Document:

Exhibit 10.5

 

Execution

 

MASTER REPURCHASE AGREEMENT

 

between

 

BANK OF AMERICA, N.A.

(“Buyer”)

 

and

 

FIVE OAKS ACQUISITION CORP.

(“Seller”)

 

dated as of

 

December 30, 2014

 

    	 

    	 

    

 

TABLE OF
CONTENTS

 

	 	 	Page
	 	 	 
	ARTICLE 1 DEFINITIONS AND PRINCIPLES OF CONSTRUCTION	1
	 	 	 
	1.1	Defined Terms	1
	1.2	Interpretation; Principles of Construction.	1
	 	 	 
	ARTICLE 2 AMOUNT AND TERMS OF TRANSACTIONS	2
	 	 	 
	2.1	Agreement to Enter into Transactions	2
	2.2	Transaction Limits	2
	2.3	Description of Purchased Assets	3
	2.4	Maximum Transaction Amounts	3
	2.5	Use of Proceeds	3
	2.6	Price Differential	3
	2.7	“Servicing Released” Transactions	4
	2.8	Terms and Conditions of Transactions	4
	2.9	Guarantee and/or Additional Security Agreements	4
	2.10	Temporary Increase of Aggregate Transaction Limit	4
	 	 	 
	ARTICLE 3 PROCEDURES FOR REQUESTING AND ENTERING INTO TRANSACTIONS	4
	 	 	 
	3.1	Policies and Procedures	4
	3.2	Request for Transaction; Asset Data Record	5
	3.3	Delivery of Mortgage Loan Documents	5
	3.4	Haircut	6
	3.5	Over/Under Account	6
	3.6	Payment of Purchase Price.	9
	3.7	Approved Payees.	10
	3.8	Delivery of Mortgage-Backed Securities	11
	 	 	 
	ARTICLE 4 REPURCHASE	11
	 	 	 
	4.1	Repurchase Price	11
	4.2	Repurchase Acceleration Events	11
	4.3	Reduction of Asset Value as Alternative Remedy	12
	4.4	Designation as Noncompliant Asset as Alternative Remedy	12
	4.5	Illegality	13
	4.6	Increased Costs	13
	4.7	Payments Pursuant to Sale to Approved Investors	14
	4.8	Application of Payments from Seller or Approved Investors	14
	4.9	Method of Payment	15
	4.10	Notification of Payment	15
	4.11	Authorization to Debit	15
	4.12	Book Account	15

  

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	4.13	Full Recourse	15
	 	 	 
	ARTICLE 5 FEES	16
	 	 	 
	5.1	Payment of Fees	16
	 	 	 
	ARTICLE 6 SECURITY; SERVICING; MARGIN ACCOUNT MAINTENANCE; CUSTODY OF MORTGAGE LOAN DOCUMENTS; REPURCHASE TRANSACTIONS; DUE DILIGENCE	16
	 	 	 
	6.1	Precautionary Grant of Security Interest in Purchased Assets and Purchased Items	16
	6.2	Servicing	17
	6.3	Margin Account Maintenance	21
	6.4	Custody of Mortgage Loan Documents	22
	6.5	Repurchase and Release of Purchased Assets	24
	6.6	Repurchase Transactions	24
	6.7	Periodic Due Diligence	25
	 	 	 
	ARTICLE 7 CONDITIONS PRECEDENT	25
	 	 	 
	7.1	Initial Transaction	25
	7.2	All Transactions	27
	7.3	Reserved	29
	7.4	Satisfaction of Conditions	29
	 	 	 
	ARTICLE 8 REPRESENTATIONS AND WARRANTIES	29
	 	 	 
	8.1	Representations and Warranties Concerning Seller	29
	8.2	Representations and Warranties Concerning Purchased Assets	34
	8.3	Continuing Representations and Warranties	34
	8.4	Amendment of Representations and Warranties	34
	 	 	 
	ARTICLE 9 AFFIRMATIVE COVENANTS	34
	 	 	 
	9.1	Financial Statements and Other Reports.	34
	9.2	Inspection of Properties and Books	35
	9.3	Notice	36
	9.4	Existence, Etc.	37
	9.5	Servicing of Mortgage Loans	38
	9.6	Evidence of Purchased Assets	38
	9.7	Defense of Title; Protection of Purchased Items	38
	9.8	Further Assurances	38
	9.9	Fidelity Bonds and Insurance	39
	9.10	Table-Funded Mortgage Loans	39
	9.11	Sharing of Information.	39
	9.12	ERISA.	39
	9.13	Additional Repurchase or Warehouse Facility	40
	9.14	MERS	40

  

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	9.15	Agency Audit and Approval Maintenance.	40
	9.16	Additional Facilities.	40
	9.17	Financial Covenants and Ratios	40
	 	 	 
	ARTICLE 10 NEGATIVE COVENANTS	41
	 	 	 
	10.1	Debt	41
	10.2	Lines of Business	41
	10.3	Debt and Subordinated Debt	41
	10.4	Loss of Eligibility	41
	10.5	Loans to Officers, Employees and Shareholders	41
	10.6	Liens on Purchased Assets and Purchased Items	41
	10.7	Transactions with Affiliates	41
	10.8	Consolidation, Merger, Sale of Assets and Change of Control	42
	10.9	Reserved	42
	10.10	Purchased Items	42
	10.11	Secondary Marketing, Underwriting, Third Party Origination and Interest Rate Risk Management Practices	42
	 	 	 
	ARTICLE 11 DEFAULTS AND REMEDIES	42
	 	 	 
	11.1	Events of Default	42
	11.2	Remedies	45
	11.3	Treatment of Custodial Account	47
	11.4	Sale of Purchased Assets	47
	11.5	No Obligation to Pursue Remedy	47
	11.6	No Judicial Process	48
	11.7	Reimbursement of Costs and Expenses	48
	11.8	Application of Proceeds	48
	11.9	Rights of Set-Off	48
	11.10	Reasonable Assurances	49
	 	 	 
	ARTICLE 12 INDEMNIFICATION	49
	 	 	 
	12.1	Indemnification	49
	12.2	Reimbursement	50
	12.3	Payment of Taxes	50
	12.4	Buyer Payment	51
	12.5	Agreement not to Assert Claims	51
	12.6	Survival	52
	 	 	 
	ARTICLE 13 TERM AND TERMINATION	52
	 	 	 
	13.1	Term	52
	13.2	Termination	52
	13.3	Extension of Term	52
	 	 	 
	ARTICLE 14 GENERAL	53

  

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	14.1	Integration; Servicing Provisions Integral and Non-Severable	53
	14.2	Amendments	53
	14.3	No Waiver	53
	14.4	Remedies Cumulative	53
	14.5	Assignment	53
	14.6	Successors and Assigns	54
	14.7	Participations	54
	14.8	Invalidity	54
	14.9	Additional Instruments	54
	14.10	Survival.	54
	14.11	Notices	54
	14.12	Governing Law	55
	14.13	Submission to Jurisdiction; Service of Process; Waivers	55
	14.14	Waiver of Jury Trial	56
	14.15	Counterparts	56
	14.16	Headings	56
	14.17	Reserved	56
	14.18	Confidential Information	56
	14.19	Intent	57
	14.20	Right to Liquidate	58
	14.21	Insured Depository Institution	58
	14.22	Netting Contract	58
	14.23	Tax Treatment	58
	14.24	Examination and Oversight by Regulators	58

 

EXHIBITS

 

	Exhibit A:	Glossary of Defined Terms
	Exhibit B:	Irrevocable Closing Instructions
	Exhibit C:	Secretary’s Certificate
	Exhibit D:	Corporate Resolutions
	Exhibit E:	Officer’s Certificate
	Exhibit F:	Assignment of Closing Protection Letter
	Exhibit G:	Assignment of Fidelity Bond and Errors and Omission Policy
	Exhibit H:	Form of Power of Attorney
	Exhibit I:	Acknowledgement of Password Confidentiality Agreement
	Exhibit J:	Wiring Instructions
	Exhibit K:	Form of Servicer Notice
	Exhibit L:	Representations and Warranties
	Exhibit M:	Required Agency Documents
	Exhibit N:	Form of Trade Assignment
	Exhibit O:	Form of Request for Temporary Increase
	Exhibit P:	Reserved
	Exhibit Q:	Reserved
	Exhibit R:	Auto Fund Authorization Request

 

SCHEDULES

 

	Schedule 1:	Filing Jurisdictions and Offices
	Schedule 2:	States and Jurisdictions
	Schedule 3:	List of Seller’s Existing Debt

 

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MASTER REPURCHASE AGREEMENT

 

THIS MASTER REPURCHASE
AGREEMENT (the “Agreement”) is made and entered into as of December 30, 2014, by and between Bank of America,
N.A., a national banking association (“Buyer”), and Five Oaks Acquisition Corp., a Delaware corporation (“Seller”).

 

RECITALS

 

		A.	Seller has requested Buyer to enter into transactions with Seller whereby
Seller may, from time to time, sell to Buyer certain residential mortgage loans (including the Servicing Rights related thereto)
and/or other mortgage related assets and interests, against the transfer of funds by Buyer, with a simultaneous agreement by Buyer
to sell to Seller such purchased assets at a date certain or on demand after the Purchase Date, against the transfer of funds by
Seller (each such transaction, a “Transaction”).

 

		B.	Buyer has agreed to enter into such Transactions, subject to the terms and
conditions set forth in this Agreement.

 

NOW, THEREFORE, in
consideration of the mutual rights and obligations provided herein and for other good and valuable consideration, the receipt and
adequacy of which are hereby acknowledged, Seller and Buyer agree as follows:

 

ARTICLE 1

DEFINITIONS AND PRINCIPLES OF CONSTRUCTION

 

		1.1	Defined Terms.
As used in this Agreement, capitalized terms shall have the meanings set forth in Exhibit A hereto, unless the context
otherwise requires. All such defined terms shall, unless specifically provided to the contrary, have the defined meanings set
forth herein when used in any other agreement, certificate or document made or delivered pursuant hereto.

 

		1.2	Interpretation;
Principles of Construction. The following rules of this Section 1.2 apply unless the context requires otherwise. A
gender includes all genders. Where a word or phrase is defined, its other grammatical forms have a corresponding meaning. A reference
to a subsection, Section, Schedule or Exhibit is, unless otherwise specified, a reference to a Section of, or schedule or exhibit
to, this Agreement. A reference to a party to this Agreement or another agreement or document includes the party’s successors
and permitted substitutes or assigns. A reference to an agreement or document (including any Principal Agreement) is to the agreement
or document as amended, modified, novated, supplemented or replaced, except to the extent prohibited thereby or by any Principal
Agreement and in effect from time to time in accordance with the terms thereof. A reference to legislation or to a provision of
legislation includes a modification or re-enactment of it, a legislative provision substituted for it and a regulation or statutory
instrument issued under it. A reference to writing includes a facsimile transmission and any means of reproducing words in a tangible
and permanently visible form. A reference to conduct includes, without limitation, an omission, statement or undertaking, whether
or not in writing. The words “hereof”, “herein”, “hereunder” and similar words refer to this
Agreement as a whole and not to any particular provision of this Agreement. The term “including” is not limiting and
means “including without limitation”. In the computation of periods of time from a specified date to a later specified
date, the word “from” means “from and including”, the words “to” and “until” each
mean “to but excluding”, and the word “through” means “to and including”.

 

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Except where otherwise provided
in this Agreement, any determination, consent, approval, statement or certificate made or confirmed in writing with notice to Seller
by Buyer or an authorized officer of Buyer provided for in this Agreement is conclusive and binds the parties in the absence of
manifest error. A reference to an agreement includes a security interest, guarantee, agreement or legally enforceable arrangement
whether or not in writing related to such agreement.

 

A reference to a document includes
an agreement (as so defined) in writing or a certificate, notice, instrument or document, or any information recorded in electronic
form. Where Seller is required to provide any document to Buyer under the terms of this Agreement, the relevant document shall
be provided in writing or printed form unless Buyer requests otherwise. At the request of Buyer, the document shall be provided
in electronic form or both printed and electronic form.

 

This Agreement
is the result of negotiations among, and has been reviewed by counsel to, Buyer and Seller, and is the product of all parties.
In the interpretation of this Agreement, no rule of construction shall apply to disadvantage one party on the ground that such
party proposed or was involved in the preparation of any particular provision of this Agreement or this Agreement itself. Except
where otherwise expressly stated, Buyer may give or withhold, or give conditionally, approvals and consents and may form opinions
and make determinations at its sole and absolute discretion. Any requirement of good faith, discretion or judgment by Buyer shall
not be construed to require Buyer to request or await receipt of information or documentation not immediately available from or
with respect to Seller, a servicer of the Purchased Mortgage Loans, any other Person or the Purchased Assets themselves. All references
herein or in any Principal Agreement to “good faith” means good faith as defined in Section 1-201(19) of the Uniform
Commercial Code.

 

ARTICLE 2

AMOUNT AND TERMS OF TRANSACTIONS

 

		2.1	Agreement to Enter
into Transactions. Subject to the terms and conditions of this Agreement and provided that no Event of Default or Potential
Default has occurred and is continuing, Buyer shall, from time to time during the term of this Agreement, enter into Transactions
with Seller; provided, however, that (a) the Aggregate Outstanding Purchase Price as of any date shall not exceed the Aggregate
Transaction Limit and (b) the Aggregate Outstanding Purchase Price for any Type of Transaction shall not exceed the applicable
Type Sublimit. Buyer shall have the obligation to enter into Transactions with an Aggregate Outstanding Purchase Price equal to
or less than the Committed Amount, and Buyer shall have no obligation to enter into Transactions with respect to the Uncommitted
Amount. All purchases of Purchased Assets shall be first deemed committed up to the Committed Amount and then the remainder, if
any, shall be deemed uncommitted up the Uncommitted Amount. Seller may request Transactions in excess of the Aggregate Transaction
Limit and Buyer may, from time to time, in its sole and absolute discretion, consent to a Temporary Increase of the Aggregate
Transaction Limit in accordance with Section 2.10.

 

		2.2	Transaction Limits.
The Aggregate Transaction Limit and each Type Sublimit shall be as set forth in the Transactions Terms Letter. Upon two (2) Business
Days prior written notice to Seller, Buyer shall have the right to terminate any Transactions with respect to the Uncommitted
Amount and require the repurchase of any such Purchased Assets, or reduce, whether permanently or temporarily, and without refund
of any fee or other amount previously paid by Seller, the Aggregate Transaction Limit and/or each Type Sublimit by an amount up
to the Uncommitted Amount. In the event of any reduction pursuant to this Section 2.2, Buyer shall give Seller prior notice
thereof, which notice shall designate (a) the effective date of any such reduction, (b) the amount of the reduction and (c) the
Transaction and/or Type Sublimit limit(s) to which such reduction amount shall apply. Buyer shall not be liable to Seller for
any costs, losses or damages arising from or relating to a reduction by Buyer in the Aggregate Transaction Limit or any Type Sublimit.

 

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		2.3	Description of Purchased
Assets. With respect to each Transaction, Seller shall cause to be maintained with Buyer Purchased Assets with an Asset
Value not less than, at any date, the related Purchase Price for such Transaction. With respect to each Transaction, the type
of Purchased Asset shall be the type of Asset as specified in the Transactions Terms Letter as the Type, and in each case shall
consist of the type of mortgage loans, mortgage related securities, or interests therein as described in Bankruptcy Code Section
101(47)(A). If there is uncertainty as to the Type of a Purchased Asset, Buyer shall determine the correct Type for such Purchased
Asset.

 

		2.4	Maximum Transaction
Amounts. The Purchase Price for each proposed Transaction shall not exceed the least of:

 

		(a)	the Aggregate Outstanding Purchase Price for the applicable Type Sublimit (after giving effect
to all Transactions then subject to the Agreement), as determined by the Type of Purchased Asset;

 

		(b)	the Aggregate Transaction Limit (as such amount may be increased from time to time in the sole
discretion of Buyer as provided in Section 2.10), minus the Aggregate Outstanding Purchase Price of all other Transactions
outstanding, if any; and

 

		(c)	the Asset Value of the related Purchased Asset(s).

 

		2.5	Use of Proceeds.
Seller shall use the Purchase Price of each Transaction solely for the purpose of acquiring the related Purchased Asset(s).

 

		2.6	Price Differential.

 

		(a)	Price Differential. Notwithstanding that Buyer
and Seller intend that the Transactions hereunder be sales by Seller to Buyer of the Purchased Assets for all purposes except
accounting and tax purposes, Seller shall pay Buyer interest on the Purchase Price for each Purchased Asset from the Purchase
Date until, but not including, the date on which the Repurchase Price is paid, at an annual rate equal to the Price Differential;
provided that if the Repurchase Price for a Transaction is not paid by Seller when due (whether at the Repurchase
Date, upon acceleration or otherwise), the Repurchase Price shall bear a Price Differential from the date due until paid in full
at an annual rate equal to the Default Rate. For the avoidance of doubt, from and after the date on which a Purchased Asset is
deemed to be a Noncompliant Asset, the Purchase Price for such Purchased Asset shall bear a Price Differential at an annual rate
equal to the sum of the Applicable Pricing Rate plus the Type Margin for a Noncompliant Asset.

 

		(b)	Time for Payment. Price Differential with respect
to any Purchased Asset shall be due and payable on the Payment Date occurring in the second month following the related Purchase
Date and thereafter on each subsequent Payment Date. On the date that the Repurchase Price for such Purchased Asset is paid, all
accrued Price Differential not otherwise paid by the Seller with respect to such Purchased Asset shall be due and payable. Notwithstanding
anything to the contrary in this Section 2.6(b), in the event the Asset Value of any Purchased Asset is marked to zero
and Seller requests Buyer to release its security interest in such Purchased Asset or any Purchased Items related thereto, Buyer
shall not release any such security interest therein unless and until Seller shall have paid to Buyer the Repurchase Price for
such Purchased Asset.

 

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		(c)	Computations. All computations of Price Differential
and fees payable hereunder shall be based upon the actual number of days (including the first day but excluding the last day)
occurring in the relevant period, and a three-hundred sixty (360) day year.

 

		2.7	“Servicing
Released” Transactions. The sale of all Servicing Released Mortgage Loans by Seller to Buyer pursuant to Transactions
under this Agreement includes the Servicing Rights related to the Mortgage Loans and all Transactions in respect of Servicing
Released Mortgage Loans under this Agreement are “servicing released” purchase and sale transactions for all intents
and purposes, it being understood that the Purchase Price paid by Buyer to Seller for each such Servicing Released Mortgage Loan
includes a premium that compensates Seller for the Servicing Rights related to such Mortgage Loan and upon payment of the Purchase
Price by Buyer to Seller, Buyer becomes the owner of such Mortgage Loan and the Servicing Rights related thereto.

 

		2.8	Terms and Conditions
of Transactions. The terms and conditions of the Transactions as set forth in the Transactions Terms Letter, this Agreement
or otherwise may be changed from time to time by Buyer by providing prior notice to Seller. The terms and conditions of the Transactions
Terms Letter are hereby incorporated and form a part of this Agreement as if fully set forth herein; provided however,
to the extent of any conflict between the terms of this Agreement and the terms of the Transactions Terms Letter, the Transactions
Terms Letter shall control.

 

		2.9	Guarantee and/or
Additional Security Agreements. As mutually agreed by Buyer and Seller, Seller agrees to cause to be executed and delivered
to Buyer such Guarantees and/or additional security agreements as additional support for Seller’s obligations hereunder,
which Guarantees and/or additional security agreements shall be considered “a security agreement or other arrangement or
other credit enhancement” that is “related to” the Agreement and Transactions hereunder within the meaning of
Bankruptcy Code Sections 101(38A)(A), 101(47)(a)(v) and 741(7)(A)(x).

 

		2.10	Temporary Increase of Aggregate Transaction
                                                                                                                         Limit Seller may request a temporary increase of the Aggregate Transaction Limit (a
                                                                                                                         “Temporary Increase”) by submitting to Buyer an executed request for Temporary Increase in the form of Exhibit
                                                                                                                         O hereto (a “Request for Temporary Increase”), setting forth the requested increased Aggregate
                                                                                                                         Transaction Limit (such increased amount, the “Temporary Aggregate Transaction Limit”), the effective date
                                                                                                                         and time of such Temporary Increase and the date and time on which such Temporary Increase shall terminate. Buyer may from
                                                                                                                         time to time, in its sole and absolute discretion, consent to such Temporary Increase, which consent shall be in writing as
                                                                                                                         evidenced by Buyer’s delivery to Seller of a countersigned Request for Temporary Increase. At any time that a Temporary
                                                                                                                         Increase is in effect, the Aggregate Transaction Limit shall equal the Temporary Aggregate Transaction Limit for all purposes
                                                                                                                         of this Agreement and all calculations and provisions relating to the Aggregate Transaction Limit shall refer to the
                                                                                                                         Temporary Aggregate Transaction Limit, including without limitation, Type Sublimits and the Minimum Over/Under Account
                                                                                                                         Balance. Upon the termination of a Temporary Increase, Seller shall repurchase Purchased Assets in order to reduce the
                                                                                                                         Aggregate Outstanding Purchase Price to the Aggregate Transaction Limit (as reduced by the termination of such Temporary
                                                                                                                         Increase) in accordance with Section 4.2(k).

 

ARTICLE 3

PROCEDURES FOR REQUESTING AND ENTERING INTO TRANSACTIONS

 

		3.1	Policies and Procedures.
In connection with the Transactions contemplated hereunder, Seller shall comply with all applicable policies and procedures of
Buyer as may currently exist or as hereafter created. Such policies and procedures may be in writing, published on Buyer’s
website(s) or otherwise contained in the Handbook. Buyer shall have the right to change, revise, amend or supplement its policies
and procedures and the Handbook from time to time to conform to current legal requirements or Buyer practices by giving prior
notice to Seller of such changes, revisions, amendments or supplements. To the extent of any conflict between the terms of this
Agreement and the terms of the Handbook, this Agreement shall control.

 

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		3.2	Request for Transaction;
Asset Data Record.

 

		(a)	Request for Transaction. Seller shall request
a Transaction by delivering to Buyer, electronically or in writing, an Asset Data Record for each Asset intended to be the subject
of the Transaction no later than 4:00 p.m. (New York City time); provided, however, that if Seller intends to request a Transaction
or series of Transactions with an Aggregate Purchase Price equal to or greater than ten million ($10,000,000) dollars, Seller
shall provide Buyer not fewer than one (1) Business Day prior written notice thereof. Buyer shall be under no obligation to enter
into any Transaction or Transactions requested by Seller if the Purchase Price relates to the Uncommitted Amount. Assuming the
satisfaction of all conditions precedent set forth in Article 7 and as otherwise set forth in this Agreement, Buyer may,
for any Transaction with respect to the Uncommitted Amount and shall, for any Transaction with respect to the Committed Amount,
confirm to Seller the terms of Transactions electronically or in writing. Buyer reserves the right to reject any Transaction request
that Buyer determines fails to comply with the terms and conditions of this Agreement or Buyer’s then current policies and
procedures.

 

		(b)	Failure to Enter into Transaction; Cancellation of
Transaction. If Seller fails five (5) times or more to enter into a Transaction in each case, after Seller has requested such
Transaction and submitted an Asset Data Record in connection with such request, for each Transaction requested by Seller thereafter
for which Seller fails to enter into such Transaction after Seller has requested such Transaction and submitted an Asset Data
Record in connection with such request, Seller shall pay and/or reimburse Buyer for any reasonable out-of-pocket losses, costs
and expenses incurred by Buyer in connection with such failure to enter into the Transaction, including, without limitation, costs
relating to re-employment of funds obtained by Buyer and fees payable to terminate the arrangements through which such funds were
obtained. In addition, with respect to any Transaction, including the initial Transaction, if following disbursement by Buyer
of the Purchase Price relating to such Transaction, Seller cancels such Transaction, in each case, Seller shall pay Buyer a Price
Differential on such Purchase Price from the Purchase Date until, but not including, the date the Purchase Price is returned to
Buyer.

 

		(c)	Form of Asset Data Record. Buyer shall have the
right to revise or supplement the form of the Asset Data Record from time to time by giving thirty (30) days’ prior notice
thereof to Seller.

 

		3.3	Delivery of Mortgage
Loan Documents.

 

		(a)	Dry Mortgage Loans. Prior to any Transaction related
to a Dry Mortgage Loan, Seller shall deliver to Buyer or its Custodian, or authorize and direct the Closing Agent to deliver to
Buyer or its Custodian, the related Mortgage Loan Documents in accordance with and pursuant to the terms of Section 7.2
hereof and the Custodial Agreement.

 

		(b)	Wet Mortgage Loans. With respect to a Transaction
the subject of which is a Wet Mortgage Loan, (i) Seller shall deliver to Buyer or its Custodian any Mortgage Loan Documents in
Seller’s possession, and (ii) Seller shall authorize and direct the Closing Agent to deliver the related Mortgage Loan Documents
to Seller, for delivery to Buyer or its Custodian, in each case, within the Maximum Dwell Time in accordance with the terms of
Section 7.2 hereof, Exhibit B hereof and the Custodial Agreement.

 

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		(c)	Pooled Mortgage Loans.  With respect to
a Transaction the subject of which is a Pooled Mortgage Loan, Seller shall deliver to Buyer or its Custodian, as applicable, the
related Agency Documents in accordance with and pursuant to the terms of Section 7.2(e) hereof and the Custodial Agreement
and Seller shall cause the Custodian to deliver a trust receipt to Buyer with respect to such Mortgage Loans in accordance with
the terms of the Custodial Agreement. In addition, Seller shall deliver to Buyer a duly executed Trade Assignment together with
a true and complete copy of the Purchase Commitment with respect to the related Mortgage-Backed Security in accordance with and
pursuant to the terms of Section 7.2(b) and Section 7.2(e).

 

		(d)	Government Mortgage Loans. With respect to a Transaction
the subject of which is a Government Mortgage Loan, Seller shall, at the request of Buyer, deliver to Buyer or its Custodian,
within forty five (45) calendar days following the Purchase Date for such Mortgage Loan, the FHA Mortgage Insurance Contract or
the VA Loan Guaranty Agreement, as applicable, or evidence of such insurance or guaranty, as applicable, including proof of payment
of the premium and the case number so Buyer can access the information on the computer system maintained by FHA or the VA.

 

		(e)	Mortgage Loan Documents in Seller’s Possession.
At all times during which the Mortgage Loan Documents related to any Purchased Mortgage Loan are in the possession of Seller,
and until such Purchased Mortgage Loan is repurchased by Seller, Seller shall hold such Mortgage Loan Documents in trust separate
and apart from Seller’s own documents and assets and for the exclusive benefit of Buyer and shall act only in accordance
with Buyer’s written instructions thereto.

 

		(f)	Other Mortgage Loan Documents in Seller’s Possession.
With respect to each Purchased Mortgage Loan, until such Purchased Mortgage Loan is repurchased by Seller, Seller shall hold in
trust separate and apart from Seller’s own documents and assets and for the exclusive benefit of Buyer all mortgage loan
documents related to such Purchased Mortgage Loan and not delivered to Buyer, including, without limitation, the Other Mortgage
Loan Documents, as applicable. All such mortgage loan documents shall be clearly marked as subject to delivery to Buyer.

 

		3.4	Haircut.
With respect to each Transaction for which the related Purchase Price is being remitted by Buyer to one or more Approved Payees,
Seller shall ensure that there are sufficient funds on deposit in the Over/Under Account such that following the withdrawal of
the related Haircut by Buyer, the balance of the Over/Under Account is equal to or greater than the Minimum Over/Under Account
Balance, as set forth in the Transactions Terms Letter.

 

		3.5	Over/Under Account.

 

		(a)	Minimum Balance. Seller shall at all times maintain
a balance in the Over/Under Account of not less than the Minimum Over/Under Account Balance, as set forth in the Transactions
Terms Letter. The Over/Under Account shall be used to assist in settling the Transactions and any other obligations under this
Agreement. Buyer shall not be required to segregate and hold funds deposited by or on behalf of Seller in the Over/Under Account
separate and apart from Buyer’s own funds or funds deposited by or held for others. Upon the occurrence of a Potential Default
or an Event of Default, Buyer shall have the right to increase the Minimum Over/Under Account Balance Seller is required to maintain
in the Over/Under Account by giving notice to Seller thereof. If Seller fails to deposit funds in the Over/Under Account to comply
with any such required increase within the time frame required by Buyer, Buyer shall have the right to retain in the Over/Under
Account any amounts received by Buyer on behalf of Seller or otherwise credited to the Over/Under Account to comply with any such
required increases, including, without limitation, any purchase proceeds received by Buyer from any Approved Investor pursuant
to Section 4.7. Buyer shall not be liable to Seller for any costs, losses or damages arising from or relating to the increase
of the Minimum Over/Under Account Balance that Seller is required to maintain in the Over/Under Account or retention of excess
funds by Buyer to comply with any such increase.

 

    	6

    	 

    

 

		(b)	Deposits.

 

		(i)	Seller. Seller shall deposit margin in the form
of funds in the Over/Under Account in accordance with the terms of this Agreement, including, without limitation, Section 3.4
and Section 3.5(a).

 

		(ii)	Buyer. Buyer shall credit to the Over/Under Account
all amounts in excess of those amounts due to Buyer in accordance with the Principal Agreements on the date Buyer receives or
has received both (1) a payment by Seller or an Approved Investor pursuant to a Purchase Commitment and (2) a Purchase Advice
relating to such payment without discrepancy; provided, however, that funds and Purchase Advices received by Buyer
after 4:00 p.m. (New York City time), shall be deemed to have been received on the next Business Day. Buyer shall use reasonable
efforts to notify Seller if there is a discrepancy between a wire transfer and the related Purchase Advice, and thereafter, Seller
shall notify Buyer as to whether Buyer should accept such settlement payment despite the discrepancy between the amount received
and the related Purchase Advice; provided, however, that if an Event of Default or Potential Default has occurred
and is continuing, Buyer is not obligated to receive approval from Seller prior to accepting any amounts received and releasing
the related Purchased Assets.

 

		(iii)	Settlement Statement. Buyer shall deliver to Seller
via facsimile or make available to Seller via the internet within one (1) Business Day following settlement of a Transaction,
or as soon thereafter as is reasonably possible, a settlement statement, which includes an explanation of all amounts credited
by Buyer to the Over/Under Account to settle the Transaction.

 

		(c)	Withdrawals.

 

		(i)	Seller. If the amount credited to the Over/Under
Account creates a balance in excess of the Minimum Over/Under Account Balance required pursuant to Section 3.5(a) above,
provided that no Potential Default or Event of Default has occurred and is continuing, Seller may submit a written request to
Buyer for return or payment of such excess funds. If any such request is received by Buyer prior to 1:00 p.m. (New York City time)
on a Business Day, Buyer shall use commercially reasonable efforts to wire such requested excess funds to Seller by the end of
such Business Day and in no event no later than two (2) Business Days after Buyer’s receipt of such request. Notwithstanding
anything contained in this Section 3.5(c)(i) to the contrary, Buyer reserves the right to reject any request for excess
funds from the Over/Under Account if Buyer determines that such excess funds shall be used to satisfy Seller’s outstanding
obligations under this Agreement or are subject to other rights as provided in this Agreement.

 

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		(ii)	Buyer. Buyer may, from time to time and without
separate authorization by Seller or notice to Seller, withdraw funds from the Over/Under Account to settle amounts owed in accordance
with the terms of this Agreement or to otherwise satisfy Seller’s obligations under this Agreement, including, without limitation:

 

		(1)	with respect to any Transaction with respect to which the Purchase Price is being paid to one or
more Approved Payees on behalf of Seller, to deliver the Haircut to such Approved Payees;

 

		(2)	to reimburse itself for any reasonable costs and expenses incurred by Buyer in connection with
this Agreement, as permitted herein;

 

		(3)	to pay itself any Price Differential on a Purchase Price that is due and owing;

 

		(4)	to Seller as provided in Section 3.5(c)(i);

 

		(5)	as security for the performance of Seller’s obligations hereunder;

 

		(6)	without limiting the generality of Section 3.5(c)(ii)(5), to satisfy any outstanding Margin
Deficit as provided in Section 6.3(b); and

 

		(7)	in the exercise of Buyer’s or its Affiliates’ rights under Section 6.3(d) or
Section 11.9.

 

		(d)	Failure to Maintain Balance. If, at any time,
Seller fails to maintain in the Over/Under Account the Minimum Over/Under Account Balance as required hereunder, in addition to
any other rights and remedies that Buyer may have against Seller, Buyer shall have the right to immediately stop entering into
Transactions with Seller and/or to charge Seller accrued interest on that portion of the Minimum Over/Under Account Balance that
Seller has failed to maintain, at the Default Rate, from the time that such balance failed to be maintained until the time that
funds are deposited into or held in the Over/Under Account to comply with such Minimum Over/Under Account Balance requirements
hereunder. Without limiting the generality of the foregoing, it is understood and agreed that should the balance in the Over/Under
Account become negative, Seller will continue to owe Buyer accrued interest as provided herein.

 

		(e)	Security Interest. Any funds of Seller at any
time deposited or held in the Over/Under Account, whether such funds are required to be deposited and held in the Over/Under Account
pursuant to this Section 3.5 or otherwise, are hereby pledged by Seller as security for its obligations under this Agreement,
and Seller hereby grants a security interest in such funds to Buyer, and such pledge and security interest shall be considered
“a security agreement or other arrangement or other credit enhancement” that is “related to” the Agreement
and Transactions hereunder within the meaning of Bankruptcy Code Sections 101(38A)(A), 101(47)(a)(v) and 741(7)(A)(x).

 

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		3.6	Payment of Purchase Price.

 

		(a)	Payment of Purchase Price. On the Purchase Date
for each Transaction, ownership of the Purchased Assets, including the Servicing Rights related to Purchased Assets consisting
of Purchased Mortgage Loans, shall be transferred to Buyer against the simultaneous transfer of the Purchase Price to Seller or
on behalf of Seller to an Approved Payee, as applicable, and simultaneously with the delivery to Buyer of the Purchased Assets
relating to each Transaction. With respect to the Purchased Assets being sold by Seller on the Purchase Date, Seller hereby sells,
transfers, conveys and assigns to Buyer or its designee without recourse, but subject to the terms of this Agreement, all of Seller’s
right, title and interest in and to the Purchased Assets, including the Servicing Rights related to the Purchased Mortgage Loans,
together with all right, title and interest of Seller in and to all amounts due and payable under the terms of such Purchased
Assets.

 

		(b)	Methods of Payment. On the Purchase Date for each
Transaction:

 

		(i)	Buyer shall pay the Purchase Price for all Transactions by wire transfer in accordance with Seller’s
wire instructions set forth on Exhibit J. Notwithstanding the foregoing, Buyer shall not be obligated to pay the Purchase
Price under any method of payment to any Closing Agent, third party institutional originator or warehouse lender that is not an
Approved Payee. Further, the payment of the Purchase Price by Buyer to any Closing Agent, third party institutional originator
or warehouse lender that is not an Approved Payee shall not make such Closing Agent, third party institutional originator or warehouse
lender an Approved Payee. Any funds disbursed by Buyer to Seller or its Approved Payee shall be subject to all applicable federal,
state and local laws, including, without limitation, regulations and policies of the Board of Governors of the Federal Reserve
System on Reduction of Payments System Risk. Seller acknowledges that as a result of such applicable laws, regulations and policies,
equipment malfunction, Buyer’s approval procedures or circumstances beyond the reasonable control of Buyer, the payment of
a Purchase Price may be delayed. Buyer shall not be liable to Seller for any costs, losses or damages arising from or relating
to any such delays, or

 

		(ii)	Notwithstanding the foregoing, where a Purchased Asset is the subject of third party financing,
Buyer may pay all or any portion of the Purchase Price directly to the warehouse lender or other lender that has a security interest
in such Purchased Asset to satisfy the related indebtedness and obtain a release of such security interest.

 

		(c)	Transaction Limitations and Other Restrictions Relating
to Closing Agents. Notwithstanding that a particular Transaction request will not exceed the Aggregate Transaction Limit or
applicable Type Sublimit, if the payment of the Purchase Price for such Transaction to the related Closing Agent will violate
Buyer’s applicable policies and procedures (as contained in the Handbook or otherwise) regarding payments to Closing Agents,
Buyer may refuse to pay the Purchase Price to such Closing Agent.

 

		(d)	Return of Purchase Price. If a Wet Mortgage Loan
subject to a Transaction is not closed on the same day on which the Purchase Price was funded, Seller shall immediately return,
or cause to be immediately returned (but in any event within forty-eight (48) hours), the Purchase Price (or such greater amount
that shall have been remitted by Buyer, if applicable) with respect to such Wet Mortgage Loan to Buyer by wire transfer in accordance
with Buyer’s wire instructions set forth on Exhibit B. Further, Seller shall pay Buyer all fees and expenses incurred
by Buyer in connection with the funding of the Purchase Price for such Wet Mortgage Loan and, from the date of such funding up
to but excluding the date such Purchase Price is returned to Buyer, Seller shall also pay Buyer any Price Differential accrued
on such Purchase Price immediately upon notification from Buyer; provided, however, that Price Differential shall
continue to accrue until the Purchase Price is returned to Buyer.

 

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		3.7	Approved Payees.

 

		(a)	Closing Agents. In order for a Closing Agent to
be designated an Approved Payee with respect to any Purchase Price for new origination Wet Mortgage Loans or Dry Mortgage Loans
as to which the origination funds are being remitted to the closing table, Seller shall submit to Buyer the following documents:

 

		(i)	if the title company issuing the title policy that covers the applicable Mortgage Loan has not
issued to Buyer a blanket Closing Protection Letter, which covers closings conducted by this Closing Agent in the jurisdiction
where this closing will take place:

 

		(1)	a valid blanket Closing Protection Letter, in a form acceptable to Buyer, issued to Seller or Buyer
by the title company, which is issuing the title insurance policy that covers the related Mortgage Loan and is an Acceptable Title
Insurance Company, that covers closings conducted by the Closing Agent in the jurisdiction where this closing will take place and
if applicable, an assignment to Buyer of such Closing Protection Letter, substantially in the form of Exhibit F hereto;
or

 

		(2)	a valid Closing Protection Letter, in a form acceptable to Buyer, issued to Seller or Buyer by
the title company, which is issuing the title insurance policy that covers the related Mortgage Loan and is an Acceptable Title
Insurance Company, that covers the closing of this specific Mortgage Loan and if applicable, an assignment to Buyer of such Closing
Protection Letter, substantially in the form of Exhibit F hereto; or

 

		(3)	with respect to those jurisdictions outlined in the Handbook for which Closing Protection Letters
are not available or are limited in their applicability, any other documents Buyer may require, including without limitation, a duly executed, valid and enforceable assignment
to Buyer of Seller’s rights under its fidelity bond and errors and omissions policy maintained pursuant to Section 9.9;
and

 

		(ii)	evidence that the Irrevocable Closing Instructions, in the applicable form and signed by Seller
and Buyer, have been delivered to such Closing Agent.

 

		(b)	Warehouse Lenders. In order for a warehouse lender
to be designated an Approved Payee with respect to any Purchase Price, Seller shall submit to Buyer a written request, including
the name and address of the warehouse lender, demonstrating a need for such designation. Notwithstanding the foregoing, Buyer
reserves the right to refuse to designate any warehouse lender as an Approved Payee, or, alternatively, to require additional
terms and conditions in order for Buyer to pay a Purchase Price to a warehouse lender.

 

		(c)	Approval Process. Buyer shall review the applicable
documents and notify Seller within two (2) Business Days as to whether such Closing Agent or warehouse lender has been designated
by Buyer to be an Approved Payee with respect to such Purchase Price. Buyer may withdraw its approval of any Closing Agent or
warehouse lender as an Approved Payee if Buyer becomes aware of any facts or circumstances at any time related to such Closing
Agent or warehouse lender which Buyer determines materially and adversely affects the Closing Agent or warehouse lender or otherwise
makes the Closing Agent or warehouse lender unacceptable as an Approved Payee.

 

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		3.8	Delivery of Mortgage-Backed
Securities. With respect to Purchased Mortgage Loans that are Pooled Mortgage Loans, Buyer shall release its interests
in such Purchased Mortgage Loans simultaneously with the Settlement Date of a Mortgage-Backed Security backed by a Pool containing
such Purchased Mortgage Loans. Provided that such Mortgage-Backed Security has been issued to the Depository in the name of Buyer
or Buyer’s nominee, from and after such Settlement Date, the Mortgage-Backed Security shall replace the related Purchased
Mortgage Loans as the Asset that is subject to the related Transaction.

 

ARTICLE 4

REPURCHASE

 

		4.1	Repurchase Price.

 

		(a)	Payment of Repurchase Price. The Repurchase Price
for each Purchased Asset shall be payable in full and by wire transfer in accordance with Buyer’s wire instructions set
forth on Exhibit B or Exhibit J, as applicable, upon the earliest to occur of (i) the Repurchase Date of the related
Transaction, (ii) the occurrence of any Repurchase Acceleration Event with respect to such Purchased Asset, (iii) at Buyer’s
sole option, upon the occurrence or during the continuance of an Event of Default, or (iv) the Expiration Date. Such obligation
to repurchase exists without regard to any prior or intervening liquidation or foreclosure with respect to any Purchased Asset.
While it is anticipated that Seller will repurchase each Purchased Asset on its related Repurchase Date, Seller may repurchase
any Purchased Asset hereunder on demand without any prepayment penalty or premium.

 

		(b)	Effect of Payment of Repurchase Price. On the
Repurchase Date (or such other date on which the Repurchase Price is received in full by Buyer), termination of the related Transaction
will be effected by the repurchase by Seller or its designee of the Purchased Assets and the simultaneous transfer of the Repurchase
Price to an account of Buyer, or transfer of additional Asset(s) (in each case subject to the provisions of Section 6.5),
and all of Buyer’s rights, title and interests therein shall then be conveyed to Seller or its designee; provided
that, Buyer shall not be deemed to have terminated or conveyed its interests in such Purchased Assets if an Event of Default
shall then be continuing or shall be caused by such repurchase or if such repurchase gives rise to or perpetuates a Margin Deficit
that is not satisfied in accordance with Section 6.3(b). With respect to Purchased Assets that are Purchased Mortgage Loans,
Seller is obligated to obtain the related Mortgage Loan Documents from the Custodian at Seller’s expense on the Repurchase
Date.

 

		4.2	Repurchase Acceleration
Events. The occurrence of any of the following events shall be a Repurchase Acceleration Event with respect to one
or more Purchased Assets, as the case may be:

 

		(a)	Buyer has determined that the Purchased Asset is a Defective Asset;

 

		(b)	thirty (30) calendar days elapse from the date the related Mortgage Loan Documents were delivered
to an Approved Investor and such Approved Investor has not returned such Mortgage Loan Documents or purchased such Purchased Asset,
unless an extension is granted by Buyer;

 

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		(c)	ten (10) Business Days elapse from the date a related Mortgage Loan Document was delivered to Seller
for correction or completion or for servicing purposes, without being returned to Buyer or its designee;

 

		(d)	with respect to a Wet Mortgage Loan, Seller fails to deliver to Buyer the related Mortgage Loan
Documents within the Maximum Dwell Time or any Mortgage Loan Document delivered to Buyer, upon examination by Buyer, is found not
to be in compliance with the requirements of this Agreement or the related Purchase Commitment and is not corrected within the
Maximum Dwell Time;

 

		(e)	regardless of whether a Purchased Mortgage Loan is a Defective Asset, a foreclosure or similar
type of proceeding is initiated with respect to such Mortgage Loan;

 

		(f)	the further sale of a Purchased Asset by Seller to any party other than an Approved Investor;

 

		(g)	(1) with respect to any Pooled Mortgage Loan that has been pooled to support a Mortgage-Backed
Security issued by Seller and fully guaranteed by Ginnie Mae for which Buyer has executed a Form HUD 11711A, the Custodian ceases
to hold the Mortgage Loan File and the related Mortgage Loan Documents in respect thereof for the sole and exclusive benefit of
Buyer at any time prior to the issuance of the related Mortgage-Backed Security, or (2) with respect to all other Purchased Mortgage
Loans, the Custodian ceases to hold the related Mortgage Loan File and all Mortgage Loan Documents in respect thereof for the sole
and exclusive benefit of Buyer at any time;

 

		(h)	with respect to any Pooled Mortgage Loan or Mortgage-Backed Security, if the Seller has failed
to deliver the related Trade Assignment to Buyer in accordance with the requirements set forth in Section 7.2(b);

 

		(i)	with respect to any Pooled Mortgage Loan, if the Applicable Agency has not issued the related Mortgage-Backed
Security to the Depository in the name of Buyer or Buyer’s nominee on the related Settlement Date;

 

		(j)	with respect to any Mortgage-Backed Security that is subject to a Transaction pursuant to Section
3.8, if Buyer has not received the related Takeout Price from the Approved Investor on the related Settlement Date; or

 

		(k)	following the termination of a Temporary Increase, the Aggregate Outstanding Purchase Price exceeds
the Aggregate Transaction Limit (as reduced by the termination of such Temporary Increase).

 

		4.3	Reduction of Asset
Value as Alternative Remedy. In lieu of requiring full repayment of the Repurchase Price upon the occurrence of a Repurchase
Acceleration Event, Buyer may elect to reduce the Asset Value of the related Purchased Asset (to as low as zero) and accordingly
require a full or partial repayment of such Repurchase Price or the delivery of other funds or collateral, which additional assets
shall be “margin payments” or “settlement payments” as such terms are defined in Bankruptcy Code Sections
741(5) and (8), respectively.

 

		4.4	Designation as Noncompliant
Asset as Alternative Remedy. In lieu of requiring full repayment of the Repurchase Price upon the occurrence of a Repurchase
Acceleration Event, Buyer may elect to deem the related Purchased Asset a Noncompliant Asset, provided that (a) after such Purchased
Asset is deemed to be a Noncompliant Asset, the aggregate original Asset Value of all Noncompliant Assets does not exceed the
Type Sublimit for Noncompliant Assets; (b) the Asset Value of the Noncompliant Asset is greater than the Repurchase Price or Seller
provides Additional Purchased Assets or repays part of the Repurchase Price as provided in Section 6.3 in each case as
a “margin payment” as such term is defined in Bankruptcy Code Section 741(5); and (c) Seller delivers to Buyer all
documentation relating to the Purchased Asset reasonably requested by Buyer.

 

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		4.5	Illegality.
Notwithstanding anything to the contrary in this Agreement, if Buyer determines that any law, regulation, treaty or directive
or any change therein or in the interpretation or application thereof, or any circumstance materially and adversely affecting
the London interbank market, the repurchase market for mortgage loans or mortgage-backed securities or the source or cost of Buyer’s
funds, shall make it unlawful or commercially unreasonable for Buyer to enter into or maintain Transactions as contemplated by
this Agreement, (a) the commitment of Buyer hereunder to enter into or to continue to maintain Transactions shall be cancelled
and (b) the Repurchase Price for each Transaction then outstanding shall be due and payable upon the earlier to occur of (i) the
date required by any financial institution providing funds to Buyer, (ii) sale of the Purchased Assets in accordance with the
terms of this Agreement, and (iii) the date as of which Buyer determines that such Transactions are unlawful or commercially unreasonable
to maintain; provided, that Buyer shall not be liable to Seller for any costs, losses or damages arising from or relating from
any actions taken by Buyer pursuant to this Section 4.5.

 

		4.6	Increased Costs.

 

		(a)	Notwithstanding anything to the contrary in this Agreement, if Buyer determines that if any change
in any law, treaty, rule or regulation or determination of an arbitrator or a court or other Governmental Authority or any change
in the interpretation or application thereof or compliance by Buyer with any request or directive (whether or not having the force
of law) from any central bank or other Governmental Authority made subsequent to the date hereof (i) subjects Buyer to any tax
of any kind whatsoever with respect to this Agreement or any Purchased Assets (excluding Excluded Taxes) or changes the basis of
taxation of payments to Buyer in respect thereof, (ii) imposes, modifies or holds applicable any reserve, special deposit, compulsory
advance or similar requirement against assets held by deposits or other liabilities in or for the account of Transactions or extensions
of credit by, or any other acquisition of funds by any office of Buyer which is not otherwise included in the determination of
the Applicable Pricing Rate hereunder, or (iii) imposes on Buyer any other condition, the result of which is to increase the cost
to Buyer, by an amount which Buyer deems to be material, of effecting or maintaining purchases hereunder, or to reduce any amount
receivable hereunder in respect thereof, then, in any such case, Seller shall promptly pay Buyer such additional amount or amounts
as will compensate Buyer for such increased cost or reduced amount receivable thereafter incurred.

 

		(b)	If Buyer has determined that the adoption of or any change in any law, treaty, rule or regulation
or determination of an arbitrator or a court or other Governmental Authority regarding capital adequacy or in the interpretation
or application thereof or compliance by Buyer or any corporation that provides capital or funds to Buyer with any request or directive
regarding capital adequacy (whether or not having the force of law) from any Governmental Authority made subsequent to the date
hereof has the effect of reducing the rate of return on Buyer’s or such corporation’s capital as a consequence of its
obligations hereunder to a level below that which Buyer or such corporation but for such adoption, change or compliance (taking
into consideration Buyer’s or such corporation’s policies with respect to capital adequacy) by an amount deemed by
Buyer to be material, then from time to time, Seller shall promptly pay to Buyer such additional amount or amounts as will thereafter
compensate Buyer for such reduction.

 

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If Buyer becomes entitled to claim any additional
amounts pursuant to this Section 4.6, it shall promptly notify Seller of the event by reason of which it has become so entitled.
A certificate as to any additional amounts payable pursuant to this subsection submitted by Buyer to Seller shall be conclusive
in the absence of manifest error.

 

		4.7	Payments Pursuant
to Sale to Approved Investors. Seller shall direct each Approved Investor purchasing a Purchased Asset to pay directly
to Buyer, by wire transfer of immediately available funds, the applicable Takeout Price in full and without set-off on the date
set forth in the applicable Purchase Commitment. In addition, Seller shall provide Buyer with a Purchase Advice relating to such
payment. Seller shall not direct the Approved Investor to pay to Buyer an amount less than the full Takeout Price or modify or
otherwise change the wire instructions for payment of the Takeout Price provided to Approved Investor by Buyer. Buyer shall apply
all amounts received from an Approved Investor for the account of Seller in accordance with Section 4.8 below and credit
all amounts due Seller to the Over/Under Account in accordance with Section 3.5(b)(ii) above. Buyer may reject any amount
received from an Approved Investor and not release the related Purchased Asset if (a) Buyer does not receive a Purchase Advice
in respect of any wire transfer, (b) Buyer does not receive the full Takeout Price, without set-off or (c) the amount received
is not sufficient to pay the related Repurchase Price in full. Alternatively, in lieu of rejecting an amount received by Buyer
from an Approved Investor, at Buyer’s option, if the amount received from the Approved Investor does not equal or exceed
the related Repurchase Price, Buyer may accept the amount received from the Approved Investor and deduct the remaining amounts
owed by Seller from the Over/Under Account or demand payment of such remaining amount from Seller. If Seller receives any funds
intended for Buyer, Seller shall segregate and hold such funds in trust for Buyer and immediately pay to Buyer all such amounts
by wire transfer of immediately available funds together with providing Buyer with a settlement statement for the transaction.

 

		4.8	Application of Payments
from Seller or Approved Investors. Unless Buyer determines otherwise, payments made directly by Seller or an Approved
Investor to Buyer shall be applied in the following order of priority:

 

		(a)	first, to any amounts due and owing to Buyer pursuant to Section 6.3;

 

		(b)	second, to all costs, expenses and fees incurred or charged by Buyer under this Agreement
that are due and owing and related to the Transaction in connection with which the payment is made;

 

		(c)	third, to all costs, expenses and fees incurred or charged by Buyer under this Agreement
that are due and owing and not related to a specific Transaction;

 

		(d)	fourth, to the Price Differential then due and owing and the outstanding Purchase Price,
in each case, on the Purchased Asset in connection with which the payment is made;

 

		(e)	fifth, to the Price Differential then due and owing and the outstanding Purchase Prices,
in each case, on any other Purchased Assets; and

 

		(f)	sixth, to the amount of all other obligations then due and owing by Seller to Buyer under
this Agreement and the other Principal Agreements.

 

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Buyer and Seller intend and agree that all such payments
shall be “settlement payments” as such term is defined in Bankruptcy Code Section 741(8). After the settlement payments
have been applied as set forth above, Buyer shall deposit in the Over/Under Account any amounts that remain.

 

		4.9	Method of Payment.
Except as otherwise specifically provided herein, all payments hereunder must be received by Buyer on the date when due and shall
be made in United States dollars by wire transfer of immediately available funds in accordance with Buyer’s wire instructions
set forth on Exhibit B or Exhibit J, as applicable. Whenever any payment to be made hereunder shall be stated to
be due on a day that is not a Business Day, the due date thereof shall be extended to the next succeeding Business Day, and with
respect to payments of the Purchase Price, the Price Differential thereon shall be payable at the Applicable Pricing Rate during
such extension. All payments made by or on behalf of Seller with respect to any Transaction shall be applied to Seller’s
account in accordance with Section 3.5(b)(ii) and Section 4.8 above and shall be made in such amounts as may be
necessary in order that all such payments after withholding for or on account of any present or future Taxes imposed by any Governmental
Authority, other than any Excluded Taxes, compensate Buyer for any additional cost or reduced amount receivable of making or maintaining
Transactions as a result of such Taxes. All payments to be made by or on behalf of Seller with respect to any Transaction shall
be made without set-off, counterclaim or other defense.

 

		4.10	Notification of
Payment. Seller shall provide Buyer not fewer than one (1) Business Day’s prior written notice if Seller or an
Approved Investor intends to remit a payment to Buyer equal to or greater than ten million ($10,000,000) dollars.

 

		4.11	Authorization to
Debit. In addition to any other authorizations to and rights of Buyer hereunder, Seller hereby expressly authorizes
Buyer to debit any account maintained by Seller with any depository institution into which any funds related to the Purchased
Assets or related Purchased Items have been deposited (other than escrow accounts maintained for the benefit of the related Mortgagors),
including without limitation, any operating, settlement or custodial account, for any and all amounts due Buyer hereunder. For
the avoidance of doubt, the foregoing debit rights of Buyer shall not apply to Purchased Assets which have been repurchased by
Seller pursuant to Section 6.5.

 

		4.12	Book Account.
Buyer and Seller shall maintain an account on their respective books of all Transactions entered into between Buyer and Seller
and for which the Repurchase Price has not yet been paid. As a courtesy to Seller, Buyer shall provide such information to Seller
via the Internet or by telephone or facsimile, if Seller is unable to access the information via the Internet. Notwithstanding
the foregoing, Seller shall be responsible for maintaining its own book account and records of Transactions entered into with
Buyer, amounts due to Buyer in connection with such Transactions and for paying such amounts when due. Failure of Buyer to provide
Seller with information regarding any Transaction shall not excuse Seller’s timely performance of all obligations under
this Agreement, including, without limitation, payment obligations under this Agreement.

 

		4.13	Full Recourse.
The obligations of Seller from time to time to pay the Repurchase Price, Margin Deficit payments, settlement payments and all
other amounts due under this Agreement shall be full recourse obligations of Seller.

 

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ARTICLE 5

FEES

 

		5.1	Payment of Fees.
Seller shall pay to Buyer those fees set forth in this Agreement and the Transactions Terms Letter when they become due and owing.
Without limiting the generality of the foregoing, the Facility Fee shall be paid on or before the Effective Date and if this Agreement
is renewed, thereafter on or before the anniversary of the Effective Date. Buyer shall be entitled to withdraw from the Over/Under
Account or retain from payments made by Seller or an Approved Investor, subject to Section 4.6, or set off against any
Purchase Prices to be paid by Buyer any fees permitted under this Agreement that are due and owing. If such amounts on deposit
in the Over/Under Account or payments received in connection with a Transaction or Purchase Prices to be paid by Buyer are not
sufficient to pay Buyer all fees owed, Buyer shall notify Seller and Seller shall pay to Buyer, within one (1) Business Day, all
unpaid fees.

 

ARTICLE 6

SECURITY; SERVICING; MARGIN ACCOUNT MAINTENANCE; CUSTODY OF MORTGAGE LOAN DOCUMENTS; REPURCHASE
TRANSACTIONS; DUE DILIGENCE

 

		6.1	Precautionary Grant
of Security Interest in Purchased Assets and Purchased Items. With respect to the Purchased Assets, although the parties
intend that all Transactions hereunder be sales and purchases (other than for accounting and tax purposes) and not loans, and
without prejudice to the provisions of Section 6.6 and the expressed intent of the parties, if any Transactions are
deemed to be loans, as security for the performance of all of Seller’s obligations hereunder, Seller hereby pledges, assigns
and grants to Buyer a continuing first priority security interest in and lien upon the Purchased Assets and other Purchased Items
and Buyer shall have all the rights and remedies of a “secured party” under the Uniform Commercial Code with respect
to the Purchased Assets and other Purchased Items. Possession of any promissory notes, instruments or documents by the Custodian
shall constitute possession on behalf of Buyer.

 

Seller acknowledges that it has no rights to the
Servicing Rights related to any Purchased Mortgage Loan. Without limiting the generality of the foregoing and for the avoidance
of doubt, if any determination is made that the Servicing Rights related to any Purchased Mortgage Loan were not sold by Seller
to Buyer or that the Servicing Rights are not an interest in such Purchased Mortgage Loan and are severable from such Purchased
Mortgage Loan despite Buyer’s and Seller’s express intent herein to treat them as included in the purchase and sale
transaction, Seller hereby pledges, assigns and grants to Buyer a continuing first priority security interest in and lien upon
the Servicing Rights related to such Purchased Mortgage Loans, and Buyer shall have all the rights and remedies of a “secured
party” under the Uniform Commercial Code with respect thereto. In addition, Seller further grants, assigns and pledges to
Buyer a first priority security interest in and lien upon (i) all documentation and rights to receive documentation related to
such Servicing Rights and the servicing of each of the Purchased Mortgage Loans, (ii) all Income related to the Purchased Assets
received by Seller, (iii) all rights to receive such Income, (iv) all other Purchased Items, and (v) all products, proceeds and
distributions relating to or constituting any or all of the foregoing (collectively, and together with the pledge of Servicing
Rights in the immediately preceding sentence, the “Related Credit Enhancement”). The Related Credit Enhancement
is hereby pledged as further security for Seller’s obligations to Buyer hereunder.

 

At any time and from time to time, upon the written
request of Buyer, and at the sole expense of Seller, Seller will promptly and duly execute and deliver, or will promptly cause
to be executed and delivered, such further instruments and documents and take such further action as Buyer may request for the
purpose of obtaining or preserving the full benefits of this Agreement and of the rights and powers herein granted, including,
without limitation, the filing of any financing or continuation statements under the Uniform Commercial Code in effect in any jurisdiction
with respect to the Purchased Assets and related Purchased Items and the liens created hereby. Seller also hereby authorizes Buyer
to file any such financing or continuation statement in a manner consistent with this Agreement to the extent permitted by applicable
law. For purposes of the Uniform Commercial Code and all other relevant purposes, this Agreement shall constitute a security agreement.

 

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		6.2	Servicing.

 

		(a)	Servicing Rights for Servicing Released Mortgage Loans
Owned by Buyer; Buyer’s Right to Appoint Servicer. In recognition that each Servicing Released Mortgage Loan is sold
by Seller to Buyer on a servicing released basis and Buyer is the owner of the Servicing Rights related to such Servicing Released
Mortgage Loan, Buyer shall have the sole right to appoint the Servicer for each Purchased Mortgage Loan.

 

		(b)	Appointment of Servicer. Subject to Buyer’s
right to appoint a successor Servicer at its discretion, Buyer hereby appoints Seller or the Servicer, as applicable, to subservice
the Servicing Released Mortgage Loans on behalf of Buyer as agent for Buyer for the period between the Purchase Date and the Repurchase
Date of the Servicing Released Mortgage Loans. The right of Seller or the Servicer, as applicable, to service the Servicing Released
Mortgage Loans is on an interim basis only and does not provide or confer a contractual, ownership or other right for Seller or
the Servicer, as applicable, to service the Servicing Released Mortgage Loans, it being understood that upon payment of the Purchase
Price, Buyer owns the Servicing Rights and may assume servicing or appoint a Successor Servicer (i) sixty (60) days’ after
the related Purchase Date or (ii) upon an Event of Default. Further, the fact that Seller or the Servicer may be entitled to a
servicing fee for interim servicing of the Servicing Released Mortgage Loans or that Buyer may provide a separate notice
of default to Seller or the Servicer regarding the servicing of the Servicing Released Mortgage Loans shall not affect or otherwise
change Buyer’s ownership of the Servicing Rights related to the Servicing Released Mortgage Loans.

 

		(c)	Interim Servicing Period; No Servicing Fee or Income.
For each Transaction, Seller’s or the Servicer’s, as applicable, right to interim service a Servicing Released Mortgage
Loan shall commence on the related Purchase Date and shall automatically terminate without notice on the earlier of (i) sixty
(60) days after the related Purchase Date or (ii) the Repurchase Date. If the interim servicing period expires with respect to
any Servicing Released Mortgage Loan for any reason other than Seller repurchasing such Servicing Released Mortgage Loan, then
such interim servicing period shall automatically terminate if not renewed by Buyer. In connection with any such renewal, Seller
or the Servicer, as applicable, shall continue to interim service the Servicing Released Mortgage Loan for a thirty (30) day extension
period. Absent any such extension of the interim servicing period, Seller or the Servicer, as applicable, shall transfer servicing
of the Servicing Released Mortgage Loan (which shall include the delivery of all Servicing Records related to such Servicing Released
Mortgage Loan) to Buyer or its designee in accordance with the instructions of Buyer and any other applicable requirements of
this Agreement. For the avoidance of doubt, upon expiration of the interim servicing period (including the expiration of any extension
period) with respect to any Servicing Released Mortgage Loan, Seller shall have no right to service the related Servicing Released
Mortgage Loan nor shall Buyer have any obligation to extend the interim servicing period (or continue to extend the interim servicing
period), it being understood that upon such expiration, Seller shall promptly transfer the servicing of the related Servicing
Released Mortgage Loan to Buyer or its designee in accordance with the instructions of Buyer and any other applicable requirements
of this Agreement. Buyer shall have no obligation to pay Seller or the Servicer, as applicable, nor shall Seller or the Servicer,
as applicable, have any right to deduct or retain, any servicing fee or similar compensation in connection with the interim servicing
of a Servicing Released Mortgage Loan.

 

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		(d)	Servicing Agreement. If there is a Servicer of
the Purchased Mortgage Loans other than Seller, Buyer or an Affiliate of Buyer, Seller shall enter into a Servicing Agreement
with the Servicer. Such Servicing Agreement shall be on terms acceptable to Buyer in its discretion, and shall include, at a minimum,
(i) a recognition by the Servicer of Buyer’s interests and rights to the Purchased Mortgage Loans as provided under this
Agreement (including, without limitation, Buyer’s ownership of the Servicing Rights related to any Servicing Released Mortgage
Loans, if applicable); (ii) an obligation for the Servicer to subservice the Servicing Released Mortgage Loans or service the
Servicing Retained Mortgage Loans, as applicable, consistent with the degree of skill and care that the Servicer customarily requires
with respect to similar Mortgage Loans owned or managed by it but in no event no less than in accordance with Accepted Servicing
Practices; (iii) an obligation to comply with all applicable federal, state and local laws and regulations; (iv) an obligation
to maintain all state and federal licenses necessary for it to perform its subservicing responsibilities; (v) an obligation not
to impair the rights of Buyer in any Purchased Mortgage Loans or any payment thereto, and (vi) an obligation to collect all Income
in respect of the Purchased Mortgage Loans for the benefit of Buyer, in trust, in segregated custodial accounts and remit such
Income to the Custodial Account within two (2) Business Days of receipt. Further, such Servicing Agreement shall contain express
reporting requirements and other rights to allow Buyer to inspect the records of the Servicer with respect to the Purchased Mortgage
Loans. Buyer may terminate the servicing or subservicing of any Servicing Retained Mortgage Loan or Servicing Released Mortgage
Loan, respectively, with the then existing Servicer in accordance with either Section 6.2(f) or Section 6.2(n).

 

		(e)	Servicing Obligations of Seller. To the extent
Seller shall subservice any Servicing Released Mortgage Loan on behalf of Buyer, Seller shall:

 

		(i)	Subservice and administer the Purchased Mortgage Loans on behalf of Buyer in accordance with prudent
mortgage loan servicing standards and procedures generally accepted in the mortgage banking industry and in accordance with the
degree of care and servicing standards generally prevailing in the industry, including all applicable requirements of the Agency
Guides, applicable law, FHA Regulations and VA Regulations, the requirements of any Insurer, as applicable, and the requirements
of any applicable Purchase Commitment and the related Approved Investor, so that neither the eligibility of the Purchased Mortgage
Loan and any related Mortgage-Backed Security for purchase under such Purchase Commitment nor the FHA Mortgage Insurance, VA Loan
Guaranty Agreement or any other applicable insurance or guarantee in respect of any such Purchased Mortgage Loan, if any, is voided
or reduced by such servicing and administration;

 

		(ii)	Subject to Section 6.2(f), and to the extent not otherwise held by the Custodian, Seller
shall at all times maintain and safeguard the Mortgage Loan File for the Purchased Mortgage Loan in accordance with applicable
law and lending industry custom and practice and shall hold such Mortgage Loan File in trust for Buyer, and in any event shall
maintain and safeguard photocopies of the documents delivered to Buyer pursuant to Section 3.3, and accurate and complete
records of its servicing of the Purchased Mortgage Loan; Seller’s possession of such Mortgage Loan File is for the sole purpose
of subservicing such Purchased Mortgage Loan and such retention and possession by Seller is in a custodial capacity only;

 

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		(iii)	Buyer may, at any time during Seller’s business hours on reasonable notice, examine and make
copies of such documents and records, or require delivery of the originals of such documents and records to Buyer or its designee;

 

		(iv)	Seller shall deliver to Buyer all such reports with respect to the Purchased Mortgage Loans required
in the Transactions Terms Letter and herein at the times and on the dates set forth therein and herein. In addition, at Buyer’s
request, Seller shall promptly deliver to Buyer reports regarding the status of any Purchased Mortgage Loan being subserviced by
it, which reports shall include, but shall not be limited to, a description of any default thereunder for more than thirty (30)
days or such other circumstances that could reasonably be expected to cause a material adverse effect with respect to such Purchased
Mortgage Loan, Buyer’s title to such Purchased Mortgage Loan or the collateral securing such Purchased Mortgage Loan; Seller
is required to deliver such reports until the repurchase of the Purchased Mortgage Loan by Seller; and

 

		(v)	Seller shall immediately notify Buyer if Seller becomes aware of any payment default that occurs
under a Purchased Asset.

 

		(f)	Sale or Transfer of Servicing Rights by Buyer.
Buyer may sell or transfer any rights to service a Servicing Released Mortgage Loan without the prior written consent of Seller
or any Servicer.

 

		(g)	Release of Mortgage Loan Files. Seller shall release
its custody of the contents of any Mortgage Loan File only in accordance with the written instructions of Buyer, except when such
release is required (1) as incidental to Seller’s subservicing of the related Purchased Mortgage Loan, (2) to complete the
Purchase Commitment, or (3) by law.

 

		(h)	Right to Appoint Successor Servicer. Buyer
reserves the right, in its discretion, to appoint a successor servicer to subservice any Servicing Released Mortgage Loan (each
a “Successor Servicer”). In the event of such an appointment, Seller or the Servicer, as applicable, shall
perform all acts and take all action so that any part of the Mortgage Loan File and related Servicing Records held by Seller or
the Servicer, together with all funds in the Custodial Account and other receipts relating to such Purchased Mortgage Loan, are
promptly delivered to the Successor Servicer. Seller shall have no claim for servicing fees, lost profits or other damages if
Buyer appoints a Successor Servicer hereunder.

 

		(i)	Custodial Account.

 

		(i)	Seller shall establish and maintain a segregated time or demand deposit account for the benefit
of Buyer (the “Custodial Account”) with an Eligible Bank and shall promptly deposit (but in no event later than
twenty-four (24) hours after receipt) into the Custodial Account all Income received with respect to each Purchased Asset sold
hereunder. The Custodial Account may not be a deposit account that is established to serve as a custodial account for mortgage
loans that Seller services for other parties. Under no circumstances shall Seller deposit any of its own funds into the Custodial
Account or otherwise commingle its own funds with funds belonging to Buyer as owner of any Purchased Asset. If Seller fails to
segregate any funds and commingles them with any source in breach of this Agreement, Seller agrees that its share of the commingled
funds are assumed to have been spent first with any remaining balance to be deemed to belong to Buyer.

 

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		(ii)	Seller hereby grants to Buyer a continuing first-priority security interest in all right, title,
and interest in and to the Custodial Account. Seller shall, as a condition precedent to Buyer’s obligation to enter into
any Transaction hereunder, perfect Buyer’s security interest in the Custodial Account, and either (A) cause the Eligible
Bank to agree to comply at any time with instructions from Buyer to such Eligible Bank directing the disposition of funds from
time to time credited to such Custodial Account, without further consent of Seller or any other Person, pursuant to an agreement
in form and substance satisfactory to Buyer or (B) arrange for Buyer to become the customer of the Eligible Bank with respect to
the Custodial Account, with Seller being permitted to exercise rights to withdraw funds from such Custodial Account as set forth
in Section 6.2(i)(iii)(3) below (together, the “Control Agreement”).

 

		(iii)	Any Income received with respect to a Purchased Asset purchased hereunder (but not any interest
accrued on such Purchased Asset up to but not including the Purchase Date for such Purchased Asset), shall be segregated as described
above and held in trust for the exclusive benefit of Buyer as the owner of such Purchased Asset and shall be released only as follows:

 

		(1)	after the Repurchase Price for such Purchased Asset has been paid in full to Buyer, all amounts
previously deposited in the Custodial Account with respect to such Purchased Asset and then in the Custodial Account shall be released
by Buyer to Seller or transferred to the Approved Investor or its designee if authorized by Seller;

 

		(2)	if a Successor Servicer is appointed by Buyer, all amounts deposited in the Custodial Account with
respect to Purchased Mortgage Loans to be so subserviced shall be transferred into an account established by the Successor Servicer
pursuant to its agreement with Buyer; or

 

		(3)	upon instruction by Buyer.

 

		(j)	Location of Custodial Account. Seller shall
not change the identity or location of a Custodial Account without thirty (30) days prior notice to Buyer. Seller shall from time
to time, at its own cost and expense, execute such directions to the depository Eligible Bank, and other papers, documents or
instruments as may be reasonably requested by Buyer to reflect Buyer’s ownership interest in each Custodial Account.

 

		(k)	Accounting of Custodial Account. If Buyer so
requests, Seller shall promptly notify Buyer of each deposit in the Custodial Account, and each withdrawal from the Custodial
Account, made by it with respect to the Purchased Assets. Seller shall promptly deliver to Buyer photocopies of all periodic bank
statements and other records relating to any Custodial Account as Buyer may from time to time request.

 

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		(l)	Servicer Notice. As a condition precedent to
Buyer funding the Purchase Price for any Purchased Mortgage Loan serviced or subserviced by a Servicer other than Seller, Buyer,
or an Affiliate of Buyer, Seller shall provide to Buyer a Servicer Notice addressed to and agreed to by the Servicer, advising
the Servicer of such matters as Buyer may reasonably request, including, without limitation, recognition by the Servicer of Buyer’s
interest in such Purchased Mortgage Loans and, with respect to Servicing Released Mortgage Loans, ownership of the Servicing Rights
related thereto and the Servicer’s agreement that upon receipt of notice of an Event of Default from Buyer, it will follow
the instructions of Buyer with respect to the servicing or subservicing of the related Purchased Mortgage Loans.

 

		(m)	Notification of Servicer Defaults. If Seller
should discover that, for any reason whatsoever, any entity responsible to Seller by contract for managing or servicing any such
Purchased Asset has failed to perform fully Seller’s obligations with respect to the management or servicing of such Purchased
Mortgage Loan as required under this Agreement or any of the obligations of such entities with respect to the Purchased Asset
as delegated by such Seller pursuant to any Servicing Agreement, Seller shall promptly notify Buyer.

 

		(n)	Termination. Buyer shall have the right at
any time to immediately terminate the Seller’s or any Servicer’s (as applicable) right to service the Purchased Mortgage
Loans due to a Servicer Termination Event, or solely with respect to Servicing Released Mortgage Loans, for any other reason,
in each case, without payment of any penalty or termination fee. Seller shall cooperate, or cause the Servicer to cooperate, in
transferring the servicing of the Purchased Mortgage Loans to a successor servicer appointed by Buyer. For the avoidance of doubt
any termination of the Servicer’s rights to service by the Buyer as a result of a Servicer Termination Event or an Event
of Default shall be deemed part of an exercise of the Buyer’s rights to cause the liquidation, termination or acceleration
of this Agreement.

 

		(o)	Buyer’s Right to Service. Buyer or its
designee, at the Buyer’s discretion, shall be entitled to service some or all of the Purchased Assets that are Servicing
Released Mortgage Loans, including, without limitation, receiving and collecting all sums payable in respect of same. Upon Buyer’s
determination and written notice to Seller or the Servicer, as applicable, that Buyer desires to service some or all of the Servicing
Released Mortgage Loans, Seller shall promptly cooperate, or shall cause the Servicer to promptly cooperate, with all instructions
of Buyer and do or accomplish all acts or things necessary to effect the transfer of the servicing to Buyer or its designee, at
Seller’s sole expense. Upon Buyer’s or its designee’s servicing of the Servicing Released Mortgage Loans, (i)
Buyer may, in its own name or in the name of Seller or otherwise, demand, sue for, collect or receive any money or property at
any time payable or receivable on account of or in exchange for such Purchased Mortgage Loan(s), but shall be under no obligation
to do so; (ii) Seller shall, if Buyer so requests, pay to Buyer all amounts received by Seller upon or in respect of such Purchased
Mortgage Loan(s) or other Purchased Assets, advising Buyer as to the source of such funds; and (iii) all amounts so received and
collected by Buyer shall be held by it as part of the Purchased Assets or applied against any outstanding Repurchase Price owed
Buyer.

 

		6.3	Margin Account
Maintenance.

 

		(a)	Asset Value. Buyer shall have the right to
determine the Asset Value of each Purchased Asset at any time.

 

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		(b)	Margin Deficit and Margin Call. If Buyer shall
determine at any time that (x) the Asset Value of a Purchased Asset subject to a Transaction is less than the related Purchase
Price for such Purchased Asset, (y) the aggregate Asset Value of all Purchased Assets subject to each Transaction is less than
the Aggregate Outstanding Purchase Price for such Transactions, or (z) the aggregate Asset Value of all Purchased Assets subject
to all Transactions is less than the Aggregate Outstanding Purchase Price for such Transactions (in any such case, a “Margin
Deficit”), then Buyer may, at its sole option and by notice to Seller (as such notice is more particularly set forth
below, a “Margin Call”), require Seller to either:

 

		(i)	transfer to Buyer or its designee cash or, at Buyer’s sole option, Eligible Assets approved
by Buyer (“Additional Purchased Assets”) so that (x) the individual Asset Value of the Purchased Asset, (y)
the aggregate Asset Value of all Purchased Assets subject to each Transaction, or (z) the aggregate Asset Value of all Purchased
Assets subject to Transactions, as the case may be, including any such cash or Additional Purchased Assets tendered by the Seller,
will thereupon equal or exceed the individual or Aggregate Outstanding Purchase Price(s) as applicable; or

 

		(ii)	pay one or more Repurchase Prices, as applicable, in an amount sufficient to reduce the related
Purchase Price so that the related Purchase Price (or the related aggregate Purchase Price) is less than or equal to the Asset
Value of the Purchased Asset (or the aggregate Asset Value of the Purchased Assets, as applicable).

 

If Buyer delivers a Margin Call to Seller on or prior
to 12:00 p.m. (New York City time) on any Business Day, then Seller shall transfer cash or Additional Purchased Assets, as applicable,
to Buyer no later than 5:00 p.m. (New York City time) that same day. If Buyer delivers a Margin Call to Seller after 12:00 p.m.
(New York City time) on any Business Day, Seller shall be required to transfer cash or Additional Purchased Assets no later than
5:00 p.m. (New York City time) on the next subsequent Business Day. Notice of a Margin Call may be provided by Buyer to Seller
electronically or in writing, such as via electronic mail or posting such notice on Buyer’s customer website(s).

 

		(c)	Buyer’s Discretion. Buyer’s election
not to make a Margin Call at any time there is a Margin Deficit shall not in any way limit or impair its right to make a Margin
Call at any time a Margin Deficit exists.

 

		(d)	Over/Under Account. Buyer may withdraw from
the Over/Under Account amounts equal to any Margin Deficit which is not otherwise satisfied by Seller within the time frames provided
in this Section 6.3.

 

		(e)	Credit to Repurchase Price. Any cash transferred
to Buyer pursuant to this Section 6.3 shall be credited to the Repurchase Price of the related Transaction(s).

 

		6.4	Custody of Mortgage Loan Documents.

 

		(a)	Custodial Arrangements. With respect to Purchased
Mortgage Loans, Buyer may appoint any Person to act as the Custodian to hold possession of the Mortgage Loan Documents and the
Agency Documents (or a portion thereof) and to take actions at the direction of Buyer. If any Person other than Buyer is appointed
as Custodian, it shall be a condition precedent to Buyer entering into any Transactions hereunder that Seller, Buyer and Custodian
enter into a Custodial Agreement acceptable to Buyer. Seller hereby consents to any and all such appointments and agrees to deliver
the Mortgage Loan Documents and certain of the Agency Documents to the Custodian upon the direction of Buyer. Seller further agrees
that (i) the Custodian shall be exclusively the agent, bailee and/or custodian of Buyer; (ii) receipt of the Mortgage Loan Documents
or the Agency Documents by the Custodian shall be constructive receipt by Buyer of such documents; (iii) Seller shall not have
and shall not attempt to exercise any degree of control over the Custodian or any Mortgage Loan Document or Agency Document held
by the Custodian; and (iv) Buyer shall not be liable for any act or omission by the Custodian selected by Buyer with reasonable
care.

 

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		(b)	Temporary Withdrawal of Mortgage Loan Documents
for Correction. Buyer may permit Seller to withdraw, for a period not to exceed ten (10) Business Days, specified Mortgage
Loan Documents for the purpose of correcting or completing such documents or servicing the related Purchased Mortgage Loan; provided,
however, that unless otherwise agreed to by Buyer in writing, in no event shall more than fifteen (15) Mortgage Loan Files
(or Mortgage Loan Documents from more than fifteen (15) Mortgage Loan Files) shall be released from Custodian’s possession
at any one time; provided further, that any Mortgage Loan Documents that are withdrawn by or at the request of Seller
and delivered to a Person other than Seller shall at all times be covered by one or more Bailee Agreements, true and complete
and fully executed copies of which shall be delivered to Buyer. Notwithstanding the foregoing, Buyer shall be deemed to be in
possession of any Mortgage Loan Documents released pursuant to this Section 6.4(b), and the interest of Buyer in the related
Purchased Mortgage Loan shall continue unimpaired until the Mortgage Loan Documents are returned to, or the Repurchase Prices
with respect thereto are received by, Buyer.

 

		(c)	Delivery of Mortgage Loan Documents to Approved
Investors. Provided that no Potential Default or Event of Default has occurred and is continuing, upon the written request
of Seller, Buyer may, at its option, deliver to an Approved Investor set forth in the related Purchase Commitment, or its custodian,
the Mortgage Loan Documents relating to a specified Purchased Mortgage Loan. All such Purchased Mortgage Loans and the related
Mortgage Loan Documents shall at all times be covered by one or more Bailee Agreements, and Buyer or its designee will not release
Mortgage Loan Documents to an Approved Investor unless Buyer or its Custodian has received a true and complete and fully executed
Bailee Agreement from the Approved Investor. Notwithstanding the foregoing, Buyer shall be deemed to be in possession of any Mortgage
Loan Documents released pursuant to this Section 6.4(c), and the interest of Buyer in the related Purchased Mortgage Loan
shall continue unimpaired until the Mortgage Loan Documents are returned to, or the Repurchase Prices with respect thereto are
received by, Buyer. If the Approved Investor does not purchase a Purchased Mortgage Loan as contemplated by the related Purchase
Commitment, Seller shall, upon the request of Buyer, assist Buyer in the recovery of any Mortgage Loan Documents not returned
by the Approved Investor to Buyer.

 

		(d)	Delivery of Mortgage Loan Documents Relating to
Mortgage-Backed Securities. Upon the written request of Seller, Buyer may, at its option, deliver to the certifying custodian
or permit the delivery to the certifying custodian of the Mortgage Loan Documents relating to those Purchased Mortgage Loans that
are or will be Pooled Mortgage Loans. All such Purchased Mortgage Loans and the related Mortgage Loan Documents shall at all times
be covered by a Bailee Agreement, and Buyer or its designee will not release Mortgage Loan Documents to a certifying custodian
unless Buyer or its designee has received a signed tri-party custodial agreement from such custodian, in a form acceptable to
Buyer. Buyer shall have no obligation to release or permit the release of any Mortgage Loan Documents to any certifying custodian
that will not sign a custodial agreement. Notwithstanding the foregoing, Buyer shall be deemed to be in possession of any Mortgage
Loan Documents released pursuant to this Section 6.4(d), and the interest of Buyer in the related Purchased Mortgage Loans
shall continue unimpaired until the Mortgage Loan Documents are returned to, or proceeds thereof are received by, Buyer. Seller
shall pay for all costs of the certifying custodian and use its best efforts to ensure that the issuer delivers the Mortgage-Backed
Securities to the Depository in the name of Buyer or Buyer’s nominee on the related Settlement Date.

 

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		6.5	Repurchase and
Release of Purchased Assets. Provided that no Event of Default or Potential Default has occurred and is continuing,
Seller may repurchase a Purchased Asset by either:

 

		(a)	paying, or causing an Approved Investor to pay, to Buyer, subject to Sections 4.7 and 4.8
above, the Repurchase Price; or

 

		(b)	transferring to Buyer additional Assets satisfactory to Buyer and/or cash, in aggregate amounts
sufficient to cover the amount by which the aggregate amount of Transactions then outstanding hereunder (plus accrued interest
and accrued fees with respect thereto) exceeds the Asset Value of the existing Purchased Assets, excluding the Purchased Assets
to be released; provided that (i) such additional Assets shall be deemed part of a new Transaction, (ii) the conditions
precedent in Section 7.2 shall be satisfied prior to any such transfer, and (iii) any such transfer shall only relate to
repurchases of Purchased Assets with respect to the Committed Amount.

 

Upon receipt of the applicable amount, as set forth
above, Buyer shall (i) with respect to Purchased Mortgage Loans, deliver or shall cause the Custodian to deliver the related Mortgage
Loan Documents to Seller or Seller’s designee, if such documents have not already been delivered pursuant to a Bailee Agreement
and (ii) with respect to related Mortgage-Backed Securities, deliver the Mortgage-Backed Security to Seller or Approved Investor,
as applicable, on a delivery versus payment basis. If any such release gives rise to or perpetuates a Margin Deficit, Buyer shall
notify Seller of the amount thereof and Seller shall thereupon satisfy the Margin Call in the manner specified in Section 6.3(b).
Buyer shall have no obligation to release a repurchased Purchased Asset or terminate its security interest in such Purchased Asset
until such Margin Call is satisfied.

 

		6.6	Repurchase Transactions.
Beginning on the related Purchase Date and prior to the related Repurchase Date for a Transaction, Buyer shall have free and unrestricted
use of all related Purchased Assets and may in its discretion and without notice to Seller engage in repurchase transactions with
respect to any or all of such Purchased Assets or otherwise pledge, hypothecate, assign, transfer or convey any or all of such
Purchased Assets (such transactions, “Repurchase Transactions”). Nothing contained in this Agreement shall
obligate Buyer to segregate any Purchased Asset or Purchased Item delivered to Buyer by Seller. Seller shall not be responsible
for any additional obligations, costs or fees in connection with such Repurchase Transactions. Seller shall not take any action
inconsistent with Buyer’s ownership of a Purchased Asset and shall not claim any legal, beneficial or other interest in
such a Purchased Asset other than the limited right and obligations to provide servicing of such Purchased Mortgage Loans where
Buyer designates Seller as servicer as provided in Section 6.2.

 

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		6.7	Periodic Due Diligence.
Seller acknowledges that Buyer has the right at any time during the term of this Agreement to perform continuing due diligence
reviews with respect to the Purchased Assets, for purposes of verifying compliance with the representations, warranties, covenants
and specifications made hereunder or under any other Principal Agreement, or otherwise, and Seller agrees that upon reasonable
(but no less than one (1) Business Day’s) prior notice to Seller (provided that upon the occurrence of a Potential Default
or an Event of Default, no such prior notice shall be required), Buyer or its authorized representatives will be permitted during
normal business hours to examine, inspect, make copies of, and make extracts of, the Mortgage Loan Files, the Servicing Records
and any and all documents, records, agreements, instruments or information relating to such Purchased Assets in the possession,
or under the control, of Seller, Custodian or Servicer. Further, Seller will make available to Buyer a knowledgeable financial
or accounting officer and will instruct such officer to answer candidly and fully, at no cost to Buyer, any and all questions
that any authorized representative of Buyer may address to them in reference to the Mortgage Loan Files and Purchased Assets.
Without limiting the generality of the foregoing, Seller acknowledges that Buyer shall purchase Assets from Seller based solely
upon the information provided by Seller to Buyer in the Asset Data Records and the representations, warranties and covenants contained
herein, and that Buyer, at its option, has the right, at any time to re-underwrite any of the Purchased Assets itself or engage
a third party underwriter to perform such re-underwriting. Seller agrees to cooperate with Buyer and any third party underwriter
in connection with such re-underwriting, including, but not limited to, providing Buyer and any third party underwriter with access
to any and all documents, records, agreements, instruments or information relating to such Purchased Assets in the possession,
or under the control, of Seller. Seller and Buyer further agree that all out-of-pocket costs and expenses incurred by Buyer in
connection with Buyer’s activities pursuant to this Section 6.7 shall be paid by Seller.

 

ARTICLE 7

CONDITIONS PRECEDENT

 

		7.1	Initial Transaction.
As conditions precedent to Buyer considering whether to enter into the initial Transaction hereunder:

 

		(a)	Seller shall have delivered to Buyer, in form and substance satisfactory to Buyer:

 

		(i)	each of the Principal Agreements duly executed by each party thereto and in full force and effect,
free of any modification, breach or waiver;

 

		(ii)	an opinion of Seller’s counsel as to such matters as Buyer may reasonably request, including,
without limitation, with respect to Buyer’s first priority lien on and perfected security interest in the Purchased Assets
and Purchased Items; a non-contravention, enforceability and corporate opinion with respect to Seller and each Guarantor, if any;
an opinion with respect to the inapplicability of the Investment Company Act of 1940 to Seller and each Guarantor, if any; and
a Bankruptcy Code opinion with respect to the matters outlined in Section 14.19, each in form and substance acceptable to
Buyer;

 

		(iii)	a Power of Attorney duly executed by Seller and notarized;

 

		(iv)	a certified copy of Seller’s articles or certificate of incorporation and bylaws (or corresponding
organizational documents if Seller is not a corporation) and, if required by Buyer, a certificate of good standing issued by the
appropriate official in Seller’s jurisdiction of organization, in each case, dated no less recently than fourteen (14) days
prior to the Effective Date;

 

		(v)	a certificate of Seller’s corporate secretary, substantially in the form of Exhibit C
hereto, dated as of the Effective Date, as to the incumbency and authenticity of the signatures of the officers of Seller executing
the Principal Agreements and the resolutions of the board of directors of Seller (or its equivalent governing body or Person),
substantially in the form of Exhibit D hereto;

 

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		(vi)	independently audited financial statements of Seller (and its Subsidiaries, on a consolidated basis)
for each of the two (2) fiscal years most recently ended (if available), containing a balance sheet and related statements of income,
stockholders’ equity and cash flows, all prepared in accordance with GAAP, applied on a basis consistent with prior periods,
and otherwise acceptable to Buyer, together with an auditor’s opinion that is unqualified or otherwise is consented to in
writing by Buyer;

 

		(vii)	if more than six (6) months has passed since the close of the most recently ended fiscal year,
interim financial statements of Seller covering the period from the first day of the current fiscal year to the last day of the
most recently ended month;

 

		(viii)	financial statements of each of the Guarantor, if any, signed by them, dated no less recently than
three (3) months prior to the date of the initial Transaction;

 

		(ix)	copies of Seller’s errors and omissions insurance policy or mortgage impairment insurance
policy and blanket bond coverage policy or certificates of insurance for such policies, all in form and content satisfactory to
Buyer, showing compliance by Seller with Section 9.9 below;

 

		(x)	if required by Buyer, a subordination agreement, in form and substance satisfactory to Buyer, executed
by any Person which is, as of the Effective Date, a creditor of Seller, including Guarantor and each Affiliate of Seller that is
a creditor of Seller;

 

		(xi)	an Acknowledgement of Confidentiality of Password Agreement in the form of Exhibit I hereto;

 

		(xii)	the Facility Fee and any other fees then due and owing under the Transactions Terms Letter;

 

		(xiii)	[reserved];

 

		(xiv)	a copy of Seller’s acquisition guidelines for Mortgage Loans in form and substance acceptable
to Buyer in its sole discretion, as amended from time to time; and

 

		(xv)	such other documents as Buyer or its counsel may reasonably request.

 

		(b)	Buyer shall have determined that it has received satisfactory evidence that the appropriate Uniform
Commercial Code Financial Statements (UCC-1) and/or such other instruments as may be necessary in order to create in favor of Buyer,
a perfected first- priority security interest in the Purchased Assets and related Purchased Items should any of the Transactions
be deemed to be loans, and same shall have been duly executed and appropriately filed or recorded in each office of each jurisdiction
in which such filings and recordation’s are required to perfect such first-priority security interest.

 

		(c)	Buyer shall have determined that it has satisfactorily completed its due diligence review of Seller’s
operations, business, financial condition and acquisition of Mortgage Loans.

 

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		(d)	To the extent previously approved, Seller shall have provided evidence, satisfactory to Buyer that
Seller has all Approvals and such Approvals are in good standing.

 

		7.2	All Transactions.
As conditions precedent to Buyer (or the Custodian if set forth below) considering whether to enter into any Transaction hereunder
(including the initial Transaction), or whether to continue a Transaction, in the case of a Transaction in respect of Mortgage
Loans which convert to Pooled Mortgage Loans on the related Pooling Date or a Transaction in respect of Pooled Mortgage Loans
which convert to a Mortgage-Backed Security on the related Settlement Date, as applicable:

 

		(a)	Seller shall have delivered to Buyer, in form and substance satisfactory to Buyer and not later
than 4:00 p.m. (New York City time):

 

		(i)	an Asset Data Record for the Assets subject to the proposed Transaction, which Asset Data Record
may be an individual record or part of a group report and shall be authenticated by Seller with the PIN or the handwritten signature
of an authorized officer of Seller;

 

		(ii)	to the Custodian, a complete Mortgage Loan File for each Mortgage Loan subject to the proposed
Transaction, unless such Mortgage Loan is a Wet Mortgage Loan;

 

		(iii)	[reserved];

 

		(iv)	for each Mortgage Loan that is subject to the proposed Transaction that is also subject to a security
interest (including any precautionary security interest) immediately prior to the Purchase Date, a Warehouse Lender’s Release,
bailee letter or Seller’s Release, as applicable for such Mortgage Loan. The secured party shall have filed Uniform Commercial
Code termination statements in respect of any Uniform Commercial Code filings made in respect of such Loan, and each such release
and Uniform Commercial Code termination statement has been delivered to Buyer prior to each Transaction and to the Custodian as
part of the Mortgage Loan File;

 

		(v)	a schedule identifying each Asset subject to the proposed Transaction as either a Safe Harbor Qualified
Mortgage or a Rebuttable Presumption Qualified Mortgage, as applicable; and

 

		(vi)	such other documents pertaining to the Transaction as Buyer may reasonably request, from time to
time;

 

		(b)	Seller hereby acknowledges that, in order for Buyer to satisfy the “good delivery standards”
of the Securities Industry and Financial Markets Association (“SIFMA”) as set forth in the SIFMA Uniform Practices
Manual and SIFMA’s Uniform Practices for the Clearance and Settlement of Mortgage Backed Securities and other Related Securities,
in each case, as amended from time to time, Buyer must deliver each Trade Assignment in respect of Pooled Mortgage Loans or Mortgage-Backed
Securities to the related Approved Investor no later than seventy-two (72) hours prior to settlement of the related Mortgage-Backed
Security. Seller hereby acknowledges and agrees to deliver to Buyer, in form and substance satisfactory to Buyer and not later
than 1:00 p.m. (New York City time) on the date on which such seventy-two (72) hour period commences, each related Trade Assignment
(solely to the extent such Pooled Mortgage Loan is not pooled with Mortgage Loans financed by a third party pursuant to a joint
pooling arrangement) executed by Seller, together with a true and complete copy of the related Purchase Commitment for any Assets
subject to the proposed Transaction that are subject to a Purchase Commitment;

 

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		(c)	for Mortgage Loans proposed to be sold under such Transaction with respect to which the related
Purchase Price is to be paid to one or more Approved Payees on behalf of Seller, an amount equal to the related Haircut (if any)
plus the Minimum Over/Under Account Balance, as set forth in Section 3.5(a), shall be on deposit in the Over/Under Account;

 

		(d)	for all new origination Wet Mortgage Loans or Dry Mortgage Loans as to which the origination funds
are being remitted to the closing table that are proposed to be sold under such Transaction, Seller shall have delivered to (i)
the applicable Closing Agent (with a copy to Buyer) the Irrevocable Closing Instructions and final closing instructions and, if
applicable, (ii) to Buyer a copy of the blanket or individual Closing Protection Letter and the related Assignment of Closing Protection
Letter duly executed and naming Buyer as the assignee, each in accordance with Section 9.10;

 

		(e)	on or prior to the Pooling Date for any Pooled Mortgage Loan, Seller shall deliver or cause to
be delivered (A) to Buyer, an executed trust receipt from the Custodian relating to such Mortgage Loan in form and substance satisfactory
to Buyer, (B) to the Custodian (or otherwise made available to the Custodian), all documents, schedules and forms required by and
in accordance with the Custodial Agreement, (C) to Buyer, a copy of each of the applicable Agency Documents, and (D) to Buyer,
a Trade Assignment executed by such Seller that satisfies the requirements set forth in Section 7.2(b);

 

		(f)	on or prior to the related Settlement Date for any Mortgage-Backed Security relating to a Purchased
Mortgage Loan, Seller shall have provided Buyer with the CUSIP number for such Mortgage-Backed Security;

 

		(g)	Seller shall have paid all fees (including Facility Fees and Unused Facility Fees), expenses, indemnity
payments and other amounts that are then due and owing under the Principal Agreements;

 

		(h)	No rescission notice and/or notice of right to cancel shall have been improperly delivered to the
Mortgagor in respect of any Eligible Mortgage Loan, and the rescission period related to such Eligible Mortgage Loan shall have
expired;

 

		(i)	Seller shall have designated one or more Approved Payees, if applicable, to whom the related Haircut
(if any) and Purchase Price shall be delivered;

 

		(j)	the representations and warranties of Seller set forth in Article 8 hereof shall be true
and correct in all material respects as if made on and as of the date of each Transaction. At the request of Buyer, Buyer shall
have received an officer’s certificate signed by a responsible officer of Seller certifying as to the truth and accuracy
of same;

 

		(k)	if required by Buyer, Seller and Guarantor shall have performed all agreements to be performed
by them hereunder and under the Guarantee, respectively, and after giving effect to the requested Transaction, there shall exist
no Event of Default or Potential Default hereunder;

 

		(l)	no Potential Default, Event of Default or a Material Adverse Effect shall have occurred and be
continuing;

 

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		(m)	if applicable, a Servicing Agreement duly executed by the Servicer and Seller and a Servicer Notice
duly executed by the Servicer shall have been delivered to Buyer;

 

		(n)	Buyer shall have received a copy of any amendments or updates to Seller’s acquisition guidelines
certified by Seller to be a true and complete copy (to the extent not already delivered to Buyer) that clearly identifies the changes
to the acquisition guidelines, and Buyer shall have approved such amendments;

 

		(o)	Buyer shall have received for each Purchased Asset subject to a Purchase Commitment or other hedging
arrangement, an assignment of such Purchase Commitment or hedging arrangement duly executed by Seller and the related Approved
Investor or hedging party, as applicable, and in favor of Buyer;

 

		(p)	Seller shall have deposited all amounts required under Section 6.2(i) into the Custodial
Account; and

 

		(q)	Buyer shall have received a security release certification for each Purchased Mortgage Loan that
is subject to a security interest (including any precautionary security interest) immediately prior to the Purchase Date that is
duly executed by the related secured party and Seller and in form and substance satisfactory to Buyer, and such secured party shall
have filed Uniform Commercial Code termination statements in respect of any Uniform Commercial Code filings made in respect of
such Purchased Mortgage Loan, and each such release and Uniform Commercial Code termination statement has been delivered to Buyer
prior to each Transaction and to the Custodian as part of the Mortgage Loan File.

 

For the avoidance of doubt, notwithstanding that
foregoing conditions may be satisfied with respect to any Transaction request, Buyer shall be under no obligation to enter into
any Transaction with respect to the Uncommitted Amount and whether the Buyer enters into any Transaction with respect to the Uncommitted
Amount shall be at the discretion of Buyer.

 

		7.3	Reserved.

 

		7.4	Satisfaction of
Conditions. The entering into of any Transaction prior to or without the fulfillment by Seller of all the conditions
precedent thereto, whether or not known to Buyer, shall not constitute a waiver by Buyer of the requirements that all conditions,
including the non- performed conditions, shall be required to be satisfied with respect to all Transactions. All conditions precedent
hereunder are imposed solely and exclusively for the benefit of Buyer and may be freely waived or modified in whole or in part
by Buyer. Any waiver or modification asserted by Seller to have been agreed by Buyer must be in writing. Buyer shall not be liable
to Seller for any costs, losses or damages arising from Buyer’s determination that Seller has not satisfactorily complied
with any applicable condition precedent.

 

ARTICLE 8

REPRESENTATIONS AND WARRANTIES

 

		8.1	Representations
and Warranties Concerning Seller. Seller represents and warrants to and covenants with Buyer that the following representations
and warranties are true and correct as of the Effective Date through and until the date on which all obligations of Seller under
this Agreement are fully satisfied.

 

		(a)	Due Formation and Good Standing. Seller is (i)
duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization, (ii) has the full
legal power and authority and has all governmental licenses, authorizations, consents and approvals, necessary to own its property
and to carry on its business as currently conducted, and (iii) is duly qualified to do business and is in good standing in each
jurisdiction in which the transaction of its business makes such qualification necessary.

 

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		(b)	Authorization. The execution, delivery and performance
by Seller of the Principal Agreements and all other documents and transactions contemplated thereby, are within Seller’s
corporate powers, have been duly authorized by all necessary corporate action and do not constitute or will not result in (i)
a breach of any of the terms, conditions or provisions of Seller’s articles or certificate of incorporation or bylaws (or
corresponding organizational documents if Seller is not a corporation); (ii) a material breach of any legal restriction or any
agreement or instrument to which Seller is now a party or by which it is bound; (iii) a material default or an acceleration under
any of the foregoing; or (iv) the violation of any law, rule, regulation, order, judgment or decree to which Seller or its property
is subject.

 

		(c)	Enforceable Obligation. The Principal Agreements
and all other documents contemplated thereby constitute legal, binding and valid obligations of Seller, enforceable against Seller
in accordance with their respective terms, except as limited by bankruptcy, insolvency or other similar laws affecting the enforcement
of creditor’s rights.

 

		(d)	Approvals. The execution and delivery of the
Principal Agreements and all other documents contemplated thereby and the performance of Seller’s obligations thereunder
do not require any license, consent, approval, authorization or other action of any Governmental Authority or any other Person,
or if required, such license, consent, approval, authorization or other action has been obtained prior to the Effective Date.

 

		(e)	Compliance with Laws. Seller is not in violation
of any of its articles or certificate of incorporation or bylaws (or corresponding organizational documents if Seller is not a
corporation), of any provision of any applicable law, or of any judgment, award, rule, regulation, order, decree, writ or injunction
of any court or public regulatory body or authority that might have a Material Adverse Effect with respect to Seller.

 

		(f)	Financial Condition. All financial statements
of Seller and each Guarantor delivered to Buyer fairly and accurately present the financial condition of the parties for whom
such statements are submitted. The financial statements of Seller have been prepared in accordance with GAAP consistently applied
throughout the periods involved, and there are no contingent liabilities not disclosed thereby that would adversely affect the
financial condition of Seller. Since the close of the period covered by the latest financial statement delivered to Buyer with
respect to Seller, there has been no material adverse change in the assets, liabilities or financial condition of Seller nor is
Seller aware of any facts that, with or without notice or lapse of time or both, would or could result in any such material adverse
change. No event has occurred, including, without limitation, any litigation or administrative proceedings, and no condition exists
or, to the knowledge of Seller, is threatened, that (i) might render Seller unable to perform its obligations under the Principal
Agreements and all other documents contemplated thereby; (ii) would constitute a Potential Default or Event of Default; or (iii)
might have a Material Adverse Effect with respect to Seller.

 

		(g)	Credit Facilities. The only credit facilities,
including repurchase agreements for mortgage loans and mortgage-backed securities, of Seller that are presently in effect and
are secured by mortgage loans or provide for the purchase, repurchase or early funding of mortgage loan sales, are either (i)
with Persons disclosed to Buyer at the time of application, or thereafter disclosed to Buyer or (ii) warehouse lenders that are
Approved Payees.

 

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		(h)	Title to Assets. Seller has good, valid, insurable
(in the case of real property) and marketable title to all of its properties and other assets, whether real or personal, tangible
or intangible, reflected on the financial statements delivered to Buyer with respect to Seller, except for such properties and
other assets that have been disposed of in the ordinary course of business of Seller’s mortgage banking business, and all
such properties and other assets are free and clear of all liens except as disclosed in such financial statements.

 

		(i)	Litigation. There are no actions, claims, suits,
investigations or proceedings pending, or to the knowledge of Seller, threatened or reasonably anticipated against or affecting
Seller or any of its Subsidiaries or Affiliates or any of the property thereof in any court or before or by any arbitrator, government
commission, board, bureau or other administrative agency that, if adversely determined, may reasonably be expected to result in
a Material Adverse Effect.

 

		(j)	Payment of Taxes. Seller has timely filed all
Tax returns and reports required to be filed and has paid all taxes, assessments, fees and other governmental charges levied upon
it or its property or income (whether or not shown on such Tax returns) that are due and payable, including interest and penalties,
or has provided adequate reserves for the payment thereof in accordance with GAAP. Any Taxes, fees and other governmental charges
payable by Seller in connection with a Transaction and the execution and delivery of the Principal Agreements have been paid.

 

		(k)	No Defaults. Seller is not in default under
any indenture, mortgage, deed of trust, agreement or other instrument or contractual or legal obligation to which it is a party
or by which it is bound in any respect that may reasonably be expected to result in a Material Adverse Effect.

 

		(l)	ERISA. Seller and each Plan is in compliance
in all material respects with the requirements of ERISA and the Code, and no Reportable Event has occurred with respect to any
Plan maintained by Seller or any of its ERISA Affiliates. The present value of all accumulated benefit obligations under each
Plan subject to Title IV of ERISA or Section 412 of the Code (based on the assumptions used for purposes of Accounting Standards
Codification (ASC) 715) did not, as of the date of the most recent financial statements reflecting such amounts, exceed the fair
market value of the assets of such Plan, and the present value of all accumulated benefit obligations of all Plans (based on the
assumptions used for purposes of ASC 715) did not, as of the date of the most recent financial statements reflecting such amounts,
exceed the fair market value of the assets of all such Plans. Seller and its Subsidiaries and their ERISA Affiliates do not provide
any material medical or health benefits to former employees other than as required by the Consolidated Omnibus Budget Reconciliation
Act, as amended, or similar state or local law (collectively, “COBRA”) at no cost to the employer. The assets
of Seller are not “plan assets” within the meaning of 29 CFR 2510.3-101 as modified by section 3(42) of ERISA.

 

		(m)	Approved Mortgagee. To the extent previously
approved, Seller is an approved FHA, VA, Ginnie Mae, Fannie Mae and/or Freddie Mac seller, issuer, mortgagee and/or servicer and
is in good standing with these agencies.

 

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		(n)	True and Complete Disclosure. The information,
reports, financial statements, exhibits and schedules furnished in writing by or on behalf of Seller or any of its Subsidiaries
to Buyer in connection with the negotiation, preparation or delivery of this Agreement and the other Principal Agreements or included
herein or therein or delivered pursuant hereto or thereto, when taken as a whole, do not contain any untrue statement of material
fact or omit to state any material fact necessary to make the statements herein or therein, in light of the circumstances under
which they were made, not misleading. All written information furnished after the date hereof by or on behalf of Seller or any
of its Subsidiaries to Buyer in connection with this Agreement and the other Principal Agreements and the transactions contemplated
hereby and thereby will be true, complete and accurate in every material respect, or (in the case of projections) based on reasonable
estimates, on the date as of which such information is stated or certified. There is no fact known to Seller that, after due inquiry,
could reasonably be expected to have a Material Adverse Effect that has not been disclosed herein, in the other Principal Agreements
or in a report, financial statement, exhibit, schedule, disclosure letter or other writing furnished to Buyer for use in connection
with the transactions contemplated hereby or thereby.

 

		(o)	Ownership; Priority of Liens. Seller owns all
Assets identified in the Transactions Terms Letter that are to become Purchased Assets, and any Transaction shall convey all of
Seller’s right, title and interest in and to the related Purchased Assets and other Purchased Items to Buyer, including
with respect to each Purchased Mortgage Loan, the Servicing Rights related thereto. This Agreement creates in favor of Buyer,
a valid, enforceable first priority lien and security interest in the Purchased Assets and other Purchased Items, prior to the
rights of all third Persons and subject to no other liens.

 

		(p)	Investment Company Act. Neither Seller nor any
of its Subsidiaries is an “investment company” or a company controlled by an “investment company” within
the meaning of the Investment Company Act of 1940, as amended.

 

		(q)	Filing Jurisdictions; Relevant States. Schedule
1 hereto sets forth all of the jurisdictions and filing offices in which a financing statement should be filed in order for
Buyer to perfect its security interest in the Purchased Assets and other Purchased Items. Schedule 2 hereto sets forth
all of the states or other jurisdictions in which Seller originates or has originated Mortgage Loans in its own name or through
brokers on or prior to the date of this Agreement.

 

		(r)	Seller Solvent; Fraudulent Conveyance. As of
the date hereof and immediately after giving effect to each Transaction, the fair value of the assets of Seller is greater than
the fair value of the liabilities (including, without limitation, contingent liabilities if and to the extent required to be recorded
as a liability on the financial statements of Seller in accordance with GAAP) of Seller and Seller is and will be solvent, is
and will be able to pay its debts as they mature and does not and will not have an unreasonably small capital to engage in the
business in which it is engaged and proposes to engage. Seller does not intend to incur, or believe that it has incurred, debts
beyond its ability to pay such debts as they mature. Seller is not contemplating the commencement of insolvency, bankruptcy, liquidation
or consolidation proceedings or the appointment of a receiver, liquidator, conservator, trustee or similar official in respect
of Seller or any of its assets. Seller is not transferring any Assets with any intent to hinder, delay or defraud any of its creditors.

 

		(s)	Custodial Account. All funds required to be
segregated and deposited into the Custodial Account have been so segregated and deposited.

 

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		(t)	Chief Executive Office. Seller’s chief
executive office is located at c/o Oak Circle Capital Partners LLC, 540 Madison Avenue, 19th Floor, New York, New York 10022.

 

		(u)	True Sales. For each Purchased Asset with respect
to which the originator, issuer or prior owner is an Affiliate of Seller, any and all interest of such originator, issuer or prior
owner has been sold, transferred, conveyed and assigned to Seller pursuant to a legal and true sale and such originator, issuer
or prior owner retains no interest in such Purchased Asset, and if so requested by Buyer, such sale is covered by an opinion of
counsel to that effect in form and substance acceptable to Buyer.

 

		(v)	No Adverse Selection. Seller used no selection
procedures that identified Assets offered for sale to Buyer hereunder as being less desirable or valuable than other comparable
Assets owned by Seller.

 

		(w)	No Broker. Seller has not dealt with any broker,
investment banker, agent, or other person, except for Buyer, who may be entitled to any commission or compensation in connection
with the sale of Purchased Assets pursuant to this Agreement; provided, that if Seller has dealt with any broker, investment banker,
agent, or other person, except for Buyer, who may be entitled to any commission or compensation in connection with the sale of
Purchased Assets pursuant to this Agreement, such commission or compensation shall have been paid in full by Seller.

 

		(x)	MERS. Seller is a member of MERS in good standing.

 

		(y)	Agency Approvals. To the extent previously approved, Seller has all requisite Approvals
and is in good standing with each Agency, with no event having occurred or Seller having any reason whatsoever to believe or suspect
will occur, including, without limitation, a change in insurance coverage which would either make the Seller unable to comply with
the eligibility requirements for maintaining all such applicable approvals or require notification to the relevant Agency or to
HUD, FHA or VA.

 

		(z)	Custodian. If the Custodian is a Person other than Buyer, such Custodian is an eligible
custodian under each applicable Agency Guide and Agency Program, and is not an Affiliate of Seller.

 

		(aa)	No Adverse Actions. To the extent previously approved, Seller has not received from any
Agency, HUD, FHA or VA a notice of extinguishment or a notice indicating material breach, default or material non-compliance which
Buyer reasonably determines may entitle such Agency or HUD, FHA or VA to terminate, suspend, sanction or levy penalties against
Seller, or a notice from any Agency, HUD, FHA or VA indicating any adverse fact or circumstance in respect of Seller which Buyer
reasonably determines may entitle such Agency or HUD, FHA or VA, as the case may be, to revoke any Approval or otherwise terminate,
suspend Seller as an approved issuer, seller or servicer, as applicable, or with respect to which such adverse fact or circumstance
has caused any Agency, HUD, FHA or VA to terminate Seller.

 

		(bb)	Accuracy of Wire Instructions. With respect to each Purchased Mortgage Loan subject to a
Purchase Commitment by an Agency, as applicable, (1) either the wire transfer instructions as set forth on the applicable Agency
Documents are identical to Buyer’s designated wire instructions or the Buyer has approved such wire transfer instructions
in writing in its sole discretion, or (2) either the payee number set forth on the applicable Agency Documents is identical to
the payee number that has been identified by Buyer in writing as Buyer’s payee number or the Buyer has approved the related
payee number in writing in its sole discretion. With respect each Pooled Mortgage Loan, the applicable Agency Documents are duly
executed by Seller and designate Buyer as the party authorized to receive the related Mortgage-Backed Securities.

 

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		8.2	Representations
and Warranties Concerning Purchased Assets. Seller represents and warrants to and covenants with Buyer that the representations
and warranties contained on Exhibit L hereto are true and correct with respect to each Purchased Asset as of the related
Purchase Date through and until the related Repurchase Date.

 

		8.3	Continuing Representations
and Warranties. By submitting an Asset Data Record hereunder, Seller shall be deemed to have represented and warranted
the truthfulness and completeness of the representations and warranties set forth in Exhibit L hereto.

 

		8.4	Amendment of Representations
and Warranties. From time to time as determined necessary by Buyer and with forty-five (45) days’ prior notice,
Buyer may amend the representations and warranties set forth in Exhibit L hereto. Any such amendment shall not apply to
Transactions entered into prior to the effective date of the amendment and in no event shall the amendment apply to any Transaction
on a retroactive basis.

 

ARTICLE 9

AFFIRMATIVE COVENANTS

 

Seller hereby covenants
and agrees with Buyer that during the term of this Agreement and for so long as there remain any obligations of Seller to be paid
or performed under the Principal Agreements:

 

		9.1	Financial Statements and Other Reports.

 

		(a)	Interim Statements. Within forty-five (45) days after the end of each calendar quarter or
thirty (30) days after the end of each calendar month that is not the end of a calendar quarter, Seller shall deliver to Buyer
financial statements of Seller and Guarantor, including statements of income and changes in shareholders’ equity (or its
equivalent) for the period from the beginning of such fiscal year to the end of such month, and the related balance sheet as of
the end of such month, all in reasonable detail and certified by the chief financial officer of Seller and Guarantor, as applicable,
subject, however, to year-end audit adjustments.

 

		(b)	Annual Statements. Within ninety (90) days following
the end of Seller’s and Guarantor’s fiscal year, Seller shall deliver to Buyer audited financial statements of Seller
and Guarantor, including statements of income and changes in shareholders’ equity (or its equivalent) for such fiscal year
and the related balance sheet as at the end of such fiscal year, all in reasonable detail and accompanied by an opinion of a certified
public accounting firm reasonably satisfactory to Buyer including a management representation letter signed by the chief financial
officer of Seller and Guarantor, as applicable, stating that the financial statements fairly present the financial condition and
results of operations of Seller as of the end of, and for, such year.

 

		(c)	Officer’s Certificate. Together with the
financial statements required to be delivered pursuant to Sections 9.1(a) and (b), Seller shall deliver to Buyer an officer’s
certificate substantially in a form to be provided by Buyer which shall include funding and production volume reports for the
previous month and evidence of compliance with all financial covenants.

 

		(d)	Reserved.

 

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		(e)	Reserved.

 

		(f)	Reserved.

 

		(g)	Hedging Reports. Seller shall deliver to Buyer,
or cause to be delivered to Buyer, once per calendar month, or as reasonably requested by Buyer, (i) a reconciliation report,
in a form reasonably satisfactory to Buyer, including, without limitation, a report of all outstanding Transactions and their
related Purchase Commitments, availability under unused Purchase Commitments and all amounts outstanding and available under other
warehouse lines of credit, repurchase agreements and similar credit facilities, and (ii) a loan and rate lock position report
and hedge report containing product level pricing and interest rate sensitivity analysis (shocks) or as requested by Buyer (data
elements to be agreed upon). To the extent Seller retains any Person(s) to perform hedging services on behalf of Seller, Seller
hereby grants Buyer authority to contact, request and receive hedging reports directly from such Person(s) at no cost to Buyer.
Further, Seller shall instruct such Person(s), upon reasonable notice from Buyer and during normal business hours, to answer candidly
and fully, at no cost to Buyer, any and all questions that Buyer may address to them in reference to the hedging reports of Seller.
Seller may have its representatives in attendance at any meetings between Buyer and such Person(s) held in accordance with this
authorization.

 

		(h)	Reports and Information Regarding Purchased Assets.
Seller shall deliver to Buyer, with reasonable promptness upon Buyer’s request: (i) copies of any reports related to the
Purchased Assets, (ii) copies of all documentation in connection with the origination and acquisition of any Purchased Asset that
evidences compliance with, (x) with respect to all Purchased Assets, the Ability to Repay Rule and, (y) with respect to all Purchased
Assets, the QM Rule, as applicable, and (iii) any other information in Seller’s possession related to the Purchased Assets.

 

		(i)	Monthly Collateral Tape. Seller shall, or shall cause Servicer to, deliver within five (5)
days after the end of each month, (i) a collateral tape including the data fields (to be determined) representing the Purchased
Mortgage Loans subject to Transactions hereunder as of the end of such month, acceptable to the Buyer in its discretion, and (ii)
any additional information as reasonably requested.

 

		(j)	Other Reports. As may be reasonably requested
by Buyer from time to time, Seller shall deliver to Buyer, within thirty (30) days of filing or receipt (i) copies of all regular
or periodic financial or other reports, if any, that Seller files with any governmental, regulatory or other agency and (ii) copies
of all audits, examinations and reports concerning the operations of Seller from any Approved Investor, Insurer or licensing authority.
Seller shall also deliver to Buyer, with reasonable promptness, (x) if requested by Buyer, a detailed aging report of all outstanding
loans on warehouse/ purchase/ repurchase facilities, and detail of all uninsured government loans in a form reasonably acceptable
to Buyer and (y) such further information reasonably related to the business, operations, properties or financial condition of
Seller, in such detail and at such times as Buyer may request. Seller understands and agrees that all reports and information
provided to Buyer by or relating to Seller may be disclosed to Buyer’s Affiliates.

 

		9.2	Inspection of
Properties and Books. At no cost to Buyer, Seller shall permit authorized representatives of Buyer to discuss the business,
operations, assets and financial condition of Seller and its Affiliates and Subsidiaries with its officers and employees and to
examine its books of account and make copies and/or extracts thereof, upon reasonable notice to Seller at Seller’s place
of business during normal business hours. Further, Seller will provide its accountants with a copy of this Agreement promptly
after the execution hereof and will instruct its accountants to answer candidly and fully, at no cost to Buyer, any and all questions
that any authorized representative of Buyer may address to them in reference to the financial condition or affairs of Seller and
its Affiliates and Subsidiaries. Seller may have its representatives in attendance at any meetings between the officers or other
representatives of Buyer and Seller’s accountants held in accordance with this authorization.

 

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		9.3	Notice.
Seller shall give Buyer prompt (but in no event later than three (3) Business Days after becoming aware, except for clause (r),
with respect to which notice shall be provided immediately upon becoming aware) written notice, in reasonable detail, of:

 

		(a)	any and all material changes to the information set forth in the Application;

 

		(b)	any action, suit or proceeding instituted by or against Seller in any federal or state court or
before any commission or other regulatory body (federal, state or local, foreign or domestic), or any such action, suit or proceeding
threatened against Seller, in any case, if such action, suit or proceeding, or any such action, suit or proceeding threatened against
Seller, (i) involves a potential liability, on an individual or aggregate basis, equal to or greater than ten percent (10%) of
Seller’s Tangible Net Worth, (ii) is reasonably likely to result in a Material Adverse Effect if determined adversely, (iii)
questions or challenges the validity or enforceability of any of the Principal Agreements or (iv) questions or challenges compliance
of any Purchased Asset with, (x) with respect to any Purchased Asset, the Ability to Repay Rule or, (y) with respect to any Purchased
Asset, the QM Rule;

 

		(c)	the filing, recording or assessment of any federal, state or local tax lien against it, or any
of its assets;

 

		(d)	the occurrence of any Potential Default or Event of Default;

 

		(e)	the actual or threatened suspension, revocation or termination of Seller’s licensing or eligibility,
in any respect, as an approved, licensed lender, seller, mortgagee or servicer;

 

		(f)	the suspension, revocation or termination of any existing credit or investor relationship to facilitate
the sale and/or origination of residential mortgage loans or residential mortgage-backed securities;

 

		(g)	any demand(s), whether on an individual or in the aggregate, on a rolling six-month basis, by an
Approved Investor or Insurer for (i) the repurchase of a mortgage loan(s) if the unpaid principal balance of the mortgage loan(s)
subject to such demand(s) is equal to or greater than two hundred and fifty thousand ($250,000) dollars or (ii) indemnification
if the demanded indemnification amount(s) is equal to or greater than fifty thousand ($50,000) dollars;

 

		(h)	any potential or existing Purchased Mortgage Loan where a director, officer, shareholder, member,
partner or owner of Seller is the Mortgagor or guarantor or where the related Mortgaged Property is being sold by a director, officer,
shareholder, member, partner or owner of Seller;

 

		(i)	any Purchased Asset ceases to be an Eligible Asset;

 

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		(j)	any Approved Investor that threatens to set-off amounts owed by Seller to such Approved Investor
against the purchase proceeds owed by the Approved Investor to Seller for the Purchased Assets (excluding amounts owed by Seller
to the Approved Investor which are directly related to Purchased Assets and which are expressly allowed to be set-off by the Approved
Investor pursuant to the Bailee Agreement);

 

		(k)	any change in the Executive Management of Seller;

 

		(l)	any other action, event or condition of any nature that may reasonably be expected to lead to or
result in a Material Adverse Effect with respect to Seller or that, without notice or lapse of time or both, would constitute a
default under any material agreement, instrument or indenture to which Seller is a party or to which Seller, its properties or
assets may be subject;

 

		(m)	any (i) change to the location of its chief executive office/chief place of business from that
specified in Section 8.1(t), (ii) change in the name, identity or corporate structure (or the equivalent) or change in the
location where Seller maintains its records with respect to the Purchased Assets or any Purchased Items, or (iii) reincorporation
or reorganization of Seller under the laws of another jurisdiction;

 

		(n)	upon Seller becoming aware of any penalties, sanctions or charges levied, or threatened to be levied,
against Seller or any change or threatened change in Approval status (solely to the extent previously approved), or the commencement
of any Agency Audit, investigation, or the institution of any action or the threat of institution of any action against Seller
by any Agency, HUD, FHA or VA or any other agency, or any supervisory or regulatory Governmental Authority supervising or regulating
the origination or servicing of mortgage loans by, or the issuer or seller status of, Seller;

 

		(o)	with respect to a Purchased Mortgage Loan that is a Government Mortgage Loan, upon Seller becoming
aware of any fact or circumstance which would cause (a) such Mortgage Loan to be ineligible for FHA Mortgage Insurance or a VA
loan guaranty, as applicable, (b) the FHA or VA to deny or reject a Mortgagor’s application for FHA Mortgage Insurance or
a VA loan guaranty, respectively, or (c) the FHA or VA to deny or reject any claim under any FHA Mortgage Insurance Contract or
a VA Loan Guaranty Agreement respectively;

 

		(p)	upon Seller becoming aware of any termination or threatened termination by any Agency of the Custodian
as an eligible custodian;

 

		(q)	any change to the date on which Seller’s fiscal year begins from Seller’s current fiscal
year beginning date; and

 

		(r)	upon the earlier of (i) the certification of any Purchased Mortgage Loan by a certifying custodian
to an Agency that such Purchased Mortgage Loan meets all of the criteria specified in the related Agency Guide for the securitization
thereof, or (ii) the pooling of any Purchased Mortgage Loan for the purpose of backing a Mortgage-Backed Security.

 

		9.4	Existence, Etc.
Seller shall (i) preserve and maintain its legal existence and all of its material rights, privileges, licenses and
franchises necessary for Seller to conduct its business and to perform its obligations under the Principal Agreements, (ii) comply
with the requirements of all applicable laws, rules, regulations and orders of Governmental Authorities (including, without limitation,
truth in lending, real estate settlement procedures and all environmental laws) if the failure to comply with such requirements
would be reasonably likely (either individually or in the aggregate) to have a Material Adverse Effect, (iii) maintain adequate
records and books of account, in which complete entries will be made in accordance with GAAP consistently applied, and (iv) pay
and discharge all Taxes, assessments and governmental charges or levies imposed on it or on its income or profits or on any of
its properties prior to the date on which penalties attach thereto.

 

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		9.5	Servicing of Mortgage
Loans. Subject to Section 6.2 above, Seller shall subservice all Purchased Mortgage Loans at Seller’s
expense and without charge of any kind to Buyer. Seller may delegate its obligations hereunder to subservice the Purchased Mortgage
Loans (subject to Section 6.2) to an independent servicer provided that such independent subservicer and the related Servicing
Agreement has been approved by Buyer and such independent subservicer has executed a Servicing Agreement with Buyer. The failure
of Seller to obtain the prior approval of Buyer regarding the delegation of its subservicing obligations to an independent subservicer
and/or the failure of the independent subservicer to execute and return to Buyer a Servicing Agreement shall be considered an
Event of Default hereunder. In any event, Seller or its delegate shall subservice such Purchased Mortgage Loans with the degree
of care and in accordance with the subservicing standards generally prevailing in the industry, including those required by Fannie
Mae, Freddie Mac and Ginnie Mae.

 

		9.6	Evidence of Purchased
Assets. Seller shall indicate on its books and records (including its computer records) that each Purchased Asset has
been included in the Purchased Items and, at the request of Buyer, place on each of its written records pertaining to the Purchased
Assets a legend, in form and content satisfactory to Buyer, indicating that such Purchased Asset has been sold to Buyer.

 

		9.7	Defense of Title;
Protection of Purchased Items. Seller warrants and will defend the right, title and interest of Buyer in and to all
Purchased Items against all adverse claims and demands of all Persons whomsoever. Seller will comply with all applicable laws,
rules and regulations of any Governmental Authority applicable to Seller or relating to the Purchased Items and cause the Purchased
Items to comply with all applicable laws, rules and regulations of any such Governmental Authority. Seller shall allow Buyer (a)
to inspect any Mortgaged Property relating to a Purchased Mortgage Loan; (b) to appear in or intervene in any proceeding or matter
affecting any Purchased Asset or other Purchased Item or the value thereof; (c) to initiate, commence, appear in and defend any
foreclosure, action, bankruptcy or proceeding which could affect Buyer’s ownership or security of the Purchased Items or
the value thereof, or the rights and powers of Buyer; (d) to contest by litigation or otherwise any lien asserted against any
Purchased Mortgage Loan (or against the related Mortgaged Property) or against any other Purchased Item, the improvements, or
the personal property identified therein; and/or (e) to make payments on account of such encumbrances, charges, or liens and to
service any Purchased Mortgage Loans and take any action it may deem appropriate to collect all amounts due and owing with respect
to any Purchased Items or any part thereof or to enforce any rights with respect thereto. All reasonable costs and expenses, including
reasonable attorneys’ fees (including, but not limited to, those incurred on appeal), that Buyer may incur with respect
to any of the foregoing and any expenditures it may make to protect or preserve the Purchased Items or the rights of Buyer, shall
be payable by Seller. Seller shall repay the same to Buyer upon demand with interest, at the Default Rate, from the date any such
expenditure shall have been made until the day it is repaid.

 

		9.8	Further Assurances.
Seller shall, at its expense, promptly procure, execute and deliver to Buyer, upon request, all such other and further documents,
agreements and instruments in compliance with or accomplishment of the covenants and agreements of Seller in this Agreement.

 

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		9.9	Fidelity Bonds
and Insurance. Seller shall maintain an insurance policy, in a form and substance satisfactory to Buyer, covering against
loss or damage relating to or resulting from any breach of fidelity by Seller, or any officer, director, employee or agent of
Seller, any loss or destruction of documents (whether written or electronic), fraud, theft, misappropriation and errors and omissions,
such that Buyer shall have the right to pursue any claim for coverage available to any named insured to the full extent allowed
by law. This policy shall name Buyer as a loss payee with an unlimited right of action and shall provide coverage in an amount
as required by the Fannie Mae Guide. Following approval by Buyer of a specific insurance policy, Seller shall not amend, cancel,
suspend or otherwise change such policy without the prior written consent of Buyer.

 

		9.10	Table-Funded Mortgage
Loans.  In connection with the funding of each new origination Wet Mortgage Loan or Dry Mortgage Loan as to
which the origination funds are being remitted to the closing table, Seller shall provide to the applicable Closing Agent (with
a copy to Buyer), (i) the Irrevocable Closing Instructions and (ii) final closing instructions which shall, without limitation,
make reference to the Irrevocable Closing Instructions and stipulate the title insurance company that will be issuing the applicable
title insurance policy and Closing Protection Letter, which title insurance company shall be an Acceptable Title Insurance Company.
In no event shall Seller use such final closing instructions to modify or attempt to modify the terms of the Irrevocable Closing
Instructions unless such modifications are agreed to in advance and in writing by Buyer. Seller shall not otherwise modify or
attempt to modify the terms of the Irrevocable Closing Instructions without Buyer’s prior written approval. If the Closing
Agent is not an Acceptable Title Insurance Company, except as otherwise permitted pursuant to Section 3.7(a)(i), Seller
shall also (a) confirm that the closing is covered by a blanket Closing Protection Letter issued to Buyer by the title insurance
company stipulated in the final closing instructions, and shall provide a copy of such Closing Protection Letter to Buyer; or
(b) provide to Buyer (1) a Closing Protection Letter covering the closing issued to Seller by the title insurance company stipulated
in the final closing instructions and (2) a duly executed Assignment of Closing Protection Letter relating to the above referenced
Closing Protection Letter naming Buyer as the assignee.

 

		9.11	Sharing of Information.
Notwithstanding anything herein or in any other Principal Agreement to the contrary, Seller shall allow Buyer to exchange
information related to Seller, the Transactions hereunder and the terms and conditions of the Principal Agreements with Persons
who are providing or are contemplating providing credit of any kind to Seller and Seller shall permit each such Person to share
such information with Buyer.

 

		9.12	ERISA.
As soon as reasonably possible, and in any event within fifteen (15) days after Seller knows or has reason to believe that any
of the events or conditions specified below with respect to any Plan has occurred or exists, a statement signed by a senior financial
officer of Seller setting forth details respecting such event or condition and the action, if any, that Seller or its ERISA Affiliate
proposes to take with respect thereto (and a copy of any report or notice required to be filed with or given to PBGC by Seller
or an ERISA Affiliate with respect to such event or condition):

 

		(a)	any Reportable Event or failure to meet minimum funding standards, provided that a failure to meet
the minimum funding standard of Section 412 of the Code or Sections 302 or 303 of ERISA, including, without limitation, the failure
to make on or before its due date a required installment under Section 430(j) of the Code or Section 303(j) of ERISA, shall be
a reportable event regardless of the issuance of any waivers in accordance with Section 412(d) of the Code or any request for a
waiver under Section 412(c) of the Code for any Plan;

 

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		(b)	the distribution under Section 4041(c) of ERISA of a notice of intent to terminate any Plan or
any action taken by Seller or an ERISA Affiliate to terminate any Plan;

 

		(c)	the institution by PBGC of proceedings under Section 4042 of ERISA for the termination of, or the
appointment of a trustee to administer, any Plan, or the receipt by Seller, any Subsidiary or any ERISA Affiliate of a notice from
a Multiemployer Plan that such action has been taken by PBGC with respect to such Multiemployer Plan;

 

		(d)	the complete or partial withdrawal from a Multiemployer Plan by Seller, any Subsidiary or any ERISA
Affiliate that results in liability under Section 4201 or 4204 of ERISA (including the obligation to satisfy secondary liability
as a result of a purchaser default) or the receipt by Seller, any Subsidiary or any ERISA Affiliate of notice from a Multiemployer
Plan that it is in reorganization or insolvency pursuant to Section 4241 or 4245 of ERISA or that it intends to terminate or has
terminated under Section 4041A of ERISA;

 

		(e)	the institution of a proceeding by a fiduciary of any Multiemployer Plan against Seller, any Subsidiary
or any ERISA Affiliate to enforce Section 515 of ERISA, which proceeding is not dismissed within 30 days; and

 

		(f)	the adoption of an amendment to any Plan that, pursuant to Section 401(a)(29) of the Code, would
result in the loss of tax-exempt status of the trust of which such Plan is a part if Seller, any Subsidiary or an ERISA Affiliate
fails to timely provide security to such Plan in accordance with the provisions of said Sections.

 

		9.13	Additional Repurchase
or Warehouse Facility. Subject to Section 10.12, Seller shall maintain throughout the term of this Agreement,
with nationally recognized and established counterparties (other than Buyer) mortgage loan repurchase or warehouse facilities
that, in the aggregate, provide funding in an amount equal to at least the Aggregate Transaction Limit.

 

		9.14	MERS.
Seller will comply in all material respects with the rules and procedures of MERS in connection with the servicing of all Purchased
Mortgage Loans that are registered with MERS for as long as such Purchased Mortgage Loans are so registered.

 

		9.15	Agency Audit and
Approval Maintenance. Seller shall (i) at all times maintain copies of relevant portions of all Agency Audits in which
there are material adverse findings, including without limitation notices of defaults, notices of termination of approved status,
notices of imposition of supervisory agreements or interim servicing agreements, and notices of probation, suspension, or non-renewal,
(ii) provide Buyer with copies of such Agency Audits promptly upon Buyer’s request, and (iii) to the extent previously approved,
take all actions necessary to maintain its respective Approvals.

 

		9.16	Additional Facilities.
Seller shall provide written notification to Buyer within five (5) Business Days of entering into any mortgage financing
facility (including, without limitation, any warehouse, repurchase, purchase or off-balance sheet facility).

 

		9.17	Financial Covenants
and Ratios. Seller shall and shall cause the Guarantor at all times comply with any financial covenants and/or financial
ratios set forth in the Transactions Terms Letter.

 

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ARTICLE 10

NEGATIVE COVENANTS

 

Seller hereby covenants
and agrees with Buyer that during the term of this Agreement and for so long as there remain any obligations of Seller to be paid
or performed under this Agreement, Seller shall comply with the following:

 

		10.1	Debt
Except as set forth in Section 9.16 of this Agreement, Seller shall not incur any additional material Debt without the
prior written consent of Buyer, other than (i) the Existing Debt, (ii) Debt incurred with Buyer or its Affiliates, and (iii) usual
and customary accounts payable for a mortgage company.

 

		10.2	Lines of Business.
Seller shall not engage to any substantial extent in any line or lines of business activity other than the businesses generally
carried on by it as of the Effective Date.

 

		10.3	Debt and Subordinated
Debt. Seller shall not, either directly or indirectly, without the prior written consent of Buyer, pay any Debt or
Subordinated Debt if such payment shall cause a Potential Default or Event of Default. Further, if a Potential Default or an Event
of Default shall have occurred and for as long as such is occurring, Seller shall not, either directly or indirectly, without
the prior written consent of Buyer, make any payment of any kind thereafter on such Debt or Subordinated Debt until all obligations
of Seller hereunder have been paid and performed in full.

 

		10.4	Loss of Eligibility.
Seller shall not, either directly or indirectly, without the prior written consent of Buyer, take, or fail to take, any action
that would cause Seller to lose all or any part of its status as an eligible lender, seller, mortgagee or servicer or willfully
terminate its status as an eligible lender, seller, mortgagee or servicer without forty-five (45) days prior written notice to
Buyer.

 

		10.5	Loans to Officers,
Employees and Shareholders. Seller shall not, either directly or indirectly, without the prior written consent of Buyer,
make any personal loans or advances to any officers, employees, shareholders, members, partners or owners of Seller in an aggregate
amount exceeding ten percent (10%) of Seller’s Tangible Net Worth; provided, however, that Seller shall be entitled to make
a personal loan or advance to a majority shareholder, member, partner or owner of Seller without the prior written consent of
Buyer provided that (i) a Potential Default or an Event of Default is not existing and will not occur as a result thereof, (ii)
such Person is also a Guarantor and (iii) such loan or advance is clearly reflected on Seller’s financial reports provided
to Buyer.

 

		10.6	Liens on Purchased
Assets and Purchased Items. Seller acknowledges that with respect to each Transaction it shall have sold the Purchased
Assets and related Purchased Items and shall have granted to Buyer a first priority security interest in such assets in the event
such Transaction is deemed a loan. Accordingly, Seller shall not create, incur, assume or suffer to exist any lien upon the Purchased
Assets or the Purchased Items, other than as granted to Buyer herein.

 

		10.7	Transactions with
Affiliates. Seller shall not, directly or indirectly, enter into any transaction with its Affiliates, if any, without
the prior written consent of Buyer, including, without limitation, (a) making any loan, advance, extension of credit or capital
contribution to an Affiliate, (b) transferring, selling, pledging, assigning or otherwise disposing of any of its assets to or
on behalf of an Affiliate, (c) purchasing or acquiring assets from an Affiliate, or (d) paying management fees to or on behalf
of an Affiliate; provided, however, that Seller may, without the prior written consent of Buyer, and provided that a Potential
Default or an Event of Default is not existing and will not occur as a result thereof, engage in a transaction(s) with any or
all of its Affiliates if (i) such transaction is in the ordinary course of Seller’s mortgage banking business, and (ii)
such transaction is upon fair and reasonable terms no less favorable to Seller had Seller entered into a comparable arm length’s
transaction with a Person which is not an Affiliate.

 

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		10.8	Consolidation,
Merger, Sale of Assets and Change of Control. Seller shall not, directly or indirectly, (a) wind up, liquidate or dissolve
its affairs; (b) enter into any transaction of merger or consolidation with any Person; (c) convey, sell, lease or otherwise dispose
of, or agree to do any of the foregoing at any future time, all or substantially all of its property or assets; (d) form or enter
into any partnership, joint venture, syndicate or other combination which could have a Material Adverse Effect; or (e) allow a
Change of Control to occur with respect to Seller, without prior written consent of Buyer; provided, however, that Seller may,
without the prior written consent of Buyer, and provided that a Potential Default or an Event of Default is not existing and will
not occur as a result thereof: (i) merge or consolidate with any Person if Seller is the surviving and controlling entity and
(ii) in the ordinary course of Seller’s mortgage banking business, sell equipment that is uneconomic or obsolete and acquire
Mortgage Loans for resale and sell Mortgage Loans.

 

		10.9	Reserved.

 

		10.10	Purchased Items.
Seller shall not attempt to resell, reassign, retransfer or otherwise dispose of, or grant any option with respect to, or pledge
or otherwise encumber (except pursuant to this Agreement) any of the Purchased Assets or other Purchased Items or any interest
therein. Seller shall not, without prior written consent of Buyer, amend or modify, or waive any of the terms and conditions of,
or settle or compromise any claim in respect of, any Purchased Asset.

 

		10.11	Secondary Marketing,
Underwriting, Third Party Origination and Interest Rate Risk Management Practices. Seller shall not, without thirty
(30) days’ prior written notice to Buyer, change in any material respect any secondary marketing, underwriting, acquisition,
third party origination and interest rate risk management practices of Seller that exist as of the Effective Date. By way of example
but not limitation, any change to Seller’s hedging strategy, any change to add a new line of Mortgage Loan products or any
change to add third party origination shall be considered material changes subject to the prior written approval of Buyer. The
fact that Seller may from time to time disclose to Buyer in writing proposed changes in such practices after the date hereof shall
not be deemed Buyer’s consent to or written approval thereof unless Buyer has indicated written approval of such changes.
It shall be deemed an Event of Default hereunder if Seller changes any of the foregoing practices without having obtained such
prior written approval from Buyer.

 

ARTICLE 11

DEFAULTS AND REMEDIES

 

		11.1	Events of Default.
The occurrence of any of the following conditions or events shall be an Event of Default:

 

		(a)	failure of Seller to transfer the Purchased Assets to Buyer on the applicable Purchase Date (provided
Buyer has tendered the related Purchase Price);

 

		(b)	failure of Seller to (i) repurchase the Purchased Assets on the applicable Repurchase Date, (ii)
repurchase Purchased Assets pursuant to Section 2.10, or (iii) perform its obligations under Section 6.3(b);

 

		(c)	failure of Seller to pay any other amount due under the Principal Agreements within two (2) Business
Days following the applicable due date;

 

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		(d)	(i) Seller, Guarantor or any of their respective Affiliates or Subsidiaries shall default under,
or fail to perform as required under, or shall otherwise breach the terms of any instrument, agreement or contract between Seller,
Guarantor or any of their respective Affiliates or Subsidiaries, on the one hand, and Buyer or any of Buyer’s Affiliates
on the other; or (ii) Seller, Guarantor or any of their respective Affiliates or Subsidiaries shall default under, or fail to perform
as required under, the terms of any repurchase agreement, loan and security agreement or similar credit facility or agreement for
borrowed funds or any other material agreement entered into by Seller, Guarantor or any of their respective Affiliates or Subsidiaries,
on the one hand, and any third party on the other, which default or failure entitles any party to require acceleration or prepayment
of any indebtedness thereunder or shall otherwise fail to pay a matured Debt obligation in excess of $10,000,000;

 

		(e)	the aggregate original Asset Value of those Purchased Assets that are deemed to be Noncompliant
Assets is greater than or equal to the Type Sublimit for Noncompliant Assets for more than two (2) consecutive Business Days;

 

		(f)	the aggregate original Asset Value of those Purchased Assets that are deemed to be Defective Assets
is greater than or equal to ten percent (10%) of the outstanding Transactions for more than two (2) consecutive Business Days;

 

		(g)	any representation, warranty or certification made or deemed made herein or in any other Principal
Agreement by Seller or Guarantor or any certificate furnished to Buyer pursuant to the provisions thereof, shall prove to have
been false or misleading in any material respect as of the time made or furnished and such occurrence shall not have been remedied
within three (3) Business Days (other than the representations and warranties set forth in Section 8.2 which shall be considered
solely for the purpose of determining the Asset Value of the Purchased Assets; unless (i) Seller shall have made any such representations
and warranties with knowledge that they were materially false or misleading at the time made or (ii) any such representations and
warranties have been determined by Buyer to be materially false or misleading on a regular basis, in which case there shall be
no such cure period);

 

		(h)	(i) the failure of Seller or Guarantor to perform, comply with or observe any term, covenant or
agreement applicable to Seller as contained in Articles 9 and 10 of this Agreement or the Financial Covenants and
Payment of Dividends and Retirement of Stock provisions set forth in the Transactions Terms Letter, irrespective of any cure period,
or (ii) the failure of Seller or Guarantor to perform, comply with or observe any other term, covenant or agreement applicable
to Seller as contained in this Agreement or the Transactions Terms Letter, as applicable, and such occurrence shall not have been
remedied within the cure period provided therein;

 

		(i)	an Insolvency Event shall have occurred with respect to Seller or Guarantor or any of their respective
Affiliates or Subsidiaries; or Seller shall admit in writing its inability to, or intention not to, perform any of its obligations
under this Agreement or any of the other Principal Agreements; or Buyer shall have determined in good faith that Seller is unable
to meet its financial commitments as they come due;

 

		(j)	one or more judgments or decrees shall be entered against Seller, Guarantor or any of their respective
Affiliates or Subsidiaries involving a liability of $500,000 or more (to the extent that it is, in the reasonable determination
of Buyer, uninsured and provided that any insurance or other credit posted in connection with an appeal shall not be deemed insurance
for these purposes), and all such judgments or decrees shall not have been vacated, discharged, stayed or bonded pending appeal
within thirty (30) days after entry thereof;

 

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		(k)	any Plan maintained by Seller, any Subsidiary of Seller or any ERISA Affiliate shall be terminated
within the meaning of Title IV of ERISA or a trustee shall be appointed by an appropriate United States District Court to administer
any Plan, or the Pension Benefit Guaranty Corporation (or any successor thereto) shall institute proceedings to terminate any Plan
or to appoint a trustee to administer any Plan if as of the date thereof Seller’s liability, any such Subsidiary’s
liability or any ERISA Affiliate’s liability to the PBGC, the Plan or any other entity on termination under the Plan exceeds
the then current value of assets accumulated in such Plan by more than fifty thousand ($50,000) dollars (or in the case of a termination
involving Seller as a “substantial employer” (as defined in Section 4001 (a)(2) of ERISA) the withdrawing employer’s
proportionate share of such excess shall exceed such amount);

 

		(l)	Seller or any Subsidiary of Seller or any ERISA Affiliate, or Guarantor, in each case, as employer
under a Multiemployer Plan shall have made a complete or partial withdrawal from such Multiemployer Plan and the plan sponsor of
such Multiemployer Plan shall have notified such withdrawing employer that such employer has incurred a withdrawal liability in
(i) an annual amount exceeding fifty thousand ($50,000) dollars, or (ii) an aggregate amount exceeding five hundred thousand ($500,000)
dollars;

 

		(m)	(i) any Person shall engage in any “prohibited transaction” (as defined in Section
406 of ERISA or Section 4975 of the Code) involving any Plan, (ii) a determination that a Plan is “at risk” (within
the meaning of Section 303 of ERISA) or any Lien in favor of the PBGC or a Plan shall arise on the assets of Buyer or any ERISA
Affiliate, (iii) a Reportable Event shall occur with respect to, or proceedings shall commence to have a trustee appointed, or
a trustee shall be appointed, to administer or to terminate, any Plan, which Reportable Event or commencement of proceedings or
appointment of a trustee is, in the reasonable opinion of Buyer, likely to result in the termination of such Plan for purposes
of Title IV of ERISA, (iv) Seller or any ERISA Affiliate shall file an application for a minimum funding waiver under section 302
of ERISA or section 412 of the Code with respect to any Plan, (v) any obligation for post-retirement medical costs (other than
as required by COBRA) exists, or (vi) any other event or condition shall occur or exist with respect to a Plan; and in each
case in clauses (i) through (vi) above, such event or condition, together with all other such events or conditions, if any, could
reasonably be expected to have a Material Adverse Effect or (vii) the assets of Seller, any Subsidiary of Seller, or any ERISA
Affiliate become plan assets within the meaning of 29 CFR 2510.3-101 as modified by section 3(42) of ERISA;

 

		(n)	any Governmental Authority or any person, agency or entity acting or purporting to act under governmental
authority shall have taken any action to (i) condemn, seize or appropriate, or to assume custody or control of, all or any substantial
part of the property or assets of Seller, Guarantor or any of their respective Affiliates or Subsidiaries; (ii) displace the management
of Seller, Guarantor or any of their respective Affiliates or Subsidiaries or to curtail its authority in the conduct of their
respective business; or (iii) to remove, limit or restrict the approval of Seller, Guarantor or any of their respective Affiliates
or Subsidiaries as an issuer, buyer or a seller/servicer of Mortgage Loans or securities backed thereby, and any such action provided
for in this subsection (n) shall not have been discontinued or stayed within thirty (30) days;

 

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		(o)	Seller shall purport to disavow its obligations hereunder or shall contest the validity or enforceability
of the Principal Agreements or Buyer’s interest in any Purchased Asset or other Purchased Item;

 

		(p)	a default shall occur under the Guaranty that continues beyond the expiration of any applicable
grace period or the Guarantor shall otherwise fail to perform its obligations under the Guaranty or, if an individual, shall be
incapable of performing its obligations thereunder due to death, incapacity or otherwise;

 

		(q)	a default shall occur and be continuing beyond the expiration of any applicable grace period under
any other Principal Agreement;

 

		(r)	a Material Adverse Effect shall occur with respect to Seller or Guarantor;

 

		(s)	[reserved];

 

		(t)	any Principal Agreement shall for whatever reason (including an event of default thereunder) be
terminated, without the consent of Buyer (other than, with respect to the Custodial Agreement, due to the resignation of the Custodian
for reasons other than a breach by Seller of the Custodial Agreement), or this Agreement shall for any reason cease to create a
valid, first priority security interest or ownership interest upon transfer in any of the Purchased Items;

 

		(u)	(i) a breach of any of Seller’s or Servicer’s subservicing obligations, including,
but not limited to, its failure to deposit any funds required to be deposited under Section 6.2(g) into the Custodial Account,
or (ii) a Servicer Termination Event shall occur and Seller has not (A) appointed a successor servicer acceptable to Buyer and
(B) delivered a fully executed Servicer Notice with such successor servicer, in each case within thirty (30) days following the
occurrence of such Servicer Termination Event;

 

		(v)	Seller’s membership in MERS is terminated for any reason;

 

		(w)	To the extent previously approved, Seller shall fail to maintain all requisite Approvals; or

 

		(x)	a Change of Control shall occur with respect to Seller or Guarantor.

 

With respect to any Event of Default which requires
a determination to be made as to whether such Event of Default has occurred, such determination shall be made in Buyer’s
good faith discretion and Seller hereby agrees to be bound by and comply with any such determination by Buyer. An Event of Default
shall be deemed to be continuing unless expressly waived by Buyer in writing.

 

		11.2	Remedies.
Upon the occurrence of an Event of Default, Buyer may, by notice to Seller, declare all or any portion of the Repurchase Prices
related to the outstanding Transactions to be immediately due and payable whereupon the same shall become immediately due and
payable, and the obligation of Buyer to enter into Transactions shall thereupon terminate; provided that the acceleration of all
Repurchase Prices and termination of Buyer’s obligation to enter into Transactions shall immediately occur upon the occurrence
of an Event of Default under Section 11.1(i), (n) or (o), notwithstanding that Buyer may not have provided
any such notice to Seller. Further, it is understood and agreed that upon the occurrence of an Event of Default, Seller shall
strictly comply with the negative covenants contained in Article 10 hereunder and in no event shall Seller declare and
pay any dividends, incur additional Debt or Subordinated Debt, make payments on existing Debt or Subordinated Debt or otherwise
distribute or transfer any of Seller’s property and assets to any Person without the prior written consent of Buyer. Upon
the occurrence of any Event of Default, Buyer may also, at its option, exercise any or all of the following rights and remedies:

 

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		(a)	enter the office(s) of Seller and take possession of any of the Purchased Items including any records
that pertain to the Purchased Items;

 

		(b)	communicate with and notify Mortgagors of the Purchased Mortgage Loans and obligors under other
Purchased Assets or on any portion thereof, whether such communications and notifications are in verbal, written or electronic
form, including, without limitation, communications and notifications that the Purchased Assets have been assigned to Buyer and
that all payments thereon are to be made directly to Buyer or its designee; settle compromise, or release, in whole or in part,
any amounts owing on the Purchased Assets or other Purchased Items or any portion of the Purchased Items, on terms acceptable to
Buyer; enforce payment and prosecute any action or proceeding with respect to any and all Purchased Assets or other Purchased Items;
and where any Purchased Asset or other Purchased Item is in default, foreclose upon and enforce security interests in, such Purchased
Asset or other Item by any available judicial procedure or without judicial process and sell property acquired as a result of any
such foreclosure;

 

		(c)	collect payments from Mortgagors and/or assume servicing of, or contract with a third party to
subservice, any or all Purchased Mortgage Loans requiring servicing and/or perform any obligations required in connection with
Purchase Commitments, with all of any such third party’s fees to be paid by Seller. In connection with collecting payments
from Mortgagors and/or assuming servicing of any or all Purchased Mortgage Loans, Buyer may take possession of and open any mail
addressed to Seller, remove, collect and apply all payments for Seller, sign Seller’s name to any receipts, checks, notes,
agreements or other instruments or letters or appoint an agent to exercise and perform any of these rights. If Buyer so requests,
Seller shall promptly forward to Buyer or its designee, all further mail and all “trailing” documents, such as title
insurance policies, deeds of trust, and other documents, and all loan payment histories, both in paper and electronic format, in
each case, as same relate to the Purchased Assets;

 

		(d)	proceed against Seller under this Agreement or against Guarantor under their respective Guaranty,
or both;

 

		(e)	either (x) sell, without notice or demand of any kind, at a public or private sale and at such
price or prices as Buyer may deem to be commercially reasonable for cash or for future delivery without assumption of any credit
risk, any or all or portions of the Purchased Assets (A) on a servicing-retained or servicing-released basis with respect to Servicing
Released Mortgage Loans, or (B) on a servicing-retained basis with respect to Servicing Retained Mortgage Loans; provided
that Buyer may purchase any or all of the Purchased Assets at any public or private sale; provided further
that Seller shall remain liable to Buyer for any amounts that remain owing to Buyer following any such sale and/or credit; or (y)
in its sole discretion elect, in lieu of selling all or a portion of such Purchased Assets, to give Seller credit for such Purchased
Assets (including credit for the Servicing Rights in respect of sales on a servicing-retained basis) in an amount equal to the
Market Value of the Purchased Assets against the aggregate unpaid Repurchase Price and any other amounts owing by Seller hereunder. 
Seller shall remain liable to Buyer for any amounts that remain owing to Buyer following a sale and/or credit under the preceding
sentence;

 

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		(f)	enter into one or more hedging arrangements covering all or a portion of the Purchased Assets;
and/or

 

		(g)	pursue any rights and/or remedies available at law or in equity against Seller or Guarantor, or
both.

 

		11.3	Treatment of Custodial
Account. During the existence of a Potential Default or an Event of Default, notwithstanding any other provision of
this Agreement, Seller shall have no right to withdraw or release any funds in the Custodial Account to itself or for its benefit,
nor shall it have any right to set-off any amount owed to it by Buyer against funds held by it for Buyer in the Custodial Account.
During the existence of an Event of Default, Seller shall promptly remit to or at the direction of Buyer all funds related to
the Purchased Assets in the Custodial Account.

 

		11.4	Sale of Purchased
Assets. With respect to any sale of Purchased Assets pursuant to Section 11.2(e), Seller acknowledges and agrees
that it may not be possible to purchase or sell all of the Purchased Assets on a particular Business Day, or in a transaction
with the same purchaser, or in the same manner because the market for such Purchased Assets may not be liquid. Seller further
agrees that in view of the nature of the Purchased Assets, liquidation of a Transaction or the underlying Purchased Assets does
not require a public purchase or sale. Accordingly, Buyer may elect the time and manner of liquidating any Purchased Asset and
nothing contained herein shall obligate Buyer to liquidate any Purchased Asset on the occurrence of an Event of Default, to liquidate
all Purchased Assets in the same manner or on the same Business Day, or constitute a waiver of any right or remedy of Buyer. Seller
hereby waives any claims it may have against Buyer arising by reason of the fact that the price at which the Purchased Assets
may have been sold at such private sale was less than the price which might have been obtained at a public sale or was less than
the aggregate Repurchase Price amount of the outstanding Transactions, even if Buyer accepts the first offer received and does
not offer the Purchased Assets, or any part thereof, to more than one offeree. Seller hereby agrees that the procedures outlined
in Section 11.2(e) and this Section 11.4 for disposition and liquidation of the Purchased Assets are commercially
reasonable. Seller further agrees that it would not be commercially unreasonable for Buyer to dispose of the Purchased Assets
or any portion thereof by using internet sites that provide for the auction of assets similar to the Purchased Assets, or that
have the reasonable capability of doing so, or that match buyers and sellers of assets.

 

		11.5	No Obligation
to Pursue Remedy. Buyer shall have the right to exercise any of its rights and/or remedies without presentment, demand,
protest or further notice of any kind other than as expressly set forth herein, all of which are hereby expressly waived by Seller.
Seller further waives any right to require Buyer to (a) proceed against any Person, (b) proceed against or exhaust all or any
of the Purchased Assets or pursue its rights and remedies as against the Purchased Assets in any particular order, or (c) pursue
any other remedy in its power. Buyer shall not be required to take any steps necessary to preserve any rights of Seller against
holders of mortgages prior in lien to the lien of any Purchased Asset or to preserve rights against prior parties. No failure
on the part of Buyer to exercise, and no delay in exercising, any right, power or remedy provided hereunder, at law or in equity
shall operate as a waiver thereof; nor shall any single or partial exercise by Buyer of any right, power or remedy provided hereunder,
at law or in equity preclude any other or further exercise thereof or the exercise of any other right, power or remedy. Without
intending to limit the foregoing, all defenses based on the statute of limitations are hereby waived by Seller. The remedies herein
provided are cumulative and are not exclusive of any remedies provided at law or in equity.

 

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		11.6	No Judicial Process.
Buyer may enforce its rights and remedies hereunder without prior judicial process or hearing, and Seller hereby expressly waives,
to the extent permitted by law, any right Seller might otherwise have to require Buyer to enforce its rights by judicial process.
Seller also waives, to the extent permitted by law, any defense Seller might otherwise have to its obligations under this Agreement
arising from use of nonjudicial process, enforcement and sale of all or any portion of the Purchased Assets or from any other
election of remedies. Seller recognizes that nonjudicial remedies are consistent with the usages of the trade, are responsive
to commercial necessity and are the result of a bargain at arm’s length.

 

		11.7	Reimbursement
of Costs and Expenses. Buyer may, but shall not be obligated to, advance any sums or do any act or thing necessary
to uphold and enforce the lien and priority of, or the security intended to be afforded by, any Purchased Asset, including, without
limitation, payment of delinquent Taxes or assessments and insurance premiums. All advances, charges, reasonable costs and expenses,
including reasonable attorneys’ fees and disbursements and losses resulting from any hedging arrangements entered into by
Buyer pursuant to Section 11.2(f), incurred or paid by Buyer in exercising any right, power or remedy conferred by this
Agreement, or in the enforcement hereof, together with interest thereon, at the Default Rate, from the time of payment until repaid,
shall become a part of the Repurchase Price.

 

		11.8	Application of
Proceeds. The proceeds of any sale or other enforcement of Buyer’s interest in all or any part of the Purchased
Assets shall be applied by Buyer:

 

		(a)	first, to the payment of the costs and expenses of such sale or enforcement, including reasonable
compensation to Buyer’s agents and counsel, and all expenses, liabilities and advances made or incurred by or on behalf of
Buyer in connection therewith;

 

		(b)	second, to the costs of cover and/or related hedging transactions;

 

		(c)	third, to the payment of any other amounts due under this Agreement other than the aggregate
Repurchase Price;

 

		(d)	fourth, to the payment of the aggregate Repurchase Price;

 

		(e)	fifth, to all other obligations owed by Seller under this Agreement and the other Principal
Agreements; and

 

		(f)	sixth, in accordance with Buyer’s exercise of its rights under Section 11.9
hereof.

 

		11.9	Rights of Set-Off.
Buyer shall have the following rights of set-off:

 

		(a)	If Seller shall default in the payment or performance of any of its obligations under this Agreement,
Buyer shall have the right, at any time, and from time to time, without notice, to set-off claims and to appropriate or apply any
and all deposits of money or property or any other indebtedness at any time held or owing by Buyer to or for the credit of the
account of Seller against and on account of the obligations and liabilities of Seller under this Agreement, irrespective of whether
or not Buyer shall have made any demand hereunder and whether or not said obligations and liabilities shall have become due; provided,
however, that the aforesaid right to set-off shall not apply to any deposits of escrow monies being held on behalf of the Mortgagors
related to the Purchased Mortgage Loans or other third parties. Without limiting the generality of the foregoing, Buyer shall be
entitled to set-off claims and apply property held by Buyer with respect to any Transaction against obligations and liabilities
owed by Seller to Buyer with respect to any other Transaction. Buyer may set off cash, the proceeds of any liquidation of the Purchased
Assets and all other sums or obligations owed by Buyer to Seller against all of Seller’s obligations to Buyer, whether under
this Agreement, under a Transaction, or under any other agreement between the parties, or otherwise, whether or not such obligations
are then due, without prejudice to Buyer’s right to recover any deficiency. Buyer agrees promptly to notify Seller after
any such set-off and application made by Buyer; provided that the failure to give such notice shall not affect the validity of
such set-off and application.

 

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		(b)	In addition to the rights in subsection (a), Buyer and its Affiliates (collectively, the “Bank
of America Related Entities”), shall have the right to set-off and to appropriate or apply any and all deposits of money
or property or any other indebtedness at any time held or owing by the Bank of America Related Entities to or for the credit of
the account of Seller and its Affiliates against and on account of the obligations of Seller under any agreement(s) between Seller
and/or its Affiliates, on the one hand, and the Bank of America Related Entities, on the other hand, irrespective of whether or
not the Bank of America Related Entity shall have made any demand hereunder and whether or not said obligations shall have matured.
In exercising the foregoing right to set-off, any Bank of America Related Entity shall be entitled to withdraw funds in the Over/Under
Account which are being held for or owing to Seller to set-off against any amounts due and owing by Seller to the Bank of America
Related Entity. If a Bank of America Related Entity other than Buyer intends to exercise its right to set-off in this subsection
(b), such Bank of America Related Entity shall provide Seller prior notice thereof, and upon Seller’s receipt of such notice,
if the basis for such right to set-off is Seller’s breach or default of its obligations to the Bank of America Related Entity,
Seller shall have three (3) Business Days to cure any such breach or default in order to avoid such set-off.

 

		11.10	Reasonable Assurances.
If, at any time during the term of the Agreement, Buyer has reason to believe that Seller is not conducting its business in accordance
with, or otherwise is not satisfying: (i) all applicable statutes, regulations, rules, and notices of federal, state, or local
governmental agencies or instrumentalities, all applicable requirements of Approved Investors and Insurers and prudent industry
standards or (ii) all applicable requirements of Buyer, as set forth in this Agreement, then, Buyer shall have the right to demand,
pursuant to notice from Buyer to Seller specifying with particularity the alleged act, error or omission in question, reasonable
assurances from Seller that such a belief is in fact unfounded, and any failure of Seller to provide to Buyer such reasonable
assurances in form and substance reasonably satisfactory to Buyer, within the time frame specified in such notice, shall itself
constitute an Event of Default hereunder, without a further cure period. Seller hereby authorizes Buyer to take such actions as
may be necessary or appropriate to confirm the continued eligibility of Seller for Transactions hereunder, including without limitation
(i) ordering credit reports and/or appraisals with respect to any Purchased Mortgage Loan, (ii) contacting Mortgagors, licensing
authorities and Approved Investors or Insurers, and (iii) performing due diligence reviews on the Purchased Mortgage Loans and
related Mortgage Loan Files pursuant to Section 6.7 and other Purchased Assets.

 

ARTICLE 12

INDEMNIFICATION

 

		12.1	Indemnification.
Seller shall indemnify and hold harmless each of the Bank of America Related Entities and any of their respective officers, directors,
employees, agents and advisors (each, an “Indemnified Party”) from and against any and all liabilities, obligations,
losses, damages, penalties, judgments, suits, costs, expenses and disbursements of any kind whatsoever (including reasonable fees
and disbursements of its counsel) that may be imposed upon, incurred by or asserted against such Indemnified Party in any way
relating to or arising out of the Principal Agreements, any other document referred to therein or any of the transactions contemplated
thereby, or any Purchased Assets or Seller’s obligations thereunder, except to the extent that such liabilities, obligations,
losses, damages, penalties, judgments, suits, costs, expenses or disbursements are the direct result of such Indemnified Party’s
gross negligence, bad faith or willful misconduct. Seller also agrees to reimburse an Indemnified Party as and when billed by
such Indemnified Party for all such Indemnified Party’s costs and expenses incurred in connection with the enforcement or
the preservation of such Indemnified Party’s rights under this Agreement, any other Principal Agreement (provided that if
the terms of any Principal Agreement conflict with the foregoing, the terms of the Principal Agreement shall control) or any transaction
contemplated hereby or thereby, including without limitation the reasonable fees and disbursements of its counsel.

 

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		12.2	Reimbursement.
Seller shall reimburse the Bank of America Related Entities for all expenses required in the Transactions Terms Letter to be reimbursed
when they become due and owing. In addition, Seller agrees to pay as and when billed by Buyer all of the reasonable out-of pocket
costs and expenses incurred by Buyer in connection with (i) the consummation and administration of the transactions contemplated
hereby including, without limitation, all the due diligence, inspection, testing and review costs and expenses incurred by Buyer
with respect to Purchased Assets prior to the Effective Date or pursuant to Section 6.7, or otherwise, (ii) the development,
preparation and execution of, and any amendment, supplement or modification to, any Principal Agreement or any other documents
prepared in connection therewith, and (iii) all the reasonable fees, disbursements and expenses of counsel to Buyer incurred in
connection with any of the foregoing.

 

		12.3	Payment of Taxes.

 

		(a)	All payments made by Seller under this Agreement shall be made free and clear of, and without deduction
or withholding for or on account of, any present or future taxes, levies, imposts, duties, deductions, charges, assessments, fees
or withholdings (including backup withholdings), and all liabilities (including penalties, interest and additions to tax) with
respect thereto imposed by any Governmental Authority (collectively, “Taxes”), but excluding income taxes (however
denominated), branch profits taxes and franchise taxes imposed by the United States, a state or a foreign jurisdiction under the
laws of which Buyer is organized or of its applicable lending office, or any political subdivision thereof (such exclusions from
Taxes, “Excluded Taxes”), all of which shall be paid by Seller for its own account not later than the date when
due. If Seller is required by law or regulation to deduct or withhold any Taxes from or in respect of any amount payable hereunder,
it shall: (i) make such deduction or withholding; (ii) pay the amount so deducted or withheld to the appropriate Governmental Authority
not later than the date when due; (iii) deliver to Buyer, promptly, original tax receipts and other evidence satisfactory to Buyer
of the payment when due of the full amount of such Taxes; and (iv) pay to Buyer such additional amounts as may be necessary so
that such Buyer receives, free and clear of all Indemnified Taxes (as defined below), a net amount equal to the amount it would
have received under this Agreement, as if no such deduction or withholding had been made. In addition, Seller agrees to timely
pay to the relevant Governmental Authority in accordance with applicable law any current or future stamp, court or documentary
taxes, intangible, filing, excise, property or similar Taxes (including, without limitation, mortgage recording taxes, transfer
taxes and similar fees) imposed by any Governmental Authority that arise from any payment made hereunder or from the execution,
delivery, performance or registration of, from the receipt or perfection of a security interest under, or otherwise with respect
to, this Agreement (“Other Taxes”). Taxes other than Excluded Taxes shall be referred to in this Agreement as
“Indemnified Taxes”.

 

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		(b)	Seller shall, within 10 days after demand therefor, indemnify and hold Buyer harmless from and
against the full amount of any and all Indemnified Taxes (including any Indemnified Taxes imposed or asserted on or attributable
to amounts payable under this Section) and Other Taxes arising with respect to the Purchased Assets, the Principal Agreements and
other documents related thereto and fully indemnify and hold Buyer harmless from and against any and all liabilities or expenses
with respect to or resulting from any delay or omission to pay such Taxes, whether or not such Indemnified Taxes or Other Taxes
were correctly or legally imposed or assessed by the relevant Governmental Authority. A certificate as to the amount of any payment
or liability of Buyer with respect to such Indemnified Taxes or Other Taxes delivered to Seller by Buyer shall be conclusive absent
manifest error.

 

		(c)	Any Buyer that is not incorporated under the laws of the United States, any State thereof, or the
District of Columbia (a “Foreign Buyer”) and that is entitled to an exemption from or reduction of withholding
Tax with respect to payments made under this Agreement shall provide Seller with properly completed United States Internal Revenue
Service (“IRS”) Form W-8BEN, W-8BEN-E, W-8IMY or W-8ECI or any successor form prescribed by the IRS, certifying
that such Foreign Buyer is entitled to benefits under an income tax treaty to which the United States is a party which reduces
or eliminates the rate of withholding Tax on payments of interest or certifying that the income receivable pursuant to this Agreement
is effectively connected with the conduct of a trade or business in the United States on or prior to the date upon which each such
Foreign Buyer becomes a Buyer. If an IRS form previously delivered expires or becomes obsolete or inaccurate in any respect, each
Foreign Buyer will update such form or promptly notify Seller of its legal inability to do so. For any period with respect to which
a Foreign Buyer has failed to provide Seller with the appropriate IRS forms prescribed by this Section 12.3(c) (unless such failure
is due to a change in treaty, law, or regulation occurring subsequent to the date on which such form originally was required to
be provided), such Foreign Buyer shall not be entitled to any “gross-up” of Indemnified Taxes or indemnification under
Section 12.3(b) with respect to Taxes imposed by the United States; provided, however, that should a Foreign Buyer, which
is otherwise exempt from a withholding tax, become subject to Taxes because of its failure to deliver an IRS form required hereunder,
Seller shall take such steps as such Foreign Buyer shall reasonably request to assist such Foreign Buyer to recover such Taxes.

 

		(d)	Nothing contained in this Section 12.3 shall require Buyer to make available any of its
tax returns or other information that it deems to be confidential or proprietary or otherwise subject Buyer to any material unreimbursed
cost or expense or materially prejudice the legal or commercial position of Buyer.

 

		12.4	Buyer Payment.
If Seller fails to pay when due any costs, expenses or other amounts payable by it under this Article 12, such amount may
be paid on behalf of Seller by Buyer, in its discretion and Seller shall remain liable for any such payments by Buyer. No such
payment by Buyer shall be deemed a waiver of any of Buyer’s rights under any of the Principal Agreements.

 

		12.5	Agreement not
to Assert Claims. Seller agrees not to assert any claim against any Indemnified Party, on any theory of liability,
for special, indirect, consequential or punitive damages arising out of or otherwise relating to the Principal Agreements, the
actual or proposed use of the proceeds of the Transactions, this Agreement or any of the transactions contemplated hereby or thereby.
THE FOREGOING INDEMNITY AND AGREEMENT NOT TO ASSERT CLAIMS EXPRESSLY APPLIES, WITHOUT LIMITATION, TO THE NEGLIGENCE (BUT NOT GROSS
NEGLIGENCE OR WILLFUL MISCONDUCT) OF THE INDEMNIFIED PARTIES.

 

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		12.6	Survival.
Without prejudice to the survival of any other agreement of Seller hereunder, the covenants and obligations of Seller contained
in this Article 12 shall survive the payment in full of the Repurchase Prices and all other amounts payable hereunder and
delivery of the Purchased Assets by Buyer against full payment therefor.

 

ARTICLE 13

TERM AND TERMINATION

 

		13.1	Term.
Provided that no Event of Default or Potential Default has occurred and is continuing, and except as otherwise provided for herein,
this Agreement shall commence on the Effective Date and continue until the Expiration Date. Following expiration or termination
of this Agreement, all amounts due Buyer under the Principal Agreements shall be immediately due and payable without notice to
Seller and without presentment, demand, protest, notice of protest or dishonor, or other notice of default, and without formally
placing Seller in default, all of which are hereby expressly waived by Seller.

 

		13.2	Termination.

 

		(a)	Buyer may terminate this Agreement following an Event of Default or otherwise for cause at any
time, in each case, at any time by providing notice to Seller. For the avoidance of doubt, cause shall be deemed to exist if (i)
this Agreement or any Transaction is deemed by a court or by statute to not constitute a “repurchase agreement,” a
“securities contract,” or a “master netting agreement,” as each such term is defined in the Bankruptcy
Code, (ii) payments or security offered hereunder are deemed by a court or by statute not to constitute “settlement payments”
or “margin payments” as each such term is defined in the Bankruptcy Code, (iii) this Agreement or any Transaction is
deemed by a court or by statute not to constitute an agreement to provide financial accommodations as described in Bankruptcy Code
Section 365(c)(1) or (iv) Buyer determines that there has been fraud, misrepresentation or any similar intentional conduct on behalf
of Seller, its officers, directors, employees, agents and/or its representatives with respect to any of Seller’s obligations,
responsibilities or actions undertaken in connection with this Agreement. Further, Buyer may, without cause and for any reason
whatsoever, terminate this Agreement with respect to the Uncommitted Amount at any time by providing two (2) Business Days’
prior notice to Seller.

 

		(b)	Upon termination of this Agreement for any reason, all outstanding amounts due to Buyer under the
Principal Agreements shall be immediately due and payable without notice to Seller and without presentment, demand, protest, notice
of protest or dishonor, or other notice of default, and without formally placing Seller in default, all of which are hereby expressly
waived by Seller. Further, any termination of this Agreement shall not affect the outstanding obligations of Seller under this
Agreement or any other Principal Agreement and all such outstanding obligations and the rights and remedies afforded Buyer in connection
therewith, including, without limitation, those rights and remedies afforded Buyer under this Agreement, shall survive any termination
of this Agreement. Buyer shall not be liable to Seller for any costs, loss or damages arising from or relating to a termination
by Buyer in accordance with any subsection of this Section 13.2.

 

		13.3	Extension of Term.
Upon mutual agreement of Seller and Buyer, the term of this Agreement may be extended. Such extension may be made subject to the
terms and conditions hereunder and to any other terms and conditions as Buyer may determine to be necessary or advisable. Under
no circumstances shall such an extension by Buyer be interpreted or construed as a forfeiture by Buyer of any of its rights, entitlements
or interest created hereunder. Seller acknowledges and understands that Buyer is under no obligation whatsoever to extend the
term of this Agreement beyond the initial term.

 

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ARTICLE 14

GENERAL

 

		14.1	Integration; Servicing
Provisions Integral and Non-Severable. This Agreement, together with the other Principal Agreements, and all other
documents executed pursuant to the terms hereof and thereof, constitute the entire agreement between the parties with respect
to the subject matter hereof and supersedes any and all prior or contemporaneous oral or written communications with respect to
the subject matter hereof, all of which such communications are merged herein. All Transactions hereunder constitute a single
business and contractual relationship and each Transaction has been entered into in consideration of the other Transactions. Accordingly,
each of Buyer and the Seller agrees that payments, deliveries, and other transfers made by either of them in respect of any Transaction
shall be deemed to have been made in consideration of payments, deliveries, and other transfers in respect of any other Transactions
hereunder, and the obligations to make any such payments, deliveries, and other transfers may be applied against each other and
netted. Without limiting the generality of the foregoing, the provisions of this Agreement related to the servicing and Servicing
Rights of the Purchased Mortgage Loans are integral, interrelated, and are non-severable from the purchase and sale provisions
of the Agreement. Buyer has relied upon such provisions as being integral and non-severable in determining whether to enter into
this Agreement and in determining the Purchase Price methodology for such Mortgage Loans. The integration of these servicing provisions
is necessary to enable Buyer to obtain the maximum value from the sale of the Purchased Mortgage Loans by having the ability to
sell the Servicing Rights related to such Purchased Mortgage Loans free from any claims or encumbrances. Further, the fact that
Seller or the Servicer may be entitled to a servicing fee for interim servicing of the Purchased Mortgage Loans or that Buyer
may provide a separate notice of default to Seller or the Servicer regarding the servicing of the Purchased Mortgage Loans shall
not affect or otherwise change the intent of Seller and Buyer regarding the integral and non- severable nature of the provisions
in the Agreement related to servicing and Servicing Rights nor will such facts affect or otherwise change Buyer’s ownership
of the Servicing Rights related to the Purchased Mortgage Loans.

 

		14.2	Amendments.
No modification, waiver, amendment, discharge or change of this Agreement shall be valid unless the same is in writing and signed
by the party against whom the enforcement of such modification, waiver, amendment, discharge or change is sought.

 

		14.3	No Waiver.
No failure or delay on the part of Seller or Buyer in exercising any right, power or privilege hereunder and no course of dealing
between Seller and Buyer shall operate as a waiver thereof nor shall any single or partial exercise of any right, power or privilege
hereunder preclude any other or further exercise thereof or the exercise of any other right, power or privilege hereunder.

 

		14.4	Remedies Cumulative.
The rights and remedies herein expressly provided are cumulative and not exclusive of any rights or remedies that Seller or Buyer
would otherwise have. No notice or demand on Seller in any case shall entitle Seller to any other or further notice or demand
in similar or other circumstances or constitute a waiver of the rights of Buyer to any other or further action in any circumstances
without notice or demand.

 

		14.5	Assignment.
The Principal Agreements may not be assigned by Seller. The Principal Agreements, along with Buyer’s right, title and interest,
including its security interest, in any or all of the Purchased Assets and other Purchased Items, may, at any time, be transferred
or assigned, in whole or in part, by Buyer, and upon providing notice to Seller of such transfer or assignment together with an
acknowledgement from the assignee agreeing to Buyer’s rights and obligations hereunder, any transferee or assignee thereof
may enforce the Principal Agreements and such security interest directly against Seller.

 

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		14.6	Successors and
Assigns. The terms and provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto
and their respective successors and permitted assigns.

 

		14.7	Participations.
Buyer may from time to time sell or otherwise grant participations in this Agreement, and the holder of any such participation,
if the participation agreement so provides, (i) shall, with respect to its participation, be entitled to all of the rights of
Buyer and (ii) may exercise any and all rights of set-off or banker’s lien with respect thereto, in each case as fully as
though Seller were directly obligated to the holder of such participation in the amount of such participation; provided, however,
that Seller shall not be required to send or deliver to any of the participants other than Buyer any of the materials or notices
required to be sent or delivered by it under the terms of this Agreement, nor shall it have to act except in compliance with the
instructions of Buyer.

 

		14.8	Invalidity.
In case any one or more of the provisions contained in this Agreement shall for any reason be held to be invalid, illegal or unenforceable
in any respect, such invalidity, illegality or unenforceability shall not affect any other provisions hereof, and this Agreement
shall be construed as if such invalid, illegal or unenforceable provision had not been included.

 

		14.9	Additional Instruments.
Seller shall execute and deliver such further instruments and shall do and perform all matters and things necessary or expedient
to be done or observed for the purpose of effectively creating, maintaining and preserving the security and benefits intended
to be afforded by this Agreement.

 

		14.10	Survival.
All representations, warranties, covenants and agreements herein contained on the part of Seller shall survive any Transaction
and shall be effective so long as this Agreement is in effect or there remains any obligation of Seller hereunder to be performed.

 

		14.11	Notices.

 

		(a)	All notices, demands, consents, requests and other communications required or permitted to be given
or made hereunder in writing shall be mailed (first class, return receipt requested and postage prepaid) or delivered in person
or by overnight delivery service or by facsimile, addressed to the respective parties hereto at their respective addresses set
forth below or, as to any such party, at such other address as may be designated by it in a notice to the other:

 

		If to Seller:	The address set forth in the Transactions Terms Letter

 

		If to Buyer:	Bank of America, N.A.

4500 Park Granada

Mail Code: CA7-910-02-38

Calabasas, California 91302

Attention: Adam Gadsby, Managing
Director

Telephone: (818) 225-6541

Facsimile: (213) 457-8707

Email: Adam.Gadsby@baml.com

 

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With copies to:

 

Bank of America, N.A.

One Bryant Park, 11th Floor

Mail Code: NY1-100-11-01

New York, New York 10036

Attention: Eileen Albus, Director,
Mortgage Finance

Telephone:  (646) 855-0946

Facsimile:  (646) 855-5050

Email: Eileen.Albus@baml.com

 

Bank of America, N.A.

50 Rockefeller Plaza

Mail Code: NY1-050-12-01

New York, New York 10020

Attention: Amie Davis, Assistant
General Counsel

Telephone: (646) 855-0183

Facsimile: (704) 409-0337

Email: Amie.Davis@bankofamerica.com

 

All written notices shall be conclusively
deemed to have been properly given or made when duly delivered, if delivered in person or by overnight delivery service, or on
the third (3rd) Business Day after being deposited in the mail, if mailed in accordance herewith, or upon transmission by the receiving
party of a facsimile confirming receipt, if delivered by facsimile. Notwithstanding the foregoing, any notice of termination shall
be deemed effective upon mailing, transmission, or delivery, as the case may be.

 

		(b)	All notices, demands, consents, requests and other communications required or permitted to be given
or made hereunder which are not required to be in writing may also be provided electronically either (i) as an electronic mail
sent and addressed to the respective parties hereto at their respective electronic mail addresses set forth below, or as to any
such party, at such other electronic mail address as may be designated by it in a notice to the other or (ii) with respect to Buyer,
via a posting of such notice on Buyer’s customer website(s).

 

		If to Seller:	The email address(es) specified in the Transactions Terms Letter, if any.

 

		If to Buyer:	Adam.Gadsby@baml.com, Adam.Robitshek@baml.com, Eileen.Albus@baml.com and Amie.Davis@bankofamerica.com.

 

		14.12	Governing Law.
This Agreement and the rights and obligations of the parties hereunder shall be construed in accordance with and governed by the
laws of the State of New York, without regard to principles of conflicts of laws (other than Section 5-1401 of the New York General
Obligations Law).

 

		14.13	Submission to
Jurisdiction; Service of Process; Waivers. All legal actions between or among the parties regarding this Agreement,
including, without limitation, legal actions to enforce this Agreement or because of a dispute, breach or default of this Agreement,
shall be brought in the federal or state courts located in New York County, New York, which courts shall have sole and exclusive
in personam, subject matter and other jurisdiction in connection with such legal actions. The parties hereto irrevocably consent
and agree that venue in such courts shall be convenient and appropriate for all purposes and, to the extent permitted by law,
waives any objection that it may now or hereafter have to the venue of any such action or proceeding in any such court or that
such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the same. The parties hereto further
irrevocably consent and agree that service of process in any such action or proceeding may be effected by mailing a copy thereof
by registered or certified mail (or any substantially similar form of mail), postage prepaid, to its address set forth in Section
14.11(a), and that nothing herein shall affect the right to effect service of process in any other manner permitted by law or
shall limit the right to sue in any other jurisdiction.

 

    	55

    	 

    

 

		14.14	Waiver of Jury
Trial. Each of Seller and Buyer hereby irrevocably waives, to the fullest extent permitted by applicable law, any and
all right to trial by jury in any legal proceeding arising out of or relating to this Agreement, any other Principal Agreement
or the transactions contemplated hereby or thereby.

 

		14.15	Counterparts.
This Agreement may be executed in any number of counterparts by different parties hereto in separate counterparts, each of which
when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same Agreement.

 

		14.16	Headings.
The headings in this Agreement are for purposes of reference only and shall not limit or otherwise affect the meaning or interpretation
of any provisions hereof.

 

		14.17	Reserved.

 

		14.18	Confidential Information.
To effectuate this Agreement, Buyer and Seller may disclose to each other certain confidential information relating to the parties’
operations, computer systems, technical data, business methods, and other information designated by the disclosing party or its
agent to be confidential, or that should be considered confidential in nature by a reasonable person given the nature of the information
and the circumstances of its disclosure (collectively the “Confidential Information”). Confidential Information
can consist of information that is either oral or written or both, and may include, without limitation, any of the following:
(i) any reports, information or material concerning or pertaining to businesses, methods, plans, finances, accounting statements,
and/or projects of either party or their affiliated or related entities; (ii) any of the foregoing related to the parties or their
related or affiliated entities and/or their present or future activities and/or (iii) any term or condition of any agreement (including
this Agreement) between either party and any individual or entity relating to any of their business operations. With respect to
Confidential Information, the parties hereby agree, except as otherwise expressly permitted in this Agreement:

 

		(a)	not to use the Confidential Information except in furtherance of this Agreement;

 

		(b)	to use reasonable efforts to safeguard the Confidential Information against disclosure to any unauthorized
third party with the same degree of care as they exercise with their own information of similar nature; and

 

		(c)	not to disclose Confidential Information to anyone other than employees, agents or contractors
with a need to have access to the Confidential Information and who are bound to the parties by like obligations of confidentiality,
except that the parties shall not be prevented from using or disclosing any of the Confidential Information which: (i) is already
known to the receiving party at the time it is obtained from the disclosing party; (ii) is now, or becomes in the future, public
knowledge other than through wrongful acts or omissions of the party receiving the Confidential Information; (iii) is lawfully
obtained by the party from sources independent of the party disclosing the Confidential Information and without confidentiality
and/or non-use restrictions; or (iv) is independently developed by the receiving party without any use of the Confidential Information
of the disclosing party. Notwithstanding anything contained herein to the contrary, Buyer may share any Confidential Information
of Seller with an Affiliate of Buyer for any valid business purpose, such as, but not limited to, to assist an Affiliate in evaluating
a current or potential business relationship with Seller.

 

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In addition, the Principal Agreements and their respective
terms, provisions, supplements and amendments, and transactions and notices thereunder (other than the tax treatment and tax structure
of the transactions), are proprietary to Buyer and shall be held by Seller in strict confidence and shall not be disclosed to any
third party without the consent of Buyer except for (i) disclosure to Seller’s direct and indirect parent companies, directors,
attorneys, agents or accountants, provided that such attorneys or accountants likewise agree to be bound by this covenant of confidentiality,
or are otherwise subject to confidentiality restrictions; (ii) upon prior written notice to Buyer, disclosure required by law,
rule, regulation or order of a court or other regulatory body; (iii) upon prior written notice to Buyer, disclosure to any approved
hedge counterparty to the extent necessary to obtain any hedging hereunder; (iv) any disclosures or filing required under Securities
and Exchange Commission (“SEC”) or state securities’ laws; or (v) the tax treatment and tax structure
of the transactions, which shall not be deemed confidential; provided that in the case of (ii), (iii) and (iv), Seller shall
take reasonable actions to provide Buyer with prior written notice; provided further that in the case of (iv), Seller shall
not file any of the Principal Agreements other than the Agreement with the SEC or state securities office unless Seller has (x)
provided at least fifteen (15) days (or such lesser time as may be demanded by the SEC or state securities office) prior written
notice of such filing to Buyer, and (y) redacted all pricing information and other commercial terms to the extent permitted.

 

If any party or any of its successors, Subsidiaries,
officers, directors, employees, agents and/or representatives, including, without limitation, its insurers, sureties and/or attorneys,
breaches its respective duty of confidentiality under this Agreement, the nonbreaching party(ies) shall be entitled to all remedies
available at law and/or in equity, including, without limitation, injunctive relief

 

		14.19	Intent.
Seller and Buyer recognize and intend that:

 

		(a)	this Agreement and each Transaction hereunder constitutes a “repurchase agreement”
as that term is defined in Section 101(47)(A)(i) of the Bankruptcy Code, a “securities contract” as that term is defined
in Section 741(7)(A)(i) of the Bankruptcy Code and a “master netting agreement” as that term is defined in Section
101(38A)(A) of the Bankruptcy Code and that the pledge of the Related Credit Enhancement in Section 6.1 hereof constitutes
“a security agreement or other arrangement or other credit enhancement” that is “related to” the Agreement
and Transactions hereunder within the meaning of Sections 101(38A)(A), 101(47)(A)(v) and 741(7)(A)(xi) of the Bankruptcy Code.
Seller and Buyer further recognize and intend that this Agreement is an agreement to provide financial accommodations and is not
subject to assumption pursuant to Bankruptcy Code Section 365(a);

 

		(b)	Buyer’s right to liquidate the Purchased Mortgage Loans delivered to it in connection with
the Transactions hereunder or to accelerate or terminate this Agreement or otherwise exercise any other remedies herein is a contractual
right to liquidate, accelerate or terminate such Transaction as described in Bankruptcy Code Sections 555, 559 and 561 ;any payments
or transfers of property made with respect to this Agreement or any Transaction to: (i) satisfy a Margin Deficit, (ii) comply with
a Margin Call, or (iii) satisfy the provision of Guarantees and/or additional security agreements to provide enhancements to satisfy
a deficiency in the Over/Under Account, shall in each case be considered a “margin payment” as such term is defined
in Bankruptcy Code Section 741(5); and

 

    	57

    	 

    

 

		(c)	any payments or transfers of property by Seller (i) on account of a Haircut, (ii) in partial or
full satisfaction of a repurchase obligation, or (iii) fees and costs under this Agreement or under any Transaction shall in each
case constitute “settlement payments” as such term is defined in Bankruptcy Code Section 741(8).

 

		14.20	Right to Liquidate.
It is understood that either party’s right to liquidate Purchased Assets delivered to it in connection with Transactions
hereunder or to terminate or accelerate obligations under this Agreement or any individual Transaction, are contractual rights
for same as described in Sections 555 and 559 of the Bankruptcy Code.

 

		14.21	Insured Depository
Institution. If a party hereto is an “insured depository institution” as such term is defined in the Federal
Deposit Insurance Act (as amended, the “FDIA”), then each Transaction hereunder is a “qualified financial
contract” as that term is defined in the FDIA and any rules, orders or policy statements thereunder except insofar as the
type of assets subject to such Transaction would render such definition inapplicable.

 

		14.22	Netting Contract.
This Agreement constitutes a “netting contract” as defined in and subject to Title IV of the Federal Deposit Insurance
Corporation Improvement Act of 1991 (“FDICIA”) and each payment entitlement and payment obligation under any
Transaction hereunder shall constitute a “covered contractual payment entitlement” or “covered contractual payment
obligation”, respectively, as defined in and subject to the FDICIA except insofar as one or more of the parties hereto is
not a “financial institution” as that term is defined in the FDICIA.

 

		14.23	Tax Treatment.
Each party to this Agreement acknowledges that it is its intent, solely for purposes of United States federal income tax purposes
and any corresponding provisions of state, local and foreign law, but not for bankruptcy or any other non-tax purpose, to treat
each Transaction as indebtedness of Seller that is secured by the Purchased Assets and to treat the Purchased Assets as beneficially
owned by Seller in the absence of an Event of Default by Seller. All parties to this Agreement agree to such tax treatment and
agree to take no action inconsistent with this treatment, unless required by law.

 

		14.24	Examination and
Oversight by Regulators. Seller agrees that the transactions with Buyer under this Agreement may be subject to regulatory
examination and oversight by one or more Governmental Authorities. Seller shall comply with all requests made by Buyer to assist
Buyer in complying with regulatory requirements imposed on Buyer.

 

(Signature page to follow)

 

    	58

    	 

    

  

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

 

	BUYER:	BANK OF AMERICA, N.A.
	 	 	 
	 	By:	/s/ Adam Robitshek
	 	 	 
	 	Name:	Adam Robitshek
	 	 	 
	 	Title:	Vice President
	 	 	 
	SELLER:	FIVE OAKS ACQUISITION CORP.
	 	 	 
	 	By:	/s/ Darren Comisso
	 	 	 
	 	Name:	Darren Comisso
	 	 	 
	 	Title:	EVP

  

Signature Page to the Master Repurchase
Agreement

 

    	 

    	 

    

 

EXHIBIT A

 

GLOSSARY OF DEFINED TERMS

 

Ability to Repay Rule: 12
CFR 1026.43(c), including all applicable official staff commentary.

 

Acceptable Title Insurance Company:
A nationally recognized title insurance company that has not been disapproved by Buyer in a writing provided to Seller.

 

Accepted Servicing Practices:
With respect to any Purchased Mortgage Loan, those mortgage servicing practices of prudent mortgage lending institutions which
service mortgage loans of the same type as such Purchased Mortgage Loan in the jurisdiction where the related Mortgaged Property
is located.

 

Acknowledgement of Confidentiality
of Password Agreement: That certain Acknowledgement of Confidentiality of Password Agreement attached hereto as Exhibit
I.

 

Additional Purchased Assets:
Those additional Eligible Assets or cash provided by Seller to Buyer pursuant to Section 6.3 of this Agreement.

 

Affiliate: With respect to
any specified entity, any other entity controlling or controlled by or under common control with such specified entity. For the
purposes of this definition, “control” when used with respect to a specified entity means the power to direct the management
and policies of such entity, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise,
and the terms “controlling” and “controlled” having meanings correlative to the foregoing.

 

Agency: Fannie Mae, Freddie
Mac or Ginnie Mae, as applicable.

 

Agency Audit: Any Agency,
HUD, FHA and VA audits, examinations, evaluations, monitoring reviews and reports of its origination and servicing operations (including
those prepared on a contract basis for any such Agency).

 

Agency Documents: The documents
set forth on Exhibit M.

 

Agency Eligible
Mortgage Loan: Unless defined otherwise in the Transactions Terms Letter, a first lien mortgage loan or a Cooperative Mortgage
Loan that is originated in Strict Compliance with the Agency Guides and the eligibility requirements specified for the applicable
Agency Program, and is eligible for sale to or securitization by such Agency.

 

Agency Guides:
The Ginnie Mae Guide, the Fannie Mae Guide, the Freddie Mac Guide, the FHA Regulations and/or the VA Regulations, as the context
may require, in each case as such guidelines have been or may be amended, supplemented or otherwise modified from time to time
(i) by Ginnie Mae, Fannie Mae, Freddie Mac, the FHA or the VA, as applicable, in the ordinary course of business and, with respect
to material amendments, supplements or other modifications, as to which Buyer shall not have reasonably objected within ten (10)
days of receiving notice of such or (ii) by Ginnie Mae, Fannie Mae, Freddie Mac, the FHA or the VA, as applicable, at the request
of Seller and as to which (x) Seller has given notice to Buyer of any such material amendment, supplement or other modification
and (y) Buyer shall not have reasonably objected.

 

Agency Program:
The Ginnie Mae Program, the Fannie Mae Program and/or the Freddie Mac Program, as the context may require.

 

    	Exh. A-1

    	 

    

 

Aggregate Outstanding
Purchase Price: The aggregate outstanding Purchase Price of all Transactions or specified Purchased Assets, as the case
may be, as of any date of determination.

 

Aggregate Transaction Limit:
The maximum aggregate principal amount of Transactions (measured by the related outstanding Purchase Price) that may be outstanding
at any one time, as set forth in the Transactions Terms Letter.

 

Applicable Pricing Rate:
With respect to any date of determination, the greater of (i) One-Month LIBOR, and (ii) the LIBOR Floor. It is understood that
the Applicable Pricing Rate shall be adjusted on a daily basis.

 

Application: The application
or “Buyer Application Profile,” including all supporting documentation, submitted by Seller to Buyer with respect to
this Agreement.

 

Approvals: To the extent
previously approved, with respect to Seller or Servicer, the approvals obtained by the applicable Agency in designation of Seller
as a Ginnie Mae-approved issuer, a Ginnie Mae-approved servicer, a FHA-approved mortgagee, a VA-approved lender, a Fannie Mae-approved
lender or a Freddie Mac-approved Seller/Servicer, as applicable, in good standing.

 

Approved Investor: Any Agency,
any private institution or Governmental Authority as approved by Buyer in its sole discretion, purchasing such Purchased Mortgage
Loans or Mortgage-Backed Securities on a forward basis from Seller pursuant to a Purchase Commitment.

 

Approved Payee: As defined
in the Transactions Terms Letter and as described in Section 3.7 of this Agreement.

 

Asset: A Mortgage Loan, or
in the case of a Pooled Mortgage Loan, the resulting Mortgage-Backed Security pursuant to Section 3.8, as the context may
require.

 

Asset Data Record: A document
containing the information set forth on Buyer’s website(s), which may be amended, supplemented and modified from time to
time as further set forth in the Handbook or such other information as Buyer may reasonably request from time to time, completed
by Seller and submitted to Buyer with respect to each Purchased Asset.

 

Asset Value: With respect
to each Purchased Asset and any date of determination, an amount equal to the following, as applicable, as the same may be reduced
in accordance with Section 4.3, and, in the case of each Purchased Mortgage Loan, as shall include the related Servicing
Rights:

 

(a)          if
the Purchased Asset has Standard Status, the product of the related Type Purchase Price Percentage and the least of: (i) the Market
Value of such Purchased Asset; (ii) the unpaid principal balance of such Purchased Asset; (iii) the purchase price paid by Seller
for such Purchased Asset if it is a Mortgage Loan; and (iv) the Takeout Price committed by the related Approved Investor, as evidenced
by the related Purchase Commitment, if applicable;

 

(b)          if
the Purchased Asset is a Noncompliant Asset, the product of the related Type Purchase Price Percentage for a Noncompliant Asset
and the least of: (i) the Market Value of such Purchased Asset; (ii) the unpaid principal balance of such Purchased Asset; (iii)
the purchase price paid by Seller for such Purchased Asset if it is a Mortgage Loan; and (iv) the Takeout Price committed by the
related Approved Investor, as evidenced by the related Purchase Commitment, if applicable; or

 

(c)          if
the Purchased Asset is a Defective Asset, zero.

 

    	Exh. A-2

    	 

    

 

Assignment: A duly executed
assignment to Buyer in recordable form of a Purchased Mortgage Loan, of the indebtedness secured thereby and of all documents and
rights related to such Purchased Mortgage Loan.

 

Assignment of Closing Protection
Letter: An assignment assigning and subrogating Buyer to all of Seller’s rights in a Closing Protection Letter, substantially
in the form of Exhibit F hereto.

 

Assignment of Fidelity Bond and Errors
and Omission Policy: An assignment assigning and subrogating Buyer to all of Seller’s rights in a Fidelity Bond and
Errors and Omissions Policy, substantially in the form of Exhibit G hereto.

 

Assignment of Proprietary Lease:
The specific agreement creating a first lien on and pledge of the Cooperative Shares and the appurtenant Proprietary Lease securing
a Cooperative Mortgage Loan.

 

Bailee Agreement: A bailee
agreement or bailee letter that is in a form acceptable to Buyer.

 

Bankruptcy Code: Title 11
of the United States Code, now or hereafter in effect, as amended, or any successor thereto.

 

Business Day: Any day, excluding
Saturday, Sunday and any day that is a legal holiday under the laws of the State of New York and the State of California or as
may otherwise be published on Buyer’s website(s).

 

Calculation Period: With
respect to: (a) the initial Payment Date on which an Unused Facility Fee is due, the period beginning on the Effective Date and
ending on the last day of the calendar quarter in which such Effective Date occurs, (b) for each subsequent Payment Date on which
an Unused Facility Fee is due, the prior calendar quarter and (c) with respect to the date this Agreement is terminated pursuant
to the terms herein, the period beginning on the first day of the calendar quarter in which such termination is to occur and ending
on the Expiration Date.

 

Cash Equivalents: Any (a)
securities with maturities of ninety (90) days or less from the date of acquisition issued or fully guaranteed or insured by the
United States Government or any agency thereof, (b) certificates of deposit and Eurodollar time deposits with maturities of ninety
(90) days or less from the date of acquisition and overnight bank deposits of any commercial bank having capital, surplus and retained
earnings in excess of $70,000,000, (c) repurchase obligations of any commercial bank satisfying the requirements of clause (b)
of this definition, having a term of not more than seven days with respect to securities issued or fully guaranteed or insured
by the United States Government, (d) commercial paper of a domestic issuer rated at least “A-1” or the equivalent thereof
by S&P or “p-1” or the equivalent thereof by Moody’s and in either case maturing within ninety (90) days
after the day of acquisition, (e) securities with maturities of ninety (90) days or less from the date of acquisition issued or
fully guaranteed by any state, commonwealth or territory of the United States, by any political subdivision or taxing authority
of any such state, commonwealth or territory or by any foreign government, the securities of which state, commonwealth, territory,
political subdivision, taxing authority or foreign government (as the case may be) are rated at least “A” by S&P
or “A” by Moody’s, (f) securities with maturities of ninety (90) days or less from the date of acquisition backed
by standby letters of credit issued by any commercial bank satisfying the requirements of clause (b) of this definition, or (g)
shares of money market, mutual or similar funds which invest exclusively in assets satisfying the requirements of clauses (a) through
(f) of this definition.

 

Change of Control: Change
of Control shall mean any of the following with respect to any Person:

 

    	Exh. A-3

    	 

    

  

(a)          if
such Person is a corporation, any “person” (as such term is used in Sections 13(d) and 14(d) of the Securities Exchange
Act of 1934, as amended (the “Exchange Act”)), other than a trustee or other fiduciary holding securities of
Seller under an employee benefit plan of such Person, becomes the “beneficial owner” (as defined in Rule 13d-3 promulgated
under the Exchange Act), directly or indirectly, of securities of such Person representing 50% or more of (A) the outstanding shares
of common stock of such Person or (B) the combined voting power of such Person’s then-outstanding securities;

 

(b)          if
such Person is a legal entity other than a corporation, the majority voting control of such Person, or its equivalent, under such
Person’s governing documents is transferred to any Person;

 

(c)          such
Person is party to a merger or consolidation, or series of related transactions, which results in the voting securities or majority
voting control interest of such Person outstanding immediately prior thereto failing to continue to represent (either by remaining
outstanding or by being converted into voting securities or a majority voting controlling interest of the surviving or another
entity) at least fifty (50%) percent of the combined voting power of the voting securities or majority voting control interest
of such Person or such surviving or other entity outstanding immediately after such merger or consolidation;

 

(d)          the
sale or disposition of all or substantially all of such Person’s assets (or consummation of any transaction, or series of
related transactions, having similar effect);

 

(e)          there
occurs a change in the composition of the Board of Directors or governing body of such Person within a six (6) month period, as
a result of which fewer than a majority of the directors or governing body members are incumbent; provided, however, that this
provision (e) shall not apply in the event that the composition of the Board of Directors or governing body changes as a result
of such Person availing itself of the public or private debt or equity markets;

 

(f)          the
dissolution or liquidation of such Person; or

 

(g)          any
transaction or series of related transactions that has the substantial effect of any one or more of the foregoing.

 

Closing Agent: The Person
designated by Seller and approved by Buyer in accordance with Section 3.7, to receive Purchase Prices from Buyer, for the
account of Seller, for the purpose of (i) funding a Purchased Mortgage Loan or (ii) in the case of a new origination Wet Mortgage
Loan or Dry Mortgage Loan as to which the origination funds are being remitted to the closing table, originating such Mortgage
Loan in accordance with local law and practice in the jurisdiction where such Mortgage Loan is being originated.

 

Closing Protection Letter:
A document issued by a title insurance company to Seller and/or Buyer and relied upon by Buyer to provide closing protection for
one or more mortgage loan closings and to insure Seller and/or Buyer, without limitation, against embezzlement by the Closing Agent
and loss or damage resulting from the failure of the Closing Agent to comply with all applicable closing instructions.

 

COBRA: As defined in Section
8.1(l) of this Agreement.

 

Code: The Internal Revenue
Code of 1986, as amended.

 

Committed Amount: The portion
of the Aggregate Transaction Limit that is committed, as set forth in the Transactions Terms Letter.

 

Comprehensive
Income Attributable to Common Stockholders: The “comprehensive income attributable to common stockholders”
as set forth in the financial statements of the Guarantor.

 

    	Exh. A-4

    	 

    

 

Contingent Obligations: Any
obligation of Seller arising from an existing condition or situation that involves uncertainty as to outcome and that will be resolved
by the occurrence or nonoccurrence of some future event, including, without limitation, any obligation guaranteeing or intended
to guarantee any Debt, leases, dividends or other obligations of any other Person in any manner, whether directly or indirectly;
provided; however, that endorsements of instruments for deposit or collection in the ordinary course of business shall not be included.
With respect to guarantees, the amount of the Contingent Obligation shall be equal to the stated or determinable amount of the
primary obligation in respect of the guarantee or, if not stated or determinable, the maximum reasonably anticipated liability
in respect thereof, as determined by Buyer.

 

Control Agreement: The agreement
to perfect Buyer’s security interest in the Custodial Account as described in Section 6.2(i) of this Agreement.

 

Conventional Conforming Mortgage
Loan: Unless defined otherwise in the Transactions Terms Letter, a first lien mortgage loan that fully conforms to all
underwriting and/or acquisition standards, loan amount limitations and other requirements of that standard Agency mortgage loan
purchase program accepting only the highest quality mortgage loans underwritten without dependence on expanded criteria provisions,
or that is approved by Desktop Underwriter or Loan Prospector.

 

Cooperative Corporation:
With respect to any Cooperative Mortgage Loan, the private, non-profit cooperative apartment corporation which owns all of the
related real property, including the land, separate dwelling units and all common areas.

 

Cooperative Mortgage Loan:
A mortgage loan that is secured by a first lien on and perfected security interest in Cooperative Shares and the related Proprietary
Lease granting exclusive rights to occupy the related Cooperative Unit in the building owned by the related Cooperative Corporation.

 

Cooperative Shares: With
respect to any Cooperative Mortgage Loan, the shares of stock issued by a Cooperative Corporation and allocated to a Cooperative
Unit and represented by a stock certificate.

 

Cooperative Unit: With respect
to a Cooperative Mortgage Loan, the specific dwelling unit relating to a Cooperative Mortgage Loan.

 

Correspondent Mortgage Loan:
A Mortgage Loan originated by a third party originator and acquired by Seller in accordance with Seller’s correspondent Mortgage
Loan program.

 

Cumulative Equity Proceeds:
As of any date of determination, the aggregate amount of all cash received on or prior to such date of determination by Guarantor
and its Subsidiaries in respect of any issuance of Equity effected after Effective Date net of expenses incurred by Guarantor and
its Subsidiaries in connection therewith.

 

Current Assets: Those assets
set forth in the consolidated balance sheet of Seller, prepared in accordance with GAAP, as current assets, defined as those assets
that are now cash or will by their terms or disposition be converted to cash within one (1) year of the date of the determination.

 

Current Liabilities: Those
liabilities set forth in the consolidated balance sheet of Seller, prepared in accordance with GAAP, as current liabilities, defined
as those liabilities due upon demand or within one (1) year of the date of determination.

 

Custodial Account: The account
described in Section 6.2(i) of this Agreement.

 

    	Exh. A-5

    	 

    

 

Custodial Agreement: The
Custodial Agreement executed among Buyer, Seller and Custodian with respect to this Agreement, as the same shall be modified and
supplemented and in effect from time to time.

 

Custodian: Wells Fargo Bank,
N.A. or such other custodian selected by Buyer.

 

Debt: The debt of Seller
consisting of, without duplication: (a) indebtedness for borrowed money, including principal, interest, fees and other charges;
(b) obligations evidenced by bonds, debentures, notes or other similar instruments; (c) obligations to pay the deferred purchase
price of property or services; (d) obligations as lessee under leases that shall have been or should be in accordance with GAAP,
recorded as capital leases; (e) obligations secured by any lien upon property or assets owned by Seller, even though Seller has
not assumed or become liable for payment of such obligations; (f) obligations in connection with any letter of credit issued for
the account of Seller; (g) obligations under direct or indirect guarantees in respect of and obligations, contingent or otherwise,
to purchase or otherwise acquire, or otherwise assure a creditor against loss in respect of, indebtedness or obligations of others
of the kinds referred to above; and (h) all Contingent Obligations.

 

Default Rate: The lesser
of (i) the Applicable Pricing Rate plus four percent (4.00%), or (ii) the maximum nonusurious interest rate, if any, that at any
time, or from time to time, may be contracted for, taken, reserved, charged or received under the laws of the United States and
the State of New York, per annum.

 

Defective Asset:
A Purchased Asset:

 

(a)          that
is not or at any time ceases to be an Eligible Asset;

 

(b)          that
has not been repurchased within the Maximum Dwell Time for a Noncompliant Asset or is ineligible to be a Noncompliant Asset because
the Aggregate Outstanding Purchase Price of other Purchased Assets that are deemed to be Noncompliant Assets is equal to or exceeds
the permitted Type Sublimit for Noncompliant Assets (to the extent any such Type Sublimit is set forth in the Transactions Terms
Letter);

 

(c)          that
is a Mortgage Loan and is the subject of fraud by any Person involved in the origination of such Mortgage Loan;

 

(d)          that
is a Mortgage Loan and the related Mortgaged Property is the subject of material damage or waste and such damage or waste shall
not have been remedied within three (3) Business Days after receipt of notice from Buyer to do so;

 

(e)          for
which any breach of a warranty or representation set forth in Section 8.2 occurs;

 

(f)          that
is a Mortgage Loan where the related Mortgagor fails to make the first payment due under the Mortgage Note on or before the applicable
due date, including any applicable grace period;

 

(g)          that
was rejected by the Approved Investor set forth in the related Purchase Commitment; or

 

(h)          that
is a Purchased Mortgage Loan and it is determined to be ineligible for sale as a Purchased Mortgage Loan of the Type originally
stipulated.

 

    	Exh. A-6

    	 

    

 

Depository: The Federal Reserve
Bank of New York, or as otherwise defined in the glossary of the Ginnie Mae Guide, the Fannie Mae Guide or the Freddie Mac Guide,
as applicable.

 

Dry Mortgage Loan: A Mortgage
Loan for which Buyer or its Custodian has possession of the related Mortgage Loan Documents, in a form and condition acceptable
to Buyer, prior to the payment of the Purchase Price.

 

Effective Date: That effective
date set forth in the Transactions Terms Letter.

 

Electronic Tracking Agreement:
An Electronic Tracking Agreement in a form acceptable to Buyer.

 

Eligible Asset:
With respect to any Transaction (i) from and after the related Purchase Date, an Eligible Mortgage Loan, and (ii) from and after
the related Pooling Date, an Eligible Mortgage Loan that is a Pooled Mortgage Loan, as the context may require.

 

Eligible Bank: Either (i)
Buyer, or (ii) a bank selected by Seller and approved by Buyer in writing and authorized to conduct trust and other banking business
in any state in which Seller conducts operations.

 

Eligible Mortgage Loan: A
Mortgage Loan that meets the eligibility criteria set forth in the Transactions Terms Letter.

 

Equity: As of any date of
determination, with respect to any Person, the common stock and retained earnings of such Person, determined in accordance with
GAAP, as reported on such Person’s balance sheet.

 

ERISA: The Employee Retirement
Income Security Act of 1974, as amended from time to time and any successor statute.

 

ERISA Affiliate: Any person
(as defined in section 3(9) of ERISA) that together with Seller or any of its Subsidiaries would be a member of the same “controlled
group” or treated as a single employer within the meaning of Section 414 of the Code or ERISA Section 4001.

 

Event of Default: Any of
the conditions or events set forth in Section 11.1.

 

Excluded Taxes: As defined
in Section 12.3(a).

 

Executive Management:
Seller’s (i) chairman of the board of directors, (ii) chief executive officer, (iii) president, (iv) chief financial officer,
(v) chief operations officer, and (vi) Head of Aggregation and Securitization of Mortgage Loans.

 

Existing Debt: Debt of Seller
existing on the date of this Agreement, as set forth on Schedule 3 hereto.

 

Expiration Date:
The earliest of (i) the Expiration Date set forth in the Transactions Terms Letter, (ii) at Buyer’s option, upon the occurrence
of an Event of Default and (iii) the date on which this Agreement shall terminate in accordance with the provisions hereof or by
operation of law.

 

Facility Fee: The non-refundable,
annual commitment fee set forth in the Transactions Terms Letter.

 

Fannie Mae: The Federal National
Mortgage Association and any successor thereto.

 

Fannie Mae Guide:
The Fannie Mae MBS Selling and Servicing Guide, as such guide may hereafter from time to time be amended.

 

    	Exh. A-7

    	 

    

 

Fannie Mae Program: The Fannie Mae Guaranteed
Mortgage-Backed Securities Programs, as described in the Fannie Mae Guide.

 

FHA: The Federal Housing
Administration of the United States Department of Housing and Urban Development and any successor thereto.

 

FHA Mortgage Insurance:
Mortgage insurance authorized under Sections 203(b), 213, 221(d)(2), 222, and 235 of the Federal Housing Administration Act
and provided by the FHA.

 

FHA Mortgage Insurance
Contract:  A contractual obligation of the FHA respecting the insurance of a Mortgage Loan.

 

FHA Regulations:
The regulations promulgated by HUD under the FHA Act, codified in 24 Code of Federal Regulations, and other HUD issuances relating
to Government Mortgage Loans, including the related handbooks, circulars, notices and mortgagee letters.

 

FICO Score:
The credit score of the Mortgagor provided by Fair, Isaac & Company, Inc. or such other organization providing credit scores
on the origination date of a Mortgage Loan; provided, that if (a) two separate credit scores are obtained on such origination date,
the FICO Score shall be the lower credit score; and (b) three separate credit scores are obtained on such origination date, the
FICO Score shall be the middle credit score.

 

Foreign Buyer: As defined
in Section 12.3(c) of this Agreement.

 

Freddie Mac: The Federal
Home Loan Mortgage Corporation and any successor thereto.

 

Freddie Mac Guide:
The Freddie Mac Sellers' and Servicers' Guide, as such guide may hereafter from time to time be amended.

 

Freddie Mac Program:
The Freddie Mac Home Mortgage Guarantor Program or the Freddie Mac FHA/VA Home Mortgage Guarantor Program, as described in the
Freddie Mac Guide.

 

GAAP: Generally accepted
accounting principles set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute
of Certified Public Accountants and the statements and pronouncements of the Financial Accounting Standards Board or in such other
statements by such other entity as may be approved by a significant segment of the accounting profession and that are applicable
to the circumstances as of the date of determination.

 

Ginnie Mae: Government National
Mortgage Association or any successor thereto.

 

Ginnie Mae Guide:
The Ginnie Mae Mortgage-Backed Securities Guide I or II, as such guide may hereafter from time to time be amended.

 

Ginnie Mae Program:
The Ginnie Mae Mortgage-Backed Securities Programs, as described in the Ginnie Mae Guide.

 

Government Mortgage Loan:
Unless defined otherwise in the Transactions Terms Letter, a first lien mortgage loan that is (a) eligible for FHA Mortgage Insurance
and is so insured or is subject to a current binding and enforceable commitment for such insurance pursuant to the provisions of
the National Housing Act, as amended, and is originated in Strict Compliance with the Ginnie Mae Guide and is eligible for inclusion
in a Ginnie Mae mortgage-backed security pool; or (b) eligible to be guaranteed by the VA and is so guaranteed or is subject to
a current binding and enforceable commitment for such guarantee pursuant to the provisions of the Servicemen’s Readjustment
Act, as amended, and is otherwise eligible for inclusion in a Ginnie Mae mortgage-backed security pool.

 

    	Exh. A-8

    	 

    

 

Governmental Authority: With
respect to any Person, any nation or government, any state or other political subdivision, agency or instrumentality thereof, any
entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government and any
court or arbitrator having jurisdiction over such Person, any of its Subsidiaries or any of its properties.

 

Guarantee: A guarantee signed
by a Guarantor in favor of Buyer, in a form acceptable to Buyer.

 

Guarantor: Five Oaks Investment
Corp.

 

Haircut: With respect to
any Transaction with respect to which the Purchase Price is being paid to one or more Approved Payees on behalf of Seller, if the
Purchase Price is less than the amount that such Approved Payees are entitled to receive in respect of the related Mortgage Loans,
the positive result (if any) equal to such amount minus such Purchase Price, which shall be considered a “settlement payment”
as defined in Bankruptcy Code Section 741(8).

 

Handbook: The guide prepared
by Buyer containing additional policies and procedures, as same may be amended from time to time.

 

HUD: The United States Department
of Housing and Urban Development or any successor thereto.

 

Income: With respect to any
Purchased Asset at any time, any principal and/or interest thereon and all dividends, Proceeds and other collections and distributions
thereon.

 

Indemnified Party or Indemnified
Parties: As defined in Section 12.1 of this Agreement.

 

Insolvency Event: The occurrence
of any of the following events:

 

(a)          such
Person shall become insolvent or generally fail to pay, or admit in writing its inability to pay, its debts as they become due,
or shall voluntarily commence any proceeding or file any petition under any bankruptcy, insolvency or similar law or seeking dissolution,
liquidation or reorganization or the appointment of a receiver, trustee, custodian, conservator or liquidator for itself or a substantial
portion of its property, assets or business or to effect a plan or other arrangement with its creditors, or shall file any answer
admitting the jurisdiction of the court and the material allegations of an involuntary petition filed against it in any bankruptcy,
insolvency or similar proceeding, or shall be adjudicated bankrupt, or shall make a general assignment for the benefit of creditors,
or such Person, or a substantial part of its property, assets or business, shall be subject to, consent to or acquiesce in the
appointment of a receiver, trustee, custodian, conservator or liquidator for itself or a substantial property, assets or business;

 

(b)          corporate
action shall be taken by such Person for the purpose of effectuating any of the foregoing;

 

(c)          an
order for relief shall be entered in a case under the Bankruptcy Code in which such Person is a debtor; or

 

(d)          involuntary
proceedings or an involuntary petition shall be commenced or filed against such Person under any bankruptcy, insolvency or similar
law or seeking the dissolution, liquidation or reorganization of such Person or the appointment of a receiver, trustee, custodian,
conservator or liquidator for such Person or of a substantial part of the property, assets or business of such Person, or any writ,
order, judgment, warrant of attachment, execution or similar process shall be issued or levied against a substantial part of the
property, assets or business of such Person, and such proceeding or petition shall not be dismissed, or such execution or similar
process shall not be released, vacated or fully bonded, within sixty (60) days after commencement, filing or levy, as the case
may be.

 

    	Exh. A-9

    	 

    

 

Insurer: A private mortgage
insurer, which is acceptable to Buyer.

 

Intercreditor Agreement:
An agreement substantially in the form acceptable to Buyer.

 

Irrevocable Closing Instructions:
Closing instructions, including wire instructions, in the form of Exhibit B issued in connection with funds disbursed for
the funding of new origination Wet Mortgage Loans or Dry Mortgage Loans as to which the origination funds are being remitted to
the closing table.

 

Jumbo Mortgage Loan: Unless
defined otherwise in the Transactions Terms Letter, a first lien mortgage loan or Cooperative Mortgage Loan (i) with respect to
which Seller has obtained a Purchase Commitment on or prior to the related Purchase Date and (ii) meets the transaction requirements
set forth on Schedule 1 to the Transactions Terms Letter.

 

LIBOR Floor: As defined in
the Transactions Terms Letter.

 

Lien: Any mortgage, lien,
pledge, charge, security interest or similar encumbrance.

 

Linked Transactions: Those
transactions identified in Guarantor’s financial statements as forward purchase (derivative) contracts where the initial
transfer of a financial asset and contemporaneous repurchase financing of such mortgage-backed security with the same counterparty
is considered part of the same arrangement.

 

Liquidity: As of any date
of determination, the sum of (a) Guarantor’s unrestricted and unencumbered cash and Cash Equivalents and (b) the balance
in the Over/Under Account exclusive of funds held due to a Margin Deficit or Margin Call. By way of example but not limitation,
cash in escrow and/or impound accounts shall not be included in this calculation.

 

Manufactured Home: A prefabricated
or manufactured home on which a lien secures a Mortgage Loan and which is considered and treated as “real estate” under
applicable law.

 

Margin Call: A margin call,
as defined and described in Section 6.3 of this Agreement.

 

Margin Deficit: A margin
deficit, as defined and described in Section 6.3 of this Agreement.

 

Market Value: With respect
to an Asset, the fair market value of the Asset as determined by Buyer in its sole discretion without regard to any market value
assigned to such Asset by Seller. Buyer’s determination of Market Value shall be conclusive upon the parties, absent manifest
error on the part of Buyer. At no time and in no event will the Market Value of a Purchased Asset be greater than the Market Value
of such Purchased Asset on the Purchase Date. Any Mortgage Loan that is not an Eligible Asset shall have a Market Value of zero.

 

Master Netting Agreement:
The master netting agreement among Buyer, Seller and certain Affiliates and Subsidiaries of Buyer and/or Seller, in form and substance
acceptable to Buyer, as the same shall be modified and supplemented and in effect from time to time.

 

    	Exh. A-10

    	 

    

 

Material
Adverse Effect: Any of the following: (i) a material adverse change in, or a material adverse effect upon, the operations,
business, properties, condition (financial or otherwise) or prospects of Seller, Servicer or any Affiliate that is a party to any
Principal Agreement taken as a whole; (ii) a material impairment of the ability of Seller, Servicer or any Affiliate that is a
party to any Principal Agreement to perform under any Principal Agreement and to avoid any Event of Default; (iii) a material adverse
effect upon the legality, validity, binding effect or enforceability of any Principal Agreement against Seller, Servicer or any
Affiliate that is a party to any Principal Agreement; (iv) a material adverse effect on the rights and remedies of Buyer under
any of the Principal Agreements; (v) a material adverse effect on the marketability, collectability, value or enforceability of
a material portion of the Purchased Assets or (vi) a material adverse effect on the Approvals of Seller (to the extent previously
approved), in each case as determined by Buyer in its sole good faith discretion.

 

Maximum Dwell Time: (i) For
any Purchased Asset with Standard Status, the maximum number of days such Purchased Asset can be not repurchased by Seller before
such Purchased Asset may be deemed to be a Noncompliant Asset; and (ii) with respect to a Noncompliant Asset, the maximum number
of days that such Noncompliant Asset can be deemed to be a Noncompliant Asset before it may be deemed to be a Defective Asset,
all as set forth in the Transactions Terms Letter.

 

MERS: Mortgage Electronic
Registration Systems, Inc., a Delaware corporation, or any successor in interest thereto.

 

Minimum Over/Under Account Balance:
The balance required to be maintained by Seller in the Over/Under Account as provided in Section 3.5(a) of this Agreement,
which balance is specified in the Transactions Terms Letter.

 

Moody’s: Moody’s
Investors Service, Inc. or any successor thereto.

 

Mortgage: A first-lien or
second-lien mortgage, deed of trust, security deed or similar instrument on either (i) with respect to a Mortgage Loan other than
a Cooperative Mortgage Loan, improved real property or (ii) with respect to a Cooperative Mortgage Loan, the Proprietary Lease
and related Cooperative Shares.

 

Mortgage-Backed Security:
Any fully-modified pass-through mortgage-backed security that is (i) either issued by Seller and fully guaranteed by Ginnie Mae
or issued and fully guaranteed with respect to timely payment of interest and ultimate payment of principal by Fannie Mae or Freddie
Mac; (ii) evidenced by a book-entry account in a depository institution having book-entry accounts at the applicable Depository;
and (iii) backed by a Pool, in substantially the principal amount and with substantially the other terms as specified with respect
to such Mortgage-Backed Security in the related Purchase Commitment.

 

Mortgage Loan: A Jumbo Mortgage
Loan, as further specified in the Transactions Terms Letter, which Mortgage Loan may be either a Dry Mortgage Loan or a Wet Mortgage
Loan.

 

Mortgage Loan Documents:
With respect to each Purchased Mortgage Loan:

 

(a)          the
original Mortgage Note evidencing the Mortgage Loan, bearing all intervening endorsements from the originator to the last endorsee
endorsed, “Pay to the order of ____________, without recourse” and signed in the name of the last endorsee by an officer
of the last endorsee;

 

(b)          if
Seller did not originate the Mortgage Loan, a copy of all original intervening assignments duly executed and acknowledged and in
recordable form, evidencing the chain of mortgage assignments from the originator of the Mortgage Loan to Seller, or to MERS, in
the case of a Mortgage Loan registered with MERS, together with a certificate from Seller, the applicable title insurance company,
the applicable Closing Agent or the applicable recorder’s office, certifying that such copy represents a true and correct
reproduction of the original and that such original has been duly recorded or delivered for recordation in the appropriate records
of the jurisdiction in which the related Mortgaged Property is located;

 

    	Exh. A-11

    	 

    

 

(c)          except
with respect to a Mortgage Loan that is registered with MERS, an original Assignment in blank, executed by Seller, for the Mortgage
securing the Mortgage Note, in recordable form but unrecorded, with a complete chain of intervening assignments from the originator
to Seller;

 

(d)          a
copy of the Mortgage securing the Mortgage Note bearing evidence of the recordation of such Mortgage with the appropriate Governmental
Authority, together with a certificate from Seller, the applicable title insurance company, the applicable Closing Agent or the
applicable recorder’s office, certifying that such copy represents a true and correct reproduction of the original and that
such original has been duly recorded or delivered for recordation in the appropriate records of the jurisdiction in which the related
Mortgaged Property is located, or if such recording information is unavailable because the document has not yet come back from
the applicable recording office, then a copy of evidence that such original Mortgage was sent out for recording by a Closing Agent;
and

 

(e)          an
original or copy of the title insurance policy insuring the first lien or second lien position of the Mortgage, as applicable,
in at least the original principal amount of the related Mortgage Note and containing only those exceptions permitted by the Purchase
Commitment or an unconditional commitment to issue such a title insurance policy.

 

Mortgage Loan File: With
respect to each Mortgage Loan, that file that contains the Mortgage Loan Documents and is delivered to Buyer or its Custodian.

 

Mortgage Note: A promissory
note secured by a Mortgage and evidencing a Mortgage Loan.

 

Mortgaged Property: The real
property or other Cooperative Mortgage Loan collateral securing repayment of the debt evidenced by a Mortgage Note.

 

Mortgagor: The obligor of
a Mortgage Loan.

 

Multiemployer Plan: A multiemployer
plan within the meaning of Sections 3(37) or 4001(a)(3) of ERISA.

 

Net
Worth: With respect to any Person, the excess of total assets of such Person, over total liabilities of such Person,
determined in accordance with GAAP.

 

Noncompliant Asset: If applicable
per the Transactions Terms Letter, as of any date of determination, a Purchased Asset that is an Eligible Asset and was not repurchased
prior to the expiration of the Maximum Dwell Time permitted for a Purchased Asset with Standard Status but was repurchased prior
to the expiration of the Maximum Dwell Time for Noncompliant Assets.

 

One-Month LIBOR: The daily
rate per annum (rounded to three (3) decimal places) for one-month U.S. dollar denominated deposits as offered to prime banks in
the London interbank market, as published on the Official ICE LIBOR Fixings page by Bloomberg or in the Wall Street Journal as
of the date of determination; provided, that if Buyer determines that any law, regulation, treaty or directive or any change therein
or in the interpretation or application thereof, or any circumstance materially and adversely affecting the London interbank market,
shall make it unlawful, impractical or commercially unreasonable for Buyer to enter into or maintain Transactions as contemplated
by this Agreement using One-Month LIBOR, then Buyer may, in addition to its rights under Section 4.5 herein, select an alternative
rate of interest or index in its discretion.

 

    	Exh. A-12

    	 

    

 

Other Mortgage Loan Documents:
In addition to the Mortgage Loan Documents, with respect to any Mortgage Loan, the following: (i) the original recorded Mortgage,
if not included in the Mortgage Loan Documents; (ii) a copy of the preliminary title commitment showing the policy number or preliminary
attorney’s opinion of title and the original policy of mortgagee’s title insurance or unexpired commitment for a policy
of mortgagee’s title insurance, if not included in the Mortgage Loan Documents; (iii) the original Closing Protection Letter
and a copy of the Irrevocable Closing Instructions; (iv) the original Purchase Commitment, if any; (v) the original FHA certificate
of insurance or commitment to insure, the VA certificate of guaranty or commitment to guaranty and the Insurer’s certificate
or commitment to insure, as applicable; (vi) the survey, flood certificate, hazard insurance policy and flood insurance policy,
as applicable; (vii) the original of any assumption, modification, consolidation or extension agreements, with evidence of recording
thereon or copies stamp certified by an authorized officer of Seller to have been sent for recording, if any; (viii) copies of
each instrument necessary to complete identification of any exception set forth in the exception schedule in the title policy;
(ix) the loan application; (x) verification of the Mortgagor’s employment and income, if applicable; (xi) verification of
the source and amount of the downpayment; (xii) credit report on Mortgagor; (xiii) appraisal of the Mortgaged Property; (xiv) the
original executed disclosure statement; (xv) Tax receipts, insurance premium receipts, ledger sheets, payment records, insurance
claim files and correspondence, current and historical computerized data files, acquisition standards used for origination and
all other related papers and records; (xvi) the original of any guarantee executed in connection with the Mortgage Note (if any);
(xvii) the original of any security agreement, chattel mortgage or equivalent document executed in connection with the Mortgage;
(xviii) all copies of powers of attorney or similar instruments, if applicable; (xix) copies of all documentation in connection
with the acquisition and origination of any Purchased Mortgage Loan that evidences compliance with, (1) with respect to all Purchased
Mortgage Loans, the Ability to Repay Rule and, (2) with respect to all Purchased Mortgage Loans, the QM Rule; and (xx) all other
documents relating to the Purchased Mortgage Loan.

 

Other Taxes: As defined in
Section 12.3(a).

 

Over/Under Account: That
account maintained by Buyer, as described in Section 3.5.

 

Payment Date: The fifth (5th)
day of each month, or if such date is not a Business Day, the Business Day immediately preceding the fifth (5th) day
of the month; provided, however, Buyer may change the Payment Date from time to time upon thirty (30) days prior
notice to Seller.

 

PBGC: The Pension Benefit
Guaranty Corporation and any successor thereto.

 

Person: Includes natural
persons, corporations, limited partnerships, general partnerships, limited liability companies, joint stock companies, joint ventures,
associations, companies, trusts, banks, trust companies, land trusts, business trusts or other organizations, whether or not legal
entities, and governments and agencies and political subdivisions thereof.

 

Plan: Any Multiemployer Plan
or single-employer plan as defined in section 4001 of ERISA, that is maintained and contributed to by (or to which there is an
obligation to contribute of), or at any time during the five (5) calendar years preceding the date of this Agreement was maintained
or contributed to by (or to which there is an obligation to contribute of), Seller or by a Subsidiary of Seller or an ERISA Affiliate.

 

Pool: A
pool of fully amortizing first lien residential Mortgage Loans eligible in the aggregate to back a Mortgage-Backed Security.

 

    	Exh. A-13

    	 

    

 

Pooled Mortgage
Loan: Any Mortgage Loan that is part of a Pool of Mortgage Loans certified by the Custodian to an Agency that will be exchanged
on the related Settlement Date for a Mortgage-Backed Security backed by such Pool in accordance with the terms of the applicable
Agency Guide.

 

Pooling Date:
With respect to Pooled Mortgage Loans, the date on which an Agency pool number is assigned to the related Pool.

 

Potential Default: The occurrence
of any event or existence of any condition that, but for the giving of notice, the lapse of time, or both, would constitute an
Event of Default.

 

Power of Attorney: A power
of attorney, substantially in the form attached hereto as Exhibit H.

 

Price Differential: For each
Purchased Asset or Transaction as of any date of determination, an amount equal to the product of (a) (i) prior to the occurrence
of an Event of Default, the sum of the Applicable Pricing Rate plus the applicable Type Margin, or (ii) following the occurrence
and during the continuance of an Event of Default, the Default Rate, and (b) the Purchase Price for such Purchased Asset or Transaction.
Price Differential will be calculated in accordance with Section 2.6.

 

Principal Agreements: This
Agreement, the Transactions Terms Letter, the Electronic Tracking Agreement, the Control Agreement (if any), the Custodial Agreement,
the Master Netting Agreement, if any, any Servicing Agreement, together with the related Servicer Notice, the Intercreditor Agreement
(if any), the Guarantee(s) (if required by the Transactions Terms Letter), all Trade Assignments and related Purchase Commitments,
and all other documents and instruments evidencing the Transactions, as same may from time to time be supplemented, modified or
amended, and any other agreement entered into between Buyer and Seller in connection herewith or therewith.

 

Proceeds: The total amount
receivable or received when a Purchased Asset or other Purchased Item is sold, collected, exchanged or otherwise disposed of, whether
such disposition is voluntary or involuntary, including, without limitation, all rights to payment, including return premiums,
with respect to any insurance relating thereto and all escrow withholds and escrow payments for Property Charges, as applicable.

 

Property Charges: All taxes,
fees, assessments, water, sewer and municipal charges (general or special) and all insurance premiums, leasehold payments or ground
rents.

 

Proprietary Lease: The lease
on a Cooperative Unit evidencing the possessory interest of the owner of the Cooperative Shares in such Cooperative Unit.

 

Purchase Advice:
In connection with each wire transfer to be made to Buyer by Seller or an Approved Investor, a written or electronic notification
setting forth (a)(i) the loan number assigned by Seller or last name of the Mortgagor for each Mortgage Loan that is related to
the Transaction in connection with which a payment is being made, or (ii) the CUSIP of any related Mortgage-Backed Security; (b)
the amount of the wire transfer to be applied in the Transaction; and (c) the total amount of the wire.

 

Purchase Commitment:
A trade ticket or other written commitment issued in favor of Seller by an Approved Investor pursuant to which that Approved Investor
commits to purchase one or more Purchased Assets, and as to which the Takeout Price for such Purchased Assets is for an amount
that is not less than the outstanding Repurchase Price for such Purchased Assets, together with the related correspondent, whole
loan or forward purchase agreement by and between Seller and the Approved Investor governing the terms and conditions of any such
purchases, all in form and substance satisfactory to Buyer.

 

    	Exh. A-14

    	 

    

 

Purchase Date:
The date on which Buyer purchases a Purchased Asset from Seller. If the Purchase Price is paid by wire transfer, the Purchase Date
shall be the date such funds are wired. If the Purchase Price is paid by a cashier’s check, the Purchase Date shall be the
date such check is issued by the bank. If the Purchase Price is paid by a funding draft, the Purchase Date shall be the date that
the draft is posted by the bank on which the draft is drawn.

 

Purchase Price:
The price at which each Asset is transferred by Seller to Buyer which, except as otherwise may be set forth in the Transactions
Terms Letter, shall be equal to the product of the applicable Type Purchase Price Percentage and the least of (i) the unpaid principal
balance of such Asset, (ii) the Market Value of such Asset, (iii) the purchase price committed by the related Approved Investor,
if applicable, as evidenced by the related Purchase Commitment, or (iv) the purchase price paid by Seller for such Asset. For the
sake of clarity, the Purchase Price for each Mortgage-Backed Security subject to a Transaction pursuant to Section 3.8 shall
be the same Purchase Price that was paid for the Purchased Mortgage Loans backing such Mortgage-Backed Security.

 

Purchased
Assets: Purchased Mortgage Loans. The term “Purchased Assets” with respect
to any Transaction at any time shall also include Mortgage-Backed Securities that replace the related Purchased Mortgage Loans
pursuant to Section 3.8 and Additional Purchased Assets delivered pursuant to Section 6.3 of this Agreement.

 

Purchased Items:
All now existing and hereafter arising right, title and interest of Seller in, under and to the following:

 

(a)          all
Purchased Mortgage Loans, now owned or hereafter acquired, including all Mortgage Notes and Mortgages evidencing such Mortgage
Loans and the related Mortgage Loan Documents, for which a Transaction has been entered into between Buyer and Seller hereunder
and for which the Repurchase Price has not been paid in full and all Mortgage Loans, including all Mortgage Notes and Mortgages
evidencing such Mortgage Loans and the related Mortgage Loan Documents, which, from time to time, are delivered, or caused to be
delivered, to Buyer (including delivery to a custodian or other third party on behalf of Buyer) as additional security for the
performance of Seller’s obligations hereunder;

 

(b)          all
Mortgage-Backed Securities issued in exchange for Purchased Mortgage Loans for which the Repurchase Price has not been received
by Buyer;

 

(c)          all
Income related to the Purchased Assets and all rights to receive such Income;

 

(d)          the
Custodial Account and all amounts on deposit therein;

 

(e)          all
rights of Seller under all related Purchase Commitments (including the right to receive the related Takeout Price), purchase agreements
or other hedging arrangements, agreements, contracts or take-out commitments relating to or constituting any or all of the foregoing,
now existing and hereafter arising, covering any part of the Purchased Assets, and all rights to receive documentation relating
thereto, and all rights to deliver Purchased Mortgage Loans and related Mortgage-Backed Securities to permanent investors and other
purchasers pursuant thereto and all Proceeds resulting from the disposition of such Purchased Assets;

 

(f)          all
now existing and hereafter established accounts maintained with broker-dealers by Seller for the purpose of carrying out transactions
under Purchase Commitments relating to any part of the Purchased Assets;

 

    	Exh. A-15

    	 

    

 

(g)          all
now existing and hereafter arising rights of Seller to service, administer and/or collect on the Purchased Assets hereunder and
any and all rights to the payment of monies on account thereof;

 

(h)          all
Servicing Rights related to the Purchased Mortgage Loans, all related Servicing Records, and all rights of Seller to receive from
any third party or to take delivery of any Servicing Records or other documents which constitute a part of the Mortgage Loan Files,
all rights of Seller to receive from any third party or to take delivery of any records or other documents which constitute a part
of the Mortgage Loan Files, including, without limitation, the Other Mortgage Loan Documents;

 

(i)          all
now existing and hereafter arising accounts, contract rights and general intangibles constituting or relating to any of the Purchased
Assets;

 

(j)          all
mortgage and other insurance and all commitments issued by Insurers, the FHA or the VA, as applicable, to insure or guaranty any
Purchased Asset, including, without limitation, all FHA Mortgage Insurance Contracts and VA Loan Guaranty Agreements relating to
such Purchased Assets and the right to receive all insurance proceeds and condemnation awards that may be payable in respect of
the premises encumbered by any Mortgage; and all other documents or instruments delivered to Buyer in respect of the Purchased
Assets;

 

(k)          all
documents, files, surveys, certificates, correspondence, appraisals, computer programs, tapes, discs, cards, accounting records
and other information and data of Seller relating to Purchased Assets;

 

(l)      
    all rights, but not any obligations or liabilities, of Seller with respect to the Approved Investors
relating to the Purchased Assets;

 

(m)         all
property of Seller, in any form or capacity now or at any time hereafter in the possession or control of Buyer, including, without
limitation, all deposit accounts and any funds at any time held therein, into which Proceeds of the Purchased Assets are at any
time deposited;

 

(n)          all
products and Proceeds of the Purchased Assets; and

 

(o)          any
funds of Seller at any time deposited or held in the Over/Under Account.

 

 

Purchased Mortgage
Loan: A Mortgage Loan that has been purchased by Buyer from Seller in connection with a Transaction and which has not been
repurchased by Seller hereunder.

 

QM Rule: 12 CFR 1026.43(e),
including all applicable official staff commentary.

 

Qualified Mortgage: A Mortgage
Loan that satisfies the criteria for a “qualified mortgage” as set forth in the QM Rule.

 

Rebuttable Presumption Qualified
Mortgage: A Qualified Mortgage with an annual percentage rate that exceeds the average prime offer rate for a comparable
mortgage loan as of the date the interest rate is set by 1.5 or more percentage points for a first-lien Mortgage Loan or by 3.5
or more percentage points for a subordinate-lien Mortgage Loan.

 

Recognition Agreement: An
agreement whereby a Cooperative Corporation and a mortgagee with respect to a Cooperative Mortgage Loan (i) acknowledge that such
mortgagee may make, or intends to make, such Cooperative Mortgage Loan, and (ii) make certain agreements with respect to such Cooperative
Mortgage Loan.

 

    	Exh. A-16

    	 

    

 

Reportable Event: An event
described in Section 4043(b) of ERISA with respect to a Plan as to which the thirty (30) days’ notice requirement has not
been waived by the PBGC.

 

Repurchase Acceleration Event:
Any of the conditions or events set forth in Section 4.2 of this Agreement.

 

Repurchase Date:
The date on which Seller is to repurchase a Purchased Asset subject to a Transaction from Buyer, which is either (i) the date specified
in the related Transactions Terms Letter and/or Asset Data Record, or (ii) the date identified to Buyer by Seller as the date that
the related Purchased Asset is to be sold pursuant to a Purchase Commitment; provided, however, that if the Repurchase
Date is not a date within the Maximum Dwell Time for a Purchased Asset with Standard Status, Buyer may, at its discretion, deem
such Purchased Asset a Noncompliant Asset and Buyer may pursue any rights and remedies accorded Buyer hereunder as a result thereof,
including, without limitation, charging Seller any applicable fees as a result thereof. The Repurchase Date for each Purchased
Asset shall in no event occur later than one (1) year after the Purchase Date of such Purchased Asset.

 

Repurchase Price:
The price at which a Purchased Asset is to be transferred from Buyer or its designee to Seller upon termination of a Transaction,
which shall equal the sum of (i) the Purchase Price, (ii) any applicable fees and indemnities owed by Seller in connection with
the Purchased Asset and (iii) the Price Differential due on such Purchase Price pursuant to Section 2.6 as of the date
of such determination.

 

Repurchase Transaction: A
repurchase transaction, as defined and described in Section 6.6 of this Agreement.

 

Request for Temporary Increase:
As defined in Section 2.10 of this Agreement.

 

S&P: Standard and Poor’s
Ratings Services, a division of The McGraw-Hill Companies, Inc., and any successor thereto.

 

Safe Harbor Qualified Mortgage:
A Qualified Mortgage with an annual percentage rate that does not exceed the average prime offer rate for a comparable mortgage
loan as of the date the interest rate is set by 1.5 or more percentage points for a first-lien Mortgage Loan or by 3.5 or more
percentage points for a subordinate-lien Mortgage Loan.

 

Selling System:
The Freddie Mac automated system by which sellers and servicers of mortgage loans to Freddie Mac transfer mortgage summary and
record data or mortgage accounting and servicing information from their computer system or service bureau to Freddie Mac, as more
fully described in the Freddie Mac Guide.

 

Servicer: Seller, New Penn
Financial, LLC, PHH Mortgage Corporation, Select Portfolio Servicing, Inc. or such other entity responsible for servicing or subservicing,
as the case may be, the Purchased Mortgage Loans and that has been approved by Buyer in writing, or, in each case, any successor
or permitted assigns.

 

Servicer Notice: The notice
acknowledged by the Servicer which is substantially in the form of Exhibit K hereto.

 

Servicer Termination
Event: The occurrence of any of the following conditions or events shall be a Servicer Termination Event:

 

    	Exh. A-17

    	 

    

 

		(a)	Servicer ceases to meet the qualifications for maintaining all Approvals, such Approvals are revoked
or such Approvals are materially modified;

		(b)	Servicer becomes subject to any penalties and/or sanctions by any Agency, HUD, FHA, or VA; or

		(c)	Servicer fails to service the Eligible Assets subject to Transactions materially in accordance
with applicable Agency Guides resulting in a diminution in value of any such Eligible Asset;

		(d)	Servicer fails to service the Eligible Assets subject to Transactions materially in accordance
with the related Servicing Agreement;

		(e)	Servicer fails to deliver any information, report, certification or other material when required
under the Regulation AB Compliance Addendum;

		(f)	Servicer fails to maintain all state and federal licenses necessary to do business in any jurisdiction
where Mortgaged Property is located if such license is required, or to be in compliance with any licensing laws of any jurisdiction
where Mortgaged Property is located;

		(g)	(i) Servicer or any of its Subsidiaries or Affiliates shall default under, or fail to perform as
required under, or shall otherwise breach the terms of any instrument, agreement or contract between Servicer or such other entity
on the one hand, and Buyer or any of Buyer’s Affiliates on the other; or (ii) Servicer or any of its Subsidiaries or Affiliates
shall default under, or fail to perform as required under, the terms of any repurchase agreement, loan and security agreement or
similar credit facility, any agreement for borrowed funds or any other material agreement entered into by Servicer or such other
entity and any third party;

		(h)	an Insolvency Event shall have occurred with respect to Servicer or any of its Affiliates or Subsidiaries;
or Servicer shall admit in writing its inability to, or intention not to, perform any of its obligations under this Agreement or
any of the other Principal Agreements to which it is a party; or Buyer shall have determined in good faith that Servicer is unable
to meet its financial commitments as they come due;

		(i)	a Change of Control shall occur with respect to Servicer; or

		(j)	a Material Adverse Effect shall occur with respect to Servicer.

 

Servicing Agreement: If the
Purchased Mortgage Loans are serviced by any third party servicer, the agreement with that third party in form and substance acceptable
to Buyer.

 

Servicing Records: All servicing
agreements, files, documents, records, data bases, computer tapes, copies of computer tapes, proof of insurance coverage, insurance
policies, appraisals, other closing documentation, payment history records, and any other records relating to or evidencing the
servicing of a Mortgage Loan.

 

Servicing Released Mortgage Loans:
A Purchased Mortgage Loan sold to Buyer hereunder together with the related Servicing Rights, and indicated as servicing released
on the related Asset Data Record.

 

Servicing Retained Mortgage Loans:
A Purchased Mortgage Loan sold to Buyer hereunder together with the related Servicing Rights, and indicated as servicing retained
on the related Asset Data Record.

 

Servicing Rights: The contractual,
possessory or other rights of Seller, Servicer or any other Person, whether arising under a Servicing Agreement, the Custodial
Agreement or otherwise, to administer or service a Mortgage Loan or to possess related Servicing Records.

 

Settlement Date:
With respect to a Mortgage-Backed Security, the date on which the applicable Agency delivers such Mortgage-Backed Security to the
Depository and it is registered as a book-entry security in the name of the Depository.

 

    	Exh. A-18

    	 

    

 

Standard Status: As of any
date of determination, a Purchased Asset that has been subject to a Transaction for less than the applicable Maximum Dwell Time
and that is not a Noncompliant Asset or a Defective Asset.

 

Stock Certificate: With respect
to a Cooperative Mortgage Loan, the certificates evidencing ownership of the Cooperative Shares issued by the Cooperative Corporation.

 

Stock Power: With respect
to a Cooperative Mortgage Loan, an assignment of the Stock Certificate or an assignment of the Cooperative Shares issued by the
Cooperative Corporation.

 

Strict Compliance:
The compliance of Seller and Mortgage Loans that are intended to be Agency Eligible Mortgage Loans with the requirements of
the applicable Agency Guide, as applicable and as amended by any agreements between Seller and the applicable Agency, sufficient
to enable Seller to issue and Ginnie Mae to guarantee or Fannie Mae or Freddie Mac to issue and guarantee a Mortgage-Backed Security;
provided, that until copies of any such agreements between Seller and Fannie Mae, Freddie Mac or Ginnie Mae, as applicable,
have been provided to Buyer by Seller and agreed to by Buyer, such agreements shall be deemed, as between Seller and Buyer, not
to amend the requirements of the applicable Agency Guide.

 

Subordinated Debt: Debt of
Seller that either (i) has been subordinated to Buyer as provided in this Agreement or (ii) that has been otherwise approved by
Buyer.

 

Subsidiary:
With respect to any Person, any corporation, partnership or other entity of which at least a majority of the securities or
other ownership interests having by the terms thereof ordinary voting power to elect a majority of the board of directors or other
persons performing similar functions of such corporation, partnership or other entity (irrespective of whether or not at the time
securities or other ownership interests of any other class or classes of such corporation, partnership or other entity shall have
or might have voting power by reason of the happening of any contingency) is at the time directly or indirectly owned or controlled
by such Person or one or more Subsidiaries of such Person.

 

Successor Servicer: Any successor
subservicer of the Purchased Mortgage Loans appointed by Buyer as described in Section 6.2(h) of this Agreement.

 

Takeout Price: The purchase
price to be paid for a Purchased Asset or related Mortgage-Backed Security by the related Approved Investor pursuant to the related
Purchase Commitment.

 

Tangible Net Worth: As of
any date of determination, (i) the Net Worth of Guarantor and its consolidated Subsidiaries, on a combined basis, determined in
accordance with GAAP, minus (ii) all intangibles determined in accordance with GAAP (including, without limitation, goodwill, capitalized
financing costs and capitalized administration costs but excluding originated and purchased mortgage servicing rights) and any
and all advances to, investments in and receivables held from Affiliates, and minus (iii) loans held for investment and real estate
owned net of acceptable financing (financing must be deemed acceptable by Buyer in its sole discretion).

 

Taxes: As defined in Section
12.3(a) of this Agreement.

 

Temporary Aggregate
Transaction Limit: As defined in Section 2.10 of this Agreement.

 

Temporary Increase:
As defined in Section 2.10 of this Agreement.

 

    	Exh. A-19

    	 

    

 

Total Adjusted Liabilities:
As of any date of determination, the sum of (i) the total liabilities of Guarantor on any given date of determination, to be determined
in accordance with GAAP consistent with those applied in the preparation of Guarantor’s financial statements, plus (ii) to
the extent not already included under GAAP, the total aggregate outstanding amount owed by Guarantor under any purchase, repurchase,
refinance or other similar credit arrangements, plus (iii) to the extent not already included under GAAP, any “off balance
sheet” purchase, repurchase, refinance or other similar credit arrangements, plus (iv) the gross amount of repurchase financing
related to Linked Transactions, minus (v) non-recourse debt, minus (vi) any liabilities related to any consolidation on Guarantor’s
balance sheet.

 

Total
Marginable Assets: As of any date of determination, in accordance with GAAP, the sum of all assets of Guarantor subject
to “margin”, including but not limited to (i) mortgage loans held for sale, (ii) derivative assets less derivative
liabilities (solely to the extent the difference is greater than or equal to zero); (iii) available for sale securities (solely
to the extent pledged), (iv) the gross amount pledged associated with Linked Transactions and (v) loans held for investment, real
estate owned property, mortgage servicing rights and servicing advances; in the case of clauses (i)-(v), as detailed in
Guarantor’s monthly financial statements.

 

Trade Assignment: An assignment
to Buyer of a forward trade between an Approved Investor and Seller with respect to one or more Purchased Assets or related Mortgage-Backed
Security, in each case in substantially the form of Exhibit N hereto, together with the related Purchase Commitment that
has been fully executed, is enforceable and is in full force and effect and confirms the details of such forward trade.

 

Transaction: As set forth
in the Recitals of this Agreement.

 

Transactions Terms Letter:
The document executed by Buyer, Seller and Guarantor, referencing this Agreement and setting forth certain specific terms, and
any additional terms, with respect to this Agreement.

 

Type:
A specific type of Purchased Asset, as set forth in the Transactions Terms Letter.

 

Type Margin: With respect
to each Type of Purchased Asset, the corresponding annual rate of interest for such Type as set forth in the Transactions Terms
Letter that shall be added to the Applicable Pricing Rate to determine the annual rate of interest for the related Purchase Price.

 

Type Purchase Price Percentage:
With respect to each Type of Purchased Asset, the corresponding purchase price percentage for such Type, as set forth in the Transactions
Terms Letter.

 

Type Sublimit: Any of the
applicable Type Sublimits, as set forth in the Transactions Terms Letter.

 

Uncommitted Amount: The amount
of the Aggregate Transaction Limit that is uncommitted, as set forth in the Transactions Terms Letter, or such other amount as
may be determined by the Buyer in its sole discretion.

 

Underwriter Approval: Written
evidence, in form and substance acceptable to Buyer, that a Purchased Mortgage Loan has been underwritten to the satisfaction of
the Approved Investor issuing the applicable Purchase Commitment.

 

Uniform Commercial Code:
The Uniform Commercial Code as in effect on the date hereof in the State of New York or the Uniform Commercial Code as in
effect in the applicable jurisdiction.

 

Unused Facility
Fee: The fee set forth in the Transactions Terms Letter payable by Seller quarterly in arrears on each Payment Date, based
upon the unused portion of the Aggregate Transaction Limit; provided, however, that no fee shall be due on a Payment
Date if the Used Amount is less than the specified percentage of the Aggregate Transaction Limit that is set forth in the Transactions
Terms Letter.

 

    	Exh. A-20

    	 

    

 

Used Amount:
As defined in the Transactions Terms Letter.

 

VA: The
Department of Veterans Affairs and any successor thereto.

 

VA Loan Guaranty
Agreement: The obligation of the United States to pay a specific percentage of a Mortgage Loan (subject to a maximum amount)
upon default of the Mortgagor pursuant to the Servicemen’s Readjustment Act, together with all amendments, modifications,
supplements and restatements thereto.

 

VA Regulations:
Regulations promulgated by the U.S. Department of Veterans Affairs pursuant to the Servicemen’s Readjustment Act, as amended,
codified in 38 Code of Federal Regulations, and other VA issuances relating to Government Mortgage Loans, including related handbooks,
circulars and notices.

 

Warehouse Lender’s Release:
A warehouse lender’s release in substantially the form set forth in the Custodial Agreement.

 

Wet Mortgage Loan: A Mortgage
Loan for which the complete Mortgage Loan File has not been delivered to Custodian, subject to Seller’s obligation to deliver
all of the related Mortgage Loan Documents to Buyer or its Custodian in a form and condition acceptable to Buyer within the applicable
Maximum Dwell Time.

 

Wet Mortgage Loans Sublimit:
The maximum aggregate principal amount of Purchased Mortgage Loans that may be Wet Mortgage Loans at any time, as set forth in
the Transactions Terms Letter.

 

    	Exh. A-21

    	 

    

 

EXHIBIT B

 

FORM OF IRREVOCABLE CLOSING INSTRUCTIONS

 

[DATE]

 

	 	 	  (“Closing Agent”)
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	Dear	 	 

 

		Re:	Irrevocable Closing Instructions

 

Closing Protection Letter Issued By, if
applicable: ______________________________

 

Ladies and Gentlemen:

 

This letter is being sent in accordance
with that Master Repurchase Agreement dated as of December 30, 2014 (the “Agreement”) between Five Oaks Acquisition
Corp. (“Seller”) and Bank of America, N.A. (“Buyer”), the terms of which do not affect Closing Agent except
as set forth herein.

 

Pursuant to the Agreement, you have been
identified as either:

 

		·	the title insurer to close and provide title insurance on certain mortgage loans made by Seller; or

 

		·	the closing agent to close and fund certain mortgage loans made by Seller and covered by the above referenced closing protection
letter (the “Mortgage Loans”).

 

From time to time, Buyer will wire to you,
for the account of Seller, funds requested by Seller under the terms of the Agreement to be used by you for the purpose of funding
such Mortgage Loan(s) and for no other purpose. Notwithstanding anything to the contrary contained herein, you are not to distribute
any of such funds to Seller. You must immediately return the funds to Buyer at the following account if one of the following conditions
occurs:

 

		·	You do not close any Mortgage Loan within forty-eight (48) hours of the time you receive the applicable funds; or

 

		·	You receive funds for a Mortgage Loan for which you have not been instructed by Seller to (a) obtain title insurance from the
title insurance company specified in the above referenced closing protection letter or (b) underwrite the title insurance.

 

	Bank:	Bank of America, N.A.
	ABA No.:	026009593
	Account No.:	1233460784
	Credit:	Warehouse Lending – Payoff Account
	Reference:	Five Oaks Acquisition Corp.

 

If the Mortgage Loan Documents (as described
below) have not been delivered to Seller prior to the funding of the Transaction, within forty-eight (48) hours of closing any
Mortgage Loan, unless otherwise instructed by Buyer, you must deliver to Seller, the following Mortgage Loan Documents:

 

    	Exh. B-1

    	 

    

 

		(a)	the original mortgage note evidencing the Mortgage Loan, endorsed by Seller
in blank, with a complete chain from the originator to Seller;

 

		(b)	if in your possession, an original assignment in blank executed by Seller
for the mortgage or deed of trust securing the mortgage note, in recordable form but unrecorded, with a complete chain of intervening
assignments from the originator to Seller;

 

		(c)	a certified copy of the executed mortgage or deed of trust securing the mortgage
note; and

 

		(d)	an original or copy of the title insurance policy insuring the first lien
or second lien position of the mortgage or deed of trust, as applicable, in at least the original principal amount of the related
mortgage note and containing only those exceptions permitted by the purchase commitment, as set forth in the final closing instructions
referred to below, or an unconditional commitment to issue such a title insurance policy, or a preliminary report and instructions
received from Seller relating to the issuance of such a title insurance policy.

 

With respect to each Mortgage Loan for
which you act as Closing Agent, Seller will deliver to you final closing instructions specific to such Mortgage Loan. In the event
that the terms of the final closing instructions contradict the terms of these irrevocable closing instructions, the terms of these
irrevocable closing instructions shall govern. Permission to change the scheduled closing date for any Mortgage Loan beyond the
time permitted herein or permission to otherwise deviate from these irrevocable closing instructions must be furnished to you in
a writing signed by Buyer and Seller.

 

By your participation in the closing and
funding of a Mortgage Loan as Closing Agent, you agree to act as Buyer’s bailee with respect to such Mortgage Loan and the
Mortgage Loan Documents referenced above and you thereby acknowledge your responsibility to Buyer as holder of an interest in such
Mortgage Loan and to care for and protect Buyer’s interest in such Mortgage Loan. Facsimile signatures on these instructions
shall be deemed valid and binding to the same extent as the original.

 

Sincerely,

 

	Bank of America, N.A.	 	Five Oaks Acquisition Corp.
	 	 	 
	By:	 	 	By:	 
	 	 	 	 	 
	Name: 	 	 	Name:	 
	 	 	 	 	 
	Title:	 	 	Title:	 

 

    	Exh. B-2

    	 

    

  

EXHIBIT C

 

FORM OF SECRETARY’S CERTIFICATE

 

I, _______________________, am the duly
elected Secretary of Five Oaks Acquisition Corp. (“Company”), and I hereby certify that:

 

		1.	Each of the persons listed below has been duly elected to and now holds the
office of the Company set forth opposite his or her name and is currently serving, in such capacity, and the signature of each
such person set forth opposite his or her title is his or her true and genuine signature:

 

	Name	 	Office	 	Signature
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

		2.	Attached hereto as Exhibit A is a true and complete copy of the Articles
of Incorporation of the Company (or its equivalent if the Company is not a corporation), as in full force and effect. No amendment
or other document relating to or affecting the Articles of Incorporation (or its equivalent) has been filed in the office of the
Secretary of State of incorporation or formation and no action has been taken by the Company or its shareholders, directors or
officers in contemplation of the filing of any such amendment or other documents and no proceedings therefore have occurred;

 

		3.	Attached hereto as Exhibit B is a true and complete copy of the By-laws of
the Company (or its equivalent if the Company is not a corporation), as in full force and effect, and such By-laws (or its equivalent)
have not been amended, except for amendments included in the copy attached hereto; and

 

		4.	Attached hereto as Exhibit C is true and complete copy of the resolutions
duly and validly adopted either at a special or regular meeting or by unanimous consent that apply to the Master Repurchase Agreement
between the Company and Bank of America, N.A., and such resolutions have not been amended, modified or rescinded in any respect
and remain in full force and effect without modification or amendment as of the date hereof.

 

	Dated:	 	 	By:	 
	 	 	 	 	Secretary

 

    	Exh. C-1

    	 

    

 

EXHIBIT D

 

FORM OF RESOLUTIONS

 

WHEREAS, Five Oaks Acquisition Corp. (the
“Company”) desires to enter into mortgage loan purchase transactions (the “Transactions”) in an aggregate
amount not to exceed $100,000,000 with Bank of America, N.A. (“Buyer”) pursuant to a Master Repurchase Agreement substantially
in the form attached hereto (the “Agreement”).

 

NOW, THEREFORE, IT IS RESOLVED BY THE BOARD
OF DIRECTORS (OR ITS EQUIVALENT) OF THE COMPANY THAT:

 

		1.	Company is hereby authorized and directed to enter into and execute each of the following documents:

 

		(a)	the Agreement between Company and Buyer, attached hereto; and

 

		(b)	any and all other agreements and documents in connection with the Transactions,

 

		2.	Any one of the following officers are separately and independently authorized and directed to execute
and deliver the Agreement and any and all other agreements and documents related to the Transactions, and to do any and all things
which he or she may deem necessary or desirable in connection with the Transactions, including approving, executing and delivering
any amendments or modifications to the Agreement.

 

	Name/Title	 	Specimen Signature
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

		3.	Any one of the following officers, directors and/or employees is separately and independently authorized
to take the following actions in connection with the Agreement and Transactions: (a) request Transactions; (b) sign receipts acknowledging
delivery of funds and documents from Buyer; (c) request and effect transfers of funds; and (d) ship and release documents to Buyer:

 

	Name/Title	 	Specimen Signature	 	Restrictions, if any
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

    	Exh. D-1

    	 

    

 

		4.	The employees of Buyer are hereby appointed as assistant secretaries and vice presidents of Company,
and, as such, are authorized to, in the name of Company, do any of the following:

 

		(a)	to receive, endorse and collect all checks made payable to the order of Company representing any
payment on account of the Purchased Assets (as defined in the Agreement);

 

		(b)	to assign or endorse any mortgage, deed of trust, promissory note or other instrument relating
to the Purchased Assets;

 

		(c)	to correct any assignment, mortgage, deed of trust or promissory note or other instrument relating
to the Purchased Assets, including, without limitation, unendorsing and re- endorsing a promissory note to another investor;

 

		(d)	to complete and execute lost note affidavits or other lost document affidavits relating to the
Purchased Assets;

 

		(e)	to issue title requests and instructions relating to the Purchased Assets;

 

		(f)	to give notice to any individual or entity of its interest in the Purchased Assets under the Agreement;
and

 

		(g)	to service and administer the Purchased Assets, including, without limitation, the receipt and
collection of all sums payable in respect of the Purchased Assets.

 

I, ___________________, being the Secretary of Company, hereby
certify that the foregoing is a true copy of the Resolutions duly adopted by the Board of Directors (or its equivalent) of Company,
effective as of _________________, which is in full force and effect on this date and does not conflict with Company’s governing
documents.

 

	By:	 	 
	 	 	 
	Name:	 	 

 

Tile: Secretary

 

    	Exh. D-2

    	 

    

 

EXHIBIT E

 

FORM OF OFFICER’S CERTIFICATE

 

	
        Period Ending:

        Seller Name: 

        Guarantor Name: 
	
        [DATE]

        Five Oaks Acquisition Corp.

        Five Oaks Investment Corp.

 

I, ___________________________, do hereby
certify that I am the duly elected authorized Chief Financial Officer of Five Oaks Acquisition Corp. (“Seller”) and
Five Oaks Investment Corp. (“Guarantor”). This certificate in connection with Section 9.1(c) of the Master Repurchase
Agreement, dated as of December 30, 2014, by and between Seller and Bank of America, N.A. (“Bank of America” or “Buyer”)
(as amended, supplemented or otherwise modified from time to time, the “Agreement”) and the Guaranty, dated as of December
30, 2014 by Guarantor to and for the benefit of Bank of America. I do hereby certify that, as of the date of the financial statements
attached hereto and as of the date hereof, Seller and Guarantor are and have been in compliance with all the terms of the Agreement
and Guaranty and, without limiting the generality of the foregoing, I certify that:

 

1. Representations and Warranties: 
The representations and warranties made by Seller and Guarantor under the Agreement, Guaranty and other Principal Agreements (between
Bank of America and Seller and Bank of America and Guarantor) are accurate and true on and as of the date hereof with the same
effect as though such representations and warranties had been made on and as of the date hereof, including, without limitation,
the following:

 

a) Financial Condition:
All financial statements of Seller and Guarantor delivered to Bank of America fairly and accurately present the financial condition
of the parties for whom such statements are submitted as of the date set forth therein. The financial statements of Seller and
Guarantor have been prepared in accordance with GAAP consistently applied throughout the periods involved, and there are no contingent
liabilities not disclosed thereby that would adversely affect the financial condition of Seller and/or Guarantor. Since the close
of the period covered by the latest financial statement delivered to Bank of America with respect to Seller and Guarantor, there
has been no material adverse change in the assets, liabilities or financial condition of Seller and Guarantor nor is Seller or
Guarantor aware of any facts that, with or without notice or lapse of time or both, would or could result in any such material
adverse change. No event has occurred, including, without limitation, any litigation or administrative proceedings, and no condition
exists or, to the knowledge of Seller or Guarantor, is threatened, that (i) might render Seller or Guarantor unable to perform
its obligations under the Principal Agreements and all other documents contemplated thereby; (ii) would constitute a Potential
Default or Event of Default; or (iii) is reasonably likely to have a Material Adverse Effect with respect to Seller or Guarantor.

 

b) Solvency: The
fair value of the assets of Seller and Guarantor is greater than the fair value of the liabilities (including, without limitation,
contingent liabilities if and to the extent required to be recorded as a liability on the financial statements of Seller and Guarantor,
respectively, in accordance with GAAP) of Seller and Seller is and will be solvent, is and will be able to pay its debts as they
mature and does not and will not have an unreasonably small capital to engage in the business in which it is engaged and proposes
to engage. Seller does not intend to incur, or believe that it has incurred, debts beyond its ability to pay such debts as they
mature. Seller and Guarantor are not contemplating the commencement of insolvency, bankruptcy, liquidation or consolidation proceedings
or the appointment of a receiver, liquidator, conservator, trustee or similar official in respect of Seller and Guarantor or any
of its assets. Seller and Guarantor are not transferring any Mortgage Loans with any intent to hinder, delay or defraud any of
its creditors.

 

2. Compliance with Agreement and other
Principal Agreements: Seller and Guarantor are in full compliance with all of the terms and provisions set forth in the Agreement,
Guaranty and other Principal Agreements on its part to be performed and observed, and no Event of Default or Potential Default
has occurred and is continuing.

 

3. Compliance with Other Agreements:
Seller and Guarantor are in full compliance with all of the terms and provisions set forth in any agreements between Seller
or Guarantor, Bank of America and/or Bank of America affiliates on its part to be performed and observed, and no Event of Default
or Potential Default has occurred and is continuing.

 

    	Exh. E-1

    	 

    

 

4. No Change in Executive Management:
 Other than as previously disclosed to Buyer, no material change in the Executive Management has occurred.

 

5. Reserved. 

 

6. No Changes in Structure of Seller
or Guarantor:  Other than as previously disclosed to Buyer, there has been no (i) change to the location of Seller’s
or Guarantor’s chief executive office/chief place of business from that specified in Section 8.1(t) of the Agreement, (ii)
change in the name, identity or corporate structure (or the equivalent) of the Seller or Guarantor or change in the location where
Seller or Guarantor maintains its records with respect to the Purchased Assets or any Purchased Items, or (iii) reincorporation
or reorganization of Seller or Guarantor under the laws of another jurisdiction.

 

7. Escrow and Mortgage Insurance Proceeds:
To the extent applicable, Seller and Guarantor has segregated all escrow and mortgage insurance proceeds into an individual custodial
account and is in compliance with all applicable laws.

 

8. Liabilities and Advances: Except
as otherwise permitted under the Agreement, Seller has not, either directly or indirectly, without the prior written consent of
Bank of America, made any personal loans or advances to any officers, employees, shareholders, members, partners or owners of Seller
or any Guarantor in an aggregate amount exceeding ten percent (10%) of Seller’s Tangible Net Worth. Except as otherwise permitted
under the Agreement, Seller has not incurred any additional material Debt without the prior written consent of Bank of America.

 

9. Regulatory Action:  Seller has
not, either directly or indirectly, without the prior written consent of Bank of America, taken, or failed to take, any action
that would cause Seller to lose all or any part of its status as an eligible seller or mortgagee or willfully terminate its status
as an eligible seller or mortgagee by an Agency or Government Authority without forty-five (45) days prior written notice to Bank
of America.

 

10. Attachments: The following attachments
and information contained therein are accurate and true in all respects and do not fail to include any information which is necessary
to not make such attachments and the information contained therein misleading.

 

11. Capitalized Terms:  All capitalized
terms used herein and not otherwise defined shall have the meanings assigned to them in the Agreement, Guaranty and Principal Agreements
between Bank of America and Seller and between Bank of America and Guarantor.

    	Exh. E-2

    	 

    

 

	Officer
    Certificate for: Five Oaks Investment Corp. as of:
	Financial
Ratios: The following financial ratios are accurate and true and are calculated in accordance with the Agreement and Principal
Agreements between Bank of America and Seller and Bank of America and Guarantor as of the date hereof:

	

 

	Covenant
    Calculations	 	 	As
    of: [DATE]
	Minimum
    Tangible Net Worth	 	%	Required
    Capital
	Total
    Equity	 	 	[INPUT]
	Less:
    Receivables Due from Officers, Employees, and Shareholders	 	 	[INPUT]
	Less:
    Other Intangibles not acceptable under GAAP	 	 	[INPUT]
	Less:
    Loans Held for Investment 	 	 	[INPUT]
	Less:
    Real Estate Owned	 	 	[INPUT]
	    Plus:
    Cumulative Equity Proceeds	 	50%
    	[INPUT]
	Covenant
    TNW (a)	 	 	0
	Liquidity	 	%	 
	Unrestricted
    and unencumbered cash and Cash Equivalents	 	 	[INPUT]
	Balance
    in the Over/Under Account exclusive of funds held due to a Margin Deficit or Margin Call	 	 	[INPUT]
	Actual
    Liquidity (b)	 	 	0
	Total
    Assets	 	 	[INPUT]
	    Plus:
    Gross Assets related to Linked Transactions	 	 	[INPUT]
	Less:
    Linked Transactions, Net	 	 	[INPUT]
	Total
    Marginable Assets (c)	 	 	0
	Minimum
    Liquidity: 1% of (g) + 2% of (h) + 2% (i) + 2% (j)	 	 	0
	Agency
    (g)	 	 	[INPUT]
	Non-Agency
    (h)	 	 	[INPUT]
	Multi-Family
    (i)	 	 	[INPUT]
	Mortgage
    Loans Held for Sale (j)	 	 	[INPUT]
	Leverage
    	 	 	 
	Total
    Liabilities on Balance Sheet	 	 	[INPUT]
	    Plus
    Gross Liabilities related to Linked Transactions	 	 	[INPUT]
	    Plus
    Aggregate amount owned by borrower under any credit arrangement	 	 	[INPUT]
	    Plus
    Any "off balance sheet" credit arrangements not included under GAAP	 	 	[INPUT]
	    Less
    non-recourse debt	 	 	[INPUT]
	Adjusted
    Total Liabilities (d)	 	 	-
	Covenant
    TNW (e)	 	 	-
	Leverage
    Ratio (d/f)	 	 	0.0x
	 	 	 	 
	Covenant
    Compliance	 	 	As
    of: [DATE]
	Minimum
    Ratio of Total Equity to Required Capital	 	 	 
	Minimum
    Tangible Net Worth:

    The sum of (i) $150,000,000 plus (ii) 50% of Cumulative Equity Proceeds.

    Cumulative Equity Proceeds:  As
    of any date of determination, the aggregate amount of all cash received on or prior to such date of determination by Guarantor
    and its Subsidiaries in respect of any issuance of Equity effected after Effective Date net of expenses incurred by Guarantor
    and its Subsidiaries in connection therewith.

    Tangible Net Worth:  As
    of any date of determination, (i) the Net Worth of Guarantor and its consolidated Subsidiaries, on a combined basis, determined
    in accordance with GAAP, minus (ii) all intangibles determined in accordance with GAAP (including, without limitation, goodwill,
    capitalized financing costs and capitalized administration costs but excluding originated and purchased mortgage servicing
    rights) and any and all advances to, investments in and receivables held from Affiliates, and minus (iii) loans held for investment
    and real estate owned net of acceptable financing (financing must be deemed acceptable by Buyer in its sole discretion).	$0
	 	 	Minimum	$150,000,000
    
	 	 	In
    Compliance?	N
	Liquidity
    	 	 	 
	Minimum
    Liquidity: Not less than an amount equal to the sum of (i) 1% of Total Marginable Assets which consist of mortgage-backed
    securities issued or fully guaranteed or insured by the United States Government or any Agency and (ii) 2% of all other Total
    Marginable Assets.

    Liquidity: As of any date of determination, the sum of (a)
    Guarantor’s unrestricted and unencumbered cash and Cash Equivalents and (b) the balance in the Over/Under Account exclusive
    of funds held due to a Margin Deficit or Margin Call.  By way of example but not limitation, cash in escrow and/or
    impound accounts shall not be included in this calculation.

    Total Marginable Assets: As of any date of determination,
    in accordance with GAAP, the sum of all assets of Guarantor subject to “margin”, including but not limited to
    (i) mortgage loans held for sale, (ii) derivative assets less derivative liabilities (solely to the extent the difference
    is greater than or equal to zero); (iii) available for sale securities (solely to the extent pledged), (iv) the gross amount
    pledged associated with Linked Transactions and (v) loans held for investment, real estate owned property, mortgage servicing
    rights and servicing advances; in the case of clauses (i)-(v), as detailed in Guarantor’s monthly financial statements.	0
	 	 	Minimum	0
	 	 	In
    Compliance?	N
	Leverage  	 	 	 
	Guarantor’s
    ratio of Total Adjusted Liabilities to Tangible Net Worth has not exceeded 8:1

    Total Adjusted Liabilities:  As
    of any date of determination, the sum of (i) the total liabilities of Guarantor on any given date of determination, to be
    determined in accordance with GAAP consistent with those applied in the preparation of Guarantor’s financial statements,
    plus (ii) to the extent not already included under GAAP, the total aggregate outstanding amount owed by Guarantor under any
    purchase, repurchase, refinance or other similar credit arrangements, plus (iii) to the extent not already included under
    GAAP, any “off balance sheet” purchase, repurchase, refinance or other similar credit arrangements, plus (iv)
    the gross amount of repurchase financing related to Linked Transactions, minus (v) non-recourse debt, minus (vi) any liabilities
    related to any consolidation on Guarantor’s balance sheet.	0.0x
	 	 	Maximum	8.0x
	 	 	In
    Compliance?	Y
	Profitability	 	 	 
	Guarantor
    shall report positive Comprehensive Income Attributable to Common Stockholders on a quarterly basis, as determined in accordance
    with GAAP	 

        [Input
        Y or N]

	Compliance
    with other agreements	 	 	 
	Is
    the Company in compliance with the terms of all other agreements pertaining to borrowed funds?	[Input
    Y or N]
	Permitted
    Distributions  	 	 	 
	Did
    the Company make distributions during the reporting period?	[INPUT
    Y or N]
	Was
    the Company permitted to make distributions, i.e. No Default or Potential Event of Default?	[INPUT
    Y or N]
	 	 	In
    Compliance?	Y

 

    	Exh. E-3

    	 

    

 

	Officer
    Certificate for: Five Oaks Investment Corp. as of: 
	 	 	 	 	 
	Repurchases/Indemnifications	 	UPB	Year
    to Date:	Billable
    / Actual or

    Estimated Losses
	Open
    repurchase requests	 	[INPUT]	[INPUT]	[INPUT]
	Open
    repurchases being contested	 	[INPUT]	[INPUT]	[INPUT]
	Repurchases
    settled YTD in 2014	 	[INPUT]	[INPUT]	[INPUT]
	 	 	 	 	 
	Repurchase
Settlement Method YTD	Total
    # of

    Loans	Indemnifications

    ($)	Cash
    ($)	Payment
    Installment

    Plan ($)
	All
    Investors	[INPUT]	[INPUT]	[INPUT]	[INPUT]
	 	 	 	 	 
	Description
    of applicable 
	 
	 
	To
    the extent applicable, please provide the values for the following (if not provided explicitly in the Balance Sheet):
	 
	Asset
    or Liability	Value	Balance
    Sheet line item where data is

    recorded	 
	Escrow
    Assets	 	 	 	 
	Escrow
    Liabilities	 	 	 	 
	Loans
    Held For Investment (LHFI)	 	 	 	 
	Real
    Estate Owned (REO)	 	 	 	 
	Loan
    Loss Reserves	 	 	 	 
	UPB
    of Loans Held for Sale	 	 	 	 
	 	 	 	 	 
	Hedging
    / Derivative Assets and Liabilities	 	 	 
	Fair
    value portion of Loans Held For Sale	[INPUT]
	Fair
    value of interest rate lock commitments (IRLC's) - Asset / (Liability)	[INPUT]
	    Notional
    Balance of IRLC's	[INPUT]
	Fair
    value of pipeline hedging instruments - Asset / (Liability)	[INPUT]
	    Notional
    balance of hedging instruments	[INPUT]
	Accounting
    methodology for MSR (Fair Value or LOCOM)	[INPUT]
	If
    applicable - Fair value adjustment of MSR Asset - Gain / (Loss)	[INPUT]
	If
    applicable - Fair value adjustment of MSR hedging instrument - Gain / (Loss)	[INPUT]
	 	 	 	 	 
	Servicing
    Portfolio as of period ending date: (as applicable)
	Servicing
    portfolio UPB	[INPUT]
	Servicing
    sold (UPB of bulk sale)	[INPUT]
	  Value
    of servicing sold	[INPUT]
	  Cash
    proceeds of servicing sold	[INPUT]
	Servicing
    acquired (UPB of bulk purchase)	[INPUT]
	  Value
    of servicing purchased	[INPUT]
	Sub-servicer
    (If Applicable)	[INPUT]
	Third
    party conducting valuation	[INPUT]
	Most
    recent valuation date	[INPUT]
	MSR
    valuation (at midpoint, if applicable)	[INPUT]
	 	 	 	 	 	 	 	 

    	Exh. E-4

    	 

    

 

	Officer
    Certificate for: Five Oaks Investment Corp. as of: 
	To
    the extent that the necessary data is provided in a different format that contains the same information - the below summary
    information may be omitted.  Please insert / "drop" MTD and YTD origination data on "Origination"
    tab, or in a separate file.
	Originations	Month
    to Date:	Year
    to Date:
	 	$	#
    units	$	#
    units
	Conv
    Conf	[INPUT	[INPUT
    UNITS]	[INPUT	[INPUT
    UNITS]
	Govt.	[INPUT	[INPUT
    UNITS]	[INPUT	[INPUT
    UNITS]
	Jumbo	[INPUT	[INPUT
    UNITS]	[INPUT	[INPUT
    UNITS]
	Other	[INPUT	[INPUT
    UNITS]	[INPUT	[INPUT
    UNITS]
	%
    Retail ($)	[INPUT
    %]	 	[INPUT
    %]	 
	%
    TPO ($)	[INPUT
    %]	 	[INPUT
    %]	 
	%
    Correspondent ($)	[INPUT
    %]	 	[INPUT
    %]	 
	%
    Refi ($)	[INPUT
    %]	 	[INPUT
    %]	 
	Loans
    Banked within the Period 	[INPUT	[INPUT
    UNITS]	[INPUT	[INPUT
    UNITS]
	Loans
    Brokered within the Period ($)	[INPUT	[INPUT
    UNITS]	[INPUT	[INPUT
    UNITS]
	Total
    Banked and Brokered	-	-	-	-
	 	 	 	 	 
	Warehouse
    Facilities as of period ending date:	 	 	 
	Lender
    Name	 	Line
    Amount 	Amount

    Outstanding	Line
    Maturity
	[INPUT]	 	[INPUT]	[INPUT]	[INPUT]
	[INPUT]	 	[INPUT]	[INPUT]	[INPUT]
	[INPUT]	 	[INPUT]	[INPUT]	[INPUT]
	[INPUT]	 	[INPUT]	[INPUT]	[INPUT]
	[INPUT]	 	[INPUT]	[INPUT]	[INPUT]
	 	 	 	 	 
	Total	 	0	0	 
	 	 	 	 	 
	Other
    Indebtedness:	 	Total
    Facility

    Size	Outstanding

    Indebtedness	Expiration
    Date
	1)
    [LENDER NAME]	 	[INPUT]	[INPUT]	[INPUT]
	2)
    [LENDER NAME]	 	[INPUT]	[INPUT]	[INPUT]
	Total	 	[INPUT]	[INPUT]	 

 

	
        Description of Other Indebtedness (Type of facility, security/collateral,
        etc.):

         

         

	 
	 
	 

 

	
        IN WITNESS WHEREOF, the undersigned has here unto signed
        his/her name on _____________, 201__.

         

        Five Oaks Acquisition Corp

        Five Oaks Investment Corp

         

        By:________________________________

         

        Name:

	 

 

    	Exh. E-5

    	 

    

 

EXHIBIT F

 

ASSIGNMENT OF CLOSING PROTECTION LETTER

 

Five Oaks Acquisition Corp. (“Assignor”)
declares that for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, it does hereby
convey, transfer, assign, deliver and give to Assignee, and hereby expressly subrogates Bank of America, N.A. (“Assignee”)
unto, all of Assignor’s claims, demands, rights and causes of action, past, present or future, that Assignor has for loss
or damage covered by the closing protection letter issued by (Title Company) attached hereto (“Closing Protection Letter”).
Such rights being assigned by Assignor hereunder include, without limitation, the right to demand, sue, collect, receive, protect,
preserve and enforce performance under the Closing Protection Letter. Assignee shall succeed to all rights of recovery of Assignor
under the Closing Protection Letter and Assignor shall execute such instruments and documents necessary and proper to further secure
such rights to Assignee and shall not act in any manner hereafter to prejudice or impair the rights of Assignee. Assignor hereby
grants Assignee an irrevocable mandate and power of attorney coupled with an interest with full power of substitution to transact
this act of assignment and subrogation.

 

IN WITNESS WHEREOF, the Assignor has caused
this assignment to be duly executed as of [DATE].

 

FIVE OAKS ACQUISITION CORP.

 

	By:	 
	 	 
	Name: 	 
	 	 
	Title:	 

 

    	Exh. F-1

    	 

    

 

EXHIBIT G

 

ASSIGNMENT OF FIDELITY BOND AND ERRORS AND
OMISSION POLICY

 

Five Oaks Acquisition Corp. (“Assignor”)
declares that for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, it does hereby
convey, transfer, assign, deliver and give to Assignee, and hereby expressly subrogates Bank of America, N.A. (“Assignee”)
unto, all of Assignor’s claims, demands, rights and causes of action, past, present or future, that Assignor has for loss
or damage covered by Assignor’s fidelity bond and errors and omission policy (collectively, the “Policy”). Such
rights being assigned by Assignor hereunder include, without limitation, the right to demand, sue, collect, receive, protect, preserve
and enforce performance under the Policy. Assignee shall succeed to all rights of recovery of Assignor under the Policy and Assignor
shall execute such instruments and documents necessary and proper to further secure such rights to Assignee and shall not act in
any manner hereafter to prejudice or impair the rights of Assignee. Assignor hereby grants Assignee an irrevocable mandate and
power of attorney coupled with an interest with full power of substitution to transact this act of assignment and subrogation.

 

IN WITNESS WHEREOF, the Assignor has caused
this assignment to be duly executed as of [DATE].

 

FIVE OAKS ACQUISITION CORP.

 

	By:	 
	 	 
	Name: 	 
	 	 
	Title:	 

 

    	Exh. G-1

    	 

    

 

EXHIBIT H

 

FORM OF POWER OF ATTORNEY

 

KNOW ALL MEN BY THESE PRESENTS:

 

WHEREAS, Bank of America, N.A. (“Buyer”)
and Five Oaks Acquisition Corp. (“Seller”) have entered into the Master Repurchase Agreement, dated as of December
30, 2014 (the “Agreement”), pursuant to which Buyer has agreed to purchase from Seller certain mortgage loans from
time to time, subject to the terms and conditions set forth therein;

 

WHEREAS, Seller has agreed to give
to Buyer a power of attorney on the terms and conditions contained herein in order for Buyer to take any action that Buyer may
deem necessary or advisable to accomplish the purposes of the Agreement;

 

NOW, THEREFORE, Seller hereby irrevocably
constitutes and appoints Buyer its true and lawful Attorney-in-Fact, with full power and authority hereby conferred in its name,
place and stead and for its use and benefit, to do and perform the following in connection with assets purchased by Buyer from
Seller under the Agreement (the “Purchased Assets”) or as otherwise provided below:

 

		(1)	to receive, endorse and collect all checks made payable to the order of Seller representing any
payment on account of the Purchased Assets;

 

		(2)	to assign or endorse any mortgage, deed of trust, promissory note or other instrument relating
to the Purchased Assets;

 

		(3)	to correct any assignment, mortgage, deed of trust or promissory note or other instrument relating
to the Purchased Assets, including, without limitation, unendorsing and re- endorsing a promissory note to another investor;

 

		(4)	to complete and execute lost note affidavits or other lost document affidavits relating to the
Purchased Assets;

 

		(5)	to issue title requests and instructions relating to the Purchased Assets;

 

		(6)	to give notice to any individual or entity of its interest in the Purchased Assets under the Agreement;
and

 

		(7)	upon termination of Seller as Servicer by Buyer as permitted under the Agreement, to service and
administer the Purchased Assets, including, without limitation, the receipt and collection of all sums payable in respect of the
Purchased Assets.

 

Seller hereby ratifies and confirms all
that said Attorney-in-Fact shall lawfully do or cause to be done by authority hereof.

 

Third parties without actual notice may
rely upon the power granted under this Power of Attorney upon the exercise of such power by the Attorney-in-Fact.

 

    	Exh. H-1

    	 

    

 

FIVE OAKS ACQUISITION CORP.

 

	By:	 

Name:

Title:

 

WITNESS my hand this ____ day of _____________,
20___.

 

	STATE OF	 
	 	 
	County of	 

 

This instrument was
acknowledged, subscribed and sworn to before me this _____ day of _________, by ______________________________________.

 

	 	 
	 	Notary Public

 

My Commission Expires:________________

 

	 	Notary Seal:

 

    	Exh. H-2

    	 

    

 

EXHIBIT I

 

ACKNOWLEDGEMENT OF PASSWORD CONFIDENTIALITY
AGREEMENT

 

Five Oaks Acquisition Corp. (“Seller”)
has entered into a Master Repurchase Agreement with Bank of America, N.A. (“Buyer”). In connection therewith, Seller
is being provided access to the website at www.bankofamerica.com/warehouselending (the “Website”). As consideration
for being provided access to and use of the Website, Seller agrees that:

 

		1.	Seller may only access the Website by using a user name and password issued by Buyer.

 

		2.	Buyer reserves the right to revoke or deactivate any user name and/or password at any time.

 

		3.	Seller shall designate in writing an authorized representative (the “Authorized Representative”)
to communicate with Buyer regarding the authorized users of the Website. The Authorized Representative shall be responsible for
notifying Buyer of any changes, additions or deletions to the authorized users. Under no circumstances may user names and passwords
be transferred between authorized users. Seller shall be solely responsible for all actions of its Authorized Representative and
shall immediately notify Buyer of any change in its Authorized Representative. Buyer shall be entitled to rely on the authority
and directions of the Authorized Representative without further inquiry. Authorized Representative shall communicate with Buyer
in writing or via telephone by dialing (800) 669-2955.

 

		4.	Seller shall be solely responsible for safeguarding access to user names and passwords and for
implementing controls to prevent unauthorized usage of the Website.

 

		5.	Seller is responsible for all requests, approvals and other transactions on the Website accessed
through user names and/or passwords issued to Seller.

 

		6.	Buyer shall be entitled to rely on all requests, approvals and other communications made on the
Website through a user name and/or password issued to Seller until such time as:

 

		(a)	Seller provides Buyer with written instructions to the contrary; and

 

		(b)	Buyer has sufficient time to notify the appropriate employees and modify its computerized systems
to deactivate the affected user name and/or password.

 

		7.	Any dispute regarding the use of user names and/or passwords shall be resolved in accordance with
the terms and conditions of the Agreement.

 

By signing below you acknowledge your agreement
to the terms and conditions set forth herein. Facsimile signatures shall be deemed valid and binding to the same extent as the
original.

 

SELLER AUTHORIZATIONS:

 

Any of the persons whose signatures and
titles appear below, or attached hereto, are authorized, acting singly, to act for the Seller under this Agreement as an Authorized
Representative.

 

	By:	 	 	By:	 	 	By:	 
	 	 	 	 	 	 	 	 
	Name: 	 	 	Name: 	 	 	Name: 	 
	 	 	 	 	 	 	 	 
	Title:	 	 	Title:	 	 	Title:	 

 

    	Exh. I-1

    	 

    

 

FIVE OAKS ACQUISITION CORP.

 

	Print Name: 	 	 	Number Assigned: 	 

 

	Signature:	 	 	Date:	 

 

    	Exh. I-2

    	 

    

  

EXHIBIT J

 

WIRING INSTRUCTIONS

 

Seller’s Wire Instructions:

 

Bank of America

ABA:  026009593

A/C:   237025398780

FBO:  Five Oaks Acquisition Corp.

 

Buyer’s Wire Instructions:

 

Bank:  Bank of America, N.A.

ABA No.:  026009593

Account No.: 1233460784

Reference:  Five Oaks Acquisition Corp.

 

These wiring instructions may not be changed
except by an authorized representative of Buyer or Seller, as applicable. Buyer shall be entitled to rely on these wiring instructions
without further inquiry or verification.

 

    	Exh. J-1

    	 

    

 

EXHIBIT K

 

FORM OF SERVICER NOTICE AND ACKNOWLEDGEMENT

 

[Date]

 

[_______________], as Servicer

[ADDRESS]

Attention: __________________

 

		Re:	Master Repurchase Agreement, dated as of December 30, 2014 (the “Repurchase Agreement”),
by and between Five Oaks Acquisition Corp. (the “Seller”) and Bank of America, N.A. (the “Buyer”).

 

Ladies and Gentlemen:

 

[_______________________]
(“Servicer”) is servicing certain mortgage loans for Seller pursuant to that certain [Servicing Agreement] [Servicing
Agreement and AAR for retained loans], dated as of [DATE] (the “Servicing Agreement”) between Servicer and Seller.
Pursuant to the Repurchase Agreement between Buyer and Seller, Servicer is hereby notified that Seller may from time to time sell
to Buyer certain mortgage loans which are currently being serviced by Servicer pursuant to the terms of the Servicing Agreement.

 

Section 1. Direction
Notice. (a) Upon receipt of notice from Buyer (a “Direction Notice”) in which Buyer shall identify
the mortgage loans which are sold to Buyer under the Repurchase Agreement (the “Mortgage Loans”), Servicer shall
segregate all amounts collected on account of such Mortgage Loans, hold them in trust for the sole and exclusive benefit of Buyer,
and remit such collections in accordance with Buyer’s written instructions. Further, Servicer shall follow the instructions
of Buyer with respect to the Mortgage Loans, and shall deliver to Buyer any information with respect to the Mortgage Loans as reasonably
requested by Buyer.

 

(b) Notwithstanding any
contrary information which may be delivered to the Servicer by Seller, Servicer may conclusively rely on any information delivered
by Buyer, and Seller shall indemnify and hold the Servicer harmless for any and all claims asserted against it for any actions
taken in good faith by the Servicer in connection with the delivery of such information.

 

Section 2. No
Modification of the Servicing Agreement. Without the prior written consent of Buyer exercised in Buyer’s sole discretion,
Servicer shall not agree to (a) any material modification, amendment or waiver of the Servicing Agreement; (b) any termination
of the Servicing Agreement or (c) the assignment, transfer, or material delegation of any of its rights or obligations under the
Servicing Agreement.

 

Section 3. Right
of Termination. Buyer shall have the right to terminate the Servicer’s rights and obligations to service the Mortgage
Loans under the Servicing Agreement in accordance with the terms thereof. Any fees due to the Servicer (a) in connection with any
termination shall be paid by Seller and (b) incurred following receipt of a Direction Notice shall be paid by Buyer to the extent
that such fees relate to the Mortgage Loans that are subject to the Servicing Agreement. Seller and the Servicer shall cooperate
in transferring the servicing with respect to such Mortgage Loans to a successor servicer appointed by Buyer in its sole discretion.

 

    	Exh. K-1

    	 

    

 

Section 4. Notices.
All notices, demands, consents, requests and other communications required or permitted to be given or made hereunder in writing
shall be mailed (first class, return receipt requested and postage prepaid) or delivered in person or by overnight delivery service
or by facsimile, addressed to the respective parties hereto at their respective addresses set forth below or, as to any such party,
at such other address as may be designated by it in a notice to the other:

 

Any notices to Buyer
should be delivered to the following addresses:

 

Bank of America, N.A.

One Bryant Park – 11th floor

Mail Code: NY1-100-11-01

New York, New York 10036

Attention: Eileen Albus, Director – Mortgage
Finance

Telephone: (646) 855-0946

Facsimile: (646) 855-5050

Email: Eileen.Albus@baml.com

 

and

 

Bank of America, N.A.

4500 Park Granada

Mail Code: CA7-910-02-38

Calabasas, California 91302

Attention: Adam Gadsby, Managing Director

Telephone: (818) 225-6541

Facsimile: (213) 457-8707

Email: Adam.Gadsby@baml.com

 

Any notices to Servicer should
be delivered to the following addresses:

 

[                       ]

 

Any notices to Seller should be
delivered to the following addresses:

 

Five Oaks Acquisition Corp.

c/o Oak Circle Capital Partners
LLC

540 Madison Avenue, 19th Floor

New York, New York 10022

Telephone: (212) 257-5072

Facsimile: (212) 257-5099

Email: LoanOPS@oakcirclecapital.com

 

Section 5. Counterparts.
This agreement may be executed in one or more counterparts, each of which shall be deemed to be an original, and all such counterparts
shall together constitute one and the same instrument.

 

Section 6. Entire
Agreement; Severability. This agreement shall supersede any existing agreements between the parties containing general
terms and conditions for the servicing of the Mortgage Loans. Each provision and agreement herein shall be treated as separate
and independent from any other provision or agreement herein and shall be enforceable notwithstanding the unenforceability of any
such other provision or agreement.

 

Section 7. Governing Law; Jurisdiction;
Waiver of Jury Trial. (a) This agreement and the rights and obligations of the parties hereunder shall be construed in
accordance with and governed by the laws of the State of New York, without regard to principles of conflicts of laws (other than
Section 5-1401 of the New York General Obligations Law).

 

    	Exh. K-2

    	 

    

 

(b) All legal actions
between or among the parties regarding this agreement, including, without limitation, legal actions to enforce this agreement or
because of a dispute, breach or default of this agreement, shall be brought in the federal or state courts located in New York
County, New York, which courts shall have sole and exclusive in personam, subject matter and other jurisdiction in connection with
such legal actions. The parties hereto irrevocably consent and agree that venue in such courts shall be convenient and appropriate
for all purposes and, to the extent permitted by law, waives any objection that it may now or hereafter have to the venue of any
such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court and agrees not
to plead or claim the same. The parties hereto further irrevocably consent and agree that service of process in any such action
or proceeding may be effected by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail),
postage prepaid, to its address set forth in Section 4, and that nothing herein shall affect the right to effect service of process
in any other manner permitted by law or shall limit the right to sue in any other jurisdiction.

 

(c) The parties hereto
hereby irrevocably waive, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding
arising out of or relating to this agreement or the transactions contemplated hereby or thereby.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

    	Exh. K-3

    	 

    

 

 

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

 

	 	BANK OF AMERICA, N.A., as Buyer
	 	 	 
	 	By:	 
	 	 	Name: 
	 	 	Title:
	 	 	 
	 	FIVE OAKS ACQUISITION CORP., as Seller
	 	 	 
	 	By:	 
	 	 	Name: 
	 	 	Title: 
	 	 	 
	 	[                         ], as Servicer
	 	 	 
	 	By:	 
	 	 	Name: 
	 	 	Title:

 

    	Exh. K-4

    	 

    

 

EXHIBIT L

 

REPRESENTATIONS AND WARRANTIES

 

Representations and Warranties Concerning
Purchased Assets. Seller represents and warrants to and covenants with Buyer that the following are true and correct with respect
to each Purchased Asset as of the related Purchase Date through and until the date on which such Purchased Asset is repurchased
by Seller:

 

		(a)	Eligible Asset. The Mortgage Loan is an Eligible Mortgage Loan. The Mortgage Loan is a legal,
valid and binding obligation of the Mortgagor thereunder, enforceable in accordance with its terms and subject to no offset, defense
or counterclaim, obligating Mortgagor to make the payments specified therein.

 

		(b)	Purchase Commitment; Trade Assignment. Unless otherwise stated in the Transactions Terms
Letter, the Asset is covered by a Purchase Commitment that (i) permits assignment thereof to Buyer, (ii) does not exceed the availability
under such Purchase Commitment (taking into consideration mortgage loans or securities, as applicable, which have been purchased
by the respective Approved Investor under the Purchase Commitment), (iii) conforms to the requirements and the specifications set
forth in such Purchase Commitment and the related regulations, rules, requirements and/or handbooks of the applicable Approved
Investor, and (iv) is eligible for sale to and insurance or guaranty by, respectively, the applicable Approved Investor and any
applicable insurer. Each such Purchase Commitment is enforceable, in full force and effect, and if such Asset is a Pooled Mortgage
Loan, such Purchase Commitment is validly and effectively assigned to Buyer pursuant to a Trade Assignment. Each such Trade Assignment
is enforceable and in full force and effect, and was delivered by Seller to Buyer in accordance with the requirements set forth
in Section 7.2(b). Each Purchase Commitment and Trade Assignment is a legal, valid and binding obligation of Seller enforceable
against it in accordance with its terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors’
rights generally and subject, as to enforceability, to general principles of equity (regardless of whether enforcement is sought
in a proceeding in equity or at law).

 

		(c)	Asset Data Record. The information contained in the Asset Data Record is true, correct and
complete.

 

		(d)	Origination and Servicing. The Mortgage Loan was originated by or in conjunction with a
mortgagee approved by the Secretary of Housing and Urban Development pursuant to Sections 203 and 211 of the National Housing Act,
a savings and loan association, a savings bank, a commercial bank, credit union, insurance company or similar banking institution
which is supervised and examined by a federal or state authority. The Mortgage Loan has been originated and serviced in compliance
with Accepted Servicing Practices, applicable Approved Investor and Insurer requirements and all applicable federal, state and
local statutes, regulations and rules, including, without limitation, the Federal Truth-in-Lending Act of 1968, as amended, and
Regulation Z thereunder, the Federal Fair Credit Reporting Act, the Federal Equal Credit Opportunity Act, the Federal Real Estate
Settlement Procedures Act of 1974, as amended, and Regulation X thereunder, and all applicable usury, licensing, real property,
consumer protection and other laws.

 

		(e)	Compliance with Applicable Laws. Any and all requirements of any federal, state or local
law including, without limitation, usury, truth-in-lending, real estate settlement procedures, consumer credit protection, equal
credit opportunity or disclosure laws applicable to the Asset have been complied with, the consummation of the transactions contemplated
hereby will not involve the violation of any such laws or regulations, and Seller shall maintain or shall cause its agent to maintain
in its possession, available for the inspection of Buyer, and shall deliver to Buyer, upon demand, evidence of compliance with
all such requirements.

 

    	Exh. L-1

    	 

    

 

		(f)	Validity of Mortgage Documents. The Mortgage Loan is evidenced by instruments acceptable
to FHA, VA, Fannie Mae, Freddie Mac or the Approved Investor, as applicable, given the type of Mortgage Loan. The Mortgage Loan
Documents, Other Mortgage Loan Documents and any other agreement executed and delivered by a Mortgagor or guarantor, if applicable,
in connection with a Mortgage Loan, and all signatures thereon, are genuine, and each such document is the legal, valid and binding
obligation of the maker thereof enforceable in accordance with its terms, except as may be limited by bankruptcy or other laws
affecting the enforcement of creditor’s rights generally, and there are no rights of rescission, set-offs, counterclaims
or other defenses with respect thereto. All parties to the Mortgage Loan Documents, Other Mortgage Loan Documents and any other
agreement executed and delivered by a Mortgagor or guarantor, if applicable, had legal capacity to enter into the Mortgage Loan
and to execute and deliver any such instrument or agreement and such instrument or agreement has been duly and properly executed
by such related parties. Seller has reviewed all of the documents constituting the Mortgage Loan File and has made such inquiries
as it deems necessary to make and confirm the accuracy of the representations set forth herein. To the best of Seller’s knowledge,
except as disclosed to Buyer in writing, all tax identifications and property descriptions are legally sufficient; and tax segregation,
where required, has been completed.

 

		(g)	No Outstanding Charges. All taxes, governmental assessments, insurance premiums, water,
sewer and municipal charges, leasehold payments or ground rents which previously became due and owing have been paid, or an escrow
of funds has been established in an amount sufficient to pay for every such item which remains unpaid and which has been assessed
but is not yet due and payable. Neither Seller nor any originator from which Seller acquired the Mortgage Loan has advanced funds,
or induced, solicited or knowingly received any advance of funds by a party other than the Mortgagor, directly or indirectly, for
the payment of any amount required under the Mortgage Loan, except for interest accruing from the date of the Mortgage Note or
date of disbursement of the proceeds of the Mortgage Loan, whichever is earlier, to the day which precedes by one month the due
date of the first installment of principal and interest thereunder.

 

		(h)	Private Mortgage Insurance. Each Agency Eligible Mortgage Loan and Conventional Conforming
Mortgage Loan is insured by a policy of private mortgage insurance in the amount required by Fannie Mae or Freddie Mac, as applicable,
and by an Insurer and all provisions of such private mortgage insurance policy have been and are being complied with, such policy
is in full force and effect and all premiums due thereunder have been paid. There are no defenses, counterclaims or rights of setoff
affecting the Agency Eligible Mortgage Loan and Conventional Conforming Mortgage Loan or affecting the validity or enforceability
of any private mortgage insurance applicable to such Mortgage Loan.

 

		(i)	Original Terms Unmodified. The terms of the Mortgage Note and Mortgage (and the Proprietary
Lease, the Assignment of Proprietary Lease and Stock Power with respect to each Cooperative Mortgage Loan) have not been impaired,
waived, altered or modified in any respect from the date of origination, except by a written instrument which has been recorded,
if necessary to protect the interests of Buyer, and which has been delivered to Custodian; provided, that none of the payment terms,
interest rate, maturity date or other material terms have been impaired, waived, altered or modified in any respect. The substance
of any such waiver, alteration or modification has been approved by the title insurer, to the extent required. No Mortgagor in
respect of the Mortgage Loan has been released, in whole or in part, except in connection with an assumption agreement approved
by the title insurer, to the extent required by such policy, and which assumption agreement is part of the Mortgage Loan File delivered
to Custodian.

 

    	Exh. L-2

    	 

    

 

		(j)	No Defenses. The Mortgage Loan (and the Assignment of Proprietary Lease to each Cooperative
Mortgage Loan) is not subject to any right of rescission, set-off, counterclaim or defense, including, without limitation, the
defense of usury, nor will the operation of any of the terms of the Mortgage Note or the Mortgage, or the exercise of any right
thereunder, render either the Mortgage Note or the Mortgage unenforceable, in whole or in part and no such right of rescission,
set-off, counterclaim or defense has been asserted with respect thereto, and no Mortgagor in respect of the Mortgage Loan was a
debtor in any state or federal bankruptcy or insolvency proceeding at the time the Mortgage Loan was originated. Seller has no
knowledge nor has it received any notice that any Mortgagor in respect of the Mortgage Loan is a debtor in any state or federal
bankruptcy or insolvency proceeding.

 

		(k)	No Satisfaction of Mortgage. The Mortgage has not been satisfied, canceled, subordinated
or rescinded, in whole or in part, and the Mortgaged Property has not been released from the lien of the Mortgage, in whole or
in part, nor has any instrument been executed that would affect any such release, cancellation, subordination or rescission. Seller
has not waived the performance by the Mortgagor of any action, if the Mortgagor’s failure to perform such action would cause
the Mortgage Loan to be in default, nor has Seller waived any default resulting from any action or inaction by the Mortgagor; and
with respect to each Cooperative Mortgage Loan, there is no default in complying with the terms of the Mortgage Note, the Assignment
of Proprietary Lease and the Proprietary Lease and all maintenance charges and assessments (including assessments payable in the
future installments, which previously became due and owing) have been paid, and Seller has the right under the terms of the Mortgage
Note, Assignment of Proprietary Lease and Recognition Agreement to pay any maintenance charges or assessments owed by the Mortgagor.

 

		(l)	No Defaults. There is no default, breach, violation or event of acceleration existing under
the Mortgage or the related Mortgage Note, and no event has occurred that, 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 neither Seller nor its
predecessors have waived any default, breach, violation or event of acceleration.

 

		(m)	No Waiver. The terms of the Mortgage Loan have not been waived, impaired, changed or modified,
except to the extent such amendment or modification has been disclosed to Buyer in writing and does not affect the salability of
the Mortgage Loan pursuant to the applicable Purchase Commitment; provided, that none of the payment terms, interest rate, maturity
date or other material terms have been impaired, waived, altered or modified in any respect.

 

		(n)	Customary Provisions. The Mortgage Note has a stated maturity. The Mortgage contains customary
and enforceable provisions such as to render the rights and remedies of the holder thereof adequate for the realization against
the Mortgaged Property of the benefits of the security provided thereby. There is no homestead or other exemption or other right
available to the Mortgagor or any other person, or restriction on Seller or any other person, including without limitation, any
federal, state or local, law, ordinance, decree, regulation, guidance, attorney general action, or other pronouncement, whether
temporary or permanent in nature, that would interfere with, restrict or delay, either (y) the ability of Seller, Buyer or any
servicer, subservicer or any successor servicer or successor subservicer to sell the related Mortgaged Property at a trustee's
sale or otherwise, or (z) the ability of Seller, Buyer or any servicer or any successor servicer to foreclose on the related Mortgage.
The Mortgage Note and Mortgage are on forms acceptable to Freddie Mac or Fannie Mae.

 

    	Exh. L-3

    	 

    

 

		(o)	Location and Type of Mortgaged Property. The Mortgaged Property consists of a single parcel
of real property with a detached single family residence erected thereon, or a two- to four-family dwelling, or such other dwelling(s)
conforming with the applicable Fannie Mae and Freddie Mac requirements regarding such dwellings or conforming to Seller’s
acquisition guidelines acceptable to Buyer in its sole discretion; provided that no residence or dwelling is a condominium
unit (unless the related Mortgage Loan was originated in compliance with (x) with respect to Agency Eligible Mortgage Loans, the
Agency Guides and (y) with respect to Jumbo Mortgage Loans, the underwriting or acquisition guidelines, as applicable), a mobile
home or a manufactured home. No Mortgage Loan is secured by a multi-family, mixed-use or commercial property, nor is any portion
of the Mortgaged Property used for commercial purposes.

 

		(p)	Location of Improvements; No Encroachments. All improvements which were considered in determining
the appraised value of the Mortgaged Property lie wholly within the boundaries and building restriction lines of the Mortgaged
Property, and no improvements on adjoining properties encroach upon the Mortgaged Property. No improvement located on or being
part of the Mortgaged Property is in violation of any applicable zoning and building law, ordinance or regulation.

 

		(q)	Occupancy of the Mortgaged Property. As of the Purchase Date the Mortgaged Property is lawfully
occupied under applicable law. All inspections, licenses and certificates required to be made or issued with respect to all occupied
portions of the 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. Seller has not received
notification from any Governmental Authority that the Mortgaged Property is in material non-compliance with such laws or regulations,
is being used, operated or occupied unlawfully or has failed to have or obtain such inspection, licenses or certificates, as the
case may be. Seller has not received notice of any violation or failure to conform with any such law, ordinance, regulation, standard,
license or certificate.

 

		(r)	Lien Position. The Mortgage Loan is secured by a valid first priority lien on the Mortgaged
Property, including all buildings on the Mortgage Property, under the laws of the state where the related mortgaged property in
located. The lien of the Mortgage is subject only to:

 

(i)          [reserved];

 

(ii)         the
lien of current real property taxes and assessments not yet due and payable;

 

(iii)        covenants,
conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording acceptable
to prudent mortgage lending institutions generally and specifically referred to in Buyer’s title insurance policy delivered
to the originator of the Mortgage Loan and (a) referred to or otherwise considered in the appraisal made for the originator of
the Mortgage Loan or (b) which do not adversely affect the appraised value of the Mortgaged Property set forth in such appraisal;
and

 

(iv)        other
matters to which like properties are commonly subject which do not materially interfere with the benefits of the security intended
to be provided by the Mortgage or the use, enjoyment, value or marketability of the related Mortgaged Property.

 

Any security agreement, chattel
mortgage or equivalent document related to and delivered in connection with the Mortgage Loan establishes and creates a valid,
subsisting and enforceable first lien and first priority security interest on the property described therein and Seller has full
right to pledge and assign the same to Buyer. The Mortgaged Property was not, as of the date of origination of the Mortgage Loan,
subject to a mortgage, deed of trust, deed to secure debt or other security instrument creating a lien subordinate to the lien
of the Mortgage.

 

    	Exh. L-4

    	 

    

 

		(s)	No Future Advances. The full original principal amount of each Mortgage Loan, net of any
discounts, has been fully advanced or disbursed to the Mortgagor named therein, unless otherwise expressly agreed by the parties
in writing. All costs, fees and expenses incurred in making or closing the Mortgage Loan and the recording of the Mortgage were
paid, and the Mortgagor is not entitled to any refund of any amounts paid or due under the Mortgage Note or Mortgage. There is
no requirement for future advances and any and all requirements as to completion of any on-site or off-site improvements and as
to disbursements of any escrow funds therefor have been satisfied.

 

		(t)	Ownership. Seller owns and has full right to sell the Asset to Buyer free and clear of any
encumbrance, equity, participation interest, lien, pledge, charge, claim or security interest, and has full right and authority
subject to no interest or participation of, or agreement with, any other party, to sell each Asset pursuant to this Agreement and
following the sale of each Asset, Buyer will own such Asset (and with respect to any Cooperative Mortgage Loan, the sole owner
of the related Assignment of Proprietary Lease) free and clear of any encumbrance, equity, participation interest, lien, pledge,
charge, claim or security interest except any such security interest created pursuant to the terms of this Agreement.

 

		(u)	Doing Business. All parties which have had any interest in the Mortgage Loan, whether as
mortgagee, assignee, pledgee or otherwise, are (or, during the period in which they held and disposed of such interest, were) (i)
in compliance with any and all applicable licensing requirements of the laws of the state wherein the Mortgaged Property is located,
and (ii) either (A) organized under the laws of such state, (B) qualified to do business in such state, (C) a
federal savings and loan association, a savings bank or a national bank having a principal office in such state, or (D) not
doing business in such state.

 

		(v)	Hazard Insurance. The Mortgage Loan is covered by a policy of hazard insurance and insurance
against other insurable risks and hazards as are customary in the area where the Mortgaged Property is located as required by the
applicable Approved Investor and in accordance with (x) with respect to Agency Eligible Mortgage Loans, the Agency Guides and (y)
with respect to Jumbo Mortgage Loans, the underwriting or acquisition guidelines, as applicable, in an amount not less than the
greatest of (i) 100% of the replacement cost of all improvements to the Mortgaged Property, (ii) the outstanding principal
balance of the Mortgage Loan, and (iii) the amount necessary to avoid the operation of any co-insurance provisions with respect
to the Mortgaged Property or such maximum lesser amount as permitted by the applicable Approved Investor and applicable law, all
in a form usual and customary in the industry and that is in full force and effect, and all amounts required to have been paid
under any such policy have been paid. If any portion of the Mortgaged Property is in an area identified by any federal Governmental
Authority as having special flood hazards, and flood insurance is available, a flood insurance policy meeting the current guidelines
of the Federal Emergency Management Agency is in effect with a generally acceptable insurance carrier, in an amount representing
coverage not less than the least of (1) the outstanding principal balance of the Mortgage Loan (2) the full insurable
value of the Mortgaged Property, and (3) the maximum amount of insurance available under the National Flood Insurance Act
of 1968, as amended by the Flood Disaster Protection Act of 1974. All such insurance policies (collectively, the “hazard
insurance policy”) contain a standard mortgagee clause naming Seller, its successors and assigns (including, without limitation,
subsequent owners of the Mortgage Loan), as mortgagee, and may not be reduced, terminated or canceled without 30 days’ prior
written notice to the mortgagee. No such notice has been received by Seller. All premiums on such insurance policy have been paid.
The related Mortgage obligates the Mortgagor to maintain all such insurance and, at such Mortgagor’s failure to do so, authorizes
the mortgagee to maintain such insurance at the Mortgagor’s cost and expense and to seek reimbursement therefor from such
Mortgagor. Where required by state law or regulation, the Mortgagor has been given an opportunity to choose the carrier of the
required hazard insurance, provided the policy is not a “master” or “blanket” hazard insurance policy covering
a condominium, or any hazard insurance policy covering the common facilities of a planned unit development. The hazard insurance
policy is the valid and binding obligation of the insurer and is in full force and effect. Seller has not engaged in, and has no
knowledge of the Mortgagor’s having engaged in, any act or omission which would impair the coverage of any such policy, the
benefits of the endorsement provided for herein, or the validity and binding effect of either including, without limitation, no
unlawful fee, commission, kickback or other unlawful compensation or value of any kind has been or will be received, retained or
realized by any attorney, firm or other Person, and no such unlawful items have been received, retained or realized by Seller.

 

    	Exh. L-5

    	 

    

 

		(w)	Title Insurance. A valid and enforceable title insurance policy has been issued or a commitment
to issue such title insurance policy has been obtained for the Mortgage Loan in an amount not less than the original principal
amount of such Mortgage Loan, which title insurance policy insures that the Mortgage relating thereto is a valid first lien or
second lien, as applicable, on the property therein described and that the mortgaged property is free and clear of all encumbrances
and liens having priority over the first lien of the Mortgage and otherwise in compliance with the requirements of the applicable
Approved Investor. The title insurance company that issued the applicable Closing Protection Letter has also issued or has committed
to issue the title insurance policy. Seller, its successors and assigns, are the sole insureds of such title insurance policy,
and such title insurance policy is valid and remains in full force and effect and will be in force and effect upon the consummation
of the transactions contemplated by this Agreement. No claims have been made under such title insurance policy, and no prior holder,
servicer or subservicer of the related Mortgage, including Seller, has done, by act or omission, anything which would impair the
coverage of such title insurance policy, including without limitation, no unlawful fee, commission, kickback or other unlawful
compensation or value of any kind has been or will be received, retained or realized by any attorney, firm or other Person, and
no such unlawful items have been received, retained or realized by Seller.

 

		(x)	Assignment. The Assignment (i) has been duly authorized by all necessary corporate action
by Seller, duly executed and delivered by Seller and is the legal, valid and binding obligation of Seller enforceable in accordance
with its terms, and (ii) complies with all applicable laws including all applicable recording, filing and registration laws and
regulations and is adequate and legally sufficient for the purpose intended to be accomplished thereby, including, without limitation,
the assignment of all of the rights, powers and benefits of Seller as mortgagee.

 

		(y)	No Fraud. No error, omission, misrepresentation, negligence, fraud or similar occurrence
has taken place with respect to the Mortgage Loan 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.

 

		(z)	Compliance with Guidelines. The Mortgage Loan was originated in compliance with and remains
in compliance with Seller’s underwriting and/or acquisition guidelines, as applicable. Each Agency Eligible Mortgage Loan
was originated in Strict Compliance with and remains in compliance with the applicable Agency Guides.

 

    	Exh. L-6

    	 

    

 

		(aa)	Transfer of Mortgage Loans. Except with respect to Mortgage Loans intended for purchase
by Ginnie Mae and for Mortgage Loans registered with MERS, the Assignment is in recordable form and is acceptable for recording
under the laws of the jurisdiction in which the Mortgaged Property is located.

 

		(bb)	Due-On-Sale. The Mortgage contains an enforceable provision for the acceleration of the
payment of the unpaid principal balance of the Mortgage Loan in the event that the Mortgaged Property is sold or transferred without
the prior written consent of the mortgagee thereunder.

 

		(cc)	No Buydown Provisions; No Graduated Payments or Contingent Interests. Except with respect
to Agency Eligible Mortgage Loans, the Mortgage Loan does not contain provisions pursuant to which monthly payments are paid or
partially paid with funds deposited in any separate account established by Seller, the Mortgagor, or anyone on behalf of the Mortgagor,
nor does it contain any other similar provisions which may constitute a “buydown” provision. The Mortgage Loan is not
a graduated payment mortgage loan and the Mortgage Loan does not have a shared appreciation or other contingent interest feature.

 

		(dd)	Consolidation of Future Advances. Any future advances made to the Mortgagor prior to the
Purchase Date have been consolidated with the outstanding principal amount secured by the Mortgage, and the secured principal amount,
as consolidated, bears a single interest rate and single repayment term. The lien of the Mortgage securing the consolidated principal
amount is expressly insured as having first lien priority by a title insurance policy, an endorsement to the policy insuring the
mortgagee’s consolidated interest or by other title evidence acceptable to Fannie Mae and Freddie Mac. The consolidated principal
amount does not exceed the original principal amount of the Mortgage Loan.

 

		(ee)	No Condemnation Proceeding. There have not been any condemnation proceedings with respect
to the Mortgaged Property and Seller has no knowledge of any such proceedings.

 

		(ff)	Servicemembers Civil Relief Act. The Mortgagor has not notified Seller, and Seller has no
knowledge, of any relief requested or allowed to the Mortgagor under the Servicemembers Civil Relief Act of 2003.

 

		(gg)	Appraisal. A full appraisal of the related Mortgaged Property was conducted and executed
prior to the funding of the Mortgage Loan by a qualified appraiser, duly appointed by Seller, who had no interest, direct or indirect
in the Mortgaged Property or in any loan made on the security thereof, and whose compensation is not affected by the approval or
disapproval of the Mortgage Loan, and the appraisal and appraiser both satisfy the relevant Fannie Mae and Freddie Mac guidelines,
each as amended and as in effect on the date the Mortgage Loan was originated.

 

		(hh)	Disclosure Materials. The Mortgagor has executed a statement to the effect that the Mortgagor
has received all disclosure materials required by applicable law with respect to the making of adjustable rate mortgage loans,
and Seller maintains such statement in the Mortgage Loan File.

 

		(ii)	Construction or Rehabilitation of Mortgaged Property. No Mortgage Loan was made in connection
with the construction or rehabilitation of a Mortgaged Property or facilitating the trade-in or exchange of a Mortgaged Property.

 

		(jj)	Capitalization of Interest. The Mortgage Note does not by its terms provide for the capitalization
or forbearance of interest.

 

		(kk)	No Equity Participation. No document relating to the Mortgage Loan provides for any contingent
or additional interest in the form of participation in the cash flow of the Mortgaged Property or a sharing in the appreciation
of the value of the Mortgaged Property. The indebtedness evidenced by the Mortgage Note is not convertible to an ownership interest
in the Mortgaged Property or the Mortgagor and Seller has not financed nor does it own directly or indirectly, any equity of any
form in the Mortgaged Property or the Mortgagor.

 

    	Exh. L-7

    	 

    

 

		(ll)	Proceeds of Mortgage Loan. The proceeds of the Mortgage Loan have not been and shall not
be used to satisfy, in whole or in part, any debt owed or owing by the Mortgagor to Seller or any Affiliate or correspondent of
Seller, except in connection with a refinanced Mortgage Loan.

 

		(mm)	Mortgage Submitted for Recordation. The Mortgage either has been or will promptly be submitted
for recordation in the appropriate governmental recording office of the jurisdiction where the Mortgaged Property is located.

 

		(nn)	Other Encumbrances. To the best of Seller’s knowledge, any property subject to any
security interest given in connection with such Mortgage Loan is not subject to any other encumbrances other than a stated first
mortgage, if applicable, and encumbrances which may be allowed under (x) with respect to Agency Eligible Mortgage Loans, the Agency
Guides and (y) with respect to Jumbo Mortgage Loans, the underwriting or acquisition guidelines, as applicable.

 

		(oo)	Located in U.S. No collateral (including, without limitation, the related real property
and the dwellings thereon and otherwise) relating to a Mortgage Loan is located in any jurisdiction other than in one of the fifty
(50) states of the United States of America or the District of Columbia.

 

		(pp)	HOEPA. No Mortgage Loan is (a) subject to the provisions of 12 U.S.C. Section 226.32 of
Regulation Z implementing the Homeownership and Equity Protection Act of 1994 as amended (“HOEPA”), (b) a “high
cost” mortgage loan, “covered” mortgage loan, “high risk home” mortgage loan, or “predatory”
mortgage loan or any other comparable term, no matter how defined under any federal, state or local law, (c) subject to any comparable
federal, state or local statutes or regulations, or any other statute or regulation providing for heightened regulatory scrutiny
or assignee liability to holders of such mortgage loans, or (d) a High Cost Loan or Covered Loan, as applicable (as such terms
are defined in the current Standard & Poor’s LEVELS® Glossary Revised, Appendix E).

 

		(qq)	No Predatory Lending. No predatory, abusive or deceptive lending practices, including but
not limited to, the extension of credit to a mortgagor without regard for the mortgagor’s ability to repay the Mortgage Loan
and the extension of credit to a mortgagor which has no tangible net benefit to the mortgagor, were employed in connection with
the origination of the Mortgage Loan.

 

		(rr)	Negative Amortization. None of the Mortgage Notes relating to any of the Mortgage Loans
provides for negative amortization.

 

		(ss)	Mortgaged Property Undamaged. The Mortgaged Property is in good repair and undamaged by
waste, fire, earthquake or earth movement, windstorm, 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 and each Mortgaged Property
is in good repair.

 

		(tt)	No Exception. No document deficiency exists with respect to the Mortgage Loan which would
materially adversely affect the Mortgage Loan or Buyer’s ownership and/or security interest granted by Seller in the Mortgage
Loan as determined by Buyer in its sole discretion.

 

    	Exh. L-8

    	 

    

 

		(uu)	Acceptable Investment. No specific circumstances or conditions exist with respect to the
Mortgage, the Mortgaged Property, Mortgagor or Mortgagor’s credit standing that should reasonably be expected to (i) cause
private institutional investors which invest in Mortgage Loans similar to the Mortgage Loan to regard the Mortgage Loan as an unacceptable
investment, (ii) cause the Mortgage Loan to be more likely to become past due in comparison to similar Mortgage Loans, or (iii)
adversely affect the value or marketability of the Mortgage Loan in comparison to similar Mortgage Loans.

 

		(vv)	MERS Mortgage Loans. With respect to each Mortgage Loan registered with MERS, a mortgage
identification number has been assigned by MERS and such mortgage identification number is accurately provided on the Asset Data
Record. The related Assignment to MERS has been duly and properly recorded. With respect to each Mortgage Loan registered with
MERS, no Mortgagor has received any notice of liens or legal actions with respect to such Mortgage Loan and no such notices have
been electronically posted by MERS.

 

		(ww)	Prepayment Fees. The Mortgage Loan does not contain a provision permitting imposition of
a premium upon a prepayment prior to maturity.

 

		(xx)	Points and Fees. All points and fees related to the Mortgage Loan were disclosed in writing
to the Mortgagor in accordance with applicable state and federal law and regulation. The points and fees related to such Mortgage
Loan did not exceed 3% of the total loan amount (or such other applicable limits for lower balance Mortgages) as specified under
12 CFR 1026.43(e)(3), and the points and fees were calculated using the calculation required for qualified mortgages under 12 CFR
1026.32(b) to determine compliance with applicable requirements.

 

		(yy)	Mandatory Arbitration. No Mortgage Loan that was originated on or after October 31, 2004,
is subject to mandatory arbitration except when the terms of the arbitration also contain a waiver provision that provides that
in the event of a sale or transfer of the Mortgage Loan or interest in the Mortgage Loan to Fannie Mae, the terms of the arbitration
are null and void and cannot be reinstated. Seller hereby covenants that Seller or subservicer of the Mortgage Loan, as applicable,
will notify the Mortgagor in writing within 60 days of the sale or transfer of the Mortgage Loan to Fannie Mae that the terms of
the arbitration are null and void.

 

		(zz)	Mortgage Loan Products. No Mortgagor was encouraged or required to select a Mortgage Loan
product offered by the originator of the Mortgage Loan which is a higher cost product designed for less creditworthy Mortgagors,
unless at the time of the origination of such Mortgage Loan, such Mortgagor did not qualify taking into account credit history
and debt to income ratios for a lower cost credit product then offered by the originator of the Mortgage Loan or any affiliate
of the originator of such Mortgage Loan. If, at the time of Mortgage Loan application, the Mortgagor may have qualified for a lower
cost credit product than offered by any mortgage lending affiliate of the originator of the Mortgage Loan, such originator referred
the Mortgagor’s application to such affiliate for underwriting consideration.

 

		(aaa)	Environmental Matters. The Mortgaged Property is free from any and all toxic or hazardous
substances and there exists no violation of any local, state or federal environmental law, rule or regulation. To the best of Seller’s
knowledge, no Mortgaged Property was, as of the related Purchase Date, located within a one-mile radius of any site listed in the
National Priorities List as defined under the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as
amended, or on any similar state list of hazardous waste sites which are known to contain any hazardous substance or hazardous
waste.

 

    	Exh. L-9

    	 

    

 

		(bbb)	Government Mortgage Loans. With respect to each Government Mortgage Loan, (i) the FHA Mortgage
Insurance Contract is in full force and effect, there exists no impairment to full recovery, and HUD is not entitled to be indemnified
by the related mortgagee under FHA Mortgage Insurance and the VA Loan Guaranty Agreement is in full force and effect to the maximum
extent stated therein and there exists no impairment to full recovery thereunder, (ii) all necessary steps have been taken to keep
such guaranty or insurance valid, binding and enforceable and each of such is the binding, valid and enforceable obligation of
the FHA and the VA, respectively, to the full extent thereof, without surcharge, set-off or defense, (iii) such Government Mortgage
Loan is insured, or eligible to be insured, pursuant to the National Housing Act or is guaranteed, or eligible to be guaranteed,
under the provisions of Chapter 37 of Title 38 of the United States Code, as applicable, (iv) with respect to each FHA insurance
certificate or VA guaranty certificate, Seller has complied with applicable provisions of the insurance for guaranty contract and
federal statutes and regulations, all premiums or other charges due in connection with such insurance or guarantee have been paid,
there has been no act or omission which would or may invalidate any such insurance or guaranty, and the insurance or guaranty is,
or when issued, will be, in full force and effect with respect to such Loan, (v) Seller has no knowledge of any defenses, counterclaims,
or rights of setoff affecting such Government Mortgage Loan or affecting the validity or enforceability of any private mortgage
insurance or FHA Mortgage Insurance or VA loan guaranty with respect to such Government Mortgage Loan, and (vi) Seller has no knowledge
of any circumstance which would cause such Government Mortgage Loan to be ineligible for FHA Mortgage Insurance or a VA loan guaranty,
as applicable, or cause the FHA or the VA, as applicable, to deny or reject the related Mortgagor’s application for FHA Mortgage
Insurance or a VA loan guaranty, respectively. Each Government Mortgage Loan was originated in accordance with the criteria of
an Agency for purchase of such Government Mortgage Loans.

 

		(ccc)	Pooled Mortgage Loans. Each Purchased Mortgage Loan that will be pooled to support a Mortgage-Backed
Security is being serviced by a subservicer having all Approvals necessary to make such Purchased Mortgage Loan eligible to back
the related Mortgage-Backed Security.

 

		(ddd)	Mortgage-Backed Securities. Each Mortgage-Backed Security subject to a Transaction (i) is
backed by Agency Eligible Mortgage Loans that satisfy the “Good Delivery Guidelines” promulgated by SIFMA, (iii) is
subject to a valid and binding Purchase Commitment that is enforceable in accordance with its terms, (iv) with respect to which,
the applicable Agency Documents list Buyer as sole subscriber, (v) has been validly issued, and is fully paid and non assessable,
and has been issued in compliance with all applicable laws, including, without limitation, the applicable Agency Guides, (vi) is
in book-entry form and held through the facilities of the applicable Depository, and (vii) is unencumbered (other than liens created
in favor of Buyer pursuant to this Agreement and liens created by or through Buyer). There are (i) no outstanding rights, options,
warrants or agreements (other than as created by Buyer) for a purchase, sale or issuance, in connection with any Mortgage-Backed
Security, (ii) no agreements on the part of the Seller to issue, sell or distribute the Mortgage-Backed Securities, and (iii) no
obligations on the part of the Seller (contingent or otherwise) to purchase, redeem or otherwise acquire any securities or any
interest therein or to pay any dividend or make any distribution in respect of the Mortgage-Backed Securities.

 

		(eee)	Qualified Mortgage.  Each Mortgage Loan satisfies the following criteria:

		(i)	Such Mortgage Loan is a Qualified Mortgage;

		(ii)	Such Mortgage Loan is accurately identified in writing to Buyer as either a Safe Harbor Qualified
Mortgage or a Rebuttable Presumption Qualified Mortgage;

		(iii)	Prior to the origination of such Mortgage Loan, the related originator made a reasonable and good
faith determination that the related Mortgagor would have a reasonable ability to repay such Mortgage Loan according to its terms,
in accordance with, at a minimum, the eight underwriting factors set forth in 12 CFR 1026.43(c)(2); and

 

    	Exh. L-10

    	 

    

 

		(iv)	Such Mortgage Loan is supported by documentation that evidences compliance with the Ability to
Repay Rule and the QM Rule.

 

		(fff)	Ability to Repay Determination. There is no action, suit or proceeding instituted by or
against or threatened against Seller in any federal or state court or before any commission or other regulatory body (federal,
state or local, foreign or domestic) that questions or challenges the compliance of any Mortgage Loan (or the related underwriting)
with, (x) the Ability to Repay Rule or, (y) the QM Rule.

 

		(ggg)	Cooperative Mortgage Loan: Valid First Lien. With respect to each Cooperative Mortgage Loan,
the related Mortgage is a valid, enforceable and subsisting first security interest on the related cooperative shares securing
the related cooperative note and lease, subject only to (a) liens of the cooperative for unpaid assessments representing the Mortgagor’s
pro rata share of the cooperative’s payments for its blanket mortgage, current and future real property taxes, insurance
premiums, maintenance fees and other assessments to which like collateral is commonly subject and (b) other matters to which like
collateral is commonly subject which do not materially interfere with the benefits of the security intended to be provided by the
security interest. There are no liens against or security interests in the cooperative shares relating to each Cooperative Mortgage
Loan (except for unpaid maintenance, assessments and other amounts owed to the related cooperative which individually or in the
aggregate will not have a material adverse effect on such Cooperative Mortgage Loan), which have priority equal to or over Seller’s
security interest in such Cooperative Shares.

 

		(hhh)	Cooperative Mortgage Loan: Compliance with Law. With respect to each Cooperative Mortgage
Loan, the related cooperative corporation that owns title to the related cooperative apartment building is a “cooperative
housing corporation” within the meaning of Section 216 of the Code, and is in material compliance with applicable federal,
state and local laws which, if not complied with, could have a material adverse effect on the Mortgaged Property.

 

		(iii)	Cooperative Mortgage Loan: No Pledge. With respect to each Cooperative Mortgage Loan, there
is no prohibition against pledging the shares of the cooperative corporation or assigning the Proprietary Lease. With respect to
each Cooperative Mortgage Loan, (i) the term of the related Proprietary Lease is longer than the term of the Cooperative Mortgage
Loan, (ii) there is no provision in any Proprietary Lease which requires the Mortgagor to offer for sale the Cooperative Shares
owned by such Mortgagor first to the Cooperative Corporation, (iii) there is no prohibition in any Proprietary Lease against pledging
the Cooperative Shares or assigning the Proprietary Lease and (iv) the Recognition Agreement is on a form of agreement published
by Aztech Document Systems, Inc. as of the date hereof or includes provisions which are no less favorable to the lender than those
contained in such agreement.

 

		(jjj)	Cooperative Mortgage Loan: Acceleration of Payment. With respect to each Cooperative Mortgage
Loan, each Assignment of Proprietary Lease contains enforceable provisions such as to render the rights and remedies of the holder
thereof adequate for the realization of the material benefits of the security provided thereby. The Assignment of Proprietary Lease
contains an enforceable provision for the acceleration of the payment of the unpaid principal balance of the Mortgage Note in the
event the Cooperative Unit is transferred or sold without the consent of the holder thereof.

 

    	Exh. L-11

    	 

    

 

Exhibit
M

 

REQUIRED AGENCY DOCUMENTS

 

		·	For the purpose of Section 7.2(e): Form HUD 11705 (Schedule of Subscribers), Fannie
Mae Form 2014 (Delivery Schedule) or Freddie Mac Form 381 (Contract Delivery Summary) and Freddie Mac Form 939
(Settlement and Information Multiple Registration Form), as applicable, fully completed and designating Buyer as the party authorized
to receive the related Mortgage-Backed Securities, duly executed by Seller; and Form HUD 11706 (Schedule of Pooled Mortgages)
and the reverse side of Form HUD 11706 (Initial Certification), Fannie Mae Form 2005 (Schedule of Mortgages with
Magnetic Tape Format Instructions), or Freddie Mac Form 11 (Mortgage Submission Schedule) and Freddie Mac Form 13SF
(Mortgage Submission Voucher) or Selling System computer tape, as applicable, that has been delivered to the applicable Agency
indicating the Custodian’s initial certification of the Pooled Mortgage Loans

 

		·	For the purpose of Section 8.1(bb): Freddie Mac Form 987 (Wire Transfer Authorization
for a Cash Warehouse Delivery), Fannie Mae Form 1068 (Fixed-Rate, Graduated-Payment, or Growing-Equity Mortgage Asset Schedule)
or Fannie Mae Form 1069 (Adjustable-Rate Mortgage Asset Schedule), as applicable.

 

    	Exh. M-1

    	 

    

 

EXHIBIT N

FORM OF
TRADE ASSIGNMENT

 

__________ (“Approved Investor”)

(Address)

Attention:

Fax No.:

 

Dear Sirs:

 

Attached hereto is
a correct and complete copy of your confirmation of commitment (the “Commitment”), trade-dated _________ __,
____, to purchase

 

[$______of __% ___
year,]

 

(Check Box)

 

	
        

         
	(a)	Ginnie Mae;
	 	 	 
	 	(b)	Fannie Mae; or
	 	 	 
	 	(c)	Freddie Mac

 

mortgage-backed pass-through
securities (“Securities”) at a purchase price of $___________ from _________ on [insert Settlement Date].

 

Our intention is to
assign $_____ of this Commitment’s full amount, which assignment shall be effective and shall be fully enforceable by the
assignee on the Settlement Date. This is to confirm that (i) the form of this assignment conforms to the SIFMA guidelines, (ii)
the Commitment is in full force and effect, (iii) the Commitment has been assigned to Bank of America, N.A. (“BANA”)
as security for the obligations of Five Oaks Acquisition Corp., the “Seller” under that certain Master Repurchase Agreement,
dated as of December 30, 2014, between Five Oaks Acquisition Corp. (“Seller”) and BANA, whose acceptance of
such assignment is indicated below, [and] (iv) upon delivery of this trade assignment to you by BANA you will accept Seller’s
direction set forth herein to pay BANA for such Securities, [(v) you will accept delivery of such Securities directly from BANA,
(vi) BANA is obligated to make delivery of such Securities to you in accordance with the attached Commitment and (vii) you have
released Seller from its obligation to deliver the Securities to you under the Commitment.] Payment will be made “delivery
versus payment (DVP)” to BANA in immediately available funds.

 

    	Exh. N-1

    	 

    

 

If you have any questions,
please call [SELLER CONTACT] at (___) ___-____ immediately or contact him by fax at (___) ___-____.

 

	 	Very truly yours,
	 	 	 
	 	FIVE OAKS ACQUISITION CORP.
	 	 	 
	 	By:	 
	 	Name:
	 	Title:

 

Agreed to:

 

BANK OF AMERICA, N.A.

 

	By:	 
	Name: 	 
	Title:	 

 

Notice of delivery and confirmation of
receipt are the obligations of BANA. Prompt notification of incorrect information or rejection of the trade assignment should be
made to [______].

 

    	Exh. N-2

    	 

    

 

EXHIBIT O

 

FORM OF REQUEST FOR TEMPORARY INCREASE

 

Bank of America, N.A.

One Bryant Park, 11th floor

New York, New York 10036

NY1-100-11-01

Attention:  Eileen Albus

 

		Re:	The Master Repurchase Agreement, dated as of December 30, 2014 (the “Repurchase
Agreement”), between Bank of America, N.A. (“Buyer”) and Five Oaks Acquisition Corp. (“Seller”)

 

Ladies and Gentlemen:

 

In accordance with Section
2.10 of the Repurchase Agreement, Buyer hereby consents to a Temporary Increase of the Aggregate Transaction Limit, the Committed
Amount or the Uncommitted as further set forth below:

 

Amount of Temporary Increase:
$__________________.

 

Temporary Committed Amount:
$__________________.

 

Temporary Uncommitted
Amount : $__________________.

 

Effective date and time: 
[dd/mm/yyyy at ___:___ _.m.]

 

Termination date and
time:  [dd/mm/yyyy at ___:___ _.m.]

 

On and after the effective
date and time indicated above and until the termination date and time indicated above, the Aggregate Transaction Limit, Committed
Amount, and Uncommitted Amount shall equal the Temporary Aggregate Transaction Limit, Temporary Committed Amount and Temporary
Uncommitted Amount, respectively, indicated above for all purposes of the Repurchase Agreement and all calculations and provisions
relating to the Aggregate Transaction Limit, Committed Amount, and Uncommitted Amount shall refer to the Temporary Aggregate Transaction
Limit, Temporary Committed Amount and Temporary Uncommitted Amount, respectively, including without limitation, Type Sublimits.
Unless otherwise terminated pursuant to the Repurchase Agreement, this Temporary Increase shall terminate on the termination date
and time indicated above. Upon the termination of this Temporary Increase, Seller shall repurchase Purchased Assets such that (i)
the Aggregate Outstanding Purchase Price does not exceed the Aggregate Transaction Limit and (ii) the applicable portion of the
Aggregate Outstanding Purchase Price does not exceed any Type Sublimit. Seller shall repurchase Purchased Assets in order to reduce
the Aggregate Outstanding Purchase Price to the Aggregate Transaction Limit (as reduced by the termination of such Temporary Increase)
in accordance with Section 4.2(k) of the Repurchase Agreement.

 

All terms used herein
and not otherwise defined herein shall have the respective meanings ascribed to such terms in the Repurchase Agreement.

 

    	Exh. O-1

    	 

    

 

	 	FIVE OAKS ACQUISITION CORP., Seller
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Agreed and Consented by:

 

BANK OF AMERICA, N.A., Buyer

 

	By:  	 
	 	Name:
	 	Title:

 

Date: ________________

 

    	Exh. O-2

    	 

    

 

EXHIBIT P

 

RESERVED

 

    	Exh. P-1

    	 

    

 

EXHIBIT Q

 

RESERVED

 

    	Exh. Q-1

    	 

    

 

EXHIBIT R

 

AUTOFUND AUTHORIZATION REQUEST

 

I, the undersigned, as a duly authorized representative of Seller
listed below, hereby request that Bank of America, N.A. (“Buyer”) approve the automatic funding of Transaction requests
made by Seller under the Master Repurchase Agreement (including any amendments thereto, collectively, the “Agreement”)
by and between Buyer and Seller. I understand that if this request is approved by Buyer, such automatic funding requests shall
be subject to the following terms and conditions:

 

1.Buyer reserves the right to determine the terms and conditions
on which it will approve automatic funding of Transactions for Seller and further reserves the right to change such terms and conditions
at any time for any reason, including, revoking its approval of automatic funding of Transactions for Seller, upon notice to Seller.

 

2.Buyer shall be entitled to conclusively rely on and assume
that any information provided by Seller to Buyer in connection with any Transaction request, whether such information is provided
electronically or verbally, is true and correct in all respects. While Buyer reserves the right to verify any such information
at any time and for any reason, Buyer shall have no obligation to do so and Seller shall be solely liable and responsible for any
errors in such information and shall indemnify and hold harmless Buyer for any such errors in accordance with the terms and conditions
of the Agreement. The following data fields (if checked) are subject to reconfirmation and authorization through warehouselending.com
and may not be eligible for automatic funding if Buyer changes or modifies the data from the values originally submitted in the
Asset Data Record by Seller.

 

Wire Auto Funding Criteria

		ü	ABA Num

		ü	Acc Num

 

Optional: (select fields, which if changed by Buyer will result
in Sellers re-verification, ineligible for Auto Funding).

 

		 ̈	OPB or UPB

		 ̈	Requested Wire Amount

		 ̈	Requested Purchase Date

		 ̈	Closing Agent Name

		 ̈	Closing Agent Branch

		 ̈	Further Credit Acc Num

		 ̈	Further Credit Bank Name

 

	Seller:	 
	 	 
	Authorized Representative:	 
	 	Print name
	 	 
	Signed:	 
	 	 
	Date:	 

 

    	Exh. R-1

    	 

    

 

SCHEDULE 1

 

Filing Jurisdictions and Offices

 

Delaware

 

    	Sch. 1-1

    	 

    

 

SCHEDULE 2

 

States and Jurisdictions

 

All States except for Mississippi.

 

    	Sch. 2-1

    	 

    

 

SCHEDULE 3

 

List of Seller’s Existing Debt

 

As of December 29, 2014

 

		1.	Master Repurchase Agreement, dated February 25, 2014, among Credit Suisse First Boston Mortgage Capital LLC, as buyer, Five
Oaks Acquisition Corp., as seller, and Five Oaks Investment Corp., as guarantor, with a maximum amount of $125 million.

 

		2.	Loan and Security Agreement, dated July 18, 2014, between Bank of America, N.A., as lender, and Five Oaks Acquisition Corp.,
as borrower, with a maximum amount of $100,000,000.

 

		3.	Master Repurchase Agreement, dated July 29, 2014, among Barclays Bank PLC, as purchaser and agent, Five Oaks Acquisition Corp.,
as seller, and Five Oaks Investment Corp., as guarantor, with a maximum amount of $100,000,000.

 

    	Sch. 3-1Exhibit 10.6

 

Execution Version

 

 

GUARANTY

 

THIS GUARANTY (the “Guaranty”)
is made and entered into as of December 30, 2014 by Five Oaks Investment Corp. (the “Guarantor”), to and for
the benefit of Bank of America, N.A. (“Bank of America”).

 

RECITALS

 

		A.	Subject to the terms and conditions of that certain Master Repurchase Agreement, dated as of December
30, 2014 (including any amendments, restatements, supplements, modifications or other agreements or other documents referenced
therein, collectively, the “Repurchase Agreement”), Bank of America has agreed to purchase certain mortgage
loans from Five Oaks Acquisition Corp. (the “Seller”).

 

		B.	As a condition precedent to Bank of America’s agreement to engage in the transactions contemplated
under the Repurchase Agreement, and, in order to provide Bank of America with further assurances that Seller will perform its obligations
under the Repurchase Agreement, Guarantor is required to execute and deliver this Guaranty to Bank of America.

 

NOW, THEREFORE, in consideration of the
mutual rights and obligations provided herein and for other good and valuable consideration, the receipt and adequacy of which
are hereby acknowledged, Guarantor hereby agrees as follows:

 

		1.	Guaranty of Obligations. Guarantor hereby irrevocably, absolutely and unconditionally guarantees:

 

		(a)	the payment when due, upon maturity, acceleration or otherwise, of all obligations of Seller to
Bank of America under the Repurchase Agreement, howsoever evidenced, whether now existing or hereafter created or arising, whether
voluntary or involuntary and however arising, absolute or contingent, liquidated or unliquidated, determined or undetermined; and

 

		(b)	the prompt, full and faithful performance and discharge by Seller of each and every term, condition,
agreement, representation and warranty on the part of Seller contained in the Repurchase Agreement,

 

((a) and (b), collectively and
severally, the “Obligations”), whether or not (i) such Obligations are from time to time reduced or extinguished
and thereafter increased or incurred; (ii) Seller may be liable individually or jointly with others; (iii) recovery upon such Obligations
may be or hereafter become barred by any statute of limitations; and/or (iv) such Obligations may be or hereafter become unenforceable.

 

		2.	Guaranty Not Affected by Certain Events. Neither (a) the dissolution, insolvency
or business failure of, or any assignment for the benefit of creditors by, or commencement of any bankruptcy, reorganization, arrangement,
moratorium or other debtor relief proceedings by or against Seller nor (b) the appointment of a receiver for, or the attachment,
restraint of or making or levying of any order of court or legal process affecting, the property of Seller shall affect the obligations
of Guarantor hereunder and Bank of America may immediately pursue its rights under this Guaranty against Guarantor upon the occurrence
of any such events even though Bank of America may be stayed from accelerating or collecting the Obligations from Seller. Further,
Bank of America may take any actions it deems necessary in any bankruptcy case by or against Seller without releasing or exonerating
Guarantor from its obligations under this Guaranty, including, without limitation, any of the following actions: (i) permit or
suffer the impairment of any Obligations, (ii) make an election under Bankruptcy Code Section 1111(b)(2), (iii) permit or suffer
the creation of secured or unsecured credit or debt under Bankruptcy Code Section 364 or (iv) permit or suffer the disallowance,
avoidance or subordination of any Obligation or collateral (including, without limitation, the Purchased Assets (as defined in
the Repurchase Agreement).

 

    	 

    	 

    

 

		3.	Modification of Obligations. Guarantor authorizes Bank of America (whether or not
after termination of this Guaranty), without notice or demand (except as shall be required by applicable statute which cannot be
waived), and without affecting or impairing its liability hereunder, from time to time to (a) renew, compromise, extend, increase,
accelerate or otherwise change the time for payment of, or otherwise change the terms of, Obligations or any part thereof, including
increase or decrease of the rate of interest thereon; (b) take and hold security for the payment of this Guaranty or the Obligations
and exchange, enforce, waive and release any such security; (c) apply such security and direct the order or manner of sale thereof
as Bank of America in its discretion may determine; and (d) release or substitute any one or more endorsers, guarantors, Seller
or other obligors. Bank of America may, without notice to or the further consent of Seller or Guarantor, assign this Guaranty in
whole or in part to any person acquiring an interest in the Obligations.

 

		4.	Independent Obligation. The obligations of Guarantor hereunder are independent of
the Obligations of Seller, and a separate action or actions may be brought and prosecuted against Guarantor whether or not action
is brought against Seller and whether or not Seller is joined in any such action.

 

		5.	Primary Obligation. This Guaranty is one of payment, not of collection, and is the
primary obligation of the undersigned. Guarantor waives any right to require Bank of America to (a) proceed against Seller or any
other party; (b) proceed against or exhaust any security held from Seller; or (c) pursue any other remedy in Bank of America’s
power whatsoever. Guarantor waives any personal defense based on or arising out of any personal defense of Seller other than payment
in full of the Obligations, including, without limitation, any defense based on or arising out of the disability of Seller, or
the invalidity or unenforceability of the Obligations or any part thereof from any cause, or the cessation from any cause of the
liability of Seller other than payment in full of the Obligations. Bank of America may, at its election, exercise any right or
remedy Bank of America may have against Seller, or any security, without affecting or impairing in any way the liability of Guarantor
hereunder except to the extent the Obligations have been paid. Guarantor waives any defense arising out of any such election, even
though such election operates to impair or extinguish any right of reimbursement or subrogation or other right or remedy of Guarantor
against Seller or any security.

 

		6.	Waiver of Rights.

 

		(a)	Waiver of Subrogation, Reimbursement, Contribution and Similar Rights. As long as there
are outstanding Obligations which have not been paid in full, Guarantor waives any claim, remedy or rights that Guarantor may now
have or may hereafter acquire against Seller or any guarantor of all or any of the Obligations, including, without limitation:
(i) any rights of subrogation and contribution, (ii) any rights of reimbursement, (iii) any rights of performance, (iv) any rights
of exoneration and/or any rights of indemnification and (v) any rights to participate in any claim or remedy that Bank of America
has against Seller or any collateral that Bank of America now has or hereafter acquire for the Obligations (including, without
limitation, the Purchased Assets), whether or not such claim, remedy or rights arise in equity or under contract, statute or common
law, by any payment made hereunder or otherwise, including, without limitation, the rights to take or receive from Seller, directly
or indirectly, in cash or other property or by setoff or in any other manner, payment or security on account of such claim, remedy
or rights (such rights, collectively, the “Guarantor’s Conditional Rights”). If, notwithstanding the foregoing,
any amount shall be paid to Guarantor on account of Guarantor’s Conditional Rights and either (A) such amount is paid to
Guarantor at any time when there are outstanding Obligations or (B) regardless of when such amount is paid to Guarantor, any payment
made by Seller to Bank of America is at any time determined to be a preferential payment, then such amount paid to Guarantor shall
be deemed to be held in trust for the benefit of Bank of America and shall immediately be paid to Bank of America to be credited
and applied against the Obligations, whether matured or unmatured, in such order and manner as Bank of America, in its sole discretion,
shall determine.

 

    	 

    	 

    

 

		(b)	Waiver Regarding Application of Payments. Guarantor irrevocably waives any rights that Guarantor
may now have or may hereafter acquire to require Bank of America to apply any amounts received by Bank of America from whatever
source on account of the Obligations in any order or application, it being expressly acknowledged and agreed by Guarantor that
any amounts received by Bank of America from whatsoever source on account of the Obligations may be applied by Bank of America
toward the payment of such of the Obligations, and in such order of payment and application, as Bank of America may from time to
time elect in its sole and absolute discretion.

 

		(c)	Waiver of Notice, Presentment, Demand and Similar Rights. Guarantor irrevocably waives any
rights that Guarantor may now have or may hereafter acquire with respect to all presentments, demands for performance, protests
and notices, including, without limitation, notices of non-performance, notices of protest, notices of dishonor, notices of acceptance
of this Guaranty and notices of the existence, creation or incurring of new or additional Obligations.

 

		(d)	Waiver of Priority of Collection and Election of Remedies. Guarantor irrevocably waives
any rights that Guarantor may now have or may hereafter acquire to require Bank of America to: (i) proceed against Seller or any
other party; (ii) proceed against or exhaust any security held from Seller; or (iii) pursue any other remedy in Bank of America’s
power whatsoever. Bank of America may, at its election, exercise any right or remedy Bank of America may have against Seller without
affecting or impairing in any way the liability of Guarantor under this Guaranty except to the extent the Obligations have been
indefeasibly paid in full. Without expanding any rights of subrogation which Guarantor may possess as set forth in subsection (a)
above, Guarantor understands that the exercise by Bank of America of certain rights and remedies contained in the Repurchase Agreement
may affect or eliminate any such rights of subrogation against Seller and that Guarantor may therefore incur a partially or totally
non-reimbursable liability hereunder, nevertheless, Guarantor hereby authorizes and empowers Bank of America to exercise, in its
sole discretion, any rights and remedies, or any combination thereof, which may be available to Bank of America, since it is the
intent and purpose of Guarantor that the obligations of Guarantor hereunder are absolute. Guarantor irrevocably waives all rights
and any defenses arising out of any such election of remedies by Bank of America, even though such election of remedies, such as
a nonjudicial foreclosure with respect to security for an Obligation, operates to impair or extinguish any right of reimbursement
or subrogation or other right or remedy of Guarantor against Seller or any guarantor of the Obligations or any security.

 

		(e)	Waiver of Defenses. To the fullest extent permitted by law, Guarantor irrevocably waives
any defense based on or arising out of any defense of Seller other than payment in full of the Obligations, including, without
limitation, any defense based upon or arising out of the unenforceability of the Obligations or any part thereof from any cause,
or the cessation from any cause of the liability of Seller other than payment in full of the Obligations.

 

		(f)	Waiver of Termination. Guarantor irrevocably waives any right it has to terminate or revoke
the continuing nature of this Guaranty and its application to any Obligations.

 

		(g)	Waiver of Certain Statutory Rights. Guarantor waives, to the fullest extent permitted by
law, the benefit of any statute of limitations affecting its liability hereunder or the enforcement thereof. Any payment by Seller
or other circumstance that operate to toll any statute of limitations as to Seller shall operate to toll the statute of limitations
as to Guarantor.

 

    	 

    	 

    

 

		(h)	Subordination if Any Waiver is Invalid or Void. Guarantor further agrees that to the extent
that any waiver of the rights described in this Guaranty is found by a court of competent jurisdiction to be unenforceable, invalid,
void or voidable for any reason, any rights that Guarantor may have against Seller or against any collateral (including, without
limitation, the Purchased Assets) or security, and any rights Guarantor may have against any guarantor of all or some of the Obligations,
shall be junior and subordinate to any rights that Bank of America may have against Seller, any collateral (including, without
limitation, the Purchased Assets) or security or any other guarantor of all or some of the Obligations, and no such rights shall
be exercised by Guarantor until such time as Bank of America shall have received indefeasible payment of the full amount of all
Obligations and any obligations of Guarantor under this Guaranty.

 

		7.	Subordination of Debt and Obligations; Receipt of Payments. Any indebtedness or obligations
of (i) Seller to Guarantor or (ii) any guarantor of all or some of the Obligations to Guarantor, now or hereafter existing, is
hereby subordinated to the obligations of Seller to Bank of America. Upon the occurrence of an Event of Default under the Repurchase
Agreement and for as long as such event is occurring, Guarantor agrees that, until the Obligations have been fully satisfied, it
will not seek, accept or retain for its own accounts, any payment from Seller or any such guarantor on account of such subordinated
debt. Any payments received by Guarantor on account of such subordinated debt during such Event of Default shall be collected and
received in trust for Bank of America and shall be immediately paid over by Guarantor to Bank of America without impairing or releasing
the obligations of Guarantor hereunder.

 

		8.	Release of Guarantor.

 

		(a)	Release of Guarantor’s Obligations. This Guaranty shall in all respects be continuing,
absolute and unconditional, and shall remain in full force and effect with respect to Guarantor until all Obligations shall have
been fully satisfied and paid and Bank of America shall have executed and delivered to Guarantor an express written release or
cancellation of this Guaranty. No compromise, settlement, release or discharge of, or indulgence with respect to, or failure, neglect
or omission to enforce or exercise any right against Guarantor, or the fact that at any time or from time to time all the Obligations
may have been paid in full, shall release or discharge Guarantor.

 

		(b)	Release of Liability. The liability of Guarantor hereunder is exclusive and independent
of any security for or other guarantee of the Obligations, whether executed by Guarantor or by any other party, and the liability
of Guarantor hereunder is not affected, impaired or released by (i) any direction of application of payment by Seller or by any
other party; (ii) any other guarantee, undertaking or maximum liability of Guarantor or of any other party as to the Obligations;
(iii) any payment on or in reduction of any other guarantor of all or some of the Obligations; (iv) any revocation or release of
any obligations of any other guarantor of all or some of the Obligations; (v) any dissolution, termination or increase, decrease
or change in personnel of Seller; (vi) any payment made to Bank of America on the Obligations that is required to be repaid to
Seller pursuant to court order in any bankruptcy, reorganization, arrangement, moratorium or other debtor relief proceeding, and
Guarantor waives any right to the deferral or modification of Guarantor’s obligations hereunder by reason of any such proceeding;
(vii) any acceptance by Bank of America of any security or collateral for, or other guarantors or obligors upon, any Obligation;
(viii) any change, modification or amendment of the Repurchase Agreement; (ix) any failure, neglect or omission to perfect, protect,
secure or insure any of the foregoing security interests, liens or encumbrances or the properties, or interest in properties, subject
thereto; (x) an increase in the individual or aggregate transaction limits in excess of the amounts initially set forth in the
Repurchase Agreement; (xi) any change in Seller’s name or legal structure or the merger of Seller into another legal entity
or (xii) any act or omission of any kind or at any time upon the part of Bank of America with respect to any matter whatsoever,
other than the execution and delivery by Bank of America to Guarantor of an express written release or cancellation of this Guaranty.

 

    	 

    	 

    

 

		9.	Financial Statements. On or prior to the date of this Guaranty, and on any subsequent
date requested by Bank of America, Guarantor agrees to promptly provide Bank of America with financial statements as of a recent
date relative to the date of the applicable request by Bank of America. Guarantor represents and warrants that the financial statements
provided to Bank of America on or prior to the date of this Guaranty, and the financial statements provided on any date subsequently
requested by Bank of America, have in each case been prepared in conformity with GAAP consistently applied and present fairly the
financial position and assets and liabilities of Guarantor as of the date and period specified therein. Guarantor further agrees
that no material portion of the assets of Guarantor represented on any such financial statement shall (a) be sold, transferred
or otherwise disposed of for less than fair value without prior written notice to, and the consent of, Bank of America or (b) pledged
or encumbered to any person or entity without prior written notice to, and the consent of Bank of America.

 

		10.	Representations and Warranties of Guarantor. Guarantor hereby represents, warrants
and covenants to Bank of America that:

 

		(a)	Guarantor is duly formed, validly existing and in good
standing under the laws of the jurisdiction in which it is formed.

 

		(b)	Guarantor has the power and authority and the legal right
to execute, deliver and perform this Guaranty and has taken all necessary action to authorize the execution, delivery and
performance of this Guaranty.

 

		(c)	The Guarantor’s execution, delivery and performance
of this Guaranty does not contravene any applicable law, and will not conflict with or result in a breach of the terms of
its organizational documents.

 

		(d)	All filings and registrations, authorizations, approvals
and consents necessary for the Guarantor’s execution, delivery and performance of this Guaranty and for the validity
and enforceability thereof, have been made or obtained and are in full force and effect.

 

		(e)	This Guaranty has been duly and validly executed and
delivered by Guarantor and is the legal, valid and binding obligation of Guarantor, enforceable against Guarantor, in accordance
with its terms, subject to bankruptcy, insolvency and similar laws and to the availability of equitable remedies.

 

		(f)	The execution, delivery and performance of this Guaranty
will not violate in any material respect any requirement of law or contractual obligation of Guarantor or any of its subsidiaries
and will not result in, or require, the creation or imposition of any lien on any of its or their respective properties or
revenues pursuant to any such requirement of law or contractual obligation.

 

		(g)	Guarantor will not declare or pay any dividends upon any shares of Guarantor’s stock now
or hereafter outstanding, except dividends payable in the capital stock or stock rights of Guarantor, or make any distribution
of assets to its stockholders including, without limitation, pursuant to any stock repurchase, whether in cash, property or securities
if; at the date of such payment or distribution, there shall exist an Event of Default or Potential Default under the Repurchase
Agreement.

 

		(h)	There is no action, suit, proceeding, inquiry or investigation, at law or in equity, or before
or by any court, public board or body pending or, to Guarantor’s knowledge, threatened against or affecting Guarantor (or,
to Guarantor’s knowledge, any basis therefor) wherein an unfavorable decision, ruling or finding would adversely affect the
validity or enforceability of this Guaranty or Guarantor’s ability to carry out its obligations hereunder.

 

    	 

    	 

    

 

		(i)	Guarantor has reviewed and approved the Repurchase Agreement.

 

		(j)	Guarantor shall at all times comply with the (i) financial covenants and/or financial ratios as
set forth in the Transactions Terms Letter (as defined in the Repurchase Agreement) (ii) the Payment of Dividends and Retirement
of Stock provisions set forth in the Transactions Terms Letter and (iii) the delivery of all financial statements of the Guarantor
set forth in the Repurchase Agreement.

 

		11.	Events of Default. It is hereby understood and agreed that an Event of Default under
Section 11.1(p) of the Repurchase Agreement shall be deemed to have occurred if (i) Guarantor shall default in the payment of any
amount required to be paid by it hereunder, (ii) any representation, warranty or certification made or deemed made herein by Guarantor
shall prove to have been false or misleading in any material respect as of the time made or furnished, or (iii) Guarantor shall
fail to observe or perform or comply with any other covenant or provision contained in this Guaranty.

 

		12.	Authorization for Background Information. For as long as this Guaranty is in effect,
Guarantor authorizes Bank of America to conduct periodic background investigations regarding Guarantor at any time and for any
reason without further authorization from Guarantor, including, without limitation, obtaining an updated consumer report(s) about
Guarantor from a credit reporting agency.

 

		13.	Set-off. Guarantor hereby irrevocably authorizes Bank of America at any time and
from time to time after the Obligations are due from Seller, without notice to Guarantor, any such notice being expressly waived
by Guarantor, to set-off and appropriate and apply any and all deposits (general or special, time or demand, provisional or final),
in any currency, and any other credits, indebtedness or claims, in any currency, in each case whether direct or indirect, absolute
or contingent, matured or unmatured, at any time held or owing by Bank of America to or for the credit or the account of Guarantor,
or any part thereof in such amounts as Bank of America may elect, against and on account of the obligations and liabilities of
Guarantor to Bank of America hereunder, whether or not Bank of America has made any demand for payment. Bank of America shall notify
Guarantor promptly of any such set-off and the application made by Bank of America; provided, that the failure to give such notice
shall not affect the validity of such set-off and application. The rights of Bank of America under this Section 13 are in addition
to other rights and remedies (including, without limitation, other rights of set-off) which such parties may have.

 

		14.	Intent. Guarantor intends and acknowledges that this Guaranty is a “repurchase
agreement” as that term is defined in Section 101(47)(A)(v) of the Bankruptcy Code and a “securities contract”
as that term is defined in Section 741(7)(A)(xi) of the Bankruptcy Code. It is understood and agreed that this Guaranty constitutes
a “master netting agreement” as that term is defined in Section 101 of the Bankruptcy Code, and that any party’s
right to cause the termination, liquidation or acceleration of, or to offset net termination values, payment amounts or other transfer
obligations arising under or in connection with this Guaranty is in each case a contractual right to cause the termination, liquidation
or acceleration of, or to offset net termination values, payment amounts or other transfer obligations arising under or in connection
with this Guaranty as described in Section 561 of the Bankruptcy Code.

 

		15.	General.

 

		(a)	Entire Agreement; Severability. This Guaranty contains the entire agreement between Guarantor
and Bank of America, is the final expression of its intentions and supersedes all negotiations, representations, warranties, commitments,
offers, contracts (of any kind or nature, whether oral or written) prior to or contemporaneous with the execution hereof. No prior
or contemporaneous representations, warranties, understandings, offers or agreements of any kind or nature, whether oral or written,
have been made by Bank of America or relied upon by Guarantor in connection with the execution hereof. Each provision and agreement
herein shall be treated as separate and independent from any other provision or agreement herein and shall be enforceable notwithstanding
the unenforceability of any such other provision or agreement.

 

    	 

    	 

    

 

		(b)	Amendments. No modification, waiver, amendment, discharge or change of this Guaranty shall
be valid unless the same is in writing and signed by Bank of America.

 

		(c)	Costs and Expenses. In addition to the Obligations, Guarantor agrees to pay all costs and
expenses, including, without limitation, attorneys’ fees, incurred by Bank of America in enforcing this Guaranty in any action
or proceeding arising out of, or relating to, this Guaranty.

 

		(d)	No Assignment. This Guaranty may not be assigned by Guarantor.

 

		(e)	Successors and Assigns. This Guaranty and the liability and obligations of Guarantor hereunder
are binding upon Guarantor and its successors and assigns, and this Guaranty inures to the benefit of and is enforceable by Bank
of America and its successors, transferees and assigns.

 

		(f)	No Waiver; Cumulative Remedies. No right or power of Bank of America hereunder shall be
deemed to have been waived by any act or conduct on the part of Bank of America, or by any neglect to exercise such right or power,
or by any delay in so doing, and every right or power shall continue in full force and effect until specifically waived or released
by an instrument in writing executed by Bank of America. The rights and remedies herein provided are cumulative, may be exercised
singly or concurrently and are not exclusive of any other rights or remedies provided by law.

 

		(g)	Seller’s Financial Condition. Guarantor assumes all responsibility for being and keeping
itself informed of Seller’s financial condition and assets, and of all other circumstances bearing upon the risk of nonpayment
of the Obligations and the nature, scope and extent of the risks that Guarantor assumes and incurs hereunder, and agrees that Bank
of America shall have no duty to advise Guarantor of information known to it regarding such circumstances or risks.

 

		(h)	Taxes. All payments made by Guarantor under this Guaranty shall be made without set-off
or counterclaim and free and clear of and without deductions for any present or future taxes, fees, withholdings or conditions
of any nature (“Taxes”). Guarantor shall pay any such Taxes, including Taxes on any amounts so paid, and will
promptly furnish Bank of America with copies of any tax receipts or such other evidence of payment as Bank of America may require.

 

		(i)	Cooperation. Guarantor agrees to execute any and all further documents, instruments and
agreements as Bank of America from time to time request to evidence Guarantor’s obligations hereunder.

 

		(j)	Governing Law. This Guaranty shall be deemed to be made under and shall be governed by the
laws of the State of New York without regard to principles of conflicts of laws (except for Section 5-1401 of the New York General
Obligations Law which shall govern). All legal actions between or among the parties regarding this Guaranty, including, without
limitation, legal actions to enforce this Guaranty or because of a dispute, breach or default of this Guaranty, shall be brought
in the federal or state courts located in New York County, New York, which courts shall have sole and exclusive in personam, subject
matter and other jurisdiction in connection with such legal actions and the parties acknowledged and agree that venue in such courts
shall be convenient and appropriate for all purposes.

 

    	 

    	 

    

 

		(k)	Waiver of Jury Trial. Each of Guarantor and Bank of America hereby irrevocably waives, to
the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating
to this Guaranty.

 

		(l)	Invalidity. In case any one or more of the provisions contained in this Guaranty shall for
any reason be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall
not affect any other provisions hereof, and this Guaranty shall be construed as if such invalid, illegal or unenforceable provision
had not been included.

 

		(m)	Capitalized Terms. Capital terms not otherwise defined herein shall have the meanings assigned
such terms in the Repurchase Agreement.

 

		(n)	Joint and Several Liability. If there are two or more Guarantors, each of them shall be
jointly and severally liable for the obligations of Guarantor hereunder.

 

		(o)	Counterparts. This Guaranty may be executed simultaneously in any number of counterparts.
Each counterpart shall be deemed to be an original, and all such counterparts shall constitute one and the same agreement. Facsimile
signatures shall be deemed valid and binding to the same extent as the original.

 

[signature
page follows]

 

    	 

    	 

    

 

IN WITNESS
WHEREOF, the undersigned has executed this Guaranty as of the date first above written.

 

	Five Oaks Investment Corp., as Guarantor
	 	 	 
	By:	/s/ David Carroll	 
	Name: 	 	 
	Title:	 	 

 

Signature Page to Guaranty

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