Document:

Schedule to the Master Agreement between Calyon and Accredited Home Lenders

 Exhibit 4.20 
 (Multicurrency-Cross Border) 
 SCHEDULE 
 to the 
 Master Agreement 
 dated as of May 10, 2005 
 between 
 CALYON NEW YORK BRANCH (“Party A”), 
 the New York branch of Calyon, a
French bank organized under the laws of the Republic of France 
 and 
 ACCREDITED HOME LENDERS, INC. (“Party B”), 
 a corporation organized
under the laws of 
 Delaware 
 Part 1:
Termination Provisions 
 In this Agreement: 
  

	(a)	“Specified Entity” means: 

 in relation to
Party A for the purpose of: 
  

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

 and in relation to Party B for the purpose of: 
  

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

  

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

  

	(c)	The “Cross Default” provisions of Section 5(a)(vi) will not apply to Party A and will apply to Party B. 

 The following provisions apply: 
 “Specified Indebtedness” will have the meaning specified in Section 14 of this Agreement. 
 “Threshold Amount” means the lesser of (i) USD 10 million or (ii) two percent (2%) of the Stockholders’ Equity of Party B, in the case of Party B (or its equivalent in any other currency).

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

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

	(d)	The “Credit Event Upon Merger” provisions of Section 5(b)(iv) will not apply to Party A and will apply to Party B. 

  

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

  

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

  

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

  

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

  

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

  

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

  

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

  

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

  

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

  

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

  

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

  

	 	(iii)	Workout Agreement Default. An “Event of Default” (as such term is defined in the Workout Agreement) occurs and is continuing. 

  

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

  

	 	(v)	Change of Control. A Designated Event (as defined below) occurs with respect to Party B. A “Designated Event” means that: 

  

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

  

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

  

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

  

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

  

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

 Capitalized terms used in this Part 1(h) shall have the meanings set forth below: 
 “Adjusted Tangible Net Worth” means, at any date, all amounts that would, in conformity with GAAP, constitute stockholder’s equity included on the consolidated balance sheet of AHLHC plus any preferred stock not
already included in the calculation of stockholders equity plus any indebtedness of AHLHC which is convertible into equity or otherwise fully subordinated to the obligations of Party B under the facility minus any intangibles
(excluding mortgage-related securities and mortgage servicing rights), goodwill and deferred charges as defined under GAAP. 
 “AHLHC” means Accredited Home Lenders Holding Co. and its Subsidiaries on a consolidated basis. 
 “Consolidated Debt” means, at any time, the aggregate principal amount of Indebtedness of AHLHC outstanding at such time as reflected on the consolidated balance sheet of AHLHC, prepared in accordance with GAAP. 

“EBITDA” means, for any period, Net Income for such period on a consolidated basis, plus, without duplication and to
the extent reflected as a charge in the statement of such Net Income for such period, the sum of (a) total income tax expense, (b) interest expense, (c) depreciation and amortization expense, (d) amortization of intangibles
(including, but not limited to, goodwill) and organization costs, (e) any extraordinary expenses or losses (including, whether or not otherwise includable as a separate item in the statement of such Net Income for such period, losses on sales
of assets outside of the ordinary course of business), and (f) any other noncash charges, and minus, to the extent included in the statement of such Net Income for such period, the sum of (a) any extraordinary income or gains (including,
whether or not otherwise includable as a separate item in the statement of such Net Income for such period, gains on the sales of assets outside of the ordinary course of business) and (b) any other noncash income (other than any income
represented by a receivable that in the ordinary course would be expected to be paid in cash), all as determined on a consolidated basis. 
 “Indebtedness of AHLHC” means AHLHC’s (a) obligations for borrowed money, (b) obligations representing the deferred purchase price of property (whether real or personal, tangible or
intangible) or services (other than accounts payable arising in the ordinary course of AHLHC’s business payable on terms customary in the trade), (c) obligations, whether or not assumed, 

  

 3 

 
secured by liens or payable out of the proceeds or production from property now or hereafter owned or acquired by AHLHC, (d) obligations which are
evidenced by notes, acceptances, or similar instruments, (e) capitalized lease obligations, (f) rate hedging obligations, (g) contingent obligations of any type which are reportable on AHLHC’s balance sheet in accordance with
GAAP, (h) obligations for which AHLHC is obligated pursuant to or in respect of a letter of credit or similar instrument and (i) repurchase obligations or liabilities of Party B with respect to accounts or notes receivable and chattel
paper sold by AHLHC. 
 “Interest Coverage Ratio” means, for any applicable computation period, the ratio of
(a) EBITDA to (b) Interest Expense. 
 “Interest Expense” means, for any applicable computation
period, all interest paid or accrued during such period by AHLHC on a consolidated basis, determined in accordance with GAAP. 
 “Net Income” means, for any period, the consolidated net income (or loss) for such period, determined on a consolidated basis in accordance with GAAP. 
 “Non-Warehouse Debt” means, at any time, Consolidated Debt minus Warehouse Debt. 
 “Recourse Debt to Adjusted Tangible Net Worth Ratio” means, at any time, the ratio of (a) Consolidated Debt minus
the liabilities related to securitizations which are accounted for as financings under Financial Accounting Standards Board (FASB) Rule 140 to (b) Adjusted Tangible Net Worth. 
 “Unrestricted Cash and Cash Equivalents” means, as of any date of determination, the sum of (a) the aggregate amount
of unrestricted cash and (b) the aggregate amount of unrestricted cash equivalents (valued at the fair market value). As used in this definition, “Unrestricted” means the specified asset is not subject to any liens or claims of any
kind in favor of any Person. 
 “Warehouse Debt” shall mean Indebtedness of AHLHC, whether or not it is
recourse, that is secured or otherwise backed by Party B’s mortgage loans, mortgage-backed securities or other mortgage assets, and that is used generally by Party B to provide it with financing or liquidity for the origination or acquisition
by it of mortgage loans, mortgage-backed securities or other mortgage assets in Party B’s ordinary course of business. 
 “Workout Agreement” means the Second Amended and Restated Master Repurchase Agreement Governing Purchases and Sales of Mortgage Loans, dated as of January 30, 2004, between Lehman Brothers Bank and Party B, dated as of
the date hereof, as amended from time to time. 
  

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

 Part 2: Tax Representations 
  

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

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

  

 4 

 
representation, it may rely on (i) the accuracy of any representation made by the other party pursuant to Section 3(f) of this Agreement,
(ii) the satisfaction(s) of the agreement of the other party contained in Section 4(a)(i) or 4(a)(iii) of this Agreement and the accuracy and effectiveness of any document provided by the other party pursuant to
Section 4(a)(i) or 4(a)(iii) of this Agreement; and (iii) the satisfaction of the agreement of the other party contained in Section 4(d) of this Agreement, 
 provided that it shall not be a breach of this representation where reliance is placed on clause (ii) and the other party does not deliver a form or
document under Section 4(a)(iii) of this Agreement by reason of material prejudice to its legal or commercial position. 
  

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

  

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

  

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

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

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

  

	(b)	Other documents to be delivered are: 

  

							
	 Party required to
deliver document
	  	 Form/Document/Certificate
	  	Date by which
to be delivered	  	Covered by
Section 3(d)
	Party A and Party B	  	Incumbency certificate or other
evidence reasonably satisfactory
to the other party of the authority
and genuine signature of the
individual signing the
Agreement and any
Credit
Support Document on behalf of
such party to execute the same.	  	Upon execution of this
Agreement.	  	Yes
				
	Party A and Party B	  	Evidence reasonably satisfactory
to the other party of the authority
of such party and its Credit
Support Provider to enter into
the Agreement, any Credit
Support Document and
each
Transaction entered into
hereunder.	  	Upon execution of this
Agreement.	  	Yes

  

 5 

							
	 Party required to deliver document
	  	 Form/Document/Certificate
	  	Date by which
to be delivered	  	Covered by
Section 3(d)
	 Party A and Party B
	  	A copy of the annual report (i) in
the case of Party A, Party A and
(ii) in the case of Party B,
AHLHC, containing audited
consolidated financial statements
for such fiscal year
certified by
independent public accountants
and prepared in accordance with
generally accepted accounting
principles consistently applied.	  	As soon as available and
in any event within 90
days of the end of each
fiscal year of AHLHC.	  	Yes
				
	 Party A and Party B
	  	For its most recent fiscal quarter,
a copy of the unaudited financial
statements of (i) in the case of
Party A, Party A and (ii) in the
case of Party B, AHLHC,
prepared in
accordance with
generally accepted accounting
principles consistently applied.	  	As soon as available and
in any event within 60
days of the end of each
fiscal quarter of AHLHC.	  	Yes
				
	 Party A and Party B
	  	Any Credit Support
Document(s) specified in Part 4
of this Schedule.	  	Upon execution of this
Agreement.	  	No
				
	 Party A and Party B
	  	An opinion of counsel to Party A
and Party B substantially in the
form of Exhibit A to this
Schedule.	  	Upon execution of this
Agreement.	  	No
				
	 Party B
	  	All notices, reports, documents,
certificates information,
statements or instructions
required to be delivered to
Reference Party A (as defined in
the Confirmation) under
any
Program Documents and such
other documents as Party A may
reasonable request from time to
time.	  	Upon request.	  	Yes
				
	 Party B
	  	A certificate of an authorized
financial officer of Party B
certifying that no Additional
Termination Event has occurred
and the calculations of the
financial covenants set forth
in
Part 1(h)(i) of this Schedule for
said period and the methodology
used in computing said financial
covenants, in form and detail
satisfactory to Party A.	  	Within 30 days after the
end of each calendar
quarter.	  	Yes

  

 6 

 Part 4: Miscellaneous 
  

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

 Address for notices or communications to Party A: 
  

			
	Address:	  	 1301 Avenue of the Americas,
 New York, New York
10019

		
	Attention:	  	Treasury Department
	Telephone No.:    	  	(212) 261-7310
	Facsimile No.:	  	(212) 459-3167
		
		  	For all purposes.

 Address for notices or communications to Party B: 
  

			
	Address:	  	 Accredited Home Lenders, Inc.
 15090 Avenue of
Science,
 San Diego, California 92128

		
	Attention:	  	Katy Hudson
	Telephone No.:    	  	858-676-2177
	Facsimile No.:	  	866-278-5876
		
		  	 For   all purposes.

  

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

  

			
	Party A appoints as its Process Agent:	  	 Not applicable.

	Party B appoints as its Process Agent:	  	 Not applicable.

  

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

  

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

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

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

  

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

 In the case of Party A: 
 None. 
 In the case of Party B: 
  

 7 

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

	(g)	Credit Support Provider. 

  

			
	Credit Support Provider means in relation to Party A:	  	 Not applicable.

	Credit Support Provider means in relation to Party B:	  	 Accredited Home Lenders Co.

  

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

  

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

  

	(j)	“Affiliate” will have the meaning specified in Section 14 of this Agreement. 

  

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

 Part 5: Other Provisions 
  

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

  

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

  

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

  

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

  

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

  

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

  

 8 

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

  

	 	(f)	Set-off. 

  

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

  

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

  

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

  

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

  

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

  

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

  

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

  

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

  

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

  

 9 

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

  

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

  

 10 

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

									
	ACCREDITED HOME LENDERS, INC.	 		 	CALYON, NEW YORK BRANCH
	(Name of Party )	 		 	(Name of Party )
					
	By:	 	/s/ Melissa G. Dant	 		 	By:	 	/s/ Ian Cheung
	Name:	 	Melissa G. Dant	 		 	Name:	 	Ian Cheung
	Title:	 	Senior Secondary Markets Counsel, AVP & Ass’t Sec’y	 		 	Title:	 	Director
					
		 		 		 	By:	 	/s/ Ricardo L. Gomes
		 		 		 	Name:	 	Ricardo L. Gomes
		 		 		 	Title:	 	Vice President

 EXHIBIT A to Schedule 
 [Form of Opinion of Counsel] 
 [Date] 
 [Other Counterparty] 
 Ladies and Gentlemen: 
 I have acted as counsel to [counterparty], a
[                        ] corporation (“Party [A][B]”), and am familiar with matters pertaining to the
execution and delivery of the Master Agreement (the “Master Agreement”) dated as of [date] between Accredited Home Lenders, Inc. (“Party B”) and Calyon New York Branch (“Party A”). 
 In connection with this opinion, I have examined, or have had examined on my behalf, an executed copy of the Master Agreement, certificates and
statements of public officials and officers of Party B and such other agreements, instruments, documents and records as I have deemed necessary or appropriate for the purposes of this opinion. 
 Based on the foregoing but subject to the assumptions, exceptions, qualifications and limitations hereinafter expressed, I am of the opinion that:

  

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

  

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

  

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

  

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

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

  

 12 

 
faith, fair dealing and commercial reasonableness as may be imposed by the law of the State of New York on the exercise by a party of its contractual rights
and remedies, (vi) possible judicial application of foreign laws or foreign government actions affecting creditors’ rights, and (v) the validity, binding effect or enforceability, under certain circumstances, of contractual provisions
with respect to indemnification or waiving defenses to obligations where such indemnification or such waivers are against public policy. 
 B. I am qualified to practice law in [                ] and render no opinion on the laws of any jurisdiction other than the laws of
[                    ]. 
 C. My
opinions are limited to the present laws and to the facts as they presently exist. I assume no obligation to revise or supplement this opinion should the present laws of the jurisdictions referred to in paragraph B above be changed by legislative
action, judicial decision or otherwise. 
 D. This letter is rendered to you in connection with the Master Agreement [and the Guarantee] and
the transactions related thereto and may not be relied upon by any other person or by you in any other context or for any other purpose. This letter may not be quoted in whole or in part, nor may copies thereof be furnished or delivered to any other
person, without the prior written consent of Party B, except that you may furnish copies hereof (i) to your independent auditors and attorneys, (ii) to any state or local authority having jurisdiction over you or over Party [A][B],
(iii) pursuant to the order of any legal process of any court of competent jurisdiction or any governmental agency, and (iv) in connection with any legal action arising out of the Master Agreement. 
 E. I have assumed with your permission (i) the genuineness of all signatures by each party other than Party B, (ii) the authenticity of
documents submitted to me as originals and the conformity to authentic original documents of all documents submitted to me as copies, and (iii) the due execution and delivery, pursuant to due authorization, of the Master Agreement by each party
other than Party B. 
 F. I have also assumed for the purpose of this opinion that the Master Agreement constitute the legal valid and
binding obligation of Party [A][B] in accordance with New York law by which is governed. 
 G. I express no opinion as to the prohibition on
transfers in Section 7(a) of the Master Agreement Terms in any case in which its operation would conflict with Section 9-406 or Section 9-408 of the Uniform Commercial Code as in effect in the State of New York. 
 Very truly yours, 
  

 13Collateral Agency and Intercreditor Agreement

 Exhibit 4.21 
 EXECUTION COPY 
 COLLATERAL AGENCY AND 
 INTERCREDITOR AGREEMENT 
 Collateral Agency and Intercreditor Agreement,
dated as of May 10, 2005 (this “Agreement”), is by and among CALYON NEW YORK BRANCH (“Calyon”), and LEHMAN BROTHERS SPECIAL FINANCING INC., in its individual capacity (“Lehman” and, together with Calyon, the
“Swap Counterparties”) and as agent under this Agreement for Lehman and Calyon (in such capacity and together with any successor thereto in such capacity, “Collateral Agent”). 
 Recitals: 
 WHEREAS, Lehman
has entered into that certain ISDA Master Agreement, dated as of May 10, 2005 (including the Schedule, each Confirmation and Credit Support thereto, the “Lehman Swap”), between Lehman and Accredited Home Lenders, Inc.
(“Accredited”); 
 WHEREAS, Calyon has entered into that certain ISDA Master Agreement, dated as of May 10, 2005 (including
the Schedule and each Confirmation and Credit Support Annex thereto, the “Calyon Swap” and, together with the Lehman Swap, the “Swaps”), between Calyon and Accredited; 
 WHEREAS, Accredited has pledged pursuant to the Credit Support Annex to the Lehman Swap (the “Lehman CSA”) certain posted debt obligations,
securities and cash and its hedges and other assets (collectively, the “Lehman Collateral”) to support its obligations under the Lehman Swap (the “Lehman Obligations”); 
 WHEREAS, Accredited has pledged pursuant to the Credit Support Annex to the Calyon Swap (the “Calyon CSA” and, together with the Lehman CSA,
the “Security Documents”) certain posted debt obligations, securities and cash and its hedges and other assets (the “Calyon Collateral” and, together with the Lehman Collateral, the “Collateral”) to support its
obligations under the Calyon Swap (the “Calyon Obligations” and, together with the Lehman Obligations, the “Obligations”); 
 WHEREAS, the Swap Counterparties desire to appoint Lehman as Collateral Agent under this Agreement and the Security Documents and to define the rights and duties of the Collateral Agent and the Collateral Agent desires to set forth the
terms and conditions upon which it shall accept such agency; and 
 WHEREAS, the Swap Counterparties also desire to enter into agreements
with one another as to certain matters relating to the Security Documents, including the administration of liens and the application of the proceeds of the Collateral. 

 NOW THEREFORE, in consideration of the foregoing and the mutual covenants herein contained, and for other
good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows: 
 1.
Enforcement of Collateral. 
 1.1 Events of Enforcement. Anything contained in the Security Documents to the contrary
notwithstanding, the Swap Counterparties agree among themselves and for their own benefit alone that, except as expressly provided otherwise in this Agreement (including, without limitation, actions permitted pursuant to the provisions of
Section 4.4), the Collateral Agent shall only be authorized to take such actions under the Security Documents and to enforce or prepare to enforce such remedies available under such Security Documents as it may be directed to take or enforce
pursuant to the written instruction of the Instructing Swap Counterparty (as defined in Section 4.7) (each such instruction being herein called an “Event of Enforcement”). In furtherance of the foregoing, the Collateral Agent agrees
to make such demands and give such notice under the Security Documents as may be requested by, and to take such action to enforce the Security Documents and to foreclose upon, collect and dispose of the Collateral or any portion thereof as may be
directed by, the Instructing Swap Counterparty; provided, however, that (i) the Collateral Agent shall not be required to take any action that it has been advised by legal counsel is contrary to law or the terms of the Swaps, the
Security Documents, or this Agreement and (ii) the Collateral Agent shall not be required to take any action unless indemnified in accordance with the provisions of Section 4.6 hereof. 
 1.2 Collateral Agent’s Enforcement Against Collateral. Upon the occurrence of any Event of Enforcement, the Collateral Agent shall, on behalf
of the Swap Counterparties, seek to realize upon the liens and security interests and other rights granted and provided for in the Security Documents in accordance with the instructions of the Instructing Swap Counterparty, but in the absence of
such instructions, then in such manner as it deems appropriate and in that regard shall have the right to incur costs and expenses (including reasonable costs and expenses of attorneys) which, to the extent are not paid by Accredited or out of the
proceeds of the Collateral, shall be shared by the Swap Counterparties in the manner provided for in Section 4.11 of this Agreement. The Collateral Agent shall not be obligated to exhaust its remedies against the Collateral or Accredited prior
to seeking reimbursement for its costs and expenses from the Swap Counterparties. 
 1.3 Restrictions on Actions. Each Swap
Counterparty agrees that, so long as any Obligations are outstanding, the provisions of this Agreement shall provide the exclusive method by which any Swap Counterparty may realize the benefits afforded by the Security Documents. Each Swap
Counterparty shall, for the mutual benefit of all Swap Counterparties, except as expressly provided otherwise by this Agreement: 
 (a) refrain from taking or filing any action, judicial or otherwise, to enforce rights or pursue any remedy with respect to or under the Security Documents, except for delivering notices hereunder; 
  

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 (b) refrain from (i) selling any Obligations to Accredited or any affiliate of
Accredited, and (ii) accepting any guaranty of, or any other security for, the Obligations from Accredited or any affiliate of Accredited, except any guaranty or security granted to the Collateral Agent for the benefit of all Swap
Counterparties; and 
 (c) refrain (except in connection with action taken by the Instructing Swap Counterparty) from
exercising or requesting the Collateral Agent to exercise any rights or remedies under the Security Documents which have or may have arisen or which may arise as a result of an event of default or event of termination (as such terms are defined in
the Swaps, an “Event of Default” or “Termination Event”) under any Swap; 
 provided, however, that nothing contained in
subsections (a) through (c) above shall prevent any Swap Counterparty from imposing a default interest in accordance with the Swaps, or prevent a Swap Counterparty from raising any defenses in any action in which it has been made a party
defendant or has been joined as a third party; provided, further that nothing contained herein shall prevent any Swap Counterparty from accepting a guaranty from any person or entity which, contemporaneously with the granting of such guaranty
to such Swap Counterparty, is granting a guaranty or guaranties to the other Swap Counterparty to secure the Obligations owed to them, which guaranty or guarantees has or have the same or substantially the same terms as the terms of the guaranty or
guarantees given to such Swap Counterparty; and provided, further that nothing contained herein shall affect or impair the right any Swap Counterparty may have under the terms and conditions governing the Obligations owing to such Swap
Counterparty to accelerate, demand and take any action to enforce repayment of such Obligations or to file a lawsuit and obtain and enforce a judgment against Accredited, subject to the provisions of Article 3 hereof. 
 1.4 Terms of Obligations. Subject to the terms of the Swaps, the terms and conditions applicable to the Obligations owing to each Swap
Counterparty by Accredited shall be such as such Swap Counterparty and Accredited shall from time to time agree upon and may be changed or modified at any time in accordance with the applicable Swap without in any manner affecting this Agreement or
impairing this Agreement. 
 2. Release of Collateral. 
 2.1 The Collateral Agent may, without notice to or the consent of any Swap Counterparty, release from the liens and security interests of the Security Documents any portion of the Collateral in connection with the
sale, transfer or disposition of such Collateral by Accredited in the ordinary course of its business to the extent permitted by, and subject to the terms and conditions of, the Swaps. 
 3. Allocation of Proceeds of Collateral. 
 3.1 Application of Proceeds. The proceeds of the Collateral, including proceeds received through enforcement of the liens and security interests and other rights granted and provided for in the Security Documents, shall be applied
and shared among the Swap Counterparties as follows: 
 (a) First, to the payment of any outstanding costs and expenses
incurred by the Collateral Agent in enforcing such liens and security interests and in protecting and maintaining the Collateral and collecting the proceeds of the Collateral, to the extent that it has not theretofore been reimbursed for same by
Accredited or out of the proceeds of the Collateral or, if not reimbursed promptly by Accredited or out of such proceeds, by the Swap Counterparties; and 
  

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 (b) Second, to the Swap Counterparties ratably in accordance with the respective
outstanding amount of Obligations owing to such Swap Counterparty under the Swaps for application to Obligations arising under and in connection with the Swaps. 
 3.2 Sharing of Proceeds. 
 (a) Subject to the remaining provisions of this
Section 3.2, if a Swap Counterparty obtains any payments (other than scheduled payments on any Obligations, in each case received in the ordinary course either (i) prior to such Swap Counterparty’s receipt of written notice from
another Swap Counterparty that an Event of Default or Termination Event has occurred and is continuing under which Accredited is the Defaulting Party or the Affected Party (as such terms are used in the Swaps) or (ii) after such Event of
Default no longer shall be continuing) or proceeds of the Collateral, from Accredited with respect to any of the Obligations, including from the exercise of any setoff rights (hereinafter called a “Sharing Payment”), such Swap Counterparty
shall either (i) promptly cause such amounts to be delivered to or put in the custody, possession or control of the Collateral Agent for disposition and distribution in accordance with Section 3.1 hereof or (ii) if such Swap
Counterparty has not promptly complied with subclause (i) next above, promptly purchase from the remaining Swap Counterparties participations in the Obligations owing to the remaining Swap Counterparties and shall make such other adjustments
from time to time as shall be equitable (herein, the purchase of such participations or the making of such other adjustments being called “Sharing Adjustments”) to the end that all Swap Counterparties shall share the benefit of such
Sharing Payment pro rata in accordance with the respective outstanding principal amount of Obligations then owing to each Swap Counterparty. 
 (b) If, during the course of, or pursuant to, any bankruptcy, insolvency, reorganization, receivership, dissolution or similar proceeding or the assignment for the benefit of creditors or any other marshalling of
assets (a “Bankruptcy Proceeding”) of Accredited, a Swap Counterparty (the “Returning Swap Counterparty”) is required by a court or other tribunal of competent jurisdiction, pursuant to Section 547 of the Bankruptcy Code or
an analogous provision of other applicable law, to disgorge, refund, rebate or otherwise return any payment received for which there has been a distribution under Section 3.1 hereof to such Returning Swap Counterparty with respect to the
Obligations (a “Disputed Payment”) to any trustee presiding over such Bankruptcy Proceeding or to any other person or entity, the other Swap Counterparty shall promptly pay to the Returning Swap Counterparty its respective pro rata shares
of such Disputed Payment, such pro rata share being determined by multiplying the amount of the 

  

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Disputed Payment by a fraction, the numerator of which is the portion of such Disputed Payment received by such Swap Counterparty and the denominator of
which is the amount of such Disputed Payment. 
 4. The Collateral Agent. 
 4.1 Appointment. Each of the Swap Counterparties hereby appoints Lehman as the initial Collateral Agent for the Swap Counterparties under, and
subject to the provisions of, this Agreement, the Swaps and the Security Documents, and each of the Swap Counterparties authorizes the Collateral Agent to act as the agent of the Swap Counterparties under, and to effectuate the purposes of, this
Agreement, the Swaps (to the extent of the duties delegated to the Collateral Agent thereunder) and the Security Documents (to the extent of the duties delegated to the Collateral Agent thereunder). The Collateral Agent agrees to act as such upon
the express conditions contained in this Agreement. 
 4.2 Duties. (a) By the execution of this Agreement, each Swap Counterparty
(i) authorizes the Collateral Agent to file all financing statements and amendments to and/or assignments of financing statements necessary to perfect the security interests granted pursuant to the Security Documents or to continue the
perfection of such security interests as are covered by the financing statements in favor of Collateral Agent, and (ii) ratifies the Collateral Agent’s prefiling, if any, prior to the date hereof of financing statements as part of such
perfection process. All of such financing statements or amendments to and/or assignments of financing statements shall name the Collateral Agent, as agent, as secured party for the benefit of all of the Swap Counterparties in accordance with the
interests of each Swap Counterparty as described in this Agreement. 
 (b) Subject to the terms of this Agreement, the Swaps and the Security
Documents, the Collateral Agent agrees to receive, hold, administer and enforce the Collateral and the Security Documents (including, without limitation, acting as Valuation Agent and making the calculation of Exposure (as defined in the Swaps), the
determination of Value, Current Market Value and Exposure (as defined in the Swaps) and making market calls under the Security Documents), and to foreclose upon, collect and dispose of the Collateral and to apply the proceeds therefrom, in such
manner and on such terms as are set forth herein and therein, and for the ratable benefit of the Swap Counterparties as provided herein and therein, and otherwise to perform its duties and obligations as Collateral Agent hereunder and under each
Security Document to which it is a party in accordance with the respective terms hereof and thereof. Notwithstanding any provision to the contrary set forth elsewhere in this Agreement or the Security Documents, the Collateral Agent shall not have
any duties or responsibilities in its capacity as Collateral Agent except those expressly set forth herein (including, without limitation, Section 4.4 hereof) or therein or any fiduciary relationship with any Swap Counterparty, and no implied
duties shall be read into this Agreement, any Swap or any Security Document or otherwise exist with respect to the Collateral Agent, and the Collateral Agent and its directors, officers, employees, agents and representatives shall not be liable to
any Swap Counterparty for any action taken or omitted to be taken by it or them under this Agreement, any 

  

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of the Swaps or any of the Security Documents, except for its or their own willful misconduct or gross negligence. 
 4.3 Powers. The Collateral Agent shall have and may exercise such powers as are specifically delegated to the Collateral Agent by the terms of the
Security Documents and hereof, together with such powers as are reasonably incidental thereto. The Collateral Agent shall not be required to take any action under this Agreement or any of the Security Documents or prosecute or defend any action in
respect of any thereof unless indemnified to its satisfaction by the Swap Counterparties against loss, cost, liability and expense that the Collateral Agent incurs in connection therewith. If any indemnity furnished to the Collateral Agent shall
become impaired, it may call for additional indemnity and cease to do all acts indemnified against until such additional indemnity is given. 
 4.4 Administrative Actions. The Collateral Agent shall have the right to take any action, or omit to take any action, hereunder and under the Security Documents that is not inconsistent with the instructions of the Instructing Swap
Counterparty or the terms of this Agreement, including (without limitation) actions that the Collateral Agent deems necessary or appropriate to perfect or continue the perfection of the liens on and security interests in the Collateral for the
benefit of the Swap Counterparties or to protect or insure the Collateral. Except as provided in this Agreement and in the Security Documents above and as otherwise provided pursuant to applicable law, the Collateral Agent shall have no duty as to
the collection or protection of the Collateral or any income thereon, nor as to the preservation of rights against prior parties, nor as to the preservation of rights pertaining to the Collateral beyond the safe custody of any Collateral in the
Collateral Agent’s possession. 
 4.5 No Responsibility for Recitals, Etc. The Collateral Agent shall not be responsible to the
Swap Counterparties for any recitals, reports, statements, warranties or representations contained in the Security Documents or any document related thereto, or be bound to ascertain or inquire as to the performance or observance of any of the terms
of the Security Documents. The Collateral Agent shall not be responsible for the validity, effectiveness or sufficiency of any of the Security Documents, or for the validity or priority of any lien or security interest created or arising under or
pursuant to the Security Documents; provided, however, that, notwithstanding the foregoing, the Collateral Agent shall be responsible for the performance of its duties and obligations hereunder, including all duties and obligations with
respect to the Security Documents and to liens and security interests created or arising under or pursuant to the Security Documents. Any written information furnished to the Collateral Agent about the Collateral and/or evidencing compliance by
Accredited with the terms of the Security Documents shall be furnished by the Collateral Agent as soon as practicable, and in any event no later than three (3) business days, after the receipt thereof to all the Swap Counterparties. 

4.6 Indemnity. Each of the Swap Counterparties hereby, ratably in accordance with the principal amounts then outstanding on the Obligations
that are owed to such Swap Counterparty, severally agrees to indemnify the Collateral Agent in its capacity as such (to the extent the Collateral Agent is not reimbursed by Accredited, and without limiting the obligations of Accredited to do so, and
to the extent it is not reimbursed out of proceeds of the Collateral) 

  

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against any cost, expense (including reasonable attorneys’ fees and court costs), claim, demand, action, loss or liability that the Collateral Agent may
suffer or incur in connection with this Agreement the Swaps or the Security Documents (with respect to the duties delegated to the Collateral Agent thereunder), provided, however, that no Swap Counterparty shall be liable for the
payment of any portion of such cost, expense, claim, demand, action, loss or liability determined by a court of competent jurisdiction in a final, non-appealable decision or order to have resulted solely from the Collateral Agent’s gross
negligence or willful misconduct. 
 4.7 Action on Instructions of Instructing Swap Counterparty. Except as otherwise provided herein,
the Collateral Agent shall act or refrain from acting under the Security Documents or hereunder in accordance with written instructions from the Instructing Swap Counterparty. The term “Instructing Swap Counterparty” as used in this
Agreement shall mean Lehman, so long as no Termination Event or Event of Default in which Lehman is the Affected Party or Defaulting Party has occurred under the Lehman Swap, and otherwise, Calyon. The Collateral Agent may at any time request
directions from the Swap Counterparties as to any course of action or other matter relating to the performance of its duties under this Agreement and the Security Documents and the Swap Counterparties shall promptly comply with such request. The
Collateral Agent shall in all cases be fully protected in acting or refraining from acting pursuant to any such instructions (including telephonic instructions received by the Collateral Agent from any person purporting to act on behalf of a Swap
Counterparty), and any such instructions and any such action or inaction by the Collateral Agent shall be binding upon all of the Swap Counterparties. If the Collateral Agent has asked the Swap Counterparties for instructions with regard to an event
of default under any Swap and if the Instructing Swap Counterparty have not responded promptly to such request, the Collateral Agent shall be authorized to take such actions with regard to such event of default as the Collateral Agent, in good
faith, believes to be reasonably required to promote and protect the interests of the Swap Counterparties and to maximize both the value of the Collateral and the present value of the recovery by each of the Swap Counterparties on the Obligations;
provided, however, that upon receipt of instructions from the Instructing Swap Counterparty, the actions of the Collateral Agent shall be governed thereby and the Collateral Agent shall not take any further action which would be
contrary thereto. The Collateral Agent as soon as reasonably practicable shall notify each Swap Counterparty of any such actions taken by it, provided, further, that in no event shall the Collateral Agent consent to any action or
inaction by Accredited not otherwise permitted under this Agreement, any of the Security Documents or the Swaps without written instructions from the Instructing Swap Counterparty. Each Swap Counterparty shall promptly confirm in writing any
telephonic instructions, but the Collateral Agent shall be fully protected in relying on such telephonic instructions notwithstanding its failure to receive such written confirmation thereof. 
 4.8 Employment of Agents and Counsel. The Collateral Agent may execute any of its duties as Collateral Agent under the Security Documents by and
through agents and attorneys-in-fact and shall not be answerable to the Swap Counterparties, except as to money or securities actually received by it or its authorized agents, for the default or misconduct of any such agents or attorneys-in-fact
selected by it with reasonable care. The Collateral Agent shall be entitled to 

  

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advice of counsel concerning all matters pertaining to the agency created hereby and under the Security Documents and its duties as Collateral Agent.

 4.9 Reliance on Documents; Counsel. The Collateral Agent shall be entitled to rely in good faith upon any note, notice, consent,
certificate, affidavit, letter, telegram, statement, paper or document believed by it to be genuine and correct and to have been signed or sent by the proper person or persons, and, in respect to legal matters, upon the opinion of legal counsel
selected by the Collateral Agent. 
 4.10 May Treat Swap Counterparty as Owner, Ascertainment of Obligations, Etc. The Collateral
Agent may deem and treat the Swap Counterparties as the sole owners of the Obligations for all purposes hereof unless and until a written notice of the assignment or transfer thereof shall have been filed with the Collateral Agent. Any request,
authorization or consent of any person, firm or corporation who at the time of making such request or giving such authorization or consent is the holder of any Obligations shall be conclusive and binding on any subsequent holder, transferee or
assignee of such Obligations. 
 4.11 Collateral Agent’s Reimbursement and Compensation. Accredited has agreed to reimburse the
Collateral Agent for all of its costs and expenses incurred in connection with performance of its obligations under this Agreement and the Security Documents. Each Swap Counterparty agrees, severally and for itself alone, to reimburse the Collateral
Agent in the amount of such Swap Counterparty’s pro rata share (determined by reference to its share of the aggregate notional amount of the Swaps) for any expenses (including, without limitation, reasonable attorneys fees and expenses) not
reimbursed by Accredited for which the Collateral Agent is entitled to reimbursement by Accredited under the Security Documents or the Swaps. 
 4.12 Rights as a Swap Counterparty. With respect to Obligations owing to it, the Collateral Agent shall have the same rights and powers hereunder and under the Security Documents as any Swap Counterparty and may exercise the same as
though it were not the Collateral Agent, and the term “Swap Counterparty” or “Swap Counterparties” shall, unless the context otherwise indicates, include the Collateral Agent in its individual capacity. The Collateral Agent may
accept deposits from, lend money to, and generally engage in any kind of banking or trust business with, Accredited as if it were not the Collateral Agent. 
 4.13 Resignation of Collateral Agent. The Collateral Agent may resign as agent for the Swap Counterparties hereunder and under the Security Documents at any time by giving thirty days prior notice in writing to
the Swap Counterparties. If Lehman is the resigning Collateral Agent, Calyon shall become the successor Collateral Agent. If Lehman or Calyon is not the resigning Collateral Agent, or if Calyon elects not to become Collateral Agent upon a Lehman
resignation, the Instructing Swap Counterparty may appoint a successor Collateral Agent who shall be entitled to all of the rights of, and shall be vested with the same powers and duties as, the original Collateral Agent. If no successor Collateral
Agent shall have been so appointed and shall have accepted such appointment within thirty days after the retiring Collateral Agent’s giving of notice of resignation, then the retiring Collateral Agent may appoint a successor 

  

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Collateral Agent, which shall be a commercial bank organized under the laws of the United States of America or any State thereof having capital and surplus
of not less than $50,000,000. 
 Calyon may remove Lehman as Collateral Agent upon the occurrence of a Bankruptcy Event (as defined in the
Lehman Swap) or a payment default under the Lehman Swap by giving five days prior written notice to Lehman and, upon such removal, Calyon shall replace Lehman as Collateral Agent and shall be entitled to all of the rights of, and shall be vested
with the same powers and duties as, the original Collateral Agent and Lehman shall transfer possession of the Collateral to Calyon in accordance with Calyon’s instructions. 
 The term “Collateral Agent” shall mean the successor collateral agent effective upon its appointment. Upon such successor collateral
agent’s acceptance of such appointment, the former Collateral Agent’s rights, powers and duties as Collateral Agent shall be terminated, without any other or further act or deed on the part of such former Collateral Agent or any of the
parties to this Agreement or the Security Documents and the successor collateral agent shall succeed to and become vested with all the rights, powers, privileges and duties of the retiring Collateral Agent, and the retiring Collateral Agent shall be
discharged from all further duties and obligations arising under this Agreement and the Security Documents from and after the date on which its resignation is effective. The resigning or removed Collateral Agent agrees that it shall take all actions
and execute all documents which may be reasonably required by the Swap Counterparties and the successor collateral agent to give effect to its replacement as the Collateral Agent hereunder. After the Collateral Agent’s resignation or removal
hereunder as Collateral Agent, the provisions of this Article 4 shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Collateral Agent under this Agreement. 
 5. Notices. 
 5.1 Required
Notices. Each Swap Counterparty shall give notice to the Collateral Agent and each of the other Swap Counterparties within one (1) business day of the occurrence thereof of any Event of Default or Termination Event for which Accredited is
the Defaulting Party or Affected Party as the case may be, and of any judicial proceedings which it has commenced against Accredited in connection with such Event of Default or Termination Event. Further, each Swap Counterparty shall give the other
Swap Counterparties five (5) business days’ prior written notice of such Swap Counterparty’s intention to commence any other judicial proceedings against Accredited; provided that each of the Swap Counterparties and the
Collateral Agent agrees that it shall not disclose the existence or contents of such notice to Accredited or any affiliate of Accredited. 
 5.2 Method of Notices. Any notice hereunder shall be in writing and transmitted by telegram, telex or facsimile or sent by certified or registered first class U.S. Mail, return receipt requested, reputable overnight courier service
or by personal delivery. Any notice, if personally delivered, shall be deemed given when received; any notice if mailed and properly addressed with postage prepaid and sent by registered or certified mail, shall be deemed given three
(3) business days after the date on which it was sent; any notice, if given to a reputable overnight courier and properly addressed, shall be deemed given two (2) business days after the date on 

  

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which it was sent, unless it is actually received sooner by the named addressee; and any notice, if transmitted by telex or facsimile, shall be deemed given
when received (answerback confirmed in the case of telexes and receipt confirmed in the case of telecopies). Any notice shall be addressed to the Collateral Agent or the applicable Swap Counterparty at its address shown on Exhibit B, or at such
other address as it may, by written notice received by the Collateral Agent and the other parties hereto, have designated as its address for such purpose by a notice given in accordance with this Section 5.2. 
 6. Miscellaneous. 
 6.1 Swap
Counterparty Credit Decision. Each Swap Counterparty acknowledges that it has, independently and without reliance upon the Collateral Agent or any other Swap Counterparty and based on the financial statements furnished by Accredited and such
other documents and information as it has deemed appropriate, made its own credit analysis and decision with respect to the Obligations held by it. Each Swap Counterparty also acknowledges that it will, independently and without reliance upon the
Collateral Agent or any other Swap Counterparty and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action with respect to the Obligations and the
Security Documents. 
 6.2 Termination. This Agreement shall continue in full force and effect with respect to each Swap Counterparty
if and so long as such Swap Counterparty is owed any Obligations by Accredited or has any obligations under the applicable Swap and shall thereafter continue in full force and effect until the payment in full of all such Obligations and the
satisfaction of all such Obligations; provided, however, that if all or any part of any payments to any Swap Counterparty are thereafter invalidated or set aside or required to be repaid to any person or entity for any reason other
than as a result of such Swap Counterparty’s own wrongful conduct, then this Agreement shall be renewed and reinstated as of such date and shall thereafter continue in full force and effect to the extent of the Obligations so invalidated, set
aside or repaid. 
 6.3 No Third Party Beneficiary. This Agreement is for the sole and exclusive benefit of the parties hereto and
their successors and assigns and no other person or entity (including Accredited) shall under any circumstances be deemed to be a third party beneficiary hereof or be entitled to assume that any or all of the parties hereto will insist upon strict
compliance with all of the terms and conditions hereof. This Agreement may be amended, modified or terminated and its provisions may be waived at any time without notice to or consent of any other person or entity upon the written consent of the
parties hereto (other than Accredited) pursuant to Section 6.7 hereof. 
 6.4 Successors and Assigns. This Agreement shall inure
to the benefit of and be binding upon the successors and assigns of the parties hereto, including any subsequent holder of any Obligations. Each Swap Counterparty agrees with each other Swap Counterparty that any transfer or assignment of any
indebtedness owing to it which is subject to the terms of this Agreement shall bind and subject the transferee or assignee and all successive assignees and transferees to the terms and conditions of this Agreement. It is understood and agreed that
the 

  

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granting of participations in the Obligations shall not constitute a transfer of indebtedness for the purposes of this Section 6.4. 
 6.5 Counterparts. This Agreement may be executed in any number of counterparts, and by the different parties on different counterparts, all of
which taken together shall constitute one and the same instrument. Any of the parties hereto may execute this Agreement by signing any such counterparts and each of such counterparts shall for all purposes be deemed to be an original. This Agreement
shall become effective when each of the parties hereto have executed this Agreement, or a separate counterpart thereof, and delivered the same to the Collateral Agent or have indicated to the Collateral Agent in a manner satisfactory to it that such
party has executed a counterpart hereof and is transmitting the same to the Collateral Agent. The Collateral Agent shall notify the parties hereto as and when each such party has so executed this Agreement. 
 6.6 Governing Law. This Agreement and the rights and duties of the parties hereto, shall be construed and determined in accordance with the laws
of the State of New York without regard to its conflict of law principals (other than the Section 5-1401 of the New York General Obligations Law). 
 6.7 Amendment. Neither this Agreement nor the Security Documents may be amended or modified, and no waiver of any of the terms and conditions hereof or thereof shall be granted, except in each case by a written
instrument signed by the Collateral Agent and all of the Swap Counterparties. 
 6.8 Section Headings. Section headings used in this
Agreement are for reference only and shall not affect the construction of this Agreement. 
 6.9 Additional Collateral. The Swap
Counterparties agree that all of the provisions of this Agreement shall apply to any and all properties, assets and rights of each of Accredited in which the Collateral Agent, at any time, acquires a security interest or lien pursuant to the
Security Documents or any Swap. The Collateral Agent shall not acquire any interest in any real estate collateral without the prior written consent of the Instructing Swap Counterparty. 
 6.10 Cooperation; Accountings. To the extent that the exercise of the rights, powers and remedies of the Collateral Agent in accordance with this
Agreement requires that any action be taken by any Swap Counterparty, such Swap Counterparty shall take such action and cooperate with the Collateral Agent to ensure that the rights, powers and remedies of all Swap Counterparties and the Collateral
Agent are exercised in full. Each of the Swap Counterparties will, upon the reasonable request of another Swap Counterparty or the Collateral Agent, from time to time execute and deliver or cause to be executed and delivered such further instruments
and do and cause to be done such further acts as may be necessary or proper to carry out more effectively the provisions of this Agreement. The Swap Counterparties agree to render accountings to each other upon reasonable request, giving effect to
the application of proceeds of the Collateral as hereinbefore provided. 
  

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 6.11 Purchase of Collateral. Any Swap Counterparty may purchase all or any part of the Collateral
at any public or private sale of such Collateral. Each of the Swap Counterparties shall cooperate with each other Swap Counterparty in order to obtain the maximum sale price reasonably possible upon any foreclosure or other sale of all or any part
of the Collateral. Notwithstanding the foregoing, all sales, transfers and other dispositions of any Collateral shall be accomplished in a commercially reasonable manner. 
  

 12 

 IN WITNESS WHEREOF, the parties have caused this instrument to be executed as of the date first above
written. 
  

			
	LEHMAN BROTHERS SPECIAL FINANCING
INC., as Collateral Agent and in its individual
capacity
		
	By:	 	/s/ Illegible
	Name:	 	
	Title:	 	
	
	CALYON NEW YORK BRANCH
		
	By:	 	/s/ Ian Cheung
	Name:	 	Ian Cheung
	Title:	 	Director
		
	By:	 	/s/ Ricardo L. Gomes
	Name:	 	Ricardo L. Gomes
	Title:	 	Vice President

  

 S-1 

 Consent 
 The undersigned consents to the provisions of the Collateral Agency and Intercreditor Agreement. 
  

			
	ACCREDITED HOME LENDERS, INC.
		
	By:	 	  
	Name:	 	  
	Title:	 	  

  

 S-2

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00099-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00099-of-00352.parquet"}]]