Exhibit 10.15

EXECUTION COPY

[As Corrected by Fourth Amendment]

THIRD AMENDMENT AGREEMENT

Dated as of November 25, 2008

by and among

RESIDENTIAL FUNDING COMPANY, LLC,

as Borrower,

GMAC MORTGAGE, LLC,

as Borrower,

RESIDENTIAL CAPITAL, LLC AND CERTAIN OTHER

AFFILIATES OF THE BORROWERS PARTY HERETO,

as Guarantors or Obligors,

and

GMAC LLC,

as Initial Lender and as Lender Agent

 

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This THIRD AMENDMENT AGREEMENT (this “Agreement”) dated as of November 25, 2008
(the “Amendment Effective Date”), is by and among Residential Funding Company,
LLC, a Delaware limited liability company (“RFC”), GMAC Mortgage, LLC,
a Delaware limited liability company (“GMAC Mortgage”, and together with RFC,
each a “Borrower” and collectively, the “Borrowers”), Residential Capital, LLC
and the other Affiliates of the Borrowers party hereto as Guarantors (each, a
“Guarantor”), the Affiliates of the Borrower party hereto as Obligors (each, an
“Obligor”) and GMAC LLC, a Delaware limited liability company, in its capacity
as Initial Lender and as agent for the Lenders (in such capacity, the “Lender
Agent”).

Reference is hereby made to the Loan Agreement dated as of June 4, 2008 among
the Borrowers, the Guarantors, the Initial Lender, the Lender Agent, the various
other parties signatory thereto as obligors and Wells Fargo Bank, N.A (as
amended and modified by the deletion and joinder of parties prior to the date
hereof and as amended through August 14, 2008, the “Loan Agreement”).

RECITALS

1. Each of the parties hereto is a party to the Loan Agreement.

2. The parties hereto desire to confirm certain understandings with respect to
Servicing Advance Factoring Sales and to make certain amendments to the Loan
Agreement.

3. Each of the parties hereto, by its signature hereto, hereby acknowledges,
consents and agrees to the matters set forth herein.

4. In consideration of the premises and mutual agreements herein contained and
for good and valuable consideration, the receipt and sufficiency of which is
hereby acknowledged, the parties hereto agree as follows:

ARTICLE I

DEFINED TERMS

SECTION 1.1 Capitalized terms used herein and not otherwise defined shall have
the meaning set forth in the Loan Agreement.

ARTICLE II

MODIFICATIONS TO THE AFFECTED DOCUMENTS

SECTION 2.1 Servicing Advance Factoring Sales. The Borrowers have, from time to
time commencing on June 18, 2008, engaged in Servicing Advance Factoring Sales.
The Borrowers hereby represent and warrant to the Lenders that (x) the
information contained in Exhibit A attached hereto (the “Spreadsheets”) is true
and accurate in all material respects as of November 24, 2008 (other than as
expressly indicated on the Spreadsheets), and (y) without limiting the
foregoing, the Spreadsheet shows the following:

(i) the principal amount of each Servicing Corporate Advance, Servicing P&I
Advance and Servicing T&I Advance (collectively, “Servicing Advances”) that was
the subject of Servicing Advance Factoring Sales from the start of the Deferral
Period to the date hereof, and the sum of all such principal amounts;

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(ii) the Net Cash Proceeds of each such Servicing Advance Factoring Sale, and
the sum of all such proceeds;

(iii) the date and amount of all collections on such Servicing Advances received
by GMAC, as purchaser of such Servicing Advances;

(iv) the extent to which such Net Cash Proceeds have been reinvested in new
Servicing Advances that became Reinvestment Collateral, no less frequently than
on a monthly basis, the aggregate amount of all such reinvestments and, in the
case of certain Servicing T&I Advances and Servicing Corporate Advances that
became Reinvestment Collateral, the date and amount of each such reinvestment
and the related Servicing Advances;

(v) extent to which any such Servicing Advances included in Reinvestment
Collateral were the subject of subsequent Servicing Advance Factoring Sales, and
the date and amount of each such sale;

(vi) the aggregate amount of Net Cash Proceeds of Servicing Advance Factoring
Sales that have not been reinvested in Servicing Advances;

(vii) the aggregate amount of such Net Cash Proceeds that have been deposited in
the Sales Proceeds Account, including any portion of such amount applied to the
repayment of Loans pursuant to Section 2.08(c) of the Loan Agreement; and

(viii) the aggregate amount of such Net Cash Proceeds that have not been
reinvested in Servicing Advances that became Reinvestment Collateral or applied
to the repayment of Loans.

SECTION 2.2 Deferral Period. The date “December 1, 2008” appearing in clause
(i) of the definition of “Deferral Period” is hereby deleted and replaced with
the date “December 12, 2008”.

SECTION 2.3 Mandatory Repayment Date. The date “December 1, 2008” as it appears
in the definition of “Mandatory Repayment Date” is hereby deleted each time it
occurs therein and replaced with the date “December 12, 2008”.

ARTICLE III

CONDITIONS TO EFFECTIVENESS

SECTION 3.1 Amendment Effective Date. This Agreement and the provisions
contained herein shall become effective as of the date hereof provided that the
Lender Agent shall have, in form and substance satisfactory to them, received an
original counterpart (or counterparts) of this Agreement executed by each of the
parties hereto.

 

2

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ARTICLE IV

NOTICE, RESERVATION OF RIGHTS, CONFIRMATION, ACKNOWLEDGEMENT,

RELEASE AND REPRESENTATIONS AND WARRANTIES

SECTION 4.1 Notice. Each Obligor hereto hereby acknowledges timely notice of the
execution of this Agreement and of the transactions and amendments contemplated
hereby. Each party hereto hereby waives any notice requirement contained in the
Facility Documents with respect to the execution of this Agreement.

SECTION 4.2 Reservation of Rights. The Obligors each hereby acknowledge and
agree that none of this Agreement, the making of any loan under the Loan
Agreement by GMAC and GMAC’s or the Lender Agent’s consent thereto either before
or after the Effective Date shall constitute (w) an approval of the accuracy of
all or any portion of any Borrower funding request or related certification,
(x) a waiver or forbearance by GMAC or the Lender Agent under any of the
Facility Documents, (y) the acceptance by any Lender or the Lender Agent of any
course of conduct by any Obligor or any other Person or (z) an agreement by GMAC
or the Lender Agent to amend any of the Facility Documents without all required
approvals or related certification. The Obligors each hereby further acknowledge
and agree that GMAC and the Lender Agent reserve all rights, remedies and
options under the Facility Documents to require either Borrower to satisfy in
all respects the conditions relating to the making of any loan under the
Facility Documents and each Obligor to perform all of its obligations under the
Facility Documents which are then due and owing or are susceptible of
performance, as the case may be.

SECTION 4.3 Confirmation of the Subject Documents. The Obligors each hereby
acknowledge and agree that, except as herein expressly amended, the Loan
Agreement and each other Facility Document are each ratified and confirmed in
all respects and shall remain in full force and effect in accordance with their
respective terms. Without limiting the foregoing, each Obligor ratifies and
reaffirms (a) its grant of a security interest in all the Collateral (as defined
in the Loan Agreement) pledged by it, and represents, confirms and agrees that
such security interest is a first priority perfected security interest (subject
in the case of Collateral under the Revolving Loan Agreement to Approved
Exceptions) securing all Obligations (as defined in the Loan Agreement) and
(b) all of its other obligations under the Facility Documents executed and
delivered by it.

SECTION 4.4 Representations and Warranties. By its signature hereto, each
Obligor hereby represents and warrants that, before and after giving effect to
this Agreement, as follows:

(a) Its representations and warranties set forth in the Facility Documents
(as amended hereby) are true and correct as if made on the date hereof, except
to the extent they expressly relate to an earlier date, and except for matters
that have been disclosed to the Lender Agent in writing; and

(b) No Default (as defined in the Loan Agreement) has occurred and is
continuing.

 

3

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ARTICLE V

MISCELLANEOUS

SECTION 5.1 GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS OF
LAWS PRINCIPLES (BUT WITH REFERENCE TO SECTION 5-1401 OF THE NEW YORK GENERAL
OBLIGATIONS LAW, WHICH BY ITS TERMS APPLIES TO THIS AGREEMENT).

SECTION 5.2 Execution in Counterparts. This Agreement may be executed in any
number of counterparts and by different parties hereto in separate counterparts,
each of which when so executed shall be deemed to be an original (whether such
counterpart is originally executed or an electronic copy of an original and each
party hereto expressly waives its rights to receive originally executed
documents) and all of which when taken together shall constitute one and the
same agreement.

SECTION 5.3 WAIVER OF JURY TRIAL. EACH OF THE PARTIES HEREBY IRREVOCABLY WAIVES
ANY AND ALL RIGHT TO A TRIAL BY JURY WITH RESPECT TO ANY LEGAL PROCEEDING
ARISING OUT OF OR RELATING TO THIS AGREEMENT.

SECTION 5.4 Entire Agreement. This Agreement, the Loan Agreement and the other
Facility Documents embody the entire agreement and understanding of the parties
hereto and supersede any and all prior agreements, arrangements and
understanding relating to the matters provided for herein.

SECTION 5.5 Captions. The various captions in this Agreement are included for
convenience only and shall not affect the meaning or interpretation of any
provision of this Agreement.

SECTION 5.6 Severability. If any provision of this Agreement, or the application
thereof to any party or any circumstance, is held to be unenforceable, invalid
or illegal (in whole or in part) for any reason (in any jurisdiction), the
remaining terms of this Agreement, modified by the deletion of the unenforceable
invalid or illegal portion (in any relevant jurisdiction), will continue in full
force and effect, and such unenforceability, invalidity or illegality will not
otherwise affect the enforceability, validity or legality of the remaining terms
of this Agreement so long as this Agreement, as so modified, continues to
express, without material change, the original intentions of the parties as to
the subject matter hereof and the deletion of such portion of this Agreement
will not substantially impair the respective expectations of the parties or the
practical realization of the benefits that would otherwise be conferred upon the
parties.

 

4

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SECTION 5.7 SUBMISSION TO JURISDICTION. EACH PARTY HERETO HEREBY SUBMITS TO THE
NONEXCLUSIVE JURISDICTION OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN
DISTRICT OF NEW YORK FOR PURPOSES OF ALL LEGAL PROCEEDINGS ARISING OUT OF OR
RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. EACH PARTY
HERETO IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY OBJECTION
WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF THE VENUE OF ANY SUCH
PROCEEDING BROUGHT IN SUCH A COURT AND ANY CLAIM THAT ANY SUCH PROCEEDING
BROUGHT IN SUCH A COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. EACH PARTY
HERETO HEREBY CONSENTS TO PROCESS BEING SERVED IN ANY SUIT, ACTION OR PROCEEDING
WITH RESPECT TO THIS AGREEMENT, OR ANY DOCUMENT DELIVERED PURSUANT HERETO BY THE
MAILING OF A COPY THEREOF BY REGISTERED OR CERTIFIED MAIL, POSTAGE PREPAID,
RETURN RECEIPT REQUESTED, TO ITS RESPECTIVE ADDRESS SPECIFIED AT THE TIME FOR
NOTICES UNDER THIS AGREEMENT OR TO ANY OTHER ADDRESS OF WHICH IT SHALL HAVE
GIVEN WRITTEN OR ELECTRONIC NOTICE TO THE OTHER PARTIES. THE FOREGOING SHALL NOT
LIMIT THE ABILITY OF ANY PARTY HERETO TO BRING SUIT IN THE COURTS OF ANY
JURISDICTION.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

5

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IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by
their respective officers thereunto duly authorized, as of the date first above
written.

 

RESIDENTIAL FUNDING COMPANY, LLC, as Borrower By:  

/s/ John M. Peterson

Name:   John M. Peterson Title:   Treasurer

GMAC MORTGAGE, LLC,

as Borrower

By:  

/s/ John M. Peterson

Name:   John M. Peterson Title:   Treasurer

 

  S-1    Third Loan Agreement Amendment

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GMAC LLC,

as Lender Agent and as Initial Lender

By:  

/s/ David C. Walker

Name:   David C. Walker Title:   Group Vice President and Treasurer

 

  S-2    Third Loan Agreement Amendment

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Acknowledged and Agreed:

RESIDENTIAL CAPITAL, LLC,

as Guarantor

By:  

/s/ John M. Peterson

Name:   John M. Peterson Title:   Assistant Treasurer

GMAC RESIDENTIAL HOLDING COMPANY,

LLC, as Guarantor

By:  

/s/ John M. Peterson

Name:   John M. Peterson Title:   Treasurer

GMAC-RFC HOLDING COMPANY, LLC,

as Guarantor

By:  

/s/ John M. Peterson

Name:   John M. Peterson Title:   Treasurer

HOMECOMINGS FINANCIAL, LLC,

as Guarantor

By:  

/s/ John M. Peterson

Name:   John M. Peterson Title:   Treasurer

 

  S-3    Third Loan Agreement Amendment

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Acknowledged and Agreed:

RESIDENTIAL MORTGAGE REAL ESTATE

HOLDINGS, LLC, as Obligor

By:  

/s/ John M. Peterson

Name:   John M. Peterson Title:   Treasurer

RESIDENTIAL FUNDING REAL ESTATE

HOLDINGS, LLC, as Obligor

By:  

/s/ John M. Peterson

Name:   John M. Peterson Title:   Treasurer

HOMECOMINGS FINANCIAL REAL ESTATE

HOLDINGS, LLC, as Obligor

By:  

/s/ John M. Peterson

Name:   John M. Peterson Title:   Treasurer

EQUITY INVESTMENT I, LLC,

as Obligor

By:  

/s/ Joel D. Kaul

Name:   Joel D. Kaul Title:   Vice President

DEVELOPERS OF HIDDEN SPRINGS, LLC,

as Obligor

By:  

/s/ Joel D. Kaul

Name:   Joel D. Kaul Title:   Vice President

 

  S-4    Third Loan Agreement Amendment

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DOA HOLDING PROPERTIES, LLC,

as Obligor

By:  

/s/ Joel D. Kaul

Name:   Joel D. Kaul Title:   Vice President

RFC ASSET HOLDINGS II, LLC,

as Obligor

By:  

/s/ John M. Peterson

Name:   John M. Peterson Title:   Treasurer

PASSIVE ASSET TRANSACTIONS, LLC,

as Obligor

By:  

/s/ John M. Peterson

Name:   John M. Peterson Title:   Treasurer

GMAC MODEL HOME FINANCE I, LLC,

as Obligor

By:  

/s/ Joel D. Kaul

Name:   Joel D. Kaul Title:   Vice President

EQUITY INVESTMENT IV, LLC,

as Obligor

By:  

/s/ Joel D. Kaul

Name:   Joel D. Kaul Title:   Vice President

 

  S-5    Third Loan Agreement Amendment

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AMERILAND, LLC,

as Obligor

By:   REG-PFH, LLC, its sole member By:  

/s/ Joel D. Kaul

Name:   Joel D. Kaul Title:   Vice President

REG-PFH, LLC,

as Obligor

By:  

/s/ Joel D. Kaul

Name:   Joel D. Kaul Title:   Vice President

HOME CONNECTS LENDING SERVICES, LLC,

as Obligor

By:  

/s/ John M. Peterson

Name:   John M. Peterson Title:   Treasurer

MINT I, LLC,

as Obligor

By:  

/s/ John M. Peterson

Name:   John M. Peterson Title:   Treasurer

MINT I VFN HOLDINGS, LLC,

as Obligor

By:  

/s/ John M. Peterson

Name:   John M. Peterson Title:   Treasurer

GMACR MORTGAGE PRODUCTS, LLC,

as Obligor

By:  

/s/ John M. Peterson

Name:   John M. Peterson Title:   Treasurer

 

  S-6    Third Loan Agreement Amendment

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DITECH, LLC, as Obligor By:  

/s/ John M. Peterson

Name:   John M. Peterson Title:   Treasurer

RESIDENTIAL CONSUMER SERVICES, LLC,

as Obligor

By:  

/s/ John M. Peterson

Name:   John M. Peterson Title:   Treasurer

GMAC MORTGAGE USA CORPORATION,

as Obligor

By:  

/s/ John M. Peterson

Name:   John M. Peterson Title:   Treasurer

RESIDENTIAL FUNDING MORTGAGE SECURITIES I, INC.,

as Obligor

By:  

/s/ John M. Peterson

Name:   John M. Peterson Title:   Treasurer

MFC ASSET, LLC,

as Obligor

By:  

/s/ John M. Peterson

Name:   John M. Peterson Title:   Treasurer

 

  S-7    Third Loan Agreement Amendment

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RFC ASSET MANAGEMENT, LLC as Obligor By:  

/s/ John M. Peterson

Name:   John M. Peterson Title:   Treasurer

RFC SFJV-2002, LLC,

as Obligor

By:   RFC ASSET MANAGEMENT, LLC,   its sole member By:  

/s/ John M. Peterson

Name:   John M. Peterson Title:   Treasurer

RCSFJV2004, LLC,

as Obligor

By:  

/s/ John M. Peterson

Name:   John M. Peterson Title:  

Treasurer

 

  S-8    Third Loan Agreement Amendment

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Exhibit A to Third Amendment

 

Description

  6/17/2008 -
Orig Bal   YTD
06/30/2008     7/1/2008     7/2/2008     7/3/2008     7/7/2008     7/8/2008    
7/9/2008     7/10/2008     7/11/2008     7/14/2008  

Section 2.1(i) Principal Advance

                     

P&I

  252,772,003.99   —       —       —       —       —       —       —       —    
  —       —    

T&I

  182,376,933.41   —       —       —       —       —       —       —       —    
  —       —    

Corporate

  151,197,484.09   —       —       —       —       —       —       —       —    
  —       —                                                                    

Total

  586,346,421.49   —       —       —       —       —       —       —       —    
  —       —                                                                    

Section 2.1(ii) Net Cash Proceeds

                     

P&I

  214,856,203.39   —       —       —       —       —       —       —       —    
  —       —    

T&I

  155,020,393.40   —       —       —       —       —       —       —       —    
  —       —    

Corporate

  128,517,861.48   —       —       —       —       —       —       —       —    
  —       —                                                                    

Total

  498,394,458.27   —       —       —       —       —       —       —       —    
  —       —                                                                    

Section 2.1(iii) Collections

                     

P&I*

  —     —       —       —       —       —       —       —       —       —      
—    

T&I

  —     (8,389,953.73 )   (1,571,514.30 )   (3,559,390.97 )   (1,259,856.27 )  
(636,445.93 )   (753,228.30 )   (912,689.68 )   (1,157,799.99 )   (764,199.26 )
  (789,850.21 )

Corporate

  —     (10,032,826.21 )   (2,965,208.18 )   (1,979,878.31 )   (931,767.57 )  
(422,283.03 )   (1,197,366.92 )   (851,268.60 )   (1,063,937.80 )   (624,788.75
)   (595,418.53 )                                                              
 

Total

  —     (18,422,779.94 )   (4,536,722.48 )   (5,539,269.28 )   (2,191,623.84 )  
(1,058,728.96 )   (1,950,595.22 )   (1,763,958.28 )   (2,221,737.79 )  
(1,388,988.01 )   (1,385,268.74 )                                              
                 

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7/15/2008     7/16/2008     7/17/2008     7/18/2008   7/21/2008     7/22/2008  
  7/23/2008     7/24/2008     7/25/2008     7/28/2008     7/29/2008    
7/30/2008     7/31/2008     8/1/2008                             —       —      
—       —     —       —       —       —       —       —       —       —      
—       —     —       —       —       23,641,933.92   2,786,848.21    
1,017,219.07     2,062,259.75     683,635.60     1,710,820.50     1,880,139.59  
  1,885,648.64     1,962,737.65     441,939.89     766,352.16   —       —      
—       19,440,726.36   2,591,348.03     1,028,958.94     1,205,057.43    
1,015,209.36     828,413.31     893,088.87     1,363,670.13     1,100,493.84    
749,021.01     1,057,049.38                                                    
                              —       —       —       43,082,660.28  
5,378,196.24     2,046,178.01     3,267,317.18     1,698,844.96     2,539,233.81
    2,773,228.46     3,249,318.77     3,063,231.49     1,190,960.90    
1,823,401.54                                                                    
                                        —       —       —       —     —      
—       —       —       —       —       —       —       —       —     —      
—       —       20,095,643.83   2,368,820.98     864,636.21     1,752,920.79    
581,090.26     1,454,197.43     1,598,118.65     1,602,801.34     1,668,327.00  
  375,648.91     651,399.34   —       —       —       16,524,617.41  
2,202,645.83     874,615.10     1,024,298.82     862,927.96     704,151.31    
759,125.54     1,159,119.61     935,419.76     636,667.86     898,491.97        
                                                                          —    
  —       —       36,620,261.24   4,571,466.80     1,739,251.31     2,777,219.60
    1,444,018.22     2,158,348.74     2,357,244.19     2,761,920.95    
2,603,746.77     1,012,316.77     1,549,891.31                                  
                                                                          —    
  —       —       —     —       —       —       —       (31,270,557.07 )   —    
  —       —       —       —     (1,097,636.36 )   (667,594.66 )   (513,963.79 )
  —     (1,374,628.37 )   (666,251.63 )   (2,297,386.42 )   (681,922.25 )  
(4,465,427.12 )   (571,110.74 )   (1,753,282.45 )   (1,821,079.62 )  
(838,837.37 )   (1,275,394.70 ) (1,117,008.40 )   (666,241.36 )   (925,631.84 )
  —     (1,368,309.78 )   (821,869.53 )   (1,626,133.80 )   (491,306.45 )  
(1,763,040.83 )   (976,417.11 )   (1,413,897.13 )   (1,345,753.72 )  
(1,064,908.94 )   (1,471,280.59 )                                              
                                  (2,214,644.76 )   (1,333,836.02 )  
(1,439,595.63 )   —     (2,742,938.15 )   (1,488,121.16 )   (3,923,520.22 )  
(1,173,228.70 )   (37,499,025.02 )   (1,547,527.85 )   (3,167,179.58 )  
(3,166,833.34 )   (1,903,746.31 )   (2,746,675.29 )                            
                                                   

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8/4/2008     8/5/2008     8/6/2008     8/7/2008     8/8/2008     8/11/2008    
8/12/2008     8/13/2008     8/14/2008     8/15/2008     8/18/2008              
        —       —       —       —       —       —       —       —       —      
—       —     1,412,078.12     1,827,643.88     1,355,792.61     1,299,043.07  
  1,051,560.08     1,107,954.75     2,109,878.68     1,089,103.19    
2,156,810.66     1,578,885.48     940,495.60   1,335,632.00     1,339,608.01    
867,151.16     861,496.26     1,049,424.28     1,023,706.23     917,072.80    
1,370,491.52     807,355.10     116,504.41     1,327,687.25                    
                                              2,747,710.12     3,167,251.89    
2,222,943.77     2,160,539.33     2,100,984.36     2,131,660.98     3,026,951.48
    2,459,594.71     2,964,165.76     1,695,389.89     2,268,182.85            
                                                                          —    
  —       —       —       —       —       —       —       —       —       —    
1,200,266.40     1,553,497.30     1,152,423.72     1,104,186.61     893,826.07  
  941,761.54     1,793,396.88     925,737.71     1,833,289.06     1,342,052.66  
  799,421.26   1,135,287.20     1,138,666.81     737,078.49     732,271.82    
892,010.64     870,150.30     779,511.88     1,164,917.79     686,251.84    
99,028.75     1,128,534.16                                                      
            2,335,553.60     2,692,164.11     1,889,502.20     1,836,458.43    
1,785,836.71     1,811,911.83     2,572,908.76     2,090,655.50     2,519,540.90
    1,441,081.41     1,927,955.42                                              
                                        —       —       —       —       —      
—       —       —       —       —       —     (1,749,043.45 )   (918,318.14 )  
(574,783.25 )   (743,331.18 )   (610,906.36 )   (1,209,645.10 )   (816,001.28 )
  (1,007,736.24 )   (615,704.37 )   (632,450.42 )   (1,781,453.73 ) (390,786.42
)   (699,875.10 )   (1,056,219.95 )   (588,776.14 )   (553,764.60 )  
(304,266.83 )   (1,247,848.00 )   (634,992.51 )   (591,213.95 )   (418,853.77 )
  (1,159,418.52 )                                                              
  (2,139,829.87 )   (1,618,193.24 )   (1,631,003.20 )   (1,332,107.32 )  
(1,164,670.96 )   (1,513,911.93 )   (2,063,849.28 )   (1,642,728.75 )  
(1,206,918.32 )   (1,051,304.19 )   (2,940,872.25 )                            
                                   

--------------------------------------------------------------------------------

Description

   8/19/2008     8/20/2008     8/21/2008     8/22/2008     8/25/2008    
8/26/2008     8/27/2008     8/28/2008     8/29/2008     9/1/2008     9/2/2008  
  9/3/2008  

Section 2.1(i) Principal Advance

                        

P&I

   —       —       —       —       —       —       —       —       —       —    
  —       —    

T&I

   2,636,528.11     2,171,289.96     1,282,100.78     1,763,542.27    
1,537,998.47     1,274,047.48     1,969,713.05     899,762.59     999,083.05    
889,182.14     586,376.48     1,862,515.83  

Corporate

   229,996.49     323,632.93     1,870,556.57     1,467,055.16     839,293.73  
  910,880.73     1,548,710.90     1,493,097.82     1,018,873.14     861,374.95  
  —       1,048,683.85                                                         
                 

Total

   2,866,524.60     2,494,922.89     3,152,657.35     3,230,597.43    
2,377,292.20     2,184,928.21     3,518,423.95     2,392,860.41     2,017,956.19
    1,750,557.09     586,376.48     2,911,199.68                               
                                           

Section 2.1(ii) Net Cash Proceeds

                        

P&I

   —       —       —       —       —       —       —       —       —       —    
  —       —    

T&I

   2,241,048.89     1,845,596.47     1,089,785.66     1,499,010.93    
1,307,298.70     1,082,940.36     1,674,256.09     764,798.20     849,220.59    
755,804.82     498,420.01     1,583,138.46  

Corporate

   195,497.02     275,087.99     1,589,973.08     1,246,996.89     713,399.67  
  774,248.62     1,316,404.27     1,269,133.15     866,042.17     732,168.71    
—       891,381.27                                                             
             

Total

   2,436,545.91     2,120,684.46     2,679,758.75     2,746,007.82    
2,020,698.37     1,857,188.98     2,990,660.36     2,033,931.35     1,715,262.76
    1,487,973.53     498,420.01     2,474,519.73                               
                                           

Section 2.1(iii) Collections

                        

P&I*

   —       —       —       —       (23,622,095.56 )   —       —       —      
—       —       —       —    

T&I

   (821,653.17 )   (782,813.49 )   (542,302.17 )   (948,269.12 )   (556,952.59 )
  (1,463,380.78 )   (1,391,657.31 )   (904,810.70 )   (1,000,967.89 )  
(2,436,558.60 )   (448,170.48 )   (897,554.97 )

Corporate

   (1,478,718.41 )   (689,244.71 )   (660,397.96 )   (972,450.29 )  
(1,799,306.81 )   (783,514.52 )   (1,812,993.03 )   (2,171,751.01 )  
(1,093,606.21 )   (1,169,637.04 )   (2,294.36 )   (850,889.28 )                 
                                                       

Total

   (2,300,371.58 )   (1,472,058.20 )   (1,202,700.13 )   (1,920,719.41 )  
(25,978,354.96 )   (2,246,895.30 )   (3,204,650.34 )   (3,076,561.71 )  
(2,094,574.10 )   (3,606,195.64 )   (450,464.84 )   (1,748,444.25 )             
                                                           

--------------------------------------------------------------------------------

9/4/2008     9/5/2008     9/8/2008     9/9/2008     9/10/2008     9/11/2008    
9/12/2008     9/15/2008      9/16/2008      9/17/2008      9/18/2008     
9/19/2008                             —       —       —       —       —      
—       —       —        —        —        —        —     435,274.61    
1,196,437.94     1,176,761.01     821,003.43     989,665.96     1,247,385.08    
1,124,173.13     1,974,403.29      1,038,035.46      1,135,809.73     
3,281,580.75      951,224.51   987,326.90     975,101.72     859,628.92    
1,271,594.44     1,011,121.74     937,960.66     944,399.71     690,894.61     
922,506.41      966,412.00      1,021,897.77      779,444.38                    
                                                        1,422,601.51    
2,171,539.66     2,036,389.93     2,092,597.87     2,000,787.70     2,185,345.74
    2,068,572.84     2,665,297.90      1,960,541.87      2,102,221.73     
4,303,478.52      1,730,668.89                                                
                                                      —       —       —      
—       —       —       —       —        —        —        —        —    
369,983.42     1,016,972.25     1,000,246.86     697,852.92     841,216.07    
1,060,277.32     955,547.16     1,678,242.80      882,330.14      965,438.27  
   2,789,343.64      808,540.83   839,227.87     828,836.46     730,684.58    
1,080,855.27     859,453.48     797,266.56     802,739.75     587,260.42     
784,130.45      821,450.20      868,613.10      662,527.72                      
                                                      1,209,211.28    
1,845,808.71     1,730,931.44     1,778,708.19     1,700,669.55     1,857,543.88
    1,758,286.91     2,265,503.22      1,666,460.59      1,786,888.47     
3,657,956.74      1,471,068.56                                                
                                                      —       —       —      
—       —       —       —       —        —        —        —        —    
(568,112.49 )   (780,519.86 )   (1,013,717.31 )   (1,033,575.06 )   (463,259.60
)   (857,423.34 )   (844,904.34 )   (1,208,374.24 )    (1,560,611.74 )   
(862,621.79 )    (1,352,445.51 )    (537,117.38 ) (411,530.07 )   (542,854.86 )
  (610,795.36 )   (762,774.79 )   (326,405.29 )   (918,659.14 )   (427,319.38 )
  (406,385.13 )    (752,239.20 )    (507,646.41 )    (666,550.50 )   
(717,770.73 )                                                                   
       (979,642.56 )   (1,323,374.72 )   (1,624,512.67 )   (1,796,349.85 )  
(789,664.89 )   (1,776,082.48 )   (1,272,223.72 )   (1,614,759.37 )   
(2,312,850.94 )    (1,370,268.20 )    (2,018,996.01 )    (1,254,888.11 )        
                                                                 

--------------------------------------------------------------------------------

9/22/2008      9/23/2008      9/24/2008      9/25/2008      9/26/2008     
9/29/2008      9/30/2008      10/1/2008      10/2/2008      10/3/2008     
10/6/2008      10/7/2008      10/8/2008                                      
—        —        —        —        —        —        —        —        —       
—        —        —        —     1,312,414.53      684,352.07      1,139,519.44
     896,726.67      715,375.94      1,419,407.96      1,899,825.87     
871,154.74      413,390.70      1,025,068.72      2,230,454.22      4,255,828.07
     1,919,102.76   630,241.45      436,738.46      1,303,439.24      804,811.06
     832,725.74      895,133.74      978,211.05      1,003,218.94     
981,812.48      934,965.79      678,056.64      1,018,552.49      977,485.99    
                                                                              
       1,942,655.98      1,121,090.53      2,442,958.68      1,701,537.73     
1,548,101.68      2,314,541.70      2,878,036.92      1,874,373.68     
1,395,203.18      1,960,034.51      2,908,510.86      5,274,380.56     
2,896,588.75                                                                   
                                                           —        —        —  
     —        —        —        —        —        —        —        —        —  
     —     1,115,552.35      581,699.26      968,591.52      762,217.67     
608,069.55      1,206,496.77      1,614,851.99      740,481.53      351,382.10  
   871,308.41      1,895,886.09      3,617,453.86      1,631,237.35   535,705.23
     371,227.69      1,107,923.35      684,089.40      707,816.88     
760,863.68      831,479.39      852,736.10      834,540.61      794,720.92     
576,348.14      865,769.62      830,863.09                                     
                                                     1,651,257.58     
952,926.95      2,076,514.88      1,446,307.07      1,315,886.43     
1,967,360.45      2,446,331.38      1,593,217.63      1,185,922.70     
1,666,029.33      2,472,234.23      4,483,223.48      2,462,100.44             
                                                                               
                                 —        —        —        (16,931,129.61 )   
—        —        —        —        —        —        —        —        —    
(1,539,627.14 )    (772,376.77 )    (574,561.29 )    (787,181.61 )   
(957,006.76 )    (1,773,775.01 )    (1,312,288.63 )    (2,415,257.18 )   
(990,002.39 )    (19,626,894.46 )    (1,134,212.13 )    (904,946.74 )   
(516,700.42 ) (1,786,131.68 )    (747,076.95 )    (615,145.33 )    (1,300,375.34
)    (708,924.59 )    (1,029,873.13 )    (1,846,640.22 )    (1,994,274.18 )   
(789,672.40 )    (10,109,470.22 )    (517,326.29 )    (567,098.99 )   
(599,661.85 )                                                                   
                     (3,325,758.82 )    (1,519,453.72 )    (1,189,706.62 )   
(19,018,686.56 )    (1,665,931.35 )    (2,803,648.14 )    (3,158,928.85 )   
(4,409,531.36 )    (1,779,674.79 )    (29,736,364.68 )    (1,651,538.42 )   
(1,472,045.73 )    (1,116,362.27 )                                              
                                         

--------------------------------------------------------------------------------

Description

  10/9/2008     10/10/2008     10/13/2008     10/14/2008     10/15/2008    
10/16/2008     10/17/2008     10/20/2008     10/21/2008     10/22/2008    
10/23/2008  

Section 2.1(i) Principal Advance

                     

P&I

  —       —       —       —       —       —       —       —       —       —    
  —    

T&I

  757,081.58     2,097,828.86     3,721,007.69     6,784,986.21     6,180,569.13
    3,317,291.58     729,441.55     3,750,526.73     3,694,575.28    
2,953,191.84     2,602,604.29  

Corporate

  976,189.84     1,043,213.15     617,245.67     1,258,105.51     1,333,960.96  
  1,033,814.62     689,426.15     918,807.73     632,643.37     748,312.92    
698,118.98                                                                    

Total

  1,733,271.42     3,141,042.01     4,338,253.36     8,043,091.72    
7,514,530.09     4,351,106.20     1,418,867.70     4,669,334.46     4,327,218.65
    3,701,504.76     3,300,723.27                                              
                     

Section 2.1(ii) Net Cash Proceeds

                     

P&I

  —       —       —       —       —       —       —       —       —       —    
  —    

T&I

  643,519.34     1,783,154.53     3,162,856.54     5,767,238.28     5,253,483.76
    2,819,697.84     620,025.32     3,187,947.72     3,140,388.99    
2,510,213.06     2,212,213.65  

Corporate

  829,761.36     886,731.18     524,658.82     1,069,389.68     1,133,866.82    
878,742.43     586,012.23     780,986.57     537,746.86     636,065.98    
593,401.13                                                                    

Total

  1,473,280.71     2,669,885.71     3,687,515.36     6,836,627.96    
6,387,350.58     3,698,440.27     1,206,037.55     3,968,934.29     3,678,135.85
    3,146,279.05     2,805,614.78                                              
                     

Section 2.1(iii) Collections

                     

P&I*

  —       —       —       —       —       —       —       —       —       —    
  —    

T&I

  (622,959.98 )   (995,871.91 )   (704,011.72 )   (1,030,755.17 )   (899,267.51
)   (957,268.15 )   (1,680,112.22 )   (701,394.53 )   (913,860.07 )  
(428,888.26 )   (1,965,700.48 )

Corporate

  (589,958.88 )   (347,182.66 )   (304,409.28 )   (1,204,036.62 )  
(2,066,802.17 )   (371,567.99 )   (718,844.64 )   (538,645.87 )   (1,197,651.83
)   (557,199.15 )   (1,713,219.89 )                                            
                     

Total

  (1,212,918.86 )   (1,343,054.57 )   (1,008,421.00 )   (2,234,791.79 )  
(2,966,069.68 )   (1,328,836.14 )   (2,398,956.86 )   (1,240,040.40 )  
(2,111,511.90 )   (986,087.41 )   (3,678,920.37 )                              
                                   

--------------------------------------------------------------------------------

10/24/2008     10/27/2008     10/28/2008     10/29/2008     10/30/2008    
10/31/2008     11/3/2008     11/4/2008     11/5/2008     11/6/2008     11/7/2008
                      —       —       —       —       —       —       —      
—       —       —       —     1,547,165.45     1,966,106.42     1,392,379.47    
1,767,744.27     1,449,080.29     633,746.60     586,529.27     4,455,680.42    
1,251,993.40     1,911,737.51     1,751,173.86   590,432.71     615,336.40    
567,315.75     812,429.02     709,259.79     689,480.41     624,545.05    
589,557.64     480,465.41     614,163.73     593,056.03                        
                                          2,137,598.16     2,581,442.82    
1,959,695.22     2,580,173.29     2,158,340.08     1,323,227.01     1,211,074.32
    5,045,238.06     1,732,458.81     2,525,901.24     2,344,229.89            
                                                                          —    
  —       —       —       —       —       —       —       —       —       —    
1,315,090.63     1,671,190.46     1,183,522.55     1,502,582.63     1,231,718.25
    538,684.61     498,549.88     3,787,328.36     1,064,194.39     1,624,976.88
    1,488,497.78   501,867.80     523,035.94     482,218.39     690,564.67    
602,870.82     586,058.35     530,863.29     501,123.99     408,395.60    
522,039.17     504,097.63                                                      
            1,816,958.44     2,194,226.40     1,665,740.94     2,193,147.30    
1,834,589.07     1,124,742.96     1,029,413.17     4,288,452.35     1,472,589.99
    2,147,016.05     1,992,595.41                                              
                                        (15,490,152.95 )   —       —       —    
  —       —       —       —       —       —       —     (1,101,928.92 )  
(433,205.94 )   (785,208.13 )   (1,547,587.43 )   (729,621.11 )   (1,285,648.01
)   (1,240,780.32 )   (1,718,869.44 )   (1,202,834.01 )   (826,146.35 )  
(1,491,275.42 ) (537,337.45 )   (475,081.86 )   (1,013,224.86 )   (1,752,181.76
)   (1,069,185.29 )   (2,103,868.36 )   (623,756.85 )   (1,325,978.31 )  
(1,214,642.75 )   (791,316.21 )   (1,366,278.44 )                              
                                  (17,129,419.32 )   (908,287.80 )  
(1,798,432.99 )   (3,299,769.19 )   (1,798,806.40 )   (3,389,516.37 )  
(1,864,537.17 )   (3,044,847.75 )   (2,417,476.76 )   (1,617,462.56 )  
(2,857,553.86 )                                                                

--------------------------------------------------------------------------------

11/10/2008     11/11/2008     11/12/2008     11/13/2008     11/14/2008    
11/17/2008     11/18/2008     11/19/2008     11/20/2008     11/21/2008    
11/24/2008                       —       —       —       —       —       —      
—       —       —       —       —     4,037,543.36     5,442,858.41    
25,362,968.91     1,810,213.77     6,296,401.27     985,463.78     729,825.21  
  1,791,700.13     622,929.59     3,444,862.28     880,321.15   652,116.41    
802,645.89     566,369.21     658,767.26     596,198.17     622,344.22    
922,832.50     543,430.90     617,023.57     836,416.23     651,075.68          
                                                        4,689,659.77    
6,245,504.30     25,929,338.12     2,468,981.03     6,892,599.44    
1,607,808.00     1,652,657.71     2,335,131.03     1,239,953.16     4,281,278.51
    1,531,396.83                                                                
                      —       —       —       —       —       —       —      
—       —       —       —     3,431,911.86     4,626,429.65     21,558,523.57  
  1,538,681.70     5,351,941.08     837,644.21     620,351.43     1,522,945.11  
  529,490.15     2,928,132.94     748,272.98   554,298.95     682,249.01    
481,413.83     559,952.17     506,768.44     528,992.59     784,407.63    
461,916.27     524,470.03     710,953.80     553,414.33                        
                                          3,986,210.80     5,308,678.66    
22,039,937.40     2,098,633.88     5,858,709.52     1,366,636.80    
1,404,759.05     1,984,861.38     1,053,960.19     3,639,086.73     1,301,687.31
                                                                               
      —       —       —       —       —       —       —       —       —      
—       —     (1,352,555.02 )   (1,183,281.85 )   (606,046.69 )   (788,958.17 )
  (1,300,750.28 )   (1,204,143.67 )   (1,595,845.90 )   (846,153.72 )  
(665,401.15 )   (713,362.94 )   (1,554,583.81 ) (671,086.07 )   (637,252.87 )  
(630,431.45 )   (750,836.75 )   (612,617.89 )   (333,612.50 )   (473,845.37 )  
(682,266.74 )   (391,749.69 )   (519,165.99 )   (652,938.15 )                  
                                              (2,023,641.09 )   (1,820,534.72 )
  (1,236,478.14 )   (1,539,794.92 )   (1,913,368.17 )   (1,537,756.17 )  
(2,069,691.27 )   (1,528,420.46 )   (1,057,150.84 )   (1,232,528.93 )  
(2,207,521.96 )                                                                

--------------------------------------------------------------------------------

Section 2.1(vi) Net Cash Proceeds not Reinvested

  

Net Cash Proceeds through 11/24

   765,764,451.00  

Reinvestments (minus)*

   (456,434,803.03 )       

Total

   309,329,647.97  

Section 2.1(vii) Proceeds applied to the Repayment of Loans

  

Net Cash Proceeds through 11/24

   765,764,451.00  

Amount of Proceeds Deposited in Sales Proceeds Accounts

   —           

Total

   765,764,451.00  

Section 2.1(viii) Net Cash Proceeds not Reinvested in Servicing Advances that
became Reinvestment Collateral or applied to repayment of Loans

  

Net Cash Proceeds through 11/24

   765,764,451.00  

Reinvestments (minus)*

   (456,434,803.03 )

Amount of Proceeds Deposited in Sales Proceeds Accounts

   —           

Total

   309,329,647.97  

 

* T&I and Corp Reinvestments through 11/24, P&I Reinvestments through 10/31