Document:

Amended and Restated Trust Agreement, dated as of June 29, 2007

 Exhibit 10.13 
  

 STRUCTURED ASSET MORTGAGE INVESTMENTS II INC., 
 as Depositor 
 WILMINGTON TRUST COMPANY, 
 as Owner Trustee 
 and 
 WELLS FARGO BANK, N.A., 
 not in its
individual capacity, but solely in its capacity as Securities Administrator 
  

 AMENDED AND RESTATED 
 TRUST AGREEMENT

 Dated as of June 29, 2007 
  

 Trust Certificates, 
 Series 2007-2 
  

 Table of Contents 
  

					
	  	  	 	  	Page
	 ARTICLE I
 Definitions

			
	 Section 1.01.
	  	Definitions	  	5
	 Section 1.02.
	  	Other Definitional Provisions.	  	5
	
	 ARTICLE II
 Organization

			
	 Section 2.01.
	  	Name	  	7
	 Section 2.02.
	  	Office	  	7
	 Section 2.03.
	  	Purposes and Powers	  	7
	 Section 2.04.
	  	Appointment of Owner Trustee	  	8
	 Section 2.05.
	  	Initial Capital Contribution of Owner Trust Estate	  	8
	 Section 2.06.
	  	Declaration of Trust	  	8
	 Section 2.07.
	  	Liability of the Holders of the Certificates	  	8
	 Section 2.08.
	  	Title to Trust Property	  	9
	 Section 2.09.
	  	Situs of Trust	  	9
	 Section 2.10.
	  	Representations and Warranties of the Depositor	  	9
	 Section 2.11.
	  	Investment Company	  	10
	
	 ARTICLE III
 Conveyance of the Mortgage Loans; Certificates

			
	 Section 3.01.
	  	Initial Ownership	  	11
	 Section 3.02.
	  	The Certificates	  	11
	 Section 3.03.
	  	Authentication of Certificates	  	11
	 Section 3.04.
	  	Mutilated, Destroyed, Lost or Stolen Certificates	  	14
	 Section 3.05.
	  	Persons Deemed Certificateholders	  	14
	 Section 3.06.
	  	Access to List of Certificateholders' Names and Addresses	  	14
	 Section 3.07.
	  	Maintenance of Office or Agency	  	15
	 Section 3.08.
	  	Securities Administrator	  	15
	
	 ARTICLE IV
 Authority and Duties of Owner Trustee

			
	 Section 4.01.
	  	General Authority	  	17
	 Section 4.02.
	  	General Duties	  	17
	 Section 4.03.
	  	Action upon Instruction	  	17
	 Section 4.04.
	  	No Duties Except as Specified under Specified Documents or in Instructions	  	18
	 Section 4.05.
	  	Restrictions	  	18
	 Section 4.06.
	  	Prior Notice to Certificateholders with Respect to Certain Matters	  	18
	 Section 4.07.
	  	Action by Certificateholders with Respect to Certain Matters	  	19
	 Section 4.08.
	  	Action by Certificateholders with Respect to Bankruptcy	  	19
	 Section 4.09.
	  	Restrictions on Certificateholders' Power	  	19
	 Section 4.10.
	  	Majority Control	  	19

  

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 Table of Contents 
  

					
	 	  	 	  	Page
	 Section 4.11.
	  	Optional Redemption	  	20
	 Section 4.12.
	  	Optional Purchase of Certain Mortgage Loans	  	20
	
	 ARTICLE V
 Application of Trust Funds

			
	 Section 5.01.
	  	Distributions	  	21
	 Section 5.02.
	  	Method of Payment	  	21
	 Section 5.03.
	  	Tax Returns	  	21
	 Section 5.04.
	  	Statements to Certificateholders	  	22
	
	 ARTICLE VI
 Concerning the Owner Trustee

			
	 Section 6.01.
	  	Acceptance of Trusts and Duties	  	23
	 Section 6.02.
	  	Furnishing of Documents	  	24
	 Section 6.03.
	  	Representations and Warranties	  	24
	 Section 6.04.
	  	Reliance; Advice of Counsel	  	25
	 Section 6.05.
	  	Not Acting in Individual Capacity	  	26
	 Section 6.06.
	  	Owner Trustee Not Liable for Certificates or Related Documents	  	26
	 Section 6.07.
	  	Owner Trustee May Own Certificates and Notes	  	26
	 Section 6.08.
	  	Payments from Owner Trust Estate	  	26
	 Section 6.09.
	  	[RESERVED].	  	26
	 Section 6.10.
	  	Liability of Securities Administrator	  	26
	
	 ARTICLE VII
 Compensation of Owner Trustee

			
	 Section 7.01.
	  	Owner Trustee's Fees and Expenses	  	27
	 Section 7.02.
	  	Indemnification	  	27
	
	 ARTICLE VIII
 Termination of Trust Agreement

			
	 Section 8.01.
	  	Termination of Trust Agreement	  	29
	
	 ARTICLE IX
 Successor Owner Trustees and Additional Owner Trustees

			
	 Section 9.01.
	  	Eligibility Requirements for Owner Trustee	  	31
	 Section 9.02.
	  	Replacement of Owner Trustee	  	31
	 Section 9.03.
	  	Successor Owner Trustee	  	31
	 Section 9.04.
	  	Merger or Consolidation of Owner Trustee	  	32
	 Section 9.05.
	  	Appointment of Co-Trustee or Separate Trustee	  	32
	
	 ARTICLE X
 Miscellaneous

			
	 Section 10.01.
	  	Amendments	  	34

  

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 Table of Contents 
  

					
	 	  	 	  	Page
	 Section 10.02.
	  	No Legal Title to Owner Trust Estate	  	35
	 Section 10.03.
	  	Limitations on Rights of Others	  	36
	 Section 10.04.
	  	Notices	  	36
	 Section 10.05.
	  	Severability	  	36
	 Section 10.06.
	  	Separate Counterparts	  	36
	 Section 10.07.
	  	Successors and Assigns	  	36
	 Section 10.08.
	  	No Petition	  	37
	 Section 10.09.
	  	No Recourse	  	37
	 Section 10.10.
	  	Headings	  	37
	 Section 10.11.
	  	GOVERNING LAW	  	37
	 Section 10.12.
	  	Integration	  	37
	 Section 10.13.
	  	Obligations	  	37
	
	 ARTICLE XI
 REMIC CONVERSION

			
	 Section 11.01.
	  	Consummation of REMIC Conversion	  	38
	 Section 11.02.
	  	Post-REMIC Conversion	  	38

  
 EXHIBITS 
  

			
	 Exhibit A – Form of Certificate
	  	A-1
	 Exhibit B – Certificate of Trust of Bear Stearns ARM Trust 2007-2
	  	B-1
	 Exhibit C – Form of Rule 144A Investment Representation
	  	C-1
	 Exhibit D – Form of Certificate of Non-Foreign Status
	  	D-1
	 Exhibit E – Form of Investment Letter
	  	E-1
	 Exhibit F – Form of Transferor Certificate
	  	F-1
	 Exhibit G – Form of ERISA Letter
	  	G-1
	 Exhibit H – Form of REMIC Class A Indenture
	  	H-1
	 Exhibit I – Form of Underlying REMIC Trust Pooling and Servicing Agreement
	  	I-1

  

 4 

 This Amended and Restated Trust Agreement, dated as of June 29, 2007 (as amended from time to time,
this “Trust Agreement”), among Structured Asset Mortgage Investments II Inc., a Delaware corporation, as depositor (the “Depositor”), Wilmington Trust Company, a Delaware banking corporation, as owner trustee (the “Owner
Trustee”) and Wells Fargo Bank, N.A., not individually but acting solely as Securities Administrator. 
 WITNESSETH THAT: 
 In consideration of the mutual agreements herein contained, the Depositor and the Owner Trustee agree as follows: 
 WHEREAS, the Depositor and the Owner Trustee have previously entered into the Trust Agreement dated as of June 26, 2007 (the “Trust
Agreement”). 
 WHEREAS, the parties hereto desire to amend the terms of and restate the Trust Agreement. 
 In consideration of the mutual agreements herein contained, the Depositor, the Owner Trustee and the Securities Administrator agree as follows:

 ARTICLE I 
 DEFINITIONS

 Section 1.01. Definitions. For all purposes of this Trust Agreement, except as otherwise expressly provided herein or unless the
context otherwise requires, capitalized terms not otherwise defined herein shall have the meanings assigned to such terms in Appendix A to the Indenture, dated June 29, 2007, among Bear Stearns ARM Trust 2007-2, as Issuing Entity, Citibank,
N.A., as Indenture Trustee, and Wells Fargo Bank, N.A., as Securities Administrator, which is incorporated by reference herein. All other capitalized terms used herein shall have the meanings specified herein. 
 Section 1.02. Other Definitional Provisions. 
 (a) All terms defined in this Trust Agreement shall have the defined meanings when used in any certificate or other document made or delivered pursuant hereto unless otherwise defined therein. 
 (b) As used in this Trust Agreement and in any certificate or other document made or delivered pursuant hereto or thereto, accounting terms not defined
in this Trust Agreement or in any such certificate or other document, and accounting terms partly defined in this Trust Agreement or in any such certificate or other document to the extent not defined, shall have the respective meanings given to
them under generally accepted accounting principles. To the extent that the definitions of accounting terms in this Trust Agreement or in any such certificate or other document are inconsistent with the meanings of such terms under generally
accepted accounting principles, the definitions contained in this Trust Agreement or in any such certificate or other document shall control. 
  

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 (c) The words “hereof,” “herein,” “hereunder” and words of similar import
when used in this Trust Agreement shall refer to this Trust Agreement as a whole and not to any particular provision of this Trust Agreement; Article, Section and Exhibit references contained in this Trust Agreement are references to Articles,
Sections and Exhibits in or to this Trust Agreement unless otherwise specified; and the term “including” shall mean “including without limitation”. 
 (d) The definitions contained in this Trust Agreement are applicable to the singular as well as the plural forms of such terms and to the masculine as well as to the feminine and neuter genders of such terms.

 (e) Any agreement, instrument or statute defined or referred to herein or in any instrument or certificate delivered in connection
herewith means such agreement, instrument or statute as from time to time amended, modified or supplemented and includes (in the case of agreements or instruments) references to all attachments thereto and instruments incorporated therein;
references to a Person are also to its permitted successors and assigns. 
  

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 ARTICLE II 
 ORGANIZATION 
 Section 2.01. Name. The trust created hereby (the “Trust”) shall be known as
“Bear Stearns ARM Trust 2007-2”, in which name the Owner Trustee may conduct the business of the Trust, make and execute contracts and other instruments on behalf of the Trust and sue and be sued. 
 Section 2.02. Office. The office of the Trust shall be in care of the Owner Trustee at the Corporate Trust Office or at such other address in
Delaware as the Owner Trustee may designate by written notice to the Certificateholders and the Depositor. 
 Section 2.03. Purposes and
Powers. The purpose of the Trust is to engage in the following activities: 
 (i) to issue the Notes pursuant to the
Indenture and the Certificates pursuant to this Trust Agreement and to sell the Notes and the Certificates; 
 (ii) to pay
the organizational, start-up and transactional expenses of the Trust; 
 (iii) to assign, grant, transfer, pledge and convey
the Mortgage Loans pursuant to the Indenture and to hold, manage and distribute to the Certificateholders pursuant to Section 5.01 herein, any portion of the Mortgage Loans released from the Lien of, and remitted to the Trust pursuant to, the
Indenture; 
 (iv) to enter into and perform its obligations under the Basic Documents to which it is to be a party;

 (v) if directed by holders of Certificates representing more than 50% of the beneficial interests in the Trust, sell the
Owner Trust Estate subsequent to the discharge of the Indenture, all for the benefit of the Holders of the Certificates; 
 (vi) to cause the events in connection with a REMIC Conversion to be satisfied and a REMIC Conversion to occur, and any reasonable acts in furtherance of the foregoing; 
 (vii) to engage in those activities, including entering into agreements, that are necessary, suitable or convenient to accomplish the
foregoing or are incidental thereto or connected therewith; 
 (viii) to cause the requirements for a REMIC Conversion to be
satisfied and a REMIC Conversion to occur, and to engage in any other reasonable acts in furtherance of the foregoing, including the issuance of the Residual Certificates pursuant to Section 11.01 hereof, in each case following the occurrence
of a TMP Trigger Event as described in Article XI of the Indenture; and 
  

 7 

 (ix) subject to compliance with the Basic Documents, to engage in such other activities
as may be required in connection with conservation of the Owner Trust Estate and the making of distributions to the Certificateholders and the Noteholders. 
 The Trust is hereby authorized to engage in the foregoing activities. The Trust shall not engage in any activity other than in connection with the foregoing or other than as required or authorized by the terms of this
Trust Agreement or the other Basic Documents. 
 Section 2.04. Appointment of Owner Trustee. The Depositor hereby appoints the Owner
Trustee as trustee of the Trust effective as of the date hereof, to have all the rights, powers and duties set forth herein. 
 Section 2.05.
Initial Capital Contribution of Owner Trust Estate. The Depositor hereby sells, assigns, transfers, conveys and sets over to the Trust, as of the date hereof, the sum of $1. The Owner Trustee hereby acknowledges receipt in trust from the
Depositor, as of the date hereof, of the foregoing contribution, which shall constitute the initial corpus of the Trust and shall be deposited in the Certificate Distribution Account. The Owner Trustee also acknowledges on behalf of the Trust the
receipt in trust of the Mortgage Loans and the rights with respect to the representations and warranties made by the Seller under the Mortgage Loan Purchase Agreement and the Underlying Sellers under the related Sale Agreements which shall
constitute the Owner Trust Estate. 
 Section 2.06. Declaration of Trust. The Owner Trustee hereby declares that it shall hold the
Owner Trust Estate in trust upon and subject to the conditions set forth herein for the use and benefit of the Certificateholders, subject to the obligations of the Trust under the Basic Documents. It is the intention of the parties hereto that the
Trust constitute a “statutory trust” under the Statutory Trust Statute and that this Trust Agreement constitute the governing instrument of such statutory trust. It is the intention of the parties hereto that, for federal and state income
and state and local franchise tax purposes, (i) the Trust not be classified as (A) an association taxable as a corporation, (B) a publicly traded partnership or (C) a taxable mortgage pool, as long as, in the case of clause (C),
either (1) a single person owns for federal income tax purposes, directly or indirectly through one or more entities disregarded as entities separate from such person, a 100% interest in the Certificates and each Class of the Class X Notes and
Class B Notes, or (2) two or more persons own interests in the Certificates and Class of the Class X Notes and Class B Notes, but only if each such person’s percentage interest in the Certificates is identical to such person’s
percentage interest in each Class of the Class X Notes and Class B Notes, (ii) the Trust, as of the Closing Date and thereafter, be disregarded as an entity separate from a Single Owner (and if at any other time two or more Proportionate Owners
own interests in the Certificates for federal income tax purposes, be treated as a partnership), and (iii) the Senior Notes be characterized as indebtedness to a Holder other than a Single Owner. Except as otherwise provided in this Trust
Agreement, the rights of the Certificateholders will be those of equity owners of the Trust. Effective as of the date hereof, the Owner Trustee shall have all rights, powers and duties set forth herein and in the Statutory Trust Statute with respect
to accomplishing the purposes of the Trust. 
 Section 2.07. Liability of the Holders of the Certificates. The Holders of the
Certificates shall have the same limitation of personal liability as common stockholders in a corporation, 

  

 8 

 
under the Delaware General Corporation Law; provided, however, the Holders of the Certificates shall be liable for and shall promptly pay any entity level
taxes imposed on the Trust. 
 Section 2.08. Title to Trust Property. Legal title to the Owner Trust Estate shall be vested at all
times in the Trust as a separate legal entity except where applicable law in any jurisdiction requires title to any part of the Owner Trust Estate to be vested in a trustee or trustees, in which case title shall be deemed to be vested in the Owner
Trustee, a co-trustee and/or a separate trustee, as the case may be. 
 Section 2.09. Situs of Trust. The Trust will be located and
administered in Delaware, Maryland, Minnesota or New York. All bank accounts maintained by the Owner Trustee on behalf of the Trust shall be located in the Delaware, Maryland, Minnesota or New York. The Trust shall not have any employees in any
state other than Delaware; provided, however, that nothing herein shall restrict or prohibit the Owner Trustee from having employees within or without the State of Delaware or taking actions outside the State of Delaware in order to comply with
Section 2.03. Payments will be received by the Trust only in Delaware, Maryland, Minnesota or New York, and payments will be made by the Trust only from Delaware, Maryland, Minnesota or New York. The only office of the Trust maintained by the
Owner Trustee will be at the Corporate Trust Office in Delaware. 
 Section 2.10. Representations and Warranties of the Depositor. The
Depositor hereby represents and warrants to the Owner Trustee that: 
 (i) The Depositor is duly organized and validly
existing as a corporation in good standing under the laws of the State of Delaware, with power and authority to own its properties and to conduct its business as such properties are currently owned and such business is presently conducted.

 (ii) The Depositor is duly qualified to do business as a foreign corporation in good standing and has obtained all
necessary licenses and approvals in all jurisdictions in which the ownership or lease of its property or the conduct of its business shall require such qualifications and in which the failure to so qualify would have a material adverse effect on the
business, properties, assets or condition (financial or other) of the Depositor. 
 (iii) The Depositor has the power and
authority to execute and deliver this Trust Agreement and to carry out its terms; the Depositor has full power and authority to convey and assign the property to be conveyed and assigned to and deposited with the Trust as part of the Owner Trust
Estate and the Depositor has duly authorized such conveyance and assignment and deposit to the Trust by all necessary corporate action; and the execution, delivery and performance of this Trust Agreement have been duly authorized by the Depositor by
all necessary corporate action. 
 (iv) The consummation of the transactions contemplated by this Trust Agreement and the
fulfillment of the terms hereof do not conflict with, result in any breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time) a default under, the articles of incorporation or by-laws of the Depositor, or
any 

  

 9 

 
indenture, agreement or other instrument to which the Depositor is a party or by which it is bound; nor result in the creation or imposition of any Lien upon
any of its properties pursuant to the terms of any such indenture, agreement or other instrument (other than pursuant to the Basic Documents); nor violate any law or, to the best of the Depositor’s knowledge, any order, rule or regulation
applicable to the Depositor of any court or of any federal or state regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Depositor or its properties. 
 (v) The Trust is not required to register as an investment company under the Investment Company Act and is not under the control of a
Person required to so register. 
 Section 2.11. Investment Company. Neither the Depositor nor any holder of a Certificate shall take
any action which would cause the Trust to become an “investment company” which would be required to register under the Investment Company Act. 
  

 10 

 ARTICLE III 
 CONVEYANCE OF THE MORTGAGE LOANS; CERTIFICATES 
 Section 3.01. Initial Ownership. Upon the formation
of the Trust by the contribution by the Depositor pursuant to Section 2.01 of the Sale and Servicing Agreement and until the conveyance of the Mortgage Loans pursuant to Section 2.01 of the Sale and Servicing Agreement and the issuance of
the Certificates, and thereafter except as otherwise permitted hereunder, the Depositor shall be the sole Certificateholder. 
 Section 3.02.
The Certificates. The Certificates shall be issued in the form of one or more Certificates, each representing not less than a 10% Certificate Percentage Interest. The Certificates shall be executed on behalf of the Trust by manual or
facsimile signature of an authorized officer of the Owner Trustee and authenticated in the manner provided in Section 3.03. Certificates bearing the manual or facsimile signatures of individuals who were, at the time when such signatures shall
have been affixed, authorized to sign on behalf of the Trust, shall be validly issued and entitled to the benefit of this Trust Agreement, notwithstanding that such individuals or any of them shall have ceased to be so authorized prior to the
authentication and delivery of such Certificates or did not hold such offices at the date of authentication and delivery of such Certificates. A Person shall become a Certificateholder and shall be entitled to the rights and subject to the
obligations of a Certificateholder hereunder upon such Person’s acceptance of a Certificate duly registered in such Person’s name, pursuant to Section 3.05. 
 A transferee of a Certificate shall become a Certificateholder and shall be entitled to the rights and subject to the obligations of a Certificateholder
hereunder upon such transferee’s acceptance of a Certificate duly registered in such transferee’s name pursuant to and upon satisfaction of the conditions set forth in Section 3.03 
 Section 3.03. Authentication of Certificates. The Securities Administrator shall cause all Certificates issued hereunder to be executed,
authenticated and delivered to or upon the written order of the Depositor, signed by its chairman of the board, its president or any vice president, without further corporate action by the Depositor, in the authorized denomination. The Certificate
shall entitle its holder to any benefit under this Owner Trust Agreement or be valid for any purpose unless there shall appear on the Certificates a certificate of authentication substantially in the form set forth in Exhibit A, executed by the
Securities Administrator or by an authenticating agent of the Issuing Entity by manual signature; such authentication shall constitute conclusive evidence that the Certificate shall have been duly authenticated and delivered hereunder. The
Certificates shall be dated the date of its authentication. 
 (a) Registration of and Limitations on Transfer and Exchange of
Certificates. The Securities Administrator shall keep or cause to be kept, a Certificate Register in which, subject to such reasonable regulations as it may prescribe, the Securities Administrator shall provide for the registration of
Certificates and of transfers and exchanges of Certificates as herein provided. If the Securities Administrator resigns or is removed, the Depositor shall appoint a successor securities administrator. 
  

 11 

 Subject to satisfaction of the conditions set forth below with respect to the Certificate, upon surrender
for registration of transfer of any Certificate at the office or agency maintained pursuant to Section 3.07, the Owner Trustee and the Securities Administrator shall execute, authenticate and deliver in the name of the designated transferee or
transferees, one or more new Certificates in authorized denominations of a like aggregate amount dated the date of authentication by the Securities Administrator. At the option of a Holder, Certificates may be exchanged for other Certificates of
authorized denominations of a like aggregate amount upon surrender of the Certificates to be exchanged at the office or agency maintained pursuant to Section 3.07 
 Every Certificate presented or surrendered for registration of transfer or exchange shall be accompanied by a written instrument of transfer in form satisfactory to the Securities Administrator duly executed by the
Holder or such Holder’s attorney duly authorized in writing. Each Certificate surrendered for registration of transfer or exchange shall be cancelled and subsequently disposed of by the Securities Administrator in accordance with its customary
practice. 
 No service charge shall be made for any registration of transfer or exchange of Certificates, but the Owner Trustee or the
Securities Administrator may require payment of a sum sufficient to cover any tax or governmental charge that may be imposed in connection with any transfer or exchange of Certificates. 
 No Person shall become a Certificateholder until it shall establish its non-foreign status by submitting to the Securities Administrator an IRS Form W-9
and the Certificate of Non-Foreign Status set forth in Exhibit D hereto. 
 No transfer, sale, pledge or other disposition of a Certificate
shall be made unless such transfer, sale, pledge or other disposition is exempt from the registration requirements of the Securities Act and any applicable state securities laws or is made in accordance with said Act and laws. In the event of any
such transfer, the Securities Administrator or the Depositor shall prior to such transfer require the transferee to execute (A) either (i) an investment letter in substantially the form attached hereto as Exhibit C (or in such form and
substance reasonably satisfactory to the Securities Administrator and the Depositor) which investment letter shall not be an expense of the Trust, the Owner Trustee, the Master Servicer, the Securities Administrator, the Seller, any Servicer or the
Depositor and which investment letter states that, among other things, such transferee (a) is a “qualified institutional buyer” as defined under Rule 144A, acting for its own account or the accounts of other “qualified
institutional buyers” as defined under Rule 144A, and (b) is aware that the proposed transferor intends to rely on the exemption from registration requirements under the Securities Act of 1933, as amended, provided by Rule 144A or
(ii) (a) a written Opinion of Counsel acceptable to and in form and substance satisfactory to the Securities Administrator and the Depositor that such transfer may be made pursuant to an exemption, describing the applicable exemption and
the basis therefor, from said Act and laws or is being made pursuant to said Act and laws, which Opinion of Counsel shall not be an expense of the Trust, the Owner Trustee, the Master Servicer, the Securities Administrator, the Seller, any Servicer
or the Depositor and (b) the transferee executes a representation letter, substantially in the form of Exhibit E to the Agreement, and transferor executes a representation letter, substantially in the form of Exhibit F hereto, each acceptable
to and in form and substance 

  

 12 

 
satisfactory to the Securities Administrator and the Depositor certifying the facts surrounding such transfer, which representation letters shall not be an
expense of the Trust, the Owner Trustee, the Master Servicer, the Securities Administrator, the Seller, any Servicer or the Depositor and (B) the Certificate of Non-Foreign Status (in substantially the form attached hereto as Exhibit D)
acceptable to and in form and substance reasonably satisfactory to the Securities Administrator and the Depositor, which certificate shall not be an expense of the Trust, the Owner Trustee, the Master Servicer, the Securities Administrator, the
Seller, any Servicer or the Depositor. No certification will be required in connection with the initial transfer of any such Certificate by the Issuing Entity to the Depositor and by the Depositor to one of its Affiliates. The Holder of a
Certificate desiring to effect such transfer shall, and does hereby agree to, indemnify the Trust, the Owner Trustee, the Master Servicer, the Securities Administrator, the Seller, any Servicer and the Depositor against any liability that may result
if the transfer is not so exempt or is not made in accordance with such federal and state laws. 
 No transfer of Certificates or any
interest therein shall be made to any Person unless the Depositor, the Owner Trustee and the Securities Administrator are provided with an Opinion of Counsel which establishes to the satisfaction of the Depositor, the Owner Trustee, the Securities
Administrator, the Seller, any Servicer and the Master Servicer that the purchase of Certificates is permissible under applicable law, will not constitute or result in any prohibited transaction under ERISA or Section 4975 of the Code and will
not subject the Depositor, the Owner Trustee, the Securities Administrator, the Seller, any Servicer or the Master Servicer to any obligation or liability (including obligations or liabilities under ERISA or Section 4975 of the Code) in
addition to those undertaken in this Agreement, which Opinion of Counsel shall not be an expense of the Depositor, the Owner Trustee, the Securities Administrator, the Seller, any Servicer or the Master Servicer. In lieu of such Opinion of Counsel,
a Person acquiring such Certificates may provide a certification in the form of Exhibit G to this Agreement, which the Depositor, the Owner Trustee, the Securities Administrator, the Seller, any Servicer and the Master Servicer may rely upon without
further inquiry or investigation. Neither an Opinion of Counsel nor a certification will be required in connection with the initial transfer of any such Certificate from the Issuing Entity to the Depositor, or by the Depositor to an Affiliate of the
Depositor (in which case, the Depositor and such Affiliate, as applicable, shall be deemed to have represented that such party is not a Plan or a Person investing Plan Assets of any Plan). 
 No transfer, sale, pledge or other disposition of a Certificate (other than a Residual Certificate) shall be made, and the Securities Administrator shall
refuse to register any such transfer, sale, pledge or other disposition, unless and until the proposed transferor shall have delivered to the Owner Trustee, the Securities Administrator and the Indenture Trustee a certificate substantially in the
form of Exhibit F hereto certifying (i) that, following such transfer, the proposed transferee will either be (a) a Single Owner or (b) a Proportionate Owner, or (ii) that such transfer either (A) will not cause a TMP Trigger Event or (B)
will cause a TMP Trigger Event, 

  

 13 

 
in each case, as evidenced by an opinion of nationally recognized tax counsel addressed and provided to the Securities Administrator, the Owner Trustee and
the Indenture Trustee (at the expense of the proposed transferor or proposed transferee), and in the case of clause (ii)(B), the REMIC Conversion associated with such TMP Trigger Event (and all conditions precedent thereto, including the
contribution to the Trust or provisions for payment to various parties of certain additional funds by such proposed transferor or proposed transferee pursuant to Section 11.01 hereof), as described in Section 11.01 hereof and Article IX of
the Indenture, shall have been consummated. Notwithstanding the foregoing, a Certificate may be pledged to secure indebtedness and may be the subject of repurchase agreements treated by the Issuing Entity as secured indebtedness for federal tax
purposes, provided that, for the avoidance of doubt, none of the Certificates (other than a Residual Certificate) may be transferred by the related lender or repurchase agreement counterparty under any such indebtedness or repurchase agreement, as
applicable, except in accordance with the foregoing. The provisions of this paragraph shall not apply to the initial transfer of the Certificates to the Depositor (or an affiliate thereof). 
 Following the REMIC Conversion, each Holder of a Certificate shall consent and agree to any additional restrictions on the ability to transfer, pledge,
sell or otherwise dispose of such Certificate that may be imposed on such Holder by amendment of this Trust Agreement by the parties hereto to ensure that any such transfer will not result in the imposition of tax on any REMIC created in connection
with such REMIC Conversion or adversely affect such REMIC, including, but not limited to, a restriction on transfers of such Certificate to “disqualified organizations” within the meaning of Section 860E of the Code or to foreign
Persons. 
 Section 3.04. Mutilated, Destroyed, Lost or Stolen Certificates. If (a) any mutilated Certificate shall be
surrendered to the Securities Administrator, or if the Securities Administrator shall receive evidence to its satisfaction of the destruction, loss or theft of any Certificate and (b) there shall be delivered to the Securities Administrator and
the Owner Trustee such security or indemnity as may be required by them to save each of them harmless, then in the absence of notice to the Securities Administrator or the Owner Trustee that such Certificate has been acquired by a protected
purchaser, the Owner Trustee shall execute on behalf of the Trust and the Owner Trustee or the Securities Administrator, shall authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Certificate, a new
Certificate of like tenor and denomination. In connection with the issuance of any new Certificate under this Section 3.04, the Owner Trustee or the Securities Administrator may require the payment of a sum sufficient to cover any expenses of
the Owner Trustee or the Securities Administrator (including fees and expenses of counsel) and any tax or other governmental charge that may be imposed in connection therewith. Any duplicate Certificate issued pursuant to this Section 3.04
shall constitute conclusive evidence of ownership in the Trust, as if originally issued, whether or not the lost, stolen or destroyed Certificate shall be found at any time. 
 Section 3.05. Persons Deemed Certificateholders. Prior to due presentation of a Certificate for registration of transfer, the Owner Trustee or any
Securities Administrator may treat the Person in whose name any Certificate is registered in the Certificate Register as the owner of such Certificate for the purpose of receiving distributions pursuant to Section 5.02 and for all other
purposes whatsoever, and none of the Trust, the Owner Trustee or the Securities Administrator shall be bound by any notice to the contrary. 
 Section 3.06. Access to List of Certificateholders’ Names and Addresses. The Securities Administrator shall furnish or cause to be furnished to the Depositor or the Owner Trustee, 

  

 14 

 
within 15 days after receipt by the Securities Administrator of a written request therefor from the Depositor or the Owner Trustee, a list, in such form as
the Depositor or the Owner Trustee, as the case may be, may reasonably require, of the names and addresses of the Certificateholders as of the most recent Record Date. Each Holder, by receiving and holding a Certificate, shall be deemed to have
agreed not to hold any of the Trust, the Depositor or the Securities Administrator accountable by reason of the disclosure of its name and address, regardless of the source from which such information was derived. 
 Section 3.07. Maintenance of Office or Agency. The Trust shall maintain an office or offices or agency or agencies where Certificates may be
surrendered for registration of transfer or exchange and where notices and demands to or upon the Trust in respect of the Certificates and the Basic Documents may be delivered. The Trust initially designates the Corporate Trust Office of the
Securities Administrator as its office for purposes of delivery of notices. The Securities Administrator shall give prompt written notice to the Depositor, the Certificateholders of any change in the location of the Certificate Register or any such
office or agency. 
 Section 3.08. Securities Administrator. (a) The Securities Administrator shall make distributions to
Certificateholders from the Certificate Distribution Account on behalf of the Trust in accordance with the provisions of the Certificates and Section 5.01 hereof from payments remitted to the Securities Administrator pursuant to
Section 3.03 of the Indenture. The Trust hereby appoints the Securities Administrator and the Securities Administrator hereby accepts such appointment and further agrees that it will be bound by the provisions of this Trust Agreement relating
to the Securities Administrator and shall: 
 (i) hold all sums held by it for the payment of amounts due with respect to the
Certificates in trust for the benefit of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided; 
 (ii) give the Owner Trustee notice of any default by the Trust of which a Responsible Officer of the Securities Administrator has actual
knowledge in the making of any payment required to be made with respect to the Certificates; 
 (iii) at any time during the
continuance of any such default, upon the written request of the Owner Trustee forthwith pay to the Owner Trustee on behalf of the Trust all sums so held in Trust by such Securities Administrator ; 
 (iv) not resign from its position as Securities Administrator except that it shall immediately resign as Securities Administrator and
forthwith pay to the Owner Trustee on behalf of the Trust all sums held by it in trust for the payment of Certificates if at any time it ceases to meet the standards under this Section 3.08 required to be met by the Securities Administrator at
the time of its appointment; 
 (v) comply with all requirements of the Code with respect to the withholding from any
payments made by it on any Certificates of any applicable withholding taxes imposed thereon and with respect to any applicable reporting requirements in connection therewith; and 
  

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 (vi) not institute bankruptcy proceedings against the Issuing Entity in connection with
this Trust Agreement. 
 (b) The Trust may revoke such power and remove the Securities Administrator if it determines in its sole discretion
that the Securities Administrator shall have failed to perform its obligations under this Trust Agreement in any material respect. In the event that Wells Fargo Bank, N.A. shall no longer be the Securities Administrator under this Trust Agreement
and under the Indenture, the Owner Trustee shall appoint a successor to act as Securities Administrator (which shall be a bank or trust company) and which shall also be the successor securities administrator under the Indenture. The Owner Trustee
shall cause such successor securities administrator or any additional Securities Administrator appointed by the Owner Trustee to execute and deliver to the Owner Trustee an instrument to the effect set forth in Section 3.08(a) as it relates to
the Securities Administrator . The Securities Administrator shall return all unclaimed funds to the Trust and upon removal of a Securities Administrator such Securities Administrator shall also return all funds in its possession to the Trust. The
provisions of Sections 6.01, 6.04, 6.05, 6.06, 6.07, 6.08 and 7.01 shall apply to the Securities Administrator to the same extent applicable to the Owner Trustee except where the context requires otherwise. Any reference in this Agreement to the
Securities Administrator shall include any co-paying agent unless the context requires otherwise. 
 (c) The Securities Administrator shall
establish and maintain with itself a trust account (the “Certificate Distribution Account”) in which the Securities Administrator shall deposit each remittance received by it with respect to payments made pursuant to the Indenture. The
Securities Administrator shall make all distributions to Certificates, from moneys on deposit in the Certificate Distribution Account, in accordance with Section 5.01 hereof. The funds in the Certificate Distribution Account shall be held
uninvested. 
  

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 ARTICLE IV 
 AUTHORITY AND DUTIES OF OWNER TRUSTEE 
 Section 4.01. General Authority. The Owner Trustee is
authorized and directed to execute and deliver the Basic Documents to which the Trust is to be a party and each certificate or other document attached as an exhibit to or contemplated by the Basic Documents to which the Trust is to be a party and
any amendment or other agreement or instrument described herein, as evidenced conclusively by the Owner Trustee’s execution thereof. In addition to the foregoing, the Owner Trustee is authorized, but shall not be obligated, to take all actions
required of the Trust pursuant to the Basic Documents. 
 Section 4.02. General Duties. It shall be the duty of the Owner Trustee to
discharge (or cause to be discharged) all of its responsibilities pursuant to the terms of this Trust Agreement and the other Basic Documents to which the Trust is a party and to administer the Trust in the interest of the Certificateholders, in
accordance with the provisions of this Trust Agreement and subject to the other Basic Documents. 
 Section 4.03. Action upon
Instruction. (a) Subject to Article IV and in accordance with the terms of the other Basic Documents, the Certificateholders may by written instruction direct the Owner Trustee in the management of the Trust. Such direction may be exercised
at any time by written instruction of the Certificateholders pursuant to Article IV. 
 (b) Notwithstanding the foregoing, the Owner Trustee
shall not be required to take any action hereunder or under any Basic Document if the Owner Trustee shall have reasonably determined, or shall have been advised by counsel, that such action is likely to result in liability on the part of the Owner
Trustee or is contrary to the terms hereof or of any Basic Document or is otherwise contrary to law. 
 (c) Whenever the Owner Trustee is
required to decide between alternative courses of action permitted or required by the terms of this Trust Agreement or under any Basic Document, or in the event that the Owner Trustee is unsure as to the application of any provision of this Trust
Agreement or any Basic Document or any such provision is ambiguous as to its application, or is, or appears to be, in conflict with any other applicable provision, or in the event that this Trust Agreement permits any determination by the Owner
Trustee or is silent or is incomplete as to the course of action that the Owner Trustee is required to take with respect to a particular set of facts, the Owner Trustee shall promptly give notice (in such form as shall be appropriate under the
circumstances) to the Certificateholders requesting instruction as to the course of action to be adopted, and to the extent the Owner Trustee acts in good faith in accordance with any written instruction of the Certificateholders, the Owner Trustee
shall not be liable on account of such action to any Person. If the Owner Trustee shall not have received appropriate instruction within 10 days of such notice (or within such shorter period of time as reasonably may be specified in such notice or
may be necessary under the circumstances) it may, but shall be under no duty to, take or refrain from taking such action not inconsistent with this Trust Agreement or the other Basic Documents, as it shall deem to be in the best interests of the

  

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Certificateholders, and the Owner Trustee shall have no liability to any Person for such action or inaction. 
 Section 4.04. No Duties Except as Specified under Specified Documents or in Instructions. The Owner Trustee shall not have any duty or obligation
to manage, make any payment with respect to, register, record, sell, dispose of, or otherwise deal with the Owner Trust Estate, or to otherwise take or refrain from taking any action under, or in connection with, any document contemplated hereby to
which the Owner Trustee is a party, except as expressly provided (i) in accordance with the powers granted to and the authority conferred upon the Owner Trustee pursuant to this Trust Agreement, (ii) in accordance with the other Basic
Documents and (iii) in accordance with any document or instruction delivered to the Owner Trustee pursuant to Section 4.03; and no implied duties or obligations shall be read into this Trust Agreement or any Basic Document against the
Owner Trustee. The Owner Trustee shall have no responsibility for filing any financing or continuation statement in any public office at anytime or to otherwise perfect or maintain the perfection of any security interest or lien granted to it
hereunder or to prepare or file any Securities and Exchange Commission filing for the Trust or to record this Trust Agreement or any Basic Document. The Owner Trustee nevertheless agrees that it will, at its own cost and expense, promptly take all
action as may be necessary to discharge any liens on any part of the Owner Trust Estate that result from actions by, or claims against, the Owner Trustee that are not related to the ownership or the administration of the Owner Trust Estate.

 Section 4.05. Restrictions. (a) The Owner Trustee or the Depositor (or an Affiliate thereof) shall not take any action
(x) that is inconsistent with the purposes of the Trust set forth in Section 2.03, or (y) that, to the actual knowledge of the Owner Trustee based on an Opinion of Counsel rendered by a law firm generally recognized to be qualified to
opine concerning the tax aspects of asset securitization, (1) prior to the REMIC Conversion, would result in the Trust becoming a taxable mortgage pool for federal income tax purposes or failing to maintain its status as a disregarded entity
(or a partnership) for federal income tax purposes, and (2) may adversely affect any REMIC created in connection with a REMIC Conversion. The Certificateholders shall not direct the Owner Trustee to take action that would violate the provisions
of this Section 4.05. 
 (b) The Owner Trustee shall not convey or transfer any of the Trust’s properties or assets, including
those included in the Owner Trust Estate, to any person unless (i)(a) it shall have received an Opinion of Counsel rendered by a law firm generally recognized to be qualified to opine concerning the tax aspects of asset securitization to the effect
that such transaction will not have any material adverse tax consequence to the Trust or any Certificateholder and (b) such conveyance or transfer shall not violate the provisions of Section 3.13b) of the Indenture or (ii) such
conveyance or transfer is made in connection with a REMIC Conversion as set forth in this Trust Agreement and Article XI of the Indenture. Notwithstanding the foregoing, the Owner Trustee shall permit the Issuing Entity to undertake any of the
activities contemplated herein in connection with a REMIC Conversion, as described in Section 11.01 herein. 
 Section 4.06. Prior
Notice to Certificateholders with Respect to Certain Matters. With respect to the following matters, the Owner Trustee shall not take action unless at least 30 days before the taking of such action, the Owner Trustee shall have notified the
Certificateholders in 

  

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writing of the proposed action and the Certificateholders shall not have notified the Owner Trustee in writing prior to the 30th day after such notice is
given that such Certificateholders have withheld consent or provided alternative direction: 
 (a) the initiation of any claim or lawsuit by
the Trust (except claims or lawsuits brought in connection with the collection of cash distributions due and owing under the Mortgage Loans) and the compromise of any action, claim or lawsuit brought by or against the Trust (except with respect to
the aforementioned claims or lawsuits for collection of cash distributions due and owing under the Mortgage Loans); 
 (b) the election by
the Trust to file an amendment to the Certificate of Trust (unless such amendment is required to be filed under the Statutory Trust Statute); 
 (c) the amendment of the Indenture by a supplemental indenture in circumstances where the consent of any Noteholder is required; 
 (d) the amendment of the Indenture by a supplemental indenture in circumstances where the consent of any Noteholder is not required and such amendment materially adversely affects the interest of the Certificateholders; and 
 (e) the appointment pursuant to the Indenture of a successor securities administrator or indenture trustee or pursuant to this Trust Agreement of a
successor securities administrator or the consent to the assignment by the Securities Administrator or Indenture Trustee of its obligations under the Indenture or this Trust Agreement, as applicable. 
 Section 4.07. Action by Certificateholders with Respect to Certain Matters. The Owner Trustee shall not have the power, except upon the direction
of the Certificateholders to, except as expressly provided in the Basic Documents, sell the Mortgage Loans after the termination of the Indenture. The Owner Trustee shall take the actions referred to in the preceding sentence only upon written
instructions signed by the Certificateholders. 
 Section 4.08. Action by Certificateholders with Respect to Bankruptcy. The Owner
Trustee shall not have the power to commence a voluntary proceeding in bankruptcy relating to the Trust without the unanimous prior approval of all Certificateholders and the consent of the Owner Trustee and the delivery to the Owner Trustee by each
such Certificateholder of a certificate certifying that such Certificateholder reasonably believes that the Trust is insolvent. This paragraph shall survive for one year following termination of this Trust Agreement. 
 Section 4.09. Restrictions on Certificateholders’ Power. The Certificateholders shall not direct the Owner Trustee to take or to refrain from
taking any action if such action or inaction would be contrary to any obligation of the Trust or the Owner Trustee under this Trust Agreement or any of the other Basic Documents or would be contrary to Section 2.03, nor shall the Owner Trustee
be obligated to follow any such direction, if given. 
 Section 4.10. Majority Control. Except as expressly provided herein, any
action that may be taken by the Certificateholders under this Trust Agreement may be taken by the Holders of Certificates evidencing not less than a majority Percentage Interest of the Certificates. Except as expressly provided herein, any written
notice of the Certificateholders delivered pursuant to 

  

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this Trust Agreement shall be effective if signed by Holders of Certificates evidencing not less than a majority Percentage Interest of the Certificates at
the time of the delivery of such notice. 
 Section 4.11. Optional Redemption. Upon receipt of written instructions provided to the
Securities Administrator by the Majority Certificateholder, the Issuing Entity shall redeem the Notes in accordance with Section 8.07 of the Indenture and the Securities Administrator shall provide all necessary notices on behalf of the Issuing
Entity to effect the foregoing, provided that such Holder shall deposit with the Securities Administrator an amount equal to the aggregate redemption price specified under Section 8.07 of the Indenture. The Issuing Entity shall not have the
power to exercise the right to redeem the Notes pursuant to Section 8.07 of the Indenture, except as provided above. Upon redemption of the Notes by the Issuing Entity as a result of the purchase of such Notes by the Certificateholder pursuant
to Section 8.07 of the Indenture, as applicable, the Owner Trustee shall cause the release of the related Mortgage Loans from the Trust Estate to the Certificateholder. 
 Section 4.12. Optional Purchase of Certain Mortgage Loans. The Certificateholder will have the option to purchase, at any one time, up to 1.00%
(and in any case, at least five (5) Mortgage Loans) of the Mortgage Loans, by aggregate Scheduled Principal Balance of the Mortgage Loans as of such date, at a purchase price equal to the Repurchase Price. The Mortgage Loans that may be
purchased by the Certificateholder pursuant to this paragraph will be selected by the Certificateholder in its sole discretion. If at any time the Certificateholder exercises such option, it shall immediately notify or cause to be notified the
Indenture Trustee and the related Custodian by a certification in the form of Exhibit B (which certification shall include a statement to the effect that all amounts required to be deposited in the Protected Account pursuant to Section 3.05
have been or will be so deposited) of an Officer of the Certificateholder and shall request delivery to it of the Mortgage File. Upon receipt of such certification and request, the related Custodian on behalf of the Indenture Trustee shall promptly
release the related Mortgage Files to the Certificateholder. Notwithstanding the foregoing, following a REMIC Conversion, the aforementioned optional repurchase right will terminate. 
  

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 ARTICLE V 
 APPLICATION OF TRUST FUNDS 
 Section 5.01. Distributions. (a) On each Payment Date, the
Securities Administrator shall in accordance with the directions given pursuant to the Indenture or REMIC Class A Indenture, as applicable, distribute to the Certificateholders, on a pro rata basis, based on the Certificate Percentage Interests
thereof, or in such other manner as directed in the REMIC Class A Indenture or this Trust Agreement, in the case of the Residual Certificates, all funds on deposit in the Certificate Distribution Account and available therefor (as provided in
Section 3.03 of the Indenture or REMIC Class A Indenture, as applicable) for such Payment Date as reduced by any amount owing to the Owner Trustee hereunder and any Expenses of the Trust remaining unpaid. 
 (b) In the event that any withholding tax is imposed on the distributions (or allocations of income) to a Certificateholder, such tax shall reduce the
amount otherwise distributable to the Certificateholder in accordance with this Section 5.01. The Securities Administrator is hereby authorized and directed to retain or cause to be retained from amounts otherwise distributable to the
Certificateholders sufficient funds for the payment of any tax that is legally owed by the Trust (but such authorization shall not prevent the Owner Trustee from contesting any such tax in appropriate proceedings, and withholding payment of such
tax, if permitted by law, pending the outcome of such proceedings). The amount of any withholding tax imposed with respect to a Certificateholder shall be treated as cash distributed to such Certificateholder at the time it is withheld by the
Securities Administrator and remitted to the appropriate taxing authority. If there is a possibility that withholding tax is payable with respect to a distribution, the Securities Administrator may in its sole discretion withhold such amounts in
accordance with this paragraph (b). 
 (c) Distributions to Certificateholders shall be subordinated to the creditors of the Trust, including
the Noteholders or holders of REMIC Class A Notes, as applicable. 
 Section 5.02. Method of Payment. Subject to
Section 8.01(c), distributions required to be made to Certificateholders on any Payment Date as provided in Section 5.01 shall be made to each Certificateholder of record on the preceding Record Date by wire transfer, in immediately
available funds, to the account of such Holder at a bank or other entity having appropriate facilities therefor, if such Certificateholder shall have provided to the Securities Administrator appropriate written instructions at least five Business
Days prior to such Payment Date or, if not, by check mailed to such Certificateholder at the address of such Holder appearing in the Certificate Register. 
 Section 5.03. Tax Returns. The Securities Administrator shall (a) maintain (or cause to be maintained) the books of the Trust on a calendar year basis using the accrual method of accounting,
(b) deliver to the Securities Administrator to be forwarded to each Certificateholder as may be required by the Code and applicable Treasury regulations, such information as may be required to enable each Certificateholder to prepare its
federal and state income tax returns, (c) prepare and file or cause to be prepared and filed such tax returns relating to the Trust as may be required by the Code and applicable Treasury regulations (making such elections as may from time to
time be required or appropriate under any applicable state or federal statutes, rules or 

  

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regulations) and (d) collect or cause to be collected any withholding tax as described in and in accordance with Section 5.01 of this Trust
Agreement with respect to income or distributions to Certificateholders and prepare or cause to be prepared the appropriate forms relating thereto; provided, however, that (except as provided in the following paragraph) the Securities Administrator
shall not be required to prepare and file corporation tax returns or partnership tax returns or any other tax returns on behalf of the Issuing Entity or do any additional tax work caused by any change in the tax treatment of the Notes or Trust from
the treatment contemplated hereunder on the Closing Date unless the Securities Administrator receives (i) an Opinion of Counsel reasonably satisfactory to it (which shall not be at the Securities Administrator’s expense, but shall be at
the expense of the Depositor or other party furnishing such opinion) as to the necessity of such filings or work, and (ii) reasonable additional compensation for the preparation and filing of such additional returns or any such additional tax
work. The Issuing Entity hereby grants permission to the Securities Administrator to sign, to the extent permitted by law, all tax and information returns prepared or caused to be prepared by the Securities Administrator pursuant to this
Section 5.03 at the request of the Securities Administrator, and in doing so, the Owner Trustee and the Certificateholders shall rely entirely upon, and shall have no liability for information or calculations provided by, the Securities
Administrator. 
 Subsequent to a REMIC Conversion, the Securities Administrator shall prepare and file, or cause to be prepared and filed,
in a timely manner, with the Internal Revenue Service and applicable state or local tax authorities, a U.S. Real Estate Mortgage Investment Conduit Income Tax Return (Form 1066 or any successor form adopted by the Internal Revenue Service), and
other income tax or information returns for each taxable year with respect to any REMIC created in connection with such REMIC Conversion or with respect to the Trust, in each case, containing such information and in the manner as may be required by
the Code or state or local tax laws, regulations or rules, and shall furnish, or cause to be furnished, to the Holders of the Certificates or REMIC Securities the schedules, statements or information required by such Holders for tax reporting
purposes at such times and in such manner as may be required by the Code or state or local tax laws, regulations or rules. In addition, subsequent to a REMIC Conversion, the Securities Administrator shall perform the other duties relating to the tax
matters of the Trust and each REMIC created in connection with such REMIC Conversion as may be specified in the REMIC Class A Indenture, and the Owner Trustee shall cooperate and furnish upon the request of the Securities Administrator any
records, information and materials in its possession relating to the Trust and each such REMIC as may be necessary for the Securities Administrator to prepare the aforementioned returns, schedules and statements required to be furnished to the
taxing authorities or Holders of the Certificates or REMIC Securities with respect to the Trust and each such REMIC and to perform such other tax duties. 
 Section 5.04. Statements to Certificateholders. On each Payment Date, the Securities Administrator shall make available to each Certificateholder the statement or statements provided to the Owner Trustee by the
Securities Administrator pursuant to Section 7.04 of the Indenture with respect to such Payment Date. 
  

 22 

 ARTICLE VI 
 CONCERNING THE OWNER TRUSTEE 
 Section 6.01. Acceptance of Trusts and Duties. The Owner Trustee
accepts the trusts hereby created and agrees to perform its duties hereunder with respect to such trusts but only upon the terms of this Trust Agreement. The Owner Trustee and the Securities Administrator also agree to disburse all moneys actually
received by each of them constituting part of the Owner Trust Estate upon the terms of this Trust Agreement and the other Basic Documents. The Owner Trustee shall not be answerable or accountable hereunder or under any Basic Document under any
circumstances, except (i) for its own willful misconduct, gross negligence or bad faith or grossly negligent failure to act or (ii) in the case of the inaccuracy of any representation or warranty contained in Section 6.03 expressly
made by the Owner Trustee. In particular, but not by way of limitation (and subject to the exceptions set forth in the preceding sentence): 
 (a) The Owner Trustee shall not be liable with respect to any action taken or omitted to be taken by it in accordance with the instructions of the Certificateholders or any other Person permitted under this Trust Agreement; 
 (b) No provision of this Trust Agreement or any Basic Document shall require the Owner Trustee to expend or risk funds or otherwise incur any financial
liability in the performance of any of its rights, duties or powers hereunder or under any Basic Document if the Owner Trustee shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or
liability is not reasonably assured or provided to it; 
 (c) Under no circumstances shall the Owner Trustee be liable for indebtedness
evidenced by or arising under any of the Basic Documents, including the principal of and interest on the Notes; 
 (d) The Owner Trustee
shall not be responsible for or in respect of the validity or sufficiency of this Trust Agreement or for the due execution hereof by the Depositor or any other Person or for the form, character, genuineness, sufficiency, value or validity of any of
the Owner Trust Estate, or for or in respect of the validity or sufficiency of the Basic Documents, the Notes, the Certificates and the Owner Trustee shall in no event assume or incur any liability, duty, or obligation to any Noteholder or to any
Certificateholder, other than as expressly provided for herein or expressly agreed to in the other Basic Documents; 
 (e) The execution,
delivery, authentication and performance by it of this Trust Agreement will not require the authorization, consent or approval of, the giving of notice to, the filing or registration with, or the taking of any other action with respect to, any
governmental authority or agency; 
 (f) The Owner Trustee shall not be liable for the default or misconduct of the Depositor, Indenture
Trustee, Securities Administrator or the Master Servicer under any of the Basic Documents or otherwise and the Owner Trustee shall have no obligation or liability to perform the obligations of the Trust or the Owner Trustee under this Trust
Agreement or the 

  

 23 

 
other Basic Documents that are required to be performed by the Depositor, Indenture Trustee, Securities Administrator or the Master Servicer under any of the
Basic Documents or otherwise. 
 (g) The Owner Trustee shall be under no obligation to exercise any of the rights or powers vested in it or
duties imposed by this Trust Agreement, or to institute, conduct or defend any litigation under this Trust Agreement or otherwise or in relation to this Trust Agreement or any Basic Document, at the request, order or direction of any of the
Certificateholders, unless such Certificateholders have offered to the Owner Trustee security or indemnity satisfactory to it against the costs, expenses and liabilities that may be incurred by the Owner Trustee therein or thereby. The right of the
Owner Trustee to perform any discretionary act enumerated in this Trust Agreement or in any Basic Document shall not be construed as a duty, and the Owner Trustee shall not be answerable for other than its gross negligence or willful misconduct in
the performance of any such act. 
 (h) In no event shall the Owner Trustee be liable for any damages in the nature of special, indirect or
consequential damages, however styled, including, without limitation, lost profits, or for any losses due to forces beyond the control of the Owner Trustee, including, without limitation, strikes, work stoppages, acts of war or terrorism,
insurrection, revolution, nuclear or natural catastrophes or acts of God and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services provided to the Owner Trustee by third parties. 
 Section 6.02. Furnishing of Documents. The Owner Trustee shall furnish to the Securityholders promptly upon receipt of a written reasonable
request therefor, duplicates or copies of all reports, notices, requests, demands, certificates, financial statements and any other instruments furnished to the Trust under the Basic Documents. 
 Section 6.03. Representations and Warranties. The Owner Trustee hereby represents and warrants to the Depositor, for the benefit of the
Certificateholders, that: 
 (a) It is a Delaware banking corporation duly organized and validly existing in good standing under the federal
laws of the United States. It has all requisite corporate power and authority to execute, deliver and perform its obligations under this Trust Agreement; 
 (b) It has taken all corporate action necessary to authorize the execution and delivery by it of this Trust Agreement, and this Trust Agreement will be executed and delivered by one of its officers who is duly
authorized to execute and deliver this Trust Agreement on its behalf; 
 (c) Neither the execution nor the delivery by it of this Trust
Agreement, nor the consummation by it of the transactions contemplated hereby nor compliance by it with any of the terms or provisions hereof will contravene any federal or Delaware law, governmental rule or regulation governing the banking or trust
powers of the Owner Trustee or any judgment or order binding on it, or constitute any default under its charter documents or bylaws or any indenture, mortgage, contract, agreement or instrument to which it is a party or by which any of its
properties may be bound; 
 (d) This Trust Agreement assuming due authorization, execution and delivery by the Owner Trustee and the
Depositor, constitutes a valid, legal and binding obligation of the Owner 

  

 24 

 
Trustee, enforceable against it in accordance with the terms hereof subject to applicable bankruptcy, insolvency, reorganization, moratorium and other laws
affecting the enforcement of creditors’ rights generally and to general principles of equity, regardless of whether such enforcement is considered in a proceeding in equity or at law; 
 (e) The Owner Trustee 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, which default might have consequences that would materially and adversely affect the condition (financial or other) or operations of the Owner Trustee or its properties or might have consequences that would
materially adversely affect its performance hereunder; and 
 (f) No litigation is pending or, to the best of the Owner Trustee’s
knowledge, threatened against the Owner Trustee which would prohibit its entering into this Trust Agreement or performing its obligations under this Trust Agreement. 
 Section 6.04. Reliance; Advice of Counsel. (a) The Owner Trustee shall incur no liability to anyone in acting upon any signature, instrument, notice, resolution, request, consent, order, certificate,
report, opinion, note, or other document or paper believed by it to be genuine and believed by it to be signed by the proper party or parties. The Owner Trustee may accept a certified copy of a resolution of the board of directors or other governing
body of any corporate party as conclusive evidence that such resolution has been duly adopted by such body and that the same is in full force and effect. As to any fact or matter the method of determination of which is not specifically prescribed
herein, the Owner Trustee may for all purposes hereof rely on a certificate, signed by the president or any vice president or by the treasurer or other authorized officers of the relevant party, as to such fact or matter and such certificate shall
constitute full protection to the Owner Trustee for any action taken or omitted to be taken by it in good faith in reliance thereon. 
 (b)
In the exercise or administration of the Trust hereunder and in the performance of its duties and obligations under this Trust Agreement or the other Basic Documents, the Owner Trustee (i) may act directly or through its agents, attorneys,
custodians or nominees (including persons acting under a power of attorney) pursuant to agreements entered into with any of them, and the Owner Trustee shall not be liable for the conduct or misconduct of such agents, attorneys, custodians or
nominees (including persons acting under a power of attorney) if such persons have been selected by the Owner Trustee with reasonable care, and (ii) may consult with counsel, accountants and other skilled persons to be selected with reasonable
care and employed by it. The Owner Trustee shall not be liable for anything done, suffered or omitted in good faith by it in accordance with the opinion or advice of any such counsel, accountants or other such Persons and not contrary to this Trust
Agreement or any Basic Document. 
  

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 Section 6.05. Not Acting in Individual Capacity. Except as provided in this Article VI, in
accepting the trusts hereby created Wilmington Trust Company acts solely as Owner Trustee hereunder and not in its individual capacity, and all Persons having any claim against the Owner Trustee by reason of the transactions contemplated by this
Trust Agreement or any Basic Document shall look only to the Owner Trust Estate for payment or satisfaction thereof. 
 Section 6.06. Owner Trustee Not Liable for Certificates or Related Documents. The recitals
contained herein and in the Certificates (other than the signatures of the Owner Trustee on the Certificates) shall be taken as the statements of the Depositor, and the Owner Trustee assumes no responsibility for the correctness thereof. The Owner
Trustee makes no representations as to the validity or sufficiency of this Trust Agreement, of any Basic Document or of the Certificates (other than the signatures of the Owner Trustee on the Certificates) or the Notes, or of any Related Documents,
or of MERS or the MERS® System. The Owner Trustee shall at no time have any responsibility or liability with respect to the sufficiency of the Owner Trust Estate or its ability to generate
the payments to be distributed to Certificateholders under this Trust Agreement or the Noteholders under the Indenture, including compliance by the Depositor or the Seller with any warranty or representation made under any Basic Document or in any
related document or the accuracy of any such warranty or representation, or any action of the Indenture Trustee or the Securities Administrator taken in the name of the Owner Trustee. 
 Section 6.07. Owner Trustee May Own Certificates and Notes. The Owner Trustee in its individual or any other capacity may, subject to
Section 3.05, become the owner or pledgee of Certificates or Notes and may deal with the Depositor, the Seller, the Securities Administrator and the Indenture Trustee in transactions with the same rights as it would have if it were not Owner
Trustee. 
 Section 6.08. Payments from Owner Trust Estate. All payments to be made by the Owner Trustee under this Trust Agreement or
any of the other Basic Documents to which the Owner Trustee is a party shall be made only from the income and proceeds of the Owner Trust Estate or from other amounts required to be provided by the Certificateholders and only to the extent that the
Owner Trust shall have received income or proceeds from the Owner Trust Estate or the Certificateholders to make such payments in accordance with the terms hereof. Wilmington Trust Company, in its individual capacity, shall not be liable for any
amounts payable under this Trust Agreement or any of the other Basic Documents to which the Owner Trustee is a party. 
 Section 6.09.
[RESERVED]. 
 Section 6.10. Liability of Securities Administrator. All provisions affording protection or rights to or limiting the
liability of the Owner Trustee, including the provisions of this Agreement permitting the Owner Trustee to resign, merge or consolidate, shall inure as well to the Securities Administrator. 
  

 26 

 ARTICLE VII 
 COMPENSATION OF OWNER TRUSTEE 
 Section 7.01. Owner Trustee’s Fees and Expenses. The Owner
Trustee shall receive from the Master Servicer as compensation for its services hereunder such fees as have been separately agreed upon by the Owner Trustee and the Seller before the date hereof. In the event that the Master Servicer fails to pay
such fees on any Payment Date, the Owner Trustee shall be entitled to such fee from funds on deposit in the Payment Account prior to any distributions to the Noteholders on such Payment Date. Additionally, the Owner Trustee shall be reimbursed from
amounts on deposit in the Payment Account, in accordance with Section 4.02 of the Sale and Servicing Agreement for its reasonable expenses hereunder and under the other Basic Documents, including the reasonable compensation, expenses and
disbursements of such agents, representatives, experts and counsel as the Owner Trustee may reasonably employ in connection with the exercise and performance of its rights and its duties hereunder and under the other Basic Documents. 
 Section 7.02. Indemnification. The Depositor shall indemnify, defend and hold harmless the Owner Trustee and its respective successors, assigns,
agents and servants (collectively, the “Indemnified Parties”) from and against, any and all liabilities, obligations, losses, damages, taxes, claims, actions and suits, and any and all reasonable costs, expenses and disbursements
(including reasonable legal fees and expenses) of any kind and nature whatsoever (collectively, “Expenses”) which may at any time be imposed on, incurred by, or asserted against any Indemnified Party in any way relating to or arising out
of this Trust Agreement, the other Basic Documents, the Owner Trust Estate, the administration of the Owner Trust Estate or the action or inaction of the Owner Trustee, hereunder, provided, that: 
 (i) the Depositor shall not be liable for or required to indemnify an Indemnified Party, as applicable, from and against Expenses arising
or resulting from such Indemnified Party’s own willful misconduct, gross negligence or bad faith or, as to the Owner Trustee, as a result of any inaccuracy of a representation or warranty of the Owner Trustee contained in Section 6.03
expressly made by the Owner Trustee; 
 (ii) with respect to any such claim, the Indemnified Party shall have given the
Depositor written notice thereof promptly after the Indemnified Party shall have actual knowledge thereof; provided, however, that failure to give such notice shall not affect the indemnification of the Indemnified Party except to the extent the
Depositor is materially prejudiced by such failure; 
 (iii) while maintaining control over its own defense, the Depositor
shall consult with the Indemnified Party in preparing such defense; and 
 (iv) notwithstanding anything in this Agreement to
the contrary, the Depositor shall not be liable for settlement of any claim by an Indemnified Party entered into without the prior consent of the Depositor which consent shall not be unreasonably withheld. 
  

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 The indemnities contained in this Section shall survive the resignation or removal of the Owner Trustee
or the termination of this Trust Agreement. In addition, upon written notice to the Owner Trustee and with the consent of the Owner Trustee which consent shall not be unreasonably withheld, the Depositor has the right to assume the defense of any
claim, action or proceeding against the Owner Trustee. 
 The Seller agrees to indemnify the Indemnified Parties for Expenses for which the
Depositor is required to indemnify the Indemnified Parties pursuant to this Section 7.02, other than (x) any Expenses required to be covered by the Master Servicer pursuant to Section 5.03 of the Sale and Servicing Agreement or
(y) and any Expenses actually paid by the Depositor in accordance with this Section 7.02. Alesco Financial Inc. shall guarantee the indemnity required by the Seller pursuant to this paragraph. 
  

 28 

 ARTICLE VIII 
 TERMINATION OF TRUST AGREEMENT 
 Section 8.01. Termination of Trust Agreement. (a) This Trust
Agreement (other than Article VII and Section 10.08) shall terminate and the Trust shall dissolve, wind up and terminate in accordance with Section 3808 of the Statutory Trust Statute and be of no further force or effect upon the earlier
of (i) the final distribution of all moneys or other property or proceeds of the Owner Trust Estate in accordance with the terms of the Indenture, this Trust Agreement and the REMIC Class A Indenture and (ii) the distribution of all
of the assets of the Owner Trust Estate, in accordance with written instructions provided to the Securities Administrator by the Majority Certificateholder, following the optional redemption of the Notes effected by the Majority Certificateholder
pursuant to Section 8.07 of the Indenture; provided in each case that all amounts owing to the Noteholders or holders of REMIC Class A Notes, as applicable, to the extent payable from the Owner Trust Estate or proceeds thereof have been
paid in full and that all obligations under the Indenture have been discharged. The bankruptcy, liquidation, dissolution, death or incapacity of any Certificateholder shall not (x) operate to terminate this Trust Agreement or the Trust or
(y) entitle such Certificateholder’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 all or any part of the Trust or the Owner Trust Estate or
(z) otherwise affect the rights, obligations and liabilities of the parties hereto. 
 (b) Except as provided in Section 8.01(a),
neither the Depositor nor any Certificateholder shall be entitled to revoke or terminate the Trust. 
 (c) Notwithstanding anything to the
contrary herein, the Trust shall not terminate upon receipt of any notice of the occurrence of a TMP Trigger Event or a REMIC Conversion. 
 (d) Notice of any termination of the Trust, specifying the Payment Date upon which Certificateholders shall surrender their Certificates to the Securities Administrator for payment of the final distribution and cancellation, shall be given
by the Securities Administrator by letter to Certificateholders mailed within five Business Days of receipt of notice of the final payment on the Notes from the Securities Administrator, stating (i) the Payment Date upon or with respect to
which final payment of the Certificates shall be made upon presentation and surrender of the Certificates at the office of the Securities Administrator 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 Certificates at the office of the Certificate Payment Agent therein specified. The Securities Administrator shall give
such notice to the Owner Trustee and the Securities Administrator at the time such notice is given to Certificateholders. Upon presentation and surrender of the Certificates, the Securities Administrator shall cause to be distributed to
Certificateholders amounts distributable on such Payment Date pursuant to Section 5.01. 
 In the event that all of the
Certificateholders shall not surrender their Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Securities Administrator shall give a second written notice to the remaining
Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. 

  

 29 

 
Subject to applicable laws with respect to escheat of funds, if within one year following the Payment Date on which final payment of the Certificates was to
have been made pursuant to Section 3.03 of the Indenture, all the Certificates shall not have been surrendered for cancellation, the Securities Administrator may take appropriate steps, or may appoint an agent to take appropriate steps, to
contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets that shall remain subject to this Trust Agreement. Any funds remaining in the Certificate
Distribution Account after exhaustion of such remedies shall be distributed by the Securities Administrator to the Depositor. 
 (e) Upon the
winding up of the Trust and its termination, the Owner Trustee shall, at the direction and expense of the Seller, cause the Certificate of Trust to be cancelled by filing a certificate of cancellation with the Secretary of State in accordance with
the provisions of Section 3810(c) of the Statutory Trust Statute. 
  

 30 

 ARTICLE IX 
 SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES 
 Section 9.01. Eligibility Requirements for Owner
Trustee. The Owner Trustee shall at all times be a corporation satisfying the provisions of Section 3807(a) of the Statutory Trust Statute; authorized to exercise corporate trust powers; having a combined capital and surplus of at least
$50,000,000 and subject to supervision or examination by federal or state authorities; and having (or having a parent that has) a rating of at least Baa3 by Moody’s and/or at least BBB- by Standard and Poor’s or is otherwise acceptable to
the Rating Agencies. If such corporation shall publish reports of condition at least annually pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section, the combined capital and
surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions
of this Section 9.01, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 9.02. 
 Section 9.02. Replacement of Owner Trustee. The Owner Trustee may at any time resign and be discharged from the trusts hereby created by giving 30 days prior written notice thereof to the Depositor. Upon receiving such notice of
resignation, the Depositor shall promptly appoint a successor owner trustee, by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Owner Trustee and to the successor owner trustee. If no successor
owner trustee shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Owner Trustee may petition any court of competent jurisdiction for the appointment of a successor
owner trustee. 
 If at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of Section 9.01 and
shall fail to resign after written request therefor by the Depositor, or if at any time the Owner Trustee shall be legally unable to act, or shall be adjudged bankrupt or insolvent, or a receiver of the Owner Trustee or of its property shall be
appointed, or any public officer shall take charge or control of the Owner Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Depositor may remove the Owner Trustee. 
 Any resignation or removal of the Owner Trustee and appointment of a successor owner trustee pursuant to any of the provisions of this Section shall not
become effective until acceptance of appointment by the successor owner trustee pursuant to Section 9.03 and payment of all fees and expenses owed to the outgoing Owner Trustee. The Depositor shall provide notice of such resignation or removal
of the Owner Trustee to each of the Rating Agencies. 
 Section 9.03. Successor Owner Trustee. Any successor owner trustee appointed
pursuant to Section 9.02 shall execute, acknowledge and deliver to the Indenture Trustee and to its predecessor Owner Trustee an instrument accepting such appointment under this Trust Agreement, and thereupon the resignation or removal of the
predecessor Owner Trustee shall become effective, and such successor owner trustee, without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties and obligations of its predecessor 

  

 31 

 
under this Trust Agreement, with like effect as if originally named as Owner Trustee. The predecessor Owner Trustee shall upon payment of its fees and
expenses deliver to the successor owner trustee all documents and statements and monies held by it under this Trust Agreement; and the predecessor Owner Trustee shall execute and deliver such instruments and do such other things as may reasonably be
required for fully and certainly vesting and confirming in the successor owner trustee all such rights, powers, duties and obligations. 
 No
successor owner trustee shall accept appointment as provided in this Section 9.03 unless at the time of such acceptance such successor owner trustee shall be eligible pursuant to Section 9.01. 
 Upon acceptance of appointment by a successor owner trustee pursuant to this Section 9.03, the Owner Trustee shall mail notice thereof to all
Certificateholders, the Indenture Trustee, the Noteholders and the Rating Agencies. 
 Section 9.04. Merger or Consolidation of Owner
Trustee. Any Person into which the Owner Trustee may be merged or converted or with which it may be consolidated, or any Person resulting from any merger, conversion or consolidation to which the Owner Trustee shall be a party, or any Person
succeeding to all or substantially all of the corporate trust business of the Owner Trustee, shall be the successor of the Owner Trustee hereunder, without the execution or filing of any instrument or any further act on the part of any of the
parties hereto, anything herein to the contrary notwithstanding; provided, that such Person shall be eligible pursuant to Section 9.01 and, provided, further, that the Owner Trustee shall mail notice of such merger or consolidation to the
Rating Agencies. 
 Section 9.05. Appointment of Co-Trustee or Separate Trustee. Notwithstanding any other provisions of this Trust
Agreement, at any time, for the purpose of meeting any legal requirements of any jurisdiction in which any part of the Owner Trust Estate may at the time be located, the Owner Trustee shall have the power and shall execute and deliver all
instruments to appoint one or more Persons to act as co-trustee, jointly with the Owner Trustee, or as separate trustee or trustees, of all or any part of the Owner Trust Estate, and to vest in such Person, in such capacity, such title to the Trust
or any part thereof and, subject to the other provisions of this Section, such powers, duties, obligations, rights and trusts as the Owner Trustee may consider necessary or desirable. No co-trustee or separate trustee under this Trust Agreement
shall be required to meet the terms of eligibility as a successor owner trustee pursuant to Section 9.01 and no notice of the appointment of any co-trustee or separate trustee shall be required pursuant to Section 9.03. 
 Each separate trustee and co-trustee shall, to the extent permitted by law, be appointed and act subject to the following provisions and conditions:

 (a) All rights, powers, duties and obligations conferred or imposed upon the Owner Trustee shall be conferred upon and exercised or
performed by the Owner Trustee and such separate trustee or co-trustee jointly (it being understood that such separate trustee or co-trustee is not authorized to act separately without the Owner Trustee joining in such act), except to the extent
that under any law of any jurisdiction in which any particular act or acts are to be performed, the Owner Trustee shall be incompetent or unqualified to perform such act or acts, in 

  

 32 

 
which event such rights, powers, duties and obligations (including the holding of title to the Owner Trust Estate or any portion thereof in any such
jurisdiction) shall be exercised and performed singly by such separate trustee or co-trustee, but solely at the direction of the Owner Trustee; 
 (b) No trustee under this Trust Agreement shall be personally liable by reason of any act or omission of any other trustee under this Trust Agreement; and 
 (c) The Owner Trustee may at any time accept the resignation of or remove any separate trustee or co-trustee. 
 Any notice, request or other writing given to the Owner Trustee shall be deemed to have been given to each of the then separate trustees and co-trustees, as effectively as if given to each of them. Every instrument appointing any separate
trustee or co-trustee shall refer to this Trust Agreement and the conditions of this Article. Each separate trustee and co-trustee, upon its acceptance of the trusts conferred, shall be vested with the estates or property specified in its instrument
of appointment, either jointly with the Owner Trustee or separately, as may be provided therein, subject to all the provisions of this Trust Agreement, specifically including every provision of this Trust Agreement relating to the conduct of,
affecting the liability of, or affording protection to, the Owner Trustee. Each such instrument shall be filed with the Owner Trustee. 
 Any
separate trustee or co-trustee may at any time appoint the Owner Trustee as its agent or attorney-in-fact with full power and authority, to the extent not prohibited by law, to do any lawful act under or in respect of this Trust Agreement on its
behalf and in its name. If any separate trustee or co-trustee shall die, become incapable of acting, resign or be removed, all of its estates, properties, rights, remedies and trusts shall vest in and be exercised by the Owner Trustee, to the extent
permitted by law, without the appointment of a new or successor co-trustee or separate trustee. 
  

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 ARTICLE X 
 MISCELLANEOUS 
 Section 10.01. Amendments. (a) This Trust Agreement may be amended from time to
time by the parties hereto as specified in this Section, provided that any amendment, except as provided in subparagraph (e) below, be accompanied by an Opinion of Counsel addressed to the Owner Trustee and the Securities Administrator and
obtained by the Depositor to the effect that such amendment (i) complies with the provisions of this Section, (ii) would not cause the Trust to be subject to an entity level tax for federal income tax purposes, and (iii) following the
REMIC Conversion, would cause any REMIC to be subject to tax or otherwise be adversely affected. 
 (b) If the purpose of the amendment (as
detailed therein) is to correct any mistake, eliminate any inconsistency, cure any ambiguity or deal with any matter not covered (i.e. to give effect to the intent of the parties and, if applicable, to the expectations of the Holders), it shall not
be necessary to obtain the consent of any Noteholders or Certificateholders, but the Owner Trustee and the Securities Administrator shall be furnished with (A) a letter from each of the Rating Agencies that the amendment will not result in the
downgrading or withdrawal of the rating then assigned to any Note or the rating then assigned to any Note or (B) an Opinion of Counsel obtained by the Depositor to the effect that such action will not adversely affect in any material respect
the interests of any Noteholders or Certificateholders. 
 (c) If the purpose of the amendment is to prevent the imposition of any federal or
state taxes at any time that any Security is outstanding or to facilitate, effect or reinforce a REMIC Conversion and all activities related thereto, it shall not be necessary to obtain the consent of any Noteholders or Certificateholders, but, in
the case of any such amendment to prevent the imposition of taxes, the Owner Trustee and the Securities Administrator shall be furnished with an Opinion of Counsel obtained by the Depositor that such amendment is necessary or helpful to prevent the
imposition of such taxes and is not materially adverse to any Noteholders or Certificateholders or any REMIC created in connection with REMIC Conversion. 
 (d) If the purpose of the amendment is to add or eliminate or change any provision of the Trust Agreement other than as contemplated in (b) and (c) above, the amendment shall require (A) an Opinion of
Counsel obtained by the Depositor to the effect that such action will not adversely affect in any material respect the interests of any Noteholders or Certificateholders or any REMIC created in connection with REMIC Conversion. and (B) either
(a) a letter from each of the Rating Agencies that the amendment will not result in the downgrading or withdrawal of the rating then assigned to any Note or (b) the consent of Holders of Certificates evidencing a majority Percentage
Interest of the Certificates and the consent of Noteholders representing at least 51% of the Note Principal Balance of the Notes; provided, however, that no such amendment shall (i) reduce in any manner the amount of, or delay the timing of,
payments received that are required to be distributed on any Certificate without the consent of the related Certificateholder, (ii) reduce the aforesaid percentage of Certificates the Holders of which are required to consent to any such
amendment, without the consent of the Holders of all such Certificates then outstanding or (iii) change the permitted activities of the Trust as set forth herein. 
  

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 (e) If the purpose of the amendment is to provide for the holding of any of the Certificates in
book-entry form, it shall require the consent of Holders of all such Certificates then outstanding; provided, that the Opinion of Counsel specified in subparagraph (a) above shall not be required. 
 (f) Promptly after the execution of any such amendment or consent, the Depositor shall furnish written notification of the substance of such amendment or
consent to each Certificateholder, the Indenture Trustee and the Rating Agencies. It shall not be necessary for the consent of Certificateholders, Noteholders or the Indenture Trustee pursuant to this Section 10.01 to approve the particular
form of any proposed amendment or consent, but it shall be sufficient if such consent shall approve the substance thereof. The manner of obtaining such consents (and any other consents of Certificateholders provided for in this Trust Agreement or in
any other Basic Document) and of evidencing the authorization of the execution thereof by Certificateholders shall be subject to such reasonable requirements as the Owner Trustee may prescribe. 
 (g) In connection with the execution of any amendment to any agreement to which the Trust is a party, other than this Trust Agreement, the Owner Trustee
and the Securities Administrator shall be entitled to receive and conclusively rely upon an Opinion of Counsel to the effect that such amendment is authorized or permitted by the documents subject to such amendment and that all conditions precedent
in the Basic Documents for the execution and delivery thereof by the Trust or the Owner Trustee, as the case may be, have been satisfied. 
 (h) No amendment or agreement affecting the rights or duties of the Owner Trustee, or the Securities Administrator may be entered into without the consent of the affected party. The Owner Trustee shall not be required to enter into any
amendment which adversely affects its rights, duties or immunities under this Trust Agreement or the other Basic Documents. 
 (i) If the
purpose of the amendment is to add or eliminate or change any provision relating to the REMIC Conversion or activities related thereto, such amendment shall not require the consent of the Noteholders or Certificateholders, provided, however, the
Owner Trustee shall receive written direction from the Certificateholder to enter into such amendment. The Owner Trustee may rely on such direction in entering into such amendment and is under no duty or obligation to determine compliance with any
requirements otherwise set forth herein that may be relevant to entering into such amendment. 
 Promptly after the execution of any
amendment to the Certificate of Trust, the Owner Trustee shall cause the filing of such amendment with the Secretary of State of the State of Delaware. 
 Section 10.02. No Legal Title to Owner Trust Estate. The Certificateholders shall not have legal title to any part of the Owner Trust Estate solely by virtue of their status as a Certificateholder. The
Certificateholders shall be entitled to receive distributions with respect to their undivided beneficial interest therein only in accordance with Articles V and VIII. No transfer, by operation of law or otherwise, of any right, title or interest of
the Certificateholders to and in their ownership interest in the Owner Trust Estate shall operate to terminate this Trust Agreement or the trusts hereunder or entitle any transferee to an accounting or to the transfer to it of legal title to any
part of the Owner Trust Estate. 
  

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 Section 10.03. Limitations on Rights of Others. Except for Section 2.07, the provisions of
this Trust Agreement are solely for the benefit of the Owner Trustee, the Depositor, the Certificateholders and, to the extent expressly provided herein, the Indenture Trustee and the Noteholders, and nothing in this Trust Agreement (other than
Section 2.07), whether express or implied, shall be construed to give to any other Person any legal or equitable right, remedy or claim in the Owner Trust Estate or under or in respect of this Trust Agreement or any covenants, conditions or
provisions contained herein. 
 Section 10.04. Notices. Unless otherwise expressly specified or permitted by the terms hereof, all
notices shall be in writing and shall be deemed given upon receipt, to the Owner Trustee at: Wilmington Trust Company, Rodney Square North 1100 North Market Street, Wilmington, Delaware 19890-0001; Attention: Corporate Trust Services; to the
Depositor at: Structured Asset Mortgage Investments II Inc., 383 Madison Avenue, New York, New York 10179, Attention: General Counsel; to the Indenture Trustee and the Securities Administrator at its Corporate Trust Office; to Standard &
Poor’s, 55 Water Street, 41st Floor, New York, New York 10041; to Moody’s Investors Service, Inc., 99 Church Street, 4th Floor, New York, New York 10001; to Fitch, Inc., One State Street Plaza, New York, New York 10004, or, as to each
party, at such other address as shall be designated by such party in a written notice to each other party. 
 (a) Any notice required or
permitted to be given to a Certificateholder shall be given by first-class mail, postage prepaid, at the address of such Holder as shown in the Certificate Register. Any notice so mailed within the time prescribed in this Trust Agreement shall be
conclusively presumed to have been duly given, whether or not the Certificateholder receives such notice. 
 (b) A copy of any notice
delivered to the Owner Trustee or the Trust shall also be delivered to the Depositor. 
 Section 10.05. Severability. Any provision of
this Trust Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such
prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 
 Section 10.06. Separate Counterparts. This Trust Agreement may be executed by the parties hereto in separate counterparts, each of which when so executed and delivered shall be an original, but all such counterparts shall together
constitute but one and the same instrument. 
 Section 10.07. Successors and Assigns. All representations, warranties, covenants and
agreements contained herein shall be binding upon, and inure to the benefit of, each of the Depositor, the Owner Trustee and its successors, and each Certificateholder and its successors and permitted assigns, all as herein provided. Any request,
notice, direction, consent, waiver or other instrument or action by a Certificateholder shall bind the successors and assigns of such Certificateholder. 
  

 36 

 Section 10.08. No Petition. The Owner Trustee, by entering into this Trust Agreement and each
Certificateholder, by accepting a Certificate, or holder of a residual interest in any REMIC created in connection with a REMIC Conversion, hereby covenant and agree that they will not at any time institute against the Depositor or the Trust or any
trust created in connection with a REMIC Conversion, or join in any institution against the Depositor or the Trust or any trust created in connection with a REMIC Conversion of, any bankruptcy proceedings under any United States federal or state
bankruptcy or similar law in connection with any obligations to the Certificates, the Notes, this Trust Agreement or any of the other Basic Documents. This Section shall survive for one year following the termination of this Trust Agreement.

 Section 10.09. No Recourse. Each Certificateholder by accepting a Certificate acknowledges that such Certificateholder’s
Certificates represent beneficial interests in the Trust only and do not represent interests in or obligations of the Depositor, the Seller, the Owner Trustee, the Securities Administrator, the Indenture Trustee or any Affiliate thereof and no
recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Trust Agreement, the Certificates or the other Basic Documents. 
 Section 10.10. Headings. The headings of the various Articles and Sections herein are for convenience of reference only and shall not define or
limit any of the terms or provisions hereof. 
 Section 10.11. GOVERNING LAW. THIS TRUST AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
 Section 10.12. Integration. This Trust Agreement constitutes the entire agreement among the parties hereto pertaining to the subject matter hereof
and supersedes all prior agreements and understandings pertaining thereto. 
 Section 10.13. Obligations. The execution and delivery
of this Trust Agreement by Wells Fargo Bank, N.A. is not in its individual capacity but solely in its capacity as Securities Administrator, and solely for purposes of its appointment and agreement to serve as Securities Administrator. The Securities
Administrator shall have no duties or obligations under this Agreement except for those duties expressly set forth in this Agreement as duties of the Securities Administrator, and no implied duties shall be read into this Agreement on the part of
the Securities Administrator. In entering into this Agreement and with respect to all matters arising under this Agreement, the Securities Administrator shall enjoy and be protected by all of the rights, powers, benefits, immunities, indemnities and
other protections granted to it under Article VI of the Indenture, whether acting in its capacity as Securities Administrator. 
  

 37 

 ARTICLE XI 
 REMIC CONVERSION 
 Section 11.01. Consummation of REMIC Conversion. Upon the receipt by the Owner
Trustee, the Depositor, the Securities Administrator and the Indenture Trustee of a certification substantially in the form of Exhibit F hereto in connection with a proposed transfer of any Privately Offered Notes or Certificates certifying that
such transfer will cause a TMP Trigger Event, the parties hereto and each Holder of the Certificates shall facilitate, and shall cooperate with the parties required to take, the actions specified in Article XI of the Indenture required to effect a
REMIC Conversion, including the conveyance by the Issuing Entity of any assets then remaining in the Owner Trust Estate not otherwise liquidated to the Underlying REMIC Trust in exchange for REMIC Certificates. In furtherance of the foregoing, the
Trust shall require the proposed transferor or proposed transferee of the Certificates causing the TMP Trigger Event to, and such proposed transferor or proposed transferee hereby agrees to, contribute to the Trust, or make provisions for payment
of, the amounts specified in clauses of (iii) and (iv) of Section 11.01(a) of the Indenture in respect of Realized Losses that would result from the purchase price of the REO Properties and Non-REMIC-Eligible Assets liquidated in
connection with the REMIC Conversion and in respect of any initial or ongoing administrative expenses associated with the REMIC Conversion and any REMIC created thereby and for any taxes possibly payable as a result of the classification of the
Trust for federal income tax purposes as a “taxable mortgage pool”, respectively (in each case, without duplication of amounts so contributed or paid by a proposed transferor or proposed transferee of Privately Offered Notes pursuant to
the Indenture). In addition to the actions specified in Article XI of the Indenture, the Trust shall issue new Residual Certificates evidencing the sole class of “residual interests” in each REMIC created under the REMIC Class A
Indenture. 
 Section 11.02. Post-REMIC Conversion. (a) Following a REMIC Conversion, the Securities Administrator shall, to the
extent under its control, conduct the affairs of the Owner Trust Estate at all times that any Certificates and REMIC Securities are outstanding so as to maintain the status of each REMIC formed in connection with such REMIC Conversion as a REMIC
under the Code and applicable Treasury regulations. The Securities Administrator shall not knowingly or intentionally take any action or omit to take any action that would cause the termination of the REMIC status of any such REMIC formed in
connection with such REMIC Conversion. 
 (b) The Holder of the greatest percentage interest in a related class of Residual Certificates
shall be the “tax matters person” for each related REMIC formed pursuant to the REMIC Class A Indenture. Such Holder hereby agrees to appoint the Securities Administrator, or any successor thereto or assignee thereof, to serve on its
behalf as tax administrator under the REMIC Class A Indenture with respect to each such REMIC. 
 (c) For federal income tax reporting
purposes, following a REMIC Conversion, each Holder of a Certificate shall take positions that are consistent with the intended tax treatment of the then existing Owner Trust Estate as one or more REMICs and the tax treatment expressed in the REMIC
Class A Indenture and Underlying REMIC Trust Pooling and Servicing Agreement with regard to distributions and other transactions contemplated therein. Each Holder of a 

  

 38 

 
Certificate shall consent and agree to any additional obligations that may be imposed on such Holder by amendment of this Trust Agreement by the parties
hereto with respect to any taxes imposed on any REMIC formed in connection with a REMIC Conversion (other than those arising due to negligence or willful misconduct of a particular party), including, without limitation, provisions that allow the
Securities Administrator to retain amounts sufficient to pay such taxes (to the extent otherwise unpaid) from amounts otherwise distributable to such Holder from the Certificate Distribution Account. 
  

 39 

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

			
	 STRUCTURED ASSET MORTGAGE
 INVESTMENTS II
INC.,
 as Depositor
  

		
	By:	 	/s/ Baron Silverstein
	 Name:  Baron Silverstein
 Title:    Vice President

  
  
  
  

			
	 WILMINGTON TRUST COMPANY,
 as Owner Trustee

  

		
	By:	 	/s/ Patricia A. Evans
	 Name:  Patricia A. Evans
 Title:    Vice President

  
  
  
  

			
	 WELLS FARGO BANK, N.A.,
 as Securities
Administrator
  

		
	By:	 	/s/ Benjamin F. Jordan
	 Name:  Benjamin F. Jordan
 Title:    Assistant Vice President

			
	 ACKNOWLEDGED AND AGREED
 for the purposes of the provisions expressly applicable to it
  
  
 ALESCO LOAN HOLDINGS TRUST
 as Seller

		
	By:	 	/s/ John Longino
	 Name:  John Longino
 Title:    Chief Financial OfficerMortgage Loan Purchase Agreement, dated as of June 29, 2007

 Exhibit 10.14 
 MORTGAGE LOAN PURCHASE AGREEMENT 
 between 
 ALESCO LOAN HOLDINGS TRUST 
 as Mortgage Loan Seller 
 and 
 STRUCTURED ASSET MORTGAGE INVESTMENTS II
INC. 
 as Purchaser 
 Dated as of

 June 29, 2007 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	 SECTION 1.
	  	Definitions	  	5
			
	 SECTION 2.
	  	Purchase and Sale of the Mortgage Loans and Related Rights.	  	9
			
	 SECTION 3.
	  	Mortgage Loan Schedules	  	10
			
	 SECTION 4.
	  	Mortgage Loan Transfer.	  	10
			
	 SECTION 5.
	  	Examination of Mortgage Files.	  	11
			
	 SECTION 6.
	  	Recordation of Assignments of Mortgage.	  	14
			
	 SECTION 7.
	  	Representations and Warranties of Mortgage Loan Seller Concerning the Mortgage Loans	  	15
			
	 SECTION 8.
	  	Representations and Warranties Concerning the Mortgage Loan Seller	  	17
			
	 SECTION 9.
	  	Representations and Warranties Concerning the Purchaser	  	18
			
	 SECTION 10.
	  	Conditions to Closing.	  	19
			
	 SECTION 11.
	  	Fees and Expenses	  	21
			
	 SECTION 12.
	  	Accountants’ Letters.	  	22
			
	 SECTION 13.
	  	Indemnification.	  	22
			
	 SECTION 14.
	  	Notices	  	24
			
	 SECTION 15.
	  	Transfer of Mortgage Loans	  	24
			
	 SECTION 16.
	  	Termination	  	25
			
	 SECTION 17.
	  	Representations, Warranties and Agreements to Survive Delivery	  	25
			
	 SECTION 18.
	  	Severability	  	25
			
	 SECTION 19.
	  	Counterparts	  	25
			
	 SECTION 20.
	  	Amendment	  	25
			
	 SECTION 22.
	  	Further Assurances	  	25
			
	 SECTION 23.
	  	Successors and Assigns.	  	25
			
	 SECTION 24.
	  	The Mortgage Loan Seller and the Purchaser	  	26
			
	 SECTION 25.
	  	Entire Agreement	  	26
			
	 SECTION 26.
	  	No Partnership	  	26
			
	 SECTION 27.
	  	Fiduciary Duty	  	26

  

 i 

 EXHIBITS AND SCHEDULE TO  
 MORTGAGE LOAN PURCHASE AGREEMENT 
  

			
	 Exhibit 1
	  	Contents of Mortgage File
	 Exhibit 2
	  	Mortgage Loan Schedule Information
	 Exhibit 3
	  	Mortgage Loan Seller’s Information
	 Exhibit 4
	  	Purchaser’s Information
	 Exhibit 5
	  	Schedule of Lost Certificates
	 Exhibit 6
	  	Appendix E – Standard & Poor’s Anti-Predatory Lending Categorization
	 Schedule A
	  	Required Ratings for Each Class of Notes
	 Schedule B
	  	Mortgage Loan Schedule

  

 ii 

 MORTGAGE LOAN PURCHASE AGREEMENT 
 MORTGAGE LOAN PURCHASE AGREEMENT, dated as of June 29, 2007, as amended and supplemented by any and all amendments hereto (collectively, the
“Agreement”), by and between ALESCO LOAN HOLDINGS TRUST, a Maryland business trust (the “Mortgage Loan Seller”) and STRUCTURED ASSET MORTGAGE INVESTMENTS II INC., a Delaware corporation (the
“Purchaser”). 
 Upon the terms and subject to the conditions of this Agreement, the Mortgage Loan Seller agrees to sell,
and the Purchaser agrees to purchase, certain conventional, first lien mortgage loans secured primarily by one- to four-family residential properties and individual condominium units (collectively, the “Mortgage Loans”) as described
herein. The Purchaser has established Bear Stearns ARM Trust 2007-2, a Delaware statutory trust (the “Issuing Entity”) pursuant to a Short Form Trust Agreement, dated as of June 26, 2007 between the Purchaser and Wilmington
Trust Company (the “Owner Trustee”), as amended and restated on June 29, 2007 (the “Trust Agreement”), among the Purchaser, the Owner Trustee and Wells Fargo Bank, N.A. (the “Securities
Administrator”). The Purchaser intends to sell the Mortgage Loans to the Issuing Entity pursuant to a Sale and Servicing Agreement, dated as of June 29, 2007 (the “Sale and Servicing Agreement”) among the Purchaser,
the Issuing Entity, the Mortgage Loan Seller, Citibank, N.A., as indenture trustee (the “Indenture Trustee”), the Securities Administrator and Wells Fargo Bank, N.A. as master servicer (in such capacity, the “Master
Servicer”). The Issuing Entity, pursuant to an Indenture, dated as of June 29, 2007 (the “Indenture”) among the Issuing Entity, the Indenture Trustee and the Securities Administrator intends to pledge the Mortgage
Loans to the Indenture Trustee and, issue and transfer to the Purchaser the Bear Stearns ARM Trust 2007-2, Mortgage-Backed Notes, Series 2007-2 and the Notes issued pursuant to the Trust Agreement (the “Notes”). The Notes will be
transferred by the Purchaser to the Mortgage Loan Seller or its designee as partial consideration for the sale of the Mortgage Loans. The Master Servicer will master service the Mortgage Loans on behalf of the Issuing Entity pursuant to the Sale and
Servicing Agreement. The servicing of the Mortgage Loans will be provided by Countrywide Home Loans Servicing LP and Wells Fargo Bank, N.A. pursuant to the related Servicing Agreements as specified in Appendix A to the Indenture which will be
assigned to the Issuing Entity on the Closing Date pursuant to the related Servicing Agreement. The representations and warranties made by each Servicer and the remedies for breach thereof will be assigned to the Issuing Entity on the Closing Date
pursuant to, and to the extent provided in the related Servicing Agreement. The representations and warranties made by American Home and Countrywide Home Loans and the remedies for breach thereof will be assigned to the Issuing Entity on the Closing
Date pursuant to, and to the extent provided in the related Sale Agreement. 
 The Purchaser has filed with the Securities and Exchange
Commission (the “Commission”) a registration statement on Form S-3 (Number 333-140247) relating to its Mortgage-Backed Notes and the offering of certain series thereof (including certain classes of the Notes) from time to time in
accordance with Rule 415 under the Securities Act of 1933, as amended, and the rules and regulations of the Commission promulgated thereunder (the “Securities Act”). Such registration statement, when it became effective under the
Securities Act, and the prospectus relating to the public offering of certain classes of the Notes by the Purchaser (the “Public Offering”), as each may be amended or supplemented from time to time pursuant to 

  

 1 

 
the Securities Act or otherwise, are referred to herein as the “Registration Statement” and the “Prospectus,” respectively.
The “Term Sheet Supplement” shall mean the term sheet supplement, dated June 11, 2007, relating to certain classes of the Notes. The “Term Sheet” shall mean the term sheet, dated June 28, 2007, relating to
certain classes of the Notes. The “Prospectus Supplement” shall mean that supplement, dated June 28, 2007, to the Prospectus, dated June 28, 2007, relating to certain classes of the Notes. With respect to the Public
Offering of certain classes of the Notes, the Purchaser and Bear, Stearns & Co. Inc. (“Bear Stearns”) have entered into a terms agreement dated as of June 11, 2007 to an underwriting agreement dated February 26,
2007 (together, the “Underwriting Agreement”). 
 Now, therefore, in consideration of the premises and the mutual agreements
set forth herein, the parties hereto agree as follows: 
 SECTION 1. Definitions. Certain terms are defined herein. Capitalized terms
used herein but not defined herein shall have the meanings specified in the Sale and Servicing Agreement. The following other terms are defined as follows: 
 Acquisition Price: Cash in an amount equal to
$            *            .         (plus
$            *            .         in accrued interest).

 American Home: American Home Mortgage Corp. 
 American Home Sale Agreement: That certain Master Mortgage Loan Purchase and Servicing Agreement, dated as of September 1, 2005, between Citigroup and American Home, as amended by that certain Assignment,
Assumption and Recognition Agreement, dated as of February 28, 2006, among the Mortgage Loan Seller, Citigroup and American Home. 
 Bear Stearns: Bear, Stearns & Co. Inc. 
 Citibank: Citibank, N.A. 
 Citibank Custodial Agreement: The custodial agreement, dated as of June 29, 2007, among Alesco, the Issuing Entity, Structured Asset Mortgage
Investments II Inc. as depositor, the Indenture Trustee, the Securities Administrator, the Master Servicer and Citibank as custodian relating to the Mortgage Loans identified in such custodial agreement 
 Citigroup: Citigroup Global Markets Realty Corp. 
 Citigroup Sale Agreement: Any of (i) that certain Amended and Restated Master Mortgage Loan Purchase and Servicing Agreement, dated as of December 15, 2003, between Citigroup and Countrywide Home
Loans, as amended by that Amendment Reg AB, dated as of February 28, 2006, and as amended by that certain Assignment, Assumption and Recognition Agreement, dated as of December 6, 2006, among the Mortgage Loan Seller, Citigroup and
Countrywide Home Loans and (ii) that certain Amended and Restated Master Mortgage Loan Purchase and Interim Servicing Agreement, dated as of November 1, 2005, as amended by that 
  

	*	Please contact Bear Stearns for pricing information. 

  

 2 

 
certain Assignment, Assumption and Recognition Agreement, dated as of February 28, 2006, among the Mortgage Loan Seller, Citigroup and MortgageIT, Inc.

 Closing Date: June 29, 2007. 
 Co-op Lease: With respect to a Co-op Loan, the lease with respect to a dwelling unit occupied by the Mortgagor and relating to the stock allocated to the related dwelling unit. 
 Co-op Loan: A Mortgage Loan secured by the pledge of stock allocated to a dwelling unit in a residential cooperative housing corporation and a
collateral assignment of the related Co-op Lease. 
 Co-op Stock: With respect to a Co-op Loan, the single outstanding class of stock,
partnership interest or other ownership instrument in the related residential cooperative housing corporation. 
 Countrywide Home
Loans: Countrywide Home Loans, Inc. 
 Countrywide Sale Agreement: Any of (i) that Mortgage Loan Purchase and Servicing
Agreement, dated as of December 8, 2006, between Countrywide Home Loans and the Mortgage Loan Seller, as amended by that Amendment Reg AB, dated as of December 8, 2006, as amended by the Assignment, Assumption and Recognition Agreement,
dated as of June 29, 2007, among Countrywide Servicing, the Mortgage Loan Seller and the Issuing Entity, and acknowledged and agreed to by Wells Fargo Bank, N.A., as master servicer and (ii) that Mortgage Loan Purchase and Servicing
Agreement, dated as of September 29, 2006, between Countrywide Home Loans and the Mortgage Loan Seller, as amended by Amendment No. 1, dated as of October 17, 2006, and as amended by that Amendment Reg AB, dated as of October 25,
2006, as amended by the Assignment, Assumption and Recognition Agreement, dated as of June 29, 2007, among Countrywide Servicing, the Mortgage Loan Seller and the Issuing Entity. 
 Countrywide Servicing: Countrywide Home Loans Servicing LP. 
 Countrywide Servicing Agreement: Any of the Countrywide Sale Agreements and that certain Amended and Restated Master Mortgage Loan Purchase and Servicing Agreement, dated as of December 15, 2003, between
Citigroup and Countrywide Home Loans, as amended by that Amendment Reg AB, dated as of February 28, 2006, and as amended by that certain Assignment, Assumption and Recognition Agreement, dated as of December 6, 2006, among the Mortgage
Loan Seller, Citigroup and Countrywide Home Loans. 
 Custodial Agreement: Any of the Wells Fargo Custodial Agreement or the Citibank
Custodial Agreement. 
 Custodian: Any of Wells Fargo, as custodian under the Wells Fargo Custodial Agreement or Citibank, as
custodian under the Citibank Custodial Agreement. 
 Cut-off Date: June 1, 2007. 
 Cut-off Date Balance: $1,086,615,226.90. 
  

 3 

 Deleted Mortgage Loan: A Mortgage Loan replaced or to be replaced by a Substitute Mortgage Loan.

 Due Date: With respect to each Mortgage Loan, the date in each month on which its scheduled payment is due if such due date is the
first day of a month and otherwise is deemed to be the first day of the following month or such other date specified in the Wells Fargo Servicing Agreement. 
 Fitch: Fitch, Inc., or its successors in interest. 
 Master Servicer: Wells Fargo Bank, N.A.,
in its capacity as Master Servicer under the Sale and Servicing Agreement or any of its successors thereto. 
 MERS: Mortgage
Electronic Registration Systems, Inc., a corporation organized and existing under the laws of the State of Delaware, or any successor thereto. 
 MERS® System: The system of
recording transfers of Mortgages electronically maintained by MERS. 
 Moody’s: Moody’s Investors Service, Inc., or its
successors in interest. 
 Mortgage: The mortgage or deed of trust creating a first lien on an interest in real property securing a
Mortgage Note. 
 Mortgage File: The items referred to in Exhibit 1 pertaining to a particular Mortgage Loan and any additional
documents required to be added to such documents pursuant to this Agreement. 
 Mortgage Interest Rate: The annual rate of interest
borne by a Mortgage Note as stated therein. 
 Mortgagor: The obligor(s) on a Mortgage Note. 
 Net Rate: For each Mortgage Loan, the Mortgage Interest Rate for such Mortgage Loan less the Servicing Fee Rate and the Lender-Paid PMI Rate (if
applicable) expressed as a per annum rate. 
 Opinion of Counsel: A written opinion of counsel, who may be counsel for the Mortgage
Loan Seller or the Purchaser, reasonably acceptable to the Owner Trustee. 
 Person: Any legal person, including any individual,
corporation, partnership, joint venture, association, joint stock company, trust, unincorporated organization or government or any agency or political subdivision thereof. 
 Purchase Price: With respect to any Mortgage Loan required to be purchased by the Mortgage Loan Seller or Underlying Seller pursuant to the
applicable provisions of this Agreement, an amount equal to the sum of (i) 100% of the principal remaining unpaid on such Mortgage Loan as of the date of purchase (including if a foreclosure has already occurred, the 

  

 4 

 
principal balance of the related Mortgage Loan at the time the Mortgaged Property was acquired), net of any Servicing Advances and Advances attributable to
principal and payable to the purchaser of the Mortgage Loan if such purchaser is also the Master Servicer of such Mortgage Loan, (ii) accrued and unpaid interest thereon at the applicable Mortgage Rate through and including the last day of the
month of such purchase, net of any portion of the Servicing Fee and any Servicing Advances and Advances attributable to interest that is payable to the purchaser of the Mortgage Loan if such purchaser is also the Master Servicer of such Mortgage
Loan, plus (iii) any costs and damages (if any) incurred by the Trust in connection with any violation of such Mortgage Loan of any anti-predatory lending laws. 
 Rating Agencies: Standard & Poor’s, Moody’s and Fitch, each a “Rating Agency.” 
 Sale Agreement: Any of American Home Sale Agreement, Citigroup Sale Agreement, Countrywide Servicing Agreement and Wells Fargo Servicing Agreement, as applicable. 
 Sale and Servicing Agreement: That certain Sale and Servicing Agreement, dated as of June 1, 2007, among Structured Asset Mortgage
Investments II Inc., as depositor, Alesco Loan Holdings Trust, as seller, Wells Fargo Bank, N.A., as master servicer and securities administrator, and Wilmington Trust Company, as owner trustee. 
 Securities Act: The Securities Act of 1933, as amended. 
 Security Instrument: A written instrument creating a valid first lien on a Mortgaged Property securing a Mortgage Note, which may be any applicable form of mortgage, deed of trust, deed to secure debt or
security deed, including any riders or addenda thereto. 
 Servicer: Wells Fargo or Countrywide, as applicable. 
 Servicing Agreement: Any of the Countrywide Servicing Agreement or Wells Fargo Servicing Agreement, as applicable. 
 Standard & Poor’s: Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. or its successors in interest.

 Substitute Mortgage Loan: A mortgage loan substituted for a Deleted Mortgage Loan which must meet, on the date of such
substitution, the requirements stated herein and in the Sale and Servicing Agreement with respect to such substitution; upon such substitution, such mortgage loan shall be a “Mortgage Loan” hereunder. 
 Underlying Seller: American Home, Countrywide Home Loans, Wells Fargo or Citigroup, as applicable. 
 Value: The value of the Mortgaged Property at the time of origination of the related Mortgage Loan, such value being the lesser of (i) the
value of such property set forth in an appraisal accepted by the applicable originator of the Mortgage Loan or (ii) the sales price of such property at the time of origination. 
  

 5 

 Wells Fargo: Wells Fargo Bank, N.A. 
 Wells Fargo Custodial Agreement: The custodial agreement, dated as of June 29, 2007, among Alesco, the Issuing Entity, Structured Asset
Mortgage Investments II Inc. as depositor, the Indenture Trustee, the Securities Administrator, the Master Servicer and Wells Fargo as custodian relating to the Mortgage Loans identified in such custodial agreement. 
 Wells Fargo Sale Agreement: Any of (i) that certain Amended and Restated Master Mortgage Loan Purchase Agreement dated as of March 1,
2006 by and between Wells Fargo and Citigroup and (ii) those certain Assignment and Conveyance Agreements (2006-W95, 2006-W96 and 2006-W97) dated as of November 28, 2006 between Wells Fargo and Citigroup. 
 Wells Fargo Servicing Agreement: Any of (i) that certain Amended and Restated Flow Servicing Agreement, dated as of March 1, 2006, by
and between Wells Fargo and Citigroup, as amended by the Assignment, Assumption and Recognition Agreement, dated as of June 29, 2007 among Wells Fargo, the Mortgage Loan Seller and the Issuing Entity, relating to the Mortgage Loans sold
pursuant to the Wells Fargo Sale Agreement and (ii) that certain Amended and Restated Flow Servicing Agreement, dated as of March 1, 2006, by and between Wells Fargo and Citigroup, as amended by the Assignment, Assumption and Recognition
Agreement, dated as of June 29, 2007 among Wells Fargo, the Mortgage Loan Seller and the Issuing Entity, relating to the Mortgage Loans sold pursuant to the American Home Sale Agreement and the Citigroup Sale Agreement. 
 SECTION 2. Purchase and Sale of the Mortgage Loans and Related Rights.
 (a) Upon satisfaction of the conditions set forth in Section 10 hereof, the Mortgage Loan Seller agrees to sell, and the Purchaser
agrees to purchase Mortgage Loans having an aggregate outstanding principal balance as of the Cut-off Date equal to the Cut-off Date Balance. 
 (b) The closing for the purchase and sale of the Mortgage Loans and the closing for the issuance of the Notes will take place on the Closing Date at the office of the Purchaser’s counsel in New York, New York or
such other place as the parties shall agree. 
 (c) Upon the satisfaction of the conditions set forth in Section 10
hereof, on the Closing Date, the Purchaser shall pay to the Mortgage Loan Seller the Acquisition Price for the Mortgage Loans in immediately available funds by wire transfer to such account or accounts as shall be designated by the Mortgage Loan
Seller and shall deliver the Notes to the Mortgage Loan Seller or its designee. 
 (d) In addition to the foregoing, on the
Closing Date the Mortgage Loan Seller assigns to the Purchaser all of its right, remedies, title and interest in the Sale Agreements to the extent relating to the Mortgage Loans, notwithstanding that with respect to the Sale Agreements (other than
the Citigroup Sale Agreement) the Mortgage Loan Seller specifically reserves and does not assign to the Assignee any right, title and interest in, to or under the representations and warranties. With respect to the Citigroup Sale Agreement, the
Mortgage Loan Seller assigns to the Assignee any right, title and interest in, to or under the representations and warranties and the entitlement to enforce all of the obligations of the Purchaser thereunder insofar as they relate to 

  

 6 

 
the Mortgage Loans, including, without limitation, the enforcement of the document delivery requirements, and the ability to enforce all of the obligations
of the Purchaser thereunder insofar as they relate to the Mortgage Loans, including without limitation, the remedies for breaches of representations and warranties. 
 SECTION 3. Mortgage Loan Schedules. The Mortgage Loan Seller agrees to deliver or cause to be delivered to the Purchaser as of the date hereof a listing of the Mortgage Loans (the “Mortgage Loan
Schedule”) setting forth the information listed on Exhibit 2 to this Agreement with respect to each of the Mortgage Loans being sold by the Mortgage Loan Seller. The Mortgage Loan Schedule shall be delivered to the Purchaser on the
Closing Date and shall be in form and substance mutually agreed to by the Mortgage Loan Seller and the Purchaser. 
 SECTION 4. Mortgage
Loan Transfer. 
 (a) The Purchaser will be entitled to all scheduled payments of principal and interest on the Mortgage
Loans due after the Cut-off Date (regardless of when actually collected) and all payments thereon, other than scheduled principal and interest due on or before the Cut-off Date but received after the Cut-off Date. The Mortgage Loan Seller will be
entitled to all scheduled payments of principal and interest on the Mortgage Loans due on or before the Cut-off Date (including payments collected after the Cut-off Date) and all payments thereon, other than scheduled principal and interest due
after the Cut-off Date but received on or before the Cut-off Date. Such principal amounts and any interest thereon belonging to the Mortgage Loan Seller as described above will not be included in the aggregate outstanding principal balance of the
Mortgage Loans as of the Cut-off Date as set forth on the Mortgage Loan Schedule. 
 (b) Pursuant to various conveyancing
documents to be executed on the Closing Date and pursuant to the Sale and Servicing Agreement, the Purchaser will assign on the Closing Date all of its right, title and interest in and to the Mortgage Loans to the Issuing Entity and, pursuant to the
Indenture, the Issuing Entity will assign all of its right, title and interest to the Mortgage Loans to the Indenture Trustee for the benefit of the Noteholders, to secure the Notes issued pursuant to the Indenture. In connection with the transfer
and assignment of the Mortgage Loans, the Mortgage Loan Seller has delivered or will deliver or cause to be delivered to the Indenture Trustee or the respective Custodian on behalf of the Indenture Trustee by the Closing Date or such later date as
is agreed to by the Purchaser and the Mortgage Loan Seller (each of the Closing Date and such later date is referred to as a “Mortgage File Delivery Date”), the items of each Mortgage File; provided, however, in lieu of the
foregoing, the Mortgage Loan Seller may deliver the following documents, under the circumstances set forth below: (a) in lieu of the original Mortgage, assignments to blank or to the Indenture Trustee or intervening assignments thereof which
have been delivered, are being delivered or shall, upon receipt of recording information relating to such documents required to be included thereon, be delivered to recording offices for recording and have not been returned in time to permit their
delivery as specified above, the Mortgage Loan Seller may deliver a true copy thereof with a certification substantially to the effect that such copy is a true and correct copy of the original; (b) in lieu of the Mortgage, assignment to blank
or to the Indenture Trustee or intervening assignments thereof, if the applicable jurisdiction retains the originals of such documents (as evidenced by a certification to such effect) the Mortgage Loan Mortgage Loan Seller may deliver photocopies of
such documents containing an original certification by the judicial or other governmental 

  

 7 

 
authority of the jurisdiction where such documents were recorded; and (c) in lieu of the Mortgage Notes relating to the Mortgage Loans, the Mortgage
Loan Seller may deliver a lost note affidavit and indemnity; provided, further, however, that in the case of the Mortgage Loans which have been prepaid in full after the Cut-off Date and prior to the Closing Date, the Mortgage Loan Seller, in lieu
of delivering the above documents, may deliver to the Indenture Trustee, a certification to such effect and shall deposit all amounts paid in respect of such Mortgage Loans in the Payment Account on the Closing Date. The Mortgage Loan Seller shall
deliver such original documents (including any original documents as to which certified copies had previously been delivered) to the related Custodian, promptly after they are received. The Indenture Trustee shall cause the Mortgage and intervening
assignments, if any, and the assignment of the Mortgage to be recorded not later than 180 days after the Closing Date unless such assignment is not required to be recorded under the terms set forth in Section 6(a) hereof. 
 (c) In connection with the assignment of any Mortgage Loan registered on the
MERS® System, the Indenture Trustee further agrees that it will cause, at the Mortgage Loan Seller’s own expense, within 30 days after the Closing Date, the MERS® System to indicate that such Mortgage Loans have been assigned by the Mortgage Loan Seller to the Purchaser, and by the Purchaser to the Indenture Trustee in accordance with this Agreement for
the benefit of the Noteholders by including (or deleting, in the case of Mortgage Loans which are repurchased in accordance with this Agreement) in such computer files (a) the code in the field which identifies the specific Indenture Trustee
and (b) the code in the field “Pool Field” which identifies the series of the Notes issued in connection with such Mortgage Loans. The Indenture Trustee further agrees that it will not, and will not permit any Servicer or the Master
Servicer to alter the codes referenced in this paragraph with respect to any Mortgage Loan during the term of the Sale and Servicing Agreement unless and until such Mortgage Loan is repurchased in accordance with the terms of the Sale and Servicing
Agreement. 
 (d) The Mortgage Loan Seller and the Purchaser acknowledge hereunder that all of the Mortgage Loans and the
related servicing will ultimately be assigned to Citibank, N.A., as Indenture Trustee on behalf of the Noteholders, on the date hereof. 
 SECTION 5. Examination of Mortgage Files. 
 (a) On or before the Mortgage File Delivery Date, the Mortgage
Loan Seller will have made the Mortgage Files available to the Purchaser or its agent for examination which may be at the offices of the Indenture Trustee or the Mortgage Loan Seller’s custodian. The fact that the Purchaser or its agent has
conducted or has failed to conduct any partial or complete examination of the Mortgage Files shall not affect the Purchaser’s rights to demand cure, repurchase, or substitution for as provided in this Agreement. 
 (b) Pursuant to the related Custodial Agreement, on the Closing Date the respective Custodian, on behalf of the Indenture Trustee, for
the benefit of the Noteholders, will acknowledge receipt of each Mortgage Loan, by delivery to the Master Servicer, the Depositor, the Mortgage Loan Seller and the Indenture Trustee of an initial certification in the form attached as Exhibit One to
the related Custodial Agreement. 
  

 8 

 (c) Pursuant to the related Custodial Agreement, within 90 days of the Closing Date, the
Indenture Trustee will review or shall cause the respective Custodian to review items of the Mortgage Files as set forth on Exhibit 1 and will deliver to the Master Servicer, the Depositor, the Mortgage Loan Seller and the Indenture Trustee
an interim certification substantially in the form of Exhibit Two to the related Custodial Agreement. If the Indenture Trustee or respective Custodian, as its agent, finds any document listed on Exhibit 1 not to have been executed or
received, or to be unrelated, determined on the basis of the Mortgagor name, original principal balance and loan number, to the Mortgage Loans identified in the Mortgage Loan Schedule or to appear defective on its face to review criteria specified
in Section 2.01 of the Sale and Servicing Agreement (a “Material Defect”), the Indenture Trustee in accordance with the Sale and Servicing Agreement or the respective Custodian, as its agent, shall promptly notify the Mortgage
Loan Seller and the related Underlying Seller of such Material Defect. The Mortgage Loan Seller or the related Underlying Seller, as applicable, shall correct or cure any such Material Defect within the number of days specified in the Sale and
Servicing Agreement or the Sale Agreement, as applicable, from the date of notice from the Indenture Trustee or the respective Custodian, as its agent, of the Material Defect and if the related Underlying Seller or the Mortgage Loan Seller, as
applicable, fails to correct or cure such Material Defect within such period and such defect materially and adversely affects the interests of the Noteholders in the Mortgage Loan, the related Underlying Seller or the Mortgage Loan Seller, as
applicable, will, in accordance with the terms of the Sale and Servicing Agreement or related Sale Agreement, within 90 days of the date of notice, provide the Indenture Trustee with a Replacement Mortgage Loan or purchase the related Mortgage Loan
at the applicable Purchase Price; provided, however, that if such defect relates solely to the inability of the related Underlying Seller or Mortgage Loan Seller, as applicable, to deliver the Security Instrument, assignment thereof to
the Indenture Trustee, or intervening assignments thereof with evidence of recording thereon because such documents have been submitted for recording and have not been returned by the applicable jurisdiction, the related Underlying Seller or
Mortgage Loan Seller, as applicable, shall not be required to purchase such Mortgage Loan if the related Underlying Seller or Mortgage Loan Seller, as applicable, delivers such documents promptly upon receipt, but in no event later than 360 days
after the Closing Date. 
 (d) Pursuant to the related Custodial Agreement, within 180 days of the Closing Date, the
Indenture Trustee or the respective Custodian on its behalf will review, for the benefit of the Noteholders, the Mortgage Files and will execute and deliver or cause to be executed and delivered to the Master Servicer, the Depositor, the Mortgage
Loan Seller and the Indenture Trustee a Final Certification. In conducting such review, the Indenture Trustee or the respective Custodian on its behalf will ascertain whether each document required to be recorded has been returned from the recording
office with evidence of recording thereon and the Indenture Trustee or the respective Custodian on its behalf has received either an original or a copy thereof, as required in Section 2.01 of the Sale and Servicing Agreement (provided, however,
that with respect to those documents described in subclauses (iv) and (vi) of Section 2.01 of the Sale and Servicing Agreement, such obligations shall extend only to documents actually delivered pursuant to such subclauses). If the
Indenture Trustee or the respective Custodian on its behalf finds any document with respect to a Mortgage Loan has not been received, or to be unrelated, determined on the basis of the Mortgagor name, original principal balance and loan number, to
the Mortgage Loans identified in Schedule B or to appear defective on its face, the Indenture Trustee or the respective Custodian on its behalf shall note such defect in the exception report 

  

 9 

 
attached to the Final Certification and shall promptly notify the related Underlying Seller and the Mortgage Loan Seller. The related Underlying Seller or
the Mortgage Loan Seller, as applicable, shall correct or cure any such defect or, the related Underlying Seller or the Mortgage Loan Seller, as applicable may substitute for the related Mortgage Loan a Replacement Mortgage Loan, which substitution
shall be accomplished in the manner and subject to the conditions set forth in Section 2.04 of the Sale and Servicing Agreement or in the related Sale Agreement, as applicable, or shall deliver to the Indenture Trustee an Opinion of Counsel
addressed to the Indenture Trustee to the effect that such defect does not materially or adversely affect the interests of Noteholders in such Mortgage Loan within the number of days specified in the Sale and Servicing Agreement or the Sale
Agreement, as applicable, from the date of notice from the Indenture Trustee of the defect and if the related Underlying Seller or the Mortgage Loan Seller, as applicable, is unable within such period to correct or cure such defect, or to substitute
the related Mortgage Loan with a Replacement Mortgage Loan or to deliver such opinion, related Underlying Seller or the Mortgage Loan Seller, as applicable, subject to Section 2.04 of the Sale and Servicing Agreement or the related Sale
Agreement, within 90 days from the notification of the Indenture Trustee, purchase such Mortgage Loan at the Purchase Price; provided, however, that if such defect relates solely to the inability of related Underlying Seller or the Mortgage Loan
Seller, as applicable, to deliver the Mortgage, assignment thereof to the Indenture Trustee or intervening assignments thereof with evidence of recording thereon, because such documents have not been returned by the applicable jurisdiction, related
Underlying Seller or the Mortgage Loan Seller, as applicable, shall not be required to purchase such Mortgage Loan, if related Underlying Seller or the Mortgage Loan Seller, as applicable, delivers such documents promptly upon receipt, but in no
event later than 360 days after the Closing Date. 
 (e) At the time of any substitution, related Underlying Seller or the
Mortgage Loan Seller, as applicable, shall deliver or cause to be delivered the Substitute Mortgage Loan, the related Mortgage File and any other documents and payments required to be delivered in connection with a substitution pursuant to the Sale
and Servicing Agreement or the related Sale Agreement. At the time of any purchase or substitution, the Indenture Trustee in accordance with the terms of the Sale and Servicing Agreement shall (i) assign to the related Underlying Seller or the
Mortgage Loan Seller, as applicable, and shall release or cause the respective Custodian to release the documents (including, but not limited to, the Mortgage, Mortgage Note and other contents of the Mortgage File) in the possession of the
respective Custodian relating to the Deleted Mortgage Loan and (ii) execute and deliver such instruments of transfer or assignment, in each case without recourse, as shall be necessary to vest in the related Underlying Seller or the Mortgage
Loan Seller, as applicable, title to such Deleted Mortgage Loan. 
 (f) It is understood and agreed that the obligation under
this Agreement and the Sale and Servicing Agreement of the Mortgage Loan Seller to cure, repurchase or replace any Mortgage Loan as to which a breach has occurred and is continuing shall constitute the sole remedies against the Mortgage Loan Seller
respecting such breach available to Noteholders, the Depositor or the Indenture Trustee. Additionally, Alesco Financial Inc. shall guarantee the Mortgage Loan Seller’s obligations to cure, repurchase or substitute Mortgage Loans as to which
there has been a breach. American Home is the Underlying Seller with respect to the Mortgage Loans sold pursuant to the American Home Sale Agreement. Citigroup is the Underlying Seller with respect to the Mortgage Loans sold pursuant to the
Citigroup Sale Agreement. Countrywide is the Underlying Seller with respect to the Mortgage Loans sold pursuant to the 

  

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Countrywide Sale Agreement. Wells Fargo is the Underlying Seller with respect to the Mortgage Loans sold pursuant to the Wells Fargo Sale Agreement.

 SECTION 6. Recordation of Assignments of Mortgage. 
 (a) The Purchaser shall cause each assignment of the Security Instrument from the Mortgage Loan Seller to the Indenture Trustee to be
recorded not later than 180 days after the Closing Date, unless (a) such recordation is not required by the Rating Agencies or an Opinion of Counsel has been provided to the Indenture Trustee (with a copy to the respective Custodian) which
states that the recordation of such assignments is not necessary to protect the interests of the Noteholders in the related Mortgage Loans or (b) MERS is identified on the Mortgage or on a properly recorded assignment of the Mortgage, as the
Mortgagee of record solely as nominee for the Mortgage Loan Seller and its successors and assigns; provided, however, notwithstanding the delivery of any such Opinion of Counsel, each assignment of Mortgage shall be submitted for
recording by the Purchaser in the manner described above, at no expense to the Mortgage Loan Seller or the Indenture Trustee, upon the earliest to occur of (i) reasonable direction by the Holders of Notes aggregating at least 25% of the
Certificate Principal Balance of the Notes, (ii) the occurrence of a Master Servicer Event of Default or an Event of Default, (iii) the occurrence of a bankruptcy, insolvency or foreclosure relating to the Mortgage Loan Seller and,
(iv) the occurrence of a servicing transfer or an assignment of the master servicing as described in Section 6.02 of the Sale and Servicing Agreement or (v) with respect to any one assignment of Mortgage, the occurrence of a
bankruptcy, insolvency or foreclosure relating to the Mortgagor under the related Mortgage. 
 While each such Mortgage or
assignment is being recorded, if necessary, the Purchaser shall leave or cause to be left with the Indenture Trustee a certified copy of such Mortgage or assignment. All customary recording fees and reasonable expenses relating to the recordation of
the assignments of mortgage to the Indenture Trustee or the Opinion of Counsel, as the case may be, shall be borne by the Mortgage Loan Seller as set forth in Section 11. 
 (b) It is the express intent of the parties hereto that the conveyance of the Mortgage Loans by the Mortgage Loan Seller to the
Purchaser, as contemplated by this Agreement be, and be treated as, a sale. It is, further, not the intention of the parties that such conveyance be deemed a pledge of the Mortgage Loans by the Mortgage Loan Seller to the Purchaser to secure a debt
or other obligation of the Mortgage Loan Seller. However, in the event that, notwithstanding the intent of the parties, the Mortgage Loans are held by a court to continue to be property of the Mortgage Loan Seller, then (i) this Agreement shall
also be deemed to be a security agreement within the meaning of Articles 8 and 9 of the applicable Uniform Commercial Code; (ii) the transfer of the Mortgage Loans provided for herein shall be deemed to be a grant by the Mortgage Loan Seller to
the Purchaser of a security interest in all of the Mortgage Loan Seller’s right, title and interest in and to the Mortgage Loans 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, to the extent the Purchaser would otherwise be entitled to own such Mortgage Loans and proceeds pursuant to Section 4 hereof,
including all amounts, other than investment earnings, from time to time held or invested in any accounts created pursuant to the Sale and Servicing Agreement, whether in the form of cash, instruments, securities or other 

  

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property; (iii) the possession by the Purchaser, the Issuer or the Indenture Trustee of Mortgage Certificates 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 Section 9-313 (or comparable provision) of the
applicable 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 Purchaser for the purpose of perfecting such security interest under applicable law. Any assignment of the interest of the Purchaser pursuant to any provision
hereof or pursuant to the Sale and Servicing Agreement shall also be deemed to be an assignment of any security interest created hereby. The Mortgage Loan Seller hereby authorizes the Purchaser, to the extent consistent with this Agreement, to 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, 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 the Sale and Servicing Agreement. 
 SECTION 7. Representations and
Warranties of Mortgage Loan Seller Concerning the Mortgage Loans. 
 (a) The Mortgage Loan Seller hereby represents and
warrants to the Purchaser as of the Closing Date, or such other date as may be specified below with respect to each Mortgage Loan being sold by it, that: 
 (i) The information set forth in the Mortgage Loan Schedule hereto is true and correct in all material respects. 
 (ii) Immediately prior to the transfer to the Purchaser, the Mortgage Loan Seller was the sole owner of beneficial title and holder of each Mortgage and Mortgage Note relating to the Mortgage Loans and is conveying
the same free and clear of any and all liens, claims, encumbrances, participation interests, equities, pledges, charges or security interests of any nature and the Mortgage Loan Seller has full right and authority to sell or assign the same pursuant
to this Agreement. 
 (iii) Each Mortgage Loan and the prepayment penalty associated with the Mortgage Loan at the time it
was made complied in all material respects with applicable local, state and federal laws, including, but not limited to, all applicable predatory and abusive lending laws. 
 (iv) No mortgage loan is a “High Cost Loan” or “Covered Loan,”
as applicable, (as such terms are defined in the then current Standard & Poor’s LEVELS® Glossary, Appendix E, in effect as of the Closing Date, attached hereto as Exhibit 6)
and no mortgage loan originated on or after October 1, 2002 through March 6, 2003 is governed by the Georgia Fair Lending Act. 
  

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 (v) With respect to each representation and warranty with respect to any Mortgage Loan
made by the Underlying Sellers in the Sale Agreements that is made as of the related Closing Date (as defined in the applicable Sale Agreement), no event has occurred since the related Closing Date (as defined in the applicable Sale Agreement) that
would render such representations and warranties to be untrue in any material respect as of the Closing Date. 
 (b) It is
understood and agreed that the representations and warranties set forth in this Section 7 will inure to the benefit of the Purchaser, its successors and assigns, notwithstanding any restrictive or qualified endorsement on any Mortgage Note or
assignment of Mortgage or the examination of any Mortgage File. Upon any substitution for a Mortgage Loan, the representations and warranties set forth above shall be deemed to be made by the Mortgage Loan Seller as to any Substitute Mortgage Loan
as of the date of substitution. 
 (c) Upon discovery by any of the parties hereto of a breach of a representation or
warranty set forth in Section 7 of the Mortgage Loan Purchase Agreement or in any Sale Agreement that materially and adversely affects the interests of the Noteholders in any Mortgage Loan, the party discovering such breach shall give prompt
written notice thereof to the other parties. The Mortgage Loan Seller hereby covenants with respect to the representations and warranties set forth in Section 7 of the Mortgage Loan Purchase Agreement and each Underlying Seller covenants in the
related Sale Agreement covenants with respect to the representations and warranties set forth in the related Sale Agreement regarding the Mortgage Loans sold pursuant to such Sale Agreement, that within 90 days of the discovery of a breach of any
representation or warranty set forth therein that materially and adversely affects the interests of the Noteholders in any Mortgage Loan, it shall cure such breach in all material respects and, if such breach is not so cured, (i) remove such
Mortgage Loan from the Trust Fund and substitute in its place a Replacement Mortgage Loan, in the manner and subject to the conditions set forth in this Section; or (ii) repurchase the affected Mortgage Loan or Mortgage Loans from the Indenture
Trustee at the Purchase Price; provided that, any such substitution pursuant to (i) above or repurchase pursuant to (ii) above shall not be effected prior to the delivery to the Indenture Trustee and the Securities Administrator of an
Opinion of Counsel if required by Section 2.05 of the Sale and Servicing Agreement and any such substitution pursuant to (i) above shall not be effected prior to the additional delivery to the Securities Administrator and the Indenture
Trustee of a Request for Release. With respect to the representations and warranties in Section 7 of the Mortgage Loan Purchase Agreement or the representations and warranties contained in each Sale Agreement that are made to the best of the
Mortgage Loan Seller’s or Underlying Seller’s knowledge, as applicable, if it is discovered by any of the Depositor, the Master Servicer, the Mortgage Loan Seller, the Securities Administrator, the Indenture Trustee that the substance of
such representation and warranty is inaccurate and such inaccuracy materially and adversely affects the value of the related Mortgage Loan, notwithstanding the Mortgage Loan Seller’s or Underlying Seller’s knowledge, as applicable, lack of
knowledge with respect to the substance of such representation or warranty, the Mortgage Loan Seller or Underlying Seller, as applicable, shall nevertheless be required to cure, substitute for or repurchase the affected Mortgage Loan in accordance
with the foregoing. Alesco Financial Inc. shall guarantee the Mortgage Loan Seller’s obligations to cure, repurchase or substitute Mortgage Loans as to which there has been a breach. 
  

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 (d) In the event that an Underlying Seller is obligated to repurchase a Mortgage Loan
pursuant to the related Sale Agreement, and the purchase price therefore pursuant to the related Sale Agreement is greater than the Purchase Price, the difference shall be paid to the Mortgage Loan Seller. 
 SECTION 8. Representations and Warranties Concerning the Mortgage Loan Seller.
 (a) As of the Closing Date, the Mortgage Loan Seller represents and warrants to the Purchaser as to itself in the capacity indicated as
follows: 
 (i) the Mortgage Loan Seller (i) is a business trust duly organized, validly existing and in good standing
under the laws of the State of Maryland and (ii) is qualified and in good standing to do business in each jurisdiction where such qualification is necessary, except where the failure so to qualify would not reasonably be expected to have a
material adverse effect on the Mortgage Loan Seller’s business as presently conducted or on the Mortgage Loan Seller’s ability to enter into this Agreement and to consummate the transactions contemplated hereby; 
 (ii) the Mortgage Loan Seller has full requisite power to own its property, to carry on its business as presently conducted and to enter
into and perform its obligations under this Agreement; 
 (iii) the execution and delivery by the Mortgage Loan Seller of
this Agreement have been duly authorized by all necessary action on the part of the Mortgage Loan Seller; and neither the execution and delivery of this Agreement, nor the consummation of the transactions herein contemplated, nor compliance with the
provisions hereof, will conflict with or result in a breach of, or constitute a default under, any of the provisions of any law, governmental rule, regulation, judgment, decree or order binding on the Mortgage Loan Seller or its properties or the
articles of formation or trust agreement of the Mortgage Loan Seller, except those conflicts, breaches or defaults which would not reasonably be expected to have a material adverse effect on the Mortgage Loan Seller’s ability to enter into this
Agreement and to consummate the transactions contemplated hereby; 
 (iv) the execution, delivery and performance by the
Mortgage Loan Seller of this Agreement and the consummation of the transactions contemplated hereby do not require the consent or approval of, the giving of notice to, the registration with, or the taking of any other action in respect of, any
state, federal or other governmental authority or agency, except those consents, approvals, notices, registrations or other actions as have already been obtained, given or made and, in connection with the recordation of the Mortgages, powers of
attorney or assignments of Mortgages not yet completed; 
  

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 (v) this Agreement has been duly executed and delivered by the Mortgage Loan Seller and,
assuming due authorization, execution and delivery by the Purchaser, constitutes a valid and binding obligation of the Mortgage Loan Seller enforceable against it in accordance with its terms (subject to applicable bankruptcy and insolvency laws and
other similar laws affecting the enforcement of the rights of creditors generally); and 
 (vi) there are no actions, suits
or proceedings pending or, to the knowledge of the Mortgage Loan Seller, threatened against the Mortgage Loan Seller, before or by any court, administrative agency, arbitrator or governmental body (i) with respect to any of the transactions
contemplated by this Agreement or (ii) with respect to any other matter which in the judgment of the Mortgage Loan Seller will be determined adversely to the Mortgage Loan Seller and will if determined adversely to the Mortgage Loan Seller
materially and adversely affect the Mortgage Loan Seller’s ability to perform its obligations under this Agreement; and the Mortgage Loan Seller is not in default with respect to any order of any court, administrative agency, arbitrator or
governmental body so as to materially and adversely affect the transactions contemplated by this Agreement. 
 SECTION 9. Representations
and Warranties Concerning the Purchaser. As of the date hereof and as of the Closing Date, the Purchaser represents and warrants to the Mortgage Loan Seller as follows: 
 (a) the Purchaser (i) is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware
and (ii) is qualified and in good standing to do business in each jurisdiction where such qualification is necessary, except where the failure so to qualify would not reasonably be expected to have a material adverse effect on the
Purchaser’s business as presently conducted or on the Purchaser’s ability to enter into this Agreement and to consummate the transactions contemplated hereby; 
 (b) the Purchaser has full corporate power to own its property, to carry on its business as presently conducted and to enter into and
perform its obligations under this Agreement; 
 (c) the execution and delivery by the Purchaser of this Agreement have been
duly authorized by all necessary corporate action on the part of the Purchaser; and neither the execution and delivery of this Agreement, nor the consummation of the transactions herein contemplated, nor compliance with the provisions hereof, will
conflict with or result in a breach of, or constitute a default under, any of the provisions of any law, governmental rule, regulation, judgment, decree or order binding on the Purchaser or its properties or the articles of incorporation or by-laws
of the Purchaser, except those conflicts, breaches or defaults which would not reasonably be expected to have a material adverse effect on the Purchaser’s ability to enter into this Agreement and to consummate the transactions contemplated
hereby; 
 (d) the execution, delivery and performance by the Purchaser of this Agreement and the consummation of the
transactions contemplated hereby do not require the 

  

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consent or approval of, the giving of notice to, the registration with, or the taking of any other action in respect of, any state, federal or other
governmental authority or agency, except those consents, approvals, notices, registrations or other actions as have already been obtained, given or made; 
 (e) this Agreement has been duly executed and delivered by the Purchaser and, assuming due authorization, execution and delivery by the Mortgage Loan Seller, constitutes a valid and binding obligation of the Purchaser
enforceable against it in accordance with its terms (subject to applicable bankruptcy and insolvency laws and other similar laws affecting the enforcement of the rights of creditors generally); 
 (f) there are no actions, suits or proceedings pending or, to the knowledge of the Purchaser, threatened against the Purchaser, before or
by any court, administrative agency, arbitrator or governmental body (i) with respect to any of the transactions contemplated by this Agreement or (ii) with respect to any other matter which in the judgment of the Purchaser will be
determined adversely to the Purchaser and will if determined adversely to the Purchaser materially and adversely affect the Purchaser’s ability to perform its obligations under this Agreement; and the Purchaser is not in default with respect to
any order of any court, administrative agency, arbitrator or governmental body so as to materially and adversely affect the transactions contemplated by this Agreement; and 
 (g) the Purchaser’s Information (as defined in Section 13(b) hereof) does not include any untrue statement of a material fact
or omit to state a material fact necessary in order to make the statements made, in light of the circumstances under which they were made, not misleading. 
 SECTION 10. Conditions to Closing. 
 (a) The obligations of the Purchaser under this
Agreement will be subject to the satisfaction, on or prior to the Closing Date, of the following conditions: 
 (i) Each of
the obligations of the Mortgage Loan Seller required to be performed at or prior to the Closing Date pursuant to the terms of this Agreement shall have been duly performed and complied with in all material respects; all of the representations and
warranties of the Mortgage Loan Seller under this Agreement shall be true and correct as of the Closing Date specified in all material respects; and no event shall have occurred which, with notice or passage of time, would constitute a default under
this Agreement or the Sale and Servicing Agreement; and the Purchaser shall have received certificates to that effect signed by authorized officers of the Mortgage Loan Seller. 
 (ii) The Purchaser shall have received all of the following closing documents, in such forms as are agreed upon and reasonably acceptable
to the Purchaser, duly executed by all signatories other than the Purchaser as required pursuant to the respective terms thereof: 
  

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 (1) The Sale and Servicing Agreement, in form and substance reasonably satisfactory to
the Indenture Trustee and the Purchaser, and all documents required thereby duly executed by all signatories; 
 (2) A
certificate of an officer of the Mortgage Loan Seller dated as of the Closing Date, in a form reasonably acceptable to the Purchaser, and attached thereto the resolutions of the Mortgage Loan Seller authorizing the transactions contemplated by this
Agreement and the other Transaction Documents to which it is a party, together with copies of the articles of formation or trust agreement and certificate of good standing of the Mortgage Loan Seller; 
 (3) One or more opinions of counsel from the Mortgage Loan Seller’s counsel otherwise in form and substance reasonably satisfactory
to the Purchaser, the Indenture Trustee and each Rating Agency; 
 (4) A letter from each of the Rating Agencies giving each
Class of Notes set forth on Schedule A hereto the rating set forth therein; and 
 (5) Such other documents, certificates
(including additional representations and warranties) and opinions as may be reasonably necessary to secure the intended ratings from each Rating Agency for the Notes. 
 (iii) The Notes to be sold to Bear Stearns pursuant to the Underwriting Agreement and the Purchase Agreement shall have been issued and
sold to Bear Stearns . 
 (iv) The Mortgage Loan Seller shall have furnished to the Purchaser such other certificates of its
officers or others and such other documents and opinions of counsel to evidence fulfillment of the conditions set forth in this Agreement and the transactions contemplated hereby as the Purchaser and its counsel may reasonably request. 

(b) The obligations of the Mortgage Loan Seller under this Agreement shall be subject to the satisfaction, on or prior to the Closing
Date, of the following conditions: 
 (i) The obligations of the Purchaser required to be performed by it on or prior to the
Closing Date pursuant to the terms of this Agreement shall have been duly performed and complied with in all material respects, and all of the representations and warranties of the Purchaser under this Agreement shall be true and correct in all
material respects as of the date hereof and as of the Closing Date, and no event shall have occurred which would constitute a breach by it of the terms of this Agreement, and the Mortgage Loan Seller shall have received a certificate to that effect
signed by an authorized officer of the Purchaser. 
 (ii) The Mortgage Loan Seller shall have received copies of all of the
following closing documents, in such forms as are agreed upon and reasonably acceptable to the Mortgage Loan Seller, duly executed by all 

  

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signatories other than the Mortgage Loan Seller as required pursuant to the respective terms thereof: 
 (1) The Sale and Servicing Agreement, in form and substance reasonably satisfactory to the Mortgage Loan Seller, and all documents
required thereby duly executed by all signatories; 
 (2) A certificate of an officer of the Purchaser dated as of the
Closing Date, in a form reasonably acceptable to the Mortgage Loan Seller, and attached thereto the written consent of the member of the Purchaser authorizing the transactions contemplated by this Agreement and the Sale and Servicing Agreement,
together with copies of the Purchaser’s certificate of formation, limited liability company agreement, and evidence as to the good standing of the Purchaser dated as of a recent date; 
 (3) One or more opinions of counsel from the Purchaser’s counsel in form and substance reasonably satisfactory to the Mortgage Loan
Seller and the Rating Agencies; and 
 (4) Such other documents, certificates (including additional representations and
warranties) and opinions as may be reasonably necessary to secure the intended rating from each Rating Agency for the Notes. 
 SECTION 11.
Fees and Expenses. Subject to Section 16 hereof, the Mortgage Loan Seller shall pay on the Closing Date or such later date as may be agreed to by the Purchaser (i) the fees and expenses of the Mortgage Loan Seller’s
attorneys and the fees and expenses of the Purchaser’s attorneys, (ii) the fees and expenses of Deloitte & Touche LLP, (iii) the fee for the use of Purchaser’s Registration Statement based on the aggregate original
principal amount of the Notes and the filing fee of the Commission as in effect on the date on which the Registration Statement was declared effective, (iv) the fees and expenses including counsel’s fees and expenses in connection with any
“blue sky” and legal investment matters, (v) the fees and expenses of the Indenture Trustee, the Master Servicer and the Owner Trustee which shall include without limitation the fees and expenses of its counsel with respect to
(A) legal and document review of this Agreement, the Trust Agreement, the Indenture, the Sale and Servicing Agreement, the Notes and related agreements, (B) attendance at the Closing and (C) review of the Mortgage Loans to be
performed by the Indenture Trustee or the respective Custodian on its behalf, (vi) the expenses for printing or otherwise reproducing the Notes, the Prospectus, the Term Sheet Supplement and the Prospectus Supplement, (vii) the fees and
expenses of each Rating Agency (both initial and ongoing), (viii) the fees and expenses relating to the preparation and recordation of mortgage assignments (including intervening assignments, if any and if available, to evidence a complete
chain of title from the originator to the Indenture Trustee) from the Mortgage Loan Seller to the Indenture Trustee or the expenses relating to the Opinion of Counsel referred to in Section 6(a) hereof, as the case may be and (ix) Mortgage
File due diligence expenses and other out of pocket expenses incurred by the Purchaser in connection with the purchase of the Mortgage Loans and by Bear Stearns in connection with the sale of the Notes. The Mortgage Loan Seller additionally agrees
to pay directly to any third party on a timely basis the fees provided for above which are charged by such third party. 
  

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 SECTION 12. Accountants’ Letters.
 (a) Deloitte & Touche LLP will review the characteristics of a sample of the Mortgage Loans described in the Mortgage Loan
Schedule and will compare those characteristics to the description of the Mortgage Loans contained in the Term Sheet. Deloitte & Touche LLP will review the characteristics of a sample of the Mortgage Loans described in the Mortgage Loan
Schedule and will compare those characteristics to the description of the Mortgage Loans contained in the Prospectus Supplement under the captions “Summary of Prospectus Supplement—The Mortgage Loans” and “The Mortgage Pool”
and in Schedule A thereto. The Mortgage Loan Seller will cooperate with the Purchaser in making available all information and taking all steps reasonably necessary to permit such accountants to complete the review and to deliver the letters required
of them under the Underwriting Agreement. Deloitte & Touche LLP will also confirm certain calculations as set forth under the caption “Yield On The Offered Notes” in the Prospectus Supplement. 
 (b) To the extent statistical information with respect to the Master Servicer’s or a Servicer’s servicing portfolio is included
in the Term Sheet Supplement and Prospectus Supplement under the captions “The Master Servicer and the Servicers,” “Mortgage Loan Origination” and “Static Pool Information” a letter from the certified public accountant
for the Master Servicer and such Servicer or Servicer’s will be delivered to the Purchaser dated the date of the Prospectus Supplement, in the form previously agreed to by the Mortgage Loan Seller and the Purchaser, with respect to such
statistical information. 
 SECTION 13. Indemnification. 
 (a) The Mortgage Loan Seller shall indemnify and hold harmless the Purchaser and its directors, officers and controlling persons (as defined in
Section 15 of the Securities Act) from and against any loss, claim, damage or liability or action in respect thereof, to which they or any of them may become subject, under the Securities Act or otherwise, insofar as such loss, claim, damage,
liability or action arises out of, or is based upon (i) any untrue statement of a material fact contained in the Mortgage Loan Seller’s Information as identified in Exhibit 3, the omission to state in the Term Sheet
Supplement, the Prospectus Supplement or Prospectus (or any amendment thereof or supplement thereto approved by the Mortgage Loan Seller and in which additional Mortgage Loan Seller’s Information is identified), in reliance upon and in
conformity with Mortgage Loan Seller’s Information a material fact required to be stated therein or necessary to make the statements therein in light of the circumstances in which they were made, not misleading, (ii) any representation or
warranty made by the Mortgage Loan Seller in Section 7 or Section 8 hereof being, or alleged to be, untrue or incorrect, and (iii) any failure by the Mortgage Loan Seller to perform its obligations under this Agreement; and the
Mortgage Loan Seller shall reimburse the Purchaser, and each other indemnified party for any legal and other expenses reasonably incurred by them in connection with investigating or defending or preparing to defend any such loss, claim, damage,
liability or action. The foregoing indemnity agreement is in addition to any liability which the Mortgage Loan Seller otherwise may have to the Purchaser or any other such indemnified party. 
  

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 (b) Pursuant to the Guarantee of Alesco Financial Inc. (“Alesco Financial”),
dated as of June 29, 2007, Alesco Financial shall guarantee the prompt, faithful and full payment of the Mortgage Loan Seller’s indemnification obligations described in this Section 13. 
 (c) The Purchaser and Bear Stearns Mortgage Capital Corporation shall jointly and severally agree to indemnify and hold harmless the
Mortgage Loan Seller and its respective directors, officers and controlling persons (as defined in Section 15 of the Securities Act) from and against any loss, claim, damage or liability or action in respect thereof, to which they or any of
them may become subject, under the Securities Act or otherwise, insofar as such loss, claim, damage, liability or action arises out of, or is based upon any untrue statement of a material fact contained in the Purchaser’s Information as
identified in Exhibit 4, the omission to state in the Term Sheet Supplement, Prospectus Supplement or Prospectus (or any amendment thereof or supplement thereto approved by the Purchaser and in which additional Purchaser’s Information is
identified), in reliance upon and in conformity with the Purchaser’s Information, a material fact required to be stated therein or necessary to make the statements therein in light of the circumstances in which they were made, not misleading;
(ii) any representation or warranty made by the Purchaser in Section 9 hereof being, or alleged to be, untrue or incorrect, or (iii) any failure by the Purchaser to perform its obligations under this Agreement; and the Purchaser shall
reimburse the Mortgage Loan Seller and each other indemnified party for any legal and other expenses reasonably incurred by them in connection with investigating or defending or preparing to defend any such loss, claim, damage, liability or action.
The foregoing indemnity agreement is in addition to any liability which the Purchaser otherwise may have to the Mortgage Loan Seller, or any other such indemnified party, 
 (d) Promptly after receipt by an indemnified party under subsection (a) or (c) above of notice of the commencement of any
action, such indemnified party shall, if a claim in respect thereof is to be made against the indemnifying party under such subsection, notify each party against whom indemnification is to be sought in writing of the commencement thereof (but the
failure so to notify an indemnifying party shall not relieve it from any liability which it may have under this Section 13 except to the extent that it has been prejudiced in any material respect by such failure or from any liability which it
may have otherwise). In case any such action is brought against any indemnified party, and it notifies an indemnifying party of the commencement thereof, the indemnifying party will be entitled to participate therein and, to the extent it may elect
by written notice delivered to the indemnified party promptly (but, in any event, within 30 days) after receiving the aforesaid notice from such indemnified party, to assume the defense thereof with counsel reasonably satisfactory to such
indemnified party. Notwithstanding the foregoing, the indemnified party or parties shall have the right to employ its or their own counsel in any such case, but the fees and expenses of such counsel shall be at the expense of such indemnified party
or parties unless (i) the employment of such counsel shall have been authorized in writing by one of the indemnifying parties in connection with the defense of such action, (ii) the indemnifying parties shall not have employed counsel to
have charge of the defense of such action within a reasonable time after notice of commencement of the action, or (iii) such indemnified party or parties shall have reasonably concluded that there is a conflict of interest between itself or
themselves and the indemnifying party in the conduct of the defense of any claim or that the interests of the indemnified party or parties are not substantially co-extensive with those of the indemnifying party (in which case the indemnifying
parties shall not have the right to direct the defense of such action on behalf of the indemnified 

  

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party or parties), in any of which events such fees and expenses shall be borne by the indemnifying parties (provided, however, that the
indemnifying party shall be liable only for the fees and expenses of one counsel in addition to one local counsel in the jurisdiction involved. Anything in this subsection to the contrary notwithstanding, an indemnifying party shall not be liable
for any settlement or any claim or action effected without its written consent; provided, however, that such consent was not unreasonably withheld. 
 (e) If the indemnification provided for in paragraphs (a) and (c) of this Section 13 shall for any reason be unavailable
to an indemnified party in respect of any loss, claim, damage or liability, or any action in respect thereof, referred to in Section 13, then the indemnifying party shall in lieu of indemnifying the indemnified party contribute to the amount
paid or payable by such indemnified party as a result of such loss, claim, damage or liability, or action in respect thereof, in such proportion as shall be appropriate to reflect the relative benefits received by the Mortgage Loan Seller on the one
hand and the Purchaser on the other from the purchase and sale of the Mortgage Loans, the offering of the Notes and the other transactions contemplated hereunder. No person found liable for a fraudulent misrepresentation (within the meaning of
Section 11(f) of the Securities Act) shall be entitled to contribution from any person who is not also found liable for such fraudulent misrepresentation. 
 (f) The parties hereto agree that reliance by an indemnified party on any publicly available information or any information or directions
furnished by an indemnifying party shall not constitute negligence, bad faith or willful misconduct by such indemnified party. 
 SECTION 14.
Notices. All demands, notices and communications hereunder shall be in writing but may be delivered by facsimile transmission subsequently confirmed in writing. Notices to the Mortgage Loan Seller shall be directed to Alesco Loan
Holdings Trust, 2929 Arch Street, Suite 1703, Philadelphia, PA 19104, and notices to the Purchaser shall be directed to Structured Asset Mortgage Investments II Inc., 383 Madison Avenue, New York, New York 10179 (Telecopy: (212-272-7206)),
Attention: Baron Silverstein; or to any other address as may hereafter be furnished by one party to the other party by like notice. Any such demand, notice or communication hereunder shall be deemed to have been received on the date received at the
premises of the addressee (as evidenced, in the case of registered or certified mail, by the date noted on the return receipt) provided that it is received on a business day during normal business hours and, if received after normal business hours,
then it shall be deemed to be received on the next business day. 
 SECTION 15. Transfer of Mortgage Loans. The Purchaser retains
the right to assign the Mortgage Loans and any or all of its interest under this Agreement to the Issuer, with the understanding that the Issuer will then assign such rights to the Indenture Trustee pursuant to the Sale and Servicing Agreement,
without the consent of the Mortgage Loan Seller, and, upon such assignment, the Indenture Trustee, as the ultimate assignee, shall succeed to the applicable rights and obligations of the Purchaser hereunder; provided, however, the
Purchaser shall remain entitled to the benefits set forth in Sections 11, 13 and 17 hereto and as provided in Section 2(a). Notwithstanding the foregoing, the sole and exclusive right and remedy of the Issuer or the Indenture Trustee with
respect to a breach of representation or warranty of the Mortgage Loan Seller shall be the cure, purchase or substitution obligations of the Mortgage Loan Seller contained in Sections 5 and 7 hereof. 
  

 21 

 SECTION 16. Termination. This Agreement may be terminated (a) by the mutual consent of
the parties hereto prior to the Closing Date, (b) by the Purchaser, if the conditions to the Purchaser’s obligation to close set forth under Section 10(a) hereof are not fulfilled as and when required to be fulfilled or (c) by
the Mortgage Loan Seller, if the conditions to the Mortgage Loan Seller’s obligation to close set forth under Section 10(b) hereof are not fulfilled as and when required to be fulfilled. In the event of termination pursuant to clause (b),
the Mortgage Loan Seller shall pay, and in the event of termination pursuant to clause (c), the Purchaser shall pay, all reasonable out-of-pocket expenses incurred by the other in connection with the transactions contemplated by this Agreement. In
the event of a termination pursuant to clause (a), each party shall be responsible for its own expenses. 
 SECTION 17. Representations,
Warranties and Agreements to Survive Delivery. All representations, warranties and agreements contained in this Agreement, or contained in certificates of officers of the Mortgage Loan Seller submitted pursuant hereto, shall remain
operative and in full force and effect and shall survive delivery of the Mortgage Loans to the Purchaser (and by the Purchaser to the Owner Trustee). Subsequent to the delivery of the Mortgage Loans to the Purchaser, the Mortgage Loan Seller’s
representations and warranties contained herein with respect to the Mortgage Loans shall be deemed to relate to the Mortgage Loans actually delivered to the Purchaser and included in the Mortgage Loan Schedule. 
 SECTION 18. Severability. If any provision of this Agreement shall be prohibited or invalid under applicable law, the Agreement shall be
ineffective only to such extent, without invalidating the remainder of this Agreement. 
 SECTION 19. Counterparts. This
Agreement may be executed in counterparts, each of which will be an original, but which together shall constitute one and the same agreement. 
 SECTION 20. Amendment. This Agreement cannot be amended or modified in any manner without the prior written consent of each party. 
 SECTION 21. GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES THEREOF OTHER THAN SECTION
5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW. 
 SECTION 22. Further Assurances. Each of the parties agrees to execute and
deliver such instruments and take such actions as another party may, from time to time, reasonably request in order to effectuate the purpose and to carry out the terms of this Agreement including any amendments hereto which may be required by
either Rating Agency. 
 SECTION 23. Successors and Assigns. 
 This Agreement shall bind and inure to the benefit of and be enforceable by the Mortgage Loan Seller, the Mortgage Loan Seller and the
Purchaser and their permitted successors and assigns and, to the extent specified in Section 13 hereof, Bear Stearns, and their directors, officers and controlling persons (within the meaning of federal securities laws). The Mortgage Loan
Seller acknowledges and agrees that the Purchaser may assign its rights under this Agreement (including, without limitation, with respect to the Mortgage Loan Seller’s 

  

 22 

 
representations and warranties respecting the Mortgage Loans) to the Issuer and that the Issuer may further assign such rights to the Indenture Trustee. Any
person into which the Mortgage Loan Seller may be merged or consolidated (or any person resulting from any merger or consolidation involving the Mortgage Loan Seller), any person resulting from a change in form of the Mortgage Loan Seller or any
person succeeding to the business of the Mortgage Loan Seller, shall be considered the “successor” of the Mortgage Loan Seller, as applicable, hereunder and shall be considered a party hereto without the execution or filing of any paper or
any further act or consent on the part of any party hereto. Except as provided in the two preceding sentences and in Section 15 hereto, this Agreement cannot be assigned, pledged or hypothecated by either party hereto without the written
consent of the other parties to this Agreement and any such assignment or purported assignment shall be deemed null and void. 
 SECTION 24.
The Mortgage Loan Seller. The Mortgage Loan Seller will keep in full effect its existence, all rights and franchises as a business trust under the laws of the State of its formation and will obtain and preserve its qualification to do
business as a foreign business trust in each jurisdiction in which such qualification is necessary to perform its obligations under this Agreement. 
 SECTION 25. Entire Agreement. This Agreement contains the entire agreement and understanding between the parties with respect to the subject matter hereof, and supersedes all prior and contemporaneous agreements, understandings,
inducements and conditions, express or implied, oral or written, of any nature whatsoever with respect to the subject matter hereof. 
 SECTION 26. No Partnership. Nothing herein contained shall be deemed or construed to create a partnership or joint venture between the parties hereto. 
 SECTION 27. Fiduciary Duty. Each party to this Agreement acknowledges that (A) the terms of this Agreement were negotiated at arms length
between sophisticated parties represented by counsel, (B) no fiduciary, advisory or agency relationship between the Depositor and the Mortgage Loan Seller has been created as a result of any of the transactions contemplated by this Agreement,
irrespective of whether the Mortgage Loan Seller has advised or is advising the Depositor on other matters; and (C) it has obtained such legal, tax, accounting and other advice as it deems appropriate with respect to this Agreement and the
transactions contemplated hereby and any other activities undertaken in connection therewith, and it is not relying on the Depositor with respect to any such matters. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 
  

 23 

 IN WITNESS WHEREOF, the parties hereto have caused their names to be signed hereto by their respective
duly authorized officers as of the date first above written. 
  

			
	 ALESCO LOAN HOLDINGS TRUST

		
	 By:
	 	 /s/ John Longino

		 	 
		 	Name: John Longino
		 	Title: Chief Financial Officer
	
	 STRUCTURED ASSET MORTGAGE INVESTMENTS II INC.

		
	 By:
	 	 /s/ Baron Silverstein

		 	 
		 	Name: Baron Silverstein
		 	Title: Vice President

  

 Acknowledged and Agreed: 
  

			
	 BEAR STEARNS MORTGAGE
 CAPITAL CORPORATION

		
	 By:
	 	 /s/ Baron Silverstein

		 	 
		 	Name: Baron Silverstein
		 	Title: Assistant Vice President

 EXHIBIT 1 
 CONTENTS OF MORTGAGE FILE 
 With respect to each Mortgage Loan, the Mortgage File shall include each
of the following items, which shall be available for inspection by the Purchaser or its designee, and which shall be delivered to the Purchaser or its designee pursuant to the terms of this Agreement. 
 (i) the original Mortgage Note, including any riders thereto, endorsed without recourse (A) in blank or to the order of
“Citibank, N.A., as Indenture Trustee for Noteholders of Bear Stearns ARM Trust 2007-2, Mortgage-Backed Notes, Series 2007-2,” or (B) in the case of a loan registered on the MERS system, in blank, and in each case showing an unbroken
chain of endorsements from the original payee thereof to the Person endorsing it to the Indenture Trustee; 
 (ii) the
original Mortgage and, if the related Mortgage Loan is a MOM Loan, noting the presence of the MIN and language indicating that such Mortgage Loan is a MOM Loan, which shall have been recorded (or if the original is not available, a copy), with
evidence of such recording indicated thereon (or if clause (x) in the proviso below applies, shall be in recordable form); 
 (iii) unless the Mortgage Loan is either a MOM Loan or has been assigned to and recorded in the name of MERS, the original assignment to blank, or the assignment (either an original or a certified copy, which may be in the form of a blanket
assignment if permitted in the jurisdiction in which the Mortgaged Property is located) to “Citibank, N.A., as Indenture Trustee, on behalf of the Noteholders,” which shall have been recorded (or if clause (a) in the proviso below
applies, shall be in recordable form), 
 (iv) all intervening assignments of the Security Instrument, if applicable and with
evidence of recording thereon; 
 (v) the original or a copy of the policy or certificate of primary mortgage guaranty
insurance, to the extent available, if any; 
 (vi) the original or duplicate original lender’s title policy or, in the
event such original title policy has not been received from the insurer, such original or duplicate original lender’s title policy will be delivered within one year of the closing date or, in the event such original lender’s title policy
is unavailable, a photocopy of such title policy or, in lieu thereof, a current lien search on the related property; and 
 (vii) originals of all modification agreements, if applicable and available; 
 provided, however, in lieu of the foregoing, the
Mortgage Loan Seller may deliver the following documents, under the circumstances set forth below: (a) in lieu of the original Mortgage, assignments to the Indenture Trustee or intervening assignments thereof which have been delivered, are
being delivered or shall, upon receipt of recording information relating to such documents required to be included thereon, be delivered to recording offices for recording and have not been returned in time to permit their delivery as specified
above, the Mortgage Loan Seller may deliver a true copy thereof with a certification substantially to the effect that such 

  

 E-1-1 

 
copy is a true and correct copy of the original; (b) in lieu of the Mortgage, assignment to blank or to the Indenture Trustee or intervening assignments
thereof, if the applicable jurisdiction retains the originals of such documents (as evidenced by a certification to such effect) the Mortgage Loan Seller may deliver photocopies of such documents containing an original certification by the judicial
or other governmental authority of the jurisdiction where such documents were recorded; and (c) in lieu of the Mortgage Notes relating to the Mortgage Loans, the Mortgage Loan Seller may deliver a lost note affidavit and indemnity; provided,
further, however, that in the case of the Mortgage Loans which have been prepaid in full after the Cut-off Date and prior to the Closing Date, the Mortgage Loan Seller, in lieu of delivering the above documents, may deliver to the Indenture Trustee,
a certification to such effect and shall deposit all amounts paid in respect of such Mortgage Loans in the Payment Account on the Closing Date. The Mortgage Loan Seller shall deliver such original documents (including any original documents as to
which certified copies had previously been delivered) to the related Custodian, promptly after they are received; provided that the Mortgage Loan Seller need not cause to be recorded any assignment (a) in any jurisdiction under the laws of
which, as evidenced by an Opinion of Counsel delivered by the Depositor to the Indenture Trustee and the Rating Agencies, the recordation of such assignment is not necessary to protect the Indenture Trustee’s interest in the related Mortgage
Loan or (b) if MERS is identified on the Mortgage or on a properly recorded assignment of the Mortgage as mortgagee of record solely as nominee for the Mortgage Loan Seller and its successors and assigns; provided, however, notwithstanding the
foregoing, each assignment shall be submitted for recording by the Mortgage Loan Seller in the manner described above, at no expense to the Issuing Entity or the Indenture Trustee, upon the earliest to occur of: (i) reasonable direction by the
Holders of Notes aggregating at least 25% of the Note Principal Balance of the Notes, (ii) the occurrence of a Master Servicer Event of Default or an Event of Default, (iii) the occurrence of a bankruptcy, insolvency or foreclosure
relating to the Mortgage Loan Seller or the Mortgage Loan Seller and (iv) the occurrence of a servicing transfer as described in Section 6.02 hereof. Notwithstanding the foregoing, if the Mortgage Loan Seller fails to pay the cost of
recording the assignments, such expense shall be paid by the Securities Administrator from funds in the Payment Account in accordance with Section 4.05 of this Agreement. In the event that the Mortgage Loan Seller, the Depositor or the Master
Servicer gives written notice to the Indenture Trustee that a court has recharacterized the sale of the Mortgage Loans as a financing, the Mortgage Loan Seller shall submit or cause to be submitted for recording as specified above or, the Mortgage
Loan Seller fail to perform such obligations, the Depositor shall cause each such previously unrecorded assignment to be submitted for recording as specified above at the expense of the Trust. 
  

 E-1-2 

 EXHIBIT 2 
 MORTGAGE LOAN SCHEDULE INFORMATION 
 The Mortgage Loan Schedule shall set forth the following
information with respect to each Mortgage Loan: 
  

	 	(a)	the city, state and zip code of the Mortgaged Property; 

  

	 	(b)	the property type; 

  

	 	(c)	the Mortgage Rate; 

  

	 	(d)	the Servicing Fee Rate; 

  

	 	(e)	the Master Servicer’s Fee Rate; 

  

	 	(f)	the LPMI Fee, if applicable; 

  

	 	(g)	the Trustee Fee Rate, if applicable; 

  

	 	(h)	the Net Rate; 

  

	 	(i)	the maturity date; 

  

	 	(j)	the stated original term to maturity; 

  

	 	(k)	the stated remaining term to maturity; 

  

	 	(l)	the original principal balance; 

  

	 	(m)	the first payment date; 

  

	 	(n)	the principal and interest payment in effect as of the Cut-off Date; 

  

	 	(o)	the unpaid principal balance as of the Cut-off Date; 

  

	 	(p)	the Loan-to-Value Ratio at origination; 

  

	 	(q)	the insurer of any Primary Mortgage Insurance Policy; 

  

	 	(r)	the Gross Margin, if applicable; 

  

	 	(s)	the next Adjustment Date, if applicable; 

  

	 	(t)	the Maximum Lifetime Mortgage Rate, if applicable; 

  

	 	(u)	the Minimum Lifetime Mortgage Rate, if applicable; 

  

	 	(v)	the Periodic Rate Cap, if applicable; 

  

	 	(w)	the Loan Group, if applicable; 

  

	 	(x)	a code indicating whether the Mortgage Loan is negatively amortizing; 

  

	 	(y)	which Mortgage Loans adjust after an initial fixed-rate period of one, two, three, five, seven or ten years or any other period; 

  

 E-2-1 

	 	(z)	the Prepayment Charge, if any; 

  

	 	(aa)	lien position (e.g., first lien or second lien); 

  

	 	(bb)	a code indicating whether the Mortgage Loan is has a balloon payment; 

  

	 	(cc)	a code indicating whether the Mortgage Loan is an interest-only loan; 

  

	 	(dd)	the interest-only term, if applicable; 

  

	 	(ee)	the Mortgage Loan Seller; 

  

	 	(ff)	the original amortization term; and 

  

	 	(gg)	a code indicating whether such Mortgage Loan is a loan which has been pre-funded. 

 Such schedule also shall set forth for all of the Mortgage Loans, the total number of Mortgage Loans, the total of each of the amounts described under (n) and (o) above, the weighted average by principal balance as of the Cut-off
Date of each of the rates described under (c) through (h) above, and the weighted average remaining term to maturity by unpaid principal balance as of the Cut-off Date. 
  

 E-2-2 

 EXHIBIT 3  
 MORTGAGE LOAN SELLER’S INFORMATION 
 All information in the Term Sheet Supplement described
under the following captions: “THE MORTGAGE POOL – General,” “—Prepayment Charges on the Mortgage Loans,” “—Special Characteristics of the Mortgage Loans,” “—Credit Scores” and “THE
SPONSOR”; all information in the Prospectus Supplement described under the following captions: “SUMMARY OF PROSPECTUS SUPPLEMENT—The Sponsor,” “—The Mortgage Loans,” “THE MORTGAGE POOL – General,”
“—Prepayment Charges on the Mortgage Loans,” “—Special Characteristics of the Mortgage Loans,” “THE SPONSOR,” “MORTGAGE LOAN ASSUMPTIONS” and “SCHEDULE A”; the information in the Mortgage
Loan Schedule attached as Exhibit B to the Sale and Servicing Agreement, and the Final Loan Tape. 
  

 E-3-1 

 EXHIBIT 4  
 PURCHASER’S INFORMATION 
 All information in the Term Sheet Supplement, Prospectus Supplement
and the Prospectus, except the Mortgage Loan Seller’s Information. 
  

 E-4-1 

 EXHIBIT 5  
 SCHEDULE OF LOST NOTES 
 Available Upon Request 
  

 E-5-1 

 EXHIBIT 5 
 APPENDIX E – STANDARD & POOR’S ANTI-PREDATORY 
 LENDING CATEGORIZATION

 REVISED March 1, 2007 
 APPENDIX E – Standard & Poor’s Predatory Lending Categories 
 Standard & Poor’s has categorized
loans governed by anti-predatory lending laws in the Jurisdictions listed below into three categories based upon a combination of factors that include (a) the risk exposure associated with the assignee liability and (b) the tests and
thresholds set forth in those laws. Note that certain loans classified by the relevant statute as Covered are included in Standard & Poor’s High Cost Loan Category because they included thresholds and tests that are typical of what is
generally considered High Cost by the industry. 
  

					
	Standard & Poor’s High Cost Loan Categorization
	 State/Jurisdiction
	  	 Name of Anti-Predatory Lending Law/Effective Date
	  	 Category under
 Applicable Anti-Predatory
 Lending Law

	 Arkansas
	  	 Arkansas Home Loan Protection Act, Ark. Code Ann. §§ 23-53-101 et seq.
 Effective July 16, 2003
	  	High Cost Home Loan
			
	 Cleveland Heights, OH
	  	 Ordinance No. 72-2003 (PSH), Mun. Code §§ 757.01 et seq.
 Effective June 2, 2003
	  	Covered Loan
			
	 Colorado
	  	 Consumer Equity Protection, Colo. Stat. Ann. §§ 5-3.5-101 et seq.
 Effective for covered loans offered or entered into on or after January 1, 2003.
 Other provisions of the Act took effect on
June 7, 2002
	  	Covered Loan
			
	 Connecticut
	  	 Connecticut Abusive Home Loan Lending Practices Act, Conn. Gen. Stat.
 §§ 36a-746 et seq.
 Effective October 1, 2001
	  	High Cost Home Loan
			
	 District of Columbia
	  	 Home Loan Protection Act, D.C. Code §§ 26-1151.01 et seq.
 Effective for loans closed on or after January 28, 2003
	  	Covered Loan
			
	 Florida
	  	 Fair Lending Act, Fla. Stat. Ann. §§ 494.0078 et seq.
 Effective October 2, 2002
	  	High Cost Home Loan
			
	 Georgia (Oct. 1, 2002 – Mar. 6, 2003)
	  	 Georgia Fair Lending Act, Ga. Code Ann. §§ 7-6A-1 et seq.
 Effective October 1, 2002 – March 6, 2003
	  	High Cost Home Loan
			
	 Georgia as amended
 (Mar. 7, 2003 – current)
	  	 Georgia Fair Lending Act, Ga. Code Ann. §§ 7-6A-1 et seq.
 Effective for loans closed on or after March 7, 2003
	  	High Cost Home Loan
			
	 HOEPA Section 32
	  	 Home Ownership and Equity Protection Act of 1994, 15 U.S.C. § 1639,
 12 C.F.R. §§ 226.32 and 226.34
 Effective October 1, 1995, amendments October 1, 2002
	  	High Cost Loan

  

 E-5-2 

					
	 Illinois
	  	 High Risk Home Loan Act, Ill. Comp. Stat. tit. 815, §§ 137/5 et seq.
 Effective January 1, 2004 (prior to this date, regulations under Residential
 Mortgage License Act effective from
May 14, 2001)
	  	High Risk Home Loan
			
	 Indiana
	  	 Indiana Home Loan Practices Act, Ind. Code Ann. §§ 24-9-1-1 et seq.
 Effective January 1, 2005; amended by 2005 H.B. 1179, effective July 1, 2005.
	  	High Cost Home Loans
			
	 Kansas
	  	 Consumer Credit Code, Kan. Stat. Ann. §§ 16a-1-101 et seq.
 Sections 16a-1-301 and 16a-3-207 became effective April 14, 1999;
 Section 16a-3-308a became effective July 1,
1999
	  	 High Loan to Value Consumer
 Loan
(id. § 16a-3-207) and;

	  	  	 High APR Consumer Loan (id.
 §16a-3-308a)

			
	 Kentucky
	  	 2003 KY H.B. 287 – High Cost Home Loan Act, Ky. Rev. Stat. §§ 360.100 et seq.
 Effective June 24, 2003
	  	High Cost Home Loan
			
	 Maine
	  	 Truth in Lending, Me. Rev. Stat. tit. 9-A, §§ 8-101 et seq.
 Effective September 29, 1995 and as amended from time to time
	  	High Rate High Fee Mortgage
			
	 Massachusetts
	  	 Part 40 and Part 32, 209 C.M.R. §§ 32.00 et seq. and 209 C.M.R. §§ 40.01 et seq.
 Effective March 22, 2001 and amended from time to time
	  	High Cost Home Loan
			
	 Nevada
	  	 Assembly Bill No. 284, Nev. Rev. Stat. §§ 598D.010 et seq.
 Effective October 1, 2003
	  	Home Loan
			
	 New Jersey
	  	 New Jersey Home Ownership Security Act of 2002, N.J. Rev. Stat. §§ 46:10B-22 et seq.
 Effective for loans closed on or after November 27, 2003
	  	High Cost Home Loan
			
	 New Mexico
	  	 Home Loan Protection Act, N.M. Rev. Stat. §§ 58- 21A-1 et seq.
 Effective as of January 1, 2004; Revised as of February 26, 2004
	  	High Cost Home Loan
			
	 New York
	  	 N.Y. Banking Law Article 6-l
 Effective for applications
made on or after April 1, 2003
	  	High Cost Home Loan
			
	 North Carolina
	  	 Restrictions and Limitations on High Cost Home Loans, N.C. Gen. Stat.
 §§ 24-1.1E et seq.
 Effective July 1, 2000; amended October 1, 2003 (adding open-end lines of
credit)
	  	High Cost Home Loan
			
	 Ohio
	  	 H.B. 386 (codified in various sections of the Ohio Code), Ohio Rev. Code
 Ann. §§ 1349.25 et seq.
 Effective May 24, 2002
	  	Covered Loan
			
	 Oklahoma
	  	 Consumer Credit Code (codified in various sections of Title 14A)
 Effective July 1, 2000; amended effective January 1, 2004
	  	Subsection 10 Mortgage
			
	 Rhode Island
	  	 Rhode Island Home Loan Protection Act, R.I. Gen. Laws §§ 34-25.2-1 et seq.
 Effective December 31, 2006.
	  	High Cost Home Loan

  

 E-5-3 

					
	 South Carolina
	  	 South Carolina High Cost and Consumer Home Loans Act, S.C. Code
 Ann. §§ 37-23-10 et seq.
 Effective for loans taken on or after January 1, 2004
	  	High Cost Home Loan
			
	 Tennessee
	  	 Tennessee Home Loan Protection Act, Tenn. Code Ann. §§ 45-20-101
 et seq.
 Effective January 1, 2007.
	  	High Cost Home Loan
			
	 West Virginia
	  	 West Virginia Residential Mortgage Lender, Broker and Servicer Act,
W. Va. Code Ann. §§ 31-17-1 et seq.
 Effective June 5, 2002
	  	 West Virginia Mortgage Loan
 Act Loan

	
	Standard & Poor’s Covered Loan Categorization
	 State/Jurisdiction
	  	 Name of Anti-Predatory Lending Law/Effective Date
	  	 Category under
 Applicable Anti-Predatory
 Lending Law

	 Georgia (Oct. 1, 2002 –
 Mar. 6, 2003)
	  	 Georgia Fair Lending Act, Ga. Code Ann. §§ 7-6A-1 et seq.
 Effective October 1, 2002 – March 6, 2003
	  	Covered Loan
			
	 New Jersey
	  	 New Jersey Home Ownership Security Act of 2002, N.J. Rev. Stat.
§§ 46:10B-22 et seq.
 Effective November 27, 2003 – July 5, 2004
	  	Covered Home Loan
	
	Standard & Poor’s Home Loan Categorization
	 State/Jurisdiction
	  	 Name of Anti-Predatory Lending Law/Effective Date
	  	 Category under
 Applicable Anti-Predatory
 Lending Law

	 Georgia (Oct. 1, 2002 –
 Mar. 6, 2003)
	  	 Georgia Fair Lending Act, Ga. Code Ann. §§ 7-6A-1
 et seq.
 Effective October 1, 2002 – March 6, 2003
	  	Home Loan
			
	 New Jersey
	  	 New Jersey Home Ownership Security Act of 2002,
 N.J.
Rev. Stat. §§ 46:10B-22 et seq.
 Effective for loans closed on or after November 27, 2003
	  	Home Loan
			
	 New Mexico
	  	 Home Loan Protection Act, N.M. Rev. Stat.
 §§
58- 21A-1
 et seq.
 Effective as of January 1, 2004;
Revised as of February 26, 2004
	  	Home Loan
			
	 North Carolina
	  	 Restrictions and Limitations on High Cost Home Loans, N.C. Gen.
 Stat. §§ 24-1.1E et seq.
 Effective July 1, 2000; amended October 1, 2003 (adding open-end
 lines of credit)
	  	Consumer Home Loan
			
	 South Carolina
	  	 South Carolina High Cost and Consumer Home Loans Act, S.C. Code
 Ann. §§ 37-23-10 et seq.
 Effective for loans taken on or after January 1, 2004
	  	Consumer Home Loan

  

 E-5-4 

 SCHEDULE A  
 REQUIRED RATINGS FOR EACH CLASS OF NOTES 
 Public Notes 
  

							
	 Class
	  	S&P	  	Moody’s	  	Fitch
	 Class I-A-1
	  	AAA	  	Aaa	  	AAA
	 Class I-A-2
	  	AAA	  	Aaa	  	AAA
	 Class II-A-1
	  	AAA	  	Aaa	  	AAA
	 Class II-A-2
	  	AAA	  	Aaa	  	AAA
	 Class III-A-1
	  	AAA	  	Aaa	  	AAA
	 Class III-A-2
	  	AAA	  	Aaa	  	AAA
	 Class IV-A-1
	  	AAA	  	Aaa	  	AAA
	 Class IV-A-2
	  	AAA	  	Aaa	  	AAA

 None of the above ratings has been lowered since the respective dates of such letters. 
  

 A-1 

 Private Notes 
  

							
	 Class
	  	S&P	  	Moody’s	  	Fitch
	 Class X
	  	—	  	—	  	AAA
	 Class B-1
	  	—	  	—	  	AA
	 Class B-2
	  	—	  	—	  	A
	 Class B-3
	  	—	  	—	  	BBB
	 Class B-4
	  	—	  	—	  	BB
	 Class B-5
	  	—	  	—	  	B
	 Class B-6
	  	—	  	—	  	—

 None of the above ratings has been lowered since the respective dates of such letters. 
  

 A-2 

 SCHEDULE B 
 MORTGAGE LOAN SCHEDULE 
  

 B-1

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