Document:

Form of Amendment to Executive Retention Agreement

 Exhibit 10.1 
 AMENDMENT TO 
 EXECUTIVE RETENTION AGREEMENT 
 This Amendment to Executive Retention Agreement (“Amendment”) is entered into this 23rd day of February, 2006, by and between Flow
International Corporation, a Washington corporation. (“Employer”), and                 (“Executive”) and amends that certain Executive
Retention Agreement (the “Agreement”) dated the 25th day of July, 2003 between Employer and Executive. 
 RECITALS 
 A. In response to extraordinary challenges faced by Employer and in order to increase Executive’s incentive to remain employed by Employer, Employer
and Executive entered into the Agreement. 
 B. Employer has now determined that the extraordinary challenges have been met and it is now in
its best interest to terminate the Agreement. Employer has paid to Executive five of the seven cash retention payments due under the Agreement. 
 C. Employer now wishes to pay, and Executive agrees to accept, in advance of the time they are due, the remaining two cash retention payments and the equity component of the retention award due to Executive under the Agreement, and Employer
and Executive agree that following payment of such amounts, the Agreement shall be terminated. 
 AGREEMENT 
 Accordingly, Employer and Executive agree as follows: 
 1. Definitions. When the following terms appear in this Amendment, they shall have the respective meanings set forth below, unless the context clearly indicates to the contrary; other terms capitalized herein
and not otherwise defined shall have the meanings given them in the Agreement: 
 (a) “Agreement” shall have
the meaning given in the introduction. 
 (b) “Disability” shall mean physical or mental incapacity, which
completely prevents him or her from engaging in any employment with Employer or in any other employment or occupation for remuneration or profit, consistent with his or her capacities and experience. 

 (c) “Employer” shall have the meaning given in the introduction.

 (d) “Executive” shall have the meaning given in the introduction. 
 2. Payment of Retention Award. Employer and Executive agree that the provisions of the Agreement regarding payment of the Retention Award shall be
amended as follows: 
 (a) Equity Component. Employer agrees to distribute to Executive promptly following
execution of this Amendment, the equity component of the retention award called for in Section 2 of the Agreement. This award will be distributed in the form of shares Employer’s common stock. At the election of Executive, Employer may
withhold shares to pay required withholding on amounts received under the Agreement. 
 (b) Cash Component. Employer
agrees to distribute to Executive promptly following execution of this Amendment the remaining two semiannual installments of the cash component of the retention award, totaling
$            . Executive agrees that, upon payment of the amounts set forth in Sections 2(a) and (b), Employer has fully satisfied its obligations under the Agreement. 
 3. Release. In consideration for early payment of the retention award provided for under this Amendment, Executive, on behalf of himself or
herself and his or her heirs, beneficiaries, personal or legal representatives, executors, administrators, successors, assigns, distributees, devisees and legatees hereby waives, releases and discharges Employer and all its present and former
employees, agents and successors in interest with respect to any and all claims related to payments due under the Agreement. 
 4.
Withholding. Notwithstanding any other provision of this Amendment, Employer may, to the extent required by law, withhold applicable federal, state and local income and other taxes from any payments due to Executive hereunder. 
 5. Assignment; Successors. Except as provided herein, this Amendment shall be binding upon, inure to the benefit of and be enforceable by Employer
and Executive and their respective heirs, personal or legal representatives, executors, administrators, successors, assigns, distributees, devisees and legatees. This Amendment is personal to Executive and shall not be assignable by Executive.
Employer may, at its option, assign this Amendment in whole or in part to any successor to all or substantially all of the business or assets of Employer dependant on where the employee’s primary job responsibilities are, and Employer shall
require any such successor (and the parent Employer thereof) to expressly assume and agree to perform this Amendment in the same manner and to the same extent that Employer would be required to perform it. 
 6. Applicable Law. This Amendment shall be governed by and construed in accordance with the substantive laws of the State of Washington, without
regard to the conflict of laws rules of any jurisdiction. 

 7. Effective Date. This Amendment shall be effective as of the date first written above, and shall
remain in effect for such time as may be necessary to give effect to its terms. 
 8. Miscellaneous. 
 (a) Executive acknowledges that he or she has (i) carefully read this Amendment, (ii) had an opportunity to consult with
independent counsel with respect to this Amendment and (iii) entered into this Amendment of his or her own free will. 
 (b) Any term or provision of this Amendment which is invalid or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity or unenforceability without rendering invalid or unenforceable
the remaining terms and provisions of this Amendment or affecting the validity or enforceability of any of the terms or provisions of this Amendment in any other jurisdiction. Further, if any term or provision shall be found or held to be invalid or
unenforceable in circumstances where it would be valid if some part if it were deleted or the period, scope or distance of application reduced, the parties to this Amendment agree that such restriction shall apply with such modification as may be
necessary to make it valid and effective and that any such modification shall not affect the validity of any other restrictions contained in this Amendment. 
 (c) All notices required of the parties under this Amendment shall be in writing and shall be deemed properly served if delivered
personally or sent by registered or certified mail (return receipt requested), facsimile or nationally-recognized courier or overnight delivery service addressed to such other party at the address set forth below, or at such other address as may
hereafter be designated by a party in writing, and shall be deemed delivered (i) five business days after being sent by mail or (ii) when actually delivered if sent by facsimile, courier or overnight delivery service (or the next business
day if delivered after regular business hours or on a Saturday, Sunday or holiday): 
 If to Employer: 
 Flow International Corporation 
 23500
64th Avenue South 
 Kent, Washington 98032 
 Attention: General Counsel 
 Facsimile: (253) 813-3280 
 If to
Executive: 
 ____________________ 
 Flow International Corporation 
 23500 64th Avenue South 
 Kent, Washington 98032 

 IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first written above.

  

			
	Flow International Corporation
		
	 By:
	 	  
	  
	
	 ExecutiveForm of Sale and Servicing Agreement

 Exhibit 4.1 
 SALE AND SERVICING AGREEMENT 
 dated as of [DATE] 
 by and among 
 ACCREDITED MORTGAGE LOAN REIT TRUST, 
 as Depositor, 
 ACCREDITED HOME LENDERS, INC.,

 as Sponsor and Servicer, 
 ACCREDITED MORTGAGE LOAN TRUST 200[_]-[_], 
 as Issuing Entity, 
 and 
 [                            ], 
 as Indenture Trustee 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
		  	ARTICLE I	  	
		  	DEFINITIONS	  	
			
	 Section 1.01.
	  	Certain Defined Terms	  	1
	 Section 1.02.
	  	Provisions of General Application	  	1
			
		  	ARTICLE II	  	
		  	SALE AND CONVEYANCE OF THE MORTGAGE LOANS	  	
			
	 Section 2.01.
	  	Purchase and Sale of Mortgage Loans; Deposit of Derivatives	  	2
	 Section 2.02.
	  	Reserved	  	2
	 Section 2.03.
	  	Purchase Price	  	3
	 Section 2.04.
	  	Possession of Mortgage Files; Access to Mortgage Files	  	3
	 Section 2.05.
	  	Delivery of Mortgage Loan Documents	  	3
	 Section 2.06.
	  	Acceptance of the Trust Estate; Certain Substitutions; Certification by the Indenture Trustee	  	6
	 Section 2.07.
	  	Grant of Security Interest	  	8
	 Section 2.08.
	  	Further Action Evidencing Assignments	  	9
	 Section 2.09.
	  	Assignment of Agreement	  	10
			
		  	ARTICLE III	  	
		  	REPRESENTATIONS, WARRANTIES AND COVENANTS	  	
			
	 Section 3.01.
	  	Representations, Warranties and Covenants of the Servicer	  	10
	 Section 3.02.
	  	Representations, Warranties and Covenants of the Sponsor	  	12
	 Section 3.03.
	  	[Reserved]	  	13
	 Section 3.04.
	  	Representations, Warranties and Covenants of the Indenture Trustee	  	13
	 Section 3.05.
	  	Covenants and Representations of the Sponsor and Servicer Regarding Prepayment Charges	  	14
	 Section 3.06.
	  	Representations, Warranties and Covenants of the Depositor	  	14
			
		  	ARTICLE IV	  	
		  	THE MORTGAGE LOANS	  	
			
	 Section 4.01.
	  	Representations and Warranties Concerning the Mortgage Loans	  	16
	 Section 4.02.
	  	Purchase and Substitution	  	25
			
		  	ARTICLE V	  	
		  	ADMINISTRATION AND SERVICING OF THE MORTGAGE LOANS	  	
			
	 Section 5.01.
	  	The Servicer	  	27
	 Section 5.02.
	  	Collection of Certain Mortgage Loan Payments; Collection Account	  	30
	 Section 5.03.
	  	Permitted Withdrawals from the Collection Account	  	31
	 Section 5.04.
	  	Hazard Insurance Policies; Property Protection Expenses	  	32

  

 i 

					
	 Section 5.05.
	  	Assumption and Modification Agreements	  	33
	 Section 5.06.
	  	Realization Upon Defaulted Mortgage Loans	  	34
	 Section 5.07.
	  	Indenture Trustee to Cooperate	  	35
	 Section 5.08.
	  	Servicing Compensation; Payment of Certain Expenses by Servicer	  	36
	 Section 5.09.
	  	Assessments of Compliance and Attestation Reports	  	36
	 Section 5.10.
	  	Reports Filed with Securities and Exchange Commission	  	37
	 Section 5.11.
	  	Access to Certain Documentation	  	38
	 Section 5.12.
	  	Maintenance of Fidelity Bond	  	43
	 Section 5.13.
	  	Subservicing Agreements Between the Servicer and Subservicer and Subservicers	  	44
	 Section 5.14.
	  	Reports to the Indenture Trustee; Collection Account Statements	  	44
	 Section 5.15.
	  	Optional Purchase of Defaulted Mortgage Loans	  	45
	 Section 5.16.
	  	Reports to be Provided by the Servicer	  	45
	 Section 5.17.
	  	[Reserved]	  	46
	 Section 5.18.
	  	Delinquency Advances	  	48
	 Section 5.19.
	  	Indemnification; Third Party Claims	  	48
	 Section 5.20.
	  	Maintenance of Corporate Existence and Licenses; Merger or Consolidation of the Servicer	  	48
	 Section 5.21.
	  	Assignment of Agreement by Servicer; Servicer Not to Resign	  	49
	 Section 5.22.
	  	Periodic Filings with the Securities and Exchange Commission Additional Information	  	49
	 Section 5.23.
	  	Administrative Duties	  	49
	 Section 5.24.
	  	Advance Facility	  	50
			
		  	ARTICLE VI	  	
		  	APPLICATION OF FUNDS	  	
			
	 Section 6.01.
	  	Deposits to the Payment Account	  	54
	 Section 6.02.
	  	Collection of Money	  	54
	 Section 6.03.
	  	Application of Principal and Interest	  	54
	 Section 6.04.
	  	[Reserved]	  	54
	 Section 6.05.
	  	Compensating Interest	  	54
	 Section 6.06.
	  	Effect of Payments by the Note Insurer; Subrogation	  	55
			
		  	ARTICLE VII	  	
		  	SERVICER DEFAULT	  	
			
	 Section 7.01.
	  	Servicer Events of Default	  	55
	 Section 7.02.
	  	Indenture Trustee to Act: Appointment of Successor	  	57
	 Section 7.03.
	  	Waiver of Defaults	  	61
	 Section 7.04.
	  	Rights of the Note Insurer to Exercise Rights of the Noteholders	  	61
	 Section 7.05.
	  	Indenture Trustee To Act Solely with Consent of the Note Insurer	  	62
	 Section 7.06.
	  	Mortgage Loans, Trust Estate and Accounts Held for Benefit of the Note Insurer	  	62
	 Section 7.07.
	  	Note Insurer Default	  	62

  

 ii 

					
		  	ARTICLE VIII	  	
		  	TERMINATION	  	
			
	 Section 8.01.
	  	Termination	  	63
	 Section 8.02.
	  	Additional Termination Requirements	  	64
	 Section 8.03.
	  	Accounting Upon Termination of Servicer	  	64
			
		  	ARTICLE IX	  	
		  	[RESERVED]	  	
			
		  	ARTICLE X	  	
		  	MISCELLANEOUS PROVISIONS	  	
			
	 Section 10.01.
	  	Limitation on Liability	  	64
	 Section 10.02.
	  	Acts of Noteholders	  	65
	 Section 10.03.
	  	Amendment	  	66
	 Section 10.04.
	  	Recordation of Agreement	  	66
	 Section 10.05.
	  	Duration of Agreement	  	67
	 Section 10.06.
	  	Notices	  	67
	 Section 10.07.
	  	Severability of Provisions	  	67
	 Section 10.08.
	  	No Partnership	  	67
	 Section 10.09.
	  	Counterparts	  	67
	 Section 10.10.
	  	Successors and Assigns	  	67
	 Section 10.11.
	  	Headings	  	67
	 Section 10.12.
	  	No Petition	  	68
	 Section 10.13.
	  	Third Party Beneficiary	  	68
	 Section 10.14.
	  	Intent of the Parties	  	68
	 Section 10.15.
	  	GOVERNING LAW; CONSENT TO JURISDICTION; WAIVER OF JURY TRIAL	  	68
			
	 Schedule I
	  	Mortgage Loan Schedule	  	
	 Appendix I
	  	Defined Terms	  	
			
		  	EXHIBITS	  	
			
	 Exhibit A
	  	Contents of the Mortgage File	  	
	 Exhibit B
	  	Indenture Trustee’s Acknowledgement of Receipt	  	
	 Exhibit C
	  	Indenture Trustee’s Acknowledgement of Receipt	  	
	 Exhibit D
	  	Initial Certification of Indenture Trustee	  	
	 Exhibit E
	  	Final Certification of Indenture Trustee	  	
	 Exhibit F
	  	Request for Release of Documents	  	
	 Exhibit G
	  	AHL Officer’s Certificate	  	

  

 iii 

 SALE AND SERVICING AGREEMENT, dated as of [DATE] (this “Agreement”), by and among
ACCREDITED MORTGAGE LOAN REIT TRUST, a Maryland real estate investment trust, as depositor (the “Depositor”), ACCREDITED HOME LENDERS, INC., a California corporation, as sponsor (the “Sponsor”), ACCREDITED MORTGAGE
LOAN TRUST 200[_]-[_], a Delaware statutory trust, as issuing entity (the “Issuing Entity”), ACCREDITED HOME LENDERS, INC., a California corporation, as servicer (the “Servicer”), and
[                                    ], a [national banking
association], as indenture trustee (the “Indenture Trustee”). 
 W I T N E S S E T H 
 WHEREAS, the Sponsor has contributed the mortgage loans (the “Mortgage Loans”) listed on Schedule I to this Agreement to the Depositor,
pursuant to the Contribution Agreement and Assignment, dated [DATE], between the Sponsor and the Depositor, (the “Contribution Agreement”); 
 WHEREAS, the Depositor desires to sell to the Issuing Entity, and the Issuing Entity desires to purchase from the Depositor, the Mortgage Loans; 
 WHEREAS, immediately after such purchase, the Issuing Entity will pledge such Mortgage Loans to the Indenture Trustee pursuant to the terms of an
Indenture, dated as of [DATE] (the “Indenture”), between the Issuing Entity and the Indenture Trustee, and issue the Accredited Mortgage Loan Trust 200[_]-[_], Asset-Backed Notes (the “Notes”); 
 WHEREAS, the Servicer has agreed to service the Mortgage Loans, which constitute the principal assets of the Issuing Entity; 
 WHEREAS, the Indenture Trustee will hold the Mortgage Loans and certain other assets pledged to the Indenture Trustee pursuant to the Indenture; and

 NOW, THEREFORE, in consideration of the premises and the mutual agreements herein contained, the Depositor, the Sponsor, the Issuing
Entity, the Servicer and the Indenture Trustee hereby agree as follows: 
 ARTICLE I 
 DEFINITIONS 
 Section 1.01. Certain
Defined Terms. Capitalized terms used herein but not defined herein shall have the meanings ascribed to such terms in Appendix I attached hereto. 
 Section 1.02. Provisions of General Application. 
 (a) The terms defined herein and in
Appendix I to the Indenture include the plural as well as the singular. 
  

 1 

 (b) The words “herein,” “hereof” and “hereunder” and other
words of similar import refer to this Agreement as a whole. Unless otherwise noted, all references to Articles and Sections shall be deemed to refer to Articles and Sections of this Agreement. 
 (c) Any reference to statutes are to be construed as including all statutory provisions consolidating, amending or replacing the statute
to which reference is made and all regulations promulgated pursuant to such statutes. 
 (d) All calculations of interest with
respect to the Notes provided for herein shall be on the basis of a 360-day year and the actual number of days elapsed in the related Accrual Period. All calculations of interest with respect to any Mortgage Loan provided for herein shall be made in
accordance with the terms of the related Mortgage Note and Mortgage or, if such documents do not specify the basis upon which interest accrues thereon, on the basis of a 360 day year consisting of twelve 30-day months, to the extent permitted by
applicable law. 
 (e) Any Mortgage Loan payment is deemed to be received on the date such payment is actually received by the
Servicer; provided, however, that, for purposes of calculating payments on the Notes, prepayments with respect to any Mortgage Loan are deemed to be received on the date they are applied in accordance with Accepted Servicing Practices
consistent with the terms of the related Mortgage Note and Mortgage to reduce the outstanding Principal Balance of such Mortgage Loan on which interest accrues. 
 ARTICLE II 
 SALE AND CONVEYANCE OF THE MORTGAGE LOANS 
 Section 2.01. Purchase and Sale of Mortgage Loans; Deposit of Derivatives. 
 (a) The Sponsor hereby directs the Depositor to sell, transfer, assign, set over and convey, and the Depositor does hereby sell, transfer,
assign, set over and convey to the Issuing Entity, in each case without recourse, but subject to the terms and provisions of this Agreement, all of the right, title and interest of the Depositor in and to the Mortgage Loans, including the Cut-Off
Date Principal Balance of, and interest due on, such Mortgage Loans listed on Schedule I attached hereto, and all other assets included or to be included in the Trust Estate. In addition, on or prior to the Closing Date, the Sponsor shall cause the
Note Insurer to deliver the Note Insurance Policy. 
 (b) The Depositor may cause the deposit of derivatives at any time into
the Accredited Mortgage Loan Trust 200[_]-[_] and any such deposited derivatives shall become part of the Trust Estate. 
 (c)
The parties hereto understand and agree that it is not intended that any Mortgage Loan be included in the Issuing Entity that is a “High-Cost Home Loan” as defined by HOEPA or any other applicable predatory or abusive lending laws.

 Section 2.02. Reserved. 
  

 2 

 Section 2.03. Purchase Price. On the Closing Date, as full consideration for the Depositor’s
sale of the Mortgage Loans to the Issuing Entity, the Underwriters, on behalf of the Issuing Entity, will deliver to, or at the direction of, the Depositor an amount in cash equal to $[        
                 ]. Additionally, the Depositor will receive the Certificates issued by the Issuing Entity pursuant to the Trust Agreement. 
 Section 2.04. Possession of Mortgage Files; Access to Mortgage Files. 
 (a) Upon the receipt by the Depositor, or its designee, of the purchase price for the Mortgage Loans set forth in Section 2.03
hereof, the ownership of each Mortgage Note, each Mortgage and the contents of the Mortgage File related to each Mortgage Loan will be vested in the Issuing Entity, and will be pledged to the Indenture Trustee, for the benefit of the Noteholders and
the Note Insurer. 
 (b) Pursuant to Section 2.05 hereof, the Depositor has delivered, or caused to be delivered the
Indenture Trustee’s Mortgage File related to each Mortgage Loan to the Indenture Trustee. 
 (c) The Indenture Trustee
will hold the Indenture Trustee’s Mortgage Files in trust pursuant to the terms of the Indenture for the benefit of all present and future Noteholders and the Note Insurer. 
 (d) Consistent with the terms of the Indenture, the Indenture Trustee shall afford the Depositor, the Sponsor, the Issuing Entity, the
Note Insurer and the Servicer reasonable access to all records and documentation regarding the Mortgage Loans relating to this Agreement, such access being afforded at customary charges, upon reasonable prior written request and during normal
business hours at the offices of the Indenture Trustee. 
 (e) No later than the fifth Business Day of each fourth month,
commencing in [MO/YR], the Indenture Trustee shall deliver to the Servicer and the Note Insurer a report dated as of the first day of such month, identifying those Mortgage Loans for which it has not yet received (i) an original recorded
Mortgage or a copy thereof certified to be true and correct by the public recording office in possession of such Mortgage or (ii) in the event that Assignments of Mortgage are required to be recorded in accordance with the provisions of
Section 2.05, an original recorded Assignment of Mortgage to the Indenture Trustee and any required intervening Assignments of Mortgage or a copy thereof certified to be a true and correct copy by the public recording office in possession of
such Assignment of Mortgage. 
 Section 2.05. Delivery of Mortgage Loan Documents. (a) In connection with the transfer and
assignment of the Mortgage Loans, the Depositor shall, on or before the Closing Date, deliver, or cause to be delivered, to the Indenture Trustee (as pledgee of the Issuing Entity pursuant to the Indenture), the following documents or instruments
constituting the Indenture Trustee’s Mortgage File with respect to each Mortgage Loan so transferred or assigned: 
 (i)
the original Mortgage Note, endorsed without recourse in blank or to “[                    ], as Indenture Trustee under the Indenture
dated as of [DATE], Accredited Mortgage Loan Trust 200[  ]-[  ]” by the Sponsor, including all intervening endorsements showing a complete chain of endorsement; 
  

 3 

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

 (y) with respect to clause (iv) above, in lieu of delivering the completed assignment in recordable form, deliver to
the Indenture Trustee, the assignment in recordable form, otherwise complete except for recording information. 
  

 4 

 The Indenture Trustee is hereby authorized and directed, upon an Event of Default and subject to subsection
(b) below, with respect to each assignment described in Section 2.05(a)(iv) hereof, to endorse such assignment as follows:
“[                        ], as Indenture Trustee under the Indenture dated as of [DATE], Accredited Mortgage Loan
Trust 200[_]-[_].” 
 (b) As promptly as practicable, but in any event within thirty (30) days from the Closing
Date, the Sponsor shall promptly submit, or cause to be submitted for recording in the appropriate public office for real property records, each assignment referred to in Section 2.05(a)(iv); provided, that the Sponsor need not cause to be
recorded any assignment which (i) is registered on the MERS System, or (ii) relates to a Mortgage Loan in any jurisdiction under the laws of which, as evidenced by an Opinion of Counsel delivered by the Sponsor (at the Sponsor’s
expense) to the Indenture Trustee, acceptable to the Rating Agencies and the Note Insurer, the recordation of such assignment is not necessary to protect the Indenture Trustee’s, the Note Insurer’s, the Noteholders’ and the
Certificates’ interest in the related Mortgage Loan. The Indenture Trustee, shall retain a copy of each assignment submitted for recording. In the event that any such assignment is lost or returned unrecorded because of a defect therein, the
Sponsor shall promptly prepare a substitute assignment or cure such defect, as the case may be, and thereafter the Sponsor shall submit each such assignment for recording. The costs relating to the delivery and recordation of the documents in
connection with the Mortgage Loans as specified in this Article II shall be borne by the Sponsor. With respect to Mortgage Loans (i) not registered on the MERS System, or (ii) not covered by an Opinion of Counsel described in this section
2.05(b) to the extent that assignments of mortgage have not been recorded within one year after the Closing Date, the Depositor shall, and if the Depositor fails to, then the Sponsor shall be obligated to repurchase such Mortgage Loans in accordance
with the provisions of Section 4.02. 
 In connection with the assignment of any Mortgage Loan registered on the MERS System, promptly
after the Closing Date, the Sponsor will cause, at its own expense, the MERS System to indicate that such Mortgage Loan has been assigned to the Indenture Trustee for the benefit of the Noteholders by entering (a) the Indenture Trustee’s
Org ID in the “Investor” field which identifies the Indenture Trustee and (b) in the “Pool” field a code which identifies the securitization serial number of the Notes issued in connection with such Mortgage Loans. The
Sponsor and the Servicer will not alter the entries referenced in this paragraph with respect to any such Mortgage Loan during the term of this Agreement unless and until such Mortgage Loan is repurchased or otherwise in accordance with the terms of
this Agreement. 
 (c) The Sponsor shall, within five (5) Business Days after the receipt thereof, deliver, or cause to
be delivered, to the Indenture Trustee: (i) the original recorded Mortgage and related power of attorney, if any, in those instances where a copy thereof certified by the Sponsor was delivered to the Indenture Trustee; (ii) the original
recorded assignment of Mortgage from the last endorsee to the Indenture Trustee, which, together with any intervening assignments of Mortgage, evidences a complete chain of assignment from the originator of the Mortgage Loan to the Indenture
Trustee, in those instances where copies of such assignments certified by the Sponsor were delivered to the Indenture Trustee; and (iii) the title insurance policy or title opinion required in Section 2.05(a)(vi). 
  

 5 

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

  

 6 

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

  

 7 

 
Files is limited solely to confirming that the documents listed in Section 2.05 have been executed and received and relate to the Indenture
Trustee’s Mortgage Files identified in the related Mortgage Loan Schedule. The Indenture Trustee shall be under no duty or obligation to inspect, review or examine any such documents, instruments, certificates or other papers to determine that
they are genuine, enforceable, or appropriate for the represented purpose or that they are other than what they purport to be on their face. 
 (c) If the Indenture Trustee during the process of reviewing the Indenture Trustee’s Mortgage Files finds any document constituting a part of a Indenture Trustee’s Mortgage File which is not executed, has
not been received, is unrelated to the Mortgage Loan identified in the related Mortgage Loan Schedule, or does not conform to the requirements of Section 2.05 or the description thereof as set forth in the related Mortgage Loan Schedule, the
Indenture Trustee shall promptly so notify the Servicer, the Sponsor and the Note Insurer. Upon receipt of such notice respecting such defect, the Depositor and the Sponsor shall have a sixty (60) day period after such notice within which to
correct or cure any such defect, or if the Servicer or the Note Insurer determines that the defect materially and adversely affects the value of the related Mortgage Loan or the interest of the Noteholders and the Note Insurer in the related
Mortgage Loan, to either (i) substitute in lieu of such Mortgage Loan a Qualified Substitute Mortgage Loan in the manner and subject to the conditions set forth in this Section 2.06 or (ii) purchase such Mortgage Loan at a purchase
price equal to the Loan Repurchase Price. Upon receipt by the Indenture Trustee of two copies of a certification, in the form attached hereto as Exhibit F, of a Servicing Officer of such substitution or purchase and, in the case of a
substitution, upon receipt by the Indenture Trustee, of the related Indenture Trustee’s Mortgage File, and the deposit of the Loan Repurchase Price, in the case of a purchase, or the Substitution Adjustment, if any, in connection with a
substitution, in the Collection Account, the Indenture Trustee shall release to the Servicer for release to the Depositor or the Sponsor, as applicable, the related Indenture Trustee’s Mortgage File and the Indenture Trustee shall execute,
without recourse, and deliver such instruments of transfer furnished by the Depositor or the Sponsor as may be necessary to transfer such Mortgage Loan to the Depositor or the Sponsor, as applicable. The Indenture Trustee shall provide notice to the
Note Insurer if the Depositor and the Sponsor fail to repurchase or substitute for a Mortgage Loan in accordance with the foregoing. 
 Section 2.07. Grant of Security Interest. (a) It is intended that the conveyance of the Mortgage Loans and other property by the Depositor to the Issuing Entity as provided in this Article II be, and be construed for all
purposes other than tax and accounting purposes as, a sale of the Mortgage Loans and such other property by the Depositor to the Issuing Entity. It is, for all purposes other than tax and accounting purposes further, not intended that such
conveyance be deemed a pledge of the Mortgage Loans or such other property by the Depositor to the Issuing Entity to secure a debt or other obligation of the Depositor. However, in the event that the Mortgage Loans or any of such other property are
held to be property of the Depositor, or if for any reason this Agreement is held or deemed to create a security interest in the Mortgage Loans or any of such other property, then it is intended that: (i) this Agreement shall also be deemed to
be a security agreement within the meaning of the Uniform Commercial Code; (ii) the conveyance provided for in this Article II shall be deemed to be a grant by the Depositor to the Issuing Entity of a security interest in all of the
Depositor’s right, title and interest in and to the Mortgage Loans and such other property and all amounts payable to the holders of the Mortgage 

  

 8 

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

 9 

 (b) Each of the Sponsor and the Depositor hereby grants to the Servicer and the Indenture
Trustee powers of attorney to execute all documents on its behalf under this Agreement as may be necessary or desirable to effectuate the foregoing. 
 Section 2.09. Assignment of Agreement. The Sponsor, the Depositor and the Servicer hereby acknowledge and agree that the Issuing Entity may assign its interest under this Agreement to the Indenture Trustee, for
the benefit of the Noteholders and the Note Insurer, as may be required to effect the purposes of the Indenture, without further notice to, or consent of, the Sponsor or the Servicer, and the Indenture Trustee shall succeed to such of the rights of
the Issuing Entity hereunder as shall be so assigned. The Issuing Entity shall, pursuant to the Indenture, assign all of its right, title and interest in and to the Mortgage Loans and its right to exercise the remedies created by Section 4.02
of this Agreement for breaches of the representations, warranties, agreements and covenants of the Sponsor contained in Sections 3.02 and 4.01 of this Agreement, assign such right, title and interest to the Indenture Trustee, for the benefit of the
Noteholders and the Note Insurer. The Sponsor agrees that, upon such assignment to the Indenture Trustee, such representations, warranties, agreements and covenants will run to and be for the benefit of the Indenture Trustee and the Indenture
Trustee may enforce, without joinder of the Sponsor or the Issuing Entity, the repurchase obligations of the Sponsor set forth herein with respect to breaches of such representations, warranties, agreements and covenants. 
 ARTICLE III 
 REPRESENTATIONS,
WARRANTIES AND COVENANTS 
 Section 3.01. Representations, Warranties and Covenants of the Servicer. The Servicer hereby
represents, warrants and covenants to the Indenture Trustee, the Depositor, the Sponsor, the Issuing Entity, the Note Insurer and the Noteholders as of the Closing Date and during the term of this Agreement that: 
 (a) The Servicer is duly organized, validly existing and in good standing under the laws of its state of incorporation and has the power
to own its assets and to transact the business in which it is currently engaged. The Servicer is duly qualified to do business as a foreign corporation and is in good standing in each jurisdiction in which the character of the business transacted by
it or properties owned or leased by it or the performance of its obligations hereunder requires such qualification and in which the failure so to qualify could reasonably be expected to have a material adverse effect on the business, properties,
assets, or condition (financial or other) of the Servicer or the performance of its obligations hereunder. 
 (b) The Servicer
has the power and authority to make, execute, deliver and perform this Agreement and all of the transactions contemplated under this Agreement, and has taken all necessary corporate action to authorize the execution, delivery and performance of this
Agreement, and assuming the due authorization, execution and delivery hereof by the other parties hereto constitutes, or will constitute, the legal, valid and binding obligation of the Servicer, enforceable in accordance with its terms, except as
enforcement of such terms may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws relating to or affecting the rights of creditors generally, and by general equity principles (regardless of whether such enforcement
is considered in a proceeding in equity or at law). 
  

 10 

 (c) The Servicer is not required to obtain the consent of any other party or any consent,
license, approval or authorization from, or registration or declaration with, any governmental authority, bureau or agency which consent already has not been obtained in connection with the execution, delivery, performance, validity or
enforceability of this Agreement, except such as have been obtained prior to the Closing Date. 
 (d) The execution, delivery
and performance of this Agreement by the Servicer will not violate any provision of any existing law or regulation or any order or decree of any court or the charter or bylaws of the Servicer, or constitute a breach of any mortgage, indenture,
contract or other Agreement to which the Servicer is a party or by which it may be bound. 
 (e) Except as set forth in the
Prospectus Supplement under the heading “Risk Factors,” there is no action, suit, proceeding or investigation pending or threatened against the Servicer which, either in any one instance or in the aggregate, is, in the
Servicer’s judgment, likely to result in any material adverse change in the business, operations, financial condition, properties, or assets of the Servicer, or in any material impairment of the right or ability of the Servicer to carry on its
business substantially as now conducted, or in any material liability on the part of the Servicer, or which would draw into question the validity of this Agreement, the Notes, or the Mortgage Loans or of any action taken or to be taken in connection
with the obligations of the Servicer contemplated herein or therein, or which would be likely to impair materially the ability of the Servicer to perform its obligations hereunder. 
 (f) Neither this Agreement nor any statement, report, or other document furnished by the Servicer pursuant to this Agreement or in
connection with the transactions contemplated hereby, including, without limitation, the sale or placement of the Notes, contains any untrue material statement of fact provided by or on behalf of the Servicer or omits to state a material fact
necessary to make the statements provided by or on behalf of the Servicer contained herein or therein not misleading. 
 (g)
The Servicer does not believe, nor does it have any reason or cause to believe, that it cannot perform each and every covenant contained in this Agreement. 
 (h) The Servicer is not an “investment company” or a company “controlled by an investment company,” within the meaning of the Investment Company Act of 1940, as amended. 
 (i) The Servicer shall take all necessary steps to maintain the Indenture Trustee’s perfection and priority in the Mortgage Loans.

 (j) The Servicer will fully furnish, in accordance with the Fair Credit Reporting Act and its implementing regulations,
accurate and complete information (i.e., favorable and unfavorable) on its borrower credit files to Equifax, Experian, and Trans Union Credit Information Company (three of the credit repositories), on a monthly basis. 
 (k) The Servicer is a member of MERS in good standing, and will comply in all material respects with the rules and procedures of MERS in
connection with the servicing of the Mortgage Loans that are registered with MERS. 
  

 11 

 It is understood and agreed that the representations, warranties and covenants set forth in this
Section 3.01 shall survive the delivery of the respective Indenture Trustee’s Mortgage Files to the Indenture Trustee and inure to the benefit of the Indenture Trustee. 
 Section 3.02. Representations, Warranties and Covenants of the Sponsor. The Sponsor hereby represents, warrants and covenants to the Indenture
Trustee, the Depositor, the Issuing Entity, the Note Insurer and the Servicer that as of the date of this Agreement or as of such date specifically provided herein: 
 (a) The Sponsor is a corporation duly organized, validly existing and in good standing under the laws of the State of California.

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

  

 12 

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

  

 13 

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

 14 

 (b) The Depositor has the trust power and authority to convey the Mortgage Loans and to
execute, deliver and perform, and to enter into and consummate the transactions contemplated by this Agreement. 
 (c) This
Agreement has been duly and validly authorized, executed and delivered by the Depositor, all requisite corporate action having been taken, and, assuming the due authorization, execution and delivery hereof by the other parties hereto, constitutes or
will constitute the legal, valid and binding agreement of the Depositor, enforceable against the Depositor in accordance with its terms, except as such enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar
laws relating to or affecting the rights of creditors generally, and by general equity principles (regardless of whether such enforcement is considered in a proceeding in equity or at law). 
 (d) No consent, approval, authorization or order of or registration or filing with, or notice to, any governmental authority or court is
required for the execution, delivery and performance of or compliance by the Depositor with this Agreement or the consummation by the Depositor of any of the transactions contemplated hereby, except as have been made on or prior to the Closing Date.

 (e) None of the execution and delivery of this Agreement, the consummation of the transactions contemplated hereby or
thereby, or the fulfillment of or compliance with the terms and conditions of this Agreement, (i) conflicts or will conflict with or results or will result in a breach of, or constitutes or will constitute a default or results or will result in
an acceleration under (A) the certificate of trust or bylaws of the Depositor, or (B) of any term, condition or provision of any material indenture, deed of trust, contract or other agreement or instrument to which the Depositor or any of
its subsidiaries is a party or by which it or any of its subsidiaries is bound; (ii) results or will result in a violation of any law, rule, regulation, order, judgment or decree applicable to the Depositor of any court or governmental
authority having jurisdiction over the Depositor or its subsidiaries; or (iii) results in the creation or imposition of any lien, charge or encumbrance which would have a material adverse effect upon the Mortgage Loans or any documents or
instruments evidencing or securing the Mortgage Loans. 
 (f) Except as set forth in the Prospectus Supplement under the
heading “Risk Factors,” there are no actions, suits or proceedings before or against or investigations of, the Depositor pending, or to the knowledge of the Depositor, threatened, before any court, administrative agency or other
tribunal, and no notice of any such action, which, in the Depositor’s reasonable judgment, might materially and adversely affect the performance by the Depositor of its obligations under this Agreement, or the validity or enforceability of this
Agreement. 
 (g) The Depositor is not in default with respect to any order or decree of any court or any order, regulation or
demand of any federal, state, municipal or governmental agency that may materially and adversely affect its performance hereunder. 
 (h) The Depositor hereby covenants that it will file a federal income tax return for its taxable year ending December 31, 200[_] on Internal Revenue Service Form 1120 REIT on which the Depositor elects to be taxed as a REIT. The
Depositor hereby represents that it has 

  

 15 

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

  

 16 

 
regularly originate or purchase mortgage loans comparable to the Mortgage Loans for sale to prudent investors in the secondary market that invest in mortgage
loans such as the Mortgage Loans. 
 (e) [Reserved]. 
 (f) Each Mortgaged Property is improved by a single (one to four) family residential dwelling, which may include condominiums, individual
units in a planned unit development and townhouses but shall not include cooperatives. 
 (g) No Mortgage Loan had an LTV at
origination in excess of [        ]%. 
 (h) Each Mortgage Loan is a valid,
subsisting enforceable and perfected first lien as identified on the Mortgage Loan Schedule on the Mortgaged Property and subject in all cases to the exceptions to title set forth in the title insurance policy, with respect to the related Mortgage
Loan, which exceptions are generally acceptable to banking institutions in connection with their regular mortgage lending activities, and such other exceptions to which similar properties are commonly subject and which do not individually, or in the
aggregate, materially and adversely affect the benefits of the security intended to be provided by such Mortgage. At the time each Mortgage Loan was originated, the originator was a mortgagee approved by the Secretary of Housing and Urban
Development pursuant to Sections 203 and 211 of the National Housing Act or a savings and loan association, a savings bank, a commercial bank or similar banking institution which was supervised and examined by a federal or state authority or a
mortgage banker or broker licensed or authorized to do business in the jurisdiction in which the related Mortgaged Property is located, applying the same standards and procedures used by the Sponsor in originating Mortgage Loans directly.

 (i) Immediately prior to the transfer and assignment of the Mortgage Loans to the Depositor pursuant to the Contribution
Agreement, the Sponsor held good and marketable title to, and was the sole owner of each Mortgage Loan, subject to no liens, charges, mortgages or encumbrances or rights of others, except liens of third party warehouse lenders that will be released
simultaneously with the transfer and assignment contemplated herein; and immediately prior to the transfer and assignment herein contemplated, the Depositor held good and marketable title to, and was the sole owner of, each Mortgage Loan subject to
no liens, charges, mortgages, encumbrances or rights of others except liens which will be released simultaneously with such transfer and assignment; and immediately upon the transfer and assignment herein contemplated, the Indenture Trustee will
hold good and marketable title to, and be the sole owner of, each Mortgage Loan subject to no liens, charges, mortgages, encumbrances or rights of others except liens which will be released simultaneously with such transfer and assignment.

 (j) There is no delinquent tax or assessment lien on any Mortgaged Property, and each Mortgaged Property is free of
substantial damage and is in good repair. 
 (k) There is no valid and enforceable right of rescission, set-off, defense or
counterclaim to any Mortgage Note or Mortgage, including the obligation of the related Mortgagor to pay the unpaid principal of or interest on such Mortgage Note or the defense of usury, nor will the operation of any of the terms of the Mortgage
Note or the Mortgage, or the 

  

 17 

 
exercise of any right thereunder, render either the Mortgage Note or the Mortgage unenforceable in whole or in part, or subject to any right of rescission,
set-off, counterclaim or defense, including the defense of usury, and no such right of rescission, set-off, counterclaim or defense has been asserted with respect thereto. 
 (l) There is no mechanics’ lien or claim for work, labor or material affecting any Mortgaged Property which is or may be a lien prior
to, or equal with and no rights are outstanding that under the law gives rise to such liens, the lien of the related Mortgage except those which are insured against by any title insurance policy referred to in paragraph (n) below. 

(m) Each Mortgage Loan at the time it was made complied with, and each Mortgage Loan at all times was serviced in compliance with, in
each case, in all material respects, applicable local, state and federal laws and regulations, including, without limitation, the federal Truth-in-Lending Act and other consumer protection laws, the Home Ownership and Equity Protection Act of 1994,
real estate settlement procedure, usury, equal credit opportunity, disclosure and recording laws and all applicable predatory and abusive lending laws. 
 (n) With respect to each Mortgage Loan, a lender’s title insurance policy, issued in standard California Land Title Association form or American Land Title Association form, or other form acceptable in a
particular jurisdiction by a title insurance company authorized to transact business in the state in which the related Mortgaged Property is situated, in an amount at least equal to the original Principal Balance of such Mortgage Loan insuring the
mortgagee’s interest under the related Mortgage Loan as the holder of a valid first mortgage lien of record on the real property described in the related Mortgage, as the case may be, subject only to exceptions of the character referred to in
paragraph (h) above, was effective on the date of the origination of such Mortgage Loan, and, as of the Closing Date such policy will be valid and inure to the benefit of the Indenture Trustee on behalf of the Noteholders. 
 (o) The improvements upon each Mortgaged Property are covered by a valid and existing hazard insurance policy (which may be a blanket
policy of the type described in this Agreement) with a generally acceptable carrier that provides for fire and extended coverage representing coverage not less than the least of (i) the outstanding Principal Balance of the related Mortgage
Loan, (ii) the minimum amount required to compensate for damage or loss on a replacement cost basis or (iii) the full insurable value of the Mortgaged Property. 
 (p) If any Mortgaged Property is in an area identified in the Federal Register by the Federal Emergency Management Agency as having
special flood hazards, a flood insurance policy (which may be a blanket policy of the type described in this Agreement) in a form meeting the requirements of the current guidelines of the Federal Insurance Administration is in effect with respect to
such Mortgaged Property with a generally acceptable carrier in an amount representing coverage not less than the least of (i) the outstanding Principal Balance of the related Mortgage Loan (together, in the case of a second mortgage loan, with
the outstanding principal balance of the first mortgage loan), (ii) the minimum amount required to compensate for damage or loss on a replacement cost basis or (iii) the maximum amount of insurance that is available under the Flood
Disaster Protection Act of 1973. 
  

 18 

 (q) Each Mortgage and Mortgage Note is the legal, valid and binding obligation of the
maker thereof and is enforceable in accordance with its terms, except only as such enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors’ rights generally
and by general principles of equity (whether considered in a proceeding or action in equity or at law), and all parties to each Mortgage Loan had full legal capacity to execute all documents relating to such Mortgage Loan and convey the estate
therein purported to be conveyed. 
 (r) The Sponsor has directed and the Depositor has caused to be performed any and all
acts required to be performed to preserve the rights and remedies of the Indenture Trustee in any Insurance Policies applicable to any Mortgage Loan delivered by the Sponsor or the Depositor including, to the extent such Mortgage Loan is not covered
by a blanket policy described in this Agreement, any necessary notifications of insurers, assignments of policies or interests therein, and establishments of coinsured, joint loss payee and mortgagee rights in favor of the Indenture Trustee.

 (s) The Sponsor has caused or will have caused, within ten days, the filing of all appropriate financing statements in the
proper filing office in the appropriate jurisdictions under applicable law in order to perfect the security interest in the original Mortgage Note and all subsequent assignments of the original Mortgage, granted to the Indenture Trustee hereunder,
subject to the provisions of Section 2.05(b) of this Agreement. 
 (t) The terms of each Mortgage Note and each Mortgage
have not been impaired, altered, waived or modified in any respect, except by a written instrument which has been recorded, if necessary, to protect the interest of the Noteholders and which has been delivered to the Indenture Trustee. 

(u) The proceeds of each Mortgage Loan have been fully disbursed, and there is no obligation on the part of the mortgagee to make
future advances thereunder. All costs, fees and expenses incurred in making or closing or recording such Mortgage Loans were paid. 
 (v) Except as otherwise required by law or pursuant to the statute under which the related Mortgage Loan was made, the related Mortgage Note is not and has not been secured by any collateral, pledged account or other security except the
lien of the corresponding Mortgage. 
 (w) No Mortgage Loan was originated under a buydown plan. 
 (x) No Mortgage Loan provides for negative amortization, has a shared appreciation feature, or other contingent interest feature.

 (y) Each Mortgaged Property is located in the state identified in the Mortgage Loan Schedule and consists of one or more
parcels of real property with a residential dwelling erected thereon and that no residence or dwelling is a mobile home. 
 (z) Each Mortgage securing a Mortgage Note contains a provision for the acceleration of the payment of the unpaid Principal Balance of the related Mortgage Loan in the event the related Mortgaged Property is sold without the prior consent
of the mortgagee thereunder. 
  

 19 

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

 20 

 (ii) There is no default, breach, violation or event of acceleration existing under any
Mortgage or the related Mortgage Note and no event which, with the passage of time or with notice and the expiration of any grace or cure period, would constitute a default, breach, violation or event of acceleration; and the Depositor has not
waived any default, breach, violation or event of acceleration. 
 (jj) No instrument of release or waiver has been executed
in connection with any Mortgage Loan, and no Mortgagor has been released, in whole or in part. 
 (kk) [Reserved]. 

(ll) The Sponsor has no actual knowledge that there exists on any Mortgaged Property any hazardous substances, hazardous wastes or
solid wastes, as such terms are defined in the CERCLA, the Resource Conservation and Recovery Act of 1976, or other federal, state or local environmental legislation. 
 (mm) No action, error, omission, misrepresentation, negligence, fraud or similar occurrence with respect to the origination of a Mortgage
Loan has taken place on the part of any person, including, without limitation, the Mortgagor, any appraiser, any builder or developer, or any other party involved in the origination of the Mortgage Loan or in the application of any insurance in
relation to such Mortgage Loan. 
 (nn) The Sponsor has not solicited the Mortgagor in connection with any refinancing.

 (oo) If the Mortgage Loan is an adjustable rate Mortgage Loan, all of the adjustments to the Mortgage Interest Rate, to the
amount of the monthly payment, and to the principal balance have been made in accordance with the terms of the related Mortgage Note. 
 (pp) The origination and collection practices used with respect to the Mortgage Loan have been in all respects legal, proper, prudent and customary in the mortgage origination and servicing business. 
 (qq) An appraisal of the related Mortgaged Property was made and signed, prior to the approval of the Mortgage Loan application, by a
qualified appraiser who met the requirements of the Sponsor’s appraisal policy and procedures and who had no interest, direct or indirect in the Mortgaged Property or in any loan made on the security thereof, whose compensation was not affected
by the approval or disapproval of the Mortgage Loan. 
 (rr) The Mortgagor has received all disclosure materials required by
applicable law with respect to the making of adjustable rate mortgage loans; and if the Mortgage Loan is a refinanced Mortgage Loan, the Mortgagor has received all disclosure and rescission materials required by applicable law with respect to the
making of a refinanced Mortgage Loan, and evidence of such receipt is and will remain in the Servicer’s file. 
 (ss) If
the residential dwelling on the Mortgaged Property is a condominium unit or a unit in a planned unit development (other than a de minimis planned unit development), such condominium or planned unit development project meets the Sponsor’s
eligibility requirements. 
  

 21 

 (tt) None of the Mortgage Loans in Group 1 and Group 2 were more than one payment past
due or had been dishonored. None of the Mortgage Loans have been thirty or more days delinquent more than one time in the twelve months preceding the Cut-Off Date. The number of Mortgage Loans which are more than 30 days delinquent do not exceed 20%
of the Initial Pool Balance of the Mortgage Loans. 
 (uu) The Sponsor has not advanced funds, or induced, solicited or
knowingly received any advance of funds by a person other than the Mortgagor, directly or indirectly, for the payment of any amount required under the Mortgage Loan, except for interest prepaid upon the closing of the Mortgage Loan. No Mortgage Loan
contains any provision pursuant to which Monthly Payments are: (i) paid or partially paid with funds deposited in any separate account established by the Sponsor, the Mortgagor, or anyone on behalf of the Mortgagor or (ii) paid by any
source other than the Mortgagor. The Mortgage Loan is not deemed a graduated payment mortgage loan and the Mortgage Loan does not have a shared appreciation or other contingent interest feature. 
 (vv) No foreclosure proceedings are pending against the Mortgaged Property and the Mortgage Loan is not subject to any pending bankruptcy
or insolvency proceeding, and to the Sponsor’s best knowledge, no material litigation or material lawsuit relating to the Mortgage Loan is pending. 
 (ww) Principal payments on the Mortgage Loan commenced or will commence within sixty days after the proceeds of the Mortgage Loan were disbursed. 
 (xx) With respect to escrow deposits, if any, all such payments are in the possession of, or under the control of, the Servicer and there
exists no deficiencies in connection therewith for which customary arrangements for repayment thereof have not been made or could be made. No escrow deposits or escrow advances or other charges or payments due the Servicer have been capitalized
under any Mortgage or the related Mortgage Note. 
 (yy) With respect to the conveyance of the Mortgage Loans by the Sponsor
to the Depositor, the Sponsor used no selection procedures that identified the Mortgage Loans as being less desirable or valuable than other comparable mortgage loans originated or acquired by the Sponsor. The Mortgage Loans are representative of
the Sponsor’s portfolio of fixed-rate or adjustable-rate mortgage loans, as applicable. With respect to the conveyance of the Mortgage Loans pursuant to this Agreement, the Depositor used no selection procedures that identified the Mortgage
Loans as being less desirable or valuable than other comparable mortgage loans originated or acquired by the Depositor. The Mortgage Loans are representative of the Depositor’s portfolio of fixed-rate or adjustable-rate mortgage loans, as
applicable. 
 (zz) Each Mortgage Loan conforms, and all such Mortgage Loans in the aggregate conform in all material respects
to the description thereof set forth in the Prospectus Supplement. 
  

 22 

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

 (ddd) The Sponsor received all consents and approvals required by the terms of the Mortgage Loans to the contribution of
the Mortgage Loans pursuant to the Contribution Agreement to the Depositor and the Depositor has received all consents and approvals required by the terms of the Mortgage Loans to the sale of the Mortgage Loans hereunder to the Owner Trustee and the
subsequent pledge to the Indenture Trustee. 
 (eee) Other than the security interest granted to the Indenture Trustee
pursuant to the Indenture, neither the Sponsor nor the Depositor has pledged, assigned, sold, granted a security interest in, or otherwise conveyed any of the Mortgage Loans. Neither the Sponsor nor the Depositor has authorized the filing of nor is
aware of any financing statements against the Sponsor or the Depositor that include a description of collateral covering the Mortgage Loans other than any financing statement relating to the security interest granted to the Indenture Trustee
hereunder or that has been terminated. Neither the Sponsor nor the Depositor is aware of any judgment or tax lien filings affecting the Mortgage Loans against either the Depositor or the Sponsor. 
 (fff) All financing statements filed or to be filed against the Sponsor or the Depositor in favor of the Indenture Trustee in connection
herewith describing the Mortgage Loans contain a statement to the following effect: “A purchase of or security interest in any collateral described in this financing statement will violate the rights of the Indenture Trustee.” 

(ggg) None of the Mortgage Loans are classified as (a) “high cost” loans under the Home Ownership and Equity Protection
Act of 1994 or (b) “high cost,” “threshold,” “covered”, “predatory” or “abusive” loans under any other applicable state, federal or local law (including without limitation any regulation or
ordinance) (or a similarly classified loan using different terminology under a law imposing heightened regulatory scrutiny or additional legal liability for residential mortgage loans having high interest rates, points and/or fees). 
 (hhh) No proceeds from any Mortgage Loan were used to finance single-premium credit insurance policies. With respect to each Mortgage
Loan, no borrower obtained a prepaid single-premium credit-life, credit-disability, credit unemployment or credit property insurance policy in connection with the origination of the mortgage loan. 
 (iii) No Mortgage Loan is a “High Cost Home Loan” or “Covered Loan,” as applicable, (as such terms are defined in the
then current Standard & Poor’s LEVELS Glossary which is now Version 5.6c Revised, Appendix E) and no Mortgage Loan originated on or after October 1, 2002 through March 6, 2003 is governed by the Georgia Fair Lending Act. No

  

 23 

 
Mortgage Loan that was originated on or after October 1, 2002 and before March 7, 2003 is secured by property located in the State of Georgia.
There is no Mortgage Loan that was originated on or after March 7, 2003 that is a “high cost home loan” as defined under the Georgia Fair Lending Act. 
 (jjj) No Mortgage Loan is secured by a leasehold interest, unless such leasehold interest extends 60 months beyond the stated maturity of
the Mortgage Note. 
 (kkk) There is no pending action or proceeding directly involving the Mortgaged Property in which
compliance with any environmental law, rule or regulation is an issue. Based upon customary and prudent residential mortgage industry underwriting standards, there is no violation of any environmental law, rule or regulation with respect to the
Mortgaged Property, and nothing further remains to be done to satisfy in full all requirements of each such law, rule or regulation constituting a prerequisite to use and enjoyment of said property. 
 (lll) The Mortgagor has not notified Accredited, and Accredited has no knowledge of any relief requested or allowed to the Mortgagor under
the Servicemembers Civil Relief Act or any similar state statute. 
 (mmm) No Mortgage Loan was made in connection with the
construction (other than a “construct to perm” loan) or rehabilitation of a Mortgaged Property or facilitating the trade in or exchange of a Mortgaged Property. 
 (nnn) Accredited has complied with all applicable anti money laundering laws and regulations, including without limitation the USA Patriot
Act of 2001 (collectively, the “Anti-Money Laundering Laws”). 
 (ooo) No Mortgage Loan imposes a Prepayment Charge
for a term in excess of five years. 
 (ppp) No Mortgage Loan is a “High-Cost Home Loan” as defined in the New
Jersey Home Ownership Act, effective as of November 27, 2003, or the Home Loan Protection Act of New Mexico, effective as of January 1, 2004. 
 (qqq) No Mortgage Loan is a “High-Cost Home Loan” as defined in the Massachusetts Predatory Home Loan Practice Act effective November 7, 2004 (MA House Bill 4880); 
 (rrr) With respect to the Mortgage Loans in Group 1, (i) no Mortgage Loan imposes a Prepayment Charge for a term in excess of three
years, (ii) the servicer for each Mortgage Loan has fully furnished (and, on a going forward basis, will fully furnish), in accordance with the Fair Credit Reporting Act and its implementing regulations, accurate and complete information (i.e.,
favorable and unfavorable) on its borrower credit files to Equifax, Experian, and Trans Union Credit Information Company (three of the credit repositories), on a monthly basis, (iii) with respect to any Mortgage Loan originated on or after
August 1, 2004, neither the related mortgage nor the related mortgage note requires the borrower to submit to arbitration to resolve any dispute arising out of or relating in any way to the mortgage loan transaction, (iv) no Mortgage Loan
is covered by the Home Ownership and Equity Protection 

  

 24 

 
Act of 1994 (“HOEPA”), (v) no Mortgage Loan is a “high cost home,” “covered” (excluding home loans defined as
“covered home loans” in the New Jersey Home Ownership Security Act of 2002 that were originated between November 26, 2003 and July 7, 2004), “high risk home” or “predatory” loan under any applicable state,
federal or local law (or a similarly classified loan using different terminology under a law imposing heightened regulatory scrutiny or additional legal liability for residential mortgage loans having high interest rates, points and/or fees),
(vi) each Mortgage Loan is a “qualified mortgage” under Section 860G(a)(3) of the Code, and (vii) the original Principal Balance of each Mortgage Loan was within Freddie Mac’s dollar amount limits for conforming one- to
four-family mortgage loans, as follows: 
  

					
	 Number of Units
	  	 Maximum Original Loan Amount of First
Mortgage

	 	  	 Continental United States or
 Puerto Rico
	  	 Alaska, Guam, Hawaii or
 Virgin Islands

	 1
	  		  	
		  		  	
	 2
	  		  	
		  		  	
	 3
	  		  	
		  		  	
	 4
	  		  	

 (sss) A breach of any one of the representations set forth in paragraphs (ggg),
(hhh), (iii) and (qqq) above, will be deemed to materially and adversely affect the interests of the Noteholders and shall require a repurchase of the affected Mortgage Loan pursuant to Section 4.02. 
 It is understood and agreed that the representations, warranties and covenants set forth in this Section 4.01 shall survive delivery of the
respective Indenture Trustee’s Mortgage Files to the Indenture Trustee and shall inure to the benefit of the Indenture Trustee on behalf of the Noteholders and the Note Insurer. 
 Section 4.02. Purchase and Substitution. (a) It is understood and agreed that the representations and warranties set forth in
Section 4.01 shall survive the transfer of the Mortgage Loans by the Depositor to the Issuing Entity, the subsequent pledge thereof by the Issuing Entity to the Indenture Trustee, for the benefit of the Noteholders and the Note Insurer, and the
delivery of the Notes to the Noteholders, and shall continue in full force and effect, notwithstanding any restrictive or qualified endorsement on the Mortgage Notes and notwithstanding subsequent termination of this Agreement. 
 (b) Upon discovery by the Depositor, the Sponsor, the Servicer, the Indenture Trustee, the Note Insurer or a Noteholder of a breach of any
of the representations and warranties in Section 4.01 which materially and adversely affects the value of any Mortgage Loan, or which materially and adversely affects the interests of the Note Insurer or the Noteholders in the related Mortgage
Loan, the party discovering such breach or failure shall promptly (and in any event within five (5) days of the discovery) give written notice thereof to the others. Within sixty (60) days of the earlier of its discovery or its receipt of
notice of any breach of a representation or warranty, the Depositor shall, and if the Depositor fails to, then the Sponsor shall (a) promptly cure such breach in all material respects, (b) purchase such Mortgage Loan on a Servicer
Remittance Date, in the manner and at the price specified in Section 2.06(b) and this Section 

  

 25 

 
4.02, or (c) remove such Mortgage Loan from the Trust Estate (in which case it shall become a Deleted Mortgage Loan) and substitute one or more
Qualified Substitute Mortgage Loans in the manner specified in Section 2.06 and this Section 4.02. The Indenture Trustee shall deliver prompt written notice to the Note Insurer and the Rating Agencies of any repurchase or substitution made
pursuant to this Section 4.02 or Section 2.06(b). 
 (c) As to any Deleted Mortgage Loan for which the Depositor or
the Sponsor substitutes a Qualified Substitute Mortgage Loan or Loans, the Servicer shall cause the Depositor or Sponsor to effect such substitution by delivering to the Indenture Trustee a certification, in the form attached hereto as Exhibit
F, executed by a Servicing Officer, and the documents described in Sections 2.05(a)(i)-(vi) for such Qualified Substitute Mortgage Loan or Loans. 
 (d) The Servicer shall deposit in the Collection Account all payments received in connection with such Qualified Substitute Mortgage Loan or Loans after the date of such substitution. Monthly Payments due with respect
to Qualified Substitute Mortgage Loans in or before the Due Period in which the substitution occurs shall not be part of the Trust Estate and will be retained by the Sponsor on the next succeeding Payment Date. For the Due Period in which the
substitution occurs, distributions to Noteholders will include the Monthly Payment due on any Deleted Mortgage Loan for such Due Period and thereafter the Sponsor shall be entitled to retain all amounts received in respect of such Deleted Mortgage
Loan. The Servicer shall give written notice to the Indenture Trustee and the Note Insurer that such substitution has taken place and shall amend the Mortgage Loan Schedule to reflect the removal of such Deleted Mortgage Loan from the terms of this
Agreement and the substitution of the Qualified Substitute Mortgage Loan or Loans. Upon such substitution, such Qualified Substitute Mortgage Loan or Loans shall be subject to the terms of this Agreement in all respects. 
 (e) With respect to any Mortgage Loan that has been converted to an REO Mortgage Loan, all references in this Section 4.02 or
Section 2.06 to “Mortgage Loan” shall be deemed to also refer to the REO Mortgage Loan. With respect to any Mortgage Loan that the Depositor and Sponsor are required to repurchase that is or becomes a Liquidated Mortgage Loan, in lieu
of repurchasing such Mortgage Loan, the Servicer shall deposit into the related Payment Account, pursuant to Section 8.01 of the Indenture, an amount equal to the amount of the Liquidated Loan Loss, if any, incurred in connection with the
liquidation of such Mortgage Loan within the same time period in which the Servicer, Depositor or Sponsor would have otherwise been required to repurchase such Mortgage Loan. 
 (f) It is understood and agreed that the obligations of the Depositor and the Sponsor set forth in Sections 2.06 and 4.02 to cure,
purchase or substitute for a defective Mortgage Loan, or to indemnify as described in Section 4.02(g) constitute the sole remedies of the Indenture Trustee, the Note Insurer and the Noteholders respecting a breach of the representations and
warranties of the Sponsor set forth in Section 4.01 of this Agreement. 
 (g) The Sponsor shall be obligated to indemnify
the Depositor, the Indenture Trustee, the Issuing Entity, the Owner Trustee, the Noteholders and the Note Insurer for any third party claims arising out of a breach by the Sponsor of representations or warranties regarding the Mortgage Loans.

  

 26 

 ARTICLE V 
 ADMINISTRATION AND SERVICING OF THE MORTGAGE LOANS 
 Section 5.01. The Servicer. (a) The
Servicer shall service and administer the Mortgage Loans in accordance with this Agreement and in accordance with Accepted Servicing Practices, and shall have full power and authority, acting alone, to do or cause to be done any and all things in
connection with such servicing and administration which it may deem necessary or desirable. 
 (b) The Servicer shall exercise
its discretion consistent with Accepted Servicing Practices and the terms of this Agreement, with respect to the enforcement of defaulted Mortgage Loans in such manner as will maximize the receipt of principal and interest with respect thereto,
including but not limited to the sale of such Mortgage Loan to a third party, the modification of such Mortgage Loan, or foreclosure upon the related property with a Mortgage and disposition thereof. 
 (c) The duties of the Servicer shall include collecting and posting of all payments, responding to inquiries of Mortgagors or by federal,
state or local government authorities with respect to the Mortgage Loans, investigating delinquencies, reporting tax information to Mortgagors in accordance with its customary practices and accounting for collections and furnishing monthly and
annual statements to the Indenture Trustee with respect to distributions, paying Compensating Interest and making Delinquency Advances and Servicing Advances pursuant hereto. The Servicer shall follow its customary standards, policies and procedures
in performing its duties as Servicer. The Servicer shall cooperate with the Indenture Trustee and furnish to the Indenture Trustee with reasonable promptness information in its possession as may be necessary or appropriate to enable the Indenture
Trustee to perform its tax reporting duties hereunder. The Indenture Trustee shall furnish the Servicer with any powers of attorney and other documents as the Indenture Trustee shall deem necessary or appropriate to enable the Servicer to carry out
its servicing and administrative duties hereunder; provided, however, the Servicer shall prepare for and deliver to the Indenture Trustee for its execution any such powers of attorney; provided, further, that the Indenture Trustee shall not be
responsible for any misuse of any such power of attorney. Notwithstanding anything contained herein to the contrary, the Servicer shall not, without the Indenture Trustee’s written consent, other than routine foreclosure actions:
(i) initiate any action, suit or proceeding directly relating to the servicing of the Mortgage Loan solely under the Indenture Trustee’s name without indicating the Servicer’s representative capacity, (ii) initiate any other
action, suit or proceeding not directly relating to the servicing of any Mortgage Loan (including but not limited to actions, suits or proceedings against Noteholders or Certificateholders, or against the Depositor for breaches of representations
and warranties) solely under the Indenture Trustee’s name, (iii) engage counsel to represent the Indenture Trustee in any action, suit or proceeding not directly related to the servicing of any Mortgage Loan (including but not limited to
actions, suits or proceedings against Noteholders or Certificateholders, or against the Depositor for breaches of representations and warranties, or (iv) prepare, execute or deliver any government filings, forms, permits, registrations or other
documents or take any action with the intent to cause, and that actually causes, the Indenture Trustee to be registered to do business in any state. 
 (d) [Reserved]. 
  

 27 

 (e) The Servicer shall, in accordance with Accepted Servicing Practices, have the right
to approve requests of Mortgagors for consent to (i) partial releases of Mortgage Loans and (ii) alterations, removal, demolition or division of Mortgaged Properties subject to Mortgage Loans. No such request shall be approved by the
Servicer unless: (x) the provisions of the related Mortgage Note have been complied with; (y) the LTV (which may, for this purpose, be determined at the time of any such action in a manner reasonably acceptable to the Note Insurer) after
any release does not exceed the LTV set forth for such Mortgage Loan in the Mortgage Loan Schedule; and (z) the lien priority, monthly payment, Mortgage Interest Rate or maturity date of the related Mortgage is not affected except in accordance
with Section 5.01(f); provided, however, that the foregoing requirements (x), (y) and (z) shall not apply to any such situation described in this paragraph if such situation results from any condemnation or easement
activity by a governmental entity. 
 (f) Notwithstanding anything else contained herein, the Servicer may not, without the
consent of the Note Insurer, agree to a modification or extension of any Mortgage Loan unless both (i) such Mortgage Loan is in default or a default thereon is reasonably foreseeable and (ii) such modification or extension would not result
in the Servicer agreeing to modifications or extensions on Mortgage Loans with Initial Pool Balances of more than [__]% of the Maximum Collateral Amount. In addition, the Servicer may not agree to more than (i) one modification or extension
with respect to any individual Mortgage Loan in a calendar year or (ii) three modifications or extensions of an individual Mortgage Loan during the life of such Mortgage Loan. 
 (g) [Reserved]. 
 (h) Without limiting the generality of the foregoing, but subject to Sections 5.05 and 5.06, the Servicer in its own name may be authorized and empowered pursuant to a power of attorney executed and delivered by the Indenture Trustee to
execute and deliver, and may be authorized and empowered by the Indenture Trustee, to execute and deliver, on behalf of itself, the Noteholders and the Indenture Trustee or any of them, (i) any and all instruments of satisfaction or
cancellation or of partial or full release or discharge and all other comparable instruments with respect to the Mortgage Loans and with respect to the Mortgaged Properties, (ii) and to institute foreclosure proceedings or obtain a deed in lieu
of foreclosure so as to effect ownership of any Mortgaged Property on behalf of the Indenture Trustee, and (iii) to hold title to any Mortgaged Property upon such foreclosure or deed in lieu of foreclosure on behalf of the Indenture Trustee;
provided, however, that Section 5.07(a) shall constitute a power of attorney from the Indenture Trustee to the Servicer to execute an instrument of satisfaction (or assignment of mortgage without recourse) with respect to any
Mortgage Loan paid in full (or with respect to which payment in full has been escrowed). Subject to Sections 5.05 and 5.06, the Indenture Trustee shall furnish the Servicer with any powers of attorney and other documents as the Servicer shall
reasonably request to enable the Servicer to carry out its servicing and administrative duties hereunder; provided, however, the Servicer shall prepare for and deliver to the Indenture Trustee for its execution any such powers of attorney; provided,
further, that the Indenture Trustee shall not be responsible for any misuse of any such power of attorney. Notwithstanding anything contained herein to the contrary, the Servicer shall not, without the Indenture Trustee’s written consent, other
than routine foreclosure actions: (i) initiate any action, suit or proceeding directly relating to the servicing of the Mortgage Loan solely under the 

  

 28 

 
Indenture Trustee’s name without indicating the Servicer’s representative capacity, (ii) initiate any other action, suit or proceeding not
directly relating to the servicing of any Mortgage Loan (including but not limited to actions, suits or proceedings against Noteholders or Certificateholders, or against the Depositor for breaches of representations and warranties) solely under the
Indenture Trustee’s name, (iii) engage counsel to represent the Indenture Trustee in any action, suit or proceeding not directly related to the servicing of any Mortgage Loan (including but not limited to actions, suits or proceedings
against Noteholders or Certificateholders, or against the Depositor for breaches of representations and warranties, or (iv) prepare, execute or deliver any government filings, forms, permits, registrations or other documents or take any action
with the intent to cause, and that actually causes, the Indenture Trustee to be registered to do business in any state. 
 (i)
The Servicer shall give prompt notice to the Indenture Trustee and the Note Insurer of any action, of which the Servicer has actual knowledge, to (i) assert a claim against the Issuing Entity or (ii) assert jurisdiction over the Issuing Entity.

 (j) Servicing Advances incurred by the Servicer in connection with the servicing of the Mortgage Loans (including any
penalties in connection with the payment of any taxes and assessments or other charges) on any Mortgaged Property shall be recoverable by the Servicer to the extent described herein. 
 (k) The Servicer shall be entitled to rely, and shall be fully protected in relying, upon any promissory note, writing, resolution,
notice, consent, certificate, affidavit, letter, e-mail, cablegram, telegram, telecopy, telex or teletype message, statement, order or other document reasonably believed by it to be genuine and correct and to have been signed, sent or made by the
proper person or persons and upon advice and statements of legal counsel (including, without limitation, counsel to the Mortgagor(s)), independent accountants and other experts selected by the Servicer. 
 (l) The Servicer shall have no liability to the Depositor, the Sponsor, the Indenture Trustee, the Owner Trustee, the Note Insurer, any
Noteholder or any other Person for any action taken, or for refraining from the taking of any action, in good faith pursuant to this Agreement, or for errors in judgment; provided, however, that the foregoing shall not apply to any breach of
representations or warranties made by the Servicer herein, or to any specific liability imposed upon the Servicer pursuant to this Agreement or any liability that would otherwise be imposed upon the Servicer by reason of its willful misconduct, bad
faith or negligence in the performance of its duties hereunder or by reason of its failure to perform its obligations or duties hereunder. 
 (m) The Servicer further is authorized and empowered by the Indenture Trustee, on behalf of the Noteholders, the Note Insurer and the Indenture Trustee, when the Servicer believes it is appropriate in its best
judgment to register any Mortgage Loan on the MERS System, or cause the removal from the registration of any Mortgage Loan on the MERS System, to execute and deliver, on behalf of the Indenture Trustee, the Note Insurer and the Noteholders or any of
them, any and all instruments of assignment and other comparable instruments with respect to such assignment or re-recording of a Mortgage in the name of MERS, solely as nominee for the Indenture Trustee and its successors and assigns. Any 

  

 29 

 
expenses incurred in connection with the actions described in the preceding sentence shall be reimbursable to the Servicer as Servicing Advances. 

Section 5.02. Collection of Certain Mortgage Loan Payments; Collection Account. (a) The Servicer shall make reasonable efforts to collect
all payments called for under the terms and provisions of the Mortgage Loans, and shall, to the extent such procedures shall be consistent with this Agreement, follow Accepted Servicing Practices. Consistent with the foregoing, the Servicer may in
its discretion waive any assumption fees or other fees which may be collected in the ordinary course of servicing such Mortgage Loans. 
 (b) The Servicer shall establish and maintain, in the name of the Indenture Trustee, a segregated account (the “Collection Account”), in trust for the benefit of the Noteholders and the Note Insurer. The
Collection Account shall be established and maintained as an Eligible Account. 
 (c) The Servicer shall deposit in the
Collection Account any amounts representing Monthly Payments on the Mortgage Loans due or to be applied as of a date after the Cut-Off Date on each Business Day, not more than two Business Days after the date of collection, the following payments
and collections received or made by it (other than in respect of monthly payments of principal on and interest of the Mortgage Loans that were due on or before the related Cut-Off Date and Monthly Payments due on [DATE]): 
 (i) payments of interest on the Mortgage Loans including Prepayment Charges; 
 (ii) payments of principal of the Mortgage Loans, including Principal Prepayments; 
 (iii) the Loan Repurchase Price of Mortgage Loans repurchased pursuant to Sections 2.06(b) or 4.02; 
 (iv) the Substitution Adjustment received in connection with Mortgage Loans for which Qualified Substitute Mortgage Loans are received
pursuant to Sections 2.06 and 4.02; 
 (v) all Net REO Proceeds; 
 (vi) all Net Liquidation Proceeds; and 
 (vii) all Insurance Proceeds (including, for this purpose, any amounts required to be deposited by the Servicer pursuant to Section 5.04 hereof). 
 It is understood that the Servicer need not deposit amounts representing fees, late payment charges or extension or other administrative charges (other
than Prepayment Charges) payable by Mortgagors, or amounts received by the Servicer for the account of Mortgagors for application towards the payment of taxes, insurance premiums, assessments and similar items or foreclosure proceeds to the extent
payable to the related Mortgagor. 
  

 30 

 (d) The Servicer shall invest any funds in the Collection Account in Permitted
Investments, which shall mature not later than the Business Day next preceding the Servicer Remittance Date next following the date of such investment (except that any investment held by the Indenture Trustee may mature on such Servicer Remittance
Date) and shall not be sold or disposed of prior to its maturity. All net income and gain realized from any such investment shall be for the benefit of the Servicer and shall be subject to its withdrawal or order on a Servicer Remittance Date. The
Servicer shall deposit from its own funds the amount of any loss, to the extent not offset by investment income or earnings, in the Collection Account upon the realization of such loss. 
 Section 5.03. Permitted Withdrawals from the Collection Account. The Servicer may make withdrawals from the Collection Account, on or prior to any
Servicer Remittance Date, for the following purposes: 
 (a) to pay to the Sponsor amounts received in respect of any
Defective Mortgage Loan purchased or substituted for by the Sponsor to the extent that the payment of any such amounts on the Servicer Remittance Date upon which the proceeds of such purchase are paid would make the total amount distributed in
respect of any such Mortgage Loan on such Servicer Remittance Date greater than the Loan Repurchase Price or the Substitution Adjustment therefor; 
 (b) to reimburse the Servicer for unreimbursed Delinquency Advances and unreimbursed Servicing Advances with respect to the Mortgage Loans for which it has made a Delinquency Advance or Servicing Advance, from late or
deferred payments collected, collections other than timely Monthly Payments, Liquidation Proceeds, Insurance Proceeds and/or the Loan Repurchase Price or Substitution Adjustment of or relating to such Mortgage Loans; 
 (c) to reimburse the Servicer for any Delinquency Advances and Servicing Advances determined in good faith to have become Nonrecoverable
Advances, such reimbursement to be made from any funds in the Collection Account; 
 (d) to withdraw any amount received from
a Mortgagor that is recoverable and sought to be recovered as a voidable preference by a trustee in bankruptcy pursuant to the Bankruptcy Code in accordance with a final, nonappealable order of a court having competent jurisdiction; 
 (e) to withdraw any funds deposited in the Collection Account that were not required to be deposited therein; 
 (f) to pay the Servicer the Servicing Compensation pursuant to Section 5.08 hereof to the extent not retained or paid; 
 (g) [Reserved] 
 (h) without duplication, and solely out of amounts which are payable to a former servicer pursuant to Section 7.02(g), to pay to the Indenture Trustee or any successor servicer amounts paid by them in connection with the transfer of
the Servicer’s servicing obligations pursuant to Article VII hereof and required under such Article VII to be borne by the Servicer; 
  

 31 

 (i) to withdraw income on the Collection Account as provided in Section 5.02(d); and

 (j) amounts deposited into the Collection Account in respect of late fees, assumption fees and similar fees (other than
Prepayment Charges). 
 The Servicer shall keep and maintain a separate accounting for each Mortgage Loan for the purpose of accounting for
withdrawals from the Collection Account pursuant to this Section 5.03. 
 Section 5.04. Hazard Insurance Policies; Property
Protection Expenses. (a) The Servicer shall cause to be maintained with respect to each Mortgage Loan a hazard insurance policy with a carrier licensed in the state in which the Mortgaged Property is located that provides for fire and
extended coverage, and which provides for a recovery by the named insured of insurance proceeds relating to such Mortgage Loan in an amount not less than the least of (i) the outstanding Principal Balance of the Mortgage Loan plus the
outstanding principal balance of any mortgage loan senior to such Mortgage Loan, but in no event shall such amount be less than is necessary to prevent the Mortgagor from becoming a coinsurer thereunder, (ii) the minimum amount required to
compensate for loss or damage on a replacement cost basis and (iii) the full insurable value of the related Mortgage Property. The Servicer shall also maintain on property acquired upon foreclosure, or by deed in lieu of foreclosure, hazard
insurance with extended coverage in an amount which is at least equal to the lesser of (i) the maximum insurable value from time to time of the improvements which are a part of such property or (ii) the sum of the Principal Balance of such
Mortgage Loan and the principal balance of any mortgage loan senior to such Mortgage Loan at the time of such foreclosure plus accrued interest and the good-faith estimate of the Servicer of related Liquidation Expenses to be incurred in connection
therewith. Amounts collected by the Servicer under any such policies shall be deposited in the Collection Account to the extent that they constitute Liquidation Proceeds or Insurance Proceeds. Each hazard insurance policy shall contain a standard
mortgage clause naming the Servicer, its successors and assigns, as mortgagee. The Servicer shall be under no obligation to require that any Mortgagor maintain earthquake (except as provided herein) or other additional insurance and shall be under
no obligation itself to maintain any such additional insurance on property acquired in respect of a Mortgage Loan, other than pursuant to such applicable laws and regulations as shall at any time be in force and as shall require such additional
insurance. 
 (b) In the event that the Servicer shall obtain and maintain a blanket policy with an insurer either
(i) which satisfies the corresponding requirements of Fannie Mae or Freddie Mac or (ii) approved in writing by the Note Insurer, such approval not to be unreasonably withheld, insuring against fire, flood and hazards of extended coverage
on all of the Mortgage Loans, then, to the extent such policy names the Servicer as loss payee and provides coverage in an amount equal to the aggregate unpaid Principal Balance on the Mortgage Loans without co-insurance, and otherwise complies with
the requirements of this Section 5.04, the Servicer shall be deemed conclusively to have satisfied its obligations with respect to fire and hazard insurance coverage under this Section 5.04, it being understood and agreed that such 

  

 32 

 
blanket policy may contain a deductible clause (payable by the Servicer), in which case the Servicer shall, in the event that there shall not have been
maintained on the related Mortgaged Property a policy complying with the preceding paragraph of this Section 5.04, and there shall have been a loss which would have been covered by such policy, deposit in the Collection Account from the
Servicer’s own funds the difference, if any, between the amount that would have been payable under a policy complying with the preceding paragraph of this Section 5.04 and the amount paid under such blanket policy. Upon the request of the
Indenture Trustee or the Note Insurer, the Servicer shall cause to be delivered to the Indenture Trustee or the Note Insurer, a certified true copy of such policy. 
 (c) If the Mortgage Loan at the time of origination relates to a Mortgaged Property in an area identified in the Federal Register by the
Federal Emergency Management Agency as having special flood hazards as designated to the Servicer by the Sponsor, the Servicer will cause to be maintained with respect thereto a flood insurance policy in a form meeting the requirements of the
current guidelines of the Federal Insurance Administration with a generally acceptable carrier in an amount representing coverage, and which provides for a recovery by the Servicer on behalf of the Issuing Entity of insurance proceeds relating to
such Mortgage Loan of not less than the least of (i) the outstanding Principal Balance of the related Mortgage Loan, plus the principal balance of the related first lien, if any, (ii) the minimum amount required to compensate for damage or
loss on a replacement cost basis and (iii) the maximum amount of insurance that is available under the Flood Disaster Protection Act of 1973. The Servicer shall indemnify the Issuing Entity and the Note Insurer out of the Servicer’s own
funds for any loss to the Issuing Entity and the Note Insurer resulting from the Servicer’s failure to maintain the insurance required by this Section. 
 Section 5.05. Assumption and Modification Agreements. When a Mortgaged Property has been or is about to be conveyed by the Mortgagor, the Servicer shall, to the extent it has knowledge of such conveyance or
prospective conveyance, exercise its rights to accelerate the maturity of the related Mortgage Loan under any “due-on-sale” clause contained in the related Mortgage or Mortgage Note; provided, however, that the Servicer shall
not exercise any such right if (i) the “due-on-sale” clause, in the reasonable belief of the Servicer, is not enforceable under applicable law or (ii) the Servicer reasonably believes that to permit an assumption of the Mortgage
Loan would not materially and adversely affect the interest of the Noteholders or of the Note Insurer. In such event, the Servicer shall enter into an assumption and modification agreement with the Person to whom such property has been or is about
to be conveyed, pursuant to which such Person becomes liable under the Mortgage Note and, unless prohibited by applicable law or the mortgage documents, the Mortgagor remains liable thereon. If the foregoing is not permitted under applicable law,
the Servicer is authorized to enter into a substitution of liability agreement with such Person, pursuant to which the original Mortgagor is released from liability and such Person is substituted as Mortgagor and becomes liable under the Mortgage
Note; provided, however, that to the extent any such substitution of liability agreement would be delivered by the Servicer outside of its usual procedures for mortgage loans held in its own portfolio the Servicer shall, prior to
executing and delivering such agreement, obtain the prior written consent of the Note Insurer. The Mortgage Loan, if assumed, shall conform in all respects to the requirements and representations and warranties of this Agreement. The Servicer shall
notify the Indenture Trustee that any applicable assumption or substitution agreement has been completed by forwarding to the Indenture Trustee the original copy of such assumption or 

  

 33 

 
substitution agreement, which copy shall be added by the Indenture Trustee to the related Indenture Trustee’s Mortgage File and which shall, for all
purposes, be considered a part of such Indenture Trustee’s Mortgage File to the same extent as all other documents and instruments constituting a part thereof. The Servicer shall be responsible for promptly recording any such assumption or
substitution agreements. In connection with any such assumption or substitution agreement, the required monthly payment on the related Mortgage Loan shall not be changed but shall remain as in effect immediately prior to the assumption or
substitution, the stated maturity or outstanding Principal Balance of such Mortgage Loan shall not be changed, the Mortgage Interest Rate shall not be changed nor shall any required monthly payments of principal or interest be deferred or forgiven.
Any fee collected by the Servicer for consenting to any such conveyance or entering into an assumption or substitution agreement shall be retained by or paid to the Servicer as additional servicing compensation. 
 Notwithstanding the foregoing paragraph or any other provision of this Agreement, the Servicer shall not be deemed to be in default, breach or any other
violation of its obligations hereunder by reason of any assumption of a Mortgage Loan by operation of law or any assumption which the Servicer may be restricted by law from preventing, for any reason whatsoever. 
 Section 5.06. Realization Upon Defaulted Mortgage Loans. (a) The Servicer shall foreclose upon or otherwise comparably effect the ownership
on behalf of the Issuing Entity of Mortgaged Properties relating to defaulted Mortgage Loans as to which no satisfactory arrangements can be made for collection of Delinquent payments and which the Sponsor has not purchased pursuant to
Section 5.15, unless the Servicer reasonably believes that Net Liquidation Proceeds with respect to such Mortgage Loan would not be increased as a result of such foreclosure or other action, in which case, such Mortgage Loan will be charged-off
and will become a Liquidated Mortgage Loan. The Servicer shall have no obligation to purchase any Mortgaged Property at any foreclosure sale. In connection with such foreclosure or other conversion, the Servicer shall exercise foreclosure procedures
with the same degree of care and skill in their exercise or use, as it would ordinarily exercise or use under the circumstances in the conduct of their own affairs. Any amounts including Liquidation Expenses, advanced by the Servicer in connection
with such foreclosure or other action shall constitute Servicing Advances. 
 Pursuant to its efforts to sell any REO Property, the Servicer
either itself or through an agent selected by the Servicer shall manage, conserve, protect and operate such REO Property in the same manner and to such extent as is customary in the locality where such REO Property is located and may, incident to
its conservation and protection of the interests of the Servicer, rent the same, or any part thereof, as the Servicer deems to be in the best interest of the Issuing Entity and Note Insurer for the period prior to the sale of such REO Property. The
net income generated from the REO Property and the proceeds from a sale of any REO Property shall be deposited in the Collection Account. 
 (b) If the Servicer has reason to believe that a Mortgaged Property which the Servicer is contemplating acquiring in foreclosure or by deed in lieu of foreclosure contains environmental or hazardous waste risks known
to the Servicer, the Servicer shall notify the Indenture Trustee and the Note Insurer and obtain the consent of the Note Insurer prior to acquiring the Mortgaged Property. The Servicer shall not institute foreclosure actions with 

  

 34 

 
respect to such a property if it reasonably believes that such action would not be consistent with the Accepted Servicing Practices, and in no event shall
the Servicer be required to manage, operate or take any other action with respect thereto which the Servicer in good faith believes will result in “clean-up” or other liability under applicable law, unless the Servicer receives an
indemnity acceptable to it in its sole discretion. 
 (c) The Servicer shall determine, with respect to each defaulted
Mortgage Loan, when it has recovered, whether through trustee’s sale, foreclosure sale or otherwise, all amounts if any it expects to recover from or on account of such defaulted Mortgage Loan, whereupon such Mortgage Loan shall become a
Liquidated Mortgage Loan. 
 (d) Net Foreclosure Profits, if any, shall be paid directly to the Sponsor. 
 (e) With respect to its obligations under this Section 5.06, the Servicer shall take all such actions as it reasonably believes are
consistent with Accepted Servicing Practices. 
 Section 5.07. Indenture Trustee to Cooperate. (a) Upon the payment in full of
any Mortgage Loan or the receipt by the Servicer of a notification that payment in full will be escrowed in a manner customary for such purposes, the Servicer shall deliver to the Indenture Trustee one copy of a Request for Release. Upon receipt of
such copy of the Request for Release, the Indenture Trustee shall promptly release the related Indenture Trustee’s Mortgage File, in trust to (i) the Servicer (ii) an escrow agent or (iii) any employee, agent or attorney of the
Indenture Trustee, in each case pending its release by the Servicer, such escrow agent or such employee, agent or attorney of the Indenture Trustee, as the case may be. Upon any such payment in full, or the receipt of such notification that such
funds have been placed in escrow, the Servicer is authorized to give, as attorney-in-fact for the Indenture Trustee and the mortgagee under the Mortgage which secured the Mortgage Note, an instrument of satisfaction (or assignment of Mortgage
without recourse) regarding the Mortgaged Property relating to such Mortgage, which instrument of satisfaction or assignment, as the case may be, shall be delivered to the Person or Persons entitled thereto against receipt therefor of payment in
full, it being understood and agreed that no expense incurred in connection with such instrument of satisfaction or assignment, as the case may be, shall be chargeable to the Collection Account. 
 (b) (i) From time to time and as appropriate in the servicing of any Mortgage Loan, including, without limitation, foreclosure or other
comparable conversion of a Mortgage Loan or collection under any applicable Insurance Policy, the Indenture Trustee shall (except in the case of the payment or liquidation pursuant to which the related Indenture Trustee’s Mortgage File is
released to an escrow agent or an employee, agent or attorney of the Indenture Trustee), upon request of the Servicer and delivery to the Indenture Trustee of one copy of a Request for Release, release the related Indenture Trustee’s Mortgage
File to the Servicer and shall execute such documents as shall be necessary to the prosecution of any such proceedings, including, without limitation, an assignment without recourse of the related Mortgage to the Servicer. The Indenture Trustee
shall complete in the name of the Indenture Trustee any endorsement in blank on any Mortgage Note prior to releasing such Mortgage Note to the Servicer. Such receipt shall obligate the Servicer to return the Indenture Trustee’s Mortgage File to
the Indenture Trustee when the need therefor by the Servicer no longer exists unless the 

  

 35 

 
Mortgage Loan shall be liquidated, in which case, the Servicer shall deliver one copy of a Request for Release indicating such loan has been paid in full.

 (ii) Each Request for Release may be delivered to the Indenture Trustee (x) via mail or courier, (y) via
facsimile or (z) by such other means, including, without limitation, electronic or computer readable medium, as the Servicer and the Indenture Trustee shall mutually agree. The Indenture Trustee shall promptly release the related Indenture
Trustee’s Mortgage File(s) within five (5) Business Days of receipt of one copy of a properly completed Request for Release pursuant to clauses (x), (y) or (z) above or such shorter period as may be agreed upon by the Servicer
and the Indenture Trustee. Receipt of a Request for Release pursuant to clauses (x), (y) or (z) above shall be authorization to the Indenture Trustee to release such Indenture Trustee’s Mortgage Files, provided the Indenture Trustee
has determined that such Request for Release has been executed, with respect to clauses (x) or (y) above, or approved, with respect to clause (z) above, by a Servicing Officer of the Servicer. If the Indenture Trustee is unable to
release the Indenture Trustee’s Mortgage Files within the time frames previously specified, the Indenture Trustee shall immediately notify the Servicer, indicating the reason for such delay, but in no event shall such notification be later than
seven (7) Business Days after receipt of a Request for Release. If the Servicer, is required to pay penalties or damages due solely to the Indenture Trustee’s negligent failure to release the related Indenture Trustee’s Mortgage File
or the Indenture Trustee’s negligent failure to execute and release documents in a timely manner, the Indenture Trustee shall be liable for such penalties or damages. 
 (c) No costs associated with the procedures described in this Section 5.07 shall be an expense of the Issuing Entity or the Indenture
Trustee and the Indenture Trustee shall have no liability or obligation whatsoever to pay or advance any such amounts, except for any penalties and damages as set forth in Section 5.07(b)(ii) above. 
 Section 5.08. Servicing Compensation; Payment of Certain Expenses by Servicer. The Servicer shall be entitled to receive and retain, out of
collections on the Mortgage Loans for each Due Period, as servicing compensation for such Due Period, an amount (the “Servicing Fee”) equal to the product of one-twelfth of the Servicing Fee Rate and the aggregate Stated Principal
Balance of the Mortgage Loans in each Loan Group as of the beginning of such Due Period. Additional servicing compensation in the form of assumption fees, late payment charges or extension and other administrative charges (other than Prepayment
Charges) shall be retained by the Servicer. The Servicer shall be required to pay all expenses incurred by it in connection with its activities hereunder (including payment of all other fees and expenses not expressly stated hereunder to be payable
by or from another source) and shall not be entitled to reimbursement therefor except as specifically provided herein. 
 Section 5.09.
Annual Statement as to Compliance. The Servicer and the Indenture Trustee will deliver to the Issuer, the Indenture Trustee, the Rating Agencies and the Sponsor on or before March 1st of each year, beginning March 1st,
20[    ], an Officer’s Certificate (an “Annual Statement of Compliance”) stating, as to each signatory thereof, that (a) a review of the activities of each such party, during the preceding calendar year
and of its performance under this Agreement has been made under such officer’s supervision and (b) to the best of such 

  

 36 

 
officers’ knowledge, based on such review, each such party has fulfilled all of its material obligations under this Agreement in all material respects
throughout such year, or, if there has been a default in the fulfillment of any such obligation, specifying each such default known to such officer and the nature and status thereof. Such Annual Statement of Compliance shall contain no restrictions
or limitations on its use. In the event that the Indenture Trustee or the Servicer has delegated any servicing responsibilities with respect to the Mortgage Loans to a subservicer or subcontractor that meets the criteria in Item 1108(a)(2)(i)
through (iii) of Regulation AB, the Servicer, the Indenture Trustee or the related servicer (as the case may be) shall deliver a similar Annual Statement of Compliance by that subservicer or subcontractor to the Indenture Trustee as described
above as and when required with respect to the servicer. 
 Section 5.10. Assessments of Compliance and Attestation Reports. The
Servicer shall service and administer the Mortgage Loans in accordance with all applicable requirements of the Servicing Criteria. Pursuant to Rules 13a-18 and 15d-18 of the Exchange Act and Item 1123 of Regulation AB, each of the Servicer [and
the Indenture Trustee] (each, an “Attesting Party”) shall deliver to the Indenture Trustee on or before March 10th (with a 5 calendar day cure period) of each calendar year beginning in 20[__], a report regarding such Attesting
Party’s assessment of compliance (an “Assessment of Compliance”) with the Servicing Criteria during the preceding calendar year. The Assessment of Compliance, as set forth in Regulation AB, must contain the following: 
 (a) A statement by such officer of its responsibility for assessing compliance with the Servicing Criteria applicable to the related
Attesting Party; 
 (b) A statement by such officer that such Attesting Party used the Servicing Criteria attached as Exhibit
[__] hereto, and which will also be attached to the Assessment of Compliance, to assess compliance with the Servicing Criteria applicable to the related Attesting Party; 
 (c) An assessment by such officer of the related Attesting Party’s compliance with the applicable Servicing Criteria for the period
consisting of the preceding calendar year, including disclosure of any material instance of noncompliance with respect thereto during such period, which assessment shall be based on the activities such Attesting Party performs with respect to
asset-backed securities transactions taken as a whole involving the Servicer, that are backed by the same asset type as the Mortgage Loans; 
 (d) A statement that a registered public accounting firm has issued an attestation report on the related Attesting Party’s Assessment of Compliance for the period consisting of the preceding calendar year; and

 (e) A statement as to which of the Servicing Criteria, if any, are not applicable to such Attesting Party, which statement
shall be based on the activities such Attesting Party performs with respect to asset-backed securities transactions taken as a whole involving such Attesting Party, that are backed by the same asset type as the Mortgage Loans. 
 Such report at a minimum shall address each of the Servicing Criteria specified on Exhibit [__] hereto which are indicated as applicable to the related
Attesting Party. 
  

 37 

 On or before March 1st of each calendar year beginning in 20[__], each Attesting Party specified in
this Section shall furnish to the Indenture Trustee and the Depositor a report (an “Attestation Report”) by a registered public accounting firm that attests to, and reports on, the Assessment of Compliance made by the Servicer, as required
by Rules 13a-18 and 15d-18 of the Exchange Act and Item 1122(b) of Regulation AB, which Attestation Report must be made in accordance with standards for attestation reports issued or adopted by the Public Company Accounting Oversight Board.

 The Servicer [or the Indenture Trustee as the case may be,] shall cause any subservicer, and each subcontractor determined by the it to be
“participating in the servicing function” within the meaning of Item 1122 of Regulation AB, to deliver to the Indenture Trustee and the Depositor an Assessment of Compliance and Attestation Report as and when provided above along with
an indication of what Servicing Criteria are addressed in such assessment. 
 Such Assessment of Compliance, as to any subservicer, shall at
a minimum address each of the Servicing Criteria specified on Exhibit [__] hereto which are indicated as applicable to any “primary servicer.” The Indenture Trustee shall confirm that the assessments, taken as a whole, address all of the
Servicing Criteria and taken individually address the Servicing Criteria for each party as set forth on Exhibit [__] and notify the Depositor of any exceptions. Notwithstanding the foregoing, as to any subcontractor (as defined in the related
servicing agreement), an Assessment of Compliance is not required to be delivered unless it is required as part of a Form 10-K with respect to the Issuing Entity. 
 The Indenture Trustee shall also provide an Assessment of Compliance and Attestation Report, as and when provided above, which shall at a minimum address each of the Servicing Criteria specified on Exhibit [__] hereto
which are indicated as applicable to the “Indenture Trustee.” In addition, the Indenture Trustee shall deliver to the Sponsor and the Depositor an Assessment of Compliance and Attestation Report, as and when provided above, which shall at
a minimum address each of the Servicing Criteria specified on Exhibit [__] hereto which are indicated as applicable to a “custodian.” 
 Section 5.11. Reports Filed with Securities and Exchange Commission. 
 (a) (i) (A) Within 15 days after
each Distribution Date, the Indenture Trustee shall, in accordance with industry standards, file with the Commission via the Electronic Data Gathering and Retrieval System (“EDGAR”), a Form 10-D, signed by the Servicer, with a copy of the
monthly statement to be furnished by the Indenture Trustee to the Noteholders for such Distribution Date and detailing all data elements specified in Item 1121(a) of Regulation AB; provided that the Indenture Trustee shall have received no
later than five (5) calandar days after the related Distribution Date, all information required to be provided to the Indenture Trustee as described in clause (a)(iv) below. Any disclosure in addition to the Monthly Statement that is required
to be included on Form 10-D (“Additional Form 10-D Disclosure”) shall be approved by the Depositor. 
 Within five
(5) calendar days after the related Distribution Date, (i) the parties set forth in Exhibit [__] shall be required to provide, pursuant to section 5.11(a)(iv) below, to the Indenture Trustee and the Depositor, to the extent known, in
EDGAR-compatible format, or in such other 

  

 38 

 
form as otherwise agreed upon by the Indenture Trustee and the Depositor and such party, the form and substance of any Additional Form 10-D Disclosure, if
applicable, and (ii) the Depositor will approve, as to form and substance, or disapprove, as the case may be, the inclusion of the Additional Form 10-D Disclosure on Form 10-D. The Depositor will be responsible for any reasonable fees and
expenses assessed or incurred by the Indenture Trustee in connection with including any Additional Form 10-D Disclosure on Form 10-D pursuant to this Section. 
 (B) After preparing the Form 10-D, the Indenture Trustee shall forward electronically a draft copy of the Form 10-D to the Depositor and the Servicer for review. No later than two (2) Business Days prior to the
15th calendar day after the related Distribution Date, a senior officer of the Servicer in charge of the servicing
function shall sign the Form 10-D and return an electronic or fax copy of such signed Form 10-D (with an original executed hard copy to follow by overnight mail) to the Indenture Trustee. If a Form 10-D cannot be filed on time or if a previously
filed Form 10-D needs to be amended, the Indenture Trustee will follow the procedures set forth in Section 5.11(a)(v). Promptly (but no later than one (1) Business Day) after filing with the Commission, the Indenture Trustee will make
available on its internet website a final executed copy of each Form 10-D. The signing party at the Servicer can be contacted as set forth in Section [    ]. The parties to this Agreement acknowledge that the performance
by the Indenture Trustee of its duties under Sections 5.11(a)(i) and (v) related to the timely preparation and filing of Form 10-D is contingent upon such parties strictly observing all applicable deadlines in the performance of their duties
under such Sections. The Indenture Trustee shall have no liability for any loss, expense, damage, claim arising out of or with respect to any failure to properly prepare and/or timely file such Form 10-D, where such failure results from the
Indenture Trustee’s inability or failure to receive, on a timely basis, any information from any other party hereto needed to prepare, arrange for execution or file such Form 10-D, not resulting from its own negligence, bad faith or willful
misconduct. 
 (ii) (A) Within four (4) Business Days after the occurrence of an event requiring disclosure on Form 8-K (each such
event, a “Reportable Event”), the Indenture Trustee shall prepare and file on behalf of the Issuing Entity any Form 8-K, as required by the Exchange Act, provided that the Depositor shall file the initial Form 8-K in
connection with the issuance of the Notes. Any disclosure or information related to a Reportable Event or that is otherwise required to be included on Form 8-K (“Form 8-K Disclosure Information”) shall be approved by and prepared at
the direction of the Depositor. 
 (B) For so long as the Issuing Entity is subject to the Exchange Act reporting requirements, no later than
12:00 p.m. Eastern Standard time on the 2nd Business Day after the occurrence of a Reportable Event (i) the parties set forth in Exhibit [__] shall be required pursuant to Section 5.11(a)(iv) below to provide to the Indenture Trustee and
the Depositor, to the extent known, in EDGAR-compatible format, or in such other form as otherwise agreed upon by the Indenture Trustee and the Depositor and such party, the form and substance of any Form 8-K Disclosure Information, if applicable,
and (ii) the Depositor will approve, as to form and substance, or disapprove, as the case may be, the inclusion of the Form 8-K Disclosure Information on Form 8-K. The Depositor will be responsible for any reasonable fees and expenses assessed
or incurred by the Indenture Trustee in connection with including any Form 8-K Disclosure Information on Form 8-K pursuant to this Section. 
  

 39 

 (C) After preparing the Form 8-K, the Indenture Trustee shall forward electronically a draft copy of the
Form 8-K to the Depositor and the Servicer for review. No later than the end of business New York City time on the 3rd Business Day after the Reportable Event, a senior officer of the Servicer in charge of the servicing function shall sign the Form 8-K and return an electronic or fax copy of such signed Form 8-K (with an original executed hard copy
to follow by overnight mail) to the Indenture Trustee. If a Form 8-K cannot be filed on time or if a previously filed Form 8-K needs to be amended, the Indenture Trustee will follow the procedures set forth in Section 5.11(a)(v). Promptly
(but no later than 1 Business Day) after filing with the Commission, the Indenture Trustee will, make available on its internet website a final executed copy of each Form 8-K. The signing party at the Servicer can be contacted as set forth in
Section [__]. The parties to this Agreement acknowledge that the performance by the Indenture Trustee of its duties under this Section 5.11(a)(ii) related to the timely preparation and filing of Form 8-K is contingent upon such parties strictly
observing all applicable deadlines in the performance of their duties under this Section 5.11(a)(ii). The Indenture Trustee shall have no liability for any loss, expense, damage, claim arising out of or with respect to any failure to properly
prepare and/or timely file such Form 8-K, where such failure results from the Indenture Trustee’s inability or failure to receive, on a timely basis, any information from any other party hereto needed to prepare, arrange for execution or file
such Form 8-K, not resulting from its own negligence, bad faith or willful misconduct. 
 (iii) (A) Within 90 days after the end of each
fiscal year of the Trust or such earlier date as may be required by the Exchange Act (the “10-K Filing Deadline”) (it being understood that the fiscal year for the Issuing Entity ends on December 31st of each year), commencing in March 20[__], the Indenture Trustee shall prepare and file on behalf of the Issuing Entity a Form 10-K, in form and
substance as required by the Exchange Act. Each such Form 10-K shall include the following items, in each case to the extent they have been delivered to the Indenture Trustee within the applicable time frames set forth in this Agreement, (i) an
annual compliance statement for the Servicer, each Servicer and any subservicer, as described under Section 5.09, the annual reports on assessment of compliance with Servicing Criteria for the Servicer, each subservicer and subcontractor
participating in the Servicing Function, each Servicing Function Participant, the Indenture Trustee and each custodian, as described under Section 5.10, and (B) if the Servicer’s, or the Indenture Trustee’s report on assessment
of compliance with servicing criteria described under Section 5.10 identifies any material instance of noncompliance, disclosure identifying such instance of noncompliance, or if the Servicer’s, or the Indenture Trustee’s report on
assessment of compliance with Servicing Criteria described under Section 5.10 is not included as an exhibit to such Form 10-K, disclosure that such report is not included and an explanation why such report is not included, (iii)(A) the
registered public accounting firm attestation report for the Servicer, and the Indenture Trustee, as described under Section 5.10, and (B) if any registered public accounting firm attestation report described under Section 5.10
identifies any material instance of noncompliance, disclosure identifying such instance of noncompliance, or if any such registered public accounting firm attestation report is not included as an exhibit to such Form 10-K, disclosure that such
report is not included and an explanation why such report is not included, and (iv) a Sarbanes-Oxley Certification (“Sarbanes-Oxley Certification”) as described in this Section 5.11 (a)(iii)(D) below. Any disclosure or
information in addition to (i) through (iv) above that is required to be included on Form 10-K (“Additional Form 10-K Disclosure”) shall be determined and prepared by and approved by the Depositor. 
  

 40 

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

 41 

 (iv) With respect to any Additional Form 10-D Disclosure, Additional From 10-K Disclosure or any Form 8-K
Disclosure Information (collectively, the “Additional Disclosure”) relating to the Trust Fund, the Indenture Trustee’s obligation to include such Additional Information in the applicable Exchange Act report is subject to receipt from
the entity that is indicated in Exhibit [__] as the responsible party for providing that information, if other than the Indenture Trustee, as and when required as described in Section 5.11(a)(i) through (iii) above. Each of the Servicer,
Sponsor, and Depositor hereby agree to notify and provide to the extent known to the Indenture Trustee and the Depositor all Additional Disclosure relating to the Trust Fund, with respect to which such party is indicated in Exhibit [__] as the
responsible party for providing that information. The Insurer will be obligated pursuant to the Insurance Agreement to provide to the Indenture Trustee any information that may be required to be included in any Form 10-D, Form 8-K or Form 10-K.

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

  

 42 

 
with respect to the Issuing Entity as the Depositor deems necessary under the Exchange Act. Copies of all reports filed by the Indenture Trustee under the
Exchange Act shall be sent to: the Depositor c/o [            ]. 
 (b) In connection with the filing of any 10-K hereunder, the Indenture Trustee shall sign a certification (a “Form of Back-Up Certification to Form 10-K Certificate,” substantially in the form attached hereto as Exhibit [__]) for
the Depositor regarding certain aspects of the Form 10-K certification signed by the Depositor, provided, however, that the Indenture Trustee shall not be required to undertake an analysis of any accountant’s report attached as an exhibit to
the Form 10-K. 
 (c) The Indenture Trustee shall indemnify and hold harmless the Depositor and its officers, directors and
affiliates from and against any losses, damages, penalties, fines, forfeitures, reasonable and necessary legal fees and related costs, judgments and other costs and expenses arising out of or based upon a breach of the Indenture Trustee’s
obligations under this Section 5.11 or the Indenture Trustee’s negligence, bad faith or willful misconduct in connection therewith. 
 The Depositor shall indemnify and hold harmless the Indenture Trustee and its officers, directors and affiliates from and against any losses, damages, penalties, fines, forfeitures, reasonable and necessary legal fees and related costs,
judgments and other costs and expenses arising out of or based upon a breach of the obligations of the Depositor under this Section 5.11 or the Depositor’s negligence, bad faith or willful misconduct in connection therewith. 
 The Servicer shall indemnify and hold harmless the Indenture Trustee and the Depositor and their respective officers, directors and affiliates from and
against any losses, damages, penalties, fines, forfeitures, reasonable and necessary legal fees and related costs, judgments and other costs and expenses arising out of or based upon a breach of the obligations of the Servicer under this
Section 5.11 or the Servicer’s negligence, bad faith or willful misconduct in connection therewith. 
 If the indemnification
provided for herein is unavailable or insufficient to hold harmless the Depositor or the Indenture Trustee, as applicable, then the defaulting party, in connection with a breach of its respective obligations under this Section 5.11 or its
respective negligence, bad faith or willful misconduct in connection therewith, agrees that it shall contribute to the amount paid or payable by the other parties as a result of the losses, claims, damages or liabilities of the other party in such
proportion as is appropriate to reflect the relative fault and the relative benefit of the Depositor on the one hand and the Indenture Trustee on the other. 
 (d) Notwithstanding the provisions of Section 10.03, this Section 5.11 may be amended without the consent of the Noteholders.

 Section 5.12. Access to Certain Documentation. The Servicer shall provide to the Indenture Trustee, the Note Insurer, the FDIC and
the supervisory agents and examiners (as required in the latter case by applicable State and federal regulations) of each of the foregoing access to the documentation regarding the Mortgage Loans, such access being afforded without charge but only
upon reasonable request and during normal business hours at the offices of the Servicer designated by it. 
  

 43 

 Upon any change in the format of the computer tape maintained by the Servicer in respect of the Mortgage
Loans, the Servicer shall deliver a copy of such computer tape to the Indenture Trustee and in addition shall provide a copy of such computer tape to the Indenture Trustee and the Note Insurer at such other times as the Indenture Trustee or the Note
Insurer may reasonably request. 
 The Servicer shall keep confidential (including from affiliates thereof) information concerning the
Mortgage Loans, except as required by law. 
 Section 5.13. Maintenance of Fidelity Bond. The Servicer shall during the term of its
service as Servicer maintain in force a fidelity bond and errors and omissions insurance in respect of their respective officers, employees or agents. Such bond and insurance shall comply with the requirements from time to time of Fannie Mae or
Freddie Mac for Persons performing servicing for mortgage loans purchased by such association. 
 Section 5.14. Subservicing Agreements
Between the Servicer and Subservicer and Subservicers. (a) The Servicer may enter into subservicing agreements for any servicing and administration of Mortgage Loans with any institution which is in compliance with the laws of each state
necessary to enable it to perform its obligations under such subservicing agreement. The Servicer shall give notice to the Note Insurer and the Indenture Trustee of the appointment of any subservicer and shall furnish to the Note Insurer and the
Indenture Trustee a copy of the subservicing agreement. The Servicer shall give notice to each Rating Agency of the appointment of any subservicer. No such appointment of a subservicer shall be effective without the consent of the Note Insurer. For
purposes of this Agreement, the Servicer shall be deemed to have received payments on Mortgage Loans when any subservicer has received such payments. Any such subservicing agreement shall be consistent with and not violate the provisions of this
Agreement. 
 (b) The Servicer may, with the consent of the Note Insurer, terminate any subservicing agreement in accordance
with the terms and conditions of such subservicing agreement and thereafter directly service the related Mortgage Loans itself or enter into a subservicing agreement with a successor subservicer that qualifies under Subsection (a) of this
Section 5.13. The Servicer shall give notice to each Rating Agency of the termination of any subservicer and the appointment of any successor subservicer. 
 (c) The Servicer shall not be relieved of its obligations under this Agreement notwithstanding any subservicing agreement or any of the
provisions of this Agreement relating to agreements or arrangements between the Servicer and a subservicer or otherwise, and the Servicer shall be obligated to the same extent and under the same terms and conditions as if it alone were servicing and
administering the Mortgage Loans. The Servicer shall be entitled to enter into any agreement with a subservicer for indemnification of the Servicer by such subservicer and nothing contained in such subservicing agreement shall be deemed to limit or
modify this Agreement. The Issuing Entity shall not indemnify the Servicer for any losses due to the Servicer’s negligence. 
  

 44 

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

  

 45 

 
shall be necessary to vest in the purchaser of such Mortgage Loan any Mortgage Loan released pursuant hereto and the purchaser of such Mortgage Loan shall
succeed to all the Indenture Trustee’s right, title and interest in and to such Mortgage Loan and all security and documents related thereto. Such assignment shall be an assignment outright and not for security. The purchaser of such Mortgage
Loan shall thereupon own such Mortgage Loan, and all security and documents, free of any further obligation to the Indenture Trustee, the Note Insurer or the Noteholders with respect thereto. The purchaser of such Mortgage Loan shall give written
notice to the Note Insurer of the means by which any Mortgage Loan purchased pursuant to this Section 5.15 is ultimately disposed of and any other information regarding any such Mortgage Loan reasonably requested by the Note Insurer.

 (b) After the Depositor or its Affiliate has repurchased any Mortgage Loans which are 90 days or more Delinquent in an
aggregate amount equal to 1% of the Maximum Collateral Amount, then notwithstanding the foregoing, unless the Note Insurer consents, the Depositor or its Affiliate may only exercise its option pursuant to this Section 5.15 with respect to the
Mortgage Loan or Mortgage Loans (including REO Mortgage Loans) that have been Delinquent for the longest period at the time of such repurchase. Any request by the Depositor or its Affiliate to the Note Insurer for consent to repurchase Mortgage
Loans that are not the most Delinquent shall be accompanied by a description of the Mortgage Loans that have been Delinquent longer than the Mortgage Loan or Mortgage Loans the Depositor or its Affiliate proposes to repurchase. If the Note Insurer
fails to respond to such request within ten (10) Business Days after receipt thereof, the Depositor or its Affiliate may repurchase the Mortgage Loan or Mortgage Loans proposed to be repurchased without the consent of, or any further action by,
the Note Insurer. Notice to the Note Insurer shall be delivered in accordance with the terms of the Insurance Agreement. 
 (c) The Depositor may not repurchase pursuant to this Section 5.15 more than 10% of the Mortgage Loans, measured by the outstanding Principal Balance of the Mortgage Loans repurchased as a percentage of the Initial Pool Balance.

 Section 5.17. Reports to be Provided by the Servicer. (a) By 3:00 p.m. eastern time on the second Business Day following the
fifteenth (15th) day of each month (the “Servicer Reporting Date”), the Servicer shall deliver to the Indenture Trustee, the Underwriter, Intex, Bloomberg and the Note Insurer a Servicer Remittance Report for the related
Servicer Remittance Date in an electronic format reporting on a loan-by-loan basis in such format as the Servicer and the Indenture Trustee may agree, and setting forth the following information with respect to all Mortgage Loans as well as a break
out as to each Loan Group as of the close of business on the last Business Day of the prior calendar month (except as otherwise provided in clause (v) below): 
 (i) the total number of Mortgage Loans and the Aggregate Principal Balances thereof, together with the number, Aggregate Principal
Balances of such Mortgage Loans and the percentage (based on the Aggregate Principal Balances of the Mortgage Loans) of the Aggregate Principal Balances of such Mortgage Loans to the Aggregate Principal Balance of all Mortgage Loans (A) 31-60
days Delinquent, (B) 61-90 days Delinquent and (C) 90 or more days Delinquent; 
  

 46 

 (ii) the number, Aggregate Principal Balances of all Mortgage Loans and percentage (based
on the Aggregate Principal Balances of the Mortgage Loans) of the Aggregate Principal Balances of such Mortgage Loans to the Aggregate Principal Balance of all Mortgage Loans in foreclosure proceedings and the number, Aggregate Principal Balances of
all Mortgage Loans and percentage (based on the Aggregate Principal Balances of the Mortgage Loans) of any such Mortgage Loans also included in any of the statistics described in the foregoing clause (i); 
 (iii) the number, Aggregate Principal Balances of all Mortgage Loans and percentage (based on the Aggregate Principal Balances of the
Mortgage Loans) of the Aggregate Principal Balances of such Mortgage Loans to the Aggregate Principal Balance of all Mortgage Loans relating to Mortgagors in bankruptcy proceedings and the number, Aggregate Principal Balances of all Mortgage Loans
and percentage (based on the Aggregate Principal Balances of the Mortgage Loans) of any such Mortgage Loans also included in any of the statistics described in the foregoing clause (i); 
 (iv) the number, Aggregate Principal Balances of all Mortgage Loans and percentage (based on the Aggregate Principal Balances of the
Mortgage Loans) of the Aggregate Principal Balances of such Mortgage Loans to the Aggregate Principal Balance of all Mortgage Loans relating to REO Properties and the number, Aggregate Principal Balances of all Mortgage Loans and percentage (based
on the Aggregate Principal Balances of the Mortgage Loans) of any such Mortgage Loans also included in any of the statistics described in the foregoing clause (i); 
 (v) the weighted average Mortgage Interest Rate for the Mortgage Loans in Loan Group 1 and Loan Group 2, in each case, as of the Due Date
occurring in the Due Period related to such Payment Date; 
 (vi) the weighted average remaining term to stated maturity of
all Mortgage Loans; 
 (vii) the book value of any REO Property; 
 (viii) the Cumulative Realized Loss Percentage and the Rolling Six Month Delinquency Ratio as of the related Payment Date; 
 (ix) with respect to each Monthly Payment, the amount of such remittance allocable to principal (including a separate breakdown of any
Principal Prepayment, including the date of such prepayment, and any Prepayment Charges); 
 (x) with respect to each Monthly
Payment, the amount of such remittance allocable to interest; 
 (xi) the number and the Aggregate Principal Balance of
Mortgage Loans repurchased pursuant to Section 5.15; and 
  

 47 

 (xii) such other loan level information as either (a) the Indenture Trustee may
reasonably request to enable it to prepare the Indenture Trustee’s Remittance Report or (b) the Note Insurer may reasonably request. 
 (b) [Reserved]. 
 (c) [Reserved]. 
 Section 5.18. [Reserved]. 
 Section 5.19.
Delinquency Advances. If, on any Servicer Remittance Date, the Servicer determines that any Monthly Payments due during the related Due Period have not been received as of the end of the related Due Period, the Servicer shall determine the
amount of any Delinquency Advance required to be made with respect to the related Payment Date. The Servicer shall include in the amount to be deposited in the related Payment Account on such Servicer Remittance Date an amount equal to the
Delinquency Advance, if any, which deposit may be made in whole or in part from funds in the Collection Account being held for future payment or withdrawal on or in connection with Payment Dates in subsequent months, other than any such amounts
which are voluntary Principal Prepayments in full. Any funds being held for future payment to Noteholders and so used shall be replaced by the Servicer from its own funds by deposit in the Collection Account on or before the Business Day preceding
any future Servicer Remittance Date to the extent that funds in the Collection Account on such Servicer Remittance Date shall be less than the Servicer Remittance Amount for such Payment Date. 
 The Servicer shall designate on its records the specific Mortgage Loans and related installments (or portions thereof) as to which such Delinquency
Advance shall be deemed to have been made, such determination being conclusive for purposes of withdrawals from the Collection Account pursuant to Section 5.03 hereof. 
 Section 5.20. Indemnification; Third Party Claims. The Servicer agrees to indemnify and to hold each of the Issuing Entity, the Owner Trustee, the
Depositor, the Sponsor, the Indenture Trustee, the Note Insurer and each Noteholder harmless against any and all claims, losses, penalties, fines, forfeitures, legal fees and related costs, judgments, and any other costs, fees and expenses
(including attorneys’ fees and expenses) that the Issuing Entity, the Owner Trustee, the Depositor, the Sponsor, the Indenture Trustee, the Note Insurer and any Noteholder (or any director, officer, employee or agent of the foregoing) may
sustain in any way related to the failure of the Servicer to perform its duties and service the Mortgage Loans in compliance with the terms of this Agreement and the other Basic Documents and in connection with the Indenture as provided in
Section 6.16 thereof. Each indemnified party and the Servicer shall immediately notify the other indemnified parties if a claim is made by a third party with respect to this Agreement and the other Basic Documents and the Servicer shall assume
the defense of any such claim and pay all expenses in connection therewith, including reasonable counsel fees, and promptly pay, discharge and satisfy any judgment or decree which may be entered against the Issuing Entity, the Owner Trustee, the
Depositor, the Sponsor, the Servicer, the Indenture Trustee, the Note Insurer and/or a Noteholder (or any director, officer, employee or agent of the foregoing) in respect of such claim. The obligations of the Servicer under this Section 5.19

  

 48 

 
arising prior to any resignation or termination of the Servicer hereunder shall survive the resignation or termination of the Servicer or the termination of
this Agreement or the Indenture. 
 Section 5.21. Maintenance of Corporate Existence and Licenses; Merger or Consolidation of the
Servicer. (a) The Servicer will keep in full effect its existence, rights and franchises as a corporation, will obtain and preserve its qualification to do business as a foreign corporation in each jurisdiction necessary to protect the
validity and enforceability of this Agreement or any of the Mortgage Loans and to perform its duties under this Agreement and will otherwise operate its business so as to cause the representations and warranties under Section 3.01 hereof to be
true and correct at all times under this Agreement. 
 (b) Any corporation into which the Servicer may be merged or converted
or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Servicer shall be a party, or any corporation succeeding to all or substantially all of the business of the Servicer, shall
be the successor of the Servicer, hereunder, only with the consent of the Note Insurer but without the execution or filing of any paper or any further act on the part of any of the parties hereto provided that such corporation meets the
qualifications set forth in Section 7.02(b). The Servicer shall send notice of any such merger or consolidation to the Owner Trustee, the Indenture Trustee and the Note Insurer. 
 Section 5.22. Assignment of Agreement by Servicer; Servicer Not to Resign. The Servicer shall not assign this Agreement nor resign from the
obligations and duties hereby imposed on it except with the prior consent of the Note Insurer (a copy of which will be provided to the Indenture Trustee), or upon the determination that the Servicer’s duties hereunder are no longer permissible
under applicable law and that such incapacity cannot be cured by the Servicer without incurring, in the reasonable judgment of the Note Insurer, unreasonable expense. Any such determination that the Servicer’s duties hereunder are no longer
permissible under applicable law permitting the resignation of the Servicer shall be evidenced by a written Opinion of Counsel (who may be counsel for the Servicer) to such effect delivered to the Indenture Trustee, the Issuing Entity, the
Depositor, the Sponsor and the Note Insurer. No such resignation of the Servicer shall become effective until a successor servicer appointed in accordance with the terms of this Agreement has assumed the Servicer’s responsibilities and
obligations hereunder in accordance with Section 7.02. The Servicer shall provide the Indenture Trustee, the Rating Agencies and the Note Insurer with 30 days’ prior written notice of its intention to resign pursuant to this
Section 5.21. 
 Section 5.23. Periodic Filings with the Securities and Exchange Commission Additional Information. 

(a) The Indenture Trustee shall reasonably cooperate with the Servicer in connection with the satisfaction of the reporting
requirements under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The Indenture Trustee shall prepare on behalf of the Trust Fund any Forms 8-K and 10-K customary for similar securities as required by the Exchange
Act and the Rules and Regulations of the Securities and Exchange Commission (the “Commission”) thereunder, and shall file (via the Commission’s Electronic Data Gathering and Retrieval System) such Forms on behalf of the Servicer. The
Servicer hereby grants to the Indenture Trustee a limited power of attorney to execute and file each such Form 8-K but only to 

  

 49 

 
the extent no accompanying certification is required to be filed on behalf of the Servicer. Such power of attorney shall continue until the earlier of
(i) receipt by the Indenture Trustee from the Servicer of written termination of such power of attorney and (ii) termination of the Trust Fund. The Servicer shall execute the Form 10-Ks. The Indenture Trustee shall have no liability with
respect to any failure to properly prepare or file such periodic reports resulting from or relating to the Indenture Trustee’s inability or failure to obtain any information not resulting from its own negligence or willful misconduct.

 (b) Each Form 8-K shall be filed by the Indenture Trustee within 15 days after each Payment Date, with a copy of the
Indenture Trustee’s Remittance Report for such Payment Date as an exhibit thereto. Prior to March 30th of each year (or such earlier date as may be required by the Exchange Act and the Rules and Regulations of the Commission) commencing
with 200[_], the Indenture Trustee shall file a Form 10-K, in substance as required by applicable law or the Commission’s staff interpretations. Such Form 10-K shall include as exhibits the Servicer’s annual statement of compliance
described under Section 5.09 and the accountant’s report described under Section 5.10, in each case to the extent they have been timely delivered to the Indenture Trustee. If they are not so timely delivered, the Indenture Trustee
shall file the incomplete Form 10-K, together with a Form 12b-25, and thereafter shall file an amended Form 10-K including such documents as exhibits reasonably promptly after they are delivered to the Indenture Trustee. The Indenture Trustee shall
have no liability with respect to any failure to properly prepare or file such periodic reports resulting from or relating to the Indenture Trustee’s inability or failure to obtain any information not resulting from its own negligence or
willful misconduct. The Form 10-K shall also include a certification in the form attached hereto as Exhibit G (the “Certification”), which shall be signed by the senior officer of the Servicer in charge of securitization. The
Indenture Trustee shall prepare and deliver each Form 10-K to the Servicer for execution no later than March 20th of each year. The Servicer shall return the executed Form 10-K and the Certification to the Indenture Trustee for filing no later
than March 25th of each year. 
 (c) The Servicer shall indemnify and hold harmless the Indenture Trustee and its
officers, directors and affiliates from and against any losses, damages, penalties, fines, forfeitures, reasonable and necessary legal fees and related costs, judgments and other costs and expenses arising out of or based upon a breach of the
Servicer’s obligations under this Section or the Sponsor’s negligence, bad faith or willful misconduct in connection therewith. 
 (d) Upon any filing with the Commission, the Indenture Trustee shall promptly deliver to the Servicer a copy of any executed report, statement or information. 
 (e) The Indenture Trustee shall prepare and file a voluntary suspension of filing on Form 15 as soon as it is permitted to do so under the
Exchange Act and the rules and regulations of the Commission. 
 Section 5.24. Administrative Duties. (a) Duties with Respect
to the Basic Documents. The Servicer shall perform all its duties and the duties of the Issuing Entity under the Basic Documents. In addition, the Servicer shall consult with the Owner Trustee as the Servicer deems appropriate regarding the
duties of the Issuing Entity under the Basic Documents. The Servicer shall monitor the performance of the Issuing Entity and shall advise the Owner Trustee when 

  

 50 

 
action is necessary to comply with the Issuing Entity’s duties under the Basic Documents. The Servicer shall prepare for execution by the Issuing Entity
or shall cause the preparation by other appropriate Persons of all such documents, reports, filings, instruments, certificates and opinions as it shall be the duty of the Issuing Entity to prepare, file or deliver pursuant to the Basic Documents. In
furtherance of the foregoing, the Servicer shall take all necessary action that is the duty of the Issuing Entity to take pursuant to the Basic Documents. 
 (b) Duties with Respect to the Issuing Entity. In addition to the duties of the Servicer set forth in this Agreement or any of the Basic Documents, the Servicer shall perform such calculations and shall prepare
for execution by the Issuing Entity or the Owner Trustee or shall cause the preparation by other appropriate Persons of all such documents, reports, filings, instruments, certificates and opinions as it shall be the duty of the Issuing Entity or the
Owner Trustee to prepare, file or deliver pursuant to this Agreement or any of the Basic Documents or under state and federal tax and securities laws and shall take all appropriate action that it is the duty of the Issuing Entity to take pursuant to
this Agreement or any of the Basic Documents. In accordance with the directions of the Issuing Entity or the Owner Trustee, the Servicer shall administer, perform, or supervise the performance of such other activities in connection with the Basic
Documents as are not covered by any of the foregoing provisions and as are expressly requested by the Issuing Entity or the Owner Trustee and are reasonably within the capability of the Servicer. 
 In carrying out the foregoing duties under this Agreement, the Servicer may enter into transactions with or otherwise deal with any of its Affiliates;
provided, however, that the terms of any such transactions or dealings shall be in accordance with any directions received from the Issuing Entity and shall be, in the Servicer’s opinion, no less favorable to the Issuing Entity in any material
respect. 
 (c) Additional Information to be Furnished to the Issuing Entity. The Servicer shall furnish to the Owner
Trustee from time to time such additional information regarding the Issuing Entity or the Basic Documents as the Owner Trustee shall reasonably request. The Servicer shall prepare, execute and deliver all certificates or other documents required to
be delivered by the Issuing Entity pursuant to the Sarbanes-Oxley Act of 2002 or the rules and regulations promulgated thereunder. 
 Section
5.25. Advance Facility. 
 (a) The Servicer on behalf of the Issuing Entity, is hereby authorized to enter into a
facility (such an arrangement, an “Advance Facility”) with any Person which provides that such Person (an “Advancing Person”) may fund Delinquency Advances and/or Servicing Advances under this Agreement, although no such facility
shall reduce or otherwise affect the Servicer’s obligation to fund such Delinquency Advances and/or Servicing Advances. No consent of the Indenture Trustee, the Noteholders, the Note Insurer or any other party shall be required before the
Servicer may enter into an Advance Facility nor shall the Indenture Trustee, the Note Insurer or the Noteholders be a third party beneficiary of any obligation of an Advancing Person to the Servicer. If the Servicer enters into an Advance Facility,
the Servicer and the related Advancing Person shall deliver to the Indenture Trustee at the address set forth in Section 10.06 hereof a written notice (an “Advance Facility Notice”), stating (a) the identity of 

  

 51 

 
the Advancing Person and (b) the identity of the Person (the “Servicer’s Assignee”) that will, subject to Section 5.24(b) hereof,
have the right to make withdrawals from the Collection Account pursuant to Section 5.03(b) hereof to reimburse previously unreimbursed Delinquency Advances and/or Servicing Advances (“Advance Reimbursement Amounts”). If the Servicer
enters into such an Advance Facility pursuant to this Section 5.24, upon reasonable request of the Advancing Person, the Indenture Trustee shall execute a letter of acknowledgment, as prepared by the Servicer confirming its receipt of written
notice of the existence of such Advance Facility. To the extent that an Advancing Person purchases or funds any Delinquency Advance or any Servicing Advance and provides the Indenture Trustee with written notice acknowledged by the Servicer that
such Advancing Person is entitled to reimbursement directly from the Indenture Trustee pursuant to the terms of the Advance Facility, such Advancing Person shall be entitled to receive reimbursement pursuant to this Agreement for such amount to the
extent provided in Section 5.24(b). Such notice from the Advancing Person must specify the amount of the reimbursement, the Section of this Agreement that permits the applicable Delinquency Advance or Servicing Advance to be reimbursed and the
section(s) of the Advance Facility that entitle the Advancing Person to request reimbursement from the Indenture Trustee, rather than the Servicer, and include the Servicer’s acknowledgment thereto or proof of an Event of Default under the
Advance Facility. The Indenture Trustee shall have no duty or liability with respect to any calculation of any reimbursement to be paid to an Advancing Person and shall be entitled to rely without independent investigation on the Advancing
Person’s notice provided pursuant to this Section 5.24. For the avoidance of doubt, an Advancing Person whose obligations under the Advance Facility are limited to the funding of Delinquency Advances and/or Servicing Advances shall not be
considered to be a subservicer hereunder. 
 (b) Notwithstanding the foregoing, and for the avoidance of doubt, (i) the
Servicer and/or the Servicer’s Assignee shall only be entitled to reimbursement of Delinquency Advance reimbursement amounts hereunder from withdrawals from the Collection Account pursuant to Section 5.03(b) and (c) of this Agreement
and shall not otherwise be entitled to make withdrawals or receive amounts that shall be deposited in each Payment Account, and (ii) none of the Indenture Trustee. the Note Insurer or the Noteholders shall have any right to, or otherwise be
entitled to, receive any Delinquency Advance reimbursement amounts to which the Servicer or Servicer’s Assignee, as applicable, shall be entitled pursuant to Section 5.03(b) and (c) hereof. An Advance Facility may be terminated by the
joint written direction of the Servicer and the related Advancing Person. Written notice of such termination shall be delivered to the Indenture Trustee in the manner set forth in Section 10.06 hereof. Neither the Issuing Entity nor the
Indenture Trustee shall, as a result of the existence of any Advance Facility, have any additional duty or liability with respect to the calculation or payment of any Delinquency Advance reimbursement amount, nor, as a result of the existence of any
Advance Facility, shall the Issuing Entity or the Indenture Trustee have any additional responsibility to track or monitor the administration of the Advance Facility or the payment of Delinquency Advance reimbursement amounts to the Servicer’s
Assignee. The Servicer shall indemnify the Indenture Trustee, any successor Servicer and the Issuing Entity for any claim, loss, liability or damage resulting from any claim by the related Advancing Person, except to the extent that such claim,
loss, liability or damage resulted from or arose out of negligence, recklessness or willful misconduct on the part of the Indenture Trustee or any successor Servicer, as the case may be, or failure by the successor Servicer to remit funds as
required by this Agreement or the commission of an act or omission to act by the successor Servicer and the passage of any applicable cure or grace period, 

  

 52 

 
such that an Event of Default under this Agreement occurs or such entity is subject to termination for cause under this Agreement. The Servicer shall
maintain and provide to any successor Servicer and, upon request, the Indenture Trustee a detailed accounting on a loan-by-loan basis as to amounts advanced by, pledged or assigned to, and reimbursed to any Advancing Person. The successor Servicer
and the Indenture Trustee, as applicable, shall be entitled to rely on any such information provided by the predecessor Servicer, and the successor Servicer and the Indenture Trustee, as applicable, shall not be liable for any errors in such
information. 
 (c) If an Advancing Person is entitled to reimbursement for any particular Delinquency Advance or Servicing
Advance as set forth in Section 5.24(a), then the Servicer shall not be permitted to reimburse itself therefor under Section 5.03(b) and (c), but instead the Servicer shall include such amounts in the applicable remittance to the Indenture
Trustee made pursuant to Section 5.02 to the extent of amounts on deposit in the Collection Account on the related Servicer Remittance Date. The Indenture Trustee is hereby authorized to pay to an Advancing Person reimbursements for Delinquency
Advances and Servicing Advances from each Payment Account to the same extent the Servicer would have been permitted to reimburse itself for such Delinquency Advances and/or Servicing Advances in accordance with Section 5.03(b) and (c), had the
Servicer made such Delinquency Advance or Servicing Advance. 
 (d) All Delinquency Advances and Servicing Advances made
pursuant to the terms of this Agreement shall be deemed made and shall be reimbursed on a “first in first out” (FIFO) basis. In the event the Servicer’s Assignee shall have received some or all of an Delinquency Advance reimbursement
amount related to Delinquency Advances and/or Servicing Advances that were made by a Person other than the Servicer or its related Advancing Person in error, then such Servicer’s Assignee shall be required to remit any portion of such
Delinquency Advance reimbursement amount to each Person entitled to such portion of such Delinquency Advance reimbursement amount. Without limiting the generality of the foregoing, the Servicer shall remain entitled to be reimbursed pursuant to
Section 5.03(b) and (c) for all Delinquency Advances and/or Servicing Advances funded by the Servicer to the extent the related Delinquency Advance reimbursement amounts have not been assigned, sold or pledged to such Advancing Person or
Servicer’s Assignee. 
 (e) In the event the Servicer is terminated pursuant to Section 7.01, the Advancing Person
shall succeed to the terminated Servicer’s right of reimbursement set forth in Section 5.03(b) and (c) to the extent of such Advancing Person’s financing of Delinquency Advances or Servicing Advances hereunder then remaining
unreimbursed. 
 (f) Any amendment to this Section 5.24 or to any other provision of this Agreement that may be necessary
or appropriate to effect the terms of an Advance Facility as described generally in this Section 5.24, including amendments to add provisions relating to a successor Servicer, may be entered into by the Indenture Trustee, the Sponsor, the
Depositor, the Issuing Entity and the Servicer without the consent of any Noteholder or the Note Insurer, provided such amendment complies with Section 10.03 hereof. All reasonable costs and expenses (including attorneys’ fees) of each
party hereto of any such amendment shall be borne solely by the Servicer. The parties hereto hereby acknowledge and agree that: (a) the Delinquency Advances and/or Servicing Advances financed by, sold and/or pledged to an Advancing Person under
any Advance Facility are obligations owed to the Servicer payable only 

  

 53 

 
from the cash flows and proceeds received under this Agreement for reimbursement of Delinquency Advances and/or Servicing Advances only to the extent
provided herein, and the Indenture Trustee and the Issuing Entity are not, as a result of the existence of any Advance Facility, obligated or liable to repay any Delinquency Advances and/or Servicing Advances financed by the Advancing Person;
(b) the Servicer will be responsible for remitting to the Advancing Person the applicable amounts collected by it as reimbursement for Delinquency Advances and/or Servicing Advances purchased or funded by the Advancing Person, subject to the
provisions of this Agreement; and (c) the Indenture Trustee shall not have any responsibility to track or monitor the administration of the financing arrangement between the Servicer and any Advancing Person. 
 ARTICLE VI 
 APPLICATION OF FUNDS

 Section 6.01. Deposits to the Payment Account. By 12:00 noon (Eastern Time) on each Servicer Remittance Date, the Servicer
shall remit to the Indenture Trustee for deposit in the related Payment Account, from funds on deposit in the Collection Account, an amount equal to the Servicer Remittance Amount with respect to the related Payment Date, minus any portion thereof
payable to the Servicer pursuant to Section 5.03. 
 Section 6.02. Collection of Money. Except as otherwise expressly provided
herein, the Indenture Trustee may demand payment or delivery of all money and other property payable to or receivable by the Indenture Trustee pursuant to this Agreement, including (a) all payments due on the Mortgage Loans in accordance with
the respective terms and conditions of such Mortgage Loans and required to be paid over to the Indenture Trustee by the Servicer and (b) Insured Amounts. The Indenture Trustee shall hold all such money and property received by it, as part of
the Trust Estate and shall apply it as provided in the Indenture. 
 Section 6.03. Application of Principal and Interest. In the event
that Net Liquidation Proceeds on a Liquidated Mortgage Loan are less than the Principal Balance of the related Mortgage Loan plus accrued interest thereon, or any Mortgagor makes a partial payment of any Monthly Payment due on a Mortgage Loan, such
Net Liquidation Proceeds or partial payment shall be applied to payment of the related Mortgage Note as provided therein, and if not so provided, first to interest accrued at the Mortgage Interest Rate and then to principal. 
 Section 6.04. [Reserved]. 
 Section 6.05.
Compensating Interest. Not later than the Servicer Remittance Date, the Servicer shall remit to the Indenture Trustee (without right to reimbursement therefor) for deposit into the related Payment Account, an amount equal to, for all of the
Mortgage Loans, the lesser of (a) the Prepayment Interest Shortfalls for all of the Mortgage Loans for the related Payment Date resulting from Principal Prepayments in full during the related Prepayment Period and (b) its aggregate
Servicing Fee with respect to all of the Mortgage Loans for the related Due Period (the “Compensating Interest”). 
  

 54 

 Section 6.06. Effect of Payments by the Note Insurer; Subrogation. Anything herein to the contrary
notwithstanding, any payment with respect to principal of or interest on the Notes which is made with moneys received pursuant to the terms of the Note Insurance Policy shall not be considered payment of the Notes from the Trust Estate. The
Depositor, the Sponsor, the Servicer, the Issuing Entity and the Indenture Trustee acknowledge and agree, that without the need for any further action on the part of the Note Insurer, the Depositor, the Sponsor, the Servicer, the Issuing Entity, the
Indenture Trustee or the Note Registrar (a) to the extent the Note Insurer makes payments, directly or indirectly, on account of principal of or interest on the Notes to the Holders of such Notes, the Note Insurer will be fully subrogated to,
and each Noteholder, the Servicer, the Depositor, the Sponsor, the Issuing Entity and the Indenture Trustee hereby delegate and assign to the Note Insurer, to the fullest extent permitted by law, the rights of such Holders to receive such principal
and interest from the Trust Estate, including, without limitation, any amounts due to the Noteholders in respect of securities law violations arising from the offer and sale of the Notes, and (b) the Note Insurer shall be paid such amounts from
the sources and in the manner provided herein for the payment of such amounts and as provided in the Insurance Agreement. The Indenture Trustee and the Servicer shall cooperate in all respects with any reasonable request by the Note Insurer for
action to preserve or enforce the Note Insurer’s rights or interests under this Agreement without limiting the rights or affecting the interests of the Holders as otherwise set forth herein. 
 ARTICLE VII 
 SERVICER DEFAULT

 Section 7.01. Servicer Events of Default. (a) The following events shall each constitute a “Servicer Event of
Default” hereunder: 
 (i) any failure by the Servicer to remit to the Indenture Trustee any payment required to be made
by the Servicer under the terms of this Agreement (other than Servicing Advances covered by clause (ii) below and Delinquency Advances, which shall have no cure period), which continues unremedied for one (1) Business Day after the date
upon which notice of such failure, requiring the same to be remedied, shall have been given to the Servicer by the Indenture Trustee or to the Servicer and Indenture Trustee by the Note Insurer or Noteholders affected thereby evidencing Percentage
Interests of at least 25%; provided however that any failed remittance cured within one Business Day of such failure shall include interest accrued at the Prime Rate (as set forth in the Wall Street Journal) on the amount of such remittance from and
including the date the remittance was required to be made to and including the date the remittance was actually made; 
 (ii)
the failure by the Servicer to make any required Servicing Advance, which failure continues unremedied for a period of thirty (30) days after the date on which written notice of such failure, requiring the same to be remedied, shall have been
given to the Servicer by the Indenture Trustee or to the Servicer and the Indenture Trustee by the Note Insurer or Noteholders affected thereby evidencing Percentage Interests of at least 25%; 
  

 55 

 (iii) any failure on the part of the Servicer duly to observe or perform in any material
respect any other of the covenants or agreements on the part of the Servicer contained in this Agreement, or the failure of any representation and warranty made pursuant to Section 3.01(a) hereof to be true and correct which continues
unremedied for a period of thirty (30) days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Servicer by the Indenture Trustee or to the Servicer and the Indenture Trustee
by the Note Insurer or Noteholders affected thereby evidencing Percentage Interests of at least 25%; 
 (iv) a decree or order
of a court or agency or supervisory authority having jurisdiction in an involuntary case under any present or future federal or state bankruptcy, insolvency or similar law or for the appointment of a conservator or receiver or liquidation in any
insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Servicer and such decree or order shall have remained in force,
undischarged or unstayed for a period of ninety (90) days; 
 (v) the Servicer shall consent to the appointment of a
conservator or receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to the Servicer or of or relating to all or substantially all of the Servicer’s property;

 (vi) the Servicer shall admit in writing its inability generally to pay its debts as they become due, file a petition to
take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors, or voluntarily suspend payment of its obligations; 
 (vii) the Note Insurer shall notify the Indenture Trustee of any “event of default” under the Insurance Agreement; 

(viii) if on any Payment Date the Rolling Six Month Delinquency Rate exceeds
[            ]%; 
 (ix) if on any Payment Date, the
Cumulative Loan Loss Percentage exceeds the following percentages on any Payment Date during the following periods: 
  

				
	 Payment Date Occurring During
	  	Percentage	 
	 [MO/YR] - [MO/YR]
	  	[___	]%
	 [MO/YR] - [MO/YR]
	  	[___	]%
	 [MO/YR] - [MO/YR]
	  	[___	]%
	 [MO/YR] and thereafter
	  	[___	]%

 (x) the occurrence of an Event of Default under the Indenture. 
 So long as a Servicer Event of Default shall have occurred and not have been remedied: (x) with respect solely to Section 7.01(a)(i), if such
payment is in respect of Delinquency Advances or Compensating Interest owing by the Servicer and such payment is not made by 12:00 noon New York time on the second Business Day prior to the applicable Payment Date, 

  

 56 

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

  

 57 

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

 58 

 (b) Any successor servicer hereunder (other than the Indenture Trustee) shall be a
housing and home finance institution, bank or mortgage servicing institution which has been designated as an approved seller-servicer by Fannie Mae or Freddie Mac, having equity of not less than $5,000,000 as determined in accordance with GAAP, as
the successor to the Servicer hereunder in the assumption of all or any part of the responsibilities, duties or liabilities of the Servicer hereunder. 
 (c) In the event the Indenture Trustee is the successor servicer, it shall be entitled to the same Servicing Compensation (including the Servicing Fee as adjusted pursuant to the definition thereof) and other funds
pursuant to Section 5.08 hereof as the Servicer if the Servicer had continued to act as servicer hereunder. 
 (d) The
Indenture Trustee and any successor servicer shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. The Servicer agrees to cooperate with the Indenture Trustee and any successor servicer in
effecting the termination of the Servicer’s servicing responsibilities and rights hereunder and shall promptly provide the Indenture Trustee or such successor servicer, as applicable, at the Servicer’s cost and expense, all documents and
records reasonably requested by it to enable it to assume the Servicer’s functions hereunder and shall promptly also transfer to the Indenture Trustee or such successor servicer, as applicable, all amounts that then have been or should have
been deposited in the Collection Account by the Servicer or that are thereafter received with respect to the Mortgage Loans, including without limitation all Liquidation Proceeds and Insurance Proceeds, and payments of insurance deductible amounts
by the Servicer pursuant to Section 5.04(b) with respect to all insurance claims arising during the Servicer’s tenure. Any collections received by the Servicer after such removal or resignation shall be endorsed by it to the Indenture
Trustee or a successor servicer, as applicable, and remitted directly to the Indenture Trustee (or, at the direction of the Indenture Trustee, to any other successor servicer). Neither the Indenture Trustee nor any other successor servicer shall be
held liable by reason of any failure to make, or any delay in making, any payment hereunder or any portion thereof caused by (i) the failure of the Servicer to deliver, or any delay in delivering, cash, documents or records to it, or
(ii) restrictions imposed by any regulatory authority having jurisdiction over the Servicer hereunder. Notwithstanding anything to the contrary herein, no appointment of a successor servicer under this Agreement shall be effective until the
Note Insurer shall have consented thereto, and written notice of such proposed appointment shall have been provided by the Indenture Trustee to the Note Insurer. The Indenture Trustee shall not resign as Servicer until a successor servicer
reasonably acceptable to the Note Insurer has been appointed. The Note Insurer shall have the right to remove the Indenture Trustee as successor Servicer under this Section 7.02 without cause, and the Indenture Trustee shall appoint such other
successor servicer as directed by the Note Insurer. 
 (e) In the event that the Servicer is terminated hereunder and no other
successor servicer has been appointed hereunder, the Indenture Trustee may appoint a successor servicer (which may be an affiliate of the Indenture Trustee) or petition a court of competent jurisdiction to appoint a successor servicer. Pending
appointment of such a successor servicer hereunder, the Indenture Trustee shall be the successor servicer and act in such capacity; provided, however, that the Indenture Trustee, in its capacity as successor servicer pending appointment of another
successor servicer, (i) shall be obligated to make Delinquency Advances 

  

 59 

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

 60 

 (h) In connection with the termination or resignation of the Servicer hereunder, the
successor Servicer shall represent and warrant that it is a member of MERS in good standing and shall agree to comply in all material respects with the rules and procedures of MERS in connection with the servicing of the Mortgage Loans that are
registered with MERS, in which case the predecessor Servicer shall cooperate with the successor Servicer in causing the MERS System to be revised to reflect the transfer of servicing to the successor Servicer as necessary under MERS’ rules and
regulations. 
 Section 7.03. Waiver of Defaults. The Note Insurer or the Majority Noteholders may, on behalf of all Noteholders, and
subject to the consent of the Note Insurer, waive any events permitting removal of the Servicer as servicer pursuant to this Article VII; provided, however, that the Majority Noteholders may not waive a default in making a required
payment on a Note without the consent of the Holder of such Note. Upon any waiver of a past default, such default shall cease to exist, and any Servicer Event of Default arising therefrom shall be deemed to have been remedied for every purpose of
this Agreement. No such waiver shall extend to any subsequent or other default or impair any right consequent thereto except to the extent expressly so waived. Notice of any such waiver shall be given by the Indenture Trustee to the Rating Agencies
and the Note Insurer. 
 Section 7.04. Rights of the Note Insurer to Exercise Rights of the Noteholders. By accepting its Note, each
Noteholder agrees that unless a Note Insurer Default exists, the Note Insurer shall be deemed to be the Noteholders for all purposes (other than with respect to the receipt of payment on the Notes) and shall have the right to exercise all rights of
the Noteholders under this Agreement and under the Notes without any further consent of the Noteholders, including, without limitation: 
 (a) the right to require the Sponsor to repurchase or substitute Mortgage Loans pursuant to Sections 2.06 and 4.02 hereof to the extent set forth therein; 
 (b) the right to give notices of breach or to terminate the rights and obligations of the Servicer as servicer pursuant to
Section 7.01 hereof and to consent to or direct waivers of Servicer defaults pursuant to Section 7.03 hereof; 
 (c)
the right to direct the actions of the Indenture Trustee during the continuance of a Servicer Event of Default pursuant to Sections 7.01 and 7.02 hereof; 
 (d) the right to institute proceedings against the Servicer pursuant to Section 7.01 hereof; 
 (e) the right to remove the Indenture Trustee pursuant to Section 6.09 of the Indenture; 
 (f) the right to
direct foreclosures upon the failure of the Servicer to do so in accordance with the provisions of Section 5.06 of this Agreement; and 
  

 61 

 (g) any rights or remedies expressly given the Majority Noteholders. 
 In addition, each Noteholder agrees that, subject to Section 10.02, unless a Note Insurer Default exists, the rights specifically enumerated above
may only be exercised by the Noteholders with the prior written consent of the Note Insurer. 
 Section 7.05. Indenture Trustee To Act
Solely with Consent of the Note Insurer. Unless a Note Insurer Default exists, the Indenture Trustee shall not, without the Note Insurer’s consent or unless directed by the Note Insurer: 
 (a) terminate the rights and obligations of the Servicer as servicer pursuant to Section 7.01 hereof; 
 (b) agree to any amendment pursuant to Section 10.03 hereof; or 
 (c) undertake any litigation on behalf of the Noteholders; provided, however, that this clause (c) will not be construed to limit the
Indenture Trustee’s right to undertake litigation on its own behalf. 
 The Note Insurer may, in writing and in its sole discretion
renounce all or any of its rights under Sections 7.04, 7.05 or 7.06 or any requirement for the Note Insurer’s consent for any period of time. 
 Section 7.06. Mortgage Loans, Trust Estate and Accounts Held for Benefit of the Note Insurer. (a) The Indenture Trustee shall hold the Trust Estate and the Indenture Trustee’s Mortgage Files, for the benefit of the
Noteholders and the Note Insurer, and all references in this Agreement, the Notes and in any of the other Basic Documents to the benefit of Noteholders shall be deemed to include the Note Insurer. The Indenture Trustee shall cooperate in all
reasonable respects with any reasonable request by the Note Insurer for action to preserve or enforce the Note Insurer’s rights or interests under this Agreement, the Notes and in any of the Basic Documents unless, as stated in an Opinion of
Counsel addressed to the Indenture Trustee and the Note Insurer, such action is adverse to the interests of the Noteholders or diminishes the rights of the Noteholders or imposes additional burdens or restrictions on the Noteholders. 
 (b) The Servicer hereby acknowledges and agrees that it shall service the Mortgage Loans for the benefit of the Noteholders and for the
benefit of the Note Insurer, and all references in this Agreement and in any of the other Basic Documents to the benefit of or actions on behalf of the Noteholders shall be deemed to include the Note Insurer. 
 Section 7.07. Note Insurer Default. During the continuation of a Note Insurer Default, rights granted or reserved to the Note Insurer hereunder
shall vest instead in the Noteholders; provided, that the Note Insurer shall be entitled to any distributions of reimbursements as set forth in the Indenture and the Insurance Agreement and the Note Insurer shall retain those rights under
Section 10.03 to consent to any amendment of this Agreement. 
 At such time as either (i) the outstanding Note Principal Balance
of the Notes has been reduced to zero or (ii) the Note Insurance Policy has been terminated and in either case of (i) or (ii) the Note Insurer has been reimbursed for all amounts owed under the Note Insurance Policy 

  

 62 

 
and the Insurance Agreement (and the Note Insurer no longer has any obligation under the Note Insurance Policy, except for breach thereof by the Note
Insurer), then the rights and benefits granted or reserved to the Note Insurer hereunder (including the rights to direct certain actions and receive certain notices) shall terminate and the Certificateholders shall be entitled to the exercise of
such rights and to receive such benefits of the Note Insurer following such termination to the extent that such rights and benefits are applicable to the Certificateholders. 
 ARTICLE VIII 
 TERMINATION 
 Section 8.01. Termination. (a) Subject to Section 8.02, this Agreement shall terminate upon notice to the Indenture Trustee of either:
(i) the disposition of all funds with respect to the last Mortgage Loan and the remittance of all funds due hereunder and the payment of all amounts due and payable to the Note Insurer and the Indenture Trustee or (ii) mutual consent of
the Owner Trustee, on behalf of the Issuing Entity, at the direction of all the Certificateholders, the Indenture Trustee, the Servicer, the Note Insurer and all Noteholders in writing. 
 (b) In addition, subject to Section 8.02, the Sponsor may, at its sole option, cost and expense, terminate the Issuing Entity in
accordance with the terms of Section 10.01 of the Indenture. 
 (c) If on any date, the Servicer determines that there
are no outstanding Mortgage Loans and no other funds or assets in the Trust Estate other than funds in the Payment Accounts, the Servicer shall send a final payment notice promptly to the Indenture Trustee, who shall forward notice to each
Noteholder in accordance with Section 8.01(d). 
 (d) Notice of any termination, specifying the Payment Date upon which
the Issuing Entity will terminate and the Noteholders shall surrender their Notes to the Indenture Trustee for final payment and cancellation, shall be given promptly by the Servicer to the Indenture Trustee, who shall forward the notice by letter
to Noteholders mailed during the month of such final payment before the Servicer Remittance Date in such month, specifying (i) the Payment Date upon which final payment of the Notes will be made upon presentation and surrender of Notes at the
office of the Indenture Trustee therein designated, (ii) the amount of any such final payment and (iii) that the Record Date otherwise applicable to such Payment Date is not applicable, payments being made only upon presentation and
surrender of the Notes at the office of the Indenture Trustee therein specified. The obligations of the Note Insurer hereunder shall terminate upon the deposit by the Sponsor with the Indenture Trustee of a sum sufficient to purchase all of the
Mortgage Loans and REO Properties as set forth in Section 10.01 of the Indenture or when the Note Principal Balance of the Notes has been reduced to zero. 
 (e) In the event that all of the Noteholders do not surrender their Notes for cancellation within six (6) months after the time
specified in the above-mentioned written notice, the Indenture Trustee shall give a second written notice to the remaining Noteholders to surrender their Notes for cancellation and receive the final payment with respect thereto. If within six
(6) months after the second notice, all of the Notes shall not have been surrendered for cancellation, the Indenture Trustee may take appropriate steps, or may appoint an agent to take 

  

 63 

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

[RESERVED] 
 ARTICLE X

 MISCELLANEOUS PROVISIONS 
 Section 10.01. Limitation on Liability. (a) None of the Issuing Entity, the Owner Trustee, the Depositor, the Sponsor, the Servicer, the Indenture Trustee or any of the directors, officers, employees or agents of such Persons
shall be under any liability to the Issuing Entity, the Noteholders or the Note Insurer for any action taken, or for refraining from the taking of any action, in good faith pursuant to this Agreement, or for errors in judgment; provided,
however, 

  

 64 

 
that this provision shall not protect the Issuing Entity, the Owner Trustee, the Depositor, the Sponsor, the Servicer, the Indenture Trustee or any such
Person against liability for any breach of warranties or representations made herein by such party, or against any specific liability imposed on each such party pursuant to this Agreement or against any liability which would otherwise be imposed
upon such party by reason of willful misfeasance, bad faith or negligence in the performance of duties or by reason of failure to perform its obligations or duties hereunder. The Issuing Entity, the Owner Trustee, the Depositor, the Sponsor, the
Servicer, the Indenture Trustee and any director, officer, employee or agent of such Person may rely in good faith on any document of any kind which, prima facie, is properly executed and submitted by any appropriate Person respecting any matters
arising hereunder. 
 (b) It is expressly understood and agreed by the parties hereto that (i) this Agreement is executed
and delivered by [                        ], not individually or personally but solely as Owner Trustee under the Trust
Agreement, in the exercise of the powers and authority conferred and vested in it under the Trust Agreement, (ii) each of the representations, undertakings and agreements herein made on the part of the Issuing Entity is made and intended not as
personal representations, undertakings and agreements by [                        ]but is made and intended for the
purpose for binding only the Issuing Entity, (iii) nothing herein contained shall be construed as creating any liability on
[                        ], individually or personally, to perform any covenant either expressed or implied contained
herein, all such liability, if any, being expressly waived by the parties hereto and by any Person claiming by, through or under the parties hereto and (iv) under no circumstances shall
[                        ]be personally liable for the payment of any indebtedness or expenses of the Issuing Entity or be
liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Issuing Entity under this Agreement or any other related documents. 
 Section 10.02. Acts of Noteholders. (a) Subject to Section 7.04 and except as otherwise specifically provided herein, whenever
Noteholder action, consent or approval is required under this Agreement, such action, consent or approval shall be deemed to have been taken or given on behalf of, and shall be binding upon, all Noteholders if the Majority Noteholders or the Note
Insurer agrees to take such action or give such consent or approval. 
 (b) The death or incapacity of any Noteholder shall
not operate to terminate this Agreement or the Issuing Entity, nor entitle such Noteholder’s legal representatives or heirs to claim an accounting or to take any action or proceeding in any court for a partition or winding up of the Issuing
Entity, nor otherwise affect the rights, obligations and liabilities of the parties hereto or any of them. 
 (c) No
Noteholder shall have any right to vote (except as expressly provided for herein) or in any manner otherwise control the operation and management of the Issuing Entity, or the obligations of the parties hereto, nor shall anything herein set forth,
or contained in the terms of the Notes, be construed so as to constitute the Noteholders from time to time as partners or members of an association; nor shall any Noteholder be under any liability to any third person by reason of any action taken by
the parties to this Agreement pursuant to any provision hereof. 
  

 65 

 Section 10.03. Amendment. (a) This Agreement may be amended from time to time by the Owner
Trustee, on behalf of the Issuing Entity, the Servicer, the Depositor, Sponsor and the Indenture Trustee by written agreement, upon the prior written consent of the Note Insurer, without notice to or consent of the Noteholders to cure any ambiguity,
to correct or supplement any provisions herein, to comply with any changes in the Code, or to make any other provisions with respect to matters or questions arising under this Agreement which shall not be inconsistent with the provisions of this
Agreement; provided, however, that such action shall not adversely affect in any material respect the interests of any Noteholder and will not prevent the Notes from being characterized as debt for United States federal income tax
purposes or cause the Issuing Entity to be subject to federal income tax, as evidenced by (i) an Opinion of Counsel, at the expense of the party requesting the change, delivered to the Indenture Trustee to such effect or (ii) a letter from
each Rating Agency confirming that such action will not result in the reduction, qualification or withdrawal of the then-current ratings on the Notes (without taking into account the Note Insurance Policy). The Indenture Trustee shall give prompt
written notice to the Rating Agencies of any amendment made pursuant to this Section 10.03. 
 (b) This Agreement may be
amended from time to time by the Owner Trustee, on behalf of the Issuing Entity, the Servicer, the Depositor, the Sponsor and the Indenture Trustee, with the consent of the Note Insurer, the Noteholders representing more than 50% of the outstanding
Principal Balance of the Notes of each affected Class and all of the Certificateholders; provided, however, that no such amendment shall reduce in any manner the amount of, or delay the timing of, payments received on Mortgage Loans
which are required to be paid on any Class of Notes without the consent of the Holders of such Class of Notes or reduce the percentage for the Holders of which are required to consent to any such amendment without the consent of the Holders of 100%
of such Class of Notes affected thereby. 
 (c) It shall not be necessary for the consent of Holders under this
Section 10.03 to approve the particular form of any proposed amendment, but it shall be sufficient if such consent shall approve the substance thereof. 
 (d) In executing, or accepting the additional trusts created by, any supplemental indenture permitted by Article IX of the Indenture or
the modifications thereby of the trusts created by the Indenture, the Indenture Trustee shall be entitled to receive, and (subject to Section 6.01 of the Indenture) shall be fully protected in relying upon, an Opinion of Counsel stating that
the execution of such supplemental indenture is authorized or permitted by the Indenture. The Indenture Trustee may, but shall not be obligated to, enter into any such supplemental indenture that affects the Indenture Trustee’s own rights,
duties or immunities under the Indenture or otherwise. The Servicer, on behalf of the Issuing Entity, shall cause executed copies of any supplemental indentures to be delivered to the Note Insurer and the Rating Agencies. 
 Section 10.04. Recordation of Agreement. To the extent permitted by applicable law, this Agreement, or a memorandum thereof if permitted under
applicable law, is subject to recordation in all appropriate public offices for real property records in all of the counties or other comparable jurisdictions in which any or all of the properties subject to the Mortgages are situated, and in any
other appropriate public recording office or elsewhere, such recordation to be effected by the Servicer at the Noteholders’ expense on direction and at the expense of Majority 

  

 66 

 
Noteholders requesting such recordation, but only when accompanied by an Opinion of Counsel to the effect that such recordation materially and beneficially
affects the interests of the Noteholders or is necessary for the administration or servicing of the Mortgage Loans. 
 Section 10.05.
Duration of Agreement. This Agreement shall continue in existence and effect until terminated as herein provided. 
 Section 10.06.
Notices. All demands, notices and communications hereunder shall be in writing and shall be deemed to have been duly given when delivered to (i) in the case of the Servicer, Accredited Home Lenders, Inc., 15090 Avenue of Science, San
Diego, California 92128, Attention: Director of Operations with a copy to General Counsel; (ii) in the case of the Issuing Entity, Accredited Mortgage Loan Trust 200[_]-[_], c/o the Owner Trustee at its Corporate Trust Office, Attention:
Corporate Trust Administration; (iii) in the case of the Indenture Trustee, [                    ], Attn:
[            ] ; (iv) in the case of the Sponsor, Accredited Home Lenders, Inc., 15090 Avenue of Science, San Diego, California 92128, Attention: Investor Reporting; (v) in
the case of the Underwriter, [                    ], Attn: [            ];
(vi) in the case of the Note Insurer, [                    ], Attn:
[            ]; (vii) in the case of [the Rating Agencies],
[                    ], Attn: [            ]; (viii) in the case of
the Depositor, Accredited Mortgage Loan REIT Trust, 15090 Avenue of Science, San Diego, California 92128, Attention: General Counsel and (ix) in the case of the Noteholders, as set forth in the Note Register. Any such notices shall be deemed to
be effective with respect to any party hereto upon the receipt of such notice by such party, except that notices to the Noteholders shall be effective upon mailing or personal delivery. 
 Section 10.07. Severability of Provisions. If any one or more of the covenants, agreements, provisions or terms of this Agreement shall be held
invalid for any reason whatsoever, then such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions or terms of this Agreement and shall in no way affect the validity or
enforceability of the other covenants, agreements, provisions or terms of this Agreement. 
 Section 10.08. No Partnership. Nothing
herein contained shall be deemed or construed to create a co-partnership or joint venture between the parties hereto and the services of the Servicer shall be rendered as an independent contractor and not as agent for the Noteholders. 
 Section 10.09. Counterparts. This Agreement may be executed in one or more counterparts and by the different parties hereto on separate
counterparts, each of which, when so executed, shall be deemed to be an original; such counterparts, together, shall constitute one and the same agreement. 
 Section 10.10. Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the Issuing Entity, the Servicer, the Depositor, the Sponsor, the Indenture Trustee and the Noteholders
and their respective successors and permitted assigns. 
 Section 10.11. Headings. The headings of the various sections of this
Agreement have been inserted for convenience of reference only and shall not be deemed to be part of this Agreement. 
  

 67 

 Section 10.12. No Petition. The Servicer, by entering into this Agreement hereby covenants and
agrees, and the Noteholders, by the acceptance of their Notes are deemed to covenant and agree, that they will not at any time institute against the Issuing Entity, or join in any institution against the Issuing Entity of, any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings under any United States Federal or state bankruptcy law in connection with any obligations relating to the Certificates, the Notes, this Agreement or any of the
other Basic Documents. 
 This Section 10.12 will survive for one year and one day following the termination of this Agreement.

 Section 10.13. Third Party Beneficiary. The parties agree that each of the Owner Trustee and the Note Insurer is intended and shall
have all rights of a third-party beneficiary of this Agreement. Without limiting the generality of the foregoing, all covenants and agreements in this Agreement that expressly confer rights upon the Note Insurer shall be for the benefit of and run
directly to the Note Insurer, and the Note Insurer shall be entitled to rely on and enforce such covenants to the same extent as if it were a party to this Agreement. 
 Section 10.14. Intent of the Parties. It is the intent of the parties hereto and Noteholders that, for federal income taxes, state and local income or franchise taxes and other taxes imposed on or measured by
income, the Notes be treated as debt. The parties to this Agreement and the Holder of each Note, by acceptance of its Note, and each Beneficial Owner thereof, agree to treat, and to take no action inconsistent with the treatment of, the related
Notes in accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured by income. 
 Section 10.15. GOVERNING LAW; CONSENT TO JURISDICTION; WAIVER OF JURY TRIAL. (a) THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE INTERNAL LAWS (AS OPPOSED TO CONFLICT OF LAWS PROVISIONS) OF THE STATE OF NEW YORK. 
 (b) THE ISSUING
ENTITY, THE SERVICER, THE DEPOSITOR, THE SPONSOR AND THE INDENTURE TRUSTEE HEREBY SUBMIT TO THE NON-EXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK AND THE UNITED STATES DISTRICT COURT LOCATED IN THE BOROUGH OF MANHATTAN IN NEW YORK
CITY, AND EACH WAIVES PERSONAL SERVICE OF ANY AND ALL PROCESS UPON IT AND CONSENTS THAT ALL SUCH SERVICE OF PROCESS BE MADE BY REGISTERED MAIL DIRECTED TO THE ADDRESS SET FORTH IN SECTION 10.06 HEREOF AND SERVICE SO MADE SHALL BE DEEMED TO BE
COMPLETED FIVE (5) DAYS AFTER THE SAME SHALL HAVE BEEN DEPOSITED IN THE U.S. MAILS, POSTAGE PREPAID. THE ISSUING ENTITY, THE DEPOSITOR, THE SPONSOR, THE SERVICER AND THE INDENTURE TRUSTEE EACH HEREBY WAIVE ANY OBJECTION BASED ON FORUM NON
CONVENIENS, AND ANY OBJECTION TO VENUE OF ANY ACTION INSTITUTED HEREUNDER AND CONSENT TO THE GRANTING OF SUCH LEGAL OR EQUITABLE RELIEF AS IS DEEMED APPROPRIATE BY THE COURT. NOTHING IN THIS SECTION 10.15 SHALL AFFECT THE RIGHT OF THE ISSUING
ENTITY, THE DEPOSITOR, THE SPONSOR, THE 

  

 68 

 
SERVICER OR THE INDENTURE TRUSTEE TO SERVE LEGAL PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR AFFECT ANY OF THEIR RIGHTS TO BRING ANY ACTION OR PROCEEDING
IN THE COURTS OF ANY OTHER JURISDICTION. 
 (c) THE ISSUING ENTITY, THE DEPOSITOR, THE SPONSOR, THE SERVICER AND THE INDENTURE
TRUSTEE EACH HEREBY WAIVES ANY RIGHT TO HAVE A JURY PARTICIPATE IN RESOLVING ANY DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT, OR OTHERWISE ARISING OUT OF, CONNECTED WITH, RELATED TO, OR IN CONNECTION WITH THIS AGREEMENT. INSTEAD, ANY DISPUTE WILL BE
RESOLVED IN A BENCH TRIAL WITHOUT A JURY. 
 [Remainder of Page Intentionally Left Blank] 
  

 69 

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

			
	 ACCREDITED HOME LENDERS, INC.,
   as Sponsor and Servicer

		
	 By:
	 	  
		 	 Name:

		 	 Title:

	
	 ACCREDITED MORTGAGE LOAN TRUST
200[_]-[_]

	
	By:
[                                       
 ], not in its individual capacity, but solely as Owner Trustee under the Trust Agreement
		
	 By:
	 	  
		 	 Name:

		 	 Title:

	
	 ACCREDITED MORTGAGE LOAN REIT TRUST
   as Depositor

		
	 By:
	 	  
		 	 Name:

		 	 Title:

	
	 [                                      
  ],
 as Indenture Trustee

		
	 By:
	 	  
		 	 Name:

		 	 Title:

 [Signature Page to Sale and Servicing Agreement] 
  

 70 

 SCHEDULE I 
 MORTGAGE LOAN SCHEDULE 
 [Delivered to the Sponsor, the Servicer, the Depositor and the Trustee at the
Closing] 
  

 A-1 

 APPENDIX I 
 DEFINED TERMS 
 [See Appendix I to Indenture] 

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

 

 A-1 

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

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

 A-2 

 EXHIBIT B 
 INDENTURE TRUSTEE’S ACKNOWLEDGMENT OF RECEIPT 
  

			
		  	                 [DATE]

		
	 [Lead Underwriter]
	  	 Accredited Home Lenders, Inc.
 15090 Avenue of Science
 San Diego, California 92128

		
	 Accredited Mortgage Loan REIT Trust
 15090 Avenue of Science
 San Diego, California 92128
	  	 [Note Insurer]

  

	 	Re:	Sale and Servicing Agreement, dated as of [DATE] among Accredited Home Lenders, Inc., as Sponsor and Servicer, Accredited Mortgage Loan REIT Trust, as depositor, Accredited Mortgage
Loan Trust 200[_]-[_] and [                    ], as Indenture Trustee 

 Ladies and Gentlemen: 
 In
accordance with Section 2.06(a) of the above-captioned Sale and Servicing Agreement, the undersigned, as Indenture Trustee, hereby acknowledges receipt by it in good faith without notice of adverse claims, of the Note Insurance Policy and
declares that it holds and will hold such Note Insurance Policy in trust for the exclusive use and benefit of all present and future Noteholders pursuant to the terms of the Indenture dated as of [DATE], by and between Accredited Mortgage Loan Trust
200[_]-[_] and the Indenture Trustee. 
 Capitalized words and phrases used herein shall have the respective meanings assigned to them in
Appendix I to the Indenture. 
  

			
	
	 [                                      
  ],
 as Indenture Trustee

		
	 By:
	 	  
		 	 Name:

		 	 Title:

  

 B-1 

 EXHIBIT C 
 INDENTURE TRUSTEE’S ACKNOWLEDGEMENT OF RECEIPT 
  

			
		  	                 [DATE]

		
	 [Lead Underwriter]
	  	 Accredited Home Lenders, Inc.
 15090 Avenue of Science
 San Diego, California 92128

		
	 Accredited Mortgage Loan REIT Trust
 15090 Avenue of Science
 San Diego, California 92128
	  	 [Note Insurer]

  

	 	Re:	Sale and Servicing Agreement, dated as of [DATE] among Accredited Home Lenders, Inc., as Sponsor and Servicer, Accredited Mortgage Loan REIT Trust, as depositor, Accredited Mortgage
Loan Trust 200[_]-[_] and [                    ], as Indenture Trustee 

 Ladies and Gentlemen: 
 In
accordance with Section 2.06(b)(i) of the above-captioned Sale and Servicing Agreement, the undersigned, as Indenture Trustee, hereby acknowledges receipt by it in good faith without notice of adverse claims, subject to the provisions of
Sections 2.04 and 2.05 of the Sale and Servicing Agreement (as such provisions relate to the Mortgage Loan), of, with respect to each Mortgage Loan, a Mortgage File containing the original Mortgage Note, except with respect to the list of exceptions
attached hereto, and based on its examination and only as to the foregoing, the information set forth in items (i), (ii) (with respect to property address only, excluding zip code), (iii) and (vi) of the definition of the
“Mortgage Loan Schedule” accurately reflects information set forth in the Mortgage Note, and declares that it holds and will hold such documents and the other documents delivered to it constituting the Indenture Trustee’s Mortgage
Files, and that it holds or will hold all such assets and such other assets included in the definition of “Trust Estate” that are delivered to it for the exclusive use and benefit of all present and future Noteholders and the Note Insurer.

 The Indenture Trustee has made no independent examination of any such documents beyond the review
specifically required in the above-referenced Sale and Servicing Agreement. The Indenture Trustee makes no representations as to: (i) the validity, legality, recordability, sufficiency, perfection, priority, enforceability or genuineness of any
such documents or any of the Mortgage Loans identified on the Mortgage Loan Schedule, or (ii) the collectability, insurability, effectiveness or suitability of any such Mortgage Loan. 
 The Mortgage Loan Schedule is attached to this Receipt. 
 Capitalized words and phrases used herein shall have the respective meanings assigned to them in Appendix I to the Indenture, dated as of [DATE], by and between Accredited Mortgage Loan Trust 200[_]-[_] and the
Indenture Trustee. 
  

			
	
	 [                                      
  ],
 as Indenture Trustee

		
	 By:
	 	  
		 	 Name:

		 	 Title:

 EXHIBIT D 
 INITIAL CERTIFICATION OF INDENTURE TRUSTEE 
                     , 200[  ] 
  

			
	 [Lead Underwriter]
	  	 Accredited Home Lenders, Inc.
 15090 Avenue of Science
 San Diego, California 92128

		
	 Accredited Mortgage Loan REIT Trust
 15090 Avenue of Science
 San Diego, California 92128
	  	 [Note Insurer]

  

	 	Re:	Sale and Servicing Agreement, dated as of [DATE] among Accredited Home Lenders, Inc., as Sponsor and Servicer, Accredited Mortgage Loan REIT Trust, as depositor, Accredited Mortgage
Loan Trust 200[  ]-[  ]and [                    ], as Indenture Trustee 

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

  

 D-1 

 
any of the Mortgage Loans identified on the Mortgage Loan Schedule, or (y) the collectability, insurability, effectiveness or suitability of any such
Mortgage Loan. 
 Capitalized words and phrases used herein shall have the respective meanings assigned to them in the above-captioned Sale
and Servicing Agreement. 
  

			
	 [                                      
          ],

	 as Indenture Trustee

		
	 By:
	 	  
		 	 Name:

		 	 Title:

  

 D-2 

 EXHIBIT E 
 FINAL CERTIFICATION OF INDENTURE TRUSTEE 
                     , 200[  ] 
  

			
	 [Lead Underwriter]
	  	 Accredited Home Lenders, Inc.
 15090 Avenue of Science
 San Diego, California 92128

		
	 Accredited Mortgage Loan REIT Trust
 15090 Avenue of Science
 San Diego, California 92128
	  	 [Note Insurer]

  

	 	Re:	Sale and Servicing Agreement, dated as of [DATE] among Accredited Home Lenders, Inc., as Sponsor and Servicer, Accredited Mortgage Loan REIT Trust, as depositor, Accredited Mortgage
Loan Trust 200[  ]-[  ] and [                    ], as Indenture Trustee 

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

  

 E-1 

 
representations as to: (x) the validity, legality, recordability, sufficiency, perfection, priority, enforceability or genuineness of any such documents
contained in each or any of the Mortgage Loans identified on the Mortgage Loan Schedule, or (y) the collectability, insurability, effectiveness or suitability of any such Mortgage Loan. 
 Capitalized words and phrases used herein shall have the respective meanings assigned to them in the above-captioned Sale and Servicing Agreement.

  

			
	 [                                      
          ],

	 as Indenture Trustee

		
	 By:
	 	  
		 	 Name:

		 	 Title:

  

 E-2 

 EXHIBIT F 
 REQUEST FOR RELEASE OF DOCUMENTS 
  

	To:	[Indenture Trustee] 

  

	 	Re:	Sale and Servicing Agreement, dated as of [DATE] among Accredited Home Lenders, Inc., as Sponsor and Servicer, Accredited Mortgage Loan REIT Trust, as depositor, Accredited Mortgage
Loan Trust 200[  ]-[  ] and [                    ], as Indenture Trustee (“Custodian/Indenture
Trustee”)  

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

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

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

 Address to which Indenture Trustee should 
  

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

		 		 		 	 Address:  ___________________________________________

		 		 		 	        ___________________________________________

		 		 		 	 Date:        ___________________________________________

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

	1.	I have reviewed this annual report on Form 10-K, and all reports on Form 8-K containing distribution or servicing reports filed in respect of periods included in the year covered by
this annual report, of Accredited Mortgage Loan Trust 200[_]-[_]; 

  

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

  

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

  

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

  

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

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

	
	 Date:

	
	   
	 Name:

	 Title:

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