Sophisticated Investor; Required Disclosure. Purchaser is a sophisticated investor and its decision to acquire the True Excess Spread is based upon Purchaser’s own independent experience, knowledge, due diligence and evaluation of this transaction. Purchaser has relied solely on such experience, knowledge, due diligence and evaluation and has not relied on any oral or written information provided by Seller other than the representations and warranties made by Seller herein. Purchaser has received the Agency Subordination of Interest Agreement and reviewed the same with its legal counsel, such that Purchaser is aware of the risks associated with a termination of Seller as an Agency approved servicer, with a termination of the Servicing Agreement in whole or in part, and with a termination of the Agency Agreements whereby the Purchaser’s rights to the True Excess Spread may be extinguished. Purchaser has made (and covenants to make in the future) adequate disclosures to all prospective participants and Third Party Assignees (as hereinafter defined) of the risks of the transactions contemplated by this Agreement and of the terms of the Agency Agreements. The Purchaser is not relying on Seller or any of its Affiliates with respect to any tax, legal or accounting advice in connection with the Purchaser’s decision to enter into this Agreement and no advice provided by Seller or its Affiliates has formed a basis for the decision to enter into this Agreement.1
