Document:

EX-10.8

 Exhibit 10.8 

LEASE AGREEMENT 
 by and
between 
 PONTIAC SOUTH BOULEVARD, LLC, 

a Michigan limited liability company 

and 
 UNITED SHORE
FINANCIAL SERVICES, LLC, 
 a Michigan limited liability company 

 TABLE OF CONTENTS 

 

							
	 Title
	  	Page	 
	 LEASE SUMMARY
	  	 	1	 
	 1.
	 	 PREMISES
	  	 	2	 
	 2.
	 	 TERM
	  	 	2	 
	 3.
	 	 RENT
	  	 	3	 
	 4.
	 	 SECURITY DEPOSIT
	  	 	3	 
	 5.
	 	 ADDITIONAL RENT
	  	 	4	 
	 6.
	 	 PARKING
	  	 	6	 
	 7.
	 	 USE OF THE PREMISES
	  	 	6	 
	 8.
	 	 ENVIRONMENTAL COMPLIANCE/HAZARDOUS MATERIALS
	  	 	7	 
	 9.
	 	 UTILITIES
	  	 	10	 
	 10.
	 	 REPAIRS BY LANDLORD
	  	 	10	 
	 11.
	 	 REPAIRS AND SERVICES BY TENANT
	  	 	10	 
	 12.
	 	 TENANT’S TAXES AND ASSESSMENTS
	  	 	I I	 
	 13.
	 	 ALTERATION OF PREMISES
	  	 	11	 
	 14.
	 	 INSURANCE
	  	 	11	 
	 15.
	 	 WAIVER, EXCULPATION AND INDEMNITY
	  	 	13	 
	 16.
	 	 CONSTRUCTION LIENS
	  	 	14	 
	 17.
	 	 QUIET ENJOYMENT
	  	 	14	 
	 18.
	 	 LANDLORD’S RIGHT OF ENTRY
	  	 	14	 
	 19.
	 	 DESTRUCTION OF BUILDING
	  	 	15	 
	 20.
	 	 EMINENT DOMAIN
	  	 	15	 
	 21.
	 	 BANKRUPTCY
	  	 	16	 
	 22.
	 	 DEFAULT
	  	 	16	 
	 23.
	 	 SURRENDER OF PREMISES
	  	 	17	 
	 24.
	 	 HOLDING OVER
	  	 	17	 
	 25.
	 	 SURRENDER OF LEASE
	  	 	17	 
	 26.
	 	 RULES AND REGULATIONS
	  	 	17	 
	 27.
	 	 NOTICE
	  	 	17	 
	 28.
	 	 ASSIGNMENT AND SUBLETTING
	  	 	18	 
	 29.
	 	 ATTORNEY’S FEES
	  	 	18	 
	 30.
	 	 JUDGMENT COSTS
	  	 	18	 
	 31.
	 	 BROKERS
	  	 	18	 
	 32.
	 	 SUBORDINATION OF LEASE
	  	 	19	 
	 33.
	 	 OPTION TO EXTEND
	  	 	19	 
	 34.
	 	 OBLIGATION TO LEASE ADDITIONAL PREMISES
	  	 	19	 
	 35.
	 	 ESTOPPEL CERTIFICATES AND FINANCIAL STATEMENTS
	  	 	19	 
	 36.
	 	 SHORT FORM OF LEASE
	  	 	20	 
	 37.
	 	 SIGNS
	  	 	20	 
	 38.
	 	 FORCE MAJEURE
	  	 	20	 
	 39.
	 	 GENERAL PROVISIONS
	  	 	20	 

  

			
	Exhibits
		
	Exhibit A	  	Premises

 LEASE SUMMARY 

Set forth below is a summary of certain terms and conditions of the Lease Agreement between Pontiac South Boulevard, LLC, a Michigan
limited liability company, as Landlord, and United Shore Financial Services, LLC, a Michigan limited liability company, as Tenant, solely for the convenience of the parties. In the event there is a conflict between this Lease Summary and the
terms and conditions of the Lease, the terms and conditions of the Lease shall prevail. 
  

	A.	 Building means that certain building having approximately 887,843 square feet and having the street
address of 2001 Centerpoint Parkway, Pontiac, Michigan. See Paragraph 1. 

  

	B.	 Premises initially means approximately 198,490 rentable square feet of the Building, as outlined on the
site plan attached as Exhibit “A”. See Paragraph 1. 

  

	C.	 Term means fifteen (15) years from the Commencement Date, unless extended or terminated earlier by
law or any provision of the Lease. See Paragraph 2.1. 

  

	D.	 Commencement Date means January 1, 2020. See Paragraph 2.2. 

 

	E.	 Occupancy Date means the Commencement Date. See Paragraph 2.2. 

 

	F.	 Base Rent: $165,408.33 per month (based on $10.00 per rentable square foot of the Premises per annum)
for the first five (5) years as thereafter adjusted as provided in Paragraph 3.1. 

  

	 	 All rent is due on the first day of each month and shall be paid to Landlord at c/o 251 E. Merrill Street,
Suite 212, Birmingham, Michigan 48009. See Paragraph 3. 

  

	G.	 Security Deposit has been waived. See Paragraph 4. 

 

	H.	 Additional Rent means Tenant’s Share of the Project Expenses, payable monthly in advance together
with Base Rent. See Paragraph 5.1.A. 

  

	I.	 Project Expenses means the sum of Taxes, Insurance Expenses and Common Expenses, related to the
Property. See Paragraph 5.1.E. 

  

	J.	 Tenant’s Share for the Premises is determined by dividing the rentable square feet of the Premises
by the total rentable square feet of the Building (currently 887,843 square feet). Tenant’s Share currently means 22.36%. See Paragraph 5.1.J. 

  

	K.	 Permitted Use means office purposes and uses related thereto. See Paragraph 7.

  

	L.	 Utilities. Tenant shall pay the cost of its Utilities. See Paragraph 9. 

 

	M.	 Taxpayer Identification Number for Tenant is 38-2750395.

  

	N.	 Options To Extend. Tenant shall have two (2) options to extend the Term for five
(5) additional years each. The Base Rent for such extended option terms shall be as set forth in Paragraph 33 hereof and all other terms and conditions of this Lease shall apply to the extension terms. See Paragraph 33.

  

	O.	 Additional Premises. Tenant agrees to lease all other space within the Building as the same shall
become available during the term of this Lease upon the same terms and conditions as contained in this Lease except the annual Base Rent shall be increased by an amount equal to the additional area made available to the Tenant multiplied by the sum
of $10.00 per square foot which shall be payable monthly in addition to the Base Rent specified in Paragraph 3 of the Lease. Base Rent for the Additional Premises shall increase three percent (3%) every five (5) years. 

  
 1 

 LEASE AGREEMENT 

THIS LEASE AGREEMENT (“Lease”), dated as of January 1, 2020, is made by and between Pontiac South Boulevard,
LLC, a Michigan limited liability company (“Landlord”), and United Shore Financial Services, LLC, a Michigan limited liability company (“Tenant”). 

WITNESSETH 
  

	1.	 PREMISES 

1.1.     Property. Landlord owns that certain real property improved with one building containing 887,843 square
feet of rentable area (the “Building”) located upon the real estate commonly known as 2001 Centerpoint Parkway, Pontiac, Michigan (the “Land”). For purposes of this Lease, the Building and the Land are
collectively referred to as the “Property”. 
 1.2.     Premises and Additional Premises.
Landlord, for and in consideration of the rents, covenants, agreements, and stipulations contained herein, to be paid, kept and performed by Tenant, leases and rents to Tenant, and Tenant hereby leases and takes from Landlord upon the terms and
conditions contained herein, approximately 198,490 rentable square feet of the space located in the Building, as outlined in the site plan attached as Exhibit A, together with the right to use not less
than                 parking spaces in the area indicated on Exhibit A (the “Premises”). 

1.3.     Common Areas. In addition to the Premises, Tenant shall have the use of those certain common areas to be
designated by the Landlord from time to time on the Property; such areas shall include, but not be limited to, parking areas, access roads and facilities, interior corridors, sidewalks, driveways and landscaped and open areas (collectively, the
“Common Areas”). The use of the Common Areas shall be for the nonexclusive use of Tenant and Tenant’s employees, agents, suppliers, customers and patrons, in common with Landlord and all other tenants of the Property and
all such other persons to whom Landlord has previously granted, or may hereinafter grant, rights of usage; provided that such nonexclusive use shall be expressly subject to such reasonable rules and regulations which may be adopted by the Landlord
from time to time. Tenant shall not be entitled to use the Common Areas for storage of goods, vehicles, refuse or any other items. Landlord reserves the right to alter, modify, enlarge, diminish, reduce or eliminate the Common Areas from time to
time in its sole discretion; provided, however, it does not unreasonably and materially interfere with Tenant’s use and occupancy of the Premises. Landlord shall have the right to modify Common Areas, and if necessary, parts of the Premises, in
order to implement new, necessary security measures and Landlord shall endeavor to minimize any adverse effect on Tenant’s use of the Premises. If Tenant shall use any of the Common Areas for storage of any items, Tenant shall pay all fines
imposed upon either Landlord or Tenant by any fire, building or other regulatory body, and Tenant shall pay all costs incurred by Landlord to clear and clean the Common Areas and dispose of such items, including but not limited to, a disposal fee of
twenty-five dollars ($25.00) for each pallet or other container and fifty dollars ($50.00) for each drum, together with any additional costs for testing and special disposal, if required. 

1.4.     Condition of the Premises. Tenant acknowledges that Tenant has inspected the Premises and is leasing and
will accept the Premises in their “AS-IS” condition subject to all faults. 
  

	2.	 TERM 

2.1.     Term. The term (“Initial Term”) of the Lease shall be for fifteen (15) years
beginning on the Commencement Date, unless extended or sooner terminated pursuant to the terms of this Lease (as may be extended, the “Term”). The term “Lease Year” as used herein shall mean any 365-consecutive-day period beginning on the Commencement Date or any anniversary thereafter. Tenant shall have two (2) successive options to extend the Term for periods
of five (5) years each pursuant to Paragraph 33 below which Tenant must exercise by providing Landlord with written notice not less than twelve (12) months in advance of the expiration of the Term or First Extension Term as the case may
be. 
 2.2.     Commencement Date. The term “Commencement Date” as used herein shall mean
January 1, 2020. The term “Occupancy Date” as used herein shall mean the Commencement Date. 

  
 2 

	 	3.	 RENT 

3.1.     Rent. Rent shall be due and payable in lawful money of the United States in advance on the first day of
each month after the Commencement Date. Tenant shall pay to Landlord as base rent (“Base Rent’) for the Premises, without notice or demand and without abatement, deduction, offset or set off, the following sums: 

Lease Year 1 through Lease Year 5: $165,408.33 per month (based on $10.00 per rentable square foot of the Premises per annum); 

Lease Year 6 through Lease Year 10: $170,370.58 per month (based on $10.30 per rentable square foot of the Premises per annum); and 

Lease Year 11 through Lease Year 15: $175,481.70 per month (based on $10.61 per rentable square foot of the Premises per annum); 

Base Rent for any period during the Term hereof which is for less than one (1) full calendar month shall be prorated based upon the actual number of days
of the calendar month involved. If the first month of the Initial Term is a partial calendar month, Tenant shall pay the Base Rent for such partial calendar month on the Commencement Date. 

3.2.     Place of Payment. All payments under this Lease to be made by Tenant to Landlord shall be made payable to,
and mailed or personally delivered to Landlord at the following address or such other address(es) which Landlord may notify Tenant from time to time: c/o Pontiac South Boulevard, LLC, 251 E. Merrill Street, Suite 212, Birmingham, Michigan 48009.

 3.3.     Late Payment. Tenant hereby acknowledges that late payment by Tenant to Landlord of Rent (as defined
in Paragraph 5.1.F. herein) pursuant to this Lease or any other amounts due under this Lease will cause Landlord to incur costs not contemplated by this Lease, the exact amount of which will be extremely difficult to ascertain. Accordingly,
if any installment of Rent or other payment under this Lease is not received by Landlord, on or before the seventh (7th) day after the due date of such Rent or other amount due under this Lease,
Tenant shall pay a late charge equal to ten percent (10%) of such overdue amounts. Tenant shall also be responsible for a service fee equal to One hundred dollars ($100.00) for any check returned for insufficient funds together with such other costs
and expenses as may be imposed by Landlord’s bank. The payment to and acceptance by Landlord of such late charge shall in no event constitute a waiver by Landlord of Tenant’s default with respect to such overdue amounts, nor prevent
Landlord from exercising any of the other rights and remedies granted at law or equity or pursuant to this Lease. 

3.4.     Payment on Account. No payment by Tenant or receipt by Landlord of a lesser amount than the Rent actually
due hereunder shall be deemed to be other than a payment on account. No restrictive endorsement or statement on any check or any letter accompanying any check or payment shall be deemed to effect an accord and satisfaction or have any effect
whatsoever. Landlord may accept such check or payment without prejudice to Landlord’s right to recover the balance or pursue any other remedy in this Lease or at law or in equity provided. 

 

	4.	 SECURITY DEPOSIT 

Upon execution of this Lease, Tenant shall pay to Landlord a security deposit for the faithful performance of Tenant’s obligations under
this Lease in the amount of N/A (the “Security Deposit”). Within ten (10) days of any increase in the Base Rent hereunder, Tenant shall pay to Landlord an amount necessary to increase the Security Deposit held by
Landlord to the amount of the then current monthly Base Rent. If Tenant fails to pay Rent or other charges due hereunder, or otherwise defaults under this Lease, Landlord may use, apply or retain all or a portion of the Security Deposit to
compensate Landlord for the amount due by Tenant (including reasonable attorney’s fees) under this Lease. If Landlord uses or otherwise applies all or any portion of the Security Deposit, Tenant shall restore such Security Deposit within ten
(10) days of notice from Landlord. The Security Deposit shall be non-interest bearing and Landlord shall be entitled to retain such funds in its general accounts. The balance of the Security Deposit not
applied or used by Landlord as permitted in this Paragraph shall be refunded to Tenant thirty (30) days after the later of: (i) expiration or other termination of this Lease, and (ii) Tenant has vacated the Premises. 

  
 3 

	5.	 ADDITIONAL RENT 

 

	 	5.1.	 Definitions. 

A.     “Additional Rent’ shall mean Tenant’s Share of the Project
Expenses. 
 B.     “Common Expenses” shall mean the aggregate amount of
the total costs and expenses paid or incurred by Landlord in any way connected with or related to (i) the operation, repair and maintenance of the Common Areas, the Building and the Property, including, without limitation, electricity, gas,
water, sewer and other utilities; trash removal; security, including site security; snow plowing, sanding, salting and shoveling snow; landscaping; mowing and weed removal; pest control, sweeping and janitorial services; on-site manager and related expenses; office expenses; electrical, plumbing, sprinkler and HVAC repair and maintenance; alarm and sprinkler system testing, maintenance and repair; repair, resurfacing and restriping
of all parking areas, loading and unloading areas, trash areas, roadways, driveways, and walkways; common signage; painting of the Building and Property; fence and gate repair; maintenance, repair and replacement of all lighting facilities; and any
and all other repairs and maintenance, including the amortized portion of any capital improvements, replacements or repairs (“Capital Repair(s)”) as set forth below, and (ii) the furnishing of or contracting for any
service generally provided to the tenants of the Property by Landlord, including, without limitation, managerial fees. Notwithstanding the foregoing, Common Expenses shall not include any costs resulting from any repairs caused by Landlord’s
gross negligence or willful misconduct; any leasing activities at the Property (including advertising expenses, brokerage and finders fees, legal fees to negotiate and enforce leases, tenant improvements or lease buyout costs); any casualty event or
condemnation proceeding; any Capital Repairs, other than the amortized portion thereof as set forth below; any financing or refinancing of the Property, including legal fees, fines and penalties; and any other activities related to the Property to
the extent they are attributable to a tenant or tenants in the Building other than Tenant. The determination of what items constitute a Capital Repair shall be determined in accordance with generally accepted accounting principles. The costs of any
Capital Repair shall be amortized over the useful life of such Capital Repair and only the amortized amount of such Capital Repair attributable to any particular Computation Year shall includable as part of the Common Expenses for such Computation
Year. 
 C.     “Computation Year” shall mean each period commencing
January 1 of each year during the Term (or, with respect to the first year of the Term, commencing on the Occupancy Date) and ending on December 31 of such year (or, with respect to the last year of the Term, ending on the last day of the Term).
Tenant’s Share of Project Expenses shall be equitably adjusted to reflect any Computation Year comprising less than twelve (12) consecutive months. 

D.     “Insurance Expenses” shall mean the aggregate amount of the cost of
fire, extended coverage, boiler, sprinkler, commercial general liability, property damage, rent, earthquake, terrorism and other insurance obtained by Landlord in connection with the Property, including insurance required pursuant to Paragraph 14.1,
and the deductible portion of any insured loss otherwise covered by such insurance. 
 E.
    “Project Expenses” shall mean and include Taxes, Insurance Expenses and Common Expenses. 

F.     “Rent” or “rent’ shall mean the total of all
sums due to Landlord from Tenant hereunder, including but not limited to Base Rent, Additional Rent, Utilities (as defined in Paragraph 9), and all other fees and charges owed to Landlord as well as all damages, costs, expenses, and sums that
Landlord may suffer or incur, or that may become due, by reason of any default of Tenant or failure by Tenant to comply with the terms and conditions of this Lease, and, in the event of nonpayment, Landlord shall have all the rights and remedies as
herein provided for failure to pay rent. 
 G.     “Rentable Area of the
Building” shall initially mean 887,843 square feet. 
 H.     “Rentable
Area of the Premises” shall mean 198.490 rentable square feet, which shall be increased by the area of the Additional Premises from time to time. 

  
 4 

 I.     “Taxes” shall mean
all taxes, assessments and charges levied upon or with respect to the Property or any personal property of Landlord used in the operation thereof, or Landlord’s interest in the Property or such personal property. Taxes shall include, without
limitation, all general real property taxes and general and special assessments, charges, fees or assessments for transit, housing, police, fire or other governmental services or purported benefits to the Property, service payments in lieu of taxes,
and any tax, fee or excise on the use or occupancy of the Property or any part thereof that are now or hereafter levied or assessed against Landlord by the United States of America, the state in which the Property is located, or any political
subdivision, public corporation, district or other political or public entity, whether due to increased rate and/or valuation, additional improvements, changes of ownership or any other events or circumstances, and shall also include any other tax,
fee or other excise, however described, that may be levied or assessed as a substitute for or as an addition to, as a whole or in part, any other Taxes whether or not now customary or in the contemplation of the parties on the date of this Lease.
Taxes shall include occupancy taxes, gross receipts taxes, commercial rental taxes, any tax, fee or excise on the act of entering into any lease for space in the Property or on the rent payable under any lease or in connection with the business of
renting space in the Property. Taxes shall not include any franchise, transfer, inheritance or capital stock taxes or income taxes measured by the net income of Landlord from all sources unless, due to a change in the method of taxation, any of such
taxes is levied or assessed against Landlord as a substitute for or as an addition to, as a whole or in part, any other tax that would otherwise constitute a Tax. Taxes shall also include reasonable legal fees, costs and disbursements incurred in
connection with proceedings to contest, determine or reduce Taxes. If any Taxes are specially assessed by reason of the occupancy or activities of one or more tenants and not the occupancy or activities of the tenants as a whole, such Taxes shall be
allocated by Landlord to the tenant or tenants whose occupancy or activities brought about such assessment. Landlord shall promptly pay Tenant its pro rata share of any tax refunds received by Landlord during or after the expiration of the Term, net
of Landlord’s costs to appeal or otherwise seek the reduction of such taxes, including all professional fees, costs and expenses associated therewith. 

J.     “Tenant’s Share” shall be
computed by dividing the Rentable Area of the Premises by the Rentable Area of the Building. Initially, Tenant’s Share is 22.36%. In the event that either the Rentable Area of the Premises or the Rentable Area of the Building is changed,
Tenant’s Share will be appropriately adjusted by Landlord. For purposes of the Computation Year in which such change occurs, Tenant’s Share shall be determined on the basis of the number of days during such Computation Year at each such
percentage. Notwithstanding anything herein to the contrary, for purposes of determining Tenant’s Share for certain Project Expenses that will be incurred by Landlord and/or Landlord’s Affiliate, or its successors or assigns, for all or
part of the Property and/or the Complex, Tenant’s Share for those Project Expenses may be allocated to the Property by Landlord, as reasonably determined by Landlord.. If any of the Common Expenses are incurred for items used solely by Tenant
or for items that are disproportionately used by Tenant in comparison to other tenants at the Building, then Tenant shall be responsible for one hundred percent (100%) of such costs incurred by Landlord for such items or such other percentage as
determined by Landlord in its reasonable judgment based on Tenant’s use of the items as compared to other tenants in the Building. 

5.2.     Payments. In addition to Base Rent, and beginning on the Occupancy Date, Tenant shall
pay to Landlord Additional Rent due for each Computation Year, in an amount estimated by Landlord and billed by Landlord to Tenant (“Estimated Expenses”). Landlord shall have the right to revise the Estimated Expenses not
more than once every Computation Year and to adjust Tenant’s monthly payments accordingly. If either the Occupancy Date or the expiration of the Term shall occur on a date other than the first or last day of a Computation Year, the Additional
Rent for such Computation Year shall be in the proportion that the number of days this Lease was in effect during such Computation Year bears to 365. With reasonable promptness after the expiration of each Computation Year, but no later than five
(5) months after such expiration date, Landlord shall furnish Tenant with a statement of the actual expenses (“Actual Expenses”), setting forth in reasonable detail the Project Expenses for such Computation Year, and
Tenant’s Share of such Project Expenses. If Tenant’s Share of the actual Project Expenses for such Computation Year exceeds the estimated Project Expenses paid by Tenant for such Computation Year, Tenant shall pay to Landlord the
difference between the amount paid by Tenant and Tenant’s Share of the actual Project Expenses within thirty (30) days after the receipt of the Actual Expenses statement. If the total amount paid by Tenant for any such Computation Year
shall exceed Tenant’s Share of the actual Project Expenses for such Computation Year, such excess shall be credited against the next installment(s) of Additional Rent due from Tenant to Landlord hereunder. Neither Landlord’s failure to
deliver, nor late 

  
 5 

 
delivery of, the Estimated Expenses or Actual Expenses shall constitute a default by Landlord hereunder or a waiver of Landlord’s right to collect any payment provided for herein.
Tenant’s obligation to pay Additional Rent in accordance with this Paragraph 5 shall survive the termination or expiration of this Lease. 

5.3.     Excessive Expenses. In addition to any other sums payable hereunder, Tenant shall pay to Landlord the
actual cost of any excessive or extraordinary operating or insurance costs incurred by Landlord due to Tenant’s excessive or extraordinary use of the Premises or other facilities of the Property upon the provision of reasonable proof and/or
substantiation thereof to Tenant, including, but not limited to, use beyond the normal business work week. Landlord may bill Tenant periodically for the same. 

5.4.     Disputes. Tenant and Tenant’s agents and consultants shall have the right, after reasonable notice
and at reasonable times, to inspect and audit Landlord’s accounting records at Landlord’s accounting office. If after such inspection Tenant disputes any item of Additional Rent, upon Tenant’s written request therefor, a certification
as to the proper amount of Project Expenses and the amount due to or payable by Tenant shall be made by an independent accounting firm selected by Landlord and Tenant. If Landlord and Tenant are unable to agree upon an accounting firm, Landlord and
Tenant shall each select an accounting firm and the two (2) firms so selected shall select a third firm which shall make the certification requested hereunder. All costs and expenses incurred in connection with such certification shall be
allocated between Landlord and Tenant as set forth below. Such certification shall be final and conclusive as to all parties. Notwithstanding the foregoing, in no event shall Tenant be entitled to withhold payment of Rent during the certification
process and Tenant shall remain obligated to pay all Rent due as otherwise set forth in this Lease. In the event Tenant shall prevail in the certification process, Landlord, at its election, shall either promptly refund any excess Additional Rent
payments to Tenant or shall apply such excess as a credit against future Rent due from Tenant. Should the parties obtain a certification, they shall each pay their proportionate amount of the cost of obtaining the certification in the same
percentage as the final certification or compromise amount relates to each parties’ initial assertion. For example, if Landlord claims Tenant owes $20.00 and Tenant asserts that only $10.00 is due, and the certification process determines that
the correct amount is $15.00, each party shall be responsible for paying 50% of the costs of obtaining the certification; if the certification process determines that the correct amount is $18.00, Landlord shall be responsible for 20% and Tenant
shall be responsible for 80% of the costs of obtaining the certification. 
  

	6.	 PARKING 

So long as Tenant complies with the terms, provisions and conditions of this Lease, Tenant shall have the right to utilize automobile parking
facilities (the “Parking Facilities”) adjacent to or within a reasonable distance from the Building. Landlord shall have the right to relocate such Parking Facilities to another location in Landlord’s reasonable
discretion to facilitate development of the Property, provided that such relocated area shall be subject to Tenant’s approval, which approval shall not be unreasonably withheld. Notwithstanding anything to the contrary set forth herein,
following the Commencement Date Tenant, at its sole cost and expense, shall be responsible for all maintenance and repair of the Parking Facilities, including, without limitation, snow and ice removal and the repair, resurfacing and restriping of
the Parking Facilities. 
  

	7.	 USE OF THE PREMISES 

Tenant shall use and occupy the Premises throughout the Term of this Lease for office purposes and uses customarily associated therewith and
for no other purpose; in particular no use shall be made or permitted to be made of the Premises, nor acts done which will increase the existing rate of insurance upon the Building, or cause a cancellation of any insurance policy covering the
Building, or any part thereof, nor shall Tenant sell, or permit to be kept, used, or sold, in or about the Premises, any article which may be prohibited by the standard form of fire insurance policies. Tenant shall comply with all laws, ordinances,
rules, regulations and codes of all municipal, county, state and federal authorities pertaining to Tenant’s use and occupation of the Premises. Tenant shall not commit, or suffer to be committed, any waste upon the Premises or any public or
private nuisance, or other act or thing which disturbs the quiet enjoyment of any other tenant at the Property. Tenant shall also specifically not permit the storage of tires, flammable products, batteries, fertilizer, charcoal or any other similar
items that cause objectionable odors to escape or be emitted from the Premises; Tenant shall insure sanitation and freedom from odor, smell and infestation from rodents or insects. Tenant, at its expense, shall provide (and enclose if required by
codes or Landlord) a dumpster or dumpsters for Tenant’s trash in a location and manner approved by Landlord, and shall cause its trash to be removed at intervals reasonably satisfactory to Landlord. In connection therewith, Tenant shall keep
the dumpster(s) clean and insect, rodent and odor free. 

  
 6 

	8.	 ENVIRONMENTAL COMPLIANCE/HAZARDOUS MATERIALS 

8.1.     Definitions. “Hazardous Materials” shall mean any (i) material, substance or
waste that is or has the characteristic of being hazardous, toxic, ignitable, reactive, flammable, explosive, radioactive, mutagenic or corrosive, including, without limitation, petroleum, or any petroleum derivative, solvents, heavy metals, acids,
pesticides, paints, printing ink, PCBs, asbestos, materials commonly known to cause cancer or reproductive problems and those materials, substances and/or wastes, including wastes which are or later become regulated by any local governmental
authority, the state in which the Premises are located or the United States Government, including, but not limited to, substances defined as “hazardous substances,” “hazardous materials,” “toxic substances” or
“hazardous wastes” in the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended, 42 U.S.C. §9601, et seq.; the Hazardous Materials Transportation Act, 49 U.S.C. § 1801, et seq.; the Resource
Conservation and Recovery Act; all environmental laws of the state where the Property is located, and any other environmental law, regulation or ordinance now existing or hereinafter enacted, (ii) any other substance or matter which results in
liability to any person or entity from exposure to such substance or matter under any statutory or common law theory, and (iii) any substance or matter which is in excess of relevant and appropriate levels set forth in any applicable federal,
state or local law or regulation pertaining to any hazardous or toxic substance, material or waste, or for which any applicable federal, state or local agency orders or otherwise requires removal, remediation or treatment. “Hazardous
Materials Laws” shall mean all present and future federal, state and local laws, ordinances and regulations, prudent industry practices, requirements of governmental entities and manufacturer’s instructions relating to industrial
hygiene, environmental protection or the use, analysis, generation, manufacture, storage, presence, disposal or transportation of any Hazardous Materials, including without limitation the laws, regulations and ordinances referred to in the preceding
sentence. 
 8.2.     Use of the Premises by Tenant. Tenant hereby agrees that Tenant and Tenant’s officers,
employees, representatives, agents, consultants, contractors, subcontractors, successors, assigns, subtenants, concessionaires, invitees and any other occupants of the Premises (for purposes of this Paragraph 8, referred to collectively
herein as “Tenant Representatives”) shall not cause or permit any Hazardous Materials to be used, generated, manufactured, refined, produced, processed, stored or disposed of, on, under or about the Premises or the Property
or transport to or from the Premises or the Property without the express prior written consent of Landlord. Landlord may, in its sole discretion, place such conditions as Landlord deems appropriate with respect to such Hazardous Materials, including
without limitation, rules, regulations and safeguards as may be required by any insurance carrier, environmental consultant or lender of Landlord, or environmental consultant retained by any lender of Landlord, and may further require that Tenant
demonstrates to Landlord that such Hazardous Materials are necessary or useful to Tenant’s business and will be generated, stored, used and disposed of in a manner that complies with all Hazardous Materials Laws regulating such Hazardous
Materials and with good business practices. Tenant understands that Landlord may utilize an environmental consultant to assist in determining conditions of approval and monitoring in connection with the presence, storage, generation or use of
Hazardous Materials on or about the Premises by Tenant, and Tenant agrees that any costs reasonably incurred by Landlord in connection with any such environmental consultant’s services shall be reimbursed by Tenant to Landlord as Additional
Rent upon demand. Unless approved in writing by Landlord, Tenant shall not be entitled to utilize any Hazardous Materials in the Premises. In connection therewith, Tenant shall at its own expense procure, maintain in effect and comply with all
conditions of any and all permits, licenses and other governmental and regulatory approvals required for the storage or use by Tenant or any of Tenant’s Representatives of Hazardous Materials on the Premises or the Property, including without
limitation, discharge of (appropriately treated) materials or wastes into or through any sanitary sewer serving the Premises or the Property with all required permits. Notwithstanding the foregoing Tenant shall be entitled to use and store in the
Premises common cleaning solutions, lubricants and fuels used by Tenant in its ordinary operations, so long as the same are stored in appropriate containers in compliance with all Hazardous Materials Laws. 

8.3.     Remediation. If at any time during the Term any contamination of the Premises or the Property by Hazardous
Materials shall occur where such contamination is caused by the act or omission of Tenant or Tenant’s Representatives (“Tenant’s Contamination”), then Tenant, at Tenant’s sole cost and expense, shall promptly
and diligently remove such Hazardous Materials from the Premises, the Property or the groundwater underlying the Premises or the Property to the extent required to comply with applicable Hazardous Materials Laws to restore the Premises or the

  
 7 

 
Property to the same or better condition which existed before Tenant’s Contamination. Tenant shall not take any required remedial action in response to any Tenant’s Contamination in or
about the Premises or the Property, or enter into any settlement agreement, consent, decree or other compromise in respect to any claims relating to any Tenant’s Contamination without first obtaining the prior written consent of Landlord, which
may be subject to conditions imposed by Landlord as determined in Landlord’s sole discretion, provided, however, Landlord’s prior written consent shall not be necessary in the event that the presence of Hazardous Materials on, under or
about the Premises or the Property (i) poses an immediate threat to the health, safety or welfare of any individual or (ii) is of such a nature that an immediate remedial response is necessary and it is not possible to obtain
Landlord’s consent before taking such action. Tenant and Landlord shall jointly prepare a remediation plan in compliance with all Hazardous Materials Laws and the provisions of this Lease. In addition to all other rights and remedies of the
Landlord hereunder, if Tenant does not promptly and diligently take all steps to prepare and obtain all necessary approvals of a remediation plan for any Tenant’s Contamination, and thereafter commence the required remediation of any Hazardous
Materials released or discharged in connection with Tenant’s Contamination within thirty (30) days after all necessary approvals and consents have been obtained and thereafter continue to prosecute such remediation to completion in
accordance with an approved remediation plan, then Landlord, at its sole discretion, shall have the right, but not the obligation, to cause such remediation to be accomplished, and Tenant shall reimburse Landlord within fifteen (15) business
days of Landlord’s demand for reimbursement of all amounts reasonably paid by Landlord (together with interest on such amounts at the highest lawful rate until paid), when such demand is accompanied by reasonable proof of payment by Landlord of
the amounts demanded. Tenant shall promptly deliver to Landlord, legible copies of hazardous waste manifests reflecting the legal and proper disposal of all Hazardous Materials removed from the Premises or the Property as part of Tenant’s
remediation of any Tenant’s Contamination. 
 8.4.     Disposition of
Hazardous Materials. Except as discharged into the sanitary sewer in strict accordance and conformity with Paragraph 8.2 herein and all applicable Hazardous Materials Laws, Tenant shall cause any and all Hazardous Materials
removed from the Premises and the Property (including without limitation all Hazardous Materials removed from the Premises as part of the required remediation of Tenant’s Contamination) to be removed and transported solely by duly licensed
haulers to duly licensed facilities for recycling or final disposal of such materials and wastes. Tenant is and shall be deemed to be the “operator” “in charge” of Tenant’s “facility” and the “owner,” as
such terms are used in the Hazardous Materials Laws, of all Hazardous Materials and any wastes generated or resulting therefrom. Tenant shall be designated as the “generator,” as such terms are used in the Hazardous Materials Laws, on all
manifests relating to such Hazardous Materials or wastes. 
 8.5.     Notice of
Hazardous Materials Matters. Tenant shall immediately notify Landlord in writing of: (i) any enforcement, clean up, removal or other governmental or regulatory action instituted, contemplated or threatened concerning the Premises pursuant
to any Hazardous Materials Laws; (ii) any claim made or threatened by any person against the Tenant or the Premises relating to damage contribution, cost recovery, compensation, loss or injury resulting from or claimed to result from any
Hazardous Materials on or about the Premises; (iii) any reports made to any environmental agency arising out of or in connection with any Hazardous Materials in or removed from the Premises including any complaints, notices, warnings or
asserted violations in connection therewith, all upon receipt by Tenant of actual knowledge of any of the foregoing matters; and (iv) any spill, release, discharge or disposal of any Hazardous Materials in, on or under the Premises, the
Property, or any portion thereof. Tenant shall also supply to Landlord as promptly as possible, and in any event within five (5) business days after Tenant first receives or sends the same, with copies of all claims, reports, complaints,
notices, warnings or asserted violations relating in any way to the Premises or Tenant’s use thereof. 

8.6.     Indemnification by Tenant. Tenant shall indemnify, defend (by counsel
reasonably acceptable to Landlord), protect, and hold Landlord, and each of Landlord’s employees, representatives, agents, attorneys, successors and assigns, and its directors, officers, partners, representatives, any lender having a lien on or
covering the Premises or any part thereof, and any entity or person named or required to be named as an additional insured in Paragraph 14.2 of this Lease free and harmless from and against any and all claims, actions (including, without
limitation, the cost of investigation and testing, consultant’s and attorney’s fees, remedial and enforcement actions of any kind, administrative (informal or otherwise) or judicial proceedings and orders or judgments arising therefrom),
causes of action, liabilities, penalties, forfeitures, damages (including, but not limited to, damages for the loss or restriction or use of rentable space or any amenity of the Premises or the Property, or damages arising from any adverse impact on
marketing of space in the Premises or the Property), diminution in the value of the Premises or the Property, fines, injunctive relief, losses or 

  
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expenses (including, without limitation, reasonable attorney’s fees and costs) or death of or injury to any person or damage to any property whatsoever, arising from or caused in whole or in
part, directly or indirectly by (i) any Tenant’s Contamination, (ii) Tenant’s or Tenant’s Representatives failure to comply with any Hazardous Materials Laws with respect to the Premises, or (iii) offsite disposal or
transportation of Hazardous Materials on, from, under or about the Premises or the Property by Tenant or Tenant’s Representatives. Tenant’s obligations hereunder shall include without limitation, and whether foreseeable or unforeseeable,
all costs of any required or necessary repair, clean up or detoxification or decontamination of the Premises, and the preparation and implementation of any closure, remedial action or other required plans in connection therewith. For purposes of the
indemnity provisions hereof, any acts or omissions of Tenant, or by employees, agents, assignees, contractors or subcontractors of Tenant or others acting for or on behalf of Tenant (whether or not they are negligent, intentional, willful or
unlawful), shall be strictly attributable to Tenant. 
 8.7.     Indemnification by Landlord. Landlord shall
indemnify, defend (by counsel reasonably acceptable to Tenant), protect, and hold Tenant, and each of Tenant’s employees, representatives, agents, attorneys, successors and assigns, free and harmless from and against any and all claims,
actions, causes of action (including, without limitation, remedial and enforcement actions of any kind, administrative or judicial proceedings, and orders or judgments arising therefrom), liabilities, penalties, forfeitures, losses or expenses
(including, without limitation, reasonable attorneys’ fees and costs) or death of or injury to any person or damage to any property whatsoever, to the extent arising from or caused in whole or in part, directly or indirectly by any
contamination caused by Landlord in violation of a Hazardous Material Law. Landlord’s obligations hereunder shall include without limitation, and whether foreseeable or unforeseeable, all costs of any required or necessary repair, clean up or
detoxification or decontamination of the Premises, and the preparation and implementation of any closure, remedial action or other required plans in connection therewith. This indemnity shall be specifically limited to affirmative acts of Landlord,
and shall not include the acts or omissions of any other tenants of the Property or other persons. 
 8.8.    
Exclusivity. The allocations of responsibility between, obligations and liabilities undertaken by, and indemnifications given by Landlord and Tenant under this Paragraph 8, shall be the exclusive provisions under this Lease, applicable to
the subject matter treated in this Paragraph 8, and any other conflicting or inconsistent provisions contained in this Lease shall not apply with respect to the subject matter. 

8.9.     Compliance with Environmental Laws. Tenant shall at all times and in all respects comply with all
Hazardous Materials Laws. All reporting obligations imposed by Hazardous Materials Laws are strictly the responsibility of Tenant. Tenant and Landlord have been informed that certain judicial decisions have held that, notwithstanding the specific
language of a lease, courts may impose the responsibility for complying with legal requirements and for performing improvements, maintenance and repairs on a landlord or tenant based on the court’s assessment of the parties’ intent in
light of certain equitable factors. Tenant and Landlord have each been advised by their respective legal counsel about the provisions of this Lease allocating responsibility for compliance with laws and for performing improvements, maintenance and
repairs between Tenant and Landlord. Tenant and Landlord expressly agree that the allocation of responsibility for compliance with laws and for performing improvements, maintenance and repairs set forth in this Lease represents Tenant’s and
Landlord’s intent with respect to this issue. 
 8.10.     Disclosures. The Property, including the
Premises, is considered a “facility” under Part 201 of Michigan’s Natural Resource and Environmental Protection Act, MCL 324.20101, et seq. (“Part 201”). Additional detail regarding the nature and extent of the release(s) is
set forth in the Baseline Environmental Assessment ID: B201506395LV, dated as of February 27, 2015 and prepared by Hull & Associates, Inc. (“Baseline Report”), which has been previously provided to Tenant. Landlord represents and
warrants that Landlord has disclosed any and all information on the environmental condition of the Property of which it has actual knowledge, as set forth in the Baseline Report, except for such additional conditions that are disclosed in any
environmental report provided by Landlord to Tenant before the Commencement Date. 
 8.11.     Survival and Duration
of Obligations. All covenants, representations, warranties, obligations and indemnities made or given under this Paragraph 8 shall survive the expiration or earlier termination of this Lease. 

  
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	9.	 UTILITIES 

9.1.     Beginning on the Occupancy Date and continuing through the end of the
Term of this Lease, Tenant shall pay all service charges and utility deposits and fees for water, electricity, gas, sewage, telephone, and any other utility services furnished to the Premises and the improvements on the Premises
(“Utilities”). Tenant shall pay for all Utilities, as Additional Rent, on a monthly basis within fifteen (15) days after receipt of a statement from Landlord therefor. Landlord shall deliver evidence reasonably
acceptable to Tenant of all Utility charges being charged to Tenant under this Paragraph 9. Tenant shall not at any time overburden or exceed the capacity of the mains, feeders, ducts, conduits or other facilities by which such Utilities are
supplied to, distributed in, or serve the Premises. If Tenant desires to install any equipment that shall require additional Utilities or any Utilities in a greater capacity than provided by Landlord, such installation shall be subject to
Landlord’s prior approval of Tenant’s plans and specifications therefor, such approval not to be unreasonably withheld, conditioned or delayed. If such installation is approved by Landlord and if Landlord provides such additional Utilities
to accommodate Tenant’s installation, Tenant agrees to pay Landlord, on demand, the cost for providing such additional Utilities or Utilities of greater capacity. Landlord shall not be liable for any reason for any loss or damage resulting from
an interruption of any of the Utility services, except to the extent caused by the gross negligence or willful misconduct of Landlord or its agents. 

9.2.     Landlord may elect to separately meter/submeter each of the Utilities
to the Premises, in a manner reasonably determined by Landlord, at Landlord’s expense. In the event Landlord so elects, Landlord shall charge Tenant for such metered Utilities based upon Tenant’s actual metered consumption, demand and a
reasonable share of system losses and expenses which shall fairly include and allocate the costs of providing and allocating the Utilities. These costs may include amortized capital costs for cost reduction projects where the net savings are passed
along to the benefited parties. Landlord, in its sole discretion, shall have the right from time to time, to alter the method and source of supply to the Premises of any of the Utilities. 

9.3.     If any Utilities are not separately metered or billed to Tenant for the Premises but rather are billed to
and paid by Landlord for the entire Property, Tenant shall pay to Landlord, as additional Rent, Tenant’s share of the cost of such Utilities. If any Utilities are not separately metered, Landlord shall have the right to determine Tenant’s
consumption by submetering, survey or other methods designed to measure consumption with reasonable accuracy, and Tenant shall be entitled to contest the result of any such determination with a survey or other method of its own. If Landlord and
Tenant cannot agree regarding the result of Tenant’s Utility consumption and billing, then such amounts shall be determined independently by an engineer mutually acceptable to, and paid for equally by, both parties. 

 

	10.	 REPAIRS BY LANDLORD 

Landlord shall, at its expense, maintain only the foundations and structural soundness of the exterior walls of the Building (exclusive of all
exterior doors and windows that are part of the Premises) and Common Areas in good repair, except repairs rendered necessary by the negligence or intentional acts of Tenant, its employees, invitees or representatives which shall be repaired by
Tenant. Tenant shall promptly report in writing to Landlord any condition known to Tenant to be defective which Landlord is required to repair and failure to so report such conditions shall make Tenant responsible to Landlord for any liability
incurred by Landlord by reason of such conditions. Landlord shall be required to commence such repairs within a reasonable period of time from receipt of Tenant’s notice. 

 

	11.	 REPAIRS AND SERVICES BY TENANT 

Tenant accepts the Premises in its present “As-Is” condition and specifically acknowledges
that the Premises is suited for the uses intended by Tenant. Tenant shall at its own cost and expense keep and maintain the Premises in good order and repair, promptly making all necessary repairs and replacements, including, but not limited to, all
equipment and facilities and components thereof within the Premises, fixtures, walls (interior), roof, finish work, ceilings, floors, lighting fixtures, bulbs and ballasts, utility connections and facilities within the Premises, windows, glass,
doors, and interior plate glass, downspouts, gutters, air conditioning and heating systems, truck doors, dock levelers, bumpers, seals and enclosures, cranes, rail systems (if any), plumbing, electrical, termite and pest extermination, and damage to
Common Areas caused by Tenant, excluding only those repairs expressly required to be made by Landlord hereunder. Tenant, in keeping the Premises in good order, condition and repair, shall exercise and perform good maintenance practices. Tenant shall
maintain, and shall provide Landlord with proof thereof, an annual service maintenance contract for the HVAC system in a form and with a contractor reasonably satisfactory to Landlord. Tenant’s obligations shall include

  
 10 

 
restorations, replacements or renewals when necessary to keep the Premises and all improvements thereon or a part thereof in good order, condition and state of repair. Tenant shall be permitted
to implement its own reasonable security measures in the Premises, subject to prior approval by Landlord. Any security implemented by Tenant shall not interfere with the Building’s security. Notwithstanding anything to the contrary herein,
Tenant acknowledges and agrees that it shall be solely responsible for providing adequate security for its premises, trucks and containers, and its use of the Property and Premises thereof. Landlord shall have no responsibility to prevent, and shall
not be liable to Tenant, its agents, employees, contractors, visitors or invitees, for losses due to theft, burglary or other criminal activity, or for damages or injuries to persons or property resulting from Tenant’s storage of trucks and
containers on the Premises, from persons gaining access to the Premises or any part of the Property, and Tenant hereby releases Landlord and its agents and employees from all liabilities for such losses, damages or injury, regardless of the cause
thereof. 
  

	12.	 TENANT’S TAXES AND ASSESSMENTS 

Tenant covenants and agrees to pay promptly, when due, all personal property taxes or other taxes and assessments levied and assessed by any
governmental authority upon the removable property of Tenant in, upon or about the Premises. 
  

	13.	 ALTERATION OF PREMISES 

Tenant shall not alter, repair or change the Premises at a cost in excess of $25,000.00 or involving structural modifications without the prior
written consent of Landlord, which shall not be unreasonably withheld, conditioned or delayed. All alterations, improvements or changes shall remain a part of and be surrendered with the Premises, unless Landlord directs its removal under
Paragraph 23 of this Lease. 
  

	14.	 INSURANCE 

14.1.     Landlord’s Insurance. Landlord shall maintain in full force and effect throughout the entire Term of
this Lease general comprehensive liability insurance for the Building and Common Areas and general fire and extended coverage insurance, including vandalism and special form or such other or broader coverage as may from time to time be customary on
the Building and the Common Areas and other areas of land within which the Building is located in such amounts determined by Landlord. Copies of all such insurance policies or certificates thereof endorsed to show payment of the premium shall be
available for inspection by Tenant and such policies and certificates shall show Landlord and the beneficiary of any mortgage or deed of trust on the Premises to be additional insureds as their interests may exist (or a mortgagee loss payable
endorsement). Such insurance may be provided by a blanket insurance policy covering the Premises, so long as the coverage on the Premises is at all times at least as great as required by this Paragraph. The insurance obtained by Landlord under this
Paragraph shall constitute an item of “Common Expenses” under Paragraph 5.1.B. 
 14.2.
    Tenant’s Insurance. Tenant agrees to take out and keep in force beginning on the date Tenant first accesses the Premises throughout the entire Term, without expense to Landlord, with an insurance company with general
policy holder’s rating of not less than A-VII, as rated in the most current Best’s Insurance Reports, or other company acceptable to Landlord, the policies of insurance as set forth below. Tenant
shall be permitted to obtain the insurance required under this Paragraph l4 by providing a blanket policy of insurance only if such blanket policies expressly provide coverage to the Premises and Landlord as required by this Lease without
regard to claims made under such policies with respect to other persons or properties and in such form and content reasonably acceptable to Landlord. All such insurance policies shall be on an occurrence basis and not a claims-made basis, contain a
standard separation of insureds provision, and shall name Landlord, its property manager IRG Realty Advisors, LLC (or such other property manager selected by Landlord), and their respective agents and employees as additional insureds on a primary
and non-contributory basis. 
 A.     Causes of Loss – Special Form property insurance, in an amount
not less than one hundred percent (100%) of replacement cost covering all tenant improvements, betterments and alterations permitted under this Lease, floor and wall coverings, and Tenant’s office furniture, business and personal trade
fixtures, equipment, furniture system and other personal property from time to time situated in the Premises. Such property insurance shall include a replacement cost endorsement, providing protection against any peril included within the
classification fire and extended coverage, sprinkler damage, vandalism, malicious mischief, and such other 

  
 11 

 
additional perils as covered in a cause of loss (special form) insurance policy. The proceeds of such insurance shall be used for the repair and replacement of the property so insured, except
that if not so applied or if this Lease is terminated following a casualty, the proceeds applicable to the leasehold improvements shall be paid to Landlord and the proceeds applicable to Tenant’s personal property shall be paid to Tenant; 

B.     Commercial general liability insurance, in the name of Tenant, insuring against any liability from
the use and occupancy of the Premises, the Common Areas and the business operated by Tenant. All such policies shall be written to apply to all bodily injury or death, property damage and personal injury losses, and shall include blanket contractual
liability (including Tenant’s indemnity obligations under this Lease), broad form property damage liability, premise-operations and products-completed operations and shall contain an exception to any pollution exclusion which insures damage or
injury arising out of heat, smoke or fumes from hostile fire, a contractual liability endorsement, and provide primary coverage to Landlord (any insurance policy issued to Landlord providing duplicate or similar coverage shall be deemed to be excess
over Tenant’s policies), in such amounts as may from time to time be customary with respect to similar properties in the same area, but in any event not less than $3,000,000.00 per occurrence (or such other amounts as may be required by
Landlord). The amounts of such insurance required hereunder shall be adjusted from time to time as requested by Landlord based upon Landlord’s determination as to the amounts of such insurance generally required at such time for comparable
premises and buildings in the general geographical area of the Premises. In addition, such policy of insurance shall include coverage for any potential liability arising out of or because of any construction, work of repair, maintenance,
restoration, replacement, alteration, or other work done on or about the Premises by or under the control or direction of Tenant; 

C.     Workers Compensation insurance as required by the state law applicable in the state in which the
Premises are located with Employers Liability insurance with limits of not less than $1,000,000.00; and 
 D.
    Business automobile liability insurance covering owned, hired and non-owned vehicles with limits of not less than $1,000,000.00 combined single limit (bodily injury and property damage)
per occurrence. 
 14.3.     Certificates of Insurance. All policies of insurance set forth in Paragraph
14.2 above, shall provide that copies of the policies or certificates thereof showing the premium thereon to have been paid, shall be delivered to Landlord and any property manager hereafter designated by Landlord, prior to the Occupancy Date
and thereafter fifteen (15) days prior to each renewal date. All such policies shall provide that they shall not be canceled nor coverage reduced by the insurer without first giving at least thirty (30) days’ prior written notice to
Landlord. If Tenant fails to procure and keep in force such insurance, Landlord may procure it, and the cost thereof with interest at the maximum lawful rate shall be payable immediately by Tenant to Landlord as additional rent. Such insurance may
be provided by a blanket insurance policy covering the Premises, so long as the coverage on the Premises is at all times at least as great as required by this Paragraph 14. 

14.4.     Contractors’ Insurance. If Tenant permits or causes any construction, work of repair, maintenance,
restoration, replacement, alteration, or other work to be done on or about the Premises by any independent contractor or other person, then Tenant shall cause such independent contractor or other person to take out and keep in force, throughout the
period during which such independent contractor or other person performs any work on the Premises and for a period of two years after completion of such work, without expense to Landlord, the policies of insurance as set forth below. All such
policies shall be provided by an insurance company with general policy holder’s rating of not less than A-VII, as rated in the most current Best’s Insurance Reports, or other company acceptable to
Landlord. All such insurance policies shall be on an occurrence basis, and shall name Landlord, its property manager IRG Realty Advisors, LLC (or such other property manager selected by Landlord), Tenant, and their respective agents and employees as
additional insureds on a primary and non-contributory basis. All policies of insurance set forth in this Paragraph 14.4 shall provide that copies of the policies or certificates thereof showing the
premium thereon to have been paid, shall be delivered to Landlord and to any property manager designated by Landlord, prior to the date on which such independent contractor or other person commences work on the Premises and thereafter fifteen
(15) days prior to each renewal date. All such policies shall provide that they shall not be canceled nor coverage reduced by the insurer without first giving at least thirty (30) days prior written notice to Landlord. If Tenant fails to
cause such any independent contractors or other person performing work on the Premises to procure and keep in force such insurance, Landlord may procure it, and the cost thereof with interest at the maximum lawful rate shall be payable immediately
by Tenant to Landlord as additional rent. 

  
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 A.     Commercial general liability insurance, in the
name of Tenant, insuring against any liability from the use and occupancy of the Premises and the business operated by Tenant. All such policies shall be written to apply to all bodily injury or death, property damage and personal injury losses, and
shall include blanket contractual liability (including Tenant’s indemnity obligations under this Lease), broad form property damage liability, premise-operations and products-completed operations and shall contain an exception to any pollution
exclusion which insures damage or injury arising out of heat, smoke or fumes from hostile fire, a contractual liability endorsement, and provide primary coverage to Landlord (any insurance policy issued to Landlord providing duplicate or similar
coverage shall be deemed to be excess over Tenant’s policies), in such amounts as may from time to time be customary with respect to similar properties in the same area, but in any event not less than $3,000,000.00 per occurrence (or such other
amounts as may be required by Landlord). The amounts of such insurance required hereunder shall be adjusted from time to time as requested by Landlord based upon Landlord’s determination as to the amounts of such insurance generally required at
such time for comparable premises and buildings in the general geographical area of the Premises. In addition, such policy of insurance shall include coverage for any potential liability arising out of or because of any construction, work of repair,
maintenance, restoration, replacement, alteration, or other work done on or about the Premises by or under the control or direction of Tenant; 

B.     Workers Compensation insurance as required by the state law applicable in the state in which the
Premises are located with employer liability insurance with limits of not less than $1,000,000.00; and 
 C.
    Business automobile liability insurance covering owned, hired and non-owned vehicles with limits of not less than $1,000,000.00 combined single limit (bodily injury and property damage)
per occurrence. 
  

	15.	 WAIVER, EXCULPATION AND INDEMNITY 

15.1.     Definitions. For purposes of this Paragraph 15, (i) “Tenant
Parties” shall mean, singularly and collectively, Tenant and Tenant’s officers, directors, shareholders, partners, members, trustees, agents, employees, independent contractors, consultants, licensees, concessionaires,
customers, guests, invitees or visitors as well as to all persons and entities claiming through any of the foregoing persons or entities, and (ii) “Landlord Parties” shall mean singularly and collectively,
Landlord and Landlord’s officers, directors, shareholders, partners, members, trustees, agents, employees, independent contractors, consultants, licensees, concessionaires, customers, guests, invitees or visitors as well as to all persons and
entities claiming through any of the foregoing persons or entities. 
 15.2.     Exculpation. Subject to the
waiver of subrogation set forth in Paragraph 15.5, Tenant, on behalf of itself and of all Tenant Parties, and as a material part of the consideration to be rendered to Landlord under this Lease, hereby waives, to the fullest extent permitted by law,
all claims against Landlord for loss, theft or damage to goods, wares, merchandise or other property (whether tangible or intangible) in and about the Premises, for loss or damage to Tenant’s business or other economic loss (whether direct,
indirect or consequential), and for the injury or death to any persons in, on or about the Premises, except for damage or loss directly caused by Landlord’s willful misconduct. 

15.3.     Landlord’s Indemnity. Landlord shall indemnify, defend (by an attorney of Landlord’s choice,
reasonably acceptable to Tenant), reimburse, protect and hold harmless Tenant and all Tenant Parties from and against all third party claims, liability and/or damages arising from or related to the acts or omissions of Landlord or Landlord Parties,
relating to their use, possession, or occupancy of the Property or, its obligations under this Lease, or to any work done, permitted or contracted for by any of them on or about the Premises, to the extent that such liability or damage is covered by
Landlord’s insurance (or would have been covered had Landlord carried the insurance as required under this Lease). It is specifically understood and agreed that Landlord shall not be liable or responsible for the acts or omissions of any of the
other tenants of the Property or of any agents, independent contractors, consultants, licensees, concessionaires, customers, guests, invitees or visitors of persons other than Landlord. 

15.4.     Tenant’s Indemnity. Tenant shall indemnify, defend (by an attorney of Tenant’s choice,
reasonably acceptable to Landlord), reimburse, protect and hold harmless Landlord and all Landlord Parties from and against all 

  
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third party claims, liability and/or damages arising from or related to the negligence, acts or omissions of Tenant or any Tenant Parties relating to their use, possession, or occupancy of the
Property or, Tenant’s obligations under this Lease, or to any work done, permitted or contracted for by any of them on or about the Premises. If Landlord shall, without fault on its part, be made a party to any litigation commenced by or
against Tenant or any Tenant Parties, Tenant shall pay all costs and reasonable attorneys’ fees incurred by such litigation, unless such costs and fees are covered by Landlord’s insurance. 

15.5.     Waiver of Subrogation. To the extent of any and all insurance maintained, or required to be
maintained, by either Landlord or Tenant in any way connected with the Premises, Landlord and Tenant hereby waive for themselves and on behalf of their respective insurance carriers any right of subrogation that may exist or arise as against the
other party to this Lease. Landlord and Tenant shall cause the insurance companies issuing their insurance policies with respect to the Premises to waive any subrogation rights that the companies may have against Tenant and Landlord, respectively,
which waivers shall be specifically stated in the respective policies. 
 15. 6.     Survival and
Duration of Obligations. All representations, warranties, obligations and indemnities made or given under this Paragraph 15 shall survive the expiration or earlier termination of this Lease. 

 

	16.	 CONSTRUCTION LIENS 

Tenant shall not suffer or permit any construction liens, mechanic’s liens or materialman’s liens to be filed against Landlord’s
interest in the real property of which the Premises form a part nor against the Tenant’s leasehold interest in the Premises. Landlord shall have the right at all reasonable times to post and keep posted on the Premises, any notices which it
deems necessary for protection from such liens. Tenant shall have the right to contest by proper proceedings any such construction liens, mechanic’s liens or material man’s liens, provided that Tenant shall prosecute such contest
diligently and in good faith and such contest shall not expose Landlord to any civil or criminal penalty or liability. Upon Landlord’s demand, Tenant shall furnish Landlord a surety bond or other adequate security satisfactory to Landlord
sufficient both to indemnify Landlord against liability and hold the Property free from adverse effect in the event the contest is not successful. If such liens are so filed and Tenant does not properly contest such liens, Landlord, at its election,
and upon not less than ten (10) days’ prior written notice to Tenant, may pay and satisfy same and, in such event the sums so paid by Landlord, with interest thereon at the rate of ten percent (10%) per annum from the date of payment, and
all actual and other expenses, including reasonable attorneys’ fees, so paid by Landlord, shall be deemed to be Additional Rent due and payable by the Tenant at once without notice or demand. 

 

	17.	 QUIET ENJOYMENT 

Landlord covenants and agrees that Tenant, upon making all of Tenant’s payments of Rent as and when due under this Lease, and upon
performing, observing and keeping the covenants, agreements and conditions of this Lease on its part to be kept, shall peaceably and quietly hold, occupy and enjoy the Premises during the Term of this Lease as extended by the options described
herein, if any, subject to the terms and provisions of this Lease. 
  

	18.	 LANDLORD’S RIGHT OF ENTRY 

Landlord or its agents shall have the right to enter the Premises at reasonable times upon reasonable notice in order to examine it or to show
it to prospective tenants or buyers, to place “For Rent” or “For Sale” signs on or about the Premises, and to make modifications or other changes to the Property as are necessary in Landlord’s sole discretion to facilitate
development of the Property, provided, however, Landlord shall use commercially reasonable efforts to minimize the effect of any such entry or any interference with Tenant’s use of the Premises. Upon receipt of reasonable advance notice from
Landlord, Tenant may arrange to have a designated representative accompany Landlord in entering the Premises. Landlord’s right of reentry shall not be deemed to impose upon Landlord any obligation, responsibility, or liability for the care,
supervision or repair of the Premises other than as herein provided; except that Landlord shall use reasonable care to prevent loss or damage to Tenant’s property resulting from Landlord’s entry. Landlord shall have the right at any time,
without effecting an actual or constructive eviction and without incurring any liability to the Tenant therefore, to change the arrangement or location of entrances or passageways, doors and doorways, corridors, elevators, stairs, toilets or other
public parts of the Building and to change the name, number or designation by which the Building is commonly known, provided that such action does not result in any unreasonable interference with Tenant’s access to or use of the Premises.
Notwithstanding the foregoing, Landlord shall have the right to enter the Premises without first giving notice to the Tenant in the event of an emergency where the nature of the emergency will not reasonably permit the giving of notice. 

  
 14 

	19.	 DESTRUCTION OF BUILDING; INTERRUPTION OF SERVICES 

19.1.     Partial Destruction. In the event of a partial destruction of the Building containing the Premises during
the Term of this Lease from any cause, Landlord shall forthwith repair the same, provided such repair can reasonably be made within one hundred eighty (180) days from the happening of such destruction under applicable laws and regulations.
During such period, Tenant shall be entitled to a proportionate reduction of Rent to the extent such repairs unreasonably interfere with the business carried on by Tenant in the Premises. If Tenant fails to remove its goods, wares or equipment
within a reasonable time and as a result the repair or restoration is delayed, or if such damage or destruction is caused primarily by the negligence or willful act of Tenant, or its employees, invitees or agents, there shall be no reduction in Rent
during such delay. In the event that such repair cannot reasonably be made within one hundred eighty (180) days from the happening of such destruction under applicable laws and regulations, Landlord shall have the right to terminate this Lease
by notifying Tenant in writing within sixty (60) days from the happening of such destruction of Landlord’s decision not to repair the Building in which event this Lease shall be deemed terminated. If Landlord fails to give such written
notice of Landlord’s decision not to repair the Building within such sixty (60) days, then Landlord shall be required to commence the repair of the Building promptly and thereafter diligently complete the repairs. In addition to the above,
in the event that the Building is partially destroyed and (i) the cost of repairing the Building exceeds thirty-three and one-third percent (33-1/3%) of the
replacement cost thereof, or (ii) the damage caused by the partial destruction of the Building cannot reasonably be repaired within a period of one hundred eighty (180) days from the happening of such damage, Landlord may elect to
terminate this Lease, whether or not the Building is insured, by written notice to Tenant given within sixty (60) days from the happening of such destruction. If Landlord fails to give such written notice of Landlord’s decision not to
repair the Building within such sixty (60) days, then Landlord shall be required to repair the Building within one hundred eighty (180) days from the happening of such destruction, if it can be reasonably repaired in such time, or as soon
thereafter as reasonably practical if it cannot reasonably be repaired in such earlier period of time. 
 19.2.
    Total Destruction. A total destruction of the Building containing the Premises shall terminate this Lease. A total destruction of such building means the cost of repairing such Building exceeds seventy-five percent (75%)
of the replacement cost of such Building. 
  

	20.	 EMINENT DOMAIN 

20.1.     Definitions. For purposes of this Lease, the word
“condemned” is co-extensive with the phrase “right of eminent domain”, that is, the right of the government to take property for
public use, and shall include the intention to condemn expressed in writing as well as the filing of any action or proceeding for condemnation. 

20.2.     Exercise of Condemnation. If any action or proceeding is commenced for the condemnation of the Premises
or any portion thereof, or if Landlord is advised in writing by any government (federal, state or local) agency or department or bureau thereof, or any entity or body having the right or power of condemnation, of its intention to condemn all or any
portion of the Premises at the time thereof, or if the Premises or any part or portion thereof be condemned through such action, then and in any of such events Landlord may, without any obligation or liability to Tenant, and without affecting the
validity and existence of this Lease other than as hereafter expressly provided, agree to sell and/or convey to the condemnor, without first requiring that any action or proceeding be instituted, or if such action or proceeding shall have been
instituted, without requiring any trial or hearing thereof, and Landlord is expressly empowered to stipulate to judgment therein, the part and portion of the Premises sought by the condemnor, free from this Lease and the rights of Tenant hereunder.
Tenant shall have no claim against Landlord nor be entitled to any part or portion of the amount that may be paid or awarded as a result of the sale, for the reasons as aforesaid, or condemnation of the Premises or any part or portion thereof,
except that Tenant shall be entitled to recover from the condemnor and Landlord shall have no claim therefore or thereto for Tenant’s relocation costs, loss of goodwill, for Tenant’s trade fixtures, any removable structures and
improvements erected and made by Tenant to or upon the Premises which Tenant is or may be entitled to remove at the expiration of this Lease and Tenant’s leasehold estate hereunder. 

20.3.     Effect on Lease. If the entire Premises are condemned, this Lease shall terminate as of the earlier of
such taking or loss of possession. If only a part of the Premises is condemned and taken and the remaining portion 

  
 15 

 
thereof is in Landlord’s reasonable discretion not suitable for purposes for which Tenant has leased the Premises, Landlord shall have the option to terminate this Lease effective as of the
earlier of such taking or loss of possession. If by such condemnation and taking only a part of the Premises is taken, and the remaining part thereof is in Landlord’s reasonable discretion suitable for the purposes for which Tenant has leased
the Premises, this Lease shall continue, but the Rent shall be reduced in an amount proportionate to the percentage that the floor area of that portion of the Premises physically taken by eminent domain bears to the floor area of the entire
Premises. 
  

	21.	 BANKRUPTCY 

If a general assignment is made by Tenant for the benefit of creditors, or any action is taken by Tenant under any insolvency or bankruptcy
act, or if a receiver is appointed to take possession of all or substantially all of the assets of Tenant (and Tenant fails to terminate such receivership within sixty (60) days after such appointment), or if any action is taken by a creditor
of Tenant under any insolvency or bankruptcy act, and such action is not dismissed or vacated within thirty (30) days after the date of such filing, then this Lease shall terminate at the option of Landlord upon the occurrence of any such
contingency and shall expire as fully and completely as if the day of the occurrence of such contingency was the date specified in this Lease for the expiration thereof. In such event, Tenant shall then quit and surrender the Premises to Landlord.

  

	22.	 DEFAULT 

If Tenant fails to pay any Rent or other sum due hereunder at the time set forth in this Lease, or in the event Tenant fails to perform any
other covenant to be performed by Tenant under this Lease and continues to fail to perform the same for a period of five (5) days after receipt of written notice from Landlord pertaining thereto (or a reasonable period of time, using due
diligence, if any non-monetary default cannot be cured within such five (5) day period, but not to exceed thirty (30) days), then Tenant shall be deemed to have breached this Lease and Landlord, in
addition to other rights or remedies it may have, may: 
 A     Continue this Lease in effect by not
terminating Tenant’s right to possession of the Premises, and thereby be entitled to enforce all Landlord’s rights and remedies under this Lease, including the right to recover the Rent specified in this Lease as it becomes due under this
Lease; or 
 B.     Terminate Tenant’s right to possession of the Premises, thereby terminating this
Lease, and recover from Tenant: 
 (i.)     The worth at the time of award of the unpaid Rent which had
been earned at the time of termination of this Lease; 
 (ii.)     The worth at the time of award of the
amount by which the unpaid Rent which would have been earned after termination of this Lease until the time of award exceeds the amount of rental loss that Tenant proves could have been reasonably avoided; 

(iii.)     The worth at the time of award of the amount by which the unpaid Rent for the balance of the
Term after the time of award exceeds the amount of rental loss that Tenant proves could be reasonably avoided; and 
 (iv.)
    Any other amount necessary to compensate Landlord for all detriment proximately caused by Tenant’s failure to perform its obligations under this Lease; or 

C.     In lieu of, or in addition to, bringing an action for any or all of the recoveries described in
subparagraph B above, bring an action to recover and regain possession of the Premises in the manner provided by the laws of unlawful detainer then in effect in the state where the Property is located. If Landlord makes any expenditure
required of Tenant hereunder, or if Tenant fails to make any payment or expenditure required of Tenant hereunder, such amount shall be payable by Tenant to Landlord as Rent together with interest from the date due at the rate of eighteen percent
(18%) per annum, but not to exceed the maximum amount allowed by law, and Landlord shall have the same remedies as on the default in payment of Rent. The payment of interest required hereunder shall be in addition to the late charge set forth in
Paragraph 3.3. 

  
 16 

	23.	 SURRENDER OF PREMISES 

On or before the expiration of the Term, Tenant shall vacate the Premises in broom clean condition and otherwise in the same condition as
existed on the Occupancy Date, ordinary wear and tear and fire and casualty loss excepted, except that any improvements made within and on the Premises by Tenant shall remain, in the same condition and repair as when constructed or installed,
reasonable wear and tear and fire and casualty loss excepted, unless Landlord advises Tenant at the time that Tenant requests Landlord’s consent for the installation of any improvements, which improvements must be removed at the end of the Term
and in such case, Tenant shall remove those improvements prior to the end of the Term. Tenant shall remove from the Premises all Tenant’s personal property and trade fixtures in order that Landlord can repossess the Premises on the day this
Lease or any extension hereof expires or is sooner terminated. Any removal of the Tenant’s improvements, Tenant’s property and/or trade fixtures by Tenant shall be accomplished in a manner which will minimize any damage or injury to the
Premises, and any such damage or injury shall be repaired by Tenant at its sole cost and expense with thirty (30) days after Tenant vacates. 
  

	24.	 HOLDING OVER 

Should Tenant hold over and remain in possession of the Premises after the expiration of this Lease, without the written consent of Landlord,
such possession shall be as a month-to-month tenant. Unless Landlord agrees otherwise in writing, Base Rent during the hold-over period shall be payable in an amount
equal to one hundred fifty percent (150%) of the Base Rent paid for the last month of the Term until Tenant vacates the Premises. All other terms and conditions of this Lease shall continue in full force and effect during such hold-over tenancy,
which hold-over tenancy shall be terminable by either party delivering at least one (1) month’s written notice, before the end of any monthly period. Such hold-over tenancy shall terminate effective as of the last day of the month
following the month in which the termination notice is given. 
  

	25.	 SURRENDER OF LEASE 

The voluntary or other surrender of this Lease by Tenant, or mutual cancellation thereof, shall not work a merger and may, at the option of
Landlord, terminate all or any existing subleases or subtenancies or may operate as an assignment of any or all such subleases or subtenancies to Landlord. 
  

	26.	 RULES AND REGULATIONS 

The Tenant shall comply with all reasonable and nondiscriminatory rules and regulations now or hereinafter adopted by the Landlord during the
existence of this Lease, both in regard to the Property, the Building in general and to the Premises herein leased. In the event of any inconsistency between the provisions of this Lease and the provisions of any such rules and regulations, the
provisions of this Lease shall control. 
  

	27.	 NOTICE 

Any notice, request, demand, instruction or other document or communication required or permitted to be given hereunder shall be in writing
addressed to the respective party as set forth below and may be personally served, or sent by a nationally recognized overnight courier, addressed as follows: 
  

					
		 	TO LANDLORD:        	  	Pontiac South Boulevard, LLC
		 		  	251 E. Merrill Street, Suite 212
	      	 		  	Birmingham, Michigan 48009
	  	 		  	Attention: Jeffrey A. Ishbia
			
		 	TO TENANT:	  	United Shore Financial Services, LLC
		 		  	c/o 251 E. Merrill Street, Suite 212
		 		  	Birmingham, Michigan 48009
		 		  	Attention: Irence C. Kelly-Bower

 Any party may change their notice address and/or facsimile number by giving written notice thereof in
accordance with this Paragraph and such change shall be effective thirty (30) days after such notice is given. All notices hereunder shall be deemed given: (1) if served in person, when served; or (2) if by overnight courier, by a
nationally recognized courier which has a system of providing evidence of delivery, on the first business day after delivery to the courier. 

  
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	28.	 ASSIGNMENT AND SUBLETTING 

28.1.     No Assignment. Tenant shall not directly or indirectly, voluntarily or by operation of law, sell, assign,
encumber, pledge or otherwise transfer or hypothecate all or any part of the Premises or Tenant’s leasehold estate hereunder (collectively, “Assignment”), or permit the Premises to be occupied by anyone
other than Tenant or sublet the Premises (collectively, “Sublease”) or any portion thereof without Landlord’s prior written consent in each instance, which consent may not be unreasonably withheld,
conditioned or delayed by Landlord. In the event that Landlord consents to an Assignment or Sublease then Tenant shall be responsible for reimbursing Landlord for its legal fees and expenses in connection with said Assignment or Sublease (not to
exceed $3,000.00). 
 28.2.     No Relief of Obligations. No consent by Landlord to any Assignment or Sublease by
Tenant shall relieve Tenant of any obligation to be performed by Tenant under this Lease, whether arising before or after the Assignment or Sublease. The consent by Landlord to any Assignment or Sublease shall not relieve Tenant of the obligation to
obtain Landlord’s express written consent to any other Assignment or Sublease. Any Assignment or Sublease that is not in compliance with this Paragraph 28 shall be void and, at the option of Landlord, shall constitute a material default
by Tenant under this Lease. The acceptance of Rent by Landlord from a proposed assignee or sublessee shall not constitute the consent by Landlord to such Assignment or Sublease. In the event of any Assignment or Sublease, if Tenant receives any
payment from any assignee or sublessee in excess of the monthly Rent payable by Tenant under this Lease, then Tenant shall pay to Landlord, on a monthly basis, fifty percent (50%) of any such excess amount. 

 

	29.	 ATTORNEY’S FEES 

In the event of any legal or equitable action arising out of this Lease, the prevailing party shall be entitled to recover all reasonable fees,
costs and expenses, together with reasonable attorney’s fees incurred in connection with such action. The fees, costs and expenses so recovered shall include those incurred in prosecuting or defending any appeal. The prevailing party shall also
be entitled to reasonable attorney’s fees incurred to collect or enforce the judgment. If Landlord, in its sole discretion, agrees to execute an agreement at the request of Tenant or Tenant’s lender, Tenant shall be responsible for
reimbursing Landlord for legal fees and expenses incurred in the review of such agreement. 
  

	30.	 JUDGMENT COSTS 

30.1.     Landlord. Should Landlord, without fault on Landlord’s part, be made a party to any litigation
instituted by or against Tenant, or by or against any person holding the Premises by license of Tenant, or for foreclosure of any lien for labor or material furnished to or for Tenant, or any such person, or otherwise arising out of or resulting
from any act or transaction of Tenant, or of any such person, Tenant covenants to pay to Landlord, the amount of any judgment rendered against Landlord or the Premises or any part thereof, and all costs and expenses, including reasonable
attorney’s fees incurred by Landlord in connection with such litigation. 
 30.2.     Tenant. Should Tenant,
without fault on Tenant’s part, be made a party to any litigation instituted by or against Landlord, or by or against any person holding the Premises by license of Landlord, or for foreclosure of any lien for labor or material furnished to or
for Landlord, or any such person, or otherwise arising out of or resulting from any act or transaction of Landlord, or of any such person, Landlord covenants to pay to Tenant, the amount of any judgment rendered against Tenant or the Premises or any
part thereof, and all costs and expenses, including reasonable attorney’s fees incurred by Tenant in connection with such litigation. 
  

	31.	 BROKERS 

Landlord and Tenant each represent and warrant to each other that it has had no dealings with any real estate broker or agent in connection
with the Premises and this Lease other than Signature Associates, and that they know of no other real estate broker or agent who is or might be entitled to a commission in connection with this Lease. Tenant shall pay any commission or fee due to
Signature Associates. Each of Tenant and Landlord shall indemnify and hold the other harmless from and against any such commission or finder’s fee which may be claimed by any other person or broker with respect to this transaction as a result
of its breach of the foregoing representation. 

  
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	32.	 SUBORDINATION OF LEASE 

This Lease is subject and subordinate to any mortgages which may now or hereafter be placed upon or affect the property or Building of which
the Premises are a part, and to all renewals, modifications, consolidations, replacements and extensions hereof, provided that the holder(s) of such mortgage(s) shall agree in writing not to disturb the possession of the Premises by Tenant or the
rights of Tenant under this Lease so long as Tenant is not in material default (subject to applicable notice and cure rights in favor of Tenant as contained in this Lease) in the performance of its obligations thereunder and, in the event of
foreclosure, Tenant agrees to look solely to the mortgagee’s interest in the Property for the payment and discharge of any obligations imposed upon the mortgagee or Landlord under this Lease. In the event that a successor landlord takes title
to the Property, (i) successor landlord shall be bound to Tenant under all of the terms and conditions of this Lease, (ii) Tenant shall recognize and attorn to successor landlord as Tenant’s direct landlord under this Lease, and
(iii) this Lease shall continue in full force and effect, in accordance with its terms, as a direct lease between successor landlord and Tenant. This clause shall be self-operative, and no further instrument or subordination shall be necessary
unless requested by a mortgagee or the insuring title company, in which event Tenant shall sign, within five (5) business days after requested, such instruments and/or documents as the mortgagee and/or insuring title company reasonably request
be signed (“SNDA”). In the event Tenant fails to execute a SNDA or an estoppel certificate as provided herein, Tenant hereby constitutes and appoints Landlord as its attorney-in-fact, with full power of substitution, to sign, execute, certify, acknowledge, deliver or record, where required or appropriate, in the name, place and stead of Tenant, all such SNDAs and estoppel
certificates for and on behalf of Tenant as may be required. 
  

	33.	 OPTION TO EXTEND 

Landlord hereby grants to Tenant two (2) options to extend the Term for the Premises for additional periods of five (5) years each
(individually, an “Extension Term” and collectively, the “Extension Terms”), upon each and all of the terms and conditions of this Lease as amended below; provided Tenant is not in
default of this Lease on the date of exercise of the option and has not been in default of this Lease more than three (3) times during the Term or the First Extension Term. Tenant shall give to Landlord written notice, on or prior to twelve
(12) months before expiration of the Term or First Extension Term of the exercise of the option to extend this Lease for such additional term, time being of the essence. The Term as defined in Paragraph 2 hereof shall also include the options
to extend if properly exercised hereunder. The Base Rent for the First Extension Term (Lease Year 16 through Lease Year 20), if exercised shall be $180,746.15 per month (based on $10.92 per rentable square foot of the Premises per annum) and the
Base Rent for the Second Extension Term (Lease Year 21 through Lease Year 25) if exercised shall be $186,168.53 per month (based on $11.25 per rentable square foot of the Premises per annum) and all other terms and conditions of this Lease shall
apply to the Extension Terms. The option is personal to Tenant and may not be assigned without Landlord’s written consent, which may be withheld in its sole discretion. 
  

	34.	 OBLIGATION TO LEASE ADDITIONAL PREMISES 

If any area within the Building (the “Additional Premises”), becomes available during the Term or any Extension Term,
Tenant agrees to lease all such additional space pursuant to the terms and conditions of this Lease, except the Base Rent shall be increased by the additional area of the Additional Premises multiplied by the sum of $10.00 per square foot to be
increased by three percent (3%) upon the dates Base Rent is adjusted under Paragraphs 3.1 and 33. As additional space within the Building becomes available during the Term or any Extension Term, the Additional Premises shall be amended to
include all such additional space. Upon the request of Landlord, Tenant shall promptly execute and deliver amendments to this Lease to memorialize the inclusion of Additional Premises. 

 

	35.	 ESTOPPEL CERTIFICATES AND FINANCIAL STATEMENTS 

35.1.     Estoppel Certificate. Tenant shall, at any time and from time to time, upon not less than ten
(10) days’ prior request by Landlord, execute, acknowledge and deliver to Landlord, or to such other persons who may be designated in such request, a statement in writing certifying that this Lease is unmodified and in full force and
effect (or if there have been modifications, that the same is in full force and effect as modified and stating the modifications) and, if so, the dates to which the Rent and any other charges have been paid in advance, and such other items requested
by 

  
 19 

 
Landlord, including without limitation, the lease commencement date and expiration date, rent amounts, and that no offsets or counterclaims are present. It is intended that any such statement
delivered pursuant to this Paragraph may be relied upon by any prospective purchaser or encumbrancer (including assignee) of the Premises. 

35.2.     Financial Statements. If Landlord desires to finance, refinance, or sell the Building, or the Property,
or any part thereof, Tenant shall deliver to Landlord, or to such potential lender or purchaser designated by Landlord, not more frequently than two times per year, such financial information regarding Tenant, as may reasonably be required to
establish Tenant’s creditworthiness. All financial information provided by Tenant to Landlord or any lender or potential purchaser shall be held by the recipient in strict confidence and may not be used or disclosed by the recipient except for
the purpose of determining Tenant’s creditworthiness in connection with Tenant’s obligations under this Lease. 
  

	36.	 SHORT FORM OF LEASE 

Tenant agrees to execute, deliver and acknowledge, at the request of Landlord, a short form of this Lease satisfactory to counsel for Landlord,
and Landlord may in its sole discretion record such short form in the County where the Premises are located. Tenant shall not record this Lease, or a short form of this lease. 

 

	37.	 SIGNS 

Tenant shall not place any sign upon the Premises, except that Tenant may, with Landlord’s prior written consent which shall not be
unreasonably withheld, delayed or conditioned install such signs on the exterior of the Premises and at the entrance to the Property as are reasonably required to advertise Tenant’s own business. The cost of all signs, the installation and
removal of the signs and the repair and maintenance of the signs shall be paid by Tenant. The installation of any sign on the Premises by or for Tenant shall be subject to the provisions of Paragraph 23. Tenant shall maintain any such signs
installed on the Property. Unless otherwise expressly agreed herein, Landlord reserves the right to install, and all revenues from the installation of, such advertising signs on the Premises, including the roof, as do not unreasonably interfere with
the conduct of Tenant’s business. 
  

	38.	 FORCE MAJEURE 

In discharging its duty to complete the tenant improvements and to operate, maintain and repair those systems as set forth in this Lease,
Landlord and Tenant shall be held to a standard of reasonableness and shall not be liable to the other for matters outside its control, including, but not limited to, acts of God, civil riot, war, strikes, labor unrest, or shortage of material, and
in no event shall Landlord or Tenant be liable to the other for incidental damages, including, but not limited to, loss of business or business interruption. 
  

	39.	 GENERAL PROVISIONS 

39.1.     Governing Law. This Lease shall be governed by the laws of the State of Michigan and the parties hereto
agree that venue shall be proper in any state or federal court located within the state. The parties hereto hereby unconditionally and irrevocably: (a) submit to the jurisdiction of the Oakland County Circuit Court, or in the event that
original jurisdiction may be established, the United States District Court for the Eastern District of Michigan, Southern Division, sitting in Detroit, Michigan (hereinafter the “Courts”), in any action arising
out of this Lease; (b) agree that all claims in any action may be decided in either of said Courts; and (c) waive, to the fullest extent that they may effectively do so, the defenses of: (i) lack of subject matter jurisdiction of such
Courts; (ii) the absence of personal jurisdiction by such Courts over the parties to this Lease; and (iii) forum non-conveniens. 

39.2.     Waiver. The waiver by Landlord or Tenant of any breach of any term, covenant, or condition herein
contained shall not be deemed to be a waiver of any subsequent breach of the same or any other term, covenant or condition contained herein. The acceptance of Rent hereunder shall not be construed to be a waiver of any breach by Tenant of any term,
condition or covenant of this Lease. 
 39.3.     Remedies Cumulative. It is understood and agreed that the
remedies herein given to Landlord shall be cumulative, and the exercise of any one remedy of Landlord shall not be to the exclusion of any other remedy. 

  
 20 

 39. 4.    Successors and Assigns. The
covenants and conditions herein contained shall, subject to the provisions as to assignment, apply to and bind the heirs, successors, executors, administrators and assigns of all of the parties hereto; if Landlord or Tenant is comprised of multiple
parties, each of such parties hereto shall be jointly and severally liable hereunder. 
 39.
5.    Entire Agreement. This Lease, the exhibits herein referred to, and any addendum executed concurrently herewith, are the final, complete and exclusive agreement between the parties and cover
in full each and every agreement of every kind or nature, whatsoever, concerning the Premises and all preliminary negotiations and agreements of whatsoever kind or nature, are merged herein. Landlord has made no representations or promises
whatsoever with respect to the Premises, except those contained herein, and no other person, firm or corporation has at any time had any authority from Landlord to make any representations or promises on behalf of Landlord, and Tenant expressly
agrees that if any such representations or promises have been made by others, Tenant hereby waives all right to rely thereon. No verbal agreement or implied covenant shall be held to vary the provisions hereof, any statute, law or custom to the
contrary notwithstanding. Unless otherwise provided herein, no supplement, modification, or amendment of this Lease shall be binding unless executed in writing by the parties. 

39.6.    Captions. The captions of paragraphs of this Lease are for convenience
only, and do not in any way limit or amplify the terms and provisions of this Lease. 

39.7.    Partial Invalidity. If any term, covenant, condition or provision of
this Lease is held by a court of competent jurisdiction to be invalid, void or unenforceable, the remainder of the provisions shall remain in full force and effect and shall in no way be affected, impaired or invalidated. 

39.8.     Authority. The person(s) executing this Lease warrants that he or she has the authority to execute
this Lease and has obtained or has the requisite corporate or other authority to do the same. 

39.9.    Approvals. Any consent or approval required hereunder
shall not be unreasonably withheld, conditioned or delayed by the party from whom such consent or approval is requested unless this Lease expressly provides otherwise. 

39.10.    Counterparts. This Lease may be executed simultaneously in one or more counterparts, each
of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Each party may execute a facsimile counterpart signature page to be followed by an original counterpart. Each such facsimile counterpart
signature page shall constitute a valid and binding obligation of the party signing such facsimile counterpart. 

39.11.    OFAC Certification. Tenant represents and warrants to Landlord that neither Tenant nor any
person or entity that owns or controls, is owned or controlled by or is under common ownership or control with Tenant, and Landlord represents and warrants to Tenant that neither Landlord nor any person or entity that owns or controls, is owned or
controlled by or is under common ownership or control with Landlord: (a) is listed on the Specially Designated Nationals and Blocked Persons List maintained by the Office of Foreign Asset Control, Department of the Treasury pursuant to
Executive Order No. 13224, 66 Federal Register 49079 (September 25, 2001) or (b) has been convicted, pleaded nolo contendere, indicted, arraigned or custodially detained on charges involving money laundering or predicate crimes to money
laundering. 
 39.12    No Personal Liability. No individual member, manager, manager of a member,
partner, shareholder, director, officer, employee, trustee, investment advisor, consultant or agent of Landlord, or individual member of a joint venture, tenancy in common, firm, limited liability company or partnership (general or limited), which
constitutes Landlord, or any successor interest thereof, shall be subject to personal liability with respect to any of the covenants or conditions of this Lease. Tenant shall look solely to the equity of Landlord in the Property and to no other
assets of Landlord for the satisfaction of any remedies of Tenant in the event of any breach by Landlord. It is mutually agreed by Tenant and Landlord that this paragraph is and shall be deemed to be a material and integral part of this Lease. All
obligations of Landlord shall be binding upon Landlord only during the period of Landlord’s ownership of the Property and not thereafter. 

  
 21 

 IN WITNESS WHEREOF, the parties hereto have executed this Lease Agreement as of the day and
year first above written. 
  

					
	LANDLORD:
	
	PONTIAC SOUTH BOULEVARD, LLC,
	a Michigan limited liability company
		
	By:	 	 /s/ Jeffrey A. Ishbia

		 	Jeffrey A. Ishbia, Manger
	
	TENANT:
	
	UNITED SHORE FINANCIAL SERVICES, LLC,
	a Michigan limited liability company
		
	By:	 	 /s/ Mathew Ishbia

		 	Mathew Ishbia, President
	
	STATE OF MICHIGAN
                                )     
	                                    
                                    ) SS  
	COUNTY OF OAKLAND
                            )     

 The foregoing instrument was acknowledged before me this
9th day of January, 2020, by Jeffrey A. Ishbia, the Manager of PONTIAC SOUTH BOULEVARD, LLC, a Michigan limited liability company, on behalf of the limited liability company. 

 

									
		 		 		 	 Beth Huffman Hall

		 		 		 	Notary Public	 	
		 		 	        	 	My commission expires:	 	
                     
                   

					
		 		 		 		 	BETH H. HALL
		 		 		 		 	Notary Public, Macomb County, MI
	STATE OF MICHIGAN                                  )	 		 		 		 	My Commission Expires: 11/21/2023
	                                      
                                    ) SS:	 		 		 		 	Acting in the County of Oakland
	COUNTY OF OAKLAND                              )	 		 		 		 	

 BEFORE ME, a Notary Public in and for said County and State, personally appeared Mathew Ishbia, known to me to
be the President of UNTED SHORE FINANCIAL SERVICES, LLC, the Michigan limited liability company which executed the foregoing instrument, who acknowledged that he/she did sign the foregoing instrument for and on behalf of said limited
liability company pursuant to the authority of its members. 
 IN WITNESS WHEREOF, I have hereunto set my hand and official seal at
Birmingham, Michigan, this 9th day of January, 2020. 
  

									
		 		 		 	 Beth Huffman Hall

		 		 		 	Notary Public
		 		 	        	 	My commission expires:	 	
                     
                                         
                  

		 		 		 		 	  
 BETH H. HALL

		 		 		 		 	Notary Public, Macomb County, MI
		 		 		 		 	My Commission Expires: 11/21/2023
		 		 		 		 	Acting in the County of Oakland

  
 22EX-10.9

 Exhibit 10.91 

EXECUTION 
 MASTER
REPURCHASE AGREEMENT 
 between 

BANK OF AMERICA, N.A. 

(“Buyer”) 
 and 

UNITED SHORE FINANCIAL SERVICES, LLC (“Seller”) 

dated as of 
 December 31,
2014 
  

	1 	 Certain portions of this exhibit have been redacted in accordance with Item 601(b)(10) of Regulation S-K. This
information is not material and would likely cause competitive harm to the registrant if publicly disclosed. “[***]” indicates that information has been redacted. 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE 1 DEFINITIONS AND PRINCIPLES OF CONSTRUCTION
	  	 	1	
			
	 1.1
	 	Defined Terms	  	 	1	
	 1.2
	 	Interpretation; Principles of Construction	  	 	1	
		
	 ARTICLE 2 AMOUNT AND TERMS OF TRANSACTIONS
	  	 	2	
			
	 2.1
	 	Agreement to Enter into Transactions	  	 	2	
	 2.2
	 	Transaction Limits	  	 	2	
	 2.3
	 	Description of Purchased Assets	  	 	3	
	 2.4
	 	Maximum Transaction Amounts	  	 	3	
	 2.5
	 	Use of Proceeds	  	 	3	
	 2.6
	 	Price Differential	  	 	3	
	 2.7
	 	All Transactions are “Servicing Released”	  	 	4	
	 2.8
	 	Terms and Conditions of Transactions	  	 	4	
	 2.9
	 	Most Favored Status with Respect to Guarantee	  	 	4	
	 2.10
	 	Temporary Increase of Aggregate Transaction Limit	  	 	4	
		
	 ARTICLE 3 PROCEDURES FOR REQUESTING AND ENTERING INTO TRANSACTIONS
	  	 	5	
			
	 3.1
	 	Policies and Procedures	  	 	5	
	 3.2
	 	Request for Transaction; Asset Data Record	  	 	5	
	 3.3
	 	Delivery of Mortgage Loan Documents	  	 	6	
	 3.4
	 	Haircut	  	 	7	
	 3.5
	 	Over/Under Account	  	 	7	
	 3.6
	 	Payment of Purchase Price	  	 	9	
	 3.7
	 	Approved Payees	  	 	10	
	 3.8
	 	Delivery of Mortgage-Backed Securities	  	 	11	
		
	 ARTICLE 4 REPURCHASE
	  	 	11	
			
	 4.1
	 	Repurchase Price	  	 	11	
	 4.2
	 	Repurchase Acceleration Events	  	 	12	
	 4.3
	 	Reduction of Asset Value as Alternative Remedy	  	 	13	
	 4.4
	 	Designation as Noncompliant Asset as Alternative Remedy	  	 	13	
	 4.5
	 	Illegality or Impracticability	  	 	13	
	 4.6
	 	Increased Costs	  	 	13	
	 4.7
	 	Payments Pursuant to Sale to Approved Investors	  	 	14	
	 4.8
	 	Application of Payments from Seller or Approved Investors	  	 	15	
	 4.9
	 	Method of Payment	  	 	15	
	 4.10
	 	[Reserved]	  	 	16	 
	 4.11
	 	Authorization to Debit	  	 	16	
	 4.12
	 	Book Account	  	 	16	
	 4.13
	 	Full Recourse	  	 	16	

  
 i 

							
	 ARTICLE 5 FEES
	  	 	16	
			
	 5.1
	 	Payment of Fees	  	 	16	
		
	 ARTICLE 6 SECURITY; SERVICING; MARGIN ACCOUNT MAINTENANCE; CUSTODY OF MORTGAGE LOAN
DOCUMENTS; REPURCHASE TRANSACTIONS; DUE DILIGENCE
	  	 	16	
			
	 6.1
	 	Precautionary Grant of Security Interest in Purchased Assets and	  			
		 	Purchased Items	  	 	16	
	 6.2
	 	Servicing	  	 	17	
	 6.3
	 	Margin Account Maintenance	  	 	22	
	 6.4
	 	Custody of Mortgage Loan Documents	  	 	23	
	 6.5
	 	Repurchase and Release of Purchased Assets	  	 	24	
	 6.6
	 	Repurchase Transactions	  	 	25	
	 6.7
	 	Periodic Due Diligence	  	 	25	
		
	 ARTICLE 7 CONDITIONS PRECEDENT
	  	 	25	
			
	 7.1
	 	Initial Transaction	  	 	25	
	 7.2
	 	All Transactions	  	 	27	
	 7.3
	 	Intercreditor Agreements	  	 	29	
	 7.4
	 	Satisfaction of Conditions	  	 	30	
		
	 ARTICLE 8 REPRESENTATIONS AND WARRANTIES
	  	 	30	
			
	 8.1
	 	Representations and Warranties Concerning Seller	  	 	30	
	 8.2
	 	Representations and Warranties Concerning Purchased Assets	  	 	34	
	 8.3
	 	Continuing Representations and Warranties	  	 	34	
	 8.4
	 	Amendment of Representations and Warranties	  	 	35	
		
	 ARTICLE 9 AFFIRMATIVE COVENANTS
	  	 	35	
			
	 9.1
	 	Financial Statements and Other Reports	  	 	35	
	 9.2
	 	Inspection of Properties and Books	  	 	37	
	 9.3
	 	Notice	  	 	37	
	 9.4
	 	Existence, Etc.	  	 	39	
	 9.5
	 	Servicing of Mortgage Loans	  	 	39	
	 9.6
	 	Evidence of Purchased Assets	  	 	39	
	 9.7
	 	Defense of Title; Protection of Purchased Items	  	 	39	
	 9.8
	 	Further Assurances	  	 	40	
	 9.9
	 	Fidelity Bonds and Insurance	  	 	40	
	 9.10
	 	Table-Funded Mortgage Loans	  	 	40	
	 9.11
	 	Sharing of Information	  	 	40	
	 9.12
	 	ERISA	  	 	40	
	 9.13
	 	Additional Repurchase or Warehouse Facilities	  	 	41	
	 9.14
	 	MERS	  	 	41	
	 9.15
	 	Agency Audit and Approval Maintenance	  	 	41	
	 9.16
	 	Most Favored Status	  	 	42	
	 9.17
	 	Financial Covenants and Ratios	  	 	42	
	 9.18
	 	Bankruptcy Code Opinions	  	 	42	

  
 ii 

							
	 ARTICLE 10 NEGATIVE COVENANTS
	  	 	42	
			
	 10.1
	 	Debt	  	 	42	
	 10.2
	 	[Reserved]	  	 	43	
	 10.3
	 	Debt and Subordinated Debt	  	 	43	
	 10.4
	 	Loss of Eligibility	  	 	43	
	 10.5
	 	Loans to Officers, Employees and Shareholders	  	 	43	
	 10.6
	 	Liens on Purchased Assets and Purchased Items	  	 	43	
	 10.7
	 	Transactions with Affiliates	  	 	43	
	 10.8
	 	Consolidation, Merger, Sale of Assets and Change of Control	  	 	43	
	 10.9
	 	Payment of Dividends and Retirement of Stock	  	 	44	
	 10.10
	 	Purchased Items	  	 	44	
	 10.11
	 	Secondary Marketing, Underwriting, Third Party Origination and Interest Rate Risk Management Practices	  	 	44	
	 10.12
	 	[Reserved]	  	 	44	
		
	 ARTICLE 11 DEFAULTS AND REMEDIES
	  	 	44	
			
	 11.1
	 	Events of Default	  	 	44	
	 11.2
	 	Remedies	  	 	47	
	 11.3
	 	Treatment of Custodial Account	  	 	48	
	 11.4
	 	Sale of Purchased Assets	  	 	49	
	 11.5
	 	No Obligation to Pursue Remedy	  	 	49	
	 11.6
	 	No Judicial Process	  	 	49	
	 11.7
	 	Reimbursement of Costs and Expenses	  	 	49	
	 11.8
	 	Application of Proceeds	  	 	50	
	 11.9
	 	Rights of Set-Off	  	 	50	
	 11.10
	 	Reasonable Assurances	  	 	51	
		
	 ARTICLE 12 INDEMNIFICATION
	  	 	51	
			
	 12.1
	 	Indemnification	  	 	51	
	 12.2
	 	Reimbursement	  	 	51	
	 12.3
	 	Payment of Taxes	  	 	52	
	 12.4
	 	Buyer Payment	  	 	53	
	 12.5
	 	Agreement not to Assert Claims	  	 	53	
	 12.6
	 	Survival	  	 	53	
		
	 ARTICLE 13 TERM AND TERMINATION
	  	 	53	
			
	 13.1
	 	Term	  	 	53	
	 13.2
	 	Termination	  	 	54	
	 13.3
	 	Extension of Term	  	 	54	

  
 iii 

							
		
	 ARTICLE 14 GENERAL
	  	 	54	
			
	 14.1
	 	Integration; Servicing Provisions Integral and Non-Severable	  	 	54	
	 14.2
	 	Amendments	  	 	55	
	 14.3
	 	No Waiver	  	 	55	
	 14.4
	 	Remedies Cumulative	  	 	55	
	 14.5
	 	Assignment	  	 	55	
	 14.6
	 	Successors and Assigns	  	 	55	
	 14.7
	 	Participations	  	 	55	
	 14.8
	 	Invalidity	  	 	56	
	 14.9
	 	Additional Instruments	  	 	56	
	 14.10
	 	Survival	  	 	56	
	 14.11
	 	Notices	  	 	56	
	 14.12
	 	Governing Law	  	 	57	
	 14.13
	 	Submission to Jurisdiction; Service of Process; Waivers	  	 	57	
	 14.14
	 	Waiver of Jury Trial	  	 	57	
	 14.15
	 	Counterparts	  	 	58	
	 14.16
	 	Headings	  	 	58	
	 14.17
	 	Joint and Several Liability of Each Seller	  	 	58	
	 14.18
	 	Confidential Information	  	 	58	
	 14.19
	 	Intent	  	 	59	
	 14.20
	 	Right to Liquidate	  	 	60	
	 14.21
	 	Insured Depository Institution	  	 	60	
	 14.22
	 	Netting Contract	  	 	60	
	 14.23
	 	Tax Treatment	  	 	60	
	 14.24
	 	Examination and Oversight by Regulators	  	 	60	

 EXHIBITS 
  

			
	Exhibit A:	  	Glossary of Defined Terms
	Exhibit B:	  	Irrevocable Closing Instructions
	Exhibit C:	  	Secretary’s Certificate
	Exhibit D:	  	Corporate Resolutions
	Exhibit E:	  	Officer’s Certificate
	Exhibit F:	  	Assignment of Closing Protection Letter
	Exhibit G:	  	Assignment of Fidelity Bond and Errors and Omission Policy
	Exhibit H:	  	Form of Power of Attorney
	Exhibit I:	  	Acknowledgement of Password Confidentiality Agreement
	Exhibit J:	  	Wiring Instructions
	Exhibit K:	  	Form of Servicer Notice
	Exhibit L:	  	Representations and Warranties
	Exhibit M:	  	Required Agency Documents
	Exhibit N:	  	Form of Trade Assignment
	Exhibit O:	  	Form of Request for Temporary Increase
	Exhibit P:	  	Reserved
	Exhibit Q:	  	Reserved
	Exhibit R:	  	Auto Fund Authorization Request
		
		  	SCHEDULES
		
	Schedule 1:	  	Filing Jurisdictions and Offices
	Schedule 2:	  	States and Jurisdictions
	Schedule 3:	  	List of Seller’s Existing Debt

  
 iv 

 MASTER REPURCHASE AGREEMENT 

THIS MASTER REPURCHASE AGREEMENT (the “Agreement”) is made and entered into as of December 31, 2014, by and between Bank
of America, N.A., a national banking association (“Buyer”), and United Shore Financial Services, LLC, a Michigan limited liability company (“Seller”). 

RECITALS 
  

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

 

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

 NOW, THEREFORE, in consideration of the mutual rights and obligations provided herein and for other good and
valuable consideration, the receipt and adequacy of which are hereby acknowledged, Seller and Buyer agree as follows: 
 ARTICLE 1

 DEFINITIONS AND PRINCIPLES OF CONSTRUCTION 
  

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

  

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

  
 1 

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

A reference to a document includes an agreement (as so defined) in writing or a certificate, notice, instrument or document, or any information
recorded in electronic form. Where Seller is required to provide any document to Buyer under the terms of this Agreement, the relevant document shall be provided in writing or printed form unless Buyer requests otherwise. At the request of Buyer,
the document shall be provided in electronic form or both printed and electronic form. 
 This Agreement is the result of negotiations among,
and has been reviewed by counsel to, Buyer and Seller, and is the product of all parties. In the interpretation of this Agreement, no rule of construction shall apply to disadvantage one party on the ground that such party proposed or was involved
in the preparation of any particular provision of this Agreement or this Agreement itself. Except where otherwise expressly stated, Buyer may give or withhold, or give conditionally, approvals and consents and may form opinions and make
determinations at its sole and absolute discretion. Any requirement of good faith, discretion or judgment by Buyer shall not be construed to require Buyer to request or await receipt of information or documentation not immediately available from or
with respect to Seller, a servicer of the Purchased Mortgage Loans, any other Person or the Purchased Assets themselves. All references herein or in any Principal Agreement to “good faith” means good faith as defined in
Section 1-201(19) of the Uniform Commercial Code. 
 ARTICLE 2 

AMOUNT AND TERMS OF TRANSACTIONS 
  

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

  

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

  
 2 

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

  

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

  

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

  

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

  

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

 

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

  

	2.6	 Price Differential. 

 

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

 

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

  
 3 

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

  

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

  

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

 

	2.9	 Most Favored Status with Respect to Guarantee. Seller and Buyer each agree that should Seller or any
Affiliate thereof enter into a repurchase facility, warehouse facility or similar credit facility with any Person (including, without limitation, Buyer or any of its Affiliates) which by its terms provides for a guarantee of the payment or
performance by Seller or any Affiliate thereof, then Seller shall provide Buyer prompt notice of such guarantee in such repurchase facility, warehouse facility or similar credit facility and the terms of this Agreement shall be deemed automatically
amended to include such guarantee, such that such guarantee shall operate in favor of Buyer; provided, that in the event that such guarantee is terminated, upon notice by Seller to Buyer of such termination, the terms of this Agreement shall
be deemed automatically amended to terminate such guarantee. Seller and Buyer further agree to execute and deliver any new guaranties or amendments to this Agreement evidencing such provisions; provided, that the execution of such guaranties
or amendments shall not be a precondition to the effectiveness of such guaranties or amendments, but shall merely be for the convenience of the parties hereto. Promptly upon Seller or any Affiliate thereof entering into a repurchase facility or
other credit facility with any Person other than Buyer providing for a guarantee of the payment or performance by Seller or any Affiliate thereof, Seller shall deliver to Buyer a true, correct and complete copy of such repurchase agreement, loan
agreement, guaranty or other financing documentation and all amendments thereto, redacted, if necessary, but showing provisions relating to guarantee of the payment or performance by Seller or any Affiliate thereof. 

 

	2.10	 Temporary Increase of Aggregate Transaction Limit Seller may request a temporary increase of the
Aggregate Transaction Limit (a “Temporary Increase”) by submitting to Buyer an executed request for Temporary Increase in the form of Exhibit O hereto (a “Request for Temporary Increase”), setting forth the
requested increased Aggregate Transaction Limit (such increased amount, the “Temporary Aggregate Transaction Limit”), the effective date and time of such Temporary Increase and the date and time on which such Temporary Increase
shall terminate. Buyer may from time to time, in its sole and absolute discretion, consent to such Temporary Increase, which consent shall be in writing as evidenced by Buyer’s delivery to Seller of a 

  
 4 

	 	
countersigned Request for Temporary Increase. At any time that a Temporary Increase is in effect, the Aggregate Transaction Limit shall equal the Temporary Aggregate Transaction Limit for all
purposes of this Agreement and all calculations and provisions relating to the Aggregate Transaction Limit shall refer to the Temporary Aggregate Transaction Limit, including without limitation, Type Sublimits and the Minimum Over/Under Account
Balance. Upon the termination of a Temporary Increase, Seller shall repurchase Purchased Assets in order to reduce the Aggregate Outstanding Purchase Price to the Aggregate Transaction Limit (as reduced by the termination of such Temporary Increase)
in accordance with Section 4.2(k). 

 ARTICLE 3 

PROCEDURES FOR REQUESTING AND ENTERING INTO TRANSACTIONS 
  

	3.1	 Policies and Procedures. In connection with the Transactions contemplated hereunder, Seller shall comply
with all applicable policies and procedures of Buyer as may currently exist or as hereafter created. Such policies and procedures may be in writing, published on Buyer’s website(s) or otherwise contained in the Handbook. Buyer shall have the
right to change, revise, amend or supplement its policies and procedures and the Handbook from time to time to conform to current legal requirements or Buyer practices by giving prior notice to Seller of such changes, revisions, amendments or
supplements. To the extent of any conflict between the terms of this Agreement and the terms of the Handbook, this Agreement shall control. In the event that a change, revision, amendment or supplement of Buyer’s applicable policies and
procedures renders Seller’s use of the repurchase facility established by this Agreement impracticable, in Buyer’s sole determination, Seller may terminate this Agreement without payment of any penalty or termination fee by providing Buyer
[***] Business Days prior written notice of such termination. 

  

	3.2	 Request for Transaction; Asset Data Record. 

 

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

  

	 	(b)	 Failure to Enter into Transaction; Cancellation of Transaction. If Seller fails [***] times or more to
enter into a Transaction in each case, after Seller has requested such Transaction and submitted an Asset Data Record in connection with such request, for each Transaction requested by Seller thereafter for which Seller fails to enter into such
Transaction after Seller has requested such Transaction and submitted an Asset Data Record in connection with such request, Seller shall pay Buyer any breakage fees and reimburse Buyer for any reasonable out-of-pocket losses, costs and expenses
incurred by Buyer in connection with such failure to enter into the Transaction, including, without 

  
 5 

	 	
limitation, costs relating to re-employment of funds obtained by Buyer and fees payable to terminate the arrangements through which such funds were obtained. In addition, with respect to any
Transaction, including the initial Transaction, if following disbursement by Buyer of the Purchase Price relating to such Transaction, Seller cancels such Transaction, in each case, Seller shall pay Buyer a Price Differential on such Purchase Price
from the Purchase Date until, but not including, the date the Purchase Price is returned to Buyer. 

  

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

  

	3.3	 Delivery of Mortgage Loan Documents. 

 

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

  

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

 

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

 

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

  

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

  
 6 

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

 

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

  

	3.5	 Over/Under Account. 

 

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

 

	 	(b)	 Deposits. 

  

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

  

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

  
 7 

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

  

	 	(c)	 Withdrawals. 

  

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

 

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

 

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

  

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

  

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

 

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

 

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

 

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

  

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

  

	 	(d)	 Failure to Maintain Balance. If, at any time, Seller fails to maintain in the Over/Under Account the
Minimum Over/Under Account Balance as required hereunder, in addition to any other rights and remedies that Buyer may have against Seller, Buyer shall have the 

  
 8 

	 	
right to immediately stop entering into Transactions with Seller and/or to charge Seller accrued interest on that portion of the Minimum Over/Under Account Balance that Seller has failed to
maintain, at the Default Rate, from the time that such balance failed to be maintained until the time that funds are deposited into or held in the Over/Under Account to comply with such Minimum Over/Under Account Balance requirements hereunder.
Without limiting the generality of the foregoing, it is understood and agreed that should the balance in the Over/Under Account become negative, Seller will continue to owe Buyer accrued interest as provided herein. 

 

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

  

	3.6	 Payment of Purchase Price. 

 

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

  

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

 

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

  
 9 

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

 

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

 

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

 

	3.7	 Approved Payees. 

 

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

 

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

  

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

  

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

  
 10 

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

  

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

  

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

 

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

 3.8 Delivery of Mortgage-Backed Securities. With respect to
Purchased Mortgage Loans that are Pooled Mortgage Loans, Buyer shall release its interests in such Purchased Mortgage Loans simultaneously with the Settlement Date of a Mortgage-Backed Security backed by a Pool containing such Purchased Mortgage
Loans. Provided that such Mortgage-Backed Security has been issued to the Depository in the name of Buyer or Buyer’s nominee, from and after such Settlement Date, the Mortgage-Backed Security shall replace the related Purchased Mortgage Loans
as the Asset that is subject to the related Transaction. 
 ARTICLE 4 

REPURCHASE 
  

	4.1	 Repurchase Price. 

 

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

  
 11 

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

  

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

  

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

 

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

 

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

  

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

  

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

  

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

  

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

  

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

  
 12 

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

  

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

  

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

  

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

 

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

  

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

  

	4.6	 Increased Costs. 

 

	 	(a)	 Notwithstanding anything to the contrary in this Agreement, if Buyer determines that if any change in any law,
treaty, rule or regulation or determination of an arbitrator or a court or other Governmental Authority or any change in the interpretation or application thereof or compliance by Buyer with any request or directive (whether or not having the force
of law) from any central bank or other Governmental Authority made subsequent to 

  
 13 

	 	
the date hereof (i) subjects Buyer to any tax of any kind whatsoever with respect to this Agreement or any Purchased Assets (excluding Excluded Taxes) or changes the basis of taxation of
payments to Buyer in respect thereof, (ii) imposes, modifies or holds applicable any reserve, special deposit, compulsory advance or similar requirement against assets held by deposits or other liabilities in or for the account of Transactions
or extensions of credit by, or any other acquisition of funds by any office of Buyer which is not otherwise included in the determination of the Applicable Pricing Rate hereunder, or (iii) imposes on Buyer any other condition, the result of
which is to increase the cost to Buyer, by an amount which Buyer deems to be material, of effecting or maintaining purchases hereunder, or to reduce any amount receivable hereunder in respect thereof, then, in any such case, Seller shall promptly
pay to Buyer such additional amount or amounts as will compensate Buyer for such increased cost or reduced amount receivable thereafter incurred and Seller may, if the increased cost or reduced amount receivable described in this
Section 4.6(a) are not applicable to other banks with the same regulatory oversight as Buyer, terminate this Agreement without payment of any penalty, termination fee or Unused Facility Fee (not already due and payable) by providing Buyer
two (2) Business Days prior written notice of such termination. 

  

	 	(b)	 If Buyer has determined that the adoption of or any change in any law, treaty, rule or regulation or
determination of an arbitrator or a court or other Governmental Authority regarding capital adequacy or in the interpretation or application thereof or compliance by Buyer or any corporation controlling Buyer with any request or directive regarding
capital adequacy (whether or not having the force of law) from any Governmental Authority made subsequent to the date hereof has the effect of reducing the rate of return on Buyer’s or such corporation’s capital as a consequence of its
obligations hereunder to a level below that which Buyer or such corporation but for such adoption, change or compliance (taking into consideration Buyer’s or such corporation’s policies with respect to capital adequacy) by an amount deemed
by Buyer to be material, then from time to time, Seller shall promptly pay to Buyer such additional amount or amounts as will thereafter compensate Buyer for such reduction and Seller may, if the reduction described in this
Section 4.6(b) is not applicable to other banks with the same regulatory oversight as Buyer, terminate this Agreement without payment of any penalty, termination fee or Unused Facility Fee (not already due and payable) by providing Buyer
two (2) Business Days prior written notice of such termination. 

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

	4.7	 Payments Pursuant to Sale to Approved Investors. Seller shall direct each Approved Investor purchasing a
Purchased Asset to pay directly to Buyer, by wire transfer of immediately available funds, the applicable Takeout Price in full and without set-off on the date set forth in the applicable Purchase Commitment. In addition, Seller shall provide Buyer
with a Purchase Advice relating to such payment. Seller shall not direct the Approved Investor to pay to Buyer an amount less than the full Takeout Price or modify or otherwise change the wire instructions for payment of the Takeout Price provided
to Approved Investor by Buyer. Buyer shall apply all amounts received from an Approved Investor for the account of Seller in accordance with Section 4.8 below and credit all amounts due Seller to the Over/Under Account in accordance
with Section 3.5(b)(ii) above. Buyer may reject any amount received from an Approved Investor and not release the related Purchased Asset if (a) Buyer does not receive a Purchase Advice in respect of any wire transfer,
(b) Buyer does not receive the full Takeout Price, without set-off or 

  
 14 

 (c) the amount received is not sufficient to pay the related Repurchase Price in full.
Alternatively, in lieu of rejecting an amount received by Buyer from an Approved Investor, at Buyer’s option, if the amount received from the Approved Investor does not equal or exceed the related Repurchase Price, Buyer may accept the amount
received from the Approved Investor and deduct the remaining amounts owed by Seller from the Over/Under Account or demand payment of such remaining amount from Seller. If Seller receives any funds intended for Buyer, Seller shall segregate and hold
such funds in trust for Buyer and immediately pay to Buyer all such amounts by wire transfer of immediately available funds together with providing Buyer with a settlement statement for the transaction. 

 

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

  

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

 

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

  

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

  

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

  

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

  

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

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

 

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

  
 15 

	4.10	 [Reserved]. 

  

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

  

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

  

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

ARTICLE 5 
 FEES 

 

	5.1	 Payment of Fees. Seller shall pay to Buyer those fees set forth in this Agreement and the Transactions
Terms Letter when they become due and owing. Buyer shall be entitled to withdraw from the Over/Under Account or retain from payments made by Seller or an Approved Investor, subject to Section 4.6, or set off against any Purchase Prices
to be paid by Buyer any fees permitted under this Agreement that are due and owing. If such amounts on deposit in the Over/Under Account or payments received in connection with a Transaction or Purchase Prices to be paid by Buyer are not sufficient
to pay Buyer all fees owed, Buyer shall notify Seller and Seller shall pay to Buyer, within one (1) Business Day, all unpaid fees. 

ARTICLE 6 
 SECURITY;
SERVICING; MARGIN ACCOUNT MAINTENANCE; CUSTODY OF MORTGAGE LOAN DOCUMENTS; REPURCHASE TRANSACTIONS; DUE DILIGENCE 
  

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

  
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 Seller acknowledges that it has no rights to the Servicing Rights related to any Purchased
Mortgage Loan. Without limiting the generality of the foregoing and for the avoidance of doubt, if any determination is made that the Servicing Rights related to any Purchased Mortgage Loan were not sold by Seller to Buyer or that the Servicing
Rights are not an interest in such Purchased Mortgage Loan and are severable from such Purchased Mortgage Loan despite Buyer’s and Seller’s express intent herein to treat them as included in the purchase and sale transaction, Seller hereby
pledges, assigns and grants to Buyer a continuing first priority security interest in and lien upon the Servicing Rights related to such Purchased Mortgage Loans, and Buyer shall have all the rights and remedies of a “secured party” under
the Uniform Commercial Code with respect thereto. In addition, Seller further grants, assigns and pledges to Buyer a first priority security interest in and lien upon (i) all documentation and rights to receive documentation related to such
Servicing Rights and the servicing of each of the Purchased Mortgage Loans, (ii) all Income related to the Purchased Assets received by Seller, (iii) all rights to receive such Income, (iv) all other Purchased Items, and (v) all
products, proceeds and distributions relating to or constituting any or all of the foregoing (collectively, and together with the pledge of Servicing Rights in the immediately preceding sentence, the “Related Credit Enhancement”).
The Related Credit Enhancement is hereby pledged as further security for Seller’s obligations to Buyer hereunder. 
 At any time and
from time to time, upon the written request of Buyer, and at the sole expense of Seller, Seller will promptly and duly execute and deliver, or will promptly cause to be executed and delivered, such further instruments and documents and take such
further action as Buyer may request for the purpose of obtaining or preserving the full benefits of this Agreement and of the rights and powers herein granted, including, without limitation, the filing of any financing or continuation statements
under the Uniform Commercial Code in effect in any jurisdiction with respect to the Purchased Assets and related Purchased Items and the liens created hereby. Seller also hereby authorizes Buyer to file any such financing or continuation statement
in a manner consistent with this Agreement to the extent permitted by applicable law. For purposes of the Uniform Commercial Code and all other relevant purposes, this Agreement shall constitute a security agreement. 

 

	6.2	 Servicing. 

  

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

  

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

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

  

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

  
 18 

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

  

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

  

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

  

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

  

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

  

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

  

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

  

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

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

  

	 	(i)	 Custodial Account. 

 

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

 

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

  

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

  

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

  
 20 

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

 

	 	(3)	 following the occurrence of a Potential Default or Event of Default, solely upon instruction by Buyer; or

  

	 	(4)	 if clauses (1), (2) and (3) are inapplicable, upon instruction by Buyer. 

 

	 	(j)	 Location of Custodial Account. Seller shall provide Buyer two (2) Business Day notice of any change
to the identity or location of a Custodial Account. Seller shall from time to time, at its own cost and expense, execute such directions to the depository Eligible Bank, and other papers, documents or instruments as may be reasonably requested by
Buyer to reflect Buyer’s security interest in each Custodial Account. 

  

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

  

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

  

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

 

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

  

	 	(o)	 Buyer’s Right to Service. Buyer or its designee, at the Buyer’s discretion, shall be entitled
to service some or all of the Purchased Assets that are Purchased Mortgage Loans, including, without limitation, receiving and collecting all sums payable in respect 

  
 21 

 
of same. Upon Buyer’s determination and written notice to Seller or the Servicer, as applicable, that Buyer desires to service some or all of the Purchased Mortgage Loans, Seller shall
promptly cooperate, or shall cause the Servicer to promptly cooperate, with all instructions of Buyer and do or accomplish all acts or things necessary to effect the transfer of the servicing to Buyer or its designee, at Seller’s sole expense.
Upon Buyer’s or its designee’s servicing of the Purchased Mortgage Loans, (i) Buyer may, in its own name or in the name of Seller or otherwise, demand, sue for, collect or receive any money or property at any time payable or
receivable on account of or in exchange for the Purchased Mortgage Loan(s), but shall be under no obligation to do so; (ii) Seller shall, if Buyer so requests, pay to Buyer all amounts received by Seller upon or in respect of the Purchased
Mortgage Loan(s) or other Purchased Assets, advising Buyer as to the source of such funds; and (iii) all amounts so received and collected by Buyer shall be held by it as part of the Purchased Assets or applied against any outstanding
Repurchase Price owed Buyer. 
  

	6.3	 Margin Account Maintenance. 

 

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

  

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

 

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

  

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

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

  
 22 

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

  

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

  

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

  

	6.4	 Custody of Mortgage Loan Documents. 

 

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

 

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

 

	 	(c)	 Delivery of Mortgage Loan Documents to Approved Investors. Provided that no Potential Default or Event
of Default has occurred and is continuing, upon the written request of Seller, Buyer may, at its option, deliver to an Approved Investor set forth in the related Purchase Commitment, or its custodian, the Mortgage Loan Documents

  
 23 

	 	
relating to a specified Purchased Mortgage Loan. All such Purchased Mortgage Loans and the related Mortgage Loan Documents shall at all times be covered by one or more Bailee Agreements, and
Buyer or its designee will not release Mortgage Loan Documents to an Approved Investor unless Buyer or its Custodian has received a true and complete and fully executed Bailee Agreement from the Approved Investor. Notwithstanding the foregoing,
Buyer shall be deemed to be in possession of any Mortgage Loan Documents released pursuant to this Section 6.4(c), and the interest of Buyer in the related Purchased Mortgage Loan shall continue unimpaired until the Mortgage Loan
Documents are returned to, or the Repurchase Prices with respect thereto are received by, Buyer. If the Approved Investor does not purchase a Purchased Mortgage Loan as contemplated by the related Purchase Commitment, Seller shall, upon the request
of Buyer, assist Buyer in the recovery of any Mortgage Loan Documents not returned by the Approved Investor to Buyer. 

  

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

  

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

  

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

  

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

 Upon receipt of the
applicable amount, as set forth above, Buyer shall (i) with respect to Purchased Mortgage Loans, deliver or shall cause the Custodian to deliver the related Mortgage Loan Documents to Seller or Seller’s designee, if such documents have not
already been delivered pursuant to a Bailee Agreement and (ii) with respect to related Mortgage-Backed Securities, deliver the Mortgage-Backed Security to Seller or Approved Investor, as applicable, 

  
 24 

 
on a delivery versus payment basis. If any such release gives rise to or perpetuates a Margin Deficit, Buyer shall notify Seller of the amount thereof and Seller shall thereupon satisfy the
Margin Call in the manner specified in Section 6.3(b). Buyer shall have no obligation to release a repurchased Purchased Asset or terminate its security interest in such Purchased Asset until such Margin Call is satisfied. 

 

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

  

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

 ARTICLE 7 

CONDITIONS PRECEDENT 
  

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

  

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

  
 25 

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

  

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

  

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

 

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

  

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

  

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

 

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

  

	 	(viii)	 [Reserved]; 

  

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

 

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

  

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

  

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

  
 26 

	 	(xiii)	 [Reserved]; 

  

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

  

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

 

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

  

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

  

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

  

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

  

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

  

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

 

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

  

	 	(iii)	 [Reserved]; 

  

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

  
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	 	(v)	 a schedule identifying each Asset subject to the proposed Transaction as either a Safe Harbor Qualified
Mortgage, a Rebuttable Presumption Qualified Mortgage or a Bond Loan – 1st Lien, as applicable; and 

  

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

  

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

  

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

  

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

  

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

  

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

  

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

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

  

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

  

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

  

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

  

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

  

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

  

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

  

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

 

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

  

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

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

	7.3	 Intercreditor Agreements. If required by Buyer, within sixty (60) calendar days following the
Effective Date, Seller shall deliver to Buyer an Intercreditor Agreement signed by each creditor that provides warehouse lines of credit, repurchase facilities or similar mortgage finance

  
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arrangements to Seller. By way of example but not limitation, if Seller has a mortgage financing agreement with a syndication of creditors or if an Affiliate of Seller is providing Seller a
warehouse line of credit or mortgage financing, Buyer may require that such creditors execute an Intercreditor Agreement. If Seller fails to provide Buyer with any required Intercreditor Agreement within the time frame stated herein, Buyer may
determine that such failure adversely affects the creditworthiness of Seller and may modify the terms and conditions under which it will continue to enter into Transactions with Seller. Buyer shall not be liable to Seller for any costs, losses or
damages arising from or relating to any changes made by Buyer to the terms and conditions under which it will continue to enter into Transactions with Seller. 

  

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

ARTICLE 8 
 REPRESENTATIONS
AND WARRANTIES 
  

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

 

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

 

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

  

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

  
 30 

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

  

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

  

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

 

	 	(g)	 Credit Facilities. The only credit facilities, including repurchase agreements for mortgage loans and
mortgage-backed securities, of Seller that are presently in effect and are secured by mortgage loans or provide for the purchase, repurchase or early funding of mortgage loan sales, are either (i) with Persons disclosed to Buyer at the time of
application, or thereafter disclosed to and approved by Buyer, and, if required by Buyer, such Persons have executed and delivered an Intercreditor Agreement (or will execute and deliver an Intercreditor Agreement within sixty (60) days
following the Effective Date in accordance with Section 7.3) or (ii) warehouse lenders that are Approved Payees. 

  

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

 

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

  
 31 

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

 

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

 

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

  

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

  

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

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

  

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

  

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

  

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

  

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

  

	 	(t)	 Chief Executive Office. Seller’s chief executive office is located at 1414 East Maple Road, Troy,
Michigan 48083. 

  

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

  

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

  

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

  
 33 

	 	
if Seller has dealt with any broker, investment banker, agent, or other person, except for Buyer, who may be entitled to any commission or compensation in connection with the sale of Purchased
Assets pursuant to this Agreement, such commission or compensation shall have been paid in full by Seller. 

  

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

 

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

  

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

  

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

  

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

  

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

  

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

  
 34 

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

 ARTICLE 9 

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

 

	9.1	 Financial Statements and Other Reports. 

 

	 	(a)	 Interim Statements. Within thirty (30) days after the end of each calendar month, Seller shall
deliver to Buyer financial statements of Seller, including statements of income and changes in shareholders’ equity (or its equivalent) for the period from the beginning of such fiscal year to the end of such month, and the related balance
sheet as of the end of such month, all in reasonable detail and certified by the chief financial officer of Seller, subject, however, to year-end audit adjustments. 

 

	 	(b)	 Annual Statements. Within ninety (90) days following the end of Seller’s fiscal year, Seller
shall deliver to Buyer audited financial statements of Seller, including statements of income and changes in shareholders’ equity (or its equivalent) for such fiscal year and the related balance sheet as at the end of such fiscal year, all in
reasonable detail and accompanied by an opinion of a certified public accounting firm to whom Buyer does not object. 

  

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

  

	 	(d)	 [Reserved]. 

  

	 	(e)	 Investor Report Cards. Seller shall deliver to Buyer within thirty (30) days after the end of each
quarter, or as requested by Buyer, the most recent report cards from all investors who purchase 10% or more of Seller’s production, to the extent available. 

 

	 	(f)	 Government Insuring Reports. Seller shall deliver to Buyer, within thirty (30) days after the end
of each quarter, or as otherwise requested by Buyer, the following government insuring reports (including 15 month history): 

(i) Loans Originated—Current Defaults and Claims Reported – United States (from FHA Connection): 

 

	 	•	 	 Output option: all loans 

 

	 	•	 	 Performance period: current period 

 

	 	•	 	 All insured single family loans with a beginning amortization within the last two years 

(ii) HUD Pipeline/Uninsured Query: 
  

	 	•	 	 Date range: use default 

 

	 	•	 	 Sort by: originating ID in ascending order 

  
 35 

 (iii) Indemnification Query: 

 

	 	•	 	 Date range: last five years 

 

	 	•	 	 Sort by: case # in descending order 

(iv) Late Endorsement Query: 
  

	 	•	 	 Loan status: Active, claimed 

 

	 	•	 	 Date range: last two year period 

 

	 	•	 	 Sort by: # days closing to Endr pkg Rcvd in descending order 

 

	 	(g)	 Hedging Reports. Seller shall deliver to Buyer, or cause to be delivered to Buyer, by not later than
1:00 p.m. (New York City time) on each Monday, or Tuesday if Monday is not a Business Day, or as reasonably requested by Buyer, (i) a reconciliation report, in a form reasonably satisfactory to Buyer, including, without limitation, a report of
all outstanding Transactions and their related Purchase Commitments, availability under unused Purchase Commitments and all amounts outstanding and available under other warehouse lines of credit, repurchase agreements and similar credit facilities,
and (ii) a loan and rate lock position report and hedge report containing product level pricing and interest rate sensitivity analysis (shocks) or as requested by Buyer (data elements to be agreed upon). To the extent Seller retains any
Person(s) to perform hedging services on behalf of Seller, Seller hereby grants Buyer authority to contact, request and receive hedging reports directly from such Person(s) at no cost to Buyer. Further, Seller shall instruct such Person(s), upon
reasonable notice from Buyer and during normal business hours, to answer candidly and fully, at no cost to Buyer, any and all questions that Buyer may address to them in reference to the hedging reports of Seller. Seller may have its representatives
in attendance at any meetings between Buyer and such Person(s) held in accordance with this authorization. 

  

	 	(h)	 Reports and Information Regarding Purchased Assets. Seller shall deliver to Buyer, with reasonable
promptness upon Buyer’s request: (i) copies of any reports related to the Purchased Assets, (ii) copies of all documentation in connection with the underwriting and origination of any Purchased Asset that evidences compliance with,
(x) with respect to all Purchased Assets other than a Bond Loan – 1st Lien, the Ability to Repay Rule and, (y) with respect to all Purchased Assets other than a Bond Loan – 1st Lien, the QM Rule, as applicable, and (iii) any
other information in Seller’s possession related to the Purchased Assets. 

  

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

  

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

  
 36 

	9.2	 Inspection of Properties and Books. At no cost to Buyer, Seller shall permit authorized representatives
of Buyer to discuss the business, operations, assets and financial condition of Seller and its Affiliates and Subsidiaries with its officers and employees and to examine its books of account and make copies and/or extracts thereof, upon reasonable
notice to Seller at Seller’s place of business during normal business hours. Further, Seller will provide its accountants with a copy of this Agreement promptly after the execution hereof and will coordinate any needed conference with its
accountants to allow them to answer candidly and fully to the extent permitted by American Institute of CPAs Code of Professional Conduct, at no cost to Buyer, any and all questions that any authorized representative of Buyer may address to them in
reference to the financial condition or affairs of Seller and its Affiliates and Subsidiaries. To the extent that the accountants cannot answer certain questions directly to the Buyer, Seller will answer the questions with the accountants in
observance, and Seller will inform Buyer of any needed modifications to answers provided as soon as practicable. 

  

	9.3	 Notice. Seller shall give Buyer prompt (but in no event later than [***] Business Days after becoming
aware, except for clause (g), with respect to which such notice shall be provided thirty (30) days prior to such change, and clause (r), with respect to which notice shall be provided immediately upon becoming aware) written notice, in
reasonable detail, of: 

  

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

 

	 	(b)	 any action, suit or proceeding instituted by or against Seller in any federal or state court or before any
commission or other regulatory body (federal, state or local, foreign or domestic), or any such action, suit or proceeding threatened against Seller, in any case, if such action, suit or proceeding, or any such action, suit or proceeding threatened
against Seller, (i) involves a potential liability, on an individual or aggregate basis, equal to or greater than [***] of Seller’s Tangible Net Worth, (ii) is reasonably likely to result in a Material Adverse Effect if determined
adversely, (iii) questions or challenges the validity or enforceability of any of the Principal Agreements or (iv) questions or challenges compliance of any Purchased Asset with, (x) with respect to any Purchased Asset other than a
Bond Loan – 1st Lien, the Ability to Repay Rule or, (y) with respect to any Purchased Asset other than a Bond Loan – 1st Lien, the QM Rule; 

  

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

  

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

 

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

  

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

  

	 	(g)	 any change, in any substantial extent, in any line or lines of business activity of the businesses generally
carried on by Seller as of the Effective Date, together with any businesses directly related thereto or similar thereto; 

  

	 	(h)	 any potential or existing Purchased Mortgage Loan where a director, executive officer (or to Seller’s
knowledge, any other officer), shareholder, member, partner or owner of Seller is the Mortgagor or guarantor or where the related Mortgaged Property is being sold by a director, officer, shareholder, member, partner or owner of Seller, if
(i) such potential or 

  
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existing Purchased Mortgage Loan is not originated on an arms-length basis or in strict compliance with Seller’s underwriting guidelines or (ii) the sale of such related Mortgage
Property is not made on an arms-length basis; 

  

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

 

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

  

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

 

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

  

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

  

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

  

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

  

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

  

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

  

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

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

  

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

  

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

  

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

  
 39 

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

 

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

  

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

 

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

  

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

  
 40 

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

 

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

  

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

  

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

 

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

  

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

 

	9.13	 Additional Repurchase or Warehouse Facilities. Subject to Section 10.12, Seller shall
maintain throughout the term of this Agreement, with nationally recognized and established counterparties (other than Buyer), mortgage loan repurchase or warehouse facilities that, in the aggregate, provide funding on an aggregate basis in an amount
equal to at least the Aggregate Transaction Limit and accommodate wet mortgage loans in an amount not less than the amount provided hereunder. 

  

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

  

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

  
 41 

	9.16	 Most Favored Status. Seller and Buyer each agree that should Seller or any Affiliate thereof enter into
a repurchase agreement, warehouse facility, guaranty or similar credit facility (for the avoidance of doubt, this Section 9.16 shall not apply to a bond offering) with any Person (including, without limitation, Buyer or any of its Affiliates)
which by its terms provides any of the following (each, a “More Favorable Agreement”): 

  

	 	(a)	 more favorable terms with respect to any guaranties or financial or other material covenants;

  

	 	(b)	 a security interest to any Person other than Buyer or an Affiliate of Buyer in substantially all assets of
Seller or any Affiliate thereof; or 

  

	 	(c)	 a requirement that Seller has added or will add any Person other than Buyer or an Affiliate of Buyer as a loss
payee under Seller’s insurance policy maintained pursuant to Section 9.9 hereof; 

 then the Seller shall
provide the Buyer with prompt notice of such more favorable terms contained in such More Favorable Agreement and the terms of this Agreement or the Transactions Terms Letter, as applicable, shall be deemed automatically amended to include such more
favorable terms contained in such More Favorable Agreement, such that such terms operate in favor of Buyer or an Affiliate of Buyer; provided, that in the event that such More Favorable Agreement is terminated, upon notice by Seller to Buyer
of such termination, the original terms of this Agreement shall be deemed to be automatically reinstated. Seller and Buyer further agree to execute and deliver any new guaranties, agreements or amendments to this Agreement evidencing such
provisions; provided, that the execution of such guaranties, agreements or amendments shall not be a precondition to the effectiveness of such guaranties, agreements or amendments, but shall merely be for the convenience of the parties
hereto. Promptly upon Seller or any Affiliate thereof entering into a repurchase agreement or other credit facility with any Person other than Buyer, Seller shall deliver to Buyer a true, correct and complete copy of such repurchase agreement, loan
agreement, guaranty or other financing documentation and all amendments thereto, redacted, if necessary, but showing provisions relating to clauses (a), (b), or (c) above. 

 

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

  

	9.18	 Bankruptcy Code Opinions. Seller shall deliver to Buyer within the thirty (30) day period following
the Effective Date a Bankruptcy Code opinion with respect to the matters outlined in Section 14.19 in form and substance reasonably acceptable to Buyer. To the extent that Seller fails to deliver such Bankruptcy Code opinion within such
thirty (30) day period, Seller hereby acknowledges and understands that Buyer will not enter into any new Transactions under this Agreement until such opinion is delivered to Buyer. 

ARTICLE 10 
 NEGATIVE
COVENANTS 
 Seller hereby covenants and agrees with Buyer that during the term of this Agreement and for so long as there remain any
obligations of Seller to be paid or performed under this Agreement, Seller shall comply with the following: 
  

	10.1	 Debt. Seller shall not incur any additional Debt without the prior written consent of Buyer, other than
(i) the Existing Debt, (ii) Debt incurred with Buyer or its Affiliates, (iii) usual and customary accounts payable for a mortgage company, (iv) Debt under warehouse agreements, and (v) Debt (other than in clauses
(i) through (iv)) less than [***]. 

  
 42 

	10.2	 [Reserved]. 

  

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

  

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

  

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

  

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

  

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

  

	10.8	 Consolidation, Merger, Sale of Assets and Change of Control. Seller shall not, directly or indirectly,
(a) wind up, liquidate or dissolve its affairs; (b) enter into any transaction of merger or consolidation with any Person; (c) convey, sell, lease or otherwise dispose of, or agree to do any of the foregoing at any future time, all or
substantially all of its property or assets; (d) form or enter into any partnership, joint venture, syndicate or other combination which could have a Material Adverse Effect; or (e) allow a Change of Control to occur with respect to
Seller, without prior written consent of Buyer; provided, however, that Seller may, without the prior written 

  
 43 

	 	
consent of Buyer, and provided that a Potential Default or an Event of Default is not existing and will not occur as a result thereof: (i) merge or consolidate with any Person if Seller is
the surviving and controlling entity and (ii) in the ordinary course of Seller’s mortgage banking business, sell equipment that is uneconomic or obsolete and acquire Mortgage Loans for resale and sell Mortgage Loans. 

 

	10.9	 Payment of Dividends and Retirement of Stock. If a Potential Default or an Event of Default has occurred
and is continuing or will occur as a result of such payments, Seller shall not pay any dividends or distributions with respect to any capital stock or other equity interests in Seller, whether now or hereafter outstanding, or make any other
distribution in respect thereof, either directly or indirectly, whether in cash or property or in obligations of Seller. 

  

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

  

	10.11	 Secondary Marketing, Underwriting, Third Party Origination and Interest Rate Risk Management Practices.
Seller shall not, without the prior written notice to Buyer, change in any material respect any secondary marketing, third party origination and interest rate risk management practices of Seller that exist as of the Effective Date, nor shall Seller
change in any material respect any underwriting practices as they exist as of the Effective Date without the prior written approval of Buyer. By way of example but not limitation, any change to Seller’s hedging strategy, any change to add a new
line of Mortgage Loan products or any change to add third party origination shall be considered material changes subject to the prior written approval of Buyer. The fact that Seller may from time to time disclose to Buyer in writing proposed changes
in underwriting practices after the date hereof shall not be deemed Buyer’s consent to or written approval thereof unless Buyer has indicated written approval of such changes. It shall be deemed an Event of Default hereunder if Seller changes
any of the foregoing practices in any material respects without such prior written notice to (or approval by, as applicable) Buyer. 

  

	10.12	 [Reserved]. 

ARTICLE 11 
 DEFAULTS AND
REMEDIES 
  

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

  

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

  

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

  

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

  

	 	(d)	 (i) Seller or any of Seller’s Affiliates or Subsidiaries shall default under, or fail to perform as
required under, or shall otherwise breach the terms of any instrument, agreement or contract between Seller or any of Seller’s Affiliates or Subsidiaries, on the 

  
 44 

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

 

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

  

	 	(f)	 the aggregate original Asset Value of those Purchased Assets that are deemed to be Defective Assets is greater
than or equal to [***] of the outstanding Transactions for more than [***] consecutive Business Days; 

  

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

  

	 	(h)	 (i) the failure of Seller to perform, comply with or observe any term, covenant or agreement applicable to
Seller as contained in Articles 9 and 10 of this Agreement, irrespective of any cure period, or (ii) the failure of Seller to perform, comply with or observe any other term, covenant or agreement applicable to Seller as contained
in this Agreement and such occurrence shall not have been remedied within the cure period provided therein; 

  

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

  

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

 

	 	(k)	 any Plan maintained by Seller, any Subsidiary of Seller or any ERISA Affiliate shall be terminated within the
meaning of Title IV of ERISA or a trustee shall be appointed by an appropriate United States District Court to administer any Plan, or the Pension Benefit 

  
 45 

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

  

	 	(l)	 Seller or any Subsidiary of Seller or any ERISA Affiliate, in each case, as employer under a Multiemployer Plan
shall have made a complete or partial withdrawal from such Multiemployer Plan and the plan sponsor of such Multiemployer Plan shall have notified such withdrawing employer that such employer has incurred a withdrawal liability in (i) an annual
amount exceeding [***] dollars, or (ii) an aggregate amount exceeding [***] dollars; 

  

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

 

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

  

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

  

	 	(p)	 [Reserved]; 

  
 46 

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

  

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

 

	 	(s)	 a change in any Key Personnel or Executive Management shall occur, if applicable, and a replacement or other
suitable arrangement acceptable to Buyer shall not have been implemented within [***] days of such change; 

  

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

  

	 	(u)	 (i) a breach of any of Seller’s or Servicer’s subservicing obligations, including, but not
limited to, its failure to deposit any funds required to be deposited under Section 6.2(g) into the Custodial Account, or (ii) a Servicer Termination Event shall occur; 

 

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

 

	 	(w)	 Seller shall fail to maintain all requisite Approvals; or 

 

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

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

 

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

 

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

  
 47 

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

 

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

 

	 	(d)	 proceed against Seller under this Agreement; 

 

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

  

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

  

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

 

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

  
 48 

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

  

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

  

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

  

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

  
 49 

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

  

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

 

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

 

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

  

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

 

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

  

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

  

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

 

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

  

	 	(b)	 In addition to the rights in subsection (a), Buyer and its Affiliates (collectively, the “Bank of
America Related Entities”), shall have the right to set-off and to appropriate or apply any and all deposits of money or property or any other indebtedness at any time held or owing by the Bank of America Related Entities to or for the
credit of the account of Seller and its Affiliates against and on account of the obligations of Seller under any agreement(s) between Seller and/or its Affiliates, on the one hand, and the Bank of America Related Entities, on the other hand,
irrespective of whether or not the Bank of 

  
 50 

	 	America Related Entity shall have made any demand hereunder and whether or not said obligations shall have matured. In exercising the foregoing right to set-off, any Bank of America Related Entity shall be entitled to
withdraw funds in the Over/Under Account which are being held for or owing to Seller to set-off against any amounts due and owing by Seller to the Bank of America Related Entity. If a Bank of America Related Entity other than Buyer intends to
exercise its right to set-off in this subsection (b), such Bank of America Related Entity shall provide Seller prior notice thereof, and upon Seller’s receipt of such notice, if the basis for such right to set-off is Seller’s breach or
default of its obligations to the Bank of America Related Entity, Seller shall have three (3) Business Days to cure any such breach or default in order to avoid such set-off. 

 

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

 ARTICLE 12 

INDEMNIFICATION 
  

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

  

	12.2	 Reimbursement. Seller shall reimburse the Bank of America Related Entities for all expenses required in
the Transactions Terms Letter to be reimbursed when they become due and owing. In addition, Seller agrees to pay as and when billed by Buyer all of the out-of pocket costs and expenses incurred by Buyer in connection with (i) the consummation
and administration of the transactions contemplated hereby including, without limitation, all the due diligence, inspection, testing and review costs and expenses incurred by Buyer with respect to Purchased Assets prior to 

  
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	 	the Effective Date or pursuant to Section 6.7, or otherwise, (ii) the development, preparation and execution of, and any amendment, supplement or modification to, any Principal Agreement or any other
documents prepared in connection therewith, and (iii) all the reasonable fees, disbursements and expenses of counsel to Buyer incurred in connection with any of the foregoing. 

 

	12.3	 Payment of Taxes. 

 

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

  

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

  

	 	(c)	 Any Buyer that is not incorporated under the laws of the United States, any State thereof, or the District of
Columbia (a “Foreign Buyer”) and that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under this Agreement shall provide Seller with properly completed United States Internal Revenue

  
 52 

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

  

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

 

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

  

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

  

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

 ARTICLE 13 

TERM AND TERMINATION 
  

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

  
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	13.2	 Termination. 

  

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

  

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

  

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

 ARTICLE 14 

GENERAL 
  

	14.1	 Integration; Servicing Provisions Integral and Non-Severable. This Agreement, together with the other
Principal Agreements, and all other documents executed pursuant to the terms hereof and thereof, constitute the entire agreement between the parties with respect to the subject matter hereof and supersedes any and all prior or contemporaneous oral
or written communications with respect to the subject matter hereof, all of which such communications are merged herein. All Transactions hereunder constitute a single business and contractual relationship and each Transaction has been entered into
in consideration of the other Transactions. Accordingly, each of Buyer and the Seller agrees that payments, deliveries, and other transfers made by either of them in respect of any Transaction shall be deemed to have been made in consideration of
payments, deliveries, and other transfers in respect of any other Transactions hereunder, and the obligations to make any such payments, deliveries, and other transfers may be applied against 

  
 54 

	 	each other and netted. Without limiting the generality of the foregoing, the provisions of this Agreement related to the servicing and Servicing Rights of the Purchased Mortgage Loans are integral, interrelated, and are
non-severable from the purchase and sale provisions of the Agreement. Buyer has relied upon such provisions as being integral and non-severable in determining whether to enter into this Agreement and in determining the Purchase Price methodology for
such Mortgage Loans. The integration of these servicing provisions is necessary to enable Buyer to obtain the maximum value from the sale of the Purchased Mortgage Loans by having the ability to sell the Servicing Rights related to such Purchased
Mortgage Loans free from any claims or encumbrances. Further, the fact that Seller or the Servicer may be entitled to a servicing fee for interim servicing of the Purchased Mortgage Loans or that Buyer may provide a separate notice of default to
Seller or the Servicer regarding the servicing of the Purchased Mortgage Loans shall not affect or otherwise change the intent of Seller and Buyer regarding the integral and non- severable nature of the provisions in the Agreement related to
servicing and Servicing Rights nor will such facts affect or otherwise change Buyer’s ownership of the Servicing Rights related to the Purchased Mortgage Loans. 

 

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

  

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

  

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

  

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

 

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

  

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

  
 55 

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

  

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

 

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

 

	14.11	 Notices. 

  

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

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

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

  [***] 

  Mail Code: [***] 

  [***] 

  Attention: [***] 

  Telephone: [***] 

  Facsimile: [***] 

  Email: [***] 

  With copies to: 

  Bank of America, N.A. 

  [***] 

  Mail Code: [***] 

  [***] 

  Attention: [***], Director, Mortgage Finance 

  Telephone: [***] 

  Facsimile: [***] 

  Email: [***] 

  Bank of America, N.A. 

  [***] 

  Mail Code: [***] 

  [***] 

  Attention: [***], Assistant General Counsel 

  Telephone: [***] 

  Facsimile: [***] 

  Email: [***] 

  
 56 

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

 

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

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

 If to
Buyer:                            [***] 

   [***] 

   [***] 

   [***] 
  

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

 

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

  

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

  
 57 

	14.15	 Counterparts. This Agreement may be executed in any number of counterparts by different parties hereto
in separate counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same Agreement. Delivery of an executed counterpart of a signature page of this Agreement in
Portable Document Format (PDF) or by facsimile shall be effective as delivery of a manually executed original counterpart of this Agreement. 

  

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

  

	14.17	 Joint and Several Liability of Each Seller. To the extent there is more than one Person which is named
as a Seller under this Agreement, each such Person shall be jointly and severally liable for the rights, covenants, obligations and warranties and representations of “Seller” as contained herein and the actions of any Person (including
another Seller) or third party shall in no way affect such joint and several liability. Each such Seller acknowledges and agrees that (a) a Potential Default or an Event of Default is hereby considered a Potential Default or an Event of Default
by each Seller, and (b) the Buyer shall have no obligation to proceed against one Seller before proceeding against the other Seller. Each such Seller hereby waives any defense to its obligations under this Agreement or any other Principal
Agreement based upon or arising out of the disability or other defense or cessation of liability of one Seller versus the other. A Seller’s subrogation claim arising from payments to Buyer shall constitute a capital investment in another Seller
(1) subordinated to any claims of Buyer, and (2) equal to a ratable share of the equity interests in such Seller. 

  

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

  

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

 

	 	(b)	 to use reasonable efforts to safeguard the Confidential Information against disclosure to any unauthorized
third party with the same degree of care as they exercise with their own information of similar nature, but no less than a reasonable degree of care and no less than is required by law; and 

 

	 	(c)	 not to disclose Confidential Information to anyone other than employees, agents or contractors with a need to
have access to the Confidential Information and who are bound to the parties by like obligations of confidentiality, except that the parties shall not be prevented from using or disclosing any of the Confidential Information which: (i) is
already known to the receiving party at the time it is obtained from the disclosing party; (ii) is now, or becomes in the future, public knowledge other than through wrongful acts 

  
 58 

	 	or omissions of the party receiving the Confidential Information; (iii) is lawfully obtained by the party from sources independent of the party disclosing the Confidential Information and without confidentiality
and/or non-use restrictions; or (iv) is independently developed by the receiving party without any use of the Confidential Information of the disclosing party. Notwithstanding anything contained herein to the contrary, Buyer may share any
Confidential Information of Seller with an Affiliate of Buyer for any valid business purpose, such as, but not limited to, to assist an Affiliate in evaluating a current or potential business relationship with Seller. 

In addition, the Principal Agreements and their respective terms, provisions, supplements and amendments, and transactions and notices
thereunder (other than the tax treatment and tax structure of the transactions), are proprietary to Buyer and shall be held by Seller in strict confidence and shall not be disclosed to any third party without the consent of Buyer except for
(i) disclosure to Seller’s direct and indirect parent companies, directors, attorneys, agents or accountants, provided that such attorneys or accountants likewise agree to be bound by this covenant of confidentiality, or are otherwise
subject to confidentiality restrictions; (ii) upon prior written notice to Buyer, disclosure required by law, rule, regulation or order of a court or other regulatory body; (iii) upon prior written notice to Buyer, disclosure to any
approved hedge counterparty to the extent necessary to obtain any hedging hereunder; (iv) any disclosures or filing required under Securities and Exchange Commission (“SEC”) or state securities’ laws; or (v) the tax
treatment and tax structure of the transactions, which shall not be deemed confidential; provided that in the case of (ii), (iii) and (iv), Seller shall take reasonable actions to provide Buyer with prior written notice; provided
further that in the case of (iv), Seller shall not file any of the Principal Agreements other than the Agreement with the SEC or state securities office unless Seller has (x) provided at least thirty (30) days (or such lesser time as
may be demanded by the SEC or state securities office) prior written notice of such filing to Buyer, and (y) redacted all pricing information and other commercial terms. 

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

	14.19	 Intent. Seller and Buyer recognize and intend that: 

 

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

  

	 	(b)	 Buyer’s right to liquidate the Purchased Mortgage Loans delivered to it in connection with the
Transactions hereunder or to accelerate or terminate this Agreement or otherwise exercise any other remedies herein is a contractual right to liquidate, accelerate or terminate such Transaction as described in Bankruptcy Code Sections 555, 559 and
561 

  
 59 

	 	;any payments or transfers of property made with respect to this Agreement or any Transaction to: (i) satisfy a Margin Deficit, (ii) comply with a Margin Call, or (iii) satisfy the provision of guarantees
and/or additional security agreements to provide enhancements to satisfy a deficiency in the Over/Under Account, shall in each case be considered a “margin payment” as such term is defined in Bankruptcy Code Section 741(5); and

  

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

  

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

  

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

  

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

  

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

  

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

 (Signature page to follow) 

  
 60 

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

							
	BUYER:	 		 	BANK OF AMERICA, N.A.
				
		 		 	By :	 	 /s/ Adam Robitshek

		 		 	Name:	 	Adam Robitshek
		 		 	Title:	 	Vice President
			
	SELLER:	 		 	UNITED SHORE FINANCIAL SERVICES, LLC
				
		 		 	By:	 	 /s/ Timothy Forrester

		 		 	Name:	 	Timothy Forrester
		 		 	Title:	 	Chief Financial Officer

 Signature Page to the Master Repurchase Agreement 

 EXHIBIT A 

GLOSSARY OF DEFINED TERMS 
 Ability to
Repay Rule: 12 CFR 1026.43(c), including all applicable official staff commentary. 
 Acceptable Title Insurance Company: A nationally
recognized title insurance company that has not been disapproved by Buyer in a writing provided to Seller. 
 Accepted Servicing Practices:
With respect to any Purchased Mortgage Loan, those mortgage servicing practices of prudent mortgage lending institutions which service mortgage loans of the same type as such Purchased Mortgage Loan in the jurisdiction where the related Mortgaged
Property is located. 
 Acknowledgement of Confidentiality of Password Agreement: That certain Acknowledgement of Confidentiality of Password
Agreement attached hereto as Exhibit I. 
 Additional Purchased Assets: Those additional Eligible Assets or cash provided by Seller to
Buyer pursuant to Section 6.3 of this Agreement. 
 Affiliate: With respect to any specified entity, any other entity controlling
or controlled by or under common control with such specified entity. For the purposes of this definition, “control” when used with respect to a specified entity means the power to direct the management and policies of such entity, directly
or indirectly, whether through the ownership of voting securities, by contract or otherwise, and the terms “controlling” and “controlled” having meanings correlative to the foregoing. 

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

Agency Audit: Any Agency, HUD, FHA, VA or RD audit, examination, evaluation, monitoring review or report of Seller’s origination and
servicing operations (including those prepared on a contract basis for any such Agency, HUD, FHA, VA or RD) other than an Agency, HUD, FHA, VA or RD audit, examination, evaluation, monitoring review or report conducted in the ordinary course of
Seller’s business. 
 Agency Documents: The documents set forth on Exhibit M. 

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

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

  
 Exh. A-1 

 Aggregate Outstanding Purchase Price: The aggregate outstanding Purchase Price of all
Transactions or specified Purchased Assets, as the case may be, as of any date of determination. 
 Aggregate Transaction Limit: The maximum
aggregate principal amount of Transactions (measured by the related outstanding Purchase Price) that may be outstanding at any one time, as set forth in the Transactions Terms Letter. 

Applicable Pricing Rate: With respect to any date of determination, the greater of (i) One-Month LIBOR, and (ii) the LIBOR Floor. It
is understood that the Applicable Pricing Rate shall be adjusted on a daily basis. 
 Application: The application or “Buyer Application
Profile,” including all supporting documentation, submitted by Seller to Buyer with respect to this Agreement. 
 Approvals: With respect
to Seller or Servicer, the approvals obtained by the applicable Agency, HUD, the VA or the RD in designation of Seller as a Ginnie Mae-approved issuer, a Ginnie Mae-approved servicer, an FHA-approved mortgagee, a VA-approved lender, a Fannie
Mae-approved lender, a Freddie Mac-approved Seller/Servicer or an RD-approved lender, as applicable, in good standing. 
 Approved Investor:
Any Agency, any private institution or Governmental Authority as approved by Buyer in its sole discretion, purchasing such Purchased Mortgage Loans or Mortgage-Backed Securities on a forward basis from Seller pursuant to a Purchase Commitment. 

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

Asset: A Mortgage Loan, or in the case of a Pooled Mortgage Loan, the resulting Mortgage-Backed Security pursuant to Section 3.8, as
the context may require. 
 Asset Data Record: A document containing the information set forth on Buyer’s website(s), which may be
amended, supplemented and modified from time to time as further set forth in the Handbook or such other information as Buyer may reasonably request from time to time, completed by Seller and submitted to Buyer with respect to each Purchased Asset.

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

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

  
 Exh. A-2 

 Assignment: A duly executed assignment to Buyer in recordable form of a Purchased Mortgage
Loan, of the indebtedness secured thereby and of all documents and rights related to such Purchased Mortgage Loan. 
 Assignment of Closing Protection
Letter: An assignment assigning and subrogating Buyer to all of Seller’s rights in a Closing Protection Letter, substantially in the form of Exhibit F hereto. 

Assignment of Fidelity Bond and Errors and Omission Policy: An assignment assigning and subrogating Buyer to all of Seller’s rights in a
Fidelity Bond and Errors and Omissions Policy, substantially in the form of Exhibit G hereto. 
 Bailee Agreement: A bailee agreement
or bailee letter that is in a form acceptable to Buyer. 
 Bankruptcy Code: Title 11 of the United States Code, now or hereafter in effect, as
amended, or any successor thereto. 
 Bond Loan – 1st Lien: Unless defined otherwise in the Transactions Terms Letter, a first lien
mortgage loan (i) that was originated and underwritten in accordance with a qualifying local or state governmental homeownership program administered by a Housing Finance Agency (as defined under 24 CFR 266.5) and (ii) with respect to
which Seller has obtained a Purchase Commitment on or prior to the related Purchase Date. 
 Business Day: Any day, excluding Saturday, Sunday
and any day that is a legal holiday under the laws of the State of New York and the State of California or as may otherwise be published on Buyer’s website(s). 

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

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

  
 Exh. A-3 

 Change of Control: Change of Control shall mean any of the following with respect to any
Person: 
 (a) if such Person is a corporation, any “person” (as such term is used in Sections 13(d) and 14(d) of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”)), other than a trustee or other fiduciary holding securities of Seller under an employee benefit plan of such Person, becomes the “beneficial owner” (as defined in Rule
13d-3 promulgated under the Exchange Act), directly or indirectly, of securities of such Person representing 50% or more of (A) the outstanding shares of common stock of such Person or (B) the combined voting power of such Person’s
then-outstanding securities; 
 (b) if such Person is a legal entity other than a corporation, the majority voting control of such Person, or
its equivalent, under such Person’s governing documents is transferred to any Person; 
 (c) such Person is party to a merger or
consolidation, or series of related transactions, which results in the voting securities or majority voting control interest of such Person outstanding immediately prior thereto failing to continue to represent (either by remaining outstanding or by
being converted into voting securities or a majority voting controlling interest of the surviving or another entity) at least fifty (50%) percent of the combined voting power of the voting securities or majority voting control interest of such
Person or such surviving or other entity outstanding immediately after such merger or consolidation; 
 (d) the sale or disposition of all or
substantially all of such Person’s assets (or consummation of any transaction, or series of related transactions, having similar effect); 

(e) there occurs a change in the composition of the Board of Directors or governing body of such Person within a six (6) month period, as
a result of which fewer than a majority of the directors or governing body members are incumbent; provided, however, that this provision (e) shall not apply in the event that the composition of the Board of Directors or governing body changes
as a result of such Person availing itself of the public or private debt or equity markets; 
 (f) the dissolution or liquidation of such
Person; or 
 (g) any transaction or series of related transactions that has the substantial effect of any one or more of the foregoing. 

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

Closing Protection Letter: A document issued by a title insurance company to Seller and/or Buyer and relied upon by Buyer to provide closing
protection for one or more mortgage loan closings and to insure Seller and/or Buyer, without limitation, against embezzlement by the Closing Agent and loss or damage resulting from the failure of the Closing Agent to comply with all applicable
closing instructions. 
 COBRA: As defined in Section 8.1(l) of this Agreement. 

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

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

  
 Exh. A-4 

 Contingent Obligations: Any obligation of Seller arising from an existing condition or
situation that involves uncertainty as to outcome and that will be resolved by the occurrence or nonoccurrence of some future event, including, without limitation, any obligation guaranteeing or intended to guarantee any Debt, leases, dividends or
other obligations of any other Person in any manner, whether directly or indirectly; provided; however, that endorsements of instruments for deposit or collection in the ordinary course of business shall not be included. With respect to guarantees,
the amount of the Contingent Obligation shall be equal to the stated or determinable amount of the primary obligation in respect of the guarantee or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof, as
determined by Buyer. 
 Control Agreement: The agreement to perfect Buyer’s security interest in the Custodial Account as described in
Section 6.2(i) of this Agreement. 
 Conventional Conforming Mortgage Loan: Unless defined otherwise in the Transactions Terms
Letter, a first lien mortgage loan that fully conforms to all underwriting standards, loan amount limitations and other requirements of that standard Agency mortgage loan purchase program accepting only the highest quality mortgage loans
underwritten without dependence on expanded criteria provisions, or that is approved by Desktop Underwriter or Loan Prospector. 
 Correspondent
Mortgage Loan: A Mortgage Loan originated by a third party originator and acquired by Seller in accordance with Seller’s correspondent Mortgage Loan program. 

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

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

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

Defective Asset: A Purchased Asset: 

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

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

  
 Exh. A-5 

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

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

(f) that is a Mortgage Loan where the related Mortgagor fails to make the first payment due under the Mortgage Note on or before the applicable
due date, including any applicable grace period; 
 (g) that was rejected by the Approved Investor set forth in the related Purchase
Commitment; or 
 (h) that is a Purchased Mortgage Loan and it is determined to be ineligible for sale as a Purchased Mortgage Loan of the
Type originally stipulated. 
 Depository: The Federal Reserve Bank of New York, or as otherwise defined in the glossary of the Ginnie Mae
Guide, the Fannie Mae Guide or the Freddie Mac Guide, as applicable. 
 Dry Mortgage Loan: A Mortgage Loan for which Buyer or its Custodian
has possession of the related Mortgage Loan Documents, in a form and condition acceptable to Buyer, prior to the payment of the Purchase Price. 

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

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

Eligible Asset: With respect to any Transaction (i) from and after the related Purchase Date, an Eligible Mortgage Loan, and (ii) from
and after the related Pooling Date, an Eligible Mortgage Loan that is a Pooled Mortgage Loan, as the context may require. 
 Eligible Bank:
Either (i) Buyer, or (ii) a bank selected by Seller and approved by Buyer in writing and authorized to conduct trust and other banking business in any state in which Seller conducts operations. 

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

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

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

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

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

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

  
 Exh. A-6 

 Existing Debt: Debt of Seller existing on the date of this Agreement, as set forth on
Schedule 3 hereto. 
 Expiration Date: The earliest of (i) the Expiration Date set forth in the Transactions Terms Letter,
(ii) at Buyer’s option, upon the occurrence of an Event of Default and (iii) the date on which this Agreement shall terminate in accordance with the provisions hereof or by operation of law. 

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

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

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

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

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

FHA Mortgage Insurance: Mortgage insurance authorized under Sections 203(b), 213, 221(d)(2), 222, and 235 of the Federal Housing Administration
Act and provided by the FHA. 
 FHA Mortgage Insurance Contract: A contractual obligation of the FHA respecting the insurance of a Mortgage
Loan. 
 FHA Regulations: The regulations promulgated by HUD under the FHA Act, codified in 24 Code of Federal Regulations, and other HUD
issuances relating to Government Mortgage Loans, including the related handbooks, circulars, notices and mortgagee letters. 
 FHA Streamline
Refinance Mortgage Loan: A Government Mortgage Loan originated and underwritten in accordance with the “FHA streamline refinance” program and FHA Regulations. 

FICO Score: The credit score of the Mortgagor provided by Fair, Isaac & Company, Inc. or such other organization providing credit
scores on the origination date of a Mortgage Loan; provided, that if (a) two separate credit scores are obtained on such origination date, the FICO Score shall be the lower credit score; and (b) three separate credit scores are obtained on
such origination date, the FICO Score shall be the middle credit score. 
 Foreign Buyer: As defined in Section 12.3(c) of this
Agreement. 
 Freddie Mac: The Federal Home Loan Mortgage Corporation and any successor thereto. 

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

Freddie Mac Program: The Freddie Mac Home Mortgage Guarantor Program or the Freddie Mac FHA/VA Home Mortgage Guarantor Program, as described in
the Freddie Mac Guide. 
 GAAP: Generally accepted accounting principles in the United States of America, applied on a consistent basis and
applied to both classification of items and amounts, and shall include, without limitation, the official interpretations thereof by the Financial Accounting Standards Board, its predecessors and successors. 

  
 Exh. A-7 

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

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

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

Government Mortgage Loan: Unless defined otherwise in the Transactions Terms Letter, a first lien mortgage loan that is (a) eligible for
FHA Mortgage Insurance and is so insured or is subject to a current binding and enforceable commitment for such insurance pursuant to the provisions of the National Housing Act, as amended, and is originated in Strict Compliance with the Ginnie Mae
Guide and is eligible for inclusion in a Ginnie Mae mortgage-backed security pool; or (b) eligible to be guaranteed by the VA and is so guaranteed or is subject to a current binding and enforceable commitment for such guarantee pursuant to the
provisions of the Servicemen’s Readjustment Act, as amended; or (c) eligible to be guaranteed by the RD and is so guaranteed pursuant to the provisions of the RD Regulations; and (y) is otherwise eligible for inclusion in a Ginnie Mae
mortgage-backed security pool. 
 Governmental Authority: With respect to any Person, any nation or government, any state or other political
subdivision, agency or instrumentality thereof, any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government and any court or arbitrator having jurisdiction over such Person, any of
its Subsidiaries or any of its properties. 
 Guarantor: As defined in the Transaction Terms Letter. 

Haircut: With respect to any Transaction with respect to which the Purchase Price is being paid to one or more Approved Payees on behalf of
Seller, if the Purchase Price is less than the amount that such Approved Payees are entitled to receive in respect of the related Mortgage Loans, the positive result (if any) equal to such amount minus such Purchase Price, which shall be considered
a “settlement payment” as defined in Bankruptcy Code Section 741(8). 
 Handbook: The guide prepared by Buyer containing
additional policies and procedures, as same may be amended from time to time. 
 HARP Mortgage Loan: Unless otherwise defined in the
Transactions Terms Letter, a Mortgage Loan that fully conforms to the Home Affordable Refinance Program (as such program is amended, supplemented or otherwise modified, from time to time), and is referred to by Fannie Mae as a “Refi Plus
mortgage loan” or “DU Refi Plus mortgage loan”, and by Freddie Mac as a “Relief Refinance Mortgage”. 
 HUD: The
United States Department of Housing and Urban Development or any successor thereto. 
 Income: With respect to any Purchased Asset at any
time, any principal and/or interest thereon and all dividends, Proceeds and other collections and distributions thereon. 
 Indemnified Party
or Indemnified Parties: As defined in Section 12.1 of this Agreement. 
 Insolvency Event: The occurrence of any of
the following events: 
 (a) such Person shall become insolvent or generally fail to pay, or admit in writing its inability to pay, its debts
as they become due, or shall voluntarily commence any proceeding or file any petition under any bankruptcy, insolvency or similar law or seeking dissolution, liquidation or reorganization or the appointment of a receiver, trustee, custodian,
conservator or liquidator for itself or a substantial portion of its property, assets or business or to effect a plan or other arrangement with its 

  
 Exh. A-8 

 
creditors, or shall file any answer admitting the jurisdiction of the court and the material allegations of an involuntary petition filed against it in any bankruptcy, insolvency or similar
proceeding, or shall be adjudicated bankrupt, or shall make a general assignment for the benefit of creditors, or such Person, or a substantial part of its property, assets or business, shall be subject to, consent to or acquiesce in the appointment
of a receiver, trustee, custodian, conservator or liquidator for itself or a substantial property, assets or business; 
 (b) corporate
action shall be taken by such Person for the purpose of effectuating any of the foregoing; 
 (c) an order for relief shall be entered in a
case under the Bankruptcy Code in which such Person is a debtor; or 
 (d) involuntary proceedings or an involuntary petition shall be
commenced or filed against such Person under any bankruptcy, insolvency or similar law or seeking the dissolution, liquidation or reorganization of such Person or the appointment of a receiver, trustee, custodian, conservator or liquidator for such
Person or of a substantial part of the property, assets or business of such Person, or any writ, order, judgment, warrant of attachment, execution or similar process shall be issued or levied against a substantial part of the property, assets or
business of such Person, and such proceeding or petition shall not be dismissed, or such execution or similar process shall not be released, vacated or fully bonded, within sixty (60) days after commencement, filing or levy, as the case may be.

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

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

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

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

Key Personnel: Any employee, officer, director, agent or representative of Seller identified in the Transactions Terms Letter as a “Key
Person.” 
 LIBOR Floor: As defined in the Transactions Terms Letter. 

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

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

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

  
 Exh. A-9 

 Manufactured Home Loan: A Conventional Conforming Mortgage Loan or Government Mortgage Loan
secured by a manufactured home (as defined by HUD) provided that (a) such manufactured home is attached to a permanent foundation, is no longer transportable (mobile homes) and is considered and treated as “real estate” under
applicable law, (b) such manufactured home is originated in compliance with Title II under FHA 203(b) and (c) such Conventional Conforming Mortgage Loan or Government Mortgage Loan is eligible for securitization by an Agency pursuant to
the terms of the applicable Agency Guides. 
 Margin Call: A margin call, as defined and described in Section 6.3 of this
Agreement. 
 Margin Deficit: A margin deficit, as defined and described in Section 6.3 of this Agreement. 

Market Value: With respect to an Asset, the lesser of (i) the outstanding principal balance of the Asset, (ii) the committed purchase
price of the Asset, as evidenced by the related Purchase Commitment, and (iii) the fair market value of the Asset as determined by Buyer in its sole discretion without regard to any market value assigned to such Asset by Seller. Buyer’s
determination of Market Value shall be conclusive upon the parties, absent manifest error on the part of Buyer. At no time and in no event will the Market Value of a Purchased Asset be greater than the Market Value of such Purchased Asset on the
Purchase Date. Any Mortgage Loan that is not an Eligible Asset shall have a Market Value of zero. 
 Master Netting Agreement: The master
margining, setoff and netting agreement among Buyer, Seller and certain Affiliates and Subsidiaries of Buyer and/or Seller, in form and substance acceptable to Buyer, as the same shall be modified and supplemented and in effect from time to time.

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

Maximum Dwell Time: (i) For any Purchased Asset with Standard Status, the maximum number of days such Purchased Asset can be not
repurchased by Seller before such Purchased Asset may be deemed to be a Noncompliant Asset; and (ii) with respect to a Noncompliant Asset, the maximum number of days that such Noncompliant Asset can be deemed to be a Noncompliant Asset before
it may be deemed to be a Defective Asset, all as set forth in the Transactions Terms Letter. 
 MERS: Mortgage Electronic Registration
Systems, Inc., a Delaware corporation, or any successor in interest thereto. 
 Minimum Over/Under Account Balance: The balance required to be
maintained by Seller in the Over/Under Account as provided in Section 3.5(a) of this Agreement, which balance is specified in the Transactions Terms Letter. 

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

Mortgage: A first-lien or second-lien mortgage, deed of trust, security deed or similar instrument on improved real property. 

  
 Exh. A-10 

 Mortgage-Backed Security: Any fully-modified pass-through mortgage-backed security that is
(i) either issued by Seller and fully guaranteed by Ginnie Mae or issued and fully guaranteed with respect to timely payment of interest and ultimate payment of principal by Fannie Mae or Freddie Mac; (ii) evidenced by a book-entry account
in a depository institution having book-entry accounts at the applicable Depository; and (iii) backed by a Pool, in substantially the principal amount and with substantially the other terms as specified with respect to such Mortgage-Backed
Security in the related Purchase Commitment. 
 Mortgage Loan: An Agency Eligible Mortgage Loan, Bond Loan – 1st Lien, Conventional
Conforming Mortgage Loan, FHA Streamline Refinance Mortgage Loan, Government Mortgage Loan, HARP Mortgage Loan, Jumbo Mortgage Loan, Manufactured Home Loan, Texas Cash-Out Refinance Mortgage Loan, Super Jumbo Mortgage Loan and VA Streamline
Refinance Mortgage Loan, as further specified in the Transactions Terms Letter, which Mortgage Loan may be either a Dry Mortgage Loan or a Wet Mortgage Loan. 

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

(a) the original Mortgage Note evidencing the Mortgage Loan, bearing all intervening endorsements from the originator to the last endorsee
endorsed, “Pay to the order of                     , without recourse” and signed in the name of the last endorsee by an officer of
the last endorsee; 
 (b) if Seller did not originate the Mortgage Loan, a copy of all original intervening assignments duly executed and
acknowledged and in recordable form, evidencing the chain of mortgage assignments from the originator of the Mortgage Loan to Seller, or to MERS, in the case of a Mortgage Loan registered with MERS, together with a certificate from Seller, the
applicable title insurance company, the applicable Closing Agent or the applicable recorder’s office, certifying that such copy represents a true and correct reproduction of the original and that such original has been duly recorded or
delivered for recordation in the appropriate records of the jurisdiction in which the related Mortgaged Property is located; 
 (c) except
with respect to a Mortgage Loan that is registered with MERS, an original Assignment in blank, executed by Seller, for the Mortgage securing the Mortgage Note, in recordable form but unrecorded, with a complete chain of intervening assignments from
the originator to Seller; 
 (d) a copy of the Mortgage securing the Mortgage Note bearing evidence of the recordation of such Mortgage with
the appropriate Governmental Authority, together with a certificate from Seller, the applicable title insurance company, the applicable Closing Agent or the applicable recorder’s office, certifying that such copy represents a true and correct
reproduction of the original and that such original has been duly recorded or delivered for recordation in the appropriate records of the jurisdiction in which the related Mortgaged Property is located, or if such recording information is
unavailable because the document has not yet come back from the applicable recording office, then a copy of evidence that such original Mortgage was sent out for recording by a Closing Agent; and 

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

Mortgage Loan File: With respect to each Mortgage Loan, that file that contains the Mortgage Loan Documents and is delivered to Buyer or its
Custodian. 
 Mortgage Note: A promissory note secured by a Mortgage and evidencing a Mortgage Loan. 

Mortgaged Property: The real property securing repayment of the debt evidenced by a Mortgage Note. 

Mortgagor: The obligor of a Mortgage Loan. 

  
 Exh. A-11 

 Multiemployer Plan: A multiemployer plan within the meaning of Sections 3(37) or 4001(a)(3) of
ERISA. 
 Net Income: For any period, the net income of any Person for such period as determined in accordance with GAAP. 

Net Worth: With respect to any Person, the excess of total assets of such Person, over total liabilities of such Person, determined in
accordance with GAAP. 
 Noncompliant Asset: If applicable per the Transactions Terms Letter, as of any date of determination, a Purchased
Asset that is an Eligible Asset and was not repurchased prior to the expiration of the Maximum Dwell Time permitted for a Purchased Asset with Standard Status but was repurchased prior to the expiration of the Maximum Dwell Time for Noncompliant
Assets. 
 One-Month LIBOR: The daily rate per annum (rounded to three (3) decimal places) for one-month U.S. dollar denominated deposits
as offered to prime banks in the London interbank market, as published on the Official ICE LIBOR Fixings page by Bloomberg or in the Wall Street Journal as of the date of determination; provided, that if Buyer determines that any law, regulation,
treaty or directive or any change therein or in the interpretation or application thereof, or any circumstance materially and adversely affecting the London interbank market, shall make it unlawful, impractical or commercially unreasonable for Buyer
to enter into or maintain Transactions as contemplated by this Agreement using One-Month LIBOR, then Buyer may, in addition to its rights under Section 4.5 herein, select an alternative rate of interest or index in its discretion. 

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

  
 Exh. A-12 

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

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

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

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

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

Plan: Any Multiemployer Plan or single-employer plan as defined in section 4001 of ERISA, that is maintained and contributed to by (or to which
there is an obligation to contribute of), or at any time during the five (5) calendar years preceding the date of this Agreement was maintained or contributed to by (or to which there is an obligation to contribute of), Seller or by a
Subsidiary of Seller or an ERISA Affiliate. 
 Pool: A pool of fully amortizing first lien residential Mortgage Loans eligible in the
aggregate to back a Mortgage-Backed Security. 
 Pooled Mortgage Loan: Any Mortgage Loan that is part of a Pool of Mortgage Loans certified by
the Custodian to an Agency that will be exchanged on the related Settlement Date for a Mortgage-Backed Security backed by such Pool in accordance with the terms of the applicable Agency Guide. 

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

Potential Default: The occurrence of any event or existence of any condition that, but for the giving of notice, the lapse of time, or both,
would constitute an Event of Default. 
 Power of Attorney: A power of attorney, substantially in the form attached hereto as Exhibit
H. 
 Price Differential: For each Purchased Asset or Transaction as of any date of determination, an amount equal to the product of
(a) (i) prior to the occurrence of an Event of Default, the sum of the Applicable Pricing Rate plus the applicable Type Margin, or (ii) following the occurrence and during the continuance of an Event of Default, the Default Rate, and
(b) the Purchase Price for such Purchased Asset or Transaction. Price Differential will be calculated in accordance with Section 2.6. 

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

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

  
 Exh. A-13 

 Property Charges: All taxes, fees, assessments, water, sewer and municipal charges (general or
special) and all insurance premiums, leasehold payments or ground rents. 
 Purchase Advice: In connection with each wire transfer to be made
to Buyer by Seller or an Approved Investor, a written or electronic notification setting forth (a)(i) the loan number assigned by Seller or last name of the Mortgagor for each Mortgage Loan that is related to the Transaction in connection with which
a payment is being made, or (ii) the CUSIP of any related Mortgage-Backed Security; (b) the amount of the wire transfer to be applied in the Transaction; and (c) the total amount of the wire. 

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

Purchase Date: The date on which Buyer purchases a Purchased Asset from Seller, as more particularly described below. If the Purchase Price is
paid by wire transfer, the Purchase Date shall be the date such funds are wired. If the Purchase Price is paid by a cashier’s check, the Purchase Date shall be the date such check is issued by the bank. If the Purchase Price is paid by a
funding draft, the Purchase Date shall be the date that the draft is posted by the bank on which the draft is drawn. 
 Purchase Price: The
price at which each Asset is transferred by Seller to Buyer which, except as otherwise may be set forth in the Transactions Terms Letter, shall be equal to the product of the applicable Type Purchase Price Percentage and the least of (i) the
unpaid principal balance of such Asset, (ii) the Market Value of such Asset, (iii) the purchase price committed by the related Approved Investor, if applicable, as evidenced by the related Purchase Commitment, or (iv) the purchase
price paid by Seller for such Asset. For Pooled Mortgage Loans, the Purchase Price shall be the Type Purchase Price Percentage multiplied by the Takeout Price. For the sake of clarity, the Purchase Price for each Mortgage-Backed Security subject to
a Transaction pursuant to Section 3.8 shall be the same Purchase Price that was paid for the Purchased Mortgage Loans backing such Mortgage-Backed Security. 

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

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

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

  
 Exh. A-14 

 (b) all Mortgage-Backed Securities issued in exchange for Purchased Mortgage Loans for which
the Repurchase Price has not been received by Buyer; 
 (c) all Income related to the Purchased Assets and all rights to receive such Income;

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

(e) all rights of Seller under all related Purchase Commitments (including the right to receive the related Takeout Price), purchase agreements
or other hedging arrangements, agreements, contracts or take-out commitments relating to or constituting any or all of the foregoing, now existing and hereafter arising, covering any part of the Purchased Assets, and all rights to receive
documentation relating thereto, and all rights to deliver Purchased Mortgage Loans and related Mortgage-Backed Securities to permanent investors and other purchasers pursuant thereto and all Proceeds resulting from the disposition of such Purchased
Assets; 
 (f) all now existing and hereafter established accounts maintained with broker-dealers by Seller for the purpose of carrying out
transactions under Purchase Commitments relating to any part of the Purchased Assets; 
 (g) all now existing and hereafter arising rights of
Seller to service, administer and/or collect on the Purchased Assets hereunder and any and all rights to the payment of monies on account thereof; 

(h) all Servicing Rights related to the Purchased Mortgage Loans, all related Servicing Records, and all rights of Seller to receive from any
third party or to take delivery of any Servicing Records or other documents which constitute a part of the Mortgage Loan Files, all rights of Seller to receive from any third party or to take delivery of any records or other documents which
constitute a part of the Mortgage Loan Files, including, without limitation, the Other Mortgage Loan Documents; 
 (i) all now existing and
hereafter arising accounts, contract rights and general intangibles constituting or relating to any of the Purchased Assets; 
 (j) all
mortgage and other insurance and all commitments issued by Insurers, the FHA, the VA or the RD, as applicable, to insure or guaranty any Purchased Asset, including, without limitation, all FHA Mortgage Insurance Contracts, VA Loan Guaranty
Agreements and RD Loan Guaranty Agreements relating to such Purchased Assets and the right to receive all insurance proceeds and condemnation awards that may be payable in respect of the premises encumbered by any Mortgage; and all other documents
or instruments delivered to Buyer in respect of the Purchased Assets; 
 (j) all documents, files, surveys, certificates, correspondence,
appraisals, computer programs, tapes, discs, cards, accounting records and other information and data of Seller relating to Purchased Assets; 

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

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

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

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

  
 Exh. A-15 

 Purchased Mortgage Loan: A Mortgage Loan that has been purchased by Buyer from Seller in
connection with a Transaction and which has not been repurchased by Seller hereunder. 
 QM Rule: 12 CFR 1026.43(e), including all applicable
official staff commentary. 
 Qualified Mortgage: A Mortgage Loan that satisfies the criteria for a “qualified mortgage” as set
forth in the QM Rule. 
 RD: The United States Department of Agriculture Rural Development and any successor thereto. 

RD Loan Guaranty Agreement: The obligation of the United States to pay a specific percentage of a Mortgage Loan (subject to a maximum amount)
upon default of the Mortgagor. 
 RD Regulations: The regulations promulgated by the RD under the Consolidated Farm and Rural Development Act
of 1977; and other RD issuances relating to rural housing loans codified in the Code of Federal Regulations. 
 Rebuttable Presumption Qualified
Mortgage: A Qualified Mortgage with an annual percentage rate that exceeds the average prime offer rate for a comparable mortgage loan as of the date the interest rate is set by 1.5 or more percentage points for a first-lien Mortgage Loan or
by 3.5 or more percentage points for a subordinate-lien Mortgage Loan. 
 Reportable Event: An event described in Section 4043(b) of
ERISA with respect to a Plan as to which the thirty (30) days’ notice requirement has not been waived by the PBGC. 
 Repurchase
Acceleration Event: Any of the conditions or events set forth in Section 4.2 of this Agreement. 
 Repurchase Date: The
date on which Seller is to repurchase a Purchased Asset subject to a Transaction from Buyer, which is either (i) the date specified in the related Transactions Terms Letter and/or Asset Data Record, or (ii) the date identified to Buyer by
Seller as the date that the related Purchased Asset is to be sold pursuant to a Purchase Commitment; provided, however, that if the Repurchase Date is not a date within the Maximum Dwell Time for a Purchased Asset with Standard Status, Buyer may, at
its discretion, deem such Purchased Asset a Noncompliant Asset and Buyer may pursue any rights and remedies accorded Buyer hereunder as a result thereof, including, without limitation, charging Seller any applicable fees as a result thereof. The
Repurchase Date for each Purchased Asset shall in no event occur later than one (1) year after the Purchase Date of such Purchased Asset. 

Repurchase Price: The price at which a Purchased Asset is to be transferred from Buyer or its designee to Seller upon termination of a
Transaction, which shall equal the sum of (i) the Purchase Price, (ii) any applicable fees and indemnities owed by Seller in connection with the Purchased Asset and (iii) the Price Differential due on such Purchase Price pursuant to
Section 2.6 as of the date of such determination. 
 Repurchase Transaction: A repurchase transaction, as defined and described
in Section 6.6 of this Agreement. 
 Request for Temporary Increase: As defined in Section 2.10 of this Agreement.

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

  
 Exh. A-16 

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

 Seller’s Release: A Seller’s release in substantially the form set forth in the Custodial Agreement. 

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

Servicer: Seller, Cenlar FSB, or such other entity responsible for servicing or subservicing, as the case may be, the Purchased Mortgage Loans
and that has been approved by Buyer in writing, or, in each case, any successor or permitted assigns thereof. 
 Servicer Notice: The notice
acknowledged by the Servicer which is substantially in the form of Exhibit K hereto. 
 Servicer Termination Event: The occurrence of
any of the following conditions or events shall be a Servicer Termination Event: 
  

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

  

	 	(b)	 Servicer becomes subject to any penalties (in excess of [***] individually or in the aggregate), restitution
(in excess of [***] individually or in the aggregate) or sanctions by any Agency, HUD, FHA, VA, or RD; 

  

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

  

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

  

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

 

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

  

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

  

	 	(h)	 a Change of Control shall occur with respect to Servicer, which has not been approved by Buyer; or

  

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

  
 Exh. A-17 

 Servicing Agreement: If the Purchased Mortgage Loans are serviced by any third party servicer,
the agreement with that third party in form and substance acceptable to Buyer. 
 Servicing Records: All servicing agreements, files,
documents, records, data bases, computer tapes, copies of computer tapes, proof of insurance coverage, insurance policies, appraisals, other closing documentation, payment history records, and any other records relating to or evidencing the
servicing of a Mortgage Loan. 
 Servicing Rights: The contractual, possessory or other rights of Seller, Servicer or any other Person,
whether arising under a Servicing Agreement, the Custodial Agreement or otherwise, to administer or service a Mortgage Loan or to possess related Servicing Records. 

Settlement Date: With respect to a Mortgage-Backed Security, the date on which the applicable Agency delivers such Mortgage-Backed Security to
the Depository and it is registered as a book-entry security in the name of the Depository. 
 Standard Status: As of any date of
determination, a Purchased Asset that has been subject to a Transaction for less than the applicable Maximum Dwell Time and that is not a Noncompliant Asset or a Defective Asset. 

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

Subsidiary: With respect to any Person, any corporation, partnership or other entity of which at least a majority of the securities or other
ownership interests having by the terms thereof ordinary voting power to elect a majority of the board of directors or other persons performing similar functions of such corporation, partnership or other entity (irrespective of whether or not at the
time securities or other ownership interests of any other class or classes of such corporation, partnership or other entity shall have or might have voting power by reason of the happening of any contingency) is at the time directly or indirectly
owned or controlled by such Person or one or more Subsidiaries of such Person. 
 Successor Servicer: Any successor subservicer of the
Purchased Mortgage Loans appointed by Buyer as described in Section 6.2(h) of this Agreement. 
 Super Jumbo Mortgage Loan: Unless
defined otherwise in the Transactions Terms Letter, a first lien mortgage loan that meets the transaction requirements set forth on Schedule 1 to the Transactions Terms Letter. 

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

  
 Exh. A-18 

 Tangible Net Worth: As of any date of determination, (i) the Net Worth of Seller and its
consolidated Subsidiaries, on a combined basis, determined in accordance with GAAP, minus (ii) all intangibles determined in accordance with GAAP (including, without limitation, goodwill, capitalized financing costs and capitalized
administration costs but excluding mortgage servicing rights) and any and all advances to, investments in and receivables held from Affiliates, minus (iii) the sum of (a) loans with a loan age since origination of greater than ninety
(90) days, (b) loans that have been repurchased by Seller and (c) real estate owned net of acceptable financing (financing must be deemed acceptable by Buyer in its sole discretion) and plus (iv) up to [***] in the aggregate of
the loans identified in clauses (iii)(a) and (b) above. 
 Taxes: As defined in Section 12.3(a) of this Agreement. 

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

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

Texas Cash-Out Refinance Mortgage Loan: A Mortgage Loan originated in the state of Texas pursuant to Article XVI, Section 50(a)(6) of the
Texas Constitution. 
 Total Liabilities: As of any date of determination, the sum of (i) the total liabilities of Seller on any given
date of determination, to be determined in accordance with GAAP consistent with those applied in the preparation of Seller’s financial statements, plus (ii) to the extent not already included under GAAP, the total aggregate outstanding
amount owed by Seller under any purchase, repurchase, refinance or other similar credit arrangements, plus (iii) to the extent not already included under GAAP, any “off balance sheet” purchase, repurchase, refinance or other similar
credit arrangements, minus (iv) non-recourse debt. 
 Trade Assignment: An assignment to Buyer of a forward trade between an Approved
Investor and Seller with respect to one or more Purchased Assets or related Mortgage-Backed Security, in each case in substantially the form of Exhibit N hereto, together with the related Purchase Commitment that has been fully executed, is
enforceable and is in full force and effect and confirms the details of such forward trade. 
 Transaction: As set forth in the Recitals of
this Agreement. 
 Transactions Terms Letter: The document executed by Buyer and Seller, referencing this Agreement and setting forth certain
specific terms, and any additional terms, with respect to this Agreement. 
 Type: A specific type of Purchased Asset, as set forth in the
Transactions Terms Letter. 
 Type Margin: With respect to each Type of Purchased Asset, the corresponding annual rate of interest for such
Type as set forth in the Transactions Terms Letter that shall be added to the Applicable Pricing Rate to determine the annual rate of interest for the related Purchase Price. 

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

 Uncommitted Amount: The amount of the Aggregate Transaction Limit that is uncommitted, as set forth in the Transactions Terms Letter, or
such other amount as may be determined by the Buyer in its sole discretion. 
 Underwriter Approval: Written evidence, in form and substance
acceptable to Buyer, that a Purchased Mortgage Loan has been underwritten to the satisfaction of the Approved Investor issuing the applicable Purchase Commitment. 

  
 Exh. A-19 

 Uniform Commercial Code: The Uniform Commercial Code as in effect on the date hereof in the
State of New York or the Uniform Commercial Code as in effect in the applicable jurisdiction. 
 Unused Facility Fee: The fee set forth in the
Transactions Terms Letter payable by Seller quarterly in arrears on each Payment Date, based upon the unused portion of the Aggregate Transaction Limit; provided, however, that no fee shall be due on a Payment Date if the Used Amount is less
than the specified percentage of the Aggregate Transaction Limit that is set forth in the Transactions Terms Letter. 
 USDA: The United
States Department of Agriculture. 
 Used Amount: As defined in the Transactions Terms Letter. 

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

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

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

VA Streamline Refinance Mortgage Loan: A Government Mortgage Loan originated and underwritten in accordance with the “VA Streamline
Refinance” program and VA Regulations. 
 Warehouse Lender’s Release: A warehouse lender’s release in substantially the form
set forth in the Custodial Agreement. 
 Wet Mortgage Loan: A Mortgage Loan for which the complete Mortgage Loan File has not been delivered
to Custodian, subject to Seller’s obligation to deliver all of the related Mortgage Loan Documents to Buyer or its Custodian in a form and condition acceptable to Buyer within the applicable Maximum Dwell Time. 

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

  
 Exh. A-20

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00319-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00319-of-00352.parquet"}]]