Document:

Master Repurchase Agreement

 Exhibit 10.2 
 Execution Copy 
 MASTER REPURCHASE AGREEMENT 
 Dated as of February 28, 2007 
 Between 
 AMERICAN HOME MORTGAGE ACCEPTANCE, INC., 
 AMERICAN HOME MORTGAGE CORP., 
 AMERICAN HOME MORTGAGE INVESTMENT CORP.

 and 
 AMERICAN
HOME MORTGAGE SERVICING, INC., 
 as Sellers 
 and 
 ABN AMRO BANK N.V., 
 in its capacity as “Agent” for the “Purchasers”, 
 as
Buyer 

 Table of Contents 
  

					
	1.	  	Applicability	  	1
	2.	  	Definitions	  	1
	3.	  	Initiation; Confirmation; Termination	  	13
	4.	  	Margin Maintenance	  	15
	5.	  	Collections	  	16
	6.	  	Security Interest	  	16
	7.	  	Payment and Transfer	  	17
	8.	  	Segregation of Documents Relating to Purchased Mortgage Loans	  	17
	9.	  	Substitution	  	17
	10.	  	Representations and Warranties	  	18
	11.	  	Events of Default	  	18
	12.	  	Servicing of the Purchased Mortgage Loans	  	24
	13.	  	Single Agreement	  	24
	14.	  	Notices and Other Communications	  	25
	15.	  	Payment of Expenses; Indemnity	  	26
	16.	  	Buyer as Attorney-in-Fact	  	27
	17.	  	Wire Instructions	  	28
	18.	  	Entire Agreement; Severability	  	28
	19.	  	Non assignability; Termination	  	28
	20.	  	Counterparts	  	29
	21.	  	GOVERNING LAW; CONSENT TO JURISDICTION; WAIVER OF JURY TRIAL	  	29
	22.	  	No Waivers, Etc.	  	29
	23.	  	Use of Employee Plan Assets	  	30
	24.	  	Intent	  	30
	25.	  	Disclosure Relating to Certain Federal Protections	  	31
	26.	  	Contribution with Respect to Seller Obligations.	  	31
	1.	  	Additional Representations	  	1
	2.	  	Identification of Purchasers	  	1
	3.	  	Multiple Principals	  	1
	4.	  	Interpretation of Terms	  	1

 EXHIBIT A ELIGIBLE MORTGAGE LOAN CRITERIA 
 EXHIBIT B CONCENTRATION PERCENTAGES 
 EXHIBIT C FORM OF CONFIRMATION 
 EXHIBIT D FORM OF INITIAL LOAN SCHEDULE 
 EXHIBIT E FORM OF REPURCHASE LOAN
SCHEDULE 
 EXHIBIT F FORM OF SUPPLEMENTAL LOAN SCHEDULE 

 MASTER REPURCHASE AGREEMENT 
 Dated as of February 28, 2007 
 Between: 
 AMERICAN HOME MORTGAGE ACCEPTANCE, INC., AMERICAN HOME 
 MORTGAGE
CORP., AMERICAN HOME MORTGAGE INVESTMENT CORP. and 
 AMERICAN HOME MORTGAGE SERVICING, INC. (each, a “Seller”) 
 and 
 ABN AMRO BANK N.V., in its capacity as “Agent” for
the “Purchasers” described below (“Buyer”) 
  

	1.	Applicability 

 From time to time the parties hereto
may enter into transactions in which American Home Mortgage Acceptance, Inc. (“AHMA”), American Home Mortgage Corp. (“AHM”), American Home Mortgage Investment Corp. (“AHMIC”) and American Home Mortgage Servicing, Inc.
(“AHMS” and together with AHMA, AHM and AHMIC, the “Sellers” and each a “Seller”) agrees to transfer to ABN AMRO Bank N.V. (“ABN AMRO”), as “Agent” for the “Purchasers” described below (in
such capacity, “Buyer”) Mortgage Loans against the transfer of funds by Buyer, with a simultaneous agreement by Buyer to transfer to such Seller such Mortgage Loans at a date certain or on demand, against the transfer of funds by such
Seller. Each such transaction shall be referred to herein as a “Transaction” and shall be governed by this Agreement (including any supplemental terms or conditions contained in Annex I hereto or any other Annexes or Exhibits hereto and in
the Letter Agreement), as the same shall be amended from time to time in accordance with the terms hereof and of the Letter Agreement. 
  

	2.	Definitions. 

 “ABN AMRO” shall have the
meaning specified in Paragraph 1 hereof. 
 “Accepted Servicing Practices” shall mean those mortgage servicing and administering
practices customarily required by Sellers for the Servicer of the Mortgage Loans, in each case in accordance with (i) any and all applicable federal, state and local laws, and the servicing provisions of the applicable Agency Guidelines,
(ii) the exercise by the Servicer of a level of care and diligence no less stringent than the Servicer customarily employs and exercises in servicing and administering similar construction mortgage loans for its own account and that are in
accordance with accepted mortgage servicing practices of prudent lending institutions servicing mortgage loans of the same type as the Mortgage Loans in the jurisdiction in which the related Mortgaged Properties are located and (iii) the
related Mortgage Contracts. 

 “Account Control Agreement” shall mean the Account Control Agreement dated as of the date
hereof among the Sellers, the Servicer, the Agent and the Bank. 
 “Act of Insolvency” shall mean, with respect to any Person, the
occurrence of any of the events described in Paragraphs 11(a)(vi), (vii) or (viii) with respect to such Person. 
 “Additional
Purchased Mortgage Loans” shall have the meaning set forth in Paragraph 4(a) hereof. 
 “Affected Party” shall have the
meaning specified in the Letter Agreement. 
 “Affiliate” shall mean, with respect to any Person, any other Person directly or
indirectly controlling, controlled by, or under common control with, such specified Person. For purposes of this definition, “control” when used with respect to any specified Person means the power to direct the management and policies of
such Person, directly or indirectly, whether through the ownership of voting securities, by contract, or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. 
 “Agency Agreement” shall mean that certain Agency Agreement, dated as of the date hereof, among Buyer, the Group Agents and the Purchasers, as
the same may be amended, restated, supplemented or otherwise modified from time to time. 
 “Agency Guidelines” shall mean the
FHLMC Guidelines, the GNMA Guidelines and the FNMA Guidelines, as applicable, as such guidelines have been amended from time to time with respect to Sellers. 
 “Agent” shall mean ABN AMRO, in its capacity as “Agent” for the Purchasers under the Letter Agreement. 
 “Agent Fee Letter” shall mean the Agent Fee Letter, dated as of the date hereof, among Sellers and the Agent, as the same may be amended, restated, supplemented or otherwise modified from time to time.

 “Agreement” shall mean this Master Repurchase Agreement, dated as of February 28, 2007, among Sellers and Buyer, as
amended, restated, supplemented or otherwise modified from time to time. 
 “AHMH” shall mean American Home Mortgage Holdings, Inc.
a Delaware corporation. 
 “AHMIC” shall mean American Home Mortgage Investment Corp., a Maryland corporation. 
 “Authorized Representative” shall mean with respect to each Seller, any representative of such Seller involved in, or responsible for, entering
into Transactions and with respect to each Seller and the Servicer, any representative of such Seller and the Servicer 

  

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authorized to act on such respective Seller’s or Servicer’s behalf, and whose name appears on a list of authorized officers (or as may be
designated by such Person) furnished to the Buyer and Group Agents by the Sellers and the Servicer, as such list may from time to time be amended. 
 “Bank” shall mean Deutsche Bank National Trust Company, in its capacity as the bank which holds the Buyer’s Account. 
 “Bankruptcy Code” shall mean Title 11 of the United States Code (11 U.S.C. Section 101 et seq.), as amended by the Bankruptcy Reform Act and as further amended from time to time or any successor statute.

 “Bankruptcy Reform Act” shall mean the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, effective as of
October 17, 2005. 
 “Breakage Costs” shall mean all amounts owing by any Seller to the Agent for the account of the
Purchasers under Paragraph 7 of the Letter Agreement. 
 “Business Day” shall mean any day other than (i) a Saturday or Sunday
or (ii) any day on which banks located in New York City, New York or in Chicago, Illinois, are authorized or required by law or executive order to be closed. 
 “Buyer’s Account” shall mean that certain collection account number 57564 in the name of the Buyer held at the Bank. 
 “Collection Account” shall have the meaning specified in the Letter Agreement. 
 “Commitment
Termination Date” shall have the meaning specified in the Letter Agreement. 
 “Concentration Category” shall mean, with
respect to the Mortgage Loans, each category set forth in Exhibit B under the heading “Concentration Category”. 
 “Concentration Limit” shall mean, as of any date of determination, with respect to the Mortgage Loans included in any Concentration Category, the product of (a) the “Concentration Percentage” set forth in Exhibit B
for such Concentration Category as of such date and (b) the aggregate Outstanding Principal Balance of all Purchased Mortgage Loans as of such date. 
 “Confirmation” shall mean a confirmation substantially in the form of Exhibit C hereto delivered pursuant to Paragraph 3 hereof. 
 “Credit and Collection Policy” shall mean those credit and collection policies and practices of Sellers and the Servicer, in existence on the date hereof relating to originating, acquiring, servicing and
enforcing Mortgage Loans (including credit requirements as to the sellers, contractors, builders, inspectors, custodians and servicers for any such Mortgage Loans) and the foreclosure and liquidation of the related Mortgaged Properties, in each case
as delivered by each Seller to Agent and as subsequently modified from time to time in accordance with the Transaction Documents. 
  

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 “Custodial Agreement” shall mean the Custodial Agreement dated as of the date hereof, among
Sellers, the Servicer, Buyer and the Custodian providing for the custody of the Purchased Mortgage Loans, as the same may be amended, restated, supplemented or otherwise modified from time to time. 
 “Custodian” shall mean Deutsche Bank National Trust Company in its capacity as custodian under the Custodial Agreement or any successor thereto
mutually agreeable to Buyer and Sellers. 
 “Daily Market Value Report” shall have the meaning specified in the Letter Agreement.

 “Default Rate” shall have the meaning specified in the Letter Agreement. 
 “Debtor Laws” shall mean all applicable liquidation, conservatorship, bankruptcy, fraudulent transfer or conveyance, moratorium, arrangement,
receivership, insolvency, reorganization or similar laws from time to time in effect affecting the rights of creditors generally. 
 “Defaulted Loan” shall mean a Mortgage Loan (i) as to which any Monthly Payment remains unpaid for 90 days or more from the original due date for such Monthly Payment, (ii) as to which an Act of Insolvency has occurred
with respect to any Mortgagor thereof, or (iii) which, consistent with the Credit and Collection Policy, has been or should be written off as uncollectible. 
 “Delinquent Loan” shall mean a Mortgage Loan that is not reported as a Defaulted Loan and (a) with respect to which any Monthly Payment, or part thereof, is 30 days or more past the original due date
for such Monthly Payment, or (b) which, consistent with the applicable Seller’s Credit and Collection Policy, has been or should be classified as delinquent by such Seller. 
 “Electronic Tracking Agreement” shall mean the Electronic Tracking Agreement dated the date hereof among the Agent, Sellers, the Servicer, MERS
and MERSCORP, INC., as such agreement may be amended, restated, supplemented or otherwise modified from time to time. 
 “Eligible
Mortgage Loan” shall have the meaning specified in Exhibit A. 
 “ERISA” shall mean the Employee Retirement Income Security
Act of 1974, as amended from time to time. 
 “Event of Default” shall have the meaning specified in Paragraph 11. 
 “Excess Concentration Amount” shall mean, as of any date of determination, the sum (without duplication) of the following amounts for each
Concentration Category: The amount for each Concentration Category equal to (a) the aggregate Loan Collateral Value of all Eligible Mortgage Loans in such Concentration Category, minus (b) the Concentration Limit applicable to such
Concentration Category. 
  

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 “FDIA” shall mean the Federal Deposit Insurance Act, as amended. 
 “Fee Letter” shall mean the Fee Letter, dated as of the date hereof, among Sellers and the Group Agents party thereto from time to time, as the
same may be amended, restated, supplemented or otherwise modified from time to time. 
 “FHA” shall mean the Federal Housing
Administration, which is a subdivision of HUD, or any successor thereto. The term “FHA” is used interchangeably in this Agreement with the term “HUD”. 
 “FHLMC” shall mean the Federal Home Loan Mortgage Corporation, or any successor thereto. 
 “FHLMC Guidelines” shall mean the Freddie Mac Seller and Servicer Guidelines, as such guidelines may hereafter from time to time be amended. 
 “FICO Score” shall mean a statistical credit score obtained by many mortgage lenders in connection with a loan application to help assess a borrower’s creditworthiness. A FICO score is generated by
models developed by a third party and made available to lenders through Fair Isaac Corporation, TransUnion LLC, Experian or any successor credit bureau. The FICO score is based on a borrower’s historical credit data, including, among other
things, payment history, delinquencies on accounts, levels of outstanding indebtedness, length of credit history, types of credit and bankruptcy experience. 
 “FNMA” shall mean the Federal National Mortgage Association, or any successor thereto. 
 “FNMA Guidelines” shall mean the FNMA Selling and Servicing Guides and all amendments or additions thereto. 
 “GAAP” shall mean generally accepted accounting principles as in effect in the United States from time to time, consistently applied. 
 “GNMA” shall mean Government National Mortgage Association or any successor thereto. 
 “GNMA
Guidelines” shall mean the GNMA Mortgage-Backed Securities Guide 5500.3 and all amendments or additions thereto. 
 “Governmental
Authority” shall mean any applicable nation or government, any agency, department, state or other political subdivision thereof, or any instrumentality thereof, and any entity exercising executive, legislative, judicial, regulatory or
administrative functions of or pertaining to government. Government Authority shall include, without limitation, each of FNMA, FHLMC, FHA, HUD, VA and GNMA. 
 “Group Agents” shall have the meaning specified in the Letter Agreement. 
  

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 “Incipient Event of Default” shall mean any event which, with the giving of notice or lapse of
time or both, would constitute an Event of Default. 
 “Indebtedness” shall mean, for any Person, without duplication, and at any
time, (a) all obligations required by GAAP to be classified on such Person’s balance sheet as liabilities, (b) obligations secured (or for which the holder of the obligations has an existing contingent or other right to be so secured)
by any Lien existing on property owned or acquired by such Person, (c) obligations that have been (or under GAAP should be) capitalized for financial reporting purposes, and (d) all guaranties, endorsements, and other contingent
obligations with respect to obligations of others. 
 “Initial Loan Schedule” shall mean a schedule of Purchased Mortgage Loans in
the form of Exhibit D delivered on the Initial Purchase Date. 
 “Initial Purchase Date” shall mean February 28, 2007.

 “IRC” shall mean the Internal Revenue Code of 1986, as amended from time to time and any successor statute. 
 “Letter Agreement” shall mean that certain letter agreement, dated as of the date hereof, among Buyer, Sellers, the Servicer, the Group Agents
and the Purchasers, with respect to the Transactions contemplated hereunder, as the same may be amended, restated, supplemented or otherwise modified from time to time. 
 “Lien” shall mean any security interest, mortgage, deed of trust, charge, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or other), or other security agreement of any
kind or nature whatsoever, including, without limitation, any conditional sale or other title retention agreement or any financing lease having substantially the same economic effect as any of the foregoing and the filing of any financing statement
under the UCC or comparable law of any jurisdiction to evidence any of the foregoing. 
 “Loan Collateral Value” shall mean, as of
any date of determination with respect to each Purchased Mortgage Loan, an amount equal to the lesser of (a) the then Outstanding Principal Balance of such Mortgage Loan as of such date and (b) the Market Value of such Mortgage Loan as of
such date; provided that Mortgage Loans which are not Eligible Mortgage Loans as of any date shall have a Loan Collateral Value of zero. 
 “Loan Documents” shall mean with respect to each Purchased Mortgage Loan, all of the Principal Mortgage Documents and all of the Other Mortgage Documents with respect to such Mortgage Loan. 
 “Loan Schedule” shall mean the Initial Loan Schedule and each Supplemental Loan Schedule, which shall in any event exclude any Mortgage Loans
specified in any Repurchase Loan Schedule. 
 “Loan-to-Value Ratio” shall mean, for any Mortgage Loan as of the related Purchase
Date, a fraction (expressed as a percentage) having (i) an amount equal to the applicable Seller’s maximum funding commitment under the related Mortgage Contract on the 

  

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date of origination of such Mortgage Loan as its numerator; and (ii) as its denominator, the appraised value of the related Mortgaged Property on the
date of origination of such Mortgage Loan. 
 “Lock-Box” shall have the meaning specified in the Letter Agreement. 
 “Manufactured Home” shall mean a single-family home constructed on a chassis at a factory and shipped in one or more sections to a housing
site, then installed on a semi-permanent foundation. 
 “Margin Deficit” shall have the meaning specified in Paragraph 4(a) hereof.

 “Margin Excess” shall have the meaning specified in Paragraph 4(b) hereof. 
 “Market Value” shall mean, as of any date with respect to any Purchased Mortgage Loan, the fair market value of such Purchased Mortgage Loan
determined as of the prior Business Day and in accordance with Paragraph 3(d); provided, that the Market Value of any Mortgage Loan which is not an Eligible Mortgage Loan shall be zero. 
 “Material Adverse Effect” shall mean, with respect to any Person, any material adverse effect on (i) the validity or enforceability of
this Agreement or any other Transaction Document, (ii) the business, operations, total Property or financial condition of such Person, (iii) the Purchased Assets taken as a whole, (iv) the enforceability or priority of the Lien in
favor of Agent on any material portion of the Purchased Assets, or (v) the ability of such Person to fulfill its obligations under this Agreement or any other Transaction Document. 
 “MERS” shall mean Mortgage Electronic Registration Systems, Inc., a Delaware corporation. 
 “Monthly Payment” shall mean with respect to any Mortgage Loan, the scheduled monthly payment of principal and/or interest by the related
Mortgagor on such Mortgage Loan. 
 “Monthly Report” shall have the meaning specified in the Letter Agreement. 
 “Mortgage” shall mean the mortgage, deed of trust or other instrument creating a lien on a fee simple estate in Mortgaged Property securing a
Mortgage Note together with any amendments, riders, addendums, modification agreements, extensions or renewals thereof and any new mortgage taken in exchange or substitution therefor in connection with a modification, conversion or refinancing of
such mortgage or the related Mortgage Note. 
 “Mortgage Contract” shall mean a residential construction loan agreement, building
loan agreement, loan agreement, construction loan agreement or other financing agreement entered into by a Seller and a Mortgagor, evidencing the related Seller’s obligation to provide funding of such Mortgagor’s construction project and
setting forth, among other things, the terms and provisions related to the repayment of funds extended to the Mortgagor thereunder. 
 “Mortgage Loan” shall mean, at any time, any fixed rate or floating rate mortgage loan which is secured by a Mortgage on real estate and which is made to a Mortgagor for the 

  

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construction of a new single family detached residential property pursuant to the related Mortgage Contract, including all amounts owed or to be owed by such
Mortgagor with respect to all Mortgagor Advances advanced or to be advanced to such Mortgagor under such Mortgage Contract, and includes (i) such mortgage loan whether in the construction period or in the permanent loan term and (ii) any
mortgage loan secured by a Mortgage on such residential property made in exchange or substitution therefor and/or in connection with a modification, conversion or refinancing of such Mortgage Loan. 
 “Mortgage Note” shall mean the original, executed promissory note or other evidence of indebtedness of a Mortgagor under a Mortgage Loan,
together with any rider, amendment, addendums, modification agreements, extension or renewal thereof and any original promissory note taken in exchange or substitution therefor and/or in connection with a modification, conversion or refinancing of
such Mortgage Loan from a construction loan to a permanent mortgage loan or otherwise. 
 “Mortgaged Property” shall mean the
underlying real property subject to a Mortgage (including, without limitation, all buildings, improvements and fixtures thereon and all additions, alterations and replacements made at any time with respect to the foregoing) securing a Mortgage Loan.

 “Mortgagor” shall mean the obligor on a Mortgage Note. 
 “Mortgagor Advance” shall mean, with respect to any Mortgage Loan, a loan or advance made to the Mortgagor under the related Mortgage Contract
and evidenced by the related Mortgage Note. 
 “Net Collateral Value” shall mean, as of any date of determination, an amount equal
to (A) the sum of the Loan Collateral Values for all Purchased Mortgage Loans which are Eligible Mortgage Loans as of such date, minus (B) the Excess Concentration Amount as of such date minus (C) the Required Reserve
Amount as of such date. 
 “OTC Loan” shall mean a Mortgage Loan which the Sellers refer to as a “one-time-close loan”,
in which the Mortgage Note and Mortgage related to such Mortgage Loan both include construction loan addendums or riders, as applicable, to the permanent mortgage loan documentation. 
 “Other Mortgage Documents” shall have the meaning assigned to such term in the Custodial Agreement. 
 “Outstanding Principal Balance” shall mean, as of any date of determination with respect to any Mortgage Loan, the unpaid outstanding principal
balance of such Mortgage Loan as of such date. 
 “PBGC” shall mean the Pension Benefit Guaranty Corporation referred to and
defined in ERISA and any successor entity performing similar functions. 
 “Performance Guarantors” shall mean AHMIC and AHMH, and
their successors and assigns. 
  

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 “Performance Guaranty” shall mean the Performance Guaranty dated the date hereof among the
Performance Guarantors and Buyer, as the same may be amended, restated, supplemented or otherwise modified from time to time. 
 “Person” shall mean an individual, partnership, corporation (including a business trust), joint-stock company, limited liability company, trust, unincorporated association, joint venture, government (or any agency or political
subdivision thereof) or other entity. 
 “Price Differential” shall mean, with respect to any Transaction hereunder as of any date,
the aggregate amount obtained by daily application of the Pricing Rate (or weighted average of the Pricing Rates, in the event that portions of the Purchase Price are being funded at different Pricing Rates) for such Transaction to the amount equal
to the Purchase Price for such Transaction on a 360 day per year basis for the actual number of days during the period commencing on (and including) the Purchase Date for such Transaction and ending on (but excluding) the date of determination
(reduced by any amount of such Price Differential previously paid by the applicable Seller to Buyer with respect to such Transaction). 
 “Pricing Rate” shall mean the per annum percentage rate for determination of the Price Differential, which rate shall be determined in accordance with the Letter Agreement. 
 “Principal Mortgage Documents” shall have the meaning assigned to such term in the Custodial Agreement. 
 “Property” shall mean, any interest in any kind of property or asset, whether real, personal or mixed, or tangible or intangible. 

“Purchase Date” shall mean, with respect to each Transaction, the date on which the Mortgage Loans subject to such Transaction are to be
transferred or were transferred, as the case may be, by the applicable Sellers to Buyer hereunder. 
 “Purchase Price” shall mean,
with respect to any Transaction, (i) on the Purchase Date in respect thereof, the price at which Purchased Mortgage Loans subject to such Transaction are sold by the applicable Sellers to Buyer hereunder, and (ii) thereafter, except where
Buyer and such Sellers agree otherwise, such price decreased by the amount of any cash transferred by such Sellers to Buyer and applied to reduce the Purchase Price pursuant to Paragraph 4(a) hereof. 
 “Purchased Assets” shall have the meaning specified in Paragraph 6 hereof. 
 “Purchased Mortgage Loans” shall mean, with respect to any Transaction, the Mortgage Loans sold by the applicable Sellers to Buyer in such
Transaction hereunder, as adjusted to give effect to include Additional Purchased Mortgage Loans delivered pursuant to Paragraph 4(a) hereof and any Purchased Mortgage Loans repurchased by such Sellers or transferred to such Sellers. Unless the
context shall otherwise require, the term “Purchased Mortgage Loans” shall refer to all Purchased Mortgage Loans under all Transactions. “Purchased Mortgage Loan” shall include (i) the entire Outstanding Principal Balance of
each Mortgage Loan, regardless of whether Buyer has advanced against all Mortgagor Advances with respect to such Mortgage Loan, and (ii) all rights (but not the obligations unless Buyer has 

  

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exercised its rights under Section 11 to sell such Mortgage Loan after the occurrence of an Event of Default) to make future Mortgagor Advances under
the Mortgage Contract related to such Mortgage Loan. 
 “Purchasers” shall mean the commercial paper conduits, financial
institutions and other entities party to the Letter Agreement from time to time as “Purchasers” thereunder. 
 “Related
Security” shall mean, with respect to any Purchased Mortgage Loan, all of the applicable Seller’s right, title and interest in and to: (i) the Mortgaged Property; (ii) all other security interests or liens securing the repayment
of such Purchased Mortgage Loan, together with the related Mortgages, assignments and financing statements; (iii) all insurance contracts, guaranties, contracts, supporting obligations and other contracts supporting the repayment of such
Purchased Mortgage Loan; (iv) all Loan Documents relating to such Purchased Mortgage Loans; (v) Collections with respect thereto; (vi) all servicing and custodial rights with respect thereto; (vii) all recourse rights against the
originators or sellers thereof, (viii) the Buyer’s Account; (ix) all Takeout Commitments, to the extent that there are such commitments; and (x) all proceeds of such Purchased Mortgage Loan or of the foregoing property described
in clauses (i) through (ix) above. 
 “Repurchase Conditions” shall mean, with respect to any repurchase by any Seller of
any Purchased Mortgage Loans or any request that Buyer transfer to such Seller Purchased Mortgage Loans on account of a Margin Excess: 
 (i) such Seller shall have delivered to Buyer a notice, by no later than 11:00 a.m. (New York City time) one (1) Business Day prior to the proposed repurchase or transfer together with a Repurchase Loan Schedule
identifying the Purchased Mortgage Loans to be repurchased or transferred on such date; 
 (ii) the Servicer shall have
delivered to Buyer a Supplemental Loan Schedule and a Daily Market Value Report (after giving effect to the conveyance of any Additional Purchased Mortgage Loans by such Seller occurring on or before the day the proposed repurchase or transfer is to
take place) which shows that, after giving effect to the repurchase of the repurchased or transferred Mortgage Loans and to any payment of the Repurchase Price to occur simultaneously with such repurchase, there will be no Margin Deficit;

 (iii) the Agent shall have received payment with respect to such repurchase or transfer in an amount sufficient to prevent
the occurrence of a Margin Deficit by no later than 2:30 p.m. (New York City time) on the date of the proposed release; and 
 (iv) no Incipient Event of Default or Event of Default shall have occurred and be continuing or would occur as a result of the Agent’s release of its security interest in the Mortgage Loans to be so repurchased or transferred.

 Delivery of a Repurchase Loan Schedule referred to in clause (i) above shall be a representation and warranty by such Seller that
(i) the Repurchase Conditions described above (other than the condition set forth in clause (iii)) have been satisfied and (ii) no adverse selection was used in selecting the Mortgage Loans to be so repurchased. 
  

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 “Repurchase Date” shall mean, with
respect to each Transaction, the date on which the Sellers are to repurchase the Purchased Mortgage Loans subject to such Transaction from Buyer, which date shall be the earliest of the following: (i) (a) for Mortgage Loans which were
purchased by a Seller from Waterfield, the 180th day after the date hereof or if not a Business Day, the immediately
preceding Business Day or such earlier Business Day set forth in the applicable Confirmation, or, subject to the notice requirements set forth in the Repurchase Conditions, such earlier Business Day selected by the applicable Sellers and
(b) for all other Mortgage Loans, on the 364th day after the Purchase Date or if not a Business Day, the
immediately preceding Business Day with respect to such Mortgage Loan or such earlier Business Day set forth in the applicable Confirmation, or, subject to the notice requirements set forth in the Repurchase Conditions, such earlier Business Day
selected by the applicable Sellers, (ii) within one (1) Business Day after the date such Purchased Mortgage Loan is no longer an Eligible Mortgage Loan, (iii) the date declared by the Buyer to be the Repurchase Date with respect to
such Transaction pursuant to Paragraph 11(b) and (iv) on the Termination Date, including a Termination Date declared by the Agent after the occurrence of an Event of Default. 
 “Repurchase Loan Schedule” shall mean a schedule of Purchased Mortgage Loans being repurchased on a Repurchase Date substantially in the form
of Exhibit E. 
 “Repurchase Price” shall mean, with respect to each Transaction, the price at which Purchased Mortgage Loans
subject to such Transaction are to be resold by Buyer to the applicable Sellers upon termination of such Transaction, which will be determined in each case (including Transactions terminable upon demand) as the sum of (i) the Purchase Price as
of the date of such determination, plus (ii) if any accrued and unpaid Price Differential is then due and owing, such accrued and unpaid Price Differential, plus (iii) any other accrued and unpaid fees, expenses, indemnities and other
amounts then due and owing to the Agent, any Group Agent or any Purchaser, including, without limitation, under Paragraph 4(d) or Paragraph 7 of the Letter Agreement or under Paragraph 15 hereof. 
 “Required Group Agents” shall have the meaning specified in the Letter Agreement. 
 “Required Reserve Amount” shall mean as of any date of determination an amount equal to 6.00% of the positive difference between (i) the
aggregate Loan Collateral Values of all Eligible Mortgage Loans as of such date and (ii) the Excess Concentration Amount as of such date. 
 “Servicer” shall mean American Home Mortgage Servicing, Inc. in its capacity as servicer of the Purchased Mortgage Loans, or any successor thereto mutually agreeable to Buyer and Sellers. 
 “Subsidiary” shall mean, with respect to any Person, any corporation or other entity of which securities having ordinary voting power to elect
a majority of the board of directors or other persons performing similar functions are at the time directly or indirectly owned by such Person, or one or more of its Subsidiaries, or by such Person and one or more of its Subsidiaries. 
  

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 “Supplemental Loan Schedule” shall mean a schedule of Purchased Mortgage Loans after giving
effect to each Transaction and each repurchase of Mortgage Loans, substantially in the form of Exhibit F. 
 “Takeout Agreement”
shall mean an agreement between a Takeout Investor and a Seller, pursuant to which such Takeout Investor has committed to purchase from such Seller certain of the Purchased Mortgage Loans, as such agreement may be amended, restated, supplemented or
otherwise modified from time to time. 
 “Takeout Commitment” shall mean, with respect to each Takeout Investor, an amount equal to
the aggregate Takeout Value for all Purchased Mortgage Loans that such Takeout Investor has committed to purchase from any Seller pursuant to one or more Takeout Agreements. 
 “Takeout Investor” shall mean any entity which purchases Mortgage Loans from a Seller. 
 “Takeout Value” shall mean, with respect to any Purchased Mortgage Loan, the price that a Takeout Investor has agreed to pay to a Seller for
such Purchased Mortgage Loan. 
 “Tangible Net Worth” shall mean, with respect to any Person, the excess of total assets of such
Person over the total liabilities of such Person determined in accordance with GAAP, but excluding from the determination of total assets: (a) all assets which would be classified as intangible assets under GAAP, including, without limitation,
goodwill (whether representing the excess cost over book value of assets acquired or otherwise), patents, trademarks, trade names, copyrights, franchises and deferred charges (including, without limitation, unamortized debt discount and expense,
organization costs and research and product development costs), (b) loans or other extensions of credit to officers, employees, shareholders or Affiliates of such Person (other than the Servicer, Sellers, and the Performance Guarantors) and
(c) investments in Subsidiaries of such Person (other than the Servicer, Sellers, and the Performance Guarantors). 
 “Termination
Date” shall mean the earliest of (i) that Business Day which Sellers designate as the Termination Date by written notice to Buyer at least thirty (30) days prior to such date, (ii) the date of declaration of the Termination Date
by Buyer following an Event of Default, and (iii) the Commitment Termination Date. 
 “Transaction” has the meaning set forth
in Paragraph 1 hereof but shall include, as the context may require, (i) each transfer of Mortgage Loans to Buyer against the transfer of funds by Buyer or on account of a Margin Deficit, (ii) each transfer of Mortgage Loans to Buyer in
connection with any repurchase, withdrawal or substitution of Mortgage Loans, and (iii) any portion of any Transaction remaining outstanding after giving effect to any repurchase, withdrawal or substitution of Mortgage Loans under this
Agreement. 
 “Transaction Documents” shall mean this Agreement, the Letter Agreement, the Custodial Agreement, the Electronic
Tracking Agreement, the Performance Guaranty, the Agency Agreement, the Fee Letter, the Agent Fee Letter and the Account Control Agreement, in each case as amended, restated, supplemented or otherwise modified from time to time. 
  

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 “TTC Loan” shall mean a Mortgage Loan which the Sellers refer to as a “two-time-close
loan”, which matures at the end of the construction term, and is expected to be refinanced by a Seller from a construction loan to a permanent mortgage loan at maturity. 
 “UCC” shall mean the Uniform Commercial Code, as amended from time to time, as in effect in the relevant jurisdiction. 
 “Unapproved Mortgage Loan” shall mean a Mortgage Loan which was originated by an entity other than a Seller, which entity was either merged
into or consolidated with or into a Seller subsequent to such origination and which has not been approved by the Required Group Agents. 
 “VA” shall mean the Department of Veterans Affairs, or any successor thereto. 
 “Waterfield” shall mean
Waterfield Financial Corporation, an Indiana corporation. 
 “Wet Loan” shall mean a wet-funded Mortgage Loan for which, as of the
related Purchase Date, the Loan Documents required to be delivered to the Custodian under the Custodial Agreement have not yet been delivered and which shall have the following additional characteristics: 
 (i) the initial Mortgagor Advance has been funded by the applicable Seller prior to such Purchase Date; 
 (ii) the initial Mortgagor Advance has not been returned to such Seller by the escrow or closing agent for such Wet Loan; and 

(iii) upon recordation of the related Mortgage, such Mortgage Loan will constitute a first priority lien on the premises described
therein. 
 Capitalized terms used and not otherwise defined in this Agreement shall have the meanings set forth in the Letter Agreement. 
  

	3.	Initiation; Confirmation; Termination 

 (a) Subject
to the terms of the Letter Agreement and the satisfaction of the conditions precedent set forth therein and in this Paragraph 3, on the Purchase Date for each Transaction, the applicable Purchased Mortgage Loans shall be transferred to Buyer for the
account of the Purchasers against the transfer of the Purchase Price therefor to the account specified pursuant to Paragraph 17(a). Notwithstanding anything to the contrary herein, (i) Buyer is not providing a commitment to enter into any
Transactions hereunder, (ii) Buyer shall not be obligated to consummate any Transaction hereunder unless the applicable Sellers has received the full amount of the Purchase Price for such Transaction directly from the Purchasers and
(iii) Buyer shall not be obligated to fund any amount of the Purchase Price for any Transaction hereunder if any Purchaser fails to fund such amount. 
  

 13 

 (b) In the event that one or more of the Sellers desire to enter into a Transaction hereunder, such
Sellers shall deliver to Buyer prior to 12:00 noon, New York City time, one (1) Business Day prior to the proposed Purchase Date, a signed Confirmation. The Confirmation, together with this Agreement and the Letter Agreement, shall constitute
conclusive evidence of the terms agreed to between Buyer and the applicable Sellers with respect to the Transaction to which the Confirmation relates. In the event of any conflict between the terms of such Confirmation and this Agreement or between
the terms of such Confirmation and the Letter Agreement, the terms of this Agreement or, if applicable, of the Letter Agreement, shall prevail. Not later than 12:00 noon (New York City time) on the applicable Purchase Date, the Agent shall have
received the Trust Receipt from the Custodian in accordance with Paragraph 9(b)(i) of the Letter Agreement. The Purchase Price with respect to such Purchased Mortgage Loans shall be transferred to the applicable Sellers to the account specified
pursuant to Paragraph 17(a) not later than 4:00 p.m. (New York City time) on such Purchase Date subject to the satisfaction of the conditions precedent set forth herein and in the Letter Agreement. 
 (c) The termination of each Transaction will be effected on the Repurchase Date set forth in the related Confirmation. Termination of each Transaction
will be effected by transfer to the applicable Sellers or their agents of the Purchased Mortgage Loans against the transfer of the applicable Repurchase Price to the Group Agents in accordance with the Letter Agreement. 
 (d) Each Confirmation shall include a calculation of the Market Value of the Purchased Mortgage Loans and a Daily Market Value Report, in each case,
after giving effect to such Confirmation. On the Initial Purchase Date, the applicable Sellers shall include with their Confirmation the Initial Loan Schedule. On each subsequent Purchase Date, the applicable Sellers shall include with each
Confirmation a Supplemental Loan Schedule with respect to all of the Purchased Mortgage Loans after giving effect to the subject Transaction. Each Seller shall determine, in accordance with its standard policies and procedures, the Market Value of
each Purchased Mortgage Loan transferred by it and included (or to be included) in such calculations and the related Loan Schedule, which Market Values shall be determined as of the Business Day immediately preceding the date on which such
Confirmation is delivered and will provide promptly upon request the data and assumptions for each such Purchased Mortgage Loan based on which such Market Value was determined. Within three (3) Business Days after the date on which Buyer
receives a Confirmation or Daily Market Value Report, Buyer may dispute a Seller’s or Servicer’s determination of Market Value by notifying such Seller or Servicer of the discrepancy in writing. Each Seller or Servicer and Buyer will make
a good faith effort to resolve the discrepancy in the calculation of Market Value. If the discrepancy is not resolved within five (5) days in a manner reasonably satisfactory to Buyer, such Seller or Servicer, as applicable, will be required to
re-calculate the Market Value of the Purchased Mortgage Loans using the market values proposed by a mutually reasonably agreeable third party, or if such third party cannot be determined within in such five (5) day period, using the market
values proposed by Buyer. Such recalculated Market Value shall be used in any reports delivered to the Buyer, the Purchasers or the Custodian until the calculation of Market Value dispute is resolved to the satisfaction of Buyer in a good faith,
commercially reasonable manner. Following the resolution of the dispute, such Seller or Servicer, as applicable, will incorporate adjustments, if any, agreed to with Buyer in future calculations of the Market Value. 
  

 14 

 (e) The Sellers are jointly and severally obligated to pay the applicable Repurchase Price and repurchase
the related Purchased Mortgage Loans from Buyer on the applicable Repurchase Date. The Sellers shall satisfy the Repurchase Conditions with respect to each repurchase hereunder on or prior to the Repurchase Date; provided that the failure to so
satisfy any Repurchase Condition shall not relieve the Sellers of their joint and several obligations to pay the Repurchase Price on the applicable Repurchase Date with respect to any Transaction hereunder. Each obligation to repurchase exists
without regard to any prior or intervening liquidation or foreclosure with respect to any Purchased Mortgage Loan. The applicable Sellers may accelerate the Repurchase Date with respect to any Transaction by written notice to the Agent and the Group
Agents, provided that the Repurchase Conditions have been satisfied as of such accelerated Repurchase Date. Notwithstanding the satisfaction of the Repurchase Conditions with respect to any repurchase, each Seller agrees that (i) if the portion
of any Repurchase Price received by any Group for such repurchase is less than $500,000, the applicable Group Agent may elect to hold all or a portion of such amount until it elects, in a commercially reasonable manner, to apply such amounts to the
repayment of the Promissory Notes or other funds raised to fund the applicable Tranche (provided, however, that in the event that the aggregate amount so held under this clause (i) is greater than or equal to $500,000, such Group
Agent shall be required to immediately apply such amount) and (ii) the Sellers shall be jointly and severally liable to pay the amounts required to be paid pursuant to Paragraph 7 of the Letter Agreement with respect to any such amounts so held
pursuant to clause (i). 
 (f) With respect to any Transaction, Buyer may conclusively rely upon, and shall incur no liability to any Seller
in acting upon, any request or other communication that Buyer reasonably believes to have been given or made by any Authorized Representative. 
  

	4.	Margin Maintenance 

 (a) If on any Business Day the
Net Collateral Value is less than the aggregate Purchase Price for all outstanding Transactions at such time (a “Margin Deficit”), then Sellers shall jointly and severally be required, to transfer to Buyer no later than 2:30 p.m. (New York
City time) on the following Business Day, cash or additional Mortgage Loans (such additional Mortgage Loans being referred to as “Additional Purchased Mortgage Loans”) so that the cash and Net Collateral Value, including any such
Additional Purchased Mortgage Loans, will thereupon equal or exceed the aggregate Purchase Price for all outstanding Transactions at such time (after re-calculating the Required Reserve Amount on such additional Mortgage Loans or remaining Mortgage
Loans). Any cash received on such day shall be applied to reduce the Purchase Price in respect of the Purchased Mortgage Loans on the next Business Day. 
 (b) If on any Business Day the Net Collateral Value exceeds the aggregate Purchase Price for all outstanding Transactions at such time (a “Margin Excess”), then Sellers may by notice to Buyer request that
Buyer transfer cash or Purchased Mortgage Loans to Sellers, so that the Net Collateral Value, after deduction of any such cash or any Purchased Mortgage Loans so transferred, will thereupon not exceed such aggregate Purchase Price. Any such request
for Buyer to transfer cash must be made in a minimum amount of $2,000,000 or an integral multiple of $500,000 in excess thereof. Buyer’s obligation to transfer cash in connection with any such request shall be subject to the satisfaction of the
applicable conditions precedent set forth in Section 9(b) of the Letter Agreement, and Buyer’s obligation to transfer Purchased 

  

 15 

 
Mortgage Loans to Sellers in connection with any such request shall be subject to satisfaction of the Repurchase Conditions. If Purchased Mortgage Loans are
to be transferred to one or more of the Sellers in connection with a Margin Excess, then such Sellers may direct the Custodian to release such Purchased Mortgage Loans in an amount not to exceed the applicable Margin Excess; provided, that,
all terms and conditions (including the Repurchase Conditions) set forth herein and in the Letter Agreement with respect to such Transaction have been complied with. 
 (c) To the extent there are funds on deposit in the Buyer’s Account on any day after the application to and payment of all amounts then due and payable to the Agent, the Group Agents and the Purchasers, then the
Sellers may (or if Buyer has exercised exclusive control of the Buyer’s Account, at the request of the Sellers, Buyer shall) direct the Custodian to release such funds to the Sellers; provided, that no funds shall be released unless
after giving effect to such release, all of the conditions set forth in clauses (ii) through (x) of Paragraph 9(b) of the Letter Agreement shall be satisfied. Notwithstanding the foregoing, in the event that amounts received into the
Buyer’s Account cannot be applied to or transferred for the payment of any amounts then due and payable to the Agent, any Group Agent or any Purchaser because of the failure to satisfy the Repurchase Conditions or for any other reason, then no
funds on deposit in the Buyer’s Account shall be released to any Seller until after such amounts can be applied to or transferred for the payment of such amounts then due and payable; provided that such funds shall be applied to or
transferred for the payment of such amounts on the earlier of: (i) the date on which the Repurchase Conditions are satisfied, in the case of a repurchase of Purchased Mortgage Loans and (ii) two (2) Business Days after such funds
are received in the Buyer’s Account. 
 (d) Any cash transferred pursuant to this Paragraph 4 shall be allocated pro rata among the
Purchase Prices for all of the outstanding Transactions. 
 (e) Each Seller agrees to calculate (or cause Servicer to calculate) the Market
Value of each Mortgage Loan to be transferred by it on the requested Purchase Date and on each Business Day thereafter. 
  

	5.	Collections 

 The Sellers shall cause the
Collections to be managed and administered in accordance with the provisions of the Letter Agreement. The Buyer may deliver a “Notice of Exclusive Control” under, and as such term is defined in, the Account Control Agreement at any time in
its sole discretion. 
  

	6.	Security Interest 

 Although the parties intend that
all Transactions hereunder be sales and purchases and not loans, in the event any such Transactions are deemed to be loans, each Seller shall be deemed to have pledged, and hereby does pledge, to Buyer as security for the performance by all Sellers
of their obligations under each such Transaction, and all of their payment and performance obligations under the Transaction Documents and shall be deemed to have granted, and hereby does grant, to Buyer a security interest in, all of such
Seller’s now existing or hereafter acquired or arising right, title and interest in, to and under (i) all of the Purchased 

  

 16 

 
Mortgage Loans with respect to all Transactions to which such Seller is a party hereunder, (ii) all Mortgage Notes, Mortgages and Related Security
related to such Purchased Mortgage Loans, and (iii) all proceeds of the foregoing (collectively, the “Purchased Assets”). Each Seller hereby authorizes Buyer to file such financing statements relating to such Seller’s rights in
the Purchased Assets as Buyer may deem appropriate, and appoints Buyer as such Seller’s attorney-in-fact in accordance with Paragraph 16 to (i) authenticate any such financing statement or statements in such Seller’s name and
(ii) take such other actions as Buyer deems necessary or appropriate to perfect and continue the lien and security interest granted hereby and to protect, preserve and realize upon the Purchased Assets. Sellers shall pay all fees and expenses
associated with perfecting such security interest including, without limitation, the cost of filing financing statements under the Uniform Commercial Code and recording assignments of mortgage as and when required by Buyer in its sole discretion.
This Agreement shall constitute a security agreement, and Buyer shall have all of the rights of a secured party under applicable law and each of Sellers and Buyer represents and warrants as to itself that each remittance of amounts by a Seller to
Buyer or a Purchaser under this Agreement or the Letter Agreement will have been (x) in payment of a debt incurred by such Seller in the ordinary course of business or financial affairs of such Seller and the Purchasers and (y) made in the
ordinary course of business or financial affairs of such Seller and the Purchasers. 
  

	7.	Payment and Transfer 

 Unless otherwise mutually
agreed, all transfers of funds hereunder shall be in immediately available funds. 
  

	8.	Segregation of Documents Relating to Purchased Mortgage Loans 

 All documents relating to Purchased Mortgage Loans in the possession of a Seller shall be segregated from other documents and securities in its possession and shall be identified as being subject to this Agreement.
Segregation may be accomplished by appropriate identification on the books and records of the holder, including a financial or securities intermediary or a clearing corporation. Each Seller shall mark its master data processing records to indicate
which of the Mortgage Loans constitute Purchased Mortgage Loans. The parties acknowledge that the Loan Documents will be held by the Custodian in accordance with the Custodial Agreement, and that certain other documents relating to the Purchased
Mortgage Loans will be held by the Servicer in accordance with Sellers’ practices and procedures, and that none of such documents shall be deemed “in the possession of Seller” for purposes of this Paragraph 8. All of the applicable
Seller’s interest in the applicable Purchased Mortgage Loans shall pass to Buyer on the related Purchase Date and nothing in this Agreement shall preclude Buyer from engaging in repurchase transactions with the Purchased Mortgage Loans or
otherwise selling, transferring, pledging or hypothecating the Purchased Mortgage Loans, but no such transaction shall relieve Buyer of its obligations to transfer the Purchased Mortgage Loans to the applicable Seller pursuant to Paragraph 3 or 4
hereof. 
  

	9.	Substitution 

 Each Seller may substitute other
Mortgage Loans for Purchased Mortgage Loans transferred by it hereunder. Each such substitution shall be deemed a Repurchase of the 

  

 17 

 
Purchased Mortgage Loans to be transferred to such Seller in connection with such substitution and subject to satisfaction of the Repurchase Conditions. Each
such substitution shall be made by transfer to Buyer of such other Mortgage Loans and transfer to such Seller of such Purchased Mortgage Loans. After substitution, the substituted Mortgage Loans shall be deemed to be Purchased Mortgage Loans.

  

	10.	Representations and Warranties 

 On the date hereof,
each Seller makes each of the representations and warranties set forth in the Letter Agreement and on the Purchase Date for any Transaction, each Seller shall be deemed to repeat all of the representations and warranties made by it in the Letter
Agreement. 
  

	11.	Events of Default 

 (a) Each of the following events
shall, upon the occurrence and continuance thereof, be an “Event of Default”: 
 (i)(a) any Seller shall fail to
repurchase any Mortgage Loan that is required to be repurchased under the Transaction Documents and such failure shall remain unremedied for one (1) Business Day; (b) any Seller shall fail to make any payment of Price Differential or Fees
owed to any Purchaser, Group Agent or the Agent on the date such payment is due and such failure shall remain unremedied for one (1) Business Day; (c) any Seller shall fail to make any other payment when due, of any fee, expense or other
amount due hereunder, or under any other Transaction Document if such failure is not cured within five (5) calendar days of the due date of such payment or if such fee, expense or other amount due does not have a due date, within five
(5) calendar days after the written request by any Purchaser, Group Agent or the Agent of such payment; or (d) the Servicer shall fail to make any payment or deposit to be made by it under any Transaction Document when due if such failure
is not cured within five (5) calendar days of the due date of such payment or deposit, or if such amount due under such Transaction Document does not have a due date, within five (5) calendar days after the written request by any
Purchaser, Group Agent or the Agent of such payment or deposit; or 
 (ii) any Seller fails to keep or perform any covenant or
material obligations contained in this Agreement (other than as referred to in Paragraph 11(a)(i)) and such failure continues unremedied beyond the expiration of any applicable grace or notice period that may be expressly provided for in
such covenant or material obligations; or 
 (iii) any Seller, the Servicer or either Performance Guarantor defaults in the
due observance or performance of any of the covenants or agreements contained in any Transaction Document other than this Agreement, and (unless such default otherwise constitutes an Incipient Event of Default or an Event of Default pursuant to
other provisions of this Paragraph 11(a)) such default continues unremedied beyond the expiration of any applicable grace or notice period that may be expressly provided for in such Transaction Document; or 
  

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 (iv) any warranty or representation by or on behalf of any Seller, the Servicer or either
Performance Guarantor contained in this Agreement or any other Transaction Document or any statement, warranty or representation in any Daily Market Value Report, Monthly Report, officer’s certificate or other writing furnished in connection
with this Agreement, proves to have been incorrect or misleading in any material respect as of the date made or deemed made; provided, that, this shall not include representations or warranties with respect to specific Mortgage Loans,
including but not limited to Mortgage Loan-level representations or warranties unless such incorrect statements are made knowingly or intentionally; or 
 (v)(a) any Seller, the Servicer or either Performance Guarantor fails to make when due or within any applicable grace period any payment on any Indebtedness with an unpaid principal balance of over $1,500,000; or
(b) any event or condition occurs under any provision contained in any such obligation or any agreement securing or relating to such obligation (or any other breach or default under such obligation or agreement occurs) if the effect thereof is
to cause or permit with the giving of notice or lapse of time or both the holder or trustee of such obligation to cause such obligation to become due prior to its stated maturity; or (c) any such obligation becomes due (other than by regularly
scheduled payments) prior to its stated maturity; or (d) regarding each of the Sellers, the Performance Guarantors or the Servicer any of the foregoing occurs with respect to any one or more items of Indebtedness with unpaid principal balances
exceeding, in the aggregate, $1,500,000 with respect to each of the Sellers, either Performance Guarantor and the Servicer; or 
 (vi) any Seller, the Servicer or either Performance Guarantor generally shall not pay its debts as they become due or shall admit in writing its inability to pay its debts, or shall make a general assignment for the benefit of creditors; or

 (vii) any Seller, the Servicer or either Performance Guarantor shall (a) apply for or consent to the appointment of a
receiver, trustee, custodian, intervenor or liquidator of it or of all or a substantial part of its assets, (b) file a voluntary petition in bankruptcy, (c) file a petition or answer seeking reorganization or an arrangement with creditors
or to take advantage of any Debtor Laws, (d) file an answer admitting the allegations of, or consent to, or default in answering, a petition filed against it in any bankruptcy, reorganization or insolvency proceeding, or (e) take action
for the purpose of effecting any of the foregoing; or 
 (viii) an involuntary petition or complaint shall be filed against
any Seller, the Servicer or either Performance Guarantor seeking bankruptcy or reorganization of any of the Sellers, the Servicer, or the Performance Guarantors or the appointment of a receiver, custodian, trustee, intervenor or liquidator of any
Seller, the Servicer or either Performance Guarantor, all or substantially all of the assets of any of the Sellers, the Servicer, or the Performance Guarantors; or an order, order for relief, judgment or decree shall be entered by any court of
competent jurisdiction or other competent authority approving a petition or complaint seeking reorganization of any Seller, the Servicer or either Performance Guarantor or appointing a receiver, custodian, trustee, intervenor or liquidator of any
Seller, the Servicer or either Performance Guarantor, or of all or substantially all of the assets of any Seller, the Servicer or either Performance Guarantor; or 
  

 19 

 (ix) any Seller, the Servicer or either Performance Guarantor shall fail within thirty
(30) days to pay, bond or otherwise discharge any final judgment or order (or judgments or orders) for payment of money in excess of $5,000,000 (singly or in the aggregate); or 
 (x) any Person shall levy on, seize or attach all or any material portion of the assets of any Seller, the Servicer or either Performance
Guarantor and within thirty (30) days thereafter such Seller, the Servicer or either Performance Guarantor shall not have dissolved such levy or attachment, as the case may be, and, if applicable, regained possession of such seized assets; or

 (xi) an event or condition specified in Paragraph 10(w) of the Letter Agreement shall occur or exist; or 

(xii) any of the applicable Sellers or the Servicer becomes ineligible to originate, sell or service Mortgage Loans to FNMA, FHLMC or
GNMA, or FNMA, FHLMC or GNMA shall impose any sanctions upon or terminate or revoke any rights of the Servicer or any of the applicable Sellers; or 
 (xiii)(x) any Governmental Authority cancels any Seller’s or the Servicer’s right to be either a seller or servicer of such Governmental Authority’s insured or guaranteed Mortgage Loans or
mortgage-backed securities, or (y) any Seller or the Servicer receives notice from a Governmental Authority that such Governmental Authority intends to revoke such Seller’s or Servicer’s right to be a seller or servicer of such
Governmental Authority’s insured or guaranteed Mortgage Loans or mortgaged-backed securities and such notice is not withdrawn within ten (10) days of the receipt thereof; or 
 (xiv) failure of any Seller or the Servicer to correct an imbalance in any escrow account established with such Seller or Servicer as
either an originator, purchaser or servicer of Mortgage Loans, which imbalance may have a Material Adverse Effect, within two (2) Business Days after demand by any beneficiary of such account or by Buyer; or 
 (xv) failure of any of the Sellers or the Servicer, to meet, at all times, the minimum net worth requirements of FNMA, FHLMC, or GNMA as
an originator, seller or servicer, as applicable to the extent such Person is required to satisfy such requirements; or 
 (xvi) any material provision of this Agreement or any other Transaction Document shall for any reason cease to be in full force and effect, or be declared null and void or unenforceable in whole or in part; or the validity or enforceability
of any such document shall be challenged or denied; or 
  

 20 

 (xvii) a “change in control,” with respect to the ownership of AHMIC shall have
occurred after the date hereof (and as used in this subparagraph, the term “change in control” shall mean an acquisition by any Person, partnership or group, as defined under the Securities Exchange Act of 1934, as amended, of a direct or
indirect beneficial ownership of 10% or more of the then-outstanding voting stock of either Performance Guarantor); or AHMIC shall cease at any time to own directly or indirectly 100% of the stock of each Seller (other than itself) and the Servicer;
or 
 (xviii) there shall have occurred any event that could be reasonably expected to have a Material Adverse Effect on the
enforceability or collectability of any significant portion of the Purchased Mortgage Loans (provided that to the extent such event gives rise to an obligation by the Sellers to repurchase any Mortgage Loans pursuant to this Agreement and the
Sellers do so repurchase in accordance with the provisions of the this Agreement, no Event of Default shall occur under this Paragraph 11(a)(xviii)) or there shall have occurred any other event that could be reasonably expected to have a Material
Adverse Effect on the ability of any Seller or the Servicer to collect a significant portion of Mortgage Loans or the ability of the Sellers or the Servicer to perform hereunder or a Material Adverse Effect has occurred in the financial condition or
business of the Sellers since inception or the Servicer since September 30, 2006; or 
 (xix)(a) any litigation
(including, without limitation, derivative actions), arbitration proceedings or governmental proceedings not disclosed in writing by any Seller to the Purchasers, Buyer and the Group Agents prior to the date of execution and delivery of this
Agreement is pending against any Seller or the Servicer or any Affiliate thereof, or (b) any development not so disclosed has occurred in any litigation (including, without limitation, derivative actions), arbitration proceedings or
governmental proceedings so disclosed, which, in the case of either clause (a) and/or (b), in the reasonable, good faith opinion of the Required Group Agents, could reasonably be expected to have a Material Adverse Effect on any
Seller, the Servicer or either Performance Guarantor; or 
 (xx) the Internal Revenue Service shall file notice of a lien
pursuant to Section 6323 of the IRC with regard to any of the assets of any Seller or the Servicer and such lien shall not have been released within 30 days, or the PBGC shall, or shall indicate its intention to, file notice of a lien pursuant
to Section 4068 of ERISA with regard to any of the assets of any Seller or the Servicer; or 
 (xxi) there shall exist a
Margin Deficit that has not been cured within the time period set forth in Paragraph 4; or 
 (xxii) a successor Custodian
shall not have been appointed and accepted such appointment within 180 days after the retiring Custodian shall have given written notice of resignation pursuant to Section 4.4 of the Custodial Agreement; or 
  

 21 

 (xxiii) Buyer shall cease to have a valid and perfected first priority security interest
in the Mortgage Loans and the other Purchased Assets for the benefit of the Purchasers; or 
 (xxiv) either
(i) AHMS’s Tangible Net Worth shall be less than $30,000,000 or (ii) AHMS’s Tangible Net Worth, combined with the Tangible Net Worth of AHM and AHMA shall be less than $147,000,000; or 
 (xxv) any Seller or Servicer shall fail to deliver to Buyer a Daily Market Value Report, a Loan Schedule or a Monthly Report on the day on
which the same shall be required to be delivered and such failure shall continue for two (2) Business Days for a Daily Market Value Report or a Loan Schedule or five (5) Business Days for a Monthly Report; or 
 (xxvi) any Seller shall become subject to registration as an “investment company” as defined in, or subject to regulation under,
the Investment Company Act of 1940, as amended. 
 (b) If any Event of Default occurs, all Sellers shall be deemed the defaulting party with
respect to any Event of Default. If an Event of Default shall have occurred and be continuing then, Buyer may, at its option by written notice to the Sellers, (i) declare the Repurchase Date for each Transaction hereunder, if it has not already
occurred, to be deemed immediately to occur (except that, in the event that the Purchase Date for any Transaction has not yet occurred as of the date of such exercise, such Transaction shall be deemed immediately canceled), (ii) replace the
Servicer in accordance with the Letter Agreement and (iii) direct or cause the Servicer or Sellers to direct, all Mortgagors to remit all Collections to an account specified by Buyer. 
 (c) If Buyer exercises the option referred to in subparagraph (b)(i) of this Paragraph 11, (i) the Sellers’ joint and several obligations
hereunder to repurchase all Purchased Mortgage Loans in such Transactions at the Repurchase Price therefor on the Repurchase Date determined in accordance with subparagraph (b)(i) of this Paragraph, shall thereupon become immediately due and
payable, (ii) all Collections paid or collected after such exercise shall be payable to and retained by Buyer and shall be applied to the aggregate unpaid Repurchase Price, Price Differential and any other amounts owing by Sellers hereunder and
under the other Transaction Documents, (iii) Sellers shall, if directed by Buyer in writing, immediately deliver or cause the Custodian or the Servicer to deliver to Buyer any documents then in any Seller’s, Servicer’s or the
Custodian’s possession relating to Purchased Mortgage Loans subject to such Transactions, including all Loan Documents and Mortgage Notes (if and to the extent not repurchased pursuant to (i) above) and (iv) Buyer may, by notice to
Sellers, declare the Termination Date to have occurred. 
 (d) If Buyer exercises the option referred to in subparagraph (b)(i) of this
Paragraph 11, then, Buyer may, without prior notice to Sellers, (i) immediately sell on a servicing released or servicing retained basis as Buyer deems desirable, in a recognized market at such price or prices as Buyer may in its sole
commercially reasonable discretion deem satisfactory, any or all Purchased Mortgage Loans subject to such Transactions and apply the 

  

 22 

 
proceeds thereof to the aggregate unpaid Repurchase Prices, Price Differential and any other amounts owing by Sellers hereunder or under any other
Transaction Document or (ii) in its sole commercially reasonable discretion elect, in lieu of selling all or a portion of such Purchased Mortgage Loans, to give Sellers credit for such Purchased Mortgage Loans in an amount equal to the price
therefor on such date, obtained from a generally recognized source or the most recent closing bid quotation from such a source, against the aggregate unpaid Repurchase Prices and any other amounts owing by Sellers hereunder. The proceeds of any such
disposition shall be applied first to the reasonable costs and expenses incurred by Buyer in connection with or as a result of an Event of Default; second to all Breakage Costs, costs of cover and/or related hedging transactions; third, to the
aggregate and accrued Price Differential owed hereunder, fourth to the remaining aggregate Repurchase Prices owed hereunder and fifth, to any other accrued and unpaid obligations of Sellers hereunder and under the other Transaction Documents, and
any remaining funds shall be promptly returned to Sellers. Additionally, the parties hereto agree that (i) Buyer may, at its option, by notice to the defaulting party, terminate the applicable Seller’s obligation to provide future
Mortgagor Advances pursuant to the related Mortgage Contracts with respect to each Mortgage Loan, (ii) at its option, Buyer shall have the right (but not the obligation) to make any future Mortgagor Advances under the related Mortgage Contracts
with respect to the Mortgage Loans and (iii) in connection with any sale of any Mortgage Loan, all rights and obligations of the related Seller with respect to such Mortgage Loan shall be sold with such Mortgage Loan (including, without
limitation, the right to fund Mortgagor Advances and all rights and obligations under the Mortgage Contracts). 
 (e) The parties acknowledge
and agree that (1) the Purchased Mortgage Loans subject to any Transaction hereunder are instruments traded in a recognized market, (2) in the absence of a generally recognized source for prices or bid or offer quotations for any Purchased
Mortgage Loans, Buyer may establish the source therefor in its sole commercially reasonable discretion and (3) all prices, bids and offers shall be determined together with accrued interest (except to the extent contrary to market practice with
respect to the relevant Purchased Mortgage Loans). The parties further recognize that it may not be possible to purchase or sell all of the Purchased Mortgage Loans on a particular Business Day, or in a transaction with the same purchaser, or in the
same manner because the market for such Purchased Mortgage Loans may not be liquid at such time. In view of the nature of the Purchased Mortgage Loans, the parties agree that liquidation of a Transaction or the underlying Purchased Mortgage Loans
does not require a public purchase or sale and that a good faith private purchase or sale shall not be deemed to have been made in a commercially unreasonable manner solely as a result of there not being a public sale. Accordingly, Buyer may elect
the time and manner of liquidating any Purchased Mortgage Loan and nothing contained herein shall obligate Buyer to liquidate any Purchased Mortgage Loan on the occurrence of an Event of Default or to liquidate all Purchased Mortgage Loans in the
same manner or on the same Business Day and no such exercise of any right or remedy shall constitute a waiver of any other right or remedy of Buyer. 
 (f) In addition to the foregoing, the Sellers shall be jointly and severally liable to Buyer for (i) the amount of all reasonable legal or other expenses incurred by Buyer in connection with or as a result of an
Event of Default, (ii) damages in an amount equal to the cost (including all fees, expenses and commissions determined in good faith) of entering into replacement transactions and entering into or terminating hedge transactions in connection
with or as a result of an Event of Default and (iii) any other loss, damage, cost or expense directly arising or resulting from the occurrence of an Event of Default in respect of a Transaction. 
  

 23 

 (g) To the extent permitted by applicable law, the Sellers shall be jointly and severally liable to Buyer
for interest on any amounts owing by the Sellers hereunder, from the date any Seller becomes liable for such amounts hereunder until such amounts are (i) paid in full by or on behalf of such Seller or (ii) satisfied in full by the exercise
of Buyer’s rights hereunder. Interest on any sum payable by the Sellers to Buyer under this Paragraph 11 shall be at a rate equal to the greater of the Pricing Rate for the relevant Transaction and the Default Rate. 
 (h) If an Event of Default occurs, Buyer shall have, in addition to its rights hereunder, any rights otherwise available to it under any other agreement
entered into in connection with the Transactions contemplated by this Agreement or applicable law. 
 (i) The exercise by Buyer of remedies
and the application of all of the provisions of this Paragraph 11 after the occurrence of an Event of Default shall be conducted in good faith and in a commercially reasonable manner. 
  

	12.	Servicing of the Purchased Mortgage Loans 

 (a) The
parties hereto agree and acknowledge that, notwithstanding the purchase and sale of the Purchased Mortgage Loans contemplated hereby, Sellers shall cause the Purchased Mortgage Loans to be serviced by the Servicer in accordance with Accepted
Servicing Practices for the benefit of each Seller and its assigns; provided, however, that the obligation of each Seller to cause the servicing of any Purchased Mortgage Loans for the benefit of Buyer as aforesaid shall cease upon the
payment to Buyer of the Repurchase Price therefor. 
 (b) Sellers shall cause the Purchased Mortgage Loans to be serviced and administered
and shall have full power and authority, acting alone, to cause the Servicer to do any and all things in connection with such servicing which Sellers may deem necessary or desirable and consistent with the terms of this Agreement and Paragraph 13 of
the Letter Agreement, and may, subject to the other terms hereof, retain all principal prepayments and other Collections received by Sellers with respect to such Purchased Mortgage Loans pursuant to the terms hereof. Sellers, in performing the
aforementioned duties, shall employ procedures (including collection procedures) and shall cause the Servicer to exercise the same care it customarily employs and exercises in servicing and administering construction mortgage loans for its own
account, in accordance with Accepted Servicing Practices. 
 (c) Buyer may, in its sole discretion if an Event of Default shall have occurred
and be continuing, (i) direct the Custodian to deliver all Loan Documents to Buyer or Buyer’s designee and (ii) terminate the Servicer as servicer with respect to any Purchased Assets, in each case at the cost and expense of Sellers.

  

	13.	Single Agreement 

 Buyer and each Seller acknowledge
that, and have entered hereinto and will enter into each Transaction hereunder in consideration of and in reliance upon the fact that, all Transactions hereunder constitute a single business and contractual relationship and have been 

  

 24 

 
made in consideration of each other. Accordingly, Buyer and each Seller agrees (i) to perform all of its obligations in respect of each Transaction
hereunder, and that a default in the performance of any such obligations by any Seller shall constitute a default in respect of all Transactions hereunder, (ii) that each of Buyer (together with the Purchasers), on the one hand, and the
Sellers, on the other hand, shall be entitled to set off claims and apply property held by them in respect of any Transaction against obligations owing to them in respect of any other Transactions hereunder (including, with respect to Buyer’s
such right, to set off or net claims against the property of any Seller regardless of which Seller’s obligations are outstanding) and (iii) that payments, deliveries and other transfers made by Buyer or any Purchaser, on the one hand, and
any Seller, on the other hand, in respect of any Transaction shall be deemed to have been made in consideration of payments, deliveries and other transfers in respect of any other Transactions hereunder, and the obligations to make any such
payments, deliveries and other transfers may be applied against each other and netted (including, with respect to Buyer’s such right, to set off or net claims against the property of any Seller regardless of which Seller’s obligations are
outstanding). 
  

	14.	Notices and Other Communications 

 Except as
otherwise expressly provided herein, all notices, statements, demands or other communications required or permitted under this Agreement shall be in writing (including, without limitation, overnight courier, electronic mail or facsimile
communication). Such notices shall be effective upon receipt, or in the case of overnight courier, two (2) days after being deposited with such courier, or, in the case of notice by facsimile, when electronic confirmation of receipt is
obtained, in each case if addressed to the applicable party at the address specified below (or as to any party to such other address as shall be subsequently designated by such party in a written notice to the other party hereto): 
 if to AHMA: 
 American Home Mortgage
Acceptance, Inc. 
 538 Broadhollow Road 
 Melville, New York, 11747 
 Attention: General Counsel 
 Facsimile: (800) 209-7276 
 Telephone Confirmation: (516) 396-7703 
 if to AHM: 
 American Home Mortgage Corp.

 538 Broadhollow Road 
 Melville, New York 11747 
 Attention: General Counsel 
 Facsimile: (800) 209-7276 
 Telephone Confirmation: (516) 396-7703 
  

 25 

 if to AHMIC: 
 American Home Mortgage Investment Corp. 
 538 Broadhollow Road 
 Melville, New York, 11747 
 Attention: General
Counsel 
 Facsimile: (800) 209-7276 
 Telephone Confirmation: (516) 396-7703 
 if to AHMS: 
 American Home Mortgage Servicing, Inc. 
 538
Broadhollow Road 
 Melville, New York, 11747 
 Attention: General Counsel 
 Facsimile: (800) 209-7276 
 Telephone Confirmation: (516) 396-7703 
 if to Buyer: 
 ABN AMRO Bank N.V. 
 540 West Madison Street 
 Chicago, Illinois 60661 Attention: Therese Gremley 
 Facsimile: (312) 992-1527 
 E-mail
Address: therese.gremley@abnamro.com 
 Telephone Confirmation: (312) 904-6263 
  

	15.	Payment of Expenses; Indemnity 

 (a) The Sellers
agree jointly and severally to pay reasonably promptly following demand all reasonable out-of-pocket costs and expenses of Buyer, the Group Agents and the Purchasers in connection with the preparation, execution, delivery, modification,
administration, amendment and enforcement of the Transaction Documents (including, without limitation, (i) all collateral review and UCC search and filing expenses; (ii) the reasonable fees and expenses of counsel, in connection with the
preparation, execution and delivery of this Agreement and the other Transaction Documents; (iii) all initial and periodic audit costs (subject to the limitations set forth in Paragraph 11(h) of the Letter Agreement), (iv) all rating agency
fees, and (v) the reasonable fees and expenses of counsel for Buyer, the Group Agents and the Purchasers with respect to advising it in connection with (A) the post-closing administration of this Agreement or of the other Transaction
Documents; (B) any amendment, modification or waiver hereof or thereof; and (C) enforcement of any rights or remedies of Buyer, the Group Agents or the Purchasers hereunder or thereunder, whether in any action, suit or litigation, any
bankruptcy, insolvency or other similar proceeding, including presenting claims in or otherwise participating in or monitoring any bankruptcy, insolvency or other similar proceeding and any proceeds ancillary thereto. The obligation of Sellers
jointly and severally to pay such fees and expenses incurred prior to or in connection with the termination of this Agreement shall survive the termination of this Agreement. 
  

 26 

 (b) In addition to the foregoing, the Sellers hereby agree, jointly and severally, to indemnify and hold
harmless each of the Buyer, the Group Agents, the Purchasers, any Affected Party, their respective successors, transferees, participants and assigns and all affiliates, officers, directors, shareholders, controlling persons, employees and agents of
any of the foregoing (collectively, the “Indemnified Parties”) forthwith on demand, from and against any and all damages, losses, claims, liabilities and related reasonable costs and expenses, including attorneys’ fees and
disbursements (all of the foregoing being collectively referred to as “Indemnified Amounts”) awarded against or incurred by any of them arising out of or relating to this Agreement or the exercise or performance of any of its or their
powers or duties, in respect of any Mortgage Loan, or related to its or their possession of, or dealings with, the Purchased Assets, excluding, however, any Indemnified Amounts resulting from gross negligence, willful misconduct, or unlawful
collection activity directed against a Seller under a mortgage loan included in the Purchased Assets on the part of such Indemnified Party. 
 (c) If for any reason the indemnification provided in Paragraph 15(b) above is unavailable to an Indemnified Party or is insufficient to hold an Indemnified Party harmless, then the Sellers shall jointly and severally contribute to the
amount paid or payable by such Indemnified Party as a result of such loss, claim, damage or liability in such proportion as is appropriate to reflect not only the relative benefits received by such Indemnified Party on the one hand and Sellers on
the other hand but also the relative fault of such Indemnified Party as well as any other relevant equitable considerations. Each party hereto agrees that it shall not assert any claim against any Indemnified Party for, and no Indemnified Party will
have any liability for, special, indirect, consequential or punitive damages in connection with the Transaction Documents, or the Transactions contemplated hereby. 
  

	16.	Buyer as Attorney-in-Fact 

 Buyer is hereby
appointed on the date hereof the attorney-in-fact of each Seller for the purpose, following and during the continuance of an Event of Default, of carrying out the provisions of this Agreement and taking any action and executing any instruments that
Buyer may, in good faith, deem necessary or advisable to accomplish the purposes hereof, which appointment as attorney-in-fact is irrevocable and coupled with an interest. Without limiting the generality of the foregoing, each Seller authorizes the
Buyer to take any and all steps in such Seller’s name and on behalf of such Seller that are necessary or desirable, in the determination of the Buyer, to collect amounts due under the Purchased Assets, including, without limitation, to have the
right and power, as of the date hereof, to be exercised only following and during the continuance of an Event of Default (i) to endorse notes, checks, or instruments and complete blanks in documents, (ii) to execute any financing
statements and assignments of mortgages on behalf of such Seller, (iii) to receive, endorse and collect all checks made payable to the order of such Seller representing any payment on account of the principal of or interest on any of the
Purchased Mortgage Loans and to give full discharge for the same, and (iv) to enforce the Purchased Assets and the other related rights. 
  

 27 

	17.	Wire Instructions 

 (a) Any amounts to be
transferred by Buyer to any Seller hereunder shall be sent by wire transfer in immediately available funds to the account of Sellers set forth below, or at such other account as directed in writing to Buyer by the Sellers. 
 Bank: Deutsche Bank Trust Company Americas 
 Account Name: American Home Mortgage 
 Acct. No.: 00-380-082 
 ABA No. 021-001-033 
 (b) Any amounts to
be transferred by any Seller to Buyer hereunder shall be sent by wire transfer in immediately available funds to the account of Buyer set forth below, or at such other account as directed in writing to Sellers by Buyer. 
 Bank: ABN AMRO Bank 
 New York, New York

 Account Name: Amsterdam Funding Corp. 
 Acct. No.: 671042302550 
 ABA No. 026 0095 80 
 (c) Amounts received after 2:30 p.m., New York City time, on any Business Day shall be deemed to have been paid and received on the next succeeding Business Day. 
  

	18.	Entire Agreement; Severability 

 This Agreement, as
supplemented by the Letter Agreement, shall supersede any existing agreements between the parties containing general terms and conditions for repurchase transactions. Each provision and agreement herein shall be treated as separate and independent
from any other provision or agreement herein and shall be enforceable notwithstanding the unenforceability of any such other provision or agreement. 
  

	19.	Non assignability; Termination 

 (a) No
Seller’s rights and obligations under this Agreement or under any Transaction shall be assigned by such Seller without the prior written consent of Buyer and any such assignment without the prior written consent of Buyer shall be null and void.
Buyer and the Purchasers may assign their rights and obligations hereunder as set forth in the Letter Agreement. Subject to the foregoing, this Agreement and any Transactions shall be binding upon and shall inure to the benefit of the parties and
their respective successors and assigns. 
 (b) Subparagraph (a) of this Paragraph 19 shall not preclude a party from assigning,
charging or otherwise dealing with all or any part of its interest in any sum payable to it under Paragraph 11 hereof. 
  

 28 

	20.	Counterparts 

 This Agreement may be executed in any
number of counterparts, each of which counterparts shall be deemed to be an original, and such counterparts shall constitute but one and the same instrument. 
  

	21.	GOVERNING LAW; CONSENT TO JURISDICTION; WAIVER OF JURY TRIAL 

 (a) THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. EACH PARTY HERETO HEREBY SUBMITS TO THE NONEXCLUSIVE JURISDICTION OF THE UNITED STATES DISTRICT COURT FOR
THE SOUTHERN DISTRICT OF NEW YORK AND OF ANY NEW YORK STATE COURT SITTING IN THE CITY OF NEW YORK FOR PURPOSES OF ALL LEGAL PROCEEDINGS ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. EACH PARTY HERETO HEREBY
IRREVOCABLY WAIVES, TO THE FULLEST EXTENT IT MAY EFFECTIVELY DO SO, ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF THE VENUE OF ANY SUCH PROCEEDING BROUGHT IN SUCH A COURT AND ANY CLAIM THAT ANY SUCH PROCEEDING BROUGHT IN SUCH A
COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. NOTHING IN THIS PARAGRAPH 21 SHALL AFFECT THE RIGHT OF BUYER TO BRING ANY ACTION OR PROCEEDING AGAINST ANY SELLER OR ITS PROPERTY IN THE COURTS OF OTHER JURISDICTIONS. EACH PARTY HERETO CONSENTS TO
THE SERVICE OF ANY AND ALL PROCESS IN ANY SUCH ACTION OR PROCEEDING BY THE MAILING OF COPIES OF SUCH PROCESS TO IT AT ITS ADDRESS FOR NOTICES HEREUNDER SPECIFIED IN PARAGRAPH 14. 
 (b) EACH PARTY HERETO HEREBY WAIVES ANY RIGHT TO HAVE A JURY PARTICIPATE IN RESOLVING ANY DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE
AMONG ANY OF THEM ARISING OUT OF, CONNECTED WITH, RELATING TO OR INCIDENTAL TO THE RELATIONSHIP BETWEEN THEM IN CONNECTION WITH THIS AGREEMENT OR THE OTHER TRANSACTION DOCUMENTS. 
  

	22.	No Waivers, Etc. 

 No express or implied waiver of
any Event of Default by Buyer shall constitute a waiver of any other Event of Default and no exercise of any remedy hereunder by Buyer shall constitute a waiver of its right to exercise any other remedy hereunder. No modification or waiver of any
provision of this Agreement and no consent by any party to a departure herefrom shall be effective unless and until such shall be in writing and duly executed by both of the parties hereto. 
  

 29 

	23.	Use of Employee Plan Assets 

 (a) If assets of an
employee benefit plan subject to any provision of ERISA are intended to be used by either party hereto (the “Plan Party”) in a Transaction, the Plan Party shall so notify the other party prior to the Transaction. The Plan Party shall
represent in writing to the other party that the Transaction does not constitute a prohibited transaction under ERISA or is otherwise exempt therefrom, and the other party may proceed in reliance thereon but shall not be required so to proceed.

 (b) Subject to the last sentence of subparagraph (a) of this Paragraph, any such Transaction shall proceed only if the Plan Party
furnishes or has furnished to the other party its most recent available audited statement of its financial condition and its most recent subsequent unaudited statement of its financial condition. 
 (c) By entering into a Transaction pursuant to this Paragraph, any Plan Party shall be deemed (i) to represent to the other party that, since the
date of such Plan Party’s latest such financial statements, there has been no material adverse change in such Plan Party’s financial condition which such Plan Party has not disclosed to the other party, and (ii) to agree to provide
with respect to any outstanding Transaction the other party with future audited and unaudited statements of its financial condition as they are issued, so long as it is a Plan Party. 
  

	24.	Intent 

 (a) The parties hereto intend and
acknowledge that each Transaction is a “repurchase agreement” as that term is defined in Section 101 of the Bankruptcy Code (except insofar as the term of such Transaction would render such definition inapplicable), and a
“securities contract” as that term is defined in Section 741 the Bankruptcy Code. 
 (b) The parties hereto understand that
their right to accelerate or terminate this Agreement or to liquidate Mortgage Loans delivered to it in connection with Transactions hereunder or to exercise any other remedies pursuant to Paragraph 11 hereof, is a contractual right to accelerate,
terminate or liquidate this Agreement or such Transaction as described in Sections 555 and 559 of the Bankruptcy Code. 
 (c) The parties
hereto agree and acknowledge that if a party hereto is an “insured depository institution,” as such term is defined in the FDIA, then each Transaction hereunder is a “qualified financial contract,” as that term is defined in the
FDIA and any rules, orders or policy statements thereunder (except insofar as the type of assets subject to such Transaction would render such definition inapplicable). 
 (d) It is understood that this Agreement constitutes a “netting contract” as defined in and subject to Title IV of the Federal Deposit Insurance Corporation Improvement Act of 1991 (“FDICIA”) and
each payment entitlement and payment obligation under any Transaction hereunder shall constitute a “covered contractual payment entitlement” or “covered contractual payment obligation”, respectively, as defined in and subject to
FDICIA (except insofar as one or both of the parties is not a “financial institution” as that term is defined in FDICIA). 
  

 30 

 (e) It is understood and agreed that this Agreement constitutes a “master netting agreement “
as that term is defined in Section 101 of the Bankruptcy Code, and that any party’s right to cause the termination, liquidation, or acceleration of, or to offset net termination values, payment amounts or other transfer obligations arising
under or in connection with, this Agreement or any Transaction is a contractual right to cause the termination, liquidation, or acceleration of, or to offset net termination values, payment amounts or other transfer obligations arising under or in
connection with, this Agreement, any Transaction Document or any Transaction as described in Section 561 of the Bankruptcy Code. 
 (f)
It is understood and agreed that any cash, securities or other property held by, pledged to, under the control of, or due from Buyer to any Seller pursuant to this Agreement or the Letter Agreement (including, without limitation, proceeds from the
liquidation of Purchased Mortgage Loans in connection with the exercise of Buyer’s remedies hereunder upon an Event of Default) and any other transfers of cash or other property to Buyer pursuant to this Agreement or any other Transaction
Document, in each case when so transferred, applied, setoff or paid, shall constitute “settlement payments” (as defined in Bankruptcy Code Section 741(8)) or “margin payments” (as defined in Bankruptcy Code
Section 101(38)). 
  

	25.	Disclosure Relating to Certain Federal Protections 

 The parties hereto acknowledge that they have been advised that: 
 (a) in the case of Transactions in which one of the parties is a
broker or dealer registered with the Securities and Exchange Commission (“SEC”) under Section 15 of the Securities Exchange Act of 1934 (“1934 Act”), the Securities Investor Protection Corporation has taken the position that
the provisions of the Securities Investor Protection Act of 1970 (“SIPA”) do not protect the other party with respect to any Transaction hereunder; 
 (b) in the case of Transactions in which one of the parties is a government securities broker or a government securities dealer registered with the SEC under Section 15C of the 1934 Act, SIPA will not provide
protection to the other party with respect to any Transaction hereunder; and 
 (c) in the case of Transactions in which one of the parties
is a financial institution, funds held by the financial institution pursuant to a Transaction hereunder are not a deposit and therefore are not insured by the Federal Deposit Insurance Corporation or the National Credit Union Share Insurance Fund,
as applicable. 
  

	26.	Contribution with Respect to Seller Obligations. 

 (a) To the extent that any Seller shall make a payment under this Agreement, the Letter Agreement or any other Transaction Document (a “Seller Payment”) which, taking into account all other Seller Payments then previously or
concurrently made by any other Seller, exceeds the amount which otherwise would have been paid by or attributable to such Seller if each Seller had paid the aggregate obligations of the Sellers hereunder and under the other Transaction Documents
(collectively, the “Seller Obligations”) satisfied by such Seller Payment in the same proportion as such Seller’s “Allocable Amount” (as defined below) (as determined immediately prior to such Seller Payment) bore to the
aggregate Allocable Amounts of each of 

  

 31 

 
the Sellers as determined immediately prior to the making of such Seller Payment, then, following payment in full in cash of the Seller Payment and
the Seller Obligations, and the termination or expiration of all Commitments under the Letter Agreement, such Seller shall be entitled to receive contribution and indemnification payments from, and be reimbursed by, each other Seller for the amount
of such excess, pro rata based upon their respective Allocable Amounts in effect immediately prior to such Seller Payment. 
 (b) As
of any date of determination, the “Allocable Amount” of any Seller shall be equal to the maximum amount of the claim which could then be recovered from such Seller under this Agreement and the other Transaction Documents without rendering
such claim voidable or avoidable under Section 548 of Chapter 11 of the Bankruptcy Code or under any applicable state Uniform Fraudulent Transfer Act, Uniform Fraudulent Conveyance Act or similar statute or common law. 
 (c) This Paragraph 26 is intended only to define the relative rights of the Sellers, and nothing set forth in this Paragraph 26 is intended to or shall
impair the obligations of the Sellers, jointly and severally, to pay any amounts as and when the same shall become due and payable in accordance with the terms of this Agreement and the other Transaction Documents. The parties hereto acknowledge
that the rights of contribution and indemnification hereunder shall constitute assets of the Seller or Sellers to which such contribution and indemnification is owing. The rights of the indemnifying Sellers against other Sellers under this Paragraph
26 shall be exercisable upon the full and indefeasible payment of the Seller Obligations in cash and the termination or expiry of the Commitments under the Letter Agreement. 
 [signature pages follow] 
  

 32 

			
	 AMERICAN HOME MORTGAGEACCEPTANCE, INC.,
 as a
Seller

		
	By:	 	 /s/ Alan B. Horn

	Name:	 	Alan B. Horn
	Title:	 	Executive Vice President General Counsel & Secretary
	
	AMERICAN HOME MORTGAGE CORP., as a Seller
		
	By:	 	 /s/ Alan B. Horn

	Name:	 	Alan B. Horn
	Title:	 	Executive Vice President General Counsel & Secretary

  

			
	AMERICAN HOME MORTGAGE INVESTMENT CORP., as a Seller
		
	By:	 	 /s/ Alan B. Horn

	Name:	 	Alan B. Horn
	Title:	 	Executive Vice President General Counsel & Secretary
	
	AMERICAN HOME MORTGAGE SERVICING, INC., as a Seller
		
	By:	 	 /s/ Alan B. Horn

	Name:	 	Alan B. Horn
	Title:	 	Executive Vice President General Counsel & Secretary

 Signature Page to 
 Master Repurchase Agreement 

			
	ABN AMRO BANK N.V. in its capacity as Agent, as Buyer
		
	By:	 	 /s/ Kevin J. Hayes

	Name:	 	Kevin J. Hayes
	Title:	 	Director
		
	By:	 	 /s/ Therese Gremley

	Name:	 	Therese Gremley
	Title:	 	Vice President

 Signature Page to 
 Master Repurchase Agreement 

 ANNEX I 
 BUYER ACTING AS AGENT 
 This Annex I forms a part of the Master Repurchase Agreement dated as of
February 28, 2007 (the “Agreement”) among American Home Mortgage Acceptance, Inc., American Home Mortgage Corp., American Home Mortgage Investment Corp., American Home Mortgage Servicing, Inc. and ABN AMRO Bank N.V.
(“ABN AMRO”). The parties acknowledge that ABN AMRO is entering into the Agreement as Buyer solely in its capacity as Agent for the Purchasers, who will be acting as principals thereunder, and this Annex I therefore sets forth
certain terms and conditions governing all Transactions. Capitalized terms used but not defined in this Annex I shall have the meanings ascribed to them in the Agreement. 
  

	1.	Additional Representations. 

 Agent hereby
represents, which representation shall continue during the term of any Transaction that each Purchaser has duly authorized Agent to execute and deliver the Agreement and enter into Transactions on its behalf. 
  

	2.	Identification of Purchasers. 

 The
Purchasers for whom Agent is acting as Buyer under the Agreement may change from time to time as set forth in the Letter Agreement. Each Seller acknowledges that Agent shall not have any obligation to provide it with confidential information
regarding the financial status of the Purchasers. 
  

	3.	Multiple Principals. 

 In the event that
Agent at any time is acting for more than one Purchaser in respect of Transactions under the Agreement, Agent and each Seller hereby agrees to aggregate such Transactions as if they were transactions by a single Purchaser, except to the extent that
the Letter Agreement expressly requires otherwise. The parties agree that (i) the margin maintenance obligations of each Seller under Paragraph 4(a) of the Agreement shall, subject to any greater requirement imposed by applicable law, be
determined on an aggregate basis for all Transactions entered into by Buyer; and (ii) Buyer’s remedies upon the occurrence of an Event of Default shall be determined as if all Purchasers were a single Buyer. 
  

	4.	Interpretation of Terms. 

 All references to
“Buyer” in the Agreement shall, subject to the provisions of this Annex I, be construed to reflect that (i) each Purchaser shall have, in connection with any Transaction or Transactions entered into by Agent on its behalf, the rights,
responsibilities, privileges and obligations of a “Buyer”, directly entering into such Transaction or Transactions with the other party under the Agreement, and (ii) the Purchasers have designated Agent as their sole agent for
performance of Buyer’s obligations to Sellers, and for receipt of performance by each Seller of its obligations to Buyer, in connection with any Transaction or Transactions under the Agreement (including, among other things, as Agent for each
Purchaser in connection with transfers of securities, cash or other property and (except as otherwise provided in the Letter 

 
Agreement) as agent for giving and receiving all notices under the Agreement). Both Agent and the Purchasers shall be deemed “parties” to the
Agreement and all references to a “party” or “either party” in the Agreement shall be deemed revised accordingly. 

 EXHIBIT A 
 ELIGIBLE MORTGAGE LOAN CRITERIA 
 “Eligible Mortgage Loan” shall mean, at any time, a Mortgage Loan: 

(a) which is either an OTC Loan or a TTC Loan and under which the initial Mortgagor Advance has been funded by the applicable Seller prior to the
related Purchase Date; 
 (b) which is not an Unapproved Mortgage Loan; 
 (c) which is secured by a first priority Mortgage in the related Mortgaged Property; 
 (d) which is not a Delinquent Loan or Defaulted Loan; 
 (e) which (i) has been directly originated by the applicable Seller or (ii) has been purchased by the applicable Seller from Waterfield and re-underwritten by the Servicer using such Seller’s complete
underwriting standards for directly originated Mortgage Loans and satisfies and complies with all applicable requirements of the Credit and Collection Policy; 
 (f) for which the Mortgagor is required to make monthly payments of principal and/or interest; 
 (g) for
which the Mortgagor has been directed to make all Monthly Payments and all repayments of principal thereon to a Lock-Box or a Collection Account; 
 (h)(i) which has been originated in accordance with, and complies with all applicable requirements of the Credit and Collection Policy in effect at the time of such origination, which was designed to provide guidelines in underwriting the
creditworthiness of the Mortgagors and to determine the Mortgagors’ ability to repay the debt, (ii) with respect to which, in accordance with the Credit and Collection Policy, the applicable Seller considered, among other things, the
credit history of the Mortgagor and other credit indicators such as income verification and/or debt-to-income ratios of the Mortgagor, and (iii) which was originated in compliance with local, state and federal law applicable thereto at the time
of origination, including without limitation, required disclosures of points, charges and fees; 
 (i) which was not originated based solely
on an estimation of the value of the Mortgaged Property without any consideration of the potential ability of the Mortgagor to repay the amount owed under the Mortgage Loan; 
 (j) with respect to which Buyer has a valid and perfected first priority security interest, free and clear of any other Lien; 
 (k) which, if a Wet Loan, such Mortgage Loan was not originated more than 10 days prior to such date of determination; 
 (l) that is denominated and payable only in United States dollars within the United States and with respect to which the related Mortgagor is a natural
person who is a United States citizen or resident alien of the United States; 

 (m) which is serviced in accordance with the Accepted Servicing Practices and the Credit and Collection
Policy; 
 (n) with respect to which the related Mortgagor is not a government or a governmental subdivision or agency; 
 (o) with respect to which (i) the related Mortgaged Property is a single family detached home and is not a Manufactured Home or a mobile home and
(ii) the related Mortgagor is not a developer and, to the knowledge of the applicable Seller, the residence to be constructed on the related Mortgaged Property is not being constructed for speculative purposes; 
 (p)(i) the Mortgage Note, Mortgage and, if applicable, the Mortgage Contract with respect to which contain customary and enforceable provisions adequate
for realization of the benefits of the collateral, (ii) the Mortgage Note for which is considered a “promissory note” within the meaning of the UCC of all applicable jurisdictions, (iii) has not been assigned or pledged, the
applicable Seller has good title thereto and such Seller is the sole owner free and clear of any and all liens, encumbrances, pledges, security interests of any nature, except for utility easements, rights-of-way and similar customarily permitted
encumbrances, and (iv) with respect to which the related Mortgaged Property is not subject to any delinquent tax or assessment lien; 
 (q) which, together with the related Mortgage, is not subject to any dispute, claim, right of rescission, set-off, counterclaim or other defense or right of an obligor or guarantor; 
 (r) which, together with the related Mortgage, Mortgage Note and Mortgage Contract, does not contravene in any material respect any laws, rules or
regulations applicable thereto (including, without limitation, laws, rules and regulations relating to truth in lending, fair credit billing, fair credit reporting, equal credit opportunity, fair debt collections practices, usury, abusive and
predatory lending and privacy) and with respect to which, no party to the related Mortgage, Mortgage Note and Mortgage Contract is in violation of any such law, rule or regulation in any material respect; 
 (s) with respect to which the Mortgage Note (properly signed by the related Mortgagor, in full financial effect and endorsed in blank) together with the
other Loan Documents required to be delivered to the Custodian pursuant to the Custodial Agreement shall have been delivered to the Custodian to hold for the benefit of the Purchasers unless such Mortgage Loan is a Wet Loan which was originated not
more than 10 days prior to such date of determination; 
 (t) with respect to which the related Mortgaged Property is insured by an ALTA or
equivalent lender’s title policy, insuring the originator of such Mortgage Loan as to the first priority lien of the Mortgage in the original principal amount of the Mortgage Loan, the insurer of which is qualified to do business in the state
in which the related Mortgaged Property is located; 
 (u) with respect to which, if the Mortgaged Property relating to such Mortgage Loan is
in an area designated as a flood area by the Federal Emergency Management 

  

 Exhibit A-2 

 
Agency, a flood insurance policy is in effect that meets the requirements of the current guidelines of the Federal Insurance Administration, is with a
generally acceptable insurance carrier and is in an amount not less than the Outstanding Principal Balance of such Mortgage Loan and the related Mortgaged Property is covered by fire, hazard, homeowner’s and other appropriate insurance, which
name the applicable Seller or Servicer as loss payee; 
 (v) with respect to which (i) the related Mortgagor was not required to
purchase any credit life, disability, accident or health insurance product as a condition of obtaining the Mortgage Loan and (ii) the related Mortgagor was not required to obtain a prepaid single-premium credit life, disability, accident or
health policy in connection with the origination of the Mortgage Loan; 
 (w) with respect to which the related Mortgage and Mortgage Note
contain provisions that permit foreclosure for nonpayment of such Mortgage Loan; 
 (x) with respect to which the related Mortgaged Property
is free and clear of any damage that would materially and adversely affect its value; 
 (y) with respect to which no material defaults,
breaches, violations or events of acceleration have occurred or been waived under the related Mortgage, Mortgage Note or Mortgage Contract; 
 (z) with respect to which the applicable Seller has full right to sell, assign and transfer the Mortgage Loan, including the Mortgage, the Mortgage Note and the Mortgage Contract, without the consent of the related Mortgagor or any other
Person; 
 (aa) such Mortgage Loan and the underlying Mortgage, Mortgage Note and Mortgage Contract are legal, valid and binding obligations
of the related Mortgagor, duly and properly executed by the parties thereto, enforceable against such Mortgagor in accordance with their terms; 
 (bb) such Mortgage Loan is a whole loan and not a participation interest; 
 (cc) with respect to which there is only one original
executed Mortgage Note; 
 (dd) which constitutes a “mortgage loan” within the meaning of the Bankruptcy Code; 
 (ee) which does not contain any shared appreciation or other contingent interest feature; 
 (ff) with respect to which the related Mortgage Note contains provisions for the acceleration of the payment of the Outstanding Principal Balance of such
Mortgage Loan if, without complying with the requirements of such Mortgage Note, the related Mortgaged Property, or any controlling interest therein, is directly or indirectly transferred or sold; 
 (gg) which, if an OTC Loan, has an original maximum construction completion term of 18 months; 
  

 Exhibit A-3 

 (hh) which, if a TTC Loan, has an original maximum construction completion term of 20 months; 

(ii) with respect to which the original construction completion term set forth at the time of origination has not been extended more than 2 times or
for a period greater than 6 months in the aggregate; 
 (jj) with respect to which the conversion date or permanent loan commencement date
has not occurred and such Mortgage Loan has not otherwise been converted to, substituted with or replaced by, a permanent mortgage loan or otherwise repaid; 
 (kk) with respect to which (i) the underlying Mortgaged Property and all buildings, fixtures, other improvements and all building materials located on the Mortgaged Property are covered by hazard and
builder’s general liability and risk insurance equal to at least 100% of the insurance value of any improvements on the property and which names either the related Seller or Servicer as loss payee and (ii) to the extent required by the
underlying Mortgage Contract, the related builder and/or Mortgaged Property shall be covered by performance bonds, workmen’s compensation and other insurance related thereto; 
 (ll) with respect to which the related Seller is not in default in any material respect under the terms of the related Mortgage Contract; 
 (mm) with respect to which all conditions precedent set forth in the related Mortgage Contract with respect to each related Mortgagor Advance have been
satisfied or waived by the Servicer in accordance with the Credit and Collection Policy; 
 (nn) which either (i) automatically converts
at the end of the construction term to a permanent loan having no more than a 30-year fixed rate or adjustable rate amortization schedule without the execution of any other agreement, instrument, mortgage, or modification or (ii) will be
refinanced by a permanent loan at the end of the construction term having no more than a 30-year fixed rate or adjustable rate amortization schedule and which has been pre-arranged, underwritten, approved and committed to by the applicable Seller
and will be secured by a mortgage on the same Mortgaged Property; and 
 (oo) with respect to which, at the time such Mortgage Loan was
originated or purchased, no improvement located thereon or being a part of the applicable Mortgaged Property was in violation of any applicable zoning law or regulation or lay outside the boundaries of the related Mortgaged Property; 
 (pp) with respect to which, the Mortgagor is not a debtor in any state or federal bankruptcy or insolvency proceeding; 
 (qq) with respect to which all points and fees related were disclosed in writing to the applicable Mortgagor in accordance with applicable state and
federal law and regulation; 
 (rr) in connection with the origination of which, an appraisal of the related Mortgaged Property was obtained
from a qualified appraiser, satisfactory to the applicable originator, who had no interest, direct or indirect, in the Mortgaged Property or in any loan made on the security thereof, and whose compensation is not affected by the approval or
disapproval of such Mortgage Loan, such appraisal was in a form acceptable to FNMA (if applicable); 
  

 Exhibit A-4 

 (ss) with respect to which the related Mortgage Note or Mortgage does not require the holder thereof to
release all or any portion of the Mortgaged Property from the lien of the related Mortgage except upon payment in full of all amounts due under such Mortgage Loan; 
 (tt) with respect to which the applicable Repurchase Date has not yet occurred; 
 (uu) with respect to which
the related Seller has no actual notice of the commencement of a proceeding for the condemnation of all or any material portion of the Mortgaged Property; 
 (vv) which is not and is not subject to being cross-collateralized with any other Mortgage Loan; 
 (ww) with
respect to which the terms of the related Mortgage, Mortgage Note and Mortgage Contract have not been impaired, waived, altered, or modified in any material respect; 
 (xx) with respect to which all escrow deposits relating to such Mortgage Loan that are as of the related closing date, required to be deposited with the Mortgagee or its agent have been so deposited; 
 (yy) with respect to which, if the related Mortgage is a deed of trust, a trustee, duly qualified under applicable law to serve as such, is properly
designated and serving under such Mortgage; 
 (zz) with respect to which the related Seller has not received actual notice of any event
(other than payments due but not yet delinquent) that, with the passage of time or with notice and the expiration of any grace or cure period, would constitute a material default, breach or event of acceleration; 
 (aaa) with respect to which no holder of the Mortgage Loan has advanced funds or induced, solicited or knowingly received any advance of funds from a
party other than the owner of the related Mortgaged Property, directly or indirectly for the payment of any amount required by the Mortgage Loan; 
 (bbb) with respect to which the related Mortgage provides that any insurance proceeds or condemnation proceeds will be applied either to restore or repair the Mortgaged Property or to repay the principal of the Mortgaged Loan. 

(ccc) with respect to which the related Mortgaged Property is located within the United States and the Mortgaged Property consists of land and a
single family detached residence under construction; 
  

 Exhibit A-5 

 (ddd) which is not (a) a Mortgage Loan subject to 12 CFR Part 226.31, 12 CFR
Part 226.32 or 226.34 of Regulation Z, the regulation implementing the Truth-in-Lending Act, which implements the Home Ownership and Equity Protection Act of 1994, as amended, or (b) classified and/or defined, as a “high
cost”, “threshold”, “predatory” or “covered” loan (or a similarly classified loan using different terminology under a law imposing additional legal liability for Mortgage Loans having high interest rates, points
and/or fees) under any other applicable state, federal or local law; 
 (eee) with respect to which all filings required by all applicable
laws in order to preserve the applicable Seller’s first priority Mortgage and preserve the applicable Seller’s rights as against the applicable Mortgagor and the applicable builder throughout the construction period have been duly and
timely filed, including without limitation any required filings of the Mortgage and all modifications, riders and addendums thereto, the Mortgage Contract, the construction contract, notices of commencement, UCC financing statements, and affidavits.

 (fff) which, if the Loan-to-Value Ratio for such Mortgage Loan is in excess of 80%, the applicable Mortgagor under such Mortgage Loan has
primary mortgage insurance; 
 (ggg) with respect to which neither the related Seller nor Servicer has received notice of any relief
requested or granted to the applicable Mortgagor under such Mortgage Loan pursuant to the Service Members Civil Relief Act of 2003; 
 (hhh)
with respect to which the construction of the related Mortgaged Property shall be performed by a builder (i) acceptable to the applicable Seller, in accordance with the Credit and Collection Policy (ii) which is not an Affiliate of any
Seller; 
 (iii) which, (i) if the related Mortgage Contract contains a commitment of $1,000,000 or less, has a FICO Score of at least
600, (ii) if the related Mortgage Contract contains a commitment of greater than $1,000,000, has a FICO Score of at least 700, and (iii) if the related Mortgage Contract contains a commitment of greater than $1,000,000 and such Mortgage
Loan has a Loan-to-Value Ratio of more than 70%, has a FICO Score of at least 740; 
 (jjj) the FICO Score of which, when included in the
weighted average of the FICO Scores for all Purchased Mortgage Loans on any date of determination, does not cause such weighted average FICO Score to be less than 680; 
 (kkk) which, (i) if the related Mortgage Contract contains a commitment of $1,000,000 or less, has a Loan-to-Value Ratio of not more than 90% and (ii) if the related Mortgage Contract contains a commitment
of greater than $1,000,000, has a Loan-to-Value Ratio of not more than 70%; 
 (lll) the Loan-to-Value Ratio of which, when included in the
weighted average of the Loan-to-Value Ratios for all Purchased Mortgage Loans on any date of determination, does not cause such weighted average Loan-to-Value Ratio to be more than 75%; and 
 (mmm) the Mortgage Contract related to which does not contain a commitment of greater than $3,000,000; 
  

 Exhibit A-6 

 provided however, that no Mortgage Loan originated by Waterfield and purchased by a Seller shall be an Eligible
Mortgage Loan after the date which is 180 days after the date hereof. 
  

 Exhibit A-7 

 EXHIBIT B 
 CONCENTRATION PERCENTAGES 
 Mortgage Loans. The Concentration Limit with respect to Mortgage Loans for any
Concentration Category shall mean, as of any date of determination, the product of (a) the Concentration Percentage for such Concentration Category as of such date, and (b) the aggregate Outstanding Principal Balance of all Purchased
Mortgage Loans as of such date. 
  

			
	 Concentration Category
	 	 Concentration Percentage

	 Maximum Single Builder/Developer Concentration Limit
	 	2%
	 Maximum Single State Concentration Limit
	 	15% (New York, California, Florida and Texas) 7.5% (all other states)
	 Mortgage Loans with commitments greater than $1,000,000
	 	35%
	 Mortgage Loans with commitments greater than $2,000,000
	 	10%
	 Mortgage Loans with FICO Scores less than 660
	 	15%
	 Mortgage Loans with original construction period term greater than 12 months
	 	35%
	 Mortgage Loans purchased from Waterfield
	 	2%
	 Maximum Wet Loan Funding
	 	5%Letter Agreement

 Exhibit 10.3 
 Execution Copy 
 LETTER AGREEMENT 
 dated as of 
 February 28, 2007 
 among 
 AMERICAN HOME MORTGAGE ACCEPTANCE,
INC. 
 AMERICAN HOME MORTGAGE CORP. 
 AMERICAN HOME MORTGAGE INVESTMENT CORP. 
 and 
 AMERICAN HOME MORTGAGE SERVICING, INC., 
 as Sellers, 
 AMERICAN HOME MORTGAGE SERVICING, INC., 
 as
Servicer, 
 THE PURCHASERS FROM TIME TO TIME PARTY HERETO, 
 THE GROUP AGENTS FROM TIME TO TIME PARTY HERETO, 
 and 
 ABN AMRO BANK N.V., 
 as Agent 

 Table of Contents 
  

					
	 1.
	  	Defined Terms.	  	4
	 2.
	  	Purchases.	  	14
	 3.
	  	Buyer Acting as Agent	  	16
	 4.
	  	Pricing Rate; Fees; Payments and Computations.	  	16
	 5.
	  	Interest Protection.	  	17
	 6.
	  	Capital Adequacy.	  	18
	 7.
	  	Breakage Costs	  	19
	 8.
	  	Taxes.	  	19
	 9.
	  	Conditions Precedent.	  	21
	 10.
	  	Representations and Warranties	  	23
	 11.
	  	Affirmative Covenants	  	29
	 12.
	  	Negative Covenants	  	36
	 13.
	  	Servicing Provisions.	  	38
	 14.
	  	Binding Effect; Assignments and Participations; Joinder.	  	42
	 15.
	  	Amendments and Waivers	  	44
	 16.
	  	Notices	  	44
	 17.
	  	GOVERNING LAW; CONSENT TO JURISDICTION; WAIVER OF JURY TRIAL.	  	44
	 18.
	  	Right of Setoff	  	45
	 19.
	  	Ratable Payments	  	45
	 20.
	  	Limitation of Liability.	  	46
	 21.
	  	No Insolvency Proceedings	  	46
	 22.
	  	Confidentiality.	  	47
	 23.
	  	Counterparts	  	48
	 24.
	  	No Waiver; Remedies	  	48
	 25.
	  	Integration; Binding Effect; Survival of Termination	  	48

  

			
	 SCHEDULE I
	  	Groups; Commitments; Purchase Limits
	 SCHEDULE II
	  	List of Closing Documents
	 SCHEDULE III
	  	Litigation
	 SCHEDULE IV
	  	Lock-Boxes and Collection Accounts
	 SCHEDULE V
	  	Trade Names, Fictitious Names, Assumed Names and “Doing Business As Names”
	 SCHEDULE VI
	  	Notice Addresses
	 SCHEDULE VII
	  	Authorized Representatives
	 SCHEDULE VIII
	  	Other Financing Facilities
		
	 EXHIBIT A
	  	Form of Daily Market Value Report
	 EXHIBIT B
	  	Form of Monthly Report
	 EXHIBIT C-1
	  	Form of Seller Certificate
	 EXHIBIT C-2
	  	Form of Servicer Certificate

 LETTER AGREEMENT 
 February 28, 2007 
 American Home Mortgage Acceptance, Inc. 
 American Home Mortgage Corp. 
 American Home Mortgage Investment Corp.

 American Home Mortgage Servicing, Inc. 
  

			
	 Re:
	  	Master Repurchase Agreement dated as of February 28, 2007, among American Home Mortgage Acceptance, Inc., American Home Mortgage Corp., American Home Mortgage Investment Corp., American
Home Mortgage Servicing, Inc. , as Sellers, and ABN AMRO Bank N.V., as Buyer

 Ladies and Gentlemen: 
 This letter agreement (this “Letter Agreement”) is entered into by and among AMERICAN HOME MORTGAGE ACCEPTANCE, INC., AMERICAN HOME MORTGAGE CORP., AMERICAN HOME MORTGAGE INVESTMENT CORP. and AMERICAN
HOME MORTGAGE SERVICING, INC. (“AHM Servicing”), as Sellers (the “Sellers”), AHM Servicing, in its capacity as the Servicer (the “Servicer”), AMSTERDAM FUNDING CORPORATION, as the initial Conduit
Purchaser, the other parties hereto as Conduit Purchasers from time to time, ABN AMRO BANK N.V. (“ABN AMRO”), as a Committed Purchaser, the other parties hereto as Committed Purchasers from time to time, ABN AMRO, as Group Agent for
the ABN AMRO Group, the other parties hereto as Group Agents from time to time, and ABN AMRO, as agent for the Conduit Purchasers and the Committed Purchasers (in such capacity, the “Agent”). Reference is hereby made to that certain
Master Repurchase Agreement (as amended, restated, supplemented, or otherwise modified from time to time, the “Repurchase Agreement”) dated the date hereof between the Sellers and the Agent, as Buyer. This Letter Agreement sets
forth certain commitments, terms, representations, warranties, conditions and pricing information relating to the Repurchase Agreement. Capitalized terms used and not otherwise defined herein shall have the meanings provided in the Repurchase
Agreement. 

 1. Defined Terms. 
 (a) As used in this Letter Agreement and in the Repurchase Agreement, the following terms shall have the following meanings: 
 “ABN AMRO Group” means the Purchaser Group for which ABN AMRO is the Group Agent. 
 “Adjusted Consolidated Funded Debt” means, on any date of determination, the sum of (a) the Consolidated
Funded Debt of AHMIC and any other Person which would be reflected on the consolidated balance sheet of AHMIC prepared in accordance with GAAP if such balance sheet were prepared as of such date of determination, less (b) 50% of any
Subordinated Debt, less (c) the mortgage debt associated with the building and the land located at 538 Broadhollow Road, Melville, New York. 
 “Affected Party” has the meaning specified in Paragraph 5(a). 
 “Aggregate Collateral Value” means an amount equal to the sum of the products of the book values (as determined in accordance with GAAP) of the consolidated assets of AHMIC and its Subsidiaries, such assets being
categorized in the classes set forth on the calculation schedule that is part of Exhibit E attached to the Credit Agreement, times the percentage multiplier for each such class set forth on such calculation schedule. 
 “Anti-Money Laundering Laws” has the meaning specified in Paragraph 11(t). 
 “Applicable Margin” means a per annum rate equal to 2.00%. 
 “Applicable Pricing Rate” means, (i) with respect to any portion of an outstanding Purchase Price funded by a
Conduit Purchaser through the issuance of Promissory Notes, the CP Rate and (ii) with respect to any portion of the outstanding Purchase Price funded by a Purchaser other than through the issuance of Promissory Notes; the Assignee Rate;
provided, however, that, from and after the occurrence and during the continuance of an Event of Default, the “Applicable Pricing Rate” for each Transaction shall be the Default Rate. 
 “Asset Purchase Agreement” means any asset purchase or other agreement pursuant to which a Conduit Purchaser may from
time to time assign to a Liquidity Provider part or all of a Purchase Price funded by such Conduit Purchaser under the Repurchase Agreement. 
 “Assignee Rate” means, for any Tranche during any Settlement Period, an interest rate per annum equal to the sum of LIBOR plus the Applicable Margin; provided, that (i) if a LIBOR
Disruption Event has occurred and is continuing, the Assignee Rate shall be equal to the Base Rate and (ii) from and after the occurrence and during the continuance of an Event of Default, the Assignee Rate shall be equal to the Default Rate.

  

 4 

 “Assignment and Acceptance” means an agreement in form and substance
satisfactory to the Agent and the applicable Group Agents pursuant to which a new Conduit Purchaser or Committed Purchaser becomes party to this Letter Agreement. 
 “Base Rate” means a fluctuating interest rate per annum as shall be in effect from time to time, which rate per annum
shall at all times be equal to the lower of: 
 (i) the rate of interest announced by The Wall Street Journal from time to time as the prime
rate; and 
 (ii) 0.50% per annum above the Federal Funds Rate. 
 “Code” means the Internal Revenue Code of 1986, as amended from time to time. 
 “Collection Account” means each concentration account, depositary account, lock-box account or similar account in which
any Collections are collected or deposited which is described on Schedule VIII or described in a written notice from the Sellers to each Group Agent. 
 “Collections” means, with respect to any Purchased Asset, all Monthly Payments and all other cash collections (other than
in respect of escrows for taxes and insurance premiums payable under the related Mortgage Loan), all prepayments and repayments thereof, all proceeds of sales of such Purchased Asset, all proceeds from the enforcement of such Purchased Asset and all
other cash proceeds of such Purchased Asset. 
 “Committed Purchaser” means each financial institution listed
on Schedule I as a “Committed Purchaser” and each entity specified as such in the Assignment and Acceptance or Joinder Agreement pursuant to which such entity becomes a party hereto, together with its respective successors and
permitted assigns. 
 “Committed Purchaser Share” means at any time with respect to each Committed Purchaser
in a Group, a fraction (expressed as a percentage) equal to (a) the Commitment of such Committed Purchaser divided by (b) the sum of the Commitments of all Committed Purchasers in such Group at such time. 
 “Commitment” means as to a Committed Purchaser the United States Dollar amount set forth on Schedule I hereto as
the Commitment of such Committed Purchaser, or, in the case of a Committed Purchaser that becomes a party to this Letter Agreement pursuant to an Assignment and Acceptance or Joinder Agreement, the amount set forth therein as such Committed
Purchaser’s “Commitment”, in each case as such amount may be (i) reduced or increased by any Assignment and Acceptance entered into by such Committed Purchaser with another Committed Purchaser in accordance with the terms hereof
and (ii) reduced in accordance with Paragraph 2(b). 
  

 5 

 “Commitment Termination Date” means February 27, 2008, as such date
may be extended in accordance with Paragraph 2(c) hereof; provided, however, that any such extension shall not operate to extend the Repurchase Date for any Purchased Loan. 
 “Company Representatives” has the meaning specified in Paragraph 22(b). 
 “Conduit Purchaser” means each of the Persons listed on Schedule I as a “Conduit Purchaser” and each
commercial paper conduit specified as such in the Assignment and Acceptance or Joinder Agreement pursuant to which such commercial paper conduit becomes a party hereto, together with its respective successors and permitted assigns. 
 “Consolidated Funded Debt” means, with respect to any Person and on any date of determination, Indebtedness in any of the
following categories: 
 (a) Debt for borrowed money, including the Credit Agreement Obligations; 
 (b) Debt constituting an obligation to pay the deferred purchase price of property; 
 (c) Debt evidenced by a bond, debenture, note or similar instrument; 
 (d) Debt constituting, as of any date, any lease of property, real or personal, which would be capitalized on a balance sheet of the lessee prepared as of such date in accordance with GAAP, together with any other
lease by such lessee which is in substance a financing lease, including, without limitation, any lease under which (i) such lessee has or will have an option to purchase the property subject thereto at a nominal amount or an amount less than a
reasonable estimate of the fair market value of such property as of the date such lease is entered into, or (ii) the term of the lease approximates or exceeds the expected useful life of the property leased thereunder. 
 (e) Debt constituting a non-contingent obligation to reimburse the issuer of any letter of credit or any guarantor or surety for payments made by such
issuer, guarantor or surety; and 
 (f) Any obligation under any guaranty with respect to Debt of any other Person of the types described in
clauses (a) through (e) above. 
 “CP Rate” means, 
 (i) for any Settlement Period for any Tranche funded by a Conduit Purchaser in the ABN AMRO Group, a rate per annum equal to the weighted
average of the rates at which commercial paper notes having a term equal to such Settlement Period may be sold 

  

 6 

 
by any placement agent or commercial paper dealer selected by such Conduit Purchaser, as agreed between each such placement agent or commercial paper dealer
and such Conduit Purchaser. If such rate is a discount rate, the CP Rate shall be the rate resulting from such Conduit Purchaser’s converting such discount rate to an interest-bearing equivalent rate. The CP Rate shall include all costs and
expenses to such Conduit Purchaser of issuing the related commercial paper notes, including all dealer commissions and note issuance costs in connection therewith; and 
 (ii) for any Settlement Period for any Tranche funded by a Conduit Purchaser in any other Group, the rate per annum identified as the
“CP Rate” in the applicable Assignment and Acceptance or Joinder Agreement pursuant to which such Group becomes a party hereto. 
 “Credit Agreement” means the Second Amended and Restated Credit Agreement, dated as of August 10, 2006, as may be amended from time to time, by and among AHMIC, American Home Mortgage Corp.,
American Home Mortgage Servicing, Inc., American Home Mortgage Acceptance, Inc., certain lenders from time to time party thereto, and Bank of America, N.A. 
 “Credit Agreement Obligations” means any and all debts, obligations and liabilities of American Home Mortgage Corp., the Servicer, AHMIC and American Home Mortgage Acceptance, Inc. to Bank of America,
N.A. as administrative agent under the Credit Agreement and the lenders from time to time party thereto (whether now existing or hereafter arising, voluntary or involuntary, whether or not jointly owed with others, direct or indirect, absolute or
contingent, liquidated or unliquidated, and whether or not from time to time decreased or extinguished and later increased, created or incurred), arising out of or related to the Loan Documents (as defined in the Credit Agreement). 
 “Daily Market Value Report” has the meaning specified in Paragraph 13(b)(vi). 
 “Debt” means (a) all indebtedness or other obligations of a Person (and, if applicable, that Person’s
subsidiaries, on a consolidated basis) that, in accordance with GAAP consistently applied, would be included in determining total liabilities as shown on the liabilities side of a balance sheet of that Person on the date of determination,
plus (b) all indebtedness or other obligations of that Person (and, if applicable, that Person’s subsidiaries, on a consolidated basis) for borrowed money or for the deferred purchase price of property or services. For purposes of
calculating a Person’s Debt, Subordinated Debt (as defined below) not due within one year of that date may be excluded from that Person’s indebtedness. For purposes of this definition, “Subordinated Debt” means all indebtedness
of a Person for borrowed money that is effectively subordinated in right of payment to all other present and future obligations on terms acceptable to the Required Group Agents. 
  

 7 

 “Default Rate” means a per annum rate equal to the Base Rate plus 2.0%.

 “Determination Date” means the second
(2nd) Business Day immediately preceding each Settlement Date. 
 “Effective Date” means the date on which the conditions precedent set forth in Paragraph 9(a) have been satisfied.

 “Employee Plan” means an employee pension benefit plan covered by Title IV of ERISA and established or
maintained by any of the Sellers, Servicer or any ERISA Affiliate. 
 “ERISA Affiliate” means any
corporation, trade or business that is, along with AHMIC, a member of a controlled group of corporations or a controlled group of trades or businesses, as described in Sections 414(b), (c), (m) and (o) of the Code, or
Section 4001 of ERISA. 
 “Excluded Taxes” has the meaning specified in Paragraph 8(a). 
 “Facility Limit” means $250,000,000, as such amount may be reduced in accordance with Paragraph 2(b) hereof. 

“Federal Funds Rate” means, with respect to any Purchaser for any period, a fluctuating interest rate per annum equal
(for each day during such period) to the weighted average of the rates on overnight federal funds transactions with members of the Federal Reserve System arranged by federal funds brokers, as published for such day (or, if such day is not a Business
Day, for the immediately preceding Business Day) by the Federal Reserve Bank of New York; or if such rate is not so published for any day which is a Business Day, the average of the quotations for such day on such transactions received by ABN AMRO
from three federal funds brokers of recognized standing selected by it. 
 “Fees” means all “Program
Fees” and “Liquidity Fees” as defined in the Fee Letter. 
 “Final Payout Date” means the date
from and after the Termination Date on which (i) all Repurchase Prices (including all accrued and unpaid Price Differential whether or not due and owing as of such date) and other amounts owed by the Sellers under the Repurchase Agreement and
the other Transaction Documents are either (i) paid in full by or on behalf of the Sellers or (ii) satisfied in full by the exercise of the Agent’s rights thereunder. 
 “Financial Officer” means with respect to the Servicer, the Sellers or the Performance Guarantors, the chief financial
officer, treasurer or a vice president having the knowledge and authority necessary to prepare and deliver the financial statements and reports required pursuant to Paragraph 11(a) and under the Performance Guaranty. 
  

 8 

 “Governmental Requirement” means any applicable law, statute, code,
ordinance, order, rule, regulation, judgment, decree, injunction, franchise, permit, certificate, license, authorization or other requirement (including, without limitation, any of the foregoing that relate to energy regulations and occupational,
safety and health standards or controls and any hazardous materials laws) of any Governmental Authority that has jurisdiction over the Servicer, the Custodian or any of the Sellers or any of their respective Properties. 
 “Group” means each group of Purchasers consisting of one or more Conduit Purchasers, the related Committed Purchasers,
the related Liquidity Providers and Program Support Providers, if any, the related Group Agent and their respective assigns and participants. 
 “Group Agent” means with respect to any one or more Conduit Purchasers and its or their related Committed Purchasers, each entity set forth opposite such Conduit Purchaser’s name on Schedule
I, or the entity identified as such on the Assignment and Acceptance or Joinder Agreement pursuant to which such entity becomes a party hereto, and their respective permitted successors and assigns. 
 “Group Pro Rata Share” means for any Group at any time of determination, a fraction (expressed as a percentage) having
the Purchase Limit for such Group as its numerator and the Facility Limit as its denominator; provided, however, that if any Committed Purchaser fails to fund any amount as required hereunder, “Group Pro Rata Share”
means, for purposes of making all distributions hereunder, a fraction (expressed as a percentage) having the actual portion of the outstanding Purchase Price funded by such Group as its numerator and the outstanding Purchase Price as its
denominator. 
 “Indemnified Amounts” has the meaning specified in Paragraph 15(b) of the Repurchase
Agreement. 
 “Indemnified Parties” has the meaning specified in Paragraph 15(b) of the Repurchase Agreement.

 “Interim Statements” has the meaning specified in Paragraph 10(s)(ii). 
 “Joinder Agreement” means an agreement in form and substance satisfactory to the Agent, the Sellers and the applicable
Group Agent pursuant to which a new Group becomes party to this Letter Agreement. 
 “LIBOR” means, with
respect to any Settlement Period, (a) the rate per annum (rounded upward, if necessary, to the nearest whole multiple of 1/16th of one percent) appearing on Telerate Page 3750 (or any successor page) as the London interbank offered 

  

 9 

 
rate for deposits in United States dollars in a principal amount of at least $1,000,000 for a period of one month at approximately 11:00 a.m. (London time)
two LIBOR Business Days prior to the first day of such Settlement Period; provided that, (i) if Telerate Page 3750 (or any successor page) is not available to the Agent for any reason, then LIBOR shall be determined by the rate per annum
equal to the applicable British Bankers’ Association Interest Settlement Rate for deposits in United States dollars in a principal amount of at least $1,000,000 for a period of one month as reported by any other generally recognized financial
information service as of 11:00 a.m. (London time) two LIBOR Business Days prior to the first day of such Settlement Period, and (ii) if no such British Bankers’ Association Interest Settlement Rate is available to the Agent, then LIBOR
shall be determined by the rate per annum determined by the Agent to be the rate at which ABN AMRO offers to place deposits in United States dollars in a principal amount of at least $1,000,000 for a period of one month with first-class banks in the
London interbank market at approximately 11:00 a.m. (London time) two LIBOR Business Days prior to the first day of such Settlement Period divided by (b) the remainder of one minus the LIBOR Reserve Percentage applicable on such
day. 
 “LIBOR Business Day” means any Business Day other than a Business Day on which banking institutions
in London, England trading in dollar deposits in the London interbank market are authorized or obligated by law or executive order to be closed. 
 “LIBOR Disruption Event” means, with respect to any Settlement Period, any of the following: (a) a determination by any Committed Purchaser that it would be contrary to law or to the directive of
any central bank or other governmental authority (whether or not having the force of law) to obtain dollars in the London interbank market to make, fund or maintain its portion of the outstanding Purchase Price during such Settlement Period,
(b) a commercially reasonable determination by any Committed Purchaser that the rate at which deposits of United States dollars are being offered in the London interbank market does not accurately reflect the cost to such Person of making,
funding or maintaining its portion of the outstanding Purchase Price for such Settlement Period or (c) the inability of any Committed Purchaser to obtain United States dollars in the London interbank market to make, fund or maintain its portion
of the outstanding Purchase Prices for such Tranche Period. 
 “LIBOR Reserve Percentage” means, as of any
day, the percentage (expressed as a decimal) in effect on such day, as prescribed by the Federal Reserve Board, for determining the maximum reserve requirements applicable to “Eurocurrency Liabilities” pursuant to Regulation D or any other
applicable regulation of the Federal Reserve Board which prescribes reserve requirements applicable to “Eurocurrency Liabilities” as currently defined in Regulation D (which the parties acknowledge is 0% as of the date hereof). 

“Liquidation Fees” means, with respect to any Purchaser on account of any prepayment of the Repurchase Price as
described in Paragraph 7 hereof or the failure to 

  

 10 

 
consummate a purchase by Seller after delivery of a Confirmation, (i) the amount, if any, by which the additional Price Differential (but excluding the
Applicable Margin, if included in such Price Differential) which would have accrued during such Settlement Period on the reductions of the Purchase Price allocated to the Tranches funded by such Purchasers had such repurchase not occurred or if such
purchase had occurred, exceeds (ii) the income received by the Purchaser which holds such Tranche from the investment of the proceeds of such reductions. A certificate as to the amount of any Liquidation Fee (including the computation of such
amount) shall be submitted by the affected Purchaser (or the Agent on its behalf) to the Sellers and shall be conclusive and binding for all purposes, absent manifest error. 
 “Liquidity Provider” means any of the financial institutions or other entities from time to time party to any Asset
Purchase Agreement or any liquidity loan agreement or similar arrangement with a Conduit Purchaser. 
 “Lock-Box” means each locked postal box to which one or more Mortgagors or other Persons are directed to remit Collections. 
 “MERS Designated Mortgage Loan” means a Mortgage Loan registered to or by the related Seller on the MERS electronic mortgage registration system. 
 “Monthly Report” has the meaning specified in Paragraph 13(b)(vi). 
 “Multiemployer Plan” means a multiemployer plan defined in Sections 3(37) or 4001(a)(3) of ERISA or
Section 414(f) of the Code to which Sellers or any ERISA Affiliate is required to make contributions. 
 “Net
Cash Proceeds” means, with respect to the issuance of any capital stock by AHMIC, the amount of cash received by AHMIC in connection with such transaction after deducting therefrom all fees (including, without limitation, investment banking
fees), commissions, costs and other expenses to the extent attributable to such transaction. 
 “Officer’s
Certificate” means a certificate signed by the Treasurer, Chief Financial Officer, any Executive Vice President, any Senior Vice President or other senior officer of a Seller, as applicable, authorized to bind such Seller with respect to
the Transactions. 
 “Official Body” means any Governmental Authority or any accounting board or authority
(whether or not part of a government) which is responsible for the establishment or interpretation of national or international accounting principles, in each case whether foreign or domestic. 
 “Participant” has the meaning specified in Paragraph 14(d). 
  

 11 

 “PBGC” means the Pension Benefit Guaranty Corporation or any successor
thereto. 
 “Periodic Visit” has the meaning specified in Paragraph 11(h). 
 “Product Information” has the meaning specified in Paragraph 22(b). 
 “Program Support Provider” shall mean any Liquidity Provider, and any insurance company, bank or other funding entity
providing liquidity, credit enhancement or back-up purchase support or facilities to any Conduit Purchaser. 
 “Pro
Rata Share” means, at any time with respect to any Committed Purchaser, a fraction (expressed as a percentage) equal to (a) the Commitment of such Committed Purchaser divided by (b) the sum of the Commitments of all
Committed Purchasers at such time. 
 “Promissory Notes” means, collectively, (i) promissory notes
issued by a Conduit Purchaser and (ii) participations sold by a Conduit Purchaser pursuant to Paragraph 14(d), provided, that the term “Promissory Notes” shall not include the interests sold by a Conduit Purchaser pursuant to
an Asset Purchase Agreement. 
 “Purchase Limit” means with respect to any Group, the amount set forth under
such Group’s name on Schedule I, or as identified in the Assignment and Acceptance or Joinder Agreement pursuant to which the members of such Purchaser Group became parties hereto, as the same may be reduced from time to time pursuant to
the terms hereof. 
 “Purchaser” means each Conduit Purchaser and each Committed Purchaser. 
 “Purchaser Representatives” has the meaning specified in Paragraph 22(c). 
 “Report of Visit” has the meaning specified in Paragraph 11(h). 
 “Required Group Agents” means at any time, the Group Agents related to Groups with Purchase Limits which equal at least
51% of the Facility Limit at such time. 
 “Requirement of Law” as to any Person means the articles of
incorporation, by-laws, certificate of formation and limited liability company agreement or other organizational or governing documents of such Person, and any law, statute, code, ordinance, order, rule, regulation, judgment, decree, injunction,
franchise, permit, certificate, license, authorization or other determination, direction or requirement (including, without limitation, any of the foregoing that relate to energy regulations and occupational, safety and health standards or controls
and any hazardous materials laws) of any Governmental Authority, in each case applicable to or binding upon such Person or any of its Property or to which such Person or any of its Property is subject. 
  

 12 

 “Seller Information” has the meaning specified in Paragraph 22(c).

 “Settlement Date” means the tenth (10th) day of each month, or if any such date is not a Business Day, the immediately succeeding Business Day. 
 “Settlement Period” means, initially, the period beginning on the initial Purchase Date and ending on the last day of the
calendar month immediately following the calendar month in which the initial Purchase Date occurs and, thereafter, means a calendar month; provided, however, if the last day of any such calendar month is not a Business Day and the Pricing
Rate for all or any portion of the outstanding Purchase Price is determined by reference to LIBOR, the Settlement Period applicable to such portion of the outstanding Purchase Price shall end on the immediately preceding Business Day. 
 “Subordinated Debt” means the Debt of AHMIC and its Subsidiaries subordinated to the Credit Agreement Obligations in the
manner and to the extent required by Bank of America, N.A., as administrative agent under the Credit Agreement, pursuant to written subordination agreements satisfactory in form and substance to Bank of America, N.A., as administrative agent under
the Credit Agreement. 
 “Takeout Investor” has the meaning set forth in the Repurchase Agreement.

 “Takeout Lender” means any entity which makes loans to a Seller, and to which such Seller has pledged such
Mortgage Loans as security for such loans as identified by such Seller. 
 “Tranche” means any portion of the
outstanding Purchase Price funded by a Purchaser, the Pricing Rate for which is computed by reference to the CP Rate, the Base Rate and/or LIBOR, as applicable. 
 “Trust Receipt” means, with respect to any Mortgage Loan or group of Mortgage Loans, a trust receipt or asset
certification issued by the Custodian confirming the Custodian’s receipt of the Mortgage Note and the other mortgage documents included in the Loan Documents relating to such Mortgage Loan and required to be delivered to the Custodian under the
Custodial Agreement. 
 (b) Under this Letter Agreement, all accounting terms not specifically defined herein shall be construed in
accordance with GAAP as in effect in the United States, and all accounting determinations made and all financial statements prepared hereunder shall be made and prepared in accordance with GAAP. All terms used in Article 9 of the UCC in the State of
New York, and not specifically defined herein, are used herein as defined in such Article 9. The 

  

 13 

 
words “herein,” “hereof,” and “hereunder” and other words of similar import refer to this Letter Agreement as a whole,
including the exhibits and schedules hereto, as the same may from time to time be amended or supplemented and not to any particular paragraph, section, subsection, or clause contained in this Letter Agreement, and all references to Paragraphs,
Exhibits and Schedules shall mean, unless the context clearly indicates otherwise, the Paragraphs hereof and the Exhibits and Schedules attached hereto, the terms of which Exhibits and Schedules are hereby incorporated into this Letter Agreement.
The captions and paragraph numbers appearing in this Letter Agreement are inserted only as a matter of convenience and do not define, limit, construe or describe the scope or intent of the provisions of this Letter Agreement. Each of the definitions
set forth in Paragraph 1 hereof shall be equally applicable to both the singular and plural forms of the defined terms. Unless specifically stated otherwise, all references herein to any agreements, documents or instruments shall be references to
the same as amended, restated, supplemented or otherwise modified from time to time. 
 (c) Unless otherwise stated in this Letter Agreement,
in the computation of a period of time from a specified date to a later specified date, the word “from” means “from and including” and the words “to” and “until” each means “to but excluding.”

 2. Purchases. 
 (a)
Agreement to Enter into Transactions. Each Seller has entered into the Repurchase Agreement pursuant to which the Purchasers may, through the Buyer acting as their Agent, enter into Transactions as principal from time to time. Upon the terms
and subject to the conditions set forth in the Repurchase Agreement and this Letter Agreement, from the Effective Date through the Business Day immediately preceding the Termination Date, (i) each Conduit Purchaser may enter a Transaction, in
its sole discretion, and (ii) to the extent that (and only to the extent that) the Conduit Purchasers in any Group decline to so purchase the entire amount of the applicable Group Pro Rata Share of such Transaction, the Committed Purchasers in
such Group shall enter into such Transaction; provided, that (i) no Purchaser shall enter into any Transaction if, after giving effect thereto, the aggregate outstanding Purchase Prices in respect of all Transactions would exceed the
lesser of (x) the Facility Limit at such time and (y) the Net Collateral Value at such time, (ii) no Committed Purchaser shall be obligated to enter into any Transaction if, after giving effect thereto, the aggregate outstanding
Purchase Price funded by such Committed Purchaser would exceed its Commitment and (iii) no Purchaser in any Group shall enter into any transaction if, after giving effect thereto, the aggregate outstanding Purchase Price funded by such Group
would exceed such Group’s Purchase Limit. The Purchase Price paid for any Transaction on any Purchase Date shall not be less than $2,000,000 or an integral multiple of $500,000 in excess thereof. No Committed Purchaser shall have any obligation
to enter into any new Transaction on or after the Commitment Termination Date. 
 (b) Reduction of Facility Limit. The Sellers may,
from time to time upon at least five (5) Business Days’ prior written notice to the Agent, elect to reduce the Facility Limit in whole or in part, provided that after giving effect to any such reduction and any principal payments on such
date, the outstanding Purchase Prices in respect of all Transactions shall not 

  

 14 

 
exceed the Facility Limit. Any such reduction shall be in a minimum amount of $10,000,000 and in integral multiples of $1,000,000 in excess thereof. Any such
reduction shall, reduce each Committed Purchaser’s Commitment ratably in accordance with their Pro Rata Shares and each Group’s Purchase Limit in accordance with their Group Pro Rata Shares. Once the Facility Limit is reduced pursuant to
this Paragraph 2(b) it may not subsequently be reinstated without the consent of each Committed Purchaser. 
 (c) Extension of Commitment
Termination Date. The Sellers may, not more than sixty (60) nor less than thirty (30) days prior to the then current Commitment Termination Date, by delivering written notice to each Group Agent, request the Committed Purchasers to
extend the Commitment Termination Date for an additional 364 days past the then applicable Commitment Termination Date. No Committed Purchaser shall have any obligation to agree to such request and no such extension shall become effective until one
or more Committed Purchasers having Commitments equal to 100% of the Facility Limit shall in their sole discretion consent in writing to such extension. At no time will any Commitment have a term of more than 364 days and, if any such request would
result in a term of more than 364 days, such request shall be deemed to have been made for such number of days so that, after giving effect to such extension on the date requested, such term will not exceed 364 days. Each Group Agent will indicate
consent or rejection of any such request within thirty (30) days but in any event no earlier than thirty (30) days prior to the then current Commitment Termination Date, provided, that any Group Agent’s failure to respond within such
period to any request for an extension shall be deemed to be a rejection of the requested extension. 
 (d) Funding Procedures. In the
event that a Seller requests, in accordance with the Repurchase Agreement, that the Purchasers, through the Buyer acting as their Agent, enter into a new Transaction and/or transfer cash to a Seller on account of a Margin Excess, such Seller shall
simultaneously notify each Group Agent, and each Group Agent shall promptly notify each Purchaser in its Group, of such request. The Purchase Price for each Transaction shall be funded by each Group ratably in accordance with its Group Pro Rata
Share. Each Group Agent shall allocate the Group Pro Rata Share of the Purchase Price among the Conduit Purchasers in its Group (subject to each Conduit Purchaser’s decision to fund such portion of the Purchase Price). Each Conduit Purchaser
shall instruct the related Group Agent whether it will accept or reject such request by no later than the close of business on the date of such notice. If the Conduit Purchasers in any Group give notice that they decline to fund any portion of such
new Transaction or transfer of cash, the related Group Agent shall immediately notify the applicable Seller and the Committed Purchasers in its Group of the same and, unless such Seller notifies all Group Agents on the date it receives such notice
that it wishes to rescind the relevant Confirmation prior to funding, the Transaction (or transfer of cash) or portion thereof that would otherwise be funded by such Conduit Purchasers shall be funded by the Committed Purchasers in the related Group
ratably in accordance with their respective Committed Purchaser Shares. Each Committed Purchaser’s commitment to enter into any Transactions or transfer cash under the Repurchase Agreement shall be several from the obligations of any other
Committed Purchaser so that no Committed Purchaser shall be responsible for the failure of any other Committed Purchaser to honor its funding obligations hereunder nor shall any Committed Purchaser be 

  

 15 

 
relieved of its funding obligations hereunder on account of any such failure of another Committed Purchaser. All disbursements of funds by any Purchaser
under this Paragraph 2 shall be made by wire transfer of same day funds to the related Group Agent by 12:00 noon (New York City time). Upon receipt of such funds, each Group Agent shall remit such funds by wire transfer of same day funds to the
account set forth in Section 17(a) of the Repurchase Agreement, or such other account specified in writing by the applicable Seller, by 4:00 p.m. (New York City time) on the date of such receipt. 
 3. Buyer Acting as Agent. Pursuant to Annex I of the Repurchase Agreement, the parties hereto acknowledge that Buyer is entering into Transactions
solely as Agent for the Purchasers party hereto and shall not be deemed to have any direct ownership interest in the Purchased Mortgage Loans. The Purchasers have nonetheless agreed for purposes of administrative convenience to appoint the Agent as
the sole representative of the Purchasers under the Repurchase Agreement and therefore as the Buyer and secured party of record thereunder. Each Seller acknowledges that each Purchaser and Group Agent shall be entitled under the terms of
Section 15 of the Repurchase Agreement to be reimbursed and indemnified for all expenses and Indemnified Amounts incurred by such Purchaser or Group Agent to the same extent as such Seller would be obligated to reimburse and/or indemnify such
Purchaser or Group Agent if such Purchaser or Group Agent were party to the Repurchase Agreement as the “Buyer” thereunder. 
 4.
Pricing Rate; Fees; Payments and Computations. 
 (a) The Purchase Price to be paid for any Transaction shall be determined in
accordance with the Repurchase Agreement. The parties hereto hereby confirm that the Pricing Rate at which the Price Differential will be calculated for all Transactions for all Tranches will be the Applicable Pricing Rate for such Tranche. On each
Settlement Date, the Sellers shall be jointly and severally liable to pay and shall pay to each Group Agent for the account of the Purchasers in its Group, by wire transfer of immediately available funds, such Group’s portion of all accrued and
unpaid Price Differential for the most recent Settlement Period based on the weighted average of the Applicable Pricing Rates for each Tranche outstanding and funded by such Group during such Settlement Period. All such calculations shall be made on
the basis of a 360-day year and the actual number of days elapsed. 
 (b) On each Settlement Date, the Sellers shall be jointly and severally
liable to pay and shall cause to be paid to each Group Agent for the account of the Purchasers in its Group, by wire transfer of immediately available funds, the portion of all accrued and unpaid Fees due to such Group in respect of the most recent
Settlement Period. 
 (c) On each Repurchase Date for each Transaction, the Repurchase Price shall be allocated among the Groups by the
Sellers in accordance with each Group Pro Rata Share of the related Purchase Price for such Transaction and the Price Differential and other amounts due to each Group. The Sellers shall be jointly and severally liable to pay and shall pay to each
Group Agent such allocated portion of such Repurchase Price on such Repurchase Date by wire transfer of immediately available funds. 
  

 16 

 (d) All amounts to be paid or deposited by a Seller hereunder or under the Repurchase Agreement shall be
paid or deposited in accordance with the terms hereof no later than 2:30 p.m. (New York City time) on the day when due in lawful money of the United States of America in immediately available funds to such account as each Group Agent, or the
Agent, as applicable, may designate prior to such payment from time to time in writing. In the event that any payment hereunder (whether constituting a repurchase of Mortgage Loans or a payment of Price Differential or any other amount) is rescinded
or must otherwise be returned for any reason, the amount of such payment shall be restored and such payment shall be considered not to have been made. 
 (e) In the event that any Seller fails to pay any Price Differential or Fees on any Settlement Date in accordance with the terms of this Paragraph 4 or otherwise fails to pay when due any other amounts owing hereunder
or under any other Transaction Document, the Sellers shall be jointly and severally obligated to pay and shall thereafter owe to the Purchasers interest on such amounts at the Default Rate until such amounts are fully paid, computed on the basis of
a year of 360 days for the actual number of days (including the first but excluding the last day) elapsed. Any such accrued amounts which remain unpaid, including interest thereon, as of the Repurchase Date for any Transactions shall be
automatically added to the applicable Repurchase Price owed on such Repurchase Date. 
 5. Interest Protection. 
 (a) If due to either: (i) the introduction of or any change (including, without limitation, any change by way of imposition or increase of reserve
requirements) in or in the interpretation by any Governmental Authority of any law or regulation (other than laws or regulations relating to taxes) after the date hereof or (ii) the compliance by Agent, any Group Agent, any Purchaser, any
Liquidity Provider or, with respect to each of the foregoing, the parent company that controls such Person (each, an “Affected Party”) with any directive or request from any central bank or other Governmental Authority (whether or
not having the force of law) imposed after the date hereof, (1) there shall be an increase in the cost to such Purchaser or Liquidity Provider of funding or maintaining any purchase of Mortgage Loans under the Repurchase Agreement or of
extending a commitment hereunder in respect thereof, or (2) Agent, such Group Agent, Purchaser or Liquidity Provider shall be required to make a payment calculated by reference to the Purchased Mortgage Loans owned by any Purchaser or the Price
Differential received by it, then the Sellers shall be jointly and severally obligated to pay and shall, from time to time, within thirty (30) days after demand by the applicable Group Agent, pay such Group Agent for the account of such
Affected Party, that portion of such increased costs incurred, amounts not received or required payment made or to be made, which such Group Agent reasonably determines is attributable to funding and maintaining the funding of, or extending a
commitment to purchase, any Mortgage Loan hereunder or pursuant to any Asset Purchase Agreement or similar liquidity facility. 
 (b) Each
Group Agent will promptly notify the Sellers of any event of which it has knowledge, occurring after the date hereof, which will entitle any Affected Party to 

  

 17 

 
compensation pursuant to the preceding paragraph (a). Each affected Purchaser will designate a different funding office if such designation will avoid the
need for, or reduce the amount of, such compensation and will not, in the judgment of such Purchaser, be otherwise disadvantageous to it. In determining the amount of such compensation, such Purchaser may use any reasonable averaging and attribution
methods. The applicable Purchaser or Group Agent on its behalf shall promptly submit to the Sellers a certificate but in no event later than 180 days after the circumstances described in the preceding paragraph (a) first arise, describing such
increased costs incurred, amounts not received or receivable or required payment made or to be made, which certificate shall be conclusive in the absence of manifest error. 
 6. Capital Adequacy. 
 (a) If either
(i) the introduction of or any change in or in the interpretation by any Official Body of any law or regulation or (ii) compliance by any Affected Party with any directive or request from any central bank or other Official Body (whether or
not having the force of law) imposed after the date hereof affects or would affect the amount of capital required or expected to be maintained by such Affected Party or such Affected Party reasonably determines that the amount of such capital is
increased by or based upon the existence of any Purchaser’s agreement to purchase Mortgage Loans hereunder (or Agent’s agreement to purchase on behalf of such Purchaser as principal) and other similar agreements or facilities and such
event would have the effect of reducing the rate of return on capital of such Affected Party by an amount deemed by such Affected Party to be material, then, within thirty (30) days after demand by such Affected Party or the applicable Group
Agent, the Sellers shall be jointly and severally obligated to pay and shall pay to such Affected Party (as a third party beneficiary, in the case of any Affected Party other than one of the parties hereto) or such Group Agent for the account of
such Affected Party from time to time, as specified by such Affected Party or such Group Agent, additional amounts sufficient to compensate such Affected Party in light of such circumstances, to the extent that such Affected Party or such Group
Agent on behalf of such Affected Party reasonably determines such increase in capital to be attributable to the existence of the applicable Purchaser’s agreements hereunder. For the avoidance of doubt, a change in, or change by any Official
Body in the interpretation of, the Financial Accounting Standards Board’s Interpretation No. 46 of Accounting Research Bulletin No. 51 shall constitute an introduction or change subject to this Paragraph 6(a). 
 (b) If any Affected Party shall incur any loss, cost or expense (other than loss of fees or profit) as a result of the failure of any Seller to sell any
Mortgage Loan on the date specified in the applicable Confirmation for any reason, the Sellers shall be jointly and severally obligated to pay and shall, within thirty (30) days after demand by such Affected Party or the related Group Agent,
pay such Affected Party or such Group Agent the amount of such losses, costs and expenses as reasonably determined by such Affected Party; provided, however, if, in connection with an Asset Purchase Agreement or similar liquidity facility of
any Conduit Purchaser in connection with this Letter Agreement or the funding or maintenance of purchases hereunder, such Conduit Purchaser is required to compensate a bank or other financial institution under circumstances substantially similar to
those described in this Paragraph 6(b), then upon 

  

 18 

 
demand by such Conduit Purchaser, the Sellers shall be jointly and severally obligated to pay and shall pay to such Conduit Purchaser such additional amount
or amounts as may be necessary to reimburse such Conduit Purchaser for any such amounts paid by it. 
 (c) The applicable Group Agent will
promptly notify the Sellers of any event of which it has knowledge, occurring after the date hereof, which will entitle any Affected Party to compensation pursuant to Paragraph 6(a) or Paragraph 6(b). Each Purchaser will designate a different
funding office if such designation will avoid the need for, or reduce the amount of, such compensation and will not, in the judgment of such Purchaser, be otherwise disadvantageous to it. In determining the amount of such compensation, such
Purchaser may use any reasonable averaging and attribution methods. The applicable Purchaser or Group Agent on its behalf shall promptly submit to the Sellers a certificate describing such compensation but in no event later than 180 days after the
circumstances described in the preceding paragraphs (a) or (b) first arise setting forth the calculation and methods in reasonable detail, which certificate shall be conclusive in the absence of manifest error. 
 7. Breakage Costs. In the event that any Purchaser or any Liquidity Provider shall incur any loss, expense or Liquidation Fee (including, without
limitation, any loss or expense incurred by reason of the liquidation or reemployment of deposits or other funds acquired by such Purchaser or Liquidity Provider in order to fund or maintain any Transactions or interest in the Purchased Mortgage
Loans) after having taken commercially reasonable steps to mitigate such losses and expenses as a result of (i) any repurchase of any Purchased Mortgage Loans at any time other than a Settlement Date, (ii) any repurchase of any Purchased
Mortgage Loans for which the related Repurchase Price is less than $500,000 regardless of the Repurchase Date, (iii) any transfer of any Purchased Mortgage Loan or interest therein from a Conduit Purchaser to its Liquidity Providers, or
(iv) any Transaction not being funded in accordance with a request therefor under the Repurchase Agreement, then, upon demand from the applicable Group Agent accompanied by a certificate describing in reasonable detail the calculation therefor,
the Sellers shall be jointly and severally obligated to pay and shall pay to such Group Agent for the account of such Purchaser or Liquidity Provider, the amount of such loss, expense or Liquidation Fees. Such certificate shall, in the absence of
manifest error, be conclusive and binding upon the Sellers. The obligations of the Sellers under this Paragraph 7 shall apply with respect to all repurchases notwithstanding the satisfaction of the Repurchase Conditions. 
 8. Taxes. 
 (a) Except to the extent
required by applicable law, any and all payments and deposits required to be made hereunder or under any instrument delivered hereunder by any Seller hereunder shall be made free and clear of and without deduction for any and all present or future
taxes, levies, imposts, deductions, charges or withholdings, and all liabilities with respect thereto (except for (i) net income taxes that are imposed by the United States, (ii) franchise taxes and net income taxes that are imposed on an
Affected Party by the state or foreign jurisdiction under the laws of which such Affected Party is organized and (iii) branch profit taxes and any withholding taxes of a type imposed on foreign lenders at the time any foreign Affected Party

  

 19 

 
becomes a party hereto, such taxes described in this parenthetical being referred to as “Excluded Taxes”). If any Seller shall be required
by law to make any such deduction, (i) the Sellers shall be jointly and severally liable to and shall make an additional payment to such Affected Party, in an amount sufficient so that, after making all required deductions (including deductions
applicable to additional sums payable under this Paragraph 8), such Affected Party receives an amount equal to the sum it would have received had no such deductions been made, (ii) such Seller shall make such deductions and (iii) the
Sellers shall be jointly and severally obligated to pay and shall pay the full amount deducted to the relevant taxation authority or other authority in accordance with applicable law; provided, however, that the Sellers are not obligated to
comply with this Paragraph 8(a) if such Affected Party (A) is not organized under the laws of the United States and (B) fails to comply with the provisions set forth in Paragraph 8(c). 
 (b) In addition, the Sellers jointly and severally agree to pay any present or future stamp or other documentary taxes or any other excise or property
taxes or similar levies which arise from any payment made hereunder or under any instrument delivered hereunder or from the execution, delivery or registration of, or otherwise with respect to, this Letter Agreement or any instrument delivered
hereunder. 
 (c) Each Affected Party which is not organized under the laws of the United States or any State thereof shall, on or prior to
the date that such Affected Party becomes a party to or obtains rights under this Letter Agreement, and prior to any payment being made by any Seller to such Affected Party, deliver to the Sellers (i) two duly completed and executed copies of
the IRS Form W-8 BEN or W-8 ECI (or any successor form) as applicable; and (ii) such other forms or certificates as may be required under the laws of any applicable jurisdiction (on or before the date that any such form expires or becomes
obsolete), in order to permit the Sellers to make payments to, and deposit funds to or for the account of, such Affected Party hereunder and under the other Facility Documents without any deduction or withholding for or on account of any tax. Each
such Affected Party shall submit to the Sellers (with copies to its applicable Group Agent and the Agent) two updated, completed, and duly executed versions of: (i) all forms referred to in the previous sentence upon the expiry of, or the
occurrence of any event requiring a change in, the most recent form previously delivered by it to the Sellers or the substitution of such form; and (ii) such extensions or renewals thereof as may reasonably be requested by the Sellers.

 (d) If the Sellers are required to pay additional amounts to or for the benefit of any Affected Party pursuant to this Paragraph as a
result of a change of law or treaty occurring after such Affected Party first became a party to this Letter Agreement, such Affected Party will, at the Sellers’ request, change the jurisdiction of its applicable funding office if, in the sole
judgment of such Affected Party, such change (i) will eliminate or reduce any such additional payment which may thereafter accrue and (ii) is not otherwise disadvantageous to such Affected Party; provided that if any Affected Party
receives or is entitled to a refund of any amounts paid by the Sellers pursuant to this Paragraph 8, such Affected Party will pay over such refund received by it and will cooperate with the Sellers in recovering any such amounts withheld from any
relevant tax authorities. Each Purchaser agrees that it will promptly notify the Sellers of any 

  

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event of which it has knowledge, occurring after the date hereof, which would entitle any Affected Party to compensation of additional amounts pursuant to
this Paragraph 8; provided that any failure or delay in giving such notice shall not affect the rights of any Affected Party hereunder. 
 9. Conditions Precedent. 
 (a) Conditions Precedent to the Agreement. The effectiveness of this Letter Agreement and
the Commitment of any Committed Purchasers to fund any Transactions shall be subject to the satisfaction (or waiver by each Group Agent) of each of the following conditions precedent: 
 (i) The Sellers shall have delivered or caused to be delivered each of the documents listed on Schedule II hereto; 
 (ii) There shall have been no material adverse change in the financial condition, business or prospects of any Seller since September 30, 2006;

 (iii) No action, proceeding or investigation shall have been instituted or threatened, nor shall any order, judgment or decree have been
issued or proposed to be issued by any court, agency or authority with respect to any Seller that could reasonably be expected to have a Material Adverse Effect with respect to such Seller; and 
 (iv) The Sellers shall have paid to the Agent (i) the Structuring Fee described in the Agent Fee Letter and (ii) all out-of-pocket costs and
expenses (including, without limitation, reasonable legal fees and expenses) required to be paid hereunder and under the other Transaction Documents that are due and owing as of such date. 
 (b) Conditions Precedent to each Transaction. The obligation of any Purchasers to fund any Transaction or to transfer cash to any Seller on
account of any Margin Excess or to release funds from the Buyer’s Account shall be subject to the satisfaction of each of the following conditions precedent (provided that the obligation to release funds from the Buyer’s Account
shall not be subject to clause (i) below): 
 (i) With respect to each Purchase Date, (a) such Seller shall have delivered to Agent
and each Group Agent a signed Confirmation (which Confirmation shall include a calculation of the Market Value), and a revised Loan Schedule with respect to all of the Purchased Mortgage Loans after giving effect to such Transaction, (b) the
Servicer shall have delivered a Daily Market Value Report (which shall include a calculation which demonstrates, after giving effect to the contemplated purchase, that no Margin Deficit shall exist) to each Group Agent and a loan schedule in the
form attached to the Trust Receipt to the Custodian, the Agent and each Group Agent, and (c) the Custodian shall have delivered to the Agent a Trust Receipt relating to each Mortgage Loan on the Loan Schedule; 
  

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 (ii) No Event of Default or Incipient Event of Default shall have occurred and be continuing before or
after giving effect to such Transaction; 
 (iii) No Margin Deficit shall exist either before or after giving effect to such Transaction;

 (iv) The Repurchase Agreement, this Letter Agreement and each of the other Transaction Documents shall remain in full force and effect,
and the Termination Date shall not have occurred; 
 (v) Each Seller’s and the Servicer’s representations and warranties in this
Letter Agreement and each of the other Transaction Documents to which it is a party and in any Officer’s Certificate delivered to the Agent in connection therewith shall be true and correct in all material respects on and as of the date hereof
and such Purchase Date, with the same effect as though such representations and warranties had been made on and as of such date (except for those representations and warranties and Officer’s Certificates which are specifically made only as of a
different date, which representations and warranties and Officer’s Certificates shall be correct in all material respects on and as of the date made); 
 (vi) Each Seller and the Servicer shall have complied in all material respects with all the agreements and satisfied all the conditions under this Letter Agreement, the Repurchase Agreement and each of the other
Transaction Documents to which it is a party on its part to be performed or satisfied at or prior to the related Purchase Date; 
 (vii) No
change shall have occurred in any law, rule or regulation that would prohibit the consummation of any transaction contemplated hereby, that would impose limits on the amounts that any Purchaser or the Agent may legally receive or that would impose a
material tax or levy on the aggregate Purchase Price then funded or payments received in respect of the Purchase Price or that would cause the acknowledgements set forth in Paragraph 24 of the Repurchase Agreement to no longer be true; 

(viii) No action, proceeding or investigation shall have been instituted or threatened, nor shall any order, judgment or decree have been issued or
proposed to be issued by any court, agency or authority to set aside, restrain, enjoin or prevent the consummation of any transaction contemplated hereby or seeking material damages against the Agent, any Group Agent or any Purchaser in connection
with the transactions contemplated by the Transaction Documents or that could reasonably be expected to have a Material Adverse Effect with respect to any Seller; 
 (ix) With respect to the Mortgage Loans to be purchased on the Purchase Date for such Transaction, the provisions of the Custodial Agreement have been complied with in all material respects by the Custodian, the
Sellers and the Servicer; and 
  

 22 

 (x) The Agent shall have received such other documents and certificates as it or any Group Agent shall
have reasonably requested in order to confirm each Seller’s and/or Custodian’s compliance with the Transaction Documents. 
 The acceptance by any
Seller of the proceeds of any Purchase Price or other funds released under the terms of the Repurchase Agreement shall be deemed to constitute a representation and warranty by the Sellers that the foregoing conditions have been satisfied.

 10. Representations and Warranties. In addition to the representations and warranties made by the Sellers in the Repurchase
Agreement, each of each Seller and the Servicer represents and warrants to the Agent, each Group Agent and each Purchaser, and shall on and as of the Purchase Date of any Transaction and the date of transfer of any Additional Purchased Mortgage Loan
or any transfers of cash from any Purchaser to any Seller be deemed to have represented and warranted, as follows: 
 (a) Organization and
Good Standing. It (i) is a corporation, duly organized and existing in good standing under the laws of the jurisdiction of its organization, (ii) is duly qualified to do business and in good standing in all jurisdictions in which its
failure to be so qualified could have a Material Adverse Effect, (iii) has the requisite entity power and authority to own its properties and assets and to transact the business in which it is engaged and is or will be qualified in those states
wherein it proposes to transact business in the future except to the extent that the failure to so qualify could not reasonably be expected to have a Material Adverse Effect and (iv) is in compliance with all Requirements of Law except to the
extent that the failure to so comply could not reasonably be expected to have a Material Adverse Effect. American Home Mortgage Corp. is incorporated in New York and in no other jurisdiction, American Home Mortgage Servicing, Inc. is incorporated in
Maryland and in no other jurisdiction, American Home Mortgage Acceptance, Inc. is incorporated in Maryland and no other jurisdiction and American Home Mortgage Investment Corp. is incorporated in Maryland and in no other jurisdiction. 
 (b) Authorization and Power. It has the requisite entity power and authority to execute, deliver and perform this Letter Agreement and the other
Transaction Documents to which it is a party; it is duly authorized to and has taken all requisite entity action necessary to authorize it to, execute, deliver and perform this Letter Agreement and the other Transaction Documents to which it is a
party and is and will continue to be duly authorized to perform this Letter Agreement and such other Transaction Documents. 
 (c) No
Conflicts or Consents. Neither the execution and delivery by it of this Letter Agreement or the other Transaction Documents to which it is a party, nor the consummation of any of the transactions herein or therein contemplated, nor compliance
with the terms and provisions hereof or with the terms and provisions thereof, will (i) contravene or conflict with any Requirement of Law, except where such contravention or conflict could not reasonably be expected to result in a Material
Adverse Effect to which it is subject, or any indenture, mortgage, deed of trust, or other material agreement or instrument to which it is a party or by which it may be bound, or to which its Property may be subject, or (ii) result in the
creation or imposition of any Lien, except to the extent of the Liens in favor of the Agent on behalf of the Purchasers, on the Property of the Sellers. 
  

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 (d) Enforceable Obligations. This Letter Agreement and the other Transaction Documents to which it
is a party have been duly and validly executed by it and are its legal, valid and binding obligations, enforceable in accordance with their respective terms, except as limited by Debtor Laws. 
 (e) Full Disclosure. There is no fact known to it that it has not disclosed to the Agent and the Group Agents that could reasonably be expected to
have a Material Adverse Effect. Neither its financial statements nor any Daily Market Value Report, Monthly Report, Confirmation, Loan Schedule, officer’s certificate or statement delivered by it to the Group Agents in connection with this
Letter Agreement, contains any untrue or inaccurate statement of material fact or omits to state a material fact necessary to make such information not misleading under the circumstances in which such statements were made. 
 (f) No Default. No event has occurred which constitutes an Event of Default or an Incipient Event of Default. 
 (g) Litigation. 
 (i) Except as set
forth on Schedule III, there are no actions, suits or proceedings, including arbitrations and administrative actions, at law or in equity, either by or before any Governmental Authority, now pending or, to its knowledge, threatened by or
against it or any of its Subsidiaries, and pertaining to any Governmental Requirement affecting any Seller’s Property or rights or any of its Subsidiaries with damage claims in excess of $1,000,000 which if determined adversely could reasonably
be expected to have a Material Adverse Effect. 
 (ii) Neither it nor any of its Subsidiaries is in default with respect to any Governmental
Requirements that could reasonably be expected to have a Material Adverse Effect. 
 (iii) None of the Sellers nor the Servicer is liable on
any judgment, order or decree (or any series of judgments, orders, or decrees) that could reasonably be expected to have a Material Adverse Effect and that has not been paid, stayed or dismissed within 60 days. 
 (h) Taxes. All tax returns required to be filed by it in any jurisdiction have been filed, except where extensions of time to make those filings
have been granted by the appropriate taxing authorities and the extensions have not expired, and all taxes, assessments, fees and other governmental charges upon it or upon any of its properties, income or franchises have been paid prior to the time
that such taxes could give rise to a Lien thereon, unless protested in good faith by appropriate proceedings and with respect to which reserves in conformity with GAAP have been established on its books. There is no tax assessment or to
Sellers’ and Servicer’s best knowledge, proposed tax assessment against it that could reasonably be expected to have a Material Adverse Effect. 
  

 24 

 (i) Aggregate Collateral Value. AHMIC’s ratio of its Aggregate Collateral Value to its
Adjusted Consolidated Funded Debt is not less than 1.00 to 1.00. 
 (j) Permits, Patents, Trademarks, Etc. 
 (i) It has all permits and licenses necessary for the operation of its business except to the extent that failure to maintain such permits or licenses
could not be reasonably expected to have a Material Adverse Effect. 
 (ii) It owns or possesses (or is licensed or otherwise has the
necessary right to use) all patents, trademarks, service marks, trade names and copyrights, technology, know-how and processes, and all rights with respect to the foregoing, which are material to the Sellers or the Servicer and are necessary for the
operation of its business, without any conflict with the rights of others. The consummation of the transactions contemplated hereby will not alter or impair any of such rights of it. 
 (k) Status Under Certain Federal Statutes. It is not (i) a “public utility,” as such term is defined in the Federal Power Act, as
amended or (ii) an “investment company,” or a company “controlled” by an “investment company,” within the meaning of the Investment Company Act of 1940, as amended. 
 (l) Securities Acts. It has not issued any unregistered securities in violation of the registration requirements of the Securities Act of 1933, as
amended, or of any other Requirement of Law, and is not violating any rule, regulation, or requirement under the Securities Act of 1933, as amended, or the Securities and Exchange Act of 1934, as amended. 
 (m) No Approvals Required. Other than consents and approvals previously obtained and actions previously taken, neither the execution and delivery
of this Letter Agreement and the other Transaction Documents to which it is a party, nor the consummation of any of the transactions contemplated hereby or thereby requires the consent or approval of, the giving of notice to, or the registration,
recording or filing by it of any document with, or the taking of any other action in respect of, any Governmental Authority that has jurisdiction over it or any of its Property. 
 (n) Environmental Matters. There have been no past, and there are no pending or to Sellers’ knowledge threatened, claims, complaints,
notices, or governmental inquiries against it regarding any alleged violation of, or potential liability under, any environmental laws that could reasonably be expected to have a Material Adverse Effect. It and its properties are in substantial
compliance in all respects with all environmental laws and related licenses and permits, unless the failure to so comply could not reasonably be expected to have a Material Adverse Effect. No conditions exist at, on or under any Property now or
previously owned or leased by it that could give rise to liability under any environmental law that could be expected to have a Material Adverse Effect. 
  

 25 

 (o) Principal Office, Etc. The principal office, chief executive office and principal place of
business of (i) American Home Mortgage Corp., American Home Mortgage Acceptance, Inc. and American Home Mortgage Investment Corp. is at 538 Broadhollow Road, Melville, New York 11747 and (ii) American Home Mortgage Servicing, Inc. is at
538 Broadhollow Road, Melville, New York 11747 (executive offices), and its principal office is at 4600 Regent Blvd., Suite 201, Irving, Texas 75063. The offices where each Seller keeps all the books, records and other information, if any
(including, without limitation, computer programs, tapes, disks, punch cards, data processing software and related property and rights) maintained by such Seller with respect to the Purchased Mortgage Loans and other Purchased Assets (other than
books and records maintained by the Custodian on its behalf) are located at each location set forth above. The legal name of each Seller is set forth on the signature page hereto and no Seller has used any trade names, fictitious names, assumed
names or “doing business as” names during the past five years except as set forth on Schedule V; 
 (p) Eligibility.
The Servicer and each Seller (to the extent required to operate its business) are approved and qualified and in good standing as a lender or seller/servicer, as follows: 
 (i) The Servicer and each Seller is a FNMA approved seller/servicer (in good standing) of mortgage loans, eligible to originate, purchase, hold, sell and, with respect to each Seller and the Servicer, service mortgage
loans to be sold to FNMA. 
 (ii) The Servicer and each Seller is a FHLMC approved seller/servicer (in good standing) of mortgage loans,
eligible to originate, purchase, hold, sell and service mortgage loans to be sold to FHLMC. 
 (iii) The Servicer and each Seller is an
approved FHA servicer, VA servicer and GNMA issuer (in good standing) of mortgage loans, eligible to originate, purchase, hold, sell and service mortgage loans to be pooled into GNMA mortgage-backed securities pools and to issue GNMA mortgage-backed
securities. 
 (q) Solvency. Both prior to and after giving effect to each Purchase, (i) the fair value of the property of each
Seller is greater than the total amount of liabilities, including contingent liabilities, of each Seller, (ii) the present fair salable value of the assets of each Seller is not less than the amount that will be required to pay all probable
liabilities of each Seller on their debts as they become absolute and matured, (iii) each Seller does not intend to, and does not believe that it will, incur debts or liabilities beyond each Seller’s abilities to pay such debts and
liabilities as they mature and (iv) each Seller is not engaged in a business or a transaction, and is not about to engage in a business or a transaction, for which such Sellers’ property would constitute unreasonably small capital.

 (r) No Liens. Each Seller has (or, as to all Purchased Assets delivered to the Custodian after the date of this Letter Agreement,
will have) good and indefeasible title to all Purchased Assets purported to be transferred by it, and the Purchased Assets and all proceeds thereof are (or, as to all Purchased Assets delivered to the Custodian after the date of this Letter 

  

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Agreement, will be) free and clear of all Liens and other adverse claims, other than (i) the right of the related Seller to repurchase such Purchased
Assets pursuant to the terms herein and in the Repurchase Agreement and/or (ii) Liens in the Purchased Assets or proceeds in favor of the Agent for the benefit of the Purchasers and/or (iii) Liens that will be released simultaneously with
the initial purchase of Purchased Assets by Agent under the Repurchase Agreement on the Initial Purchase Date. 
 (s) Financial
Condition. 
 (i) The balance sheet of each of the Sellers as at September 30, 2006, a copy of which has been furnished to the Group
Agents, fairly presents the financial condition of such Sellers as at such date, in accordance with GAAP, and since September 30, 2006, there has been no material adverse change in the business, operations, property or financial condition of
the Sellers. 
 (ii) The Servicer has delivered to the Agent copies of AHMIC’s balance sheet, as of September 30, 2006, and the
related consolidated statements of income, and with respect to AHMIC only, stockholder’s equity and cash flows for the six months ended on such date, (“Interim Statements”); and all such financial statements fairly present the
financial condition of the Servicer as of their respective dates, subject, in the case of the Interim Statements, to normal year end adjustments and the results of operations of the Servicer for the periods ended on such dates and have been prepared
in accordance with GAAP. 
 (iii) As of the date thereof, there are no obligations, liabilities or Indebtedness (including contingent and
indirect liabilities and obligations or unusual forward or long-term commitments) of the Servicer or any Seller required to be recorded under GAAP that are not reflected therein. 
 (iv) No change that constitutes a Material Adverse Effect has occurred in the financial condition or business of the Servicer since September 30,
2006. 
 (t) UCC Financing Statements. No effective financing statement or other instrument similar in effect covering any Purchased
Mortgage Loan, any interest therein, or the related Purchased Assets or Collections with respect thereto is on file in any recording office except such as (i) may be filed in favor of the Agent in accordance with this Letter Agreement or in
connection with a Lien arising solely as the result of any action taken by the Purchasers (or any assignee thereof) or by the Agent or (ii) those that are terminated simultaneously with the initial purchase of such Purchased Mortgage Loan by
the Buyer pursuant to the Repurchase Agreement on the Initial Purchase Date. 
 (u) Credit and Collection Policy. The Credit and
Collection Policy, as it relates to any Mortgage Loans which are subject to Agency Guidelines, conforms to such Agency Guidelines. 
  

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 (v) Eligible Purchased Assets. Each Purchased Mortgage Loan identified as an Eligible Mortgage
Loan in any Daily Market Value Report, Monthly Report or on any Loan Schedule is an Eligible Mortgage Loan as of the date so identified. 
 (w) Employee Benefit Plans. (i) No Employee Plan of the Servicer or any ERISA Affiliate has incurred an “accumulated funding deficiency” (as defined in Section 302 of ERISA or Section 412 of the Code),
(ii) neither the Servicer nor any ERISA Affiliate has incurred liability under ERISA to the PBGC, (iii) neither the Servicer nor any ERISA Affiliate has partially or fully withdrawn from participation in a Multiemployer Plan, (iv) no
Employee Plan of the Servicer or any ERISA Affiliate has been the subject of involuntary termination proceedings, (v) neither the Servicer nor any ERISA Affiliate has engaged in any “prohibited transaction” (as defined in
Section 406 of ERISA or Section 4975 of the Code), and (vi) no “reportable event” (as defined in Section 4043 of ERISA) has occurred in connection with any Employee Plan of the Servicer or any ERISA Affiliate other than
events for which the notice requirement is waived under applicable PBGC regulations. 
 (x) Ownership. On the date of this Letter
Agreement, AHMIC has beneficial ownership, directly or indirectly, of 100% of the issued and outstanding shares of each class of the stock of the Servicer and each Seller (other than AHMIC). 
 (y) No Adverse Selection. No adverse selection was used in connection with selecting the Mortgage Loans to be sold pursuant to the terms of the
Repurchase Agreement nor in selecting any Mortgage Loans to be voluntarily repurchased thereunder. 
 (z) Collections. 
 (i) The conditions and requirements set forth in Paragraph 11(u) have at all times been satisfied and duly performed. 
 (ii) The names and addresses of all banks which hold the Collection Accounts, together with the account numbers of each Collection Account and the post
office box number of each Lock-Box, are listed on Schedule IV or as set forth in a written notice from the Sellers to each Group Agent. 
 (iii) No Seller has granted any Person any Lien on, or dominion and control of, any Lock-Box or Collection Account, or the right to take any Lien on, or dominion and control of, any such Lock-Box or Collection Account at a future time or
upon the occurrence of a future event. 
 (iv) The Sellers identify and post, or cause the Servicer to identify and post, in its master data
processing records all Collections to the appropriate Mortgage Loan, indicated by loan number, within one (1) Business Day after receipt. 
 (aa) Authorized Representatives. Each individual designated as an Authorized Representative of the Seller or the Servicer, is authorized to give and receive notices, requests 

  

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and instructions and to deliver certificates and documents in connection with this Letter Agreement and the Repurchase Agreement on behalf of the Seller or
the Servicer, respectively, and the specimen signature for each such Authorized Representative, as applicable, initially authorized hereunder is set forth on Schedule VII. From time to time, the Seller and the Servicer may, by delivering to
the others a revised exhibit, change the information previously given pursuant to this provisions, but each of the parties hereto shall be entitled to rely conclusively on the then current exhibit until receipt of a superseding exhibit. 

(bb) Other Financing Facilities. Other than the financing facilities described on Schedule VIII or as described in a written notice from
the Sellers to each Group Agent, no Seller has entered into any agreements pursuant to which it finances any Mortgage Loans. 
 (cc)
Survival of Representations. All representations and warranties by the Sellers and the Servicer herein shall survive the making of the purchases under the Repurchase Agreement, and any investigation at any time made by or on behalf of the
Agent or the Purchasers shall not diminish the right of the Agent, the Group Agents or the Purchasers to rely thereon. 
 11. Affirmative
Covenants. Each of the Servicer and each Seller hereby covenants with the Agent, each Group Agent and each Purchaser, unless the Required Group Agents shall otherwise consent in writing, from the Effective Date until the Final Payout Date, as
follows: 
 (a) Financial Statements and Reports. The Servicer, for so long as the Servicer is one of the Sellers, and thereafter the
Sellers, shall furnish to the Group Agents the following, all in form and detail reasonably satisfactory to the Group Agents: 
 (i) promptly
after becoming available, and in any event within 120 days after the close of each fiscal year of AHMIC, such Person’s audited consolidated and consolidating balance sheet as of the end of such fiscal year, and the related statements of income,
stockholder’s equity and cash flows of such Person for such year showing within such consolidating balance sheets and statements of income the balance sheet and statements of income for the Sellers accompanied by (i) the related report of
independent certified public accountants reasonably acceptable to the Group Agents, which report shall be to the effect that such statements have been prepared in accordance with GAAP applied on a basis consistent with prior periods except for such
changes in such principles with which the independent certified public accountants shall have concurred and (ii) if issued, the auditor’s letter or report to management customarily given in connection with such audit; 
 (ii) promptly after becoming available, and in any event within 60 days after the end of each fiscal quarter, excluding the fourth fiscal quarter, of each
fiscal year of AHMIC, the unaudited consolidated and consolidating balance sheet of AHMIC as of the end of such fiscal quarter and the related statements of income, stockholders’ equity and cash flows of AHMIC for such fiscal quarter and the
period from the first day of the then current fiscal year of AHMIC through the end of such fiscal quarter, showing within such consolidating balance sheets and statements of income the balance sheet and statements of income for the Sellers certified
by a Financial Officer of AHMIC, to have been prepared in accordance with GAAP applied on a basis consistent with prior periods, subject to normal year-end adjustments; 
  

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 (iii) promptly upon receipt thereof, a copy of each other report submitted to each of the Servicer, the
Sellers and the Performance Guarantors by independent certified public accountants in connection with any annual, interim or special audit of the books of such Person; 
 (iv) promptly and in any event within twenty (20) days after the reasonable written request of the Agent or the Group Agents at any time and from time to time, a certificate, executed by a responsible officer of
the Servicer and the Sellers, setting forth all of such Person’s warehouse borrowings and a description of the collateral related thereto; 
 (v) promptly and in any event within 60 days after the end of each of the first three (3) quarters in each fiscal year of the Sellers, and within 120 days after the close of the Sellers’ fiscal year, completed officer’s
certificates in the from of Exhibits C-1 and C-2 hereto, executed by the president or chief financial officer of each of the Servicer and the Sellers, respectively; 
 (vi) upon written request of the Agent (who shall so request at the request of any Group Agent), promptly and in any event within 60 days after the end of
each quarter (120 days in the case of the fourth quarter), a management report regarding the Sellers’ Mortgage Loan production for the prior quarter and year-to-date, in form and detail as reasonably required by the Agent; 
 (vii) promptly furnish copies of all reports and notices with respect to any “reportable event” defined in Title IV of ERISA that the
Sellers or the Servicer files or that the Sellers or the Servicer is required to file under ERISA with the Internal Revenue Service, the PBGC or the U.S. Department of Labor or that the Sellers or the Servicer receives from the PBGC; 
 (viii) promptly after any Seller or the Servicer obtains knowledge thereof, notice of the Termination Date; 
 (ix) promptly after the Servicer obtains knowledge thereof, notice of any Event of Default or Incipient Event of Default; 
 (x) on each day after and during the continuance of an Event of Default, and at such other times as the Agent or any Group Agent shall reasonably request,
a report which sets forth such loan level detail with respect to the Purchased Mortgage Loans (including Mortgagor identities and collection status) as the Agent or any Group Agent shall reasonably request; 
 (xi) in connection with the intention to implement any proposed material change and the effectiveness of all non-material changes to the Credit and
Collection Policy, written notice of such proposed material change or non-material change; and 
  

 30 

 (xii) such other material information concerning the business, properties or financial condition of the
Sellers as the Agent or any Group Agent may reasonably request. 
 (b) Taxes and Other Liens. The Sellers shall pay and discharge
promptly all taxes, assessments and governmental charges or levies imposed upon it or upon its income or upon any of its Property as well as all claims of any kind (including claims for labor, materials, supplies and rent) that, if unpaid, might
become a Lien upon any or all of its Property; provided, however, the Sellers shall not be required to pay any such tax, assessment, charge, levy or claim if the amount, applicability or validity thereof shall currently be contested in
good faith by appropriate proceedings diligently conducted by it or on its behalf and if it shall have set up reserves therefor adequate under GAAP. 
 (c) Maintenance. The Sellers shall maintain their corporate existence and shall comply with all Governmental Requirements except to the extent that failure to maintain such existence could not reasonably be
expected to have a Material Adverse Effect. 
 (d) Further Assurances. The Sellers and the Servicer shall, each within three
(3) Business Days after the request of the Agent, cure any defects in the execution and delivery of this Letter Agreement or any other Transaction Document. The Sellers and the Servicer shall, each at its expense, promptly execute and deliver
to the Agent, upon the Agent’s reasonable request, all such other and further documents, agreements and instruments necessary to keep the Sellers and the Servicer, as applicable, in compliance with the covenants and agreements of the Sellers
and the Servicer, respectively, in this Letter Agreement and in the other Transaction Documents or to further evidence and more fully describe the Purchased Assets, or to correct any omissions in this Letter Agreement or the other Transaction
Documents, or more fully to state the security for the obligations set out herein or in any of the other Transaction Documents, or to perfect, protect or preserve any Liens created (or intended to be created) pursuant to any of the other Transaction
Documents, or to make any recordings, to file any notices, or obtain any consents. 
 (e) Compliance with Laws. The Servicer shall
comply with all applicable laws, rules, regulations and orders in connection with servicing the Purchased Assets except where such failure to comply could not reasonably be expected to have a Material Adverse Effect. 
 (f) Insurance. 
 (i) The Sellers and
the Servicer shall each maintain with financially sound and reputable insurers, insurance with respect to its Properties and business against such liabilities, casualties, risks and contingencies and in such types and amounts as is customary in the
case of Persons engaged in the same or similar businesses and similarly situated, including, without limitation, a fidelity bond or bonds in form and with coverage and with a company reasonably satisfactory to the Agent and with respect to such
individuals or groups of individuals as the Agent may designate. Upon request of the Agent, the Sellers and the Servicer shall each furnish or cause to be furnished to the Agent from time to time a summary of the insurance 

  

 31 

 
coverage of the Sellers and the Servicer, respectively, in form and substance reasonably satisfactory to the Agent and if requested shall furnish the Agent
with copies of the applicable policies. 
 (ii) With respect to the Purchased Assets (i) the Servicer, for as long as the Servicer is
one of the Sellers, and thereafter the Sellers, shall cause the improvements on the land and building materials covered by each Mortgage and the builders and contractors to be kept continuously insured at all times by responsible insurance companies
against fire and extended coverage hazards and, to the extent required by the Mortgage Contracts, against builder performance failures and such other risks as specified in the Mortgage Contracts in each case under policies, binders, letters, or
certificates of insurance, with a standard mortgagee clause in favor of the original mortgagee and its successors and assigns or, in the case of a MERS Designated Mortgage Loan, the beneficial owner of such mortgage loan, and (ii) the Servicer,
for so long as the Servicer is one of the Sellers, and thereafter the Sellers, shall cause each such policy to be in an amount equal to the lesser of the maximum insurable value of the improvements or the original principal amount of the Mortgage,
without reduction by reason of any co-insurance, reduced rate contribution, or similar clause of the policies or binders. 
 (g) Accounts
and Records. The Sellers and, so long as the Servicer and one of the Sellers are the same entity, the Servicer shall each keep books of record and account in which full, true and correct entries will be made of all material dealings or
transactions in relation to its business and activities, in accordance with GAAP. The Sellers and the Servicer shall each maintain and implement administrative and operating procedures (including, without limitation, an ability to recreate all
records pertaining to the performance of the Sellers’ obligations under the agreements made with reference to any Mortgage Loans in the event of the destruction of the originals of such records) and keep and maintain all documents, books,
records, computer tapes and other information necessary or advisable for the performance by the Sellers under the Transaction Documents. 
 (h) Periodic Visits. The Sellers and, so long as the Servicer and one of the Sellers are the same entity, the Servicer shall permit any officer, employee or agent of the Agent (including an independent certified public accountant
selected by the Agent) to visit (each such visit, a “Periodic Visit”) and inspect any of its Properties, examine its books of record and accounts, documents (including without limitation computer tapes and disks), telecopies and
extracts from the foregoing, and discuss its affairs, finances and accounts with its officers, accountants, and auditors, and to review the business of originating the Mortgage Loans, the sale of the Mortgage Loans by the Sellers, and the servicing
of the Mortgage Loans by the Servicer, including the Servicer’s collections systems, all during reasonable business hours and as often as the Agent may desire but no more than twice during any twelve month period beginning on the date hereof
and on each anniversary of the date hereof unless an Event of Default has occurred and is continuing. The Sellers agree to pay the reasonable costs of reviews and inspections performed pursuant to this Section 11(h), including the costs
and expenses charged by the certified public accountant in preparing and delivering to the Agent with respect to the certified public accountant’s review on a scope and in a form reasonably acceptable to the Agent and each 

  

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Group Agent (such report, a “Report of Visit”); provided that the Sellers shall not be responsible for the costs of more than
(i) one such review and inspection and (ii) one Report of Visit during any twelve month period beginning on the date hereof and on each anniversary of the date hereof unless an Event of Default has occurred and is continuing. 

(i) Notice of Certain Events. The Sellers and, so long as the Servicer and one of the Sellers are the same entity (other than with respect to
clause (g) hereof), the Servicer shall each promptly notify the Agent in writing upon (a) the receipt of any notice from, or the taking of any other material action by, the holder of any of its promissory notes, debentures or other
evidences of Indebtedness with respect to a claimed default, together with a detailed statement by a responsible officer of the Sellers or the Servicer, as the case may be, specifying the notice given or other material action taken by such holder
and the nature of the claimed default and what action the Sellers or the Servicer is taking or proposes to take with respect thereto, but only if such alleged default or event of default (if it were true) would also be an Incipient Event of Default
or Event of Default under the Repurchase Agreement; (b) the commencement of, or any determination in, any legal, judicial or regulatory proceedings that, if adversely determined, could also be an Incipient Event of Default or Event of Default
under the Repurchase Agreement; (c) any dispute between the Sellers or the Servicer, as the case may be, and any Governmental Authority or any other Person that, if adversely determined, could have a Material Adverse Effect; (d) any change
in the business or financial condition of the Servicer, including, without limitation, the Servicer’s insolvency, that could reasonably be expected to have a Material Adverse Effect, or any adverse change in the business or financial condition
of the Sellers, including, without limitation, the Sellers’ insolvency, that could reasonably be expected to have a Material Adverse Effect; (e) any other event or condition known to it that could reasonably be expected to have a Material
Adverse Effect with respect to any Seller, the Servicer or any Performance Guarantor; (f) the receipt of any notice from, and or the taking of any action by any Governmental Authority indicating an intent to cancel a Seller’s or the
Servicer’s right to be either a seller or servicer of such Governmental Authority’s insured or guaranteed Mortgage Loans; and (g) the receipt of any notice of any final judgment or order for payment of money applicable to the Servicer
that could reasonably be expected to have a Material Adverse Effect, or the receipt of any notice of any final judgment or order for payment of money applicable to the Sellers that could reasonably be expected to have a Material Adverse Effect. Upon
receipt of any notice under this Paragraph 11(i), the Agent shall provide a copy of such notice to each of the Group Agents. 
 (j)
Performance of Certain Obligations. The Sellers and, so long as the Servicer and any of the Sellers are the same entity, the Servicer shall each perform and observe each of the provisions of each Mortgage Loan on its part to be performed or
observed. 
 (k) Notice of Default. The Sellers shall furnish to the Agent immediately upon becoming aware of the existence of any
Incipient Event of Default or Event of Default, a written notice specifying the nature and period of existence thereof and the action that the Sellers are taking or proposes to take with respect thereto. 
  

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 (l) Compliance with Material Agreements. The Sellers and, so long as the Servicer and one of the
Sellers are the same entity, the Servicer shall each comply in all material respects with all agreements, indentures, mortgages or documents (including, with respect to each Seller, its organizational documents) binding on it or materially affecting
its Property or business in all cases where the failure to so comply could reasonably be expected to result in a Material Adverse Effect. 
 (m) Operations and Properties. The Sellers and, so long as the Servicer and one of the Sellers are the same entity, the Servicer shall each act prudently and in accordance with customary industry standards in managing and operating
its Property and shall continue to underwrite, hedge and sell Mortgage Loans in the same diligent manner it has applied in the past. 
 (n)
Full Disclosure. Neither any financial statements nor any Daily Market Value Report, Monthly Report, officer’s certificate or statement delivered by the Sellers or the Servicer to the Group Agents in connection with this Letter
Agreement, will contain any untrue or inaccurate statement of material fact or omit to state a material fact necessary to make such information not misleading. 
 (o) Environmental Compliance. The Sellers and, so long as the Servicer and one of the Sellers are the same entity, the Servicer shall each use and operate all of its facilities and properties in compliance with
all environmental laws, keep all necessary permits, approvals, certificates, licenses and other authorizations relating to environmental matters in effect and remain in compliance therewith, and handle all hazardous materials in compliance with all
applicable environmental laws. 
 (p) Reserved. 
 (q) Special Affirmative Covenants Concerning Purchased Assets. 
 (i) The Sellers shall at all times
warrant and defend the right, title and interest of the Purchasers, the Custodian and the Agent in and to the Purchased Assets against the claims and demands of all Persons whomsoever. 
 (ii) The Sellers and the Servicer shall each service or cause to be serviced all Purchased Mortgage Loans in the best interests of and for the benefit of
the Purchasers, in accordance with the terms of the Transaction Documents, the terms of the Mortgage Note, the Mortgage Contract and the Mortgage, and to the extent consistent with such terms, in accordance with Accepted Servicing Standards,
including without limitation taking all actions necessary to enforce the obligations of the Mortgagors under such Purchased Mortgage Loans. The Sellers and the Servicer each shall hold all escrow funds collected in respect of Purchased Mortgage
Loans in trust, without commingling the same with any other funds, and apply the same for the purposes for which such funds were collected. 
  

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 (iii) Each Seller and the Servicer shall mark its loan management system to the effect that the Sellers
have sold all its rights, title and interest in the Purchased Mortgage Loan to the Buyer. 
 (r) Transaction Documents. The Sellers
will perform all of their obligations under each Transaction Document to which it is a party and will enforce each Transaction Document to which it is a party in accordance with its terms in all respects. 
 (s) Delivery of Wet Loans. Each of the Sellers shall deliver to the Custodian, within 10 days after the date of origination of any Wet Loan, the
Loan Documents relating to such Wet Loan which are required to be delivered to the Custodian pursuant to the Custodial Agreement. 
 (t)
Anti-Money Laundering Laws. Within thirty (30) days following the issuance of applicable regulations pursuant to the USA Patriot Act of 2001, or any similar federal, state or local anti-money laundering laws and regulations
(collectively, the “Anti-Money Laundering Laws”), each Seller shall have implemented and shall thereafter maintain a compliance program that meets the requirements of such Anti-Money Laundering Laws. 
 (u) Collections. 
 (i) Each of the
Servicer and each Seller will cause (A) all Collections constituting Monthly Payments and repayments of principal to be remitted directly by the Mortgagors to a Lock-Box, a Collection Account or the Buyer’s Account, (B) all other
Collections not described in clause (i) to be remitted by the applicable Takeout Investor, Takeout Lender or any other applicable Person directly to the Buyer’s Account, (C) all Collections constituting repayments of principal to be
transferred to the Buyer’s Account within two (2) Business Days after receipt, (D) at the request of the Agent in its sole discretion at any time after the occurrence and during the continuance of an Event of Default, all Monthly
Payments to be transferred to the Buyer’s Account within two (2) Business Days after receipt and (E) all proceeds from all Lock-Boxes to be directly deposited by the bank holding such Lock-Box into a Collection Account. 
 (ii) In the event any Collections are remitted directly to a Seller, the Servicer or any Affiliate of a Seller, such Seller or the Servicer shall or shall
cause such Collections to be remitted to a Collection Account, or if required by this Paragraph 11(u), to the Buyer’s Account, in any case within two (2) Business Days following receipt thereof. 
 (iii) At all times prior to the remittance of Collections to the Buyer’s Account, the Seller or the Servicer, as applicable, will itself hold or, if
applicable, will cause such Collections to be held in trust for the exclusive benefit of the Agent and the Purchasers. 
 (iv) In the event
any amount not constituting Collections is deposited into any Collection Account or the Buyer’s Account, the Servicer shall cause such amount to be remitted to the appropriate Person within two (2) Business Days following such remittance.

  

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 (v) Each Seller will maintain exclusive ownership, dominion and control of each Lock-Box and Collection
Account free and clear of any Lien and shall not grant any Lien or the right to take dominion and control of any Lock-Box or Collection Account at a future time or upon the occurrence of a future event to any Person. 
 (vi) Each Seller will identify and post, or cause the Servicer to identify and post, all Collections to the appropriate Mortgage Loan, indicated by loan
number, within one (1) Business Day after receipt. 
 (vii) Each of the Servicer and each Seller agree that the Agent may deliver a
“Notice of Exclusive Control” under, and as such term is defined in, the Account Control Agreement at any time in its sole discretion. 
 12. Negative Covenants. Each of the Servicer and each Seller hereby covenants with the Agent, each Group Agent and each Purchaser, unless the Required Group Agents shall otherwise consent in writing, from the Effective Date until the
Final Payout Date, as follows: 
 (a) Limitations on Mergers and Acquisitions. The Servicer (so long as the Servicer and one of the
Sellers are the same entity) shall not (i) merge or consolidate with or into any corporation or other entity unless the Servicer or one of the Sellers is the surviving entity of any such merger or consolidation or (ii) liquidate or
dissolve. 
 (b) Fiscal Year. Neither the Sellers nor, so long as the Servicer and one of the Sellers are the same entity, the
Servicer shall change its fiscal year other than to conform with changes that may be made to AHMIC’s fiscal year and then only after notice to the Agent and after whatever amendments are made to this Letter Agreement as may be reasonably
required by the Agent, in order that the reporting criteria for the financial covenants contained in Paragraphs 11 and 12 remain substantially unchanged. 
 (c) Use of Proceeds. The Sellers shall not, directly or indirectly (i) use any of the proceeds of the Purchased Mortgage Loans for the
purpose, whether immediate, incidental or ultimate, of buying or carrying any “margin stock”, or of maintaining, reducing or retiring any Indebtedness originally incurred to purchase or carry a stock that is currently any “margin
stock,” or for any other purpose that might constitute this transaction a “purpose credit,” in each case within the meaning of Regulation U, or otherwise take or permit to be taken any action that would involve a violation of such
Regulation U, Regulation X, Regulation T or Regulation Z (12 C.F.R. 224, as amended) or any other regulation promulgated by the Federal Reserve Board, or (ii) violate Section 7 of the Securities Exchange Act of 1934, as amended, or any
rule or regulation thereunder, in each case as now in effect or as the same may hereafter be in effect. 
 (d) Actions with Respect to
Purchased Assets. Neither the Sellers nor the Servicer shall: 
 (i) Compromise, extend, release, or adjust payments on any Purchased
Assets, accept a conveyance of mortgaged Property in full or partial satisfaction of any Mortgage debt or release any Mortgage securing or underlying any Purchased Assets without the prior written consent of the Required Group Agents; or 

 

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 (ii) Transfer, sell, assign or deliver any Purchased Assets pledged to the Agent to any Person other than
the Agent. 
 (e) Liens. The Sellers will not sell, assign (by operation of law or otherwise) or otherwise dispose of, or create,
incur, permit or suffer to exist any Lien upon or with respect to, any Purchased Asset, or upon or with respect to any account to which any Collections of any Purchased Asset are sent, or assign any right to receive income in respect thereof except
as contemplated hereby, other than the Lien granted to the Agent under the Repurchase Agreement. 
 (f) Employee Benefit Plans.
Neither the Sellers nor, so long as the Servicer and one of the Sellers are the same entity, the Servicer may permit any of the events or circumstances described in Paragraph 10(w) to exist or occur. 
 (g) Change of Principal Office. No Seller shall move its principal office, executive office or principal place of business from the address set
forth in Paragraph 10(o) without 30-days’ prior written notice to the Agent. No Seller shall change their name, identity, place of organization or add a new jurisdiction of organization without 30 days’ prior written notice to
the Agent. 
 (h) Deposits to Buyer’s Account. Neither the Sellers nor the Servicer shall deposit or otherwise credit, or cause
or permit to be so deposited or credited, to the Buyer’s Account, any cash or cash proceeds other than proceeds of the Purchased Assets. 
 (i) Credit and Collection Policies. Sellers shall promptly deliver any and all material amendments to its Credit and Collection Policy to the Agent; provided, that the Purchasers shall not be required to purchase any Mortgage Loans
originated under any amended criteria if such amendment is not reasonably acceptable to the Required Group Agents. 
 (j) Minimum Tangible
Net Worth. 
 The Sellers and the Servicer shall not: 
 (i) Permit at any time AHMIC’s Tangible Net Worth to be less than $914,000,000, plus 75% of the Net Cash Proceeds of any capital stock (including preferred stock) issued by AHMIC after June 30, 2006;

 (ii) Permit at any time the Tangible Net Worth of American Home Mortgage Servicing, Inc. to be less than $30,000,000; 
 (iii) Permit at any time the Tangible Net Worth of American Home Mortgage Corp. to be less than $21,000,000; 
  

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 (iv) Permit at anytime the Tangible Net Worth of American Mortgage Acceptance, Inc. to be less than
$41,000,000; or 
 (v) Permit at any time the Tangible Net Worth of American Home Mortgage Servicing, Inc., American Home Mortgage Corp. and
American Home Mortgage Acceptance, Inc. to be less than $147,000,000. 
 (k) Positive Net Income of AHMIC. AHMIC shall not permit its
net income to be less than $1.00 for any period of two consecutive fiscal quarters. 
 (l) Collateral Value to Adjusted Consolidated
Funded Debt Ratio. AHMIC shall not permit at any time the ratio of its Aggregate Collateral Value to its Adjusted Consolidated Funded Debt to be less than 1.00 to 1.00. 
 (m) Change in Payment Instructions to Mortgagors. Except as may be required by the Agent pursuant to the terms of any Transaction Document, none of the
Servicer or any Seller will add or terminate any bank as a holder of a Collection Account, or make any change in the instructions to Mortgagors regarding payments to be made to any Lock-Box or Collection Account, unless the Agent shall have received
prior written notice of such addition, termination or change; provided, however, that the Servicer may make changes in instructions to Mortgagors regarding payments if such new instructions require such Mortgagor to make payments to another existing
Collection Account. 
 (n) Other Financing Facilities. Except for the financing facilities described on Schedule VIII or as
described in a prior written notice from the Sellers to each Group Agent, no Seller will sell, pledge or otherwise finance any Mortgage Loans other than under the Repurchase Agreement. 
 13. Servicing Provisions. 
 (a)
Designation of Servicer. The servicing, administration and collection of the Purchased Assets shall be conducted by the Servicer so designated hereunder from time to time in accordance with Accepted Servicing Practices for the benefit of the
Agent, the Group Agents and the Purchasers. Until the Agent gives notice to the Servicer and the Sellers of the designation of a new Servicer after the occurrence of an Event of Default, American Home Mortgage Servicing, Inc. is hereby designated
as, and hereby agrees to perform the duties and obligations of, the Servicer pursuant to the terms hereof. The Agent may at any time following the occurrence of an Event of Default designate as Servicer any Person (including itself) to succeed AHM
Servicing. Without the prior written consent of the Required Group Agents, the Servicer shall not be permitted to delegate any of its duties or responsibilities as Servicer to any Person; provided that, the consent of the Required Group
Agents shall not be required for (i) the delegation of certain duties and responsibilities related to the payments of taxes and insurance, construction inspections and other matters, where such delegations are consistent with Accepted Servicing
Practices or (ii) the delegation of any of its duties or responsibilities to any Seller. If the Agent shall designate as Servicer any Person other than AHM Servicing, all duties and 

  

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responsibilities theretofore delegated by AHM Servicing may, following an Event of Default, at the discretion of the Agent, be terminated forthwith on notice
given by the Agent to AHM Servicing. Notwithstanding the foregoing, (i) AHM Servicing shall be and remain primarily liable to the Agent, the Group Agents and the Purchasers for the full and prompt performance of all duties and responsibilities
of the Servicer under the Transaction Documents and (ii) the Agent, the Group Agents and the Purchasers shall be entitled to deal exclusively with AHM Servicing in matters relating to the discharge by the Servicer of its duties and
responsibilities under the Transaction Documents. The Agent, the Group Agents and the Purchasers shall not be required to give notice, demand or other communication to any Person other than AHM Servicing in order for communication to the Servicer
and its sub-servicer or other delegate with respect thereto to be accomplished. AHM Servicing, at all times that it is the Servicer, shall be responsible for providing any sub-servicer or other delegate of the Servicer with any notice given to the
Servicer under this Letter Agreement. 
 (b) Duties of Servicer. 
 (i) The Servicer shall take or cause to be taken all such actions as may be necessary or advisable to (i) confirm the satisfaction of the conditions
precedent to Mortgagor Advances under the Mortgage Contracts prior to the Sellers’ making such Mortgagor Advances, (ii) monitor compliance with the provisions of the Mortgage Contracts by the Mortgagors and the Sellers and
(iii) collect each Purchased Asset from time to time, all in accordance Accepted Servicing Practices. The Sellers and the Agent hereby appoint the Servicer, from time to time designated pursuant to Section 15(a), as agent for
themselves and for the Purchasers to enforce their respective rights and interests in the Purchased Assets and the Collections thereof. 
 (ii) The Servicer shall service the Purchased Assets in accordance with the terms of this Letter Agreement. 
 (iii) The Servicer
shall hold in trust for the Sellers and the Purchasers, in accordance with their respective interests, all books and records (including, without limitation, computer tapes or disks) that relate to the Purchased Assets. 
 (iv) The Servicer shall, as soon as practicable following receipt, turn over to the Sellers, any cash collections or other cash proceeds received with
respect to Property not constituting Purchased Assets. 
 (v) The Servicer shall perform the duties and obligations of the Servicer set forth
in the Custodial Agreement and the Account Control Agreement. 
 (vi) The Servicer shall deliver to the Agent and each Group Agent
(i) on each Business Day, a Daily Market Value Report in substantially the form of Exhibit A hereto (the “Daily Market Value Report”) and, (ii) on each Determination Date, a Monthly Report in substantially the form
of Exhibit B hereto (the “Monthly Report”). 
  

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 (vii) The Servicer shall monitor the adequate and timely payment of taxes and insurance related to the
Mortgaged Properties. 
 (viii) Until such time as the Agent has exercised its right to take exclusive control over the Buyer’s Account,
on each Business Day the Servicer shall direct the Bank to remit the amounts on deposit therein to the Agent and the Group Agents, as applicable, to pay the Repurchase Prices and all other amounts due and payable to the Agent, the Group Agents and
the Purchasers in accordance with the Transaction Documents. Amounts on deposit in the Buyer’s Account may be released to the Sellers in accordance with Paragraph 4(c) of the Repurchase Agreement and subject to the conditions precedent set
forth in clauses (ii) through (x) of Paragraph 9(b). 
 (c) Certain Rights of the Agent. At any time following the
designation of a Servicer other than the Sellers pursuant to Section 15(a) or following an Event of Default: 
 (i) The Agent may
direct the Mortgagors that all payments thereunder be made directly to the Agent or its designee. 
 (ii) At the Agent’s request and at
the Sellers’ expense, the Sellers shall notify each Mortgagor of the Lien on the Purchased Assets and direct that payments be made directly to the Agent or its designee. 
 (iii) At the Agent’s reasonable request and at the Sellers’ expense, the Sellers and the Servicer shall (i) assemble all of the documents,
instruments and other records (including, without limitation, computer tapes and disks) that evidence or relate to the Purchased Mortgage Loans and Collections and Purchased Assets, or that are otherwise necessary or desirable to service and/or
collect the Purchased Assets, monitor the compliance with the Mortgage Contracts and perform the obligations of the Seller under the Mortgage Contracts, including, without limitation, all documents related to the contractor or builder and any
construction inspector, and shall make the same available to the Agent at a place selected by the Agent or its designee, and (ii) segregate all cash, checks and other instruments received by it from time to time constituting Collections in a
manner reasonably acceptable to the Agent and, promptly upon receipt, remit all such cash, checks and instruments, duly endorsed or with duly executed instruments of transfer, to the Agent or its designee. 
 (d) Rights and Remedies. 
 (i) If the
Servicer fails to perform any of its obligations under this Letter Agreement, the Agent may (but shall not be required to) itself perform, or cause performance of, such obligation; and the Agent’s reasonable costs and expenses incurred in
connection therewith shall be payable by the Servicer. 
 (ii) With respect to each Mortgage Loan, the Servicer shall follow the Accepted
Servicing Practices. The exercise by the Agent on behalf of the Purchasers of their rights under this Letter Agreement shall not release the Servicer from any of its duties or 

  

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obligations with respect to any Mortgage Loans. Neither the Agent, nor the Purchasers shall have any obligation or liability with respect to any Mortgage
Loans, nor shall any of them be obligated to perform the obligations of the Sellers thereunder. 
 (e) Servicing Fee. The Sellers
shall pay to the Servicer a servicing fee at such times and in such amount as agreed upon between the Sellers and the Servicer. In no event shall any Purchaser, any Group Agent or the Agent be responsible or liable for any servicing fee due or owing
to the Servicer. 
 (f) Indemnities by the Servicer. 
 Without limiting any other rights the Indemnified Parties may have hereunder or under applicable law, and in consideration of its appointment as Servicer, the Servicer hereby agrees to indemnify each Indemnified Party
from and against any and all Indemnified Amounts awarded against or incurred by any of them arising out of or resulting from any of the following excluding, however, (x) Indemnified Amounts to the extent resulting from gross negligence or
willful misconduct on the part of such Indemnified Party, (y) recourse for Purchased Assets that are not collected, not paid or uncollectible on account of the insolvency, bankruptcy or financial inability to pay of the applicable Mortgagor or
(z) any Excluded Taxes: 
 (i) any representation or warranty or statement made or deemed made by the Servicer under or in connection
with this Letter Agreement that shall have been incorrect in any respect when made; 
 (ii) the failure by the Servicer to comply in any
material respect with any applicable law, rule or regulation with respect to any Purchased Asset or the failure of any Mortgage Loan to conform to any such applicable law, rule or regulation; 
 (iii) any failure of the Servicer to perform its duties or obligations in accordance with the provisions of this Letter Agreement and the other
Transaction Documents; 
 (iv) the commingling of Collections at any time by the Servicer with other funds; 
 (v) any action or omission by the Servicer reducing or impairing the rights of the Agent or the Purchasers with respect to any Purchased Asset or the
value of any Purchased Asset; 
 (vi) any Servicer Fees or other costs and expenses payable to any replacement Servicer, to the extent in
excess of the Servicer Fees payable to the Servicer hereunder; or 
 (vii) any claim brought by any Person other than an Indemnified Party
arising from any activity by the Servicer or its Affiliates in servicing, administering or collecting any Purchased Asset. 
  

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 14. Binding Effect; Assignments and Participations; Joinder. 
 (a) This Letter Agreement shall be binding upon, and shall inure to the benefit of, the parties hereto and their respective successors and assigns;
provided no Seller may assign any of its obligations hereunder without the prior written consent of each Group Agent. 
 (b) Any
Conduit Purchaser may at any time assign all or a portion of its rights and obligations under this Letter Agreement and any other Transaction Document or any Transaction without the consent of, but with notice to the Sellers, to (i) any other
Purchaser, (ii) to any Liquidity Provider, (iii) to any commercial paper conduit managed by such Conduit Purchaser’s sponsor or administrator bank, or (iv) any Affiliate of such Conduit Purchaser’s sponsor bank. In addition,
any Conduit Purchaser may, with the consent of each Seller (such consent not to be unreasonably withheld, delayed or conditioned) and the Agent, assign at any time all or any portion of its rights and obligations hereunder and interests herein to
any other Person not listed in the immediately preceding sentence; provided that the Sellers’ consent to such an assignment shall not be required and the preceding proviso shall not apply after the occurrence and during the continuance
of an Event of Default. 
 (c) Any Committed Purchaser may at any time assign all or a portion of its rights and obligations under this
Letter Agreement and any other Transaction Document or any Transaction, without the consent of, but with notice to the Sellers, to (i) any other Committed Purchaser or (ii) any Affiliate of such Committed Purchaser. In addition, any
Committed Purchaser may, with the consent of each Seller (such consent not to be unreasonably withheld, delayed or conditioned), the applicable Group Agent and the Agent, assign at any time all or any portion of its rights and obligations hereunder
and interests herein to any other Person; provided that the Sellers’ consent to such an assignment shall not be required and the preceding proviso shall not apply after the occurrence and during the continuance of an Event of Default.

 (d) Any Purchaser may, without the consent of any Person, sell participations to one or more banks or other entities (each, a
“Participant”) in all or a portion of its rights and obligations under the Repurchase Agreement, this Letter Agreement, any Transaction Document or any Transaction; provided that after giving effect to such sale,
(i) such Purchaser’s obligations under the Repurchase Agreement and this Letter Agreement shall remain unchanged, (ii) such Purchaser shall remain solely responsible to the other parties to the Repurchase Agreement and this Letter
Agreement for the performance of such obligations, and (iii) each of the parties to the Repurchase Agreement and this Letter Agreement shall continue to deal solely and directly with the selling Purchaser in connection with its rights and
obligations under the Repurchase Agreement and this Letter Agreement. Any agreement or instrument pursuant to which a Purchaser sells such a participation shall provide that the Participant shall not have any right to direct the enforcement of the
Repurchase Agreement, this Letter Agreement or the other Transaction Documents or to approve any amendment, modification or waiver of any provision of the Repurchase Agreement, this Letter Agreement or the other Transaction Documents;
provided that such agreement or instrument may provide that the selling Purchaser will not, without the consent of the Participant, agree to any amendment, modification or waiver that (i)

  

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reduces the Repurchase Price in respect of any Purchased Mortgage Loans or any amount of Price Differential or interest payable under the Repurchase
Agreement or this Letter Agreement or delays any scheduled date for payment thereof or (ii) reduces any Fees payable by any Seller to the Agent, the applicable Group Agent or such Purchaser (to the extent relating to payments to the
Participant) or delays any scheduled date for payment of such fees. Each Seller acknowledges and agrees that any Purchaser’s source of funds may derive in part from its Participants. Accordingly, references in the terms and provisions of this
Letter Agreement and the other Transaction Documents to determinations, reserve and capital adequacy requirements, expenses, increased costs, reduced receipts and the like as they pertain to any Purchaser shall be deemed also to include those of its
Participants; provided, that the Sellers shall not be required to make any payments in respect of such items in excess of what would be payable to the applicable Purchaser if the Purchaser had not sold such participation. 
 (e) Notwithstanding any other provision of this Letter Agreement to the contrary, any Purchaser or Liquidity Provider or credit support provider to a
Conduit Purchaser may at any time pledge or grant a security interest in all or any portion of its rights (including, without limitation, rights to payment of the Repurchase Price in respect of any Purchased Mortgage Loans or any amount of Price
Differential or interest payable under the Repurchase Agreement or this Letter Agreement) to secure obligations of such Person to a Federal Reserve Bank, without notice to or consent of any Seller, any Group Agent or the Agent; provided, that
no such pledge or grant of a security interest shall release any Purchaser from any of its obligations hereunder or substitute any such pledgee or grantee for such Purchaser as a party hereto. 
 (f) Upon the Sellers’ request, an additional Group may be added to this Letter Agreement at any time by the execution and delivery of a Joinder
Agreement by the members of such proposed additional Group, the Sellers, and the Agent, which execution and delivery shall not be unreasonably refused by such parties. Upon the effective date of such Joinder Agreement, (i) each Person specified
therein as a “Conduit Purchaser” shall become a party hereto as a Conduit Purchaser, entitled to the rights and subject to the obligations of a Conduit Purchaser hereunder, under the Repurchase Agreement and the other Transaction
Documents, (ii) each Person specified therein as a “Committed Purchaser” shall become a party hereto as a Committed Purchaser, entitled to the rights and subject to the obligations of a Committed Purchaser hereunder, under the
Repurchase Agreement and the other Transaction Documents, (iii) each Person specified therein as a “Group Agent” shall become a party hereto as a Group Agent, entitled to the rights and subject to the obligations of a Group Agent
hereunder, under the Repurchase Agreement and the other Transaction Documents, (iv) the Facility Limit shall be increased by an amount equal to the aggregate Commitments of the Committed Purchasers party to such Joinder Agreement, and
(v) appropriate assignments shall be executed among the Groups such that, after giving effect to the addition of the new Group, each Group shall have funded its Group Pro Rata Share of the aggregate Purchase Price. Pursuant to such Joinder
Agreement (i) the new Group Agent shall become a party to the Fee Letter with the other Group Agents and the Sellers and (ii) the new Conduit Purchaser, the new Committed Purchaser, and the new Group Agent shall become parties to the
Agency Agreement with the other Conduit Purchasers, Committed Purchasers and Group Agents. 
  

 43 

 (g) The Agent may at any time assign all or a portion of its rights and obligations under this Letter
Agreement and any other Transaction Document or any Transaction, without the consent of, but with notice to the Sellers, to (i) any Group Agent or (ii) any Affiliate of a Group Agent. In addition, the Agent may, with the consent of the
Sellers (such consent not to be unreasonably withheld, delayed or conditioned) and the Group Agents, assign at any time all or any portion of its rights and obligations hereunder and interests herein to any other Person; provided that the
Sellers’ consent to such an assignment shall not be required after the occurrence and during the continuance of an Event of Default. 
 (h) Any Group Agent may at any time assign all or a portion of its rights and obligations under this Letter Agreement and any other Transaction Document or any Transaction, without the consent of, but with notice to the Sellers, to
(i) any other Group Agent or (ii) any Affiliate of a Group Agent. In addition, any Group Agent may, with the consent of the Sellers (such consent not to be unreasonably withheld, delayed or conditioned) and the Group Agents, assign at any
time all or any portion of its rights and obligations hereunder and interests herein to any other Person; provided that the Sellers’ consent to such an assignment shall not be required after the occurrence and during the continuance of
an Event of Default. 
 15. Amendments and Waivers. No amendment, waiver, supplement or other modification of this Letter Agreement
shall be effective unless made in writing and executed by each of the Sellers, the Servicer, the Agent, and the Required Group Agents (or if required by the Agency Agreement, each Group Agent). 
 16. Notices. All notices and other communications provided for hereunder shall, unless otherwise stated herein, be in writing (including
communication by facsimile copy) and shall be personally delivered or sent by registered mail, return receipt requested, or by courier or by facsimile, to each party hereto, at its address specified in Paragraph 14 of the Repurchase Agreement or in
the case of the Group Agents and the Purchasers, as set forth on Schedule VI hereto or at such other address as shall be designated by such party in a written notice to the other parties hereto. All such notices and communications shall be
effective, upon receipt, or in the case of overnight courier, two (2) days after being deposited with such courier, or, in the case of notice by facsimile, when electronic confirmation of receipt is obtained, in each case addressed as
aforesaid. Each Seller agrees to provide each Group Agent with copies of any notice delivered to the Agent under the Repurchase Agreement on the same day such notice is delivered. 
 17. GOVERNING LAW; CONSENT TO JURISDICTION; WAIVER OF JURY TRIAL. 
 (a) THIS LETTER AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. EACH PARTY HERETO HEREBY SUBMITS TO
THE NONEXCLUSIVE 

  

 44 

 
JURISDICTION OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK AND OF ANY NEW YORK STATE COURT SITTING IN THE CITY OF NEW YORK FOR
PURPOSES OF ALL LEGAL PROCEEDINGS ARISING OUT OF OR RELATING TO THIS LETTER AGREEMENT. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT IT MAY EFFECTIVELY DO SO, ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF THE
VENUE OF ANY SUCH PROCEEDING BROUGHT IN SUCH A COURT AND ANY CLAIM THAT ANY SUCH PROCEEDING BROUGHT IN SUCH A COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. NOTHING IN THIS PARAGRAPH 17 SHALL AFFECT THE RIGHT OF AGENT, ANY PURCHASER OR ANY GROUP
AGENT TO BRING ANY ACTION OR PROCEEDING AGAINST ANY SELLER OR ITS PROPERTY IN THE COURTS OF OTHER JURISDICTIONS. EACH PARTY HERETO CONSENTS TO THE SERVICE OF ANY AND ALL PROCESS IN ANY SUCH ACTION OR PROCEEDING BY THE MAILING OF COPIES OF SUCH
PROCESS TO IT AT ITS ADDRESS FOR NOTICES HEREUNDER SPECIFIED IN PARAGRAPH 16. 
 (b) EACH OF THE PARTIES HERETO HEREBY WAIVES ANY
RIGHT TO HAVE A JURY PARTICIPATE IN RESOLVING ANY DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE AMONG ANY OF THEM ARISING OUT OF, CONNECTED WITH, RELATING TO OR INCIDENTAL TO THE RELATIONSHIP BETWEEN THEM IN CONNECTION WITH THIS LETTER
AGREEMENT OR THE OTHER TRANSACTION DOCUMENTS. 
 18. Right of Setoff. Each of the Agent, each Group Agent and each Purchaser is
hereby authorized (in addition to any other rights it may have) at any time after the occurrence of the Termination Date due to the occurrence of an Event of Default, or at any time that any obligation of any Seller hereunder or under the Repurchase
Agreement is due and payable, to set off claims and apply property held by them against obligations owing to them (including, with respect to the Agent’s, each Group Agent’s and each Purchasers’ such right, to set off or net claims
against the property of any Seller regardless of which Seller’s obligations are outstanding) to, or for the account of, such Seller or any other Seller against the amount of the obligations owing by such Seller to such Person. Each Seller
hereby irrevocably and unconditionally waives all right to setoff that it may have under contract (including this Letter Agreement), applicable law or otherwise with respect to any funds or monies of the Agent, any Group Agent or any Purchaser at
any time held by or in the possession of such Seller. 
 19. Ratable Payments. If any Purchaser, whether by setoff or otherwise, has
payment made to it with respect to any obligation of any Seller in a greater proportion than that received by any other Purchaser entitled to receive a ratable share of such amount, such Purchaser agrees, promptly upon demand, to purchase for cash
without recourse or warranty a portion of such obligation held by the other Purchasers so that after such purchase each Purchaser will hold its ratable proportion of such obligations, as applicable; provided that if all or any portion of such
excess amount is thereafter recovered from such Purchaser, such purchase shall be rescinded and the purchase price restored to the extent of such recovery, but without interest. 
  

 45 

 20. Limitation of Liability. 
 (a) Each party hereto agrees that it shall not assert any claim against any Indemnified Party for, and no Indemnified Party will have any liability for,
special, indirect, consequential or punitive damages in connection with the Transaction Documents, or the transactions contemplated hereby. 
 (b) Notwithstanding anything to the contrary contained herein, the obligations of the Conduit Purchasers under this Letter Agreement are solely the corporate obligations of each such Conduit Purchaser and shall be payable only at such time
as funds are actually received by, or are available to, such Conduit Purchaser in excess of funds necessary to pay in full all outstanding Promissory Notes issued by such Conduit Purchaser and, to the extent funds are not available to pay such
obligations, the claims relating thereto shall not constitute a claim against such Conduit Purchaser. Each party hereto agrees that the payment of any claim (as defined in Section 101 of Title 11 of the Bankruptcy Code) of any such party shall
be subordinated to the payment in full of all Promissory Notes. Notwithstanding the foregoing, if any Seller pays the Repurchase Price and all other amounts due and payable hereunder, such Seller shall have the rights under the Repurchase Agreement
for the transfer to it of its Purchased Mortgage Loans related to such Repurchase Price without such subordination. 
 (c) No recourse under
any obligation, covenant or agreement of any Conduit Purchaser contained in this Letter Agreement shall be had against any incorporator, stockholder, officer, director, member, manager, employee or agent of such Conduit Purchaser or any of its
Affiliates (solely by virtue of such capacity) by the enforcement of any assessment or by any legal or equitable proceeding, by virtue of any statute or otherwise; it being expressly agreed and understood that this Letter Agreement is solely a
corporate obligation of such Conduit Purchaser, and that no personal liability whatsoever shall attach to or be incurred by any incorporator, stockholder, officer, director, member, manager, employee or agent of any Conduit Purchaser or any of its
Affiliates (solely by virtue of such capacity) or any of them under or by reason of any of the obligations, covenants or agreements of such Conduit Purchaser contained in this Letter Agreement, or implied therefrom, and that any and all personal
liability for breaches by any Conduit Purchaser of any of such obligations, covenants or agreements, either at common law or at equity, or by statute, rule or regulation, of every such incorporator, stockholder, officer, director, member, manager,
employee or agent is hereby expressly waived as a condition of and in consideration for the execution of this Letter Agreement. 
 21. No
Insolvency Proceedings. Each party hereto hereby agrees that it will not institute against any Conduit Purchaser any Act of Insolvency so long as any Promissory Notes of such Conduit Purchaser shall be outstanding or there shall not have elapsed
one year plus one day since the last day on which any such Promissory Notes shall have been outstanding. 
  

 46 

 22. Confidentiality. 
 (a) Each of the parties hereto hereby agrees that, from the commencement of discussions with respect to the transaction contemplated by this Letter Agreement, each of the parties hereto (and each of their respective,
and their respective Affiliates’, employees, officers, directors, advisors, representatives and agents) are permitted to disclose to any and all Persons, without limitation of any kind, the structure and tax aspects (as such terms are used in
Sections 6011, 6111 and 6112 of the IRC and the regulations promulgated thereunder) of the transaction, and all materials of any kind (including opinions or other tax analyses) that are provided to any of the parties hereto related to such structure
and tax aspects. In this regard, each of the parties hereto hereby acknowledges and agrees that the disclosure of the structure or tax aspects of the transaction is not limited in any way by an express or implied understanding or agreement, oral or
written (whether or not such understanding or agreement is legally binding). Furthermore, each of the parties hereto hereby acknowledges and agrees that it does not know or have reason to know that its use or disclosure of information relating to
the structure or tax aspects of the transaction is limited in any other manner (such as where the transaction is claimed to be proprietary or exclusive) for the benefit of any other Person. In this regard, each of the parties hereto intends that the
transaction will not be a “confidential transaction” under the above-mentioned Sections of the IRC and regulations. 
 (b) Subject
to subparagraph (a) of this Paragraph 22, no party hereto may disclose to any Person or entity the existence of this Letter Agreement or the terms hereof (including, without limitation, any specific pricing information provided by the
Agent or the amount or terms of any fees payable to the Group Agents or the Purchasers in connection with the transaction), to the extent such terms do not constitute “structure” or “tax aspects” under Section 6011, 6111 or
6112 of the IRC or the regulations promulgated thereunder, or the existence and status of any ongoing negotiations between the Sellers, the Agent, the Group Agents and the Purchasers concerning the transaction (collectively, the “Product
Information”), except (i) to the extent required by applicable law, regulation, subpoena or other legal process, (ii) to the extent requested by any governmental or regulatory authority having jurisdiction over the Agent, any
Group Agent, any Purchaser, any Purchaser Representative, the Servicer, any Seller or any Company Representative, (iv) to any applicable rating agency responsible for rating the Promissory Notes of any Conduit Purchaser, (v) to any actual
or potential subordinated investor in any Conduit Purchaser that has signed a confidentiality agreement containing restrictions on disclosure substantially similar to this paragraph, or (vi) to any Purchaser Representative, or with respect to
any Seller or the Servicer, to its and its Affiliates’ officers, directors, employees, agents, accountants, legal counsel and other representatives (collectively “Company Representatives”), in each case, who have a need to know
the Product Information for the purpose of assisting in the negotiation and completion of the transaction and who agree to be bound by the provisions of this section. The Sellers, the Servicer, the Agent, the Group Agents and the Purchasers, as
applicable will be responsible for any failure of any of its respective Purchaser Representatives or Company Representatives, as applicable, to comply with the provisions of this Paragraph 22. Product Information shall not include, however,
information that is a matter of general public knowledge or has heretofore been or is hereafter published in any source generally available to the public. 
  

 47 

 (c) None of the Agent, the Group Agents or the Purchasers will disclose to any person or entity the
confidential or proprietary information of any Seller furnished to the Agent, any Group Agent or any Purchaser in connection with this Letter Agreement and the Transactions (the “Seller Information”), except (i) to their
respective and their Affiliates’ officers, directors, employees, agents, accountants, legal counsel and other representatives (collectively, the “Purchaser Representatives”) who have a need to know the Seller Information for
the purpose of assisting in the negotiation of the Repurchase Agreement and the consummation of the Transactions contemplated thereunder and hereunder and who agree to be bound by the provisions in this Paragraph 22, (ii) to the extent
required by applicable law, regulation, subpoena or other legal process, (iii) to the extent requested by any governmental or regulatory authority having jurisdiction over the Agent, any Group Agent, any Purchaser or any Purchaser
Representative, (iv) to any applicable rating agency responsible for rating the Promissory Notes of any Conduit Purchaser; or (v) to any actual or potential subordinated investor in any Conduit Purchaser that has signed a confidentiality
agreement containing restrictions on disclosure substantially similar to this paragraph. 
 23. Counterparts. This Letter Agreement
may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same
agreement. 
 24. No Waiver; Remedies. No failure on the part of the Agent, any Group Agent or any Purchaser to exercise, and no delay
in exercising, any right hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right hereunder preclude any other or further exercise thereof or the exercise of any other right. The remedies herein provided are
cumulative and not exclusive of any remedies provided by law. 
 25. Integration; Binding Effect; Survival of Termination. This Letter
Agreement and the other Transaction Documents contain the final and complete integration of all prior expressions by the parties hereto with respect to the subject matter hereof and shall constitute the entire agreement among the parties hereto with
respect to the subject matter hereof superseding all prior oral or written understandings. This Letter Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns (including
any trustee in bankruptcy). Any provisions of this Letter Agreement which are 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. This Letter Agreement shall create and constitute the continuing
obligations of the parties hereto in accordance with its terms and shall remain in full force and effect until the Final Payout Date; provisions of Paragraphs 5 through 8, 17, 20, 21 and 22 and the obligations of the Sellers under Paragraph 15 of
the Repurchase Agreement shall survive the termination of this Letter Agreement. 
 [Signature pages follow] 
  

 48 

 Please confirm our mutual agreement as set forth herein and acknowledge receipt of this Letter Agreement
by executing below. 
  

			
	Very truly yours,
	
	 ABN AMRO BANK N.V., as the Agent, and as
 Group Agent for the ABN AMRO Group

		
	 By:
	 	 /s/ Kevin J. Hayes

	 Name:
	 	Kevin J. Hayes
	 Title:
	 	Director
		
	 By:
	 	 /s/ Therese Gremley

	 Name:
	 	Therese Gremley
	 Title:
	 	Vice President
	
	AMSTERDAM FUNDING CORPORATION, as a Conduit Purchaser in the ABN AMRO Group
		
	By:	 	 /s/ Bernard J. Angelo

	Name:	 	Bernard J. Angelo
	Title:	 	Vice President

 Signature Page to 
 Letter Agreement 

			
	CONFIRMED AND ACKNOWLEDGED:
	AMERICAN HOME MORTGAGE ACCEPTANCE, INC., as a Seller
		
	By:	 	 /s/ Alan B. Horn

	Name:	 	Alan B. Horn
	Title:	 	Executive Vice President General Counsel & Secretary
	
	AMERICAN HOME MORTGAGE CORP., as a Seller
		
	By:	 	 /s/ Alan B. Horn

	Name:	 	Alan B. Horn
	Title:	 	Executive Vice President General Counsel & Secretary
	
	AMERICAN HOME INVESTMENT CORP., as a Seller
		
	By:	 	 /s/ Alan B. Horn

	Name:	 	Alan B. Horn
	Title:	 	Executive Vice President General Counsel & Secretary
	
	AMERICAN HOME MORTGAGE SERVICING, INC., as a Seller and as Servicer
		
	By:	 	 /s/ Alan B. Horn

	Name:	 	Alan B. Horn
	Title:	 	Executive Vice President General Counsel & Secretary

 Signature Page to 
 Letter Agreement 

 SCHEDULE I 
 Groups; Commitments; Purchase Limits 
 ABN AMRO Group 
  

			
	Group Agent:	 	ABN AMRO Bank N.V.
		
	Conduit Purchasers:	 	Amsterdam Funding Corporation
		
	Purchase Limit:	 	$250,000,000
		
	Committed Purchaser:	 	ABN AMRO Bank N.V.
		
	Commitment:	 	$250,000,000

 SCHEDULE VI 
 Notice Addresses 
 ABN AMRO Group 
  

			
	 Group Agent:
	  	ABN AMRO Bank N.V.
		  	540 West Madison Street
		  	Chicago, Illinois 60661
		  	Attention: Therese Gremley
		  	Facsimile: (312) 992-1527
		  	E-mail Address: therese.gremley@abnamro.com
		  	Telephone Confirmation: (312) 904-6263
		
	 Conduit Purchasers:
	  	Amsterdam Funding Corporation
		  	c/o Global Securitization Services, LLC
		  	114 West 47th Street, Suite 1715
		  	New York, New York 10036
		  	Attention: Andrew Stidd
		  	Telephone: (212) 302-8330
		  	Telecopy: (212) 302-8767
		
		  	with a copy to:
		
		  	ABN AMRO Bank N.V.
		  	Structured Finance, Asset Securitization
		  	540 West Madison Street
		  	Chicago, Illinois 60661
		  	Attention: Amsterdam-Administrator
		  	Telephone: (312) 904-6263
		  	Telecopy: (312) 992-1527
		
	 Committed Purchaser:
	  	ABN AMRO Bank N.V.
		  	540 West Madison Street
		  	Chicago, Illinois 60661
		  	Attention: Therese Gremley
		  	Facsimile: (312) 992-1527
		  	E-mail Address: therese.gremley@abnamro.com
		  	Telephone Confirmation: (312) 904-6263

  

 50

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