Document:

Master Agreement, dated May 26, 2005

 (Multicurrency - Cross Border) 
  
 Exhibit 10.2 
  
 ISDA® 
  
 International Swaps and Derivatives Association, Inc. 
  
 MASTER AGREEMENT 
  
 dated as of May 26, 2005 
  
 and

  

			
	 CREDIT SUISSE FIRST BOSTON INTERNATIONAL

	 	 ACCREDITED MORTGAGE LOAN TRUST 2005-2

	(“Party A”)	 	(“Party B”)

  
 have entered and/or anticipate
entering into one or more transactions (each a “Transaction”) that are or will be governed by this Master Agreement, which includes the schedule (the “Schedule”), and the documents and other confirming evidence (each a
“Confirmation”) exchanged between the parties confirming those Transactions. 
  
 Accordingly, the parties agree as follows: - 
  
 1. Interpretation

  
 (a) Definitions. The terms defined in Section 14 and in the
Schedule will have the meanings therein specified for the purpose of this Master Agreement. 
  
 (b) Inconsistency. In the event of any inconsistency between the provisions of the Schedule and the other provisions of this Master Agreement, the Schedule will prevail. In the event of any inconsistency
between the provisions of any Confirmation and this Master Agreement (including the Schedule), such Confirmation will prevail for the purpose of the relevant Transaction. 
  
 (c) Single Agreement. All Transactions are entered into in reliance on the fact that this Master Agreement and all
Confirmations form a single agreement between the parties (collectively referred to as this “Agreement’), and the parties would not otherwise enter into any Transactions. 
  
 2. Obligations 
  
 (a) General Conditions. 
  
 (i) Each party will make each payment or delivery specified in each Confirmation to be made by it, subject to the other provisions of this Agreement.

  
 (ii) Payments under this Agreement will be made on the due
date for value on that date in the place of the account specified in the relevant Confirmation or otherwise pursuant to this Agreement, in freely transferable funds and in the manner customary for payments in the required currency. Where settlement
is by delivery (that is, other than by payment), such delivery will be made for receipt on the due date in the manner customary for the relevant obligation unless otherwise specified in the relevant Confirmation or elsewhere in this Agreement.

  
 (iii) Each obligation of each party under Section 2(a)(i) is
subject to (1) the condition precedent that no Event of Default or Potential Event of Default with respect to the other party has occurred and is continuing, (2) the condition precedent that no Early Termination Date in respect of the relevant
Transaction has occurred or been effectively designated and (3) each other applicable condition precedent specified in this Agreement. 

 (b) Change of Account. Either party may change its account for receiving a payment or delivery by giving
notice to the other party at least five Local Business Days prior to the scheduled date for the payment or delivery to which such change applies unless such other party gives timely notice of a reasonable objection to such change. 
  
 (c) Netting. If on any date amounts would otherwise be payable: —

  
 (i) in the same currency; and 
  
 (ii) in respect of the same Transaction, 
  
 by each party to the other, then, on such date, each party’s obligation to make payment
of any such amount will be automatically satisfied and discharged and, if the aggregate amount that would otherwise have been payable by one party exceeds the aggregate amount that would otherwise have been payable by the other party, replaced by an
obligation upon the party by whom the larger aggregate amount would have been payable to pay to the other party the excess of the larger aggregate amount over the smaller aggregate amount. 
  
 The parties may elect in respect of two or more Transactions that a net amount will be
determined in respect of all amounts payable on the same date in the same currency in respect of such Transactions, regardless of whether such amounts are payable in respect of the same Transaction. The election may be made in the Schedule or a
Confirmation by specifying that subparagraph (ii) above will not apply to the Transactions identified as being subject to the election, together with the starting date (in which case subparagraph (ii) above will not, or will cease to, apply to such
Transactions from such date). This election may be made separately for different groups of Transactions and will apply separately to each pairing of Offices through which the parties make and receive payments or deliveries. 
  
 (d) Deduction or Withholding for Tax. 
  
 (i) Gross-Up. All payments under this Agreement will be made without
any deduction or withholding for or on account of any Tax unless such deduction or withholding is required by any applicable law, as modified by the practice of any relevant governmental revenue authority, then in effect. If a party is so required
to deduct or withhold, then that party (“X”) will: — 
  
 (1) promptly notify the other party (“Y”) of such requirement; 
  
 (2) pay to the relevant authorities the full amount required to be deducted or withheld (including the full amount required to be deducted or withheld from any additional amount paid by X to Y under this Section 2(d))
promptly upon the earlier of determining that such deduction or withholding is required or receiving notice that such amount has been assessed against Y; 
  
 (3) promptly forward to Y an official receipt (or a certified copy), or other documentation reasonably acceptable to Y, evidencing such payment to such
authorities; and 
  
 (4) if such Tax is an Indemnifiable Tax, pay
to Y, in addition to the payment to which Y is otherwise entitled under this Agreement, such additional amount as is necessary to ensure that the net amount actually received by Y (free and clear of Indemnifiable Taxes, whether assessed against X or
Y) will equal the full amount Y would have received had no such deduction or withholding been required. However, X will not be required to pay any additional amount to Y to the extent that it would not be required to be paid but for: —

  
 (A) the failure by Y to comply with or perform any agreement
contained in Section 4(a)(i), 4(a)(iii) or 4(d); or 
  
 (B) the
failure of a representation made by Y pursuant to Section 3(f) to be accurate and true unless such failure would not have occurred but for (I) any action taken by a taxing authority, or brought in a court of competent jurisdiction, on or after the
date on which a Transaction is entered into (regardless of whether such action is taken or brought with respect to a party to this Agreement) or (II) a Change in Tax Law. 
  
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 (ii) Liability. If: — 
  
 (1) X is required by any applicable law, as modified by the practice of any relevant governmental revenue authority, to make
any deduction or withholding in respect of which X would not be required to pay an additional amount to Y under Section 2(d)(i)(4); 
  
 (2) X does not so deduct or withhold; and 
  
 (3) a liability resulting from such Tax is assessed directly against X, 
  
 then, except to the extent Y has satisfied or then satisfies the liability resulting from such Tax, Y will promptly pay to X
the amount of such liability (including any related liability for interest, but including any related liability for penalties only if Y has failed to comply with or perform any agreement contained in Section 4(a)(i), 4(a)(iii) or 4(d)). 

 
 (e) Default Interest; Other Amounts. Prior to the occurrence or
effective designation of an Early Termination Date in respect of the relevant Transaction, a party that defaults in the performance of any payment obligation will, to the extent permitted by law and subject to Section 6(c), be required to pay
interest (before as well as after judgment) on the overdue amount to the other party on demand in the same currency as such overdue amount, for the period from (and including) the original due date for payment to (but excluding) the date of actual
payment, at the Default Rate. Such interest will be calculated on the basis of daily compounding and the actual number of days elapsed. If, prior to the occurrence or effective designation of an Early Termination Date in respect of the relevant
Transaction, a party defaults in the performance of any obligation required to be settled by delivery, it will compensate the other party on demand if and to the extent provided for in the relevant Confirmation or elsewhere in this Agreement.

  
 3. Representations 
  
 Each party represents to the other party (which representations will be deemed to be
repeated by each party on each date on which a Transaction is entered into and, in the case of the representations in Section 3(f), at all times until the termination of this Agreement) that: — 
  
 (a) Basic Representations. 
  
 (i) Status. It is duly organised and validly existing under the laws
of the jurisdiction of its organisation or incorporation and, if relevant under such laws, in good standing; 
  
 (ii) Powers. It has the power to execute this Agreement and any other documentation relating to this Agreement to which it is a party, to deliver
this Agreement and any other documentation relating to this Agreement that it is required by this Agreement to deliver and to perform its obligations under this Agreement and any obligations it has under any Credit Support Document to which it is a
party and has taken all necessary action to authorise such execution, delivery and performance; 
  
 (iii) No Violation or Conflict. Such execution, delivery and performance do not violate or conflict with any law applicable to it, any provision of
its constitutional documents, any order or judgment of any court or other agency of government applicable to it or any of its assets or any contractual restriction binding on or affecting it or any of its assets; 
  
 (iv) Consents. All governmental and other consents that are required
to have been obtained by it with respect to this Agreement or any Credit Support Document to which it is a party have been obtained and are in full force and effect and all conditions of any such consents have been complied with; and 
  
 (v) Obligations Binding. Its obligations under this Agreement and any
Credit Support Document to which it is a party constitute its legal, valid and binding obligations, enforceable in accordance with their respective terms (subject to applicable bankruptcy, reorganisation, insolvency, moratorium or similar laws
affecting creditors’ rights generally and subject, as to enforceability, to equitable principles of general application (regardless of whether enforcement is sought in a proceeding in equity or at law)). 
  
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 (b) Absence of Certain Events. No Event of Default or Potential Event of Default or, to its knowledge,
Termination Event with respect to it has occurred and is continuing and no such event or circumstance would occur as a result of its entering into or performing its obligations under this Agreement or any Credit Support Document to which it is a
party. 
  
 (c) Absence of Litigation. There is not pending or, to
its knowledge, threatened against it or any of its Affiliates any action, suit or proceeding at law or in equity or before any court, tribunal, governmental body, agency or official or any arbitrator that is likely to affect the legality, validity
or enforceability against it of this Agreement or any Credit Support Document to which it is a party or its ability to perform its obligations under this Agreement or such Credit Support Document. 
  
 (d) Accuracy of Specified Information. All applicable information that is
furnished in writing by or on behalf of it to the other party and is identified for the purpose of this Section 3(d) in the Schedule is, as of the date of the information, true, accurate and complete in every material respect. 
  
 (e) Payer Tax Representation. Each representation specified in the Schedule as
being made by it for the purpose of this Section 3(e) is accurate and true. 
  
 (f) Payee Tax Representations. Each representation specified in the Schedule as being made by it for the purpose of this Section 3(f) is accurate and true. 
  
 4. Agreements 
  
 Each party agrees with the other that, so long as either party has or may have any obligation under this Agreement or under any Credit Support Document to which it is a
party: — 
  
 (a) Furnish Specified Information. It will
deliver to the other party or, in certain cases under subparagraph (iii) below, to such government or taxing authority as the other party reasonably directs: — 
  
 (i) any forms, documents or certificates relating to taxation specified in the Schedule or any Confirmation; 
  
 (ii) any other documents specified in the Schedule or any Confirmation; and

  
 (iii) upon reasonable demand by such other party, any form or
document that may be required or reasonably requested in writing in order to allow such other party or its Credit Support Provider to make a payment under this Agreement or any applicable Credit Support Document without any deduction or withholding
for or on account of any Tax or with such deduction or withholding at a reduced rate (so long as the completion, execution or submission of such form or document would not materially prejudice the legal or commercial position of the party in receipt
of such demand), with any such form or document to be accurate and completed in a manner reasonably satisfactory to such other party and to be executed and to be delivered with any reasonably required certification, 
  
 in each case by the date specified in the Schedule or such Confirmation or, if none is
specified, as soon as reasonably practicable. 
  
 (b) Maintain
Authorisations. It will use all reasonable efforts to maintain in full force and effect all consents of any governmental or other authority that are required to be obtained by it with respect to this Agreement or any Credit Support Document
to which it is a party and will use all reasonable efforts to obtain any that may become necessary in the future. 
  
 (c) Comply with Laws. It will comply in all material respects with all applicable laws and orders to which it may be subject if failure so to comply would
materially impair its ability to perform its obligations under this Agreement or any Credit Support Document to which it is a party. 
  
 (d) Tax Agreement. It will give notice of any failure of a representation made by it under Section 3(f) to be accurate and true promptly upon learning of
such failure. 
  
 (e) Payment of Stamp Tax. Subject to Section 11,
it will pay any Stamp Tax levied or imposed upon it or in respect of its execution or performance of this Agreement by a jurisdiction in which it is incorporated, 
  
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 organised, managed and controlled. or considered to have its seat, or in which a branch or office through which it is
acting for the purpose of this Agreement is located (“Stamp Tax Jurisdiction”) and will indemnify the other party against any Stamp Tax levied or imposed upon the other party or in respect of the other party’s execution or performance
of this Agreement by any such Stamp Tax Jurisdiction which is not also a Stamp Tax Jurisdiction with respect to the other party. 
  
 5. Events of Default and Termination Events 
  
 (a) Events of Default. The occurrence at any time with respect to a party or, if applicable, any Credit Support Provider of such party or any Specified
Entity of such party of any of the following events constitutes an event of default (an “Event of Default”) with respect to such party: — 
  
 (i) Failure to Pay or Deliver. Failure by the party to make, when due, any payment under this Agreement or delivery under Section 2(a)(i) or 2(e)
required to be made by it if such failure is not remedied on or before the third Local Business Day after notice of such failure is given to the party; 
  
 (ii) Breach of Agreement. Failure by the party to comply with or perform any agreement or obligation (other than an obligation to make any payment
under this Agreement or delivery under Section 2(a)(i) or 2(e) or to give notice of a Termination Event or any agreement or obligation under Section 4(a)(i), 4(a)(iii) or 4(d)) to be complied with or performed by the party in accordance with this
Agreement if such failure is not remedied on or before the thirtieth day after notice of such failure is given to the party; 
  
 (iii) Credit Support Default. 
  
 (1) Failure by the party or any Credit Support Provider of such party to comply with or perform any agreement or obligation to be complied with or
performed by it in accordance with any Credit Support Document if such failure is continuing after any applicable grace period has elapsed; 
  
 (2) the expiration or termination of such Credit Support Document or the failing or ceasing of such Credit Support Document to be in full force and effect
for the purpose of this Agreement (in either case other than in accordance with its terms) prior to the satisfaction of all obligations of such party under each Transaction to which such Credit Support Document relates without the written consent of
the other party; or 
  
 (3) the party or such Credit Support
Provider disaffirms, disclaims, repudiates or rejects, in whole or in part, or challenges the validity of, such Credit Support Document; 
  
 (iv) Misrepresentation. A representation (other than a representation under Section 3(e) or (f)) made or repeated or deemed to have been made or
repeated by the party or any Credit Support Provider of such party in this Agreement or any Credit Support Document proves to have been incorrect or misleading in any material respect when made or repeated or deemed to have been made or repeated;

  
 (v) Default under Specified Transaction. The party,
any Credit Support Provider of such party or any applicable Specified Entity of such party (1) defaults under a Specified Transaction and, after giving effect to any applicable notice requirement or grace period, there occurs a liquidation of, an
acceleration of obligations under, or an early termination of, that Specified Transaction, (2) defaults, after giving effect to any applicable notice requirement or grace period, in making any payment or delivery due on the last payment, delivery or
exchange date of, or any payment on early termination of, a Specified Transaction (or such default continues for at least three Local Business Days if there is no applicable notice requirement or grace period) or (3) disaffirms, disclaims,
repudiates or rejects, in whole or in part, a Specified Transaction (or such action is taken by any person or entity appointed or empowered to operate it or act on its behalf); 
  
 (vi) Cross Default. If “Cross Default” is specified in the Schedule as applying to the party, the
occurrence or existence of (1) a default, event of default or other similar condition or event (however 
  
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 described) in respect of such party, any Credit Support Provider of such party or any applicable
Specified Entity of such party under one or more agreements or instruments relating to Specified Indebtedness of any of them (individually or collectively) in an aggregate amount of not less than the applicable Threshold Amount (as specified in the
Schedule) which has resulted in such Specified Indebtedness becoming, or becoming capable at such time of being declared, due and payable under such agreements or instruments, before it would otherwise have been due and payable or (2) a default by
such party, such Credit Support Provider or such Specified Entity (individually or collectively) in making one or more payments on the due date thereof in an aggregate amount of not less than the applicable Threshold Amount under such agreements or
instruments (after giving effect to any applicable notice requirement or grace period); 
  
 (vii) Bankruptcy. The party, any Credit Support Provider of such party or any applicable Specified Entity of such party:– 
  
 (1) is dissolved (other than pursuant to a consolidation, amalgamation or merger); (2) becomes insolvent or is unable to pay
its debts or fails or admits in writing its inability generally to pay its debts as they become due; (3) makes a general assignment, arrangement or composition with or for the benefit of its creditors; (4) institutes or has instituted against it a
proceeding seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law or other similar law affecting creditors’ rights, or a petition is presented for its winding-up or liquidation, and, in the
case of any such proceeding or petition instituted or presented against it, such proceeding or petition (A) results in a judgment of insolvency or bankruptcy or the entry of an order for relief or the making of an order for its winding-up or
liquidation or (B) is not dismissed, discharged, stayed or restrained in each case within 30 days of the institution or presentation thereof, (5) has a resolution passed for its winding-up, official management or liquidation (other than pursuant to
a consolidation, amalgamation or merger); (6) seeks or becomes subject to the appointment of an administrator, provisional liquidator, conservator, receiver, trustee, custodian or other similar official for it or for all or substantially all its
assets; (7) has a secured party take possession of all or substantially all its assets or has a distress, execution, attachment, sequestration or other legal process levied, enforced or sued on or against all or substantially all its assets and such
secured party maintains possession, or any such process is not dismissed, discharged, stayed or restrained, in each case within 30 days thereafter; (8) causes or is subject to any event with respect to it which, under the applicable laws of any
jurisdiction, has an analogous effect to any of the events specified in clauses (1) to (7) (inclusive); or (9) takes any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the foregoing acts; or

  
 (viii) Merger Without Assumption. The party or any
Credit Support Provider of such party consolidates or amalgamates with, or merges with or into, or transfers all or substantially all its assets to, another entity and, at the time of such consolidation, amalgamation, merger or transfer: –

  
 (1) the resulting, surviving or transferee entity fails to
assume all the obligations of such party or such Credit Support Provider under this Agreement or any Credit Support Document to which it or its predecessor was a party by operation of law or pursuant to an agreement reasonably satisfactory to the
other party to this Agreement; or 
  
 (2) the benefits of any
Credit Support Document fail to extend (without the consent of the other party) to the performance by such resulting, surviving or transferee entity of its obligations under this Agreement. 
  
 (b) Termination Events. The occurrence at any time with respect to a party or,
if applicable, any Credit Support Provider of such party or any Specified Entity of such party of any event specified below constitutes an Illegality if the event is specified in (i) below, a Tax Event if the event is specified in (ii) below or a
Tax Event Upon Merger if the event is specified in (iii) below, and, if specified to be applicable, a Credit Event 
  
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 Upon Merger if the event is specified pursuant to (iv) below or an Additional Termination Event if the event is specified
pursuant to (v) below:— 
  
 (i) Illegality. Due to
the adoption of, or any change in, any applicable law after the date on which a Transaction is entered into, or due to the promulgation of, or any change in, the interpretation by any court, tribunal or regulatory authority with competent
jurisdiction of any applicable law after such date. it becomes unlawful (other than as a result of a breach by the party of Section 4(b)) for such party (which will be the Affected Party):— 
  
 (1) to perform any absolute or contingent obligation to make a payment or
delivery or to receive a payment or delivery in respect of such Transaction or to comply with any other material provision of this Agreement relating to such Transaction; or 
  
 (2) to perform, or for any Credit Support Provider of such party to perform, any contingent or other obligation which the
party (or such Credit Support Provider) has under any Credit Support Document relating to such Transaction; 
  
 (ii) Tax Event. Due to (x) any action taken by a taxing authority, or brought in a court of competent jurisdiction, on or after the date on which a
Transaction is entered into (regardless of whether such action is taken or brought with respect to a party to this Agreement) or (y) a Change in Tax Law, the party (which will be the Affected Party) will, or there is a substantial likelihood that it
will, on the next succeeding Scheduled Payment Date (1) be required to pay to the other party an additional amount in respect of an Indemnifiable Tax under Section 2(d)(i)(4) (except in respect of interest under Section 2(e), 6(d)(ii) or 6(e)) or
(2) receive a payment from which an amount is required to be deducted or withheld for or on account of a Tax (except in respect of interest under Section 2(e), 6(d)(ii) or 6(e)) and no additional amount is required to be paid in respect of such Tax
under Section 2(d)(i)(4) (other than by reason of Section 2(d)(i)(4)(A) or (B)); 
  
 (iii) Tax Event Upon Merger. The party (the “Burdened Party”) on the next succeeding Scheduled Payment Date will either (1) be required to pay an additional amount in respect of an Indemnifiable Tax
under Section 2(d)(i)(4) (except in respect of interest under Section 2(e), 6(d)(ii) or 6(e)) or (2) receive a payment from which an amount has been deducted or withheld for or on account of any Indemnifiable Tax in respect of which the other party
is not required to pay an additional amount (other than by reason of Section 2(d)(i)(4)(A) or (B)), in either case as a result of a party consolidating or amalgamating with, or merging with or into, or transferring all or substantially all its
assets to, another entity (which will be the Affected Party) where such action does not constitute an event described in Section 5(a)(viii); 
  
 (iv) Credit Event Upon Merger. If “Credit Event Upon Merger” is specified in the Schedule as applying to the party, such party
(“X”), any Credit Support Provider of X or any applicable Specified Entity of X consolidates or amalgamates with, or merges with or into, or transfers all or substantially all its assets to, another entity and such action does not
constitute an event described in Section 5(a)(viii) but the creditworthiness of the resulting, surviving or transferee entity is materially weaker than that of X, such Credit Support Provider or such Specified Entity, as the case may be, immediately
prior to such action (and, in such event, X or its successor or transferee, as appropriate, will be the Affected Party); of 
  
 (v) Additional Termination Event. If any “Additional Termination Event” is specified in the Schedule or any Confirmation as applying, the
occurrence of such event (and, in such event, the Affected Party or Affected Parties shall be as specified for such Additional Termination Event in the Schedule or such Confirmation). 
  
 (c) Event of Default and Illegality. If an event or circumstance which would otherwise constitute or give rise to an Event of
Default also constitutes an Illegality, it will be treated as an Illegality and will not constitute an Event of Default. 
  
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 6. Early Termination 
  
 (a) Right to Terminate Following Event of Default. If at any time an Event of Default with respect to a party (the “Defaulting Party”) has
occurred and is then continuing, the other party (the “Non-defaulting Party”) may, by not more than 20 days notice to the Defaulting Party specifying the relevant Event of Default, designate a day not earlier than the day
such notice is effective as an Early Termination Date in respect of all outstanding Transactions. If, however, “Automatic Early Termination” is specified in the Schedule as applying to a party, then an Early Termination Date in respect of
all outstanding Transactions will occur immediately upon the occurrence with respect to such party of an Event of Default specified in Section 5(a)(vii)(1), (3), (5), (6) or, to the extent analogous thereto, (8), and as of the time immediately
preceding the institution of the relevant proceeding or the presentation of the relevant petition upon the occurrence with respect to such party of an Event of Default specified in Section 5(a)(vii)(4) or, to the extent analogous thereto, (8).

  
 (b) Right to Terminate Following Termination Event. 

 
 (i) Notice. If a Termination Event occurs, an Affected Party will,
promptly upon becoming aware of it, notify the other party, specifying the nature of that Termination Event and each Affected Transaction and will also give such other information about that Termination Event as the other party may reasonably
require. 
  
 (ii) Transfer to Avoid Termination Event. If
either an Illegality under Section 5(b)(i)(1) or a Tax Event occurs and there is only one Affected Party, or if a Tax Event Upon Merger occurs and the Burdened Party is the Affected Party, the Affected Party will, as a condition to its right to
designate an Early Termination Date under Section 6(b)(iv), use all reasonable efforts (which will not require such party to incur a loss, excluding immaterial, incidental expenses) to transfer within 20 days after it gives notice under Section
6(b)(i) all its rights and obligations under this Agreement in respect of the Affected Transactions to another of its Offices or Affiliates so that such Termination Event ceases to exist. 
  
 If the Affected Party is not able to make such a transfer it will give
notice to the other party to that effect within such 20 day period, whereupon the other party may effect such a transfer within 30 days after the notice is given under Section 6(b)(i). 
  
 Any such transfer by a party under this Section 6(b)(ii) will be subject to and conditional upon the prior written consent
of the other party, which consent will not be withheld if such other party’s policies in effect at such time would permit it to enter into transactions with the transferee on the terms proposed. 
  
 (iii) Two Affected Parties. If an Illegality under Section 5(b)(i)(1)
or a Tax Event occurs and there are two Affected Parties, each party will use all reasonable efforts to reach agreement within 30 days after notice thereof is given under Section 6(b)(i) on action to avoid that Termination Event. 
  
 (iv) Right to Terminate. If:— 
  
 (1) a transfer under Section 6(b)(ii) or an agreement under Section
6(b)(iii), as the case may be, has not been effected with respect to all Affected Transactions within 30 days after an Affected Party gives notice under Section 6(b)(i); or 
  
 (2) an Illegality under Section 5(b)(i)(2), a Credit Event Upon Merger or an Additional Termination Event occurs, or a Tax
Event Upon Merger occurs and the Burdened Party is not the Affected Party, 
  
 either party in the case of an Illegality, the Burdened Party in the case of a Tax Event Upon Merger, any Affected Party in the case of a Tax Event or an Additional Termination Event if there is more than one Affected
Party, or the party which is not the Affected Party in the case of a Credit Event Upon Merger or an Additional Termination Event if there is only one Affected Party may, by not more than 20 days notice to the other party and provided that the
relevant Termination Event is then continuing, designate a day not earlier than the day such notice is effective as an Early Termination Date in respect of all Affected Transactions. 
  
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 (c) Effect of Designation. 
  
 (i) If notice designating an Early Termination Date is given under Section 6(a) or (b), the Early Termination Date will
occur on the date so designated, whether or not the relevant Event of Default or Termination Event is then continuing. 
  
 (ii) Upon the occurrence or effective designation of an Early Termination Date, no further payments or deliveries under Section 2(a)(i) or 2(e) in respect
of the Terminated Transactions will be required to be made, but without prejudice to the other provisions of this Agreement. The amount, if any, payable in respect of an Early Termination Date shall be determined pursuant to Section 6(e).

  
 (d) Calculations. 
  
 (i) Statement. On or as soon as reasonably practicable following the
occurrence of an Early Termination Date, each party will make the calculations on its part, if any, contemplated by Section 6(e) and will provide to the other party a statement (1) showing, in reasonable detail, such calculations (including all
relevant quotations and specifying any amount payable under Section 6(e)) and (2) giving details of the relevant account to which any amount payable to it is to be paid. In the absence of written confirmation from the source of a quotation obtained
in determining a Market Quotation, the records of the party obtaining such quotation will be conclusive evidence of the existence and accuracy of such quotation. 
  
 (ii) Payment Date. An amount calculated as being due in respect of any Early Termination Date under Section 6(e) will
be payable on the day that notice of the amount payable is effective (in the case of an Early Termination Date which is designated or occurs as a result of an Event of Default) and on the day which is two Local Business Days after the day on which
notice of the amount payable is effective (in the case of an Early Termination Date which is designated as a result of a Termination Event). Such amount will be paid together with (to the extent permitted under applicable law) interest thereon
(before as well as after judgment) in the Termination Currency, from (and including) the relevant Early Termination Date to (but excluding) the date such amount is paid, at the Applicable Rate. Such interest will be calculated on the basis of daily
compounding and the actual number of days elapsed. 
  
 (e) Payments on
Early Termination. If an Early Termination Date occurs, the following provisions shall apply based on the parties’ election in the Schedule of a payment measure, either “Market Quotation” or “Loss”, and a payment
method, either the “First Method” or the “Second Method”. If the parties fail to designate a payment measure or payment method in the Schedule, it will be deemed that “Market Quotation” or the “Second Method”,
as the case may be, shall apply. The amount, if any, payable in respect of an Early Termination Date and determined pursuant to this Section will be subject to any Set-off. 
  
 (i) Events of Default. If the Early Termination Date results from an Event of Default:— 
  
 (1) First Method and Market Quotation. If the First Method and Market
Quotation apply, the Defaulting Party will pay to the Non-defaulting Party the excess, if a positive number, of (A) the sum of the Settlement Amount (determined by the Non-defaulting Party) in respect of the Terminated Transactions and the
Termination Currency Equivalent of the Unpaid Amounts owing to the Non-defaulting Party over (B) the Termination Currency Equivalent of the Unpaid Amounts owing to the Defaulting Party. 
  
 (2) First Method and Loss. If the First Method and Loss apply, the Defaulting Party will pay to the Non-defaulting
Party, if a positive number, the Non-defaulting Party’s Loss in respect of this Agreement. 
  
 (3) Second Method and Market Quotation. If the Second Method and Market Quotation apply, an amount will be payable equal to (A) the sum of the
Settlement Amount (determined by the 
  
 ISDA® 1992

  

 9 

 Non-defaulting Party) in respect of the Terminated Transactions and the Termination Currency Equivalent
of the Unpaid Amounts owing to the Non-defaulting Party less (B) the Termination Currency Equivalent of the Unpaid Amounts owing to the Defaulting Party. If that amount is a positive number, the Defaulting Party will pay it to the Non-defaulting
Party; if it is a negative number, the Non-defaulting Party will pay the absolute value of that amount to the Defaulting Party. 
  
 (4) Second Method and Loss. If the Second Method and Loss apply, an amount will be payable equal to the Non-defaulting Party’s Loss in respect
of this Agreement. If that amount is a positive number, the Defaulting Party will pay it to the Non-defaulting Party; if it is a negative number, the Non-defaulting Party will pay the absolute value of that amount to the Defaulting Party.

  
 (ii) Termination Events. If the Early Termination Date
results from a Termination Event:— 
  
 (1) One Affected
Party. If there is one Affected Party, the amount payable will be determined in accordance with Section 6(e)(i)(3), if Market Quotation applies, or Section 6(e)(i)(4), if Loss applies, except that, in either case, references to the Defaulting
Party and to the Non-defaulting Party will be deemed to be references to the Affected Party and the party which is not the Affected Party, respectively, and, if Loss applies and fewer than all the Transactions are being terminated, Loss shall be
calculated in respect of all Terminated Transactions. 
  
 (2)
Two Affected Parties. If there are two Affected Parties:— 
  
 (A) if Market Quotation applies, each party will determine a Settlement Amount in respect of the Terminated Transactions, and an amount will be payable equal to (I) the sum of (a) one-half of the difference between the Settlement Amount of
the party with the higher Settlement Amount (“X”) and the Settlement Amount of the party with the lower Settlement Amount (“Y”) and (b) the Termination Currency Equivalent of the Unpaid Amounts owing to X less (II) the
Termination Currency Equivalent of the Unpaid Amounts owing to Y; and 
  
 (B) if Loss applies, each party will determine its Loss in respect of this Agreement (or, if fewer than all the Transactions are being terminated, in respect of all Terminated Transactions) and an amount will be payable equal to one-half of
the difference between the Loss of the party with the higher Loss (“X”) and the Loss of the party with the lower Loss (“Y”). 
  
 If the amount payable is a positive number, Y will pay it to X; if it is a negative number, X will pay the absolute value of that amount to Y. 

 
 (iii) Adjustment for Bankruptcy. In circumstances where an Early
Termination Date occurs because “Automatic Early Termination” applies in respect of a party, the amount determined under this Section 6(e) will be subject to such adjustments as are appropriate and permitted by law to reflect any payments
or deliveries made by one party to the other under this Agreement (and retained by such other party) during the period from the relevant Early Termination Date to the date for payment determined under Section 6(d)(ii). 
  
 (iv) Pre-Estimate. The parties agree that if Market Quotation applies
an amount recoverable under this Section 6(e) is a reasonable pre-estimate of loss and not a penalty. Such amount is payable for the loss of bargain and the loss of protection against future risks and except as otherwise provided in this Agreement
neither party will be entitled to recover any additional damages as a consequence of such losses. 
  
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 7. Transfer 
  
 Subject to Section 6(b)(ii), neither this Agreement nor any interest or obligation in or under this Agreement may be transferred (whether by way of security or otherwise)
by either party without the prior written consent of the other party, except that:— 
  
 (a) a party may make such a transfer of this Agreement pursuant to a consolidation or amalgamation with, or merger with or into, or transfer of all or substantially all its assets to, another entity (but without
prejudice to any other right or remedy under this Agreement); and 
  
 (b) a party
may make such a transfer of all or any part of its interest in any amount payable to it from a Defaulting Party under Section 6(e). 
  
 Any purported transfer that is not in compliance with this Section will be void. 
  

8. Contractual Currency 
  
 (a) Payment in the Contractual Currency. Each payment under this Agreement will be made in the relevant currency specified in this Agreement for that
payment (the “Contractual Currency”). To the extent permitted by applicable law, any obligation to make payments under this Agreement in the Contractual Currency will not be discharged or satisfied by any tender in any currency other than
the Contractual Currency, except to the extent such tender results in the actual receipt by the party to which payment is owed, acting in a reasonable manner and in good faith in converting the currency so tendered into the Contractual Currency, of
the full amount in the Contractual Currency of all amounts payable in respect of this Agreement. If for any reason the amount in the Contractual Currency so received falls short of the amount in the Contractual Currency payable in respect of this
Agreement, the party required to make the payment will, to the extent permitted by applicable law, immediately pay such additional amount in the Contractual Currency as may be necessary to compensate for the shortfall. If for any reason the amount
in the Contractual Currency so received exceeds the amount in the Contractual Currency payable in respect of this Agreement, the party receiving the payment will refund promptly the amount of such excess. 
  
 (b) Judgments. To the extent permitted by applicable law,
if any judgment or order expressed in a currency other than the Contractual Currency is rendered (i) for the payment of any amount owing in respect of this Agreement, (ii) for the payment of any amount relating to any early termination in respect of
this Agreement or (iii) in respect of a judgment or order of another court for the payment of any amount described in (i) or (ii) above, the party seeking recovery, after recovery in full of the aggregate amount to which such party is entitled
pursuant to the judgment or order, will be entitled to receive immediately from the other party the amount of any shortfall of the Contractual Currency received by such party as a consequence of sums paid in such other currency and will refund
promptly to the other party any excess of the Contractual Currency received by such party as a consequence of sums paid in such other currency if such shortfall or such excess arises or results from any variation between the rate of exchange at
which the Contractual Currency is converted into the currency of the judgment or order for the purposes of such judgment or order and the rate of exchange at which such party is able, acting in a reasonable manner and in good faith in converting the
currency received into the Contractual Currency, to purchase the Contractual Currency with the amount of the currency of the judgment or order actually received by such party. The term “rate of exchange” includes, without limitation, any
premiums and costs of exchange payable in connection with the purchase of or conversion into the Contractual Currency. 
  
 (c) Separate Indemnities. To the extent permitted by applicable law, these indemnities constitute separate and independent obligations from the other
obligations in this Agreement, will be enforceable as separate and independent causes of action, will apply notwithstanding any indulgence granted by the party to which any payment is owed and will not be affected by judgment being obtained or claim
or proof being made for any other sums payable in respect of this Agreement. 
  
 (d) Evidence of Loss. For the purpose of this Section 8, it will be sufficient for a party to demonstrate that it would have suffered a loss had an actual exchange or purchase been made. 
  
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 9. Miscellaneous 
  
 (a) Entire Agreement. This Agreement constitutes the entire agreement and understanding of the parties with respect to its subject matter and supersedes all
oral communication and prior writings with respect thereto. 
  
 (b)
Amendments. No amendment, modification or waiver in respect of this Agreement will be effective unless in writing (including a writing evidenced by a facsimile transmission) and executed by each of the parties or confirmed by an
exchange of telexes or electronic messages on an electronic messaging system. 
  
 (c) Survival of Obligations. Without prejudice to Sections 2(a)(iii) and 6(c)(ii), the obligations of the parties under this Agreement will survive the termination of any Transaction. 
  
 (d) Remedies Cumulative. Except as provided in this Agreement, the rights,
powers, remedies and privileges provided in this Agreement are cumulative and not exclusive of any rights, powers, remedies and privileges provided by law. 
  
 (e) Counterparts and Confirmations. 
  
 (i) This Agreement (and each amendment, modification and waiver in respect of it) may be executed and delivered in counterparts (including by facsimile
transmission), each of which will be deemed an original. 
  
 (ii)
The parties intend that they are legally bound by the terms of each Transaction from the moment they agree to those terms (whether orally or otherwise). A Confirmation shall be entered into as soon as practicable and may be executed and delivered in
counterparts (including by facsimile transmission) or be created by an exchange of telexes or by an exchange of electronic messages on an electronic messaging system, which in each case will be sufficient for all purposes to evidence a binding
supplement to this Agreement. The parties will specify therein or through another effective means that any such counterpart, telex or electronic message constitutes a Confirmation. 
  
 (f) No Waiver of Rights. A failure or delay in exercising any right, power or privilege in respect of this Agreement will not
be presumed to operate as a waiver, and a single or partial exercise of any right, power or privilege will not be presumed to preclude any subsequent or further exercise, of that right, power or privilege or the exercise of any other right, power or
privilege. 
  
 (g) Headings. The headings used in this Agreement are
for convenience of reference only and are not to affect the construction of or to be taken into consideration in interpreting this Agreement. 
  
 10. Offices; Multibranch Parties 
  
 (a) If Section 10(a) is specified in the Schedule as applying, each party that enters into a Transaction through an Office other than its head or home office represents
to the other party that, notwithstanding the place of booking office or jurisdiction of incorporation or organisation of such party, the obligations of such party are the same as if it had entered into the Transaction through its head or home
office. This representation will be deemed to be repeated by such party on each date on which a Transaction is entered into. 
  
 (b) Neither party may change the Office through which it makes and receives payments or deliveries for the purpose of a Transaction without the prior written consent of
the other party. 
  
 (c) If a party is specified as a Multibranch Party in the
Schedule, such Multibranch Party may make and receive payments or deliveries under any Transaction through any Office listed in the Schedule, and the Office through which it makes and receives payments or deliveries with respect to a Transaction
will be specified in the relevant Confirmation. 
  
 11. Expenses

  
 A Defaulting Party will, on demand, indemnify and hold harmless the other
party for and against all reasonable out-of-pocket expenses, including legal fees and Stamp Tax, incurred by such other party by reason of the enforcement and protection of its rights under this Agreement or any Credit Support Document to which the
Defaulting Party is a party or by reason of the early termination of any Transaction, including, but not limited to, costs of collection. 
  
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 12. Notices 
  
 (a) Effectiveness. Any notice or other communication in respect of this Agreement may be given in any manner set forth below (except that a notice or other
communication under Section 5 or 6 may not be given by facsimile transmission or electronic messaging system) to the address or number or in accordance with the electronic messaging system details provided (see the Schedule) and will be deemed
effective as indicated:— 
  
 (i) if in writing and delivered
in person or by courier, on the date it is delivered; 
  
 (ii) if
sent by telex, on the date the recipient’s answerback is received; 
  
 (iii) if sent by facsimile transmission, on the date that transmission is received by a responsible employee of the recipient in legible form (it being agreed that the burden of proving receipt will be on the sender
and will not be met by a transmission report generated by the sender’s facsimile machine); 
  
 (iv) if sent by certified or registered mail (airmail, if overseas) or the equivalent (return receipt requested), on the date that mail is delivered or
its delivery is attempted; or 
  
 (v) if sent by electronic
messaging system, on the date that electronic message is received, 
  
 unless the
date of that delivery (or attempted delivery) or that receipt as applicable, is not a Local Business Day or that communication is delivered (or attempted) or received, as applicable, after the close of business on a Local Business Day, in which case
that communication shall be deemed given and effective on the first following day that is a Local Business Day. 
  
 (b) Change of Addresses. Either party may by notice to the other change the address, telex or facsimile number or electronic messaging system details at
which notices or other communications are to be given to all 
  
 13. Governing
Law and Jurisdiction 
  
 (a) Governing Law. This Agreement will
be governed by and construed in accordance with the law specified in the Schedule. 
  
 (b) Jurisdiction. With respect to any suit, action or proceedings relating to this Agreement (“Proceedings”), each party irrevocably:— 
  
 (i) submits to the jurisdiction of the English courts, if this Agreement is expressed to be governed by English law, or to
the non-exclusive jurisdiction of the courts of the State of New York and the United States District Court located in the Borough of Manhattan in New York City, if this Agreement is expressed to be governed by the laws of the State of New York; and

  
 (ii) waives any objection which it may have at any time to
the laying of venue of any Proceedings brought in any such court, waives any claim that such Proceedings have been brought in an inconvenient forum and further waives the right to object, with respect to such Proceedings, that such court does not
have any jurisdiction over such party. 
  
 Nothing in this Agreement precludes
either party from bringing Proceedings in any other jurisdiction (outside, if this Agreement is expressed to be governed by English law, the Contracting States, as defined in Section 1(3) of the Civil Jurisdiction and Judgments Act 1982 or any
modification, extension or re-enactment thereof for the time being in force) nor will the bringing of Proceedings in any one or more jurisdictions preclude the bringing of Proceedings in any other jurisdiction. 
  
 (c) Service of Process. Each party irrevocably appoints the Process Agent (if
any) specified opposite its name in the Schedule to receive, for it and on its behalf, service of process in any Proceedings. If for any 
  
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 reason any party’s Process Agent is unable to act as such, such party will promptly notify the other party and
within 30 days appoint a substitute process agent acceptable to the other party. The parties irrevocably consent to service of process given in the manner provided for notices in Section 12. Nothing in this Agreement will affect the right of either
party to serve process in any other manner permitted by law. 
  
 (d) Waiver
of Immunities. Each party irrevocably waives, to the fullest extent permitted by applicable law, with respect to itself and its revenues and assets (irrespective of their use or intended use), all immunity on the grounds of sovereignty or
other similar grounds from (i) suit, (ii) jurisdiction of any court, (iii) relief by way of injunction, order for specific performance or for recovery of property, (iv) attachment of its assets (whether before or after judgment) and (v) execution or
enforcement of any judgment to which it or its revenues or assets might otherwise be entitled in any Proceedings in the courts of any jurisdiction and irrevocably agrees, to the extent permitted by applicable law, that it will not claim any such
immunity in any Proceedings. 
  
 14. Definitions 
  
 As used in this Agreement: — 
  
 “Additional Termination Event” has the meaning specified in Section 5(b).

  
 “Affected Party” has the meaning specified in Section 5(b).

  
 “Affected Transactions” means (a) with respect to any
Termination Event consisting of an Illegality, Tax Event or Tax Event Upon Merger, all Transactions affected by the occurrence of such Termination Event and (b) with respect to any other Termination Event, all Transactions. 
  
 “Affiliate” means, subject to the Schedule, in relation to any person, any
entity controlled, directly or indirectly, by the person, any entity that controls, directly or indirectly, the person or any entity directly or indirectly under common control with the person. For this purpose, “control” of any entity or
person means ownership of a majority of the voting power of the entity or person. 
  
 “Applicable Rate” means: — 
  
 (a) in respect of
obligations payable or deliverable (or which would have been but for Section 2(a)(iii)) by a Defaulting Party, the Default Rate; 
  
 (b) in respect of an obligation to pay an amount under Section 6(e) of either party from and after the date (determined in accordance with Section 6(d)(ii)) on which that
amount is payable, the Default Rate; 
  
 (c) in respect of all other obligations
payable or deliverable (or which would have been but for Section 2(a)(iii)) by a Non-defaulting Party, the Non-default Rate; and 
  
 (d) in all other cases, the Termination Rate. 
  
 “Burdened Party” has the meaning specified in Section 5(b). 
  
 “Change in Tax Law” means the enactment, promulgation, execution or ratification of, or any change in or amendment to, any law (or in the application or
official interpretation of any law) that occurs on or after the date on which the relevant Transaction is entered into. 
  
 “consent” includes a consent, approval, action, authorisation, exemption, notice, filing, registration or exchange control consent. 
  
 “Credit Event Upon Merger” has the meaning specified in Section 5(b).

  
 “Credit Support Document” means any agreement or instrument
that is specified as such in this Agreement. 
  
 “Credit Support
Provider” has the meaning specified in the Schedule. 
  
 “Default
Rate” means a rate per annum equal to the cost (without proof or evidence of any actual cost) to the relevant payee (as certified by it) if it were to fund or of funding the relevant amount plus 1% per annum. 
  
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 “Defaulting Party” has the meaning specified in Section 6(a). 
  
 “Early Termination Date” means the date determined in accordance with
Section 6(a) or 6(b)(iv). 
  
 “Event of Default” has the meaning
specified in Section 5(a) and, if applicable, in the Schedule. 
  
 “Illegality” has the meaning specified in Section 5(b). 
  
 “Indemnifiable Tax” means any Tax other than a Tax that would not be imposed in respect of a payment under this Agreement but for a present or former connection between the jurisdiction of the government or taxation
authority imposing such Tax and the recipient of such payment or a person related to such recipient (including, without limitation, a connection arising from such recipient or related person being or having been a citizen or resident of such
jurisdiction, or being or having been organised, present or engaged in a trade or business in such jurisdiction, or having or having had a permanent establishment or fixed place of business in such jurisdiction, but excluding a connection arising
solely from such recipient or related person having executed, delivered, performed its obligations or received a payment under, or enforced, this Agreement or a Credit Support Document). 
  
 “law” includes any treaty, law, rule or regulation (as modified, in the case of tax matters, by the practice of any
relevant governmental revenue authority) and “lawful” and “unlawful” will be construed accordingly. 
  
 “Local Business Day” means, subject to the Schedule, a day on which commercial banks are open for business (including dealings in foreign exchange and
foreign currency deposits) (a) in relation to any obligation under Section 2(a)(i), in the place(s) specified in the relevant Confirmation or, if not so specified, as otherwise agreed by the parties in writing or determined pursuant to provisions
contained, or incorporated by reference, in this Agreement, (b) in relation to any other payment, in the place where the relevant account is located and, if different. in the principal financial centre, if any, of the currency of such payment, (c)
in relation to any notice or other communication, including notice contemplated under Section 5(a)(i), in the city specified in the address for notice provided by the recipient and, in the case of a notice contemplated by Section 2(b), in the place
where the relevant new account is to be located and (d) in relation to Section 5(a)(v)(2), in the relevant locations for performance with respect to such Specified Transaction. 
  
 “Loss” means, with respect to this Agreement or one or more Terminated Transactions, as the case may be, and a party, the
Termination Currency Equivalent of an amount that party reasonably determines in good faith to be its total losses and costs (or gain, in which case expressed as a negative number) in connection with this Agreement or that Terminated Transaction or
group of Terminated Transactions, as the case may be, including any loss of bargain, cost of funding or, at the election of such party but without duplication, loss or cost incurred as a result of its terminating, liquidating, obtaining or
reestablishing any hedge or related trading position (or any gain resulting from any of them). Loss includes losses and costs (or gains) in respect of any payment or delivery required to have been made (assuming satisfaction of each applicable
condition precedent) on or before the relevant Early Termination Date and not made, except, so as to avoid duplication, if Section 6(c)(i)(1) or (3) or 6(e)(ii)(2)(A) applies. Loss does not include a party’s legal fees and out-of-pocket
expenses referred to under Section 11. A party will determine its Loss as of the relevant Early Termination Date, or, if that is not reasonably practicable, as of the earliest date thereafter as is reasonably practicable. A party may (but need not)
determine its Loss by reference to quotations of relevant rates or prices from one or more leading dealers in the relevant markets. 
  
 “Market Quotation” means, with respect to one or more Terminated Transactions and a party making the determination, an amount determined on the basis of
quotations from Reference Market-makers. Each quotation will be for an amount, if any, that would be paid to such party (expressed as a negative number) or by such party (expressed as a positive number) in consideration of an agreement between such
party (taking into account any existing Credit Support Document with respect to the obligations of such party) and the quoting Reference Market-maker to enter into a transaction (the “Replacement Transaction”) that would have the effect of
preserving for such party the economic equivalent of any payment or delivery (whether the underlying obligation was absolute or contingent and assuming the satisfaction of each applicable condition precedent) by the parties under Section 2(a)(i) in
respect of such Terminated Transaction or group of Terminated Transactions that would, but for the occurrence of the relevant Early Termination Date, have 
  
 ISDA® 1992 
  

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 been required after that date. For this purpose, Unpaid Amounts in respect of the Terminated Transaction or group of
Terminated Transactions are to be excluded but, without limitation, any payment or delivery that would, but for the relevant Early Termination Date, have been required (assuming satisfaction of each applicable condition precedent) after that Early
Termination Date is to be included. The Replacement Transaction would be subject to such documentation as such party and the Reference Market-maker may, in good faith, agree. The party making the determination (or its agent) will request each
Reference Market-maker to provide its quotation to the extent reasonably practicable as of the same day and time (without regard to different time zones) on or as soon as reasonably practicable after the relevant Early Termination Date. The day and
time as of which those quotations are to be obtained will be selected in good faith by the party obliged to make a determination under Section 6(e), and, if each party is so obliged, after consultation with the other. If more than three quotations
are provided, the Market Quotation will be the arithmetic mean of the quotations, without regard to the quotations having the highest and lowest values, If exactly three such quotations are provided, the Market Quotation will be the quotation
remaining after disregarding the highest and lowest quotations. For this purpose, if more than one quotation has the same highest value or lowest value, then one of such quotations shall be disregarded. If fewer than three quotations are provided,
it will be deemed that the Market Quotation in respect of such Terminated Transaction or group of Terminated Transactions cannot be determined. 
  
 “Non-default Rate” means a rate per annum equal to the cost (without proof or evidence of any actual cost) to the Non-defaulting Party (as certified by
it) if it were to fund the relevant amount. 
  
 “Non-defaulting
Party” has the meaning specified in Section 6(a). 
  
 “Office” means a branch or office of a party, which may be such party’s head or home office. 
  
 “Potential Event of Default” means any event which, with the giving of notice or the lapse of time or both, would constitute an Event of Default.

  
 “Reference Market-makers” means four leading dealers in the
relevant market selected by the party determining a Market Quotation in good faith (a) from among dealers of the highest credit standing which satisfy all the criteria that such party applies generally at the time in deciding whether to offer or to
make an extension of credit and (b) to the extent practicable, from among such dealers having an office in the same city. 
  
 “Relevant Jurisdiction” means, with respect to a party, the jurisdictions (a) in which the party is incorporated, organised, managed and controlled or
considered to have its seat, (b) where an Office through which the party is acting for purposes of this Agreement is located, (c) in which the party executes this Agreement and (d) in relation to any payment, from or through which such payment is
made. 
  
 “Scheduled Payment Date” means a date on which a
payment or delivery is to be made under Section 2(a)(i) with respect to a Transaction. 
  
 “Set-off” means set-off, offset, combination of accounts, right of retention or withholding or similar right or requirement to which the payer of an amount under Section 6 is entitled or subject (whether arising under this
Agreement, another contract, applicable law or otherwise) that is exercised by, or imposed on, such payer. 
  
 “Settlement Amount” means, with respect to a party and any Early Termination Date, the sum of.- 
  
 (a) the Termination Currency Equivalent of the Market Quotations (whether positive or negative) for each Terminated Transaction or group of Terminated Transactions for
which a Market Quotation is determined; and 
  
 (b) such party’s Loss
(whether positive or negative and without reference to any Unpaid Amounts) for each Terminated Transaction or group of Terminated Transactions for which a Market Quotation cannot be determined or would not (in the reasonable belief of the party
making the determination) produce a commercially reasonable result. 
  
 “Specified Entity” has the meaning specified in the Schedule. 
  
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 “Specified Indebtedness” means, subject to the Schedule, any obligation (whether present or future,
contingent or otherwise, as principal or surety or otherwise) in respect of borrowed money. 
  
 “Specified Transaction” means, subject to the Schedule, (a) any transaction (including an agreement with respect thereto) now existing or hereafter entered into between one party to this Agreement (or
any Credit Support Provider of such party or any applicable Specified Entity of such party) and the other party to this Agreement (or any Credit Support Provider of such other party or any applicable Specified Entity of such other party) which is a
rate swap transaction, basis swap, forward rate transaction, commodity swap, commodity option, equity or equity index swap, equity or equity index option, bond option, interest rate option, foreign exchange transaction, cap transaction, floor
transaction, collar transaction, currency swap transaction, cross-currency rate swap transaction, currency option or any other similar transaction (including any option with respect to any of these transactions), (b) any combination of these
transactions and (c) any other transaction identified as a Specified Transaction in this Agreement or the relevant confirmation. 
  
 “Stamp Tax” means any stamp, registration, documentation or similar tax. 
  
 “Tax” means any present or future tax, levy, impost, duty, charge, assessment or fee of any nature (including interest,
penalties and additions thereto) that is imposed by any government or other taxing authority in respect of any payment under this Agreement other than a stamp, registration, documentation or similar tax. 
  
 “Tax Event” has the meaning specified in Section 5(b). 
  
 “Tax Event Upon Merger” has the meaning specified in Section 5(b).

  
 “Terminated Transactions” means with respect to any Early
Termination Date (a) if resulting from a Termination Event, all Affected Transactions and (b) if resulting from an Event of Default, all Transactions (in either case) in effect immediately before the effectiveness of the notice designating that
Early Termination Date (or, if “Automatic Early Termination” applies, immediately before that Early Termination Date). 
  
 “Termination Currency” has the meaning specified in the Schedule. 
  
 “Termination Currency Equivalent” means, in respect of any amount denominated in the Termination Currency, such Termination
Currency amount and, in respect of any amount denominated in a currency other than the Termination Currency (the “Other Currency”), the amount in the Termination Currency determined by the party making the relevant determination as being
required to purchase such amount of such Other Currency as at the relevant Early Termination Date, or, if the relevant Market Quotation or Loss (as the case may be), is determined as of a later date, that later date, with the Termination Currency at
the rate equal to the spot exchange rate of the foreign exchange agent (selected as provided below) for the purchase of such Other Currency with the Termination Currency at or about 11:00 a.m. (in the city in which such foreign exchange agent is
located) on such date as would be customary for the determination of such a rate for the purchase of such Other Currency for value on the relevant Early Termination Date or that later date. The foreign exchange agent will, if only one party is
obliged to make a determination under Section 6(e), be selected in good faith by that party and otherwise will be agreed by the parties 
  
 “Termination Event” means an Illegality, a Tax Event or a Tax Event Upon Merger or, if specified to be applicable, a Credit Event Upon Merger or an
Additional Termination Event. 
  
 “Termination Rate” means a rate
per annum equal to the arithmetic mean of the cost (without proof or evidence of any actual cost) to each party (as certified by such party) if it were to fund or of funding such amounts. 
  
 “Unpaid Amounts” owing to any party means, with respect to an Early Termination Date, the aggregate of (a) in respect of
all Terminated Transactions, the amounts that became payable (or that would have become payable but for Section 2(a)(iii)) to such party under Section 2(a)(i) on or prior to such Early Termination Date and which remain unpaid as at such Early
Termination Date and (b) in respect of each Terminated Transaction. for each obligation under Section 2(a)(i) which was (or would have been but for Section 2(a)(iii)) required to be settled by delivery to such party on or prior to such Early
Termination Date and which has not been so settled as at such Early Termination Date, an amount equal to the fair market 
  
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 value of that which was (or would have been) required to be delivered as of the originally scheduled date for delivery,
in each case together with (to the extent permitted under applicable law) interest, in the currency of such amounts, from (and including) the date such amounts or obligations were or would have been required to have been paid or performed to (but
excluding) such Early Termination Date, at the Applicable Rate. Such amounts of interest will be calculated on the basis of daily compounding and the actual number of days elapsed. The fair market value of any obligation referred to in clause (b)
above shall be reasonably determined by the party obliged to make the determination under Section 6(e) or, if each party is so obliged, it shall be the average of the Termination Currency Equivalents of the fair market values reasonably determined
by both parties. 
  
 IN WITNESS WHEREOF the parties have executed this document on
the respective dates specified below with effect from the date specified on the first page of this document. 
  

							
	CREDIT SUISSE FIRST BOSTON INTERNATIONAL	 	ACCREDITED MORTGAGE LOAN TRUST 2005-2
			
	 	 	By:	 	U.S. Bank Trust National Association, not in its individual capacity but solely as Owner Trustee under the Trust Agreement
		
	(Name of Party)	 	(Name of Party)

							
				
	By:	 	 /s/ Vittorio Scialoja

	 	By:	 	 /s/ Patricia M. Child

	Name:	 	Vittorio Scialoja	 	Name:	 	Patricia M. Child
	Title:	 	Authorized Signatory	 	Title:	 	Vice President
	Date:	 	 	 	Date:	 	 
				
	By:	 	 /s/ Louis J. Impellizeri

	 	 	 	 
	Name:	 	Louis J. Impellizeri	 	 	 	 
	Title:	 	Authorized Signatory	 	 	 	 
	Date:	 	 	 	 	 	 

  

 18 

 (Multicurrency - Cross Border) 
  
 ISDA® 
  
 International Swaps Dealers Association, Inc. 
  
 SCHEDULE 
 to the 
 1992 ISDA Master Agreement 
  
 dated as of May 26, 2005 
  
 between 
  

					
	 CREDIT SUISSE FIRST BOSTON INTERNATIONAL

	  	and	  	 ACCREDITED MORTGAGE LOAN TRUST 2005-2

	(“Party A”)	  	 	  	(“Party B”)

  
 Part 1

  
 Termination Provisions. 
  

	(a)	“Specified Entity” means in relation to Party A for the purpose of: 

  

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

  
 and in relation to Party B for the
purpose of: 
  

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

  

	(b)	“Specified Transaction” will have the meaning specified in Section 14 of this Agreement. 

  

	(c)	Certain Events of Default. The following Events of Default will apply to the parties as specified below, and the definition of “Event of Default” in Section
14 is deemed to be modified accordingly: 

  
 Section 5(a)(i) (Failure to Pay or Deliver) will apply to Party A and Party B. 
  
 Section 5(a)(ii) (Breach of Agreement) will not apply to Party A or Party B. 
  

 19 

 Section 5(a)(iii) (Credit Support Default) will apply to Party A and will not
apply to Party B. 
  
 Section 5(a)(iv)
(Misrepresentation) will not apply to Party A or Party B. 
  
 Section 5(a)(v) (Default under Specified Transaction) will not apply to Party A or Party B. 
  
 Section 5(a)(vi) (Cross Default) will not apply to Party A or Party B. 
  
 Section 5(a)(vii) (Bankruptcy) will apply to Party A
and Party B; provided that clause (2) thereof shall not apply to Party B. 
  
 Section 5(a)(viii) (Merger without Assumption) will apply to Party A and will not apply to Party B. 
  

	(d)	Termination Events. The following Termination Events will apply to the parties as specified below: 

  
 Section 5(b)(i) (Illegality) will apply to Party A
and Party B. 
  
 Section 5(b)(ii) (Tax
Event) will apply to Party A and Party B. 
  
 Section 5(b)(iii) (Tax Event upon Merger) will apply to Party A and will not apply to Party B. 
  
 Section 5(b)(iv) (Credit Event upon Merger) will not apply to Party A or Party B. 
  

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

  

	(f)	Payments on Early Termination. For the purpose of Section 6(e) of this Agreement: 

  

	 	(i)	Market Quotation will apply. 

  

	 	(ii)	The Second Method will apply. 

  

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

  

	(h)	Additional Termination Events. The following Additional Termination Events will apply, in each case with respect to Party B as the sole Affected Party (unless
otherwise provided below): 

  

	 	(i)	Party A fails to comply with the Downgrade Provisions as set forth in Part 5(b). For all purposes of this Agreement, Party A shall be the sole Affected Party with respect to the
occurrence of a Termination Event described in this Part 1(h)(i). 

  

	 	(ii)	The Trust is terminated. 

  

	 	(iii)	The Indenture[, the Trust Agreement or the Sale and Servicing Agreement] is amended, supplemented or modified without the prior written consent of Party A, where such consent is
required under the terms of such documents. 

  

	 	(iv)	Upon receipt by the Indenture Trustee of a direction for an optional redemption, in whole, of the Notes pursuant to Article X of the Indenture. 

  

	 	(v)	The Indenture Collateral is liquidated and the proceeds thereof distributed following an Event of Default that has resulted in the principal of all of the Notes being declared
immediately due and payable. 

  
  

 20 

 Part 2 
  
 Tax Representations. 
  

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

  
 It is not required by any
applicable law, as modified by the practice of any relevant governmental revenue authority, of any Relevant Jurisdiction to make any deduction or withholding for or on account of any Tax from any payment (other than interest under Section 2(e),
6(d)(ii) or 6(e) of this Agreement) to be made by it to the other party under this Agreement. In making this representation, it may rely on (i) the accuracy of any representations made by the other party pursuant to Section 3(f) of this Agreement,
(ii) the satisfaction of the agreement contained in Section 4(a)(i) or 4(a)(iii) of this Agreement and the accuracy and effectiveness of any document provided by the other party pursuant to Section 4(a)(i) or 4(a)(iii) of this Agreement and (iii)
the satisfaction of the agreement of the other party contained in Section 4(d) of this Agreement, provided that it shall not be a breach of this representation where reliance is placed on clause (ii) and the other party does not deliver a
form or document under Section 4(a)(iii) of this Agreement by reason of material prejudice to its legal or commercial position. 
  

	(b)	Payee Representations. For the purpose of Section 3(f) of this Agreement, Party A and Party B make the representations specified below, if any:

  

	 	(i)	Party A makes the following representation to Party B: 

  

	 	(A)	Party A is entering into each Transaction in the ordinary course of its trade as, and is, a recognized UK bank as defined in Section 840A of the UK Income and Corporation Taxes Act
of 1988. 

  

	 	(B)	Party A has been approved as a Withholding Foreign Partnership by the US Internal Revenue Service. 

  

	 	(C)	Party A’s Withholding Foreign Partnership Employer Identification Number is 98-0330001. 

  

	 	(D)	Party A is a partnership that agrees to comply with any withholding obligation under Section 1446 of the Internal Revenue Code. 

  

	 	(ii)	Party B represents that it is a trust created under an agreement governed by Delaware law. 

  
  

 21 

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

	(a)	Tax forms, documents or certificates to be delivered are:— 

  

					
	 Party required
to deliver
document

	  	 Form/Document/Certificate

	  	 Date by which to be delivered

	Party A	  	 U.S. Internal Revenue Service
 Form
W-8IMY and any
 successor form thereto
	  	(i) Before the first Payment Date under this Agreement, such form to be updated at the beginning of each succeeding three-calendar-year period after the first payment date under this Agreement,
(ii) promptly upon reasonable demand by Party B, and (iii) promptly upon learning that any such Form previously provided by Party A has become obsolete or incorrect.

  

	(b)	Other documents to be delivered are:— 

  

							
	 Party required
to deliver
document

	  	 Form/Document/Certificate

	  	 Date by which to be
delivered

	  	 Covered by
Section 3(d)
Representation

	Party A and Party B	  	Certified copy of the Board of Directors resolution (or equivalent authorizing documentation) which sets forth the authority of each signatory to this Agreement and each Credit Support Document
(if any) signing on its behalf and the authority of such party to enter into Transactions contemplated and performance of its obligations hereunder.	  	Concurrently with the execution and delivery of this Agreement.	  	Yes
				
	Party A and Party B	  	Incumbency Certificate (or, if available the current authorized signature book or equivalent authorizing documentation) specifying the names, titles, authority and specimen signatures of the
persons authorized to execute this Agreement which sets forth the specimen signatures of each signatory to this Agreement, each Confirmation and each Credit Support Document (if any) signing on its behalf.	  	Concurrently with the execution and delivery of this Agreement unless previously delivered and still in full force and effect.	  	Yes
				
	Party A and B	  	An opinion of counsel to such party reasonably satisfactory in form and substance to the other party.	  	Concurrently with the execution and delivery of the Confirmation unless previously delivered and still in full force and effect.	  	No
				
	Party B	  	An executed copy of the Indenture between Party B and Deutsche Bank National Trust Company, the Trust Agreement and the Sale and Servicing Agreement.	  	Within 30 days after the date of this Agreement.	  	Yes
				
	Party A	  	The most recently prepared annual report of Party A.	  	Within 30 days of request.	  	Yes

  
  

 22 

 Part 4. 
  
 Miscellaneous. 
  

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

  
 Party A: 
  

	 	(1)	Address for notices or communications to Party A (other than by facsimile):- 

  

											
	Address:	  	One Cabot Square	  	 	  	Attention:	  	(1)	  	Head of Credit Risk Management;
	 	  	London E14 4QJ	  	 	  	 	  	(2)	  	Managing Director - Operations Department;
	 	  	England	  	 	  	 	  	(3)	  	Managing Director - Legal Department
						
	Telex No.:	  	264521	  	 	  	Answerback:	  	 	  	CSFBI G
					
	(For all purposes.)	  	 	  	 	  	 	  	 

  

	 	(2)	For the purpose of facsimile notices or communications under this Agreement (other than a notice or communication under Section 5 or 6):- 

  

			
	Facsimile No.:	  	44 20 7888 2686
	Attention:	  	Managing Director - Legal Department

  
 Telephone number for
oral confirmation of receipt of facsimile in legible form: 44 20 7888 2028 
 Designated responsible employee for the purposes of Section
12(a)(iii): Senior Legal Secretary 
  

			
	Party B:	  	U.S. Bank Trust National Association,
	 	  	209 South LaSalle Street, Suite 300
	 	  	Chicago, IL 60604
	 	  	Attn: Corporate Trust Services
	 	  	Telephone No.: (312) 325 8905
	 	  	Facsimile No.: (312) 325 8902

  

					
	 	  	 With a copy to:	  	Accredited Home Lenders
	 	  	 	  	15090 Avenue of Sciences, Suite 200
	 	  	 	  	San Diego, California 92128
			
	 	  	 	  	Facsimile No: (858) 676-8110
	 	  	 	  	Attention: John Tull, CPA

  

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

  
 Party A appoints as its Process Agent: 
  

			
	 	 	Credit Suisse First Boston LLC
	 	 	Eleven Madison Avenue
	 	 	New York, NY 10010

  

			
	Attention:	  	General Counsel
	 	  	Legal and Compliance Department

  
 Party
B appoints as its Process Agent: Not Applicable. 
  

 23 

	(c)	Offices. With respect to Party A, the provisions of Section 10(a) will apply to this Agreement. 

  

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

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

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

  

	(f)	Credit Support Document. Credit Support Document means 

  
 With respect to Party A: The Credit Support Annex. 
  
 With respect to Party B: The Indenture. 
  

	(g)	Credit Support Provider. 

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

	(h)	Governing Law. This Agreement will be governed by and construed in accordance with the laws of the State of New York (without reference to choice of law doctrine other
than New York General Obligation Law Sections 5-1401 and 5-1402). 

  

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

  

	(j)	“Affiliate.” Each of Party A and Party B shall be deemed to have no Affiliates. 

  

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

  

	(l)	Waiver of Jury Trial. Each party waives, to the fullest extent permitted by applicable law, any right it may have to a trial by jury in respect of any suit, action or
proceeding relating to this Agreement or any Credit Support Document. Each party certifies (i) that no representative, agent or attorney of the other party or any Credit Support Provider has represented, expressly or otherwise, that such other party
would not, in the event of such a suit, action or proceeding, seek to enforce the foregoing waiver and (ii) acknowledges that it and the other party have been induced to enter into this Agreement and provide for any Credit Support Document, as
applicable, by, among other things, the mutual waivers and certifications in this Section. 

  

	(m)	Consent to Recording. Each party (i) consents to the recording of the telephone conversations of trading and marketing personnel of the parties and their Affiliates in
connection with this Agreement or any potential transaction and (ii) if applicable, agrees to obtain any necessary consent of, and give notice of such recording to, such personnel of it and its Affiliates. 

  

	(n)	Severability. If any term, provision, covenant, or condition of this Agreement, or the application thereof to any party or circumstance, shall be held to be illegal,
invalid or unenforceable (in whole or in part) for any reason, the remaining terms, provisions, covenants and conditions hereof shall continue in full force and effect as if this Agreement had been executed with the illegal, invalid or unenforceable
portion eliminated, so long as this Agreement as so modified continues to express, without material change, the original intentions of the parties as to the subject matter of this Agreement and the deletion of such portion of this Agreement will not
substantially impair the respective benefits or expectations of the parties to this Agreement. 

  
  

 24 

 Part 5. 
  
 Other Provisions. 
  

	(a)	Definitions. 

  
 This Agreement, including each Confirmation and each Swap Transaction, is subject to the 2000 ISDA Definitions, as amended, supplemented, updated, and
superseded from time to time (the “Definitions”), as published by the International Swaps and Derivatives Association, Inc. (“ISDA”) and will be governed in all respects by the Definitions (except that references to “Swap
Transactions” shall be deemed to be references to “Transactions”). The Definitions are incorporated by reference in, and made part of, this Agreement and each Confirmation as if set forth in full in this Agreement and such
Confirmations. In the event of any inconsistency between the provisions of this Agreement and the Definitions, this Agreement will prevail (and, in the event of any inconsistency between any Confirmation and the Definitions, the Confirmation will
control). Any reference in a Confirmation to any Definitions which are amended or supplemented in this Schedule shall be deemed to be a reference to such Definitions as so amended or supplemented, unless the Confirmation states, by specific
reference to any such amendment or supplement, that such amendment or supplement will not apply in respect of the Transaction to which such Confirmation relates. Any capitalized terms used but not otherwise defined in this Agreement shall have the
meanings assigned to them (or incorporated by reference) in the Indenture. 
  

	(b)	Downgrade Provisions.  

  
 (1) It shall be a collateralization event (Collateralization Event) if (A) either (i) the unsecured, unguaranteed and otherwise unsupported
long-term senior debt obligations of Party A are rated below “A1” by Moody’s Investors Service, Inc. (Moody’s) or are rated “A1” by Moody’s and such rating is on watch for possible downgrade (but only for so
long as it is on watch for possible downgrade) or (ii) the unsecured, unguaranteed and otherwise unsupported short-term debt obligations of Party A are rated below “P-1” by Moody’s or are rated “P-1” by Moody’s and such
rating is on watch for possible downgrade (but only for so long as it is on watch for possible downgrade), (B) no short-term rating is available from Moody’s and the unsecured, unguaranteed and otherwise unsupported long-term senior debt
obligations of Party A are rated below “Aa3” by Moody’s or are rated “Aa3” by Moody’s and such rating is on watch for possible downgrade (but only for so long as it is on watch for possible downgrade), or (C) either (i)
the unsecured, unguaranteed and otherwise unsupported short-term debt obligations of Party A are rated below “A-1” by Standard & Poor’s Rating Services, a division of The McGraw-Hill Companies, Inc. (S&P) or (ii) if
Party A does not have a short-term rating from S&P, the unsecured, unguaranteed and otherwise unsupported long-term senior debt obligations of Party A are rated below “A+” by S&P. For the avoidance of doubt, the parties hereby
acknowledge and agree that notwithstanding the occurrence of a Collateralization Event, this Agreement and each Transaction hereunder shall continue to qualify as a Swap Agreement for purposes of the distribution priorities in Sections 5.07 and 8.01
of the Indenture. Within 30 days following a Collateralization Event which is occurring, Party A shall, at its own expense, either (i) post collateral according to the terms of the 1994 ISDA Credit Support Annex between Party A and Party B, dated as
of May 26, 2005, including Paragraph 13, thereof (the “Credit Support Annex”), or (ii) obtain a substitute counterparty that (a) is reasonably acceptable to Party B and confirmed in writing by the Rating Agencies (as defined in the
Indenture), (b) satisfies the Hedge Counterparty Ratings Requirement (as defined herein) and (c) assumes the obligations of Party A under this Agreement (through an assignment and assumption agreement in form and substance reasonably satisfactory to
Party B) or replaces the outstanding Transactions hereunder with transactions on identical terms, except that Party A shall be replaced as counterparty, provided that such substitute counterparty, as of the date of such assumption or
replacement, will not, as a result thereof, be required to withhold or deduct on account of tax under the Agreement or the new transactions, as applicable, and such assumption or replacement will not lead to a termination event or event of default
occurring under the Agreement or new transactions, as applicable. To the extent that Party A elects or is required to post collateral pursuant to this Part 5(b)(1), Party A shall request its legal counsel to deliver to each applicable Rating Agency
within thirty (30) calendar days of the occurrence of such Collateralization Event an opinion as to the enforceability of the ISDA Credit Support Annex. 
  

 25 

 (2) It shall be a ratings event (Ratings Event) if at any time after the date hereof Party A shall
fail to satisfy the Hedge Counterparty Ratings Threshold. Hedge Counterparty Ratings Threshold shall mean (A) the unsecured, unguaranteed and otherwise unsupported long-term senior debt obligations of Party A are rated at least
“BBB-” by S&P, and (B) the unsecured, unguaranteed and otherwise unsupported long-term senior debt obligations of Party A are rated at least “A3” by Moody’s (and such rating is not on watch for possible downgrade) and
the unsecured, unguaranteed and otherwise unsupported short-term debt obligations of Party A are rated at least “P-2” by Moody’s (and such rating is not on watch for possible downgrade). For the avoidance of all doubts, the parties
hereby acknowledge and agree that notwithstanding the occurrence of a Ratings Event, this Agreement and each Transaction hereunder shall continue to qualify as a Swap Agreement for purposes of the distribution priorities in Sections 5.07 and 8.01 of
the Indenture. 
  

	 	(3)	Following a Ratings Event, Party A shall take the following actions: 

  
 (a) Party A, at its sole expense, shall (i) use commercially reasonable efforts to actively seek to obtain a substitute counterparty that (A) is confirmed
in writing by the Rating Agencies, (B) satisfies the Hedge Counterparty Ratings Requirement and (C) assumes the obligations of Party A under this Agreement (through an assignment and assumption agreement in form and substance reasonably satisfactory
to Party B) or replaces the outstanding Transactions hereunder with transactions on identical terms, except that Party A shall be replaced as counterparty, provided that such substitute counterparty, as of the date of such assumption or
replacement, will not, as a result thereof, be required to withhold or deduct on account of tax under the Agreement or the new transactions, as applicable, and such assumption or replacement will not lead to a termination event or event of default
occurring under the Agreement or new transactions, as applicable, and (ii) be required to post collateral as set forth in (b) below; 
  
 (b) If Party A has not obtained a substitute counterparty as set forth in (3)(a) above within 30 days (or, in the case of a failure to meet the
requirements of subparagraph (A) of the definition of “Hedge Counterparty Ratings Threshold”, as soon as commercially practicable after such failure) of the Ratings Event, then Party A shall continue to seek a substitute counterparty and,
on or prior to the expiration of such period at its sole expense, post collateral according to the terms of the Credit Support Annex. Notwithstanding anything contained herein to the contrary, if Party A is required to transfer its rights and
obligations under this Agreement pursuant to this Part 5(b)(3) as a result of a rating issued by S&P, Party A shall, at all times prior to such transfer, be required to post collateral in accordance with (i) the terms of the Credit Support Annex
or (ii) an agreement with Party B providing for the posting of collateral, which agreement shall satisfy the Rating Agency Condition specified in Part 5(n) below and require Party A to post the required collateral. 
  
 Hedge Counterparty Ratings Requirement shall mean (a) either
(i) the unsecured, unguaranteed and otherwise unsupported short-term debt obligations of the substitute counterparty are rated at least “A-1” by S&P or (ii) if the substitute counterparty does not have a short-term rating from S&P,
the unsecured, unguaranteed and otherwise unsupported long-term senior debt obligations of the substitute counterparty are rated at least “A+” by S&P, (b) either (i) the unsecured, unguaranteed and otherwise unsupported long-term
senior debt obligations of such substitute counterparty are rated at least “A1” by Moody’s (and if rated “A1” by Moody’s, such rating is not on watch for possible downgrade) and the unsecured, unguaranteed and otherwise
unsupported short-term debt obligations of such substitute counterparty are rated at least “P-1” by Moody’s (and if rated “P-1” by Moody’s, such rating is not on watch for possible downgrade and remaining on watch for
possible downgrade), or (ii) if such substitute counterparty does not have a short-term debt rating from Moody’s, the unsecured, unguaranteed and otherwise unsupported long-term senior debt obligations of such substitute counterparty are rated
at least “Aa3” by Moody’s (and if rated “Aa3” by Moody’s, such rating is not on watch for possible downgrade). For the purpose of this definition, no direct or indirect recourse against one or more shareholders of the
substitute 

  

 26 

 
counterparty (or against any Person in control of, or controlled by, or under common control with, any such shareholder) shall be deemed to constitute a
guarantee, security or support of the obligations of the substitute counterparty. 
  
 (4) Party A shall reimburse Party B for commercially reasonable fees and expenses incurred in connection with any of the alternative actions contemplated in Part 5(b)(1) and Part 5(b)(3) above (whether or not they are
completed within the 30 days period). 
  

	(c)	Section 3(a) of this Agreement is hereby amended to include the following additional representations after paragraph 3(a)(v): 

  
 (vi) Eligible Contract Participant. It is an “eligible
contract participant” as defined in section 1a(12) of the U.S. Commodity Exchange Act. 
  
 (vii) Individual Negotiation. This Agreement and each Transaction hereunder is subject to individual negotiation by the parties. 
  
 (viii) Relationship between Party A and Party B. Subject as provided in Part 5(g), each of Party A and Party B
will be deemed to represent to the other on the date on which it enters into a Transaction or an amendment thereof that (absent a written agreement between Party A and Party B that expressly imposes affirmative obligations to the contrary for that
Transaction): 
  
 (1) Principal. It is acting as
principal and not as agent when entering into this Agreement and each Transaction. 
  
 (2) Non-Reliance. It is acting for its own account and it has made its own independent decisions to enter into that Transaction and as to whether that Transaction is appropriate or proper for it based
upon its own judgment and upon advice from such advisors as it has deemed necessary. It is not relying on any communication (written or oral) of the other party as investment advice or as a recommendation to enter into that Transaction; it being
understood that information and explanations related to the terms and conditions of a Transaction shall not be considered investment advice or a recommendation to enter into that Transaction. No communication (written or oral) received from the
other party shall be deemed to be an assurance or guarantee as to the expected results of that Transaction. 
  
 (3) Evaluation and Understanding. It is capable of evaluating and understanding (on its own behalf or through independent professional
advice), and understands and accepts, the terms, conditions and risks of this Agreement and each Transaction hereunder. It is also capable of assuming, and assumes, all financial and other risks of this Agreement and each Transaction hereunder.

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

	(d)	Section 1(c). For purposes of Section 1(c) of the Agreement, this Transaction shall be the sole Transaction under the Agreement. 

  

	(e)	Transfer. Section 7 is hereby amended to read in its entirety as follows: 

  
 Except as stated under Section 6(b)(ii), in this Section 7, and Part 5(f) of the Schedule, neither Party A nor Party B is
permitted to assign, novate or transfer (whether by way of security or otherwise) as a whole or in part any of its rights, obligations or interests under this Agreement or any Transaction without the prior written consent of the other party;
provided, however, that (i) Party A may make such a transfer of this Agreement pursuant to a consolidation or amalgamation with, or merger with or into, or transfer of substantially all of its assets to, another entity, or an
incorporation, 

  

 27 

 
reincorporation or reconstitution, and (ii) Party A may transfer this Agreement to any Person, including, without limitation, another of Party A’s
offices, branches or affiliates (any such Person, office, branch or affiliate, a “Transferee”) on at least five Business Days’ prior written notice to Party B; provided that, with respect to clause (ii), (A) as of the date of
such transfer the Transferee will not be required to withhold or deduct on account of a Tax from any payments under this Agreement unless the Transferee will be required to make payments of additional amounts pursuant to Section 2(d)(i)(4) of this
Agreement in respect of such Tax; (B) a Termination Event or Event of Default does not occur under this Agreement as a result of such transfer; (C) such notice is accompanied by a written instrument pursuant to which the Transferee acquires and
assumes the rights and obligations of Party A so transferred; and (D) Party A will be responsible for any costs or expenses incurred in connection with such transfer. Party B will execute such documentation as is reasonably deemed necessary by Party
A for the effectuation of any such transfer. Notwithstanding the foregoing, no such transfer shall be made unless the transferring party obtains a written acknowledgment from each of the Rating Agencies (as defined in the Indenture) that,
notwithstanding such transfer, the then-current ratings of the Notes will not be reduced or withdrawn. 
  
 Except as specified otherwise in the documentation evidencing a transfer, a transfer of all the obligations of Party A made in compliance with this
Section 7 will constitute an acceptance and assumption of such obligations (and any related interests so transferred) by the Transferee, a novation of the transferee in place of Party A with respect to such obligations (and any related interests so
transferred), and a release and discharge by Party B of Party A from, and an agreement by Party B not to make any claim for payment, liability, or otherwise against Party A with respect to, such obligations from and after the effective date of the
transfer. 
  

	(f)	Trustee Capacity. It is expressly understood and agreed by the parties hereto that (i) this Agreement is executed and delivered by U.S. Bank Trust National
Association, not individually or personally but solely as trustee of the Trust, in the exercise of the powers and authority conferred and vested in it under the Trust Agreement, (ii) each of the representations, undertakings and agreements herein
made on the part of the Trust is made and intended not as personal representations, undertakings and agreements by U.S. Bank Trust National Association but is made and intended for the purpose of binding only the Trust, (iii) nothing herein
contained shall be construed as creating any liability on the part of U.S. Bank Trust National Association, individually or personally, to perform any covenant either expressed or implied contained herein, all such liability, if any, being expressly
waived by the parties hereto and by any Person claiming by, through or under the parties hereto and (iv) under no circumstances shall U.S. Bank Trust National Association be personally liable for the payment of any indebtedness or expenses of the
Trust or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Trust under this Agreement or any other related documents. 

  

	(g)	Proceedings. Without impairing any right afforded to it under the Indenture, the Sale and Servicing Agreement and the Trust Agreement as a third party beneficiary,
Party A shall not institute against or cause any other person to institute against, or join any other person in instituting against the Trust, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings
under any federal or state bankruptcy, dissolution or similar law, for a period of one year and one day, or if longer the applicable preference period then in effect, following indefeasible payment in full of the Notes. Nothing shall preclude, or be
deemed to stop, Party A (i) from taking any action prior to the expiration of the aforementioned one year and one day period, or if longer the applicable preference period then in effect, in (A) any case or proceeding voluntarily filed or commenced
by Party B or (B) any involuntary insolvency proceeding filed or commenced by a Person other than Party A, or (ii) from commencing against Party B or any of the Collateral any legal action which is not a bankruptcy, reorganization, arrangement,
insolvency, moratorium, liquidation or similar proceeding. 

  

	(h)	Change of Account. Section 2(b) of this Agreement is hereby amended by the addition of the following after the word “delivery” in the first line thereof:-

  
 “to another account in the same legal and
tax jurisdiction as the original account” 
  

 28 

	(i)	Indenture. 

  
 (1) Capitalized terms used in this Agreement that are not defined herein and are defined in the Indenture shall have the respective meanings assigned to
them in the Indenture. 
  
 (2) Party B will obtain the prior
written consent of Party A to any proposed amendment or modification to the Trust Agreement, the Indenture or the Sale and Servicing Agreement, where such consent is required under the terms of such documents. 
  

	(j)	Set-off. Notwithstanding any provision of this Agreement or any other existing or future agreements, each of Party A and Party B irrevocably waives as to itself any
and all contractual rights it may have to set off, net, recoup or otherwise withhold or suspend or condition its payment or performance of any obligation to the other party under this Agreement against any obligation of one party hereto to the other
party hereto arising outside of this Agreement. The provisions for set-off set forth in Section 6(e) of this Agreement shall not apply for purposes of this Transaction. 

  

	(k)	Notice of Certain Events or Circumstances. Each party agrees, upon learning of the occurrence or existence of any event or condition that constitutes (or that with the
giving of notice or passage of time or both would constitute) an Event of Default or Termination Event with respect to such party, promptly to give the other party notice of such event or condition (or, in lieu of giving notice of such event or
condition in the case of an event or condition that with the giving of notice or passage of time or both would constitute an Event of Default or Termination Event with respect to the party, to cause such event or condition to cease to exist before
becoming an Event of Default or Termination Event); provided that failure to provide notice of such event or condition pursuant to this Part 5(l) shall not constitute an Event of Default or a Termination Event. 

  

	(l)	Regarding Party A. Party B acknowledges and agrees that Party A has had and will have no involvement in and, accordingly Party A accepts no responsibility for: (i) the
establishment, structure, or choice of assets of Party B; (ii) the selection of any person performing services for or acting on behalf of Party B; (iii) the selection of Party A as the Counterparty; (iv) the terms of the Notes; (v) the preparation
of or passing on the disclosure and other information contained in any offering circular for the Notes (except as indicated in the side letter dated as of May 24, 2005 from Party A to Party B), the Indenture, the Trust Agreement, the Sale and
Servicing Agreement, or any other agreements or documents used by Party B or any other party in connection with the marketing and sale of the Notes; (vi) the ongoing operations and administration of Party B, including the furnishing of any
information to Party B which is not specifically required under this Agreement; or (vii) any other aspect of Party B’s existence. 

  

	(m)	Rating Agency Condition. This Agreement will not be amended unless Party B shall have received prior written confirmation from each of the Rating Agencies (as defined
in the Indenture) that such amendment will not cause any of the Rating Agencies to downgrade or withdraw its then-current ratings of any outstanding Notes. 

  

	(n)	Consent to Assignment. Notwithstanding Section 7 of this Agreement, Party A hereby acknowledges and consents to the assignment of this Agreement, solely for
security purposes for the benefit of the Noteholders, by Party B to Deutsche Bank National Trust Company, as trustee (the “Indenture Trustee”) under the Indenture. The Indenture Trustee shall not be deemed to be a party to this Agreement;
provided, however, that the Indenture Trustee, acting on behalf of the Noteholders, shall have the right to enforce this Agreement, including the terms of Part 1(h)(i) and Part 5(b), against Party A. 

  

	(o)	 Limited Recourse. Party A agrees that the obligations of Party B hereunder are limited recourse obligations payable solely from the Indenture
Collateral, and due to the extent funds are available for the payment thereof in accordance with the priority of payments described in Sections 5.07 and 8.01 of the Indenture, all outstanding obligations of Party B hereunder shall be extinguished.
No recourse 

  

 29 

	 	 
shall be had for the payment of any amount owing under this Agreement or in respect of any Transaction against any officer, member, director, employee,
security holder or incorporator of Party B or their respective successors or assigns for any amount so owing. This Part 5(o) shall survive termination of this Agreement. 

  

 30 

 IN WITNESS WHEREOF, the parties have executed this document by their duly authorized officers with effect from the
date so specified on the first page hereof. 
  

							
	CREDIT SUISSE FIRST BOSTON INTERNATIONAL	 	ACCREDITED MORTGAGE LOAN TRUST 2005-2
	(“Party A”)	 	(“Party B”)
				
	By:	 	 /s/ Vittorio Scialoja

	 	By:	 	U.S. Bank Trust National Association, not in its individual capacity but solely as Owner Trustee under the Trust Agreement
	Name:	 	Vittorio Scialoja	 	 	 
	Title:	 	Authorized Signatory	 	 	 
				
	By:	 	 /s/ Louis J. Impellizeri

	 	By:	 	 /s/ Patricia M. Child

	Name:	 	Louis J. Impellizeri	 	Name:	 	Patricia M. Child
	Title:	 	Authorized Signatory	 	Title:	 	Vice President

  

 31 

 Elections and Variables 
 to the ISDA Credit Support Annex 
 dated as of May 26, 2005 
 between 
  

					
	Credit Suisse First Boston International	  	and	  	Accredited Mortgage Loan Trust 2005-2
			
	(“Party A”)	  	 	  	(“Party B”)

  
 Paragraph 13. 
  
 (a) Security Interest for “Obligations”. 
  
 The term “Obligations” as used in this Annex
includes the following additional obligations: 
  
 With respect
to Party A:    None. 
  
 With respect to
Party B:     None. 
  

	(b)	Credit Support Obligations. 

  
 (i) Delivery Amount, Return Amount and Credit Support Amount. 
  
 (A) “Delivery Amount” has the meaning specified in Paragraph 3(a), except that the words “upon
a demand made by the Secured Party” shall be deleted and the word “that” on the second line of Paragraph 3(a) shall be replaced with the word “a”. Paragraph 4(b) is hereby amended by the insertion of the words “(i) in
respect of a Transfer pursuant to Paragraph 3(b),” immediately prior to the words “if a demand for” and the insertion of the words “; and (ii) in respect of a Transfer pursuant to Paragraph 3(a), the relevant Transfer will be
made not later than the close of business on the Local Business Day following the Valuation Date” immediately prior to the period. 
  
 (B) “Return Amount” has the meaning specified in Paragraph 3(b). 
  
 (C) “Credit Support Amount” for a Valuation Date shall mean one of the following depending on
whether or not the specified events have occurred on such Valuation Date:- 
  
 (i) if a Collateralization Event has not occurred, or has occurred but is not continuing, “Credit Support Amount” shall mean zero (0); 
  
 (ii) if a Collateralization Event has occurred other than pursuant to Part
5(b)(1)(C) and is continuing, “Credit Support Amount” shall mean an amount in USD equal to the greater of (a) the Secured Party’s Exposure and (b) an amount equal to the Floating Amount payable by Party A in respect of
the first Floating Rate Payer Payment Date scheduled to occur on or after the date on which the Delivery Amount as a result of such Collateralization Event is due; 
  

 32 

	 	(iii)	if a Collateralization Event has occurred pursuant to Part 5(b)(1)(C) and is continuing, “Credit Support Amount” shall mean an amount in USD equal to the
greater of (a) the sum of (i) Party B’s Exposure and (ii) the Notional Volatility Buffer and (b) zero. Notional Volatility Buffer, as determined by the Valuation Agent for any date, means the product of (i) the Notional Amount of
the Transaction on such date, (ii) multiplied by the Volatility Buffer Percentage for such date as set out in the table below on such date, 

  

				
	 Party A S&P Rating on such date

	  	Volatility Buffer Percentage

	 
	 S&P S-T Rating of A-1 or above
	  	0.00	%
	 S&P S-T Rating of A-2
	  	3.25	%
	 S&P S-T Rating of A-3
	  	4.00	%
	 S&P L-T Rating of BB+ or lower
	  	4.50	%

  
 L-T Rating
means with respect to any Person, the unsecured, unguaranteed and otherwise unsupported long-term senior debt obligations of such Person. 
  
 S-T Rating means with respect to any Person, the unsecured, unguaranteed and otherwise unsupported short-term debt obligations of such Person.

  

	 	(ii)	Eligible Collateral. On any date, the following items will qualify as “Eligible Collateral” for Party A: 

  

						
	 	  	 	  	Valuation
Percentage

	 
	 (A)
	  	Cash	  	100	%
			
	 (B)
	  	negotiable debt obligations issued after 18 July 1984 by the U.S. Treasury Department having a residual maturity on such date of less than 1 year	  	98.5	%
			
	 (C)
	  	negotiable debt obligations issued after 18 July 1984 by the U.S. Treasury Department having a residual maturity on such date equal to or greater than 1 year but less than 5 years	  	93.6	%
			
	 (D)
	  	negotiable debt obligations issued after 18 July 1984 by the U.S. Treasury Department having a residual maturity on such date equal to or greater than 5 years but less than 10
years	  	89.9	%

  

	 	(iii)	Other Eligible Support. None. 

  

	 	(iv)	Thresholds. 

  

 33 

	 	(A)	“Independent Amount” means with respect to Party A: Not applicable. 

  
 “Independent Amount” means with respect to Party B: Not applicable. 
  

	 	(B)	“Threshold” means with respect to Party A and Party B: Not applicable. 

  

	 	(C)	“Minimum Transfer Amount” means with respect to Party A: $50,000. 

  
 “Minimum Transfer Amount” means with respect to Party B: Not applicable. 
  

	 	(D)	Rounding The Delivery Amount and the Return Amount will be rounded up and down respectively to the nearest integral multiple of $10,000, provided that this
“Rounding” provision shall not apply in respect of any Return Amount payable in respect of any date on which Party B’s Exposure is less than or equal to zero. 

  
 (c) Valuation and Timing. 
  

	 	(i)	“Valuation Agent” means Party A. Calculations by Party A will be made by reference to commonly accepted market sources. 

  

	 	(ii)	“Valuation Date” means, 

  

	 	(A)	in the event that (1) no Collateralization Event has occurred, or has occurred but is not continuing, (2) a Collateralization Event has occurred other than pursuant to Part
5(b)(1)(C) and is continuing, or (3) two or more Collateralization Events have occurred pursuant to Part 5(b)(1)(C) and any other subparagraph of Part 5(b)(1) and are continuing, each Local Business Day which, if treated as a Valuation Date, would
result in a Delivery Amount or a Return Amount; and 

  

	 	(B)	in the event that a Collateralization Event has occurred solely pursuant to Part 5(b)(1)(C) and is continuing, or a Ratings Event has occurred and Party A has not obtained a
substitute counterparty as set forth in Part 5(b)(3) the last Local Business Day of each calendar week. 

  

	 	(iii)	“Valuation Time” means the close of business in the city of the Valuation Agent on the Local Business Day before the Valuation Date or date of calculation,
as applicable, provided that the calculations of Value and Exposure will be made as of approximately the same time on the same date. 

  

	 	(iv)	“Notification Time” means 4:00 p.m., London time, on a Local Business Day. 

  

	(d)	Conditions Precedent and Secured Party’s Rights and Remedies. 

  
 No events shall constitute a “Specified Condition.” 
  

	(e)	Substitution. 

  

	 	(i)	“Substitution Date” has the meaning specified in Paragraph 4(d)(ii). 

  

	 	(ii)	Consent. The Pledgor must obtain the Secured Party’s prior consent to any substitution pursuant to Paragraph 4(d) and shall give to the Secured Party not less
than two (2) Local Business Days’ notice thereof specifying the items of Posted Credit Support intended for substitution. 

  

 34 

	(f)	Dispute Resolution. 

  

	 	(i)	“Resolution Time” means 4:00 p.m. London time on the Local Business Day following the date on which the notice of the dispute is given under Paragraph 5.

  

	 	(ii)	Value. For the purpose of Paragraphs 5(i)(C) and 5(ii), on any date, the Value of Eligible Collateral and Posted Collateral will be calculated as follows:

  

	 	(A)	with respect to any Cash; the amount thereof; and 

  

	 	(B)	with respect to any Eligible Collateral comprising securities; the sum of (a)(x) the last bid price on such date for such securities on the principal national securities exchange on
which such securities are listed, multiplied by the applicable Valuation Percentage or (y) where any such securities are not listed on a national securities exchange, the bid price for such securities quoted as at the close of business on such date
by any principal market maker for such securities chosen by the Valuation Agent, multiplied by the applicable Valuation Percentage or (z) if no such bid price is listed or quoted for such date, the last bid price listed or quoted (as the case may
be), as of the day next preceding such date on which such prices were available; multiplied by the applicable Valuation Percentage; plus (b) the accrued interest on such securities (except to the extent that such interest shall have been paid to the
Pledgor pursuant to Paragraph 6(d)(ii) or included in the applicable price referred to in subparagraph (a) above) as of such date. 

  

	 	(iii)	Alternative. The provisions of Paragraph 5 will apply provided the obligation of the appropriate party to deliver the undisputed amount to the other party will not
arise prior to the time that would otherwise have applied to the Transfer pursuant to, or deemed made, under Paragraph 3 if no dispute had arisen. 

  

	(g)	Holding and Using Posted Collateral. 

  

	 	(i)	Eligibility to Hold Posted Collateral; Custodians: 

  
 The Indenture Trustee (as defined in the Indenture) will be entitled to hold Posted Collateral pursuant to Paragraph 6(b). 
  

	 	(ii)	Use of Posted Collateral. The provisions of Paragraph 6(c) will not apply to Party B. Therefore, Party B will not have any of the rights specified in Paragraph 6(c)(i)
or 6(c)(ii). 

  

	(h)	Distributions and Interest Amount. 

  

	 	(i)	Interest Rate. The “Interest Rate” will be the annualized rate of return actually achieved on Posted Collateral in the form of Cash during the
relevant Interest Period. 

  

	 	(ii)	Transfer of Interest Amount. The Transfer of the Interest Amount will be made on any Local Business Day on which Posted Collateral in the form of Cash is Transferred
to the Pledgor pursuant to Paragraph 3(b). 

  

	 	(iii)	Alternative to Interest Amount. The provisions of Paragraph 6(d)(ii) will apply and for the purposes of calculating the Interest Amount the amount of interest
calculated for each day of the Interest Period shall be compounded daily. 

  

	(i)	Additional Representation(s). 

  
 There are no additional representations by either party. 
  

 35 

	(j)	Demands and Notices. 

  
 All demands, specifications and notices under this Annex will be made pursuant to the Notices Section of this Agreement, save that any demand,
specification or notice: 
  
 (i) shall be given to or made at the
following addresses: 
  
 If to Party A: 
  

			
	Address: One Cabot Square
	 	 	London E14 4QJ
	 	 	England
		
	Telephone:	 	44 20 7888 3083
	Facsimile:	 	44 20 7883 7987
	Attention:	 	Collateral Management Unit

  
 If to Party B:

  
 As set forth in Part 4(a) of the Schedule; 
  
 or at such other address as the relevant party may from time to time
designate by giving notice (in accordance with the terms of this paragraph) to the other party; 
  

	 	(ii)	shall (unless otherwise stated in this Annex) be deemed to be effective at the time such notice is actually received unless such notice is received on a day which is not a Local
Business Day or after the Notification Time on any Local Business Day in which event such notice shall be deemed to be effective on the next succeeding Local Business Day. 

  
 (k) Address for Transfers. 
  
 Party A: To be notified to Party B by Party A at the time of the request for the Transfer. 
  
 Party B: To be notified to Party A by Party B at the time of the request for the Transfer. 
  

	(l)	Other Provisions. 

  

	 	(i)	Additional Definitions 

  
 As used in this Annex: 
  
 “Equivalent Collateral” means, with respect to any security constituting Posted Collateral, a
security of the same issuer and, as applicable, representing or having the same class, series, maturity, interest rate, principal amount or liquidation value and such other provisions as are necessary for that security and the security constituting
Posted Collateral to be treated as equivalent in the market for such securities; 
  
 “Local Business Day” means: (i) any day on which commercial banks are open for business (including dealings in foreign exchange and foreign currency deposits) in London, and (ii) in

  

 36 

 relation to a Transfer of Eligible Collateral, a day on which the clearance system agreed between the
parties for the delivery of Eligible Collateral is open for acceptance and execution of settlement instructions (or in the case of a Transfer of Cash or other Eligible Collateral for which delivery is contemplated by other means, a day on which
commercial banks are open for business (including dealings for foreign exchange and foreign currency deposits) in New York and such other places as the parties shall agree); 
  

	 	(ii)	Transfer Timing 

  
 (a) Paragraph 4(b) shall be deleted and replaced in its entirety by the following paragraph: 
  
 “Subject to Paragraphs 4(a) and 5 and unless otherwise specified, if a
demand for the Transfer of Eligible Credit Support or Posted Credit Support is made by the Notification Time, then the relevant Transfer will be made not later than the close of business on the second Local Business Day thereafter; if a demand is
made after the Notification Time then the relevant Transfer will be made not later than the close of business on the third Local Business Day thereafter.” 
  

	 	(b)	Paragraph 6(d)(1) shall be amended so that the reference therein to “the following Local Business Day” shall be replaced by reference to “the second Local Business
Day thereafter”. 

  

	 	(iii)	Events of Default 

  
 Paragraph 7 shall be deleted and replaced in its entirety by the following paragraph: 
  
 “For the purposes of Section 5(a)(i) of this Agreement, an Event of Default will exist with respect to a Party if that
Party fails (or fails to cause its Custodian) to make, when due, any Transfer of Posted Credit Support or the Interest Amount, as applicable, required to be made by it and that failure continues for two Local Business Days after the notice of that
failure is given to that Party”. 
  

	 	(iv)	Return of Fungible Securities 

  
 In lieu of returning to the Pledgor pursuant to Paragraphs 3(b), 4(d), 5 and 8(d) any Posted Collateral comprising securities the Secured Party may return
Equivalent Collateral. 
  

 37 

	 	(v)	Covenants of the Pledgor 

  
 So long as the Agreement is in effect, the Pledgor covenants that it will keep the Posted Collateral free from all security interests or other
encumbrances created by the Pledgor, except the security interest created hereunder and any security interests or other encumbrances created by the Secured Party; and will not sell, transfer, assign, deliver or otherwise dispose of, or grant any
option with respect to any Posted Collateral or any interest therein, or create, incur or permit to exist any pledge, lien, mortgage, hypothecation, security interest, charge, option or any other encumbrance with respect to any Posted Collateral or
any interest therein, without the prior written consent of the Secured Party. 
  

	 	(vi)	No Counterclaim 

  
 A party’s rights to demand and receive the Transfer of Eligible Collateral as provided hereunder and its rights as Secured Party against the Posted
Collateral or otherwise shall be absolute and subject to no counterclaim, set-off, deduction or defense in favor of the Pledgor except as contemplated in Sections 2 and 6 of the Agreement and Paragraph 8 of this Annex. 
  

	 	(vii)	Holding Collateral 

  
 The Secured Party shall cause any Custodian appointed hereunder to open and maintain a segregated account and to hold, record and identify all the Posted
Collateral in such segregated account and, subject to Paragraphs 6(c) and 8(a), such Posted Collateral shall at all times be and remain the property of the Pledgor and shall at no time constitute the property of, or be commingled with the property
of, the Secured Party or the Custodian. 
  

	 	(viii)	Security and Performance 

  
 Eligible Collateral Transferred to the Secured Party constitutes security and performance assurance without which the Secured Party would not otherwise
enter into and continue any and all Transactions. 
  

	 	(ix)	Agreement as to Single Secured Party and Pledgor 

  
 Party A and Party B agree that, notwithstanding anything to the contrary in the recital to this Annex, Paragraph 1(b), Paragraph 2 or the definitions in
Paragraph 12, (a) the term “Secured Party” as used in this Annex means only Party B, (b) the term “Pledgor” as used in this Annex means only Party A, (c) only Party A makes the pledge and grant in Paragraph 2, the
acknowledgment in the final sentence of Paragraph 8(a) and the representations in Paragraph 9 and (d) only Party A will be required to make Transfers of Eligible Credit Support hereunder. 
  

	 	(x)	External Verification of Mark-to-Market Valuations. 

  
 Every month after a Collateralization Event has occurred pursuant to Part 5(b)(1)(C) and is continuing, then, unless otherwise agreed in writing with
S&P, Party A will verify its determination of Exposure of the Transaction on the next Valuation Date by seeking quotations from two (2) Reference Market-makers for their determination of Exposure of the Transaction on such Valuation Date and the
Valuation Agent will use the greater of either (a) its own determination or (b) the highest quotation for a Reference Market-maker, if applicable, for the next Valuation Date; provided, that this Paragraph 13(l)(xi) shall only apply to the
extent that the Notes outstanding at such time (as defined in the Indenture) are rated higher by S&P than the S&P L-T Rating of Party 

  

 38 

 
A; and provided further, that Party A shall not seek verification of its determination of Exposure as described above from the same Reference
Market-maker more than four times in any twelve-month period. 
  

 39 

							
	CREDIT SUISSE FIRST BOSTON INTERNATIONAL	 	ACCREDITED MORTGAGE LOAN TRUST 2005-2
				
	By:	 	 /s/ Vittorio Scialoja

	 	By:	 	U.S. Bank Trust National Association, not in its individual capacity but solely as Owner Trustee under the Trust Agreement
	Name:	 	Vittorio Scialoja	 	 	 
	Title:	 	Authorized Signatory	 	 	 
				
	By:	 	 /s/ Louis J. Impellizeri

	 	By:	 	 /s/ Patricia M. Child

	Name:	 	Louis J. Impellizeri	 	Name:	 	Patricia M. Child
	Title:	 	Authorized Signatory	 	Title:	 	Vice President

  

 40 

							
	

	 	 	 	CREDIT SUISSE FIRST BOSTON INTERNATIONAL
	 	 	 	  
 One Cabot Square,
	 	  
 Telephone 020 7888 8888

	 	 	 	London E14 4QJ	 	www.csfb.com

  
 Facsimile Cover
Sheet 
  

			
	To:	  	Accredited Mortgage Loan Trust 2005-2
		
	Attention:	  	Heakyung Chung, CSFBi Marketer
		
	Fax number:	  	To be delivered by Heakyung Chung
		
	Date:	  	26 May 2005
		
	Pages (including cover page):	  	7
		
	Our Reference No: External ID:	  	9204469 / Risk ID: 47086799

  
 Credit Suisse First Boston
International has entered into a transaction with you as attached. Please find attached a letter agreement (the “Confirmation”) which confirms the terms and conditions of the above transaction. 
  
 If you agree with the terms specified therein, please arrange for the Confirmation to be
signed by your authorised signatories and return a signed copy to this office to the facsimile listed below. 
  

			
	 For Interest Rate Products:
 Telephone Numbers:
(212) 538-9370
 Facsimile number: (917) 326-8603
 Email:
list.otc-inc-accept-ny@csfb.com
	 	 For Equity Derivatives:
 Telephone numbers: (212)
538-4437 / (212) 538-8297 / (212) 325-5119
 Facsimile number: (212) 325-8173

		
	 For Credit Derivatives:
 Telephone Numbers: (212)
538-9370
 Facsimile number: (917) 326-8603
 Email:
list.otc-inc-accept-ny@csfb.com
	 	 

  
 We are delighted to have entered
into this transaction with you. 
  
 CONFIDENTIALITY NOTICE: This facsimile
is intended only for the use of the individual or entity to which it is addressed and may contain information which is privileged and confidential. If the reader of this message is not the intended recipient or an employee or agent responsible for
delivering the message to the intended recipient, you are hereby notified that any dissemination, distribution or copying of this communication is strictly prohibited. If you have received this communication in error, please notify us immediately by
telephone and return the original message to us by mail. Thank you. 
  
 External ID: 9204469 

			
		
	A subsidiary of CREDIT SUISSE FIRST BOSTON	 	Registered Office as above
	 	 	Registered with unlimited liability in England under No.2500199
	 	 	Authorised and Regulated by the Financial Services Authority
	 	 	VAT No: GB 447 0737 41

  

							
	

	 	 	 	 CREDIT SUISSE FIRST BOSTON INTERNATIONAL
  

	 	 	 	One Cabot Square,	 	Telephone 020 7888 8888
	 	 	 	London E14 4QJ	 	www.csfb.com

  
 26 May 2005 

. 
 Accredited Mortgage Loan Trust 2005-2 
 c/o U.S. Bank Trust National Association, 
 209 South LaSalle Street,

 Suite 300, 
 Chicago, Illinois 60604 
  
 External ID: 9204469 
  
 Dear Sirs: 
  
 The purpose of this letter agreement (this “Confirmation”) is to confirm the terms and conditions of the Swap Transaction entered into between us on the Trade
Date specified below (the “Swap Transaction”). This Confirmation constitutes a “Confirmation” as referred to in the Agreement specified below. 
  

	1.	The definitions and provisions contained in the 2000 ISDA Definitions (as published by the International Swaps and Derivatives Association, Inc.) (the “Definitions”) are
incorporated into this Confirmation. In the event of any inconsistency between the Definitions and provisions and this Confirmation, this Confirmation will govern. 

  
 This Confirmation supplements, forms part of, and is subject to, the ISDA Master Agreement dated as of 26 May 2005 as
amended and supplemented from time to time (the “Agreement”), between you and us. All provisions contained in the Agreement govern this Confirmation except as expressly modified below. 
  
 CSFBi and Counterparty each represents to the other that it has entered into
this Swap Transaction in reliance upon such tax, accounting, regulatory, legal and financial advice as it deems necessary and not upon any view expressed by the other. 
  
 In this Confirmation, “CSFBi” means Credit Suisse First Boston International and “Counterparty” means
Accredited Mortgage Loan Trust 2005-2. 
  

	2.	The terms of the particular Swap Transaction to which this Confirmation relates are as follows: 

  

			
	Notional:	  	USD 1,007,808,807.51, to be reduced as set out in the Additional Terms
		
	Trade Date:	  	19 May 2005
		
	Effective Date:	  	26 May 2005

  
 External ID: 9204469 
  

			
	A subsidiary of CREDIT SUISSE FIRST BOSTON	 	Registered Office as above
	 	 	Registered with unlimited liability in England under No. 2500199
	 	 	Authorised and Regulated by the Financial Services Authority
	 	 	VAT No: GB 447 0737 41

  

 

 
  

			
	 Termination Date:
	  	25 May 2010, subject to adjustment in accordance with the Modified Following Business Day Convention
		
	Fixed Amounts:	  	 
		
	 Fixed Rate Payer:
	  	Counterparty
		
	 Fixed Rate Payer Payment Dates:
	  	One Business Day prior to each Fixed Rate Payer Period End Date subject to adjustment in accordance with the Preceding Business Day Convention, commencing on 24 June, 2005 to and including the
date that is one Business Day prior to the Termination Date
		
	 Fixed Rate Payer Period End Dates:
	  	The 25th of each month, commencing on 25 June 2005, and ending on 25 May 2010, inclusive, using No Adjustment of Fixed Rate Payer Period End Dates
		
	 Fixed Rate:
	  	3.995%
		
	 Fixed Rate
 Day Count Fraction:
	  	30/360
		
	 Floating Amounts:
	  	 
		
	 Floating Rate Payer:
	  	CSFBi
		
	 Floating Rate Payer Payment Dates:
	  	One Business Day prior to each Fixed Rate Payer Period End Date subject to adjustment in accordance with the Preceding Business Day Convention, commencing on 24 June, 2005 to and including the
date that is one Business Day prior to the Termination Date
		
	 Floating Rate Payer Period End Dates:
	  	The 25th of each month, commencing on 25 June 2005, and ending on 25 May 2010, inclusive, subject to adjustment in accordance with the Modified Following Business Day
Convention.

  
 External ID: 9204469 
  

 2 

 

 
  

			
	 Floating Rate Option:
	  	USD-LIBOR-BBA
		
	 Designated Maturity:
	  	1 month
		
	 Floating Rate
	  	 
	 Day Count Fraction:
	  	Actual/360
		
	 Reset Dates:
	  	The first day of each Calculation Period
		
	 Compounding:
	  	Inapplicable
		
	Business Days:	  	New York
		
	Calculation Agent:	  	CSFBi

  

	3.	Account Details: 

  

			
	 Payments to CSFBi:
	  	As advised separately in writing
		
	 Payments to Counterparty:
	  	As advised separately in writing

  
 Credit Suisse First Boston
International is Authorized and Regulated by the Financial Services Authority and has entered into this transaction as principal. The time at which the above transaction was executed will be notified on request. 
  
 It is expressly understood and agreed by the parties hereto that (i) this Confirmation is
executed and delivered by U.S. Bank Trust National Association, not individually or personally but solely as Owner Trustee of Counterparty, in the exercise of the powers and authority conferred and vested in it under the Trust Agreement, (ii) each
of the representations, undertakings and agreements herein made on the part of Counterparty is made and intended not as personal representations, undertakings and agreements by U.S. Bank Trust National Association but is made and intended for the
purpose of binding only Counterparty, (iii) nothing herein contained shall be construed as creating any liability on U.S. Bank Trust National Association, individually or personally, to perform any covenant either expressed or implied contained
herein, all such liability, if any, being expressly waived by the parties hereto and by any Person claiming, by through or under the parties hereto and (iv) under no circumstances shall U.S. Bank Trust National Association be personally liable for
the payment of any indebtedness or expenses of Counterparty or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by Counterparty under this Confirmation or any other related documents.

  
 External ID: 9204469 
  

 3 

 

 
  
 ADDITIONAL TERMS 

 

			
	 Calculation Period up to but
 excluding
 the Fixed Rate Payer Period End
 Date scheduled to occur on:

	  	 Notional Amount:
 (in USD)

	 June 25, 2005
	  	1,007,808,827.51
	 July 25, 2005
	  	1,000,910,566.10
	 August 25, 2005
	  	990,999,814.59
	 September 25, 2005
	  	978,045,907.22
	 October 25, 2005
	  	962,042,969.55
	 November 25, 2005
	  	943,011,951.77
	 December 25, 2005
	  	921,000,698.06
	 January 25, 2006
	  	896,086,146.49
	 February 25, 2006
	  	868,374,770.76
	 March 25, 2006
	  	838,002,811.86
	 April 25, 2006
	  	805,136,771.18
	 May 25, 2006
	  	769,993,496.49
	 June 25, 2006
	  	736,396,004.10
	 July 25, 2006
	  	704,318,615.76
	 August 25, 2006
	  	673,690,689.33
	 September 25, 2006
	  	644,444,926.32
	 October 25, 2006
	  	616,517,211.71
	 November 25, 2006
	  	589,846,539.65
	 December 25, 2006
	  	564,374,631.95
	 January 25, 2007
	  	540,046,033.21
	 February 25, 2007
	  	516,807,910.40
	 March 25, 2007
	  	494,492,847.23
	 April 25, 2007
	  	453,561,733.26
	 May 25, 2007
	  	416,585,642.33
	 June 25, 2007
	  	280,814,542.58
	 July 25, 2007
	  	245,316,354.42
	 August 25, 2007
	  	218,347,380.82
	 September 25, 2007
	  	197,328,807.64
	 October 25, 2007
	  	180,645,102.49
	 November 25, 2007
	  	167,226,100.23
	 December 25, 2007
	  	156,338,270.14
	 January 25, 2008
	  	147,449,540.45
	 February 25, 2008
	  	140,170,085.55
	 March 25, 2008
	  	133,268,074.81
	 April 25, 2008
	  	126,705,274.83
	 May 25, 2008
	  	120,465,063.35

  
 External ID: 9204469 
  

 4 

 

 
  

			
	 Calculation Period up to but
 excluding
 the Fixed Rate Payer Period End
 Date scheduled to occur on:

	  	 Notional Amount:
 (in USD)

	 June 25, 2008
	  	114,532,178.97
	 July 25, 2008
	  	108,890,951.11
	 August 25, 2008
	  	103,527,035.64
	 September 25, 2008
	  	98,426,822.85
	 October 25, 2008
	  	93,577,370.03
	 November 25, 2008
	  	88,966,374.84
	 December 25, 2008
	  	84,582,279.72
	 January 25, 2009
	  	80,413,789.58
	 February 25, 2009
	  	76,450,314.61
	 March 25, 2009
	  	72,681,789.13
	 April 25, 2009
	  	69,098,640.96
	 May 25, 2009
	  	65,691,767.19
	 June 25, 2009
	  	62,452,511.29
	 July 25, 2009
	  	59,372,641.17
	 August 25, 2009
	  	56,444,328.44
	 September 25, 2009
	  	53,660,128.63
	 October 25, 2009
	  	51,012,962.37
	 November 25, 2009
	  	48,496,097.53
	 December 25, 2009
	  	46,103,132.19
	 January 25, 2010
	  	43,827,978.49
	 February 25, 2010
	  	41,664,847.21
	 March 25, 2010
	  	39,608,233.17
	 April 25, 2010
	  	37,652,886.81
	 May 25, 2010
	  	35,793,773.02

  
 External ID: 9204469 
  

 5 

 

 
  
 Please confirm that the foregoing correctly sets
forth the terms of our agreement by executing the copy of this Confirmation enclosed for that purpose and returning it to us. 
  

			
	Yours faithfully,
	
	Credit Suisse First Boston International
		
	By:	 	 /s/ Vittorio Scialoja

	Name:	 	Vittorio Scialoja
	Title:	 	Authorized Signatory
		
	By:	 	 /s/ Louis J. Impellizeri

	Name:	 	Louis J. Impellizeri
	Title:	 	Authorized Signatory

  
 Confirmed as of the date first
written above: 
  
 Accredited Mortgage Loan Trust 2005-2 
  

			
	 By: U.S. Bank Trust National Association,
 not in its individual capacity but solely as
 Owner Trustee under the Trust Agreement

		
	By:	 	 /s/ Patricia M. Child

	Name:	 	Patricia M. Child
	Title:	 	Vice President

  
 External ID: 9204469 
  

 6Amendment No. 2 to Amended and Restated Memorandum of Understanding

 Exhibit 10.1 
  
 

 
  

			
	 TO:
	  	 Vanessa L. Washington

		
	 FROM:
	  	 Nelson C. Rising

		
	 DATE:
	  	 June 5, 2005

		
	 SUBJECT:
	  	Amendment No. 2 to Amended and Restated Memorandum of Understanding Regarding Employment

  
 This Amendment No. 2
sets forth additional terms of your employment and amends your Amended and Restated Memorandum of Understanding dated March 26, 2004 (“Memorandum”) with Catellus Commercial Development Corporation (“CCDC” or the
“Company”), a subsidiary of Catellus Limited Operating Partnership (the “Operating Partnership”) and an indirect subsidiary of Catellus Development Corporation (“Catellus”). 
  
 WHEREAS, the Board of Directors of Catellus is considering a transaction that
would, if consummated constitute a “change of control” of Catellus, as such term is defined in Sections 280G and 4999 of the Internal Revenue Code; and 
  
 WHEREAS, the Board of Directors of Catellus has determined that it is reasonable and in its best interests of Catellus to
provide you protection in the event that you incur an excise tax under Section 4999 of the Internal Revenue Code (relating to “excess parachute payments”) with respect to any payments you may become entitled to receive from the Company in
connection with a change of control. 
  
 NOW, THEREFORE, in
consideration of the mutual agreements set forth below, Operating Partnership, Catellus, CCDC and you agree that the Memorandum is amended as follows: 
  
 1. Change of Control Payments. The Section 10.3 is amended by deleting the last paragraph contained therein, to add “; and” at the end of clause (c) and
to add a new clause (d) to read as follows: 
  
 “(d) you
shall receive the benefits of the Tax Protection Policy attached hereto as Appendix B, which is hereby incorporated by reference.” 
  
 2. A new Appendix B shall be added to the Memorandum, as set forth in Exhibit A to this Amendment No. 2. 

 IN WITNESS WHEREOF, the parties hereto have executed this Amendment No. 2 as of the day and year first
above written. 
  

													
	 CATELLUS COMMERCIAL
 DEVELOPMENT CORPORATION
	 	 CATELLUS OPERATING LIMITED
 PARTNERSHIP, a Delaware limited partnership

				
	 By:
	 	 Catellus Operating Limited Partnership, a
 Delaware limited partnership, its sole
 stockholder
	 	 By:
	 	 Catellus Development Corporation, a
 Delaware corporation, its general partner

						
	 	 	 By:
	 	 Catellus Development Corporation,
 a Delaware corporation, its general
 partner
	 	 	 	 By:
	 	 /s/ Nelson C. Rising

	 	 	 	 	 	 	 	 	 	 Nelson C. Rising
 Chairman of the Board and
 Chief Executive Officer

	 	 	 	 	 By:
	 	 /s/ Nelson C. Rising

	 	 	 	 	 	 
	 	 	 	 	 	 	 Nelson C. Rising
 Chairman of the Board and
 Chief Executive Officer
	 	 	 	 	 	 
		
	 CATELLUS DEVELOPMENT
 CORPORATION, a Delaware corporation
	 	 ACCEPTED AND AGREED:
  

				
	 	 	 By:
	 	 /s/ Nelson C. Rising

	 	 /s/ Vanessa L. Washington

	 	 	 	 	 Nelson C. Rising
 Chairman of the Board and Chief
 Executive Officer
	 	 Vanessa L. Washington
  
 Date signed: June 5, 2005

  
  

 2 

 Exhibit A 
  
 Appendix B 
  
 Tax Protection Policy 
  
 This Appendix shall apply if it is determined that any payment, distribution or benefit provided (including, without limitation, the acceleration of any
payment, distribution or benefit, the provision of any severance pay or benefits and the acceleration of exercisability of any stock option, share of restricted stock, restricted stock unit, performance unit or other equity award) to you or for your
benefit (whether paid or payable or distributed or distributable) pursuant to the terms of this Memorandum or otherwise pursuant to or by reason of any other agreement, policy, plan, program or arrangement, including without limitation any stock
option, share of restricted stock, restricted stock unit, performance unit, stock appreciation right or similar right, or the lapse or termination of any restriction on or the vesting or exercisability of any of the foregoing (the
“Payments”) would be subject to the excise tax imposed by Section 4999 of the Internal Revenue Code of 1986, as amended (the “Code”), by reason of being “contingent on a change in the ownership or control” of Catellus,
within the meaning of Section 280G of the Code or to any similar tax imposed by state or local law, or any interest or penalties with respect to such excise tax (such tax or taxes, together with any such interest or penalties, are collectively
referred to as the “Excise Tax”). If the Payments are subject to the Excise Tax and it is determined that the Parachute Value of the Payments (as defined below) exceeds 110% of the Safe Harbor Amount (as defined below), you shall be
entitled to receive from the Company an additional payment (the “Gross-Up Payment”) in an amount such that the net amount of the Payments and the Gross-Up Payment retained by you after the calculation and deduction of all Excise Taxes
(including any interest or penalties imposed with respect to such taxes) on those Payments and all federal, state and local income tax, employment tax and Excise Tax (including any interest or penalties imposed with respect to such taxes) on the
Gross-Up Payment provided for in this Appendix B, and taking into account any lost or reduced tax deductions you may incur on account of the Gross-Up Payment, shall be equal to the Payments. If it shall be determined that the Parachute Value
of the Payments does not exceed 110% of the Safe Harbor Amount, then no Gross-Up Payment shall be made to you, and the amount of the Payments otherwise due you shall be reduced to the extent necessary to assure that the Parachute Value of the
Payments as calculated for the Payments remaining after such reduction does not exceed the greater of (i) the Safe Harbor Amount or (ii) the amount which yields you the greatest after-tax amount of Payments after taking into account any Excise Tax
you must pay with respect to those Payments. To the extent any such reduction to your Payments becomes necessary by reason of the preceding sentence, the reduction shall be applied against the portion of your Payments based upon your Average Salary
and Bonus. For the purposes of this Appendix B, (a) “Parachute Value of the Payments” shall mean the present value as of the date of the Change of Control for purposes of Section 280G of the Code of the portion of such Payments that
constitutes a “parachute payment” under Section 280G(b)(2), as determined by the Accountants (as defined below) for purposes of determining whether and to what extent the Excise Tax will apply to such Payments, and (b) “Safe Harbor
Amount” shall mean the maximum Parachute Value of the Payments that you can receive without any Payments being subject to the Excise Tax. 
  
 (i) All determinations required to be made under this Appendix B, including whether and when the Gross-Up Payment is required and the amount of
such Gross-Up Payment, 

 and the assumptions to be utilized in arriving at such determinations shall be made by the Accountants (as defined below)
which shall provide you and the Company with detailed supporting calculations with respect to such Gross-Up Payment within fifteen (15) business days of the receipt of notice from you or the Company that you have received or shall receive a Payment.
For purposes of making the determinations and calculations required herein, the Accountants may make reasonable assumptions and approximations concerning applicable taxes and may rely on reasonable, good faith interpretations concerning the
application of Section 280G and 4999 of the Code, including (without limitation) the Proposed Treasury Regulations under Section 280G of the Code, provided that the Accountants’ determinations must be made on the basis of “substantial
authority” (within the meaning of Section 6662 of the Code). For the purposes of this Appendix B, the “Accountants” shall mean the Company’s independent certified public accountants serving immediately prior to the Change
of Control. In the event that the Accountants are also serving as accountant or auditor for the individual, entity or group effecting the Change of Control, you may appoint another nationally recognized public accounting firm to make the
determinations required hereunder (which accounting firm shall then be referred to as the Accountants hereunder). All fees and expenses of the Accountants shall be borne solely by the Company. 
  
 (ii) For the purposes of determining whether any of the Payments shall be
subject to the Excise Tax and the amount of such Excise Tax, such Payments shall be treated as “parachute payments” within the meaning of Section 280G of the Code, and all “parachute payments” in excess of the “base
amount” (as defined under Section 280G(b)(3) of the Code) shall be treated as subject to the Excise Tax, unless and except to the extent that in the opinion of the Accountants such Payments (in whole or in part) either do not constitute
“parachute payments” or represent reasonable compensation for services actually rendered (within the meaning of Section 280G(b)(4) of the Code) in excess of the “base amount,” or such “parachute payments” are otherwise
not subject to such Excise Tax. For purposes of determining the amount of the Gross-Up Payment, you shall be deemed to pay federal income taxes at the highest applicable marginal rate of federal income taxation for the calendar year in which the
Gross-Up Payment is to be made and to pay any applicable state and local income taxes at the highest applicable marginal rate of taxation for the calendar year in which the Gross-Up Payment is to be made, net of the actual reduction in federal
income taxes which is reasonably expected to result from the deduction of such state and local taxes if paid in such year (determined, however, with regard to limitations on deductions based upon the amount of your adjusted gross income). To the
extent practicable, any Gross-Up Payment with respect to any Payment shall be paid by the Company at the time you are entitled to receive the Payment and in no event shall any Gross-Up Payment be paid later than five days after your receipt of the
Accountant’s determination. Any determination by the Accountants shall be binding upon the Company and you. 
  
 (iii) As a result of uncertainty in the application of Section 4999 of the Code at the time of the initial determination by the Accountants hereunder, it
is possible that the Gross-Up Payment made shall have been an amount less than the Company should have paid pursuant to this Appendix B (the “Underpayment”). Unless the Company elects to exhaust its remedies under clause (v) with
respect to the additional Excise Tax on your Payments, the Underpayment shall be promptly paid by the Company to or for your benefit at the time you are required to pay the additional Excise Tax resulting in such Underpayment. 
  

 2 

 (iv) You and the Company shall each provide the Accountants access to and copies of any books, records
and documents in the Company’s or your possession, as the case may be, reasonably requested by the Accountants, and otherwise cooperate with the Accountants in connection with the preparation and issuance of the determination contemplated by
this Appendix B. 
  
 (v) You shall notify the Company in
writing of any claim by the Internal Revenue Service that, if successful, would require the payment by the Company of the Gross-Up Payment. Such notification shall be given as soon as practicable after you are informed in writing of such claim and
shall apprise the Company of the nature of such claim and the date on which such claim is requested to be paid. You shall not pay such claim prior to the expiration of the 30-day period following the date on which you give such notice to the Company
(or such shorter period ending on the date that any payment of taxes, interest and/or penalties with respect to such claim is due). If the Company were to notify you in writing prior to the expiration of such period that it desires to contest such
claim, you shall: 
  
 (A) give the Company any information
reasonably requested by the Company relating to such claim; 
  
 (B) take such action in connection with contesting such claim as the Company shall reasonably request in writing from time to time, including, without limitation, accepting legal representation with respect to such claim by an attorney
reasonably selected by the Company and reasonably satisfactory to you; 
  
 (C) cooperate with the Company in good faith in order to effectively contest such claim; and 
  
 (D) permit the Company to participate in any proceedings relating to such claim; provided, however, that the Company shall bear and pay directly all
additional Excise Taxes imposed upon you and all costs, legal fees and other expenses (including additional interest and penalties) incurred in connection with such contest and shall indemnify you for and hold you harmless from, on an after-tax
basis, any additional Excise Tax (including interest and penalties with respect thereto) imposed upon you and any Excise Tax or income or employment tax (including interest and penalties with respect thereto) attributable to the Company’s
payment of that additional Excise Tax on your behalf or imposed as a result of such representation and payment of all related costs, legal fees and expenses. The amounts owed to you by reason of the foregoing shall be paid to you or for your benefit
as they become due and payable. Without limiting the foregoing provisions of this paragraph, the Company shall control all proceedings taken in connection with such contest and, at its sole option, may pursue or forgo any and all administrative
appeals, proceedings, hearings and conferences with the taxing authority in respect of such claim and may, at the Company’s sole option, either direct you to pay the tax claimed and sue for a refund or contest the claim in any permissible
manner, and you agree to prosecute such contest to a determination before any administrative tribunal, in a court of initial jurisdiction and in one or more appellate courts, the Company shall determine; provided, however, that if the Company were
to direct you to pay such claim and sue for a refund, the 
  

 3 

 Company shall advance the amount of such payment to you, on an interest-free basis, and shall indemnify you for and hold
you harmless from, on an after-tax basis, any Excise Tax or income tax (including interest or penalties with respect thereto) imposed with respect to such advance or with respect to any imputed income with respect to such advance (including as a
result of any forgiveness by the Company of such advance); provided, further, that any extension of the statute of limitations relating to the payment of taxes for your taxable year with respect to which such contested amount is claimed to be due is
attributable in whole or in part to such contested amount. Furthermore, the Company’s control of the contest shall be limited to issues with respect to which a Gross-Up Payment would be payable hereunder and you shall be entitled to settle or
contest, as the case may be, any other issue raised by the Internal Revenue Service or any other taxing authority. 
  

 4

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