Document:

exv10w3

 

Exhibit 10.3

AUCTION ADMINISTRATION AGREEMENT

     THIS AUCTION ADMINISTRATION AGREEMENT, dated as of December 22, 2004 (the “Agreement”)
among LEHMAN BROTHERS INC., as auction administrator (the “Auction Administrator”), INDYMAC
RESIDENTIAL ASSET-BACKED TRUST, SERIES 2004-LH1, as issuer (the “Issuer”) and DEUTSCHE BANK
NATIONAL TRUST COMPANY, as indenture trustee (the “Indenture Trustee”) and as auction
paying agent (the “Auction Paying Agent”), and not in its individual capacity.

W I T N E S S E T H

     WHEREAS, the Issuer and the Indenture Trustee, contemporaneously herewith are entering into
the Indenture (the “Indenture”), dated as of December 22, 2004, pursuant to which the
IndyMac Residential Asset-Backed Notes, Series 2004-LH1 (the “Class A Notes”) will be
issued;

     WHEREAS, the Surety Provider contemporaneously is issuing the Note Policy for the benefit of
the Class A Noteholders;

     WHEREAS, the Auction Administrator, acting solely as an intermediary agent for the Class A
Noteholders, has been directed by the Issuer (in accordance with the Indenture) to execute and
deliver this Agreement; and

     WHEREAS, the parties hereto desire to enter into this Agreement, pursuant to the Indenture, to
provide for the Auction Administrator to (i) conduct the Auction of the Class A Notes eight
Business Days before the Mandatory Auction Payment Date and (ii) on the Mandatory Auction Payment
Date, distribute to the related Class A Noteholders the proceeds of the Auction, subject to a
maximum payment of the Par Price.

     NOW, THEREFORE, the parties hereto agree as follows:

     SECTION 1. Defined Terms.

     For purposes of this Agreement, unless the context clearly requires otherwise, all capitalized
terms which are used but not otherwise defined herein shall have the respective meanings assigned
to such terms in the Sale and Servicing Agreement or the Indenture, as applicable. All other
capitalized terms used herein shall have the meanings specified herein.

     Auction: The mandatory auction of the Class A Notes pursuant to this Agreement.

     Auction Paying Agent: The Indenture Trustee in its capacity as auction paying agent
pursuant to this Agreement.

     Auction Price: The price at which the Class A Notes are re-sold to Bidders.

     Auction Proceeds: The portion of the proceeds of the Auction allocable to the Class A
Notes.

 

 

     Auction Proceeds Account: The account established pursuant to Section 5.11 of the
Sale and Servicing Agreement.

     Auction Rate: The sum of LIBOR and a spread equal to the winning spread bid in a
successful Auction.

     Business Day: As defined in the Sale and Servicing Agreement.

     Bid Date: The fourth Business Day prior to the Mandatory Auction Payment Date.

     Bidders: Third-party investors, which may include the Auction Administrator, the
Surety Provider, the Indenture Trustee or any of their affiliates. Such third-party investors may,
with the consent of the Surety Provider, also include IndyMac Bancorp, Inc. and any of its
affiliates.

     Class A Note Rate: As defined in the Sale and Servicing Agreement.

     Class A Note Principal Balance: As defined in the Sale and Servicing Agreement.

     Class A Noteholders: As defined in the Sale and Servicing Agreement.

     Closing Date: December 22, 2004.

     Deposit Date: The date three Business Days prior to the Mandatory Auction Payment
Date.

     Depository: As defined in the Sale and Servicing Agreement.

     Fail Rate: The sum of LIBOR and 0.90%.

     Mandatory Auction Payment Date: The Payment Date in November 2006.

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

     Par: The outstanding Class A Note Principal Balance after giving effect to the
payment of principal to be made on the Mandatory Auction Payment Date.

     Par Price: The price equal to 100%.

     Rapid Amortization Event: As defined in the Sale and Servicing Agreement.

     Sale and Servicing Agreement: The Sale and Servicing Agreement, dated as of December
1, 2004, among IndyMac Bank, F.S.B, as seller and servicer, IndyMac ABS, Inc., as depositor,
IndyMac Residential Asset-Backed Trust, Series 2004-LH1, as the trust and Deutsche Bank National
Trust Company, as indenture trustee.

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

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     Surety Provider: Ambac Assurance Corporation, a stock insurance company organized and
created under the laws of the State of Wisconsin, or any successor thereto.

     Tie Bids: Two or more bids of equal spread.

     SECTION 2. Auction Procedures.

     So long as no Rapid Amortization Event has occurred and that the Class A Notes are rated AAA
and Aaa by S&P and Moody’s, respectively (which shall be communicated in writing by the Indenture
Trustee, with respect to the Rapid Amortization Event, and the Rating Agencies, with respect to the
ratings, to the Auction Administrator):

     (a) By 10:30 AM New York time on the eighth Business Day preceding the Mandatory Auction
Payment Date, the Auction Administrator will deliver a notice (telephonically and by facsimile
transmission) to the Issuer, the Indenture Trustee, the Auction Paying Agent and the Surety
Provider that it will solicit bids from Bidders. The Auction Administrator will solicit bids from
the Bidders, for the purchase of the Class A Notes and will request that the Bidders convey such
bids to the Auction Administrator, by 1:00 PM New York time on the Bid Date. The Auction
Administrator will instruct the Bidders that (i) the bids must be submitted on an unconditional
basis, (ii) the bids should be submitted as a spread bid of Par to LIBOR, and (iii) the price to be
paid in connection with a winning bid must be deposited into the Auction Proceeds Account not later
than 12:00 PM New York time on the Deposit Date. The Auction Administrator will request from each
Bidder, instructions for transfer, on the Mandatory Auction Payment Date to the Bidder (or its
designee) of the Class A Notes on which such Bidder is bidding if such Bidder is the winning
Bidder.

     (b) As soon as practicable after 1:00 PM New York time on the Bid Date, the Auction
Administrator will assemble the bids for the Class A Notes in ascending order based on the bids
received by the Auction Administrator from the Bidders by 1:00 PM New York time.

     If the market-clearing spread bid is a spread bid less than or equal to the Fail Rate, the
Auction will be deemed to have succeeded and the Class A Notes will be sold to the winning Bidder
at the Auction Price, which shall equal the Par Price. If the market-clearing bid is a spread bid
greater than the Fail Rate or if no bids for the Class A Notes or for only a portion of the Class A
Notes are received by 1:00 PM New York time on the Bid Date, the Auction will be deemed to have
failed, the Class A Notes will not be re-sold to Bidder, the Class A Note Rate will be reset to the
Fail Rate, subject to the Maximum Note Rate, and the Class A Noteholders shall retain the Class A
Notes.

     In the event that on the Bid Date, Tie Bids are determined to be the lowest spread bids for an
aggregate amount greater than the Class A Note Principal Balance of the Class A Notes, then the
Bidders of the Tie Bids will each take a pro rata share in such Class A Notes (based on the
aggregate Class A Note Principal Balance for which each such Bidder submitted a bid).

     All determinations made by the Auction Administrator pursuant to this Section 2(b) shall be
completed no later than 3:00 PM New York time on the Bid Date.

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     In all events, however, the Indenture Trustee shall issue the Class A Notes only in the
minimum denomination, or multiples in excess thereof, authorized by the Indenture. The Indenture
Trustee shall assign the Class A Notes a Class A Note Rate as determined pursuant to this Section
2(b) for their remaining life for each Payment Date after the Mandatory Auction Payment Date, as
provided to it by the Auction Administrator.

     (c) In the event that at any time during the eight day period prior to the Mandatory Auction
Payment Date the Auction Administrator is notified in writing that a Rapid Amortization Event has
occurred or the Class A Notes are no longer rated AAA and Aaa by S&P and Moody’s respectively, the
Auction will terminate, the Bidders will not be required to take any Class A Notes and the Class A
Noteholders shall retain their Class A Notes.

     In such event, the Auction Administrator shall have no further responsibility with respect to
the auction of such Class A Notes.

     (d) By 3:00 PM New York time on the Bid Date, the Auction Administrator will notify the
winning Bidder with respect to the auctioned Class A Notes that (i) its bid was the lowest spread
bid and shall give it wiring instructions for payment of the auction price for such Class A Notes
into the Auction Proceeds Account, (ii) unless such purchase price is received by 12:00 PM New York
time on the Deposit Date, such Bidder’s bid will be rejected and the bid of the spread Bidder(s)
with the next lowest spread bid shall be accepted in accordance with clause (f) below and (iii)
such acceptance of the next lowest spread bid of the next Bidder shall not constitute a waiver of
any rights or remedies of the Auction Administrator against the winning Bidder for any losses,
damages or liabilities that arise out of, result from or are based upon such winning Bidder’s
failure to deliver the purchase price by 12:00 PM New York time on the Deposit Date.

     (e) By 3:30 PM New York time on the Bid Date, the Auction Administrator shall notify the
Transferor, the Surety Provider, the Auction Paying Agent and the Indenture Trustee of (i) the
market-clearing spread bid, (ii) the Auction Price and (iii) the rate at which the Class A Note
Rate should be reset, if applicable.

     (f) If a winning Bidder for the Class A Notes fails to wire the purchase price for such Class
A Notes so it is received by the Auction Administrator by 12:00 PM New York time on the Deposit
Date, the Auction Administrator will notify such Bidder as soon as practicable after 12:00 PM New
York time that its bid has been rejected and will notify the Bidder with the next lowest spread bid
for the Class A Notes, with a copy to the Surety Provider, that its bid has been accepted and shall
give it wiring instructions for payment of the purchase price for the Class A Notes into the
Auction Proceeds Account by 2:00 PM New York time on the following Business Day. If no other bids
are available to be accepted or if the Bidder with the next lowest spread bid fails to deposit the
purchase price by 2:00PM New York time on the Business Day following the Deposit Date, pursuant to
the preceding sentence, then the Auction will be deemed to have failed with respect to the Class A
Notes in accordance with Section 2(b) hereof. If either event occurs, the Auction Administrator
shall immediately notify the Auction Paying Agent and the Surety Provider. In the event a winning
Bidder fails to wire the purchase price in accordance with Section 2(d) hereof, the Auction
Administrator shall have the right to pursue all available remedies against such Bidder.

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     (g) On the Mandatory Auction Payment Date, the Auction Paying Agent will (subject to the
surrender of the Class A Note by the Holder thereof to the Indenture Trustee pursuant to Section 5
hereof if the Class A Note is not then held in book-entry form) distribute to the Class A
Noteholders an amount (to be withdrawn from the Auction Proceeds Account) equal to the Auction
Proceeds, subject to a maximum payment of the applicable Par for such Class A Notes. Such amounts
will be distributed to the Holders of such Class A Notes as a payment for the sale of such Class A
Notes in the same manner by which such Class A Noteholders would ordinarily receive payments
pursuant to the Sale and Servicing Agreement. If a Class A Noteholder fails to surrender a Class A
Note not held in book-entry form by the close of business on the Mandatory Auction Payment Date in
accordance with Section 5, the Indenture Trustee shall deem such Class A Note cancelled. The
Holder of Class A Note deemed cancelled shall receive the distribution described above only upon
the surrender of such Class A Note to the Indenture Trustee, without any accrued interest thereon
from the Mandatory Auction Payment Date.

     (h) No Class A Noteholder or any party hereto will be responsible for the payment of any fees
of, or costs incurred by, the Auction Administrator in connection with the Auction.

     SECTION 3. Establishment of Accounts.

     The Auction Paying Agent shall cause to be established and maintained an account for the
purpose of receiving and holding any Auction Proceeds pursuant to Section 5.11 of the Sale and
Servicing Agreement. Amounts in the Auction Proceeds Account shall remain uninvested.

     SECTION 4. Notice of Auction.

     On the Payment Date in the month prior to the Mandatory Auction Payment Date, the Indenture
Trustee shall give written notice by letter to the Holder of each Class A Note, with a copy to the
Auction Administrator, the Transferor and the Surety Provider, specifying (i) that the Class A
Notes shall be auctioned in accordance with this Agreement on the fourth Business Day prior to the
Mandatory Auction Payment Date and that the Auction Proceeds shall (upon its receipt thereof in
accordance with Section 2 of this Agreement) be payable to the Holders on the Mandatory Auction
Payment Date, (ii) the Mandatory Auction Payment Date, (iii) the method of calculating the Par
Price payable to such Holder as stated in Section 2 of this Agreement and (iv) if such Class A Note
is not then held in book-entry form, that such Class A Note must be surrendered to the Indenture
Trustee for registration of transfer to the winning Bidder.

     SECTION 5. Transfer of Class A Notes.

     Not later than 3:00 PM New York time on the Mandatory Auction Payment Date, the Auction Paying
Agent shall (subject to the Auction Paying Agent’s receipt of the purchase price for the Class A
Note from the winning Bidder pursuant to Section 2 hereof) instruct each such Class A Noteholder to
instruct the applicable Depository in writing, with a copy to the Indenture Trustee, the Auction
Administrator and the Surety Provider or its designee, to transfer the beneficial ownership
interest in each Class A Note subject to the Auction to the winning Bidder. If such Class A Note
is not then held in book-entry form, the Holder of such Class A Note shall surrender such Class A
Note to the Indenture Trustee for registration of transfer on the Mandatory Auction Payment Date to
the winning Bidder no later than the close of business on

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the Mandatory Auction Payment Date. If the Holder of any Class A Note not held in book-entry
form fails to transfer or surrender such Class A Note to the Indenture Trustee for registration of
transfer on the Mandatory Auction Payment Date, the Indenture Trustee shall notify the Transferor,
the Auction Paying Agent, the Auction Administrator and the Surety Provider of such failure and
deem such Class A Note cancelled and issue, authenticate and deliver a new Class A Note to the
winning Bidder. All transfers of Class A Notes shall comply with the transfer requirements in
Article 2 of the Indenture.

     SECTION 6. Duties and Responsibilities of the Auction Administrator.

     (a) The Auction Administrator undertakes to perform its duties hereunder and only such duties
as are expressly set forth herein, and no implied covenants or obligations shall be read into this
Agreement against the Auction Administrator.

     (b) In the absence of bad faith, gross negligence or willful misconduct on its part, or
failure to comply with any of its express obligations hereunder, the Auction Administrator, whether
acting directly or through agents or attorneys as provided in Section 7(d), shall not be liable for
any action taken, suffered, or omitted or for any error of judgment made by it in the performance
of its duties hereunder. In no event shall the Auction Administrator be liable for indirect,
punitive, special or consequential damage or loss.

     SECTION 7. Rights of the Indenture Trustee and Auction Paying Agent.

     (a) The Indenture Trustee may rely upon conclusively, and shall be protected in acting or
refraining from acting upon, any written instruction, notice, request, direction, consent, report,
certificate, form or bond certificate or other instrument, paper or other document both (i)
authorized hereby and (ii) reasonably believed by it to be genuine and to have been signed by the
proper person. The Indenture Trustee shall not be liable for acting, or refraining from acting in
good faith upon any such communication authorized hereby (including, but not limited to, any
communication made by telephone or other communication acceptable to the parties), which the
Indenture Trustee believes in good faith to have been given by the particular party or parties.

     (b) The Indenture Trustee may consult with counsel of its choice (provided such selection is
made with reasonable care) and the advice of such counsel shall be full and complete authorization
and protection in respect of any action taken, suffered or omitted by it hereunder in good faith
and in reliance thereon.

     (c) The Indenture Trustee shall not be required to advance, expend or risk its own funds or
otherwise incur or become exposed to financial liability in the performance of its duties
hereunder.

     (d) The Indenture Trustee may perform its duties and exercise its rights hereunder either
directly or by or through agents, attorneys, custodians or nominees appointed with due care but
shall not thereby be released from any of its responsibilities hereunder subject to clause (b)
above.

     (e) In no event shall the Indenture Trustee be liable for any acts or omissions of the Auction
Administrator or the Surety Provider. The Indenture Trustee shall have no

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responsibility or liability for the failure by the Auction Administrator to cooperate in the
solicitation of bids or for the adequacy or sufficiency of any bids solicited by the Auction
Administrator or information provided by the Auction Administrator or the Surety Provider.

     (f) The Auction Administrator agrees to indemnify the Indenture Trustee (and its directors,
officers and employees) and hold it (and such directors, officers and employees) harmless from and
against any loss, liability, damage, cost and expense of any nature incurred by the Indenture
Trustee arising out of or in connection with this Agreement or with the administration of its
duties hereunder, including but not limited to attorney’s fees and expenses, as well as other costs
and expenses of defending or preparing to defend against any claim of liability unless and except
to the extent such loss, liability, damage, cost and expense shall be caused by the Indenture
Trustee’s gross negligence, bad faith, willful misconduct or failure to comply with any of its
express obligations hereunder. The foregoing indemnification and agreement to hold harmless shall
survive the termination of this Agreement and the earlier resignation or removal of the Indenture
Trustee.

     (g) All privileges, rights and immunities given to the Indenture Trustee in the Indenture are
hereby extended to and applicable to the Indenture Trustee in its obligations hereunder.

     (h) All references to the Indenture Trustee in this Section 7 shall also be deemed to refer to
the Indenture Trustee in its capacity as Auction Paying Agent.

     SECTION 8. Miscellaneous.

     (a) This Agreement shall remain in effect until the Class A Notes are purchased on the
Mandatory Auction Payment Date and all proceeds thereof have been disbursed, in the event of a
successful auction, or, upon compliance by the parties hereto of all applicable auction procedures
set forth hereunder, in the event of a failed Auction.

     (b) The rights and duties of the parties to this Agreement shall cease upon termination of
this Agreement, provided that rights under Section 7 shall survive termination.

     (c) Except for communications authorized to be by telephone pursuant to this Agreement (which
telephonic communications are to be made to the telephone number(s) listed below), all notices,
requests and other communications to any party hereunder shall be in writing (for purposes of this
Agreement, telecopy shall be deemed to be in writing) and shall be given to such party, addressed
to it, at its address or telecopy number for purposes of this Agreement, set forth below:

	 	 	 
	If to the Indenture Trustee:

	 	Deutsche Bank National Trust Company
	

	 	1761 E. St. Andrew Place
	

	 	Santa Ana, California 92705
	 
	 	 
	

	 	Attention: Trust Administration—IN04L2
	

	 	Telephone No.: (714) 247-6000
	

	 	Facsimile No.: (714) 247-6329

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	If to the Auction
	 	Lehman Brothers Inc.
	Administrator:
	 	745 Seventh Avenue
	

	 	New York, New York 10019
	 
	 	 
	

	 	Attention: Vikas Sarna
	

	 	Telephone No.: (212) 526-7454
	

	 	Facsimile No.: (646) 758-2141
	 
	 	 
	

	 	with a copy to:
	 
	 	 
	

	 	Attention: Randal Johnson
	

	 	Telephone No.: (212) 526-0198
	

	 	Facsimile No.: (646) 758-2598
	 
	 	 
	If to the Surety Provider:

	 	Ambac Assurance Corporation
	

	 	One State Street Plaza, 19th Floor
	

	 	New York, New York 10004
	 
	 	 
	

	 	Attention: Risk Management, Consumer Asset-Backed
	

	 	Securities, IndyMac Residential
	

	 	Asset-Backed Trust 2004-LH1
	

	 	Telephone No.: (212) 668-0340
	

	 	Facsimile No.: (212) 509-9190
	 
	 	 
	If to the Issuer:

	 	IndyMac Residential Asset-Backed Trust,
	

	 	Series 2004 LH1
	

	 	c/o Wilmington Trust Company
	

	 	Rodney Square North, 1100 North Market Street
	

	 	Wilmington, Delaware 19890-0001
	 
	 	 
	

	 	Attention: Corporate Trust Administration
	

	 	Telephone No.: (302) 651-1000
	

	 	Facsimile No.: (302) 636-4140

     or such other address, telecopier number as such party may hereafter specify for such purpose
by notice to the other parties. Each such notice, request or communication shall be effective (a)
if given by telecopy, when such telecopy is transmitted to the telecopier number specified herein,
receipt confirmed, or (b) if given by any other means, when delivered at the address specified
herein.

     (d) This Agreement contains the entire agreement between the parties hereto relating to the
subject matter hereof, and there are no other representations, endorsements, promises, agreements
or understandings, oral, written or inferred, between the parties hereto relating to the subject
matter hereof.

     (e) This Agreement shall not be deemed or construed to be modified, amended, rescinded,
canceled or waived, in whole or in part, except by written instrument signed by a duly

8

 

authorized representative of the parties hereto. The failure of any party hereto to exercise
any right or remedy hereunder in the event of a breach hereof by the other party shall not
constitute a waiver of any such right or remedy with respect to any subsequent breach.

     (f) If any clause, provision or section hereof shall be ruled invalid or unenforceable by any
court of competent jurisdiction, the invalidity or unenforceability of such clause, provision or
section shall not affect any of the remaining clauses, provisions or sections hereof.

     (g) This Agreement may be executed in several counterparts, each of which shall be an original
and all of which shall constitute but one and the same instrument. This Agreement shall take
effect immediately upon the execution and delivery hereof.

     (h) This Agreement shall be governed by and construed in accordance with the domestic laws of
the State of New York.

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

     (j) It is expressly understood and agreed by the parties hereto that the Surety Provider shall
be an express third-party beneficiary of this Agreement.

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

	 	 	 	 	 
	 	 	DEUTSCHE BANK NATIONAL TRUST COMPANY, as
Indenture Trustee and the Auction Paying
Agent, and not in its individual capacity
	 
	 	 	 	 
	 
	 	 	 	 
	

	 	By:
	 	/s/ Brent Hoyler
	

	 	 	 	 
	

	 	 	 	Name: Brent Hoyler

Title: Associate
	 
	 	 	 	 
	 
	 	 	 	 
	 	 	LEHMAN BROTHERS INC., as Auction Administrator
for the Holders of the Class A Notes
	 
	 	 	 	 
	 
	 	 	 	 
	

	 	By:
	 	/s/ Tom O’Hara
	

	 	 	 	 
	

	 	 	 	Name: Tom O’Hara

Title: Senior Vice President
	 
	 	 	 	 
	 
	 	 	 	 
	 	 	INDYMAC RESIDENTIAL ASSET-BACKED TRUST, SERIES

2004-LH1
	 
	 	 	 	 
	 
	 	 	 	 
	 	 	By: WILMINGTON TRUST COMPANY, not in its

individual capacity, but solely as Owner

Trustee
	 
	 	 	 	 
	 
	 	 	 	 
	

	 	By:
	 	/s/ Janel R. Havrilla
	

	 	 	 	 
	

	 	 	 	Name: Janel R. Havrilla
Title: Financial Services Officer

10exv10w4

 

Exhibit 10.4

ADMINISTRATION AGREEMENT

Dated as of December 22, 2004

among

INDYMAC RESIDENTIAL ASSET-BACKED TRUST, SERIES 2004-LH1

(Trust)

INDYMAC BANK, F.S.B.

(Administrator)

and

DEUTSCHE BANK NATIONAL TRUST COMPANY

(Bond Administrator and Indenture Trustee)

IndyMac Residential Asset-Backed Notes, Series 2004-LH1

 

 

     This Administration Agreement (this “Agreement”) dated as of December 22, 2004, among
INDYMAC RESIDENTIAL ASSET-BACKED TRUST, SERIES 2004-LH1, a Delaware statutory trust, (the
“Trust”), INDYMAC BANK, F.S.B., a federal savings bank, as administrator (the
“Administrator”), and DEUTSCHE BANK NATIONAL TRUST COMPANY, a national banking association,
as bond administrator (in such capacity the “Bond Administrator”) and as indenture trustee
under the Indenture referred to herein (in such capacity the “Indenture Trustee”).

W I T N E S S E T H:

     WHEREAS, the Trust is a statutory trust under the Delaware Statutory Trust Act (12 Del. C. §
3801 et seq.) created by a Trust Agreement dated as of December 14, 2004, among IndyMac Bank,
F.S.B., as the seller (the “Seller”), IndyMac ABS, Inc., as the depositor (the
“Depositor”) and Wilmington Trust Company, as owner trustee (the “Owner Trustee”),
as amended and restated by an Amended and Restated Trust Agreement dated as of December 22, 2004,
among the Seller, the Depositor, the Owner Trustee and the Indenture Trustee, as registrar and
paying agent (the “Trust Agreement”);

     WHEREAS, the Trust will issue IndyMac Residential Asset-Backed Notes, Series 2004-LH1 (the
“Notes”), and the Transferor Interest (collectively, the “Securities”);

     WHEREAS, the Notes will be secured by certain collateral, as more particularly set forth in
the Indenture dated as of December 22, 2004 (the “Indenture”), between the Trust and the
Indenture Trustee;

WHEREAS, the Transferor Interest will be created pursuant to the Trust Agreement;

     WHEREAS, the Trust has entered into certain agreements in connection with the issuance of the
Securities, including (i) a Sale and Servicing Agreement dated as of December 1, 2004 (the
“Sale and Servicing Agreement”), among the Seller, the Trust, the Depositor and the
Indenture Trustee, (ii) the Letter of Representations dated December 22, 2004, among the Trust, the
Indenture Trustee and The Depository Trust Company relating to the Notes (the “Note Depository
Agreement”), (iii) the Indenture and (iv) the Insurance and Indemnity Agreement, among Ambac
Assurance Corporation, as Insurer, the Seller, as Seller and Servicer, the Indenture Trustee, and
the Trust (the “Insurance and Indemnity Agreement,” and together with the Sale and
Servicing Agreement, the Note Depository Agreement and the Indenture, the “Related
Agreements”);

     WHEREAS, pursuant to the Related Agreements and the Trust Agreement, the Trust is required to
perform certain duties in connection with the Notes and the collateral therefor pledged pursuant to
the Indenture (the “Collateral”);

     WHEREAS, the Trust desires to have the Bond Administrator and the Administrator, respectively,
perform certain of the duties of the Trust referred to in the preceding clause, and to provide such
additional services consistent with the terms of this Agreement, the Related Agreements and the
Trust Agreement as the Trust may from time to time request; and

 

 

     WHEREAS, the Bond Administrator and the Administrator have the capacity to provide the
respective services required hereby and are willing to perform such services for the Trust and the
Owner Trustee on the terms set forth herein.

     NOW, THEREFORE, in consideration of the mutual covenants contained herein, and other good and
valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties
agree as follows:

     Section 1. Duties of the Bond Administrator.

     (a) Duties with Respect to the Trust Agreement, the Sale and Servicing Agreement and the
Indenture.

          (i) The Bond Administrator accepts its appointment as Bond Administrator and agrees to perform
such duties as are specifically set forth hereunder. The Bond Administrator shall not have any
duties or responsibilities except those expressly set forth in this Agreement or be a trustee for
or have any fiduciary obligation to any party hereto. In furtherance of the foregoing, the Bond
Administrator shall take all appropriate action that is the duty of the Trust or the Owner Trustee,
to take with respect to the following matters under the Sale and Servicing Agreement and the
Indenture (parenthetical section references are to sections of the Indenture):

     (A) the preparation of the Notes and the authentication of the Notes
and upon the registration of any transfer or exchange of the Notes
(Sections 2.2 and 2.3);

     (B) causing the Note Register to be kept and giving the Indenture
Trustee notice of any appointment of a new Note Registrar and the location,
or change in location, of the Note Register (Section 2.3);

     (C) the direction to the Indenture Trustee to deposit moneys with
Paying Agents, if any, other than the Indenture Trustee (Section 3.3);

     (D) the notification to the Insurer of a purchase of the Notes (Section
10.1); and

     (E) the provision to the Indenture Trustee of certain calculations and
information regarding tax withholding and reporting (Section 3.3(v)).

Notwithstanding anything in this Agreement, the Related Agreements or the Trust Agreement to the
contrary, the Bond Administrator shall be responsible for performance of the duties of the Owner
Trustee set forth in Section 5.5 of the Trust Agreement, including with respect to, among other
things, accounting and reports to the Certificateholders. In addition, the Bond Administrator
agrees to perform all of the duties of the Trust under the Note Depository Agreement.

 

 

     (b) In carrying out the foregoing duties or any of its other obligations under this Agreement,
the Bond Administrator may enter into transactions with or otherwise deal with any of its
affiliates; provided, however, that the terms of any such transactions or dealings shall be in
accordance with any directions received from the Trust and shall be, in the Bond Administrator’s
opinion, no less favorable to the Trust than would be available from unaffiliated parties.

     (c) Notwithstanding anything in this Agreement, the Related Agreements or the Trust Agreement
to the contrary, the Administrator shall be responsible for promptly notifying the Paying Agent (as
defined in the Trust Agreement) and the Insurer in the event that any withholding tax is imposed on
the Trust’s payments (or allocations of income) to a Certificateholder as contemplated in Section
5.2(b) of the Trust Agreement; provided, however, that no such notice shall be required to be given
to the Paying Agent or the Indenture Trustee if the Bond Administrator is the Paying Agent. Any
such notice shall specify the amount of any withholding tax required to be withheld by the Paying
Agent or the Indenture Trustee, as the case may be, pursuant to such provision.

     Section 2. Duties of the Administrator With Respect to this Agreement, the Related
Agreements and the Trust Agreement.

     (a) The Administrator agrees to perform all of the duties of the Owner Trustee under Section
7.8 of the Trust Agreement. In addition, the Administrator shall consult with the Owner Trustee
regarding the duties of the Trust under the Sale and Servicing Agreement and the Indenture. The
Administrator shall monitor the performance of the Trust and shall notify the Owner Trustee when
action is necessary to comply with the Trust’s duties under the Trust Agreement, the Sale and
Servicing Agreement and/or the Indenture. The Administrator shall prepare for execution by the
Trust, or shall cause the preparation by other appropriate Persons of, all such documents, reports,
filings, instruments, certificates and opinions that it shall be the duty of the Issuer or the
Owner Trustee to prepare, file or deliver pursuant to the Trust Agreement, the Sale and Servicing
Agreement, the Insurance and Indemnity Agreement or the Indenture (other than those duties to be
performed by the Bond Administrator pursuant to Section 1 hereof). In addition to the foregoing,
the Administrator shall take all appropriate action that is the duty of the Trust or the Owner
Trustee to take pursuant to the Indenture (other than those duties to be performed by the Bond
Administrator pursuant to Section 1 hereof), including, without limitation, the following matters
under the Indenture (parenthetical section references are to sections of the Indenture):

          (i) the preparation, obtaining or filing of the instruments, opinions and certificates and
other documents required for the release of all or any portion of the Trust Estate (Section 2.9);

          (ii) the preparation and execution of all supplements, amendments, financing statements,
continuation statements, instruments of further assurance and other instruments necessary to
protect the Trust Estate (Section 3.5);

 

 

          (iii) the preparation of Issuer Orders, Officers’ Certificates and the obtaining of Opinions
of Counsel and all other actions necessary with respect to investment and reinvestment of funds in
the Accounts (Section 8.2(b));

          (iv) the preparation and execution, as required, of the Trust’s obligations and duties to
deliver annual Opinions of Counsel and Officer’s Certificates and other statements (Sections 3.6
and 3.9);

          (v) the obtaining of an Opinion of Counsel for the release of the Trust Estate (Section 8.3);

          (vi) the preparation of Issuer Orders and the obtaining of Opinions of Counsel with respect to
any proposed amendment of the Trust Agreement or amendment to or waiver of any provision of any
other document relating to the Trust Agreement (Section 9.3);

          (vii) the notification of the Insurer and the Rating Agencies, upon the failure of the
Indenture Trustee to give such notification, of the information required (Section 11.4);

          (viii) the monitoring of the Trust’s obligations as to the satisfaction and discharge of the
Indenture (Section 4.1);

          (ix) performing the function of the Trust with respect to the cancellation of the Notes
(Section 2.7);

          (x) the preparation of or obtaining of the documents and instruments required for
authentication of the Notes and delivery of the same to the Indenture Trustee (Section 2.2); and

          (xi) the delivery to the Depositor, the Indenture Trustee, the Seller, the Insurer and the
Rating Agencies of prompt written notice of specified defaults (Sections 3.7(d) and 6.5);

     (b) The Administrator will indemnify the Owner Trustee and its successors, assigns, directors,
officers, employees and agents for, and hold them harmless against, any damages, costs,
disbursements, taxes, actions, suits, claims, losses, liability or expense of any kind whatsoever
incurred without willful misconduct, negligence or bad faith on its part, arising out of or in
connection with the acceptance or administration of the transactions contemplated by this Agreement
and the Trust Agreement, including the reasonable costs and expenses of defending against any claim
or liability in connection with the exercise or performance of any of their powers or duties under
the Trust Agreement. This sub-section shall survive the termination of this Agreement and the
Trust.

     In addition to the duties of the Administrator set forth above, to the extent not covered in
Section 1 or Section 2(a) above, the Administrator shall prepare for execution by the Trust or
shall cause the preparation by other appropriate persons of all such documents, reports, filings,
instruments, certificates and opinions as it shall be the duty of the Trust or the Owner Trustee to
prepare, file or deliver pursuant to the Related Agreements, and at the request of the Owner
Trustee shall take all appropriate action that it is the duty of the Trust or the Owner Trustee to

 

 

take pursuant to the Related Agreements. Subject to Section 6 of this Agreement, and in
accordance with the directions of the Owner Trustee, the Administrator shall administer, perform or
supervise the performance of such other activities in connection with the Collateral (including the
Related Agreements) as are not covered by any of the foregoing provisions and as are expressly
requested by the Owner Trustee and are reasonably within the capability of the Administrator.

     Section 3. Records.

     Each of the Administrator and the Bond Administrator shall maintain appropriate books of
account and records relating to services performed hereunder, which books of account and records
shall be accessible for inspection by the Trust, the Insurer and the Administrator at any time
during normal business hours of the Administrator and the Bond Administrator.

     Section 4. Compensation.

     The Administrator will perform the duties and provide the services called for under Section 1
above without any separate compensation therefor for so long as IndyMac Bank, F.S.B. is the
Administrator, and the Indenture and the Sale and Servicing Agreement remain in effect, and
thereafter for such compensation as shall be agreed upon by the Administrator. The Bond
Administrator shall receive the compensation agreed to between the Bond Administrator and the
Seller. Each of the Administrator and the Bond Administrator shall be entitled to receive, on each
Payment Date, reimbursement for all reasonable out of pocket expenses incurred or made by it (in
the case of the Bond Administrator, such reimbursement shall come from the Seller). Such expenses
shall include the reasonable compensation and expenses, disbursements and advances of each of the
Administrator’s and the Bond Administrator’s agents, counsel, accountants and experts.

     The Seller’s payment obligations to the Administrator and the Bond Administrator pursuant to
this Section shall survive the discharge of this Agreement and the earlier removal or resignation
of the Bond Administrator.

     Section 5. Additional Information to be Furnished to the Trust.

     Each of the Administrator and the Bond Administrator shall furnish to the Owner Trustee on
behalf of the Trust from time to time such additional information regarding the Collateral as the
Owner Trustee shall reasonably request.

     Section 6. Independence of the Administrator and the Bond Administrator.

     For all purposes of this Agreement, each of the Administrator and the Bond Administrator shall
be an independent contractor and shall not be subject to the supervision of the Trust or the Owner
Trustee with respect to the manner in which it accomplishes the performance of its obligations
hereunder. Unless expressly authorized by the Trust, neither the Bond Administrator nor the
Administrator shall have authority to act for or represent the Trust or the Owner Trustee in any
way and shall not otherwise be deemed an agent of the Trust or the Owner Trustee.

 

 

     Section 7. No Joint Venture.

     Nothing contained in this Agreement shall (i) constitute the Administrator, the Bond
Administrator and either of the Trust or the Owner Trustee as members of any partnership, joint
venture, association, syndicate, unincorporated business or other separate entity, (ii) be
construed to impose any liability as such on any of the Administrator, the Bond Administrator, the
Trust or the Owner Trustee, or (iii) be deemed to confer on any of the Administrator, the Bond
Administrator, the Trust or the Owner Trustee any express, implied or apparent authority to incur
any obligation or liability on behalf of the others.

     Section 8. Other Activities of Administrator and the Bond Administrator.

     Nothing herein shall prevent the Administrator, the Bond Administrator or its respective
Affiliates from engaging in other businesses or, in its sole discretion, from acting in a similar
capacity as an administrator for any other person or entity even though such person or entity may
engage in business activities similar to those of the Trust or the Owner Trustee.

     Section 9. Term of Agreement; Resignation and Removal of Administrator and the Bond
Administrator.

     (a) This Agreement shall continue in force until the termination of the Trust Agreement in
accordance with its terms and the dissolution of the Trust, upon which event this Agreement shall
automatically terminate.

     (b) Subject to Section 9(e) of this Agreement, the Bond Administrator and the Administrator
may resign its duties hereunder by providing the Trust with at least 60 days’ prior written notice.

     (c) Subject to Section 9(e) of this Agreement, the Trust may remove either the Administrator
or the Bond Administrator without cause by providing the Administrator, or Bond Administrator, as
applicable, with at least 60 days’ prior written notice.

     (d) Subject to Section 9(e) of this Agreement, the Trust may remove either the Administrator
or the Bond Administrator immediately upon written notice of termination from the Trust to the
Administrator or the Bond Administrator, as applicable, as the case may be, if any of the following
events shall occur:

     (i) the Administrator or the Bond Administrator shall default in the performance of any of its
duties under this Agreement and, after written notice of such default, shall not cure such
default within ten days (or, if such default cannot be cured in such time, shall not give within
ten days such assurance of cure as shall be reasonably satisfactory to the Trust);

     (ii) a court having jurisdiction in the premises shall enter a decree or order for relief, and
such decree or order shall not have been vacated within 60 days, in respect of the Administrator or
the Bond Administrator, in any involuntary case under any applicable bankruptcy, insolvency or
other similar law now or hereafter in effect, or appoint a receiver, liquidator, assignee,
custodian, trustee, sequestrator or similar official for the Administrator or

 

 

the Bond Administrator, or any substantial part of its property or order the winding-up or
liquidation of its affairs; or

     (iii) the Administrator or the Bond Administrator shall commence a voluntary case under any
applicable bankruptcy, insolvency or other similar law now or hereafter in effect, shall consent to
the entry of an order for relief in an involuntary case under any such law, shall consent to the
appointment of a receiver, liquidator, assignee, trustee, custodian, sequestrator or similar
official for the Administrator or the Bond Administrator or any substantial part of its property,
shall consent to the taking of possession by any such official of any substantial part of its
property, shall make any general assignment for the benefit of creditors or shall fail generally to
pay its debts as they become due.

     The Administrator and the Bond Administrator each agree that if any of the events specified in
clauses (ii) or (iii) of this Section shall occur and shall be actually known by a Responsible
Officer of the Administrator or Bond Administrator, as the case may be, it shall give written
notice thereof to the Trust and the Indenture Trustee within seven days after the happening of such
event.

     (e) No resignation or removal of the Administrator or the Bond Administrator pursuant to this
Section shall be effective until (i) a successor Administrator or Bond Administrator, as
applicable, shall have been appointed by the Trust and (ii) such successor Administrator or Bond
Administrator, as applicable, shall have agreed in writing to be bound by the terms of this
Agreement in the same manner as the Administrator or the Bond Administrator, as applicable, is
bound hereunder. If a successor Administrator or the Bond Administrator, as applicable, does not
take office within 60 days after the retiring Administrator or the Bond Administrator, as
applicable, resigns or is removed, the retiring Administrator or Bond Administrator, as applicable,
the Trust, the Insurer or a majority of the outstanding Notes may petition a court of competent
jurisdiction for the appointment of a successor Administrator or Bond Administrator, as applicable.

     (f) The appointment of any successor Administrator or Bond Administrator, as applicable, shall
be effective only after satisfaction of the Rating Agency Condition (as defined in the Indenture)
with respect to the proposed appointment.

     (g) Subject to Sections 9(e) and (f) of this Agreement, the Administrator acknowledges that
upon any breach of IndyMac Bank, F.S.B., as Seller under Section 2.04 of the Sale and Servicing
Agreement, the Administrator’s appointment hereunder shall terminate automatically and the
Depositor shall automatically assume the duties of the Administrator hereunder or appoint another
Administrator. Any such successor Administrator shall be required to agree to assume the duties of
the Administrator under the terms and conditions of this Agreement.

     (h) Subject to Sections 9(e) and (f) of this Agreement, the Bond Administrator acknowledges
that upon resignation and removal of the Indenture Trustee, under the Indenture, and the
appointment of a successor Indenture Trustee pursuant to the Indenture, the Bond Administrator’s
appointment hereunder shall terminate automatically and such successor

 

 

Indenture Trustee shall automatically assume the duties of the Bond Administrator hereunder.
Any such successor Indenture Trustee shall be required to agree to assume the duties of the Bond
Administrator under the terms and conditions of this Agreement in its acceptance of its appointment
as successor Indenture Trustee.

     Section 10. Action upon Termination, Resignation or Removal of the Administrator and the
Bond Administrator.

     Promptly upon the effective date of termination of this Agreement pursuant to Section 9(a) or
the resignation or removal of the Administrator pursuant to Section 9(b) or (c), respectively, the
Administrator shall be entitled to be paid by the Seller all expenses accruing to it to the date of
such termination, resignation or removal. The Administrator shall forthwith deliver to the Trust
upon such termination pursuant to Section 9(a) of this Agreement or such resignation or removal of
the Administrator pursuant to Section 9(b), (c) or (d), all property and documents of or relating
to the Collateral then in the custody of the Administrator, and the Administrator shall cooperate
with the Trust and take all reasonable steps requested to assist the Trust in making an orderly
transfer of the duties of the Administrator.

     Promptly upon the effective date of termination of this Agreement pursuant to Section 9(a) or
the resignation or removal of the Bond Administrator pursuant to Section (c), the Bond
Administrator shall be entitled to be paid by the Seller all expenses accruing to it to the date of
such termination, resignation or removal out of funds available pursuant to Section 6.7 of the
Indenture. The Bond Administrator shall forthwith deliver to the Trust upon such termination
pursuant to Section 9(a) of this Agreement or such resignation or removal of the Bond Administrator
pursuant to Section 9(b), (c) or (d), all property and documents of or relating to the Collateral
then in the custody of the Bond Administrator, and the Bond Administrator shall cooperate with the
Trust and take all reasonable steps requested to assist the Trust in making an orderly transfer of
the duties of the Bond Administrator.

     Section 11. Notices.

     All demands, notices and communications hereunder shall be in writing and shall be deemed to
have been duly given if personally delivered at or mailed by overnight mail, certified or
registered mail, postage prepaid, addressed as follows:

	 	 	 	 	 
	

	 	(a)
	 	if to the Trust, to
	 
	 	 	 	 
	

	 	 	 	IndyMac Residential Asset-Backed Trust, Series 2004-LH1
	

	 	 	 	Wilmington Trust Company
	

	 	 	 	Rodney Square North
	

	 	 	 	1100 North Market Street
	

	 	 	 	Wilmington, Delaware 19890-0001
	

	 	 	 	Tel: (302) 651-1000
	

	 	 	 	Fax: (302) 636-4140
	

	 	 	 	Attn: Corporate Trust Administration

 

 

	 	 	 	 	 
	

	 	 	 	with a copy to the Administrator at:
	 
	 	 	 	 
	

	 	 	 	IndyMac Bank, F.S.B.
	

	 	 	 	155 North Lake Avenue
	

	 	 	 	Pasadena, California 91101
	

	 	 	 	Tel: (626) 535-4944
	

	 	 	 	Fax: (626) 535-7854
	

	 	 	 	Attn: Treasurer
	 
	 	 	 	 
	

	 	(b)
	 	if to the Administrator
	 
	 	 	 	 
	

	 	 	 	IndyMac Bank, F.S.B.
	

	 	 	 	155 North Lake Avenue
	

	 	 	 	Pasadena, California 91101
	

	 	 	 	Tel: (626) 535-4944
	

	 	 	 	Fax: (626) 535-7854
	

	 	 	 	Attn: Treasurer
	 
	 	 	 	 
	

	 	(c)
	 	to the Bond Administrator,
	 
	 	 	 	 
	

	 	 	 	Deutsche Bank National Trust Company
	

	 	 	 	1761 East Saint Andrew Place
	

	 	 	 	Santa Ana, California 92705-4934
	

	 	 	 	Attn: Trust Administration—IN04L2.
	 
	 	 	 	 
	

	 	(d)
	 	if to the Insurer, to
	 
	 	 	 	 
	

	 	 	 	Ambac Assurance Corporation
	

	 	 	 	One State Street Plaza, 19th Floor
	

	 	 	 	New York, New York 10004
	

	 	 	 	Attention: Risk Management, Consumer Asset-Backed Securities, IndyMac Home

Equity Loan Trust 2004-2
	 
	 	 	 	 
	

	 	(e)
	 	if to the Owner Trustee, to
	 
	 	 	 	 
	

	 	 	 	Wilmington Trust Company
	

	 	 	 	Rodney Square North
	

	 	 	 	1100 North Market Street
	

	 	 	 	Wilmington, Delaware 19890-00001
	

	 	 	 	Tel: (302) 651-1000
	

	 	 	 	Fax: (302) 636-4140
	

	 	 	 	Attn: Corporate Trust Administration

or to such other address as any party shall have provided to the other parties in writing.

 

 

     Section 12. Amendments.

     This Agreement may be amended from time to time by a written amendment duly executed and
delivered by the Trust, the Administrator, the Bond Administrator and the Indenture Trustee, with
the prior written consent of the Owner Trustee and the Insurer (which consent shall not be
unreasonably withheld) without the consent of the holders of any Securities, 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 of any class of the Securities;
provided, however, that such amendment will not materially and adversely affect the interest of any
holder of any of the Securities. An amendment described above shall be deemed not to adversely
affect in any material respects the interests of any holder of any of the Securities if either (i)
an Opinion of Counsel is obtained to such effect, or (ii) the party requesting the amendment
satisfies the Rating Agency Condition (as defined in the Indenture) with respect to such amendment.
This Agreement may also be amended by the Trust, the Administrator, the Bond Administrator and the
Indenture Trustee with the prior written consent of the Owner Trustee (which consent shall not be
unreasonably withheld) and the holders of Notes evidencing at least a majority of the Outstanding
Amount of the Notes 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
Noteholders; provided, however, that no such amendment may (i) increase or reduce in any manner the
amount of, or accelerate or delay the timing of, collections of payments in respect of the Mortgage
Loans or distributions that are required to be made for the benefit of the holders of any class of
Securities or (ii) reduce the aforesaid percentage of the holders of any class of Securities which
is required to consent to any such amendment, in either case of clause (i) or (ii) without the
consent of the Insurer and the holders of all the outstanding Notes and the Transferor Interest.

     Section 13. Successor and Assigns.

     Subject to Sections 9(g) and 9(h), this Agreement may not be assigned by the Administrator or
the Bond Administrator, respectively, unless such assignment is previously consented to in writing
by the Indenture Trustee, the Insurer and the Owner Trustee, subject to the satisfaction of the
Rating Agency Condition in respect thereof. An assignment with such consent and satisfaction, if
accepted by the assignee, shall bind the assignee hereunder in the same manner as the Administrator
or the Bond Administrator, as applicable, is bound hereunder. Notwithstanding the foregoing, this
Agreement may be assigned by the Administrator or the Bond Administrator, as applicable, without
the consent of the Indenture Trustee and the Owner Trustee to a corporation or other organization
that is a successor (by merger, consolidation or purchase of assets) to the Administrator or the
Bond Administrator, as applicable, provided that, in the case of the Administrator, such successor
organization executes and delivers to the Trust, the Indenture Trustee and the Owner Trustee an
agreement in which such corporation or other organization agrees to be bound hereunder by the terms
of said assignment in the same manner as the Administrator is bound hereunder. Subject to the
foregoing, this Agreement shall bind any successors or assigns of the parties hereto.

 

 

     Section 14. GOVERNING LAW.

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

     Section 15. Headings.

     The section headings hereof have been inserted for convenience of reference only and shall not
be construed to affect the meaning, construction or effect of this Agreement.

     Section 16. Counterparts.

     This Agreement may be executed in counterparts, each of which when so executed shall together
constitute but one and the same agreement.

     Section 17. Severability.

     Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall
be ineffective to the extent of such prohibition or unenforceability without invalidating the
remaining provisions hereof and any such prohibition or unenforceability in any jurisdiction shall
not invalidate or render unenforceable such provision in any other jurisdiction.

     Section 18. [RESERVED].

     Section 19. Limitation of Liability of Owner Trustee.

     Notwithstanding anything contained herein to the contrary, this Agreement has been executed by
Wilmington Trust Company not in its individual capacity but solely in its capacity as Owner Trustee
of the Trust and in no event shall Wilmington Trust Company in its individual capacity or any
beneficial owner of the Trust have any liability for the representations, warranties, covenants,
agreements or other obligations of the Trust hereunder, as to all of which recourse shall be had
solely to the assets of the Trust. For all purposes of this Agreement, in the performance of any
duties or obligations of the Trust hereunder, the Owner Trustee shall be subject to, and entitled
to the benefits of, the terms and provisions of Articles VI, VII and VIII of the Trust Agreement.

     Section 20. Limitation of Liability of the Indenture Trustee.

     Notwithstanding anything contained herein to the contrary, this Agreement has been
countersigned by Deutsche Bank National Trust Company, as Indenture Trustee and Bond Administrator,
not in its individual capacity but solely in its capacity as Indenture Trustee and Bond
Administrator and in no event shall the Indenture Trustee in its individual capacity have any
liability for the representations, warranties, covenants, agreements or other obligations of the

 

 

Trust hereunder, as to all of which recourse shall be had solely to the assets of the Trust.
Deutsche Bank National Trust Company in acting hereunder as the Indenture Trustee and the Bond
Administrator shall be entitled to all of the rights, protections, indemnities and immunities of
the Indenture Trustee under the Indenture.

     Section 21. The Indenture Trustee.

     The Indenture Trustee shall perform all of the duties and obligations of the Indenture
Trustee, and consents to its appointment as Registrar and Paying Agent, under the Trust Agreement.

     Section 22. Benefit of Agreement.

     It is expressly agreed that in performing its duties under this Agreement, each of the
Administrator and Bond Administrator will act for the benefit of holders of the Securities as well
as for the benefit of the Trust and the Insurer, and that such obligations on the part of the
Administrator and Bond Administrator shall be enforceable at the direction of the Indenture
Trustee, the Trust and the Insurer.

     Section 23. Bankruptcy Matters.

     No party to this Agreement shall take any action to cause the Trust to dissolve in whole or in
part or file a voluntary petition or otherwise initiate proceedings to have the Trust adjudicated
bankrupt or insolvent, or consent to the institution of bankruptcy or insolvency proceedings
against the Trust, or file a petition seeking or consenting to reorganization or relief of the
Trust as debtor under any applicable federal or state law relating to bankruptcy, insolvency or
other relief for debtors with respect to the Trust; or seek or consent to the appointment of any
trustee, receiver, conservator, assignee, sequestrator, custodian, liquidator (or other similar
official) of the Trust or of all or any substantial part of the properties and assets of the Trust,
or cause the Trust to make any general assignment for the benefit of creditors of the Trust or take
any action in furtherance of any of the above action; provided, however, that nothing herein shall
be construed to prohibit the Indenture Trustee from filing proofs of claim or otherwise
participating in any such proceeding instituted by any other Person.

     Section 24. Capitalized Terms.

     Capitalized terms used and not defined herein have the meanings assigned to them in the
Indenture. Capitalized terms used and not defined herein or in the Indenture have the meanings
assigned to them in the Sale and Servicing Agreement.

     Section 25. Third Party Beneficiary.

     The Owner Trustee is a third-party beneficiary to this Agreement and is entitled to the rights
and benefits hereunder and may enforce the provisions hereof as if it were a party hereto.

 

 

     Section 26. Power of Attorney.

     The Owner Trustee shall, on behalf of itself and of the Trust, execute and deliver to the
Administrator and the Bond Administrator and to each successor to either the Administrator or the
Bond Administrator hereunder, one or more powers of attorney substantially in the form of Exhibit
A, appointing each of the Administrator and the Bond Administrator the attorney-in-fact of the
Owner Trustee and the Trust for the purpose of executing on behalf of the Owner Trustee and the
Trust all such documents, reports, filings, instruments, certificates and opinions as shall be
required hereunder.

 

 

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

	 	 	 	 	 	 	 
	 	 	INDYMAC RESIDENTIAL ASSET-BACKED TRUST, SERIES 2004-LH1
	 
	 	 	 	 	 	 
	 	 	By:	 	Wilmington Trust Company,

not in its individual capacity, but solely as Owner Trustee
	 
	 	 	 	 	 	 
	

	 	 	 	By:
	 	/s/ Janel R. Havrilla
	

	 	 	 	 	 	 
	

	 	 	 	 	 	Name: Janel R. Havrilla

Title: Financial Services Officer
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	INDYMAC BANK, F.S.B.,
	 	 	 	 	as Administrator and Seller
	 
	 	 	 	 	 	 
	

	 	 	 	By:
	 	/s/ Andy Sciandra
	

	 	 	 	 	 	 
	

	 	 	 	 	 	Name: Andy Sciandra

Title: Senior Vice President
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	DEUTSCHE BANK NATIONAL TRUST COMPANY,
	 	 	 	 	not in its individual capacity, but solely as Indenture
Trustee and as Bond Administrator
	 
	 	 	 	 	 	 
	

	 	 	 	By:
	 	/s/ Brent Hoyler
	

	 	 	 	 	 	 
	

	 	 	 	 	 	Name: Brent Hoyler

Title: Associate
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	

	 	 	 	By:
	 	/s/ John Ingham
	

	 	 	 	 	 	 
	

	 	 	 	 	 	Name: John Ingham

Title: Associate

 

 

EXHIBIT A

POWER OF ATTORNEY

	 	 	 	 	 
	STATE OF DELAWARE

	 	 	)	 
	

	 	 	)	 
	COUNTY OF NEW CASTLE

	 	 	)	 

     KNOW BY ALL MEN BY THESE PRESENTS, that IndyMac Residential Asset-Backed Trust 2004-LH1 (the
“Trust”), does hereby make, constitute and appoint IndyMac Bank, F.S.B.. as administrator
(the “Administrator”) and Deutsche Bank National Trust Company, as bond administrator (the
“Bond Administrator”) and as indenture trustee (the “Indenture Trustee”), under the
Administration Agreement, dated as of December 22, 2004 (the “Administration Agreement”),
among the Trust, the Administrator, the Bond Administrator and the Indenture Trustee, as the same
may be amended from time to time, and their agents and attorneys, as Attorneys-in-Fact to execute
on behalf of the Trust all such documents, reports, filings, instruments, certificates and opinions
as it shall be the duty of the Trust to prepare, file or deliver pursuant to the Trust Agreement,
dated as of December 14, 2004, among IndyMac Bank, F.S.B., as Seller (the “Seller”),
IndyMac ABS, Inc., as the depositor (the “Depositor”), and Wilmington Trust Company, as
owner trustee (the “Owner Trustee”), as amended and restated as of December 22, 2004, among
the Seller, the Depositor, the Owner Trustee and the Indenture Trustee, as registrar and paying
agent, or the Indenture, dated as of December 22, 2004, between the Trust and the Indenture
Trustee, including without limitation, to appear for and represent the Trust in connection with the
preparation, filing and audit of federal, state and local tax returns and audits that the Trust
could perform, including without limitation, the right to distribute and receive confidential
information, defend and assert positions in response to audits, initiate and defend litigation, and
to execute waivers of restrictions on assessments of deficiencies, consents to the extension of any
statutory or regulatory time limit, and settlements.

All powers of attorney for this purpose heretofore filed or executed by the Trust are hereby
revoked.

Capitalized terms not defined herein have the meanings assigned to them in the Administration
Agreement.

A-1

 

     EXECUTED this 22nd day of December 2004.

	 	 	 	 	 
	 	 	INDYMAC RESIDENTIAL ASSET-BACKED 
TRUST, SERIES 2004-LH1
	 
	 	 	 	 
	

	 	By:
	 	WILMINGTON TRUST COMPANY, not in its 
individual capacity but solely as

Owner Trustee
	 
	 	 	 	 
	 
	 	 	 	 
	

	 	By:
	 	/s/ Janel R. Havrilla
	

	 	 	 	 
	

	 	 	 	Name: Janel R. Havrilla

Title: Financial Services Officer

A-2

 

	 	 	 	 	 
	STATE OF DELAWARE

	 	 	)	 
	

	 	 	)	 
	COUNTY OF NEW CASTLE

	 	 	)	 

Before me, the undersigned authority, on this day personally appeared Janel R. Havrilla, known to
me to be the person whose name is subscribed to the foregoing instruments, and acknowledged to me
that he/she signed the same for the purposes and considerations therein expressed.

Sworn to before me this 22nd day of December 2004.

	 	 	 
	 

	 	/s/ Kim Carroll

	
	 	Notary Public

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