of any material indenture, deed of trust,
contract or other agreement or instrument to which the Sponsor or any of its subsidiaries is a party or by which it or any of its subsidiaries is bound; (ii) results or will result in a violation of any law, rule, regulation, order, judgment or
decree applicable to the Sponsor of any court or governmental authority having jurisdiction over the Sponsor or its subsidiaries; or (iii) results in the creation or imposition of any lien, charge or encumbrance which would have a material
adverse effect upon the Mortgage Loans or any documents or instruments evidencing or securing the Mortgage Loans. 
 (f) Except as set forth
in the Prospectus Supplement under the heading “Risk Factors,” there are no actions, suits or proceedings before or against or investigations of, the Sponsor pending, or to the knowledge of the Sponsor, threatened, before any court,
administrative agency or other tribunal, and no notice of any such action, which, in the Sponsor’s reasonable judgment, might materially and adversely affect the performance by the Sponsor of its obligations under this Agreement, or the
validity or enforceability of this Agreement. 
  

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 (g) The Sponsor is not in default with respect to any order or decree of any court or any order,
regulation or demand of any federal, state, municipal or governmental agency that may materially and adversely affect its performance hereunder. 
 It is understood and agreed that the representations, warranties and covenants set forth in this Section 3.02 may not be waived and shall survive delivery of the respective Indenture Trustee’s Mortgage Files to the Indenture
Trustee and shall inure to the benefit of the Indenture Trustee. 
 Section 3.03. [Reserved.] 
 Section 3.04. Representations, Warranties and Covenants of the Indenture Trustee. The Indenture Trustee hereby represents, warrants and
covenants to the Issuing Entity, the Hedge Providers, the Servicer, the Depositor and the Sponsor that as of the date of this Agreement or as of such date specifically provided herein: 
 (a) The Indenture Trustee is a national banking association duly organized, validly existing and in good standing under the laws of the United States of
America; 
 (b) The Indenture Trustee has the requisite power and authority to execute, deliver and perform, and to enter into and consummate
transactions contemplated by this Agreement; 
 (c) This Agreement has been duly and validly authorized, executed and delivered by the
Indenture Trustee, all requisite action having been taken, and, assuming the due authorization, execution and delivery hereof by the other parties hereto, constitutes or will constitute the legal, valid and binding agreement of the Indenture
Trustee, enforceable against the Indenture Trustee in accordance with its terms, except as such enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws relating to or affecting the rights of creditors
generally, and by general equity principles (regardless of whether such enforcement is considered in a proceeding in equity or at law); 
 (d) No consent, approval, authorization or order of or registration or filing with, or notice to, any governmental authority or court is required for the execution, delivery and performance of or compliance by the Indenture Trustee with
this Agreement or the consummation by the Indenture Trustee of any of the transactions contemplated hereby, except as have been made on or prior to the Closing Date; 
 (e) None of the execution and delivery of this Agreement, the consummation of the transactions contemplated hereby or thereby, or the fulfillment of or compliance with the terms and conditions of this Agreement,
(i) conflicts or will conflict with or results or will result in a breach of, or constitutes or will constitute a default or results or will result in an acceleration under (A) the articles of association or bylaws of the Indenture
Trustee, or (B) to the best of its knowledge, of any term, condition or provision of any material indenture, deed of trust, contract or other agreement or instrument to which the Indenture Trustee is a party or by which it is bound; or
(ii) results or will result in a violation of any statute, rule, regulation, order, judgment or decree applicable to the Indenture Trustee of any court or governmental authority having jurisdiction over the Indenture Trustee or its subsidiaries
which violation would materially and adversely affect the Indenture Trustee’s performance of its duties hereunder; and 
  

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 (f) There are no actions, suits or proceedings before or against or investigations of, the Indenture
Trustee, pending or to the knowledge of the Indenture Trustee threatened, before any court, administrative agency or other tribunal, and no notice of any such action, which, in the Indenture Trustee’s reasonable judgment, would materially and
adversely affect the performance by the Indenture Trustee of its obligations under this Agreement, or the validity or enforceability of this Agreement. 
 It is understood and agreed that the representations, warranties and covenants set forth in this Section 3.04 shall survive delivery of the respective Indenture Trustee’s Mortgage Files to the Indenture
Trustee. 
 Section 3.05. Covenants and Representations of the Sponsor and Servicer Regarding Prepayment Charges. 
 (a) The Servicer covenants that it will not waive any Prepayment Charge or part of a Prepayment Charge unless in connection with a Mortgage Loan that is
in default or for which a default is reasonably foreseeable. 
 (b) The Sponsor hereby represents and warrants that the information set forth
in the Prepayment Charge Schedule is complete, true and correct in all material respects at the date or dates respecting which such information is furnished and each Prepayment Charge is permissible and enforceable in accordance with its terms
(except to the extent that the enforceability thereof may be limited by bankruptcy, insolvency, moratorium, receivership and other similar laws relating to creditors’ rights generally) under applicable law. 
 (c) Upon discovery by the Sponsor or the Indenture Trustee of a breach of the foregoing, the party discovering such breach shall give prompt written
notice to the other parties. Within 60 days of the earlier of discovery by the Servicer or receipt of notice by the Servicer of breach, the Servicer shall cure such breach in all material respects. If the covenant made by the Servicer in clause
(a) above is breached the Servicer must pay into the Collection Account the amount of the waived Prepayment Charge. If the representation made by the Sponsor in clause (b) above is breached, the Sponsor must pay into the Collection Account
the amount of the scheduled Prepayment Charge, less any amount previously collected and paid by the Servicer into the Collection Account. The foregoing obligations of the Servicer and the Sponsor shall be the sole and exclusive remedies for a breach
of this Section 3.05(a) or (b). 
 Section 3.06. Representations, Warranties and Covenants of the Depositor. The Depositor
hereby represents, warrants and covenants to the Indenture Trustee, the Issuing Entity, the Hedge Providers, the Sponsor and the Servicer that as of the date of this Agreement or as of such date specifically provided herein: 
 (a) The Depositor is a Maryland real estate investment trust duly organized, validly existing and in good standing under the laws of the State of
Maryland. 
  

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 (b) The Depositor has the trust power and authority to convey the Mortgage Loans and to execute, deliver
and perform, and to enter into and consummate the transactions contemplated by this Agreement. 
 (c) This Agreement has been duly and
validly authorized, executed and delivered by the Depositor, all requisite corporate action having been taken, and, assuming the due authorization, execution and delivery hereof by the other parties hereto, constitutes or will constitute the legal,
valid and binding agreement of the Depositor, enforceable against the Depositor in accordance with its terms, except as such enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws relating to or
affecting the rights of creditors generally, and by general equity principles (regardless of whether such enforcement is considered in a proceeding in equity or at law). 
 (d) No consent, approval, authorization or order of or registration or filing with, or notice to, any governmental authority or court is required for the execution, delivery and performance of or compliance by the
Depositor with this Agreement or the consummation by the Depositor of any of the transactions contemplated hereby, except as have been made on or prior to the Closing Date. 
 (e) None of the execution and delivery of this Agreement, the consummation of the transactions contemplated hereby or thereby, or the fulfillment of or
compliance with the terms and conditions of this Agreement, (i) conflicts or will conflict with or results or will result in a breach of, or constitutes or will constitute a default or results or will result in an acceleration under
(A) the certificate of trust or bylaws of the Depositor, or (B) of any term, condition or provision of any material indenture, deed of trust, contract or other agreement or instrument to which the Depositor or any of its subsidiaries is a
party or by which it or any of its subsidiaries is bound; (ii) results or will result in a violation of any law, rule, regulation, order, judgment or decree applicable to the Depositor of any court or governmental authority having jurisdiction
over the Depositor or its subsidiaries; or (iii) results in the creation or imposition of any lien, charge or encumbrance which would have a material adverse effect upon the Mortgage Loans or any documents or instruments evidencing or securing
the Mortgage Loans. 
 (f) Except as set forth in the Prospectus Supplement under the heading “Risk Factors,” there are no
actions, suits or proceedings before or against or investigations of, the Depositor pending, or to the knowledge of the Depositor, threatened, before any court, administrative agency or other tribunal, and no notice of any such action, which, in the
Depositor’s reasonable judgment, might materially and adversely affect the performance by the Depositor of its obligations under this Agreement, or the validity or enforceability of this Agreement. 
 (g) The Depositor is not in default with respect to any order or decree of any court or any order, regulation or demand of any federal, state, municipal
or governmental agency that may materially and adversely affect its performance hereunder. 
 (h) The Depositor hereby covenants that it has
filed a federal income tax return for its taxable year ending December 31, 2004 on Internal Revenue Service Form 1120 REIT on which the Depositor elected to be taxed as a REIT. The Depositor hereby represents 

  

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that it has been organized in conformity with the requirements for qualification for taxation as a REIT and hereby covenants that it at all times the
Depositor owns Trust Certificates, either directly, or indirectly through one or more Qualified REIT Subsidiaries, will conduct its operations so as to qualify as a REIT. If, at any time the Depositor owns Trust Certificates, either directly, or
indirectly through one or more Qualified REIT Subsidiaries, the Depositor determines that is has failed to qualify as a REIT, the Depositor shall, within 30 days of such discovery, notify the Indenture Trustee of such failure. 
 It is understood and agreed that the representations, warranties and covenants set forth in this Section 3.06 shall survive delivery of the
respective Indenture Trustee’s Mortgage Files to the Indenture Trustee and shall inure to the benefit of the Indenture Trustee. 
 ARTICLE IV 
 THE MORTGAGE LOANS 
 Section 4.01. Representations and Warranties Concerning the Mortgage Loans. The Sponsor makes the following representations and warranties to the Depositor, the Servicer, the Indenture Trustee, the Hedge
Providers and the Issuing Entity as to the Mortgage Loans on which the Issuing Entity relies in accepting the Mortgage Loans in trust and executing the Notes. All uses and variations of the word “enforceable” in this Section 4.01,
shall be deemed to be qualified as such enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors’ rights generally and by general principles of equity (whether
considered in a proceeding or action in equity or at law). With respect to the representations and warranties stated in Sections 4.01(i), (r), (ddd), (eee) and (fff), the Sponsor makes such representations and warranties on behalf of itself and the
Depositor. Such representations, warranties and covenants are made or deemed to be made as to each Mortgage Loan as of the Closing Date. 
 (a) The information with respect to each Mortgage Loan set forth in the Mortgage Loan Schedule is true and correct as of the Cut-Off Date, based on Cut-Off Date Principal Balances. 
 (b) Each Mortgage Loan is being serviced either (i) through the Servicer or (ii) a Person controlling, controlled by or under common control
with the Servicer and qualified to service mortgage loans. 
 (c) Each Mortgage Loan was underwritten or reunderwritten pursuant to the
Underwriting Guidelines which conform in all material respects to the description thereof set forth in the Prospectus Supplement. 
 (d) All
of the original or certified documentation required to be delivered to the Indenture Trustee pursuant to this Agreement (including all material documents related thereto) with respect to each Mortgage Loan has been or will be delivered to the
Indenture Trustee in accordance with the terms of this Agreement. Each of the documents and instruments specified to be included therein has been duly executed and in due and proper form, and each such document or instrument is in a form generally
acceptable to prudent mortgage lenders that 

  

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regularly originate or purchase mortgage loans comparable to the Mortgage Loans for sale to prudent investors in the secondary market that invest in mortgage
loans such as the Mortgage Loans. 
 (e) [Reserved.] 
 (f) Each Mortgaged Property is improved by a single (one to four) family residential dwelling, which may include condominiums, individual units in a planned unit development and townhouses but shall not include
cooperatives. 
 (g) No Mortgage Loan had an LTV at origination in excess of 100%. 
 (h) Each Mortgage Loan is a valid, subsisting enforceable and perfected first lien as identified on the Mortgage Loan Schedule on the Mortgaged Property
and subject in all cases to the exceptions to title set forth in the title insurance policy, with respect to the related Mortgage Loan, which exceptions are generally acceptable to banking institutions in connection with their regular mortgage
lending activities, and such other exceptions to which similar properties are commonly subject and which do not individually, or in the aggregate, materially and adversely affect the benefits of the security intended to be provided by such Mortgage.
At the time each Mortgage Loan was originated, the originator was a mortgagee approved by the Secretary of Housing and Urban Development pursuant to Sections 203 and 211 of the National Housing Act or a savings and loan association, a savings bank,
a commercial bank or similar banking institution which was supervised and examined by a federal or state authority or a mortgage banker or broker licensed or authorized to do business in the jurisdiction in which the related Mortgaged Property is
located, applying the same standards and procedures used by the Sponsor in originating Mortgage Loans directly. 
 (i) Immediately prior to
the transfer and assignment of the Mortgage Loans to the Depositor pursuant to the Contribution Agreement, the Sponsor held good and marketable title to, and was the sole owner of each Mortgage Loan, subject to no liens, charges, mortgages or
encumbrances or rights of others, except liens of third party warehouse lenders that will be released simultaneously with the transfer and assignment contemplated herein; and immediately prior to the transfer and assignment herein contemplated, the
Depositor held good and marketable title to, and was the sole owner of, each Mortgage Loan subject to no liens, charges, mortgages, encumbrances or rights of others except liens which will be released simultaneously with such transfer and
assignment; and immediately upon the transfer and assignment herein contemplated, the Indenture Trustee will hold good and marketable title to, and be the sole owner of, each Mortgage Loan subject to no liens, charges, mortgages, encumbrances or
rights of others except liens which will be released simultaneously with such transfer and assignment. 
 (j) There is no delinquent tax or
assessment lien on any Mortgaged Property, and each Mortgaged Property is free of substantial damage and is in good repair. 
 (k) There is
no valid and enforceable right of rescission, set-off, defense or counterclaim to any Mortgage Note or Mortgage, including the obligation of the related Mortgagor to pay the unpaid principal of or interest on such Mortgage Note or the defense of
usury, nor will the operation of any of the terms of the Mortgage Note or the Mortgage, or the 

  

 17 

 
exercise of any right thereunder, render either the Mortgage Note or the Mortgage unenforceable in whole or in part, or subject to any right of rescission,
set-off, counterclaim or defense, including the defense of usury, and no such right of rescission, set-off, counterclaim or defense has been asserted with respect thereto. 
 (l) There is no mechanics’ lien or claim for work, labor or material affecting any Mortgaged Property which is or may be a lien prior to, or equal
with and no rights are outstanding that under the law gives rise to such liens, the lien of the related Mortgage except those which are insured against by any title insurance policy referred to in paragraph (n) below. 
 (m) Each Mortgage Loan at the time it was made complied with, and each Mortgage Loan at all times was serviced in compliance with, in each case, in all
material respects, applicable local, state and federal laws and regulations, including, without limitation, the federal Truth-in-Lending Act and other consumer protection laws, the Home Ownership and Equity Protection Act of 1994, real estate
settlement procedure, usury, equal credit opportunity, disclosure and recording laws and all applicable predatory and abusive lending laws. 
 (n) With respect to each Mortgage Loan, a lender’s title insurance policy, issued in standard California Land Title Association form or American Land Title Association form, or other form acceptable in a particular jurisdiction by a
title insurance company authorized to transact business in the state in which the related Mortgaged Property is situated, in an amount at least equal to the original Principal Balance of such Mortgage Loan insuring the mortgagee’s interest
under the related Mortgage Loan as the holder of a valid first mortgage lien of record on the real property described in the related Mortgage, as the case may be, subject only to exceptions of the character referred to in paragraph (h) above,
was effective on the date of the origination of such Mortgage Loan, and, as of the Closing Date such policy will be valid and inure to the benefit of the Indenture Trustee on behalf of the Noteholders. 
 (o) The improvements upon each Mortgaged Property are covered by a valid and existing hazard insurance policy (which may be a blanket policy of the type
described in this Agreement) with a generally acceptable carrier that provides for fire and extended coverage representing coverage not less than the least of (i) the outstanding Principal Balance of the related Mortgage Loan, (ii) the
minimum amount required to compensate for damage or loss on a replacement cost basis or (iii) the full insurable value of the Mortgaged Property. 
 (p) If any Mortgaged Property is in an area identified in the Federal Register by the Federal Emergency Management Agency as having special flood hazards, a flood insurance policy (which may be a blanket policy of the
type described in this Agreement) in a form meeting the requirements of the current guidelines of the Federal Insurance Administration is in effect with respect to such Mortgaged Property with a generally acceptable carrier in an amount representing
coverage not less than the least of (i) the outstanding Principal Balance of the related Mortgage Loan (together, in the case of a second mortgage loan, with the outstanding principal balance of the first mortgage loan), (ii) the minimum
amount required to compensate for damage or loss on a replacement cost basis or (iii) the maximum amount of insurance that is available under the Flood Disaster Protection Act of 1973. 
  

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 (q) Each Mortgage and Mortgage Note is the legal, valid and binding obligation of the maker thereof and
is enforceable in accordance with its terms, except only as such enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors’ rights generally and by general
principles of equity (whether considered in a proceeding or action in equity or at law), and all parties to each Mortgage Loan had full legal capacity to execute all documents relating to such Mortgage Loan and convey the estate therein purported to
be conveyed. 
 (r) The Sponsor has directed and the Depositor has caused to be performed any and all acts required to be performed to
preserve the rights and remedies of the Indenture Trustee in any Insurance Policies applicable to any Mortgage Loan delivered by the Sponsor or the Depositor including, to the extent such Mortgage Loan is not covered by a blanket policy described in
this Agreement, any necessary notifications of insurers, assignments of policies or interests therein, and establishments of coinsured, joint loss payee and mortgagee rights in favor of the Indenture Trustee. 
 (s) The Sponsor has caused or will have caused, within ten days, the filing of all appropriate financing statements in the proper filing office in the
appropriate jurisdictions under applicable law in order to perfect the security interest in the original Mortgage Note and all subsequent assignments of the original Mortgage, granted to the Indenture Trustee hereunder, subject to the provisions of
Section 2.05(b) of this Agreement. 
 (t) The terms of each Mortgage Note and each Mortgage have not been impaired, altered, waived or
modified in any respect, except by a written instrument which has been recorded, if necessary, to protect the interest of the Noteholders and which has been delivered to the Indenture Trustee. 
 (u) The proceeds of each Mortgage Loan have been fully disbursed, and there is no obligation on the part of the mortgagee to make future advances
thereunder. All costs, fees and expenses incurred in making or closing or recording such Mortgage Loans were paid. 
 (v) Except as otherwise
required by law or pursuant to the statute under which the related Mortgage Loan was made, the related Mortgage Note is not and has not been secured by any collateral, pledged account or other security except the lien of the corresponding Mortgage.

 (w) No Mortgage Loan was originated under a buydown plan. 
 (x) No Mortgage Loan provides for negative amortization, has a shared appreciation feature, or other contingent interest feature. 
 (y) Each Mortgaged Property is located in the state identified in the Mortgage Loan Schedule and consists of one or more parcels of real property with a residential dwelling erected thereon and that no residence or
dwelling is a mobile home. 
 (z) Each Mortgage securing a Mortgage Note contains a provision for the acceleration of the payment of the
unpaid Principal Balance of the related Mortgage Loan in the event the related Mortgaged Property is sold without the prior consent of the mortgagee thereunder. 
  

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 (aa) Any advances made after the date of origination of a Mortgage Loan but prior to the Cut-Off Date,
have been consolidated with the outstanding principal amount secured by the related Mortgage, and the secured principal amount, as consolidated, bears a single interest rate and single repayment term reflected on the Mortgage Loan Schedule. The
consolidated principal amount does not exceed the original principal amount of the related Mortgage Loan. No Mortgage Note permits or obligates the Depositor, the Servicer, the Sponsor or any other Person to make future advances to the related
Mortgagor at the option of the Mortgagor. 
 (bb) There is no proceeding pending or threatened for the total or partial condemnation of any
Mortgaged Property, nor is such a proceeding currently occurring, and each Mortgaged Property is undamaged by waste, fire, earthquake or earth movement, flood, tornado or other casualty, so as to affect adversely the value of the Mortgaged Property
as security for the Mortgage Loan or the use for which the premises were intended. 
 (cc) All of the improvements which were included for
the purposes of determining the Appraised Value of any Mortgaged Property lie wholly within the boundaries and building restriction lines of such Mortgaged Property, and no improvements on adjoining properties encroach upon such Mortgaged Property,
except as stated in the related title insurance policy and affirmatively insured. 
 (dd) No improvement located on or being part of any
Mortgaged Property is in violation of any applicable zoning law or regulation. As of the related date of origination, all inspections, licenses and certificates required to be made or issued with respect to all occupied portions of each Mortgaged
Property and, with respect to the use and occupancy of the same, including, but not limited to, certificates of occupancy and fire underwriting certificates, have been made or obtained from the appropriate authorities and such Mortgaged Property is
lawfully occupied under the applicable law. 
 (ee) With respect to each Mortgage constituting a deed of trust, a trustee, duly qualified
under applicable law to serve as such, has been properly designated and currently so serves and is named in such Mortgage, and no fees or expenses are or will become payable by the Sponsor, the Depositor, or the Issuing Entity to the trustee under
the deed of trust, except in connection with a trustee’s sale after default by the related Mortgagor. 
 (ff) [Reserved.] 
 (gg) [Reserved.] 
 (hh) Each Mortgage
contains customary and enforceable provisions which render the rights and remedies of the holder thereof adequate for the realization against the related Mortgaged Property of the benefits of the security, including (i) in the case of a
Mortgage designated as a deed of trust, by trustee’s sale and (ii) otherwise by judicial foreclosure. There is no homestead or other exemption available which materially interferes with the right to sell the related Mortgaged Property at a
trustee’s sale or the right to foreclose the related Mortgage. 
  

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 (ii) There is no default, breach, violation or event of acceleration existing under any Mortgage or the
related Mortgage Note and no event which, with the passage of time or with notice and the expiration of any grace or cure period, would constitute a default, breach, violation or event of acceleration; and the Depositor has not waived any default,
breach, violation or event of acceleration. 
 (jj) No instrument of release or waiver has been executed in connection with any Mortgage
Loan, and no Mortgagor has been released, in whole or in part. 
 (kk) [Reserved.] 
 (ll) The Sponsor has no actual knowledge that there exists on any Mortgaged Property any hazardous substances, hazardous wastes or solid wastes, as such
terms are defined in the CERCLA, the Resource Conservation and Recovery Act of 1976, or other federal, state or local environmental legislation. 
 (mm) No action, error, omission, misrepresentation, negligence, fraud or similar occurrence with respect to the origination of a Mortgage Loan has taken place on the part of any person, including, without limitation, the Mortgagor, any
appraiser, any builder or developer, or any other party involved in the origination of the Mortgage Loan or in the application of any insurance in relation to such Mortgage Loan. 
 (nn) The Sponsor has not solicited the Mortgagor in connection with any refinancing. 
 (oo) If the Mortgage Loan is an adjustable rate Mortgage Loan, all of the adjustments to the Mortgage Interest Rate, to the amount of the monthly
payment, and to the principal balance have been made in accordance with the terms of the related Mortgage Note. 
 (pp) The origination and
collection practices used with respect to the Mortgage Loan have been in all respects legal, proper, prudent and customary in the mortgage origination and servicing business. 
 (qq) Except with respect to AVM Mortgage Loans, an appraisal of the related Mortgaged Property was made and signed, prior to the approval of the Mortgage
Loan application, by a qualified appraiser who met the requirements of the Sponsor’s appraisal policy and procedures and who had no interest, direct or indirect in the Mortgaged Property or in any loan made on the security thereof, whose
compensation was not affected by the approval or disapproval of the Mortgage Loan, with respect to each AVM Mortgage Loan, the Mortgage File contains an insured automated valuation meeting the requirements of the Sponsor’s Underwriting
Guidelines. 
 (rr) The Mortgagor has received all disclosure materials required by applicable law with respect to the making of adjustable
rate mortgage loans; and if the Mortgage Loan is a refinanced Mortgage Loan, the Mortgagor has received all disclosure and rescission materials required by applicable law with respect to the making of a refinanced Mortgage Loan, and evidence of such
receipt is and will remain in the Servicer’s file. 
  

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 (ss) If the residential dwelling on the Mortgaged Property is a condominium unit or a unit in a planned
unit development (other than a de minimis planned unit development), such condominium or planned unit development project meets the Sponsor’s eligibility requirements. 
 (tt) None of the Mortgage Loans was more than one payment past due or had been dishonored. Except for forty-five Mortgage Loans were thirty or more days
contractually delinquent one or two times during the previous twelve months from the Cut-off Date, twenty-nine Mortgage Loans were thirty or more days contractually delinquent two times during the previous twelve months from the Cut-off Date, and
one loan that was sixty days contractually delinquent one time during the previous twelve months from the Cut-off Date, none of the Mortgage Loans have been thirty or more days contractually delinquent more than one time during the previous twelve
months from the Cut-off Date. The number of Mortgage Loans which are more than 30 days delinquent does not exceed 20% of the Initial Pool Balance of the Mortgage Loans. 
 (uu) The Sponsor has not advanced funds, or induced, solicited or knowingly received any advance of funds by a person other than the Mortgagor, directly or indirectly, for the payment of any amount required under the
Mortgage Loan, except for interest prepaid upon the closing of the Mortgage Loan. No Mortgage Loan contains any provision pursuant to which Monthly Payments are: (i) paid or partially paid with funds deposited in any separate account
established by the Sponsor, the Mortgagor, or anyone on behalf of the Mortgagor or (ii) paid by any source other than the Mortgagor. The Mortgage Loan is not deemed a graduated payment mortgage loan and the Mortgage Loan does not have a shared
appreciation or other contingent interest feature. 
 (vv) No foreclosure proceedings are pending against the Mortgaged Property and the
Mortgage Loan is not subject to any pending bankruptcy or insolvency proceeding, and to the Sponsor’s best knowledge, no material litigation or material lawsuit relating to the Mortgage Loan is pending. 
 (ww) Principal payments on the Mortgage Loan commenced or will commence within sixty days after the proceeds of the Mortgage Loan were disbursed.

 (xx) With respect to escrow deposits, if any, all such payments are in the possession of, or under the control of, the Servicer and there
exists no deficiencies in connection therewith for which customary arrangements for repayment thereof have not been made or could be made. No escrow deposits or escrow advances or other charges or payments due the Servicer have been capitalized
under any Mortgage or the related Mortgage Note. 
 (yy) With respect to the conveyance of the Mortgage Loans by the Sponsor to the
Depositor, the Sponsor used no selection procedures that identified the Mortgage Loans as being less desirable or valuable than other comparable mortgage loans originated or acquired by the Sponsor. The Mortgage Loans are representative of the
Sponsor’s portfolio of fixed-rate or adjustable-rate mortgage loans, as applicable. With respect to the conveyance of the Mortgage Loans pursuant to this Agreement, the Depositor used no selection procedures that identified the Mortgage Loans
as being less desirable or valuable than other comparable mortgage loans originated or acquired by the Depositor. The Mortgage Loans are representative of the Depositor’s portfolio of fixed-rate or adjustable-rate mortgage loans, as applicable.

  

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 (zz) Each Mortgage Loan conforms, and all such Mortgage Loans in the aggregate conform in all material
respects to the description thereof set forth in the Prospectus Supplement. 
 (aaa) All requirements for the valid transfer of each
Insurance Policy, including any assignments or notices required in each Insurance Policy, have been satisfied. 
 (bbb) This Agreement
creates a valid and continuing security interest (as defined in the applicable UCC) in the Mortgage Loans in favor of the Indenture Trustee, which security interest is prior to all other liens, and is enforceable as such as against creditors of and
purchasers from the Depositor. 
 (ccc) The Mortgage Loans constitute “instruments” within the meaning of the applicable UCC.

 (ddd) The Sponsor received all consents and approvals required by the terms of the Mortgage Loans to the contribution of the Mortgage
Loans pursuant to the Contribution Agreement to the Depositor and the Depositor has received all consents and approvals required by the terms of the Mortgage Loans to the sale of the Mortgage Loans hereunder to the Owner Trustee and the subsequent
pledge to the Indenture Trustee. 
 (eee) Other than the security interest granted to the Indenture Trustee pursuant to the Indenture,
neither the Sponsor nor the Depositor has pledged, assigned, sold, granted a security interest in, or otherwise conveyed any of the Mortgage Loans. Neither the Sponsor nor the Depositor has authorized the filing of nor is aware of any financing
statements against the Sponsor or the Depositor that include a description of collateral covering the Mortgage Loans other than any financing statement relating to the security interest granted to the Indenture Trustee hereunder or that has been
terminated. Neither the Sponsor nor the Depositor is aware of any judgment or tax lien filings affecting the Mortgage Loans against either the Depositor or the Sponsor. 
 (fff) All financing statements filed or to be filed against the Sponsor or the Depositor in favor of the Indenture Trustee in connection herewith describing the Mortgage Loans contain a statement to the following
effect: “A purchase of or security interest in any collateral described in this financing statement will violate the rights of the Indenture Trustee.” 
 (ggg) None of the Mortgage Loans are classified as (a) “high cost” loans under the Home Ownership and Equity Protection Act of 1994 or (b) “high cost,” “threshold,”
“covered”, “predatory” or “abusive” loans under any other applicable state, federal or local law (including without limitation any regulation or ordinance) (or a similarly classified loan using different terminology
under a law imposing heightened regulatory scrutiny or additional legal liability for residential mortgage loans having high interest rates, points and/or fees). 
 (hhh) No proceeds from any Mortgage Loan were used to finance single-premium credit insurance policies. With respect to each Mortgage Loan, no borrower obtained a prepaid single-premium credit-life, credit-disability,
credit unemployment or credit property insurance policy in connection with the origination of the mortgage loan. 
  

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 (iii) No Mortgage Loan is a “High Cost Home Loan” or “Covered Loan,” as applicable,
(as such terms are defined in the then current Standard & Poor’s LEVELS Glossary which is now Version 5.6c Revised, Appendix E) and no Mortgage Loan originated on or after October 1, 2002 through March 6, 2003 is governed by
the Georgia Fair Lending Act. No Mortgage Loan that was originated on or after October 1, 2002 and before March 7, 2003 is secured by property located in the State of Georgia. There is no Mortgage Loan that was originated on or after
March 7, 2003 which is a “high cost home loan” as defined under the Georgia Fair Lending Act. 
 (jjj) No Mortgage Loan is
secured by a leasehold interest, unless such leasehold interest extends 60 months beyond the stated maturity of the Mortgage Note. 
 (kkk)
There is no pending action or proceeding directly involving the Mortgaged Property in which compliance with any environmental law, rule or regulation is an issue. Based upon customary and prudent residential mortgage industry underwriting standards,
there is no violation of any environmental law, rule or regulation with respect to the Mortgaged Property, and nothing further remains to be done to satisfy in full all requirements of each such law, rule or regulation constituting a prerequisite to
use and enjoyment of said property. 
 (lll) The Mortgagor has not notified Accredited, and Accredited has no knowledge of any relief
requested or allowed to the Mortgagor under the Servicemembers Civil Relief Act or any similar state statute. 
 (mmm) No Mortgage Loan was
made in connection with the construction (other than a “construct to perm” loan) or rehabilitation of a Mortgaged Property or facilitating the trade in or exchange of a Mortgaged Property. 
 (nnn) Accredited has complied with all applicable anti money laundering laws and regulations, including without limitation the USA Patriot Act of 2001
(collectively, the “Anti-Money Laundering Laws”). 
 (ooo) No Mortgage Loan imposes a Prepayment Charge for a term in excess of
five years. 
 (ppp) No Mortgage Loan is a “High-Cost Home Loan” as defined in the New Jersey Home Ownership Act, effective as of
November 27, 2003, or the Home Loan Protection Act of New Mexico, effective as of January 1, 2004. 
 (qqq) No Mortgage Loan is a
“High-Cost Home Loan” as defined in the Massachusetts Predatory Home Loan Practice Act effective November 7, 2004 (MA House Bill 4880). 
 (rrr) [Reserved.] 
  

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 (sss) A breach of any one of the representations set forth in paragraphs (ggg), (hhh), (iii) and
(qqq) above, will be deemed to materially and adversely affect the interests of the Noteholders and shall require a repurchase of the affected Mortgage Loan pursuant to Section 4.02. 
 It is understood and agreed that the representations, warranties and covenants set forth in this Section 4.01 shall survive delivery of the
respective Indenture Trustee’s Mortgage Files to the Indenture Trustee and shall inure to the benefit of the Indenture Trustee on behalf of the Noteholders. 
 Section 4.02. Purchase and Substitution. (a) It is understood and agreed that the representations and warranties set forth in Section 4.01 shall survive the transfer of the Mortgage Loans by the
Depositor to the Issuing Entity, the subsequent pledge thereof by the Issuing Entity to the Indenture Trustee, for the benefit of the Noteholders, and the delivery of the Notes to the Noteholders, and shall continue in full force and effect,
notwithstanding any restrictive or qualified endorsement on the Mortgage Notes and notwithstanding subsequent termination of this Agreement. 
 (b) Upon discovery by the Depositor, the Sponsor, the Servicer, the Indenture Trustee or a Noteholder of a breach of any of the representations and warranties in Section 4.01 which materially and adversely affects the value of any
Mortgage Loan, or which materially and adversely affects the interests of the Noteholders in the related Mortgage Loan, the party discovering such breach or failure shall promptly (and in any event within five (5) days of the discovery) give
written notice thereof to the others. Within sixty (60) days of the earlier of its discovery or its receipt of notice of any breach of a representation or warranty, the Depositor shall, and if the Depositor fails to, then the Sponsor shall
(a) promptly cure such breach in all material respects, (b) purchase such Mortgage Loan on a Servicer Remittance Date, in the manner and at the price specified in Section 2.06(b) and this Section 4.02, or (c) remove such
Mortgage Loan from the Trust Estate (in which case it shall become a Deleted Mortgage Loan) and substitute one or more Qualified Substitute Mortgage Loans in the manner specified in Section 2.06 and this Section 4.02. The Indenture Trustee
shall deliver prompt written notice to the Rating Agencies of any repurchase or substitution made pursuant to this Section 4.02 or Section 2.06(b). 
 (c) As to any Deleted Mortgage Loan for which the Depositor or the Sponsor substitutes a Qualified Substitute Mortgage Loan or Loans, the Servicer shall cause the Depositor or Sponsor to effect such substitution by
delivering to the Indenture Trustee a certification, in the form attached hereto as Exhibit F, executed by a Servicing Officer, and the documents described in Sections 2.05(a)(i)-(vi) for such Qualified Substitute Mortgage Loan or Loans.

 (d) The Servicer shall deposit in the Collection Account all payments received in connection with such Qualified Substitute Mortgage Loan
or Loans after the date of such substitution. Monthly Payments due with respect to Qualified Substitute Mortgage Loans in or before the Due Period in which the substitution occurs shall not be part of the Trust Estate and will be retained by the
Sponsor on the next succeeding Payment Date. For the Due Period in which the substitution occurs, distributions to Noteholders will include the Monthly Payment due on any Deleted Mortgage Loan for such Due Period and thereafter the Sponsor shall be
entitled 

  

 25 

 
to retain all amounts received in respect of such Deleted Mortgage Loan. The Servicer shall give written notice to the Indenture Trustee that such
substitution has taken place and shall amend the Mortgage Loan Schedule to reflect the removal of such Deleted Mortgage Loan from the terms of this Agreement and the substitution of the Qualified Substitute Mortgage Loan or Loans. Upon such
substitution, such Qualified Substitute Mortgage Loan or Loans shall be subject to the terms of this Agreement in all respects. 
 (e) With
respect to any Mortgage Loan that has been converted to an REO Mortgage Loan, all references in this Section 4.02 or Section 2.06 to “Mortgage Loan” shall be deemed to also refer to the REO Mortgage Loan. With respect to any
Mortgage Loan that the Depositor and Sponsor are required to repurchase that is or becomes a Liquidated Mortgage Loan, in lieu of repurchasing such Mortgage Loan, the Servicer shall deposit into the Payment Account, pursuant to Section 8.01 of
the Indenture, an amount equal to the amount of the Liquidated Loan Loss, if any, incurred in connection with the liquidation of such Mortgage Loan within the same time period in which the Servicer, Depositor or Sponsor would have otherwise been
required to repurchase such Mortgage Loan. 
 (f) It is understood and agreed that the obligations of the Depositor and the Sponsor set forth
in Sections 2.06 and 4.02 to cure, purchase or substitute for a defective Mortgage Loan, or to indemnify as described in Section 4.02(g) constitute the sole remedies of the Indenture Trustee and the Noteholders respecting a breach of the
representations and warranties of the Sponsor set forth in Section 4.01 of this Agreement. 
 (g) The Sponsor shall be obligated to
indemnify the Depositor, the Indenture Trustee, the Issuing Entity, the Owner Trustee and the Noteholders for any third party claims arising out of a breach by the Sponsor of representations or warranties regarding the Mortgage Loans. 
 ARTICLE V 
 ADMINISTRATION AND
SERVICING OF THE MORTGAGE LOANS 
 Section 5.01. The Servicer. (a) The Servicer shall service and administer the
Mortgage Loans in accordance with this Agreement and in accordance with Accepted Servicing Practices and all applicable requirements of the Servicing Criteria, and shall have full power and authority, acting alone, to do or cause to be done any and
all things in connection with such servicing and administration which it may deem necessary or desirable. 
 (b) The Servicer shall exercise
its discretion consistent with Accepted Servicing Practices and the terms of this Agreement, with respect to the enforcement of defaulted Mortgage Loans in such manner as will maximize the receipt of principal and interest with respect thereto,
including but not limited to the sale of such Mortgage Loan to a third party, the modification of such Mortgage Loan, or foreclosure upon the related property with a Mortgage and disposition thereof. 
 (c) The duties of the Servicer shall include collecting and posting of all payments, responding to inquiries of Mortgagors or by federal, state or local
government 

  

 26 

 
authorities with respect to the Mortgage Loans, investigating delinquencies, reporting tax information to Mortgagors in accordance with its customary
practices and accounting for collections and furnishing monthly and annual statements to the Indenture Trustee with respect to distributions, paying Compensating Interest and making Delinquency Advances and Servicing Advances pursuant hereto. The
Servicer shall follow its customary standards, policies and procedures in performing its duties as Servicer. The Servicer shall cooperate with the Indenture Trustee and furnish to the Indenture Trustee with reasonable promptness information in its
possession as may be necessary or appropriate to enable the Indenture Trustee to perform its tax reporting duties hereunder. The Indenture Trustee shall furnish the Servicer with any powers of attorney and other documents as the Indenture Trustee
shall deem necessary or appropriate to enable the Servicer to carry out its servicing and administrative duties hereunder; provided, however, the Servicer shall prepare for and deliver to the Indenture Trustee for its execution any such powers of
attorney; provided, further, that the Indenture Trustee shall not be responsible for any misuse of any such power of attorney. Notwithstanding anything contained herein to the contrary, the Servicer shall not, without the Indenture Trustee’s
written consent, other than routine foreclosure actions: (i) initiate any action, suit or proceeding directly relating to the servicing of the Mortgage Loan solely under the Indenture Trustee’s name without indicating the Servicer’s
representative capacity, (ii) initiate any other action, suit or proceeding not directly relating to the servicing of any Mortgage Loan (including but not limited to actions, suits or proceedings against Noteholders or Certificateholders, or
against the Depositor for breaches of representations and warranties) solely under the Indenture Trustee’s name, (iii) engage counsel to represent the Indenture Trustee in any action, suit or proceeding not directly related to the
servicing of any Mortgage Loan (including but not limited to actions, suits or proceedings against Noteholders or Certificateholders, or against the Depositor for breaches of representations and warranties, or (iv) prepare, execute or deliver
any government filings, forms, permits, registrations or other documents or take any action with the intent to cause, and that actually causes, the Indenture Trustee to be registered to do business in any state. 
 (d) [Reserved.] 
 (e) The Servicer shall, in
accordance with Accepted Servicing Practices, have the right to approve requests of Mortgagors for consent to (i) partial releases of Mortgage Loans and (ii) alterations, removal, demolition or division of Mortgaged Properties subject to
Mortgage Loans. No such request shall be approved by the Servicer unless: (x) the provisions of the related Mortgage Note have been complied with; (y) the LTV (which may, for this purpose, be determined at the time of any such action)
after any release does not exceed the LTV set forth for such Mortgage Loan in the Mortgage Loan Schedule; and (z) the lien priority, monthly payment, Mortgage Interest Rate or maturity date of the related Mortgage is not affected except in
accordance with Section 5.01(f); provided, however, that the foregoing requirements (x), (y) and (z) shall not apply to any such situation described in this paragraph if such situation results from any condemnation or
easement activity by a governmental entity. 
 (f) Notwithstanding anything else contained herein, the Servicer may not agree to a
modification or extension of any Mortgage Loan unless both (i) such Mortgage Loan is in default or a default thereon is reasonably foreseeable and (ii) such modification or extension would not result in the Servicer agreeing to
modifications or extensions on Mortgage Loans with Initial Pool Balances of more than 5.0% of the Maximum Collateral Amount. In addition, the 

  

 27 

 
Servicer may not agree to more than (i) one modification or extension with respect to any individual Mortgage Loan in a calendar year or (ii) three
modifications or extensions of an individual Mortgage Loan during the life of such Mortgage Loan. 
 (g) [Reserved.] 
 (h) Without limiting the generality of the foregoing, but subject to Sections 5.05 and 5.06, the Servicer in its own name may be authorized and empowered
pursuant to a power of attorney executed and delivered by the Indenture Trustee to execute and deliver, and may be authorized and empowered by the Indenture Trustee, to execute and deliver, on behalf of itself, the Noteholders and the Indenture
Trustee or any of them, (i) any and all instruments of satisfaction or cancellation or of partial or full release or discharge and all other comparable instruments with respect to the Mortgage Loans and with respect to the Mortgaged Properties,
(ii) and to institute foreclosure proceedings or obtain a deed in lieu of foreclosure so as to effect ownership of any Mortgaged Property on behalf of the Indenture Trustee, and (iii) to hold title to any Mortgaged Property upon such
foreclosure or deed in lieu of foreclosure on behalf of the Indenture Trustee; provided, however, that Section 5.07(a) shall constitute a power of attorney from the Indenture Trustee to the Servicer to execute an instrument of
satisfaction (or assignment of mortgage without recourse) with respect to any Mortgage Loan paid in full (or with respect to which payment in full has been escrowed). Subject to Sections 5.05 and 5.06, the Indenture Trustee shall furnish the
Servicer with any powers of attorney and other documents as the Servicer shall reasonably request to enable the Servicer to carry out its servicing and administrative duties hereunder; provided, however, the Servicer shall prepare for and deliver to
the Indenture Trustee for its execution any such powers of attorney; provided, further, that the Indenture Trustee shall not be responsible for any misuse of any such power of attorney. Notwithstanding anything contained herein to the contrary, the
Servicer shall not, without the Indenture Trustee’s written consent, other than routine foreclosure actions: (i) initiate any action, suit or proceeding directly relating to the servicing of the Mortgage Loan solely under the Indenture
Trustee’s name without indicating the Servicer’s representative capacity, (ii) initiate any other action, suit or proceeding not directly relating to the servicing of any Mortgage Loan (including but not limited to actions, suits or
proceedings against Noteholders or Certificateholders, or against the Depositor for breaches of representations and warranties) solely under the Indenture Trustee’s name, (iii) engage counsel to represent the Indenture Trustee in any
action, suit or proceeding not directly related to the servicing of any Mortgage Loan (including but not limited to actions, suits or proceedings against Noteholders or Certificateholders, or against the Depositor for breaches of representations and
warranties, or (iv) prepare, execute or deliver any government filings, forms, permits, registrations or other documents or take any action with the intent to cause, and that actually causes, the Indenture Trustee to be registered to do
business in any state. 
 (i) The Servicer shall give prompt notice to the Indenture Trustee of any action, of which the Servicer has actual
knowledge, to (i) assert a claim against the Issuing Entity or (ii) assert jurisdiction over the Trust. 
 (j) Servicing Advances
incurred by the Servicer in connection with the servicing of the Mortgage Loans (including any penalties in connection with the payment of any taxes and assessments or other charges) on any Mortgaged Property shall be recoverable by the Servicer to
the extent described herein. 
  

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 (k) The Servicer shall be entitled to rely, and shall be fully protected in relying, upon any promissory
note, writing, resolution, notice, consent, certificate, affidavit, letter, e-mail, cablegram, telegram, telecopy, telex or teletype message, statement, order or other document reasonably believed by it to be genuine and correct and to have been
signed, sent or made by the proper person or persons and upon advice and statements of legal counsel (including, without limitation, counsel to the Mortgagor(s)), independent accountants and other experts selected by the Servicer. 
 (l) The Servicer shall have no liability to the Depositor, the Sponsor, the Indenture Trustee, the Owner Trustee, any Noteholder or any other Person for
any action taken, or for refraining from the taking of any action, in good faith pursuant to this Agreement, or for errors in judgment; provided, however, that the foregoing shall not apply to any breach of representations or warranties made by the
Servicer herein, or to any specific liability imposed upon the Servicer pursuant to this Agreement or any liability that would otherwise be imposed upon the Servicer by reason of its willful misconduct, bad faith or negligence in the performance of
its duties hereunder or by reason of its failure to perform its obligations or duties hereunder. 
 (m) The Servicer further is authorized
and empowered by the Indenture Trustee, on behalf of the Noteholders and the Indenture Trustee, when the Servicer believes it is appropriate in its best judgment to register any Mortgage Loan on the MERS System, or cause the removal from the
registration of any Mortgage Loan on the MERS System, to execute and deliver, on behalf of the Indenture Trustee and the Noteholders or any of them, any and all instruments of assignment and other comparable instruments with respect to such
assignment or re-recording of a Mortgage in the name of MERS, solely as nominee for the Indenture Trustee and its successors and assigns. Any expenses incurred in connection with the actions described in the preceding sentence shall be reimbursable
to the Servicer as Servicing Advances. 
 (n) The Servicer shall not permit a subservicer, subcontractor or Servicing Function Participant to
perform any Servicing Function hereunder with respect to the Mortgage Loans unless such Servicing Function Participant first agrees in writing with the Servicer to deliver an Assessment of Compliance and an Attestation Report in such manner and at
such time that permits the Servicer to comply with Section 5.10 hereof. 
 Section 5.02. Collection of Certain Mortgage Loan
Payments; Collection Account. (a) The Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Mortgage Loans, and shall, to the extent such procedures shall be consistent with this
Agreement, follow Accepted Servicing Practices. Consistent with the foregoing, the Servicer may in its discretion waive any assumption fees or other fees which may be collected in the ordinary course of servicing such Mortgage Loans. 
 (b) The Servicer shall establish and maintain, in the name of the Indenture Trustee, a segregated account (the “Collection Account”), in trust
for the benefit of the Noteholders. The Collection Account shall be established and maintained as an Eligible Account. 
  

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 (c) The Servicer shall deposit in the Collection Account any amounts representing Monthly Payments on the
Mortgage Loans due or to be applied as of a date after the Cut-Off Date on each Business Day, not more than two Business Days after the date of collection, the following payments and collections received or made by it (other than in respect of
monthly payments of principal on and interest of the Mortgage Loans that were due on or before the related Cut-Off Date and Monthly Payments due on January 1, 2007): 
 (i) payments of interest on the Mortgage Loans including Prepayment Charges; 
 (ii) payments of principal of the Mortgage Loans, including Principal Prepayments; 
 (iii) the Loan Repurchase Price of Mortgage Loans repurchased pursuant to Sections 2.06(b) or 4.02; 
 (iv) the Substitution Adjustment received in connection with Mortgage Loans for which Qualified Substitute Mortgage Loans are received
pursuant to Sections 2.06 and 4.02; 
 (v) all Net REO Proceeds; 
 (vi) all Net Liquidation Proceeds; and 
 (vii) all Insurance Proceeds (including, for this purpose, any amounts required to be deposited by the Servicer pursuant to Section 5.04 hereof). 
 It is understood that the Servicer need not deposit amounts representing fees, late payment charges or extension or other administrative charges (other
than Prepayment Charges) payable by Mortgagors, or amounts received by the Servicer for the account of Mortgagors for application towards the payment of taxes, insurance premiums, assessments and similar items or foreclosure proceeds to the extent
payable to the related Mortgagor. 
 (d) The Servicer shall invest any funds in the Collection Account in Permitted Investments, which shall
mature not later than the Business Day next preceding the Servicer Remittance Date next following the date of such investment (except that any investment held by the Indenture Trustee may mature on such Servicer Remittance Date) and shall not be
sold or disposed of prior to its maturity. All net income and gain realized from any such investment shall be for the benefit of the Servicer and shall be subject to its withdrawal or order on a Servicer Remittance Date. The Servicer shall deposit
from its own funds the amount of any loss, to the extent not offset by investment income or earnings, in the Collection Account upon the realization of such loss. 
 Section 5.03. Permitted Withdrawals from the Collection Account. The Servicer may make withdrawals from the Collection Account, on or prior to any Servicer Remittance Date, for the following purposes:

  

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 (a) to pay to the Sponsor amounts received in respect of any Defective Mortgage Loan purchased or
substituted for by the Sponsor to the extent that the payment of any such amounts on the Servicer Remittance Date upon which the proceeds of such purchase are paid would make the total amount distributed in respect of any such Mortgage Loan on such
Servicer Remittance Date greater than the Loan Repurchase Price or the Substitution Adjustment therefor; 
 (b) to reimburse the Servicer for
unreimbursed Delinquency Advances and unreimbursed Servicing Advances with respect to the Mortgage Loans for which it has made a Delinquency Advance or Servicing Advance, from late or deferred payments collected, collections other than timely
Monthly Payments, Liquidation Proceeds and/or the Loan Repurchase Price or Substitution Adjustment of or relating to such Mortgage Loans; 
 (c) to reimburse the Servicer for any Delinquency Advances and Servicing Advances determined in good faith to have become Nonrecoverable Advances, such reimbursement to be made from any funds in the Collection Account; 
 (d) to withdraw any amount received from a Mortgagor that is recoverable and sought to be recovered as a voidable preference by a trustee in bankruptcy
pursuant to the Bankruptcy Code in accordance with a final, nonappealable order of a court having competent jurisdiction; 
 (e) to withdraw
any funds deposited in the Collection Account that were not required to be deposited therein; 
 (f) to pay the Servicer the Servicing
Compensation pursuant to Section 5.08 hereof to the extent not retained or paid; 
 (g) [Reserved]; 
 (h) without duplication, and solely out of amounts which are payable to a former servicer pursuant to Section 7.02(g), to pay to the Indenture
Trustee or any successor servicer amounts paid by them in connection with the transfer of the Servicer’s servicing obligations pursuant to Article VII hereof and required under such Article VII to be borne by the Servicer; 
 (i) to withdraw income on the Collection Account as provided in Section 5.02(d); and 
 (j) amounts deposited into the Collection Account in respect of late fees, assumption fees and similar fees (other than Prepayment Charges). 

The Servicer shall keep and maintain a separate accounting for each Mortgage Loan for the purpose of accounting for withdrawals from the Collection
Account pursuant to this Section 5.03. 
 Section 5.04. Hazard Insurance Policies; Property Protection Expenses.
(a) The Servicer shall cause to be maintained with respect to each Mortgage Loan a hazard insurance policy with 

  

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a carrier licensed in the state in which the Mortgaged Property is located that provides for fire and extended coverage, and which provides for a recovery by
the named insured of insurance proceeds relating to such Mortgage Loan in an amount not less than the least of (i) the outstanding Principal Balance of the Mortgage Loan plus the outstanding principal balance of any mortgage loan senior to such
Mortgage Loan, but in no event shall such amount be less than is necessary to prevent the Mortgagor from becoming a coinsurer thereunder, (ii) the minimum amount required to compensate for loss or damage on a replacement cost basis and
(iii) the full insurable value of the related Mortgage Property. The Servicer shall also maintain on property acquired upon foreclosure, or by deed in lieu of foreclosure, hazard insurance with extended coverage in an amount which is at least
equal to the lesser of (i) the maximum insurable value from time to time of the improvements which are a part of such property or (ii) the sum of the Principal Balance of such Mortgage Loan and the principal balance of any mortgage loan
senior to such Mortgage Loan at the time of such foreclosure plus accrued interest and the good-faith estimate of the Servicer of related Liquidation Expenses to be incurred in connection therewith. Amounts collected by the Servicer under any such
policies shall be deposited in the Collection Account to the extent that they constitute Liquidation Proceeds or Insurance Proceeds. Each hazard insurance policy shall contain a standard mortgage clause naming the Servicer, its successors and
assigns, as mortgagee. The Servicer shall be under no obligation to require that any Mortgagor maintain earthquake (except as provided herein) or other additional insurance and shall be under no obligation itself to maintain any such additional
insurance on property acquired in respect of a Mortgage Loan, other than pursuant to such applicable laws and regulations as shall at any time be in force and as shall require such additional insurance. 
 (b) In the event that the Servicer shall obtain and maintain a blanket policy with an insurer which satisfies the corresponding requirements of Fannie
Mae or Freddie Mac, insuring against fire, flood and hazards of extended coverage on all of the Mortgage Loans, then, to the extent such policy names the Servicer as loss payee and provides coverage in an amount equal to the aggregate unpaid
Principal Balance on the Mortgage Loans without co-insurance, and otherwise complies with the requirements of this Section 5.04, the Servicer shall be deemed conclusively to have satisfied its obligations with respect to fire and hazard
insurance coverage under this Section 5.04, it being understood and agreed that such blanket policy may contain a deductible clause (payable by the Servicer), in which case the Servicer shall, in the event that there shall not have been
maintained on the related Mortgaged Property a policy complying with the preceding paragraph of this Section 5.04, and there shall have been a loss which would have been covered by such policy, deposit in the Collection Account from the
Servicer’s own funds the difference, if any, between the amount that would have been payable under a policy complying with the preceding paragraph of this Section 5.04 and the amount paid under such blanket policy. Upon the request of the
Indenture Trustee, the Servicer shall cause to be delivered to the Indenture Trustee, a certified true copy of such policy. 
 (c) If the
Mortgage Loan at the time of origination relates to a Mortgaged Property in an area identified in the Federal Register by the Federal Emergency Management Agency as having special flood hazards as designated to the Servicer by the Sponsor, the
Servicer will cause to be maintained with respect thereto a flood insurance policy in a form meeting the requirements of the current guidelines of the Federal Insurance Administration with a generally acceptable carrier in an amount representing
coverage, and which provides for a recovery by the Servicer on behalf of the Issuing Entity of insurance proceeds relating to such 

  

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Mortgage Loan of not less than the least of (i) the outstanding Principal Balance of the related Mortgage Loan, plus the principal balance of the
related first lien, if any, (ii) the minimum amount required to compensate for damage or loss on a replacement cost basis and (iii) the maximum amount of insurance that is available under the Flood Disaster Protection Act of 1973. The
Servicer shall indemnify the Issuing Entity out of the Servicer’s own funds for any loss to the Issuing Entity resulting from the Servicer’s failure to maintain the insurance required by this Section. 
 Section 5.05. Assumption and Modification Agreements. When a Mortgaged Property has been or is about to be conveyed by the Mortgagor, the
Servicer shall, to the extent it has knowledge of such conveyance or prospective conveyance, exercise its rights to accelerate the maturity of the related Mortgage Loan under any “due-on-sale” clause contained in the related Mortgage or
Mortgage Note; provided, however, that the Servicer shall not exercise any such right if (i) the “due-on-sale” clause, in the reasonable belief of the Servicer, is not enforceable under applicable law or (ii) the
Servicer reasonably believes that to permit an assumption of the Mortgage Loan would not materially and adversely affect the interest of the Noteholders. In such event, the Servicer shall enter into an assumption and modification agreement with the
Person to whom such property has been or is about to be conveyed, pursuant to which such Person becomes liable under the Mortgage Note and, unless prohibited by applicable law or the mortgage documents, the Mortgagor remains liable thereon. If the
foregoing is not permitted under applicable law, the Servicer is authorized to enter into a substitution of liability agreement with such Person, pursuant to which the original Mortgagor is released from liability and such Person is substituted as
Mortgagor and becomes liable under the Mortgage Note. The Mortgage Loan, if assumed, shall conform in all respects to the requirements and representations and warranties of this Agreement. The Servicer shall notify the Indenture Trustee that any
applicable assumption or substitution agreement has been completed by forwarding to the Indenture Trustee the original copy of such assumption or substitution agreement, which copy shall be added by the Indenture Trustee to the related Indenture
Trustee’s Mortgage File and which shall, for all purposes, be considered a part of such Indenture Trustee’s Mortgage File to the same extent as all other documents and instruments constituting a part thereof. The Servicer shall be
responsible for promptly recording any such assumption or substitution agreements. In connection with any such assumption or substitution agreement, the required monthly payment on the related Mortgage Loan shall not be changed but shall remain as
in effect immediately prior to the assumption or substitution, the stated maturity or outstanding Principal Balance of such Mortgage Loan shall not be changed, the Mortgage Interest Rate shall not be changed nor shall any required monthly payments
of principal or interest be deferred or forgiven. Any fee collected by the Servicer for consenting to any such conveyance or entering into an assumption or substitution agreement shall be retained by or paid to the Servicer as additional servicing
compensation. 
 Notwithstanding the foregoing paragraph or any other provision of this Agreement, the Servicer shall not be deemed to be in
default, breach or any other violation of its obligations hereunder by reason of any assumption of a Mortgage Loan by operation of law or any assumption which the Servicer may be restricted by law from preventing, for any reason whatsoever.

  

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 Secti on 5.06. Realization Upon Defaulted Mortgage Loans. (a) The Servicer shall
foreclose upon or otherwise comparably effect the ownership on behalf of the Issuing Entity of Mortgaged Properties relating to defaulted Mortgage Loans as to which no satisfactory arrangements can be made for collection of Delinquent payments and
which the Sponsor has not purchased pursuant to Section 5.15, unless the Servicer reasonably believes that Net Liquidation Proceeds with respect to such Mortgage Loan would not be increased as a result of such foreclosure or other action, in
which case, such Mortgage Loan will be charged-off and will become a Liquidated Mortgage Loan. The Servicer shall have no obligation to purchase any Mortgaged Property at any foreclosure sale. In connection with such foreclosure or other conversion,
the Servicer shall exercise foreclosure procedures with the same degree of care and skill in their exercise or use, as it would ordinarily exercise or use under the circumstances in the conduct of their own affairs. Any amounts including Liquidation
Expenses, advanced by the Servicer in connection with such foreclosure or other action shall constitute Servicing Advances. 
 Pursuant to
its efforts to sell any REO Property, the Servicer either itself or through an agent selected by the Servicer shall manage, conserve, protect and operate such REO Property in the same manner and to such extent as is customary in the locality where
such REO Property is located and may, incident to its conservation and protection of the interests of the Servicer, rent the same, or any part thereof, as the Servicer deems to be in the best interest of the Issuing Entity for the period prior to
the sale of such REO Property. The net income generated from the REO Property and the proceeds from a sale of any REO Property shall be deposited in the Collection Account. 
 (b) If the Servicer has reason to believe that a Mortgaged Property which the Servicer is contemplating acquiring in foreclosure or by deed in lieu of
foreclosure contains environmental or hazardous waste risks known to the Servicer, the Servicer shall notify the Indenture Trustee prior to acquiring the Mortgaged Property. The Servicer shall not institute foreclosure actions with respect to such a
property if it reasonably believes that such action would not be consistent with the Accepted Servicing Practices, and in no event shall the Servicer be required to manage, operate or take any other action with respect thereto which the Servicer in
good faith believes will result in “clean-up” or other liability under applicable law, unless the Servicer receives an indemnity acceptable to it in its sole discretion. 
 (c) The Servicer shall determine, with respect to each defaulted Mortgage Loan, when it has recovered, whether through trustee’s sale, foreclosure
sale or otherwise, all amounts if any it expects to recover from or on account of such defaulted Mortgage Loan, whereupon such Mortgage Loan shall become a Liquidated Mortgage Loan. 
 (d) Net Foreclosure Profits, if any, shall be paid directly to the Sponsor. 
 (e) With respect to its obligations under this Section 5.06, the Servicer shall take all such actions as it reasonably believes are consistent with
Accepted Servicing Practices. 
 Section 5.07. Indenture Trustee to Cooperate. (a) Upon the payment in full of any Mortgage
Loan or the receipt by the Servicer of a notification that payment in full will be escrowed in a manner customary for such purposes, the Servicer shall deliver to the Indenture Trustee one copy of a Request for Release. Upon receipt of such copy of
the Request for 

  

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Release, the Indenture Trustee shall promptly release the related Indenture Trustee’s Mortgage File, in trust to (i) the Servicer (ii) an
escrow agent or (iii) any employee, agent or attorney of the Indenture Trustee, in each case pending its release by the Servicer, such escrow agent or such employee, agent or attorney of the Indenture Trustee, as the case may be. Upon any such
payment in full, or the receipt of such notification that such funds have been placed in escrow, the Servicer is authorized to give, as attorney-in-fact for the Indenture Trustee and the mortgagee under the Mortgage which secured the Mortgage Note,
an instrument of satisfaction (or assignment of Mortgage without recourse) regarding the Mortgaged Property relating to such Mortgage, which instrument of satisfaction or assignment, as the case may be, shall be delivered to the Person or Persons
entitled thereto against receipt therefor of payment in full, it being understood and agreed that no expense incurred in connection with such instrument of satisfaction or assignment, as the case may be, shall be chargeable to the Collection
Account. 
 (b)(i) From time to time and as appropriate in the servicing of any Mortgage Loan, including, without limitation, foreclosure or
other comparable conversion of a Mortgage Loan, the Indenture Trustee shall (except in the case of the payment or liquidation pursuant to which the related Indenture Trustee’s Mortgage File is released to an escrow agent or an employee, agent
or attorney of the Indenture Trustee), upon request of the Servicer and delivery to the Indenture Trustee of one copy of a Request for Release, release the related Indenture Trustee’s Mortgage File to the Servicer and shall execute such
documents as shall be necessary to the prosecution of any such proceedings, including, without limitation, an assignment without recourse of the related Mortgage to the Servicer. The Indenture Trustee shall complete in the name of the Indenture
Trustee any endorsement in blank on any Mortgage Note prior to releasing such Mortgage Note to the Servicer. Such receipt shall obligate the Servicer to return the Indenture Trustee’s Mortgage File to the Indenture Trustee when the need
therefor by the Servicer no longer exists unless the Mortgage Loan shall be liquidated, in which case, the Servicer shall deliver one copy of a Request for Release indicating such loan has been paid in full. 
 (ii) Each Request for Release may be delivered to the Indenture Trustee (x) via mail or courier, (y) via facsimile or
(z) by such other means, including, without limitation, electronic or computer readable medium, as the Servicer and the Indenture Trustee shall mutually agree. The Indenture Trustee shall promptly release the related Indenture Trustee’s
Mortgage File(s) within five (5) Business Days of receipt of one copy of a properly completed Request for Release pursuant to clauses (x), (y) or (z) above or such shorter period as may be agreed upon by the Servicer and the Indenture
Trustee. Receipt of a Request for Release pursuant to clauses (x), (y) or (z) above shall be authorization to the Indenture Trustee to release such Indenture Trustee’s Mortgage Files, provided the Indenture Trustee has determined that
such Request for Release has been executed, with respect to clauses (x) or (y) above, or approved, with respect to clause (z) above, by a Servicing Officer of the Servicer. If the Indenture Trustee is unable to release the Indenture
Trustee’s Mortgage Files within the time frames previously specified, the Indenture Trustee shall immediately notify the Servicer, indicating the reason for such delay, but in no event shall such notification be later than seven
(7) Business Days after receipt of a Request for Release. If the Servicer, is required to pay penalties or damages due solely to the Indenture Trustee’s negligent failure to release the related Indenture Trustee’s Mortgage File or the
Indenture Trustee’s negligent failure to execute and release documents in a timely manner, the Indenture Trustee shall be liable for such penalties or damages. 
  

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 (c) No costs associated with the procedures described in this Section 5.07 shall be an expense of
the Issuing Entity or the Indenture Trustee and the Indenture Trustee shall have no liability or obligation whatsoever to pay or advance any such amounts, except for any penalties and damages as set forth in Section 5.07(b)(ii) above.

 Section 5.08. Servicing Compensation; Payment of Certain Expenses by Servicer. The Servicer shall be entitled to receive and
retain, out of collections on the Mortgage Loans for each Due Period, as servicing compensation for such Due Period, an amount (the “Servicing Fee”) equal to the product of one-twelfth of the Servicing Fee Rate and the aggregate
Stated Principal Balance of the Mortgage Loans as of the beginning of such Due Period. Additional servicing compensation in the form of assumption fees, late payment charges or extension and other administrative charges (other than Prepayment
Charges) shall be retained by the Servicer. The Servicer shall be required to pay all expenses incurred by it in connection with its activities hereunder (including payment of all other fees and expenses not expressly stated hereunder to be payable
by or from another source) and shall not be entitled to reimbursement therefor except as specifically provided herein. 
 Section 5.09.
Annual Statement as to Compliance. The Servicer will deliver to the Issuer, the Indenture Trustee, the Rating Agencies and the Sponsor on or before March 15th of each year, beginning March 15, 2008, an Officer’s Certificate of
the Servicer (an “Annual Statement of Compliance”) stating, that (a) a review of the activities of the Servicer, during the preceding calendar year and of its performance under this Agreement has been made under such officer’s
supervision and (b) to the best of such officer’s knowledge, based on such review, the Servicer has fulfilled all of its material obligations under this Agreement in all material respects throughout such year, or, if there has been a
default in the fulfillment of any such obligation, specifying each such default known to such officer and the nature and status thereof. Such Annual Statement of Compliance shall contain no restrictions or limitations on its use. In the event that
the Servicer has delegated any servicing responsibilities with respect to the Mortgage Loans to a subservicer or subcontractor that meets the criteria in Item 1108(a)(2)(i) through (iii) of Regulation AB, the Servicer, or the related
servicer (as the case may be) shall deliver a similar Annual Statement of Compliance by that subservicer or subcontractor to the Indenture Trustee, the Sponsor and the Rating Agencies as described above as and when required with respect to the
servicer. 
 Section 5.10. Assessments of Compliance and Attestation Reports. The Servicer shall service and administer the
Mortgage Loans in accordance with all applicable requirements of the Servicing Criteria. Pursuant to Rules 13a-18 and 15d-18 of the Exchange Act and Item 1122 of Regulation AB, each of the Servicer and the Indenture Trustee (each, an
“Attesting Party”) shall deliver to the Indenture Trustee on or before March 15th of each calendar year beginning in 2008, a report regarding such Attesting Party’s assessment of compliance (an “Assessment of
Compliance”) with the Servicing Criteria during the preceding calendar year. The Assessment of Compliance, as set forth in Regulation AB, must contain the following: 
 (a) A statement by such officer of its responsibility for assessing compliance with the Servicing Criteria applicable to the related Attesting Party; 
  

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 (b) A statement by such officer that such Attesting Party used the Servicing Criteria attached as Exhibit
H hereto, and which will also be attached to the Assessment of Compliance, to assess compliance with the Servicing Criteria applicable to the related Attesting Party; 
 (c) An assessment by such officer of the related Attesting Party’s compliance with the applicable Servicing Criteria for the period consisting of the preceding calendar year, including disclosure of any material
instance of noncompliance with respect thereto during such period, which assessment shall be based on the activities such Attesting Party performs with respect to asset-backed securities transactions taken as a whole involving the Servicer, that are
backed by the same asset type as the Mortgage Loans; and 
 (d) A statement that a registered public accounting firm has issued an
attestation report on the related Attesting Party’s Assessment of Compliance for the period consisting of the preceding calendar year. 
 Such report at a minimum shall address each of the Servicing Criteria specified on Exhibit H hereto which are indicated as applicable to the related Attesting Party. 
 On or before March 15th of each calendar year beginning in 2008, each Attesting Party specified in this Section shall furnish to the Indenture
Trustee and the Depositor a report (an “Attestation Report”) by a registered public accounting firm that attests to, and reports on, the Assessment of Compliance made by the Servicer, as required by Rules 13a-18 and 15d-18 of the Exchange
Act and Item 1122(b) of Regulation AB, which Attestation Report must be made in accordance with standards for attestation reports issued or adopted by the Public Company Accounting Oversight Board. 
 The Servicer or the Indenture Trustee, as the case may be shall cause any subservicer, and each subcontractor determined by it to be “participating
in the servicing function” within the meaning of Item 1122 of Regulation AB, to deliver to the Indenture Trustee and the Depositor an Assessment of Compliance and Attestation Report as and when provided above along with an indication of
what Servicing Criteria are addressed in such assessment. 
 Such Assessment of Compliance, as to any subservicer, shall at a minimum address
each of the Servicing Criteria specified on Exhibit H hereto which are indicated as applicable to any “primary servicer.” Notwithstanding the foregoing, as to any subcontractor (as defined in the related servicing agreement), an Assessment
of Compliance is not required to be delivered unless it is required as part of a Form 10-K with respect to the Issuing Entity. 
 The
Indenture Trustee shall also provide an Assessment of Compliance and Attestation Report, as and when provided above, which shall at a minimum address each of the Servicing Criteria specified on Exhibit H hereto which are indicated as applicable to
the “Indenture Trustee.” In addition, the Indenture Trustee shall deliver to the Sponsor and the Depositor an Assessment of Compliance and Attestation Report, as and when provided above, which shall at a minimum address each of the
Servicing Criteria specified on Exhibit H hereto which are indicated as applicable to a “custodian.” 
  

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 Section 5.11. Reports Filed with Securities and Exchange Commission. 
 (a)(i) (A) Within 15 days after each Distribution Date, the Indenture Trustee shall, in accordance with industry standards, file with the Commission
via the Electronic Data Gathering and Retrieval System (“EDGAR”), a Form 10-D, signed by the Servicer, with a copy of the monthly statement to be furnished by the Indenture Trustee to the Noteholders for such Distribution Date and
detailing all data elements specified in Item 1121(a) of Regulation AB; provided that the Indenture Trustee shall have received no later than five (5) calendar days after the related Servicer Reporting Date, all information required to be
provided to the Indenture Trustee as described in clause (a)(iv) below. Any disclosure in addition to the Monthly Statement that is required to be included on Form 10-D (“Additional Form 10-D Disclosure”) shall be approved by the
Depositor. 
 Within five (5) calendar days after the related Servicer Reporting Date, (i) the parties set forth in Exhibit I shall
be required to provide, pursuant to section 5.11(a)(iv) below, to the Indenture Trustee and the Depositor, to the extent known (by a Responsible Officer in the case of the Owner Trustee), in EDGAR-compatible format at the email address set forth in
Section 10.06 with respect to the Indenture Trustee, or in such other form as otherwise agreed upon by the Indenture Trustee and the Depositor and such party, the form and substance of any Additional Form 10-D Disclosure, if applicable, and
(ii) the Depositor will approve, as to form and substance, or disapprove, as the case may be, the inclusion of the Additional Form 10-D Disclosure on Form 10-D. The Depositor will be responsible for any reasonable fees and expenses assessed or
incurred by the Indenture Trustee in connection with including any Additional Form 10-D Disclosure on Form 10-D pursuant to this Section. 
 (B) After preparing the Form 10-D, the Indenture Trustee shall forward electronically a draft copy of the Form 10-D to the Depositor and the Servicer for review. No later than two (2) Business Days prior to the 15th calendar day after the related Distribution Date, either the Depositor or a senior officer of the Servicer in charge of the
servicing function shall sign the Form 10-D and return an electronic or fax copy of such signed Form 10-D (with an original executed hard copy to follow by overnight mail) to the Indenture Trustee. If a Form 10-D cannot be filed on time or if a
previously filed Form 10-D needs to be amended, the Indenture Trustee will follow the procedures set forth in Section 5.11(a)(v). Promptly (but no later than one (1) Business Day) after filing with the Commission, the Sponsor will make
available on its internet website a final executed copy of each Form 10-D. The signing party at the Depositor or the Servicer can be contacted as set forth in Section 10.06. The parties to this Agreement acknowledge that the performance by the
Indenture Trustee of its duties under Sections 5.11(a)(i) and (v) related to the timely preparation and filing of Form 10-D is contingent upon such parties strictly observing all applicable deadlines in the performance of their duties under
such Sections. The Indenture Trustee shall have no liability for any loss, expense, damage, claim arising out of or with respect to any failure to properly prepare and/or timely file such Form 10-D, where such failure results from the Indenture
Trustee’s inability or failure to receive, on a timely basis, any information from any other party hereto needed to prepare, arrange for execution or file such Form 10-D, not resulting from its own negligence, bad faith or willful misconduct.

 (ii) (A) Within four (4) Business Days after the occurrence of an event requiring disclosure on Form 8-K (each such event, a
“Reportable Event”), the Depositor shall prepare and 

  

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file on behalf of the Issuing Entity any Form 8-K, as required by the Exchange Act. Any disclosure or information related to a Reportable Event or that is
otherwise required to be included on Form 8-K (“Form 8-K Disclosure Information”) shall be approved by and prepared at the direction of the Depositor. 
 (B) For so long as the Issuing Entity is subject to the Exchange Act reporting requirements, no later than 12:00 p.m. Eastern Standard time on the 2nd Business Day after the occurrence of a Reportable Event
(i) the parties set forth in Exhibit I shall be required pursuant to Section 5.11(a)(iv) below to provide to the Depositor, to the extent known (by a Responsible Officer in the case of the Owner Trustee), in EDGAR-compatible format, or in
such other form as otherwise agreed upon by the Depositor and such party, the form and substance of any Form 8-K Disclosure Information, if applicable, and (ii) the Depositor will approve, as to form and substance, or disapprove, as the case
may be, the inclusion of the Form 8-K Disclosure Information on Form 8-K. 
 (iii) (A) Within 90 days after the end of each fiscal year
of the Issuing Entity or such earlier date as may be required by the Exchange Act (the “10-K Filing Deadline”) (it being understood that the fiscal year for the Issuing Entity ends on December 31st of each year), commencing in March 2008, the Indenture Trustee shall prepare and file on behalf of the Issuing Entity a Form 10-K, in form and
substance as required by the Exchange Act. Each such Form 10-K shall include the following items, in each case to the extent they have been delivered to the Indenture Trustee within the applicable time frames set forth in this Agreement, (1) an
annual compliance statement for the Servicer and any subservicer, as described under Section 5.09, the annual reports on assessment of compliance with Servicing Criteria for the Servicer, each subservicer and subcontractor participating in the
Servicing Function, each Servicing Function Participant, the Indenture Trustee and each custodian, as described under Section 5.10, (2) the registered public accounting firm attestation report for the Servicer, and the Indenture Trustee,
as described under Section 5.10, which shall identify any material instance of noncompliance, disclosure identifying such instance of noncompliance, and (3) a Sarbanes-Oxley Certification as described in this Section 5.11 (a)(iii)(D)
below. Any disclosure or information in addition to (1) through (3) above that is required to be included on Form 10-K (“Additional Form 10-K Disclosure”) shall be determined and prepared by and approved by the Depositor.

 (B) No later than March 5th of each year that the Issuing Entity is subject to the Exchange Act reporting requirements, commencing in
2008, (1) the parties set forth in Exhibit I shall be required to provide pursuant to Section 5.11(a)(iv) below to the Indenture Trustee and the Depositor, to the extent known (by a Responsible Officer in the case of the Owner Trustee), in
EDGAR-compatible format, at the email address set forth in Section 10.06 hereof with respect to the Indenture Trustee, or in such other form as otherwise agreed upon by the Indenture Trustee and the Depositor and such party, the form and
substance of any Additional Form 10-K Disclosure, if applicable, and (2) the Depositor will approve, as to form and substance, or disapprove, as the case may be, the inclusion of the Additional Form 10-K Disclosure on Form 10-K. The Depositor
will be responsible for any reasonable fees and expenses assessed or incurred by the Indenture Trustee in connection with including any Additional Form 10-K Disclosure on Form 10-K pursuant to this Section. 
  

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 (C) After preparing the Form 10-K, the Indenture Trustee shall forward electronically a draft copy of the
Form 10-K to the Depositor and the Servicer for review. No later than 12:00 p.m. Eastern Standard time on the 4th Business Day prior to the 10-K Filing Deadline, either the Depositor or a senior officer of the Servicer in charge of the servicing
function shall sign the Form 10-K and return an electronic or fax copy of such signed Form 10-K (with an original executed hard copy to follow by overnight mail) to the Indenture Trustee. If a Form 10-K cannot be filed on time or if a previously
filed Form 10-K needs to be amended, the Indenture Trustee will follow the procedures set forth in Section 5.11(a)(v). Promptly (but no later than one (1) Business Day) after filing with the Commission, the Sponsor will make available on
its internet website a final executed copy of each Form 10-K. The signing party at the Depositor or the Servicer can be contacted as set forth in Section 10.06. The parties to this Agreement acknowledge that the performance by the Indenture
Trustee of its duties under Sections 5.11(a)(iii) and (v) related to the timely preparation and filing of Form 10-K is contingent upon such parties strictly observing all applicable deadlines in the performance of their duties under such
Section 5.09 and Section 5.10. The Indenture Trustee shall have no liability for any loss, expense, damage, claim arising out of or with respect to any failure to properly prepare and/or timely file such Form 10-K, where such failure
results from the Indenture Trustee’s inability or failure to receive, on a timely basis, any information from any other party hereto needed to prepare, arrange for execution or file such Form 10-K, not resulting from its own negligence, bad
faith or willful misconduct. 
 (D) Each Form 10-K shall include a certification (the “Sarbanes-Oxley Certification”),
required to be included therewith pursuant to the Sarbanes-Oxley Act. The Servicer and the Indenture Trustee, shall and the Servicer shall cause any subservicer or subcontractor engaged by it to, provide to the Person who signs the Sarbanes-Oxley
Certification (the “Certifying Person”), by March 10 of each year in which the Issuing Entity is subject to the reporting requirements of the Exchange Act, a certification (each, a “Back-Up Certification”), in
the form attached hereto as Exhibit J-2, upon which the Certifying Person, the entity for which the Certifying Person acts as an officer, and such entity’s officers, directors and Affiliates (collectively with the Certifying Person,
“Certification Parties”) can reasonably rely. The senior officer of the Servicer shall serve as the Certifying Person on behalf of the Issuing Entity. Such officer of the Certifying Person can be contacted as set forth in
Section 10.06. In the event the Indenture Trustee is terminated or resigns pursuant to the terms of this Agreement, the Indenture Trustee shall provide a Back-Up Certification to the Certifying Person pursuant to this Section 5.11(a)(iii)
with respect to the period of time it was subject to this Agreement. 
 (iv) With respect to any Additional Form 10-D Disclosure or
Additional From 10-K Disclosure (collectively, the “Additional Disclosure”) relating to the Trust Estate, the Indenture Trustee’s obligation to include such Additional Information in the applicable Exchange Act report is subject to
receipt from the entity that is indicated in Exhibit I as the responsible party for providing that information, if other than the Indenture Trustee, as and when required as described in Section 5.11(a)(i) through (iii) above. Each of the
Servicer, Sponsor, and Depositor hereby agree to notify and provide to the extent known to the Indenture Trustee and the Depositor all Additional Disclosure relating to the Trust Estate, with respect to which such party is indicated in Exhibit I as
the responsible party for providing that information. 
  

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 (v) With respect to any Form 8-K Disclosure Information (collectively, the “8-K Additional
Disclosure”) relating to the Trust Estate, the Depositor’s obligation to include such 8-K Additional Information in the applicable Exchange Act report is subject to receipt from the entity that is indicated in Exhibit I as the responsible
party for providing that information, if other than the Depositor, as and when required as described in Section 5.11(a)(i) through (iii) above. Each of the Indenture Trustee, Servicer, Sponsor, and Depositor hereby agree to notify and
provide to the extent known to the Depositor all 8-K Additional Disclosure relating to the Trust Estate, with respect to which such party is indicated in Exhibit I as the responsible party for providing that information. 
 (vi) (A) On or prior to January 30 of the first year in which the Indenture Trustee is able to do so under applicable law, the Indenture
Trustee shall file a Form 15 relating to the automatic suspension of reporting in respect of the Issuing Entity under the Exchange Act. 
 (B) In the event that the Indenture Trustee is unable to timely file with the Commission all or any required portion of any Form 10-D or 10-K required to be filed by this Agreement because required disclosure information was either not
delivered to it or delivered to it after the delivery deadlines set forth in this Agreement or for any other reason, the Indenture Trustee will immediately notify the Depositor and the Servicer. In the case of Form 10-D and 10-K, the Depositor,
Servicer and Indenture Trustee will cooperate to prepare and file a Form 12b-25 and a 10-DA and 10-KA as applicable, pursuant to Rule 12b-25 of the Exchange Act. In the case of Form 8-K, the Depositor will, upon receipt of all required Form 8-K
Disclosure Information provide such Form 8-K Disclosure Information to the Indenture Trustee for inclusion on the next Form 10-D. In the event that any previously filed Form 10-D or 10-K needs to be amended, the Indenture Trustee (to the extent of
actual knowledge) will notify the Depositor and the Servicer and such parties will cooperate to prepare any necessary 10-DA or 10-KA. Any Form 15, Form 12b-25 or any amendment to Form 8-K, 10-D or 10-K shall be signed by a senior officer of the
Servicer. The Depositor and Servicer acknowledge that the performance by the Indenture Trustee of its duties under this Section 5.11(a)(v) related to the timely preparation and filing of Form 15, a Form 12b-25 or any amendment to Form 10-D or
10-K is contingent upon the Servicer and the Depositor performing their duties under this Section. The Indenture Trustee shall have no liability for any loss, expense, damage, claim arising out of or with respect to any failure to properly prepare
and/or timely file any such Form 15, Form 12b-25 or any amendments to Forms 10-D or 10-K, where such failure results from the Indenture Trustee’s inability or failure to receive, on a timely basis, any information from any other party hereto
needed to prepare, arrange for execution or file such Form 15, Form 12b-25 or any amendments to Forms 8-K, 10-D or 10-K, not resulting from its own negligence, bad faith or willful misconduct. 
 The Depositor agrees to promptly furnish to the Indenture Trustee, from time to time upon request, such further information, reports and financial
statements within its control related to this Agreement, the Mortgage Loans as is necessary for the preparation and filing of all required reports with the Commission. The Indenture Trustee shall have no responsibility to file any items other than
those specified in this Section 5.11; provided, however, the Indenture Trustee will cooperate with the Depositor in connection with any additional filings with respect to the Issuing Entity as the Depositor deems necessary under the Exchange
Act. Copies of all reports filed by the Indenture Trustee under the Exchange Act shall be sent to the Depositor as set forth in Section 10.06. 
  

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 (b) In connection with the filing of any 10-K hereunder, the Indenture Trustee shall sign a certification
(a “Form of Back-Up Certification to Form 10-K Certificate,” substantially in the form attached hereto as Exhibit J-2) for the Depositor regarding certain aspects of the Form 10-K certification signed by the Depositor, provided, however,
that the Indenture Trustee shall not be required to undertake an analysis of any accountant’s report attached as an exhibit to the Form 10-K. 
 (c) The Indenture Trustee shall indemnify and hold harmless the Depositor and its officers, directors and affiliates from and against any losses, damages, penalties, fines, forfeitures, reasonable and necessary legal fees and related costs,
judgments and other costs and expenses arising out of or based upon the Indenture Trustee’s failure to timely file any Form 10-D or Form 10-K as required by this Agreement and/or any untrue statement of a material fact or omission to state a
material fact required to be stated or necessary to make the statements made not misleading contained in any information provided by the Indenture Trustee (other than the Attestation Report for the Indenture Trustee) or the Indenture Trustee’s
negligence, bad faith or willful misconduct in connection therewith. 
 The Depositor shall indemnify and hold harmless the Indenture Trustee
and its officers, directors and affiliates from and against any losses, damages, penalties, fines, forfeitures, reasonable and necessary legal fees and related costs, judgments and other costs and expenses arising out of or based upon the
Depositor’s failure to timely deliver any information required hereunder and/or any untrue statement of a material fact or omission to state a material fact required to be stated or necessary to make the statements made not misleading contained
in any information provided by the Depositor or the Depositor’s negligence, bad faith or willful misconduct in connection therewith. 
 The Servicer shall indemnify and hold harmless the Indenture Trustee and the Depositor and their respective officers, directors and affiliates from and against any losses, damages, penalties, fines, forfeitures, reasonable and necessary
legal fees and related costs, judgments and other costs and expenses arising out of or based upon a breach of the obligations of the Servicer under this Section 5.11 or the Servicer’s negligence, bad faith or willful misconduct in
connection therewith. 
 If the indemnification provided for herein is unavailable or insufficient to hold harmless the Depositor or the
Indenture Trustee, as applicable, then the defaulting party, in connection with a breach of its respective obligations under this Section 5.11 or its respective negligence, bad faith or willful misconduct in connection therewith, agrees that it
shall contribute to the amount paid or payable by the other parties as a result of the losses, claims, damages or liabilities of the other party in such proportion as is appropriate to reflect the relative fault and the relative benefit of the
Depositor on the one hand and the Indenture Trustee on the other. 
 All information to be submitted to the Indenture Trustee as Additional
Form 10-D Disclosure, Additional Form 10-K Disclosure or 8-K Additional Disclosure shall be provided to the Indenture Trustee in EDGAR compatible form at the email address in, and through use of, the form set forth as Exhibit L hereto. 

 

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 Section 5.12. Access to Certain Documentation. The Servicer shall provide to the Indenture
Trustee, the FDIC and the supervisory agents and examiners (as required in the latter case by applicable State and federal regulations) of each of the foregoing access to the documentation regarding the Mortgage Loans, such access being afforded
without charge but only upon reasonable request and during normal business hours at the offices of the Servicer designated by it. 
 Upon any
change in the format of the computer tape maintained by the Servicer in respect of the Mortgage Loans, the Servicer shall deliver a copy of such computer tape to the Indenture Trustee and in addition shall provide a copy of such computer tape to the
Indenture Trustee at such other times as the Indenture Trustee may reasonably request. 
 The Servicer shall keep confidential (including
from affiliates thereof) information concerning the Mortgage Loans, except as required by law. 
 Section 5.13. Maintenance of
Fidelity Bond. The Servicer shall, during the term of its service as Servicer maintain in force a fidelity bond and errors and omissions insurance in respect of its officers, employees or agents. Such bond and insurance shall comply with the
requirements from time to time of Fannie Mae or Freddie Mac for Persons performing servicing for mortgage loans purchased by such association. 
 Section 5.14. Subservicing Agreements Between the Servicer and Subservicer and Subservicers. (a) The Servicer may enter into subservicing agreements for any servicing and administration of Mortgage Loans with any
institution which is in compliance with the laws of each state necessary to enable it to perform its obligations under such subservicing agreement. The Servicer shall give notice to the Indenture Trustee of the appointment of any subservicer and
shall furnish to the Indenture Trustee a copy of the subservicing agreement. The Servicer shall give notice to each Rating Agency of the appointment of any subservicer. For purposes of this Agreement, the Servicer shall be deemed to have received
payments on Mortgage Loans when any subservicer has received such payments. Any such subservicing agreement shall be consistent with and not violate the provisions of this Agreement. 
 (b) The Servicer may terminate any subservicing agreement in accordance with the terms and conditions of such subservicing agreement and thereafter
directly service the related Mortgage Loans itself or enter into a subservicing agreement with a successor subservicer that qualifies under Subsection (a) of this Section 5.13. The Servicer shall give notice to each Rating Agency of the
termination of any subservicer and the appointment of any successor subservicer. 
 (c) The Servicer shall not be relieved of its obligations
under this Agreement notwithstanding any subservicing agreement or any of the provisions of this Agreement relating to agreements or arrangements between the Servicer and a subservicer or otherwise, and the Servicer shall be obligated to the same
extent and under the same terms and conditions as if it alone were servicing and administering the Mortgage Loans. The Servicer shall be entitled to enter into any agreement with a subservicer for indemnification of the Servicer by such subservicer
and nothing contained in such subservicing agreement shall be deemed to limit or modify this Agreement. The Issuing Entity shall not indemnify the Servicer for any losses due to the Servicer’s negligence. 
  

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 (d) Any subservicing agreement and any other transactions or services relating to the Mortgage Loans
involving a subservicer shall be deemed to be between the subservicer and the Servicer alone and the Indenture Trustee and the Noteholders shall not be deemed parties thereto and shall have no claims, rights, obligations, duties or liabilities with
respect to any Subservicer except as set forth in Subsection (e) of this Section 5.13 and the related Subservicing Agreement. 
 (e) Notwithstanding any contrary provision contained herein, in connection with the assumption of the responsibilities, duties and liabilities and of the authority, power and rights of the Servicer hereunder by the Indenture Trustee or any
other successor servicer pursuant to Section 7.02, it is understood and agreed that the Servicer’s rights and obligations under any subservicing agreement then in force between the Servicer and a subservicer may be assumed or terminated
(without cost) by the Indenture Trustee or any other successor servicer at its option as successor to the Servicer. 
 The Servicer shall,
upon request of the Indenture Trustee, but at the expense of the Servicer, deliver to the assuming party documents and records relating to each subservicing agreement and an accounting of amounts collected and held by it and otherwise use its best
reasonable efforts to effect the orderly and efficient transfer of the subservicing agreements to the assuming party, without the payment of any fee by the Indenture Trustee, any Noteholders, notwithstanding any contrary provision in any
subservicing agreement. 
 Section 5.15. Reports to the Indenture Trustee; Collection Account Statements. Not later than
twenty-five (25) days after each Payment Date, the Servicer shall provide to the Indenture Trustee a statement, certified by a Servicing Officer, setting forth the status of the Collection Account as of the close of business on the last day of
the Due Period preceding such Payment Date, stating that all payments required by this Agreement to be made by the Servicer on behalf of the Indenture Trustee have been made (or if any required payment has not been made by the Servicer, specifying
the nature and status thereof) and showing, for the period covered by such statement, the aggregate of deposits into and withdrawals from the Collection Account and the aggregate of deposits into the Payment Account as specified in
Section 6.01. Such statement shall also state the aggregate Stated Principal Balance and the aggregate unpaid principal balance of all the Mortgage Loans as of the close of business on the last day of the month preceding the month in which such
Payment Date occurs. 
 Section 5.16. Optional Purchase of Defaulted Mortgage Loans. (a) The Depositor, in its sole
discretion, shall have the right to elect (by written notice sent to the Servicer and the Indenture Trustee), but shall not be obligated, to purchase for its own account from the Issuing Entity any Mortgage Loan which is ninety (90) days or
more Delinquent in the manner at the Loan Repurchase Price (except that the amount described in the definition of Loan Repurchase Price shall in no case be net of the Servicing Fee). The purchase price for any Mortgage Loan purchased hereunder shall
be deposited in the Collection Account and the Indenture Trustee, upon the Indenture Trustee’s receipt of written notice by the Servicer of such deposit, shall release or cause to be released to the purchaser of such Mortgage Loan the related
Indenture 

  

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Trustee’s Mortgage File and shall execute and deliver such instruments of transfer or assignment prepared by the purchaser of such Mortgage Loan, in
each case without recourse, as shall be necessary to vest in the purchaser of such Mortgage Loan any Mortgage Loan released pursuant hereto and the purchaser of such Mortgage Loan shall succeed to all the Indenture Trustee’s right, title and
interest in and to such Mortgage Loan and all security and documents related thereto. Such assignment shall be an assignment outright and not for security. The purchaser of such Mortgage Loan shall thereupon own such Mortgage Loan, and all security
and documents, free of any further obligation to the Indenture Trustee or the Noteholders with respect thereto. 
 (b) After the Depositor or
its Affiliate has repurchased any Mortgage Loans which are 90 days or more Delinquent in an aggregate amount equal to 1% of the Maximum Collateral Amount, then notwithstanding the foregoing, the Depositor or its Affiliate may only exercise its
option pursuant to this Section 5.15 with respect to the Mortgage Loan or Mortgage Loans (including REO Mortgage Loans) that have been Delinquent for the longest period at the time of such repurchase. 
 (c) The Depositor may not repurchase pursuant to this Section 5.15 more than 10% of the Mortgage Loans, measured by the outstanding Principal
Balance of the Mortgage Loans repurchased as a percentage of the Initial Pool Balance. 
 Section 5.17. Reports to be Provided by the
Servicer. (a) By 3:00 p.m. eastern time on the second Business Day following the fifteenth (15th) day of each month (the “Servicer Reporting Date”), the Servicer shall deliver to the Indenture Trustee, the Underwriter,
Intex and Bloomberg a Servicer Remittance Report for the related Servicer Remittance Date in an electronic format reporting on a loan-by-loan basis in such format as the Servicer and the Indenture Trustee may agree, and setting forth the following
information with respect to all Mortgage Loans as of the close of business on the last Business Day of the prior calendar month (except as otherwise provided in clause (v) below): 
 (i) the total number of Mortgage Loans and the Aggregate Principal Balances thereof, together with the number, Aggregate Principal
Balances of such Mortgage Loans and the percentage (based on the Aggregate Principal Balances of the Mortgage Loans) of the Aggregate Principal Balances of such Mortgage Loans to the Aggregate Principal Balance of all Mortgage Loans (A) 31-60
days Delinquent, (B) 61-90 days Delinquent and (C) 91 or more days Delinquent; 
 (ii) the number, Aggregate
Principal Balances of all Mortgage Loans and percentage (based on the Aggregate Principal Balances of the Mortgage Loans) of the Aggregate Principal Balances of such Mortgage Loans to the Aggregate Principal Balance of all Mortgage Loans in
foreclosure proceedings and the number, Aggregate Principal Balances of all Mortgage Loans and percentage (based on the Aggregate Principal Balances of the Mortgage Loans) of any such Mortgage Loans also included in any of the statistics described
in the foregoing clause (i); 
 (iii) the number, Aggregate Principal Balances of all Mortgage Loans and percentage (based on
the Aggregate Principal Balances of the Mortgage Loans) of the Aggregate Principal Balances of such Mortgage Loans to the Aggregate Principal 

  

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Balance of all Mortgage Loans relating to Mortgagors in bankruptcy proceedings and the number, Aggregate Principal Balances of all Mortgage Loans and
percentage (based on the Aggregate Principal Balances of the Mortgage Loans) of any such Mortgage Loans also included in any of the statistics described in the foregoing clause (i); 
 (iv) the number, Aggregate Principal Balances of all Mortgage Loans and percentage (based on the Aggregate Principal Balances of the
Mortgage Loans) of the Aggregate Principal Balances of such Mortgage Loans to the Aggregate Principal Balance of all Mortgage Loans relating to REO Properties and the number, Aggregate Principal Balances of all Mortgage Loans and percentage (based
on the Aggregate Principal Balances of the Mortgage Loans) of any such Mortgage Loans also included in any of the statistics described in the foregoing clause (i); 
 (v) the weighted average Mortgage Interest Rate for the Mortgage Loans as of the Due Date occurring in the Due Period related to such
Payment Date; 
 (vi) the weighted average remaining term to stated maturity of all Mortgage Loans; 
 (vii) the book value of any REO Property; 
 (viii) the Cumulative Realized Loss Percentage and the Rolling Six Month Delinquency Ratio as of the related Payment Date; 
 (ix) with respect to each Monthly Payment, the amount of such remittance allocable to principal (including a separate breakdown of any Principal Prepayment, including the date of such prepayment, and any Prepayment
Charges); 
 (x) with respect to each Monthly Payment, the amount of such remittance allocable to interest; 
 (xi) the number and the Aggregate Principal Balance of Mortgage Loans repurchased pursuant to Section 5.15; and 
 (xii) such other loan level information as either the Indenture Trustee may reasonably request to enable it to prepare the Indenture
Trustee’s Remittance Report. 
 (b) [Reserved.] 
 (c) [Reserved.] 
 Section 5.18. [Reserved.] 
 Section 5.19. Delinquency Advances. If, on any Servicer Remittance Date, the Servicer determines that any Monthly Payments due during the
related Due Period have not been received as of the end of the related Due Period, the Servicer shall determine the amount of any Delinquency Advance required to be made with respect to the related Payment Date. The Servicer shall include in the
amount to be deposited in the Payment Account on such Servicer 

  

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Remittance Date an amount equal to the Delinquency Advance, if any, which deposit may be made in whole or in part from funds in the Collection Account being
held for future payment or withdrawal on or in connection with Payment Dates in subsequent months, other than any such amounts which are voluntary Principal Prepayments in full. Any funds being held for future payment to Noteholders and so used
shall be replaced by the Servicer from its own funds by deposit in the Collection Account on or before the Business Day preceding any future Servicer Remittance Date to the extent that funds in the Collection Account on such Servicer Remittance Date
shall be less than the Servicer Remittance Amount for such Payment Date. 
 The Servicer shall designate on its records the specific Mortgage
Loans and related installments (or portions thereof) as to which such Delinquency Advance shall be deemed to have been made, such determination being conclusive for purposes of withdrawals from the Collection Account pursuant to Section 5.03
hereof. 
 Section 5.20. Indemnification; Third Party Claims. The Servicer agrees to indemnify and to hold each of the Issuing
Entity, the Owner Trustee, the Depositor, the Sponsor, the Indenture Trustee and each Noteholder harmless against any and all claims, losses, penalties, fines, forfeitures, legal fees and related costs, judgments, and any other costs, fees and
expenses (including attorneys’ fees and expenses) that the Issuing Entity, the Owner Trustee, the Depositor, the Sponsor, the Indenture Trustee and any Noteholder (or any director, officer, employee or agent of the foregoing) may sustain in any
way related to the failure of the Servicer to perform its duties and service the Mortgage Loans in compliance with the terms of this Agreement and the other Basic Documents and in connection with the Indenture as provided in Section 6.16
thereof. Each indemnified party and the Servicer shall immediately notify the other indemnified parties if a claim is made by a third party with respect to this Agreement and the other Basic Documents and the Servicer shall assume the defense of any
such claim and pay all expenses in connection therewith, including reasonable counsel fees, and promptly pay, discharge and satisfy any judgment or decree which may be entered against the Issuing Entity, the Owner Trustee, the Depositor, the
Sponsor, the Servicer, the Indenture Trustee and/or a Noteholder (or any director, officer, employee or agent of the foregoing) in respect of such claim. The obligations of the Servicer under this Section 5.19 arising prior to any resignation
or termination of the Servicer hereunder shall survive the resignation or termination of the Servicer or the termination of this Agreement or the Indenture. 
 Section 5.21. Maintenance of Corporate Existence and Licenses; Merger or Consolidation of the Servicer. (a) The Servicer will keep in full effect its existence, rights and franchises as a corporation,
will obtain and preserve its qualification to do business as a foreign corporation in each jurisdiction necessary to protect the validity and enforceability of this Agreement or any of the Mortgage Loans and to perform its duties under this
Agreement and will otherwise operate its business so as to cause the representations and warranties under Section 3.01 hereof to be true and correct at all times under this Agreement. 
 (b) Any corporation into which the Servicer may be merged or converted or with which it may be consolidated, or any corporation resulting from any
merger, conversion or consolidation to which the Servicer shall be a party, or any corporation succeeding to all or substantially all of the business of the Servicer, shall be the successor of the Servicer, hereunder, without the execution or filing
of any paper or any further act on the part of any of the parties 

  

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hereto provided that, such corporation meets the qualifications set forth in Section 7.02(b). The Servicer, as applicable, shall send notice of any such
merger or consolidation to the Owner Trustee, the Indenture Trustee and the Servicer, as applicable. 
 Section 5.22. Assignment of
Agreement by Servicer; Servicer Not to Resign. The Servicer shall not assign this Agreement nor resign from the obligations and duties hereby imposed on it except upon the determination that the Servicer’s duties hereunder are no longer
permissible under applicable law and that such incapacity cannot be cured by the Servicer, without incurring unreasonable expense. Any such determination that the Servicer’s duties hereunder are no longer permissible under applicable law
permitting the resignation of the Servicer, as applicable, shall be evidenced by a written Opinion of Counsel (who may be counsel for the Servicer) to such effect delivered to the Indenture Trustee, the Issuing Entity, the Depositor, the Sponsor and
the Servicer, as applicable. No such resignation of the Servicer shall become effective until a successor servicer appointed in accordance with the terms of this Agreement has assumed the Servicer’s responsibilities and obligations hereunder in
accordance with Section 7.02. The Servicer shall provide the Indenture Trustee and the Rating Agencies with 30 days’ prior written notice of its intention to resign pursuant to this Section 5.21. 
 Section 5.23. [Reserved.] 
 Section 5.24. Administrative Duties. (a) Duties with Respect to the Basic Documents. The Servicer shall perform all its duties and the duties of the Issuing Entity under the Basic Documents. In addition, the Servicer
shall consult with the Owner Trustee as the Servicer deems appropriate regarding the duties of the Issuing Entity under the Basic Documents. The Servicer shall monitor the performance of the Issuing Entity and shall advise the Owner Trustee when
action is necessary to comply with the Trust’s duties under the Basic Documents. The Servicer shall prepare for execution by the Issuing Entity or shall cause the preparation by other appropriate Persons of all such documents, reports, filings,
instruments, certificates and opinions as it shall be the duty of the Issuing Entity to prepare, file or deliver pursuant to the Basic Documents. In furtherance of the foregoing, the Servicer shall take all necessary action that is the duty of the
Issuing Entity to take pursuant to the Basic Documents. 
 (b) Duties with Respect to the Issuing Entity. In addition to the duties of
the Servicer set forth in this Agreement or any of the Basic Documents, the Servicer shall perform such calculations and shall prepare for execution by the Issuing Entity or the Owner Trustee or shall cause the preparation by other appropriate
Persons of all such documents, reports, filings, instruments, certificates and opinions as it shall be the duty of the Issuing Entity or the Owner Trustee to prepare, file or deliver pursuant to this Agreement or any of the Basic Documents or under
state and federal tax and securities laws and shall take all appropriate action that it is the duty of the Issuing Entity to take pursuant to this Agreement or any of the Basic Documents. In accordance with the directions of the Issuing Entity or
the Owner Trustee, the Servicer shall administer, perform, or supervise the performance of such other activities in connection with the Basic Documents as are not covered by any of the foregoing provisions and as are expressly requested by the
Issuing Entity or the Owner Trustee and are reasonably within the capability of the Servicer. 
  

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 In carrying out the foregoing duties under this Agreement, the Servicer may enter into transactions with
or otherwise deal with any of its Affiliates; provided, however, that the terms of any such transactions or dealings shall be in accordance with any directions received from the Issuing Entity and shall be, in the Servicer’s opinion, no less
favorable to the Issuing Entity in any material respect. 
 (c) Additional Information to be Furnished to the Issuing Entity. The
Servicer shall furnish to the Owner Trustee from time to time such additional information regarding the Issuing Entity or the Basic Documents as the Owner Trustee shall reasonably request. The Servicer shall prepare, execute and deliver all
certificates or other documents required to be delivered by the Issuing Entity pursuant to the Sarbanes-Oxley Act of 2002 or the rules and regulations promulgated thereunder. 
 Section 5.25. Advance Facility. 
 (a) The Servicer is hereby authorized to enter into a facility (such an arrangement, an “Advance Facility”) with any Person which provides that such Person (an “Advancing Person”) may fund Delinquency Advances and/or
Servicing Advances under this Agreement, although no such facility shall reduce or otherwise affect the Servicer’s obligation to fund such Delinquency Advances and/or Servicing Advances. No consent of the Indenture Trustee, Noteholders or any
other party shall be required before the Servicer may enter into an Advance Facility nor shall the Indenture Trustee or the Noteholders be a third party beneficiary of any obligation of an Advancing Person to the Servicer. If the Servicer enters
into an Advance Facility, the Servicer and the related Advancing Person shall deliver to the Indenture Trustee at the address set forth in Section 10.06 hereof a written notice (an “Advance Facility Notice”), stating (a) the
identity of the Advancing Person and (b) the identity of the Person (the “Servicer’s Assignee”) that will, subject to Section 5.24(b) hereof, have the right to make withdrawals from the Collection Account pursuant to
Section 5.03(b) hereof to reimburse previously unreimbursed Delinquency Advances and/or Servicing Advances (“Advance Reimbursement Amounts”). If the Servicer enters into such an Advance Facility pursuant to this Section 5.24,
upon reasonable request of the Advancing Person, the Indenture Trustee shall execute a letter of acknowledgment, as prepared by the Servicer confirming its receipt of written notice of the existence of such Advance Facility. To the extent that an
Advancing Person purchases or funds any Delinquency Advance or any Servicing Advance and provides the Indenture Trustee with written notice acknowledged by the Servicer that such Advancing Person is entitled to reimbursement directly from the
Indenture Trustee pursuant to the terms of the Advance Facility, such Advancing Person shall be entitled to receive reimbursement pursuant to this Agreement for such amount to the extent provided in Section 5.24(b). Such notice from the
Advancing Person must specify the amount of the reimbursement, the Section of this Agreement that permits the applicable Delinquency Advance or Servicing Advance to be reimbursed and the section(s) of the Advance Facility that entitle the Advancing
Person to request reimbursement from the Indenture Trustee, rather than the Servicer, and include the Servicer’s acknowledgment thereto or proof of an Event of Default under the Advance Facility. The Indenture Trustee shall have no duty or
liability with respect to any calculation of any reimbursement to be paid to an Advancing Person and shall be entitled to rely without independent investigation on the Advancing Person’s notice provided pursuant to this Section 5.24. For
the avoidance of doubt, an Advancing Person whose obligations under the Advance Facility are limited to the funding of Delinquency Advances and/or Servicing Advances shall not be considered to be a subservicer hereunder. 
  

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 (b) Notwithstanding the foregoing, and for the avoidance of doubt, (i) the Servicer and/or the
Servicer’s Assignee shall only be entitled to reimbursement of Delinquency Advance reimbursement amounts hereunder from withdrawals from the Collection Account pursuant to Section 5.03(b) and (c) of this Agreement and shall not
otherwise be entitled to make withdrawals or receive amounts that shall be deposited in the Payment Account, and (ii) none of the Indenture Trustee or the Noteholders shall have any right to, or otherwise be entitled to, receive any Delinquency
Advance reimbursement amounts to which the Servicer or Servicer’s Assignee, as applicable, shall be entitled pursuant to Section 5.03(b) and (c) hereof. An Advance Facility may be terminated by the joint written direction of the
Servicer and the related Advancing Person. Written notice of such termination shall be delivered to the Indenture Trustee in the manner set forth in Section 10.06 hereof. Neither the Issuing Entity nor the Indenture Trustee shall, as a result
of the existence of any Advance Facility, have any additional duty or liability with respect to the calculation or payment of any Delinquency Advance reimbursement amount, nor, as a result of the existence of any Advance Facility, shall the Issuing
Entity or the Indenture Trustee have any additional responsibility to track or monitor the administration of the Advance Facility or the payment of Delinquency Advance reimbursement amounts to the Servicer’s Assignee. The Servicer shall
indemnify the Indenture Trustee, any successor Servicer and the Issuing Entity for any claim, loss, liability or damage resulting from any claim by the related Advancing Person, except to the extent that such claim, loss, liability or damage
resulted from or arose out of negligence, recklessness or willful misconduct on the part of the Indenture Trustee or any successor Servicer, as the case may be, or failure by the successor Servicer to remit funds as required by this Agreement or the
commission of an act or omission to act by the successor Servicer and the passage of any applicable cure or grace period, such that an Event of Default under this Agreement occurs or such entity is subject to termination for cause under this
Agreement. The Servicer shall maintain and provide to any successor Servicer and, upon request, the Indenture Trustee a detailed accounting on a loan-by-loan basis as to amounts advanced by, pledged or assigned to, and reimbursed to any Advancing
Person. The successor Servicer and the Indenture Trustee, as applicable, shall be entitled to rely on any such information provided by the predecessor Servicer, and the successor Servicer and the Indenture Trustee, as applicable, shall not be liable
for any errors in such information. 
 (c) If an Advancing Person is entitled to reimbursement for any particular Delinquency Advance or
Servicing Advance as set forth in Section 5.24(a), then the Servicer shall not be permitted to reimburse itself therefor under Section 5.03(b) and (c), but instead the Servicer shall include such amounts in the applicable remittance to the
Indenture Trustee made pursuant to Section 5.02 to the extent of amounts on deposit in the Collection Account on the related Servicer Remittance Date. The Indenture Trustee is hereby authorized to pay to an Advancing Person reimbursements for
Delinquency Advances and Servicing Advances from the Payment Account to the same extent the Servicer would have been permitted to reimburse itself for such Delinquency Advances and/or Servicing Advances in accordance with Section 5.03(b) and
(c), had the Servicer made such Delinquency Advance or Servicing Advance. 
 (d) All Delinquency Advances and Servicing Advances made
pursuant to the terms of this Agreement shall be deemed made and shall be reimbursed on a “first in first out” 

  

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(FIFO) basis. In the event the Servicer’s Assignee shall have received some or all of an Delinquency Advance reimbursement amount related to Delinquency
Advances and/or Servicing Advances that were made by a Person other than the Servicer or its related Advancing Person in error, then such Servicer’s Assignee shall be required to remit any portion of such Delinquency Advance reimbursement
amount to each Person entitled to such portion of such Delinquency Advance reimbursement amount. Without limiting the generality of the foregoing, the Servicer shall remain entitled to be reimbursed pursuant to Section 5.03(b) and (c) for
all Delinquency Advances and/or Servicing Advances funded by the Servicer to the extent the related Delinquency Advance reimbursement amounts have not been assigned, sold or pledged to such Advancing Person or Servicer’s Assignee. 

(e) In the event the Servicer is terminated pursuant to Section 7.01, the Advancing Person shall succeed to the terminated Servicer’s right
of reimbursement set forth in Section 5.03(b) and (c) to the extent of such Advancing Person’s financing of Delinquency Advances or Servicing Advances hereunder then remaining unreimbursed. 
 (f) Any amendment to this Section 5.24 or to any other provision of this Agreement that may be necessary or appropriate to effect the terms of an
Advance Facility as described generally in this Section 5.24, including amendments to add provisions relating to a successor Servicer, may be entered into by the Indenture Trustee, the Sponsor, the Depositor, the Issuing Entity and the Servicer
without the consent of any Noteholder, provided such amendment complies with Section 10.03 hereof. All reasonable costs and expenses (including attorneys’ fees) of each party hereto of any such amendment shall be borne solely by the
Servicer. The parties hereto hereby acknowledge and agree that: (a) the Delinquency Advances and/or Servicing Advances financed by, sold and/or pledged to an Advancing Person under any Advance Facility are obligations owed to the Servicer
payable only from the cash flows and proceeds received under this Agreement for reimbursement of Delinquency Advances and/or Servicing Advances only to the extent provided herein, and the Indenture Trustee and the Issuing Entity are not, as a result
of the existence of any Advance Facility, obligated or liable to repay any Delinquency Advances and/or Servicing Advances financed by the Advancing Person; (b) the Servicer will be responsible for remitting to the Advancing Person the
applicable amounts collected by it as reimbursement for Delinquency Advances and/or Servicing Advances purchased or funded by the Advancing Person, subject to the provisions of this Agreement; and (c) the Indenture Trustee shall not have any
responsibility to track or monitor the administration of the financing arrangement between the Servicer and any Advancing Person. 
 ARTICLE VI 
 APPLICATION OF FUNDS 
 Section 6.01. Deposits to the Payment Account. By 12:00 noon (Eastern Time) on each Servicer Remittance Date, the Servicer shall remit to the Indenture Trustee for deposit in the Payment Account, from
funds on deposit in the Collection Account, an amount equal to the Servicer Remittance Amount with respect to the related Payment Date, minus any portion thereof payable to the Servicer pursuant to Section 5.03. 
  

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 Section 6.02. Collection of Money. Except as otherwise expressly provided herein, the
Indenture Trustee may demand payment or delivery of all money and other property payable to or receivable by the Indenture Trustee pursuant to this Agreement, including all payments due on the Mortgage Loans in accordance with the respective terms
and conditions of such Mortgage Loans and required to be paid over to the Indenture Trustee by the Servicer. The Indenture Trustee shall hold all such money and property received by it, as part of the Trust Estate and shall apply it as provided in
the Indenture. 
 Section 6.03. Application of Principal and Interest. In the event that Net Liquidation Proceeds on a Liquidated
Mortgage Loan are less than the Principal Balance of the related Mortgage Loan plus accrued interest thereon, or any Mortgagor makes a partial payment of any Monthly Payment due on a Mortgage Loan, such Net Liquidation Proceeds or partial payment
shall be applied to payment of the related Mortgage Note as provided therein, and if not so provided, first to interest accrued at the Mortgage Interest Rate and then to principal. 
 Section 6.04. [Reserved.] 
 Section 6.05. Compensating Interest. Not later than the Servicer Remittance Date, the Servicer shall remit to the Indenture Trustee (without right to reimbursement therefor) for deposit into the Payment Account, an amount equal
to, for all of the Mortgage Loans, the lesser of (a) the Prepayment Interest Shortfalls for all of the Mortgage Loans for the related Payment Date resulting from Principal Prepayments in full during the related Prepayment Period and
(b) its aggregate Servicing Fee with respect to all of the Mortgage Loans for the related Due Period (the “Compensating Interest”). 
 ARTICLE VII 
 SERVICER DEFAULT 
 Section 7.01. Servicer Events of Default. (a) The following events shall each constitute a “Servicer Event of Default”
hereunder: 
 (i) any failure by the Servicer to remit to the Indenture Trustee any payment required to be made by the
Servicer under the terms of this Agreement (other than Servicing Advances covered by clause (ii) below and Delinquency Advances, which shall have no cure period), which continues unremedied for one (1) Business Day after the date upon
which notice of such failure, requiring the same to be remedied, shall have been given to the Servicer by the Indenture Trustee or to the Servicer and Indenture Trustee by the Noteholders affected thereby evidencing Percentage Interests of at least
25%; provided however that any failed remittance cured within one Business Day of such failure shall include interest accrued at the Prime Rate (as set forth in the Wall Street Journal) on the amount of such remittance from and including the date
the remittance was required to be made to and including the date the remittance was actually made; 
 (ii) the failure by the
Servicer to make any required Servicing Advance, which failure continues unremedied for a period of thirty (30) days after the date on which written notice of such failure, requiring the same to be remedied, shall 

  

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have been given to the Servicer by the Indenture Trustee or to the Servicer and the Indenture Trustee by the Noteholders affected thereby evidencing
Percentage Interests of at least 25%; 
 (iii) any failure on the part of the Servicer duly to observe or perform in any
material respect any other covenants or agreements on the part of the Servicer contained in this Agreement, or the failure of any representation and warranty made pursuant to Section 3.01(a) hereof to be true and correct which continues
unremedied for a period of thirty (30) days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Servicer by the Indenture Trustee or to the Servicer and the Indenture Trustee
by the Noteholders affected thereby evidencing Percentage Interests of at least 25%; 
 (iv) a decree or order of a court or
agency or supervisory authority having jurisdiction in an involuntary case under any present or future federal or state bankruptcy, insolvency or similar law or for the appointment of a conservator or receiver or liquidation in any insolvency,
readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Servicer and such decree or order shall have remained in force, undischarged
or unstayed for a period of ninety (90) days; 
 (v) the Servicer shall consent to the appointment of a conservator or
receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to the Servicer or of or relating to all or substantially all of the Servicer’s property; 
 (vi) the Servicer shall admit in writing its inability generally to pay its debts as they become due, file a petition to take advantage
of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors, or voluntarily suspend payment of its obligations; 
 (vii) if on any Payment Date the Rolling Six Month Delinquency Ratio exceeds 45.75%; 
 (viii) if on any Payment Date, the Cumulative Realized Loss Percentage exceeds the following percentages on any Payment Date during the
following periods: 
  

				
	 Payment Date Occurring During
	  	Percentage	 
	 February 2009 to January 2010
	  	3.00	%
	 February 2010 to January 2011
	  	4.30	%
	 February 2011 to January 2012
	  	5.75	%
	 February 2012 to January 2013
	  	7.00	%
	 February 2013 to January 2014
	  	7.50	%
	 February 2014 and thereafter
	  	7.75	%

 (ix) the occurrence of an Event of Default under the Indenture. 
  

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 So long as a Servicer Event of Default shall have occurred and not have been remedied: (x) with
respect solely to Section 7.01(a)(i), if such payment is in respect of Delinquency Advances or Compensating Interest owing by the Servicer and such payment is not made by 12:00 noon New York time on the second Business Day prior to the
applicable Payment Date, the Indenture Trustee, upon receipt of written notice or actual knowledge by a Responsible Officer of the Indenture Trustee of such failure, shall give immediate telephonic and facsimile notice of such failure to a Servicing
Officer of the Servicer and the Indenture Trustee may, and upon request of the Holders representing more than 50% of the Class Note Balance, shall, terminate all of the rights and obligations of the Servicer under this Agreement, except for the
Servicer’s indemnification obligation under Section 5.19, and the Indenture Trustee (if it is the successor servicer) or a successor servicer appointed in accordance with Section 7.02, shall immediately make such Delinquency Advance
or payment of Compensating Interest as provided in Section 7.02 and assume, pursuant to Section 7.02 hereof, the duties of a successor servicer; (y) with respect to that portion of Section 7.01(a)(i) not referred to in the
preceding clause (x) and with respect to clauses (ii), (iii), (iv), (v), (vi) and (xii) of Section 7.01(a), upon receipt of written notice or actual knowledge by a Responsible Officer of the Indenture Trustee, the Indenture
Trustee shall, but only at the direction of the Majority Noteholders, by notice in writing to the Servicer and a Responsible Officer of the Indenture Trustee, and in addition to whatever rights such Noteholders may have at law or equity to damages,
including injunctive relief and specific performance, terminate all the rights and obligations of the Servicer under this Agreement, except for the Servicer’s indemnification obligations under Section 5.19, and in and to the Mortgage Loans
and the proceeds thereof, as Servicer; and (z) with respect to clauses (vii)-(ix) of Section 7.01(a), upon receipt of written notice or actual knowledge by a Responsible Officer of the Indenture Trustee, the Indenture Trustee shall,
after notice in writing to the Servicer and a Responsible Officer of the Indenture Trustee, terminate all the rights and obligations of the Servicer under this Agreement, except for the Servicer’s indemnification obligations under
Section 5.19, and in and to the Mortgage Loans and the proceeds thereof, as Servicer. Upon receipt by the Servicer of such written notice, all authority and power of the Servicer under this Agreement, whether with respect to the Mortgage Loans
or otherwise, shall, subject to Section 7.02, pass to and be vested in another successor servicer, and another successor servicer is hereby authorized and empowered to execute and deliver, on behalf of the Servicer, as attorney-in-fact or
otherwise, at the expense of the Servicer, any and all documents and other instruments and do or cause to be done all other acts or things necessary or appropriate to effect the purposes of such notice of termination, including, but not limited to,
the transfer and endorsement or assignment of the Mortgage Loans and related documents. The Servicer agrees to cooperate (and to pay any related costs and expenses) with the Indenture Trustee or another successor servicer in effecting the
termination of the Servicer’s responsibilities and rights hereunder, including, without limitation, the transfer to another successor servicer, for administration by it of all amounts which shall at the time be credited by the Servicer to the
Collection Account or thereafter received with respect to the Mortgage Loans. The Indenture Trustee shall promptly notify the Rating Agencies and the Hedge Providers of the occurrence of a Servicer Event of Default upon discovery or receipt of
notice by a Responsible Officer of the Indenture Trustee; provided, however, the Indenture Trustee shall not be obligated to monitor the Servicer’s compliance with the terms hereof or to determine the occurrence of any Servicer Event of
Default. 
  

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 Section 7.02. Indenture Trustee to Act: Appointment of Successor. (a) (i) On and
after the time the Servicer receives a notice of termination pursuant to Section 7.01, or the Indenture Trustee receives the resignation of the Servicer evidenced by an Opinion of Counsel pursuant to Section 5.21, or the Servicer is
removed as Servicer pursuant to this Article VII, in which event the Indenture Trustee shall promptly notify the Rating Agencies, and except as otherwise provided in this Section 7.02, the Indenture Trustee (provided the Indenture Trustee
receives 20 days’ prior written notice) or another successor servicer shall be the successor in all respects to the Servicer in its capacity as servicer under this Agreement and the transactions set forth or provided for in this Agreement, and
shall be subject to all the responsibilities, restrictions, duties, liabilities and termination provisions relating thereto placed on the Servicer by the terms and provisions of this Agreement. The Indenture Trustee or another successor servicer
shall take such action, consistent with this Agreement, as shall be necessary to effect any such succession. If the Indenture Trustee or any other successor servicer is acting as Servicer hereunder, it shall be subject to termination under
Section 7.01 upon the occurrence or continuation of a Servicer Event of Default applicable to it as Servicer. The Indenture Trustee hereby agrees to act as successor servicer pursuant to the terms of this Agreement upon the termination or
resignation of the Servicer as provided in this Section 7.02, provided that the Indenture Trustee receives all of the necessary documents relating to the Mortgage Loans and computer records reflecting the status of the Mortgage Loans as of the
date of such transfer of servicing. The Indenture Trustee and any successor servicer will not be obligated to incur any expenses or costs (including, without limitation, legal fees and the preparation and recording of all intervening assignments of
mortgage) in connection with the transfer of servicing of the Mortgage Loans to the Indenture Trustee, as successor servicer, or any other successor servicer, as applicable, or to compel the performance of any obligations by any party to this
Agreement. Any successor servicer and the Indenture Trustee prior to its becoming the successor servicer shall not be liable for any actions, omissions or defaults of any servicer prior to it or breaches of representations and warranties of the
servicer prior to it. The Indenture Trustee or any other successor servicer, as successor servicer, shall be obligated to pay Compensating Interest pursuant to Section 6.05 in any event and to make Delinquency Advances pursuant to
Section 5.18 unless, and only to the extent the successor servicer determines reasonably and in good faith that such advances would not be recoverable from the proceeds of the related Mortgage Loan pursuant to Section 5.03, such
determination to be evidenced by a certification of a Responsible Officer of the successor servicer delivered to the Indenture Trustee. Furthermore, neither the Indenture Trustee nor any successor servicer shall be obligated to fund any resulting
discrepancy or shortfall in the Collection Account. Upon the transfer of the servicing of the Mortgage Loans, the Indenture Trustee shall provide the successor servicer with an officer’s certificate that contains: (i) a complete
description of all Events of Default by the Servicer under the Agreement of which a Responsible Officer of the Indenture Trustee has actual knowledge, which have not been fully cured and (ii) confirmation that the Servicer Remittance Report and
the reports described in Sections 5.09 and 5.10 have been timely filed by the Servicer with the Indenture Trustee. 
 (i) In
the event that any successor servicer is terminated or resigns pursuant to this Agreement or otherwise becomes unable to perform its obligations under this Agreement, the Indenture Trustee will appoint a successor servicer in accordance with the
provisions of this Section 7.02; provided, that any successor servicer, shall satisfy the requirements set forth in Section 7.02(b) and shall be approved by the Rating Agencies. 
  

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 (b) Any successor servicer hereunder (other than the Indenture Trustee) shall be a housing and home
finance institution, bank or mortgage servicing institution which has been designated as an approved seller-servicer by Fannie Mae or Freddie Mac, having equity of not less than $5,000,000 as determined in accordance with GAAP, as the successor to
the Servicer hereunder in the assumption of all or any part of the responsibilities, duties or liabilities of the Servicer hereunder. 
 (c)
In the event the Indenture Trustee is the successor servicer, it shall be entitled to the same Servicing Compensation (including the Servicing Fee as adjusted pursuant to the definition thereof) and other funds pursuant to Section 5.08 hereof
as the Servicer if the Servicer had continued to act as servicer hereunder. 
 (d) The Indenture Trustee and any successor servicer shall
take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. The Servicer agrees to cooperate with the Indenture Trustee and any successor servicer in effecting the termination of the Servicer’s
servicing responsibilities and rights hereunder and shall promptly provide the Indenture Trustee, or such successor servicer, as applicable, at the Servicer’s cost and expense, all documents and records reasonably requested by it to enable it
to assume the Servicer’s functions hereunder and shall promptly also transfer to the Indenture Trustee, or such successor servicer, as applicable, all amounts that then have been or should have been deposited in the Collection Account by the
Servicer or that are thereafter received with respect to the Mortgage Loans, including without limitation all Liquidation Proceeds and Insurance Proceeds, and payments of insurance deductible amounts by the Servicer pursuant to Section 5.04(b)
with respect to all insurance claims arising during the Servicer’s tenure. Any collections received by the Servicer after such removal or resignation shall be endorsed by it to the Indenture Trustee or a successor servicer, as applicable, and
remitted directly to the Indenture Trustee (or, at the direction of the Indenture Trustee, to any other successor servicer). Neither the Indenture Trustee nor any other successor servicer shall be held liable by reason of any failure to make, or any
delay in making, any payment hereunder or any portion thereof caused by (i) the failure of the Servicer to deliver, or any delay in delivering, cash, documents or records to it, or (ii) restrictions imposed by any regulatory authority
having jurisdiction over the Servicer hereunder. The Servicer shall not resign as Servicer until a successor servicer has been appointed. 
 (e) In the event that the Servicer is terminated hereunder and no successor servicer has been appointed hereunder, the Indenture Trustee may appoint a successor servicer (which may be an affiliate of the Indenture Trustee) or petition a
court of competent jurisdiction to appoint a successor servicer. Pending appointment of such a successor servicer hereunder, the Indenture Trustee shall be the successor servicer and act in such capacity; provided, however, that the Indenture
Trustee, in its capacity as successor servicer pending appointment of another successor servicer, (i) shall be obligated to make Delinquency Advances or Servicing Advances only to the extent that the Indenture Trustee deems such advances to be
recoverable, (ii) shall be obligated to make Compensating Interest payments in respect of any Payment Date only to the extent of any Servicing Fee received by the Indenture Trustee in respect of such Payment Date, (iii) shall not be
obligated to perform any other duties or obligations of the Servicer hereunder until the Indenture Trustee has received all servicing records and files from the predecessor servicer and in no event later than 90 days following the termination of the
Servicer; provided, 

  

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however, the Indenture Trustee shall use its reasonable efforts to perform the duties and obligations of the Servicer prior to the end of such 90 day period,
(iv) shall not be obligated to perform any of the administrative duties specified in Section 5.23 hereof, and (v) shall be entitled to payment of all Servicing Compensation. In connection with any appointment and assumption of duties
of a successor servicer, the Indenture Trustee may make such arrangements for the compensation of such successor servicer out of payments on Mortgage Loans; provided, however, that such compensation may not be in excess of that permitted the
Servicer pursuant to Section 5.08, together with other Servicing Compensation. The Servicer, the Indenture Trustee and such successor Servicer shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such
succession. 
 (f) In the event the Indenture Trustee, or any successor servicer incurs out-of-pocket expenses other than Servicing Advances
or Delinquency Advances in connection with the transfer of servicing hereunder, which expenses are required to be borne by the Servicer hereunder, and such expenses are not promptly reimbursed by the Servicer or recoverable out of amounts
reimbursable to the Servicer out of the Collection Account, the Indenture Trustee shall make such reimbursement to the applicable party out of funds in the Payment Account on any Payment Date after all Payments to Noteholders on such Payment Date
have been made but before any distribution to the Certificateholders. The right of the Indenture Trustee to reimbursement from the Payment Account for any of the Indenture Trustee’s costs and expenses in connection with the transfer of any
servicing hereunder shall be in addition to any rights of the Indenture Trustee to indemnification and reimbursement under the Indenture. 
 (g) In the event that the Servicer is terminated or resigns hereunder, and at such time the Servicer has made unreimbursed Delinquency Advances or Servicing Advances out of its own funds, 
 (i) any such Delinquency Advances or Servicing Advances shall be allocated by the successor servicer in whole or in part to specific
Mortgage Loans which are delinquent at the time of the transfer of servicing, which allocation shall be based on loan-level accounts of the portion of each Delinquency Advance or Servicing Advance which has been funded by the Servicer from its own
funds consistently maintained by the former Servicer, or, if no such accounts exist, then in the successor servicer’s discretion; 
 (ii) following the transfer of servicing, the successor servicer shall reimburse the former Servicer for such Delinquency Advances and Servicing Advances in accordance with the allocations determined in accordance
with clause (i) above only out of the proceeds of the Mortgage Loans to which they relate and otherwise subject to Section 5.03, or, to the extent the successor servicer determines any such Delinquency Advance or Servicing Advance to be a
Nonrecoverable Advance, out of any funds in the Collection Account. 
 (h) In connection with the termination or resignation of the Servicer
hereunder, the successor Servicer shall represent and warrant that it is a member of MERS in good standing and shall agree to comply in all material respects with the rules and procedures of MERS in connection with the servicing of the Mortgage
Loans that are registered with MERS, in which case the predecessor Servicer shall cooperate with the successor Servicer in causing the MERS System to be revised to reflect the transfer of servicing to the successor Servicer as necessary under
MERS’ rules and regulations. 
  

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 Section 7.03. Waiver of Defaults. The Majority Noteholders may, on behalf of all Noteholders,
waive any events permitting removal of the Servicer as servicer pursuant to this Article VII; provided, however, that the Majority Noteholders may not waive a default in making a required payment on a Note without the consent of the
Holder of such Note. Upon any waiver of a past default, such default shall cease to exist, and any Servicer Event of Default arising therefrom shall be deemed to have been remedied for every purpose of this Agreement. No such waiver shall extend to
any subsequent or other default or impair any right consequent thereto except to the extent expressly so waived. Notice of any such waiver shall be given by the Indenture Trustee to the Rating Agencies. 
 ARTICLE VIII 
 TERMINATION

 Section 8.01. Termination. (a) Subject to Section 8.02, this Agreement shall terminate upon notice to the
Indenture Trustee of either: (i) the disposition of all funds with respect to the last Mortgage Loan and the remittance of all funds due hereunder and the payment of all amounts due and payable to the Indenture Trustee or (ii) mutual
consent of the Owner Trustee, on behalf of the Issuing Entity, at the direction of all the Certificateholders, the Indenture Trustee, the Servicer, each Hedge Provider (if the related Hedge Agreement is still outstanding) and all Noteholders in
writing. 
 (b) In addition, subject to Section 8.02, the Sponsor may, at its sole option, cost and expense, terminate the Issuing
Entity in accordance with the terms of Section 10.01 of the Indenture. 
 (c) If on any date, the Servicer determines that there are no
outstanding Mortgage Loans and no other funds or assets in the Trust Estate other than funds in the Payment Account, the Servicer shall send a final payment notice promptly to the Indenture Trustee, who shall forward notice to each Noteholder in
accordance with Section 8.01(d). 
 (d) Notice of any termination, specifying the Payment Date upon which the Issuing Entity will
terminate and the Noteholders shall surrender their Notes to the Indenture Trustee for final payment and cancellation, shall be given promptly by the Servicer to the Indenture Trustee, who shall forward the notice by letter to Noteholders mailed
during the month of such final payment before the Servicer Remittance Date in such month, specifying (i) the Payment Date upon which final payment of the Notes will be made upon presentation and surrender of Notes at the office of the Indenture
Trustee therein designated, (ii) the amount of any such final payment and (iii) that the Record Date otherwise applicable to such Payment Date is not applicable, payments being made only upon presentation and surrender of the Notes at the
office of the Indenture Trustee therein specified. 
 (e) In the event that all of the Noteholders do not surrender their Notes for
cancellation within six (6) months after the time specified in the above-mentioned written notice, 

  

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the Indenture Trustee shall give a second written notice to the remaining Noteholders to surrender their Notes for cancellation and receive the final payment
with respect thereto. If within six (6) months after the second notice, all of the Notes shall not have been surrendered for cancellation, the Indenture Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to
contact the remaining Noteholders concerning surrender of their Notes and the cost thereof shall be paid out of the funds and other assets which remain subject hereto. If within nine (9) months after the second notice all the Notes shall not
have been surrendered for cancellation, the Certificateholders shall be entitled to all unclaimed funds and other assets which remain subject hereto and the Indenture Trustee upon transfer of such funds shall be discharged of any responsibility for
such funds and the Noteholders shall look only to the Certificateholders for payment. Such funds shall remain uninvested. 
 Section 8.02. Additional Termination Requirements. By their acceptance of the Notes, the Holders thereof hereby agree to appoint the Servicer as their attorney in fact to: (i) adopt a plan of complete liquidation (and the
Noteholders hereby appoint the Indenture Trustee as their attorney in fact to sign such plan) as appropriate and (ii) to take such other action in connection therewith as may be reasonably required to carry out such plan of complete liquidation
all in accordance with the terms hereof. 
 Section 8.03. Accounting Upon Termination of Servicer. Upon termination of the
Servicer, the Servicer shall, at its expense: 
 (a) deliver to the successor servicer or, if none shall yet have been appointed, to the
Indenture Trustee, the funds in any Account administered by the Servicer; 
 (b) deliver to the successor servicer or, if none shall yet have
been appointed, to the Indenture Trustee all Mortgage Files and related documents and statements held by it hereunder and a Mortgage Loan portfolio computer tape; 
 (c) deliver to the successor servicer, or, if none shall yet have been appointed, to the Indenture Trustee a full accounting of all funds, including a statement showing the Monthly Payments collected by it and a
statement of monies held in trust by it for the payments or charges with respect to the Mortgage Loans; and 
 (d) execute and deliver such
instruments and perform all acts reasonably requested in order to effect the orderly and efficient transfer of servicing of the Mortgage Loans to the successor servicer and to more fully and definitively vest in such successor all rights, powers,
duties, responsibilities, obligations and liabilities of the Servicer under this Agreement. 
  

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 ARTICLE IX 
 [RESERVED] 
 ARTICLE X 
 MISCELLANEOUS PROVISIONS 
 Section 10.01. Limitation on Liability.
(a) None of the Issuing Entity, the Owner Trustee, the Depositor, the Sponsor, the Servicer, the Indenture Trustee or any of the directors, officers, employees or agents of such Persons shall be under any liability to the Issuing Entity, the
Noteholders for any action taken, or for refraining from the taking of any action, in good faith pursuant to this Agreement, or for errors in judgment; provided, however, that this provision shall not protect the Issuing Entity, the
Owner Trustee, the Depositor, the Sponsor, the Servicer, the Indenture Trustee or any such Person against liability for any breach of warranties or representations made herein by such party, or against any specific liability imposed on each such
party pursuant to this Agreement or against any liability which would otherwise be imposed upon such party by reason of willful misfeasance, bad faith or negligence in the performance of duties or by reason of failure to perform its obligations or
duties hereunder. The Issuing Entity, the Owner Trustee, the Depositor, the Sponsor, the Servicer, the Indenture Trustee and any director, officer, employee or agent of such Person may rely in good faith on any document of any kind which, prima
facie, is properly executed and submitted by any appropriate Person respecting any matters arising hereunder. 
 (b) It is expressly
understood and agreed by the parties hereto that (i) this Agreement is executed and delivered by U.S. Bank Trust National Association, not individually or personally but solely as Owner Trustee under the Trust Agreement, in the exercise of the
powers and authority conferred and vested in it under the Trust Agreement, (ii) each of the representations, undertakings and agreements herein made on the part of the Issuing Entity is made and intended not as personal representations,
undertakings and agreements by U.S. Bank Trust National Association but is made and intended for the purpose for binding only the Issuing Entity, (iii) nothing herein contained shall be construed as creating any liability on U.S. Bank Trust
National Association, individually or personally, to perform any covenant either expressed or implied contained herein, all such liability, if any, being expressly waived by the parties hereto and by any Person claiming by, through or under the
parties hereto and (iv) under no circumstances shall U.S. Bank Trust National Association be personally liable for the payment of any indebtedness or expenses of the Issuing Entity or be liable for the breach or failure of any obligation,
representation, warranty or covenant made or undertaken by the Issuing Entity under this Agreement or any other related documents. 
 Section 10.02. Acts of Noteholders. (a) Subject to Section 7.04 and except as otherwise specifically provided herein, whenever Noteholder action, consent or approval is required under this Agreement, such action,
consent or approval shall be deemed to have been taken or given on behalf of, and shall be binding upon, all Noteholders if the Majority Noteholders agree to take such action or give such consent or approval. 
  

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 (b) The death or incapacity of any Noteholder shall not operate to terminate this Agreement or the
Issuing Entity, nor entitle such Noteholder’s legal representatives or heirs to claim an accounting or to take any action or proceeding in any court for a partition or winding up of the Issuing Entity, nor otherwise affect the rights,
obligations and liabilities of the parties hereto or any of them. 
 (c) No Noteholder shall have any right to vote (except as expressly
provided for herein) or in any manner otherwise control the operation and management of the Issuing Entity, or the obligations of the parties hereto, nor shall anything herein set forth, or contained in the terms of the Notes, be construed so as to
constitute the Noteholders from time to time as partners or members of an association; nor shall any Noteholder be under any liability to any third person by reason of any action taken by the parties to this Agreement pursuant to any provision
hereof. 
 Section 10.03. Amendment. (a) This Agreement may be amended from time to time by the Owner Trustee, on behalf of
the Issuing Entity, the Servicer, the Depositor, Sponsor and the Indenture Trustee by written agreement, without notice to or consent of the Noteholders and without the consent of the Hedge Providers to cure any ambiguity, to correct or supplement
any provisions herein, to comply with any changes in the Code, or to make any other provisions with respect to matters or questions arising under this Agreement which shall not be inconsistent with the provisions of this Agreement; provided,
however, that such action shall not adversely affect in any material respect the interests of any Noteholder or the Hedge Providers and will not prevent the Notes from being characterized as debt for United States federal income tax purposes
or cause the Issuing Entity to be subject to federal income tax, as evidenced by (i) an Opinion of Counsel, at the expense of the party requesting the change, delivered to the Indenture Trustee to such effect or (ii) a letter from each
Rating Agency confirming that such action will not result in the reduction, qualification or withdrawal of the then-current ratings on the Notes. The Indenture Trustee shall give prompt written notice to the Rating Agencies and the Hedge Providers
of any amendment made pursuant to this Section 10.03. 
 (b) This Agreement may be amended from time to time by the Owner Trustee, on
behalf of the Issuing Entity, the Servicer, the Depositor, the Sponsor and the Indenture Trustee, with the consent of the Noteholders representing more than 50% of the outstanding Principal Balance of the Notes of each affected Class and all of the
Certificateholders and with the consent of the Hedge Providers (if the related Hedge Agreement is still outstanding and affected); provided, however, that no such amendment shall reduce in any manner the amount of, or delay the timing
of, payments received on Mortgage Loans which are required to be paid on any Class of Notes without the consent of the Holders of such Class of Notes or reduce the percentage for the Holders of which are required to consent to any such amendment
without the consent of the Holders of 100% of such Class of Notes affected thereby. 
 (c) Notwithstanding the provisions of this
Section 10.03, Section 5.11 may be amended as necessary to comply with the provisions of Regulation AB without the consent of the Noteholders. 
  

 61 

 (d) It shall not be necessary for the consent of Holders under this Section 10.03 to approve the
particular form of any proposed amendment, but it shall be sufficient if such consent shall approve the substance thereof. 
 (e) In
executing, or accepting the additional trusts created by, any supplemental indenture permitted by Article IX of the Indenture or the modifications thereby of the trusts created by the Indenture, the Indenture Trustee shall be entitled to receive,
and (subject to Section 6.01 of the Indenture) shall be fully protected in relying upon, an Opinion of Counsel stating that the execution of such supplemental indenture is authorized or permitted by the Indenture. The Indenture Trustee may, but
shall not be obligated to, enter into any such supplemental indenture that affects the Indenture Trustee’s own rights, duties or immunities under the Indenture or otherwise. The Servicer, on behalf of the Issuing Entity, shall cause executed
copies of any supplemental indentures to be delivered to the Rating Agencies. 
 Section 10.04. Recordation of Agreement. To the
extent permitted by applicable law, this Agreement, or a memorandum thereof if permitted under applicable law, is subject to recordation in all appropriate public offices for real property records in all of the counties or other comparable
jurisdictions in which any or all of the properties subject to the Mortgages are situated, and in any other appropriate public recording office or elsewhere, such recordation to be effected by the Servicer at the Noteholders’ expense on
direction and at the expense of Majority Noteholders requesting such recordation, but only when accompanied by an Opinion of Counsel to the effect that such recordation materially and beneficially affects the interests of the Noteholders or is
necessary for the administration or servicing of the Mortgage Loans. 
 Section 10.05. Duration of Agreement. This Agreement
shall continue in existence and effect until terminated as herein provided. 
 Section 10.06. Notices. All demands, notices and
communications hereunder shall be in writing and shall be deemed to have been duly given when delivered to (i) in the case of the Servicer, Accredited Home Lenders, Inc., 15253 Avenue of Science, Building 1, San Diego, California 92128,
Attention: Director of Operations with a copy to General Counsel; (ii) in the case of the Issuing Entity, Accredited Mortgage Loan Trust 2007-1, c/o the Owner Trustee at its Corporate Trust Office, Attention: Corporate Trust Administration;
(iii) in the case of the Indenture Trustee, Deutsche Bank National Trust Company, 1761 East St. Andrew Place, Santa Ana, CA 92705-4934, Attn: Trust Administration – AC0701, provided, however, all reports, statements, certifications and
information required to be provided to the Indenture Trustee pursuant to Sections 5.09, 5.10 and 5.11 shall be electronically forwarded to DBSEC.Notifications@db.com; (iv) in the case of the Sponsor, Accredited Home Lenders, Inc., 15253 Avenue
of Science, Building 1, San Diego, California 92128, Attention: Investor Reporting; (v) in the case of the Underwriter, Lehman Brothers, Inc., 745 Seventh Avenue, New York, New York 10019, (vi) in the case of Standard &
Poor’s Rating Services, 55 Water Street, New York, New York 10004, Attention: Residential Mortgage Surveillance Group; (vii) in the case of Moody’s Investors Service, Inc., 99 Church Street, New York, New York 10007, Attention: RMBS
Monitoring Department, 4th Floor; (viii) in the case of the Depositor, Accredited Mortgage Loan REIT Trust, 15253 Avenue of Science, Building 1, San Diego, California 92128, Attention: General Counsel; (ix) in the case of the Swap Provider
or the Cap Provider, Credit Suisse International, One Cabot Square, London E14 4QJ, England, Attention: 

  

 62 

 
Collateral Management Unit and (x) in the case of the Noteholders, as set forth in the Note Register. Any such notices shall be deemed to be effective
with respect to any party hereto upon the receipt of such notice by such party, except that notices to the Noteholders shall be effective upon mailing or personal delivery. 
 Section 10.07. Severability of Provisions. If any one or more of the covenants, agreements, provisions or terms of this Agreement shall be
held invalid for any reason whatsoever, then such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions or terms of this Agreement and shall in no way affect the validity or
enforceability of the other covenants, agreements, provisions or terms of this Agreement. 
 Section 10.08. No Partnership.
Nothing herein contained shall be deemed or construed to create a co-partnership or joint venture between the parties hereto and the services of the Servicer shall be rendered as an independent contractor and not as agent for the Noteholders.

 Section 10.09. Counterparts. This Agreement may be executed in one or more counterparts and by the different parties hereto on
separate counterparts, each of which, when so executed, shall be deemed to be an original; such counterparts, together, shall constitute one and the same agreement. 
 Section 10.10. Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the Issuing Entity, the Servicer, the Depositor, the Sponsor, the Indenture Trustee and the
Noteholders and their respective successors and permitted assigns. 
 Section 10.11. Headings. The headings of the various
sections of this Agreement have been inserted for convenience of reference only and shall not be deemed to be part of this Agreement. 
 Section 10.12. No Petition. The Servicer, by entering into this Agreement hereby covenants and agrees, and the Noteholders, by the acceptance of their Notes are deemed to covenant and agree, that they will not at any time
institute against the Issuing Entity, or join in any institution against the Issuing Entity of, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings under any United States Federal or state
bankruptcy law in connection with any obligations relating to the Certificates, the Notes, this Agreement or any of the other Basic Documents. 
 This Section 10.12 will survive for one year and one day following the termination of this Agreement. 
 Section 10.13.
Third Party Beneficiary. The parties agree that each of the Owner Trustee and the Hedge Providers (if the related Hedge Agreement is still outstanding) is intended and shall have all rights of a third-party beneficiary of this Agreement.

 Section 10.14. Intent of the Parties. It is the intent of the parties hereto and Noteholders that, for federal income taxes,
state and local income or franchise taxes and other taxes imposed on or measured by income, the Notes be treated as debt. The parties to this Agreement and the Holder of each Note, by acceptance of its Note, and each Beneficial Owner thereof, agree
to 

  

 63 

 
treat, and to take no action inconsistent with the treatment of, the related Notes in accordance with the preceding sentence for purposes of federal income
taxes, state and local income and franchise taxes and other taxes imposed on or measured by income. 
 Section 10.15. Compliance With
Regulation AB. Each of the parties hereto acknowledges and agrees that the purpose of Sections 5.10 and 5.11 of this Agreement is to facilitate compliance by the Sponsor and the Depositor with the provisions of Regulation AB, as such may be
amended or clarified from time to time. Therefore, each of the parties agrees that (a) the obligations of the parties hereunder shall be interpreted in such a manner as to accomplish compliance with Regulation AB, (b) the parties’
obligations hereunder will be supplemented and modified as necessary to be consistent with any such amendments, interpretive advice or guidance, convention or consensus among active participants in the asset-backed securities markets, advice of
counsel, or otherwise in respect of the requirements of Regulation AB and (c) the parties shall comply, to the extent practicable from a timing and information systems perspective, with requests made by the Sponsor or the Depositor for delivery
of additional or different information as the Sponsor or the Depositor may determine in good faith is necessary to comply with the provisions of Regulation AB. 
 Section 10.16. GOVERNING LAW; CONSENT TO JURISDICTION; WAIVER OF JURY TRIAL. (a) THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS (AS OPPOSED TO CONFLICT OF
LAWS PROVISIONS) OF THE STATE OF NEW YORK. 
 (b) THE TRUST, THE SERVICER, THE DEPOSITOR, THE SPONSOR, THE INDENTURE TRUSTEE HEREBY SUBMITS
TO THE NON-EXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK AND THE UNITED STATES DISTRICT COURT LOCATED IN THE BOROUGH OF MANHATTAN IN NEW YORK CITY, AND WAIVES PERSONAL SERVICE OF ANY AND ALL PROCESS UPON IT AND CONSENTS THAT ALL SUCH
SERVICE OF PROCESS BE MADE BY REGISTERED MAIL DIRECTED TO THE ADDRESS SET FORTH IN SECTION 10.06 HEREOF AND SERVICE SO MADE SHALL BE DEEMED TO BE COMPLETED FIVE (5) DAYS AFTER THE SAME SHALL HAVE BEEN DEPOSITED IN THE U.S. MAILS, POSTAGE
PREPAID. THE ISSUER, THE DEPOSITOR, THE SPONSOR, THE SERVICER AND THE INDENTURE TRUSTEE EACH HEREBY WAIVE ANY OBJECTION BASED ON FORUM NON CONVENIENS, AND ANY OBJECTION TO VENUE OF ANY ACTION INSTITUTED HEREUNDER AND CONSENTS TO THE GRANTING OF SUCH
LEGAL OR EQUITABLE RELIEF AS IS DEEMED APPROPRIATE BY THE COURT. NOTHING IN THIS SECTION 10.15 SHALL AFFECT THE RIGHT OF THE ISSUER, THE DEPOSITOR, THE SPONSOR, THE SERVICER OR THE INDENTURE TRUSTEE TO SERVE LEGAL PROCESS IN ANY OTHER MANNER
PERMITTED BY LAW OR AFFECT ANY OF THEIR RIGHTS TO BRING ANY ACTION OR PROCEEDING IN THE COURTS OF ANY OTHER JURISDICTION. 
 (c) THE ISSUER,
THE DEPOSITOR, THE SPONSOR, THE SERVICER, THE INDENTURE TRUSTEE AND THE HEDGE PROVIDERS EACH HEREBY WAIVES ANY RIGHT TO HAVE A JURY PARTICIPATE IN RESOLVING ANY DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT, OR OTHERWISE ARISING OUT OF, 

  

 64 

 
CONNECTED WITH, RELATED TO, OR IN CONNECTION WITH THIS AGREEMENT. INSTEAD, ANY DISPUTE WILL BE RESOLVED IN A BENCH TRIAL WITHOUT A JURY. 
 [Remainder of Page Intentionally Left Blank] 
  

 65 

 IN WITNESS WHEREOF, the Servicer, the Issuing Entity, the Indenture Trustee, the Depositor and the
Sponsor have caused their names to be signed hereto by their respective officers thereunto duly authorized as of the day and year first above written. 
  

			
	ACCREDITED HOME LENDERS, INC.,
	    as Sponsor and Servicer
		
	By:	 	 /s/ Charles O. Ryan

	Name:	 	Charles O. Ryan
	Title:	 	Securitization Coordinator
	
	 ACCREDITED MORTGAGE LOAN TRUST 2007-1

		
	By:	 	U.S. BANK TRUST NATIONAL ASSOCIATION, not in its individual capacity, but solely as Owner Trustee under the Trust Agreement
		
	By:	 	 /s/ Patricia M. Child

	Name:	 	Patricia M. Child
	Title:	 	Vice President
	
	 ACCREDITED MORTGAGE LOAN REIT TRUST as Depositor

		
	By:	 	 /s/ Melissa Dant

	Name:	 	Melissa Dant
	Title:	 	Associate General Counsel-Finance,
		 	Ass’t Vice President, and Ass’t
		 	Secretary
	
	 DEUTSCHE BANK NATIONAL TRUST COMPANY,
 as Indenture Trustee

		
	By:	 	 /s/ Barbara Campbell

	Name:	 	Barbara Campbell
	Title:	 	Vice President
		
	By:	 	 /s/ Karlene Benvenuto

	Name:	 	Karlene Benvenuto
	Title:	 	Authorized Signer

 [Signature page to Sales and Servicing Agreement] 
  

 66 

 SCHEDULE I 
 MORTGAGE LOAN SCHEDULE 
 [On File with Dewey Ballantine LLP] 
  

 APPENDIX I 
 DEFINED TERMS 
 [See Appendix I to Indenture] 
  

 EXHIBIT A 
 CONTENTS OF THE MORTGAGE FILE 
 With respect to each Mortgage Loan, the Mortgage File shall include each of
the following items (copies to the extent the originals have been delivered to the Indenture Trustee for the benefit of the Noteholders, pursuant to Section 2.05 of the Sale and Servicing Agreement), all of which shall be available for
inspection by the Noteholders, to the extent required by applicable laws: 
 1. the original Mortgage Note, endorsed without recourse in
blank from the last endorsee thereof, including all intervening endorsements showing a complete chain of endorsement; 
 2. the related
original Mortgage with evidence of recording indicated thereon or a copy thereof certified by the applicable recording office and if the Mortgage Loan is registered on the MERS System, such Mortgage or an assignment of the Mortgage shall reflect
MERS as the mortgagee of record and shall include the MIN for such Mortgage Loan; 
 3. each intervening mortgage assignment, with evidence
of recording indicated thereon or if the original is not available, a copy thereof certified by the applicable recording office, if any, showing a complete chain of assignment from the last assignee thereof of the related Mortgage Loan to the
Sponsor (or to MERS, if the Mortgage Loan is registered on the MERS System), and noting the presence of a MIN (if the Mortgage Loan is registered on the MERS System) (which assignment may, at the Sponsor’s option, be combined with the
assignment referred to in subpart (4) hereof, in which case it must be in recordable form, but need not have been previously recorded); 
 4. unless the Mortgage Loan is recorded on the MERS System, a mortgage assignment in recordable form (which, if acceptable for recording in the relevant jurisdiction as evidenced by an Opinion of Counsel addressed to the Indenture Trustee,
may be included in a blanket assignment or assignments) of each Mortgage from the Sponsor to the Indenture Trustee; 
 5. originals of all
assumption, modification and substitution agreements in those instances where the terms or provisions of a Mortgage or Mortgage Note have been modified or such Mortgage or Mortgage Note has been assumed (if any); and 
 6. an original title insurance policy or title opinion (or (A) a copy of the title insurance policy or title opinion, or (B) the related
binder, commitment or preliminary report, or copy thereof in which case the Sponsor hereby certifies that the original Mortgage has been delivered to the title insurance company that issued such binder, commitment or preliminary report). 

In instances where the original recorded Mortgage or any intervening mortgage assignment or a completed assignment of the Mortgage in recordable form
cannot be delivered by the Sponsor to the Indenture Trustee prior to or concurrently with the execution and delivery of this Agreement, due to a delay in connection with recording, the Sponsor may: 
  

 A-1 

 (a) with respect to item (3) above, in lieu of delivering such original recorded Mortgage or
intervening mortgage assignment, deliver to the Indenture Trustee, a copy thereof; provided, that the Sponsor certifies that the original Mortgage has been delivered to a title insurance company for recordation after receipt of its policy of title
insurance or the related binder, commitment or preliminary report; and 
 (b) in lieu of delivering the completed assignment in recordable
form, deliver to the Indenture Trustee, the assignment in recordable form, otherwise complete except for recording information. 
  

 A-2 

 EXHIBIT B 
 [RESERVED] 
  

 B-1 

 EXHIBIT C 
 INDENTURE TRUSTEE’S ACKNOWLEDGEMENT OF RECEIPT 
  
  

							
	 Lehman Brothers, Inc.
 745 Seventh Avenue
 New York, New York 10019
	 		  	 January [    ], 2007
 Accredited Home Lenders, Inc.
 15253 Avenue of Science, Building 1
 San Diego, California 92128
	  	
	 Accredited Mortgage Loan REIT Trust
 15253 Avenue of
Science, Building 1
 San Diego, California 92128
	 		  		  	

  

	 	Re:	Sale and Servicing Agreement, dated as of January 1, 2007 among 

 Accredited Home Lenders, Inc., as Sponsor and Servicer, Accredited Mortgage Loan REIT Trust, as depositor, Accredited Mortgage Loan Trust 2007-1, and Deutsche Bank National Trust Company, as Indenture Trustee

 Ladies and Gentlemen: 
 In
accordance with Section 2.06(b)(i) of the above-captioned Sale and Servicing Agreement, the undersigned, as Indenture Trustee, hereby acknowledges receipt by it in good faith without notice of adverse claims, subject to the provisions of
Sections 2.04 and 2.05 of the Sale and Servicing Agreement (as such provisions relate to the Mortgage Loan), of, with respect to each Mortgage Loan, a Mortgage File containing the original Mortgage Note, except with respect to the list of exceptions
attached hereto, and based on its examination and only as to the foregoing, the information set forth in items (i), (ii) (with respect to property address only, excluding zip code), (iii) and (vi) of the definition of the
“Mortgage Loan Schedule” accurately reflects information set forth in the Mortgage Note, and declares that it holds and will hold such documents and the other documents delivered to it constituting the Indenture Trustee’s Mortgage
Files, and that it holds or will hold all such assets and such other assets included in the definition of “Trust Estate” that are delivered to it for the exclusive use and benefit of all present and future Noteholders. 
 The Indenture Trustee has made no independent examination of any such documents beyond the review specifically required in the above-referenced Sale and
Servicing Agreement. The Indenture Trustee makes no representations as to: (i) the validity, legality, recordability, sufficiency, perfection, priority, enforceability or genuineness of any such documents or any of the Mortgage Loans identified
on the Mortgage Loan Schedule, or (ii) the collectability, insurability, effectiveness or suitability of any such Mortgage Loan. 
 The
Mortgage Loan Schedule is attached to this Receipt. 
 Capitalized words and phrases used herein shall have the respective meanings assigned
to them in Appendix I to the Indenture, dated as of January 1, 2007, by and between Accredited Mortgage Loan Trust 2007-1 and the Indenture Trustee. 
  

 C -1 

			
	 DEUTSCHE BANK NATIONAL TRUST COMPANY,
 as Indenture Trustee

		
	By:	 	  

	Name:	 	
	Title:	 	

  

 C-2 

 EXHIBIT D 
 INITIAL CERTIFICATION OF INDENTURE TRUSTEE 
  
  

							
	 Lehman Brothers, Inc.
 745 Seventh Avenue
 New York, New York 10019
  
 Accredited Mortgage Loan REIT Trust
 15253 Avenue of Science, Building 1
 San Diego, California 92128
	  		  	             , 2007
 Accredited Home Lenders, Inc.
 15253 Avenue of Science, Building
1
 San Diego, California 92128
	  	

  

	 	Re:	Sale and Servicing Agreement, dated as of January 1, 2007 among Accredited Home Lenders, Inc., as Sponsor and Servicer, Accredited Mortgage Loan REIT Trust, as depositor,
Accredited Mortgage Loan Trust 2007-1, and Deutsche Bank National Trust Company, as Indenture Trustee 

 Ladies and Gentlemen: 
 In accordance with the provisions of Section 2.06(b)(ii) of the above-referenced Sale and Servicing Agreement, the undersigned, as Indenture Trustee,
hereby certifies that as to each Mortgage Loan listed in the Mortgage Loan Schedule (other than any Mortgage Loan paid in full or any Mortgage Loan listed on the attachment hereto), it has reviewed the documents delivered to it pursuant to
Section 2.05(a) of the Sale and Servicing Agreement and has determined that, except as noted on the attachment hereto, (i) all documents required to be delivered to it pursuant to Section 2.05(a)(i)-(iv) and (vi) of the
above-referenced Sale and Servicing Agreement are in its possession, (ii) such documents have been reviewed by it and appear regular on their face and have not been mutilated, damaged, torn or otherwise physically altered (handwritten
additions, changes or corrections do not constitute physical alteration if they reasonably appear to have been initialed by the Mortgagor) and relates to such Mortgage Loan and (iii) based on its examination and only as to the foregoing
documents, the information set forth in the Mortgage Loan Schedule as to the information in clauses (i), (ii) (with respect to property address only, excluding zip code), (iii) and (vi) of the definition of “Mortgage Loan
Schedule” respecting such Mortgage Loan accurately reflects the information set forth in Indenture Trustee’s Mortgage File. The Indenture Trustee has made no independent examination of such documents beyond the review specifically required
in the above-referenced Sale and Servicing Agreement. The Indenture Trustee makes no representations as to: (x) the validity, legality, recordability, sufficiency, perfection, priority, enforceability or genuineness of any such documents
contained in each or any of the Mortgage Loans identified on the Mortgage Loan Schedule, or (y) the collectability, insurability, effectiveness or suitability of any such Mortgage Loan. 
 Capitalized words and phrases used herein shall have the respective meanings assigned to them in the above-captioned Sale and Servicing Agreement.

  

 D-1 

			
	 DEUTSCHE BANK NATIONAL TRUST COMPANY,
 as Indenture Trustee

		
	By:	 	  

	Name:	 	
	Title:	 	

  

 D-2 

 EXHIBIT E 
 FINAL CERTIFICATION OF INDENTURE TRUSTEE 
  
  

							
	 Lehman Brothers, Inc.
 745 Seventh Avenue
 New York, New York 10019
  
 Accredited Mortgage Loan REIT Trust
 15253 Avenue of Science, Building 1
 San Diego, California 92128
	  		  	             , 2007
 Accredited Home Lenders, Inc.
 15253 Avenue of Science, Building
1
 San Diego, California 92128
	  	

  

	 	Re:	Sale and Servicing Agreement, dated as of January 1, 2007 among Accredited Home Lenders, Inc., as Sponsor and Servicer, Accredited Mortgage Loan REIT Trust, as depositor,
Accredited Mortgage Loan Trust 2007-1, and Deutsche Bank National Trust Company, as Indenture Trustee 

 Ladies and Gentlemen: 
 In accordance with the provisions of Section 2.06(b)(iii) of the above-referenced Sale and Servicing Agreement, the undersigned, as Indenture
Trustee, hereby certifies that as to each Mortgage Loan listed in the Mortgage Loan Schedule (other than any Mortgage Loan paid in full or any Mortgage Loan listed on the attachment hereto), it has reviewed the documents delivered to it pursuant to
Section 2.05(a) of the Sale and Servicing Agreement and has determined that (i) all documents required to be delivered to it pursuant to Section 2.05(a)(i)-(iv) and (vi) of the above referenced Sale and Servicing Agreement
are in its possession, (ii) such documents have been reviewed by it and appear regular on their face and have not been mutilated, damaged, torn or otherwise physically altered (handwritten additions, changes or corrections do not constitute
physical alteration if they reasonably appear to have been initialed by the Mortgagor) and relates to such Mortgage Loan and (iii) based on its examination and only as to the foregoing documents, the information set forth in items (i),
(ii) (with respect to property address only, excluding zip code), (iii) and (vi) of the definition of the Mortgage Loan Schedule respecting such Mortgage Loan that can be determined from the face of such documents accurately reflects
the information set forth in the Indenture Trustee’s Mortgage File. The Indenture Trustee has made no independent examination of such documents beyond the review specifically required in the above-referenced Sale and Servicing Agreement. The
Indenture Trustee makes no representations as to: (x) the validity, legality, recordability, sufficiency, perfection, priority, enforceability or genuineness of any such documents contained in each or any of the Mortgage Loans identified on the
Mortgage Loan Schedule, or (y) the collectability, insurability, effectiveness or suitability of any such Mortgage Loan. 
 Capitalized
words and phrases used herein shall have the respective meanings assigned to them in the above-captioned Sale and Servicing Agreement. 
  

 E-1 

			
	 DEUTSCHE BANK NATIONAL TRUST COMPANY,
 as Indenture Trustee

		
	By:	 	  

	Name:	 	
	Title:	 	

  

 E-2 

 EXHIBIT F 
 REQUEST FOR RELEASE OF DOCUMENTS 
  

	To:	Deutsche Bank National Trust Company 

 1761 East St. Andrew
Place 
 Santa Ana, CA 92705-4934 
 Attn: Trust Administration – AC0701 
  

			
	 Re:
	  	Sale and Servicing Agreement, dated as of January 1, 2007 among Accredited Home Lenders, Inc., as Sponsor and Servicer, Accredited Mortgage Loan REIT Trust, as depositor, Accredited
Mortgage Loan Trust 2007-1, and Deutsche Bank National Trust Company, as Indenture Trustee (“Custodian/Indenture Trustee”)

 In connection with the administration of the Mortgage Loans held by you as Indenture Trustee for
the Issuing Entity pursuant to the above-captioned Sale and Servicing Agreement, we request the release, and hereby acknowledge receipt, of the Indenture Trustee’s Mortgage File for the Mortgage Loan described below, for the reason indicated.

 Mortgage Loan Number: 
 Mortgagor Name,
Address & Zip Code: 
 Reason for Requesting Documents (check one): 
  

					
	1.	  	Mortgage Paid in Full	  	
	2.	  	Foreclosure	  	
	3.	  	Substitution	  	
	4.	  	Other Liquidation (Repurchases, etc.)	  	
	5.	  	Nonliquidation Reason:	  	Reason:
                                    

 Address to which Indenture Trustee should 
  

					
	Deliver the Mortgage File:	 	  
	 	
		 	  
	 	
		 	  
	 	
			
		 	By:
                                        
                                        
                     	 	
		 	                                (authorized signer)	 	
			
		 	Issuing Entity:
                                        
                                       
 	 	
			
		 	Address:
                                        
                                        
           	 	
			
		 	                
                                        
                                        
         	 	
			
		 	Date:
                                        
                                        
                  	 	

  

 F-1 

 EXHIBIT G 
 ACCREDITED HOME LENDERS, INC. 
 OFFICER’S CERTIFICATE 
 I,                     , certify that: 
  

	1.	I have reviewed this annual report on Form 10-K, and all reports on Form 8-K containing distribution or servicing reports filed in respect of periods included in the year covered by
this annual report, of Accredited Mortgage Loan Trust 2007-1; 

  

	2.	Based on my knowledge, the information in these reports, taken as a whole, does not contain any untrue statement of a material fact or omit to state a material fact necessary to
make the statements made, in light of the circumstances under which such statements were made, not misleading as of the last day of the period covered by this annual report; 

  

	3.	Based on my knowledge, the distribution or servicing information required to be provided to the trustee by the servicer under the sale and servicing, or similar, agreement is
included in these reports; 

  

	4.	Based on my knowledge and upon the annual compliance statement included in the report and required to be delivered to the trustee in accordance with the terms of the sale and
servicing, or similar, agreement, and except as disclosed in the reports, the servicer has fulfilled its obligations under the servicing agreement; and 

  

	5.	The reports disclose all significant deficiencies relating to the servicer’s compliance with the minimum servicing standards based upon the report provided by an independent
public accountant, after conducting a review in compliance with the Uniform Single Attestation Program for Mortgage Bankers or similar procedure, as set forth in the sale and servicing, or similar, agreement that is included in these reports.

 In giving the certifications above, I have reasonably relied on information provided to me by the following unaffiliated parties:
                            . 
  

			
	Date:	 	
		
		 	  

	Name:	 	
	Title:	 	

  

 G-1 

 EXHIBIT H 
 SERVICING CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE 
 Where there are multiple checks for criteria the attesting
party will identify in their management assertion that they are attesting only to the portion of the distribution chain they are responsible for in the related transaction agreements. 
 Key: X – obligation 
  

							
	 Reg AB
Reference
	  	 Servicing Criteria
	 	 Servicer
	 	 Indenture
Trustee

		  	General Servicing Considerations	 		 	
				
	1122(d)(1)(i)	  	Policies and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the transaction agreements.	 	X	 	X
				
	1122(d)(1)(ii)	  	If any material servicing activities are outsourced to third parties, policies and procedures are instituted to monitor the third party’s performance and compliance with such servicing
activities.	 	If applicable	 	If applicable
				
	1122(d)(1)(iii)	  	Any requirements in the transaction agreements to maintain a back-up servicer for the Pool Assets are maintained.	 	If become contractually obligated	 	If become contractually obligated
				
	1122(d)(1)(iv)	  	A fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function throughout the reporting period in the amount of coverage required by and
otherwise in accordance with the terms of the transaction agreements.	 	X	 	
				
		  	Cash Collection and Administration	 		 	
				
	1122(d)(2)(i)	  	Payments on pool assets are deposited into the appropriate custodial bank accounts and related bank clearing accounts no more than two business days following receipt, or such other number of
days specified in the transaction agreements.	 	X	 	X
				
	1122(d)(2)(ii)	  	Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel	 	X	 	X
				
	1122(d)(2)(iii)	  	Advances of funds or guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for such advances, are made, reviewed and approved as specified in the
transaction agreements.	 	X	 	X

  

 H-1 

							
	 Reg AB
Reference
	  	 Servicing Criteria
	 	 Servicer
	 	 Indenture
Trustee

	1122(d)(2)(iv)	  	The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of over collateralization, are separately maintained (e.g., with respect to commingling
of cash) as set forth in the transaction agreements.	 	X	 	X
				
	1122(d)(2)(v)	  	Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements. For purposes of this criterion, “federally insured depository
institution” with respect to a foreign financial institution means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange Act.	 	X	 	X
				
	1122(d)(2)(vi)	  	Unissued checks are safeguarded so as to prevent unauthorized access	 	X	 	X
				
	1122(d)(2)(vii)	  	Reconciliations are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related bank clearing accounts. These reconciliations are
(A) mathematically accurate; (B) prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) reviewed and approved by someone other than the person who prepared the
reconciliation; and (D) contain explanations for reconciling items. These reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified in the transaction agreements.	 	X	 	X

  

 H-2 

							
	 Reg AB
Reference
	  	 Servicing Criteria
	 	 Servicer
	 	 Indenture
Trustee

		  	Investor Remittances and Reporting	 		 	
				
	1122(d)(3)(i)	  	Reports to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements and applicable Commission requirements. Specifically, such
reports (A) are prepared in accordance with timeframes and other terms set forth in the transaction agreements; (B) provide information calculated in accordance with the terms specified in the transaction agreements; (C) are filed with the
Commission as required by its rules and regulations; and (D) agree with investors’ or the trustee’s records as to the total unpaid principal balance and number of Pool Assets serviced by the Servicer.	 	X	 	X
				
	1122(d)(3)(ii)	  	Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the transaction agreements.	 	X	 	X
				
	1122(d)(3)(iii)	  	Disbursements made to an investor are posted within two business days to the Servicer’s investor records, or such other number of days specified in the transaction agreements.	 	X	 	X
				
	1122(d)(3)(iv)	  	Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements.	 	X	 	X
				
		  	Pool Asset Administration	 		 	
	1122(d)(4)(i)	  	Collateral or security on pool assets is maintained as required by the transaction agreements or related pool asset documents.	 	X	 	X
				
	1122(d)(4)(ii)	  	Pool assets and related documents are safeguarded as required by the transaction agreements	 		 	X
				
	1122(d)(4)(iii)	  	Any additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or requirements in the transaction agreements.	 	X	 	X
				
	1122(d)(4)(iv)	  	Payments on pool assets, including any payoffs, made in accordance with the related pool asset documents are posted to the Servicer’s obligor records maintained no more than two business
days after receipt, or such other number of days specified in the transaction agreements, and allocated to principal, interest or other items (e.g., escrow) in accordance with the related pool asset documents.	 	X	 	

  

 H-3 

							
	 Reg AB
 Reference
	  	 Servicing Criteria
	 	 Servicer
	 	 Indenture
Trustee

				
	1122(d)(4)(v)	  	The Servicer’s records regarding the pool assets agree with the Servicer’s records with respect to an obligor’s unpaid principal balance.	 	X	 	
				
	1122(d)(4)(vi)	  	Changes with respect to the terms or status of an obligor’s pool assets (e.g., loan modifications or reagings) are made, reviewed and approved by authorized personnel in accordance with the
transaction agreements and related pool asset documents.	 	X	 	
				
	1122(d)(4)(vii)	  	Loss mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated, conducted and
concluded in accordance with the timeframes or other requirements established by the transaction agreements.	 	X	 	
				
	1122(d)(4)(viii)	  	Records documenting collection efforts are maintained during the period a pool asset is delinquent in accordance with the transaction agreements. Such records are maintained on at least a
monthly basis, or such other period specified in the transaction agreements, and describe the entity’s activities in monitoring delinquent pool assets including, for example, phone calls, letters and payment rescheduling plans in cases where
delinquency is deemed temporary (e.g., illness or unemployment).	 	X	 	
				
	1122(d)(4)(ix)	  	Adjustments to interest rates or rates of return for pool assets with variable rates are computed based on the related pool asset documents.	 	X	 	
				
	1122(d)(4)(x)	  	Regarding any funds held in trust for an obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the obligor’s pool asset documents, on at least an annual basis,
or such other period specified in the transaction agreements; (B) interest on such funds is paid, or credited, to obligors in accordance with applicable pool asset documents and state laws; and (C) such funds are returned to the obligor within 30
calendar days of full repayment of the related pool assets, or such other number of days specified in the transaction agreements.	 	X	 	

  

 H-4 

							
	 Reg AB
 Reference
	  	 Servicing Criteria
	 	 Servicer
	 	 Indenture
Trustee

				
	1122(d)(4)(xi)	  	Payments made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates, as indicated on the appropriate bills or notices for such
payments, provided that such support has been received by the servicer at least 30 calendar days prior to these dates, or such other number of days specified in the transaction agreements.	 	X	 	
				
	1122(d)(4)(xii)	  	Any late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the Servicer’s funds and not charged to the obligor, unless the late payment was
due to the obligor’s error or omission.	 	X	 	
				
	1122(d)(4)(xiii)	  	Disbursements made on behalf of an obligor are posted within two business days to the obligor’s records maintained by the servicer, or such other number of days specified in the transaction
agreements.	 	X	 	
				
	1122(d)(4)(xiv)	  	Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in accordance with the transaction agreements.	 	X	 	
				
	1122(d)(4)(xv)	  	Any external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB, is maintained as set forth in the transaction agreements.	 	X	 	

  

 H-5 

 EXHIBIT I 
 FORM 10-D, FORM 8-K AND FORM 10-K 
 REPORTING RESPONSIBILITY 
 As to each item described below, the entity indicated as the Responsible Party shall be primarily responsible for reporting the information to the party identified as
responsible for preparing the Securities Exchange Act Reports pursuant to Section 5.11 of the Sale and Servicing Agreement. 
 Under Item 1 of Form
10-D: a) items marked “8.06 statement” are required to be included in the periodic reports prepared by the Indenture Trustee under Section 8.06 of the Indenture, provided by the Indenture Trustee based on information received from the
Servicer; and b) items marked “Form 10-D report” are required to be in the Form 10-D report but not the 8.06 statement, provided by the party indicated. Information under all other Items of Form 10-D is to be included in the Form 10-D
report. All such information and any other Items of Form 8-K and Form 10-K set forth in this exhibit shall be sent to the Indenture Trustee and the Depositor, as applicable as set forth in Section 5.11 of the Sale and Servicing Agreement.

  

															
	 Form
	  	Item	  	 Description
	  	Servicer	  	 Indenture
Trustee
	  	Owner
Trustee	  	Depositor	  	 Sponsor

	10-D	  	Must be filed within 15 days of the distribution date for the
asset-backed securities.	  		  		  		  		  	
								
		  	1	  	Distribution and Pool Performance Information	  		  		  		  		  	
								
		  		  	Item 1121(a) – Distribution and Pool Performance Information	  		  		  		  		  	
								
		  		  	(1) Any applicable record dates, accrual dates, determination dates for calculating distributions and actual distribution dates for the distribution period.	  		  	 X
  
 (8.06 Statement)
	  		  		  	
								
		  		  	(2) Cash flows received and the sources thereof for distributions, fees and expenses.	  		  	 X
  
 (8.06 Statement)
	  		  		  	
								
		  		  	(3) Calculated amounts and distribution of the flow of funds for the period itemized by type and priority of payment, including:	  		  	 X
  
 (8.06 Statement)
	  		  		  	

  

 I-1 

															
	 Form
	  	Item	  	 Description
	  	Servicer	  	 Indenture
Trustee
	  	Owner
Trustee	  	Depositor	  	 Sponsor

		  		  	(i) Fees or expenses accrued and paid, with an identification of the general purpose of such fees and the party receiving such fees or expenses.	  		  	 X
  
 (8.06 Statement)
	  		  		  	
								
		  		  	(ii) Payments accrued or paid with respect to enhancement or other support identified in Item 1114 of Regulation AB (such as insurance premiums or other enhancement maintenance fees), with an
identification of the general purpose of such payments and the party receiving such payments.	  		  	 X
  
 (8.06 Statement)
	  		  		  	
								
		  		  	(iii) Principal, interest and other distributions accrued and paid on the asset-backed securities by type and by class or series and any principal or interest shortfalls or
carryovers.	  		  	 X
  
 (8.06 Statement)
	  		  		  	
								
		  		  	(iv) The amount of excess cash flow or excess spread and the disposition of excess cash flow.	  		  	 X
  
 (8.06 Statement)
	  		  		  	
								
		  		  	(4) Beginning and ending principal balances of the asset-backed securities.	  		  	 X
  
 (8.06 Statement)
	  		  		  	
								
		  		  	(5) Interest rates applicable to the pool assets and the asset-backed securities, as applicable. Consider providing interest rate information for pool assets in appropriate distributional groups
or incremental ranges.	  		  	 X
  
 (8.06 Statement)
	  		  		  	
								
		  		  	(6) Beginning and ending balances of transaction accounts, such as reserve accounts, and material account activity during the period.	  		  	 X
  
 (8.06 Statement)
	  		  		  	

  

 I-2 

															
	 Form
	  	Item	  	 Description
	  	Servicer	  	 Indenture
Trustee
	  	Owner
Trustee	  	Depositor	 	 Sponsor

		  		  	(7) Any amounts drawn on any credit enhancement or other support identified in Item 1114 of Regulation AB, as applicable, and the amount of coverage remaining under any such enhancement, if
known and applicable.	  		  	 X
  
 (8.06 State-ment as to first portion)
	  		  	X (as to the
amount of
coverage
remaining
under any
such
enhancement)	 	
								
		  		  	(8) Number and amount of pool assets at the beginning and ending of each period, and updated pool composition information, such as weighted average coupon, weighted average remaining term, pool
factors and prepayment amounts.	  		  	 X
  
 (8.06 Statement)
	  		  	Updated
pool
composition
information
fields to be
as specified
by
Depositor
from time
to time	 	
								
		  		  	(9) Delinquency and loss information for the period.	  		  	 X
  
 (8.06 Statement)
	  		  		 	
								
		  		  	In addition, describe any material changes to the information specified in Item 1100(b)(5) of Regulation AB regarding the pool assets. (methodology)	  	X	  		  		  		 	
								
		  		  		  		  		  		  		 	
								
		  		  	(10) Information on the amount, terms and general purpose of any advances made or reimbursed during the period, including the general use of funds advanced and the general source of funds for
reimbursements.	  		  	 X
  
 (8.06 Statement)
	  		  		 	
								
		  		  		  		  		  		  		 	
								
		  		  	(11) Any material modifications, extensions or waivers to pool asset terms, fees, penalties or payments during the distribution period or that have cumulatively become material over
time.	  	X	  		  		  	X	 	X

  

 I-3 

															
	 Form
	  	Item	  	 Description
	  	Servicer	  	 Indenture
Trustee
	  	Owner
Trustee	  	Depositor	  	 Sponsor

		  		  	(12) Material breaches of pool asset representations or warranties or transaction covenants.	  	X	  		  		  	X	  	X
								
		  		  	(13) Information on ratio, coverage or other tests used for determining any early amortization, liquidation or other performance trigger and whether the trigger was met.	  		  	 X
  
 (8.06 Statement)
	  		  		  	
								
		  		  	(14) Information regarding any new issuance of asset-backed securities backed by the same asset pool,	  		  		  		  	X	  	X
								
		  		  	Information regarding any pool asset changes (other than in connection with a pool asset converting into cash in accordance with its terms), such as additions or removals in connection with a
prefunding or revolving period and pool asset substitutions and repurchases (and purchase rates, if applicable), and cash flows available for future purchases, such as the balances of any prefunding or revolving accounts, if applicable.	  	X	  		  		  	X	  	
								
		  		  	Disclose any material changes in the solicitation, credit-granting, underwriting, origination, acquisition or pool selection criteria or procedures, as applicable, used to originate, acquire or
select the new pool assets.	  		  		  		  	X	  	X

  

 I-4 

															
	 Form
	  	Item	  	 Description
	  	 Servicer
	  	 Indenture
Trustee
	  	 Owner
Trustee
	  	 Depositor
	  	 Sponsor

		  		  	 Item 1121(b) – Pre-Funding or Revolving Period Information
 Updated pool information as required under Item 1121(b).
	  		  		  		  	X	  	
								
		  	2	  	Legal Proceedings	  		  		  		  		  	
								
		  		  	Item 1117 – Legal proceedings pending against the following entities, or their respective property, that is material to Noteholders, including proceedings known to be contemplated by
governmental authorities:	  		  		  		  		  	
								
		  		  	Sponsor	  		  		  		  		  	X
								
		  		  	Depositor	  		  		  		  	X	  	
								
		  		  	Owner Trustee	  		  		  	X	  		  	
								
		  		  	Issuing entity	  		  		  		  	X	  	
								
		  		  	Servicer, other Servicer servicing 20% or more of pool assets at time of report, other material servicers	  	X	  		  		  		  	
								
		  		  	Indenture Trustee	  		  	X	  		  		  	
								
		  		  	Custodian	  		  	X	  		  		  	
								
		  	3	  	Sales of Securities and Use of Proceeds	  		  		  		  		  	

  

 I-5 

															
	 Form
	  	Item	  	 Description
	  	 Servicer
	  	 Indenture
Trustee
	  	 Owner
Trustee
	  	 Depositor
	  	 Sponsor

		  		  	 Information from Item 2(a) of Part II of Form 10-Q:
 With respect to any sale of securities by the sponsor, depositor or issuing entity, that are backed by the same asset pool or are otherwise issued by the issuing entity, whether or not registered, provide the sales and use of proceeds
information in Item 701 of Regulation S-K. Pricing information can be omitted if securities were not registered.
	  		  		  		  	X	  	
								
		  	4	  	 Defaults Upon
  
 Senior Securities
	  		  		  		  		  	
								
		  		  	 Information from Item 3 of Part II of Form 10-Q:
  
 Report the occurrence of any Event of Default (after expiration of any grace period and provision of any required notice)
	  		  	X	  		  	X	  	X
								
		  	5	  	Submission of Matters to a Vote of Noteholders	  		  		  		  		  	
								
		  		  	Information from Item 4 of Part II of Form 10-Q	  	X (to the extent initiated by the Servicer)	  	X (to the extent initiated by the Indenture Trustee)	  		  	X (to the extent initiated by the Depositor)	  	X (to the extent initiated by the Sponsor)
								
		  	6	  	Significant Obligors of Pool Assets	  		  		  		  		  	
								
		  		  	Item 1112(b) – Significant Obligor Financial Information*	  		  		  		  	X	  	
								
		  		  	*This information need only be reported on the Form 10-D for the distribution period in which updated information is required pursuant to the Item.	  		  		  		  		  	

  

 I-6 

															
	 Form
	  	Item	  	 Description
	  	 Servicer
	  	 Indenture
Trustee
	  	 Owner
Trustee
	  	 Depositor
	  	 Sponsor

		  	7	  	Significant Enhancement Provider Information	  		  		  		  		  	
								
		  		  	Item 1114(b)(2) – Credit Enhancement Provider Financial Information*	  		  		  		  		  	
								
		  		  	 Determining applicable disclosure threshold
	  		  		  		  		  	X
								
		  		  	 Requesting required financial information or effecting incorporation by reference
	  		  		  		  		  	X
								
		  		  	Item 1115(b) – Derivative Counterparty Financial Information*	  		  		  		  		  	
								
		  		  	 Determining current maximum probable exposure
	  		  		  		  		  	X
								
		  		  	 Determining current significance percentage
	  		  		  		  		  	X
								
		  		  	 Requesting required financial information or effecting incorporation by reference
	  		  		  		  		  	X
								
		  		  	*This information need only be reported on the Form 10-D for the distribution period in which updated information is required pursuant to the Items.	  		  		  		  		  	
								
		  	8	  	Other Information	  		  		  		  		  	
				
		  		  	Disclose any information required to be reported on Form 8-K during the period covered by the Form 10-D but not reported	  	The Responsible Party for the applicable Form 8-K item as indicated below.
								
		  	9	  	Exhibits	  		  		  		  		  	
								
		  		  	Distribution Report	  		  	X	  		  		  	
								
		  		  	Exhibits required by Item 601 of Regulation S-K, such as material agreements	  		  		  		  	X	  	

  

 I-7 

															
	 Form
	  	Item	  	 Description
	  	 Servicer
	  	 Indenture
Trustee
	  	 Owner
Trustee
	  	 Depositor
	  	 Sponsor

	8-K	  	Must be filed within four business days of an event reportable on Form 8-K.	  	
		  	1.01	  	Entry into a Material Definitive Agreement	  		  		  		  		  	
								
		  		  	 Disclosure is required regarding entry into or amendment of any definitive agreement that is material to the securitization, even if depositor is not
a party.
  
 Examples: servicing agreement, custodial agreement.
  
 Note: disclosure not required as to definitive agreements that are fully disclosed in the
prospectus
	  	X	  		  		  	X	  	X
								
		  	1.02	  	Termination of a Material Definitive Agreement	  		  		  		  		  	
								
		  		  	 Disclosure is required regarding termination of any definitive agreement that is material to the securitization (other than expiration in accordance
with its terms), even if depositor is not a party.
  
 Examples: servicing agreement,
custodial agreement.
	  	X	  	X (only to the extent initiated by the Indenture Trustee)	  		  	X	  	X
								
		  	1.03	  	Bankruptcy or Receivership	  		  		  		  		  	

  

 I-8 

															
	 Form
	  	Item	  	 Description
	  	 Servicer
	  	 Indenture
Trustee
	  	 Owner
Trustee
	  	 Depositor
	  	 Sponsor

		  		  	 Disclosure is required regarding the bankruptcy or receivership, if known to the Depositor, Indenture Trustee, Sponsor or Servicer, with respect to
any of the following:
  
 Sponsor, Depositor, Servicer, affiliated Servicer, other Servicer
servicing 20% or more of pool assets at time of report, other material servicers, Indenture Trustee, significant obligor, credit enhancer (10% or more), derivatives counterparty, custodian
	  	X	  	X (as to itself)	  		  	X	  	X
								
		  	2.04	  	Triggering Events that Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement	  		  		  		  		  	
								
		  		  	 Includes an early amortization, performance trigger or other event, including event of default, that would materially alter the payment
priority/distribution of cash flows/amortization schedule.
  
 Disclosure will be made of
events other than waterfall triggers which are disclosed in the 8.06 statement
	  		  		  		  	X	  	
								
		  	3.03	  	Material Modification to Rights of Noteholders	  		  		  		  		  	
								
		  		  	Disclosure is required of any material modification to documents defining the rights of Noteholders, including the Sale and Servicing Agreement	  		  		  		  	X	  	X

  

 I-9 

															
	 Form
	  	Item	  	 Description
	  	 Servicer
	  	 Indenture
Trustee
	  	 Owner
Trustee
	  	 Depositor
	  	 Sponsor

		  	5.03	  	Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year	  		  		  		  		  	
								
		  		  	Disclosure is required of any amendment “to the governing documents of the issuing entity”	  		  		  		  	X	  	
								
		  	5.06	  	Change in Shell Company Status	  		  		  		  		  	
								
		  		  	[Not applicable to ABS issuers]	  		  		  		  	X	  	
								
		  	6.01	  	ABS Informational and Computational Material	  		  		  		  		  	
								
		  		  	[Not included in reports to be filed under Section 3.19]	  		  		  		  	X	  	
								
		  	6.02	  	Change of Servicer or Trustee	  		  		  		  		  	
								
		  		  	Requires disclosure of any removal, replacement, substitution or addition of any servicer, affiliated servicer, other servicer servicing 10% or more of pool assets at time of report, other
material servicers, or trustee.	  	X	  		  		  	X	  	
								
		  		  	Reg AB disclosure about any new servicer is also required.	  	X (the successor)	  		  		  		  	
								
		  		  	Reg AB disclosure about any new trustee is also required.	  		  	X (the successor)	  		  	X (the successor)	  	
								
		  	6.03	  	Change in Credit Enhancement or Other External Support	  		  		  		  		  	
								
		  		  	Covers termination of any enhancement in manner other than by its terms, the addition of an enhancement, or a material change in the enhancement provided. Applies to external credit enhancements
as well as derivatives.	  		  		  		  	X	  	X

  

 I-10 

															
	 Form
	  	Item	  	 Description
	  	 Servicer
	  	 Indenture
Trustee
	  	 Owner
Trustee
	  	 Depositor
	  	 Sponsor

		  		  	Reg AB disclosure about any new enhancement provider is also required.	  		  		  		  	X	  	
								
		  	6.04	  	Failure to Make a Required Distribution	  		  	X	  		  		  	
								
		  	6.05	  	Securities Act Updating Disclosure	  		  		  		  		  	
								
		  		  	If any material pool characteristic differs by 5% or more at the time of issuance of the securities from the description in the final prospectus, provide updated Reg AB disclosure about the
actual asset pool.	  		  		  		  	X	  	
								
		  		  	If there are any new servicers or originators required to be disclosed under Regulation AB as a result of the foregoing, provide the information called for in Items 1108 and 1110
respectively.	  		  		  		  	X	  	
								
		  	7.01	  	7.01 Regulation FD Disclosure	  	X	  		  		  	X	  	X
								
		  	8.01	  	Other Events	  		  		  		  		  	
								
		  		  	Any event, with respect to which information is not otherwise called for in Form 8-K, that the registrant deems of importance to Noteholders.	  		  		  		  	X	  	X
				
		  	9.01	  	Financial Statements and Exhibits	  	The Responsible Party applicable to reportable event.
			
	10-K	  	Must be filed within 90 days of the fiscal year end for the registrant.	  	
								
		  	9B	  	Other Information	  		  		  		  		  	
				
		  		  	Disclose any information required to be reported on Form 8-K during the fourth quarter covered by the Form 10-K but not reported	  	The Responsible Party for the applicable Form 8-K Item as indicated above.
								
		  	15	  	Exhibits and Financial Statement Schedules	  		  		  		  		  	
								
		  		  	Item 1112(b) – Significant Obligor Financial Information	  		  		  		  	X	  	

  

 I-11 

															
	 Form
	  	Item	  	 Description
	  	 Servicer
	  	 Indenture
Trustee
	  	 Owner
Trustee
	  	 Depositor
	  	 Sponsor

		  		  	Item 1114(b)(2) – Credit Enhancement Provider Financial Information	  		  		  		  		  	
								
		  		  	 Determining applicable disclosure threshold
	  		  		  		  		  	X
								
		  		  	 Requesting required financial information or effecting incorporation by reference
	  		  		  		  		  	X
								
		  		  	Item 1115(b) – Derivative Counterparty Financial Information	  		  		  		  		  	
								
		  		  	 Determining current maximum probable exposure
	  		  		  		  		  	X
								
		  		  	 Determining current significance percentage
	  		  		  		  		  	X
								
		  		  	 Requesting required financial information or effecting incorporation by reference
	  		  		  		  		  	X
								
		  		  	Item 1117 – Legal proceedings pending against the following entities, or their respective property, that is material to Noteholders, including proceedings known to be contemplated by
governmental authorities:	  		  		  		  		  	
								
		  		  	Sponsor	  		  		  		  		  	X
								
		  		  	Depositor	  		  		  		  	X	  	
								
		  		  	Owner Trustee	  		  		  	X	  		  	
								
		  		  	Issuing entity	  		  		  		  	X	  	
								
		  		  	Servicer, affiliated Servicer, other Servicer servicing 20% or more of pool assets at time of report, other material servicers	  	X	  		  		  		  	
								
		  		  	Indenture Trustee	  		  	X	  		  		  	
								
		  		  	Custodian	  		  	X	  		  		  	

  

 I-12 

															
	 Form
	  	Item	  	 Description
	  	 Servicer
	  	 Indenture
Trustee
	  	 Owner
Trustee
	  	 Depositor
	  	 Sponsor

		  		  	Item 1119 – Affiliations and relationships between the following entities, or their respective affiliates, that are material to Noteholders:	  		  		  		  		  	
								
		  		  	Sponsor	  		  		  		  		  	X
								
		  		  	Depositor	  		  		  		  	X	  	
								
		  		  	Owner Trustee	  		  		  	X	  		  	
								
		  		  	Servicer, affiliated Servicer, other Servicer servicing 20% or more of pool assets at time of report, other material servicers	  	X	  		  		  		  	
								
		  		  	Indenture Trustee	  		  	X	  		  		  	
								
		  		  	Custodian	  		  	X	  		  		  	
								
		  		  	Credit Enhancer/Support Provider	  		  		  		  	X	  	
								
		  		  	Significant Obligor	  		  		  		  	X	  	
								
		  		  	Item 1122 – Assessment of Compliance with Servicing Criteria	  	X	  	X	  		  		  	
								
		  		  	Item 1123 – Servicer Compliance Statement	  	X	  		  		  		  	

  

 I-13 

 EXHIBIT J-1 
 FORM OF CERTIFICATION TO BE PROVIDED BY THE DEPOSITOR WITH 
 FORM 10-K 
 Re: Accredited Mortgage Loan Trust, Series 2007-1 (the “Issuing Entity”) Asset-Backed Notes, Series 2007-1 
 I, [identify the certifying individual], certify, that: 
  

	 	1.	I have reviewed this report on Form 10-K, and all reports on Form 10-D required to be filed in respect of the period covered by this report on Form 10-K of Accredited Mortgage Loan
Trust 2007-1, Asset Backed Notes, Series 2007-1 (the “Exchange Act periodic reports”); 

  

	 	2.	Based on my knowledge, the Exchange Act periodic reports, taken as a whole, do not contain any untrue statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 

  

	 	3.	Based on my knowledge, all of the distribution, servicing and other information required to be provided under Form 10-D for the period covered by this report is included in the
Exchange Act periodic reports; 

  

	 	4.	Based on my knowledge and the servicer compliance statement required in this report under Item 1123 of Regulation AB, and except as disclosed in the Exchange Act periodic
reports, the servicer has fulfilled its obligations under the sale and servicing agreement; and 

  

	 	5.	All of the reports on assessment of compliance with servicing criteria for asset-backed securities and their related attestation reports on assessment of compliance with servicing
criteria for asset-backed securities required to be included in this report in accordance with Item 1122 of Regulation AB and Exchange Act Rules 13a-18 and 15d-18 have been included as an exhibit to this report, except as otherwise disclosed in
this report. Any material instances of noncompliance described in such reports have been disclosed in this report on From 10-K. 

 In giving
the certifications above, I have reasonably relied on information provided to me by the following unaffiliated parties: [                ]. 
  

			
	ACCREDITED MORTGAGE LOAN REIT TRUST
		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	
	 Date:
	 	

  

 J-1 

 EXHIBIT J-2 
 FORM OF CERTIFICATION TO BE PROVIDED TO THE DEPOSITOR BY THE 
 INDENTURE TRUSTEE 
 Re: Accredited Mortgage Loan Trust 2007-1 (the “Issuing Entity”) Asset-Backed Notes, Series 2007-1 
 I, [identify the certifying individual], a [title] of Deutsche Bank National Trust Company, as Indenture Trustee, hereby certify to Accredited Mortgage Loan REIT Trust
(the “Depositor”), and its officers, directors and affiliates, and with the knowledge and intent that they will rely upon this certification, that: 
  

	 	1.	I have reviewed the annual report on Form 10-K for the fiscal year 20[__], and all reports on Form 10-D containing distribution reports filed in respect of periods included in the
year covered by that annual report, of the Depositor relating to the above-referenced issuing entity; 

  

	 	2.	Based on my knowledge and assuming the accuracy and completeness of the information provided to the Indenture Trustee by the Servicer, the information in these distribution reports
prepared by the Indenture Trustee, taken as a whole, does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were
made, not misleading with respect to the period covered by that annual report provided to me by the Servicer; and 

  

	 	3.	Based on my knowledge, the distribution information required to be provided under Form 10-D by the Indenture Trustee under the Sale and Servicing Agreement is included in these
distribution reports. 

 Capitalized terms used but not defined herein have the meanings ascribed to them in Appendix A to the Indenture, dated
January 1, 2007 (the “Indenture”), between Accredited Mortgage Loan Trust 2007-1, as issuing entity, and Deutsche Bank National Trust Company, as indenture trustee. 
  

			
	DEUTSCHE BANK NATIONAL TRUST COMPANY, as Indenture Trustee
		
	By:	 	  

	Name:	 	
	Title:	 	
	Date:	 	

  

 J-2 

 EXHIBIT K 
 OFFICER’S CERTIFICATE REGARDING ANNUAL STATEMENT OF 
 COMPLIANCE 
 Accredited Mortgage Loan Trust, Series 2007-1 
 Asset-Backed Notes, Series
2007-1 
 I,
                                    , hereby certify that I am
a duly appointed
                                        
                 of Accredited Home Lenders, Inc. (the “Servicer”), and further certify as follows: 
  

	 	1.	This certification is being made pursuant to the terms of the Sale and Servicing Agreement, dated as of January 1, 2007 (the “Servicing Agreement”), among Accredited
Mortgage Loan Trust 2007-1, as issuing entity, Accredited Mortgage Loan REIT Trust, as depositor, the Servicer as sponsor and servicer and Deutsche Bank National Trust Company, as indenture trustee. 

  

	 	2.	I have reviewed the activities of the Servicer during the preceding calendar year and the Servicer’s performance under the Servicing Agreement has been made under my
supervision and to the best of my knowledge, based on such review, the Servicer has fulfilled all of its obligations under the Servicing Agreement in all material respects throughout the year. 

 Capitalized terms not otherwise defined herein have the meanings set forth in the Servicing Agreement. 
  

	
	Date:
	
	  
 Name:

	Title:

  

 K-1 

 EXHIBIT L 
 FORM OF ADDITIONAL DISCLOSURE NOTIFICATION 
 **SEND VIA EMAIL TO DBSec.Notifications@db.com AND VIA
OVERNIGHT MAIL TO THE ADDRESS IMMEDIATELY BELOW 
 Deutsche Bank National Trust Company, as trustee 
 1761 St. Andrew Place 
 Santa Ana, California 92705 
 Email: DBSec.Notifications@db.com 
 Attn.: Trust & Securities
Services 
  

	RE:	**Additional Form [10-D] [10-K] [8-K] Disclosure** Required 

 Ladies
and Gentlemen: 
 In accordance with Section 5.11 of the Sale and Servicing Agreement (the “Agreement”), dated as of January 1, 2007,
among Accredited Mortgage Loan REIT Trust, as depositor, Accredited Home Lenders, Inc., as sponsor and servicer, Accredited Mortgage Loan Trust 2007-1, as issuing entity, and Deutsche Bank National Trust Company, as indenture trustee, the
undersigned, as
[                                        ] hereby
notifies you that certain events have come to our attention that [will] [may] need to be disclosed on Form [10-D] [10-K] [8-K]. 
 Description of additional
Form [10-D] [10-K] [8-K] Disclosure: 
 List of any Attachments hereto to be included in the Additional Form [10-D] [10-K] [8-K] Disclosure: 

Any inquiries related to this notification should be directed to
[                    ] phone number
[                    ]; email address
[                    ]. 
  

			
	[NAME OF PARTY],
	        As [Role]
		
	By:	 	  

	Name:	 	

  

 L-1Master Agreement, dated January 30, 2007

 Exhibit 10.2 
 (Multicurrency - Cross Border) 
 ISDA® 
 International Swaps and Derivatives Association, Inc. 
 MASTER AGREEMENT 
 dated as of January 30, 2007 
  

					
	CREDIT SUISSE INTERNATIONAL	  	and	  	ACCREDITED MORTGAGE LOAN TRUST 2007-1
	  
	  		  	  

	(“Party A”)	  		  	(“Party B”)

 have entered and/or anticipate entering into one or more transactions (each a “Transaction”) that are or
will be governed by this Master Agreement, which includes the schedule (the “Schedule”), and the documents and other confirming evidence (each a “Confirmation”) exchanged between the parties confirming those Transactions.

 Accordingly, the parties agree as follows: - 
 1.
Interpretation 
 (a) Definitions. The terms defined in Section 14 and in the Schedule will have the meanings therein specified for the
purpose of this Master Agreement. 
 (b) Inconsistency. In the event of any inconsistency between the provisions of the Schedule and the other
provisions of this Master Agreement, the Schedule will prevail. In the event of any inconsistency between the provisions of any Confirmation and this Master Agreement (including the Schedule), such Confirmation will prevail for the purpose of the
relevant Transaction. 
 (c) Single Agreement. All Transactions are entered into in reliance on the fact that this Master Agreement and all
Confirmations form a single agreement between the parties (collectively referred to as this “Agreement’), and the parties would not otherwise enter into any Transactions. 
 2. Obligations 
  

	(a)	General Conditions. 

 (i) Each party will
make each payment or delivery specified in each Confirmation to be made by it, subject to the other provisions of this Agreement. 
 (ii)
Payments under this Agreement will be made on the due date for value on that date in the place of the account specified in the relevant Confirmation or otherwise pursuant to this Agreement, in freely transferable funds and in the manner customary
for payments in the required currency. Where settlement is by delivery (that is, other than by payment), such delivery will be made for receipt on the due date in the manner customary for the relevant obligation unless otherwise specified in the
relevant Confirmation or elsewhere in this Agreement. 
 (iii) Each obligation of each party under Section 2(a)(i) is subject to
(1) the condition precedent that no Event of Default or Potential Event of Default with respect to the other party has occurred and is continuing, (2) the condition precedent that no Early Termination Date in respect of the relevant
Transaction has occurred or been effectively designated and (3) each other applicable condition precedent specified in this Agreement. 
 Copyright © 1992 by International Swap
Dealers Association, Inc. 
  

					
		  	1	  	 ISDA® 1992

 (b) Change of Account. Either party may change its account for receiving a payment or delivery by giving
notice to the other party at least five Local Business Days prior to the scheduled date for the payment or delivery to which such change applies unless such other party gives timely notice of a reasonable objection to such change. 
 (c) Netting. If on any date amounts would otherwise be payable: — 
 (i) in the same currency; and 
 (ii) in respect of the same Transaction, 
 by each party to the other, then, on such date, each party’s obligation to make payment of any such amount will be automatically satisfied and discharged and, if
the aggregate amount that would otherwise have been payable by one party exceeds the aggregate amount that would otherwise have been payable by the other party, replaced by an obligation upon the party by whom the larger aggregate amount would have
been payable to pay to the other party the excess of the larger aggregate amount over the smaller aggregate amount. 
 The parties may elect in respect of
two or more Transactions that a net amount will be determined in respect of all amounts payable on the same date in the same currency in respect of such Transactions, regardless of whether such amounts are payable in respect of the same Transaction.
The election may be made in the Schedule or a Confirmation by specifying that subparagraph (ii) above will not apply to the Transactions identified as being subject to the election, together with the starting date (in which case subparagraph
(ii) above will not, or will cease to, apply to such Transactions from such date). This election may be made separately for different groups of Transactions and will apply separately to each pairing of Offices through which the parties make and
receive payments or deliveries. 
  

	(d)	Deduction or Withholding for Tax. 

 (i)
Gross-Up. All payments under this Agreement will be made without any deduction or withholding for or on account of any Tax unless such deduction or withholding is required by any applicable law, as modified by the practice of any relevant
governmental revenue authority, then in effect. If a party is so required to deduct or withhold, then that party (“X”) will: — 
 (1) promptly notify the other party (“Y”) of such requirement; 
 (2) pay to the relevant authorities the full amount
required to be deducted or withheld (including the full amount required to be deducted or withheld from any additional amount paid by X to Y under this Section 2(d)) promptly upon the earlier of determining that such deduction or withholding is
required or receiving notice that such amount has been assessed against Y; 
 (3) promptly forward to Y an official receipt (or a certified
copy), or other documentation reasonably acceptable to Y, evidencing such payment to such authorities; and 
 (4) if such Tax is an
Indemnifiable Tax, pay to Y, in addition to the payment to which Y is otherwise entitled under this Agreement, such additional amount as is necessary to ensure that the net amount actually received by Y (free and clear of Indemnifiable Taxes,
whether assessed against X or Y) will equal the full amount Y would have received had no such deduction or withholding been required. However, X will not be required to pay any additional amount to Y to the extent that it would not be required to be
paid but for: — 
 (A) the failure by Y to comply with or perform any agreement contained in Section 4(a)(i), 4(a)(iii) or 4(d); or

 (B) the failure of a representation made by Y pursuant to Section 3(f) to be accurate and true unless such failure would not have
occurred but for (I) any action taken by a taxing authority, or brought in a court of competent jurisdiction, on or after the date on which a Transaction is entered into (regardless of whether such action is taken or brought with respect to a
party to this Agreement) or (II) a Change in Tax Law. 
  

					
		  	2	  	ISDA® 1992

 (ii) Liability. If: — 
 (1) X is required by any applicable law, as modified by the practice of any relevant governmental revenue authority, to make any deduction or withholding
in respect of which X would not be required to pay an additional amount to Y under Section 2(d)(i)(4); 
 (2) X does not so deduct or
withhold; and 
 (3) a liability resulting from such Tax is assessed directly against X, 
 then, except to the extent Y has satisfied or then satisfies the liability resulting from such Tax, Y will promptly pay to X the amount of such liability
(including any related liability for interest, but including any related liability for penalties only if Y has failed to comply with or perform any agreement contained in Section 4(a)(i), 4(a)(iii) or 4(d)). 
 (e) Default Interest; Other Amounts. Prior to the occurrence or effective designation of an Early Termination Date in respect of the relevant
Transaction, a party that defaults in the performance of any payment obligation will, to the extent permitted by law and subject to Section 6(c), be required to pay interest (before as well as after judgment) on the overdue amount to the other
party on demand in the same currency as such overdue amount, for the period from (and including) the original due date for payment to (but excluding) the date of actual payment, at the Default Rate. Such interest will be calculated on the basis of
daily compounding and the actual number of days elapsed. If, prior to the occurrence or effective designation of an Early Termination Date in respect of the relevant Transaction, a party defaults in the performance of any obligation required to be
settled by delivery, it will compensate the other party on demand if and to the extent provided for in the relevant Confirmation or elsewhere in this Agreement. 
 3. Representations 
 Each party represents to the other party (which representations will be deemed to be repeated by each party on each date
on which a Transaction is entered into and, in the case of the representations in Section 3(f), at all times until the termination of this Agreement) that: — 
  

	(a)	Basic Representations. 

 (i) Status. It is
duly organised and validly existing under the laws of the jurisdiction of its organisation or incorporation and, if relevant under such laws, in good standing; 
 (ii) Powers. It has the power to execute this Agreement and any other documentation relating to this Agreement to which it is a party, to deliver this Agreement and any other documentation relating to this
Agreement that it is required by this Agreement to deliver and to perform its obligations under this Agreement and any obligations it has under any Credit Support Document to which it is a party and has taken all necessary action to authorise such
execution, delivery and performance; 
 (iii) No Violation or Conflict. Such execution, delivery and performance do not violate or
conflict with any law applicable to it, any provision of its constitutional documents, any order or judgment of any court or other agency of government applicable to it or any of its assets or any contractual restriction binding on or affecting it
or any of its assets; 
 (iv) Consents. All governmental and other consents that are required to have been obtained by it with respect
to this Agreement or any Credit Support Document to which it is a party have been obtained and are in full force and effect and all conditions of any such consents have been complied with; and 
 (v) Obligations Binding. Its obligations under this Agreement and any Credit Support Document to which it is a party constitute its legal, valid
and binding obligations, enforceable in accordance with their respective terms (subject to applicable bankruptcy, reorganisation, insolvency, moratorium or similar laws affecting creditors’ rights generally and subject, as to enforceability, to
equitable principles of general application (regardless of whether enforcement is sought in a proceeding in equity or at law)). 
  

					
		  	3	  	ISDA® 1992

 (b) Absence of Certain Events. No Event of Default or Potential Event of Default or, to its knowledge,
Termination Event with respect to it has occurred and is continuing and no such event or circumstance would occur as a result of its entering into or performing its obligations under this Agreement or any Credit Support Document to which it is a
party. 
 (c) Absence of Litigation. There is not pending or, to its knowledge, threatened against it or any of its Affiliates any action, suit
or proceeding at law or in equity or before any court, tribunal, governmental body, agency or official or any arbitrator that is likely to affect the legality, validity or enforceability against it of this Agreement or any Credit Support Document to
which it is a party or its ability to perform its obligations under this Agreement or such Credit Support Document. 
 (d) Accuracy of Specified
Information. All applicable information that is furnished in writing by or on behalf of it to the other party and is identified for the purpose of this Section 3(d) in the Schedule is, as of the date of the information, true, accurate
and complete in every material respect. 
 (e) Payer Tax Representation. Each representation specified in the Schedule as being made by it for
the purpose of this Section 3(e) is accurate and true. 
 (f) Payee Tax Representations. Each representation specified in the Schedule as
being made by it for the purpose of this Section 3(f) is accurate and true. 
 4. Agreements 
 Each party agrees with the other that, so long as either party has or may have any obligation under this Agreement or under any Credit Support Document to which it is a
party: — 
 (a) Furnish Specified Information. It will deliver to the other party or, in certain cases under subparagraph (iii) below,
to such government or taxing authority as the other party reasonably directs: — 
 (i) any forms, documents or certificates relating to
taxation specified in the Schedule or any Confirmation; 
 (ii) any other documents specified in the Schedule or any Confirmation; and

 (iii) upon reasonable demand by such other party, any form or document that may be required or reasonably requested in writing in order to
allow such other party or its Credit Support Provider to make a payment under this Agreement or any applicable Credit Support Document without any deduction or withholding for or on account of any Tax or with such deduction or withholding at a
reduced rate (so long as the completion, execution or submission of such form or document would not materially prejudice the legal or commercial position of the party in receipt of such demand), with any such form or document to be accurate and
completed in a manner reasonably satisfactory to such other party and to be executed and to be delivered with any reasonably required certification, 
 in
each case by the date specified in the Schedule or such Confirmation or, if none is specified, as soon as reasonably practicable. 
 (b) Maintain
Authorisations. It will use all reasonable efforts to maintain in full force and effect all consents of any governmental or other authority that are required to be obtained by it with respect to this Agreement or any Credit Support Document
to which it is a party and will use all reasonable efforts to obtain any that may become necessary in the future. 
 (c) Comply with Laws. It
will comply in all material respects with all applicable laws and orders to which it may be subject if failure so to comply would materially impair its ability to perform its obligations under this Agreement or any Credit Support Document to which
it is a party. 
 (d) Tax Agreement. It will give notice of any failure of a representation made by it under Section 3(f) to be accurate
and true promptly upon learning of such failure. 
 (e) Payment of Stamp Tax. Subject to Section 11, it will pay any Stamp Tax levied or
imposed upon it or in respect of its execution or performance of this Agreement by a jurisdiction in which it is incorporated, 

  

					
		  	4	  	ISDA® 1992

 
organised, managed and controlled. or considered to have its seat, or in which a branch or office through which it is acting for the purpose of this
Agreement is located (“Stamp Tax Jurisdiction”) and will indemnify the other party against any Stamp Tax levied or imposed upon the other party or in respect of the other party’s execution or performance of this Agreement by any such
Stamp Tax Jurisdiction which is not also a Stamp Tax Jurisdiction with respect to the other party. 
 5. Events of Default and Termination Events

 (a) Events of Default. The occurrence at any time with respect to a party or, if applicable, any Credit Support Provider of such party or any
Specified Entity of such party of any of the following events constitutes an event of default (an “Event of Default”) with respect to such party: — 
 (i) Failure to Pay or Deliver. Failure by the party to make, when due, any payment under this Agreement or delivery under Section 2(a)(i) or 2(e) required to be made by it if such failure is not remedied
on or before the third Local Business Day after notice of such failure is given to the party; 
 (ii) Breach of Agreement. Failure by
the party to comply with or perform any agreement or obligation (other than an obligation to make any payment under this Agreement or delivery under Section 2(a)(i) or 2(e) or to give notice of a Termination Event or any agreement or obligation
under Section 4(a)(i), 4(a)(iii) or 4(d)) to be complied with or performed by the party in accordance with this Agreement if such failure is not remedied on or before the thirtieth day after notice of such failure is given to the party;

 (iii) Credit Support Default. 
 (1) Failure by the party or any Credit Support Provider of such party to comply with or perform any agreement or obligation to be complied with or performed by it in accordance with any Credit Support Document if such failure is continuing
after any applicable grace period has elapsed; 
 (2) the expiration or termination of such Credit Support Document or the failing or ceasing
of such Credit Support Document to be in full force and effect for the purpose of this Agreement (in either case other than in accordance with its terms) prior to the satisfaction of all obligations of such party under each Transaction to which such
Credit Support Document relates without the written consent of the other party; or 
 (3) the party or such Credit Support Provider
disaffirms, disclaims, repudiates or rejects, in whole or in part, or challenges the validity of, such Credit Support Document; 
 (iv)
Misrepresentation. A representation (other than a representation under Section 3(e) or (f)) made or repeated or deemed to have been made or repeated by the party or any Credit Support Provider of such party in this Agreement or any
Credit Support Document proves to have been incorrect or misleading in any material respect when made or repeated or deemed to have been made or repeated; 
 (v) Default under Specified Transaction. The party, any Credit Support Provider of such party or any applicable Specified Entity of such party (1) defaults under a Specified Transaction and, after giving
effect to any applicable notice requirement or grace period, there occurs a liquidation of, an acceleration of obligations under, or an early termination of, that Specified Transaction, (2) defaults, after giving effect to any applicable notice
requirement or grace period, in making any payment or delivery due on the last payment, delivery or exchange date of, or any payment on early termination of, a Specified Transaction (or such default continues for at least three Local Business Days
if there is no applicable notice requirement or grace period) or (3) disaffirms, disclaims, repudiates or rejects, in whole or in part, a Specified Transaction (or such action is taken by any person or entity appointed or empowered to operate
it or act on its behalf); 
 (vi) Cross Default. If “Cross Default” is specified in the Schedule as applying to the party,
the occurrence or existence of (1) a default, event of default or other similar condition or event (however 

  

					
		  	5	  	ISDA® 1992

 
described) in respect of such party, any Credit Support Provider of such party or any applicable Specified Entity of such party under one or more agreements
or instruments relating to Specified Indebtedness of any of them (individually or collectively) in an aggregate amount of not less than the applicable Threshold Amount (as specified in the Schedule) which has resulted in such Specified Indebtedness
becoming, or becoming capable at such time of being declared, due and payable under such agreements or instruments, before it would otherwise have been due and payable or (2) a default by such party, such Credit Support Provider or such
Specified Entity (individually or collectively) in making one or more payments on the due date thereof in an aggregate amount of not less than the applicable Threshold Amount under such agreements or instruments (after giving effect to any
applicable notice requirement or grace period); 
 (vii) Bankruptcy. The party, any Credit Support Provider of such party or any
applicable Specified Entity of such party:– 
 (1) is dissolved (other than pursuant to a consolidation, amalgamation or merger);
(2) becomes insolvent or is unable to pay its debts or fails or admits in writing its inability generally to pay its debts as they become due; (3) makes a general assignment, arrangement or composition with or for the benefit of its
creditors; (4) institutes or has instituted against it a proceeding seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law or other similar law affecting creditors’ rights, or a petition
is presented for its winding-up or liquidation, and, in the case of any such proceeding or petition instituted or presented against it, such proceeding or petition (A) results in a judgment of insolvency or bankruptcy or the entry of an order
for relief or the making of an order for its winding-up or liquidation or (B) is not dismissed, discharged, stayed or restrained in each case within 30 days of the institution or presentation thereof, (5) has a resolution passed for its
winding-up, official management or liquidation (other than pursuant to a consolidation, amalgamation or merger); (6) seeks or becomes subject to the appointment of an administrator, provisional liquidator, conservator, receiver, trustee,
custodian or other similar official for it or for all or substantially all its assets; (7) has a secured party take possession of all or substantially all its assets or has a distress, execution, attachment, sequestration or other legal process
levied, enforced or sued on or against all or substantially all its assets and such secured party maintains possession, or any such process is not dismissed, discharged, stayed or restrained, in each case within 30 days thereafter; (8) causes
or is subject to any event with respect to it which, under the applicable laws of any jurisdiction, has an analogous effect to any of the events specified in clauses (1) to (7) (inclusive); or (9) takes any action in furtherance of,
or indicating its consent to, approval of, or acquiescence in, any of the foregoing acts; or 
 (viii) Merger Without Assumption. The
party or any Credit Support Provider of such party consolidates or amalgamates with, or merges with or into, or transfers all or substantially all its assets to, another entity and, at the time of such consolidation, amalgamation, merger or
transfer: – 
 (1) the resulting, surviving or transferee entity fails to assume all the obligations of such party or such Credit Support
Provider under this Agreement or any Credit Support Document to which it or its predecessor was a party by operation of law or pursuant to an agreement reasonably satisfactory to the other party to this Agreement; or 
 (2) the benefits of any Credit Support Document fail to extend (without the consent of the other party) to the performance by such resulting, surviving or
transferee entity of its obligations under this Agreement. 
 (b) Termination Events. The occurrence at any time with respect to a party or, if
applicable, any Credit Support Provider of such party or any Specified Entity of such party of any event specified below constitutes an Illegality if the event is specified in (i) below, a Tax Event if the event is specified in (ii) below
or a Tax Event Upon Merger if the event is specified in (iii) below, and, if specified to be applicable, a Credit Event 

  

					
		  	6	  	ISDA® 1992

 
Upon Merger if the event is specified pursuant to (iv) below or an Additional Termination Event if the event is specified pursuant to
(v) below:— 
 (i) Illegality. Due to the adoption of, or any change in, any applicable law after the date on which a
Transaction is entered into, or due to the promulgation of, or any change in, the interpretation by any court, tribunal or regulatory authority with competent jurisdiction of any applicable law after such date. it becomes unlawful (other than as a
result of a breach by the party of Section 4(b)) for such party (which will be the Affected Party):— 
 (1) to perform any absolute
or contingent obligation to make a payment or delivery or to receive a payment or delivery in respect of such Transaction or to comply with any other material provision of this Agreement relating to such Transaction; or 
 (2) to perform, or for any Credit Support Provider of such party to perform, any contingent or other obligation which the party (or such Credit Support
Provider) has under any Credit Support Document relating to such Transaction; 
 (ii) Tax Event. Due to (x) any action taken by a
taxing authority, or brought in a court of competent jurisdiction, on or after the date on which a Transaction is entered into (regardless of whether such action is taken or brought with respect to a party to this Agreement) or (y) a Change in
Tax Law, the party (which will be the Affected Party) will, or there is a substantial likelihood that it will, on the next succeeding Scheduled Payment Date (1) be required to pay to the other party an additional amount in respect of an
Indemnifiable Tax under Section 2(d)(i)(4) (except in respect of interest under Section 2(e), 6(d)(ii) or 6(e)) or (2) receive a payment from which an amount is required to be deducted or withheld for or on account of a Tax (except in
respect of interest under Section 2(e), 6(d)(ii) or 6(e)) and no additional amount is required to be paid in respect of such Tax under Section 2(d)(i)(4) (other than by reason of Section 2(d)(i)(4)(A) or (B)); 
 (iii) Tax Event Upon Merger. The party (the “Burdened Party”) on the next succeeding Scheduled Payment Date will either (1) be
required to pay an additional amount in respect of an Indemnifiable Tax under Section 2(d)(i)(4) (except in respect of interest under Section 2(e), 6(d)(ii) or 6(e)) or (2) receive a payment from which an amount has been deducted or
withheld for or on account of any Indemnifiable Tax in respect of which the other party is not required to pay an additional amount (other than by reason of Section 2(d)(i)(4)(A) or (B)), in either case as a result of a party consolidating or
amalgamating with, or merging with or into, or transferring all or substantially all its assets to, another entity (which will be the Affected Party) where such action does not constitute an event described in Section 5(a)(viii); 
 (iv) Credit Event Upon Merger. If “Credit Event Upon Merger” is specified in the Schedule as applying to the party, such party
(“X”), any Credit Support Provider of X or any applicable Specified Entity of X consolidates or amalgamates with, or merges with or into, or transfers all or substantially all its assets to, another entity and such action does not
constitute an event described in Section 5(a)(viii) but the creditworthiness of the resulting, surviving or transferee entity is materially weaker than that of X, such Credit Support Provider or such Specified Entity, as the case may be,
immediately prior to such action (and, in such event, X or its successor or transferee, as appropriate, will be the Affected Party); of 
 (v)
Additional Termination Event. If any “Additional Termination Event” is specified in the Schedule or any Confirmation as applying, the occurrence of such event (and, in such event, the Affected Party or Affected Parties shall be as
specified for such Additional Termination Event in the Schedule or such Confirmation). 
 (c) Event of Default and Illegality. If an event or
circumstance which would otherwise constitute or give rise to an Event of Default also constitutes an Illegality, it will be treated as an Illegality and will not constitute an Event of Default. 
  

					
		  	7	  	ISDA® 1992

	6.	Early Termination 

 (a) Right to Terminate Following Event of
Default. If at any time an Event of Default with respect to a party (the “Defaulting Party”) has occurred and is then continuing, the other party (the “Non-defaulting Party”) may, by not more than 20 days
notice to the Defaulting Party specifying the relevant Event of Default, designate a day not earlier than the day such notice is effective as an Early Termination Date in respect of all outstanding Transactions. If, however, “Automatic Early
Termination” is specified in the Schedule as applying to a party, then an Early Termination Date in respect of all outstanding Transactions will occur immediately upon the occurrence with respect to such party of an Event of Default specified
in Section 5(a)(vii)(1), (3), (5), (6) or, to the extent analogous thereto, (8), and as of the time immediately preceding the institution of the relevant proceeding or the presentation of the relevant petition upon the occurrence with
respect to such party of an Event of Default specified in Section 5(a)(vii)(4) or, to the extent analogous thereto, (8). 
  

	(b)	Right to Terminate Following Termination Event. 

 (i) Notice. If a Termination Event occurs, an Affected Party will, promptly upon becoming aware of it, notify the other party, specifying the nature of that Termination Event and each Affected Transaction and
will also give such other information about that Termination Event as the other party may reasonably require. 
 (ii) Transfer to Avoid
Termination Event. If either an Illegality under Section 5(b)(i)(1) or a Tax Event occurs and there is only one Affected Party, or if a Tax Event Upon Merger occurs and the Burdened Party is the Affected Party, the Affected Party will, as a
condition to its right to designate an Early Termination Date under Section 6(b)(iv), use all reasonable efforts (which will not require such party to incur a loss, excluding immaterial, incidental expenses) to transfer within 20 days after it
gives notice under Section 6(b)(i) all its rights and obligations under this Agreement in respect of the Affected Transactions to another of its Offices or Affiliates so that such Termination Event ceases to exist. 
 If the Affected Party is not able to make such a transfer it will give notice to the other party to that effect within such 20 day period, whereupon the
other party may effect such a transfer within 30 days after the notice is given under Section 6(b)(i). 
 Any such transfer by a party
under this Section 6(b)(ii) will be subject to and conditional upon the prior written consent of the other party, which consent will not be withheld if such other party’s policies in effect at such time would permit it to enter into
transactions with the transferee on the terms proposed. 
 (iii) Two Affected Parties. If an Illegality under Section 5(b)(i)(1)
or a Tax Event occurs and there are two Affected Parties, each party will use all reasonable efforts to reach agreement within 30 days after notice thereof is given under Section 6(b)(i) on action to avoid that Termination Event. 
 (iv) Right to Terminate. If:— 
 (1) a transfer under Section 6(b)(ii) or an agreement under Section 6(b)(iii), as the case may be, has not been effected with respect to all Affected Transactions within 30 days after an Affected Party gives notice under
Section 6(b)(i); or 
 (2) an Illegality under Section 5(b)(i)(2), a Credit Event Upon Merger or an Additional Termination Event
occurs, or a Tax Event Upon Merger occurs and the Burdened Party is not the Affected Party, 
 either party in the case of an Illegality, the
Burdened Party in the case of a Tax Event Upon Merger, any Affected Party in the case of a Tax Event or an Additional Termination Event if there is more than one Affected Party, or the party which is not the Affected Party in the case of a Credit
Event Upon Merger or an Additional Termination Event if there is only one Affected Party may, by not more than 20 days notice to the other party and provided that the relevant Termination Event is then continuing, designate a day not earlier than
the day such notice is effective as an Early Termination Date in respect of all Affected Transactions. 
  

					
		  	8	  	ISDA® 1992

	(c)	Effect of Designation. 

 (i) If notice
designating an Early Termination Date is given under Section 6(a) or (b), the Early Termination Date will occur on the date so designated, whether or not the relevant Event of Default or Termination Event is then continuing. 
 (ii) Upon the occurrence or effective designation of an Early Termination Date, no further payments or deliveries under Section 2(a)(i) or 2(e) in
respect of the Terminated Transactions will be required to be made, but without prejudice to the other provisions of this Agreement. The amount, if any, payable in respect of an Early Termination Date shall be determined pursuant to
Section 6(e). 
  

	(d)	Calculations. 

 (i) Statement. On or
as soon as reasonably practicable following the occurrence of an Early Termination Date, each party will make the calculations on its part, if any, contemplated by Section 6(e) and will provide to the other party a statement (1) showing,
in reasonable detail, such calculations (including all relevant quotations and specifying any amount payable under Section 6(e)) and (2) giving details of the relevant account to which any amount payable to it is to be paid. In the absence
of written confirmation from the source of a quotation obtained in determining a Market Quotation, the records of the party obtaining such quotation will be conclusive evidence of the existence and accuracy of such quotation. 
 (ii) Payment Date. An amount calculated as being due in respect of any Early Termination Date under Section 6(e) will be payable on the day
that notice of the amount payable is effective (in the case of an Early Termination Date which is designated or occurs as a result of an Event of Default) and on the day which is two Local Business Days after the day on which notice of the amount
payable is effective (in the case of an Early Termination Date which is designated as a result of a Termination Event). Such amount will be paid together with (to the extent permitted under applicable law) interest thereon (before as well as after
judgment) in the Termination Currency, from (and including) the relevant Early Termination Date to (but excluding) the date such amount is paid, at the Applicable Rate. Such interest will be calculated on the basis of daily compounding and the
actual number of days elapsed. 
 (e) Payments on Early Termination. If an Early Termination Date occurs, the following provisions shall apply
based on the parties’ election in the Schedule of a payment measure, either “Market Quotation” or “Loss”, and a payment method, either the “First Method” or the “Second Method”. If the parties fail to
designate a payment measure or payment method in the Schedule, it will be deemed that “Market Quotation” or the “Second Method”, as the case may be, shall apply. The amount, if any, payable in respect of an Early Termination Date
and determined pursuant to this Section will be subject to any Set-off. 
 (i) Events of Default. If the Early Termination Date results
from an Event of Default:— 
 (1) First Method and Market Quotation. If the First Method and Market Quotation apply, the
Defaulting Party will pay to the Non-defaulting Party the excess, if a positive number, of (A) the sum of the Settlement Amount (determined by the Non-defaulting Party) in respect of the Terminated Transactions and the Termination Currency
Equivalent of the Unpaid Amounts owing to the Non-defaulting Party over (B) the Termination Currency Equivalent of the Unpaid Amounts owing to the Defaulting Party. 
 (2) First Method and Loss. If the First Method and Loss apply, the Defaulting Party will pay to the Non-defaulting Party, if a positive number, the Non-defaulting Party’s Loss in respect of this Agreement.

 (3) Second Method and Market Quotation. If the Second Method and Market Quotation apply, an amount will be payable equal to
(A) the sum of the Settlement Amount (determined by the 

  

					
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Non-defaulting Party) in respect of the Terminated Transactions and the Termination Currency Equivalent of the Unpaid Amounts owing to the Non-defaulting
Party less (B) the Termination Currency Equivalent of the Unpaid Amounts owing to the Defaulting Party. If that amount is a positive number, the Defaulting Party will pay it to the Non-defaulting Party; if it is a negative number, the
Non-defaulting Party will pay the absolute value of that amount to the Defaulting Party. 
 (4) Second Method and Loss. If the Second
Method and Loss apply, an amount will be payable equal to the Non-defaulting Party’s Loss in respect of this Agreement. If that amount is a positive number, the Defaulting Party will pay it to the Non-defaulting Party; if it is a negative
number, the Non-defaulting Party will pay the absolute value of that amount to the Defaulting Party. 
 (ii) Termination Events. If the
Early Termination Date results from a Termination Event:— 
 (1) One Affected Party. If there is one Affected Party, the amount
payable will be determined in accordance with Section 6(e)(i)(3), if Market Quotation applies, or Section 6(e)(i)(4), if Loss applies, except that, in either case, references to the Defaulting Party and to the Non-defaulting Party will be
deemed to be references to the Affected Party and the party which is not the Affected Party, respectively, and, if Loss applies and fewer than all the Transactions are being terminated, Loss shall be calculated in respect of all Terminated
Transactions. 
 (2) Two Affected Parties. If there are two Affected Parties:— 
 (A) if Market Quotation applies, each party will determine a Settlement Amount in respect of the Terminated Transactions, and an amount will be payable
equal to (I) the sum of (a) one-half of the difference between the Settlement Amount of the party with the higher Settlement Amount (“X”) and the Settlement Amount of the party with the lower Settlement Amount (“Y”) and
(b) the Termination Currency Equivalent of the Unpaid Amounts owing to X less (II) the Termination Currency Equivalent of the Unpaid Amounts owing to Y; and 
 (B) if Loss applies, each party will determine its Loss in respect of this Agreement (or, if fewer than all the Transactions are being terminated, in respect of all Terminated Transactions) and an amount will be
payable equal to one-half of the difference between the Loss of the party with the higher Loss (“X”) and the Loss of the party with the lower Loss (“Y”). 
 If the amount payable is a positive number, Y will pay it to X; if it is a negative number, X will pay the absolute value of that amount to Y. 

(iii) Adjustment for Bankruptcy. In circumstances where an Early Termination Date occurs because “Automatic Early Termination” applies
in respect of a party, the amount determined under this Section 6(e) will be subject to such adjustments as are appropriate and permitted by law to reflect any payments or deliveries made by one party to the other under this Agreement (and
retained by such other party) during the period from the relevant Early Termination Date to the date for payment determined under Section 6(d)(ii). 
 (iv) Pre-Estimate. The parties agree that if Market Quotation applies an amount recoverable under this Section 6(e) is a reasonable pre-estimate of loss and not a penalty. Such amount is payable for the
loss of bargain and the loss of protection against future risks and except as otherwise provided in this Agreement neither party will be entitled to recover any additional damages as a consequence of such losses. 
  

					
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	7.Transfer	

 Subject to Section 6(b)(ii), neither this Agreement nor any interest
or obligation in or under this Agreement may be transferred (whether by way of security or otherwise) by either party without the prior written consent of the other party, except that:— 
 (a) a party may make such a transfer of this Agreement pursuant to a consolidation or amalgamation with, or merger with or into, or transfer of all or substantially all
its assets to, another entity (but without prejudice to any other right or remedy under this Agreement); and 
 (b) a party may make such a transfer of all
or any part of its interest in any amount payable to it from a Defaulting Party under Section 6(e). 
 Any purported transfer that is not in compliance
with this Section will be void. 
  

	8.	Contractual Currency 

 (a) Payment in the Contractual
Currency. Each payment under this Agreement will be made in the relevant currency specified in this Agreement for that payment (the “Contractual Currency”). To the extent permitted by applicable law, any obligation to make payments
under this Agreement in the Contractual Currency will not be discharged or satisfied by any tender in any currency other than the Contractual Currency, except to the extent such tender results in the actual receipt by the party to which payment is
owed, acting in a reasonable manner and in good faith in converting the currency so tendered into the Contractual Currency, of the full amount in the Contractual Currency of all amounts payable in respect of this Agreement. If for any reason the
amount in the Contractual Currency so received falls short of the amount in the Contractual Currency payable in respect of this Agreement, the party required to make the payment will, to the extent permitted by applicable law, immediately pay such
additional amount in the Contractual Currency as may be necessary to compensate for the shortfall. If for any reason the amount in the Contractual Currency so received exceeds the amount in the Contractual Currency payable in respect of this
Agreement, the party receiving the payment will refund promptly the amount of such excess. 
 (b)
Judgments. To the extent permitted by applicable law, if any judgment or order expressed in a currency other than the Contractual Currency is rendered (i) for the payment of any amount
owing in respect of this Agreement, (ii) for the payment of any amount relating to any early termination in respect of this Agreement or (iii) in respect of a judgment or order of another court for the payment of any amount described in
(i) or (ii) above, the party seeking recovery, after recovery in full of the aggregate amount to which such party is entitled pursuant to the judgment or order, will be entitled to receive immediately from the other party the amount of any
shortfall of the Contractual Currency received by such party as a consequence of sums paid in such other currency and will refund promptly to the other party any excess of the Contractual Currency received by such party as a consequence of sums paid
in such other currency if such shortfall or such excess arises or results from any variation between the rate of exchange at which the Contractual Currency is converted into the currency of the judgment or order for the purposes of such judgment or
order and the rate of exchange at which such party is able, acting in a reasonable manner and in good faith in converting the currency received into the Contractual Currency, to purchase the Contractual Currency with the amount of the currency of
the judgment or order actually received by such party. The term “rate of exchange” includes, without limitation, any premiums and costs of exchange payable in connection with the purchase of or conversion into the Contractual Currency.

 (c) Separate Indemnities. To the extent permitted by applicable law, these indemnities constitute separate and independent obligations from
the other obligations in this Agreement, will be enforceable as separate and independent causes of action, will apply notwithstanding any indulgence granted by the party to which any payment is owed and will not be affected by judgment being
obtained or claim or proof being made for any other sums payable in respect of this Agreement. 
 (d) Evidence of Loss. For the purpose of this
Section 8, it will be sufficient for a party to demonstrate that it would have suffered a loss had an actual exchange or purchase been made. 
  

					
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	9.	Miscellaneous 

 (a) Entire Agreement. This Agreement
constitutes the entire agreement and understanding of the parties with respect to its subject matter and supersedes all oral communication and prior writings with respect thereto. 
 (b) Amendments. No amendment, modification or waiver in respect of this Agreement will be effective unless in writing (including a writing evidenced by a facsimile transmission) and executed by each of
the parties or confirmed by an exchange of telexes or electronic messages on an electronic messaging system. 
 (c) Survival of Obligations.
Without prejudice to Sections 2(a)(iii) and 6(c)(ii), the obligations of the parties under this Agreement will survive the termination of any Transaction. 
 (d) Remedies Cumulative. Except as provided in this Agreement, the rights, powers, remedies and privileges provided in this Agreement are cumulative and not exclusive of any rights, powers, remedies and privileges provided by
law. 
 (e) Counterparts and Confirmations. 
 (i) This Agreement (and each amendment, modification and waiver in respect of it) may be executed and delivered in counterparts (including by facsimile transmission), each of which will be deemed an original.

 (ii) The parties intend that they are legally bound by the terms of each Transaction from the moment they agree to those terms (whether
orally or otherwise). A Confirmation shall be entered into as soon as practicable and may be executed and delivered in counterparts (including by facsimile transmission) or be created by an exchange of telexes or by an exchange of electronic
messages on an electronic messaging system, which in each case will be sufficient for all purposes to evidence a binding supplement to this Agreement. The parties will specify therein or through another effective means that any such counterpart,
telex or electronic message constitutes a Confirmation. 
 (f) No Waiver of Rights. A failure or delay in exercising any right, power or
privilege in respect of this Agreement will not be presumed to operate as a waiver, and a single or partial exercise of any right, power or privilege will not be presumed to preclude any subsequent or further exercise, of that right, power or
privilege or the exercise of any other right, power or privilege. 
 (g) Headings. The headings used in this Agreement are for convenience of
reference only and are not to affect the construction of or to be taken into consideration in interpreting this Agreement. 
 10. Offices; Multibranch
Parties 
 (a) If Section 10(a) is specified in the Schedule as applying, each party that enters into a Transaction through an Office other than its
head or home office represents to the other party that, notwithstanding the place of booking office or jurisdiction of incorporation or organisation of such party, the obligations of such party are the same as if it had entered into the Transaction
through its head or home office. This representation will be deemed to be repeated by such party on each date on which a Transaction is entered into. 
 (b)
Neither party may change the Office through which it makes and receives payments or deliveries for the purpose of a Transaction without the prior written consent of the other party. 
 (c) If a party is specified as a Multibranch Party in the Schedule, such Multibranch Party may make and receive payments or deliveries under any Transaction through any Office listed in the Schedule, and the Office
through which it makes and receives payments or deliveries with respect to a Transaction will be specified in the relevant Confirmation. 
 11.
Expenses 
 A Defaulting Party will, on demand, indemnify and hold harmless the other party for and against all reasonable out-of-pocket expenses,
including legal fees and Stamp Tax, incurred by such other party by reason of the enforcement and protection of its rights under this Agreement or any Credit Support Document to which the Defaulting Party is a party or by reason of the early
termination of any Transaction, including, but not limited to, costs of collection. 
  

					
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	12.	Notices 

 (a) Effectiveness. Any notice or other
communication in respect of this Agreement may be given in any manner set forth below (except that a notice or other communication under Section 5 or 6 may not be given by facsimile transmission or electronic messaging system) to the address or
number or in accordance with the electronic messaging system details provided (see the Schedule) and will be deemed effective as indicated:— 
 (i) if in writing and delivered in person or by courier, on the date it is delivered; 
 (ii) if sent by telex, on the date the
recipient’s answerback is received; 
 (iii) if sent by facsimile transmission, on the date that transmission is received by a
responsible employee of the recipient in legible form (it being agreed that the burden of proving receipt will be on the sender and will not be met by a transmission report generated by the sender’s facsimile machine); 
 (iv) if sent by certified or registered mail (airmail, if overseas) or the equivalent (return receipt requested), on the date that mail is delivered or
its delivery is attempted; or 
 (v) if sent by electronic messaging system, on the date that electronic message is received, 
 unless the date of that delivery (or attempted delivery) or that receipt as applicable, is not a Local Business Day or that communication is delivered (or attempted) or
received, as applicable, after the close of business on a Local Business Day, in which case that communication shall be deemed given and effective on the first following day that is a Local Business Day. 
 (b) Change of Addresses. Either party may by notice to the other change the address, telex or facsimile number or electronic messaging system
details at which notices or other communications are to be given to all 
 13. Governing Law and Jurisdiction 
 (a) Governing Law. This Agreement will be governed by and construed in accordance with the law specified in the Schedule. 
 (b) Jurisdiction. With respect to any suit, action or proceedings relating to this Agreement (“Proceedings”), each party irrevocably:—

 (i) submits to the jurisdiction of the English courts, if this Agreement is expressed to be governed by English law, or to the
non-exclusive jurisdiction of the courts of the State of New York and the United States District Court located in the Borough of Manhattan in New York City, if this Agreement is expressed to be governed by the laws of the State of New York; and

 (ii) waives any objection which it may have at any time to the laying of venue of any Proceedings brought in any such court, waives any
claim that such Proceedings have been brought in an inconvenient forum and further waives the right to object, with respect to such Proceedings, that such court does not have any jurisdiction over such party. 
 Nothing in this Agreement precludes either party from bringing Proceedings in any other jurisdiction (outside, if this Agreement is expressed to be governed by English
law, the Contracting States, as defined in Section 1(3) of the Civil Jurisdiction and Judgments Act 1982 or any modification, extension or re-enactment thereof for the time being in force) nor will the bringing of Proceedings in any one or more
jurisdictions preclude the bringing of Proceedings in any other jurisdiction. 
 (c) Service of Process. Each party irrevocably appoints the
Process Agent (if any) specified opposite its name in the Schedule to receive, for it and on its behalf, service of process in any Proceedings. If for any 

  

					
		  	13	  	ISDA® 1992

 
reason any party’s Process Agent is unable to act as such, such party will promptly notify the other party and within 30 days appoint a substitute
process agent acceptable to the other party. The parties irrevocably consent to service of process given in the manner provided for notices in Section 12. Nothing in this Agreement will affect the right of either party to serve process in any
other manner permitted by law. 
 (d) Waiver of Immunities. Each party irrevocably waives, to the fullest extent permitted by applicable law,
with respect to itself and its revenues and assets (irrespective of their use or intended use), all immunity on the grounds of sovereignty or other similar grounds from (i) suit, (ii) jurisdiction of any court, (iii) relief by way of
injunction, order for specific performance or for recovery of property, (iv) attachment of its assets (whether before or after judgment) and (v) execution or enforcement of any judgment to which it or its revenues or assets might otherwise
be entitled in any Proceedings in the courts of any jurisdiction and irrevocably agrees, to the extent permitted by applicable law, that it will not claim any such immunity in any Proceedings. 
 14. Definitions 
 As used in this Agreement: — 
 “Additional Termination Event” has the meaning specified in Section 5(b). 
 “Affected Party” has the meaning specified in Section 5(b). 
 “Affected Transactions”
means (a) with respect to any Termination Event consisting of an Illegality, Tax Event or Tax Event Upon Merger, all Transactions affected by the occurrence of such Termination Event and (b) with respect to any other Termination Event, all
Transactions. 
 “Affiliate” means, subject to the Schedule, in relation to any person, any entity controlled, directly or indirectly, by
the person, any entity that controls, directly or indirectly, the person or any entity directly or indirectly under common control with the person. For this purpose, “control” of any entity or person means ownership of a majority of the
voting power of the entity or person. 
 “Applicable Rate” means: — 
 (a) in respect of obligations payable or deliverable (or which would have been but for Section 2(a)(iii)) by a Defaulting Party, the Default Rate; 
 (b) in respect of an obligation to pay an amount under Section 6(e) of either party from and after the date (determined in accordance with Section 6(d)(ii)) on which that amount is payable, the Default Rate;

 (c) in respect of all other obligations payable or deliverable (or which would have been but for Section 2(a)(iii)) by a Non-defaulting Party, the
Non-default Rate; and 
 (d) in all other cases, the Termination Rate. 
 “Burdened Party” has the meaning specified in Section 5(b). 
 “Change in Tax Law” means the enactment,
promulgation, execution or ratification of, or any change in or amendment to, any law (or in the application or official interpretation of any law) that occurs on or after the date on which the relevant Transaction is entered into. 
 “consent” includes a consent, approval, action, authorisation, exemption, notice, filing, registration or exchange control consent. 
 “Credit Event Upon Merger” has the meaning specified in Section 5(b). 
 “Credit Support Document” means any agreement or instrument that is specified as such in this Agreement. 
 “Credit Support Provider” has the meaning specified in the Schedule. 
 “Default Rate” means a rate per annum
equal to the cost (without proof or evidence of any actual cost) to the relevant payee (as certified by it) if it were to fund or of funding the relevant amount plus 1% per annum. 
  

					
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 “Defaulting Party” has the meaning specified in Section 6(a). 
 “Early Termination Date” means the date determined in accordance with Section 6(a) or 6(b)(iv). 
 “Event of Default” has the meaning specified in Section 5(a) and, if applicable, in the Schedule. 
 “Illegality” has the meaning specified in Section 5(b). 
 “Indemnifiable Tax” means any Tax other than a Tax that would not be imposed in respect of a payment under this Agreement but for a present or former connection between the jurisdiction of the government or taxation
authority imposing such Tax and the recipient of such payment or a person related to such recipient (including, without limitation, a connection arising from such recipient or related person being or having been a citizen or resident of such
jurisdiction, or being or having been organised, present or engaged in a trade or business in such jurisdiction, or having or having had a permanent establishment or fixed place of business in such jurisdiction, but excluding a connection arising
solely from such recipient or related person having executed, delivered, performed its obligations or received a payment under, or enforced, this Agreement or a Credit Support Document). 
 “law” includes any treaty, law, rule or regulation (as modified, in the case of tax matters, by the practice of any relevant governmental revenue authority) and “lawful” and
“unlawful” will be construed accordingly. 
 “Local Business Day” means, subject to the Schedule, a day on which commercial banks
are open for business (including dealings in foreign exchange and foreign currency deposits) (a) in relation to any obligation under Section 2(a)(i), in the place(s) specified in the relevant Confirmation or, if not so specified, as
otherwise agreed by the parties in writing or determined pursuant to provisions contained, or incorporated by reference, in this Agreement, (b) in relation to any other payment, in the place where the relevant account is located and, if
different. in the principal financial centre, if any, of the currency of such payment, (c) in relation to any notice or other communication, including notice contemplated under Section 5(a)(i), in the city specified in the address for
notice provided by the recipient and, in the case of a notice contemplated by Section 2(b), in the place where the relevant new account is to be located and (d) in relation to Section 5(a)(v)(2), in the relevant locations for
performance with respect to such Specified Transaction. 
 “Loss” means, with respect to this Agreement or one or more Terminated
Transactions, as the case may be, and a party, the Termination Currency Equivalent of an amount that party reasonably determines in good faith to be its total losses and costs (or gain, in which case expressed as a negative number) in connection
with this Agreement or that Terminated Transaction or group of Terminated Transactions, as the case may be, including any loss of bargain, cost of funding or, at the election of such party but without duplication, loss or cost incurred as a result
of its terminating, liquidating, obtaining or reestablishing any hedge or related trading position (or any gain resulting from any of them). Loss includes losses and costs (or gains) in respect of any payment or delivery required to have been made
(assuming satisfaction of each applicable condition precedent) on or before the relevant Early Termination Date and not made, except, so as to avoid duplication, if Section 6(c)(i)(1) or (3) or 6(e)(ii)(2)(A) applies. Loss does not include
a party’s legal fees and out-of-pocket expenses referred to under Section 11. A party will determine its Loss as of the relevant Early Termination Date, or, if that is not reasonably practicable, as of the earliest date thereafter as is
reasonably practicable. A party may (but need not) determine its Loss by reference to quotations of relevant rates or prices from one or more leading dealers in the relevant markets. 
 “Market Quotation” means, with respect to one or more Terminated Transactions and a party making the determination, an amount determined on the basis of quotations from Reference Market-makers. Each
quotation will be for an amount, if any, that would be paid to such party (expressed as a negative number) or by such party (expressed as a positive number) in consideration of an agreement between such party (taking into account any existing Credit
Support Document with respect to the obligations of such party) and the quoting Reference Market-maker to enter into a transaction (the “Replacement Transaction”) that would have the effect of preserving for such party the economic
equivalent of any payment or delivery (whether the underlying obligation was absolute or contingent and assuming the satisfaction of each applicable condition precedent) by the parties under Section 2(a)(i) in respect of such Terminated
Transaction or group of Terminated Transactions that would, but for the occurrence of the relevant Early Termination Date, have 

  

					
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been required after that date. For this purpose, Unpaid Amounts in respect of the Terminated Transaction or group of Terminated Transactions are to be
excluded but, without limitation, any payment or delivery that would, but for the relevant Early Termination Date, have been required (assuming satisfaction of each applicable condition precedent) after that Early Termination Date is to be included.
The Replacement Transaction would be subject to such documentation as such party and the Reference Market-maker may, in good faith, agree. The party making the determination (or its agent) will request each Reference Market-maker to provide its
quotation to the extent reasonably practicable as of the same day and time (without regard to different time zones) on or as soon as reasonably practicable after the relevant Early Termination Date. The day and time as of which those quotations are
to be obtained will be selected in good faith by the party obliged to make a determination under Section 6(e), and, if each party is so obliged, after consultation with the other. If more than three quotations are provided, the Market Quotation
will be the arithmetic mean of the quotations, without regard to the quotations having the highest and lowest values, If exactly three such quotations are provided, the Market Quotation will be the quotation remaining after disregarding the highest
and lowest quotations. For this purpose, if more than one quotation has the same highest value or lowest value, then one of such quotations shall be disregarded. If fewer than three quotations are provided, it will be deemed that the Market
Quotation in respect of such Terminated Transaction or group of Terminated Transactions cannot be determined. 
 “Non-default Rate” means a
rate per annum equal to the cost (without proof or evidence of any actual cost) to the Non-defaulting Party (as certified by it) if it were to fund the relevant amount. 
 “Non-defaulting Party” has the meaning specified in Section 6(a). 
 “Office” means a
branch or office of a party, which may be such party’s head or home office. 
 “Potential Event of Default” means any event which, with
the giving of notice or the lapse of time or both, would constitute an Event of Default. 
 “Reference Market-makers” means four leading
dealers in the relevant market selected by the party determining a Market Quotation in good faith (a) from among dealers of the highest credit standing which satisfy all the criteria that such party applies generally at the time in deciding
whether to offer or to make an extension of credit and (b) to the extent practicable, from among such dealers having an office in the same city. 
 “Relevant Jurisdiction” means, with respect to a party, the jurisdictions (a) in which the party is incorporated, organised, managed and controlled or considered to have its seat, (b) where an Office through which
the party is acting for purposes of this Agreement is located, (c) in which the party executes this Agreement and (d) in relation to any payment, from or through which such payment is made. 
 “Scheduled Payment Date” means a date on which a payment or delivery is to be made under Section 2(a)(i) with respect to a Transaction. 

“Set-off” means set-off, offset, combination of accounts, right of retention or withholding or similar right or requirement to which the payer of an
amount under Section 6 is entitled or subject (whether arising under this Agreement, another contract, applicable law or otherwise) that is exercised by, or imposed on, such payer. 
 “Settlement Amount” means, with respect to a party and any Early Termination Date, the sum of:— 
 (a)
the Termination Currency Equivalent of the Market Quotations (whether positive or negative) for each Terminated Transaction or group of Terminated Transactions for which a Market Quotation is determined; and 
 (b) such party’s Loss (whether positive or negative and without reference to any Unpaid Amounts) for each Terminated Transaction or group of Terminated Transactions
for which a Market Quotation cannot be determined or would not (in the reasonable belief of the party making the determination) produce a commercially reasonable result. 
 “Specified Entity” has the meaning specified in the Schedule. 
  

					
		  	16	  	ISDA® 1992

 “Specified Indebtedness” means, subject to the Schedule, any obligation (whether present or future,
contingent or otherwise, as principal or surety or otherwise) in respect of borrowed money. 
 “Specified Transaction” means, subject to the
Schedule, (a) any transaction (including an agreement with respect thereto) now existing or hereafter entered into between one party to this Agreement (or any Credit Support Provider of such party or any applicable Specified Entity of such
party) and the other party to this Agreement (or any Credit Support Provider of such other party or any applicable Specified Entity of such other party) which is a rate swap transaction, basis swap, forward rate transaction, commodity swap,
commodity option, equity or equity index swap, equity or equity index option, bond option, interest rate option, foreign exchange transaction, cap transaction, floor transaction, collar transaction, currency swap transaction, cross-currency rate
swap transaction, currency option or any other similar transaction (including any option with respect to any of these transactions), (b) any combination of these transactions and (c) any other transaction identified as a Specified
Transaction in this Agreement or the relevant confirmation. 
 “Stamp Tax” means any stamp, registration, documentation or similar tax.

 “Tax” means any present or future tax, levy, impost, duty, charge, assessment or fee of any nature (including interest, penalties and
additions thereto) that is imposed by any government or other taxing authority in respect of any payment under this Agreement other than a stamp, registration, documentation or similar tax. 
 “Tax Event” has the meaning specified in Section 5(b). 
 “Tax Event Upon Merger” has the meaning specified in Section 5(b). 
 “Terminated Transactions” means with
respect to any Early Termination Date (a) if resulting from a Termination Event, all Affected Transactions and (b) if resulting from an Event of Default, all Transactions (in either case) in effect immediately before the effectiveness of
the notice designating that Early Termination Date (or, if “Automatic Early Termination” applies, immediately before that Early Termination Date). 
 “Termination Currency” has the meaning specified in the Schedule. 
 “Termination Currency Equivalent” means, in
respect of any amount denominated in the Termination Currency, such Termination Currency amount and, in respect of any amount denominated in a currency other than the Termination Currency (the “Other Currency”), the amount in the
Termination Currency determined by the party making the relevant determination as being required to purchase such amount of such Other Currency as at the relevant Early Termination Date, or, if the relevant Market Quotation or Loss (as the case may
be), is determined as of a later date, that later date, with the Termination Currency at the rate equal to the spot exchange rate of the foreign exchange agent (selected as provided below) for the purchase of such Other Currency with the Termination
Currency at or about 11:00 a.m. (in the city in which such foreign exchange agent is located) on such date as would be customary for the determination of such a rate for the purchase of such Other Currency for value on the relevant Early Termination
Date or that later date. The foreign exchange agent will, if only one party is obliged to make a determination under Section 6(e), be selected in good faith by that party and otherwise will be agreed by the parties 
 “Termination Event” means an Illegality, a Tax Event or a Tax Event Upon Merger or, if specified to be applicable, a Credit Event Upon Merger or an
Additional Termination Event. 
 “Termination Rate” means a rate per annum equal to the arithmetic mean of the cost (without proof or
evidence of any actual cost) to each party (as certified by such party) if it were to fund or of funding such amounts. 
 “Unpaid Amounts”
owing to any party means, with respect to an Early Termination Date, the aggregate of (a) in respect of all Terminated Transactions, the amounts that became payable (or that would have become payable but for Section 2(a)(iii)) to such
party under Section 2(a)(i) on or prior to such Early Termination Date and which remain unpaid as at such Early Termination Date and (b) in respect of each Terminated Transaction. for each obligation under Section 2(a)(i) which was
(or would have been but for Section 2(a)(iii)) required to be settled by delivery to such party on or prior to such Early Termination Date and which has not been so settled as at such Early Termination Date, an amount equal to the fair market

  

					
		  	17	  	ISDA® 1992

 value of that which was (or would have been) required to be delivered as of the originally scheduled date for delivery,
in each case together with (to the extent permitted under applicable law) interest, in the currency of such amounts, from (and including) the date such amounts or obligations were or would have been required to have been paid or performed to (but
excluding) such Early Termination Date, at the Applicable Rate. Such amounts of interest will be calculated on the basis of daily compounding and the actual number of days elapsed. The fair market value of any obligation referred to in clause
(b) above shall be reasonably determined by the party obliged to make the determination under Section 6(e) or, if each party is so obliged, it shall be the average of the Termination Currency Equivalents of the fair market values
reasonably determined by both parties. 
 IN WITNESS WHEREOF the parties have executed this document on the respective dates specified below with effect from
the date specified on the first page of this document. 
  

							
	 CREDIT SUISSE INTERNATIONAL
	 	ACCREDITED MORTGAGE LOAN TRUST 2007-1
				
		 		 	By:	 	 U.S. Bank Trust National Association,
 not in its individual capacity but solely as
 Owner Trustee under the Trust Agreement

				
	By:	 	 /s/ Marisa Scauzillo
	 	By:	 	 /s/ Patricia M. Child

	Name:	 	Marisa Scauzillo	 	Name:	 	Patricia M. Child
	Title:	 	Authorized Signatory	 	Title:	 	Vice President
	Date:	 		 	Date:	 	
				
	By:	 	 /s/ Vittoria Scialoja
	 		 	
	Name:	 	Vittoria Scialoja	 		 	
	Title:	 	Authorized Signatory	 		 	
	Date:	 		 		 	

  

 Swap Schedule 
 SCHEDULE 
 to the 
 Master Agreement 
 dated as of January 30, 2007 
 between 
  

					
	Credit Suisse International	  	                            and	  	Accredited Mortgage Loan Trust 2007- 1
			
	  
	  		  	  

	(“Party A”)	  		  	(“Party B”)

 Part 1 
 Termination Provisions. 
  

	(a)	“Specified Entity” means in relation to Party A for the purpose of: 

  

			
	 Section 5(a)(v),
	  	Not Applicable
	 Section 5(a)(vi),
	  	Not Applicable
	 Section 5(a)(vii),
	  	Not Applicable
	 Section 5(b)(iv),
	  	Not Applicable

 and in relation to Party B for the purpose of: 

			
	 Section 5(a)(v),
	  	Not Applicable
	 Section 5(a)(vi),
	  	Not Applicable
	 Section 5(a)(vii),
	  	Not Applicable
	 Section 5(b)(iv),
	  	Not Applicable

  

	(b)	“Specified Transaction” will have the meaning specified in Section 14 of this Agreement. 

  

	(c)	Certain Events of Default. Subject to Part 1(h) below, the following Events of Default will apply to the parties as specified below, and the definition of “Event
of Default” in Section 14 is deemed to be modified accordingly: 

 Section 5(a)(i) (Failure to Pay or
Deliver) will apply to Party A and Party B. 

 Section 5(a)(ii) (Breach of Agreement) will apply to Party A and will not apply to Party B;
except that Section 5(a)(ii) will not apply to Party A with respect to Party A’s failure to comply with Part 5(b) herein. 
 Section 5(a)(iii) (Credit Support Default) will apply to Party A and will not apply to Party B, unless Party A has posted collateral under the Credit Support Annex, in which case Section 5(a)(iii)(1) will apply to Party B
solely in respect of Party B’s obligations under Paragraph 3(b) of the Credit Support Annex. 
 Section 5(a)(iv)
(Misrepresentation) will apply to Party A and will not apply to Party B. 
 Section 5(a)(v) (Default under Specified
Transaction) will not apply to Party A or Party B. 
 Section 5(a)(vi) (Cross Default) will apply to Party A and will not
apply to Party B. “Specified Indebtedness” shall have the meaning specified in Section 14 of this Agreement and “Threshold Amount” means 3% of shareholder’s equity of the Relevant Entity. 
 Section 5(a)(vii) (Bankruptcy) will apply to Party A and Party B; provided that in respect of Party B, (i) clause (2) thereof
shall not apply, (ii) clause (4) thereof shall not apply to Party B to the extent that the relevant proceeding is instituted by Party A in breach of Party A’s agreement in Part 5(g) of this Schedule, (iii) the words “seeks
or” shall be deleted from clause (6) thereof and any appointment that is effected by or pursuant to the transaction documents shall not constitute an Event of Default under such clause (6), (iv) clause (7) thereof shall not
apply, (v) clause (8) thereof shall apply only to the extent not inconsistent with clauses (i) to (iv) of this sentence and (vi) clause (9) thereof shall not apply. 
 Section 5(a)(viii) (Merger without Assumption) will apply to Party A and will not apply to Party B. 
 Notwithstanding anything to the contrary in Sections 5(a)(i) and 5(a)(iii) of this Agreement, any failure by Party A to comply with or perform any
obligation to be complied with or performed by Party A under any Credit Support Document shall not be an Event of Default unless (A) a Ratings Event has occurred and at least 30 Local Business Days (10 Local Business Days when the Ratings Event
relates only to S&P’s ratings and 30 calendar days when the Rating Events relates only to Moody’s ratings) have elapsed since the last time the Ratings Event had not occurred or was not continuing and (B) such failure is not
remedied on or before the third Local Business Day after notice of such Ratings Event is given to Party A. 
  

	(d)	Termination Events. The following Termination Events will apply to the parties as specified below: 

 Section 5(b)(i) (Illegality) will apply to Party A and Party B. 
 Section 5(b)(ii) (Tax Event) will apply to Party A and Party B; provided that the words “(x) any action taken by a taxing authority, or brought in a court of competent jurisdiction, on or after
the date on which a Transaction is entered into (regardless of whether such action is taken or brought with respect to a party to this Agreement) or (y)” shall be deleted. 
 Section 5(b)(iii) (Tax Event upon Merger) will apply to Party A and Party B; provided that in the event that Party A is the Affected
Party in respect of an event described in Section 5(b)(iii), Party A shall not be entitled to designate an Early Termination Date pursuant to such Section 5(b)(iii). 
 Section 5(b)(iv) (Credit Event upon Merger) will not apply to Party A or Party B. 
  

	(e)	The “Automatic Early Termination” provision of Section 6(a) of this Agreement will not apply to Party A or Party B. 

  

	(f)	Payments on Early Termination. For the purpose of Section 6(e) of this Agreement: 

  

	 	(i)	Loss will apply; subject to Part 5(w). 

  

	 	(ii)	The Second Method will apply. 

  

					
	 [·]- Swap
ISDA Schedule
	  	2	  	

	(g)	“Termination Currency” means United States Dollars. 

  

	(h)	Additional Termination Events. The following Additional Termination Events will apply, in each case with respect to Party B as the sole Affected Party (unless
otherwise provided below): 

  

	 	(i)	Each of the following shall constitute an Additional Termination Event with Party A as sole Affected Party: 

  

	 	(a)	An S&P Collateralization Event has occurred and is continuing and Party A has failed to comply with or perform any obligation to be complied with or performed by Party A in
accordance with the “Downgrade Provisions” as set forth in Part 5(b)(2) and a Ratings Event has neither occurred nor is continuing. Any event which constitutes an Additional Termination Event pursuant to this Section 1(h)(i)(a) shall
not constitute an Event of Default. 

  

	 	(b)	A Moody’s Collateralization Event has occurred and is continuing, and Party A has failed to comply with or perform any obligation to deliver collateral under the Credit Support
Annex and 30 Local Business Days or more have elapsed since the last time that no Moody’s Collateralization Event had occurred and was continuing. Any event which constitutes an Additional Termination Event pursuant to this
Section 1(h)(i)(b) shall not constitute an Event of Default (unless such event constitutes a failure to post collateral pursuant to the terms of the Credit Support Annex in breach of Part 5(b)(4)). 

  

	 	(c)	A Ratings Event has occurred and is continuing and Party A has failed to comply with or perform any obligation to be complied with or performed by Party A in accordance with the
“Downgrade Provisions” as set forth in Part 5(b)(4) and, in the case of a Moody’s Ratings Event, (i) at least one Eligible Replacement has made a Live Bid to be the transferee of a transfer to be made in accordance with the terms
hereof and/or (ii) at least one entity that satisfies the Hedge Counterparty Ratings Requirements is able to provide an Eligible Guarantee in respect of all of Party A’s present and future obligations under this Agreement subject to the
satisfaction of the S&P Ratings Condition. The failure by Party A to comply with or perform any obligation (other than the obligation to post collateral pursuant to the terms of the Credit Support Annex) to be complied with or performed by Party
A in accordance with the “Downgrade Provisions” as set forth in Part 5(b)(4) will constitute an Additional Termination Event and not an Event of Default. 

  

	 	(ii)	The Indenture, the Trust Agreement or the Sale and Servicing Agreement is amended, supplemented or modified without the prior written consent of Party A (such consent not to be
unreasonably withheld), where such consent is required under the terms of such documents. 

  

	 	(iii)	The Issuing Entity is terminated. 

  

	 	(iv)	Upon the occurrence of a Swap Disclosure Event (as defined in Part 5(t) below) Party A has not, within 10 days after such Swap Disclosure Event, complied with any of the provisions
set forth in Part 5(t)(iii) below. For all purposes of this Agreement, Party A shall be the sole Affected Party with respect to the occurrence of an Additional Termination Event described in this Part 1(h)(iv). 

  

					
	 [·]- Swap
ISDA Schedule
	  	3	  	

 Part 2 
 Tax Representations. 
  

	(a)	Payer Representations. For the purpose of Section 3(e) of this Agreement, neither Party A nor Party B will make any representations. 

  

	(b)	Payee Representations. For the purpose of Section 3(f) of this Agreement, neither Party A nor Party B will make any representations. 

  

					
	 [·]- Swap ISDA
Schedule
	  	4	  	

 Part 3 
 Agreement to Deliver Documents. 
 For the purpose of Sections 4(a)(i) and (ii) of this Agreement, each party
agrees to deliver the following documents, as applicable: 
  

	(a)	Tax forms, documents or certificates to be delivered are:— 

  

					
	 Party
 required
 to deliver
document
	  	 Form/Document/Certificate
	  	 Date by which to be delivered

	Party A	  	U.S. Internal Revenue Service Form W-8IMY and any successor form thereto	  	(i) Before the first Payment Date under this Agreement, such form to be updated at the beginning of each succeeding three-calendar-year period after the first payment date under this Agreement,
(ii) promptly upon reasonable demand by Party B, and (iii) promptly upon learning that any such Form previously provided by Party A has become obsolete or incorrect.

  

	(b)	Other documents to be delivered are:— 

  

							
	 Party required
to
deliver
document
	  	 Form/Document/Certificate
	  	 Date by which to be
delivered
	  	 Covered
by
Section 3(d)
Representation

				
	Party A and Party B	  	Certified copy of the Board of Directors resolution (or equivalent authorizing documentation) which sets forth the authority of each signatory to this Agreement and each Credit Support Document
(if any) signing on its behalf and the authority of such party to enter into Transactions contemplated and performance of its obligations hereunder.	  	Concurrently with the execution and delivery of this Agreement.	  	Yes
				
	Party A and Party B	  	Incumbency Certificate (or, if available the current authorized signature book or equivalent authorizing documentation) specifying the names, titles, authority and specimen signatures of the
persons authorized to execute this Agreement which sets forth the specimen signatures of each signatory to this Agreement, each Confirmation and each Credit Support Document (if any) signing on its behalf.	  	Concurrently with the execution and delivery of this Agreement unless previously delivered and still in full force and effect.	  	Yes
				
	Party A and B	  	An opinion of counsel to such party reasonably satisfactory in form and substance to the other party.	  	Concurrently with the execution and delivery of the Confirmation unless previously delivered and still in full force and effect.	  	No
				
	Party B	  	An executed copy of the Indenture between Party B and Deutsche Bank National Trust Company, the Trust Agreement and the Sale and Servicing Agreement.	  	Within 30 days after the date of this Agreement.	  	Yes
				
	Party A	  	The most recently prepared annual report of Party A.	  	Within 30 days of request.	  	Yes

  

					
	 [·]- Swap ISDA
Schedule
	  	5	  	

 Part 4. 
 Miscellaneous. 
  

	(a)	Addresses for Notices. For the purposes of Section 12(a) of this Agreement: 

 Party A: 
  

	 	(1)	Address for notices or communications to Party A (other than by facsimile):- 

  

							
	Address:	  	One Cabot Square	  	Attention:	  	 (1)    Head of Credit Risk Management;

		  	 London E14 4QJ
 England
	  		  	 (2)    Managing Director - Operations Department;

		  		  		  	 (3)    Managing Director - Legal Department

				
	Telex No.:	  	264521	  	Answerback:	  	 CSI G

			
	(For all purposes.)	  		  	

  

	 	(2)	For the purpose of facsimile notices or communications under this Agreement (other than a notice or communication under Section 5 or 6):- 

  

			
	Facsimile No.:	  	44 20 7888 2686
	Attention:	  	Managing Director - Legal Department

 Telephone number for oral confirmation of receipt of facsimile in legible form: 44 20 7888 2028

 Designated responsible employee for the purposes of Section 12(a)(iii): Senior Legal Secretary 
 Party B: 
 Address for notices or communications to Party B:

  

			
	Address:	  	 Accredited Home Lenders
 15090 Avenue of Sciences,
Suite 200,
 San Diego, CA 92128

	Attention:	  	Charlie Ryan
	 Facsimile No.:
 Telephone No.:
	  	 (858) 676-8129
 (858) 676-2769

 With a copy to U.S. Bank Trust National Association 
  

			
	Address:	  	 209 South LaSalle Street, Suite 300
 Chicago, IL
60604

	Attention:	  	Corporate Trust Services
	Facsimile No.:	  	(312) 325-8905
	Telephone No.:	  	(312) 325-8902

  

					
	 [·]- Swap ISDA
Schedule
	  	7	  	

 With a copy to Deutsche Bank National Trust Company: 
  

					
		  	Address:	 	 1761 East St. Andrew Place
 Santa Ana, California
92705-4934

			
		  	Attention:	 	Trust Administration–AC0701
			
		  	 Facsimile:
  
 Telephone No.:
	 	 (714) 247-6285
  
 (714) 247-6000

			
	With a copy to:	  		 	
			
		  	Address:	 	 Standard & Poor’s Ratings Services,
 55 Water
Street,
 New York, New York 10041-0003

			
		  	Attention:	 	Residential Mortgage Surveillance Group
			
		  	Facsimile:	 	212-438-2652
			
	With a copy to:	  		 	
			
		  	Address:	 	Moody’s Investors Service, 99 Church Street, New York, New York 10007
			
		  	Attention:	 	Keren Gabay
			
		  	Facsimile:	 	212-553-4773
	
	 (b)    Process Agent. For the purposes of Section 13(c) of this
Agreement:

	
	          Party A appoints as its Process Agent:

		
		  	Credit Suisse Securities (USA) LLC
		  	Eleven Madison Avenue
		  	New York, NY 10010
			
		  	Attention:	 	General Counsel
		  		 	Legal and Compliance Department

 Party B appoints as its Process Agent: Not applicable. 
  

	(c)	Offices. With respect to Party A, the provisions of Section 10(a) will apply to this Agreement. 

  

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

 Party A is not a Multibranch Party. 
 Party B is not a Multibranch Party. 
  

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

  

	(f)	Credit Support Document. Credit Support Document means:- 

  

					
	 [·]- Swap ISDA
Schedule
	  	8	  	

 With respect to Party A: The Credit Support Annex and any guarantee that is provided to Party B pursuant
to Part 5 (b) below. 
 With respect to Party B: The Credit Support Annex. 
  

	(g)	Credit Support Provider. 

 Credit Support
Provider means in relation to Party A: Not applicable or, if a guarantee is provided to Party B pursuant to Part 5 (b) below, the guarantor providing such guarantee. 
 Credit Support Provider means in relation to Party B: Not applicable. 
  

	(h)	Governing Law. This Agreement and, to the fullest extent permitted by applicable law, all matters arising out of or relating in any way to this Agreement will be
governed by and construed in accordance with the laws of the State of New York (without reference to choice of law doctrine other than New York General Obligation Law Sections 5-1401 and 5-1402). 

  

	(i)	Netting of Payments. Subparagraph (ii) of Section 2(c) of this Agreement will apply to each Transaction hereunder. 

  

	(j)	“Affiliate.” “Affiliate” shall have the meaning specified in Section 14 of this Agreement, provided, however, that Party A shall be
deemed to have no Affiliates for purposes of Section 3(c) of this Agreement and Party B shall be deemed to have no Affiliates. 

  

					
	 [·]- Swap ISDA
Schedule
	  	9	  	

 Part 5. 
 Other Provisions. 
  

	(a)	Definitions.  

 This Agreement, including
each Confirmation and each Swap Transaction, is subject to the 2000 ISDA Definitions, as amended, supplemented, updated, and superseded from time to time (the “Definitions”), as published by the International Swaps and Derivatives
Association, Inc. (“ISDA”) and will be governed in all respects by the Definitions (except that references to “Swap Transactions” shall be deemed to be references to “Transactions”). The Definitions are incorporated by
reference in, and made part of, this Agreement and each Confirmation as if set forth in full in this Agreement and such Confirmations. In the event of any inconsistency between the provisions of this Agreement and the Definitions, this Agreement
will prevail (and, in the event of any inconsistency between any Confirmation and the Definitions, the Confirmation will control). Any reference in a Confirmation to any Definitions which are amended or supplemented in this Schedule shall be deemed
to be a reference to such Definitions as so amended or supplemented, unless the Confirmation states, by specific reference to any such amendment or supplement, that such amendment or supplement will not apply in respect of the Transaction to which
such Confirmation relates. Any capitalized terms used but not otherwise defined in this Agreement shall have the meanings assigned to them (or incorporated by reference) in the Indenture. 
  

	(b)	Downgrade Provisions.  

  

	 	(1)	It shall be a collateralization event (Collateralization Event) if: 

 (A) with respect to each Relevant Entity, so long as Moody’s Investors Service, Inc. (Moody’s) is currently rating the Notes and either (i) such Relevant Entity has both a long-term and
short-term rating by Moody’s and (x) the unsecured, unguaranteed and otherwise unsupported long-term senior debt obligations of such Relevant Entity are rated “A3” or below by Moody’s or (y) the unsecured, unguaranteed
and otherwise unsupported short-term debt obligations of such Relevant Entity are rated “P-2” or below by Moody’s, or (ii) no short-term rating is available from Moody’s and the unsecured, unguaranteed and otherwise
unsupported long-term senior debt obligations of such Relevant Entity are rated “A2” or below by Moody’s (such event, a Moody’s Collateralization Event), or 
 (B) with respect to each Relevant Entity, so long as Standard & Poor’s Rating Services, a division of The McGraw-Hill Companies, Inc.
(S&P) is currently rating the Notes and either (i) the unsecured, unguaranteed and otherwise unsupported short-term debt obligations of such Relevant Entity are rated “A-2” or below by S&P or (ii) if such Relevant
Entity does not have a short-term rating from S&P, the unsecured, unguaranteed and otherwise unsupported long-term senior debt obligations of Party A are rated “A” or below by S&P (such event, an S&P Collateralization
Event). 
 Relevant Entity means Party A and any guarantor under an Eligible Guarantee in respect of all of Party A’s present
and future obligations under this Agreement. 
  

	 	(2)	 Without prejudice to Party A’s obligations under the Collateral Support Annex, during any period in which a Collateralization Event is occurring, Party A
shall, at its own expense and within thirty (30) Business Days of such Collateralization Event (or 30 calendar days, in the case of an S&P Collateralization Event), either (i) post collateral according to the terms of the 1994 ISDA
Credit Support Annex to this Schedule, including Paragraph 13 thereof (the Credit Support 

  

					
	 [·]- Swap ISDA
Schedule
	  	10	  	

	 	 
Annex), (ii) furnish an Eligible Guarantee (as defined below) of Party A’s obligations under this Agreement that is (in the case of an
S&P Collateralization Event) subject to the satisfaction of the S&P Ratings Condition from a guarantor that satisfies the Hedge Counterparty Ratings Requirement (as defined herein), or (iii) obtain a substitute counterparty (and provide
prior written notice to each Rating Agency with respect thereto) that (a) is reasonably acceptable to Party B, (b) satisfies the Hedge Counterparty Ratings Requirement and (c) assumes the obligations of Party A under this
Agreement (through an assignment and assumption agreement in form and substance reasonably satisfactory to Party B) or replaces the outstanding Transactions hereunder with transactions on identical terms, except that Party A shall be
replaced as counterparty, provided that such substitute counterparty, as of the date of such assumption or replacement, must not, as a result thereof, be required to withhold or deduct on account of tax under the Agreement or the new
transactions, as applicable, and such assumption or replacement must not lead to a termination event or event of default occurring in respect of the new transactions, as applicable, provided further, that (in the case of an S&P
Collateralization Event) satisfaction of the S&P Ratings Condition shall be required for any transfer of any Transactions under this Part 5(b)(2)(iii) unless such transfer is in connection with the assignment and assumption of this Agreement by
such substitute counterparty without modification of its terms, other than the following terms: party name, dates relevant to the effective date of such transfer, tax representations (provided that the representations in Part 2(a) are not modified)
and any other representations regarding the status of the substitute counterparty of the type included in Section (c) of this Part 5 and notice information (in which case, Party A shall provide written notice to S&P with respect thereto).
To the extent that Party A elects or is required to post collateral pursuant to this Part 5(b)(1) following an S&P Collateralization Event, Party A shall deliver to each Rating Agency (with a copy to the Party B) within thirty (30) calendar
days of the occurrence of such Collateralization Event an opinion acceptable to S&P as to the enforceability of the Credit Support Annex and which confirms that, notwithstanding the commencement of a case under the Bankruptcy Code with respect
to Party A, the collateral will (a) be available to meet swap obligations notwithstanding the automatic stay and (b) if delivered pre-bankruptcy, will not be subject to recovery as preferences or constructive fraudulent conveyances, in
each case subject to standard qualifications and assumptions. 

 Eligible Guarantee means an unconditional and
irrevocable guarantee that is provided by a guarantor as principal debtor rather than surety and is directly enforceable by Party B, where either (A) a law firm has given a legal opinion confirming that none of the guarantor’s payments to
Party B under such guarantee will be subject to withholding for Tax or (B) such guarantee provides that, in the event that any of such guarantor’s payments to Party B are subject to withholding for Tax, such guarantor is required to pay
such additional amount as is necessary to ensure that the net amount actually received by Party B (free and clear of any withholding tax) will equal the full amount Party B would have received had no such withholding been required. 
 An entity shall satisfy the Hedge Counterparty Ratings Requirement if (a) either (i) the unsecured, unguaranteed and otherwise
unsupported short-term debt obligations of the entity are rated at least “A-1” by S&P or (ii) if the entity does not have a short-term rating from S&P, the unsecured, unguaranteed and otherwise unsupported long-term senior
debt obligations of the entity are rated at least “A+” by S&P and (b) either (i) the unsecured, unguaranteed and otherwise unsupported long-term senior debt obligations of such entity are rated at least “A3” by
Moody’s and the unsecured, unguaranteed and otherwise unsupported short-term debt obligations of such entity are rated at least “P-2” by Moody’s (if such entity has both a long-term and short-term rating from Moody’s) or
(ii) if such entity does not have a short-term debt rating from Moody’s, the unsecured, unguaranteed and otherwise unsupported long-term senior debt obligations of such entity are rated at least “A3” by Moody’s. For the
purpose of this definition, no direct or indirect recourse against one or more shareholders of the entity (or against any Person in control of, or controlled by, or under common control with, any such shareholder) shall be deemed to constitute a
guarantee, security or support of the obligations of the entity. 
  

					
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 S&P Ratings Condition shall mean prior written confirmation from S&P that a
proposed action will not cause the downgrade or withdrawal of the then current ratings of any outstanding Notes. 
 Rating Agency
shall mean each of S&P and Moody’s. 
  

	 	(3)	It shall be a ratings event (Ratings Event) if at any time after the date hereof (A) so long as S&P is currently rating the Notes and either (i) the unsecured,
unguaranteed and otherwise unsupported long-term senior debt obligations of each Relevant Entity are rated “BB+” or below by S&P, (ii) the unsecured, unguaranteed and otherwise unsupported short-term debt obligations of each
Relevant Entity are rated “B” or below by S&P or (iii) if at any time after the date hereof S&P withdraws all of each Relevant Entity’s ratings and no longer rates any Relevant Entity (such event, an S&P Ratings
Event) or (B) so long as Moody’s is currently rating the Notes and either (i) the unsecured, unguaranteed and otherwise unsupported long-term senior debt obligations of each Relevant Entity are unrated or rated “Baa1” or
below by Moody’s (or such rating is withdrawn) or (ii) the unsecured, unguaranteed and otherwise unsupported short-term debt obligations of each Relevant Entity are unrated or rated “P-3” or below by Moody’s (or such rating
is withdrawn) (such event, a Moody’s Ratings Event). 

  

	 	(4)	Following a Ratings Event, Party A shall take the following actions: 

 (a) in the case of an S&P Ratings Event, Party A, at its sole expense, shall (i) within 10 Business Days, subject to extension upon satisfaction of the S&P Ratings Condition, of the Ratings Event,
obtain a substitute counterparty (and provide written notice to each Rating Agency with respect thereto), that (A) satisfies the Hedge Counterparty Ratings Requirement and (B) assumes the obligations of Party A under this Agreement
(through an assignment and assumption agreement in form and substance reasonably satisfactory to Party B) or replaces the outstanding Transactions hereunder with transactions on identical terms, except that Party A shall be replaced as
counterparty, provided that such substitute counterparty, as of the date of such assumption or replacement, must not, as a result thereof, be required to withhold or deduct on account of tax under the Agreement or the new transactions, as
applicable, and such assumption or replacement must not lead to a termination event or event of default occurring in respect of the new transactions, as applicable; provided further that satisfaction of the S&P Ratings Condition shall be
required within such 10 Business Days or longer period, as applicable, for any transfer of any Transaction under this clause (a)(i) unless such transfer is in connection with the assignment and assumption of this Agreement without modification of
its terms by such counterparty, other than the following terms: party name, dates relevant to the effective date of such transfer, tax representations (provided that the representations in Part 2(a) are not modified) and any other representations
regarding the status of the substitute counterparty of the type included in Section (c) of this Part 5 and notice information (in which case, Party A shall provide prior written notice to S&P and Party B with respect thereto) and
(ii) post collateral according to the terms of the Credit Support Annex; and 
 (b) in the case of a Moody’s Ratings Event,
Party A, at its sole expense, shall (i) use commercially reasonable efforts to, as soon as reasonably practicable, (A) furnish an Eligible Guarantee of Party A’s obligations under this Agreement from a guarantor that satisfies
paragraph (b) of the definition of Hedge Counterparty Ratings Requirement or (B) obtain a substitute counterparty (and provide prior written notice to each Rating Agency with respect thereto) that (1) is reasonably acceptable to Party
B, (2) satisfies the paragraph (b) of the definition of Hedge Counterparty Ratings Requirement and (3) assumes the obligations of 

  

					
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Party A under this Agreement (through an assignment and assumption agreement in form and substance reasonably satisfactory to Party B) or replaces the
outstanding Transactions hereunder with transactions on substantially the same terms, including rating triggers, credit support documentation and other provisions of this Agreement, except that Party A shall be replaced as counterparty,
provided that such substitute counterparty, as of the date of such assumption or replacement, must not, as a result thereof, be required to withhold or deduct on account of tax under the Agreement or the new transactions, as applicable, and
such assumption or replacement must not lead to a termination event or event of default occurring in respect of the new transactions, as applicable and (ii) post collateral according to the terms of the Credit Support Annex. 
 Rating Agency Approval shall mean prior written confirmation from S&P and Moody’s that such action will not cause them to downgrade
or withdraw its then-current ratings of any outstanding Notes. 
  

	(c)	Section 3(a) of this Agreement is hereby amended to include the following additional representations after paragraph 3(a)(v): 

 (vi) Eligible Contract Participant. It is an “eligible contract participant” as such term is defined in Section 35.1
(b) (2) of the regulations (17 C.F.R. 35) promulgated under and as defined in section 1a(12) of the U.S. Commodity Exchange Act, as amended. 
 (vii) Individual Negotiation. This Agreement and each Transaction hereunder is subject to individual negotiation by the parties. 
 (viii) Relationship between Party A and Party B. Subject as provided in Part 5(f), each of Party A and Party B will be deemed to represent
to the other on the date on which it enters into a Transaction or an amendment thereof that (absent a written agreement between Party A and Party B that expressly imposes affirmative obligations to the contrary for that Transaction): 
 (1) Capacity. Principal. It is acting as principal and not as agent when entering into this Agreement and each Transaction.

 (2) Non-Reliance. Each of Party A and Party B is acting for its own account. Each party has made its own independent
decisions to enter into that Transaction and as to whether that Transaction is appropriate or proper for it based upon its own judgment and upon advice from such advisors as it has deemed necessary. It is not relying on any communication (written or
oral) of the other party as investment advice or as a recommendation to enter into that Transaction; it being understood that information and explanations related to the terms and conditions of a Transaction shall not be considered investment advice
or a recommendation to enter into that Transaction. No communication (written or oral) received from the other party shall be deemed to be an assurance or guarantee as to the expected results of that Transaction. 
 (3) Evaluation and Understanding. It is capable of evaluating and understanding (on its own behalf or through independent professional
advice), and understands and accepts, the terms, conditions and risks of this Agreement and each Transaction hereunder. It is also capable of assuming, and assumes, all financial and other risks of this Agreement and each Transaction hereunder.

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

  

					
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	(d)	Transfer. 

  

	 	(i)	Section 7 is hereby amended to read in its entirety as follows: 

 Except as stated under Section 6(b)(ii), provided that to the extent Party A makes a transfer pursuant to Section 6(b)(ii) it will provide a prior written notice to the Rating Agencies of such transfer,
neither Party A nor Party B is permitted to assign, novate or transfer (whether by way of security or otherwise) as a whole or in part any of its rights, obligations or interests under this Agreement or any Transaction without the prior written
consent of the other party; provided, however, that (i) Party A may make such a transfer of this Agreement pursuant to a consolidation or amalgamation with, or merger with or into, or transfer of substantially all of its assets
to, another entity, or an incorporation, reincorporation or reconstitution, and (ii) Party A may transfer this Agreement to any Person that is an office, branch or affiliate of Party A (any such Person, office, branch or affiliate, a
Transferee) on at least five Business Days’ prior written notice to Party B; provided that, with respect to clause (ii), (A) as of the date of such transfer the Transferee will not be required to withhold or deduct on account
of a Tax from any payments under this Agreement unless the Transferee will be required to make payments of additional amounts pursuant to Section 2(d)(i)(4) of this Agreement in respect of such Tax; (B) a Termination Event or Event of
Default does not occur under this Agreement as a result of such transfer; (C) such notice is accompanied by a written instrument pursuant to which the Transferee acquires and assumes the rights and obligations of Party A so transferred; and
(D) Party A will be responsible for any costs or expenses incurred in connection with such transfer. Party B will execute such documentation as is reasonably deemed necessary by Party A for the effectuation of any such transfer. Notwithstanding
the foregoing, no transfer shall be made unless the transferring party obtains a written acknowledgment from each of the Rating Agencies that, notwithstanding such transfer, the then-current ratings of the Notes will not be reduced or withdrawn,
provided, however, that this provision shall not apply to any transfer that is made pursuant to the provisions of Part 5(b) of this Agreement. 
 Except as specified otherwise in the documentation evidencing a transfer, a transfer of all the obligations of Party A made in compliance with this Section 7 will constitute an acceptance and assumption of such obligations (and any
related interests so transferred) by the Transferee, a novation of the transferee in place of Party A with respect to such obligations (and any related interests so transferred), and a release and discharge by Party B of Party A from, and an
agreement by Party B not to make any claim for payment, liability, or otherwise against Party A with respect to, such obligations from and after the effective date of the transfer. 
 In addition, Party A may (at its own cost) transfer this Agreement without the prior written consent of Party B but with prior written notice to S&P
and Party B, to an Affiliate of Party A that (i) satisfies the Hedge Counterparty Rating Requirements or that has furnished a guarantee, subject to S&P Ratings Condition, of the obligations under this Agreement from a guarantor that
satisfies the Hedge Counterparty Rating Requirements and (ii) as of the date of such transfer such Affiliate will not be required to withhold or deduct on account of a Tax from any payments under this Agreement unless such Affiliate will be
required to make payments of additional amounts pursuant to Section 2(d)(i)(4) of this Agreement in respect of such Tax; a Termination Event or Event of Default does not occur as a result of such transfer; and the Transferee confirms in writing
that it will accept all of the interests and obligations in and under this Agreement which are to be transferred to it in accordance with the terms of this provision; provided that satisfaction of the S&P Ratings Condition will be required
unless such transfer is in connection with the assignment and assumption of this Agreement by such an Affiliate without modification of its terms, other than the following terms: party name, dates relevant to the effective date of such transfer, tax
representations (provided that the representations in Part 2(a) are not modified) and any other representations regarding the status of such an Affiliate the substitute counterparty of the type included in Section (c) of this Part 5 and notice
information (in which case, Party A shall provide written notice to S&P with respect thereto). 
  

					
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	 	(ii)	If an Eligible Replacement has made a Firm Offer (which means an offer that will become legally binding upon acceptance by Party B) to be the transferee pursuant to a Permitted
Transfer, Party B shall, at Party A’s written request and at Party A’s expense, take any reasonable steps required to be taken by Party B to effect such transfer. 

  

	(e)	Trustee Capacity. It is expressly understood and agreed by the parties hereto that (i) this Agreement is executed and delivered by U.S. Bank Trust National
Association not individually or personally but solely as trustee of the Issuing Entity, in the exercise of the powers and authority conferred and vested in it under the Trust Agreement, (ii) each of the representations, undertakings and
agreements herein made on the part of the Issuing Entity is made and intended not as personal representations, undertakings and agreements by U.S. Bank Trust National Association but is made and intended for the purpose of binding only the Issuing
Entity, (iii) nothing herein contained shall be construed as creating any liability on the part of U.S. Bank trust National Association, individually or personally, to perform any covenant either expressed or implied contained herein, all such
liability, if any, being expressly waived by the parties hereto and by any Person claiming by, through or under the parties hereto and (iv) under no circumstances shall U.S. Bank Trust National Association be personally liable for the payment
of any indebtedness or expenses of the Issuing Entity or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Issuing Entity under this Agreement or any other related documents.

  

	(f)	Proceedings. Party A shall not institute against or cause any other person to institute against, or join any other person in instituting against the Issuing Entity any
bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings under any federal or state bankruptcy, dissolution or similar law, for a period of one year and one day, or if longer the applicable preference
period then in effect, following indefeasible payment in full of the Notes. Nothing shall preclude, or be deemed to stop, Party A (i) from taking any action prior to the expiration of the aforementioned one year and one day period, or if longer
the applicable preference period then in effect, in (A) any case or proceeding voluntarily filed or commenced by Party B or (B) any involuntary insolvency proceeding filed or commenced by a Person other than Party A, or (ii) from
commencing against Party B or any of the Mortgage Loans any legal action which is not a bankruptcy, reorganization, arrangement, insolvency, moratorium, liquidation or similar proceeding, or (iii) from taking any action (not otherwise mentioned
in this paragraph) which will prevent an impairment of any right afforded to it under the Indenture as a third party beneficiary. This provision shall survive termination of this Agreement. 

  

	(g)	Change of Account. Section 2(b) of this Agreement is hereby amended by the addition of the following after the word “delivery” in the first line
thereof:- 

 “to another account in the same legal and tax jurisdiction as the original account” 
  

	(h)	Indenture.  

 (1) Capitalized terms used in
this Agreement that are not defined herein and are defined in the Indenture shall have the respective meanings assigned to them in the Indenture. 
 (2) Party B will obtain the prior written consent of Party A (such consent not to be unreasonably withheld) to any proposed amendment or modification to the Trust Agreement, the Indenture or the Sale and Servicing Agreement, where such
consent is required under the terms of such documents. 
  

					
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	 	(i)	No Set-off. Except as expressly provided for in Section 2(c), Section 6 hereof, Part 5(w)(vi) below or paragraphs 8(a) or 8(b) of the Credit Support Annex,
and notwithstanding any other provision of this Agreement or any other existing or future agreement, each party irrevocably waives any and all rights it may have to set off, net, recoup or otherwise withhold or suspend or condition payment or
performance of any obligation between it and the other party hereunder against any obligation between it and the other party under any other agreements. Section 6(e) shall be amended by deleting the following sentence: “The amount, if any,
payable in respect of an Early Termination Date and determined pursuant to this Section will be subject to any Set-off.”. 

  

	 	(j)	Notice of Certain Events or Circumstances. Each party agrees, upon learning of the occurrence or existence of any event or condition that constitutes (or that
with the giving of notice or passage of time or both would constitute) an Event of Default or Termination Event with respect to such party, promptly to give the other party notice of such event or condition (or, in lieu of giving notice of such
event or condition in the case of an event or condition that with the giving of notice or passage of time or both would constitute an Event of Default or Termination Event with respect to the party, to cause such event or condition to cease to exist
before becoming an Event of Default or Termination Event); provided that failure to provide notice of such event or condition pursuant to this Part 5(j) shall not constitute an Event of Default or a Termination Event.

  

	 	(k)	Regarding Party A. Party B acknowledges and agrees that Party A has had and will have no involvement in and, accordingly Party A accepts no responsibility for:
(i) the establishment, structure, or choice of assets of Party B; (ii) the selection of any person performing services for or acting on behalf of Party B; (iii) the selection of Party A as the Counterparty; (iv) the terms of the
Notes; (v) the preparation of or passing on the disclosure and other information contained in any offering document for the Notes (except as indicated in the Indemnification Agreement between the Sponsor and Party A, the Indenture, the Trust
Agreement, the Sale and Servicing Agreement, or any other agreements or documents used by Party B or any other party in connection with the marketing and sale of the Notes; (vi) the ongoing operations and administration of Party B, including
the furnishing of any information to Party B which is not specifically required under this Agreement; or (vii) any other aspect of Party B’s existence. 

  

	 	(l)	Rating Agency Approval on Amendment. In addition to the requirements of Section 9, this Agreement will not be amended unless Party B shall have received Rating
Agency Approval. 

  

	 	(m)	Consent to Assignment. Notwithstanding Section 7 of this Agreement, Party A hereby acknowledges and consents to the assignment of this Agreement, solely for
security purposes for the benefit of the Noteholders, by Party B to Deutsche Bank National Trust Company, as trustee (the “Indenture Trustee”) under the Indenture. The Indenture Trustee shall not be deemed to be a party to this Agreement;
provided, however, that the Indenture Trustee, acting on behalf of the Noteholders, shall have the right to enforce this Agreement, including the terms of Part 1(h)(i) and Part 5(b), against Party A. 

  

	 	(n)	Jurisdiction. Section 13(b) is hereby amended by: (i) deleting in the second line of subparagraph (i) thereof the word “non-”: and
(ii) deleting the final paragraph thereof. 

  

	 	(o)	Limited Recourse. Party A agrees that the obligations of Party B hereunder are limited recourse obligations payable solely from the Indenture Collateral, and due to
the extent funds are available for the payment thereof in accordance with the priority of payments described in Sections 5.07 and 8.01 of the Indenture, all outstanding obligations of Party B hereunder shall be extinguished. No recourse shall be had
for the payment of any amount owing under this Agreement or in respect of any Transaction against any officer, member, director, employee, security holder or incorporator of Party B or their respective successors or assigns for any amount so owing.
This Part 5(o) shall survive termination of this Agreement. 

  

					
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	 	(p)	Waiver of Jury Trial. Each party waives, to the fullest extent permitted by applicable law, any right it may have to a trial by jury in respect of any suit, action or
proceeding relating to this Agreement or any Credit Support Document. Each party certifies (i) that no representative, agent or attorney of the other party or any Credit Support Provider has represented, expressly or otherwise, that such other
party would not, in the event of such a suit, action or proceeding, seek to enforce the foregoing waiver and (ii) acknowledges that it and the other party have been induced to enter into this Agreement and provide for any Credit Support
Document, as applicable, by, among other things, the mutual waivers and certifications in this Section. 

  

	 	(q)	Consent to Recording. Each party (i) consents to the recording of the telephone conversations of trading and marketing personnel of the parties and their
Affiliates in connection with this Agreement or any potential transaction and (ii) if applicable, agrees to obtain any necessary consent of, and give notice of such recording to, such personnel of it and its Affiliates.

  

	 	(r)	Severability. If any term, provision, covenant, or condition of this Agreement, or the application thereof to any party or circumstance, shall be held to be illegal,
invalid or unenforceable (in whole or in part) for any reason, the remaining terms, provisions, covenants and conditions hereof shall continue in full force and effect as if this Agreement had been executed with the illegal, invalid or unenforceable
portion eliminated, so long as this Agreement as so modified continues to express, without material change, the original intentions of the parties as to the subject matter of this Agreement and the deletion of such portion of this Agreement will not
substantially impair the respective benefits or expectations of the parties to this Agreement. 

  

	 	(s)	Escrow Payments. If (whether by reason of the time difference between the cities in which payments or deliveries are to be made or otherwise) it is not possible
for simultaneous payments or deliveries to be made on any date on which both parties are required to make payments or deliveries hereunder, either party may at its option and in its sole discretion notify the other party (Section 2(b) of this
Agreement notwithstanding) that payments or deliveries on that date are to be made in escrow (such party being the “Appointing Party”). In this case, deposit of the payment or delivery due earlier on that date will be made by 2.00 pm
(local time at the place for the earlier payment or delivery) on that date with an escrow agent selected by the Appointing Party, accompanied by irrevocable payment or delivery instructions (i) to release the deposited payment or delivery to
the intended recipient upon receipt by the escrow agent of the required deposit of the corresponding payment or delivery from the other party on the same date accompanied by irrevocable payment or delivery instructions to the same effect, or
(ii) if the required deposit of the corresponding payment or delivery is not made on that same date, to return the payment or delivery deposited to the party that paid or delivered it into escrow. The Appointing Party will pay all costs of the
escrow arrangements. The Appointing Party will bear the risk of any failure of the bank it nominates to be its escrow agent to fully and promptly perform the obligations of such escrow agent as contemplated in this Part 5(s) Any amounts payable or
deliveries to be made under this Agreement by the Appointing Party which are not received by the other party hereto on the due date will remain due and payable or to be made by the Appointing Party as of such date (assuming timely payment or
delivery on the due date of amounts payable or deliveries to be made by the other party hereto). Any amounts or deliveries due from the other party, which have been paid or delivered to the escrow agent in accordance with this Part 5(s) (and any
instructions in connection therewith given to the other party by the Appointing Party) shall be treated as having been paid or delivered by such other party and received by the Appointing Party as of the date on which they were paid or delivered to
the Appointing Party’s escrow agent. The Appointing Party shall cause the escrow arrangements to provide that the other party shall be entitled to interest on any payment due to be deposited first for each day in the period of its deposit at
the rate offered by the escrow agent for that day for overnight deposits in the relevant currency in the office where it holds that deposited payment (at 11:00 a.m. local time on that day) if that payment is not released by to the other party 5:00
p.m. local time on the date it is deposited for any reason other than the intended recipient’s failure to make the escrow deposit it is required to make under this paragraph in a timely fashion. 

  

					
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	 	(t)	Compliance with Regulation AB. 

 (i) Party A agrees and acknowledges that Depositor (Depositor) is required under Regulation AB under the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended (the Exchange Act) (Regulation
AB), to disclose certain financial information regarding Party A or its group of affiliated entities, if applicable, depending on the aggregate “significance percentage” of this Agreement and any other derivative contracts between
Party A or its group of affiliated entities, if applicable, and Party B, as calculated from time to time in accordance with Item 1115 of Regulation AB. 
 (ii) It shall be a swap disclosure event (Swap Disclosure Event) if, on any Business Day during the term of the Transaction, Depositor requests from Party A the applicable financial information described in
Item 1115 of Regulation AB (such request to be based on a reasonable determination by Depositor, in good faith, that such information is required under Regulation AB as a result of the aggregate “significance percentage” exceeding
10%) (the Swap Financial Disclosure). 
 (iii) Upon the occurrence of a Swap Disclosure Event, Party A, at its own expense,
shall (a) provide to Depositor the Swap Financial Disclosure, (b) secure another entity to replace Party A as party to this Agreement on terms substantially similar to this Agreement and subject to prior notification to the Rating
Agencies, provided, that satisfaction of the S&P Ratings Condition shall be required for any transfer of any Transactions under this clause (iii) unless such transfer is in connection with the assignment and assumption of this
Agreement by such substitute counterparty without modification of its terms, other than the following terms: party name, dates relevant to the effective date of such transfer, tax representations (provided that the representations in Part 2(a) are
not modified) and any other representations regarding the status of the substitute counterparty of the type included in Section (c) of this Part 5 and notice information (in which case, Party A shall provide written notice to S&P with
respect thereto), which entity (or a guarantor therefor) meets or exceeds the Hedge Counterparty Ratings Requirement and which entity is able to comply with the financial information disclosure requirements of Item 1115 of Regulation AB or
(c) obtain a guaranty of the Party A’s obligations under this Agreement from an affiliate of the Party A that is able to comply with the financial information disclosure requirements of Item 1115 of Regulation AB, such that disclosure
provided in respect of the affiliate will satisfy any disclosure requirements applicable with respect to the Counterparty, and cause such affiliate to provide Swap Financial Disclosure. If permitted by Regulation AB, any required Swap Financial
Disclosure may be provided by incorporation by reference from reports filed pursuant to the Exchange Act. 
  

	 	(u)	Credit Support Default. Section 5(a)(iii)(1) of this Agreement is hereby deleted and replaced with the following: 

 “(1) The occurrence of an Event of Default under any Credit Support Document if such Event of Default is continuing after any applicable grace period
has elapsed;” 
  

	 	(v)	Tax. Notwithstanding the definition of “Indemnifiable Tax” in Section 14 of this Agreement, in relation to payments by Party A, any Tax shall be
an Indemnifiable Tax and, in relation to payments by Party B, no Tax shall be an Indemnifiable Tax. 

  

	 	(w)	Calculations. Notwithstanding Section 6 of this Agreement, so long as Party A is (A) the sole Affected Party (other than pursuant to an Illegality or a Tax
Event) or (B) the Defaulting Party in respect of any Event of Default, paragraphs (i) to (vii) below shall apply: 

  

					
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 (i) Notwithstanding Part 1(f) hereof, “Market Quotation” shall apply, and the definition of
“Market Quotation” shall be deleted in its entirety and replaced with the following: 
 ““Market
Quotation” means, with respect to one or more Terminated Transactions, a Live Bid which is (1) made by a Reference Market-maker that is an Eligible Replacement, (2) for an amount that would be paid to Party B (expressed as a
negative number) or by Party B (expressed as a positive number) in consideration of an agreement between Party B and such Reference Market-maker to enter into a transaction (the “Replacement Transaction”) that would have the
effect of preserving for such party the economic equivalent of any payment or delivery (whether the underlying obligation was absolute or contingent and assuming the satisfaction of each applicable condition precedent) by the parties under
Section 2(a)(i) in respect of such Terminated Transactions or group of Terminated Transactions that would, but for the occurrence of the relevant Early Termination Date, have been required after that date, (3) made on the basis that Unpaid
Amounts in respect of the Terminated Transaction or group of Transactions are to be excluded but, without limitation, any payment or delivery that would, but for the relevant Early Termination Date, have been required (assuming satisfaction of each
applicable condition precedent) after that Early Termination Date is to be included and (4) made in respect of a Replacement Transaction with terms substantially the same as those of this Agreement (save for the exclusion of provisions relating
to Transactions that are not Terminated Transactions).” 
 (ii) The definition of “Settlement Amount” shall be deleted in its
entirety and replaced with the following: 
 “Settlement Amount” means, with respect to any Early Termination Date, an
amount (as determined by Party B based on information provided by the Reference Market-Maker) equal to the Termination Currency Equivalent of the amount (whether positive or negative) of any Market Quotation for the relevant Terminated Transaction
or group of Terminated Transactions that is accepted by Party B so as to become legally binding, provided that: 
  

	 	(1)	If, on the day falling ten Local Business Days after the day on which the Early Termination Date is designated or such later day as Party B may specify in writing to Party A (but in
either case no later than the Early Termination Date) (such day the “Latest Settlement Amount Determination Day”), no Market Quotation for the relevant Terminated Transaction or group of Terminated Transactions has been
accepted by Party B so as to become legally binding and one or more Market Quotations have been made and remain capable of becoming legally binding upon acceptance, the Settlement Amount shall equal the Termination Currency Equivalent of the amount
(whether positive or negative) of the lowest of such Market Quotations (for the avoidance of doubt, the lowest of such Market Quotations shall be the lowest Market Quotation of such Market Quotations expressed as a positive number or, if any of such
Market Quotations is expressed as a negative number, the Market Quotation expressed as a negative number with the largest absolute value); and 

  

	 	(2)	If, on the Latest Settlement Amount Determination Day, no Market Quotation for the relevant Terminated Transaction or group of Terminated Transactions is accepted by Party B so as
to become legally binding and no Market Quotations have been made and remain capable of becoming legally binding upon acceptance, the Settlement Amount shall equal Party B’s Loss (whether positive or negative and without reference to any Unpaid
Amounts) for the relevant Terminated Transaction or group of Terminated Transactions. 

 (iii) For the purpose of clause
(4) of the definition of Market Quotation, Party B shall determine, based on information provided by the Reference Market-Maker, whether a Live Bid is made in respect of a Replacement Transaction with commercial terms substantially the same as
those of this 

  

					
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Agreement (save for the exclusion of provisions relating to Transactions that are not Terminated Transactions); provided, however, that
notwithstanding the provisions of this Part 5(w), nothing in this Agreement shall preclude Party A from obtaining Market Quotations. 
 (iv)
At any time on or before the Latest Settlement Amount Determination Day at which two or more Market Quotations remain capable of becoming legally binding upon acceptance, Party B shall be entitled to accept only the lowest of such Market Quotations
(for the avoidance of doubt, the lowest of such Market Quotations shall be the lowest Market Quotation of such Market Quotations expressed as a positive number or, if any of such Market Quotations is expressed as a negative number, the Market
Quotation expressed as a negative number with the largest absolute value). 
 (v) If Party B requests Party A in writing to obtain Market
Quotations, Party A shall use its reasonable efforts to do so before the Latest Settlement Amount Determination Day. 
 (vi) If the Settlement
Amount is a negative number, Section 6(e)(i)(3) of this Agreement shall be deleted in its entirety and replaced with the following: 
 “Second Method and Market Quotation. If Second Method and Market Quotation apply, (1) Party B shall pay to Party A an amount equal to the absolute value of the Settlement Amount in respect of the Terminated
Transactions, (2) Party B shall pay to Party A the Termination Currency Equivalent of the Unpaid Amounts owing to Party A and (3) Party A shall pay to Party B the Termination Currency Equivalent of the Unpaid Amounts owing to Party B;
provided that, (i) the amounts payable under (2) and (3) shall be subject to netting in accordance with Section 2(c) of this Agreement and (ii) notwithstanding any other provision of this Agreement, any amount payable by
Party A under (3) shall not be netted-off against any amount payable by Party B under (1).” 
 (vii) For purposes of this Part 5(w),

 “Eligible Replacement” means an entity (A) satisfying the Hedge Counterparty Ratings Requirement or (B) whose
present and future obligations owing to Party B are guaranteed pursuant to a guarantee provided by a guarantor satisfying the Hedge Counterparty Ratings Requirements. 
 “Live Bid” means a firm quotation from a Reference Market-maker that is an Eligible Replacement which, when made, was capable of becoming legally binding upon acceptance. 
  

	(x)	Rating Agency Notifications. Notwithstanding any other provision of this Agreement, this Agreement shall not be amended, no Early Termination Date shall be effectively
designated by Party B, and no transfer of any rights or obligations under this Agreement shall be made (other than a transfer of all of Party A’s rights and obligations with respect to this Agreement in accordance with Part 5(e) above) unless
each Rating Agency has been given prior written notice of such amendment, designation or transfer. 

  

	(y)	Applicable Rating Agency. Rating triggers and other Rating Agency-related provisions herein apply only for so long as that particular Rating Agency is rating the Notes.

  

	(z)	Timing of Payments by Party B upon Early Termination. Notwithstanding anything to the contrary in Section 6(d)(ii), to the extent that all or a portion (in either case,
the “Unfunded Amount”) of any amount that is calculated as being due in respect of any Early Termination Date under Section 6(e) from Party B to Party A will be paid by Party B from amounts other than any upfront payment paid to Party
B by an Eligible Replacement that has entered a Replacement Transaction with Party B, then such Unfunded Amount shall be due on the next subsequent Payment Date following the date on which the payment would have been payable as determined in
accordance with Section 6(d)(ii), and on any subsequent Payment Dates until paid in full (or if such Early Termination Date is the final Payment Date, on such final Payment Date); provided, however, that if the date on which the payment would
have been payable as determined in accordance with Section 6(d)(ii) is a Payment Date, such payment will be payable on such Payment Date. 

  

					
	 [·]- Swap
ISDA Schedule
	  	20	  	

 IN WITNESS WHEREOF, the parties have executed this document by their duly authorized officers with effect from the
date so specified on the first page hereof. 
  

							
	Credit Suisse International	 	 ACCREDITED MORTGAGE LOAN
 TRUST 2007-1

				
		 		 	By:	 	U.S. Bank Trust National Association, not in its individual capacity but solely as Owner Trustee under the Trust Agreement
				
	By:	 	 /s/ Marisa Scauzillo
	 	By:	 	 /s/ Patricia M. Child

	Name:	 	Marisa Scauzillo	 	Name:	 	Patricia M. Child
	Title:	 	Authorized Signatory	 	Title:	 	Vice President
				
	By:	 	 /s/ Vittoria Scialoja
	 		 	
	Name:	 	Vittoria Scialoja	 		 	
	Title:	 	Authorized Signatory	 		 	

  

					
		  	21	  	

 Elections and Variables 
 to the ISDA Credit Support Annex 
 dated as of January 30, 2007

 between 
  

					
	Credit Suisse International	  	and	  	Accredited Mortgage Loan Trust 2007-1
	  
	  		  	  

	(“Party A”)	  		  	(“Party B”)

 Paragraph 13. 
  

	(a)	Security Interest for “Obligations”. 

  

	    	The term “Obligations” as used in this Annex includes the following additional obligations: 

  

	    	With respect to Party A: None. 

  

	    	With respect to Party B: None. 

  

	(b)	Credit Support Obligations. 

  

	 	(i)	Delivery Amount, Return Amount and Credit Support Amount. 

 (A) “Delivery Amount” has the meaning specified in Paragraph 3(a), except that the words “upon a demand made by the Secured Party” shall be deleted and the word “that” on
the second line of Paragraph 3(a) shall be replaced with the word “a”. 
 (B) Paragraph 4(b) is hereby amended by the insertion of
the words “(i) in respect of a Transfer pursuant to Paragraph 3(b),” immediately prior to the words “if a demand for” and the insertion of the words “; and (ii) in respect of a Transfer pursuant to Paragraph 3(a), the
relevant Transfer will be made not later than the close of business on the Local Business Day following the Valuation Date” immediately prior to the period. 
 (C) “Return Amount” has the meaning specified in Paragraph 3(b). 
 (D)
“Credit Support Amount” for a Valuation Date shall mean zero; provided that, if the Threshold in respect of Party A is zero on such Valuation Date, “Credit Support Amount” shall mean one of the
following if one of the following specified events have occurred on such Valuation Date: 
  

	 	(i)	if a Moody’s Collateralization Event has occurred and is continuing but (a) no Moody’s Rating Event has occurred and is continuing or (b) less than 30 Local
Business Day have elapsed since the last time that no Moody’s Rating Event had occurred and was continuing, “Credit Support Amount” shall mean an amount in USD equal to the greater of (1) the sum of (a) the
Secured Party’s Exposure and (b) the First Trigger Collateral Amount (as defined below) for each Transaction hereunder and (2) zero; 

  

	 	(ii)	 so long as a Moody’s Ratings Event has occurred and is continuing and 30 or more Local Business Days have elapsed since the last time that no Moody’s
Rating Event 

	 	 
had occurred and was continuing, “Credit Support Amount” shall mean an amount in USD equal to the greatest of (1) the sum of
(a) the Secured Party’s Exposure and (b) the Second Trigger Collateral Amount (as defined below) for each Transaction hereunder, (2) an amount equal to the Floating Amount payable by Party A pursuant to each Transaction hereunder
in respect of the first Floating Rate Payer Payment Date scheduled to occur on or after such Valuation Date and (3) zero; and 

  

	 	(iii)	if an S&P Collateralization Event or an S&P Ratings Event has occurred and is continuing, “Credit Support Amount” shall mean an amount in USD equal
to the greater of (1) the sum of (a) the Secured Party’s Exposure and (b) the Notional Volatility Buffer and (2) zero. “Notional Volatility Buffer”, as determined by the Valuation Agent for any date,
means the product of (i) the Notional Amount of the Transaction on such date, (ii) the Payment Factor, and (iii) the Volatility Buffer Percentage for such date as set out in the table below on such date, 

  

													
	 Party A S&P Rating on such date
	  	 Remaining
Weighted
Average Life
Maturity up
 to 3 years
	 	 	 Remaining
Weighted
Average Life
Maturity up
 to 5 years
	 	 	 Remaining
Weighted
Average Life
Maturity up
 to 10 years
	 	 	 Remaining
Weighted
Average Life
Maturity up
 to 30 years
	 
	 S&P S-T Rating of “A-1” or above
	  	0.00	%	 	0.00	%	 	0.00	%	 	0.00	%
	 S&P S-T Rating of “A-2”
	  	2.75	%	 	3.25	%	 	4.0	%	 	4.75	%
	 S&P S-T Rating of “A-3”
	  	3.25	%	 	4.00	%	 	5.0	%	 	6.25	%
	 S&P L-T Rating of “BB+” or lower
	  	3.50	%	 	4.50	%	 	6.75	%	 	7.50	%

 L-T Rating means with respect to any Person, the unsecured, unguaranteed and otherwise
unsupported long-term senior debt obligations of such Person. 
 S-T Rating means with respect to any Person, the unsecured,
unguaranteed and otherwise unsupported short-term debt obligations of such Person. 
 Payment Factor means 1. 
 In circumstances where more than one of Paragraph 13(b)(i)(C)(i), (ii) and (iii) apply, the Credit Support Amount shall be calculated by reference to the
paragraph which would result in Party A Transferring the greatest amount of Eligible Credit Support. Under no circumstances will Party A be required to Transfer more Eligible Credit Support than the greatest amount calculated in accordance with one
of Paragraph 13(b)(i)(C)(i), (ii) or (iii). 
  

 2 

 First Trigger Collateral Amount means, in respect of each Transaction hereunder on any date, an
amount in USD equal to the Notional Amount of such Transaction on such date multiplied by the Applicable Percentage set forth in the table in Exhibit A hereto. 
 Second Trigger Collateral Amount means, in respect of each Transaction hereunder on any date, an amount in USD equal to the Notional Amount of such Transaction on such date multiplied by the Applicable
Percentage set forth in the applicable table in Exhibit B hereto. 
  

	(ii)	Eligible Collateral. On any date, the following items will qualify as “Eligible Collateral” for Party A: 

 (A) Valuation Percentage S&P 
  

				
	 (i)     Cash
	  	100	%
	 (ii)    Negotiable debt obligations issued after 18 July 1984 by the U.S. Treasury Department having a residual
maturity on such date of less than 1 year
	  	98.0	%
	 (iii)  Coupon-bearing negotiable debt obligations issued after 18 July 1984 by the U.S. Treasury Department having a residual
maturity on such date equal to or greater than 1 year but less than 5 years
	  	93.8	%
	 (iv)   Coupon-bearing negotiable debt obligations issued after 18 July 1984 by the U.S. Treasury Department having a
residual maturity on such date equal to or greater than 5 years but less than 10 years
	  	90.3	%

 (B) Valuation Percentage Moody’s 
  

					
	INTRUMENT	 	Daily	 	Weekly
	U.S. Dollar
Cash	 	100%	 	100%
	Fixed-Rate Negotiable treasury Debt Issued by the U.S. Treasury Department with Remaining
Maturity
	<1 Year	 	100%	 	100%
	1 to 2 years	 	100%	 	99%
	2 to 3 years	 	100%	 	98%
	3 to 5 years	 	100%	 	97%
	5 to 7 years	 	100%	 	95%
	7 to 10 years	 	100%	 	94%
	Floating-Rate Negotiable treasury Debt Issued by the U.S. Treasury Department
	All Maturities	 	100%	 	99%

 In circumstances where both Paragraph 13(b)(ii)(A) and (B) apply, the Valuation Percentage for
an item of Eligible Collateral shall be calculated by reference to the paragraph which would result in the lower Valuation Percentage for such item of Eligible Collateral. 
  

	(iii)	Other Eligible Support. None. 

  

	(iv)	Thresholds. 

  

 3 

	 	(A)	“Independent Amount” means with respect to Party A: Not applicable. 

  

	 	    	“Independent Amount” means with respect to Party B: Not applicable. 

  

	 	(B)	“Threshold” means: 

  

	 	    	With respect to Party A: infinity, provided that if a Collateralization Event has occurred and is continuing or an S&P Ratings Event has occurred and is continuing, the
Threshold with respect to Party A shall be zero, unless (i) Party A has remedied such Collateralization Event in accordance with the terms of the Agreement by means other than posting collateral pursuant to this Annex and a Ratings Event has
not occurred and is continuing or (ii)(a) no S&P Collateralization Event has occurred and is continuing and (b) (1) if a Moody’s Collateralization Event has occurred and is continuing, less than 30 Local Business Days have elapsed
since the last time no Moody’s Collateralization Event has occurred and was continuing and (2) no Moody’s Collateralization Event had occurred when this Annex was executed, in which case the Threshold with respect to Party A shall
remain infinity; and 

  

	 	    	With respect to Party B: infinity. 

  

	 	(C)	“Minimum Transfer Amount” means USD 100,000 with respect to Party A and Party B; provided, however, that if the aggregate Class Note Balance of Notes rated
by S&P ceases to be more than USD 50,000,000, the “Minimum Transfer Amount” shall be USD 50,000. 

  

	 	(D)	Rounding. The Delivery Amount will be rounded up to the nearest integral multiple of USD 10,000. The Return Amount will be rounded down to the nearest integral
multiple of USD 1,000. 

  

	(c)	Valuation and Timing. 

  

	 	(i)	“Valuation Agent” means Party A. Calculations by Party A will be made by reference to commonly accepted market sources. 

  

	 	(ii)	“Valuation Date” means, 

  

	 	(A)	in the event that a Collateralization Event other an S&P Collateralization Event has occurred and is continuing, each Local Business Day which, if treated as a Valuation Date,
would result in a Delivery Amount or a Return Amount; and 

  

	 	(B)	in the event that only an S&P Collateralization Event has occurred and is continuing, or a Ratings Event has occurred and is continuing, the last Local Business Day of each
calendar week. 

  

	 	(iii)	“Valuation Time” means the close of business in the city of the Valuation Agent on the Local Business Day before the Valuation Date or date of calculation,
as applicable, provided that the calculations of Value and Exposure will be made as of approximately the same time on the same date. 

  

	 	(iv)	“Notification Time” means 4:00 p.m., London time, on a Local Business Day. 

  

	(d)	Conditions Precedent and Secured Party’s Rights and Remedies.  

  

	    	No events shall constitute a “Specified Condition.” 

  

 4 

	(e)	Substitution. 

  

	 	(i)	“Substitution Date” has the meaning specified in Paragraph 4(d)(ii). 

  

	 	(ii)	Consent. The Pledgor must obtain the Secured Party’s prior consent to any substitution pursuant to Paragraph 4(d) and shall give to the Secured Party not less
than two (2) Local Business Days’ notice thereof specifying the items of Posted Credit Support intended for substitution. 

  

	(f)	Dispute Resolution. 

  

	 	(i)	“Resolution Time” means 4:00 p.m. London time on the Local Business Day following the date on which the notice of the dispute is given under Paragraph 5.

  

	 	(ii)	Value. For the purpose of Paragraphs 5(i)(C) and 5(ii), on any date, the Value of Eligible Collateral and Posted Collateral will be calculated as follows:

  

	 	(A)	with respect to any Cash; the amount thereof; and 

  

	 	(B)	with respect to any Eligible Collateral comprising securities; the sum of (a)(x) the last bid price on such date for such securities on the principal national securities exchange on
which such securities are listed, multiplied by the applicable Valuation Percentage or (y) where any such securities are not listed on a national securities exchange, the bid price for such securities quoted as at the close of business on such
date by any principal market maker for such securities chosen by the Valuation Agent, multiplied by the applicable Valuation Percentage or (z) if no such bid price is listed or quoted for such date, the last bid price listed or quoted (as the
case may be), as of the day next preceding such date on which such prices were available; multiplied by the applicable Valuation Percentage; plus (b) the accrued interest on such securities (except to the extent that such interest shall have
been paid to the Pledgor pursuant to Paragraph 6(d)(ii) or included in the applicable price referred to in subparagraph (a) above) as of such date. 

  

	 	(iii)	Alternative. The provisions of Paragraph 5 will apply provided the obligation of the appropriate party to deliver the undisputed amount to the other party will not
arise prior to the time that would otherwise have applied to the Transfer pursuant to, or deemed made, under Paragraph 3 if no dispute had arisen. 

  

	(g)	Holding and Using Posted Collateral. 

  

	 	(i)	Eligibility to Hold Posted Collateral; Custodians: 

  

	 	    	The Indenture Trustee (as defined in the (Indenture) will be entitled to hold Posted Collateral pursuant to Paragraph 6(b). 

  

	 	(ii)	Use of Posted Collateral. The provisions of Paragraph 6(c) will not apply to Party B. Therefore, Party B will not have any of the rights specified in Paragraph 6(c)(i)
or 6(c)(ii). 

  

	(h)	Distributions and Interest Amount. 

  

	 	(i)	Interest Rate. The “Interest Rate” will be the annualized rate of return actually achieved on Posted Collateral in the form of Cash during the
relevant Interest Period. 

  

 5 

	 	(ii)	Transfer of Interest Amount. The Transfer of the Interest Amount will be made on any Local Business Day on which Posted Collateral in the form of Cash is Transferred
to the Pledgor pursuant to Paragraph 3(b), provided that such Interest Amount has been received prior thereto. 

  

	 	(iii)	Alternative to Interest Amount. The provisions of Paragraph 6(d)(ii) will apply. 

  

	(i)	Additional Representation(s).  

  

	    	There are no additional representations by either party. 

  

	(j)	Demands and Notices. 

  

	    	All demands, specifications and notices under this Annex will be made pursuant to the Notices Section of this Agreement, save that any demand, specification or notice:

  

	    	(i) shall be given to or made at the following addresses: 

  

	    	If to Party A: 

			
	Address: One Cabot Square
		  	London E14 4QJ
		  	England
		
	Telephone:	  	44 20 7888 3083
	Facsimile:	  	44 20 7883 7987
	Attention:	  	Collateral Management Unit

  

	    	If to Party B: 

 As set forth in Part 4(a) of the Schedule;

 or at such other address as the relevant party may from time to time designate by giving notice (in accordance with the terms of this
paragraph) to the other party; 
  

	 	(ii)	shall (unless otherwise stated in this Annex) be deemed to be effective at the time such notice is actually received unless such notice is received on a day which is not a Local
Business Day or after the Notification Time on any Local Business Day in which event such notice shall be deemed to be effective on the next succeeding Local Business Day. 

  

	(k)	Address for Transfers. 

  

	    	Party A: To be notified to Party B by Party A at the time of the request for the Transfer. 

  

	    	Party B: To be notified to Party A by Party B at the time of the request for the Transfer. 

  

	(l)	Other Provisions. 

  

	 	(i)	Additional Definitions 

  

	 	    	As used in this Annex: 

  

 6 

	 	    	“Equivalent Collateral” means, with respect to any security constituting Posted Collateral, a security of the same issuer and, as applicable, representing or
having the same class, series, maturity, interest rate, principal amount or liquidation value and such other provisions as are necessary for that security and the security constituting Posted Collateral to be treated as equivalent in the market for
such securities; 

  

	 	    	“Local Business Day” means: (i) any day on which commercial banks are open for business (including dealings in foreign exchange and foreign currency
deposits) in London, and (ii) in relation to a Transfer of Eligible Collateral, a day on which the clearance system agreed between the parties for the delivery of Eligible Collateral is open for acceptance and execution of settlement
instructions (or in the case of a Transfer of Cash or other Eligible Collateral for which delivery is contemplated by other means, a day on which commercial banks are open for business (including dealings for foreign exchange and foreign currency
deposits) in New York and such other places as the parties shall agree); and 

  

	 	    	“transaction-specific hedges” has the meaning given to such term in “Framework for De-linking Hedge Counterparty Risks from Global Structured Finance
Cashflow Transactions Moody’s Methodology” published by Moody’s Investors Service and dated May 25, 2006. 

  

	 	(ii)	Events of Default 

  

	 	    	Paragraph 7 shall be deleted and replaced in its entirety by the following paragraph: 

  

	 	    	“For the purposes of Section 5(a)(iii)(1) of this Agreement, an Event of Default will exist with respect to a party if that party fails (or fails to cause its Custodian)
to make, when due, any Transfer of Posted Credit Support or the Interest Amount, as applicable, required to be made by it and that failure continues for two Local Business Days after the notice of that failure is given to that party, except that
(A) if such failure would constitute an Additional Termination Event under another provision of this Agreement and (B) no more than 30 Local Business Days have elapsed since the last time that no Moody’s Rating Event has occurred and
was continuing, then such failure shall be an Additional Termination Event and not an Event of Default”. 

  

	 	(iii)	Return of Fungible Securities 

  

	 	    	In lieu of returning to the Pledgor pursuant to Paragraphs 3(b), 4(d), 5 and 8(d) any Posted Collateral comprising securities the Secured Party may return Equivalent Collateral.

  

	 	(iv)	Covenants of the Pledgor 

  

	 	    	So long as the Agreement is in effect, the Pledgor covenants that it will keep the Posted Collateral free from all security interests or other encumbrances created by the Pledgor,
except the security interest created hereunder and any security interests or other encumbrances created by the Secured Party; and will not sell, transfer, assign, deliver or otherwise dispose of, or grant any option with respect to any Posted
Collateral or any interest therein, or create, incur or permit to exist any pledge, lien, mortgage, hypothecation, security interest, charge, option or any other encumbrance with respect to any Posted Collateral or any interest therein, without the
prior written consent of the Secured Party. 

  

	 	(v)	No Counterclaim 

  

	 	    	A party’s rights to demand and receive the Transfer of Eligible Collateral as provided hereunder and its rights as Secured Party against the Posted Collateral or otherwise
shall be absolute and subject to no counterclaim, set-off, deduction or defense in favor of the Pledgor except as contemplated in Sections 2 and 6 of the Agreement and Paragraph 8 of this Annex. 

  

 7 

	 	(vi)	Holding Collateral 

  

	 	    	The Secured Party shall cause any Custodian appointed hereunder to open and maintain a segregated account (which shall be an Eligible Account, as defined in the Indenture) and to
hold, record and identify all the Posted Collateral in such segregated account and, subject to Paragraphs 6(c) and 8(a), such Posted Collateral shall at all times be and remain the property of the Pledgor and shall at no time constitute the property
of, or be commingled with the property of, the Secured Party or the Custodian. 

  

	 	(vii)	Security and Performance 

  

	 	    	Eligible Collateral Transferred to the Secured Party constitutes security and performance assurance without which the Secured Party would not otherwise enter into and continue any
and all Transactions. 

  

	 	(viii)	Agreement as to Single Secured Party and Pledgor 

  

	 	    	Party A and Party B agree that, notwithstanding anything to the contrary in the recital to this Annex, Paragraph 1(b), Paragraph 2 or the definitions in Paragraph 12, (a) the
term “Secured Party” as used in this Annex means only Party B, (b) the term “Pledgor” as used in this Annex means only Party A, (c) only Party A makes the pledge and grant in Paragraph 2, the
acknowledgment in the final sentence of Paragraph 8(a) and the representations in Paragraph 9 and (d) only Party A will be required to make Transfers of Eligible Credit Support hereunder. 

  

	 	(ix)	External Verification of Mark-to-Market Valuations. 

  

	 	    	On each Valuation Date occurring while an S&P Collateralization Event is continuing, Party A shall provide to S&P not later than the Notification Time on the Local Business
Day following such Valuation Date its calculations of Exposure and the S&P Value of any Eligible Credit Support or Posted Credit Support for that Valuation Date. Every month after the unsecured, unguaranteed and otherwise unsupported long-term
debt obligations of each Relevant Entity are rated below BBB+ by S&P, unless otherwise agreed in writing with S&P, Party A will verify its determination of Exposure of the Transaction and any Posted Credit Support on the next Valuation Date
by seeking quotations from two (2) Reference Market-makers for their determination of Exposure of the Transaction on such Valuation Date and the Valuation Agent will use the greater of either (a) its own determination or (b) the
highest quotation for a Reference Market-maker, if applicable, for the next Valuation Date; provided, that this Paragraph 13(l)(ix) shall only apply to the extent that the Notes outstanding at such time (as defined in the Indenture) are rated
higher by S&P than the S&P L-T Rating of Party A; and provided further, that Party A shall not seek verification of its determination of Exposure as described above from the same Reference Market-maker more than four times in any
twelve-month period. Party A shall provide to S&P copies of such verification details. 

  

	 	(x)	Expenses. 

  

	 	    	Notwithstanding Paragraph 10(a), the Pledgor will be responsible for, and will reimburse the Secured Party for, all transfer costs involved in the Transfer of Eligible Collateral
from the Pledgor to the Secured Party (or any agent or custodian for safekeeping of the Secured Party) or from the Secured Party (or any agent or custodian for safekeeping of the Secured Party) to the Pledgor pursuant to paragraph 4(d).

  

 8 

							
	Credit Suisse International	 	ACCREDITED MORTGAGE LOAN TRUST 2007-1
		 		 	By:	 	U.S. Bank Trust National Association, not in its individual capacity but solely as Owner Trustee under the Trust Agreement
				
	By:	 	 /s/ Marisa Scauzillo
	 	By:	 	 /s/ Patricia M. Child

	Name:	 	Marisa Scauzillo	 	Name:	 	Patricia M. Child
	Title:	 	Authorized Signatory	 	Title:	 	Vice President
				
	By:	 	 /s/ Vittoria Scialoja
	 		 	
	Name:	 	Vittoria Scialoja	 		 	
	Title:	 	Authorized Signatory	 		 	

 [Credit Support Annex signature page] 

 EXHIBIT A 
 FIRST TRIGGER COLLATERAL AMOUNT APPLICABLE PERCENTAGES 
 For Transactions that are swaps, caps, floors and
transaction-specific hedges: 
  

							
	 Weighted Average Life of Hedge in Years
	  	Interest Rate Hedges
Valuation Dates:	 
	  	Daily	 	 	Weekly	 
	 Less than 1 year
	  	0.15	%	 	0.25	%
	 Equal to or greater than 1 year but less than 2 years
	  	0.30	%	 	0.50	%
	 Equal to or greater than 2 years but less than 3 years
	  	0.40	%	 	0.70	%
	 Equal to or greater than 3 years but less than 4 years
	  	0.60	%	 	1.00	%
	 Equal to or greater than 4 years but less than 5 years
	  	0.70	%	 	1.20	%
	 Equal to or greater than 5 years but less than 6 years
	  	0.80	%	 	1.40	%
	 Equal to or greater than 6 years but less than 7 years
	  	1.00	%	 	1.60	%
	 Equal to or greater than 7 years but less than 8 years
	  	1.10	%	 	1.80	%
	 Equal to or greater than 8 years but less than 9 years
	  	1.20	%	 	2.00	%
	 Equal to or greater than 9 years but less than 10 years
	  	1.30	%	 	2.20	%
	 Equal to or greater than 10 years but less than 11 years
	  	1.40	%	 	2.30	%
	 Equal to or greater than 11 years but less than 12 years
	  	1.50	%	 	2.50	%
	 Equal to or greater than 12 years but less than 13 years
	  	1.60	%	 	2.70	%
	 Equal to or greater than 13 years but less than 14 years
	  	1.70	%	 	2.80	%
	 Equal to or greater than 14 years but less than 15 years
	  	1.80	%	 	3.00	%
	 Equal to or greater than 15 years but less than 16 years
	  	1.90	%	 	3.20	%
	 Equal to or greater than 16 years but less than 17 years
	  	2.00	%	 	3.30	%
	 Equal to or greater than 17 years but less than 18 years
	  	2.00	%	 	3.50	%
	 Equal to or greater than 18 years but less than 19 years
	  	2.00	%	 	3.60	%
	 Equal to or greater than 19 years but less than 20 years
	  	2.00	%	 	3.70	%
	 Equal to or greater than 20 years but less than 21 years
	  	2.00	%	 	3.90	%
	 Equal to or greater than 21 years but less than 22 years
	  	2.00	%	 	4.00	%

							
	 Weighted Average Life of Hedge in Years
	  	Interest Rate Hedges
Valuation Dates:	 
	  	Daily	 	 	Weekly	 
	 Equal to or greater than 22 years but less than 23 years
	  	2.00	%	 	4.00	%
	 Equal to or greater than 23 years but less than 24 years
	  	2.00	%	 	4.00	%
	 Equal to or greater than 24 years but less than 25 years
	  	2.00	%	 	4.00	%
	 Equal to or greater than 25 years but less than 26 years
	  	2.00	%	 	4.00	%
	 Equal to or greater than 26 years but less than 27 years
	  	2.00	%	 	4.00	%
	 Equal to or greater than 27 years but less than 28 years
	  	2.00	%	 	4.00	%
	 Equal to or greater than 28 years but less than 29 years
	  	2.00	%	 	4.00	%
	 Equal to or greater than 29 years but less than 30 years
	  	2.00	%	 	4.00	%
	 Equal to 30 years
	  	2.00	%	 	4.00	%

 EXHIBIT B 
 SECOND TRIGGER COLLATERAL AMOUNT APPLICABLE PERCENTAGES 
 For Transactions that are swaps (excludes caps, floors and
transaction-specific hedges): 
  

							
	 Weighted Average Life of Hedge in Years
	  	Interest Rate Hedges
Valuation Dates:	 
	  	Daily	 	 	Weekly	 
	 Less than 1 year
	  	0.50	%	 	0.60	%
	 Equal to or greater than 1 year but less than 2 years
	  	1.00	%	 	1.20	%
	 Equal to or greater than 2 years but less than 3 years
	  	1.50	%	 	1.70	%
	 Equal to or greater than 3 years but less than 4 years
	  	1.90	%	 	2.30	%
	 Equal to or greater than 4 years but less than 5 years
	  	2.40	%	 	2.80	%
	 Equal to or greater than 5 years but less than 6 years
	  	2.80	%	 	3.30	%
	 Equal to or greater than 6 years but less than 7 years
	  	3.20	%	 	3.80	%
	 Equal to or greater than 7 years but less than 8 years
	  	3.60	%	 	4.30	%
	 Equal to or greater than 8 years but less than 9 years
	  	4.00	%	 	4.80	%
	 Equal to or greater than 9 years but less than 10 years
	  	4.40	%	 	5.30	%
	 Equal to or greater than 10 years but less than 11 years
	  	4.70	%	 	5.60	%
	 Equal to or greater than 11 years but less than 12 years
	  	5.00	%	 	6.00	%
	 Equal to or greater than 12 years but less than 13 years
	  	5.40	%	 	6.40	%
	 Equal to or greater than 13 years but less than 14 years
	  	5.70	%	 	6.80	%
	 Equal to or greater than 14 years but less than 15 years
	  	6.00	%	 	7.20	%
	 Equal to or greater than 15 years but less than 16 years
	  	6.30	%	 	7.60	%
	 Equal to or greater than 16 years but less than 17 years
	  	6.60	%	 	7.90	%
	 Equal to or greater than 17 years but less than 18 years
	  	6.90	%	 	8.30	%
	 Equal to or greater than 18 years but less than 19 years
	  	7.20	%	 	8.60	%
	 Equal to or greater than 19 years but less than 20 years
	  	7.50	%	 	9.00	%
	 Equal to or greater than 20 years but less than 21 years
	  	7.80	%	 	9.00	%

							
	 Weighted Average Life of Hedge in Years
	  	Interest Rate Hedges
Valuation Dates:	 
	  	Daily	 	 	Weekly	 
	 Equal to or greater than 21 years but less than 22 years
	  	8.00	%	 	9.00	%
	 Equal to or greater than 22 years but less than 23 years
	  	8.00	%	 	9.00	%
	 Equal to or greater than 23 years but less than 24 years
	  	8.00	%	 	9.00	%
	 Equal to or greater than 24 years but less than 25 years
	  	8.00	%	 	9.00	%
	 Equal to or greater than 25 years but less than 26 years
	  	8.00	%	 	9.00	%
	 Equal to or greater than 26 years but less than 27 years
	  	8.00	%	 	9.00	%
	 Equal to or greater than 27 years but less than 28 years
	  	8.00	%	 	9.00	%
	 Equal to or greater than 28 years but less than 29 years
	  	8.00	%	 	9.00	%
	 Equal to or greater than 29 years but less than 30 years
	  	8.00	%	 	9.00	%
	 Equal to 30 years
	  	8.00	%	 	9.00	%

 For Transactions that are caps, floors, swaptions and transaction-specific hedges: 
  

							
	 Weighted Average Life of Hedge in Years
	  	Interest Rate Hedges
Valuation Dates:	 
	  	Daily	 	 	Weekly	 
	 Less than 1 year
	  	0.65	%	 	0.75	%
	 Equal to or greater than 1 year but less than 2 years
	  	1.30	%	 	1.50	%
	 Equal to or greater than 2 years but less than 3 years
	  	1.90	%	 	2.20	%
	 Equal to or greater than 3 years but less than 4 years
	  	2.50	%	 	2.90	%
	 Equal to or greater than 4 years but less than 5 years
	  	3.10	%	 	3.60	%
	 Equal to or greater than 5 years but less than 6 years
	  	3.60	%	 	4.20	%
	 Equal to or greater than 6 years but less than 7 years
	  	4.20	%	 	4.80	%
	 Equal to or greater than 7 years but less than 8 years
	  	4.70	%	 	5.40	%
	 Equal to or greater than 8 years but less than 9 years
	  	5.20	%	 	6.00	%
	 Equal to or greater than 9 years but less than 10 years
	  	5.70	%	 	6.60	%
	 Equal to or greater than 10 years but less than 11 years
	  	6.10	%	 	7.00	%

							
	 Weighted Average Life of Hedge in Years
	  	Interest Rate Hedges
Valuation Dates:	 
	  	Daily	 	 	Weekly	 
	 Equal to or greater than 11 years but less than 12 years
	  	6.50	%	 	7.50	%
	 Equal to or greater than 12 years but less than 13 years
	  	7.00	%	 	8.00	%
	 Equal to or greater than 13 years but less than 14 years
	  	7.40	%	 	8.50	%
	 Equal to or greater than 14 years but less than 15 years
	  	7.80	%	 	9.00	%
	 Equal to or greater than 15 years but less than 16 years
	  	8.20	%	 	9.50	%
	 Equal to or greater than 16 years but less than 17 years
	  	8.60	%	 	9.90	%
	 Equal to or greater than 17 years but less than 18 years
	  	9.00	%	 	10.40	%
	 Equal to or greater than 18 years but less than 19 years
	  	9.40	%	 	10.80	%
	 Equal to or greater than 19 years but less than 20 years
	  	9.70	%	 	11.00	%
	 Equal to or greater than 20 years but less than 21 years
	  	10.00	%	 	11.00	%
	 Equal to or greater than 21 years but less than 22 years
	  	10.00	%	 	11.00	%
	 Equal to or greater than 22 years but less than 23 years
	  	10.00	%	 	11.00	%
	 Equal to or greater than 23 years but less than 24 years
	  	10.00	%	 	11.00	%
	 Equal to or greater than 24 years but less than 25 years
	  	10.00	%	 	11.00	%
	 Equal to or greater than 25 years but less than 26 years
	  	10.00	%	 	11.00	%
	 Equal to or greater than 26 years but less than 27 years
	  	10.00	%	 	11.00	%
	 Equal to or greater than 27 years but less than 28 years
	  	10.00	%	 	11.00	%
	 Equal to or greater than 28 years but less than 29 years
	  	10.00	%	 	11.00	%
	 Equal to or greater than 29 years but less than 30 years
	  	10.00	%	 	11.00	%
	 Equal to 30 years
	  	10.00	%	 	11.00	%

					
	 

	 	CREDIT SUISSE INTERNATIONAL
	 	One Cabot Square,	  	Telephone 020 7888 8888
		 	London E14 4QJ	  	www.credit-suisse.com

 30 January 2007 
 AHL Accredited Mortgage Loan Trust 2007-1 
 External ID: 53186422 / Risk ID: 447662124 
 Dear Sir/Madam 
 The purpose of this letter agreement (this
“Confirmation”) is to confirm the terms and conditions of the Transaction entered into between us on the Trade Date specified below (the Transaction”). This Confirmation constitutes a “Confirmation” as referred to in the
Agreement specified below. 
 In this Confirmation “CSIN” means Credit Suisse International and “Counterparty”
means Accredited Mortgage Loan Trust 2007-1. 
  

	1.	The definitions and provisions contained in the 2000 ISDA Definitions (as published by the International Swaps and Derivatives Association, Inc.) are incorporated into this
Confirmation. In the event of any inconsistency between those definitions and provisions and this Confirmation, this Confirmation will govern. 

 This Confirmation supplements, forms part of, and is subject to, the 1992 ISDA Master Agreement dated as of 30 January 2007 as amended and supplemented from time to time (the “Agreement”), between you
and us. All provisions contained in the Agreement govern this Confirmation except as expressly modified below. 
 CSIN and Counterparty each
represents to the other that it has entered into this Swap Transaction in reliance upon such tax, accounting, regulatory, legal, and financial advice as it deems necessary and not upon any view expressed by the other. 
  

	2.	The terms of the particular Swap Transaction to which this Confirmation relates are as follows: 

  

			
	 Transaction Type:
	  	Rate Cap Transaction
		
	 Notional Amount:
	  	USD 6,864,326.93 subject to amortization as set out in the Additional Terms
		
	 Trade Date:
	  	25 January 2007
		
	 Effective Date:
	  	30 January 2007
		
	 Termination Date
	  	25 January 2012, subject to adjustment in accordance with the Following Business Day Convention

 

 
  

			
	 Fixed Amounts:
	  	
		
	 Fixed Rate Payer:
	  	Counterparty
		
	 Fixed Rate Payer Payment Date:
	  	30 January 2007
		
	 Fixed Rate Payer
	  	
	 Amount:
	  	USD 2,022,000
		
	Floating Amounts:	  	
		
	 Floating Amount
	  	
	 Payer:
	  	CSIN
		
	 Floating Rate
	  	
	 Payer Period End Dates:
	  	The 25th of each month, commencing on 25 March 2007, and
ending on the Termination Date, inclusive, subject to adjustment in accordance with the Following Business Day Convention.
	 Floating Rate Payer
	  	
	 Payment Dates:
	  	One Business Day prior to the Floating Rate Payer Period End Dates
		
	 Cap Strike Rate:
	  	5.32%
		
	 Initial Calculation Period:
	  	From and including 25 February 2007 to but excluding the Floating Rate Period End Date scheduled to occur on 25 March 2007.
		
	 Floating Rate Option:
	  	USD-LIBOR-BBA
		
	 Designated Maturity:
	  	1 month
		
	 Spread:
	  	None
		
	 Floating Rate
	  	
	 Day Count Fraction:
	  	Act/360
		
	 Reset Dates:
	  	The first day of each Calculation Period
		
	 Compounding:
	  	Inapplicable

 

 
  

			
	Business Days:	  	New York
		
	Calculation Agent:	  	CSIN
		
	3. Account Details:	  	
		
	 Payments to CSIN:
	  	As advised separately in writing
		
	 Payments to Counterparty:
	  	As advised separately in writing

 For the purpose of facilitating this Transaction, an Affiliate of CSIN, which is organized in the United States of
America (the “Agent”), has acted as agent for CSIN. The Agent is not a principal with respect to this Transaction and shall have no responsibility or liability to the parties as a principal with respect to this Transaction. 
 Credit Suisse International is authorized and regulated by the Financial Services Authority and has entered into this transaction as principal. The time at which the
above transaction was executed will be notified to Counterparty on request. 

 

 
 ADDITIONAL TERMS 
  

			
	 Calculation Period up to but excluding the Payment Date scheduled to occur
on:
	  	Notional Amount
(USD):
	 25-March-2007
	  	6,864,326.93
	 25-April-2007
	  	13,027,570.36
	 25-May-2007
	  	19,278,494.66
	 25-June-2007
	  	26,826,935.03
	 25-July-2007
	  	35,945,356.07
	 25-August-2007
	  	46,027,807.12
	 25-September-2007
	  	56,020,596.73
	 25-October-2007
	  	65,515,467.30
	 25-November-2007
	  	75,472,676.24
	 25-December-2007
	  	85,819,132.21
	 25-January-2008
	  	96,284,566.30
	 25-February-2008
	  	106,836,847.14
	 25-March-2008
	  	117,148,902.13
	 25-April-2008
	  	124,607,377.09
	 25-May-2008
	  	129,568,345.42
	 25-June-2008
	  	133,143,161.51
	 25-July-2008
	  	134,773,501.15
	 25-August-2008
	  	134,359,770.25
	 25-September-2008
	  	133,694,919.26
	 25-October-2008
	  	134,453,074.59
	 25-November-2008
	  	140,160,461.41
	 25-December-2008
	  	152,940,219.30
	 25-January-2009
	  	161,740,154.56
	 25-February-2009
	  	155,844,079.54
	 25-March-2009
	  	170,603,941.09
	 25-April-2009
	  	180,095,387.23
	 25-May-2009
	  	189,116,420.52
	 25-June-2009
	  	194,072,605.28
	 25-July-2009
	  	196,127,163.42
	 25-August-2009
	  	196,055,635.04
	 25-September-2009
	  	194,394,857.41
	 25-October-2009
	  	191,535,805.84
	 25-November-2009
	  	187,975,102.95
	 25-December-2009
	  	184,431,702.50
	 25-January-2010
	  	180,911,207.29
	 25-February-2010
	  	177,421,229.63
	 25-March-2010
	  	175,109,329.27
	 25-April-2010
	  	167,549,696.72
	 25-May-2010
	  	160,231,991.79
	 25-June-2010
	  	155,238,717.12
	 25-July-2010
	  	152,080,791.05
	 25-August-2010
	  	149,040,428.35
	 25-September-2010
	  	146,141,235.49

 

 
  

			
	 Calculation Period up to but excluding the Payment Date scheduled to occur
on:
	  	Notional Amount
(USD):
	 25-October-2010
	  	143,271,810.46
	 25-November-2010
	  	140,433,813.80
	 25-December-2010
	  	137,628,732.72
	 25-January-2011
	  	134,857,892.47
	 25-February-2011
	  	132,122,467.14
	 25-March-2011
	  	129,423,489.69
	 25-April-2011
	  	126,761,861.57
	 25-May-2011
	  	124,138,361.61
	 25-June-2011
	  	121,553,654.52
	 25-July-2011
	  	119,008,298.87
	 25-August-2011
	  	116,502,754.50
	 25-September-2011
	  	114,037,376.34
	 25-October-2011
	  	111,612,461.77
	 25-November-2011
	  	109,228,215.18
	 25-December-2011
	  	106,884,646.80
	 25-January-2012
	  	104,577,953.83

 

 
 Please confirm that the foregoing correctly sets forth the terms of our agreement by executing the copy of this Confirmation
enclosed for that purpose and returning it to us. 
  

			
	Yours faithfully,
	
	Credit Suisse International
		
	 By:
	 	 /s/ Marisa Scauzillo

	 Name:
	 	 Marisa Scauzillo

	 Title:
	 	 Authorized Signatory

 Confirmed as of the date first written above: 
 Accredited Mortgage Loan Trust 2007-1, 
 By: U.S. Bank Trust National Association, 
 not in its individual capacity but solely as 
 Owner Trustee under the Trust
Agreement 
  

			
		
	 By:
	 	 /s/ Patricia M. Child

	 Name:
	 	 Patricia M. Child

	 Title:
	 	 Vice President

 Our Reference No: External ID: 53186422 / Risk ID: 447662124 

					
	 

	 	 CREDIT SUISSE INTERNATIONAL

	 	 One Cabot Square,
	  	Telephone 020 7888 8888
		 	 London E14 4QJ
	  	www.credit-suisse.com

 30 January 2007 
 Accredited Mortgage Loan Trust 2007-1 
 External ID: 53186138 / Risk ID: 447661111 
 Dear Sir/Madam 
 The purpose of this letter agreement (this
“Confirmation”) is to confirm the terms and conditions of the Transaction entered into between us on the Trade Date specified below (the Transaction”). This Confirmation constitutes a “Confirmation” as referred to in the
Agreement specified below. 
 In this Confirmation “CSIN” means Credit Suisse International and “Counterparty” means
Accredited Mortgage Loan Trust 2007-1. 
  

	1.	The definitions and provisions contained in the 2000 ISDA Definitions (as published by the International Swaps and Derivatives Association, Inc.) are incorporated into this
Confirmation. In the event of any inconsistency between those definitions and provisions and this Confirmation, this Confirmation will govern. 

 This Confirmation supplements, forms part of, and is subject to, the 1992 ISDA Master Agreement dated as of 30 January 2007 as amended and supplemented from time to time (the “Agreement”), between you
and us. All provisions contained in the Agreement govern this Confirmation except as expressly modified below. 
 CSIN and Counterparty each
represents to the other that it has entered into this Swap Transaction in reliance upon such tax, accounting, regulatory, legal, and financial advice as it deems necessary and not upon any view expressed by the other. 
  

	2.	The terms of the particular Transaction to which this Confirmation relates are as follows: 

  

			
	Notional Amount:	  	USD 755,523,000, subject to amortization as set out in the Additional Terms
		
	Trade Date:	  	25 January 2007
		
	Effective Date:	  	30 January 2007
		
	Termination Date:	  	25 January 2012, subject to adjustment in accordance with the Following Business Day Convention

 Registered Office as above 
 Registered with unlimited liability in England under No. 2500199 
 Authorised and
Regulated by the Financial Services Authority 
 VAT No: GB 447 0737 41 

 

 
  

			
	Fixed Amounts	  	
		
	 Fixed Rate Payer:
	  	Counterparty
		
	 Fixed Rate Payer
	  	
	 Payment Dates:
	  	The 25th of each month, commencing on 25 February 2007 and
ending on the Termination Date, inclusive, subject to No Adjustment.
		
	 Fixed Rate Payer
	  	
	 Payment Dates:
	  	One Business Day prior to each Fixed Rate Period End Date.
		
	 Fixed Rate:
	  	5.18%
		
	 Fixed Rate
	  	
	 Day Count Fraction:
	  	30/360
		
	Floating Amounts	  	
		
	 Floating Rate Payer:
	  	CSIN
		
	 Floating Rate Payer
	  	
	 Period End Dates:
	  	The 25th of each month, commencing on 25 February 2007 and ending on the Termination Date, inclusive, subject to adjustment in accordance with the Following Business Day
Convention.
		
	 Floating Rate Payer
	  	
	 Payment Dates:
	  	One Business Day prior to each Fixed Rate Period End Date.

 

 
  

			
	 Floating Rate Option:
	  	USD-LIBOR-BBA provided, however, that in respect of the initial Calculation Period, Linear Interpolation shall apply based upon a Designated Maturity of 2 weeks and a Designated Maturity of 1
month.
		
	 Designated Maturity:
	  	1 month (except as noted above)
		
	 Spread:
	  	none
		
	 Floating Rate
	  	
	 Day Count Fraction:
	  	Act/360
		
	 Reset Dates:
	  	The first day of each Floating Amount Calculation Period.
		
	 Compounding:
	  	Inapplicable
		
	Business Days:	  	New York
		
	Calculation Agent:	  	CSIN

 

 
  

			
	3. Account Details:	  	
		
	 Payments to CSIN:
	  	As advised separately in writing
		
	 Payments to Counterparty:
	  	As advised separately in writing

 Credit Suisse International is authorised and regulated by the Financial Services Authority and
has entered into this transaction as principal. The time at which the above transaction was executed will be notified to Counterparty on request. 
 For the purpose of facilitating this Transaction, an Affiliate of CSIN, which is organized in the United States of America (the “Agent”), has acted as agent for CSIN. The Agent is not a principal with respect to this Transaction
and shall have no responsibility or liability to the parties as a principal with respect to this Transaction. 

 

 
 ADDITIONAL TERMS 
  

			
	 Calculation Period up to but excluding the Payment Date scheduled to occur
on:
	  	Notional Amount
(USD):
	 25-February-2007
	  	755,523,000.00
	 25-March-2007
	  	742,309,955.37
	 25-April-2007
	  	727,560,123.97
	 25-May-2007
	  	711,327,307.47
	 25-June-2007
	  	692,392,248.70
	 25-July-2007
	  	670,524,482.78
	 25-August-2007
	  	646,346,287.79
	 25-September-2007
	  	620,975,284.88
	 25-October-2007
	  	594,860,078.95
	 25-November-2007
	  	567,086,570.72
	 25-December-2007
	  	537,857,275.98
	 25-January-2008
	  	507,967,075.66
	 25-February-2008
	  	478,573,602.89
	 25-March-2008
	  	450,437,237.90
	 25-April-2008
	  	426,284,499.39
	 25-May-2008
	  	405,115,914.91
	 25-June-2008
	  	385,805,584.99
	 25-July-2008
	  	368,897,733.35
	 25-August-2008
	  	354,478,284.25
	 25-September-2008
	  	340,734,913.36
	 25-October-2008
	  	325,987,494.78
	 25-November-2008
	  	306,674,948.15
	 25-December-2008
	  	280,319,174.00
	 25-January-2009
	  	254,372,624.41
	 25-February-2009
	  	236,844,468.18
	 25-March-2009
	  	200,593,674.54
	 25-April-2009
	  	173,788,698.48
	 25-May-2009
	  	153,283,321.41
	 25-June-2009
	  	137,222,264.85
	 25-July-2009
	  	124,427,198.65
	 25-August-2009
	  	114,109,439.70
	 25-September-2009
	  	105,719,845.88
	 25-October-2009
	  	98,855,684.43
	 25-November-2009
	  	93,009,010.16
	 25-December-2009
	  	87,450,061.28
	 25-January-2010
	  	82,165,399.76
	 25-February-2010
	  	77,143,265.00
	 25-March-2010
	  	77,143,265.00
	 25-April-2010
	  	77,143,265.00
	 25-May-2010
	  	77,143,265.00
	 25-June-2010
	  	75,052,548.29
	 25-July-2010
	  	71,352,953.47
	 25-August-2010
	  	67,756,393.04
	 25-September-2010
	  	64,229,069.41

 

 
  

			
	 Calculation Period up to but excluding the Payment Date scheduled to occur
on:
	  	Notional
Amount (USD):
	 25-October-2010
	  	60,875,269.38
	 25-November-2010
	  	57,686,471.20
	 25-December-2010
	  	54,654,571.03
	 25-January-2011
	  	51,771,862.46
	 25-February-2011
	  	49,031,017.02
	 25-March-2011
	  	46,425,065.72
	 25-April-2011
	  	43,947,381.39
	 25-May-2011
	  	41,591,661.93
	 25-June-2011
	  	39,351,914.45
	 25-July-2011
	  	37,222,440.06
	 25-August-2011
	  	35,197,819.47
	 25-September-2011
	  	33,272,894.69
	 25-October-2011
	  	31,442,770.27
	 25-November-2011
	  	29,702,786.20
	 25-December-2011
	  	28,048,476.59
	 25-January-2012
	  	26,474,471.66

 

 
 Please confirm that the foregoing correctly sets forth the terms of our agreement by executing the copy of this Confirmation
enclosed for that purpose and returning it to us. 
  

			
	Yours faithfully,
	
	 Credit Suisse International

		
	 By:
	 	 /s/ Marisa Scauzillo

	 Name:
	 	 Marisa Scauzillo

	 Title:
	 	 Authorized Signatory

  

			
	Confirmed as of the date first written above:
	
	Accredited Mortgage Loan Trust 2007-1
	
	By: U.S. Bank Trust National Association, not in its individual capacity but solely as Owner Trustee under the Trust Agreement
		
	 By:
	 	 /s/ Patricia M. Child

	 Name:
	 	 Patricia M. Child

	 Title:
	 	 Vice President

 Our Reference No: External ID: 53186138 / Risk ID: 447661111

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00116-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00116-of-00352.parquet"}]]