Document:

EX-10.3

 

Exhibit 10.3

EXECUTION COPY

WAIVER, CONSENT AND FOURTH AMENDMENT TO CREDIT AGREEMENT

          WAIVER, CONSENT AND FOURTH AMENDMENT TO CREDIT AGREEMENT, dated as of April 30, 2008 (this
“Amendment”), among ATARI, INC., a Delaware corporation, as borrower (the
“Borrower”), the lenders party to the Credit Agreement referred to below (the
“Lenders”), and BLUEBAY HIGH YIELD INVESTMENTS (LUXEMBOURG) S.A.R.L., as successor
administrative agent (in such capacity, the “Administrative Agent”). Capitalized terms
used and not otherwise defined herein shall have the meanings given them in the Credit Agreement
referred to below.

W I T N E S S E T H:

          WHEREAS, the parties hereto are parties to that certain Credit Agreement, dated as of November
3, 2006 (as amended, supplemented or otherwise modified to, but not including, the date hereof, the
“Credit Agreement”);

          WHEREAS, the Events of Default specified on Schedule 1 hereto have occurred prior to and are
continuing as of the date hereof (the “Existing Defaults”); and

          WHEREAS, the Borrower has requested that the Lenders (i) waive the Existing Defaults, (ii)
consent to a revised Budget and to the incurrence by the Borrower of one or more loans from IESA in
an aggregate principal amount not to exceed $20,000,000, and (iii) amend the Credit Agreement, and
the Lenders have agreed to such waiver, consents and amendments, in all cases on the terms and
conditions set forth herein.

          NOW, THEREFORE, it is agreed:

I. Waiver. Subject to the terms and conditions of this Amendment, and in reliance on the
representations, warranties and covenants of the Borrower contained herein, from and after the
Fourth Amendment Effective Date (as defined below), the Lenders waive the Existing Defaults.
Nothing herein shall be deemed to constitute a waiver of compliance by the Borrower with its
representations, warranties, covenants or obligations under, or compliance with any other term,
provision or condition of, the Credit Agreement (as amended hereby) or any other Loan Document from
and after the Fourth Amendment Effective Date.

II. Consent. Subject to the terms and conditions of this Amendment, and in reliance on the
representations, warranties and covenants of the Borrower contained herein, from and after the
Fourth Amendment Effective Date, and notwithstanding anything to the contrary contained in any Loan
Document, the Lenders hereby consent to (i) the updated Budget attached hereto as Exhibit A, which
shall constitute the current Budget for all purposes under the Loan Documents (as it may be updated
in accordance with the terms of the Credit Agreement, as amended hereby) and (ii) Borrower entering
into and consummating the transactions contemplated by the Temporary Liquidity Facility Credit
Agreement, including the incurrence thereunder by the Borrower of one or more loans from IESA in an
aggregate principal amount not to exceed $20,000,000 and (iii) the Borrower entering into and
consummating the transactions contemplated by the Merger Agreement (as defined below).

 

 

III. Amendments to the Credit Agreement. Subject to the terms and conditions of this
Amendment, and in reliance on the representations, warranties and covenants of the Borrower
contained herein, from and after the Fourth Amendment Effective Date, the Credit Agreement is
amended as follows:

          1. Section 1.01 is amended as follows:

          (a) the definition of “Budget” is amended by deleting ”, which shall not be
unreasonably withheld or delayed” and substituting “which consent shall be given or
withheld in the Agent’s commercially reasonable discretion” in lieu thereof;

          (b) the definition of “Intercreditor Agreement” is amended and restated as
follows:

     “‘Intercreditor Agreements’ shall mean, collectively, the TDU License
Intercreditor Agreement and the Temporary Liquidity Facility Intercreditor
Agreement.”;

          (c) the definition of “Material Adverse Deviation” is amended by deleting the
reference to “10%” contained therein and substituting “20%” in lieu thereof; and

          (d) the following new defined terms are inserted in their appropriate
alphabetical order:

     “‘Certified Variance Report’ has the meaning assigned to such term in
Section 5.01(e).”;

     “‘Fourth Amendment Effective Date’ shall have the meaning given such
term in that certain Waiver, Consent and Fourth Amendment to Credit Agreement, dated
as of April 30, 2008, among the Borrower, the Lenders and the Administrative
Agent.”;

     “‘Merger Agreement’ shall mean that certain Agreement and Plan of
Merger dated as of the Fourth Amendment Effective Date by and among IESA, IRATA
Acquisition Corp, a Delaware corporation, and the Borrower.”;

     “‘TDU License Intercreditor Agreement’ shall mean that certain
Intercreditor Agreement, dated as of November 21, 2007, among the Administrative
Agent, IESA and the Borrower, as amended, restated, supplemented, or otherwise
modified from time to time.”;

     “‘Temporary Liquidity Facility Credit Agreement’ shall mean that
certain Credit Agreement, dated as of the Fourth Amendment Effective Date, between
the Borrower and IESA, as amended, restated, supplemented, or otherwise modified
from time to time with the prior written consent of the Administrative Agent (to

-2-

 

the extent required in accordance with the Temporary Liquidity Facility
Intercreditor Agreement).’; and

     “‘Temporary Liquidity Facility Intercreditor Agreement’ shall mean that
certain Temporary Liquidity Facility Intercreditor Agreement, dated as of the
Fourth Amendment Effective Date, among the Administrative Agent, IESA and the
Borrower, as amended, restated, supplemented, or otherwise modified from time to
time in accordance with the terms thereof.”.

          2. Section 2.11 is amended by (i) deleting “Section 6.01(h)” from subsection (d) and
substituting “Section 6.01(f)” therefor, (ii) relettering subsection (g) as subsection (i), and
(iii) adding the following new subsections (g) and (h):

“(g) On the last Business Day of each calendar month, the Borrower shall make a
mandatory prepayment of the Loans in an amount equal to the amount by which the
Borrower’s cash receipts (excluding proceeds of Loans under and as defined in the
Temporary Liquidity Facility Credit Agreement) exceeded the Borrower’s cash
disbursements during the most recently ended four-week period, as determined with
reference to the most recently delivered Certified Variance Report; the Aggregate
Revolving Commitment shall be permanently reduced by the amount of such prepayments
and the amount of such prepayments may not be reborrowed.

(h) Notwithstanding anything to the contrary contained in this Agreement, the
application of amounts prepaid pursuant to subsections (a), (c), (d), (e), (f) and
(g) of this Section 2.11 are subject to the terms of the Temporary Liquidity
Facility Intercreditor Agreement.”.

          (a) Section 5.01(e) is amended by inserting “(a “Certified Variance Report”)”
immediately after the “report” in the first place it appears.

          3. Section 6.01(f) is amended and restated in its entirety as follows:

     “(f) Subject to the terms of the Temporary Liquidity Facility Intercreditor
Agreement, Indebtedness of the Credit Parties arising under the Temporary Liquidity
Facility Credit Agreement;”.

          4. Subsection 6.02 is amended by (i) deleting “Intercreditor Agreement” from subsection (c)
and substituting “TDU License Intercreditor Agreement” therefor, (ii) deleting “and” from the end
of subsection (c), (iii) relettering subsection (d) as subsection (e), and (iv) inserting a new
subsection (d) as follows:

     “(d) Liens created to secure obligations arising under the Temporary Liquidity
Facility Credit Agreement; provided that such Liens are in accordance with and
subject to the terms of the Temporary Liquidity Facility Intercreditor Agreement;
and”.

-3-

 

          5. Section 6.07(e) is amended by inserting “and the Temporary Liquidity Facility Credit
Agreement” immediately before the period at the end thereof.

          6. Article VII is amended by (i) inserting “an Event of Default under the Temporary Liquidity
Facility Credit Agreement shall occur, or any party thereto elects to terminate the Merger
Agreement, or” in subsection (m) immediately before “a Change in Control”, and (ii) deleting “the
Intercreditor Agreement” from subsection (n) and substituting “either of the Intercreditor
Agreements” therefor.

IV. Acknowledgments and Agreements.

          1. The Borrower acknowledges and agrees that each of the Loan Documents to which it is a party
(i) constitutes its legal, valid and binding obligation, and is enforceable against it in
accordance with its terms, except to the extent that such enforceability may be limited by
applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws generally
affecting creditors’ rights and by equitable principles (regardless of whether enforcement is
sought in equity or at law), and (ii) is hereby reaffirmed and ratified, including without
limitation, each of the waiver of claims and defenses granted by the Borrower under the Loan
Documents. Without limiting the generality of the foregoing, the Borrower unconditionally and
irrevocably waives any claim or defense in respect of the Obligations, including, without
limitation, any claim or defense based on any right of setoff or counterclaim.

          2. As of the Fourth Amendment Effective Date, the Borrower acknowledges and agrees that it is
indebted to the Lenders in the aggregate principal amount of $14,000,000, which is the outstanding
principal amount of the Revolving Loans plus accrued and unpaid and accruing interest and
fees, including default rate interest. Nothing contained herein shall alter, amend, modify or
extinguish the obligation of the Borrower to repay the Obligations, and neither this Amendment nor
any of the other documents, agreements or instruments executed or delivered in connection herewith
or related hereto constitutes a novation or, except as expressly provided herein, modification of
any of the Loan Documents.

          3. The Borrower acknowledges and agrees that all of its assets pledged, assigned, conveyed,
mortgaged, hypothecated or transferred to the Administrative Agent for the benefit of the Lenders
pursuant to the Collateral Documents including, without limitation, the Collateral, are (and shall
continue to be) subject to the fully perfected first priority liens and security interests of the
Administrative Agent for the benefit of the Lenders (subject only to Permitted Encumbrances), as
collateral security for all of the Obligations. Without limiting the other provisions of the Loan
Documents, the Borrower will, and will cause its Subsidiaries to, promptly take all actions and
execute or deliver all documents, agreements and instruments, including any Uniform Commercial Code
financing statement amendments, U.S. Patent and Trademark filings and/or amendments to or new
control agreements in respect of any of the Borrower’s Deposit Accounts (as defined in the Waiver
and Amendment to Credit Agreement), required by the Administrative Agent to implement the
transactions contemplated by the Amendment and the documents, agreements and/or instruments
executed or delivered in connection herewith. The Borrower hereby respectively reaffirms and
ratifies its prior conveyance to the Administrative Agent for the benefit of the Lenders of a
continuing security interest in and lien on the Collateral described in the instrument conveying
such security interest.

-4-

 

          4. If any of the rights of any Grantor (under and as defined in the Pledge and Security
Agreement) under any contract that would otherwise be included in the definition of Collateral
therein are excluded from such definition because they fall within the scope of Section (i) of the
second sentence of such definition, then, at the request of the Agent, such Grantor shall use
commercially reasonable efforts to cause the other parties to such contract to execute a written
consent and waiver consenting to the inclusion of such Grantor’s rights under such contract in the
Collateral and waiving the effect of any provisions of such contract to the contrary.

V. Representations and Warranties. In order to induce the Lenders to enter into this
Amendment, the Borrower hereby represents and warrants as follows:

          1. After giving effect to this Amendment, no Default or Event of Default has occurred and is
continuing, and all of the representations and warranties contained in the Credit Agreement and in
the other Loan Documents are true and correct in all material respects on and as of the Fourth
Amendment Effective Date, it being understood and agreed that any representation or warranty which
by its terms is made as of a specified date shall be true and correct in all material respects only
as of such specified date.

          2. It has the power, and has been duly authorized by all requisite action, to execute and
deliver this Amendment and the other documents, agreements and instruments executed or delivered in
connection herewith to which it is a party, and to perform its obligations hereunder and
thereunder. This Amendment and the other documents, agreements and instruments executed and
delivered in connection herewith have been duly executed and delivered by it. This Amendment and
the other documents, agreements and instruments executed and delivered in connection herewith are
its legal, valid and binding obligations, enforceable against it in accordance with their
respective terms, except as such enforceability may be limited by any applicable bankruptcy,
insolvency, reorganization, moratorium or similar law affecting creditors’ rights generally
(regardless of whether enforcement is sought at equity or at law).

          3. Neither the execution, delivery or performance by the Borrower of this Amendment or of the
other documents, agreements or instruments executed and delivered in connection herewith to which
it is a party, nor compliance by it with the terms and provisions hereof or thereof, will (i)
contravene any provision of any law, statute, rule or regulation or any order, writ, injunction or
decree of any court or governmental instrumentality, except for those set forth on Schedule 3.03 to
the Credit Agreement or for immaterial such contraventions arising as a result of the execution,
delivery or performance of this Amendment or the other documents, agreements or instruments
executed and delivered in connection herewith, (ii) conflict with or result in any breach of any of
the terms, covenants, conditions or provisions of, or constitute a default under, or result in the
creation or imposition of (or the obligation to create or impose) any Lien (except pursuant to the
Loan Documents and the Temporary Liquidity Facility Credit Agreement) upon any of the property or
assets of the Borrower or any of its Subsidiaries pursuant to the terms of any indenture, mortgage, deed of trust, deed to secure debt, credit
agreement or loan agreement, or any other material agreement, contract or instrument (other than

-5-

 

those set forth on Schedule 3.03 of the Credit Agreement), in each case to which the Borrower or
any of its Subsidiaries is a party or by which it or any of its property or assets is bound or to
which it may be subject, or (iii) violate any provision of the certificate or articles of
incorporation, certificate of formation, limited liability company agreement or by-laws (or
equivalent organizational documents), as applicable, of the Borrower or any of its Subsidiaries.

          4. Except as set forth on Schedule 3.06 of the Credit Agreement, no order, consent, approval,
license, authorization or validation of, or filing, recording or registration with (except for (x)
those that have otherwise been obtained or made on or prior to the Fourth Amendment Effective Date
and which remain in full force and effect on the Fourth Amendment Effective Date, (y) those filings
which are necessary to perfect the security interests created under the Collateral Documents, and
(z) those disclosure filings to be made with the Securities and Exchange Commission or any
successor thereto (the “SEC”), provided that such filings are made within the
required time periods or are waived (as specified by applicable laws)), or exemption by, any
governmental or public body or authority, or any subdivision thereof, is required to be obtained or
made by, or on behalf of, the Borrower to authorize, or is required to be obtained or made by, or
on behalf of, the Borrower in connection with, (i) the execution, delivery and performance of this
Amendment or any document, agreement or instrument executed or delivered in connection herewith to
which it is a party, or (ii) the legality, validity, binding effect or enforceability of this
Amendment or any document, agreement or instrument executed or delivered in connection herewith to
which it is a party.

          5. There are no pending or, to the best knowledge of the Borrower after due inquiry,
threatened, actions suits or proceedings (i) with respect to this Amendment or any document,
agreement or instrument executed or delivered in connection herewith, or (ii) other than those
previously disclosed to the Administrative Agent in writing, that would reasonably be expected,
either individually or in the aggregate, to have a Material Adverse Effect.

          6. Set forth on Schedule 2 hereto is a correct and complete list of all Subsidiaries of the
Borrower and their respective jurisdictions of organization. To the Knowledge of the Borrower, (a)
each of the Subsidiaries of the Borrower is directly or indirectly wholly owned by the Borrower,
and the equity of each such Subsidiary is owned free and clear of any Liens, (b) the Borrower does
not own, directly or indirectly, any capital stock of, or any other securities convertible or
exchangeable into or exercisable for capital stock of, any Person other than the Subsidiaries of
the Borrower, and (c) each of the Subsidiaries does not conduct any business or other activities,
is inactive, is not party to any contracts and has no employees, minimal assets and no liabilities.
As used in this section only, “Knowledge” means the actual knowledge of Jim Wilson,
Kristina Pappa and Arturo Rodriguez.

VI. Conditions to Effectiveness. This Amendment shall become effective on the date (the
“Fourth Amendment Effective Date”) when (i) the Borrower and the Lenders shall have signed
a counterpart hereof (whether the same or different counterparts) and shall have delivered
(including by way of facsimile transmission) the same to the Administrative Agent; and (ii) the
Administrative Agent shall have received the following:

-6-

 

     (a) from the Borrower, in immediately available funds, the unpaid fees and expenses of
White & Case LLP incurred in connection with this Amendment;

     (b) from the Borrower, in immediately available funds, a wavier and amendment fee in
the amount of $75,000, which shall be fully earned and nonrefundable when paid;

     (c) an updated Budget for the Budget Period commencing with the week immediately
following the Fourth Amendment Effective Date, in the form of Exhibit A hereto;

     (d) the Temporary Liquidity Facility Intercreditor Agreement in the form of Exhibit B
hereto, duly executed by IESA and the Borrower;

     (e) copies of the Temporary Liquidity Facility Credit Agreement, and of all documents,
agreements and instruments executed or delivered in connection therewith, together with a
certificate of the Borrower’s secretary or assistant secretary certifying that such copies
are true, complete and correct, and that all conditions precedent to the effectiveness
thereof have been satisfied or waived in writing;

     (f) copies of the Agreement and Plan of Merger, dated as of the Fourth Amendment
Effective Date (the “Merger Agreement”), by and between the Borrower and IESA, and of all
documents, agreements and instruments executed or delivered in connection therewith,
together with a certificate of the Borrower’s secretary or assistant secretary certifying
that such copies are true, complete and correct, and that all conditions precedent to the
effectiveness thereof have been satisfied or waived in writing;

     (g) a certificate of the Borrower’s secretary or assistant secretary certifying the
identity, authority, capacity and signatures of its officers who are authorized to execute
this Amendment and, as the case may be, the other documents, agreements and instruments
executed or delivered in connection herewith to which it is a party;

     (h) copies, certified by the secretary or assistant secretary of the Borrower, of the
resolutions of its board of directors or similar governing body, approving this Amendment
and, as the case may be, the documents, agreements and instruments executed or delivered in
connection herewith to which it is a party, and the transactions contemplated hereby and
thereby;

     (i) an opinion of counsel to the Borrower addressed to each of the Administrative Agent
and Lenders, dated as of the Fourth Amendment Effective Date, in form and substance
satisfactory to the Administrative Agent; and

     (j) such other documents, instruments, and agreements reasonably requested by the
Administrative Agent.

VII. RELEASE. IN CONSIDERATION OF THE ADMINISTRATIVE AGENT’S AND EACH LENDER’S EXECUTION OF
THIS AMENDMENT, AND OF EACH BORROWING FROM TIME TO TIME AFTER THE FOURTH AMENDMENT EFFECTIVE DATE,
THE

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BORROWER UNCONDITIONALLY AND IRREVOCABLY ACQUITS AND FULLY FOREVER RELEASES AND DISCHARGES THE
ADMINISTRATIVE AGENT AND EACH LENDER, AND THEIR MANAGEMENT COMPANY AND ALL AFFILIATED FUNDS UNDER
THE MANAGEMENT OF SUCH MANAGEMENT COMPANY, AND EACH OF THEIR RESPECTIVE PARTNERS, SUBSIDIARIES,
OFFICERS, EMPLOYEES, AGENTS, ATTORNEYS, FINANCIAL ADVISORS, PRINCIPALS, DIRECTORS AND SHAREHOLDERS
OF SUCH PERSONS, AND THEIR RESPECTIVE HEIRS, LEGAL REPRESENTATIVES, SUCCESSORS AND ASSIGNS
(COLLECTIVELY, THE “RELEASEES”), FROM ANY AND ALL CLAIMS, DEMANDS, CAUSES OF ACTION,
OBLIGATIONS, REMEDIES, SUITS, DAMAGES AND LIABILITIES OF ANY NATURE WHATSOEVER, WHETHER OR NOT NOW
KNOWN, SUSPECTED OR CLAIMED, WHETHER ARISING UNDER COMMON LAW, IN EQUITY OR UNDER STATUTE, WHICH
THE BORROWER EVER HAD OR NOW HAS AGAINST ANY OF THE RELEASEES AND WHICH MAY HAVE ARISEN AT ANY TIME
PRIOR TO THE DATE HEREOF AND WHICH WERE IN ANY MANNER RELATED TO THIS AMENDMENT, THE CREDIT
AGREEMENT, ANY OTHER LOAN DOCUMENT OR ANY RELATED DOCUMENTS, INSTRUMENTS OR AGREEMENTS, OR THE
ENFORCEMENT OR ATTEMPTED OR THREATENED ENFORCEMENTS BY ANY OF THE RELEASEES OF ANY OF THEIR
RESPECTIVE RIGHTS, REMEDIES OR RECOURSE RELATED THERETO.

VIII. Miscellaneous.

          1. This Amendment may be executed in any number of counterparts and by the different parties
hereto on separate counterparts, each of which counterparts when executed and delivered shall be an
original, but all of which shall together constitute one and the same instrument.

          2. This Amendment is limited as specified and, except as expressly set forth herein, shall not
constitute a modification, acceptance or waiver of any other provision of the Credit Agreement or
any Loan Document.

          3. THIS AMENDMENT, AND THE DOCUMENTS, AGREEMENTS AND INSTRUMENTS EXECUTED OR DELIVERED IN
CONNECTION HEREWITH, AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER, SHALL BE CONSTRUED IN
ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO
CONFLICTS OF LAWS PRINCIPLES THEREOF. Each of the parties hereto agrees that the provisions of
Section 9.09 of the Credit Agreement shall apply to any action with respect to this Amendment, and
the documents, agreements and the instruments, executed or delivered in connection herewith.

          4. All notices and other communications provided for hereunder shall be made or given to the
parties hereto in the manner and at the address and telecopier numbers specified in Section 9.01 of
the Credit Agreement and shall be deemed made or given, and effective, as set forth in such
section.

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          5. From and after the Fourth Amendment Effective Date, all references in the Credit Agreement
and each of the other Loan Documents to the Credit Agreement shall be deemed to be references to
the Credit Agreement as modified hereby. This Amendment shall constitute a Loan Document for all
purposes under the Credit Agreement and the other Loan Documents.

* * *

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          IN WITNESS WHEREOF, each of the parties hereto has caused a counterpart of this Amendment to
be duly executed and delivered as of the date first above written.

	 	 	 	 	 
	 	ATARI, INC., as Borrower

 	 
	 	By:  	/s/ Eugene I. Davis
 	 
	 	 	Name:  	Eugene I. Davis 	 
	 	 	Title:  	Chairman of the Board of Directors 	 
	 

	 	 	 
	 

	 	BLUEBAY HIGH YIELD INVESTMENTS (LUXEMBOURG) S.A.R.L.,
	 

	 	as administrative agent and lender
	 
	 	 
	 

	 	By: BlueBay Asset Management PLC,
	 

	 	acting as agent for BlueBay High Yield Investments
	 

	 	(Luxembourg) S.a.r.l.

	 	 	 	 	 
	 	 	 
	 	By:  	                                              /s/ Frederic Nada
 	 
	 	 	Name:  	Frederic Nada 	 
	 	 	Title:  	Vice Presidentexv10w1

 

Exhibit 10.1

ASSET PURCHASE AGREEMENT

by and among

ORIGEN FINANCIAL, INC.,

ORIGEN SERVICING, INC.,

ORIGEN FINANCIAL, L.L.C.

and

GREEN TREE SERVICING LLC

Dated as of April 30, 2008

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	ARTICLE I. DEFINITIONS
	 	 	 	 
	 
	 	 	 	 
	1.1. Defined Terms
	 	 	2	 
	1.2. Construction
	 	 	2	 
	 
	 	 	 	 
	ARTICLE II. PURCHASE AND SALE
	 	 	17	 
	 
	 	 	 	 
	2.1. Purchase and Sale
	 	 	17	 
	2.2. Excluded Assets
	 	 	17	 
	2.3. Appointment and Assumption Agreements; Liabilities
	 	 	18	 
	2.4. Security Interest
	 	 	20	 
	 
	 	 	 	 
	ARTICLE III. PURCHASE PRICE
	 	 	20	 
	 
	 	 	 	 
	3.1. Purchase Price
	 	 	20	 
	3.2. Purchase Price Adjustments
	 	 	20	 
	3.3. Allocation of Purchase Price
	 	 	22	 
	 
	 	 	 	 
	ARTICLE IV. REPRESENTATIONS AND WARRANTIES OF the Seller Parties
	 	 	22	 
	 
	 	 	 	 
	4.1. The Seller Parties’ Representations and Warranties
	 	 	22	 
	 
	 	 	 	 
	ARTICLE V. REPRESENTATIONS AND WARRANTIES OF BUYER
	 	 	28	 
	 
	 	 	 	 
	5.1. Buyer Representations and Warranties
	 	 	28	 
	 
	 	 	 	 
	ARTICLE VI. ADDITIONAL COVENANTS AND FURTHER ASSURANCES
	 	 	30	 
	 
	 	 	 	 
	6.1. Certain Covenants of Seller Parties
	 	 	30	 
	6.2. Certain Covenants of Buyer
	 	 	35	 
	6.3. Post-Closing Servicing; Obligor Notices
	 	 	37	 
	6.4. Post Closing Data Files
	 	 	38	 
	6.5. Further Assurances
	 	 	38	 
	6.6. Further Actions
	 	 	38	 
	6.7. Transaction Costs; Taxes
	 	 	39	 
	6.8. Employment Matters
	 	 	39	 
	6.9. Certain Litigation Matters 
	 	 	40	 
	6.10. Confidentiality
	 	 	40	 
	6.11. Certain Lease Apportionments
	 	 	41	 
	6.12. Fort Worth Real Property
	 	 	41	 
	6.13. Servicing of Third Party Accounts
	 	 	41	 
	6.14. Servicing of MH Accounts
	 	 	42	 
	6.15. Optional Redemption
	 	 	42	 
	6.16. Performance by Sellers
	 	 	43	 
	6.17. Delivery of Certain Information
	 	 	43	 
	6.18. Mitigation of Losses
	 	 	43	 
	6.19. Termination of Servicing
	 	 	43	 
	6.20. Reserve Accounts
	 	 	44	 
	6.21. Required Liquidity Maintenance
	 	 	44	 
	6.22. Access to Fort Worth Real Property
	 	 	46	 

 

 

	 	 	 	 	 
	ARTICLE VII. CONDITIONS TO OBLIGATIONS OF BUYER
	 	 	46	 
	 
	 	 	 	 
	7.1. Conditions
	 	 	46	 
	 
	 	 	 	 
	ARTICLE
VIII. CONDITIONS TO OBLIGATIONS OF SELLER PARTIES
	 	 	47	 
	 
	 	 	 	 
	8.1. Conditions
	 	 	47	 
	 
	 	 	 	 
	ARTICLE IX. CLOSING
	 	 	48	 
	 
	 	 	 	 
	9.1. Time and Place
	 	 	48	 
	9.2. Deliveries by Seller Parties
	 	 	48	 
	9.3. Deliveries by Buyer
	 	 	50	 
	 
	 	 	 	 
	ARTICLE X. INDEMNIFICATION
	 	 	50	 
	 
	 	 	 	 
	10.1. Survival
	 	 	50	 
	10.2. Indemnification
	 	 	51	 
	10.3. Exclusive Remedy
	 	 	54	 
	 
	ARTICLE XI. TERMINATION
	 	 	54	 
	 
	 	 	 	 
	11.1. Termination
	 	 	54	 
	11.2. Effect of Termination
	 	 	55	 
	 
	 	 	 	 
	ARTICLE XII. NOTICES
	 	 	56	 
	 
	 	 	 	 
	12.1. Notices
	 	 	56	 
	 
	 	 	 	 
	ARTICLE
XIII. GENERAL
	 	 	57	 
	 
	 	 	 	 
	13.1. Entire Agreement
	 	 	57	 
	13.2. Publicity
	 	 	57	 
	13.3. Governing Law; Submission to Jurisdiction; Appointment of Agent for Service of
Process
	 	 	58	 
	13.4. Waiver of Jury Trial
	 	 	58	 
	13.5.
Amendment; Waiver; Consent
	 	 	58	 
	13.6. Successors and Assigns; No Third-Party Beneficiaries
	 	 	59	 
	13.7. Severability
	 	 	59	 
	13.8. Headings and Captions
	 	 	59	 
	13.9. Absence of Presumption
	 	 	60	 
	13.10. Counterparts; Facsimile
	 	 	60	 

 - ii -  

 

EXHIBITS AND SCHEDULES

EXHIBITS:

Exhibits A-1, A-2, A-3, A-4, A-5 and A-6 — Forms of Servicer Appointment and Assumption Agreement

Exhibit B — Assignment and Assumption Agreement

Exhibit C — Form of Assignment of Leases

Exhibit D — Form of Bill of Sale

Exhibit E — Form of Effective Notice

Exhibit F — Form of Power of Attorney

Exhibit G — Form of Transitional Services Agreement

Exhibits H-1, H-2 and H-3 — Forms of Legal Opinions

Exhibit I — Form of Whole Loan Servicing Agreement

SCHEDULES:

Schedule I — Closing Date File

Schedule II — Certain Excluded Assets

Schedule III — Certain Fort Worth Assets

Schedule IV — Certain Platform Assets

Schedule V — Non-Third Party Servicing Agreements

Schedule VI — Subject Employees

Schedule VII — Third Party Fee Schedule

Schedule VIII — Third Party Servicing Agreements

Schedule 3.1(b) — Baseline Purchase Price Calculation

Schedule 3.1(c) — Seller Wire Instructions

Schedule 3.3 — Purchase Price Allocation

Schedule 4.1(c)(ii) — No Consent

Schedule 4.1(c)(iii) — No Violation

Schedule 4.1(d) — Litigation

Schedule 4.1(e) — Brokers and Finders

Schedule 4.1(f) — Servicing Agreement

Schedule 4.1(g) — Conveyed Property

Schedule 4.1(h)(i) — Servicing Fees Payable

Schedule 4.1(h)(ii) — Force-Placed Premium

Schedule 4.1(h)(iii) — Servicing Advance

Schedule 4.1(k) — Data File Disclosure

Schedule 4.1(m) — Assigned Leases

Schedule 4.1(o)(i) — Employee Benefits; Employment Matters

Schedule 4.1(t) — Liens

Schedule 6.1(e) — Voluntary Hazard Insurance Policies

Schedule 6.1(h) — Management or Key Employees of Buyer

Schedule 6.17(a) — Reported Data

Schedule 6.17(c) — Monthly Servicing Data to be Posted by Buyer

 

 

ASSET PURCHASE AGREEMENT

          ASSET PURCHASE AGREEMENT, dated as of April 30, 2008, by and among Origen Financial, Inc., a
Delaware corporation (“Parent”), Origen Servicing, Inc., a Delaware corporation and a
wholly owned indirect subsidiary of Parent (“OSI”), Origen Financial L.L.C., a Delaware
limited liability company and a wholly owned direct subsidiary of Parent (“OFLLC” and,
together with OSI, “Sellers”), and Green Tree Servicing LLC, a Delaware limited liability
company (“Buyer”). Except as otherwise provided herein, terms used in this Agreement shall
have the respective meanings ascribed to them in Section 1.1 hereof.

W I T N E S S E T H:

          WHEREAS, each Seller is currently a Servicing Party under one or more of the Servicing
Agreements;

          WHEREAS, each Seller desires to resign as Servicing Party (as applicable) under the Servicing
Agreements to which it is a party and, in connection with such resignation, to propose the Buyer or
one or more of its Affiliates as Servicing Parties under the Servicing Agreements and to sell and
assign to Buyer or its Affiliates (i) the right to receive reimbursement for certain advances made
by such Seller, and certain insurance premiums paid by such Seller, in the performance of its
duties as Servicing Party under the Servicing Agreements, (ii) certain rights under the Fort Worth
Lease, (iii) the Fort Worth Assets and (iv) the Platform Assets;

          WHEREAS, concurrently with Sellers’ resignations as Servicing Parties under the Servicing
Agreements, Buyer desires to have the Trustee appoint it or its Affiliates as Servicing Parties
under each Servicing Agreement and, in connection with such appointment on the terms and conditions
set forth herein, Buyer is willing to (i) assume all responsibilities, duties, liabilities and
obligations of the Servicing Parties under the Servicing Agreements on and after the Closing Date
and to succeed to all rights in connection therewith, (ii) purchase from such Seller the payment
and reimbursement rights described above, (iii) acquire certain rights and assume certain
obligations under the Fort Worth Lease, (iv) acquire the Fort Worth Assets and (iv) acquire the
Platform Assets;

          WHEREAS, Sellers’ resignations as Servicing Parties, and Buyer’s appointment as Servicing
Party, under the Servicing Agreements are subject to the satisfaction of certain conditions, as set
forth below in this Agreement;

          WHEREAS, the sale and assignment from Sellers to Buyer or its Affiliates as provided herein of
the payment and reimbursement rights described above are subject to the satisfaction of certain
conditions, as set forth below in this Agreement; and

          WHEREAS, concurrently with the execution and delivery of this Agreement and as a condition to
the willingness of Buyer to enter into this Agreement, certain holders of capital stock of Parent
are entering into the Voting Agreement with a Buyer Party, pursuant to which, among other things,
such holders will agree to vote all of their shares of capital stock of Parent in favor of adopting
and approving this Agreement and the transactions contemplated hereby;

 

 

          NOW, THEREFORE, in consideration of the foregoing premises and of the mutual covenants and
agreements hereinafter contained, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto, each intending to be legally
bound, hereby agree as follows:

ARTICLE I.

DEFINITIONS

     1.1. Defined Terms. All capitalized terms used but not defined herein shall have the
respective meanings set forth in the applicable Servicing Agreements as in effect on the date
hereof and the following defined terms from the applicable Servicing Agreements shall be
incorporated herein by reference: “Contract,” “Contract Documents,” “Hazard Insurance Policy,”
“Mortgage Loan,” “Mortgage Loan Documents,” “Mortgagor” and “Obligor.” Whenever used herein, the
following words and phrases, unless the context otherwise requires, will have the following
meanings:

          “2007 Loan Agreement” shall have the meaning set forth in the definition of Secured
Indebtedness herein.

          “Action” means any claim, action, cause of action, suit, proceeding, arbitral action,
arbitration, governmental inquiry, criminal prosecution, hearing, investigation, regulatory exam,
consent order or litigation.

          “Affiliate” means, as to any specified Person, any other Person controlling or
controlled by or under common control with such specified Person. For the purposes of this
definition, “control,” when used with respect to any specified Person, means the power to
direct the management and policies of such Person, directly or indirectly, whether through the
ownership of voting securities, by contract or otherwise; and the terms “controlling” or
“controlled” have meanings correlative to the foregoing.

          “Agreement” means this Asset Purchase Agreement (together with all exhibits and
schedules attached or delivered pursuant hereto), as amended, modified, supplemented, waived or
restated from time to time in accordance with its terms.

          “Allocable Share” means, with respect to each Seller, a fraction computed as follows:
(a) the numerator equals the aggregate percentage of unpaid principal balance, as of the Closing
Date, for which such Seller has the right to act as Servicer (as distinct from Subservicer or
Back-Up Servicer) immediately prior to the Closing Date; and (b) the denominator equals the
aggregate amount of the unpaid principal balance, as of the Closing Date, of all Serviced Accounts.

          “Appointment and Assumption Agreement” means an agreement, substantially in the form
attached hereto as Exhibit A-1, A-2, A-3 A-4, A-5 and
A-6, to be executed by the Trustee or, in the case of the Third Party Servicing Agreements,
the Owner, Buyer, the applicable Seller, and other parties, with respect to the Servicing Agreement
of each Series, with any additional provisions reasonably requested by the Trustee that do not
adversely affect the rights or obligations of such Seller (as reasonably determined by Parent) or
of any Buyer Party

 - 2 - 

 

(as reasonably determined by Buyer) or the economic terms of the transactions contemplated by
this Agreement as reasonably determined by each of Parent and Buyer.

          “Assigned Leases” means, collectively, the Fort Worth Lease, the Fort Worth Sublease
and the Temporary Use and Occupancy Agreements.

          “Assignment and Assumption Agreement” means an Assignment and Assumption Agreement
with respect to the Shared Services Agreement, substantially in the form attached as
Exhibit B hereto.

          “Assignment of Leases” means an Assignment and Assumption of Lease with respect to the
Assigned Leases, substantially in the form attached as Exhibit C hereto.

          “Assumed Liabilities” shall have the meaning set forth in Section 2.3(b)
hereof.

          “Baseline Purchase Price” shall have the meaning set forth in Section 3.1(b)
hereof.

          “Bill of Sale” means a bill of sale, substantially in the form attached as Exhibit
D hereto.

          “Borrower” means an Obligor or a Mortgagor.

          “Business Day” means any day other than Saturday or Sunday or other day on which
commercial banking institutions located in the State of New York are authorized or obligated to be
closed under the Laws of the State of New York.

          “Buyer” shall have the meaning set forth in the preamble of this Agreement.

          “Buyer Indemnitees” shall have the meaning set forth in Section 10.2(a)(i)
hereof.

          “Buyer Parties” means Buyer and its Affiliates.

          “Cap” shall have the meaning set forth in Section 10.2(a)(ii) hereof.

          “Cash” means money, currency or a credit balance in any demand or Deposit Account.

          “Cash Equivalents” means, as at any date of determination; (a) marketable securities
(i) issued or directly and unconditionally guaranteed as to interest and principal by the United
States Government or (ii) issued by any agency of the United States the obligations of which are
backed by the full faith and credit of the United States, in each case maturing within one year
after such date; (b) marketable direct obligations issued by any state of the United States of
America or any political subdivision of any such state or any public instrumentality thereof, in
each case maturing within one year after such date and having, at the time of the acquisition
thereof, a rating of at least A-1 from S&P or at least P-1 from Moody’s; (c) commercial paper
maturing no more than one year from the date of creation thereof and having, at the time of the
acquisition thereof, a rating of at least A-1 from S&P or at least P-1 from

 - 3 - 

 

Moody’s; (d) certificates of deposit or bankers’ acceptances maturing within one year after
such date and issued or accepted by any Lender or by any commercial bank organized under the Laws
of the United States of America or any state thereof or the District of Columbia that (i) is at
least “adequately capitalized” (as defined in the regulations of its primary Federal banking
regulator) and (ii) has Tier 1 capital (as defined in such regulations) of not less than
$100,000,000; and (e) shares of any money market mutual fund that (i) has substantially all of its
assets invested continuously in the types of investments referred to in clauses (a) and (b) above,
(ii) has net assets of not less than $500,000,000, and (iii) has the highest rating obtainable from
either S&P or Moody’s.

          “CERCLA” means the Comprehensive Environmental Response, Compensation and Liability
Act of 1980, as amended.

          “Closing” shall have the meaning set forth in Section 9.1 hereof.

          “Closing Data File” means, for each Series, each data file set forth on
Schedule I hereto in a text format.

          “Closing Date” shall have the meaning set forth in Section 9.1 hereof.

          “Closing Date Purchase Price” shall have the meaning set forth in
Section 3.2(b)(i) hereof.

          “Closing Date Purchase Price Schedule” shall have the meaning set forth in
Section 3.2(b)(i) hereof.

          “Closing Documents” means, collectively, this Agreement, the Bill of Sale, the
Appointment and Assumption Agreements, the Assignment of Leases, the Transitional Services
Agreement, the Voting Agreement, the Assignment and Assumption Agreement, the Whole Loan Servicing
Agreement and any other contract, certificate or consent to be executed and/or delivered by any
Seller Party or a Buyer Party at the Closing pursuant to this Agreement.

          “Closing Due Period” means, for each Series, the Due Period identified in the
Effective Notice (as defined in the applicable Appointment and Assumption Agreement) delivered in
connection with the Appointment and Assumption Agreement for such Series.

          “Code” means the United States Internal Revenue Code of 1986.

          “Competing Transaction” shall have the meaning ascribed to such term in
Section 6.1(g)(i) hereof.

          “Compliance Certification” means, for any Series, any Exchange Act Report, and
Sarbanes-Oxley Certification, and any other certificate of compliance with the requirements of the
applicable Servicing Agreement required to be prepared, executed or delivered by the applicable
Servicing Party with respect to such Series under the terms of such Servicing Agreement.

          “Conveyed Property” means all of Sellers’ respective right, title and interest in, to
and under all of the following items: (a) the right to receive payment of the Unreimbursed

 - 4 - 

 

Servicing Advances for each Securitization Series; (b) the right to receive payment of the
Unreimbursed Force-Placed Premiums for each Securitization Series; (c) the Shared Services
Agreement; (d) the Assigned Leases; (e) the Fort Worth Assets and (f) the Platform Assets. For the
avoidance of doubt, Conveyed Property shall not include any Excluded Assets.

          “Countryplace Series” means each of 2005-1 and 2007-1.

          “Data File” means each Closing Data File and Post Closing Data File.

          “Dealer Program” means any dealer incentive or rewards program agreement between a
manufactured housing dealer and any Seller Party existing on the Closing Date; provided,
however, that any Dealer Program existing on, but terminated after, the Closing Date shall
cease to be a “Dealer Program” for purposes of this Agreement.

          “Deposit Account” means a demand, time, savings, passbook or like account with a bank,
savings and loan association, credit union or like organization, other than an account evidenced by
a negotiable certificate of deposit.

          “Dispute” shall have the meaning set forth in Section 10.2(d)(ii) hereof.

          “Effective Notice” means the Effective Notice substantially in the form of
Exhibit E to each Appointment and Assumption Agreement.

          “Employee” shall mean each individual who, as of the Closing Date, is or was
previously employed by any Seller Party or any of its Affiliates, including in each case each such
individual on leave of absence, maternity or paternity leave, vacation, sick leave, short-term
disability (but not long-term disability), military leave, jury duty or bereavement leave.

          “Employee Benefit Plan” means, collectively, each “employee benefit plan” (within the
meaning ascribed to such term in Section 3(3) of ERISA) and all other employee compensation plans,
policies, programs, arrangements, funds, customs, understandings and payroll practices, including
each pension, retirement, profit-sharing, 401(k), savings, employee stock ownership, stock option,
share purchase, stock appreciation rights, restricted stock, phantom stock, stock bonus, retention,
severance pay, termination pay, change in control, vacation, holiday, sick pay, supplemental
unemployment, salary continuation, bonus, incentive, deferred compensation, executive compensation,
medical, vision, dental, life insurance, accident, disability, fringe benefit, flexible spending
account, cafeteria, or other similar plans, policies, programs, arrangements, funds, customs,
payroll practices or understandings for the benefit of any current or former officer, employee,
director, retiree, or independent contractor or any spouse, dependent or beneficiary thereof
whether or not such Employee Benefit Plan is or is intended to be (a) arrived at through collective
bargaining or otherwise, (b) funded or unfunded, (c) covered or qualified under the Code, ERISA or
other applicable Law, (d) set forth in an employment agreement or consulting agreement, or
(e) written or oral.

          “Employee List” shall have the meaning ascribed to such term in Section
4.1(o)(i) below.

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          “Employment Agreements” shall mean each employment agreement between any Seller Party
or any of its Affiliates and any Subject Employee.

          “Environmental Law” means any Law relating to or addressing (a) the manufacture,
transport, use, treatment, storage or disposal of a Hazardous Substance, (b) a Release or
threatened Release, or (c) the protection of human health or the environment (including the indoor
or outdoor environment, natural resources, air, and surface or subsurface land or waters),
including CERCLA, RCRA, OSHA, and any similar state Laws.

          “ERISA” means the Employee Retirement Income Security Act of 1974, as amended.

          “ERISA Affiliate” means any trade or business (whether or not incorporated) that is or
at any relevant time was treated as a single employer with any Seller Party within the meaning of
Section 414(b), (c), (m) or (o) of the Code.

          “Estimated Purchase Price” shall have the meaning set forth in Section 3.1(b)
hereof.

          “Estimated Purchase Price Schedule” shall have the meaning set forth in
Section 3.2(a) hereof.

          “Exchange Act” means the Securities Exchange Act of 1934, as amended.

          “Exchange Act Report” means, with respect to any Series, any report required to be
delivered with respect to such Series under the Exchange Act and which the applicable Servicing
Agreement requires the applicable Servicing Party to prepare, execute or deliver.

          “Excluded Assets” means any and all assets and property of any Seller other than the
Conveyed Property, including, without limitation, the assets and property set forth on
Schedule II. For the avoidance of doubt, Excluded Assets shall include the Servicing Fee
Payable Amount.

          “Excluded Liabilities” shall have the meaning set forth in Section 2.3(b)
hereof.

          “Facility Document” means any Servicing Agreement, Securitization Program Document,
agreement related to a Third Party Servicing Agreement or agreement related to a Countryplace
Series.

          “Finance Laws” means collectively, state usury Laws, state Laws requiring licenses to
engage in consumer lending and servicing, consumer finance and servicing, retail installment
contract financing and servicing, insurance sales, mortgage lending and servicing and the other
businesses of any Seller Party or any of its Affiliates (including, without limitation, the making
and servicing of consumer loans and retail installment contracts that are secured by manufactured
housing), the Truth in Lending Act, the Real Estate Settlement Procedures Act, the Home Mortgage
Disclosure Act, the Consumer Credit Protection Act, the Right to Financial Privacy Act, the Equal
Credit Opportunity Act, the Fair Credit Reporting Act, the Homeowners

 - 6 - 

 

Ownership and Equity Protection Act, the Federal Trade Commission Act, the Fair Debt
Collection Practices Act and other Laws regulating lending and servicing.

          “Force-Placed Premium” means, with respect to any force-placed Hazard Insurance
Policy, the insurance premium charged or assessed to the account of the related Borrower or the
related Serviced Account on such Hazard Insurance Policy.

          “Former Borrower” means any Borrower for which the related Serviced Account has been
repaid, charged-off, repurchased from a Trust or is otherwise no longer being serviced by the
Servicing Party as of January 1, 2008.

          “Fort Worth Assets” means all appurtenances, fixtures, equipment and any and all other
tangible property (personal or otherwise) owned by (and not leased or licensed to) any Seller Party
and located on the Fort Worth Real Property (other than any Excluded Assets) or used in the
servicing operations of the Fort Worth Facility, including, without limitation, the assets and
property set forth on Schedule III hereto.

          “Fort Worth Facility” means the Seller Parties’ operations and facilities located on
the Fort Worth Real Property.

          “Fort Worth Lease” means that certain Lease Agreement, dated May 4, 2004, between
Mercantile Partners, L.P. and OFLLC, as amended by that certain First Amendment to Lease Agreement,
dated December 3, 2004 between Mercantile Partners, L.P. and OFLLC.

          “Fort Worth Real Property” means the real property located at 4250 North Freeway, Fort
Worth, Texas and leased by OFLLC pursuant to the Fort Worth Lease.

          “Fort Worth Sublease” means that certain Sublease, dated October 15, 2006, between
OFLLC and Hometown America, L.L.C.

          “Forward Sale Agreement” means a forward sale agreement between Buyer and a Trust
Interest Holder executed in connection with a Holder Election and providing for the forward sale by
Buyer to the Trust Interest Holder of the Redeemed Accounts. Each Forward Sale Agreement will
provide that the Redeemed Accounts conveyed thereunder will be serviced by Buyer under the terms
and conditions by which Buyer serviced such Redeemed Accounts while they were subject to the
Servicing Agreement of the related Redeemable Series.

          “Governmental Authority” means any state, federal, local or foreign government or any
agency, bureau, board, commission, court, department, political subdivision, tribunal, arbitrator
or any instrumentality of any state, federal, local or foreign government.

          “Guaranty” means that certain Lease Guaranty Agreement, dated as of May 3, 2004 by
Parent with respect to the Fort Worth Lease.

          “Hazardous Substance” means any substance, material or waste that: (i) is or may
foreseeably be regulated by or defined by any Environmental Law, including any material, substance
or waste which is defined as a “hazardous waste”, “hazardous material”, “hazardous substance”,
“extremely hazardous waste”, “restricted hazardous waste”, “contaminant”, “toxic

 - 7 - 

 

waste”, or “toxic substance under any provision of Environmental Law, and including petroleum,
petroleum products, asbestos, presumed asbestos-containing-material or asbestos-containing
material, urea formaldehyde, radioactive materials and polychlorinated biphenyls; or (ii) is any
mold, fungi or other microbial/microbiological contaminant or any other indoor air contaminant that
could reasonably be expected to result in injury to humans.

          “Holder Election” shall have the meaning set forth in Section 6.15(b) hereof.

          “Indemnitee” shall have the meaning set forth in Section 10.2(c)(i) hereof.

          “Indemnitor” shall have the meaning set forth in Section 10.2(c)(i) hereof.

          “Independent Accountant” shall have the meaning set forth in
Section 3.2(b)(ii) hereof.

          “IRS” means the Internal Revenue Service of the United States or any successor
Governmental Authority.

          “knowledge” means, as to any Seller Party, the knowledge, after due inquiry, of any of
Ronald Klein, J. Peter Scherer, W. Anderson Geater, Jr., Mark Landschulz, Paul Galaspie, Brett
Thomas or Donald Brewster.

          “Law” means any law, statute, rule, regulation, ordinance and other pronouncements
having the effect of law of the United States, any foreign country or any domestic or foreign
state, county, city or other political subdivision or of any Governmental Authority.

          “Liabilities” means all indebtedness, obligations and other liabilities (or
contingencies that have not yet become liabilities) of a Person (whether absolute, accrued,
matured, contingent (or based upon any contingency), known or unknown, fixed or otherwise, or
whether due or to become due), including without limitation, any fines, penalties, judgments,
awards or settlements respecting any judicial, administrative or arbitration proceedings or any
damages, losses, claims or demands with respect to any Law.

          “Lien” means any lien, security interest, pledge, mortgage, claim, option, charge or
other encumbrance or restriction of any kind, including restrictions on use, transfer, receipt of
income or other exercise of any other attribute of ownership.

          “Loan Agreement” shall have the meaning set forth in the definition of Secured
Indebtedness herein.

          “Loan Collateral” means, with respect to any Asset, any real or personal property
securing the related Borrower’s obligations with respect to such Asset.

          “Loan Documents” means Contract Documents or Mortgage Loan Documents, as the case may
be.

          “Losses” shall have the meaning set forth in Section 10.2(a)(i) hereof.

 - 8 - 

 

          “Material Adverse Effect” means any effect or change that is materially adverse to
(a) the Conveyed Property and the Assumed Liabilities, taken as a whole, or the occurrence or
existence of any circumstances which would be reasonably likely to result in such a material
adverse change or effect, (b) the ability of any Seller to perform and comply with its obligations
under this Agreement and the other Closing Documents to which it is or will be a party, or (c) the
ability of Buyer to be appointed as Servicing Party under the Servicing Agreements in the manner
contemplated by the Appointment and Assumption Agreements and to perform and comply with its
obligations under such Servicing Agreements, except, in each case, for any such effect or change
resulting directly or indirectly from (i) the announcement of the transactions contemplated by this
Agreement, or (ii) regulatory changes except, in each case, for such effects or changes impacting
the Conveyed Property, Assumed Liabilities or any Seller in a manner disproportionate to companies
in businesses similar to such Seller (as applicable).

          “Merit Series” means Merit 11, Merit 12 and Merit 13.

          “MH Account” means a Contract or a Mortgage Loan related to a Securitization Series,
as the context requires.

          “Minimum Liquidity Amount” means (a) $4,000,000 from the date hereof until the first
anniversary of the Closing Date, (b) $3,000,000 from the day following the first anniversary of the
Closing Date until the second anniversary of the Closing Date and (c) $2,000,000 from the day
following the second anniversary of the Closing Date until the fourth anniversary of the Closing
Date.

          “Moody’s” means Moody’s Investor Services, Inc.

          “Notice of Disagreement” shall have the meaning set forth in
Section 3.2(b)(ii) hereof.

          “Offer Letter” means the letter agreement, dated March 10, 2008, between Parent and
Buyer, as executed by Parent on March 14, 2008.

          “OFLLC” shall have the meaning set forth in the preamble of this Agreement.

          “Optional Prepayment” shall have the meaning set forth in Section 6.21(b)
hereof.

          “Optional Redemption Date” means, (a) for each Redeemable Series other than 2001-A and
2002-A, the occurrence of the Payment Date (as defined in the applicable Servicing Agreement)
described in Section 3.17 of the related Servicing Agreement for such Redeemable Series
that gives rise to the Servicer’s Optional Redemption Right and (b) for each of 2001-A and 2002-A
the date on which the Servicer’s Optional Redemption Right under Section 8.05 of the Servicing
Agreement for each of 2001-A and 2002-A arises.

          “Optional Redemption Right” means the right of the Servicer to exercise the redemption
and purchase rights arising on an Optional Redemption Date in accordance with the terms and
conditions of the related Servicing Agreement.

 - 9 - 

 

          “Order” means any writ, judgment, decree (including consent decrees), injunction or
similar order issued, promulgated or entered by or with any Governmental Authority of competent
jurisdiction (in each such case whether preliminary or final).

          “OSHA” means the Occupational Safety and Health Act, 29 U.S.C. §§ 651 et. seq.

          “OSI” shall have the meaning set forth in the preamble of this Agreement.

          “Parent” shall have the meaning set forth in the preamble of this Agreement.

          “Permitted Refinancing Indebtedness” means any indebtedness issued in exchange for, or
the net proceeds of which are used to extend, refinance, renew, replace, defease or refund
(collectively, to “Refinance”), any Secured Indebtedness (or any previous refinancing
thereof constituting Permitted Refinancing Indebtedness); provided that any such Refinanced
indebtedness shall have been made on an arms’-length basis and (i) (A) the amended indebtedness or
such Refinanced indebtedness, as the case may be, has a final maturity not before April 8, 2012 and
a longer or equal weighted average life than the indebtedness being Refinanced and (B) such
indebtedness is in an aggregate principal amount not greater than the aggregate principal amount of
the indebtedness being amended or Refinanced plus the accrued interest required to be paid thereon
and reasonable fees and expenses associated therewith, (ii) the covenants, events of default,
prepayment events, collateral and other material terms and conditions thereof (including any
guarantees thereof) shall be, in the aggregate, no less favorable to the obligor thereon or any of
its Affiliates or Buyer or any of its Affiliates than the terms and conditions of the indebtedness
being Refinanced, and (iii) the all-in cost of such indebtedness to the obligor thereon and its
Affiliates, including, without limitation, interest rate, fees, penalties and discounts, is not
greater than the interest rate provided for under the indebtedness that is Refinanced.

          “Person” means any natural person, corporation, general partnership, limited
partnership, limited liability company, limited liability partnership, proprietorship, association,
trust, union, instrumentality, entity, enterprise, authority or business organization.

          “Platform Assets” means, to the extent owned exclusively by a Seller or Sellers, all
goodwill associated with any Sellers’ role as a Servicing Party, including, without limitation, the
software applications described on Schedule IV hereto, know-how and servicing policies and
procedures.

          “Platform Assets Purchase Price” means $1.00, representing the aggregate purchase
price for all of the Platform Assets.

          “Post Closing Data File” means, for each Series, each data file set forth on
Schedule I hereto, in text format or such other format or medium that is mutually agreeable
to Buyer and Parent, with such data being as of 11:59 p.m. (New York time) on the day immediately
preceding the Closing Date.

          “Power of Attorney” means for each Series, a power of attorney substantially in the
form of Exhibit F.

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          “Proxy Statement” shall have the meaning set forth in Section 6.1(l)(i)
hereof.

          “Purchase Price” means an amount equal to the sum of: (a) an amount equal to 84.2% of
the aggregate amount of the Unreimbursed Servicing Advances (other than any Unreimbursed Servicing
Advances under or with respect to any Series that is not a Securitization Series); (b) an amount
equal to 84.2% of the aggregate amount of the Unreimbursed Force-Placed Premiums (other than any
Unreimbursed Force-Placed Premiums under or with respect to any Series that is not a Securitization
Series); (c) an amount equal to 2.04% of the aggregate amount of the unpaid principal balance, as
of the Closing Date, of all Serviced Accounts (other than any unpaid principal balance under or
with respect to any Countryplace Series); and (d) the Platform Assets Purchase Price.

          “Purchase Price Increase” shall have the meaning set forth in
Section 3.2(b)(iii) hereof.

          “Purchase Price Reduction” shall have the meaning set forth in
Section 3.2(b)(iii) hereof.

          “Rating Agency Affirmation Letter” means, as to each Series, a letter from each
related Rating Agency and addressed to the Trustee, to the effect that none of (a) any Seller’s
resignation as Servicing Party under the related Servicing Agreement or (b) Buyer’s or its
Affiliate’s appointment as Servicing Party thereunder will, in and of itself, result in a
downgrading of the rating of any securities of such Series that have been rated by such Rating
Agency.

          “RCRA” means the Resource Conservation and Recovery Act, 42 U.S.C. §§ 6901 et seq.

          “reasonable efforts” means, when used with respect to any party, the reasonable
efforts of a party without the requirement that such party incur any unforeseen or unreasonable
out-of-pocket expenses, incur any other unforeseen burden, or commence or pursue litigation in any
action, suit or proceeding, whether administrative, civil, criminal or otherwise.

          “Recommendation Change” shall have the meaning ascribed to such term in
Section 6.1(g)(ii) hereof.

          “Redeemable Series” means each of 2001-A, 2002-A, 2004-A, 2004-B, 2005-A, 2005-B,
2006-A, 2007-A and 2007-B.

          “Redeemed Accounts” shall have the meaning set forth in Section 6.15(b)
hereof.

          “Redemption Declination” shall have the meaning set forth in Section 6.15(b)
hereof.

          “Redemption Price” means (a) for each Redeemable Series other than 2001-A and 2002-A,
the “Redemption Price” as defined in the Servicing Agreement for such Redeemable Series and (b) for
each of 2001-A and 2002-A the “Minimum Purchase Price” as defined in Section 8.05 of the Servicing
Agreement for such Redeemable Series.

 - 11 - 

 

          “Refinance” shall have the meaning set forth in the definition of Permitted
Refinancing Indebtedness herein.

          “Release” means the presence, release, spill, emission, leaking, emitting, pumping,
injection, deposit, disposal, discharge, dispersal, leaching or migration of Hazardous Substances
in or into the indoor or outdoor environment, including the movement of Hazardous Substances
through or in the air, soil, surface water or groundwater.

          “Remittance Report” means (a) for any Securitization Series the “Monthly Report” or
“Monthly Remittance Report” as defined in the Servicing Agreement for such Series and (b) for any
Series related to a Third Party Servicing Agreement, the monthly servicing report required to be
delivered to the Owner of such Series pursuant to the applicable Servicing Agreement.

          “Reported Data” shall have the meaning set forth in Section 6.17(a) hereof.

          “Required Consents” shall have the meaning set forth in Section 7.1(g) hereof.

          “Sales Agreement” means, with respect to any Series, the related sales, deposit,
transfer or contribution agreement pursuant to which Contracts and/or Mortgage Loans are conveyed
to the related purchaser for inclusion in a Securitization Trust.

          “S&P” means Standard & Poor’s Ratings Group, a division of the McGraw Hill Corporation.

          “Sarbanes-Oxley Certification” means, for any applicable Series, any “Sarbanes-Oxley
Certification” or related “Back-up Certification” (as such terms are defined in the Servicing
Agreement for such Series) required to be prepared, executed or delivered by the applicable
Servicing Party for such Series.

          “SEC” means the Securities and Exchange Commission of the United States or any
successor Governmental Authority.

          “SEC Reports” shall have the meaning set forth in Section 4.1(n) hereof.

          “Secured Indebtedness” means all indebtedness and other obligations arising under or
with respect to (a) that certain Senior Secured Loan Agreement, dated as of April 8, 2008 (the
“Loan Agreement”), by and between OFLLC and the William M. Davidson Trust u/a/d/ December
13, 2004, and all agreements and instruments entered into pursuant to, or in connection with, such
Loan Agreement, (b) that certain Amended and Restated Senior Loan Agreement, dated as of April 8,
2008 (the “2007 Loan Agreement”) by and between OFLLC and the William M. Davidson Trust
u/a/d/ December 13, 2004, and all agreements and instruments entered into pursuant to, or in
connection with, such 2007 Loan Agreement, and/or (c) any Refinancing of any indebtedness or
obligation described in the immediately preceding clause (a) or (b) (or any Refinancing thereof).

          “Securities Act” means the Securities Act of 1933, as amended.

 - 12 - 

 

          “Securitization Program” means (a) a program pursuant to which MH Accounts have been
originated and securitized through creation of a Securitization Series, and (b) the activities
conducted by any Seller in connection with such program, including, without limitation,
(i) servicing of the MH Accounts, (ii) related insurance activities, (iii) foreclosure on or
repossession of Loan Collateral, (iv) repurchases of any MH Accounts from the related Trust,
(v) administering the Trusts of certain Securitization Series and (vi) any other transactions
conducted by any Seller under the Securitization Program Documents.

          “Securitization Program Documents” means, collectively, the Servicing Agreements, the
Sales Agreements, the contract files, the mortgage loan files and any other agreement, document or
instrument in respect of the Securitization Program. For the avoidance of doubt, neither this
Agreement nor any other Closing Document shall be deemed a Securitization Program Document.

          “Securitization Series” means each of 2001-A, 2002-A, 2004-A, 2004-B, 2005-A, 2005-B,
2006-A, 2007-A, 2007-B, Merit 11, Merit 12 and Merit 13.

          “Securitization Trust” means, as to each Series, the related Trust or, in the case of
a Merit Series, the Issuer.

          “Seller Parties” means, collectively, Parent and Sellers.

          “Sellers” shall have the meaning set forth in the preamble of this Agreement.

          “Seller Benefit Plans” shall have the meaning set forth in Section 4.1(o)(ii)
hereof.

          “Seller Indemnitees” shall have the meaning set forth in Section 10.2(b)(i)
hereof.

          “Series” means, as the context requires, any or all of the following: (a) with
respect to the MH Accounts, (i) Origen Manufactured Housing Contract Trust 2004-A
(“2004-A”), (ii) Origen Manufactured Housing Contract Trust 2004-B (“2004-B”),
(iii) Origen Manufactured Housing Contract Trust 2005-A (“2005-A”), (iv) Origen
Manufactured Housing Contract Trust 2005-B (“2005-B”), (v) Origen Manufactured Housing
Contract Trust 2006-A (“2006-A”), (vi) Origen Manufactured Housing Contract Trust 2007-A
(“2007-A”), (vii) Origen Manufactured Housing Contract Trust 2007-B (“2007-B”),
(viii) Origen Manufactured Housing Contract Senior/Subordinated Asset-Backed Certificates,
Series 2001-A (“2001-A”), (ix) Origen Manufactured Housing Contract Senior/Subordinated
Asset-Backed Certificates, Series 2002-A, (x) MERIT Securities Corporation Collateralized Bonds,
Series  11-1 (“Merit 11”), (xi) MERIT Securities Corporation Collateralized Bonds,
Series, 12-1 (“Merit 12”), and (xii) MERIT Securities Corporation Collateralized Bonds,
Series 13-1 (“Merit 13”); (b) with respect to the Third Party Accounts, the Third Party
Servicing Agreements held by the following purchasers or their assigns: (i) Enspire Finance, LLC
(April 8, 2004); (ii) Sun Communities Operating Limited Partnership (April 1, 2005); (iii) QFD,
Inc. (November 1, 2007); (iv) Prime Residential Funding, Inc. (December 1, 2007); (v) GCP Fund II
Loan, LLC (March 17, 2008); (vi) Fannie Mae 24250-0016; (vii) Fannie Mae 24250-0008; and
(viii) Fannie Mae 25936-0005; and (c) Countryplace Manufactured Housing Contract Trust 2005-1
(“2005-1”) and Countryplace Manufactured Housing Contract Trust 2007-1 (“2007-1”).

 - 13 - 

 

          “Serviced Account” means an MH Account or any Third Party Account.

          “Servicer Default” means, for any Series, any “Event of Default”, “Event of
Termination” or “Servicer Event of Default” as defined in the applicable Servicing Agreement for
such Series.

          “Servicing Advance” means, as to any Securitization Series, (a) other than a Merit
Series, any “Servicing Advance” within the meaning of the related Servicing Agreement, including
all advances made by any Seller, as Servicing Party, that are not included in the definition of
“Servicing Advance” in such Servicing Agreement but that are expressly deemed to constitute
Servicing Advances under such Servicing Agreement (excluding, nevertheless, advances by any Seller
of Force-Placed Premiums), (b) that is a Merit Series, all advances of the type described in
Section 5.01 of the applicable Standard Terms to the Servicing Agreement for such Series (including
Monthly P&I Advances), (c)  Liquidation Expenses incurred by any Seller, as Servicing Party, and
(d) all costs and expenses incurred, and advances made, by any Seller, as Servicing Party, under
such Servicing Agreement as to which such Servicing Agreement expressly provides for reimbursement
to the Servicing Party.

          “Servicing Agreement” means the Servicing Agreements and Pooling and Servicing
Agreements (none of which are Third Party Agreements) listed on Schedule V hereto and the
Third Party Servicing Agreements.

          “Servicing Fee” means: (a) with respect to each Securitization Series other than a
Merit Series, the Monthly Servicing Fee as defined in the applicable Servicing Agreement; (b) with
respect to each Merit Series, the “Servicing Fee” as defined in the applicable Servicing Agreement;
(c) with respect to each Series related to a Third Party Servicing Agreement, the “Servicing Fee”
as defined in the applicable Servicing Agreement; and (d) with respect to each Countryplace Series,
the “Backup Servicing Fee” as defined in the applicable Servicing Agreement.

          “Servicing Fee Payable Amount” means, as of the Closing Date and with respect to each
Series, the sum of (a) the Servicing Fee that would be payable to any Seller, as Servicing Party
under the related Servicing Agreement, for (i) the Due Period ending immediately before the Closing
Date and (ii) the number of days that precede the Closing Date in the Due Period in which the
Closing Date occurs, and (b) all additional amounts then due and payable to any Seller pursuant to
the Servicing Agreements for the periods described in subclauses (i) and (ii) of clause (a) of this
sentence and which do not constitute Unreimbursed Servicing Advances.

          “Servicing Party” means (a) with respect to any Securitization Series and any Third
Party Servicing Agreement, the “Servicer” and, if applicable, “Subservicer” as such terms are
defined in the applicable Servicing Agreement, and (b) with respect to any Countryplace Series, the
“Backup Servicer” as such term is defined in the applicable Servicing Agreement. For the avoidance
of doubt, when used herein with respect to Buyer or any of its Affiliates, the term “Servicing
Party” shall refer to Buyer’s or such Affiliate’s capacity as successor Servicing Party under the
applicable Series.

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          “Shared Services Agreement” means that certain Shared Services Agreement, dated as of
October 15, 2006, between OFLLC and Hometown America, L.L.C.

          “Stockholder Approval” shall have the meaning set forth in Section 6.1(m)
hereof.

          “Stockholders Meeting” shall have the meaning set forth in Section 6.1(m)
hereof.

          “Subject Employee” means any Employee who performs services out of the Fort Worth
Facility and any Employee set forth on Schedule VI hereto.

          “Tax” and “Taxes” means any and all of the following: (a) any federal, state,
local or foreign net or gross income, minimum, alternative minimum, sales, value added, use,
excise, franchise, real or personal property, transfer, conveyance, environmental, leasing,
operating, gross receipts, capital stock, production, business and occupation, disability,
employment, payroll, severance, withholding or other tax, assessment, duty, fee, levy or charge of
any nature whatever, whether disputed or not, imposed by any Governmental Authority, any interest,
penalties (civil or criminal), additions to tax or additional amounts related thereto or to the
nonpayment thereof; (b) any Liability to pay amounts due pursuant to the immediately preceding
clause (a) on behalf of another Person, under any contract, reimbursement or indemnity agreement,
as transferee or otherwise; and (c) any Liability of any Person to pay amounts described in the
immediately preceding clause (a) by reason of Liability imposed under Treasury Regulations §
1.1502-6 or similar provision imposing Liability by reason of participation in a consolidated,
combined, unitary or similar Tax Return or similar filing.

          “Tax Return” means any return, report or similar statement required to be filed with
respect to any Tax (including any attached schedules), including, without limitation, any
information return, claim for refund, amended return or declaration of estimated Tax.

          “Temporary Use and Occupancy Agreements” means, collectively, (a) that certain
Temporary Use and Occupancy Agreement, dated as of August 20, 2007, between OFLLC and Hometown
America, L.L.C. and (b) that certain Temporary Use and Occupancy Agreement, dated as of April 1,
2008, between OFLLC and Hometown America, L.L.C.

          “Termination Date” shall have the meaning set forth in Section 11.1(c) hereof.

          “Termination Fee” shall have the meaning set forth in Section 11.2 hereof.

          “Termination Rebate” means, for any Series (other than a Countryplace Series), as of
the last day of the Due Period or Collection Period, as applicable for such Series, an amount equal
to 2.04% of the aggregate unpaid principal balance of the Serviced Accounts that are party of such
Series minus, solely in the case of Third Party Accounts, the aggregate amount of Deboarding Fees
received by Servicer with respect to such Third Party Accounts under the applicable Third Party
Servicing Agreement.

          “Third Party Account” means any contract or loan serviced by a Seller pursuant to a
Third Party Servicing Agreement.

 - 15 - 

 

          “Third Party Fee” means each fee payable by any Seller, as Servicing Party, or the
applicable Trust in connection with the Securitization Program to any trustee, custodian or other
third party under a contractual arrangement (excluding any attorney fees).

          “Third Party Fee Schedule” means Schedule VII, which sets forth the Third
Party Fees for each Series by amount or percentage rate, payer, payee and applicable time period.

          “Third Party Payments” shall have the meaning set forth in Section 6.3(c)
hereof.

          “Third Party Servicing Agreement” means any of the Servicing Agreements identified on
Schedule VIII hereto.

          “Third Party Servicing Rebate” means, for any Third Party Servicing Agreement, as of
the last day of the Collection Period (as defined in such Third Party Servicing Agreement) in which
Buyer or its Affiliate is terminated or replaced as Servicer under such Third Party Servicing
Agreement, an amount equal to (a) 2.04% of the aggregate unpaid principal balance of the Third
Party Accounts that are subject to such Third Party Servicing Agreement, minus (b) the aggregate
amount of Deboarding Fees received by Servicer with respect to such Third Party Accounts under the
applicable Third Party Servicing Agreement.

          “Transferred Employee” shall have the meaning set forth in Section 6.8(a)
hereof.

          “Transitional Services Agreement” means a Transitional Services Agreement,
substantially in the form attached as Exhibit G hereto.

          “Trust Interest Holder” means (a) if Seller Parties or their Affiliates are beneficial
owners of 100% of the residual trust interest of a Redeemable Series, Parent, or (b) any other such
Person who holds 100% of the residual trust interest of a Redeemable Series as of the notice date
described in Section 6.15(a) hereof.

          “Trustee” means, as to any Securitization Series or Countryplace Series, the “Trustee”
under the Servicing Agreement with respect to such Series.

          “UCC” means the Uniform Commercial Code as enacted in the State of Delaware, as it may
be amended from time to time.

          “Unreimbursed Force-Placed Premiums” means, as of the Closing Date and with respect to
each Securitization Series, the Force-Placed Premiums paid (or in the case of a blanket policy,
allocated) by any Seller, as Servicing Party, prior to such date which has been earned but not
reimbursed to it as of such date from any source, including but not limited to collections under
the Servicing Agreement for such Series, from the related Borrowers under the related Loan
Documents and refunds from insurance carriers upon policy cancellation.

          “Unreimbursed Servicing Advances” means, as of the Closing Date and with respect to
each Securitization Series, the Servicing Advances made by any Seller, as Servicing Party, and
charged or assessed to the account of the related Borrower or the related MH Account prior to such
date but not reimbursed to such Seller as of the Closing Date from collections under the Servicing
Agreement for such Series.

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          “Voting Agreement” means that certain Voting Agreement, dated as of the date hereof,
by and among Ronald Klein, Gary Shiffman, Paul Halpern, Richard Rogel, Robert Sher, Michael
Wechsler, J. Peter Scherer, W. Anderson Geater, Jr., Mark Landschulz, Woodward Holdings, LLC and a
Buyer Party (together with all exhibits and schedules attached or delivered pursuant thereto), as
amended, modified, supplemented, waived or restated from time to time in accordance with its terms.

          “Whole Loan Servicing Agreement” means a Whole Loan Servicing Agreement substantially
in the form attached as Exhibit I hereto.

     1.2. Construction. Unless otherwise specifically provided herein, references in this
Agreement to Articles, Sections, Exhibits and Schedules are to Articles, Sections, Exhibits and
Schedules of or to this Agreement. A reference to any party to this Agreement or any other
agreement, instrument or document shall include such party’s successors and permitted assigns. A
reference to any legislation or to any provision of any legislation shall include any modification
or re-enactment thereof, any legislative provision substituted therefore and all regulations
(including treasury regulations under the Code), rules and interpretations issued thereunder or
pursuant thereto. All references to “$,” “funds” and “dollars” refer to United States currency
unless otherwise expressly provided herein. The designations of the parties to this Agreement and
any pronouns referring to any party, wherever used, must be so construed as to include the plural
as well as the singular number, and whenever the context permits, any gender includes all other
genders and the singular number includes the plural. As used in this Agreement, the words
“includes” and “including” are not limiting and they shall be deemed to be followed by the words
“without limitation”, and the words “hereof,” “herein” and “hereunder” and words of similar import
when used in this Agreement shall refer to this Agreement as a whole and not to any particular
provision of this Agreement. Any reference in this Agreement to “servicing” by a party or Serviced
Accounts that are being “serviced” by a party (when such reference is not part of an otherwise
defined term) shall refer to such party’s activities in its capacity as a “Servicer”, “Subservicer”
or “Backup Servicer”, as applicable, under the relevant Servicing Agreement.

ARTICLE II.

PURCHASE AND SALE

     2.1. Purchase and Sale. Subject to the terms and conditions set forth in this
Agreement, on the Closing Date, Sellers shall sell, assign, transfer, set over, convey and deliver
to Buyer or one or more of its Affiliates, and Buyer or such Affiliates shall purchase from Sellers
and accept assignment from Sellers, the Conveyed Property free and clear of all Liens other than
restrictions expressly imposed under the Servicing Agreements and the Assigned Leases (as
applicable). Subject to the terms and conditions of this Agreement (including, without limitation,
Section 6.1(g) and Article VIII hereof), Buyer shall be entitled to seek specific
performance of each Seller’s obligations under this Section 2.1 in accordance with the
provisions of this Agreement.

     2.2. Excluded Assets. Sellers shall not hereby or otherwise sell, assign, transfer,
set over, convey or deliver to Buyer, and Buyer shall not hereby or otherwise acquire from any
Seller, any Excluded Assets.

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     2.3. Appointment and Assumption Agreements; Liabilities.

          (a) Appointment and Assumption Agreements. On or before the Closing Date, each of
Buyer (or it Affiliate) and the applicable Seller shall enter into an Appointment and Assumption
Agreement with the requisite parties with respect to the Servicing Agreement of each Series, and
subject to delivery of the Effective Notice by Buyer and such Seller thereunder, Buyer shall accept
appointment from the Trustee as Servicing Party, under such Servicing Agreement from and after the
Closing. Upon satisfaction or waiver of the conditions precedent set forth in Article VII
and Article VIII (other than those conditions that by their nature are to be satisfied at
the Closing, but subject to the satisfaction or waiver of such conditions), at the Closing, Buyer
and the applicable Seller shall execute an Effective Notice for each Appointment and Assumption
Agreement and Buyer and such Seller shall deliver each such Effective Notice to each Trustee on the
Closing Date. If the Closing fails to occur on the Closing Date, each Appointment and Assumption
Agreement and each Effective Notice shall be null and void.

          (b) Assumed Liabilities and Excluded Liabilities. From and after the Closing, Buyer
shall assume in accordance with their respective terms, all responsibilities, duties, liabilities
and obligations (the “Assumed Liabilities”) of (x) the Servicing Party under the Servicing
Agreements to the extent arising after the Closing Date and (y) OFLLC under the Assigned Leases and
the Shared Services Agreement, in each case to the extent arising after the Closing Date,
provided that Buyer shall not hereby or otherwise assume, perform or be liable or
responsible in any respect for any Liabilities (the “Excluded Liabilities”) of any Seller
or any of its Affiliates other than the Assumed Liabilities, including, without limitation, any
Liabilities with respect to, arising from, related to, or in connection with:

               (i) any of the Excluded Assets;

               (ii) any Liabilities arising from the current or former employment of an Employee, including,
without limitation: (A) any obligations or Liabilities with respect to compensation or benefits
owing to such Employee; (B) any obligations or Liabilities under employment Laws; (C) any
obligations, Liabilities or duties owed to any individual or such individual’s dependents or
survivors as a result of the individual’s present or former status as an Employee; (D) any
obligations, Liabilities or costs associated with claims relating to or in any way arising from the
employment of any Employee, the terms, conditions or events pertaining to such employment or the
constructive or actual termination of such employment; and (E) any obligations or Liabilities with
respect to any Employment Agreement or Employee Benefit Plan maintained, sponsored or contributed
by any Seller or any of its ERISA Affiliates;

               (iii) the preparation and delivery of any Compliance Certification covering any period prior
to the Closing Date;

               (iv) the preparation, execution and delivery of any Monthly Report or Monthly Remittance
Reports pursuant to Section 6.3(c) or payments directed to be made to any Seller or its
Affiliates pursuant to such Remittance Reports;

               (v) any demands, requests, duties or Liabilities relating to Former Borrowers;

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               (vi) any Seller’s performance or failure to perform its obligations as the predecessor
Servicing Party under the Servicing Agreements;

               (vii) purchasing any MH Account from any Securitization Trust (except as may be expressly
required by the related Servicing Agreement to the extent the successor Servicing Party’s
obligation to effect remedial action arose in connection therewith from and after the Closing);

               (viii) all actual or alleged Liabilities or other responsibilities arising out of or related
to any Environmental Law (including actual or alleged liabilities, obligations or other
responsibilities for fines, penalties, capital expenditures or operational changes), Hazardous
Substance, or Release (including any Hazardous Substance or Release at, to or from any site to
which a Hazardous Substance was transported from any real property leased, owned or operated by any
Seller or any of its Affiliates at any time) arising out of any Seller’s or its Affiliates’
servicing activities prior to the Closing or Seller’s or its Affiliate’s leasing, ownership or
operation of real property at any time prior to the Closing;

               (ix) all Liabilities arising out of or relating to any Action that (i) is pending, threatened
or completed as of the Closing with respect to any Seller or any of its Affiliates or (ii) arises
out of or relates to actions or omissions of any Seller in its capacity as Servicing Party under
the Servicing Agreements or under any other Facility Documents;

               (x) any Tax Liability of any Seller or any of its Affiliates or, subject to
Section 6.7(b) hereof, to which the Conveyed Property is subject, in either case, whether
or not arising with respect to the Securitization Program or a Third Party Servicing Agreement,
including without limitation (i) income taxes (including such income Taxes in connection with the
transfer of the Conveyed Property hereunder), (ii) Taxes attributable to periods ending on or prior
to the Closing Date or (iii) Taxes of any other Person pursuant to an agreement or otherwise;

               (xi) any Liabilities of any Seller or any of its Affiliates under the Facility Documents other
than the Assumed Liabilities;

               (xii) any and all breaches of representations, warranties and covenants of the Servicing
Parties under the Servicing Agreements that shall have occurred at any time on or prior to the
Closing Date; provided that Sellers shall remain responsible for effecting such remedial
actions to correct or eliminate such breaches as may be required by the related Servicing Agreement
to the extent any such remedial action was required to be taken by the Servicing Parties thereunder
at any time on or prior to the Closing Date, which responsibility shall be deemed to be an Excluded
Liability for all purposes hereunder;

               (xiii) any and all Liabilities under any lease, license or other instrument (other than the
Assigned Leases, subject to the terms and conditions set forth herein and in the Assignment of
Leases) granting any Seller or any of its Affiliates the right to use or occupy any asset or
property (whether real, personal, tangible, intangible or mixed);

               (xiv) any and all Liabilities under the Shared Service Agreement, other than as expressly set
forth herein and in the Assignment and Assumption Agreement; or

 - 19 - 

 

               (xv) any and all Liabilities with respect to, relating to or in connection or otherwise
associated with the Platform Assets.

     2.4. Security Interest. Notwithstanding any provision hereof to the contrary, it is
the express intent of each of the parties hereto that the transfer of the Conveyed Property by
Sellers to Buyer pursuant to this Agreement be construed as a sale of such Conveyed Property and
other property by Sellers to Buyer pursuant to all applicable requirements of Law, and not as a
secured borrowing, including for accounting purposes. Further, it is not the intention of the
parties hereto that such transfer be deemed a grant of a security interest in the Conveyed Property
by Sellers to Buyer to secure a debt or other obligation of any Seller. However, in the event
that, notwithstanding the intent of the parties, any part of the Conveyed Property is held to
continue to be property of Sellers, then (a) this Agreement also shall be deemed to be and hereby
is a security agreement within the meaning of the UCC, and (b) the transfer by Sellers provided for
in this Agreement shall be deemed to be, and each of the Sellers hereby grants to Buyer, a security
interest in all right, title and interest of such Seller in, to and under the Conveyed Property, to
secure (i) the obligations of Sellers under this Agreement, and (ii) a loan to Sellers in the
amount of the Purchase Price as set forth in this Agreement. Each of the Sellers and Buyer shall,
to the extent consistent with this Agreement, take such actions as may be necessary to ensure that,
if this Agreement were deemed to create a security interest in the Conveyed Property, such security
interest would be a perfected security interest of first priority in favor of Buyer under
applicable Law and will be maintained as such throughout the term of this Agreement.

ARTICLE III.

PURCHASE PRICE

     3.1. Purchase Price.

          (a) In consideration for the sale and transfer of the Conveyed Property and for the
performance of the other obligations of Sellers hereunder Buyer shall pay to Sellers the Purchase
Price (as adjusted pursuant to Section 3.2).

          (b) The Seller Parties’ good-faith estimate, as of the date hereof, of the Purchase Price is
$38,515,791 (the “Baseline Purchase Price”). Schedule 3.1(b) hereto sets forth the
calculation of the Baseline Purchase Price. At the Closing, Buyer shall pay to Sellers the
Baseline Purchase Price, as adjusted pursuant to Section 3.2(a) (the Baseline Purchase
Price as it may be so adjusted, the “Estimated Purchase Price”).

          (c) Buyer shall pay to Sellers, by wire transfer of immediately available funds in accordance
with the wire instructions set forth on Schedule 3.1(c) hereto, an amount equal to the
Estimated Purchase Price.

     3.2. Purchase Price Adjustments.

          (a) Pre-Closing Baseline Purchase Price Adjustment. Not more than five Business Days,
but in no event less than two Business Days, prior to the Closing Date, the Seller Parties shall in
good faith prepare and deliver to Buyer a schedule (the “Estimated Purchase Price
Schedule”) setting forth the Seller Parties’ recalculation of the Baseline Purchase Price as

 - 20 - 

 

of the Closing Date. The Estimated Purchase Price shall be calculated in the same manner as
the Baseline Purchase Price as set forth on Schedule 3.1(b) hereto, using the same
accounting procedures and practices as those used to calculate the Baseline Purchase Price.

          (b) Post-Closing Estimated Purchase Price Adjustment.

               (i) As promptly as practicable, but in any event within 30 days following the Closing Date,
the Seller Parties shall cause to be prepared and delivered to Buyer a schedule (the “Closing
Date Purchase Price Schedule”) setting forth the Seller Parties’ recalculation of the Estimated
Purchase Price for the Conveyed Property as of the Closing Date (the Estimated Purchase Price, as
so recalculated, the “Closing Date Purchase Price”). The Closing Date Purchase Price shall
be calculated in the same manner as the Baseline Purchase Price as set forth on
Schedule 3.1(b) hereto, using the same accounting procedures and practices as those used to
calculate the Baseline Purchase Price. If so requested by Parent, Buyer shall reasonably cooperate
with the Seller Parties to permit the Seller Parties to prepare the Closing Date Purchase Price
Schedule.

               (ii) If Buyer disagrees in good faith with the Closing Date Purchase Price Schedule, then
Buyer shall notify Parent (for itself and the other Seller Parties) in writing (the “Notice of
Disagreement”) of such disagreement within 30 days following delivery of the Closing Date
Purchase Price Schedule. The Notice of Disagreement shall set forth in reasonable detail the basis
for the disagreement described therein. If no Notice of Disagreement is received by Parent within
such 30 day period, then the Closing Date Purchase Price Schedule and the Closing Date Purchase
Price shall be deemed to have been accepted by Buyer and shall become final and binding on the
parties hereto, and the Closing Date Purchase Price set forth in the Closing Date Purchase Price
Schedule shall be deemed to be the Purchase Price for all purposes hereunder. During the 30 day
period immediately following the delivery of the Notice of Disagreement, Parent (for itself and the
other Seller Parties) and Buyer shall attempt in good faith to resolve any differences that they
may have with respect to any matter specified in the Notice of Disagreement. If Parent (for itself
and the other Seller Parties) and Buyer are able to resolve such differences within such 30 days
following delivery of the Notice of Disagreement, then the Closing Date Purchase Price Schedule and
the Closing Date Purchase Price, as may be adjusted to reflect such resolution, shall become final
and binding on the parties hereto, and the Closing Date Purchase Price, as so adjusted, shall be
deemed to be the Purchase Price for all purposes hereunder. If Parent and Buyer are unable to
resolve such differences within such 30 days following delivery of the Notice of Disagreement, then
Parent (for itself and the other Seller Parties) and Buyer shall submit the Closing Date Purchase
Price Schedule to a nationally recognized independent accounting firm acceptable to Parent and
Buyer (the “Independent Accountant”) for review and resolution of any and all matters that
remain in dispute with respect to the Notice of Disagreement, and the opinion of the Independent
Accountant as to the Closing Date Purchase Price Schedule and the Closing Date Purchase Price shall
be final and binding on the parties hereto, and the Closing Date Purchase Price, as adjusted
pursuant to and in accordance with such opinion of the Independent Accountant, shall be deemed to
be the Purchase Price for all purposes hereunder. Sellers and Buyer shall provide the Independent
Accountant with reasonable cooperation and reasonable access to permit such review and resolution.
Parent (for itself and the other Seller Parties) and Buyer shall instruct the Independent
Accountant that it should undertake such review and resolution, and deliver written

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notice thereof to Parent and Buyer, within 30 days after the matter has been referred to the
Independent Accountant. The scope of the Independent Accountant’s engagement shall be limited to
the resolution of the disputed items described in the Notice of Disagreement, and the
recalculation, if any, of the Closing Date Purchase Price in light of such resolution. If the
Independent Accountant is engaged pursuant to this Section 3.2(b), notwithstanding the
provisions of Section 6.7(a), the fees and expenses of the Independent Accountant shall be
borne equally by the Seller Parties, on the one hand, and Buyer, on the other hand.

               (iii) The Purchase Price shall be reduced (the “Purchase Price Reduction”) by the
amount, if any, by which the Closing Date Purchase Price is less than the Estimated Purchase Price.
The Purchase Price shall be increased (the “Purchase Price Increase”) by the amount, if
any, by which the Closing Date Purchase Price is more than the Estimated Purchase Price. Any
Purchase Price Reduction shall be payable by the Seller Parties to Buyer, and any Purchase Price
Increase shall be payable by Buyer to Sellers, by wire transfer of immediately available funds to
an account designated by the party(s) entitled to such amount, within three Business Days after the
date upon which the Closing Date Purchase Price Schedule becomes final and binding in accordance
with Section 3.2(b)(ii) hereof. If no Purchase Price Reduction or Purchase Price Increase
is required by the terms hereof, then the Estimated Purchase Price shall be deemed to be the
Purchase Price for all purposes hereunder.

     3.3. Allocation of Purchase Price. The Purchase Price (other than the Platform Assets
Purchase Price) shall be allocated between the Sellers and among the Conveyed Property (other than
the Platform Assets) as follows: (a) first, OSI shall be deemed to have received an amount equal
to the fair market value of the Fort Worth Assets, as agreed to by and between OSI and Buyer at or
prior to Closing; (b) next, OSI shall be deemed to have received 84.2% of the Unreimbursed
Servicing Advances and 84.2% of Unreimbrused Force-Place Premiums; and (c) thereafter, the balance
of the Purchase Price shall be allocated between OSI and OFFLC in accordance with their respective
Allocable Share. The parties hereto shall utilize such allocations for all Tax purposes and shall
file all Tax Returns in a manner consistent with such allocations, and each of them will not
voluntarily take any position inconsistent therewith upon examination of any such Tax Return, in
any proceeding or otherwise with respect to such Tax Returns.

ARTICLE IV.

REPRESENTATIONS AND WARRANTIES OF THE SELLER PARTIES

     4.1. The Seller Parties’ Representations and Warranties. Each Seller Party hereby
jointly and severally represents and warrants to Buyer as of the date hereof and as of the Closing
Date as follows:

          (a) Organization and Good Standing. Each of Parent and OSI is a corporation duly
organized, validly existing and in good standing under the laws of the State of Delaware and has
the corporate power to own its assets and to transact the business in which it is currently
engaged. OFLLC is a limited liability company duly organized, validly existing and in good
standing under the laws of the State of Delaware and has the organizational power to own its assets
and to transact the business in which it is currently engaged. Each Seller Party is duly qualified
or authorized to conduct business and is in good standing as a foreign corporation or

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limited liability company in each jurisdiction in which the character of the business
transacted by it or properties owned or leased by it requires such qualification or authorization
and in which the failure so to qualify or be authorized would not have a Material Adverse Effect.

          (b) Authorization; Binding Obligations. Each Seller Party has the corporate or
organizational power and authority to execute, deliver and perform its obligations under this
Agreement and the other Closing Documents to which it is or will be a party and all of the
transactions contemplated hereby and thereby and has taken all necessary corporate or
organizational action to authorize its execution, delivery and performance of this Agreement and
such other Closing Documents. Each Seller Party has duly and validly executed and delivered this
Agreement. Assuming the due authorization, execution and delivery of this Agreement by Buyer, this
Agreement constitutes, and assuming the due authorization, execution and delivery of each of the
other Closing Documents to which any Seller Party will be a party by each other party thereto, such
other Closing Document, when executed and delivered by such Seller Party in accordance with this
Agreement will constitute, the legal, valid and binding obligation of such Seller Party enforceable
against such Seller Party in accordance with its terms, except as enforcement of such terms may be
limited by applicable bankruptcy, insolvency, receivership, reorganization, liquidation, voidable
preference, fraudulent conveyance and transfer, moratorium and other similar laws now or hereafter
in effect affecting creditors’ rights generally and subject to the application of equitable
principles and the availability of equitable remedies.

          (c) No Violations; Consents. The execution, delivery and performance by each Seller
Party of this Agreement and each Closing Document to which it is or will be a party, and the
consummation by it of all of the transactions contemplated hereby and thereby:

               (i) do not and will not violate any provision of its certificate of incorporation, bylaws,
certificate of organization, limited liability company agreement or other organizational documents
or instruments;

               (ii) except as set forth in Schedule 4.1(c)(ii) hereto, do not and will not require
any consent, waiver, approval, license, Order, designation or authorization of, notice to, or
registration, filing, qualification or declaration with, any Person (whether or not a Governmental
Authority), other than any such consent, waiver, approval, license, Order, designation,
authorization, notice, registration, filing, qualification or declaration that is not required as a
condition to the effectiveness of the execution, delivery and performance by such Seller Party of
this Agreement and each other Closing Document to which it is or will be a party and the
consummation by the Seller Parties of all of the transactions contemplated hereby and thereby; and

               (iii) except as set forth in Schedule 4.1(c)(iii) hereto, do not and will not with or
without the giving of notice or the passage of time or both, violate or conflict with, or result in
a breach or termination of any provision of, or constitute a default under, or accelerate or permit
the acceleration of the performance required by the terms of, or result in the creation of any Lien
upon any of the Conveyed Property pursuant to, or otherwise give rise to any liability under,
(x) any contract, license, permit, agreement or instrument to which any Seller Party is a party or
by any Seller Party may be bound or (y) any applicable Law or Order to which any Seller Party is a
party or by which any Seller Party may be bound, except for any such violation,

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conflict, breach, termination, default, acceleration, Lien or liability that does not and will
not have a Material Adverse Effect.

          (d) Litigation. No material Action is currently pending, or to the knowledge of the
Seller Parties, threatened against any Seller Party or any of its Affiliates or any of their
respective properties or with respect to any of the Closing Documents. To each Seller Party’s
knowledge, no event has occurred and no circumstance exists with respect to actions or omissions of
any Seller Party or any of its Affiliates under the Servicing Agreements or under any other
Facility Documents that would reasonably be expected to give rise to or serve as a basis for the
commencement of such an Action.

          (e) No Brokerage or Finder’s Fees. Except as set forth in Schedule 4.1(e)
hereto, neither any Seller Party nor any of its Affiliates has any liability or obligation under
any arrangement entered into by or on behalf of any Seller Party or any of its Affiliates to pay
any fees or commissions to any broker, finder or advisor with respect to the transactions
contemplated by this Agreement for which Buyer or any of its Affiliates would be liable.

          (f) Servicing Agreements. A true and correct copy of each Servicing Agreement has
been provided to Buyer, and none of the Servicing Agreements has been modified, waived or amended
in any respect. Except as set forth in Schedule 4.1(f) hereto, no Servicer Default under
any Servicing Agreement, and no material breach or default by any Seller Party or any of its
Affiliates or, to the knowledge of each Seller Party, any other Person under any other Facility
Documents has occurred and is continuing, and no event that, with notice or the passage of time,
would reasonably be expected to result in such a Servicer Default or material breach or default has
occurred and is continuing. Each report and officer’s certification prepared by each Seller, as
Servicing Party, pursuant to each Servicing Agreement is true and correct in all material respects.

          (g) Conveyed Property. Except as set forth in Schedule 4.1(g) hereto, Sellers
have good and valid title in and to, or, in the case of property held under lease or license, a
valid and subsisting leasehold interest in or a legal, valid and enforceable license or right to
use, and the power and authority to sell, assign, transfer, set over, convey and deliver to Buyer
or its Affiliate as contemplated hereby, the Conveyed Property, free and clear of all Liens other
than restrictions expressly imposed under the Servicing Agreements and the Assigned Leases (as
applicable). Immediately after Closing, the Unreimbursed Servicing Advances and Unreimbursed
Force-Placed Premiums shall be payable to Buyer or its Affiliate pursuant to the terms and
limitations of the related Servicing Agreement. Each item of Conveyed Property described in
clauses (a) and (b) of the definition of “Conveyed Property” is either an “account” or a “payment
intangible” under Article 9 of the UCC.

          (h) Certain Information and Schedules.

               (i) Schedule 4.1(h)(i) hereto sets forth, as of March 31, 2008 and with respect to
each Series, the sum of (A) the Servicing Fee that would be payable to any Seller, as Servicing
Party under the related Servicing Agreement, for the Due Period ending immediately before such date
and (B) all additional compensation to which any Seller is entitled pursuant to the Servicing
Agreements for the period described in clauses (a) of this sentence.

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               (ii) Schedule 4.1(h)(ii) hereto sets forth each Force-Placed Premium paid (or in the
case of a blanket policy, allocated) by any Seller, as Servicing Party, prior to March 31, 2008
which has been earned but not reimbursed to it as of such date by related Securitization Series and
aggregate amount.

               (iii) Schedule 4.1(h)(iii) hereto sets forth each Servicing Advance made by any
Seller, as Servicing Party, prior to March 31, 2008 but not reimbursed to it as of such date by
related Securitization Series and aggregate amount.

               (iv) The information set forth on Schedule V, Schedule VII and
Schedule VIII hereto is accurate and complete in all respects as of the date hereof.

               (v) The information set forth on revised Schedule V, Schedule VII,
Schedule VIII, Schedule 4.1(h)(i), Schedule 4.1(h)(ii) and
Schedule 4.1(h)(iii) hereto delivered by Sellers to Buyer pursuant to
Section 6.1(f) will be accurate and complete in all respects as of the dates specified in
Section 6.1(f) with respect to each such Schedule.

          (i) Conduct of Business. Since January 1, 2007, each Seller has conducted that
portion of its business that is applicable to the Serviced Accounts in substantially the same
manner, including, without limitation, consistently with and no less stringently than such Seller’s
collection and servicing criteria and other written policies in effect and carried out by such
Seller as of such date.

          (j) Compliance with Laws; Permits. Each Seller Party and its Affiliates have
conducted and are conducting their servicing activities under each Facility Document in material
compliance with all applicable Laws, including, without limitation, the Finance Laws and insurance
Laws. There are no Actions pending or, to the knowledge of each Seller Party, threatened alleging
any violation of any such applicable Laws which would result in a Material Adverse Effect. Each
Seller Party has had in effect all material authorizations, permits, licenses, certificates of
authority, consents, orders and approvals of, and has made all material filings, applications and
registrations with, Governmental Authorities that are necessary in order for such Seller Party to
perform its obligations under each Facility Document in all material respects as presently
conducted.

          (k) Data File Disclosure. All fields set forth on Schedule 4.1(k) contained
in any Closing Data Files or Post Closing Data Files delivered by any Seller Party or its
Affiliates (pursuant to Section 7.1(f) or Section 6.4 hereof) will be complete,
true and correct in all material respects (i) in the case of Closing Data Files delivered pursuant
to Section 7.1(f) hereof, as of a time as close as reasonably practicable to 5:00 p.m. (New
York time) on the day prior to the last day of the Due Period immediately preceding the Closing
Date and (ii) in the case of Post Closing Data Files delivered pursuant to Section 6.4
hereof, as of 11:59 p.m. (New York time) on the day immediately preceding the Closing Date.

          (l) No Powers of Attorney. On and after the Closing, no Seller Party or any of its
Affiliates will have any powers of attorney or comparable delegations of authority outstanding with
respect to the Conveyed Property, the Serviced Accounts or servicing rights under the Servicing
Agreements other than (i) the Powers of Attorney delivered to Buyer

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pursuant to Section 9.2(c) hereof and (ii) any powers of attorney delivered to each
Trustee under the related Servicing Agreement.

          (m) Assigned Leases. True, accurate and complete copies of the Assigned Leases have
been provided to Buyer. Each of the Assigned Leases is in full force and effect without
modification or amendment from the form delivered to Buyer and is valid, binding and enforceable in
accordance with its respective terms. Except as provided in the Fort Worth Sublease, no Person
other than a Seller Party has any right to the use, occupancy or enjoyment of any of the Fort Worth
Real Property or any portion thereof. Other than the Guaranty, there are no guarantees (from any
Seller Party or from any other Person) in favor of the lessors of any of the Fort Worth Real
Property. No Seller Party has sold, assigned, transferred, pledged, subleased or encumbered all or
any part of its leasehold interests in the Fort Worth Real Property other than pursuant to the Fort
Worth Sublease. No material breach or default by any Seller Party or any of its Affiliates or, to
the knowledge of each Seller Party, any other Person under the Assigned Leases has occurred and is
continuing, and no material amount due under the Assigned Leases remains unpaid, no material
controversy, claim, dispute or disagreement exists between the parties to such leases, and no event
has occurred which with the passage of time or giving of notice, or both would reasonably be
expected to result in a material default or breach thereunder. Except as set forth on Schedule
4.1(m), none of the Assigned Leases will cease to be legal, valid, binding, enforceable and in
full force and effect on terms identical to those currently in effect as a result of the
consummation of the transactions contemplated by this Agreement, nor will the consummation of such
transactions constitute a breach or default under either such lease or otherwise give the landlord
a right to terminate the Fort Worth Lease. The Fort Worth Real Property used by any Seller Party
or any of its Affiliates, and the present uses of the Fort Worth Real Property by any Seller Party
or any of its Affiliates, are in compliance with, and not in default under or in violation of any
Law. All brokerage commissions and other similar compensation and fees payable in connection with
the Assigned Leases have been paid in full by a Seller Party and no additional brokerage
commissions or other similar compensation and fees may be due in the future thereunder. No option
has been exercised under any of the Assigned Leases, except options whose exercise has been
evidenced by a written document, a true, complete and accurate copy of which has been delivered to
Buyer. There are no security deposits in respect of the Assigned Leases. Except as set forth on
Schedule 4.1(m), the transfer of the Assigned Leases to Buyer pursuant to the transactions
contemplated by this Agreement does not require the consent or approval of the other party to any
of the Assigned Leases. No portion of the Purchase Price or any other amount will be payable to
the landlord under the Fort Worth Lease pursuant to Section 11.01(d) thereof as a result of or in
connection with the transactions contemplated by this Agreement.

          (n) SEC Reports. The Seller Parties have filed with or furnished to (as applicable)
the SEC on a timely basis all forms, statements, certifications, reports and documents required to
be filed with or furnished to the SEC by such party under Securities Act or the Exchange Act since
January 1, 2007 (such forms, statements, certifications, reports and documents, including all
exhibits, appendices and attachments included or incorporated therein, filed or furnished since the
Applicable Date through the date hereof, including any amendments thereto, the “SEC
Reports”). Each of the SEC Reports, at the time of its filing or being furnished, complied in
all material respects with the applicable requirements of the Securities Act, the Exchange Act and
the Sarbanes-Oxley Act of 2002, and any rules and regulations

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promulgated thereunder applicable to the SEC Reports. As of their respective dates (or, if
amended, as of the date of such amendment), the SEC Reports did not contain any untrue statement of
a material fact or omit to state a material fact required to be stated therein or necessary to make
the statements made therein, in light of the circumstances in which they were made, not misleading.

          (o) Employee Benefits; Employment Matters.

               (i) The Seller Parties have provided to Buyer a complete and accurate list (such list, as
updated pursuant to Section 6.8(a), the “Employee List”) of (A) each Subject
Employee, and (B) each such Subject Employee’s base compensation, incentive compensation
opportunity and current benefits.

               (ii) Schedule 4.1(o)(i) hereto contains a true and complete list of each Employee
Benefit Plan maintained, sponsored in whole or in part, or contributed to by any Seller Party or
any of its Affiliates for the benefit of any Subject Employee (collectively, the “Seller
Benefit Plans”). The Seller Parties have delivered to Buyer a true, accurate and complete copy
of each Seller Benefit Plan and each Employment Agreement.

               (iii) Buyer will not be subject to any liability (including any termination liability)
pursuant to, or arising under, Title IV of ERISA or otherwise with respect to any Employee Benefit
Plan (including any multiemployer plan) maintained, sponsored, or contributed to by any Seller
Party or any of its ERISA Affiliates or as to which any Seller Party or any of its Affiliates has
any such liability.

               (iv) Each Seller Benefit Plan has been operated and administered in all material respects in
accordance with its terms and applicable Law, including but not limited to ERISA and the Code.

               (v) Each Seller Benefit Plan intended to qualify under Section 401(a) of the Code has received
a determination letter from the IRS stating that it qualifies under Section 401(a) of the Code, and
its trust is exempt from United States taxation under Section 501(a) of the Code, and nothing has
occurred since the date of such determination letter that would, individually or in the aggregate,
reasonably be expected to result in the loss of such qualification or exempt status.

               (vi) Neither any Seller Party nor any of its Affiliates is a party to any collective
bargaining agreement or other labor union contract applicable to any Subject Employee, nor does any
Seller Party have any knowledge of any activities or proceedings of any labor union to organize any
such Subject Employees.

               (vii) Each Seller Party and its Affiliates are in compliance, in all material respects, with
all applicable Laws relating to employment and employment practices, wages, hours, and terms and
conditions of employment, in each case relating to any Subject Employee.

          (p) Opinion of Financial Advisor. On the date hereof and prior to the execution and
delivery of this Agreement by the Seller Parties, Parent’s board of directors

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received a written opinion from Stout Risius Ross, Inc., financial advisor to Parent, to the
effect that, based upon and subject to the matters set forth therein, as of the date hereof, the
Purchase Price is fair to Parent from a financial point of view. Such opinion has not been
amended, modified, supplemented, withdrawn, rescinded or qualified in any respect and is in full
force and effect.

          (q) Solvency. Neither any Seller Party nor any of is Affiliates is, and after giving
effect to the transactions contemplated by the Closing Documents (including, but not limited to,
the purchase and sale of the Conveyed Property), will be “insolvent” within the meaning of
section 101(32) of title 11 of the United States Code or any applicable state fraudulent conveyance
or transfer law.

          (r) Investment Company. Neither any Seller Party nor any of is Affiliates is, and
after giving effect to the transactions contemplated by the Closing Documents (including, but not
limited to, the purchase and sale of the Conveyed Property), will be required to register as an
“investment company” or a company “controlled by” an “investment company” within the meaning of the
Investment Company Act of 1940, as amended.

          (s) Shared Services Agreement. A true, accurate and complete copy of the Shared
Services Agreement has been provided to Buyer. The Shared Services Agreement is in full force and
effect without modification or amendment from the form delivered to Buyer and is valid, binding and
enforceable in accordance with its respective terms. No material breach or default by any Seller
Party or any of its Affiliates or, to the knowledge of each Seller Party, any other Person under
the Shared Services Agreement has occurred and is continuing, and no material amount due under the
Shared Services Agreement remains unpaid, no material controversy, claim, dispute or disagreement
exists between the parties to such agreement, and no event has occurred which with the passage of
time or giving of notice, or both would reasonably be expected to result in a material default or
breach thereunder. The Shared Services Agreement will not cease to be legal, valid, binding,
enforceable and in full force and effect on terms identical to those currently in effect as a
result of the consummation of the transactions contemplated by this Agreement, nor will the
consummation of such transactions constitute a breach or default under either the Shared Services
Agreement or otherwise give any party thereto a right to terminate the Shared Services Agreement.

          (t) Liens. Schedule 4.1(t) hereto sets forth a true, accurate and complete
list of any and all Liens on or relating to any item of Conveyed Property, or to which any item of
Conveyed Property is subject, together with the name of the secured party under or holder of, and a
reasonably detailed description of the obligations secured by, each such Lien.

ARTICLE V.

REPRESENTATIONS AND WARRANTIES OF BUYER

     5.1. Buyer Representations and Warranties. Buyer hereby represents and warrants to
the Seller Parties as of the date hereof and as of the Closing Date as follows:

          (a) Organization and Good Standing. Buyer is a limited liability company duly
organized, validly existing and in good standing under the laws of the state of its

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organization and has the limited liability company power to own its assets and to transact the
business in which it is currently engaged. Buyer is duly qualified or authorized to conduct
business and is in good standing as a foreign company in each jurisdiction in which the character
of the business transacted by it or properties owned or leased by it requires such qualification or
authorization and in which the failure so to qualify or be authorized would not have a material
adverse effect on the ability of any Buyer Party to perform its obligations under the Closing
Documents to which it is or will be a party.

          (b) Authorization; Binding Obligations. Each Buyer Party has the corporate or limited
liability company power and authority to execute, deliver and perform its obligations under this
Agreement and the other Closing Documents to which it is or will be a party and all of the
transactions contemplated hereby and thereby and has taken all necessary corporate or limited
liability company action to authorize such Buyer Party’s execution, delivery and performance of
this Agreement and such other Closing Documents (as applicable). Buyer has duly and validly
executed and delivered this Agreement. Assuming the due authorization, execution and delivery of
this Agreement by Sellers, this Agreement constitutes, and assuming the due authorization,
execution and delivery of each of the other Closing Documents to which a Buyer Party will be a
party by each other party thereto (other than a Buyer Party), such other Closing Document, when
executed and delivered by a Buyer Party in accordance with this Agreement, will constitute the
legal, valid and binding obligation of such Buyer Party enforceable against such Buyer Party in
accordance with its terms, except as enforcement of such terms may be limited by applicable
bankruptcy, insolvency, receivership, reorganization, liquidation, voidable preference, fraudulent
conveyance and transfer, moratorium and other similar laws now or hereafter in effect affecting
creditors’ rights generally and subject to the application of equitable principles and the
availability of equitable remedies.

          (c) No Violations; No Consent Required. The execution and delivery by Buyer, and
performance by Buyer of this Agreement and the execution, delivery and performance by each Buyer
Party of each of the Closing Documents to which it is or will be a party, and the consummation by
each Buyer Party (as applicable) of all of the transactions contemplated hereby and thereby:

               (i) do not and will not violate any provision of such Buyer Party’s organizational documents
or instruments;

               (ii) do not and will not require any consent, waiver, approval, license, Order, designation or
authorization of, notice to, or registration, filing, qualification or declaration with, any Person
(whether or not a Governmental Authority), other than one or more filings with the Securities and
Exchange Commission on Schedule 13D by one or more Buyer Parties with respect to the beneficial
ownership of Parent’s outstanding capital stock and/or any such consent, waiver, approval, license,
Order, designation, authorization, notice, registration, filing, qualification or declaration that
is not required as a condition to the effectiveness of the execution and delivery by Buyer, and
performance by each relevant Buyer Party, of this Agreement and each other Closing Document to
which it is or will be a party and the consummation by such Buyer Party of all of the transactions
contemplated hereby and thereby; and

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               (iii) do not and will not, with or without the giving of notice or the passage of time or
both, violate or conflict with, or result in a breach or termination of any provision of, or
constitute a default under, or accelerate or permit the acceleration of the performance required by
the terms of, or otherwise give rise to any liability under, (A) any contract, license, permit,
agreement or instrument to which a Buyer Party (if such Buyer Party is or will be a party to a
Closing Document) is a party or by which such Buyer Party or any of its properties may be bound or
(B) any applicable Law or Order to which a Buyer Party (if such Buyer Party is a party to a Closing
Document) is a party or by which such Buyer Party or any of its properties may be bound, except for
any such violation, conflict, breach, termination, default, acceleration or Liability that would
not have a material adverse effect on the ability of such Buyer Party to perform its obligations
under the Closing Documents to which it is or will be a party.

          (d) Litigation. No Action is currently pending, or to the knowledge of Buyer
threatened, against any Buyer Party (if such Buyer Party is a party to a Closing Document) or any
of its properties or with respect to this Agreement or any Closing Document that would have a
material adverse effect on the ability of such Buyer Party to perform its obligations under the
Closing Documents to which it is or will be a party.

          (e) No Brokerage or Finder’s Fees. Neither Buyer nor any of its Affiliates has any
liability or obligation under any arrangement entered into by or on behalf of Buyer or any of its
Affiliates to pay any fees or commissions to any broker, finder or advisor with respect to the
transactions contemplated by this Agreement for which any Seller or any of its Affiliates would be
liable.

ARTICLE VI.

ADDITIONAL COVENANTS AND FURTHER ASSURANCES

     6.1. Certain Covenants of Seller Parties.

          (a) Rating Agencies and Requisite Parties. Each Seller Party shall act in good faith,
and use commercially reasonable efforts, to obtain the Rating Agency Affirmation Letters, the
execution and delivery by the requisite parties of an Appointment and Assumption Agreement with
respect to the Servicing Agreement of each Series, and such other consents necessary for the
Sellers’ resignations as Servicing Parties, and Buyer’s appointment as Servicing Parties, under the
Servicing Agreements and the sale and purchase of the Conveyed Property hereunder. The Seller
Parties shall jointly and severally bear all third party costs (other than those of Buyer and its
Affiliates) of obtaining such Rating Agency Affirmation Letters, each such Appointment and
Assumption Agreement executed and delivered by the respective requisite parties and such other
consents.

          (b) Conduct of Business. Without the prior written consent of the Buyer, during the
period from the date of this Agreement to the Closing, the Seller Parties shall, and Parent shall
cause the Seller Parties to, conduct that portion of their business that is applicable to the
Serviced Accounts, the Third Party Servicing Agreements, the Countryplace Series or the
Securitization Program in substantially the same manner in which it is conducted on the date
hereof, including, without limitation, consistently with practices no less stringent than Sellers’

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current collection and servicing criteria and other written policies and shall use all
commercially reasonable efforts to preserve the present business organization applicable to the
servicing of the Serviced Accounts, the Countryplace Series, the Securitization Program and the
Third Party Servicing Agreements. Without limiting the generality of the foregoing, prior to the
Closing, without the prior written consent of Buyer (which consent will not be unreasonably
withheld), no Seller Party shall, and Parent shall cause the Seller Parties not to:

                    (i) violate or fail to perform any material obligation or duty imposed upon it by any Law or
the Facility Documents;

                    (ii) modify, amend, terminate, relinquish or assign, or grant any waiver or release under or
with respect to, any Facility Document other than as required by applicable Law or subpoena, court
order or similar judicial process; provided that, if any Seller Party so takes or effects
any such action as required by applicable Law or subpoena, court order or similar judicial process
in accordance with this Section 6.1(b)(ii), such Seller Party shall provide Buyer with
prior written notice of such action;

                    (iii) make any material change in servicing, billing, collection, loss mitigation practices,
operations or policies of the Servicing Agreements or Securitization Programs; or

                    (iv) with regard to those Serviced Accounts as to which the related Borrowers reside in areas
that have been designated by the Federal Emergency Management Agency as having been impacted by a
natural disaster, the applicable Seller Party shall furnish Buyer with information about such
Seller Party’s policies, procedures and practices relating to account payment deferrals and
collection activities and if such Seller Party intends to change a business practice related to
such Serviced Accounts before the consummation of the transactions contemplated by this Agreement,
such Seller Party shall discuss the intended change with Buyer before such Seller Party implements
the change.

          (c) Cooperation with Buyer. Each Seller Party shall cooperate in good faith and
provide all information Buyer reasonably requests in order to complete the transactions
contemplated by this Agreement. Prior to the Closing, each Seller Party shall provide Buyer with
access to those of such Seller Party’s employees who are familiar with Sellers’ servicing of the
Serviced Accounts, for the purpose of assisting Buyer in the contemplated transfer of the Serviced
Accounts from Sellers’ servicing systems to Buyer’s servicing system following Buyer’s appointment
as Servicing Party under the Servicing Agreements. Prior to the Closing, each Seller Party shall
afford, and shall cause their Affiliates to afford, to Buyer, its Affiliates and its and their
counsel, accountants and auditors, during normal business hours, reasonable access to the books and
records (including all electronic files in whatever medium or form), and similar materials relating
to the Conveyed Property, the Third Party Servicing Agreements and the Securitization Program
(including the Facility Documents), and the right to make copies thereof.

          (d) Post-Closing Remittances. All payments and reimbursements derived from the
Conveyed Property (including any amounts payable to Buyer pursuant to Section 6.11) and
received by any Seller Party on or after the Closing Date shall be the property of Buyer and

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shall be held in trust by such Seller for the benefit of Buyer, and such Seller Party will
promptly transmit, by wire transfer of immediately available funds to an account designated by
Buyer, to Buyer for Buyer’s own account (within three Business Days of such Seller Party’s receipt
thereof) all such payments and reimbursement.

          (e) Non-Solicitation of Force-Placed Insurance. Each Seller Party covenants and
agrees that after the Closing, neither it nor its Affiliates will, directly or indirectly, solicit
the placement or renewal of, nor assist any Person in soliciting, placing or renewing, any
forced-placed hazard insurance policies or other products or services related to the Serviced
Accounts; provided, however, that Sellers may solicit the renewal of hazard
insurance policies voluntarily purchased by obligors under the Serviced Accounts identified on
Schedule 6.1(e) hereto from Sellers or from providers for whom any Seller acted as an
agent.

          (f) Schedule Update. From and after the date hereof and until the Closing Date, the
Seller Parties shall deliver to Buyer on or prior to the last day of each calendar month and on the
Closing Date revised versions of each of Schedule V, Schedule VII,
Schedule VIII, Schedule 4.1(h)(i), Schedule 4.1(h)(ii) and
Schedule 4.1(h)(iii) hereto, in each case setting forth as of such dates updates to the
information set forth in the immediately preceding version of such Schedule delivered to Buyer
pursuant to this Agreement. No updated schedule delivered to Buyer pursuant to this
Section 6.1(f) shall have the effect of (a) modifying any respect any of the
representations, warranties, covenants or agreements made by any Seller Party under this Agreement,
or (b) curing in any respect any breach by any Seller Party of its representations, warranties,
covenants or agreements under this Agreement.

          (g) Negotiations.

                    (i) To the extent not prohibited by applicable Law, from and after the date hereof and until
the Closing shall have been consummated, neither any Seller Party nor any of its respective
officers, directors (or Persons in similar positions), employees, Affiliates, stockholders,
members, representatives, agents, nor anyone acting on behalf of any of them shall directly or
indirectly encourage, solicit, engage in discussions or negotiations with, or provide any
information to, any person, firm, or other entity or group (other than Buyer or its
representatives) concerning any sale of assets or similar transaction (a “Competing
Transaction”) involving any Seller Party, the Conveyed Property or appointment of a successor
Servicing Party other than Buyer unless this Agreement is terminated pursuant to and in accordance
with Article XI hereof; provided that any sale of Excluded Assets by any Seller
Party shall not be deemed to be a Competing Transaction. Each Seller Party shall notify Buyer in
writing of any inquiries or communications (whether written or oral) concerning any Competing
Transaction within one Business Day after such Seller Party shall have received or become aware of
such inquiry or communication, which notice shall include a copy of such inquiry or communication
(or, if such inquiry or communication was made orally, a reasonably detailed description of such
inquiry or communication). Notwithstanding the foregoing, nothing in this Agreement shall prohibit
Parent from furnishing nonpublic information regarding Parent or any Seller Party to, or entering
into discussions with, any Person in response to any inquiry or communication with respect to a
Competing Transaction that is submitted to Parent by such Person without violation of this
Section 6.1(g); provided that Parent (A) gives Buyer written notice of the identity
of such Person and of Parent’s intention to furnish information to, or enter into discussions with,
such

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Person at least one Business Day prior to furnishing any such information to, or entering into
discussions with, such Person, (B) shall not, and shall not allow any of its Affiliates or its or
their respective directors (or Persons in similar positions), officers, employees, agents or
representatives to disclose any nonpublic information to such Person without first entering or
having entered into a written agreement with such Person containing confidentiality and standstill
restrictions that are no less favorable, in the aggregate, to Parent than those contained in any
similar agreement between Parent (or any of its Affiliates) and Buyer (or any of its Affiliates),
and (C) contemporaneously with making available any such information to such Person, and if such
information shall have not been previously provided to Buyer, provides such information to Buyer.

                    (ii) If at any time following the date of this Agreement and prior to obtaining the
Stockholder Approval, (i) Parent shall have received a written proposal from a third party with
respect to a Competing Transaction that Parent’s board of directors believes in good faith to be
bona fide, (ii) such proposal did not occur as a result of or in connection with a breach of this
Section 6.1(g), and (iii) after consultation with its financial advisor and outside legal
counsel, Parent’s board of directors determines in good faith that the failure to withdraw or
modify its approval of, or its recommendation to Parent’s stockholders to approve, this Agreement
and the transactions contemplated hereby would violate its fiduciary duties to the stockholders of
Parent under applicable Law, then Parent’s board of directors may withdraw or modify its approval
of, or its recommendation to Parent’s stockholders to approve, this Agreement and the transactions
contemplated hereby (any such withdrawal or modification, a “Recommendation Change”).

          (h) Non-Solicitation of Employees. Each Seller Party acknowledges that the value to
Buyer of the transactions contemplated by this Agreement would be substantially diminished if any
Seller Party or any of its Affiliates were to solicit for employment any of the management or key
employees of Buyer or its Affiliates who are identified on Schedule 6.1(h) hereto.
Accordingly, during the period commencing on the Closing Date and ending 18 months thereafter,
neither any Seller Party nor any of its Affiliates shall, either alone or in conjunction with any
other Person, directly or indirectly (including through any of its present or future Affiliates)
solicit for employment or hire any such employee identified on Schedule 6.1(h) hereto. If
any provision of this Section 6.1(h) is determined by a court of competent jurisdiction to
be invalid in part, it shall be curtailed, as to time, location or scope, to the minimum extent
required for its validity under the applicable Laws of the United States and shall be binding and
enforceable with respect to the Seller Parties and their Affiliates, as so curtailed; it being the
intention of the parties that the provisions of this Section 6.1(h) be enforced to the
fullest extent permissible under the Laws and policies of each jurisdiction in which enforcement
may be sought, and that the unenforceability (or the modification to conform to such Laws and
policies of any provision of this Section 6.1(h)) shall not render unenforceable or impair
the remainder of the provisions of this Section 6.1(h).

          (i) Insurance Reimbursement. In the event Buyer credits any Force-Placed Premium that
was charged or assessed to a Borrower or Serviced Account prior to the Closing Date due to any
cancellation of the related force-placed Hazard Insurance Policy on or after the Closing Date, the
Seller Parties shall, and Parent shall cause the Seller Parties to, pay Buyer, upon receipt of an
invoice and supporting documentation from Buyer, an amount equal to such

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credit less any amounts recovered by Buyer from other sources, including but not limited to
unearned commissions; provided that the Seller Parties’ obligation pursuant to this
Section 6.1(i) is subject to none of Buyer, its Affiliates or any insurance carrier to
which Buyer or its Affiliates provides the name of such Serviced Account or the related Borrower
soliciting such Serviced Account, or the related Borrower, to change or terminate such force-placed
Hazard Insurance Policy on such Serviced Account as in effect on the Closing Date.

          (j) Requested Modifications of Facility Documents. The Seller Parties and their
Affiliates shall, and Parent shall cause the Seller Parties and their Affiliates to, consent to any
modification, waiver or amendments to any Facility Document reasonably requested by Buyer or its
Affiliates provided that such modification, waiver or amendment would not materially and adversely
affect any Seller Party or its Affiliates as reasonably determined by Parent.

          (k) Compliance Certifications. The Seller Parties shall prepare, or cause to be
prepared, each Compliance Certification for and deliver such Compliance Certification to Buyer and
the related Trustee and any other requisite recipient at least three Business Days prior to the
deadline for delivering such Compliance Certification pursuant to the terms of the related
Servicing Agreement.

          (l) Proxy Statement.

               (i) Parent shall prepare and file with the SEC, as promptly as practicable after the date of
this Agreement (but in any event no later than 15 days following the date hereof), a proxy
statement in preliminary form relating to the Stockholders Meeting (such proxy statement, including
any amendment or supplement and any schedules and exhibits thereto, the “Proxy Statement”).
The Proxy Statement shall set forth (among other things) that the board of directors of Parent:
(A) has determined that this Agreement and the transactions contemplated hereby are advisable and
are fair to and in the best interests of Parent and its stockholders, and (B) recommends that
Parent’s stockholders approve this Agreement and the transactions contemplated hereby (whether as
components of an asset disposition and management plan (or other plan, scheme or arrangement) or
otherwise).

               (ii) Parent shall as soon as reasonably practicable notify Buyer of the receipt of all
comments (written or oral) of the SEC with respect to the Proxy Statement and of any request by the
SEC for any amendment or supplement thereto or for additional information and shall as soon as
reasonably practicable provide to Buyer copies of all material correspondence between Parent and/or
any of its representatives on the one hand, and the SEC, on the other hand, with respect to the
Proxy Statement. Parent and Buyer shall each use its reasonable best efforts to promptly provide
responses to the SEC with respect to all comments received on the Proxy Statement by the SEC and
Parent shall cause the definitive Proxy Statement to be mailed promptly after the date the SEC
staff advises that it has no further comments thereon or that Parent may commence mailing the Proxy
Statement. Subject to applicable Laws, Parent and Buyer each shall, upon request by the other,
furnish the other with all information concerning itself, its Affiliates, directors, officers and
stockholders and such other matters as may be reasonably necessary or advisable in connection with
the Proxy Statement. Parent will provide Buyer a reasonable opportunity to review and consult with
Parent

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regarding the Proxy Statement, or any amendments or supplements thereto, prior to filing the
same with the SEC, and Parent shall use its reasonable best efforts to have the Proxy Statement
cleared by the SEC as promptly as practicable after the date hereof.

               (iii) Parent shall cause the Proxy Statement, and the letter to stockholders, the notice of
meeting and the form of proxy provided to stockholders of Parent therewith, in connection with the
transactions contemplated hereby, at the time that the Proxy Statement is first mailed to the
stockholders of Parent and at the time of the Stockholders Meeting, to not contain any untrue
statement of a material fact or omit to state any material fact required to be stated therein or
necessary to make the statements therein, in light of the circumstances under which they are made,
not misleading, and to comply, in all material respects, as to form with the provisions of the
Exchange Act and the rules and regulations of the SEC promulgated thereunder; provided,
however, that the obligations of Parent contained in this Section 6.1(l)(iii) shall
not apply to any information supplied by Buyer or any of its representatives to Parent for the
purpose of inclusion in or incorporation by reference in the Proxy Statement.

          (m) Stockholders Meeting. Parent, acting through its board of directors, shall, in
accordance with applicable Law and its certificate of incorporation and bylaws, duly call, give
notice of, convene and hold a meeting of its stockholders (the “Stockholders Meeting”) as
promptly as reasonably practicable after the execution of this Agreement to consider and vote upon
the approval of this Agreement and the transactions contemplated hereby (whether as components of
an asset disposition and management plan (or other plan, scheme or arrangement) or otherwise).
Parent and its board of directors shall take all reasonable lawful action to solicit and obtain at
the Stockholders Meeting the approval of this Agreement and the transactions contemplated hereby by
the holders of a majority of the outstanding shares of common stock of Parent entitled to vote on
such matter (the “Stockholder Approval”).

          (n) Fort Worth Real Property Matters. Without the prior written consent of the Buyer,
during the period from the date of this Agreement to the Closing, the Seller Parties shall, and
Parent shall cause the Seller Parties to, (i) operate the Fort Worth Real Property in substantially
the same manner in which it is conducted on the date hereof, (ii) not amend, modify or terminate
any of the Assigned Leases or the Shared Services Agreement, (iii) not violate or fail to perform
any material obligation or duty imposed upon any Seller Party or any of its Affiliates by any Law,
the Assigned Leases or the Shared Services Agreement, (iv) not sell, lease, transfer or otherwise
dispose of or mortgage or pledge or impose (voluntarily or involuntarily) any Liens on any of the
Assigned Leases or the Shared Services Agreement, and (v) not accelerate or delay any payment due
and payable under any Assigned Lease or the Shared Services Agreement. Each Seller Party shall
promptly deliver to Buyer copies of any written correspondence or notices either distributed or
received by any such Seller Party in respect of the Assigned Leases or the Shared Services
Agreement.

     6.2. Certain Covenants of Buyer.

          (a) Cooperation Regarding Rating Agencies and Trustee. Buyer shall act in good faith
to obtain, and shall cooperate with the Seller Parties and assist them in obtaining, the Rating
Agency Affirmation Letters, the execution and delivery by the applicable Trustee of an

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Appointment and Assumption Agreement with respect to the Servicing Agreement of each
Securitization Series and Countryplace Series, and such other consents necessary for and Sellers’
resignations and Buyer’s appointment as Servicing Party under the Servicing Agreements and the sale
and purchase of the Conveyed Property hereunder.

          (b) Access to Information; Facility Documents; Cooperation. Subject to applicable Law
and the Facility Documents, after the Closing and at the Seller Parties’ sole cost and expense,
Buyer shall afford, and shall cause its Affiliates to afford, to any Seller Party, its Affiliates
and its and their counsel, accountants and auditors, during normal business hours, reasonable
access to the books and records and similar materials relating to the Conveyed Property, the Third
Party Servicing Agreements, the Countryplace Series and the Securitization Program (including the
Facility Documents), and the right to make copies thereof or, to the extent not in violation of
Buyer’s duties as Servicing Party under the Servicing Agreements, to receive an original document
and substitute a copy thereof, or, if requested by any Seller Party, Buyer shall promptly deliver
such copies or, to the extent not in violation of or in conflict with Buyer’s duties as Servicing
Party under the Servicing Agreements, such original documents to any Seller Party, to the extent
that such access may be reasonably required by any Seller Party or any of its Affiliates for any
lawful purpose, including, without limitation, (i) the preparation of the financial statements of
any Seller Party and its Affiliates and all Tax Returns or in connection with any audit or
proceeding with respect thereto, (ii) in connection with any action required to be taken by any
Seller Party under any Facility Document or otherwise in connection with the Securitization
Program, the Countryplace Series or the Third Party Servicing Agreements (including in connection
with the circumstances described in clause (i) or (ii) of Section 6.2(c)) and (iii) the
investigation, litigation and final disposition of any Action that may have been, or may be, made
against any Seller Party or any of its Affiliates (including without limitation any Action
disclosed on Schedule 4.1(d) hereto). Without limiting the foregoing, Buyer shall use its
commercially reasonable efforts, at the Seller Parties’ sole cost and expense, to obtain any
consents, approvals, affirmations, waivers or similar actions of any Persons (including without
limitation from the applicable Trustee or Rating Agencies) to permit Buyer to deliver copies or
original documents to any Seller Party as provided under clause (C) above. To the extent that any
such books and records and materials are in the possession of the Trustee, Buyer shall, upon any
Seller Party’s request and at the Seller Parties’ sole cost, exercise its rights as Servicing Party
under the Servicing Agreements to obtain such books, records and materials from the Trustee and
deliver copies or originals thereof to any Seller Party at the Seller Parties’ sole cost.

          (c) From and after the Closing, if Buyer receives written notice (i) that any Seller Party has
breached any representation or warranty or agreement contained in any Facility Document or (ii) of
any circumstance that would require any Seller Party to perform or otherwise discharge any
Liabilities in respect of the Securitization Program, the Countryplace Series, any Facility
Documents (including the repurchase of any MH Account under a Securitization Program) or any Third
Party Servicing Agreement that are not Assumed Liabilities or otherwise incur any Liability in
respect of the Securitization Program, the Countryplace Series, the Third Party Servicing
Agreements or any Facility Document that is not an Assumed Liability, Buyer shall use commercially
reasonable efforts to notify such Seller Party, and shall cooperate with such Seller Party, at the
Seller Parties’ sole expense, in such Seller Party’s efforts to address and remedy such breach or
to perform, discharge or minimize such Liability.

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          (d) Proxy Statement. Buyer shall cause any information supplied by it or any of its
representatives for inclusion or incorporation by reference in the Proxy Statement, at the time
that the Proxy Statement is first mailed to the stockholders of Parent and at the time of the
Stockholders Meeting, to not contain any untrue statement of a material fact or omit to state any
material fact required to be stated therein or necessary in order to make the statements therein,
in the light of the circumstances under which they are made, not misleading.

     6.3. Post-Closing Servicing; Obligor Notices.

          (a) Sellers shall continue to engage in “servicing” (within the meaning of 24 CFR § 3500.2)
each Land-and-Home Contract for a period of 15 days after the notice referred to in
Section 6.3(b) hereof is mailed to the respective Borrower by receiving each scheduled
periodic payment made by such Borrower pursuant to the terms of such Land-and-Home Contract and
remitting in accordance with Section 6.1(d) of this Agreement to Buyer such payments so
received. Neither any Seller Party nor any of its Affiliates shall be responsible for servicing
any Serviced Account in any other capacity from and after the Closing, including, without
limitation, invoicing Borrowers, repossessing or otherwise foreclosing upon Loan Collateral,
protecting and preserving Loan Collateral or enforcing rights and remedies under the Loan
Documents. The Seller Parties shall be deemed to have complied with the provisions of this
Section 6.3(a) if the notice referred to in Section 6.3(b) is delivered at least 15
days prior to but excluding the Closing Date.

          (b) At or prior to the Closing, the Seller Parties shall reasonably cooperate with Buyer to
jointly prepare and execute a consolidated “hello” and “good-bye” notice of servicing transfer
complying with the transferee and transferor servicer requirements of 24 CFR § 3500.21(d) with
respect to each Land-and-Home Contract. On the Closing Date (or as soon as reasonably practical
thereafter), Buyer shall deliver such notices to the respective Borrower by prepaid first class
mail; provided that the cost and expense of such postage shall be borne equally by the
Seller Parties, on the one hand, and Buyer, on the other hand.

          (c) Neither any Seller Party nor any of its Affiliates shall be responsible for servicing any
Serviced Account in any capacity from and after the Closing, including, without limitation,
invoicing Borrowers, repossessing or otherwise foreclosing upon Loan Collateral, protecting and
preserving Loan Collateral or enforcing rights and remedies under the Loan Documents;
provided, however, that the Seller Parties shall prepare and deliver to the Trustee
and each other requisite recipient for each Series the Remittance Report due in the month in which
the Closing Date occurs (covering the Closing Due Period) in accordance with the terms of the
related Servicing Agreement. Each such Remittance Report shall be substantially in the same form
as the Remittance Report prepared by the Seller Parties for the Due Period ending immediately
preceding the Closing Due Period for the related Series and shall include all certifications and
representations to the Trustee contained on such earlier Remittance Report and such Remittance
Report will not state that such reports are being prepared or provided on behalf of Buyer or its
Affiliates or words to that effect. The Seller Parties shall provide Buyer a copy of each such
Remittance Report at least one Business Day prior to the related Remittance Date. Each Seller
shall comply with any and all procedures set forth in the Servicing Agreements regarding its
resignation including the transfer of any monies held in Collection Accounts or similar funds on
behalf of bondholders. To the extent that any Seller holds monies which are

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owing to third parties which are non-reimbursable (“Third Party Payments”), such as
Taxes, such Seller may retain such funds for its own account and Buyer will receive a credit for
such sum against the Purchase Price.

          (d) All payments and reimbursements received under the terms of any Servicing Agreement on or
after the Closing Date shall be the property of Buyer and if received by Sellers shall be held in
trust by such Seller for the benefit of Buyer, and such Seller will promptly transmit, by wire
transfer of immediately available funds to an account designated by Buyer, to Buyer for Buyer’s own
account (within three Business Days of such Seller’s receipt thereof) all such payments and
reimbursements. All payments and reimbursements constituting Excluded Assets that are received
under the terms of any Servicing Agreement on or after the Closing Date shall be the property of
Sellers and if received by Buyer shall be held in trust by Buyer for the benefit of Seller, and
Buyer will promptly transmit, by wire transfer of immediately available funds to an account
designated by Sellers, to Sellers for Sellers’ own account (within three Business Days of Buyer’s
receipt thereof) all such payments and reimbursements.

     6.4. Post Closing Data Files. The Seller Parties shall deliver the Post Closing Data
Files to Buyer within two Business Days after the Closing Date.

     6.5. Further Assurances. At and after the Closing, and without further consideration
therefor, (a) each Seller Party shall execute, or arrange the execution of, and deliver to Buyer
such further instruments and certificates of conveyance and transfer as Buyer may reasonably
request or as may otherwise be necessary to evidence and effect the sale, assignment, transfer,
conveyance and delivery of the Conveyed Property from such Seller Party to Buyer as provided
herein, and (b) Buyer shall execute, or shall arrange the execution of, and deliver to any Seller
Party such further instruments and certificates of assumption, novation and release as such Seller
Party may reasonably request or as may otherwise be necessary to effectively make Buyer responsible
for all Assumed Liabilities.

     6.6. Further Actions. Upon the terms and subject to the conditions set forth in this
Agreement, the Seller Parties and Buyer shall each use their respective reasonable efforts to take,
or cause to be taken, all appropriate action, and to do, or cause to be done, and to assist and
cooperate with the other party hereto in doing, all things necessary under applicable Law to
consummate the transactions contemplated hereby, including, without limitation, (a) obtaining any
such necessary licenses, approvals and Orders of, and making any such necessary filings with and
giving any such necessary notices to, any Governmental Authority with competent jurisdiction over
the transactions contemplated hereby, (b) obtaining any Required Consents, (c) resolving any
investigation or inquiry into the transactions contemplated hereby and (d) unless otherwise agreed
by the parties, defending any Action challenging this Agreement or the consummation of the
transactions contemplated hereby, including seeking to have vacated or reversed any stay or
temporary restraining order entered by any Governmental Authority prohibiting or otherwise
restraining the consummation of the transactions contemplated hereby.

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     6.7. Transaction Costs; Taxes.

          (a) Except as otherwise expressly provided for herein, each Seller Party and Buyer shall each
be liable for and pay their respective transaction costs and expenses (including any legal,
accounting and other professional fees and expenses) that it incurs in connection with the
negotiation, execution and performance of this Agreement and the consummation of the transactions
contemplated hereby.

          (b) Notwithstanding anything contained herein to the contrary, (i) Buyer shall be liable for
and pay when due any fees and costs of recording and filing all applicable conveyancing or other
instruments, associated with the sale and assignment of the Conveyed Property and the appointment
of Buyer as Servicing Party under the Servicing Agreements as contemplated hereby, and Buyer shall,
to the extent not prohibited by applicable Law, indemnify, defend and hold harmless each Seller
Party and its Affiliates against all amounts in respect thereof and (ii) any sales Tax, use Tax,
real property transfer or gains Tax, asset transfer Tax, documentary stamp Tax or similar Tax
associated with the sale and assignment of the Conveyed Property contemplated hereby shall be paid
equally by the Seller Parties, on the one hand, and Buyer, on the other hand; provided,
however, that Buyer shall not be responsible for, and the Seller Parties shall, to the
extent not prohibited by applicable Law, indemnify, defend and hold harmless Buyer and its
Affiliates against, all amounts in respect thereof any Taxes imposed on or measured by net or
taxable income of any Seller Party or any of its Affiliates in connection with the Conveyed
Property hereunder. Each Seller Party and Buyer shall each be responsible for preparing and filing
each Tax Return required by Law to be filed by it as a result of the transactions contemplated
hereby, and each Seller Party and Buyer shall cooperate with each other in the preparation,
execution and filing of all such Tax Returns regarding any Tax which becomes payable as a result of
the transactions contemplated hereby and/or shall cooperate with each other to seek an available
exemption from any such Tax. Within a reasonable time prior to the payment of any such Tax (or
other amount) that is the responsibility of Buyer or the Seller Parties pursuant to this
Section 6.7(b), the Person paying such Tax (or other amount) contemplated by this
Section 6.7(b) shall notify the Person responsible for such Tax (or other amount) pursuant
to this Section 6.7(b) of the amount of such Tax (or other amount) and the portion thereof
which is the liability of such Person responsible for such Tax (or other amount) pursuant to this
Section 6.7(b), although failure to provide such notice will not relieve such Person
responsible for such Tax (or other amount) from its liability hereunder except to the extent that
it has been prejudiced by such delay or failure.

          (c) Buyer and the Seller Parties agree that, for purposes of computing the amount of any
indemnification payment under either this Section 6.7 or Article X of this
Agreement, any such indemnification payment shall be treated as an adjustment to the Purchase Price
for all Tax purposes.

     6.8. Employment Matters.

          (a) The Seller Parties shall deliver an updated Employee List to the Buyer in the event that
(i) the employment with any Seller Party or any of its Affiliates of any Subject Employee is
terminated, or (ii) any individual who is not listed on the Employee List becomes a Subject
Employee. Prior to the Closing, Buyer may, at its sole discretion, extend offers of

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employment to any or all of the Subject Employees. All offers of employment to be made by
Buyer pursuant to this Section 6.8 shall be made contingent upon and effective as of the
Closing. The individuals who accept such offers of employment from Buyer are hereafter
collectively referred to as the “Transferred Employees.” To the extent requested by Buyer,
each Seller Party shall provide Buyer with reasonable access to each Subject Employee listed on the
Employee List between the date hereof and the Closing Date and no Seller Party or any of its
Affiliates shall directly or indirectly interfere with any attempt by Buyer to make an offer of
employment to any such Subject Employee or otherwise take any action which might reasonably be
expected to cause such Subject Employee to disfavor or decline any such offer of employment.

          (b) For the avoidance of doubt, nothing contained in this Section 6.8 shall be deemed
to guarantee, or be construed as guaranteeing, employment to any particular employee for a period
greater than otherwise required by any applicable Law. Except as provided otherwise in this
Section 6.8 or as required by applicable Law, the terms of the Transferred Employees’
employment shall be upon such terms and conditions as the Buyer, in its sole discretion, shall
determine.

          (c) No provision of this Section 6.8 shall create any third party beneficiary or other
rights in any employee or former employee (including any beneficiary or dependent thereof) of any
Seller Party or of any of its Affiliates in respect of continued employment (or resumed employment)
with Buyer or any of its Affiliates, and no provision of this Section 6.8 shall create any
such rights in any such persons in respect of any benefits that may be provided, directly or
indirectly, under any Employee Benefit Plan or any plan or arrangement which may be established by
Buyer or any of its Affiliates. No provision of this Agreement shall constitute a limitation on
rights to amend, modify or terminate after the Closing Date any such plans or arrangements of Buyer
or any of its Affiliates.

     6.9. Certain Litigation Matters. From and after the Closing, Buyer will assume
responsibility for and shall prosecute any Actions existing on the Closing Date constituting
ordinary course collection litigation by any Seller as Servicing Party in respect of any Serviced
Account, and, in connection therewith, each relevant Seller and Buyer shall as soon as practicable
after the Closing make such filings and take any other action required to substitute Buyer for such
Seller as a party to such litigation; provided that if any such litigation also includes,
at the time of Closing or thereafter, counterclaims against such Seller or any of its Affiliates,
such Seller shall remain a party to such litigation solely for purposes of such counterclaim and
such Seller shall control the defense of such counterclaim. Each Seller and Buyer shall cooperate
and coordinate with each other in connection with both any such Action being prosecuted by Buyer
and any counterclaim being defended by such Seller.

     6.10. Confidentiality.

          (a) Each Seller Party and its Affiliates shall hold and keep confidential (and shall not
disclose) any information provided by Buyer pursuant to Section 6.2(b)(i) hereof;
provided that this Section 6.10(a) shall not apply to (i) information which is
publicly available at the time of disclosure (through no act of any Seller Party or any of its
Affiliates) or (ii) disclosures which are required to be made under legal process by applicable
Laws.

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          (b) Buyer and its Affiliates will hold and keep confidential (and will not disclose) any
information provided by any Seller Party pursuant to Section 6.1(c) hereof;
provided that this Section 6.10(b) shall not apply to (i) information which is
publicly available at the time of disclosure (through no act of Buyer or any of its Affiliates) or
(ii) disclosures which are required to be made under legal process or by applicable Law.

     6.11. Certain Lease Apportionments. Notwithstanding anything to the contrary
contained in this Agreement, all income from and expenses relating to the Assigned Leases of every
type (including, without limitation, all rent, additional rent, real estate taxes, common area
maintenance and other charges, insurance obligations and utility charges) and nature as is
customary with a Closing of the type contemplated by this Agreement (including, without limitation,
accrued expenses not yet due and payable and income collected prior to the Closing) shall be
apportioned and prorated over the appropriate period in a manner that fairly apportions such income
and expense among Buyer, on the one hand, and the Seller Parties, on the other hand, at the Closing
as of the close of business on the day immediately prior to the Closing Date. The Seller Parties
agree to prorate real estate taxes and assessments based on when such taxes and assessments accrue,
notwithstanding when such taxes and assessments become a lien on the premises leased by the
Assigned Leases. The prorations and apportionments hereunder shall be jointly prepared by the
Seller Parties and Buyer before the Closing on the basis of actual and estimated amounts as
provided. The Seller Parties and Buyer agree to adjust between themselves after the Closing any
errors, reconciliations, or omissions on the prorations or adjustments set forth in the closing
statements and any other prorations or adjustment made pursuant to this Agreement. Notwithstanding
anything to the contrary contained herein, such apportionments shall be deemed final and not
subject to further post-Closing adjustments if no such adjustments have been requested within 90
days after such time as all necessary information is available to make a complete and accurate
determination of such apportionments. The provisions of this Section 6.11 shall survive
the Closing indefinitely.

     6.12. Fort Worth Real Property. Each Seller Party shall be obligated to comply with
the terms set forth in each of the Assigned Leases that provide for specified procedures to
transfer the Assigned Leases, including, without limitation, the provisions set forth in Article 11
of the Fort Worth Lease.

     6.13. Servicing of Third Party Accounts.

          (a) If at any time prior to the date that is 48 months from the Closing Date, Buyer or its
Affiliate is terminated or replaced as Servicer under any Third Party Servicing Agreement for any
reason, Parent shall pay to Buyer or its designated Affiliate an amount equal to the Third Party
Servicing Rebate.

          (b) The Third Party Servicing Rebate shall be due and payable to Buyer on the 15th
day following the last day of the Collection Period in which Buyer was terminated or replaced
(provided that, in the event that such 15th day is not a Business Day, then such Third
Party Servicing Rebate shall be due and payable on the first Business Day following such
15th day).

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     6.14. Servicing of MH Accounts. In acting as Servicer of the MH Accounts, Buyer shall
apply a standard of care no less than that which Buyer customarily exercises with respect to assets
similar in nature and character to the MH Accounts that Buyer services for itself in accordance
with its existing practices and procedures relating to assets of the nature and character of the MH
Accounts.

     6.15. Optional Redemption.

          (a) Not less than 45 days in advance of a date on which Buyer reasonably expects an Optional
Redemption Date to occur for a Redeemable Series, Buyer, for so long as it is Servicer for such
Redeemable Series, will notify Parent of the occurrence of such Optional Redemption Date and
whether Buyer has decided to exercise the Optional Redemption Right related to such Optional
Redemption Date on behalf of itself or its Affiliates. If Parent is not the Trust Interest Holder
for the applicable Redeemable Series as of the notice date described above, Parent will forward the
notification to the Trust Interest Holder.

          (b) If Buyer elects not to exercise the Optional Redemption Right arising on an Optional
Redemption Date (such election a “Redemption Declination”), the Trust Interest Holder may,
within ten Business Days of delivery of a notice from Buyer of a Redemption Declination, notify
Buyer that is desires that Buyer exercise the Optional Redemption Right on behalf of the Trust
Interest Holder (such request a “Holder Election”). Following receipt of notice of a
Holder Election, Buyer will comply with all requirements of the Servicer in connection with the
exercise of an Optional Redemption Right under the related Servicing Agreement. In connection with
a Holder Election, Buyer will notify the Trustee for the Redeemable Series that the Trust Interest
Holder will deposit the Redemption Price for such Redeemable Series on Buyer’s behalf, and, the
Trust Interest Holder will deposit the Redemption Price for the related Redeemable Series directly
with the Trustee for such Redeemable Series on the date required by the related Servicing
Agreement. Following the receipt by the Trustee of the Redemption Price and the redemption of the
securities of the Redeemable Series, Buyer will simultaneously acquire the MH Accounts related to
such Redeemable Series (the “Redeemed Accounts”) and convey such Redeemed Accounts to the
Trust Interest Holder pursuant to a Forward Sale Agreement.

          (c) If the Trust Interest Holder (i) does not appoint Buyer or its Affiliate to service such
Redeemed Account, or (ii) conveys the Redeemed Accounts to a party, and following such conveyance
the acquiring party does not appoint Buyer or its Affiliate to service such Redeemed Accounts, the
Trust Interest Holder will notify Buyer of such and will, within five Business Days of delivering
such notice, pay to Buyer in immediately available funds a rebate amount equal to 2.04% of the
aggregate unpaid principal balance of such Redeemed Accounts.

          (d) For so long as Buyer or its Affiliate is servicer of a Redeemable Series, if (i) (A) such
Redeemable Series is redeemed prior to an Optional Redemption Date pursuant to the terms of a
Redemption Right exercised by any party other than Buyer or its Affiliate or (B) such Redeemable
Series is subject to an auction at any time and the winning bidder at such auction is a Seller
Party or its Affiliate, a holder of any residual interest in such Redeemable Series or any agent of
any of the foregoing, and (ii) at any time from and after such redemption,

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Buyer or its Affiliate is not retained as servicer with respect to any MH Account within such
Redeemable Series, Parent will notify Buyer of such and will, within five Business Days of
delivering such notice, pay to Buyer in immediately available funds a rebate amount equal to 2.04%
of the aggregate unpaid principal balance of such MH Account as of the date such Redeemable Series
was redeemed.

          (e) Notwithstanding the foregoing, a Trust Interest Holder’s failure to either (i) exercise a
Holder Election within ten Business Days of the delivery of a Redemption Declination by Buyer or
(ii) deposit the Redemption Price for a Redeemable Series by the date required under the related
Servicing Agreement shall, to the extent not prohibited by applicable Law, operate as an
irrevocable waiver of all of its rights and interest in the Optional Redemption Right for the
related Redeemable Series, and the Trust Interest Holder and its Affiliates will hold Buyer
harmless for any disposition of the MH Accounts related to such Redeemable Series to any other
party including Buyer.

          (f) All costs and expenses, including reasonable attorneys fees, incurred by Buyer in
connection with a Holder Election shall be borne solely by the Trust Interest Holder and shall be
payable in connection with the consummation of the related Forward Sale Agreement.

     6.16. Performance by Sellers. Without limitation of any specific reference to such
effect elsewhere herein, Parent irrevocably covenants to Buyer that it will cause OFLLC to, and
will cause OFLLC to cause OSI to, perform its respective obligations hereunder and under any
Closing Document to which it (or any of them) is a party and otherwise to comply with the terms
hereof and thereof.

     6.17. Delivery of Certain Information.

          (a) For so long as Buyer or its Affiliates is the Servicer for a Series, Buyer agrees to
periodically deliver to the Seller Parties the servicing data for such Series described on
Schedule 6.17(a) hereto (the “Reported Data”) at the respective intervals described
therein.

          (b) Each Seller Party represents and covenants that any Seller Party or any of its Affiliates
receiving any item of Reported Data will utilize such Reported Data solely to the extent necessary
to perform its respective obligations under a Dealer Program.

          (c) For so long as Buyer or its Affiliates is the Servicer for a Securitization Series (other
than Merit 11, Merit 12 and Merit 13), Buyer agrees to post the servicing data for such
Securitization Series described on Schedule 6.17(c) hereto to its ABS portal website on the
monthly remittance date for such Securitization Series.

     6.18. Mitigation of Losses. Buyer agrees to reasonably cooperate with each Seller in
the performance of its duties as Servicer under the Servicing Agreements (as applicable) with
respect to mitigating repossessions and other losses.

     6.19. Termination of Servicing.

          (a) If at any time Buyer or its Affiliate is terminated or replaced as Servicing Party under
any Series (other than a Countryplace Series) due to the occurrence of a Servicer

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Default arising or continuing on or prior to the Closing Date, Parent shall pay to Buyer or
its designated Affiliate an amount equal to the Termination Rebate.

          (b) The Termination Rebate shall be due and payable to Buyer on the 15th day
following the last day of the Collection Period in which Buyer was terminated or replaced (provided
that, in the event that such 15th day is not a Business Day, then such Termination
Rebate shall be due and payable on the first Business Day following such 15th day).

     6.20. Reserve Accounts. For so long as Buyer or its Affiliate is servicer of an
applicable Series, following the Closing Date, with respect to any Servicing Transfer under an
applicable Servicing Agreement, Buyer will (a) pay any and all costs and expenses incurred by a
Backup Servicer or Subservicer associated with the transfer to such parties of such servicing
functions, and (b) will use its commercially reasonable efforts to ensure that no amounts from any
Reserve Account funded by a Seller Party will be paid to any Person other than the Seller Party who
initially deposited such amounts.

     6.21. Required Liquidity Maintenance.

          (a) From the date hereof until the fourth anniversary of the Closing Date, Parent shall not,
and shall not permit any of its direct or indirect subsidiaries to (i) amend, modify or otherwise
change (or permit the amendment, modification or other change in any manner of) any of the
provisions of the Secured Indebtedness or of any instrument or agreement (including, without
limitation, any purchase agreement, indenture, loan agreement or security agreement) relating to
any such Secured Indebtedness if such amendment, modification or change would shorten the final
maturity or average life to maturity of, or require any payment to be made earlier than the date
originally scheduled on, such Secured Indebtedness, would increase the interest rate applicable to
such Secured Indebtedness, or would otherwise be adverse to Buyer in any respect; provided
that, in the event of an “Event of Default” under the Secured Indebtedness, the final maturity or
average life to maturity may be amended.

          (b) From the date hereof until the fourth anniversary of the Closing Date, Parent shall not,
and shall not permit any of its direct or indirect subsidiaries to make any voluntary or optional
payment, prepayment, redemption, Refinancing, defeasance, sinking fund payment or other acquisition
for value of the Secured Indebtedness (including, without limitation, by way of depositing money or
securities with any agent or other Person before the date such Secured Indebtedness matures for the
purpose of paying any portion of such Secured Indebtedness when due) (an “Optional
Prepayment”), without obtaining the prior written consent of Buyer, such consent not to be
unreasonably withheld; provided, however, that Parent and its direct or indirect
subsidiaries may, by a single Optional Prepayment, indefeasibly pay in full all obligations under
the Secured Indebtedness without such consent of Buyer so long as, prior to making any such
Optional Prepayment, Parent shall have established to the reasonable satisfaction of Buyer that,
after giving effect to such Optional Prepayment, no breach of, or noncompliance with, the
provisions of Section 6.21(d) will or would reasonably be expected to occur;
provided, further, that Parent and its direct or indirect subsidiaries may
Refinance the Secured Indebtedness solely with Permitted Refinancing Indebtedness without the
consent of Buyer so long as, prior to the consummation of such Refinancing, Parent shall have
established to the reasonable satisfaction of Buyer that, after giving effect to such Refinancing,
no breach of,

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or noncompliance with, the provisions of Section 6.21(d) will or would reasonably be
expect to occur. Buyer shall have no obligation to provide its consent; provided that
Buyer will provide its consent if Parent demonstrates to the reasonable satisfaction of Buyer that,
at the time an Optional Prepayment is proposed, and after giving effect thereto on a pro forma
basis, the aggregate amount of Parent’s unrestricted Cash and unrestricted Cash Equivalents (which
aggregate amount is net of float from banks for uncleared funds) is, and based upon the most recent
financial forecasts of Parent for the twelve months following such payment, will continue to be
more than the Minimum Liquidity Amount. This Section 6.21(b) shall terminate from and
after the date Parent consummates the disposition of its loan origination platform for reasonably
equivalent value to a third party buyer pursuant to which the third party buyer either assumes all
of the operational liabilities related to such platform (including, without limitation,
proportionate lease and employee obligations) or Parent and its direct and indirect subsidiaries is
otherwise irrevocably released from such liabilities.

          (c) Notwithstanding the foregoing, on or prior to the Closing Date, OFLLC shall be permitted
to make an Optional Prepayment (i) with respect to the 2007 Loan Agreement, in the amount of no
more than $15,000,000 and (ii) with respect to the Loan Agreement, no more than an amount of costs
and fees (to the extent provided for in the Loan Agreement or the 2007 Loan Agreement), interest
and principal outstanding under the Loan Agreement, such that Parent and its direct and indirect
subsidiaries shall have Cash and Cash Equivalents of at least $12,500,000 after giving effect to
the payments contemplated by clauses (i) and (ii) of this Section 6.21(c);
provided, however, that the total payments under this Section 6.21(c) shall
not be less than $25,000,000.

          (d) From the date hereof until the fourth anniversary of the Closing Date, Parent shall not
permit the aggregate amount of unrestricted Cash and unrestricted Cash Equivalents (which aggregate
amount is net of float from banks for uncleared funds) to be less than the Minimum Liquidity Amount
at any time. On or prior to the fifth Business Day of each calendar month, Parent shall deliver to
Buyer a certificate duly executed by a senior officer of Parent certifying that Parent has complied
in all respects with the provisions of this Section 6.21(d) as of the last day of the prior
calendar month. At any time that Parent is in violation of this covenant, Parent shall not, and
shall not permit any of its direct or indirect subsidiaries to make any Optional Prepayment.

          (e) From the date hereof until the fourth anniversary of the Closing Date, as soon as
available, and in any event within thirty (30) days after the end of each calendar quarter ending
after the Closing Date, Parent shall provide to Buyer the unaudited consolidated balance sheet of
Parent as at the end of such calendar quarter.

          (f) Each of the parties hereto hereby agrees that irreparable damage would occur in the event
that any of the provisions in this Section 6.21 were not performed by Parent and its direct
and indirect subsidiaries in accordance with their specific terms or were otherwise breached. It
is accordingly agreed that Buyer shall be entitled (to the extent not prohibited by applicable Law)
to an injunction or injunctions to prevent breaches of this Section 6.21 and to enforce
specifically the terms and provisions of this Section 6.21 without bond or other security
being required and without the necessity of proving the inadequacy of money damages, this being in
addition to any other remedy to which they are entitled at law or in equity.

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     6.22. Access to Fort Worth Real Property. From and after the Closing, upon reasonable
prior written notice by a Seller Party to Buyer, Buyer shall grant to representatives of such
Seller Party reasonable access during normal business hours to the Fort Worth Real Property solely
for the purpose of permitting such representatives to remove and retrieve therefrom any Excluded
Assets then located on or in the Fort Worth Real Property and, in connection therewith, to utilize
necessary related services, including, the telephone, fax machines, internet access and moving
equipment; provided that (a) Buyer shall have the right to designate one or more of its
representatives to supervise and accompany any such representative of such Seller Party at any and
all times during which any such access is so granted by Buyer, (b) no representative of such Seller
Party shall remove any objects, assets or property from the Fort Worth Real Property without first
establishing to the reasonable satisfaction of Buyer that such objects, assets or property
constitute Excluded Assets, and (c) Buyer shall not be obligated hereby or otherwise to grant any
such access or to permit any such removal of any objects, assets or property or utilization of
services, and Buyer shall have the right to deny such access, removal or utilization, if Buyer
determines in good faith that such access, removal or utilization would unreasonably interfere with
Buyer’s business activities at the Fort Worth Real Property or cause Buyer to incur any
unreasonable expense.

ARTICLE VII.

CONDITIONS TO OBLIGATIONS OF BUYER

     7.1. Conditions. The obligation of Buyer to consummate the transactions contemplated
by this Agreement are subject to the fulfillment, at or before the Closing Date, of the following
conditions, any one or more of which may be waived by Buyer in its sole discretion:

          (a) Representations and Warranties. The representations and warranties of the Seller
Parties contained in Section 4.1(b), Section 4.1(d), Section 4.1(g),
Section 4.1(p), Section 4.1(q) and Section 4.1(s) shall be true and correct
in all respect, and all other representations and warranties of the Seller Parties contained in
this Agreement shall be true and correct in all material respect, on and as of the Closing Date, as
though such representations and warranties were made on and as of such date, except to the extent
that any such representation or warranty is made as of a specified date, in which case such
representation or warranty shall have been true and correct as of such date.

          (b) Covenants. The covenants set forth in Section 6.1(b)(ii) shall have been
complied with and performed by each Seller Party in all respects, and all other covenants contained
in this Agreement to be complied with and performed by the Seller Parties on or prior to the
Closing Date shall have been complied with or performed in all material respects.

          (c) No Injunction. There shall not be in effect any Order issued by any Governmental
Authority restraining or enjoining the carrying out of this Agreement or the consummation of the
transactions contemplated by this Agreement.

          (d) Certain Deliveries. Buyer shall have received the items described in
Section 9.2 as provided therein.

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          (e) Rating Agency Affirmation Letters. Buyer, Sellers and the applicable Trustee
shall have received from the related Rating Agencies, as to each Securitization Series and
Countryplace Series, originals or photocopies of the related Rating Agency Affirmation Letters.

          (f) Closing Data Files. The Seller Parties shall have delivered to Buyer the Closing
Data Files for each Series.

          (g) Required Consents. All third-party consents and approvals not otherwise specified
in this Section 7.1 or in Section 8.1 hereof, but required to be obtained by any
Seller Party in connection with or for the consummation of the transactions contemplated by this
Agreement, including, without limitation, any such consents and approvals required by Law or by any
Governmental Authority and the consent of the landlord under the Fort Worth Lease to the initial
execution and delivery of the Temporary Use and Occupancy Agreements and the assignment of the
Assigned Leases as contemplated by this Agreement (all such consents and approvals, collectively,
the “Required Consents”), shall in each case have been obtained.

          (h) Stockholder Approval. The Stockholder Approval shall have been obtained.

          (i) Financial Advisor Opinion. The written opinion described Section 4.1(p)
shall have not been amended, modified, supplemented, withdrawn, rescinded or qualified in any
respect, and such opinion shall be in full force and effect.

          (j) Material Adverse Effect. During the period from the date hereof to the Closing
Date, there shall not have been a Material Adverse Effect.

          (k) Assigned Leases. Each Assigned Lease shall be in full force and effect and no
breach shall have occurred and be continuing thereunder.

          (l) No Liens. There shall not exist any Lien on or relating to any of the Conveyed
Property and no Conveyed Property shall be subject to any Lien other than restrictions expressly
imposed under the Servicing Agreements and the Assigned Leases (as applicable).

ARTICLE VIII.

CONDITIONS TO OBLIGATIONS OF SELLER PARTIES

     8.1. Conditions. The obligation of the Seller Parties to consummate the transactions
contemplated by this Agreement are subject to the fulfillment, at or before the Closing Date, of
the following conditions, any one or more of which may be waived by Parent in its sole discretion:

          (a) Representations and Warranties. The representations and warranties of Buyer
contained in Section 5.1(b) shall be true and correct in all respect, and all other
representations and warranties of Buyer contained in this Agreement shall be true and correct in
all material respect, on and as of the Closing Date, as though such representations and warranties
were made on and as of such date, except to the extent that any such representation or warranty

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is made as of a specified date, in which case such representation or warranty shall have been
true and correct as of such date.

          (b) Covenants. All the covenants contained in this Agreement to be complied with and
performed by Buyer on or prior to the Closing Date shall have been complied with or performed in
all material respects.

          (c) No Injunction. There shall not be in effect any Order issued by any Governmental
Authority restraining or enjoining the carrying out of this Agreement or the consummation of the
transactions contemplated by this Agreement.

          (d) Certain Deliveries. Parent shall have received the items described in
Section 9.3 as provided therein.

          (e) Rating Agency Affirmation Letters. Buyer, Sellers and the Trustee shall have
received from the related Rating Agencies, as to each Series, originals or photocopies of the
related Rating Agency Affirmation Letters.

          (f) Stockholder Approval. The Stockholder Approval shall have been obtained.

ARTICLE IX.

CLOSING

     9.1. Time and Place. Unless this Agreement shall have been terminated pursuant to
Article XI hereof, the closing (the “Closing”) of the transactions contemplated
herein shall take place at 10:00 a.m., local time, on the first day of the calendar month following
the date on which the conditions set forth in Article VII hereof and Article VIII
hereof shall have been satisfied or waived (other than those conditions that by their nature are to
be satisfied at the Closing, but subject to the satisfaction or waiver of such conditions) shall
have occurred (provided that, in the event that such first day is not a Business Day, then the
Closing shall take place at 10:00 a.m., local time, on the first Business Day following such first
day), or at such other time and/or on such other date as to which Parent and Buyer may mutually
agree (the date of the Closing, the “Closing Date”). The Closing shall be deemed effective
as of 12:01 a.m. (New York time) on the Closing Date. The Closing shall take place at the offices
of Willkie Farr & Gallagher LLP, 787 Seventh Avenue, New York, New York 10019 or at such other
place as to which Parent and Buyer may mutually agree.

     9.2. Deliveries by Seller Parties. At the Closing, the Seller Parties shall deliver,
or cause to be delivered, the following:

          (a) to Buyer and the Trustee, the Bill of Sale, in each case duly executed by Sellers (as
applicable) and each other party thereto (other than any Buyer Party);

          (b) to Buyer and the Trustee, the Appointment and Assumption Agreement with respect to the
Servicing Agreement of each Series, in each case duly executed by Sellers (as applicable) and each
other party thereto (other than any Buyer Party);

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          (c) to Buyer, the Powers of Attorney with respect to the Servicing Agreement of each Series,
in each case duly executed by Sellers (as applicable);

          (d) to Buyer, the Assignment of Leases, duly executed by OFLLC and all lease files relating
thereto, including, without limitation, the keys for the Fort Worth Facility, the combination of
any safes located at the Fort Worth Facility and the access codes for any electronic security
system located at the Fort Worth Facility;

          (e) to Buyer, UCC-1 Financing Statements naming each Seller (as applicable) as seller and
Buyer or its Affiliate(s) as purchaser of the Conveyed Property governed by Article 9 of the UCC in
form sufficient for filing in the State of Delaware;

          (f) to Buyer, copies of updated Schedules pursuant to Section 6.1(f);

          (g) to Buyer and the Trustee, an Effective Notice for each Appointment and Assumption
Agreement identifying the Closing Date as the Effective Date, in each case duly executed by Sellers
(as applicable) and each other party thereto (other than any Buyer Party);

          (h) to Buyer, a certificate, duly executed by an officer of Parent, certifying as to the
satisfaction of the conditions set forth in Section 7.1(a), Section 7.1(b),
Section 7.1(i), Section 7.1(j) and Section 7.1(l);

          (i) to Buyer, a written estoppel certificate, in form and substance reasonably acceptable to
Buyer and otherwise in accordance with the terms set forth in the Fort Worth Lease, duly executed
by the landlord under the Fort Worth Lease and dated not more than five days prior to the Closing
Date;

          (j) to Buyer, a written estoppel certificate, in form and substance reasonably acceptable to
Buyer, duly executed by the sublessee under the Fort Worth Sublease and dated not more than five
days prior to the Closing Date;

          (k) to Buyer, the Transitional Services Agreement, duly executed by the Seller Parties;

          (l) to Buyer, legal opinions of counsel to the Seller Parties, substantially in the forms
attached hereto as Exhibits H-1, H-2 and H-3;

          (m) to Buyer, evidence reasonably satisfactory to Buyer that all Liens on or relating to any
item of Conveyed Property, or to which any item of Conveyed Property is subject, as set forth on
Schedule 4.1(t) hereto, have been released and discharged in all respects;

          (n) to Buyer, a written subordination non-disturbance and attornment agreement, in form and
substance reasonably acceptable to Buyer and otherwise in accordance with the terms of the Fort
Worth Lease, duly executed by the landlord under the Fort Worth Lease;

          (o) to Buyer, a payoff letter, in form and substance reasonably acceptable to Buyer, with
respect to the indefeasible payment in full of all outstanding indebtedness and other

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obligations under that certain Amended and Restated Senior Loan Agreement, dated as of April
8, 2008 (as the same may be amended, modified or supplemented hereafter), between the OFLLC, as
borrower, and the William M. Davidson Trust u/a/d December 13, 2004, as lender, duly executed by
such lender;

          (p) to Buyer, the Whole Loan Servicing Agreement, duly executed by OFLLC;

          (q) to Buyer, each Mortgage Selling and Servicing Contract with respect to the Third Party
Accounts currently serviced by Fannie Mae Approved Seller/Servicer Number 24250-0016, Fannie Mae
Approved Seller/Servicer Number 24250-0008 and Fannie Mae Approved Seller/Servicer Number
25936-0005, in each case duly executed by Fannie Mae; and

          (r) to Buyer, evidence reasonably satisfactory to Buyer that, after giving effect to the
Closing and the payment of all amounts paid, payable, to be paid or permitted to be paid pursuant
to Section 6.21(c), Parent and its direct and indirect subsidiaries will have Cash and Cash
Equivalents of at least $12,500,000.

     9.3. Deliveries by Buyer. At the Closing, Buyer shall deliver, or cause to be
delivered, to Parent the following:

          (a) the Bill of Sale, duly executed by the applicable Buyer Parties;

          (b) the Appointment and Assumption Agreement with respect to the Servicing Agreement of each
Series, in each case duly executed by the applicable Buyer Parties;

          (c) the Assignment of Leases, duly executed by Buyer;

          (d) a certificate, duly executed by an officer of Buyer, certifying as to the satisfaction of
the conditions set forth in Section 8.1(a) and Section 8.1(b);

          (e) the Transitional Services Agreement, duly executed by the applicable Buyer Parties; and

          (f) the Whole Loan Servicing Agreement, duly executed by the applicable Buyer Parties.

ARTICLE X.

INDEMNIFICATION

     10.1. Survival. All representations and warranties set forth in Article IV
hereof and Article V hereof and all agreements, obligations and covenants of the parties
hereto contained in this Agreement that are by their terms to be performed at or prior to the
Closing shall survive the Closing until 18 months following the Closing Date; provided,
however, that (a) the representations and warranties set forth in Section 4.1(p),
Section 4.1(q) and Section 4.1(r) hereof shall survive the Closing until the third
anniversary of the Closing Date, (b) the representations and warranties set forth in Section
4.1(o) and Section 4.1(s) shall survive until the expiration of all applicable statute
of limitations periods, and (c) the representations and warranties set forth in Section
4.1(a), Section 4.1(b), Section 4.1(e) and Section 4.1(g), Section

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5.1(a), Section 5.1(b) and Section 5.1(e) hereof shall survive the
Closing indefinitely. The agreements, obligations and covenants of the parties hereto that are not
to be performed at or prior to the Closing shall survive the Closing indefinitely.

     10.2. Indemnification.

          (a) Indemnification by Seller Parties.

                    (i) From and after the Closing, subject to the limitations set forth in this
Article X, each Seller Party shall, to the extent not prohibited by applicable Law, jointly
and severally reimburse, indemnify, defend and hold harmless each of Buyer, its Affiliates and each
of their respective permitted successors and assigns, stockholders, members, partners, officers,
directors, employees, agents and representatives and, solely with respect to any Losses related to
any breach of or noncompliance with the provisions of Section 6.17(b), the Trustee of any
related Series (collectively, the “Buyer Indemnitees”), against and in respect of any
claim, damage, loss, liability, assessment, cost, disbursement, settlement, judgment, award, suit,
demands, payment, fine, penalty or expense (including reasonable legal fees and expenses) of any
kind or nature whatsoever (collectively, excluding consequential or incidental damages,
“Losses”) that a Buyer Indemnitee may incur or suffer resulting or arising from, related to
or incurred or suffered in connection with: (A) any breach of any representation or warranty of
any Seller Party set forth in Article IV hereof (in each case disregarding all
qualifications and exceptions relating to materiality, Material Adverse Effect or words of similar
import) or in any Closing Document to which any Seller Party or any of its respective Affiliates is
or will be a party; (B) the nonperformance, noncompliance or breach by any Seller Party or any of
its respective Affiliates of any agreement, obligation or covenant to be performed by any Seller
Party or any of its respective Affiliates under this Agreement or any Closing Document to which any
Seller Party or any of its respective Affiliates is or will be a party; (C) any Action disclosed on
Schedule 4.1(d) hereto; (D) any Seller’s activities as Servicing Party under the Servicing
Agreements before the Closing; or (E) any failure of any Seller Party or any of its Affiliates to
assume, pay, perform and discharge any Excluded Liability.

                    (ii) The parties hereto agree that no indemnification of a Buyer Indemnitee will be required
under Section 10.2(a)(i)(A) hereof until the aggregate amount of all Losses suffered and
incurred by all Buyer Indemnitees which are subject to indemnification by Seller Parties pursuant
to Section 10.2(a)(i)(A) hereof exceeds $250,000, in which event Seller Parties shall be
required to pay the entire amount of such Losses; provided that to the extent such Losses
relate to breaches of representations and warranties set forth in Section 4.1(a),
Section 4.1(b), Section 4.1(e) or Section 4.1(g), this Section
10.2(a)(ii) shall not apply. Sellers’ aggregate obligation for all matters to be indemnified
under Section 10.2(a)(i)(A) hereof shall not exceed an aggregate amount equal to 50% of the
Purchase Price (the “Cap”); provided that if such Losses relate to breaches of
representations and warranties set forth in Section 4.1(a), Section 4.1(b),
Section 4.1(d), Section 4.1(e) or Section 4.1(g), the Cap shall not apply.

          (b) Indemnification by Buyer.

                    (i) From and after the Closing, subject to the limitations set forth in this
Article X, Buyer shall, to the extent not prohibited by applicable Law, reimburse,
indemnify,

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defend and hold harmless each Seller Party, its Affiliates and its and their stockholders,
members, officers, directors, employees, agents and representatives (collectively, the “Seller
Indemnitees”) against and in respect of any Losses that a Seller Indemnitee may incur or suffer
resulting or arising from, related to or incurred or suffered in connection with: (A) any breach
of any representation or warranty of Buyer set forth in Article V hereof (in each case
disregarding all qualifications and exceptions relating to materiality, Material Adverse Effect or
words of similar import) or in any Closing Document to which Buyer or any of its Affiliates is or
will be a party, (B) the nonperformance, noncompliance or breach by Buyer or any of its Affiliates
of any agreement, obligation or covenant to be performed by Buyer or any of its Affiliates under
this Agreement or any Closing Document to which Buyer or any of its Affiliates is or will be a
party, (C) Buyer’s activities as Servicing Party under the Servicing Agreements from and after the
Closing or the actions of any Buyer Party with respect to the Conveyed Property, or (D) any failure
of Buyer to assume, pay, perform and discharge any Assumed Liabilities.

                    (ii) The parties hereto agree that no indemnification of a Seller Indemnitee will be required
under Section 10.2(b)(i)(A) hereof until the aggregate amount of all Losses suffered and
incurred by all Seller Indemnitees which are subject to indemnification by Buyer pursuant to
Section 10.2(b)(i)(A) hereof exceeds $250,000, in which event Buyer shall be required to
pay the entire amount of such Losses; provided that to the extent such Losses relate to
breaches of representations and warranties set forth in Section 5.1(a), Section
5.1(b) and Section 5.1(e), this Section 10.2(b)(ii) shall not apply. Buyer’s
aggregate obligation for all matters to be indemnified under Section 10.2(b)(i)(A) hereof
shall not exceed an aggregate amount equal to the amount of the Cap; provided that if such
Losses relate to breaches of representations and warranties set forth in Section 5.1(a),
Section 5.1(b) or Section 5.1(e), the Cap shall not apply.

          (c) Other Limitations on Indemnification. With respect to claims for indemnification
under Section 10.2(a) hereof or Section 10.2(b) hereof, the following additional
limitations shall apply:

                    (i) Insurance and Other Third Party Recoveries. Any identifiable Losses payable by
any Seller Party or Buyer (as applicable, the “Indemnitor”) shall be reduced by the amount
of any insurance proceeds received by the Person seeking indemnity (the “Indemnitee”)
against such Losses and by the amount of any other indemnity, contribution or other similar
payments actually recovered by the Indemnitee from an unrelated Person with respect to such Losses,
net of costs of such recovery, and the Indemnitee shall submit a claim and administratively pursue
such claim in a commercially reasonable manner under all appropriate insurance policies;
provided, however, the Indemnitee shall not be required to pursue such amounts as a
precondition to the Indemnitor’s obligation to pay a claim as required by this Article X or
otherwise and the Indemnitor shall not be entitled to delay any payment for the purpose of
awaiting receipt of insurance proceeds or other credits or amounts.

                    (ii) Retroactive Adjustments. If the amount of any limitation pursuant to this
Section 10.2(c) is determined after payment by an Indemnitor, then the respective
Indemnitee shall repay to such Indemnitor, promptly after such determination, any amount that such
Indemnitor would not have had to pay pursuant to this Section 10.2(c) had such
determination been made before the payment.

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                    (iii) Other Limitations. The parties hereto shall each take, and shall cause to be
taken by their respective Affiliates, all commercially reasonable steps to mitigate any Loss upon
and after becoming aware of any event that could reasonably be expected to give rise to a claim for
indemnification under Section 10.2(a) or Section 10.2(b) hereof, respectively, in
respect of such Loss.

          (d) Notice and Defense of Claims.

                    (i) If an Indemnitee receives notice or otherwise obtains knowledge of any matter with respect
to which an Indemnitor may become obligated to hold harmless or indemnify such Indemnitee under
this Section 10.2, then such Indemnitee shall promptly deliver to such Indemnitor a written
notice describing in reasonable detail the basis for indemnification and the amount to be
indemnified, provided, however, that failure to promptly deliver such notice shall
not affect the indemnification obligation except to the extent the Indemnitor is prejudiced or
injured thereby, but in any event, the Indemnitee shall deliver such notice prior to the last day
of the survival period for a representation, warranty, covenant or agreement that is the subject of
that claim or such claim shall be forever barred. If claims for breaches of representations,
warranties, covenants and agreements are timely asserted prior to the end of such survival period,
then the applicable representation, warranty, covenant or agreement with respect to which such
claim is based shall survive solely for the purposes of such claim after such survival period until
the final resolution of such claim. If such matter involves a third party, the Indemnitor shall
have the right, at its option, to assume the defense of such matter at its own expense and with its
own counsel. If the Indemnitor elects to and does assume the defense of such matter, (a) the
Indemnitor shall not be required to indemnify the Indemnitee against any attorneys’ fees or other
expenses incurred on behalf of the Indemnitee in connection with such matter following the
Indemnitor’s election to assume the defense of such matter, (b) the Indemnitee shall cooperate in a
commercially reasonable manner as reasonably requested by the Indemnitor in the defense or
settlement of such matter, (c) the Indemnitor shall keep the Indemnitee reasonably informed of
developments and events relating to such matter and (d) the Indemnitee and its counsel shall be
afforded the opportunity to participate in, but not control, the defense of such claim. So long as
the Indemnitor is in good faith defending the Indemnitee in such matter, the Indemnitee shall not
settle or compromise such matter. In the event that the Indemnitor fails to defend the Indemnitee
with respect to such matter, or notify the Indemnitee that it is undertaking such defense, within
30 days after receiving such written notice, the Indemnitee shall have the right (but not the
obligation) to defend itself, or to enter into any commercially reasonable settlement of such
matter (but such settlement shall be made only with the prior written consent of the Indemnitor
(which consent shall not be unreasonably withheld except in any instance in which such settlement
requires the Indemnitor to admit any breach of Law, involves an injunction or future activity of
the Indemnitor or requires the Indemnitor to pay any money damages).

                    (ii) Notwithstanding the foregoing provisions of this Section 10.2, if the Indemnitor
notifies the Indemnitee in writing that it disputes any portion or all of its liability hereunder
to the Indemnitee with respect to a third party claim promptly upon receipt of knowledge of such
dispute (including in such notice reasonable detail for the basis of such dispute) (any such
dispute between the Indemnitor and the Indemnitee, a “Dispute”), whether or not it has
elected to defend such claim, if such Dispute is resolved in favor of the Indemnitor, the

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Indemnitor will not be required to bear the costs and expenses of defense of the Indemnitee in
connection with such third party claim incurred after the required notice of the Dispute is
received by the Indemnitee.

          (e) Access to Books and Records. In the event of any claim for indemnity under this
Section 10.2, each party hereto agrees to give each other party hereto and its
representatives reasonable access to the books and records and similar materials and its employees
relating to the Conveyed Property, the Securitization Program, the Countryside Series, the Third
Party Servicing Agreements and the Facility Documents, in connection with the matters for which
indemnification is sought to the extent the requesting party reasonably deems such access necessary
in connection with its rights and obligations under this Section 10.2 and at the requesting
party’s sole cost.

     10.3. Exclusive Remedy. Except with respect to claims (a) for fraud, (b) seeking
equitable relief under Sections 2.1. Section 6.10 or Section 6.21 or
(c) under Section 6.7 or Section 13.2, each Seller Party, on the one hand, and
Buyer, on the other hand, hereby acknowledges and agrees, on behalf of itself and the other Seller
Indemnitees and Buyer Indemnitees, as the case may be, that its sole and exclusive remedy with
respect to any and all claims relating to the subject matter of this Agreement shall be pursuant to
the indemnification provisions set forth in this Article X. In furtherance of the
foregoing, each Seller Party, on the one hand, and Buyer, on the other hand, on behalf of itself
and the other Seller Indemnitees or Buyer Indemnitees, as the case may be, to the fullest extent
permitted under applicable Law, hereby waives any and all rights, claims, remedies and causes of
action it may have against Buyer (in the case of any Seller Party and the other Seller Indemnitees)
and/or any Seller Party (in the case of Buyer and the other Buyer Indemnitees) arising under or
based upon any Law (including, without limitation, any such rights, claims, remedies or causes of
action arising under or based upon common law or otherwise) or in equity relating to the subject
matter of this Agreement, other than (i) in the case of fraud or (ii) such rights, claims, remedies
or causes of action expressly provided for or expressly permitted under Section 2.1,
Section 6.7, Section 6.10, Section 6.21, this Article X or
Section 13.2.

ARTICLE XI.

TERMINATION

     11.1. Termination. This Agreement may be terminated at any time before the Closing as
follows and in no other manner:

          (a) by mutual written agreement of Parent and Buyer;

          (b) by Parent or Buyer at any time after one or more Required Consents cannot be obtained,
provided that the terminating party provides the other 45 days advance written notice
including reasonable evidence that the Required Consents cannot be obtained;

          (c) by Parent or Buyer upon written notice to the other at any time after September 1, 2008
(the “Termination Date”), if the Closing shall have not occurred on or before such date;

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          (d) by Parent or Buyer if any Governmental Authority shall have issued an Order, decree or
ruling or taken any other action permanently restraining, enjoining or otherwise prohibiting or
making illegal the transactions contemplated by this Agreement, and such Order, decree, ruling or
other action shall have become final and nonappealable;

          (e) by Parent or Buyer, if no Recommendation Change shall have occurred at or prior to the
Stockholders Meeting (including any adjournments or postponements thereof), the Stockholders
Meeting (including any adjournments or postponements thereof) shall have been convened, a vote to
approve this Agreement and the transactions contemplated hereby shall have been taken thereat and
the Stockholder Approval shall have not been obtained;

          (f) by Buyer, if there shall have been a breach of any of the covenants or agreements or any
of the representations or warranties set forth in this Agreement on the part of any Seller Party
which breach, either individually or in the aggregate, would reasonably be expected to result in
the failure of the conditions set forth in Section 7.1 to be satisfied and which is not
cured within the earlier of (i) the Termination Date and (ii) 30 days following written notice to
Parent from Buyer, or which by its nature or timing cannot be cured within such time period;
provided that Buyer shall not have the right to terminate this Agreement pursuant to this
Section 11.1(f) if it is then in material breach of any of its covenants or agreements or
representations and warranties contained in this Agreement;

          (g) by Parent, if there shall have been a breach of any of the covenants or agreements or any
of the representations or warranties set forth in this Agreement on the part of Buyer which breach,
either individually or in the aggregate, would reasonably be expected to result in the failure of
the conditions set forth in Section 8.1 to be satisfied and which is not cured within the
earlier of (i) the Termination Date and (ii) 30 days following written notice to Buyer from Parent,
or which by its nature or timing cannot be cured within such time period; provided that
Parent shall not have the right to terminate this Agreement pursuant to this
Section 11.1(g) if any Seller Party is then in material breach of any of its covenants or
agreements or representations and warranties contained in this Agreement;

          (h) by Buyer, if a Recommendation Change shall have occurred at or prior to the Stockholders
Meeting (including any adjournments or postponements thereof); or

          (i) by Buyer, if a Recommendation Change shall have occurred at or prior to the Stockholders
Meeting (including any adjournments or postponements thereof), the Stockholders Meeting (including
any adjournments or postponements thereof) shall have been convened, a vote to approve this
Agreement and the transactions contemplated hereby shall have been taken thereat and the
Stockholder Approval shall have not been obtained.

     11.2. Effect of Termination. If this Agreement is terminated pursuant to
Section 11.1, this Agreement shall, to the fullest extent permitted by applicable Law,
become void and of no force or effect without liability of any party (or any stockholder, director,
officer, employee, agent, consultant or representative of such party) to any other party hereto;
provided, however, that if such termination shall result from (a) the willful
failure of any party hereto to fulfill a condition to the performance of the material obligations
of the other parties hereto, (b) the willful failure of any party hereto to perform a material
covenant applicable to it or (c) the failure by a

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party to close after all conditions to Closing for its benefit have been satisfied or waived,
such party shall be fully liable for any and all liabilities and damages incurred or suffered by
any other party hereto as a result of any such failure; provided, further, that, to
the extent not prohibited by applicable Law, if (i) either Parent or Buyer terminates this
Agreement pursuant to Section 11.1(c), Section 11.1(e) or Section 11.1(f)
and (ii) within 12 months after the date of such termination, any Seller Party or any of its
respective Affiliates enters into or consummates a definitive agreement with any third party with
respect to a sale, transfer or conveyance of all or a substantial portion of the Conveyed Property,
within one Business Day after the date on which such definitive agreement shall have been entered
into or consummated (whichever shall have occurred first), the Seller Parties shall jointly and
severally pay $1,250,000 (the “Termination Fee”) to, or as directed by, Buyer;
provided, further, however, that, to the extent not prohibited by
applicable Law, if Buyer terminates this Agreement pursuant to Section 11.1(h) or
Section 11.1(i), within three Business Days after the date of such termination, the Seller
Parties shall jointly and severally pay the Termination Fee to, or as directed by, Buyer. The
Seller Parties shall pay the Termination Fee by wire transfer of immediately available funds to one
or more account(s) specified by Buyer in writing. Notwithstanding the foregoing,
Article I, Section 6.7, this Article XI, Article XII and
Article XIII (other than Section 13.2) shall survive any termination of this
Agreement.

ARTICLE XII.

NOTICES

     12.1. Notices. Any notice, demand or communication given or made pursuant hereto must
be in writing and must be served personally or sent by fax, overnight courier or registered or
certified mail (postage prepaid, return receipt requested), addressed to parties, as follows:

	 	 	 
	If to Buyer:

	 	Green Tree Servicing LLC
	 

	 	345 St. Peter Street
	 

	 	1100 Landmark Towers
	 

	 	St. Paul, Minnesota 55102-1639
	 

	 	Attention: Chief Operating Officer
	 

	 	Facsimile: (651) 293-5746
	 
	 	 
	 

	 	with copies to:
	 
	 	 
	 

	 	Green Tree Servicing LLC
	 

	 	345 St. Peter Street
	 

	 	1100 Landmark Towers
	 

	 	St. Paul, Minnesota 55102-1639
	 

	 	Attention: General Counsel
	 

	 	Facsimile: (651) 293-5818
	 
	 	 
	 

	 	and
	 
	 	 
	 

	 	Willkie Farr & Gallagher LLP
	 

	 	787 Seventh Avenue
	 

	 	New York, New York 10019
	 

	 	Attention: Rosalind F. Kruse, Esq.
	 

	 	Facsimile: (212) 728-8111
	 
	 	 

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	If to any Seller Party:

	 	Origen Financial, Inc.
	 

	 	27777 Franklin Road
	 

	 	Suite 1700
	 

	 	Southfield, MI 48034
	 

	 	Attention: Ronald Klein
	 

	 	Facsimile: (248) 644-5595
	 
	 	 
	 

	 	with copies to:
	 
	 	 
	 

	 	Jaffe Raitt Heuer & Weiss, P.C.
	 

	 	Suite 2500
	 

	 	27777 Franklin Road
	 

	 	Southfield MI  48086-5034
	 

	 	Attention: William E. Sider, Esq.
	 

	 	Facsimile: (248) 351-3082

or to such other Persons or at such other addresses as shall be furnished by like notice to the
other parties hereto, and such notice or other communication shall be deemed to have been given or
made as of the date so delivered or received.

ARTICLE XIII.

GENERAL

     13.1. Entire Agreement. This Agreement shall be binding on the parties hereto only
upon execution and delivery of this Agreement by all of the parties hereto. This Agreement,
together with the schedules and exhibits hereto (which schedules and exhibits are deemed a part of
this Agreement) and any further agreements entered into by any Buyer Party and any Seller Party at
the Closing, (a) contain the entire agreement and understanding of the parties with respect to the
subject matter of this Agreement and (b) supersede all prior negotiations, discussions,
correspondence, communications, understandings, drafts and agreements between the parties relating
to the subject matter of this Agreement (including the Offer Letter, which is hereby terminated by
the parties hereto and under and with respect to which no Person shall have any further liability
or obligation), all of which are merged into this Agreement. No prior drafts of this Agreement and
no words or phrases from any such prior drafts shall be admissible into evidence in any action or
proceeding involving this Agreement.

     13.2. Publicity. Each party hereto agrees not to issue any press releases or make any
other public announcement through the Closing Date regarding the transactions contemplated by this
Agreement, except as otherwise required by applicable Law or the rules of any applicable stock
exchange or Governmental Authority (but in such case only after giving each other party hereto a
reasonable opportunity to comment on any such release or announcement in advance, consistent with
such applicable requirements), and no such press release or public announcement shall be made by
any party hereto after the Closing Date, except with the prior written consent of the other party
hereto; provided that any Seller may notify any Governmental Authority that such

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Seller has resigned as, and Buyer has succeeded as, Servicing Party under the Servicing
Agreements in order to permit such Governmental Authority to reflect in any applicable records or
filings that such resignation and succession has taken place. Any party’s breach of the provisions
set forth in this Section 13.2 shall afford the non-breaching party any rights and remedies
provided by law or in equity.

     13.3. Governing Law; Submission to Jurisdiction; Appointment of Agent for Service of
Process.

          (a) This Agreement shall be governed by and construed in accordance with the Laws of the State
of Delaware, without regard to principles of conflict of laws. The parties hereto hereby declare
that it is their intention that this Agreement shall be regarded as made under the Laws of the
State of Delaware and that the Laws of said State shall be applied in interpreting its provisions
in all cases where legal interpretation shall be required. Each of the parties hereto agrees (i)
that this Agreement involves at least $100,000.00, and (ii) that this Agreement has been entered
into by the parties hereto in express reliance upon 6 Del. C. § 2708. Each of the parties
hereto hereby irrevocably and unconditionally agrees (a) to be subject to the jurisdiction of the
courts of the State of Delaware and of the federal courts sitting in the State of Delaware, and (A)
(1) to the extent such party is not otherwise subject to service of process in the State of
Delaware, to appoint and maintain an agent in the State of Delaware as such party’s agent for
acceptance of legal process, and (2) that, to the extent not prohibited by applicable Law, service
of process may also be made on such party by prepaid certified mail with a proof of mailing receipt
validated by the United States Postal Service constituting evidence of valid service, and that
service made pursuant to clause (1) or (2) above shall, to the extent not prohibited by applicable
Law, have the same legal force and effect as if served upon such party personally within the State
of Delaware.

     13.4. Waiver of Jury Trial. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE
EXTENT NOT PROHIBITED BY APPLICABLE LAW, ANY AND ALL RIGHTS IT MAY HAVE TO DEMAND THAT ANY ACTION,
PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR IN ANY WAY RELATED TO THIS AGREEMENT OR THE
RELATIONSHIPS OF THE PARTIES HERETO BE TRIED BY JURY. THIS WAIVER EXTENDS TO ANY AND ALL RIGHTS TO
DEMAND A TRIAL BY JURY ARISING FROM ANY SOURCE INCLUDING, BUT NOT LIMITED TO, THE CONSTITUTION OF
THE UNITED STATES OR ANY STATE THEREIN, COMMON LAW OR ANY APPLICABLE STATUTE OR REGULATIONS. EACH
PARTY HERETO ACKNOWLEDGES THAT IT IS KNOWINGLY AND VOLUNTARILY WAIVING ITS RIGHT TO DEMAND TRIAL BY
JURY.

     13.5. Amendment; Waiver; Consent.

          (a) This Agreement may be amended, modified, supplemented or restated only by a written
instrument executed by Parent and Buyer. The terms of this Agreement may be waived only by a
written instrument executed, with respect to any waiver by any Seller Party, by Parent and, with
respect to any waiver by Buyer, by Buyer.

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          (b) The waiver by any party hereto of a breach of any provision of this Agreement shall not
operate or be construed as a waiver of any subsequent or other breach, whether or not similar, and
no such waiver shall operate or be construed as a continuing waiver unless so provided.

          (c) No delay on the part of any party hereto in exercising any right, power or privilege
hereunder shall operate as a waiver thereof, and no single or partial exercise of any right, power
or privilege hereunder shall preclude any other or further exercise thereof or the exercise of any
other right, power or privilege hereunder.

     13.6. Successors and Assigns; No Third-Party Beneficiaries. This Agreement shall
inure to the benefit of, and be binding upon, the parties hereto and their respective successors
and assigns; provided that, to the extent not prohibited by applicable Law, no party shall
assign or delegate any of the rights or obligations under this Agreement (except, at any time after
the Closing, by operation of law in connection with a merger, a sale of substantially all the
assets, or a liquidation of Buyer or its Affiliates) without the prior written consent of each
other party hereto, and any such purported assignment or delegation without such consent shall be
void and of no effect; provided, however, that Buyer may (in its sole discretion),
without the consent of any other party hereto, assign (in whole or in part and whether by merger,
operation of law or otherwise) (a) this Agreement and its rights hereunder to its lenders and debt
providers (or any administrative or collateral agent therefor) for collateral security purposes,
and (b) this Agreement and its rights and obligations hereunder to one or more of its Affiliates;
provided, further, that Buyer shall remain fully liable for, and shall not be
released from, any Liabilities under this Agreement or any Closing Document as if Buyer was the
purchaser of the Conveyed Property; provided, further, however, that any
Seller Party may (in its sole discretion), without the consent of any other party hereto, assign
(in whole or in part and whether by merger, operation of law or otherwise) it rights, but not any
of its Liabilities, under Section 6.15. Nothing in this Agreement, express or implied,
shall confer upon any Person other than a party to this Agreement or a party’s permitted successors
and assigns, any rights or remedies of any nature or kind whatsoever under or by reason of this
Agreement except, with respect to Article X, to the extent that certain third-parties are
expressly covered as Buyer Indemnitees or Seller Indemnitees.

     13.7. Severability. Any provision of this Agreement that is determined by a court of
competent jurisdiction to be prohibited or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such prohibition or unenforceability without
invalidating the remaining provisions of this Agreement, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render unenforceable such provisions
in any other jurisdiction. To the fullest extent permitted by applicable Law, the parties hereby
waive any provision of Law that may render any provision of this Agreement prohibited or
unenforceable in any respect.

     13.8. Headings and Captions. The headings and captions in this Agreement are for
convenience of reference only and shall not define, limit or otherwise affect in any way the scope
or intent of the terms or provisions of this Agreement.

 - 59 - 

 

     13.9. Absence of Presumption. With regard to each and every term and condition of
this Agreement and the Closing Documents, the parties hereto understand and agree that the same
have been mutually negotiated, prepared and drafted and, if at any time the parties hereto desire
or are required to interpret or construe any such term or condition or any agreement or instrument,
no consideration will be given to the issue of which party hereto actually prepared, drafted or
requested any term or condition of this Agreement or any Closing Document.

     13.10. Counterparts; Facsimile. This Agreement may be executed by the parties in one
or more counterparts or duplicate originals, each of which when so executed and delivered shall be
deemed an original, but all of which together shall constitute one and the same instrument, and all
signatures need not appear on any one counterpart. Any facsimile copies hereof or signature hereon
shall, for all purposes, be deemed originals.

[remainder of page intentionally left blank]

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     IN WITNESS WHEREOF, the parties hereto have executed this Asset Purchase Agreement as of the
date first written above.

	 	 	 	 	 
	 	ORIGEN FINANCIAL, INC.

 	 
	 	By:  	/s/ Ronald A. Klein
 	 
	 	 	Name:  	Ronal A. Klein 	 
	 	 	Title:  	CEO 	 
	 

	 	 	 	 	 
	 	ORIGEN SERVICING, INC.

 	 
	 	By:  	/s/ Ronald A. Klein
 	 
	 	 	Name:  	Ronal A. Klein 	 
	 	 	Title:  	CEO 	 
	 

	 	 	 	 	 
	 	ORIGEN FINANCIAL, L.L.C.

 	 
	 	By:  	/s/ Ronald A. Klein
 	 
	 	 	Name:  	Ronal A. Klein 	 
	 	 	Title:  	CEO 	 
	 

	 	 	 	 	 
	 	GREEN TREE SERVICING LLC

 	 
	 	By:  	/s/ Keith A. Anderson
 	 
	 	 	Name:  	Keith A. Anderson 	 
	 	 	Title:  	President 	 
	 

[Signature
Page to Asset Purchase Agreement]

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