Document:

EX-10.54

THE SECURITIES REPRESENTED BY THIS CERTIFICATE (THE “SECURITIES”) HAVE BEEN ISSUED AND SOLD IN
RELIANCE UPON EXEMPTIONS FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933 (THE “1933 ACT”) AND
APPROPRIATE EXEMPTIONS FROM REGISTRATION UNDER THE SECURITIES LAWS OF OTHER APPLICABLE
JURISDICTIONS. THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD OR TRANSFERRED OTHER THAN PURSUANT
TO AN EFFECTIVE REGISTRATION STATEMENT OR AN EXEMPTION THEREFROM UNDER THE 1933 ACT AND THE
APPLICABLE SECURITIES LAWS OF ANY OTHER JURISDICTION. THE ISSUER SHALL BE ENTITLED TO REQUIRE AN
OPINION OF COUNSEL REASONABLY SATISFACTORY TO IT TO THE EFFECT THAT SUCH SECURITIES CAN BE SOLD OR
TRANSFERRED PURSUANT TO RULE 144 UNDER THE 1933 ACT (OR A SUCCESSOR RULE THERETO) OR ANOTHER
EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE 1933 ACT.

INHIBITEX, INC.

WARRANT TO PURCHASE SHARES

OF COMMON STOCK

	 	 	 
	Date of Issuance: October   , 2009

	 	Certificate No.   

THIS CERTIFIES THAT, for value received,        and its assigns are entitled to
subscribe for and purchase        shares of duly authorized, validly issued, fully paid and
nonassessable Common Stock, par value $.001 per share, (as adjusted pursuant to Section 4 hereof,
the “Warrant Shares”) of INHIBITEX, INC., a Delaware corporation (the “Company”),
at the price of $1.46 per share (such price and such other price as shall result, from time to
time, from the adjustments specified in Section 4 hereof is herein referred to as the “Warrant
Price”), subject to the provisions and upon the terms and conditions hereinafter set forth. As
used herein the term “Date of Grant” shall mean October   , 2009. The term
“Warrant” as used herein shall be deemed to include any warrants issued upon transfer or
partial exercise of this Warrant unless the context clearly requires otherwise. This Warrant has
been issued pursuant to a Stock and Warrant Purchase Agreement, dated as of October 22, 2009,
between the Company and the registered holder of this Warrant (the “Purchase Agreement”),
and is subject to the terms and conditions set forth therein. Capitalized Terms not otherwise
defined herein shall have the meanings ascribed to them in the Purchase Agreement.

1. Term. The purchase right represented by this Warrant is exercisable, in whole or
in part, at any time and from time to time from the Date of Grant through October   , 2013 (the
“Expiration Date”).

2. Method of Exercise; Payment: Issuance of New Warrant. Subject to Section 1 hereof,
the purchase right represented by this Warrant may be exercised by the holder hereof, in whole or
in part and from time to time, at the election of the holder hereof, by (a) delivery of the notice
of exercise substantially in the form attached hereto as Exhibit A, duly completed and
executed, at the principal office of the Company and the payment to the Company, by certified or
bank check, or by wire transfer to an account designated by the Company of an amount equal to the
then applicable Warrant Price multiplied by the number of Warrant Shares then being purchased, or
(b) exercise of the “net issuance” right provided for in Section 10.2 hereof. The holder shall not
be required to deliver the original Warrant in order to effect an exercise hereunder unless this
Warrant is being exercised in full to purchase the total number of shares of Warrant Stock issuable
upon exercise of this Warrant. The person or persons in whose name(s) any certificate(s)
representing the Warrant Shares shall be issuable upon exercise of this Warrant shall be deemed to
have become the holder(s) of record of, and shall be treated for all purposes as the record
holder(s) of, the shares represented thereby (and such shares shall be deemed to have been issued)
immediately prior to the close of business on the date or dates upon which this Warrant is
exercised. In the event of any exercise of the rights represented by this Warrant, certificates
for the shares of stock so purchased shall be delivered to the holder hereof as soon as practicable
and, if requested by the holder of this Warrant, the Company shall cause its transfer agent to
deliver the certificate representing Warrant Shares issued upon exercise of this Warrant to a
broker or other person (as directed by the holder exercising this Warrant, but subject to the
payment by the holder of any applicable transfer taxes) within the time period required to settle
any trade made by the holder after exercise of this Warrant without the holder being subject to any
penalty or being “bought in” in connection with such trade. The Company shall, upon the written
request of the holder hereof and provided that the Company’s transfer agent is participating in The
Depository Trust Company (“DTC”) Fast Automated Securities Transfer Program, use its
commercially reasonable efforts to credit such aggregate number of Warrant Shares to which the
holder is entitled pursuant to such exercise to the holder’s or its designee’s balance account with
DTC through its Deposit Withdrawal Agent Commission system (“DWAC”); provided, that
the holder provides the Company the reasonably necessary details to effect the foregoing DWAC
delivery.

3. Stock Fully Paid; Reservation of Warrant Shares. All Warrant Shares that may be
issued upon the exercise of the rights represented by this Warrant will, upon issuance pursuant to
the terms and conditions herein, be fully paid and nonassessable, and free from all taxes, liens
and charges with respect to the issue thereof. During the period within which the rights
represented by this Warrant may be exercised, the Company will at all times have authorized, and
reserved for the purpose of the issue upon exercise of the purchase rights evidenced by this
Warrant, a sufficient number of shares of its Common Stock to provide for the exercise of the
rights represented by this Warrant.

4. Adjustment of Warrant Price and Number of Warrant Shares. The number and kind of
securities purchasable upon the exercise of this Warrant and the Warrant Price shall be subject to
adjustment from time to time upon the occurrence of certain events, as follows:

(a) Reclassification or Merger. In case of any reclassification or change of
securities of the class issuable upon exercise of this Warrant (other than a change in par value,
or from par value to no par value, or from no par value to par value, or as a result of a
subdivision or combination), or in case of (i) any merger of the Company with or into another
corporation (other than a merger with another corporation in which the Company is the surviving
corporation and which does not result in any reclassification or change of outstanding securities
issuable upon exercise of this Warrant), (ii) a sale, assignment, transfer, conveyance or other
disposition of all or substantially all of the properties or assets of the Company to another
person, or (iii) a purchase, tender or exchange offer that is accepted by the holders of more than
the 50% of the outstanding shares of Common Stock, the Company, or such surviving or successor
corporation, as the case may be, shall duly execute and deliver to the holder of this Warrant a new
Warrant (which, if not in substantially the form of this Warrant, shall be in form and substance
reasonably satisfactory to the holder of this Warrant), or the Company shall make appropriate
provision without the issuance of a new Warrant, so that the holder of this Warrant shall have the
right to receive upon exercise of this Warrant, at a total purchase price not to exceed that
payable upon the exercise of the then unexercised portion of this Warrant, and in lieu of the
shares of Common Stock theretofore issuable upon exercise of this Warrant, the kind and amount of
shares of stock, other securities, money and property receivable upon such reclassification, change
or merger by a holder of the number of shares of Common Stock purchasable under this Warrant
immediately preceding the consummation of such reclassification or merger. Such new Warrant shall
provide for adjustments that shall be as nearly equivalent as may be practicable to the adjustments
provided for in this Section 4. The provisions of this subparagraph (a) shall similarly apply to
successive reclassifications, changes and mergers.

(b) Subdivision or Combination of Warrant Shares. If the Company at any time while
this Warrant remains outstanding and unexpired shall subdivide or combine its outstanding shares of
Common Stock, the Warrant Price shall be proportionately decreased and the number of Warrant Shares
issuable hereunder shall be proportionately increased in the case of a subdivision and the Warrant
Price shall be proportionately increased and the number of Warrant Shares issuable hereunder shall
be proportionately decreased in the case of a combination.

(c) Stock Dividends. If the Company at any time while this Warrant is outstanding and
unexpired shall pay a dividend with respect to its Common Stock payable in Common Stock, then the
Warrant Price shall be adjusted, from and after the record date fixed for the determination of the
shareholders of the Company entitled to receive such dividend or distribution, to that price
determined by multiplying the Warrant Price in effect immediately prior to such date of
determination by a fraction (A) the numerator of which shall be the total number of shares of
Common Stock outstanding immediately prior to such dividend or distribution, and (B) the
denominator of which shall be the total number of shares of Common Stock outstanding immediately
after such dividend or distribution.

(d) Adjustment of Number of Warrant Shares. Upon each adjustment in the Warrant Price
pursuant to Section 4(c) above, the number of Warrant Shares purchasable hereunder shall be
adjusted, to the nearest whole share, to the product obtained by multiplying the number of Warrant
Shares purchasable immediately prior to such adjustment in the Warrant Price by a fraction, the
numerator of which shall be the Warrant Price immediately prior to such adjustment and the
denominator of which shall be the Warrant Price immediately thereafter.

5. Notice of Adjustments. Whenever the Warrant Price or the number of Warrant Shares
purchasable hereunder shall be adjusted pursuant to Section 4 hereof, the Company shall make a
certificate signed by its chief financial officer setting forth, in reasonable detail, the event
requiring the adjustment, the amount of the adjustment, the method by which such adjustment was
calculated, and the Warrant Price and the number of Warrant Shares purchasable hereunder after
giving effect to such adjustment, and shall cause copies of such certificate to be mailed (without
regard to Section 12 hereof) by first class mail, postage prepaid to the holder of this Warrant at
such holder’s last known address.

6. Fractional Shares. No fractional shares of Common Stock will be issued in
connection with any exercise hereunder, but in lieu of such fractional shares the Company shall
make a cash payment therefor based on the fair market value of the Common Stock on the date of
exercise as reasonably determined in good faith by the Company’s Board of Directors.

7. Compliance with 1933 Act. This Warrant and all Warrant Shares issued upon exercise
of this Warrant (unless registered under the 1933 Act and any applicable state securities laws)
shall be stamped or imprinted with a legend in substantially the form as set forth in the Purchase
Agreement. Said legend shall be removed by the Company, upon the request of a holder, at such time
as the restrictions on the transfer of the applicable security shall have terminated.

8. Rights as Shareholders; Information. No holder of this Warrant, as such, shall be
entitled to vote or receive dividends or be deemed the holder of Common Stock or any other
securities which may at any time be issuable on the exercise hereof for any purpose, nor shall
anything contained herein be construed to confer upon the holder of this Warrant, as such, any of
the rights of a stockholder of the Company or any right to vote for the election of directors or
upon any matter submitted to shareholders at any meeting thereof, or (except as provided in Section
10.1) to receive notice of meetings, or to receive dividends or subscription rights or otherwise
until this Warrant shall have been exercised and the Warrant Shares purchasable upon the exercise
hereof shall have become deliverable, as provided herein.

9. Registration Rights. The Company has granted registration rights to the holder of
this Warrant for the resale of the Common Stock of the Company obtained upon exercise hereof,
pursuant to the Purchase Agreement.

10. Additional Rights.

10.1 Notice of Corporate Action. In the event the Company proposes to: (i) pay,
distribute, or take a record of the holders of its Common Stock for the purpose of
determining the holders thereof who are entitled to receive, any dividend or other
distribution, or any right to subscribe for, purchase or otherwise acquire any shares of
capital stock or any other securities or property, or (ii) consummate any capital
reorganization, reclassification, recapitalization, consolidation, merger, transfer of all
or substantially all of the Company’s assets, dissolution, liquidation or winding-up, or any
similar transaction, then, at least 10 days prior to the earlier of any applicable record
date or such event, as the case may be, the Company shall mail to the holder of this Warrant
a notice specifying: (a) the date or expected date on which any such payment or distribution
is to be made or record is to be taken and the amount and character of any such dividend,
distribution or right; (b) the date or expected date on which any such reorganization,
reclassification, recapitalization, consolidation, merger, transfer, dissolution,
liquidation, winding-up or similar transaction is to take effect and any record date
therefor; (c) the time as of which any holders of record of shares of Common Stock and/or
any other class of securities shall be entitled to exchange their shares of Common Stock
and/or other securities for the securities or other property deliverable upon such
reorganization, reclassification, recapitalization, consolidation, merger, transfer,
dissolution, liquidation, winding-up or similar transaction and a description in reasonable
detail of such transaction; and (d) in each case, the expected effect on the Warrant Price
of each such transaction or event. The Company shall update any such notice to reflect any
change in the foregoing information.

10.2 Right to Convert Warrant into Stock: Net Issuance.

(a) Right to Convert. In addition to and without limiting the rights of the holder
under the terms of this Warrant, the holder shall have the right to convert this Warrant or any
portion thereof (the “Conversion Right”) into shares of Common Stock as provided in this
Section 10.2 at any time or from time to time during the term of this Warrant. Upon exercise of
the Conversion Right with respect to a particular number of Warrant Shares subject to this Warrant
(the “Converted Warrant Shares”), the Company shall deliver to the holder (without payment
by the holder of any exercise price or any cash or other consideration) that number of shares of
fully paid and nonassessable Common Stock as is determined according to the following formula:

	 	 	 	 	 
	X = B- A
	 	 	
 
	 	Y
	Where: X =	 	the number of shares of Common Stock to be issued to

	 	 	the holder upon such exercise

	Y =	 	the fair market value of one share of Common Stock

	A =	 	the aggregate Warrant Price of the specified number

	 	 	of Converted Warrant Shares immediately prior to the

	 	 	exercise of the Conversion Right (i.e., the number

	 	 	of Converted Warrant Shares multiplied by the

	 	 	Warrant Price)

	 	

	B =	 	the aggregate fair market value of the specified

	 	 	number of Converted Warrant Shares (i.e., the number

	 	 	of Converted Warrant Shares multiplied by the fair

	 	 	market value of one Converted Warrant Share)

No fractional shares shall be issuable upon exercise of the Conversion Right, and, if the number of
shares to be issued determined in accordance with the foregoing formula is other than a whole
number, the Company shall pay to the holder an amount in cash equal to the fair market value of the
resulting fractional share on the Conversion Date (as hereinafter defined). For purposes of
Section 9 and Section 22 of this Warrant, shares issued pursuant to the Conversion Right shall be
treated as if they were issued upon the exercise of this Warrant.

(b) Method of Exercise. The Conversion Right may be exercised by the holder by the
surrender of this Warrant at the principal office of the Company together with a written statement
(which may be in the form of Exhibit A) specifying that the holder thereby intends to
exercise the Conversion Right and indicating the number of shares subject to this Warrant which are
being surrendered (referred to in Section 10.2(a) hereof as the Converted Warrant Shares) in
exercise of the Conversion Right. Such conversion shall be effective upon receipt by the Company
of this Warrant together with the aforesaid written statement, or on such later date as is
specified therein (the “Conversion Date”). Certificates for the Warrant Shares issuable
upon exercise of the Conversion Right shall be issued as of the Conversion Date and shall be
delivered to the holder within the time period required to settle any trade made by the holder
after exercise of this Warrant without the holder being subject to any penalty or being “bought in”
in connection with such trade. Subject to Section 22, to the extent this Warrant is not previously
exercised, it shall be deemed to have been automatically converted in accordance with this Section
10.2 (even if not surrendered) immediately before its expiration, involuntary termination or
cancellation if the then-applicable fair market value of a Warrant Share exceeds the Warrant Price,
unless the holder notifies Company in writing to the contrary prior to such automatic exercise.

(c) Determination of Fair Market Value. For purposes of this Section 10.2, “fair
market value” of a share of Common Stock as of a particular date (the “Determination Date”)
shall mean:

(i) If the Company’s Common Stock is traded or quoted on the Nasdaq Global Market, the Nasdaq
Global Select Market, the Nasdaq Capital Market, the New York Stock Exchange or the American Stock
Exchange, then the average of the closing sale prices of the Common Stock for the five (5) trading
days immediately prior to (but not including) the Determination Date;

(ii) If the Company’s Common Stock is not traded or quoted on the Nasdaq Global Market, the
Nasdaq Global Select Market, the Nasdaq Capital Market, the New York Stock Exchange or the American
Stock Exchange, but is traded on the OTC Bulletin Board or in the over-the-counter market or Pink
Sheets, then the average of the closing bid and ask prices reported for the five (5) trading days
immediately prior to (but not including) the Determination Date; and

(iii) If there is no public market for the Common Stock, then fair market value shall be
determined by the Company’s Board of Directors in good faith.

If closing prices or closing bid prices are no longer reported by a securities exchange or other
trading system, the closing price or closing bid price shall be that which is reported by such
securities exchange or other trading system at 4:00 p.m. New York City time on the applicable
trading day.

11. Modification and Waiver. This Warrant and any provision hereof may be changed,
waived, discharged or terminated only by an instrument in writing signed by the Company and (i)
Investors holding Warrants representing at least a majority of the number of Warrant Shares then
issuable upon exercise of the Warrants sold in the Offering (as such terms are defined in the
Purchase Agreement), provided that such modification, amendment or waiver is made with respect to
all Warrants issued in the Offering and does not adversely affect the holder of this Warrant
without adversely affecting all Investors in a similar manner; or (ii) the holder of this Warrant.

12. Notices. Any notice, request, communication or other document required or
permitted to be given or delivered to the holder hereof or the Company shall be delivered, or shall
be sent by certified or registered mail, postage prepaid, to each such holder at its address as
shown on the books of the Company or to the Company at the address indicated therefor on the
signature page of this Warrant with a copy to the Chief Executive Officer at the same address and
with another copy to Dechert LLP, 1095 Avenue of the Americas, New York, NY 10036-6797; tel. (212)
698-3500, fax (212) 698-3599; Attn: David S. Rosenthal, or at such other address as such party may
designate by ten (10) days’ advance written notice to the other parties.

13. Transfers. Subject to compliance with applicable federal and state securities
laws, this Warrant may be transferred by the holder with respect to any or all of the Warrant
Shares. Upon surrender of this Warrant to the Company, together with the assignment hereof
properly endorsed, for transfer of this Warrant as an entirety by the holder, the Company shall
issue a new warrant of the same denomination to the assignee. Upon surrender of this Warrant to
the Company, together with the assignment hereof properly endorsed, by the holder for transfer with
respect to a portion of the Warrant Shares purchasable hereunder, the Company shall issue a new
warrant to the assignee, in such denomination as shall be requested by the holder hereof, and shall
issue to such holder a new warrant covering the number of Warrant Shares in respect of which this
Warrant shall not have been transferred.

14. Binding Effect on Successors. This Warrant shall be binding upon any corporation
succeeding the Company by merger or consolidation and all of the obligations of the Company
relating to the Warrant Shares issuable upon the exercise or conversion of this Warrant shall
survive the exercise, conversion and termination of this Warrant and all of the covenants and
agreements of the Company shall inure to the benefit of the successors and assigns of the holder
hereof.

15. Lost Warrants or Stock Certificates. The Company covenants to the holder hereof
that, upon receipt of evidence reasonably satisfactory to the Company of the loss, theft,
destruction or mutilation of this Warrant or any stock certificate and, in the case of any such
loss, theft or destruction, upon receipt of an indemnity reasonably satisfactory to the Company, or
in the case of any such mutilation upon surrender and cancellation of such Warrant or stock
certificate, the Company will make and deliver a new Warrant or stock certificate, of like tenor,
in lieu of the lost, stolen, destroyed or mutilated Warrant or stock certificate.

16. Descriptive Headings. The descriptive headings of the several paragraphs of this
Warrant are inserted for convenience only and do not constitute a part of this Warrant. The
language in this Warrant shall be construed as to its fair meaning without regard to which party
drafted this Warrant.

17. Governing Law; Jurisdiction; Jury Trial. This Warrant shall be governed by and
construed in accordance with, the internal laws of the State of New York, without giving effect to
the principles of conflicts of law (whether of the State of New York or any other jurisdictions)
that would cause the application of the laws of any jurisdictions other than the State of New York.
Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal
courts sitting in The City of New York, Borough of Manhattan, for the adjudication of any dispute
hereunder or in connection herewith or with any transaction contemplated hereby or discussed
herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding,
any claim that it is not personally subject to the jurisdiction of any such court, that such suit,
action or proceeding is brought in an inconvenient forum or that the venue of such suit, action or
proceeding is improper. Each party hereby irrevocably waives personal service of process and
consents to process being served in any such suit, action or proceeding by mailing a copy thereof
to such party at the address for such notices to it under this Agreement and agrees that such
service shall constitute good and sufficient service of process and notice thereof. Nothing
contained herein shall be deemed to limit in any way any right to serve process in any manner
permitted by law. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO
REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH OR
ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY.

18. Remedies. In case any one or more of the covenants and agreements contained in
this Warrant shall have been breached, the holders hereof (in the case of a breach by the Company),
or the Company (in the case of a breach by a holder), may proceed to protect and enforce their or
its rights either by suit in equity and/or by action at law, including, but not limited to, an
action for damages as a result of any such breach and/or an action for specific performance of any
such covenant or agreement contained in this Warrant.

19. No Impairment of Rights. The Company will not, by amendment of its certificate of
incorporation or through any other means, avoid or seek to avoid the observance or performance of
any of the terms of this Warrant, but will at all times in good faith assist in the carrying out of
all such terms and in the taking of all such action as may be necessary or appropriate in order to
protect the rights of the holder of this Warrant against impairment.

20. Severability. The invalidity or unenforceability of any provision of this Warrant
in any jurisdiction shall not affect the validity or enforceability of such provision in any other
jurisdiction, or affect any other provision of this Warrant, which shall remain in full force and
effect.

21. Entire Agreements. This Warrant constitutes the entire agreement between the
parties pertaining to the subject matter contained in it and supersedes all prior and
contemporaneous agreements, representations, and undertakings of the parties, whether oral or
written, with respect to such subject matter.

22. Limitation on Exercise.

(a) [Notwithstanding anything to the contrary contained herein, the number of shares of Common
Stock that may be acquired by the holder hereof upon any exercise of this Warrant (or otherwise in
respect hereof) shall be limited to the extent necessary to insure that, following such exercise
(or other issuance), the total number of shares of Common Stock then beneficially owned by such
holder and its affiliates and any other persons whose beneficial ownership of Common Stock would be
aggregated with the holder’s for purposes of Section 13(d) of the Securities Exchange Act of 1934
(“Exchange Act”), does not exceed      % (the “Maximum Percentage”) of the total
number of issued and outstanding shares of Common Stock (including for such purpose the shares of
Common Stock issuable upon such exercise). For purposes of this Warrant, beneficial ownership shall
be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations
promulgated thereunder. By written notice to the Company, the holder may waive the provisions of
this Section or increase or decrease the Maximum Percentage to any other percentage specified in
such notice, but (i) any such waiver or increase will not be effective until the 61st day after
such notice is delivered to the Company and (ii) any such waiver or increase or decrease will apply
only to the holder and not to any other holder of Warrants.]1

(b) Notwithstanding anything to the contrary contained herein, the number of shares of Common
Stock that may be acquired by the holder hereof upon any exercise of this Warrant (or otherwise in
respect hereof) shall be limited to the extent necessary to insure that, following such exercise
(or other issuance), the total number of shares of Common Stock then beneficially owned by such
holder and its affiliates and any other persons whose beneficial ownership of Common Stock would be
aggregated with the holder’s for purposes of the rules of the Nasdaq Stock Market does not exceed
19.9% of the total number of issued and outstanding shares of Common Stock (including for such
purpose the shares of Common Stock issuable upon such exercise).

(c) Each delivery of an notice of exercise or conversion hereunder will constitute a
representation by the holder that it has evaluated the limitation set forth in this paragraph and
determined that issuance of the full number of Warrant Shares requested in such notice is permitted
under this paragraph. For purposes of this Warrant, in determining the number of outstanding shares
of Common Stock, the holder may rely on the number of outstanding shares of Common Stock as
reflected in (1) the Company’s most recent reports or public filings with the Securities and
Exchange Commission, as the case may be, (2) a more recent public announcement by the Company or
(3) any other notice by the Company or the Company’s transfer agent setting forth the number of
shares of Common Stock outstanding. The Company’s obligation to issue shares of Common Stock in
excess of the limitation referred to in this Section 22 shall be suspended (and shall not terminate
or expire notwithstanding any contrary provisions hereof) until such time, if any, as such shares
of Common Stock may be issued in compliance with such limitation, but in no event later than the
Expiration Date.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

IN WITNESS WHEREOF, the Company has caused this Warrant to be executed in its corporate name
by its duly authorized officer and to be dated as of the Date of Grant set forth on the first page
to this Warrant.

INHIBITEX, INC.

By:      

	 	 	 
	Name:

Title:

Address:
	 	Russell H. Plumb

President and Chief Executive Officer

Inhibitex, Inc.

9005 Westside Parkway

Alpharetta, GA 30009

EXHIBIT A

NOTICE OF EXERCISE

To: INHIBITEX, INC. (the “Company”)

	1.	 	The undersigned hereby:

	 	 	 
	•
	 	elects to purchase        shares of Common Stock of the Company pursuant

to the terms of the attached Warrant, and tenders herewith payment of

the purchase price of such shares in full, or

	•
	 	*elects to exercise its net issuance rights pursuant to Section 10.2

of the attached Warrant with respect to                   shares of Common Stock.

	2.	 	Please issue a certificate or certificates representing said shares in the name of the
undersigned or in such other name or names as are specified below:

	 
	(Name)

	(Address)

	3.	 	The undersigned represents that the aforesaid shares are being acquired for the account of
the undersigned for investment and not with a view to, or for resale in connection with, the
distribution thereof and that the undersigned has no present intention of distributing or
reselling such shares, all except as in compliance with applicable securities laws.

	 
	(Signature)

	(Date)

	1	 	This paragraph is optional, subject to
the preference of the holder.EX-10.1

ASSET PURCHASE AND SALE AGREEMENT

by and between

GRP Loan, LLC and GRP Strategies, LLC, as Seller

and

DLJ Mortgage Capital, Inc., as Purchaser

Mortgage Loans and REO Property

October 22, 2009

1

ASSET PURCHASE AND SALE AGREEMENT

THIS ASSET PURCHASE AND SALE AGREEMENT (the “Agreement”) dated as of October 22, 2009
by and between DLJ Mortgage Capital, Inc., a Delaware corporation (“Purchaser”) and GRP
Loan, LLC and GRP Strategies, LLC, both Delaware limited liability companies(collectively,
“Seller”), as Seller.

WITNESSETH:

WHEREAS, Seller owns certain assets consisting of certain residential Mortgage Loans and REO
Properties as described herein;

WHEREAS, the Assets are currently serviced by GRP Financial Services Corp.
(“Servicer”); and

WHEREAS, the Mortgage Files are in the custody of Wells Fargo Bank Minnesota, N.A.,
(“Custodian”); and

WHEREAS, Seller desires to sell the Assets, and Purchaser desires to purchase the Assets, on a
whole loan, servicing-released basis.

NOW, THEREFORE, in consideration of the premises and the mutual covenants, representations and
warranties herein set forth and other good and valuable consideration the receipt of which is
hereby acknowledged, the parties hereto agree as follows:

ARTICLE I

DEFINITIONS

Section 1.1. Definitions. Whenever used in this Agreement the following words and
phrases shall have the following meanings:

“Agreement” means this Asset Purchase and Sale Agreement, including all exhibits,
schedules, addenda, amendments and supplements.

“Assets” means the Mortgage Loans and REO Properties, all of which are being sold
pursuant to this Agreement.

“Assignment of Note and Mortgage” means an assignment of the Mortgage Note and
Mortgage in recordable form, sufficient under the laws of the jurisdiction in which the related
Mortgaged Property is located to reflect the sale of such Mortgage to the Purchaser.

“Bid Percentage” means the Bid Percentage as specified on Schedule 1 attached
hereto.

“Business Day” means any day other than (i) a Saturday or Sunday, or (ii) a day on
which banking and savings and loan institutions in the State of New York are authorized or
obligated by law or executive order to be closed.

“Claim” means any claim, demand or legal proceeding.

“Closing” means the payment of the Purchase Price, conveyance of the Assets and the
delivery of the Closing Documents.

“Closing Date” means October 26, 2009.

“Closing Documents” means all documents described herein, including the Mortgage
Files, the Servicing Files and the Property Files, that are required to be delivered at the Closing
by the Seller or the Purchaser pursuant to Section 2.16.

“Closing Schedule” means a schedule of all documents actually in the Mortgage Files.

“Condemnation Proceeds” means the net proceeds actually received by Seller when all or
any part of a Mortgaged Property or an REO Property is taken by condemnation or eminent domain
proceeding or other transfer in lieu thereof.

“Custodian” shall have the meaning specified in the Preamble.

“Cut-Off Date” means October 7, 2009.

“Deed” shall mean a special or limited warranty deed or equivalent instrument from
Seller to Purchaser in recordable form sufficient under the laws of the jurisdiction in which the
related REO Property is located to reflect the sale of the REO Property to Purchaser.

“Definitive Transfer Documents” shall have the meaning set forth in Section
2.17.

“Guaranty” means that certain Guaranty executed by SLM Corporation in the form
attached hereto as Exhibit C.

“Insurance Proceeds” means proceeds of any hazard policy (or other insurance policy)
covering a Mortgaged Property or an REO Property, if any, to the extent such proceeds are not to be
applied to the restoration of such property.

“Interim Servicing Agreement” means that certain Interim Servicing Agreement to be
entered into between Servicer and Purchaser as of the date of this Agreement in the form of
Exhibit A attached hereto.

“Loan Documents” means the documents included in the Mortgage File.

“Lost Note Affidavit” means an affidavit of lost note (in form reasonably acceptable
to the Purchaser) stating that the original Mortgage Note was lost or destroyed, together with a
copy of such Mortgage Note and indemnifying the Purchaser against any and all claims arising as a
result of any person or entity claiming they are the holder of the note or that the note has been
paid off and returned.

“Mortgage” means the mortgage, deed of trust, pledge agreement or other instrument
securing a Mortgage Note, which creates a first or second lien on, security interest in or security
title with respect to the real property securing the Mortgage Note.

“Mortgage File” means with respect to each Mortgage Loan included on the Mortgage Loan
Schedule, the documents identified on Exhibit B attached hereto and with respect to each
REO Property included on the Mortgage Loan Schedule, the documents identified on Exhibit B
attached hereto.

“Mortgage Loan” means any loan, evidenced by a Mortgage Note and secured by a Mortgage
on real property, described on the Mortgage Loan Schedule and thereby made subject to this
Agreement, which Mortgage Loan includes, without limitation, the Mortgage File, the Servicing File,
all monthly payments and prepayments, unapplied funds, liquidation proceeds, disposition proceeds,
Insurance Proceeds, Condemnation Proceeds and all other rights, benefits, proceeds and obligations
arising from or in connection with the Mortgage Loan after the Cut-Off Date.

“Mortgage Loan Schedule” means the dated schedule of Mortgage Loans subject to this
Agreement identified on Schedule 1 attached hereto, which schedule shall set forth the
following information concerning each Mortgage Loan: (a) loan number; (b) street address, city,
state and zip code of the Mortgaged Property; (c) name of Mortgagor; (d) original loan amount; (e)
loan origination date; (f) Unpaid Principal Balance; (g) current interest rate; (h) monthly
principal and interest; (i) the loan type (e.g.. fixed or adjustable); (j) mortgage insurance
percentage (k) property type; (l) lien position; (m) delinquency status (e.g., bankruptcy,
foreclosure, etc.); (n) paid to date as of the Cut-Off Date; (o) the Purchase Price; (p) the Bid
Percentage; (q) the Closing Date; (r) the Cut-Off Date; and (s) the Servicing Transfer Date. In
addition, the Mortgage Loan Schedule shall set forth for each Second Mortgage Loan, the loan number
of the Mortgage Loan in first lien position securing the same real property. In addition, the
Mortgage Loan Schedule shall set forth the following information concerning each REO Property:
(w) identifying number, (x) street address and unit number, if any, of the REO Property, including
state city and zip code, (y) the type of residential dwelling constituting the REO Property, and
(z) the Unpaid Principal Balance. The Mortgage Loan Schedule may be revised up to the Closing Date
to reflect the conversion of any Mortgage Loans to REO Properties and any other changes approved by
the Purchaser.

“Mortgage Note” means the note or, with respect to those Mortgage Loans for which such
note cannot be located by Seller prior to the Closing Date, a Lost Note Affidavit, along with a
copy of the Mortgage Note, if available, or other evidence reasonably satisfactory to Purchaser of
the indebtedness of a Mortgagor secured by a Mortgage.

“Mortgaged Property” means the real property securing repayment of the debt evidenced
by a Mortgage Note.

“Mortgagor” means the obligor on a Mortgage Note.

“Permitted Encumbrances” means (a) with respect to the Mortgaged Property or the REO
Property, the lien of real property taxes and assessments, ground rents, personal property taxes,
water rates, water frontage charges and/or meter charges, vault taxes or charges, sewer taxes or
rents and other similar charges or assessments, which are not yet delinquent, (b) covenants,
conditions and restrictions, rights of way, easements and other matters of public record generally
or specifically referred to in the title insurance policy or title opinion issued in connection
with the original loan made with respect to the Mortgaged Property or, with respect to the REO
Properties, any exceptions to title made in the applicable foreclosure judgment, if any,
(c) mechanics’ or similar liens or claims for work, labor and materials (but only if said liens are
insured by a title insurance policy), (d) zoning and other land use restrictions and ordinances,
including, without limitation, landmark, historic and wetland designations, (e) other matters as to
which like properties are commonly subject which do not materially interfere with the benefits
intended to be provided by the Mortgage or the REO Property, (f) rights of tenants under leases or
other rights of tenants or rights of other occupants of the premises with or without the legal
right to do so, (g) any state of facts an accurate survey would show with respect to the Mortgaged
Property or the REO Property, (h) the failure of the premises to comply with applicable occupancy
law or municipal violations of record, and (i) in the case where the REO Property or the Mortgaged
Property is a condominium unit, the lien of a condominium association on such REO Property or
Mortgaged Property for unpaid maintenance or common expense assessments which are either not yet
due and payable or for which Seller has not received written notice as evidenced by documentation
on Servicer’s systems or in a Mortgage File or Property File, provided, however, that Seller shall
be responsible for payment of all such charges or liens incurred through and including the Closing
Date.

“Property File” means, with respect to each REO Property from the time Seller took
title to the REO Property and to the extent that it exists, all correspondence, title insurance
reports, title insurance commitments, title insurance policies, appraisal reports, recertified
appraisal reports (if any), surveys, termite inspection reports, radon inspection reports, lead
based paint inspection reports, structural engineer’s reports, water potability and septic
certifications, photographs, tax receipts, hazard and/or flood insurance policies, insurance
premium receipts, insurance claim files, evidence of foreclosure on the related Mortgaged Property,
including a copy of Seller’s deed to the REO Property, listing agreements or sales contracts, if
any, and all other documents and records pertaining to the REO Property in Seller’s possession,
custody or control.

“Purchase Price” shall have the meaning set forth in Section 2.3.

“Purchase Price Adjustment” shall have the meaning specified in Section 6.2.

“Purchaser” shall have the meaning specified in the Preamble.

“Purchaser Notice” shall have the meaning specified in Section 6.2(c).

“REO Property” means any real property described on the REO Property Schedule and any
Mortgaged Property as to which title shall be acquired by Seller after the Cut-Off Date by
foreclosure, deed-in-lieu of foreclosure, or similar means, including condominium units, together
with all buildings and improvements thereon. REO Property includes, without limitation, (i) the
Deed, the Property File, the leases and lease payments, all liquidation proceeds, disposition
proceeds, Insurance Proceeds, Condemnation Proceeds, and all other rights, benefits, proceeds and
obligations arising from or in connection with such REO Property, (ii) all fixtures and articles of
personal property (if any), now attached or appurtenant to said property, and (iii) all of Seller’s
ownership and rights, if any, to land lying in the bed of any street or highway, opened or
proposed, in front of or adjoining the property.

“Rent Receivership Property Schedule” means the list of all of tenant-occupied
Mortgaged Properties for which a receiver collects rent as identified on Schedule 3.

“Repurchase Price” means the sum of (i) the product of (x) the unpaid principal
balance of such Mortgage Loan on the Cut-Off Date or, in the case of an REO Property, the unpaid
principal balance of the related Mortgage Loan specified on the Mortgage Loan Schedule, multiplied
by (y) the Bid Percentage paid for such Asset at the time of purchase from Seller, plus
(ii) amounts paid by Purchaser on account of reasonable and necessary out-of-pocket expenditures
actually made by Purchaser with respect to the Mortgaged Property or the REO Property, as the case
may be, including, without limitation, for assessments, taxes, hazard insurance premiums, ground
rents, assessments for common charges and similar items to the extent not paid out of an escrow
account transferred by the Seller or Servicer to the Purchaser, for other costs and expenses
reasonably incurred by Purchaser or Purchaser’s servicer in connection with the servicing and
maintenance of the repurchased Asset between the Closing Date and the date of repurchase, and
foreclosure attorneys’ fees and other expenses of foreclosure, plus (iii) any Servicing Advances
previously reimbursed by Purchaser for the period of time from the Cut-Off Date to the Closing
Date, minus any rent payments, liquidation proceeds, disposition proceeds, Insurance
Proceeds, Condemnation Proceeds, principal payments, and prepayments, and any other funds or
amounts collected by Purchaser with respect to such Mortgage Loan or REO Property, but not
including interest payments collected by Purchaser with respect to any Mortgage Loan, which amounts
shall be retained by Purchaser.

“Servicer” shall have the meaning set forth in the Preamble.

“Second Mortgage Loan” means a Mortgage Loan secured by a second lien on a Mortgaged
Property, identified on Schedule 1.

“Servicing Advances” means all reasonable and routine out-of-pocket costs paid or
incurred by Servicer in servicing the Mortgage Loans and REO Properties consistent with the terms
of the Interim Servicing Agreement, as applicable, including, without limitation, costs relating to
foreclosure, bankruptcy and eviction proceedings; expenses for maintenance, repairs, replacements
and restorations; fees of attorneys, collection agencies, appraisers or consultants (other than
employees of Servicer); costs to obtain documents or information for the Servicing File; the cost
of appraisals, property inspections, credit reports and document preparation; costs to obtain title
reports or title commitments; tax service; taxes (including real estate, street vault and ad
valorem personal property taxes); recording fees; claims; filing fees; utilities (including,
without limitation, telephone service, heat, steam, electric charges, sewer and sanitary charges
and taxes thereon); common charges and fees of condominium associations and homeowner associations,
assessments, ground rents and premiums or other costs for mortgage insurance, hazard insurance and
similar items to the extent not paid out of an escrow account held by Servicer; and the additional
costs of force-placed insurance.

“Servicing File” means that certain file for each Mortgage Loan, including all tax
receipts, insurance premium receipts, ledger sheets, payment history, insurance claim files,
correspondence, current and historical computerized data files, and all other processing,
underwriting and closing papers and all other documents and records pertaining to the Mortgage Loan
in Seller’s possession, custody or control.

“Servicing Transfer Date” means November 13, 2009.

“Tax Adjustment Request” shall have the meaning specified in Section 2.7.

“Taxes” shall have the meaning specified in Section 2.7.

“to Purchaser’s knowledge” means that Purchaser has no actual knowledge or notice that
such representation or warranty is inaccurate or incomplete, Purchaser has conducted a reasonable
inquiry to assure the accuracy and completeness of the representation or warranty in question and
Purchaser has no actual knowledge of any facts or circumstances which would render reliance thereon
unjustified without further inquiry.

“to Seller’s knowledge” means that Seller has no actual knowledge or notice that such
representation or warranty is inaccurate or incomplete, Seller has conducted a reasonable inquiry
to assure the accuracy and completeness of the representation or warranty in question and Seller
has no actual knowledge of any facts or circumstances which would render reliance thereon
unjustified without further inquiry.

“Unpaid Principal Balance” means (i) for each Mortgage Loan, the unpaid principal
balance of such Mortgage Loan as of the close of business on the Cut-Off Date set forth on the
Mortgage Loan Schedule; and (ii) for each REO Property, the unpaid principal balance of the
mortgage loan related to such REO Property as of the close of business on the Cut-Off Date as set
forth on the Mortgage Loan Schedule.

Section 1.2. General Interpretive Principles. For purposes of this Agreement, except
as otherwise expressly provided or unless the context otherwise requires:

(a) the terms defined in this Agreement have the meanings assigned to them in this Agreement
and include the plural as well as the singular, and the use of any gender herein shall be deemed to
include the other genders;

(b) accounting terms not otherwise defined herein have the meanings assigned to them in
accordance with generally accepted accounting principles;

(c) references herein to “Articles”, “Sections”, “Subsections”, “Paragraphs”, “Exhibits”,
“Schedules” and other subdivisions or addenda without reference to a document are to designated
Articles, Sections, Subsections, Paragraphs, Exhibits, Schedules, and other subdivisions or addenda
of this Agreement;

(d) a reference to a Subsection without further reference to a Section is a reference to such
Subsection as contained in the same Section in which the reference appears, and this rule shall
also apply to Paragraphs and other subdivisions;

(e) the words “herein”, “hereof”, “hereunder” and other words of similar import refer to this
Agreement as a whole and not to any particular provision; and

(f) the term “include” or “including” shall mean without limitation by reason of enumeration.

ARTICLE II

PURCHASE AND SALE OF THE ASSETS

Section 2.1. Omitted

Section 2.2. Agreement to Sell and Purchase Assets. (a) Subject to the terms and
provisions of this Agreement, Seller hereby agrees to sell, transfer, assign and convey unto
Purchaser, and Purchaser hereby agrees to purchase and accept from Seller without recourse,
representation or warranty, express or implied, except as set forth in this Agreement, all of
Seller’s rights, title and interest in and to the Mortgage Loans and the REO Properties. On the
Closing Date, Seller shall deliver to Purchaser all documents and instruments specified in
Section 2.16(a)(i) with respect to Mortgage Loans and 2.16(a)(ii) with respect to
REO Properties. On the Closing Date, Purchaser shall pay to Seller by wire transfer (which
transmission shall occur on the Closing Date) in immediately available funds to the account
specified in writing by Seller, the Purchase Price as set forth in Section 2.3 of this
Agreement.

(b) Upon the sale of the Assets on the Closing Date, the ownership of (i) each Mortgage Loan,
Mortgage Note, the related Mortgage and the contents of the related Mortgage File and (ii) each REO
Property and the contents of the related Property File shall be vested in Purchaser and the
ownership of all records and documents with respect to the foregoing prepared by or which come into
the possession of Seller shall immediately vest in Purchaser. Two days prior to the Closing Date,
the Mortgage Files shall be delivered to the Purchaser’s Custodian. The Servicing Files and the
Property Files shall be delivered to Purchaser or Purchaser’s designee as set forth herein.

Section 2.3. Purchase Price. The purchase price (the “Purchase Price”) for
the Assets shall be the amount obtained by multiplying the Bid Percentage by the aggregate Unpaid
Principal Balances of the Mortgage Loans and the REO Properties specified on Schedule 1.
Payment of the Purchase Price is subject to the adjustments and credits set forth in this
Agreement. Purchaser shall be responsible for all routine Servicing Advances on or subsequent to
the Cut-Off Date. Seller shall be responsible for all Servicing Advances prior to the Cut-Off
Date. To the extent that the actual amount of any Servicing Advances to be adjusted hereunder is
unknown, same shall be estimated and agreed upon by Seller and Purchaser as of the Closing Date and
finally adjusted on the Servicing Transfer Date. Purchaser shall not be required to pay the Seller
or the Servicer for any escrow advances through the Closing Date. All unapplied funds and funds in
escrow on behalf of the Mortgagor shall be delivered to the Purchaser on the Servicer Transfer
Date. Negative escrow balances in any account shall not be offset against positive escrow balances
in any other accounts. Servicing Advances during the interim servicing period shall be approved by
Purchaser in writing, prior to incurring such costs, and shall be billed to Purchaser by separate
invoice. Purchaser agrees to be responsible for payment of pre-approved Servicing Advances. The
provisions of this Section shall survive the Closing hereunder.

Section 2.4. Payments Received After Cut-Off Date and REO Properties Under Contract of
Sale. All loan pay-off proceeds, principal payments, Condemnation Proceeds, Insurance
Proceeds, proceeds from sales to third parties at foreclosure sales, net proceeds from sales of REO
Property, and any other funds received by Seller in respect of or in connection with any Asset
after the Cut-Off Date and prior to the Closing Date shall be held by Seller for the benefit of
Purchaser and shall be applied toward the Purchase Price at the Closing. Seller shall deliver a
report of such proceeds received as of the Closing Date as set forth on Schedule 2 attached
hereto. Mortgage Loans for which there is a rent receivership in effect are set forth on
Schedule 3. If rents for such Mortgage Loans are collected by rent receivers who retain
all amounts until the receivership is discharged, all rights in respect thereof shall be vested in
Purchaser at the Closing.

Section 2.5. Acquisition of Title to Mortgaged Properties. In the event that between
the Cut-Off Date and the Closing Date, Seller shall have received title to a Mortgaged Property as
a result of foreclosure or otherwise, including by acceptance of a deed in lieu of foreclosure
pursuant to any written agreement contained in a Mortgage File, such Mortgaged Property shall be an
REO Property and shall be sold to Purchaser pursuant to the representations and warranties
contained in Section 3.4 of this Agreement and such other provisions as relate to the sale
of REO Property. It is agreed that where applicable, Seller will permit a scheduled foreclosure
sale to occur, but where Seller is the purchaser in foreclosure, Seller will cause the referee to
execute the terms of sale, but not deliver a referee’s deed until further notice from Purchaser.

Section 2.6. Escrows. After the Closing Date, and to the extent paid or delivered to
Purchaser, Purchaser hereby agrees to assume, undertake and discharge any and all obligations of
the owner of the Mortgage Loans as may relate to the escrow, maintenance of escrow and payments
from escrow of moneys paid by or on account of a Mortgagor (including, without limitation, any
obligation to pay interest accruing after the Closing Date to a Mortgagor on the amounts held in
any escrow accounts), if required by applicable law or the terms of the applicable Mortgage Loan.
After the Closing Date until the Servicing Transfer Date, all collected and undisbursed escrow
balance amounts relating to the Mortgage Loans shall be administered by Seller or Servicer for the
account of Purchaser. Seller or Servicer shall employ the standards and procedures consistent with
the terms of any existing servicing agreement between the Seller and Servicer prior to the Closing
Date and pursuant to the terms of the Interim Servicing Agreement after the Closing Date. On the
Closing Date, Seller shall provide an accounting to Purchaser of the balance of any escrows for the
Mortgage Loans as of the Closing Date. Seller or Servicer shall pay over and/or deliver such
collected amounts to Purchaser on the later of the Closing Date or the Servicing Transfer Date.
Purchaser shall not be required to reimburse Seller for any negative escrow amounts incurred by
Seller or Servicer through the Closing Date. This paragraph shall survive Closing.

Section 2.7. Real Estate Taxes. Seller acknowledges its liability for all real
estate taxes, water and sewer rents, ground rents, leasehold payments, condominium charges,
municipal charges, assessments and other charges affecting the Mortgaged Properties or REO
Properties (collectively, the “Taxes”) that are delinquent as of the Closing Date.
Purchaser shall be liable for all other Taxes on the Mortgaged Properties and the REO Properties.
Taxes paid by Seller prior to the Closing Date with respect to periods that extend beyond the
Closing Date shall be prorated and adjusted as of the Closing Date and reconciled on the Servicing
Transfer Date. If any escrow funds remain in a Mortgage Loan or REO Property account after the
Closing Date, Seller shall transfer such escrow funds to Purchaser. Within ten (10) Business Days
of Purchaser’s delivery to Seller of a Tax Adjustment Request (defined herein), Seller shall pay to
Purchaser any adjustments of the Taxes requested therein. A “Tax Adjustment Request” is a
written request delivered by Purchaser to Seller within four (4) months of the Closing Date, with a
calculation of the Tax adjustment pursuant to the terms of this Section 2.7 and a request for
Seller to pay the Tax adjustment amount. The failure of Purchaser to deliver the Tax Adjustment
Request within four (4) months of the Closing Date shall relieve Seller of its obligations to
reimburse Purchaser pursuant to this Section 2.7. This paragraph shall survive Closing.

Section 2.8. Condemnation and Insurance Proceeds. Seller agrees to give Purchaser
written notice of any action or proceeding instituted or pending, in eminent domain or for
condemnation affecting any material part of any Mortgaged Property or REO Property, promptly after
Seller’s receipt thereof. If, after the Cut-Off Date but prior to the Closing Date, all or any
part of such Mortgaged Property or REO Property is taken by condemnation or eminent domain
proceeding or other transfer in lieu thereof, or if a Mortgaged Property or REO Property is damaged
in whole or in part, Seller will credit to Purchaser on the Closing Date an amount equal to the
Condemnation Proceeds or the Insurance Proceeds, as the case may be, received by Seller in respect
of such condemnation or damage. If by the Closing Date, Seller has not received the Condemnation
Proceeds or the Insurance Proceeds, as the case may be, then the parties shall still consummate the
conveyance on the Closing Date of the REO Property or the Mortgage Loan relating to such Mortgaged
Property, and as of such Closing Date, Purchaser shall be entitled to all rights of Seller to the
Condemnation Proceeds and the Insurance Proceeds, if any, and to all other rights or claims arising
out of or in connection with any such eminent domain, condemnation action or proceeding or hazard
insurance claim.

Section 2.9. Conveyance of Servicing. On the Closing Date, Seller shall transfer all
rights to servicing with respect to the Mortgage Loans and REO Properties to Purchaser. As of the
date of this Agreement, Servicer and Purchaser shall enter into an Interim Servicing Agreement .

Section 2.10. Notice to Mortgagors. Seller and Purchaser shall comply with their
respective obligations to provide notice of transfer of servicing to Mortgagors pursuant to
Section 6 of the Real Estate Settlement Procedure Act. Seller and Purchaser shall provide separate
notices, each party being entitled to review and approve the other’s notice prior to mailing.

Section 2.11. Closing Expenses. Except as otherwise expressly provided herein,
whether or not the transactions contemplated hereunder are completed, Purchaser and Seller shall
each be responsible for the payment of its own closing expenses including the conducting of any due
diligence investigation and its expenses in negotiating and carrying out its obligations under this
Agreement. Purchaser shall pay its expenses in the preparation for and transfer of the Mortgage
Loans and REO Properties on the Servicing Transfer Date.

Section 2.12. Pending Legal Proceedings. (a) After the Cut-Off Date and prior to the
Closing Date, Seller shall cause Servicer to continue to prosecute Seller’s legal remedies with
respect to the Mortgage Loans employing the same standards and procedures employed as of the date
hereof, consistent with the servicing practices of prudent mortgage lending institutions and
applicable law. Purchaser shall reimburse Seller for any costs and legal fees incurred by Seller
in connection with Purchaser’s failure to use its best efforts to comply with the requirements of
Section 2.12(b). Except with respect to any legal actions brought against Seller or
Servicer, Seller and Servicer shall not have any right to participate after the Closing Date for
their own account in litigation relating to any Mortgage Loan sold to Purchaser and will cooperate
with and make its employees who are knowledgeable in matters relating to any such litigation
available to Purchaser, any out of pocket costs associated therewith to be paid by Purchaser.

(b) With respect to any Mortgage Loan which is, as of the Closing Date, the subject of
litigation, bankruptcy or foreclosure, Purchaser, Servicer and Seller agree to cooperate and use
their reasonable best efforts, within sixty (60) days after the Closing Date and at Purchaser’s
expense, to (i) notify the Clerk of the Court, any foreclosing or bankruptcy trustee and all
counsel of record in each such proceeding of the transfer of the Mortgage Loan from Seller to
Purchaser, (ii) file pleadings to relieve Seller’s counsel of record from further responsibility in
such litigation, unless said counsel has agreed, to represent Purchaser in said proceedings at
Purchaser’s expense, and (iii)make application to the Court to remove Seller as a party in such
action and substitute Purchaser, or its designee, as the real party-in-interest, and change the
caption thereof accordingly. In connection therewith, after the Closing Date, Purchaser shall have
the sole responsibility to determine the appropriate direction and strategy for such litigation or
proceeding. If Purchaser fails to use its best efforts to comply with the above requirements,
Seller, upon 10 business days prior written notice to Purchaser, may on Purchaser’s behalf and at
Purchaser’s expense complete any of the actions specified in clauses (i), (ii) and (iii) above.
Purchaser acknowledges that its failure to comply with the provisions of this paragraph may affect
Purchaser’s rights in any such litigation or proceeding (including, without limitation, any
dismissal with prejudice or the running of any statute of limitations), if any such action or
proceeding is dismissed. Seller has no objection, and hereby consents, to Seller’s counsel
representing the Purchaser after the Closing Date.

Section 2.13. Risk of Loss; Insurance. From and after the Closing Date, Purchaser
assumes all risk of loss to the REO Properties. Through the Closing Date, Seller shall maintain
insurance on the REO Properties on behalf of and for the account of Purchaser. Seller’s insurance
on the REO Properties is not transferable or assignable.

Section 2.14. Mortgaged Property and REO Property Charges. With respect to the
Mortgaged Property and REO Properties, the following items for which Servicer has received notice
by the Closing Date and has either documented its systems or retained the notice in the Mortgage
Files, are to be paid by Seller through and including the Closing Date: utilities (including,
without limitation, telephone service, heat, steam, electric power, cable and trash removal, fuel,
water rates, water frontage charges and/or meter charges), sewer and sanitary charges and taxes
thereon, amounts prepaid or payable pursuant to the insurance premiums, condominium and home owner
association fees, assessments, maintenance and common charges. Purchaser shall be responsible for
and shall pay any such charges on bills received after the Closing Date without regard to when such
charges were incurred. Liability for real estate taxes is set forth in Section 2.7. This
paragraph shall survive Closing.

Section 2.15. Closing. Seller and Purchaser agree that the Closing shall be held on
the Closing Date by telephone, fax, and/or mail as agreed by Seller and Purchaser. Seller shall
deliver on or before the Closing Date to the Custodian, by a reputable overnight or same day
carrier, the Closing Documents and a Closing Schedule listing all documents actually contained in
the respective Mortgage Files.

Section 2.16. Closing Date. On the Closing Date,

(a) Seller shall or shall cause an appropriate party controlled by Seller to:

(i) with respect to the Mortgage Loans:

	 	(A)	 	sell, assign, convey and transfer
to Purchaser all of Seller’s (or the appropriate party controlled
by Seller’s) right, title and interest in and to the Mortgage
Loans; and

	 	(B)	 	Subject to the provisions of
clause (iii) below, deliver the Mortgage Files to
Purchaser or Purchaser’s designee.

	 	(C)	 	deliver a bailment letter to
Purchaser and the Custodian for each Mortgage File.

	 	(ii)	 	with respect to the REO Properties:

	 	(A)	 	sell, assign, convey and transfer
to Purchaser good and marketable fee simple title to each REO
Property, subject only to Permitted Encumbrances;

	 	(B)	 	subject to the provisions of
clause (iii) below, deliver the Mortgage Files and
Property Files to Purchaser or Purchaser’s designee;

	 	(C)	 	deliver a blanket assignment of
leases and tenancies (if any), duly executed by Seller, assigning
to Purchaser all of Seller’s right, title and interest as
landlord in and to leases and tenancies of the REO Properties,
including all security deposits held by Seller, and pursuant to
which Purchaser assumes all of Seller’s duties and
responsibilities with respect thereto, arising from and after
such date together with such executed leases as Seller has in its
possession (if any); and

	 	(D)	 	deliver to Purchaser’s designated
broker or agent, unless such REO Property is occupied, listed for
sale, under contract of sale or sold, keys for each REO Property
to the extent available and in the possession or control of
Seller.

(iii) with respect to the Mortgage Files:

	 	(A)	 	Seller shall be required to deliver
all documents and other items specified on Exhibit B;

	 	(B)	 	If Seller does not possess an
original, Seller may, in lieu of an original, deliver a recorded
copy or evidence of recording of any Loan Documents which are
recorded.

(iv) with respect to the Servicing Files and Property Files, deliver such files to
Purchaser or Purchaser’s designee at Closing or on a certain date after Closing, as agreed by the
Purchaser and Seller, but in no event later than the Servicing Transfer Date; and

(v) deliver the Guaranty to the Purchaser.

The responsibility and cost of preparing and executing the foregoing transfer documents
to be executed and made available on the Closing Date shall be borne by Seller. However, Purchaser
agrees, acknowledges, confirms and understands that Purchaser shall be responsible for the
recording and/or filing of the originals of any assignments of mortgage and the deeds and shall pay
all costs, transfer taxes and deed stamps, fees and expenses for the recording and/or filing of the
assignments of mortgage and the deeds. Each of Seller and Purchaser shall also execute on the
Closing Date and deliver to the appropriate taxing authorities any transfer tax returns or other
filings required in connection with the payment of any such taxes. Seller reserves the right to
retain copies of all or any portion of the Mortgage Files or the Property Files. This paragraph
shall survive the Closing.

(b) Purchaser shall pay to Seller in immediately available funds an amount equal to the
Purchase Price as set forth in Section 2.3 of this Agreement as adjusted hereunder.

Section 2.17. Completion of Definitive Transfer Documents. It is the intention of
Seller and Purchaser that conveyance of Seller’s right, title and interest in the Mortgage Loans
and REO Properties is to be effected by Seller through the execution and delivery of
Asset-specific, definitive transfer documents (the “Definitive Transfer Documents”)
including (a) a definitive Assignment of Note and Mortgage for each Mortgage Loan and (b) a
definitive Deed for each REO Property, in each case, to be duly executed by Seller or the
appropriate party in title by the Closing Date, with all schedules completed, and in proper form
for recording in the appropriate land records for the jurisdiction in which the applicable
Mortgaged Property or REO Property is located. Purchaser acknowledges, however, that certain
information or documentation necessary to complete such Definitive Transfer Documents (such as
recording information for prior transfers, verified legal descriptions and tax lot numbers or
original referee’s, sheriff’s or foreclosure deeds) may not be available prior to the Closing Date.
Seller shall (i) use all reasonable efforts prior to the Closing Date to obtain all necessary
information to complete the Definitive Transfer Documents, (ii) execute and deliver to Purchaser at
the Closing original forms of Definitive Transfer Documents for each of the Assets, complete where
possible and containing blanks or missing schedules for Assets as to which necessary information
has not been obtained, (iii) grant to Purchaser an irrevocable limited power of attorney granting
Purchaser the authority to fill in all missing information, attach all necessary schedules and
otherwise complete the Definitive Transfer Documents and (iv) cooperate with Purchaser in all
reasonable respects after the Closing to obtain any missing information or documentation necessary
to complete and record the Definitive Transfer Documents.

ARTICLE III

REPRESENTATIONS AND WARRANTIES

Section 3.1. Representation and Warranties as to Purchaser. As a condition to the
consummation of the transactions contemplated hereby, Purchaser represents and warrants that each
of the following representations and warranties of Purchaser is true and correct and shall be true
and correct on each Closing Date.

(a) Authority. Purchaser is duly organized, validly existing and in good standing
under the laws of the State of its organization with full corporate power and authority to execute,
deliver and perform this Agreement and to enter into and consummate the transactions contemplated
by this Agreement. Purchaser is duly qualified and in good standing as a foreign corporation in
all jurisdictions where it is required to be qualified, except where the failure to be qualified is
not material. Purchaser has taken all corporate action required to authorize its execution,
delivery and performance of this Agreement.

(b) Conflict with Existing Laws or Contracts. The execution and delivery of this
Agreement by Purchaser and the performance of its obligations hereunder will not (i) conflict with
or violate (A) the organizational documents of Purchaser, or (B) any provision of any law or
regulation to which Purchaser is subject, or (ii) conflict with or result in a breach of or
constitute a default (or an event which, with notice or lapse of time, or both, would constitute a
default) under any of the terms, conditions or provisions of any agreement or instrument to which
Purchaser is a party or by which it is bound or any order or decree applicable to Purchaser or
result in the creation or imposition of any lien on any of its assets or property. Purchaser has
obtained all consents, approvals, authorizations or orders of any court or governmental agency or
body, if any, required for the execution, delivery and performance by Purchaser of this Agreement.

(c) Legal Action Against Purchaser. There is no action, suit or proceeding pending
or, to Purchaser’s knowledge, threatened against Purchaser in any court or by or before any other
governmental agency or instrumentality which would prohibit its entering into this Agreement or
performing any of its obligations under or pursuant to this Agreement.

(d) Binding on Purchaser; Enforceability. This Agreement, assuming due
authorization, execution and delivery hereof by Seller constitutes the valid, binding and legal
obligation of Purchaser, enforceable against Purchaser in accordance with the terms hereof, except
as such enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium and other
similar laws affecting the enforcement of creditors’ rights in general and by general equity
principles (regardless of whether such enforcement is considered in a proceeding in equity or at
law).

(e) Decision to Purchase. Purchaser is a sophisticated investor and its bid and
decision to purchase the Assets are based upon its own independent evaluations of the Mortgage
Files, the Property Files and other materials made available by Seller and deemed relevant by
Purchaser and its agents. In entering into this Agreement, Purchaser has not relied upon any oral
or written information from Seller, or any of its respective employees, affiliates, agents or
representatives, other than the representations and warranties of Seller contained herein.
Purchaser has had an opportunity to perform an examination of the Assets and to become aware of the
physical condition of the Mortgaged Properties and the REO Properties. Purchaser further
acknowledges that no employee or representative of Seller has been authorized to make, and that
Purchaser has not relied upon, any statements or representations other than those specifically
contained in this Agreement. WITHOUT LIMITING THE FOREGOING, PURCHASER ACKNOWLEDGES THAT, EXCEPT
AS SPECIFICALLY SET FORTH IN THIS AGREEMENT, THE SELLER HAS MADE NO REPRESENTATIONS OR WARRANTIES
AS TO THE ASSETS (INCLUDING, WITHOUT LIMITATION, THE VALUE, MARKETABILITY, CONDITION OR FUTURE
PERFORMANCE THEREOF, THE EXISTENCE OF LEASES OR THE STATUS OF ANY TENANCIES OR OCCUPANCIES WITH
RESPECT THERETO, THE APPLICABILITY OF ANY RENT CONTROL OR RENT STABILIZATION LAWS OR THE COMPLIANCE
OR LACK OF COMPLIANCE THEREOF WITH ANY LAWS (INCLUDING WITHOUT LIMITATION, ENVIRONMENTAL, LAND USE
OR OCCUPANCY LAWS)).

(f) Due Diligence. Purchaser has been urged, invited, directed and provided the
opportunity to conduct such due diligence review and analysis of the due diligence materials
(including, but not limited to the Loan Documents, the Mortgage Files, the Property Files and
related information), together with such records as are generally available to the public from
local, county, state and federal authorities, record-keeping offices and courts (including, without
limitation, any bankruptcy courts in which any Mortgagors, guarantor or surety, if any, may be
subject to any pending bankruptcy proceedings), as the Purchaser deemed necessary, proper or
appropriate in order to make a complete informed decision with respect to the purchase and
acquisition of the Assets. Purchaser acknowledges that it has, in fact, conducted such due
diligence review and analysis.

(g) Assets Sold AS IS. Purchaser acknowledges and agrees that except for warranties
and representations set forth in this Agreement, Seller has not and does not represent, warrant or
covenant the nature, accuracy, completeness, enforceability or validity of any of the Loan
Documents, the Mortgage Files, or the Property Files, and, subject to the terms of this Agreement,
all documentation, information, analysis and/or correspondence, if any, which is or may be sold,
transferred, assigned and conveyed to Purchaser with respect to any and all Assets is sold,
transferred, assigned and conveyed to Purchaser on an “AS IS, WHERE IS” basis, WITH ALL FAULTS.

(h) Intentionally Omitted .

(i) No Commission. Purchaser has not employed or used a broker or anyone else who
might be entitled to a fee or commission in connection with the transactions contemplated herein.
Neither Purchaser nor any affiliate of Purchaser is entitled to a fee in connection with the
transactions contemplated hereby.

(j) Successor Servicer. Purchaser acknowledges and agrees that the servicer
Purchaser selects to service the Mortgage Loans and the REO Properties will have the staff and
resources necessary to timely and accurately comply with its servicing responsibilities and will
perform its servicing responsibilities in accordance with prudent servicing guidelines and all
applicable laws and regulations.

Section 3.2. Representation and Warranties as to Seller. As a condition to the
consummation of the transactions contemplated hereby, each Seller represents and warrants that each
of the following representations and warranties of Seller as it applies to such Seller is true and
correct and shall be true and correct on each Closing Date:

(a) Authority. Seller is a duly organized limited liability company, validly
existing and in good standing under the laws of the State of its organization. Seller has full
power and authority to execute, deliver and perform this Agreement and to enter into and consummate
the transaction contemplated by this Agreement. Seller is duly qualified, licensed and in good
standing in all jurisdictions where it is required to be qualified and/or licensed, except where
the failure to be qualified is not material. Seller has taken all action required to authorize its
execution, delivery and performance of this Agreement.

(b) Conflict with Existing Laws or Contracts. The execution and delivery of this
Agreement by Seller and the performance of its obligations hereunder will not (i) conflict with or
violate (A) the organizational documents of Seller, or (B) any provision of any law or regulation
to which Seller is subject, or (ii) conflict with or result in a breach of or constitute a default
(or an event which, with notice or lapse of time, or both, would constitute a default) under any of
the terms, conditions or provisions of any agreement or instrument to which Seller is a party or by
which it is bound or any order or decree applicable to Seller or result in the creation or
imposition of any lien on any of its assets or property. Seller has obtained all consents,
approvals, authorizations or orders of any court or governmental agency or body, if any, required
for the execution, delivery and performance by Seller of this Agreement.

(c) Legal Action Against Seller. There is no action, suit or proceeding pending or,
to Seller’s knowledge, threatened against Seller in any court or by or before any other
governmental agency or instrumentality which would prohibit its entering into this Agreement or
performing any of its obligations under or pursuant to this Agreement.

(d) Binding on Seller; Enforceability. This Agreement, assuming due authorization,
execution and delivery hereof by Purchaser, constitutes the valid, binding and legal obligations of
the Seller, enforceable against the Seller in accordance with the terms hereof, except as such
enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium and other similar
laws affecting the enforcement of creditors’ rights in general and by general equity principles
(regardless of whether such enforcement is considered in a proceeding in equity or at law).

(e) No Commission. Seller has not employed or used a broker or anyone else who might
be entitled to a fee or commission in connection with the transactions contemplated herein. Neither
Seller nor any affiliate of Seller is entitled to a fee in connection with the transactions
contemplated hereby.

(f) Foreign Person. The Seller is not a foreign person within the meaning of Section
1445(f) of the Internal Revenue Code of 1986, as amended, and Seller agrees to execute any and all
documents necessary or required by the Internal Revenue Service or the Purchaser in connection with
such declaration.

Section 3.3. Representation and Warranties as to Each Mortgage Loan. As a condition
to the consummation of the transactions contemplated hereby, Seller hereby represents and warrants
to the Purchaser that with respect to each Mortgage Loan, as of the date hereof and, except as
otherwise specifically provided herein, on each Closing Date:

(a) True Information. The information set forth on the Mortgage Loan Schedule set
forth on Schedule 1 is true, correct and complete in all material respects.

(b) Ownership; Authority. Seller has good and marketable title to each Mortgage
Loan, and Seller is the sole owner and holder of the Mortgage Note free and clear of any and all
liens, claims, encumbrances, participation interests, equities, pledges, charges or security
interests of any nature and has full right and authority to sell or assign the same, subject only
to Permitted Encumbrances.

(c) Disbursement. The proceeds of the Mortgage Loan have been fully disbursed.
There is no obligation or requirement that any person make future advances or lend additional funds
thereunder. As to Second Mortgage Loans, all credit lines have been terminated. All costs, fees
and expenses incurred in making or closing the Mortgage Loan or recording the Mortgage were paid.

(d) No Modifications. The terms of the Mortgage Note and the related Mortgage have
not been impaired, waived, altered or modified in any respect, except by written instruments,
including forbearance agreements or assumption and modification agreements contained in the
Mortgage File.

(e) No Releases or Satisfaction. The Mortgage Loan has not been satisfied, canceled,
subordinated or rescinded and no property has been released from the lien of the Mortgage other
than partial releases of lien which had, at the time of release, no material adverse effect on the
remaining value of the Mortgaged Property. No Mortgagor has been released, in whole or in part,
except in connection with an assumption agreement.

(f) No Defenses. The Mortgage Note and the related Mortgage are not subject to any
valid right of rescission, set-off, abatement, diminution, or any counterclaim or defense.

(g) Lien Position. The Mortgage is a valid, continuing and enforceable lien, in the
lien position set forth on the Mortgage Loan Schedule, on an undivided one-hundred percent (100%)
fee simple interest in the related Mortgaged Property, including all improvements from time to time
constituting part of the Mortgaged Property, subject only to Permitted Encumbrances.

(h) Enforceability. The Mortgage Note, related Mortgage and other agreements
executed in connection therewith (including any guaranty) are genuine, and each constitutes 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. The related Mortgage
contains enforceable provisions customary among prudent mortgage lending institutions so as to
render the rights and remedies of the holder thereof adequate for the realization against the
Mortgaged Property and of the benefits of the security provided thereby, including, (a) in the case
of a Mortgage designated as a deed of trust, by trustee’s sale, (b) where permitted by law, power
of sale, and (c) judicial foreclosure.

(i) Title Insurance. Each mortgage Loan is covered by (a) an ALTA lender’s title
insurance policy issued at the time such Mortgage Loan was made by a title insurer qualified to do
business in the jurisdiction where the Mortgaged Property is located, insuring, subject only to
exceptions acceptable to prudent lending institutions in the jurisdiction in which the Mortgaged
Property is located, the Seller, its successors and assigns as to the lien priority of the Mortgage
specified in the Mortgage Loan Schedule in the original principal amount of the Mortgage Loan,
(b) a title opinion from an attorney licensed to practice in such jurisdiction in such form and
substance as was acceptable to prudent mortgage lending institutions in the jurisdiction where the
Mortgaged Property is located, or (c) such other form of title assurance as was acceptable to
prudent mortgage lending institutions in the relevant jurisdiction (including blanket insurance
coverage).

(j) Hazard Insurance. All improvements upon the Mortgaged Property are insured
pursuant to (i) a blanket force placed hazard insurance policy or (ii) a hazard insurance policy
that (A) insures against loss by fire, hazards of extended coverage and such other hazards as are
customary in the locality where the Mortgaged Property is situated, and (B) contains a “standard”
mortgage clause naming Seller, its successors and assigns, as mortgagee and loss payee. All such
insurance is in full force and effect and all premiums thereon have been paid at least to and
including the Closing Date. The Mortgage obligates the Mortgagor thereunder to maintain all such
insurance (including, if required, flood insurance), at the Mortgagor’s cost and expense, and upon
the Mortgagor’s failure to do so, authorizes the holder of the Mortgage to obtain and maintain such
insurance at Mortgagor’s cost and expense and to seek reimbursement therefor from the Mortgagor.

(k) Litigation. Except for bankruptcy filings by Mortgagors and foreclosure actions
brought by the Seller, as of the Cut-Off Date, to Seller’s knowledge, there is no litigation or
other proceeding or governmental investigation pending, or an order, injunction or decree
outstanding, existing or relating to the Mortgaged Property or the Mortgage Loan.

(l) Mortgage Servicing. The servicing and collection of the Mortgage Loans has been
performed using acceptable servicing practices and in all material respects in accordance with
applicable laws and regulations.

(m) Adjustable Rate Loans. If a Mortgage Loan is an adjustable rate loan, the Seller
has properly calculated adjustments in the interest rate and monthly payment for each adjustment
date and has notified the related Mortgagor of such adjustments, all in accordance with related
Mortgage Note and applicable law.

Section 3.4. Representations and Warranties as to REO Properties. As a condition to
the consummation of the transactions contemplated hereby, Seller hereby represents and warrants to
the Purchaser that with respect to each REO Property, as of the date hereof and, except as
otherwise specifically provided herein, on each Closing Date:

(a) True Information. The information set forth on the Mortgage Loan Schedule is
true, complete, and correct in all material respects.

(b) Ownership; Title. Seller has good and marketable title to, and is the sole owner
and, as of the Closing Date, will be the record holder of the REO Property free and clear of liens
and encumbrances, subject only to Permitted Encumbrances, pending Deed transfers after foreclosure
sales and, in the case of each REO Property that is condominium unit, any rights of first refusal
of the related condominium associations; provided, however, no such right of first refusal shall
affect the sale of the REO Property from the Seller to the Purchaser. Seller has the full right
and authority to sell the REO Property.

(c) Litigation. Except for eviction actions brought by the Seller, to Seller’s
knowledge, there is no litigation, proceeding or governmental investigation pending, or an order,
injunction or decree outstanding, existing or relating to the REO Property.

(d) Hazard Insurance. All improvements upon the REO Property are insured pursuant to
a non-transferable, non-assignable blanket hazard insurance policy that insures against loss by
fire, hazards of extended coverage and such other hazards as are acceptable to prudent mortgage
lending institutions in the locality where the REO Property is situated. All such insurance is in
full force and effect and all premiums thereon have been paid at least to and including the Closing
Date. Purchaser shall have no rights in or to said blanket hazard insurance policy after the
Closing Date.

(e) Compliance with Foreclosure Requirements. In acquiring title to the REO
Property, the Seller materially complied with all applicable federal, state and local laws
regarding mortgagors’ rights and the commencement and prosecution of foreclosure proceedings,
procedural or substantive. There is no litigation, which has not been dismissed or settled, which
sought to enjoin the foreclosure sale.

Section 3.5. Breach of Representation or Warranty. Seller and Purchaser understand
that if any of Seller’s representations or warranties in Sections 3.3 or 3.4 are breached,
Purchaser may exercise its rights and the remedies expressly set forth in Article VI.

ARTICLE IV

CLOSING

Section 4.1. Conditions Precedent to Closing. The obligations of Purchaser to effect
the Closing shall be subject to the fulfillment or waiver on or prior to the Closing Date, of the
following conditions:

(a) Performance of Obligations. Seller shall have in all material respects performed
all obligations required to be performed by it on or prior to the Closing Date pursuant to the
terms of this Agreement.

(b) Representations and Warranties. The representations and warranties of Seller set
forth in Article III shall be true and correct in all material respects as of the Closing
Date with the same force and effect as though such representations and warranties had been made as
of the Closing Date, except as otherwise contemplated by this Agreement or consented to in writing
by Purchaser (it being understood that representations and warranties that speak as of a specified
date shall continue to speak only as of the date so specified).

(c) Interim Servicing Agreement. Purchaser shall have received the Interim Servicing
Agreement duly executed by Servicer (subject to Purchaser’s countersigning of same).

Section 4.2. Conditions to Obligation of Seller. The obligations of Seller to effect
the Closing shall be subject to the fulfillment on or prior to the Closing Date of the following
conditions:

(a) Performance of Obligations. Purchaser shall have in all material respects
performed all obligations required to be performed by it under this Agreement pursuant to the terms
of this Agreement on or prior to the Closing Date.

(b) Representations and Warranties. The representations and warranties of Purchaser
set forth in Article III shall be true and correct in all material respects as of the
Closing Date as though made at and as of the Closing Date, except as otherwise contemplated by this
Agreement or consented to in writing by Seller (it being understood that representations and
warranties that speak as of a specified date shall continue to speak only as of the date so
specified).

ARTICLE V

SERVICING OF THE MORTGAGE LOANS AND REO PROPERTIES

Section 5.1. Transfer of Servicing. All the Assets shall be sold and conveyed to the
Purchaser on a servicing released basis. As of the Closing Date, Seller shall be discharged and
released from all rights, obligations, liabilities and responsibilities with respect to the
servicing of the Mortgage Loans and REO Properties thereafter and all rights, obligations,
liabilities and responsibilities with respect to the servicing of the Mortgage Loans and REO
Properties shall pass to the Purchaser. As of the date of this Agreement, Servicer and Purchaser
shall enter into an Interim Servicing Agreement.

Section 5.2. IRS Forms. Seller shall file or cause be filed all IRS forms 1099,
1099A, 1099C, 1098, 1041, K-1 and all other applicable tax forms which are required to be filed on
or before January 31 of the calendar year subsequent to the Closing Date, in relation to the
servicing and ownership of the Mortgage Loans and the REO Properties from January 31 of the year of
the Closing Date, to the Servicing Transfer Date. Purchaser shall file or cause to be filed all
applicable tax forms in relation to the servicing and ownership of the Mortgage Loans and the REO
Properties for the period after the Servicing Transfer Date.

ARTICLE VI

SURVIVAL OF THE REPRESENTATIONS AND

WARRANTIES, INDEMNIFICATION AND REMEDIES

Section 6.1. Survival. Each and every representation, warranty and covenant made by
Purchaser or Seller in this Agreement shall survive the Closing in accordance with
Section 10.6, provided, however, that Purchaser shall only have the remedies for the breach
of any representation, warranty or covenant contained in Sections 3.3 and 3.4 of this
Agreement as provided in this Article VI.

Section 6.2. Purchaser’s Remedies. (a) Breaches Entitling Purchaser to
Remedy. Upon discovery by Seller or Purchaser of a breach of any of the representations and
warranties set forth in Sections 3.3 or 3.4, which breach materially and adversely affects
the value to the Purchaser of any Mortgage Loan or REO Property owned by Purchaser or the interest
of Purchaser therein, the party discovering such breach shall give prompt written notice thereof to
the other party. Prompt written notice is notice given within 15 business days of discovery. A
notice of Claim must be delivered by Purchaser to Seller no later than the date that is twelve
months after the Closing Date

(b) Form of Notice Required to Seek Remedy. In order to claim any remedy under this
Section 6.2, Purchaser shall deliver to Seller, within fifteen (15) Business Days of
discovery by the Purchaser of a breach, a notice of Claim setting forth the following:

(i) the identity of the Asset (by the number assigned to such Asset by Seller at the time of
sale as set forth on the Mortgage Loan Schedule) with respect to which the breach is alleged to
have occurred;

(ii) a reasonably detailed description of the claimed breach (including reasonably detailed
information of the material adverse effect on the value of the Asset to which such claimed breach
relates); and

(iii) the section and subsection of this Agreement under which such breach is claimed.

Any discovery by the Seller of a breach shall not (unless Purchaser knows of such breach) require
the foregoing notice of Claim requirements.

(c) Remedies. In the event of a breach, within sixty (60) days of Seller’s receipt
of notice of Claim (the “Purchaser Notice”) of the breach of a representation or warranty
made by Seller, Seller shall, at its option, elect to either (A) cure such breach referred to in
the notice of Claim, in all material respects within such sixty (60) day period, (B) reimburse to
Purchaser an amount (the “Purchase Price Adjustment”) equal to the reduction in value of
the affected Asset based upon the breach or (C) repurchase the affected Asset at the Repurchase
Price. To the extent that Seller elects to reimburse Purchaser as specified in clause (B) above,
Seller and Purchaser shall mutually endeavor to agree upon the Purchase Price Adjustment within
such sixty (60) day period. In no event, however, shall the Purchase Price Adjustment exceed an
amount equal to the Repurchase Price for the applicable Asset. In the event that the Seller and
Purchaser are unable to mutually agree upon the Purchase Price Adjustment, the Purchaser may
request that Seller proceed in accordance with (C) above, in which case Seller shall then proceed
in accordance with (C) above. Any payment by Seller of the Purchase Price Adjustment shall be made
by wire transfer of immediately available funds to an account designated in writing by Purchaser.

(d) Repurchase Procedures. If the Seller elects to repurchase an affected Asset
pursuant to Section 6.2(c), or is unable to cure any breach pursuant to Section
6.2(c), Seller shall repurchase such affected Mortgage Loan, on a whole loan, servicing
released basis or such affected REO Property, as the case may be, at the Repurchase Price. In
connection with any repurchase of a Mortgage Loan or REO Property hereunder by Seller and
concurrent with the payment of the Repurchase Price, Purchaser shall tender, pursuant to a mutually
acceptable bailee letter, to the Seller all portions of the Mortgage File and Servicing File with
respect to such Mortgage Loan or Property File with respect to such REO Property, as the case may
be, previously delivered to Purchaser. Within one (1) Business Day of receiving such files, Seller
shall pay the Repurchase Price to Purchaser by wire transfer of immediately available funds to an
account designated in writing by Purchaser.

(e) Transfer Documentation; Further Assurances; Transfer and Recordation Taxes and
Fees. Transfer of the Asset shall be effected by the execution and delivery by Purchaser of
documents substantially similar to those by which such Asset was transferred to Purchaser.
Purchaser shall execute and deliver any and all such additional assignments, deeds, instruments of
transfer and other documents as Seller may reasonably require in order to complete the transactions
contemplated hereunder. Seller shall be responsible for, and shall pay when due and payable, all
transfer, filing and recording fees and taxes, costs and expenses, and any state or county
documentary taxes, if any, with respect to the filing or recording of any document or instrument
contemplated hereby in connection with such repurchase, and shall be responsible for recording any
documents evidencing the transfers contemplated in connection with such repurchase.

(f) Conditions to Seller’s Obligation to Repurchase. Seller’s election to repurchase
any Asset shall, except as noted below, be conditioned on such Asset being in substantially the
same condition as when such Asset was conveyed by Seller to Purchaser on the Closing Date, meaning
that:

(i) The physical condition of the Mortgaged Property or REO Property shall be substantially
the same (normal wear and tear excepted) as it was on the Closing Date (other than in respect of a
fully insured casualty loss (subject to a deductible no greater than the deductible in effect on
the Closing Date) or condemnation, in which event the Insurance Proceeds and/or Condemnation
Proceeds shall be reassigned to Seller);

(ii) The terms of the Mortgage Loan shall not have been modified, renewed, renegotiated,
compromised, settled, released or substantially impaired;

(iii) The condition of title to the Asset shall be substantially the same as conveyed to
Purchaser;

(iv) The collateral for such Mortgage Loan shall be substantially the same, except to the
extent that any of such collateral and proceeds therefrom (including, without limitation, escrows
and deposits) have been expended for its intended purpose or otherwise in a commercially prudent
manner;

(v) There shall be no claim of any party against Seller that is the result of any action or
inaction of Purchaser or any agent, successor or assign of Purchaser other than any claim as to
which Seller shall have received an indemnification in form and substance acceptable to Seller from
Purchaser; and

(vi) Purchaser or its designee shall have continued prudent servicing of the Asset to the
repurchase date.

Section 6.3. Indemnification by Purchaser. Purchaser shall indemnify, defend and
hold Seller harmless from and against any and all claims, losses, damages, penalties, fines,
forfeitures, reasonable attorneys’ fees and expenses and related costs, expenses of litigation,
judgments, and any other reasonable costs, fees and expenses (each, a “Liability”) directly
resulting from a claim by an unrelated third party relating to (i) a breach of a material
representation or warranty made by Purchaser pursuant to Section 3.1 of this Agreement or
(ii) Purchaser’s ownership, servicing or management of any Asset to the extent such Liability
relates to matters arising from and after the Closing Date; provided, however, that Purchaser shall
not be liable to Seller under this clause (ii) for any Liabilities resulting solely from any action
or omission on the part of Seller with respect to Seller’s servicing or management of such Asset
prior to the Closing Date.

Section 6.4. Indemnification by Seller. Seller shall indemnify, defend and hold
Purchaser harmless from and against any and all claims, losses, damages, penalties, fines,
forfeitures, reasonable attorneys’ fees and expenses and related costs, expenses of litigation,
judgments, and any other reasonable costs, fees and expenses (each, a “Liability”) directly
resulting from a claim by an unrelated third party relating to (i) a breach of a material
representation or warranty made by Seller pursuant to Section 3.2 of this Agreement or
(ii) Seller’s ownership, servicing or management of any Asset to the extent such Liability relates
to matters arising prior to the Closing Date; provided, however, that Seller shall not be liable to
Purchaser under this clause (ii) for any Liabilities resulting solely from any action or omission
on the part of Purchaser with respect to Purchaser’s servicing or management of such Asset from and
after the Closing Date.

ARTICLE VII SUBSEQUENT DOCUMENTATION

At any time, and from time to time after the Closing Date, upon the reasonable request of a
party hereto, and at the expense of such party, the other party shall do, execute, acknowledge and
deliver, and shall cause to be done, executed, acknowledged and delivered, all such further acts,
deeds, assignments, transfers, conveyances, powers of attorney and assurances as may be reasonably
required in order to better assign, transfer, grant, convey, assure and confirm to Purchaser, to
collect and reduce to possession, any or all of the Mortgage Loans or REO Properties as provided
for herein or to effectuate the purpose and carry out the terms of this Agreement. The parties
shall make every effort to minimize any such requests and to eliminate the need for any such
requests three (3) months after the Closing Date. In addition, in the event that Seller determines
that it requires access to any documents relating to any Asset for accounting, tax, litigation or
other purposes, Purchaser shall promptly provide copies of such documents to Seller at Seller’s
expense.

ARTICLE VIII

POST CLOSING LITIGATION

Section 8.1 Notice of Litigation If on or after the Closing Date any litigation is
commenced naming the Seller and/or Servicer as a defendant either in a direct action, or in a
counterclaim, or in any bankruptcy proceeding, where there is a claim against Seller and/or
Servicer, which litigation relates to any of the Mortgage Loans or REO Properties being sold
pursuant to this Agreement, the Purchaser shall, within seven (7) Business Days of its receipt of
service of process or notice contained in a pleading, give notice to the Seller and/or Servicer in
accordance with Article IX herein.

Section 8.2 Management of Litigation (a) Within ten (10) Business Days of receipt of
such notice, the Seller shall notify the Purchaser that if the claim solely involves the Seller
and/or Servicer: (i) the Seller shall manage the defense of the litigation, including, but not
limited to, choosing outside counsel and shall be responsible for all litigation expenses relating
to such action; or (ii) the Seller will allow the Purchaser to manage the litigation, including,
but not limited to choosing outside counsel and Seller will be responsible for all litigation
expenses relating to such action.

(b) If the claim solely involves the Purchaser, the Purchaser shall manage the defense of the
litigation, including, but not limited to, choosing outside counsel and Purchaser shall be
responsible for all litigation expenses relating to such action.

(c) If the claim involves the Purchaser and Seller and/or Servicer then the Purchaser and
Seller agree to cooperate in the management and defense of any such claims either through joint
representation by outside counsel or through separate counsel and will mutually agree on the
responsibility for managing such claims and shall allocate all costs of the litigation between them
in as equitable a manner as possible.

(d) If the parties cannot agree whether the claim falls under Subsections (a) or (b) of this
Section 8.2, then the claim shall fall under Subsection (c) of this Section 8.2 .

Section 8.3 Expectation of the Parties It is the expectation of the parties that
routine legal proceedings such as mechanics lien actions, municipal code violations and third party
foreclosures, will be managed solely by Purchaser at Purchaser’s expense and that substantive legal
issues regarding origination or servicing of the Mortgage Loan or REO Property that occurred prior
to the Closing Date will be managed by Seller at Seller’s expense.

ARTICLE IX

NOTICES

Unless otherwise provided for herein, all notices and other communications required or
permitted hereunder shall be in writing (including a writing delivered by facsimile transmission)
and shall be deemed to have been duly given (a) when delivered, if sent by registered or certified
mail (return receipt requested), (b) when delivered, if delivered personally on a Business Day or
if not delivered on a Business Day, the next succeeding Business Day, (c) when transmitted on a
Business Day or if not transmitted on a Business Day, the next succeeding Business Day, if sent by
facsimile if a confirmation of transmission is produced by the sending machine, or (d) when
delivered on a Business Day or if not delivered on a Business Day, the next succeeding Business
Day, if sent by overnight mail or national overnight courier, in each case to the parties at the
following addresses or facsimile numbers (or at such other addresses as shall be specified by like
notice):

If to Seller:

GRP Loan, LLC

GRP Strategies, LLC

360 Hamilton Avenue

White Plains, NY 10601

Attention: Kristin L. Tess

With copies to:

Sallie Mae, Inc.

300 Continental Drive

Newark, DE 19713

Attention: Al Natali

and

Sallie Mae, Inc.

12061 Bluemont Way

Reston, VA 20190

Attention: Andrew G. Wachtel

If to Purchaser:

DLJ Mortgage Capital, Inc.

11 Madison Avenue, 4th Floor

New York, NY 10010

Attention: Bruce Kaiserman

With a copy to:

DLJ Mortgage Capital, Inc.

11 Madison Avenue, 4th Floor

New York, NY 10010

Attention: General Counsel – RMBS

The giving of any notice required hereunder may be waived in writing by the party entitled to
receive such notice. Failure or delay in delivering copies of any notice, demand, request,
consent, approval, declaration or other communication within any corporation or firm to the persons
designated to receive copies shall in no way adversely affect the effectiveness of such notice,
demand, request, consent, approval declaration or other communication.

ARTICLE X

MISCELLANEOUS PROVISIONS

Section 10.1. Severability. Each part of this Agreement is intended to be

severable. If any term, covenant, condition or provision hereof is unlawful, invalid, or
unenforceable for any reason whatsoever, and such illegality, invalidity, or unenforceability does
not affect the remaining parts of this Agreement, then all such remaining parts hereof shall be
valid and enforceable and have full force and effect as if the invalid or unenforceable part had
not been included.

Section 10.2. Rights Cumulative; Waivers. The rights of each of the parties under
this Agreement are cumulative and may be exercised as often as any party considers appropriate.
The rights of each of the parties hereunder shall not be capable of being waived or varied
otherwise than by an express waiver or variation in writing. Any failure to exercise or any delay
in exercising any of such rights shall not operate as a waiver or variation of that or any other
such right.

Section 10.3. Headings. The headings of the Articles contained in this Agreement are
inserted for convenience only and shall not affect the meaning or interpretation of this Agreement
or any provision hereof.

Section 10.4. Prior Understandings; Integrated Agreement. This Agreement supersedes
any and all prior discussions and agreements (written or oral) between the Seller and the Purchaser
with respect to the purchase of the Mortgage Loans and REO Properties and other matters contained
herein, and this Agreement contains the sole and entire understanding between the parties hereto
with respect to the transactions contemplated herein and constitutes the final complete expression
of the intent and understanding of the Purchaser and the Seller.

Section 10.5. Counterparts. This Agreement may be executed in any number of
counterparts, each of which shall be an original, but all of which together shall constitute one
and the same instrument.

Section 10.6. Survival. Each and every representation, warranty and covenant
contained in this Agreement and the indemnifications contained in Section 6.3 and in Section
6.4 of this Agreement shall survive the Closing and shall not merge into the Closing Documents,
but instead shall be independently enforceable except to the extent expressly limited herein,
provided, however, each of the representations and warranties contained in Article III hereof shall
terminate on the twelve (12) month anniversary of the Closing Date.

Section 10.7. Governing Law; Jurisdiction; Venue. (a)  This Agreement shall be
deemed to have been made in the State of New York, and shall be interpreted and the rights and
obligations of the Seller and the Purchaser hereunder determined, in accordance with the laws of
such state, without regard to the principles of conflicts of law of such state.

(b) For the purposes of any suit, action or proceeding involving this Agreement, Seller and
Purchaser hereby expressly submit to the jurisdiction of all federal and state courts sitting in
the State of New York and consent that any order, process, notice of motion or other application to
or by any such court or a judge thereof may be served within or without such court’s jurisdiction
by registered mail or by personal service, provided that a reasonable time for appearance is
allowed, and Seller and Purchaser agree that such courts shall have exclusive jurisdiction over any
such suit, action, or proceeding commenced by either or both of said parties. In furtherance of
such agreement, either party agrees upon the request of the other party to discontinue (or agree to
the discontinuance of) any such suit, action or proceeding pending in any other jurisdiction.

(c) Seller and Purchaser hereby irrevocably waive any objection that they may now or
hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating
to this Agreement brought in any federal or state court sitting in the State of New York and hereby
further irrevocably waive any claim that any such suit, action or proceeding brought in any such
court has been brought in an inconvenient forum.

Section 10.8. Amendments. No term or provision of this Agreement may be waived or
modified unless such waiver or modification is in writing and signed by a duly authorized officer
of the party against whom such waiver or modification is sought to be enforced.

Section 10.9. Successors and Assigns. This Agreement and the terms, covenants,
conditions, provisions, obligations, undertakings, rights and benefits hereof, including the
Addenda, Exhibits and Schedules hereto, shall be binding and shall inure to the benefit of, Seller
and Purchaser and their respective successors and assigns. Notwithstanding the foregoing,
Purchaser shall not assign its rights under this Agreement without the prior written consent of
Seller which will not be unreasonably withheld or delayed. In no event shall any assignment
hereunder relieve the assignor of its obligations hereunder, unless agreed in writing.
Notwithstanding the foregoing, without the prior written consent of Seller, Purchaser may assign
all of its rights hereunder to an institutional trustee or to another single purpose issuer of
mortgage backed securities or to a special servicer that will service the Mortgage Loans for any of
the foregoing.

Section 10.10. Omitted

Section 10.11. Brokers. Purchaser and Seller shall be responsible for paying their
respective consultant fees or broker fees and expenses incurred in connection with the execution
and delivery of this Agreement and the transactions contemplated hereby and shall hold harmless and
indemnify the other for any claims or demands for such brokerage fees and expenses.

Section 10.12. Consultation and Dispute Resolution. In the event of any dispute
arising under or with respect to this Agreement or a breach thereof or a party’s obligations
hereunder, the parties agree that prior to pursuing any rights or remedies a senior officer of the
Seller and a senior officer of the Purchaser shall meet and attempt to resolve such dispute.

Section 10.13. Execution and Delivery. This Agreement does not constitute an offer
to sell and shall not bind the parties hereto unless and until each elects to be bound hereby by
executing and delivering to the other an executed original counterpart hereof.

Section 10.14. No Third Party Beneficiaries. The representations, warranties and
agreements of the parties contained herein are intended solely for the benefit of the parties to
whom such representation, warranties or agreements are made and their permitted assigns, shall
confer no rights hereunder, whether legal or equitable, in any other party, and no other party
shall be entitled to rely thereon.

Section 10.15. No Recordation. NEITHER SELLER NOR PURCHASER MAY RECORD THIS
AGREEMENT. ALL RECORDING OFFICERS ARE HEREBY DIRECTED NOT TO RECORD THIS AGREEMENT. To the extent
that any such filing is made in violation of the Agreement, the party effecting such filing shall
indemnify the other against any damages incurred by the other in connection therewith. The
provisions of this paragraph shall survive the termination of this Agreement.

Section 10.16. Time of the Essence. Time shall be of the essence with respect to the
time periods specified in this Agreement.

Section 10.17. Confidentiality. Each party recognizes that, in connection with this
Agreement, it may become privy to non-public information regarding the financial condition,
operations and prospects of the other party. Except as required by law, each party agrees to keep
all non-public information regarding the other party strictly confidential, and to use all such
information solely in order to effectuate the purpose of the Agreement, provided that each party
may provide confidential information to its employees, agents and affiliates who have a need to
know such information in order to effectuate the transaction, provided further that such
information is identified as confidential non-public information. In addition, confidential
information may be provided to a regulatory authority with supervisory power over a party, provided
such information is identified as confidential non-public information.

2

IN WITNESS WHEREOF, each of the parties hereto has caused this Agreement to be executed by its duly
authorized officer as of the date first above written.

	 	 	 
	SELLER:

	 	PURCHASER:
	GRP Loan, LLC

	 	DLJ Mortgage Capital, Inc.
	By: /s/ Kristin Tess

	 	By: /s/ A. Adam Loskove
	Name: Kristin Tess

	 	Name: A. Adam Loskove
	Title: President

	 	Title: Vice President
	GRP Strategies, LLC

	 	

	By: /s/ Kristin Tess

	 	

	Name: Kristin Tess

	 	

	Title: President

	 	

Schedule of Exhibits

	 	 	 
	SCHEDULE 1

	 	Schedule of Mortgage Loans and REO Properties
	SCHEDULE 2

	 	Report of proceeds received after the Cut-Off Date and up to the Closing Date and REO Properties under contract
	SCHEDULE 3

	 	List of tenant-occupied Mortgaged Properties for which a received collects rents
	SCHEDULE 4

	 	Omitted

SCHEDULE 1

SCHEDULE OF MORTGAGE LOANS AND REO PROPERTIES WITH BID PERCENTAGE

SCHEDULE 2

PAYMENTS RECEIVED AFTER

CUTOFF DATE AND REO PROPERTIES UNDER CONTRACT OF SALE

SCHEDULE 3

RENT RECEIVERSHIP PROPERTY SCHEDULE

SCHEDULE 4

OMITTED

3

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