Document:

exv10w30

 

Exhibit 10.30

THIRD AMENDMENT TO CREDIT AGREEMENT

THIS THIRD AMENDMENT TO CREDIT AGREEMENT (this “Amendment”) is entered into as of February 1, 2005,
by and between CORIO, INC., a Delaware corporation (“Borrower”), and WELLS FARGO BANK, NANONAL
ASSOCIATION (“Bank”).

RECITALS

WHEREAS, Borrower is currently indebted to Bank pursuant to the terms and conditions of that
certain Credit Agreement between Borrower and Bank dated as or March 17, 2004, as amended from time
to time (“Credit Agreement”).

WHEREAS, on January 25, 2004, IBM Corp. (“IBM”) announced that it and Corio had entered into a
definitive agreement for IBM to acquire Borrower. Such intended acquisition is referred to as the
“IBM Acquisition.”

WHEREAS, Bank and Borrower have agreed to make certain changes in the terms and conditions set
forth in the Credit Agreement and have agreed to amend the Credit Agreement to reflect said
changes.

NOW, THEREFORE, for valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree that the Credit Agreement shall be amended as follows,
effective as of the date hereof.

1. Section 4.9(b) is hereby deleted in its entirety, and the following substituted therefor:

"(b) Liquidity (defined as cash and readily marketable securities
acceptable to Bank which are unencumbered except in favor of Bank and
which are maintained at Bank or an affiliate of Bank, but excluding
therefrom Borrower’s Market Rate account #7735-113990 maintained at Bank)
in amounts at all times in excess of $15,000,000.00 until the EBITDA
Coverage Ratio (as defined below) is 1.50 to 1.00 or greater determined as
of the end of four (4) consecutive fiscal quarters, with each such
determination made on a rolling four quarter basis. Thereafter, Borrower
shall maintain an EBITDA Coverage Ratio of not less than 1.50 to 1.0,
determined as of the end of each fisca1 quarter on a rolling four quarter
basis, with “EBITDA” defined as net profit before tax plus interest
expense (net of capitalized Interest expense), depreciation expense,
amortization expense and non-cash restructuring expenses, and with “EBITA
Coverage Ratio” defined as EBITDA divided by the aggregate of total
interest expense plus the prior period current maturity of long-term debt
and the prior period current maturity of subordinated debt.”

 

 

2. The following are added to the Credit Agreement as Events of Default:

     “1.      Borrower or IBM shall publicly announce that the IBM Acquisition shall not occur
at all or until after May 31, 2005.”

     “2.      The IBM Acquisition does not occur on or before May 31, 2005.”

3. Conditions Precedent. In consideration of the changes set forth herein and as a
condition to the effectiveness hereof, immediately upon signing this Amendment Borrower shall pay
to Bank a non-refundable amendment fee of Five Hundred Dollars ($500.00) and Bank’s attorneys’ fees
and expenses of Four Hundred Fifty Dollars ($450.00).

4. Reservation of Rights. Borrower acknowledges and agrees that the execution and delivery
by Bank of this Amendment shall not be deemed to create a course of dealing or otherwise obligated
Bank to forbear or execute similar amendments under the same or similar circumstances in the
future. Except as expressly provided in this Amendment, Bank reserves all of its rights and
remedies regarding the Credit Agreement and the other Loan Documents executed in connection
therewith.

5. Miscellaneous. Except as specifically provided herein, all terms and conditions of the
Credit Agreement remain in full force and effect, without waiver or modification. All terms defined
in the Credit Agreement shall have the same meaning when used in this Amendment. This Amendment and
the Credit Agreement shall be read together, as one document. Delivery of an executed counterpart
of a signature page of this Amendment by telefacsimile transmission shall be as effective as
delivery of a manually executed counterpart hereof.

6. Reaffirmation; Certification. Borrower hereby remakes all representations and warranties
contained in the Credit Agreement and reaffirms all covenants set forth therein. Borrower further
certifies that as of the date of this Amendment, there exists no Event of Default as defined in the
Credit Agreement, nor any condition, act or event which with the giving of notice or the passage of
time or both would constitute any such Event or Default.

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed as of the day and
year first written above.

	 	 	 
	CORIO, INC.

	 	WELLS FARGO BANK,
	

	 	NATIONAL ASSOCIATION
	 
	 	 
	By: /s/ Brett F. White

	 	By: /s/ Jill Ta
	 

	 	 
	Brett White

	 	Jill B. Ta
	CFO

	 	Senior Vice President<PAGE>

                                                                    EXHIBIT 10.1

                                                                       Execution

                                  UMT LT TRUST,

                                     Seller

                                      and

                               UMT FUNDING TRUST,

                                    Depositor

                          MORTGAGE LOAN SALE AGREEMENT

                           Dated as of January 1, 2005

                 Bayview Asset-Backed Securities, Series 2005-1

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                                            Page
                                                                                                            ----
<S>                                                                                                         <C>
                                             ARTICLE I.
                                    CONVEYANCE OF MORTGAGE LOANS

Section 1.01. Sale of Mortgage Loans................................................................         1
Section 1.02. Delivery of Documents.................................................................         2
Section 1.03. Review of Documentation...............................................................         2
Section 1.04. Representations and Warranties of the Seller..........................................         2
Section 1.05. Grant Clause..........................................................................         4
Section 1.06. Assignment by Depositor...............................................................         4

                                            ARTICLE II.
                                              GUARANTY

Section 2.01. Guaranty..............................................................................         5
Section 2.02. Guaranty Absolute and Unconditional...................................................         5
Section 2.03. Discharge Only Upon Performance in Full: Reinstatement in Certain Circumstances.......         6
Section 2.04. Waiver of Presentment.................................................................         6
Section 2.05. Waiver of Subrogation and Contribution................................................         6

                                            ARTICLE III
                                      MISCELLANEOUS PROVISIONS

Section 3.01. Binding Nature of Agreement; Assignment...............................................         7
Section 3.02. Merger and Integration................................................................         7
Section 3.03. Amendment.............................................................................         7
Section 3.04. Governing Law; Consent to Jurisdiction; Waiver of Jury Trial..........................         8
Section 3.05. Severability of Provisions............................................................         8
Section 3.06. Indulgences; No Waivers...............................................................         8
Section 3.07. Headings Not to Affect Interpretation.................................................         9
Section 3.08. Benefits of Agreement.................................................................         9
Section 3.09. Facsimile; Counterparts...............................................................         9
</TABLE>

                                    SCHEDULES

SCHEDULE A    Mortgage Loan Schedule

                                    EXHIBITS

EXHIBIT A    Mortgage Loan Representations and Warranties
             SCHEDULE I (to Exhibit A)

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      This MORTGAGE LOAN SALE AGREEMENT is executed by and between UMT LT Trust
(the "Seller"), and UMT Funding Trust (the "Depositor"), dated as of the 1st day
of January, 2005.

      All capitalized terms not defined herein shall have the same meanings
assigned to such terms in that certain Trust Agreement (the "Trust Agreement")
dated as of January 1, 2005, between the Depositor and Wachovia Bank, National
Association, a national banking association, as Trustee (the "Trustee").

                              W I T N E S S E T H:
                              --------------------

      WHEREAS, the Seller desires to sell, without recourse, all of its right,
title and interest in certain mortgage loans identified on the Mortgage Loan
Schedule attached hereto as Schedule A (collectively, the "Mortgage Loans"), on
a servicing-retained basis, to the Depositor.

      WHEREAS, the Seller and the Depositor acknowledge and agree that the
Depositor will convey the Mortgage Loans to a Trust Fund created pursuant to the
Trust Agreement and assign all of its rights and delegate all of its obligations
hereunder to the Trustee for the benefit of the Securityholders, and that each
reference herein to the Depositor is intended, unless otherwise specified, to
mean the Depositor or the Trustee, as assignee, whichever is the owner of the
Mortgage Loans from time to time.

      NOW, THEREFORE, in consideration of the mutual agreements herein set
forth, and for other good and valuable consideration, the receipt and adequacy
of which are hereby acknowledged, the Seller and the Depositor agree as follows:

                                   ARTICLE I.

                          CONVEYANCE OF MORTGAGE LOANS

      Section 1.01. Sale of Mortgage Loans. Concurrently with the execution and
delivery of this Agreement, the Seller does hereby sell, transfer, assign, set
over, deposit with and otherwise convey to the Depositor, without recourse,
subject to Sections 1.03 and 1.04 (exclusive of servicing rights), all the
right, title and interest of the Seller in and to the Mortgage Loans identified
on Schedule A hereto, having an aggregate principal balance as of the Cut-off
Date of $9,700,797.12. Such conveyance includes, without limitation, the right
to all payments of principal and interest received or receivable, including any
prepayment premiums or penalties, on or with respect to the Mortgage Loans on or
after January 1, 2005 (other than payments due on or before such date), and all
such payments due after such date but received on or prior to such date and
intended by the related Mortgagors to be applied after such date, together with
all of the Seller's right, title and interest in and to each related account and
all amounts from time to time credited to and the proceeds of such account, any
REO Property and the proceeds thereof, the Seller's rights under any Insurance
Policies relating to the Mortgage Loans, and the Seller's security interest in
any collateral pledged to secure the Mortgage Loans, including the Mortgaged
Properties (collectively, the "Mortgage Assets").

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      Concurrently with the execution hereof and in consideration of the
Mortgage Loans and other rights conveyed hereby, the Depositor tenders to the
Seller in cash the amount of $7,275,598.12 (the "Cash Consideration"). To the
extent the Cash Consideration does not constitute fair market value for the
Mortgage Assets conveyed to the Depositor hereby, the difference between the
Cash Consideration and fair market value of such Mortgage Assets shall be deemed
a contribution of capital from the Seller to the Depositor.

      Section 1.02. Delivery of Documents.

      (a) In connection with such transfer and assignment of the Mortgage Loans
hereunder, the Seller does hereby deliver, or cause to be delivered, to the
Depositor (or its designee) the Mortgage File with respect to each Mortgage
Loan.

      (b) For Mortgage Loans (if any) that have been prepaid in full after the
Cut-off Date and prior to the Closing Date, the Seller, in lieu of delivering
the related Mortgage Files, herewith delivers to the Depositor an Officer's
Certificate which shall include a statement to the effect that all amounts
received in connection with such prepayment that are required to be deposited in
the custodial or escrow account maintained by the Servicer for such purpose have
been so deposited.

      Section 1.03. Review of Documentation. The Depositor, by execution and
delivery hereof, acknowledges receipt of the Mortgage Files pertaining to the
Mortgage Loans listed on the Mortgage Loan Schedule, subject to review thereof
by the Trustee or its custodian. Pursuant to the Trust Agreement, the Trustee or
its custodian is required to review, within 45 days following the Closing Date,
each applicable Mortgage File. If in the course of such review the Trustee or
its custodian identifies any materially defective document, the Seller shall be
obligated to cure such defect or to repurchase such Mortgage Loan from the Trust
Fund to the same extent and in the same manner as the Depositor is obligated to
the Trustee and the Trust Fund under the Trust Agreement.

      Section 1.04. Representations, Warranties and Covenants of the Seller.

      (a) The Seller hereby represents and warrants to the Depositor that, as of
the Closing Date or such other date as is specified:

            (i) The Seller is a real estate investment trust duly formed,
      validly existing and in good standing under the laws of the State of
      Maryland, and is duly qualified to do business, and is in good standing in
      each jurisdiction in which the nature of its business requires it to be so
      qualified, except to the extent that the failure to be so qualified would
      not reasonably be expected to have a material adverse effect on its
      business or financial condition or ability to perform its obligations
      under this Agreement. The Seller has full power and authority to conduct
      its business as currently conducted by it and to execute and deliver this
      Agreement and perform its obligations under this Agreement.

            (ii) The execution and delivery of this Agreement by the Seller and
      its performance and compliance with the terms of this Agreement have been
      duly authorized by all necessary action on the part of the Seller.

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            (iii) This Agreement, has been duly executed and delivered by the
      Seller and constitutes a valid, legal and binding obligation of the
      Seller, enforceable against it in accordance with the terms hereof, except
      as the enforcement hereof may be limited by applicable bankruptcy,
      insolvency, reorganization, moratorium or other similar laws affecting
      creditors' rights generally and by general principles of equity (whether
      considered in a proceeding or action in equity or at law).

            (iv) The Seller is not in violation of, and the execution, delivery
      and performance of this Agreement by the Seller and its compliance with
      the terms hereof will not constitute a violation with respect to, any
      existing law or regulation or any order or decree of any court or any
      order, regulation or demand of any federal, state, municipal or
      governmental agency, which violation would materially and adversely affect
      the condition (financial or other) or operations of the Seller or its
      properties or would have consequences that would adversely affect its
      performance hereunder. The execution, delivery and performance of this
      Agreement by the Seller and its compliance with the terms hereof will not
      conflict with, result in any breach of any of the terms and provisions of,
      or constitute (with or without notice, lapse of time or both) a default
      under, the governing instrument of the Seller, or any material indenture,
      agreement, mortgage, deed of trust or other instrument to which the Seller
      is a party or by which it is bound, or result in the creation or
      imposition of any lien or encumbrance upon any of its material properties
      pursuant to the terms of any such indenture, agreement, mortgage, deed of
      trust or other instrument.

            (v) No litigation, actions, proceedings or investigations are
      pending or, to the best of the Seller's knowledge, threatened against the
      Seller which would have consequences that would prohibit its entering into
      this Agreement or that would materially and adversely affect the condition
      (financial or otherwise) or operations of the Seller or its properties or
      would have consequences that would adversely affect its performance
      hereunder, or the validity or enforceability of this Agreement, or prevent
      the consummation of any of the transactions contemplated by this
      Agreement.

            (vi) No certificate of an officer, statement furnished in writing or
      report delivered or to be delivered pursuant to the terms hereof by the
      Seller contains or will contain any untrue statement of a material fact or
      omits or will omit to state any material fact necessary to make the
      certificate, statement or report, in light of the circumstances in which
      it was made or will be made, not misleading.

            (vii) All actions, approvals, consents, waivers, exemptions,
      variances, franchises, orders, permits, authorizations, rights and
      licenses required to be taken, given or obtained, as the case may be, by
      or from any court or any federal, state or other governmental authority or
      agency that are required in connection with the execution, delivery and
      performance by the Seller of this Agreement, have been duly taken, given
      or obtained, as the case may be, are in full force and effect on the date
      hereof, are not subject to any pending proceedings or appeals
      (administrative, judicial or otherwise) and either the time within which
      any appeal therefrom may be taken or review thereof may be obtained has
      expired or no review thereof may be obtained or appeal therefrom taken,
      and are adequate to authorize the consummation of the transactions
      contemplated by this

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<PAGE>

      Agreement on the part of the Seller and the performance by the Seller of
      its obligations under this Agreement.

            (viii) The Seller is conveying to the Depositor its entire interest
      in the Mortgage Loans, other than retained servicing rights, free and
      clear of any Adverse Claim.

            (ix) The Seller is solvent and the sale of the Mortgage Loans will
      not cause the Seller to become insolvent. The sale of the Mortgage Loans
      is not undertaken with the intent to hinder, delay or defraud any of the
      Seller's creditors.

            (x) The transfer of the Mortgage Loans to the Depositor at the
      Closing Date will be treated by the Seller for financial accounting and
      reporting purposes as a sale of assets.

            (xi) The transactions contemplated by this Agreement are in the
      ordinary course of business of the Seller.

            (xii) With respect to each Mortgage Loan, the Seller hereby makes to
      the Depositor, as of the Closing Date or such other date as is specified,
      each representation and warranty set forth in Exhibit A hereto.

      (b) It is understood and agreed that the representations and warranties
set forth herein and the obligations of the Seller set forth in this Section
survive delivery of the Mortgage Files and the Assignment of Mortgage of each
Mortgage Loan to the Depositor. Upon discovery by either the Seller or the
Depositor of a breach of any of the foregoing representations and warranties
contained in Section 1.04(a) that adversely and materially affects the value of
the related Mortgage Loan, the party discovering such breach shall give prompt
written notice to the other party. Within 90 days of the discovery of any such
breach, the Seller shall either (a) cure such breach in all material respects or
(b) repurchase such Mortgage Loan or any property acquired in respect thereof
from the Depositor at the applicable Purchase Price.

      (c) In addition to its repurchase obligation under this Section, the
Seller shall indemnify the Depositor and each assignee of the Depositor,
including the Trust Fund and the Trustee, and hold them harmless against any
losses, damages, penalties, fines, forfeitures, reasonable and necessary legal
fees and related costs, judgments, and other costs and expenses resulting from
any claim, demand, defense or assertion based on or grounded upon, or resulting
from, a breach by the Seller of its representations or warranties contained in
this Agreement. It is understood and agreed that the obligations of the Seller
set forth in this Section to cure a breach, repurchase a defective Mortgage Loan
and indemnify the Depositor and each assignee of the Depositor, including the
Trust Fund and the Trustee, as provided in this Section constitute the sole
remedies of the Depositor and each assignee of the Depositor, including the
Trust Fund and the Trustee, with respect to a breach of the Seller's
representations and warranties contained in this Agreement.

      (d) Covenants. Neither the Seller nor any of its Affiliates will directly
solicit any Mortgagor to refinance the related Mortgage Loan. For the purposes
of the foregoing, the Seller or any Affiliate thereof shall not be deemed to
directly solicit any Mortgagor if the Seller or such

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<PAGE>

Affiliate responds to a request from the Mortgagor regarding a refinancing or if
the Mortgagor receives marketing materials that are generally disseminated.

      Section 1.05. Grant Clause. It is intended that the conveyance of the
Seller's right, title and interest in and to Mortgage Assets conveyed pursuant
to this Agreement shall constitute, and shall be construed as, a sale of such
property and not a grant of a security interest to secure a loan. However, if,
despite the express intent of the parties hereto, such conveyance is deemed to
be in respect of a loan, it is intended that: (i) the rights and obligations of
the parties shall be established pursuant to the terms of this Agreement; (ii)
the Seller hereby grants to the Depositor a first priority security interest in
all of the Seller's right, title and interest in, to and under, whether now
owned or hereafter acquired, such Mortgage Assets; and (iii) this Agreement
shall constitute a security agreement under applicable law.

      Section 1.06. Assignment by Depositor. The Depositor shall have the right
without the consent of the Seller or United Mortgage Trust ("United"), to
assign, in whole or in part, its interest under this Agreement with respect to
the Mortgage Loans to the Trustee, and the Trustee then shall succeed to all
rights of the Depositor under this Agreement. All references to the Depositor in
this Agreement shall be deemed to include its assignee or designee, specifically
including the Trustee.

                                  ARTICLE II.

                                  THE GUARANTY

      Section 2.01. Guaranty. United hereby unconditionally and irrevocably
guarantees, as primary obligor, to the Depositor and each assignee of the
Depositor, including the Trustee and the Trust Fund, the full and punctual
payment of all amounts payable by, and the full and punctual performance of all
other obligations of, UMT LT under this Agreement and the Trust Agreement (the
"Guaranteed Obligations"). Upon failure by UMT LT to pay fully and punctually
any such amount or to perform fully and punctually any such other obligation,
United shall forthwith immediately upon demand pay the amount not so paid and
perform or cause to be performed such other obligation, in each case at the
place, in the manner and at the time specified in this Agreement. This guarantee
is a guarantee of payment and performance and not of collection.

      Section 2.02. Guaranty Absolute and Unconditional. The obligations of
United hereunder are unconditional and absolute and, without limiting the
generality of the foregoing, shall not be released, discharged or otherwise
affected by UMT LT as a result of:

      (a) Any extension, renewal, settlement, compromise, waiver or release in
respect of any Guaranteed Obligation or any related document in connection with
the transactions contemplated hereby or thereby, whether by operation of law or
otherwise;

      (b) Any modification or amendment of or supplement to this Agreement or
the Trust Agreement;

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<PAGE>

      (c) Any change in the legal existence, structure or ownership of UMT LT or
any insolvency, bankruptcy, reorganization or other similar proceeding affecting
UMT LT or its assets and properties or any resulting release or discharge of any
Guaranteed Obligation;

      (d) The existence of any claim, set-off, defense or other right which
United may have at any time against UMT LT or any other Person, whether in
connection herewith or any unrelated transactions; provided, however, that
nothing herein shall prevent the assertion of any such claim, set-off, defense
or other right by separate suit or compulsory counterclaim;

      (e) Any invalidity or unenforceability relating to or against UMT LT for
any reason of either this Agreement or the Trust Agreement, or any provision of
applicable law purporting to prohibit the performance of any Guaranteed
Obligation;

      (f) Any other act or omission to act or delay of any kind by UMT LT; or

      (g) Any other circumstance whatsoever which might, but for the provisions
of this paragraph, constitute a legal or equitable discharge of United's
obligations hereunder; provided, however, that United shall not be deemed to
have waived any counterclaim or defense based on a breach of representation,
warranty or covenant of the Depositor hereunder that would have been a defense
to the failure of UMT LT to make any payment or perform any obligation in
respect of which a claim is made under this Article II. The guarantee provided
in this Article II shall encompass any modification or amendment of, or
supplement to, this Agreement or the Trust Agreement.

      Section 2.03. Discharge Only Upon Performance in Full; Reinstatement in
Certain Circumstances. United's obligations hereunder shall remain in full force
and effect for so long as UMT LT has any Guaranteed Obligations. If at any time
any payment of any amount payable by UMT LT under this Agreement or the Trust
Agreement is rescinded or must be otherwise restored or returned upon the
insolvency, bankruptcy or reorganization of UMT LT, United's obligations
hereunder with respect to such payment shall be reinstated as though such
payment had been due but not made at such time.

      Section 2.04. Waiver of Presentment. United irrevocably waives acceptance
hereof, presentment, demand, protest and any notice not provided for herein, as
well as any requirement that at any time any action first be taken by any Person
against UMT LT or any other Person, including that any action first be taken to
pursue other remedies or to mitigate damages resulting from a failure by UMT LT
to perform any Guaranteed Obligation, prior to seeking performance by United of
its obligations hereunder.

      Section 2.05. Waiver of Subrogation and Contribution. United shall not
enforce or otherwise exercise any right of subrogation to any of the rights of
any other Person or any indemnified Person against UMT LT and, notwithstanding
anything to the contrary contained herein, United hereby waives all rights of
subrogation (whether contractual, under Section 509 of the U.S. Bankruptcy Code,
at law or in equity or otherwise) to the claims of the Depositor, the Trustee or
the Trust Fund against UMT LT, and all contractual, statutory or legal or
equitable rights of contribution, reimbursement, indemnification and similar
rights and "claims" (as that

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<PAGE>

term is defined in the U.S. Bankruptcy Code) which United might now have or
hereafter acquire against UMT LT that arise from the existence or performance of
United's obligations hereunder.

                                  ARTICLE III.

                            MISCELLANEOUS PROVISIONS

      Section 3.01. Binding Nature of Agreement; Assignment. This Agreement
shall be binding upon and inure to the benefit of the parties hereto and their
respective successors and permitted assigns. The Seller shall not assign its
rights or delegate its obligations under this Agreement without the prior
written consent of the Depositor.

      Section 3.02. Merger and Integration. Except as specifically stated
otherwise herein, this Agreement sets forth the entire understanding of the
parties relating to the subject matter hereof, and all prior understandings,
written or oral, are superseded by this Agreement. This Agreement may not be
modified, amended, waived or supplemented except as provided herein.

      Section 3.03. Amendment. (a) This Agreement may be amended from time to
time by the Seller and the Depositor, with notice to but without the consent of
any of the Holders, (i) to correct any mistake or cure any ambiguity, (ii) to
cause the provisions herein to conform to or be consistent with or in
furtherance of the statements made with respect to the Securities, the Trust
Fund or this Agreement in any private placement memorandum or other offering
document related to the contemporaneous offer and sale of the Securities or
interests therein or obligations secured thereby or to correct or supplement any
provision herein which may be inconsistent with any other provisions herein,
(iii) to obtain or maintain a rating for a Class of Securities from a nationally
recognized statistical rating organization, or (iv) to make any other provisions
with respect to matters or questions arising under this Agreement that are not
materially inconsistent with the provisions hereof, provided that such action
will not adversely affect in any material respect the interests of any Holder as
evidenced by an Opinion of Counsel. Prior to entering into any amendment without
the consent of Holders pursuant to this paragraph, the Trustee may require an
Opinion of Counsel (at the expense of the party requesting such amendment) to
the effect that such amendment is permitted under this paragraph and all
conditions precedent have been met.

      (b) This Agreement may also be amended from time to time by the Seller and
the Depositor with the consent of the Holders of not less than 66-2/3% of the
aggregate Percentage Interests of each Class of Securities affected thereby for
the purpose of adding any provisions to or changing in any manner or eliminating
any of the provisions of this Agreement or of modifying in any manner the rights
of the Holders; provided, however, that no such amendment may (i) reduce in any
manner the amount of, or delay the timing of, payments received on Mortgage
Loans which are required to be distributed on any Security, without the consent
of the Holder of such Security or (ii) reduce the aforesaid percentage of
Percentage Interest of Securities of each Class, the Holders of which are
required to consent to any such amendment, without the consent of the Holders of
100% of the aggregate Percentage Interests of each Class of Securities affected
thereby.

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      (c) Promptly after the execution of any such amendment, the Seller shall
furnish written notification of the substance of such amendment to each Holder
and the Trustee.

      (d) It shall not be necessary for the consent of Holders under this
Section 3.03 to approve the particular form of any proposed amendment, but it
shall be sufficient if such consent shall approve the substance thereof. The
manner of obtaining such consents and of evidencing the authorization of the
execution thereof by Holders shall be subject to such reasonable regulations as
the Trustee may prescribe.

      Section 3.04. Governing Law; Consent to Jurisdiction; Waiver of Jury
Trial.

      (a) THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW
PROVISIONS (OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW), AND THE
OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN
ACCORDANCE WITH SUCH LAWS.

      (b) THE SELLER AND THE DEPOSITOR HEREBY SUBMIT TO THE NON-EXCLUSIVE
JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK AND THE UNITED STATES
DISTRICT COURT LOCATED IN THE BOROUGH OF MANHATTAN IN NEW YORK CITY, SOLELY WITH
RESPECT TO MATTERS ARISING UNDER THIS AGREEMENT, AND EACH WAIVES PERSONAL
SERVICE OF ANY AND ALL PROCESS UPON IT AND CONSENTS THAT ALL SUCH SERVICE OF
PROCESS BE MADE BY REGISTERED MAIL DIRECTED TO THE ADDRESS SET FORTH IN SECTION
11.07 OF THE TRUST AGREEMENT AND SERVICE SO MADE SHALL BE DEEMED TO BE COMPLETED
UPON RECEIPT THEREOF. THE SELLER AND THE DEPOSITOR EACH HEREBY WAIVES ANY
OBJECTION BASED ON FORUM NON CONVENIENS, AND ANY OBJECTION TO VENUE OF ANY
ACTION INSTITUTED HEREUNDER AND CONSENTS TO THE GRANTING OF SUCH LEGAL OR
EQUITABLE RELIEF AS IS DEEMED APPROPRIATE BY THE COURT. NOTHING IN THIS SECTION
SHALL AFFECT THE RIGHT OF THE SELLER AND THE DEPOSITOR TO SERVE LEGAL PROCESS IN
ANY OTHER MANNER PERMITTED BY LAW OR AFFECT THE RIGHT OF ANY SUCH PERSON TO
BRING ANY ACTION OR PROCEEDING IN THE COURTS OF ANY OTHER JURISDICTION.

      (c) THE SELLER AND THE DEPOSITOR EACH HEREBY WAIVES (TO THE EXTENT
PERMITTED BY APPLICABLE LAW) ANY RIGHT TO HAVE A JURY PARTICIPATE IN RESOLVING
ANY DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT, OR OTHERWISE ARISING OUT OF,
CONNECTED WITH, RELATED TO, OR IN CONNECTION WITH THIS AGREEMENT. INSTEAD, ANY
DISPUTE RESOLVED IN COURT WILL BE RESOLVED IN A BENCH TRIAL WITHOUT A JURY.

      Section 3.05. Severability of Provisions. If any one or more of the
covenants, agreements, provisions or terms of this Agreement shall be for any
reason whatsoever held invalid, then such covenants, agreements, provisions or
terms shall be deemed severable from the

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                                       8

<PAGE>

remaining covenants, agreements, provisions or terms of this Agreement and shall
in no way affect the validity or enforceability of the other provisions of this
Agreement.

      Section 3.06. Indulgences; No Waivers. Neither the failure nor any delay
on the part of a party to exercise any right, remedy, power or privilege under
this Agreement shall operate as a waiver thereof, nor shall any single or
partial exercise of any right, remedy, power or privilege preclude any other or
further exercise of the same or of any other right, remedy, power or privilege,
nor shall any waiver of any right, remedy, power or privilege with respect to
any occurrence be construed as a waiver of such right, remedy, power or
privilege with respect to any other occurrence. No waiver shall be effective
unless it is in writing and is signed by the party asserted to have granted such
waiver.

      Section 3.07. Headings Not to Affect Interpretation. The headings
contained in this Agreement are for convenience of reference only, and they
shall not be used in the interpretation hereof.

      Section 3.08. Benefits of Agreement. Nothing in this Agreement, express or
implied, shall give to any Person, other than the parties to this Agreement and
their successors hereunder, any benefit or any legal or equitable right, power,
remedy or claim under this Agreement.

      Section 3.09. Facsimile; Counterparts. This Agreement may be executed by
facsimile and in one or more counterparts, each of which shall be deemed to be
an original, and all of which together shall constitute one and the same
instrument.

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      IN WITNESS WHEREOF, the parties hereto have caused their names to be
signed hereto by their respective duly authorized officers as of the Closing
Date.

                                              UMT LT TRUST

                                              By: ______________________________
                                                  Name:
                                                  Title:

                                              UMT FUNDING TRUST

                                              By: ______________________________
                                                  Name:
                                                  Title:

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Solely for purposes of Section 1.06 and Article II,
accepted and agreed to by:

UNITED MORTGAGE TRUST

By: ________________________________________
    Name:
    Title:

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                                   SCHEDULE A

                             MORTGAGE LOAN SCHEDULE

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                                    EXHIBIT A

                  MORTGAGE LOAN REPRESENTATIONS AND WARRANTIES

(1)      The Seller has good and marketable title to and is the sole owner and
         holder of the Mortgage Loan.

(2)      Immediately prior to the sale, transfer and assignment to the
         Depositor, the Mortgage Note and the Mortgage were not subject to an
         assignment or pledge, other than with respect to which a release has
         been obtained in connection with such transfer, and the Seller has full
         right and authority to sell and assign the Mortgage Loan.

(3)      The Seller is transferring such Mortgage Loan to the Depositor free and
         clear of any and all liens, pledges, charges or security interests of
         any nature encumbering the Mortgage Loans, other than servicing rights
         retained by the Seller.

(4)      The information set forth on the Mortgage Loan Schedule is true and
         correct in all material respects as of the Cut-off Date or such other
         date as may be indicated in such schedule.

(5)      The Mortgage Loan has been originated, acquired, serviced, collected
         and otherwise dealt with in compliance in all material respects with
         all applicable federal, state and local laws (including, without
         limitation, all applicable predatory and abusive lending laws) and
         regulations and the terms of the related Mortgage Note and Mortgage. In
         particular, no law relating to servicing, collection or notification
         practices and no law relating to origination practices, has been
         violated in connection with any Mortgage Loan transferred to the
         Depositor pursuant to this Agreement, including, without limitation,
         truth in lending, real estate settlement procedures, consumer credit
         protection, equal credit opportunity or disclosure laws, the Fair
         Credit Reporting Act, the Federal Truth-in-Lending Act and Regulation
         Z, the Federal Equal Credit Opportunity Act and Regulation B, the Fair
         Housing Act, the Real Estate Settlement Procedures Act and Regulation
         X, the Federal Debt Collection Practices Act, the Home Mortgage
         Disclosure Act and Regulation C of the Community Reinvestment Act, any
         similar municipal, state or federal law or regulation or interpretation
         thereof affecting or regarding the solicitation, origination, servicing
         or collection of the Mortgage Loans, or any federal or state usury law
         or regulation. All disclosure requirements were satisfied prior to the
         closing of each Mortgage Loan. If a Mortgage Loan refinanced a prior
         mortgage loan, the Mortgagor was provided with all required notices and
         rescission rights. No Mortgage Loan is a High Cost Loan or Covered
         Loan, as applicable (as such terms are defined in the then current
         Standard & Poor's LEVELS(R) Glossary which is now Version 5.6 Revised,
         Appendix E) and no Mortgage Loan originated on or after October 1, 2002
         through March 6, 2003 is governed by the Georgia Fair Lending Act. With
         respect to Mortgage Loans subject to the law of the State of New
         Jersey, no Mortgage Loan is a High - Cost Home Loan, as defined in the
         New Jersey Home Ownership Security Act of 2002. With respect to
         Mortgage Loans subject to the law of the State of Massachusetts, no
         Mortgage Loan is a "High Cost Home Mortgage Loan" as defined in the
         Massachusetts Predatory Home Loan Practices Act of 2003. No Mortgage
         Loan is subject to the Kentucky House Bill

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         287, the New Mexico Home Loan Protection Act or New York Banking Law
         Section 6-1, as amended. With respect to Mortgage Loans subject to the
         law of the State of Texas, each Mortgage Loan was originated in
         accordance with the requirements of the Texas Constitution, including,
         but not limited to, Article XVI Section 50, and any rules and
         regulations issued thereunder, and in conformity to Title 79, Texas
         Civil Statutes and in Titles 3 and 4 of the Texas Finance Code,
         including, but not limited to, Chapter 343 of Title 4 of the Texas
         Finance Code.

(6)      The related Mortgage Note and Mortgage are genuine and each is the
         legal, valid and binding obligation of the maker thereof, enforceable
         in accordance with its terms except as such enforcement may be limited
         by bankruptcy, insolvency, reorganization or other similar laws
         affecting the enforcement of creditors' rights generally and by general
         equity principles (regardless of whether such enforcement is considered
         in a proceeding in equity or at law).

(7)      The related Mortgage is a valid and enforceable senior or junior lien,
         as stated in the Mortgage Loan Schedule, on the related Mortgaged
         Property, which Mortgaged Property is free and clear of all
         encumbrances and liens (including mechanics liens that are not insured
         against by the related title insurance policy) having priority over the
         senior or junior lien (other than, in the case of the junior lien
         Mortgage Loans, the related senior lien), as applicable, of the
         Mortgage except for: (i) liens for real estate taxes and assessments
         not yet due and payable; (ii) covenants, conditions and restrictions,
         rights of way, easements and other matters of public record as of the
         date of recording of such Mortgage, such exceptions appearing of record
         being acceptable to mortgage lending institutions generally or
         specifically reflected or considered in the lender's title insurance
         policy delivered to the originator of the Mortgage Loan and (iii) other
         matters to which like properties are commonly subject which do not
         materially interfere with the benefits of the security intended to be
         provided by such Mortgage.

(8)      Any security agreement, chattel mortgage or equivalent document related
         to such Mortgage Loan establishes and creates a valid and enforceable
         lien on the property described therein.

(9)      Except with respect to the Mortgage Loans identified on the attached
         Schedule I to this Exhibit A, no payment due on any Mortgage Loan was
         more than 59 days past due as of the Cut-off Date. The payment
         delinquency status of each Mortgage Loan identified on the Mortgage
         Loan Schedule is as indicated thereon.

(10)     Neither the Seller nor any Affiliate of the Seller has advanced funds,
         or induced, solicited or received any advance of funds by a party other
         than the Mortgagor, directly or indirectly, for the payment of any
         amount required under the Mortgage Loan.

(11)     Neither the Seller nor any Affiliate of the Seller has impaired,
         waived, altered or modified the related Mortgage or Mortgage Note in
         any material respect, or satisfied, canceled, rescinded or subordinated
         such Mortgage or Mortgage Note in whole or in part or released all or
         any material portion of the Mortgaged Property from the lien of the
         Mortgage, or executed any instrument of release, cancellation,
         rescission or satisfaction

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         of the Mortgage Note or Mortgage, in each case other than pursuant to a
         written agreement or instrument contained in the Mortgage File.

(12)     The Mortgage has not been satisfied, canceled or subordinated, in
         whole, or rescinded, and the Mortgaged Property has not been released
         from the lien of the Mortgage, in whole or in part (except for a
         release that does not materially impair the security of the Mortgage
         Loan or a release the effect of which is reflected in the Loan-to-Value
         Ratio or Combined Loan-to-Value Ratio, as applicable, for the Mortgage
         Loan as set forth in the Mortgage Loan Schedule).

(13)     To the best of the Seller's knowledge, no condition exists with respect
         to a Mortgage Loan that could give rise to any right of rescission, set
         off, counterclaim or defense including, without limitation, the defense
         of usury, and no such right has been asserted.

(14)     To the best of the Seller's knowledge, there is no proceeding pending
         for the total or partial condemnation of any Mortgaged Property and
         there are no eminent domain proceedings pending affecting any Mortgaged
         Property.

(15)     Each Mortgage Loan is covered by either (i) a mortgage title insurance
         policy or other generally acceptable form of insurance policy customary
         in the jurisdiction where the Mortgaged Property is located or (ii) if
         generally acceptable in the jurisdiction where the Mortgaged Property
         is located, an attorney's opinion of title given by an attorney
         licensed to practice law in the jurisdiction where the Mortgaged
         Property is located. All of the Seller's rights under such policies,
         opinions or other instruments shall be transferred and assigned to the
         Depositor upon sale and assignment of the Mortgage Loans hereunder. The
         title insurance policy has been issued by a title insurer licensed to
         do business in the jurisdiction where the Mortgaged Property is
         located, insuring the original lender, its successor and assigns, as to
         the first priority lien of the Mortgage in the original principal
         amount of the Mortgage Loan, subject to the exceptions contained in
         such policy. The Seller is the sole insured of such mortgagee title
         insurance policy, and such mortgagee title insurance policy is in full
         force and effect and will be in force and effect upon the consummation
         of the transactions contemplated by this Agreement. Neither the Seller
         nor any Affiliate of the Seller has made, and neither the Seller nor
         any Affiliate of the Seller has any knowledge of, any claims under such
         mortgagee title insurance policy. Neither the Seller nor any Affiliate
         of the Seller is aware of any action by a prior holder and neither the
         Seller nor any Affiliate of the Seller has done, by act or omission,
         anything which could impair the coverage or enforceability of such
         mortgagee title insurance policy or the accuracy of such attorney's
         opinion of title.

(16)     Other than delinquency in payment, there is no material default,
         breach, violation or event of acceleration existing under the related
         Mortgage or the related Mortgage Note and no event which, with the
         passage of time or with notice and the expiration of any grace or cure
         period, would constitute a material default, breach, violation or event
         of acceleration. Neither the Seller nor any Affiliate of the Seller has
         waived any material default, breach, violation or event of
         acceleration, other than such written waivers as are contained in the
         related Mortgage File.

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(17)     There are no delinquent taxes, ground rents, water charges, sewer
         rents, assessments, insurance premiums, leasehold payments, including
         assessments payable in future installments or other outstanding
         charges, affecting the related Mortgaged Property.

(18)     Except as previously disclosed in writing to the Depositor and the
         Trustee by the Seller, no material litigation relating to the Mortgage
         Loan is pending.

(19)     The Mortgage Loan obligates the mortgagor thereunder to maintain a
         hazard insurance policy ("Hazard Insurance") in an amount at least
         equal to the maximum insurable value of the improvements and, if it was
         in place at origination of the Mortgage Loan, flood insurance, at the
         mortgagor's cost and expense. If the Mortgaged Property is in an area
         identified in the Federal Register by the Federal Emergency Management
         Agency ("FEMA") as having special flood hazards, a flood insurance
         policy is in effect which met the requirements of FEMA at the time such
         policy was issued. The Mortgage obligates the Mortgagor to maintain the
         Hazard Insurance and, if applicable, flood insurance policy at the
         Mortgagor's cost and expense, and on the Mortgagor's failure to do so,
         authorizes the holder of the Mortgage to obtain and maintain such
         insurance at the Mortgagor's cost and expense, and to seek
         reimbursement therefor from the Mortgagor. The Mortgaged Property is
         covered by Hazard Insurance.

(20)     The Mortgage Note is not and has not been secured by any collateral
         except the lien of the corresponding Mortgage and the security interest
         of any applicable security agreement or chattel mortgage.

(21)     The Mortgage contains customary and enforceable provisions such as to
         render the rights and remedies of the holder thereof adequate for the
         realization against the Mortgaged Property of the benefits of the
         security provided thereby, including (i) in the case of a Mortgage
         designated as a deed of trust, by trustee's sale or judicial
         foreclosure and (ii) otherwise by judicial foreclosure or, if
         applicable, non-judicial foreclosure. Except as previously disclosed in
         writing to the Depositor by the Seller, the Mortgaged Property is not
         subject to any bankruptcy proceeding or foreclosure proceeding and the
         Mortgagor has not filed for protection under applicable bankruptcy
         laws. There is no homestead or other exemption available to the
         Mortgagor that would interfere with the right to sell the Mortgaged
         Property at a trustee's sale or the right to foreclose the Mortgage. In
         the event the Mortgage constitutes a deed of trust, a trustee, duly
         qualified under applicable law to serve as such, has been properly
         designated and currently so serves and is named in the Mortgage, and no
         fees or expenses are or will become payable by the Depositor to the
         trustee under the deed of trust, except in connection with a trustee's
         sale after default by the related Mortgagor. The Mortgagor has not
         notified the Seller nor any Affiliate of the Seller of, and the neither
         the Seller nor any Affiliate of the Seller has any knowledge of, any
         relief requested or allowed to the Mortgagor under the Servicemembers
         Civil Relief Act or similar state law.

(22)     The Mortgaged Property, normal wear and tear excepted, is undamaged by
         waste, fire, earthquake or earth movement, windstorm, flood, tornado or
         other casualty so as to affect materially and adversely the value of
         the Mortgaged Property as security for the

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         Mortgage Loan or the use for which the premises were intended, and, no
         proceeding is pending or threatened for the total or partial
         condemnation of the Mortgaged Property.

(23)     As of the Closing Date, to the best of the Seller's knowledge, no
         Mortgaged Property is subject to an environmental hazard that would
         have to be eliminated under applicable law before the sale of, or which
         could otherwise affect the marketability of, such Mortgaged Property or
         which would subject the owner or operator of such Mortgaged Property or
         a lender secured by such Mortgaged Property to liability under law, and
         there are no liens which relate to the existence of any clean-up of a
         hazardous substance (and no circumstances exist that under law would
         give rise to any such lien) affecting the Mortgaged Property which are
         or may be liens prior to or on a parity with the lien of the related
         mortgage.

(24)     Each Mortgage File contains an appraisal or a broker's price opinion of
         the Mortgaged Property indicating an appraised value, or documentation
         of the sales price of such Mortgaged Property, equal to the appraised
         value identified for such Mortgaged Property on the Mortgage Loan
         Schedule.

(25)     No improvements on the related Mortgaged Property encroach on adjoining
         properties (and in the case of a condominium unit, such improvements
         are within the project with respect to that unit), and no improvements
         on adjoining properties encroach upon the Mortgaged Property unless
         there exists in the Mortgage File a title policy with endorsements
         which insure against losses sustained by the insured as a result of
         such encroachments, or such encroachments do not have a material
         adverse effect on the related Mortgage Loan.

(26)     The Mortgage Loan bears interest at the Mortgage Rate and the Mortgage
         Note does not permit negative amortization.

(27)     With respect to escrow deposits, if any, all such payments are in the
         possession of, or under the control of, the Seller and there exist no
         deficiencies in connection therewith for which customary arrangements
         for repayment thereof have not been made. Except as set forth on the
         Mortgage Loan Schedule, no escrow deposits or escrow advances or other
         charges or payments due the Seller have been capitalized under any
         Mortgage or the related Mortgage Note.

(28)     No Mortgage Loan contains provisions pursuant to which Monthly Payments
         will be: (i) paid or partially paid with funds deposited in any
         separate account established by the Seller or any Affiliate of the
         Seller, the Mortgagor, or anyone on behalf of the Mortgagor, (ii) paid
         by any source other than the Mortgagor, or (iii) contains any other
         similar provisions which may constitute a "buydown" provision. No
         Mortgage Loan is a graduated payment mortgage loan and no Mortgage Loan
         has a shared appreciation or other contingent interest feature.

(29)     To the best of the Seller's knowledge, the Mortgaged Property is
         lawfully occupied under applicable law.

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(30)     The full original principal amount of every Mortgage Loan has been
         fully disbursed or credited to the Mortgagor, there is no requirement
         for any lender to make future advances thereunder and any and all
         requirements as to completion of any on-site or off-site improvements
         and as to disbursements of any escrow funds therefor have been
         satisfied. All costs, fees and expenses incurred in making, closing or
         recording the Mortgage Loans were paid. There is no obligation on the
         part of Seller, or of any other party, to make supplemental payments in
         addition to those made by the Mortgagors. No Mortgagor is entitled to
         any refund of any amounts paid or due to any lender pursuant to any
         Mortgage Note.

(31)     To the best of the Seller's knowledge, there are no mechanics' or
         similar liens or claims that have been filed for work, labor or
         material (and no rights are outstanding that under law could give rise
         to such lien) affecting the related Mortgaged Property that are or may
         be liens prior to, or equal or coordinate with, the lien of the related
         Mortgage, except those which are insured against by the title insurance
         policy referred to in item (15) above.

(32)     The Loan Collateral with respect to each Mortgage Loan is real property
         owned by the related Mortgagor in fee simple, subject only to marital
         property rights of spouses, if any.

(33)     100% of the Mortgage Loans (by Principal Balance as of the Cut-off
         Date) are first lien Mortgage Loans having, in each case, a
         Loan-to-Value Ratio of less than 100%.

(34)     With respect to any Mortgage Loan which provides for an adjustable
         interest rate, all rate adjustments have been performed in accordance
         with the terms of the related Mortgage Note, subsequent modifications,
         if any, and all applicable laws.

         The representations and warranties set forth in this Exhibit A do not
constitute certifications by the Seller as to the truth or accuracy of such
representations and warranties. The parties hereto acknowledge that certain of
the foregoing representations and warranties may be inaccurate; nevertheless,
the parties hereto intend that the risk of any such inaccuracy be allocated to
the Seller. Accordingly, any breach of the substance of any representation or
warranty set forth in this Exhibit A shall, if such breach materially and
adversely affects the value of any Mortgage Loan or the interest therein of any
Securityholder, constitute a breach of such representation or warranty without
regard to the knowledge of the Seller, and shall be subject to the remedies
available under this Agreement.

         The representations and warranties set forth above shall survive the
Closing Date.

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                                   SCHEDULE I
                                 (to Exhibit A)

                                      None.

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Mortgage Loan Sale Agreement

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