Document:

Loan Custodial Agrmnt, Crescent Bank & Trust

EXHIBIT 10.8 
 
AMENDED AND RESTATED MORTGAGE LOAN CUSTODIAL AGREEMENT 
 

	 PURCHASER:
	  	 UBS WARBURG REAL ESTATE SECURITIES INC.

	
	 ADDRESS:
	  	 1285 AVENUE OF THE AMERICAS
 NEW YORK, NEW YORK 10019
 ATTENTION: GEORGE A. MANGIARACINA
 TELEPHONE: (212)
713-3734
 ATTENTION: ROBERT CARPENTER
 TELEPHONE: (212) 713-8749

	
	 CUSTODIAN:
	  	 JPMORGAN CHASE BANK

	
	 ADDRESS:
	  	 450 WEST 33rd STREET

	 	  	 (15th FLOOR)

	 	  	 NEW YORK, NEW YORK 10001

	
	 SELLER:
	  	 CRESCENT MORTGAGE SERVICES, INC.

	
	 ADDRESS:
	  	 115 PERIMETER CENTER PLACE

	 	  	 SUITE 285

	 	  	 ATLANTA, GEORGIA 30346

	 	  	 ATTENTION: MIKE LEDDY

	
	 DATE:
	  	 JANUARY 31, 2003

TABLE OF CONTENTS 
 

	 	  	 	  	 Page

	 Section 1.
	  	 Definitions
	  	 1

	
	 Section 2.
	  	 Delivery of Documents by Seller
	  	 8

	
	 Section 3.
	  	 Custodian as Custodian for, and Bailee of, Purchaser, Assignee and Warehouse
Lender
	  	 9

	
	 Section 4.
	  	 Certification by Custodian; Delivery of Documents.
	  	 10

	
	 Section 5.
	  	 Funding by the Takeout Investor
	  	 13

	
	 Section 6.
	  	 Default
	  	 13

	
	 Section 7.
	  	 Access to Documents
	  	 14

	
	 Section 8.
	  	 Custodian’s Fees and Expenses; Successor Custodian; Standard of
Care.
	  	 14

	
	 Section 9.
	  	 Assignment by Purchaser
	  	 15

	
	 Section 10.
	  	 Insurance
	  	 16

	
	 Section 11.
	  	 Representations, Warranties and Covenants.
	  	 16

	
	 Section 12.
	  	 No Adverse Interests
	  	 17

	
	 Section 13.
	  	 Amendments
	  	 17

	
	 Section 14.
	  	 Execution in Counterparts
	  	 18

	
	 Section 15.
	  	 Agreement for Exclusive Benefit of Parties; Assignment
	  	 18

	
	 Section 16.
	  	 Effect of Invalidity of Provisions
	  	 18

	
	 Section 17.
	  	 Governing Law
	  	 18

	
	 Section 18.
	  	 Consent to Service
	  	 18

	
	 Section 19.
	  	 Notices
	  	 18

	
	 Section 20.
	  	 Certification
	  	 18

	
	 Section 21.
	  	 Authorized Representatives
	  	 18

	
	 Section 22.
	  	 Construction
	  	 19

 

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	 Exhibit A
	  	 Dry Submission Package

	 Exhibit B-1
	  	 Cash Window Submission Package

	 Exhibit B-2
	  	 Freddie Mac Document List

	 Exhibit B-3
	  	 Fannie Mae Document List

	 Exhibit B-4
	  	 Fannie Mae Bailee Letter

	 Exhibit C-1
	  	 Conduit Submission Package

	 Exhibit C-2
	  	 Conduit Bailee Letter

	 Exhibit D
	  	 Conversion Submission Packages

	 Exhibit E
	  	 Request for Certification

	 Exhibit F
	  	 Document Codes

	 Exhibit G-1
	  	 Warehouse Lender’s Release

	 Exhibit G-2
	  	 Warehouse Lender’s Wire Instructions

	 Exhibit H-1
	  	 Seller’s Release

	 Exhibit H-2
	  	 Seller’s Wire Instructions

	 Exhibit I-1
	  	 Purchaser’s Wire Instructions to Seller

	 Exhibit I-2
	  	 Purchaser’s Wire Instructions to Custodian

	 Exhibit I-3
	  	 Purchaser’s Delivery Instructions to Custodian

	 Exhibit J
	  	 Notice by Assignee to Custodian of Purchaser’s Default

	 Exhibit K
	  	 Limited Power of Attorney

	 Exhibit L
	  	 Unidentified Mortgage Loans List

	 Exhibit M
	  	 Unidentified/Suspension Mortgage Loan Directive

	 Exhibit N
	  	 Form of Delivery Instructions

	 Exhibit O
	  	 Purchaser’s Instructions to Custodian to Destroy Specified
Files

	 Exhibit P
	  	 Form of Electronic Tracking Agreement

	 Exhibit Q
	  	 Authorized Representatives of Purchaser

	 Exhibit R
	  	 Authorized Representatives of Seller

	 Exhibit S
	  	 Authorized Representatives of Custodian

	 Schedule A
	  	 List of Conduits

 
 

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AMENDED AND RESTATED MORTGAGE LOAN CUSTODIAL AGREEMENT 
 
THIS AMENDED AND RESTATED MORTGAGE LOAN CUSTODIAL AGREEMENT
(“Agreement”), dated as of the date set forth on the cover page hereof, among UBS WARBURG REAL ESTATE SECURITIES INC. (“Purchaser”), JPMORGAN CHASE BANK (“Custodian”) and the SELLER whose name is set forth on the cover
page hereof (“Seller”). 
 
RECITALS

 
WHEREAS, the Purchaser, the Seller and the
Custodian are parties to the Mortgage Loan Custodial Agreement, dated as of December 24, 1996 (the “Original Custodial Agreement”); 
 
WHEREAS, in connection with the Original Custodial Agreement, (i) the Purchaser has agreed to purchase, from time to time, at its sole
election from Seller, certain residential first mortgage loans pursuant to the terms and conditions of one or more Purchase Agreements (as defined therein) between Purchaser and Seller relating to Dry Transactions, Cash Window Transactions or
Conduit Transactions (each as defined therein) and (ii) the Purchaser desired to have Custodian take possession of the Mortgage Notes (as defined therein) evidencing the Mortgage Loans (as defined therein), along with certain other documents
specified therein, as the custodian for and bailee of Purchaser or Assignee (as defined therein) in accordance with the terms and conditions thereof; 
 
WHEREAS, the Purchaser, the Seller and the Custodian desire to amend and restate the Original Custodial Agreement as provided herein;

 
NOW, THEREFORE, for good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree that the Original Custodial Agreement be amended and restated in its entirety as follows: 
 
PRELIMINARY STATEMENT 
 
Purchaser has agreed to purchase, from time to time, at its
sole election from Seller, certain residential first mortgage loans pursuant to the terms and conditions of one or more Purchase Agreements between Purchaser and Seller relating to Dry Transactions, Cash Window Transactions or Conduit Transactions.
Seller is obligated to service the Mortgage Loans pursuant to the terms and conditions of the Purchase Agreements. Purchaser desires to have Custodian take possession of the Mortgage Notes evidencing the Mortgage Loans, along with certain other
documents specified herein, as the custodian for and bailee of Purchaser or Assignee in accordance with the terms and conditions hereof. 
 
The parties hereto agree as follows: 
 
Section 1. Definitions. As used in this Agreement, the following terms shall have the following meanings: 
 
“Agency”: Freddie Mac or Fannie Mae, as applicable.

 
“Applicable Agency Documents”: The documents listed on Exhibit B-2 or Exhibit B-3, as applicable. 
 
“Applicable Guide”: With respect to each Takeout Investor the applicable guide published by such Takeout Investor setting forth
the requirements each Mortgage Loan needs to satisfy in order to be eligible for purchase by such Takeout Investor, as such guide may be amended or supplemented from time to time. 
 
“Assignee”: With respect to this Agreement and any Mortgage Loan, any assignee of the Purchaser
pursuant to a pledge or rehypothecation of the Mortgage Loan. 
 
“Assignment of Mortgage”: An assignment of the Mortgage, notice of transfer or equivalent instrument sufficient under the laws of the jurisdiction wherein the related Mortgaged Property is located to reflect of record the
sale of a Mortgage Loan. 
 
“Bailee
Letter”: A Fannie Mae Bailee Letter or a Conduit Bailee Letter, as applicable. 
 
“Business Day”: Any day other than (a) a Saturday, Sunday or other day on which banks located in The City of New York, New York are authorized or obligated by law or executive order to be
closed, or (b) any day on which UBS Warburg Real Estate Securities Inc is closed for business, provided that notice thereof shall have been given not less than seven calendar days prior to such day. 
 
“Cash Window Submission Package”: The documents
listed on Exhibit B-1, which shall be delivered by Seller to Custodian in connection with each Cash Window Transaction. 
 
“Cash Window Transaction”: A transaction initiated by Purchaser’s delivery of a Request for Certification which identifies
Fannie Mae or Freddie Mac as the Takeout Investor but does not include a Conversion Code. 
 
“Certification”: With respect to a Mortgage Loan, the full performance by Custodian of the procedures set forth in Sections 4(a) and 4(b). 
 
“Certification Code”: A Mortgage Loan Absentee Code,
a Mortgage Loan Approval Code or a Mortgage Loan Suspension Code. 
 
“Certification Report”: A Request for Certification to which Custodian has added its Certification Codes and, when a Certification Code indicates suspension, applicable Exception Codes, and which is transmitted by
Custodian to Purchaser in an appropriate data layout provided by Purchaser. 
 
“Commitment”: A commitment executed by Takeout Investor and Seller on Takeout Investor’s letterhead evidencing Takeout Investor’s agreement to purchase one or more Mortgage Loans
from Seller and Seller’s agreement to sell one or more Mortgage Loans to an investor in a forward trade by the applicable Commitment Expiration Date. 
 
“Commitment Expiration Date”: With respect to any Commitment, the expiration date thereof. 
 

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“Conduit”: Any of the Entities listed on Schedule A, as amended or supplemented from time to time. 
 
“Conduit Bailee Letter”: The master bailee letter, in the form of Exhibit C-2, for use by Custodian in connection with the
delivery of a Conduit Submission Package, provided, however, for the purposes of delivering the related Conduit Submission Package, excluding (i) a copy of the Commitment, (ii) the Warehouse Lender’s Release or Seller’s Release, as
applicable, and (iii) the original Assignment of Mortgage, in blank, to a Conduit. 
 
“Conduit Submission Package”: The documents listed on Exhibit C-1, which shall be delivered by Seller to Custodian in connection with each Conduit Transaction. 
 
“Conduit Transaction”: A transaction initiated by
Purchaser’s delivery of a Request for Certification which identifies a Conduit as the Takeout Investor but does not include a Conversion Code. 
 
“Confirmation”: A confirmation confirming a trade between Seller and Takeout Investor. 
 
“Conversion Code”: With respect to a Mortgage Loan,
the conversion code set forth in Part II of Exhibit F, entered by Purchaser, along with the Program Code, in the “PROG CODE” column of the related Request for Certification indicating that (i) such Mortgage Loan was previously acquired by
Purchaser in a Dry Transaction and (ii) a Conversion Submission Package shall be received by Custodian on the applicable Delivery Date. 
 
“Conversion Submission Package”: One of the sets of documents listed on Exhibit D, which shall be delivered by Seller to
Custodian in connection with each Conversion Transaction. 
 
“Conversion Transaction”: With respect to a Mortgage Loan, a transaction initiated by Purchaser’s delivery to Custodian of a Request for Certification containing a Conversion Code. A Conversion Transaction shall always
be preceded by a Dry Transaction. 
 
“Cumulative Position File”: A list of all Mortgage Loans held by the Custodian on each day which includes all information which would be on the Custodian’s Certification Report and additionally includes the shipping
information for each Mortgage Loan which has been released from the Custodian’s possession (i.e. airbill number, federal express tracking code or other identifying information). 
 
“Custodian”: JPMorgan Chase Bank, a New York banking corporation, and its permitted successors
hereunder. 
 
“Delivery Date”: With
respect to a Mortgage Loan, the date set forth on the related Request for Certification in the “DELIVERY DATE” column, which shall be the Business Day on which Seller desires the applicable portion of the related Submission Package be
sent by Custodian to the Takeout Investor, i.e., one Business Day prior to the Business Day on which Seller desires the applicable portion of the Submission Package to be received by the Takeout Investor. 
 

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“Delivery
Directive”: With respect to each Mortgage Loan being offered by Seller for sale to Purchaser pursuant to a Conduit Transaction or a Cash Window Transaction, the delivery directive, set forth in Part IV of Exhibit F, used by Purchaser in a
notice delivered via electronic transmission in the form of Exhibit M, to direct Custodian to deliver the related Submission Package in accordance with the Delivery Instructions. 
 
“Delivery Instructions”: With respect to a Mortgage Loan, instructions prepared by Seller, in the
form of Exhibit N indicating the address for the delivery by Custodian of the applicable portion of the related Submission Package. 
 
“Dry Submission Package”: The documents listed on Exhibit A, which shall be delivered by Seller to Custodian in connection with
each Dry Transaction. 
 
“Dry
Transaction”: A transaction initiated by Purchaser’s delivery to Custodian of a Request for Certification, which does not identify a Takeout Investor, and which does not include a Conversion Code. 
 
“Electronic Agent”: The electronic agent identified
in the Electronic Tracking Agreement. 
 
“Electronic Tracking Agreement”: The Electronic Tracking Agreement, substantially in the form set forth in Exhibit P hereto, dated as of the date hereof, among the Purchaser, the Seller, an electronic agent and MERS, as the
same shall be amended, supplemented or otherwise modified from time to time. 
 
“Entity”: Any individual, corporation, partnership, joint venture, association, joint stock company, trust (including any beneficiary thereof), unincorporated organization or government or
any agency or political subdivision thereof. 
 
“Exception Code”: Each of the exception codes set forth in Part V of Exhibit F, placed by Custodian on a Certification Report indicating missing documents, incomplete documents and deficiencies in documents reviewed by
Custodian. 
 
“Expected Delivery Date”:
The date identified on a Request for Certification as the “Expected Delivery Date of Mortgage File”, which shall be the date on which Seller has informed Purchaser that a Submission Package will be received by Custodian from Seller.

 
“Freddie Mac”: Freddie Mac and any
successor thereto. 
 
“Freddie Mac
Commitment”: A commitment executed by Freddie Mac and Seller evidencing Freddie Mac’s agreement to purchase one or more Mortgage Loans from Seller and Seller’s agreement to sell one or more Mortgage Loans to Freddie Mac by the
applicable Commitment Expiration Date under the Applicable Guide. 
 
“Fannie Mae”: Fannie Mae and any successor thereto. 
 
“Fannie Mae Bailee Letter”: The master bailee letter, in the form of Exhibit B-4, for use by Custodian in connection with the delivery to Fannie Mae of the Cash Window Submission Package,
excluding (i) the original Assignment of Mortgage, in blank, (ii) the 

 

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Warehouse Lender’s Release or Seller’s Release, as applicable, (iii) all modification agreements relating to a Mortgage, (iv) the
Delivery Instructions and (v) a copy of the Commitment. 
 
“Fannie Mae Commitment”: A commitment executed by Fannie Mae and Seller, evidencing Fannie Mae’s agreement to purchase one or more Mortgage Loans from Seller and Seller’s agreement to sell one or more Mortgage
Loans to Fannie Mae by the applicable Commitment Expiration Date under the Applicable Guide. 
 
“Hold Directive”: With respect to each Mortgage Loan being offered by Seller for sale to Purchaser pursuant to a Conduit Transaction or a Cash Window Transaction, the hold directive, set
forth in Part IV of Exhibit F, delivered by Purchaser via electronic transmission in a notice in the form of Exhibit M to direct Custodian to continue to hold the related Submission Package. 
 
“HUD”: United States Department of Housing and Urban
Development and any successor thereto. 
 
“Interim Funder” shall mean with respect to each MERS Designated Mortgage Loan, the Person named on the MERS System as the interim funder pursuant to the MERS Procedures Manual. 
 
“Limited Power of Attorney”: A limited power of
attorney, in the form of Exhibit K, executed by Seller and delivered to Custodian, authorizing Custodian to prepare Mortgage Note endorsements in the form indicated thereon. 
 
“Loan Identification Data”: The applicable information regarding a Mortgage Loan, set forth on a
Request for Certification, which shall include Purchaser’s reference number, the name of Purchaser’s applicable program, the Mortgage Loan number, the MERS Identification Number, the last name of the Mortgagor, the address of the Mortgaged
Property, the face amount of the Mortgage Note, the number of months to maturity of the Mortgage Loan, and the interest rate borne by the Mortgage Note and, solely with respect to Cash Window Transactions, Conduit Transactions and Conversion
Transactions, the name of the Takeout Investor, the sale price of the Mortgage Loan to the Takeout Investor, the commitment number, the Commitment Expiration Date, the Delivery Date, the Release Payment, and the name of the Warehouse Lender.

 
“Losses”: Any and all losses, claims,
damages, liabilities or expenses (including reasonable attorney’s fees) incurred by any person specified; provided however that “Losses” shall not include losses, claims, damages, liabilities or expenses which would have been avoided
had such person taken reasonable actions to mitigate such losses, claims, damages, liabilities or expenses. 
 
“MERS Designated Mortgage Loan” shall have the meaning assigned to such term in Section 3 of the Electronic Tracking Agreement;
provided that no Mortgage Loan shall be considered a MERS Designated Mortgage Loan unless an Electronic Tracking Agreement shall have been entered into. 
 
“MERS Identification Number” shall mean the eighteen digit number permanently assigned to each MERS Designated Mortgage Loan.

 

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“MERS
Procedures Manual” shall mean the MERS Procedures Manual attached as Exhibit B to the Electronic Tracking Agreement, as it may be amended, supplemented or modified from time to time. 
 
“MERS Report” shall mean the schedule listing MERS Designated Mortgage Loans and other information
prepared by the Electronic Agent pursuant to the Electronic Tracking Agreement. 
 
“MERS® System” shall mean the Electronic Agent’s
mortgage electronic registry system, as more particularly described in the MERS Procedures Manual. 
 
“Mortgage”: A mortgage, deed of trust or other security instrument creating a first lien on an estate in fee simple in real
property securing a Mortgage Note. 
 
“Mortgage Loan”: A one-to-four family residential mortgage loan that is subject to this Agreement. 
 
“Mortgage Loan Absentee Code”: The mortgage loan absentee code, set forth in Part III of Exhibit F, placed by Custodian on a
Certification Report to notify Purchaser that a Submission Package related to a Mortgage Loan listed on a Request for Certification is not in Custodian’s possession. 
 
“Mortgage Loan Approval Code”: The mortgage loan approval code, set forth in Part III of Exhibit F,
placed by Custodian on a Certification Report to notify Purchaser that Custodian’s review of the applicable items in a Submission Package is complete and that such items satisfy all the applicable requirements set forth in Section 4(a) and
Section 4(b). 
 
“Mortgage Loan Suspension
Code”: The mortgage loan suspension code, set forth in Part III of Exhibit F, placed by Custodian on a Certification Report to notify Purchaser that Custodian’s review of the Submission Package has determined that one or more of the
documents in the Submission Package are missing, incomplete or incorrect and/or do not satisfy one or more of the requirements set forth in Section 4(a) or Section 4(b). 
 
“Mortgage Note”: The note or other evidence of the indebtedness of a Mortgagor secured by a
Mortgage. 
 
“Mortgaged Property”: The
property subject to the lien of the Mortgage securing a Mortgage Note. 
 
“Mortgagor”: The obligor on a Mortgage Note. 
 
“Notice of Bailment”: A notice, in the form of Schedule A to Exhibit B-4 or C-2, as applicable, delivered by Custodian to Takeout Investor in connection with each delivery to Takeout Investor
of the applicable portion of each Submission Package. 
 
Officer’s Certificate: A certificate signed by the Chairman of the Board or the Vice Chairman of the Board or a President or a Vice President and by the Treasurer or the Secretary or one of the Assistant Treasurers or Assistant
Secretaries of the Seller, and delivered to the Purchaser as required by this Agreement. 
 

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“Original
Custodial Agreement”: Shall have the meaning assigned to such term in the recitals hereof. 
 
“Payee Number”: The code used by Fannie Mae to indicate the wire transfer instructions that will be used by Fannie Mae to purchase a Mortgage Loan. 
 
“Program Code”: Each of the codes, set forth in Part
I of Exhibit F, placed by the Purchaser in the “PROG CODE” column of a Request for Certification indicating that the Mortgage Loan is being offered by Seller to Purchaser in a Dry Transaction, Cash Window Transaction or a Conduit
Transaction, as applicable. 
 
“Purchase
Agreement”: Each Amended and Restated Mortgage Loan Purchase Agreement, dated as of the date set forth on the cover page thereof, between Seller and Purchaser, as each is amended from time to time providing the terms of Dry Transactions, Cash
Window Transactions, Conduit Transactions or Conversion Transactions. 
 
“Purchase Date”: With respect to a Mortgage Loan, the date on which Purchaser purchases such Mortgage Loan from Seller. 
 
“Purchaser”: UBS Warburg Real Estate Securities Inc. and its successors. 
 
“Purchaser’s Wire Instructions to Seller”: The
wire instructions, set forth on Exhibit I-1, specifying the account which shall be used for the payment of all amounts due and payable by Seller to Purchaser hereunder. 
 
“Purchaser’s Payment”: The amount set forth on the Request for Certification in the
“RELEASE PAYMENT” column. 
 
“Purchaser’s Wire Instructions to Custodian”: Wire Instructions delivered by Purchaser to Custodian, in the form of Exhibit I-2, executed by Purchaser, receipt of which has been acknowledged by Custodian specifying the
wire address where all funds received in accordance with Purchaser’s Wire Instructions to Seller shall be transferred by Custodian. 
 
“Release Payment”: The funds referred to in a Warehouse Lender’s Release or Seller’s Release, as applicable.

 
“Request for Certification”: A report
detailing Loan Identification Data supplied by Seller to Purchaser, transmitted by Purchaser to Custodian either via facsimile in the form of Exhibit E or transmitted electronically in an appropriate data layout, regarding all Mortgage Loans being
offered for sale by Seller to Purchaser on the Submission Package Delivery Date. 
 
“Seller”: The Seller whose name is set forth on the cover page hereof, and its permitted successors hereunder. 
 
“Seller’s Release”: A letter, in the form of Exhibit H-1, delivered by Seller when no
Warehouse Lender has an interest in a Mortgage Loan, conditionally releasing all of Seller’s right, title and interest in such Mortgage Loan upon receipt of payment by Seller. 
 

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“Seller’s Wire Instructions”: The wire instructions, set forth in a letter in the form of Exhibit H-2, to be used for the payment of funds to Seller when no Warehouse Lender has an interest in the Mortgage Loans to
which such payment relates. 
 
“Submission
Package”: With respect to each Mortgage Loan, a Dry Submission Package, a Cash Window Submission Package, a Conduit Submission Package or a Conversion Submission Package, as applicable. 
 
“Successor Servicer”: An entity designated by
Purchaser, in conformity with the Purchase Agreement, to replace Seller as servicer for Purchaser, and, with respect to Cash Window Transactions, as seller/servicer of the Mortgage Loans for the Agency. 
 
“Takeout Investor”: An Agency or a Conduit, as
applicable. 
 
“Underwriter”: Any party,
including but not limited to a mortgage loan pool insurer, who underwrites a Mortgage Loan prior to its purchase by Purchaser. 
 
“Underwriter’s Form”: A Fannie Mae / Freddie Mac Form 1008/1077, HUD 92900WS, HUD92900.4, VA Form 26-6393, VA Form 26-1866,
or a mortgage loan pool insurance certificate, as applicable, completed by an Underwriter with respect to a Mortgage Loan, indicating that such Mortgage Loan complies with its underwriting requirements. 
 
“Unidentified/Suspension Mortgage Loan Directive”: A
Delivery Directive or a Hold Directive, as applicable. 
 
“Unidentified Mortgage Loans List”: A list of Mortgage Loans for which Custodian has received the related Submission Packages from Seller but which have not been identified by Purchaser in a Request for Certification. Such
list shall include, with respect to each Mortgage Loan, the information set forth in Exhibit L. 
 
“Warehouse Lender”: Any lender providing financing to Seller in any fractional amount for the purpose of originating or purchasing Mortgage Loans, which lender has a security interest in such
Mortgage Loans as collateral for the obligations of Seller to such lender. In all Dry Transactions and Conversion Transactions, Purchaser shall be the Warehouse Lender. 
 
“Warehouse Lender’s Release”: A letter, in the form of Exhibit G-l, from a Warehouse Lender to
Purchaser, conditionally releasing all of Warehouse Lender’s right, title and interest in certain Mortgage Loans identified therein upon receipt of payment by Warehouse Lender. 
 
“Warehouse Lender’s Wire Instructions”: The wire instructions, set forth in a letter in the
form of Exhibit G-2, from a Warehouse Lender to Purchaser, setting forth wire instructions for all amounts due and payable to such Warehouse Lender. 
 
Section 2. Delivery of Documents by Seller. (a) Seller may, before the first purchase by Purchaser under a Purchase Agreement of a
Mortgage Loan, deliver to Custodian a Limited Power of Attorney, provided, however, Custodian shall have no responsibility or obligation to act under such Limited Power of Attorney. 
 

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(b) If Seller
desires to engage in Cash Window Transactions, prior to the first such transaction: 
 
(1) relating to a Freddie Mac Commitment, Seller shall deliver to Purchaser a copy of (i) Freddie Mac Form 1035 (Custodial
Agreement), if applicable, duly executed by the related custodian and Freddie Mac, (ii) Freddie Mac Form 3 (Summary Agreement) or such other equivalent agreement as is acceptable to Purchaser, duly executed by Seller and Freddie Mac, and (iii)
Freddie Mac Form 1 (Fixed-Rate Mortgage Purchase Contract Conventional Home Mortgages—Original Cash) or Freddie Mac Form 9 (Fixed-Rate Mortgage Purchase Contract Conventional Home Mortgages—Gold Cash), or Freddie Mac Form 2 (Adjustable
Rate Purchase Contract Conventional Home Mortgages); or 
 
(2) relating to a Fannie Mae Commitment, Seller shall deliver to Purchaser a copy of (i) Fannie Mae Form 2003 (Custodial Agreement) if applicable, duly executed by the related custodian and Fannie Mae, (ii) Fannie Mae
Mortgage Selling and Servicing Contract, and Fannie Mae Form 482 (Designation of Payee—Wire Transfer Information), and (iii) either a Standard Mandatory Delivery Commitment or a Negotiated Mandatory Delivery Commitment or a Negotiated
Market-Rate Standby Commitment. 
 
(c) With respect
to each Mortgage Loan being offered by Seller for sale to Purchaser pursuant to (i) a Dry Transaction, (ii) a Cash Window Transaction, (iii) a Conduit Transaction or (iv) a Conversion Transaction, Seller shall deliver to Custodian a Submission
Package on the Expected Delivery Date. In no event shall Seller deliver a Submission Package to Custodian later than 12:00 Noon New York City time on the related Delivery Date. 
 
Section 3. Custodian as Custodian for, and Bailee of, Purchaser, Assignee and Warehouse Lender. (a)
With respect to each Mortgage Note, each Assignment of Mortgage (except with respect to MERS Designated Mortgage Loans) and all other documents constituting each Submission Package that are delivered to Custodian or that at any time come into
Custodian’s possession, Custodian, subject to the provisions of paragraphs (b) and (c) of this Section 3, shall act solely in the capacity of custodian for, and bailee of, Purchaser. Custodian shall, subject to the provisions of paragraphs (b)
and (c) of this Section 3 and except as otherwise required by Section 4, hold all documents constituting a Submission Package received by it for the exclusive use and benefit of Purchaser, and shall make disposition thereof only in accordance with
this Agreement. Custodian shall segregate and maintain continuous custody of all documents constituting a Submission Package received by it in secure and fireproof facilities in accordance with customary standards for such custody and shall mark its
books and records to indicate that the Submission Package is being held for Purchaser. 
 
(b) Purchaser hereby notifies Custodian that each Mortgage Loan purchased by Purchaser from Seller shall be promptly assigned by Purchaser to Assignee, as of the date of Purchase, as described in
Section 9. Upon notice, in the form of Exhibit J, by Assignee to Custodian of Purchaser’s default, Assignee may (i) require Custodian to act with respect to the related Submission Packages solely in the capacity of custodian for, and bailee of,
Assignee, but nevertheless subject to and in accordance with the terms of this Agreement, (ii) require Custodian to hold such Submission Packages for the exclusive use and benefit of Assignee, (iii) assume the rights of Purchaser under this
Agreement to furnish instructions to Custodian as 

 

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to the disposition of such Submission Packages and such rights shall be exercisable solely by Assignee and (iv) take all such actions under
the Electronic Tracking Agreement which are necessary to effectuate any of the foregoing. Custodian shall give Assignee written acknowledgment to the effect set forth in (i), (ii) and (iii), by executing such notice and returning a copy thereof to
Assignee. In the event that, prior to receipt of such notice from Assignee, Custodian delivered any Submission Package to Purchaser, Takeout Investor or Purchaser’s designee, Custodian shall so notify Assignee, and Custodian shall not be deemed
to hold such Submission Package for Assignee unless and until such Submission Package is redelivered to Custodian. The failure of Custodian to give the written acknowledgment referred to above shall not affect the validity of such assignment, pledge
or grant of a security interest. The effects of Assignee’s notice to Custodian set forth above shall continue until Custodian is otherwise notified in writing by Assignee. The terms of this Agreement shall not apply to any Submission Package
physically delivered by Custodian to Assignee. 
 
(c) Seller and Purchaser acknowledge that Warehouse Lender, if any, identified from time to time in each Warehouse Lender’s Release to be received by Custodian pursuant to Section 2(c), is a warehouse lender for the Seller.
Seller and Purchaser acknowledge that, in accordance with the terms of each Warehouse Lender’s Release to be received by the Custodian pursuant to Section 2(c), pursuant to which each such Warehouse Lender conditionally releases its security
interest in the Mortgage Loan referred to in the related Warehouse Lender’s Release, such release shall not be effective until the Release Payment is received in accordance with the Warehouse Lender’s Wire Instructions. Until receipt of a
Release Payment, the interest of the related Warehouse Lender in a Mortgage Loan shall continue and remain in full force and effect. 
 
(d) If any additional documents relating to the Submission Package come into the Custodian’s possession, the provisions of paragraphs
(a), (b) and (c) of this Section 3 shall apply to such additional documents in the same manner as such provisions apply to related Submission Package. 
 
(e) Purchaser shall notify Custodian on each Business Day, of all Mortgage Loans purchased by Purchaser on such Business Day which relate
to this Agreement. 
 
(f) On or prior to 7:00 p.m.
New York time, Custodian shall deliver to Purchaser a Cumulative Position Report reflecting all Mortgage Loans held by custodian as of such time under this Agreement. 
 
Section 4. Certification by Custodian; Delivery of Documents. 
 
(a) With respect to each Mortgage Loan that Purchaser desires
to purchase, Purchaser shall deliver to Custodian a Request for Certification. Upon receipt by Custodian of a Request for Certification, Custodian shall perform the following procedures with respect to each Mortgage Loan listed on such Request for
Certification: 
 
(i)
Custodian shall ascertain whether it is in possession of a Submission Package for each Mortgage Loan identified on a Request for Certification. If Custodian is not in possession of a Submission Package relating to a Mortgage Loan identified on a
Request for Certification, Custodian shall annotate its Certification Report in the appropriate space provided with a Mortgage Loan Absentee Code. If Custodian is in possession of Submission Packages delivered by Seller which do not relate to any of
the 

 

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Mortgage Loans listed on a Request for Certification, Custodian shall generate an Unidentified Mortgage Loans List and shall deliver such
List promptly to Purchaser. Purchaser shall deliver a copy of such Unidentified Mortgage Loans List to Seller. No action shall be taken by Custodian, other than in accordance with Unidentified/ Suspension Mortgage Loan Directive or a notice in the
form of Exhibit I-3, with respect to Mortgage Loans appearing on an Unidentified Mortgage Loans List until any such Mortgage Loans are included in a Request for Certification. 
 
(ii) With respect to each Request for Certification Custodian shall: 
 
(A) verify the Loan Identification Data
appearing in (1) the “LAST NAME” column by comparing such Loan Identification Data to the information in the Mortgage Note and Assignment of Mortgage, (2) the “NOTE DATE” (indicating any Mortgage Note with a date which is greater
than 30 days prior with the appropriate exception code), “FACE AMOUNT”, “# OF MONTHS TO MATURITY” and “NOTE RATE” columns by comparing such Loan Identification Data to the information in the Mortgage Note and (3) the
“MERS IDENTIFICATION NUMBER” column by comparing such Loan Identification Data to each the information in the Mortgage Note; 
 
(B) if the Program Code indicates a Cash Window Transaction, verify the Loan Identification Data appearing in the
“LOAN #” column by comparing the related information in any of the related Applicable Agency Documents; 
 
(C) if the Program Code indicates a Cash Window Transaction, Conduit Transaction or Conversion Transaction, verify the
Loan Identification Data appearing in the “TAKEOUT INVESTOR”, “SALE PRICE”, “COMMITMENT #”, and “COMMITMENT EXPIRATION DATE” columns by comparing such Loan Identification Data to the information appearing in
the Commitment; and 
 
(D) if the
Program Code indicates a Cash Window Transaction or a Conduit Transaction, verify the Loan Identification Data appearing in the “WAREHOUSE LENDER” column by comparing such Loan Identification Data to the information appearing in the
Warehouse Lender’s Release or Seller’s Release, as applicable. 
 
After applying the applicable procedures set forth in clauses (A), (B) and (C) above, any discrepancies between the Loan Identification Data and documents comprising the Submission Package shall be noted by Custodian in the
appropriate column immediately below each item of Loan Identification Data. 
 
(b) With respect to each Request for Certification, following completion by Custodian of the procedures set forth in Section (4)(a). 
 
(i) Custodian shall review each applicable set of documents comprising the Submission Package
and shall ascertain whether (A) each such document is in Custodian’s possession, (B) each such document accurately conforms with the Loan Identification Data set forth in the Request for Certification or as modified by any 
 

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notations supplied by Custodian pursuant to Section 4(a)(ii), (C) each such document appears regular on its face, (D) each such document in
the Submission Package appears on its face to conform to the requirements of Exhibit A, Exhibit B-l, Exhibit C-1 or Exhibit F, as applicable, (E) unless the Program Code indicates either a Dry Transaction or a Conversion Transaction, the Mortgage
Loan is listed on a schedule attached to a Warehouse Lender’s Release or a Seller’s Release, as the case may be, (F) either (1) if the Release Payment is a dollar amount, the amount appearing in the “RELEASE PAYMENT” column on
the Request for Certification is equal to or exceeds the Release Payment, or (2) if the Program Code indicates either a Dry Transaction or a Conversion Transaction, or if the Release Payment is a formula, as indicated in Exhibit G-1, the Custodian
need not verify the amount, if any, appearing in the “RELEASE PAYMENT” column and (G) (1) with respect to the wire transfer instructions as set forth in Freddie Mac Form 987 (Wire Transfer Authorization for a Cash Warehouse Delivery) such
wire transfer instructions are identical to Purchaser’s Wire Instructions to Seller or (2) the Payee Number set forth on Fannie Mae Form 1068 (Fixed-Rate, Graduated-Payment, or Growing-Equity Mortgage Loan Schedule) or Fannie Mae Form 1069
(Adjustable-Rate Mortgage Loan Schedule), as applicable, is identical to the Payee Number that has been identified by Purchaser in the Request for Certification. 
 
(ii) If Custodian determines that the documents in the Submission Package and the Mortgage
Loan to which they relate conform in all respects with Section 4(b)(i), Custodian shall so indicate in the space provided in its Certification Report with a Mortgage Loan Approval Code. If Custodian determines that the documents in a Submission
Package and the Mortgage Loan to which they relate conform in all respects with Section 4(b)(i) except that the endorsement of the Mortgage Note is missing, Custodian may, but shall not be obligated to, prepare such endorsement pursuant to the
Limited Power of Attorney. If documents in the Submission Package do not conform in all respects with Section 4(b)(i) or are missing and/or do not conform, Custodian shall annotate its Certification Report with a Mortgage Loan Suspension Code
followed by each applicable Exception Code such that Purchaser is informed of each and every missing document and/or non-conformity in the space provided in its Certification Report. 
 
(c) Custodian shall use its reasonable efforts to perform a Certification with respect to any Submission
Package delivered after 12:00 Noon New York City time on a related Delivery Date for which it has received a Request for Certification. Upon completion of its Certification, Custodian shall deliver a Certification Report to Purchaser. All applicable
documents comprising a Submission Package relating to Mortgage Loans (except the related Assignments of Mortgage which shall be retained by the Custodian) with respect to which Custodian has assigned a Mortgage Loan Approval Code shall be delivered
by Custodian in the form and specific order required by Seller, via overnight courier in accordance with the Delivery Instructions on the applicable Delivery Date and, except with respect to Mortgage Loans for which Freddie Mac is the Takeout
Investor, under cover of a fully completed Notice of Bailment prepared by Custodian in accordance with the terms of the Bailee Letter. If Seller fails to instruct Custodian regarding the order and specific form for a delivery to Takeout Investor of
such applicable documents, the Custodian shall deliver such applicable documents in the original form and specific order received from Seller. In those cases where a copy of any intervening mortgage assignment, or an unrecorded original of any
intervening mortgage assignment are 

 

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delivered to the Custodian, Seller shall cause the original of such instrument to be recorded. In those cases where a copy of an original
document has been delivered to the Custodian together with an officer’s certificate of the Seller indicating that such document has been delivered for recordation, the Custodian shall, no less frequently than one time per calendar month review
such Submission Package to ascertain if the required document has been delivered with the timeframe set forth in such officer’s certificate. If Delivery Instructions direct Custodian to deliver any portion of a Submission Package to a location
that is not Takeout Investor’s office, Custodian must receive Purchaser’s written consent to make deliveries to such location prior to complying with such Delivery Instructions. Upon receipt of one written approval from Purchaser, such
written approval shall, unless Custodian receives a notice from Purchaser to the contrary, be deemed to apply to all Delivery Instructions delivered in the future by Seller that list such location. Following delivery by Custodian of the applicable
portion of a Submission File to Takeout Investor, all remaining documents comprising such Submission Package shall be held by Custodian until receipt by Custodian of written instructions from Purchaser to destroy such documents. Each month,
Purchaser may, but shall not be obligated to, deliver to Custodian a notice in the form of Exhibit O, informing Custodian of all files that Purchaser has authorized Custodian to destroy. 
 
All applicable documents comprising a Submission Package relating to Mortgage Loans with respect to which
Custodian has assigned a Mortgage Loan Suspension Code shall be held by Custodian until receipt from Purchaser of instructions. On each Business Day during which a Mortgage Loan shall have a Mortgage Loan Suspension Code assigned to it, Purchaser
shall send to Custodian an Unidentified/Suspension Mortgage Loan Directive with respect to such Mortgage Loan. 
 
(d) At any time following the delivery of a Certification, in the event Custodian becomes aware of any defect with respect to such
Submission Package or the related forms, including the return of documents to the Custodian from Takeout Investor due to a defect in such documents, the Custodian shall give prompt oral notice of such defect to the Purchaser, followed by a written
specification thereof. 
 
Section 5. Funding by
the Takeout Investor. Custodian shall promptly notify Purchaser, either electronically or by facsimile, upon receipt, in accordance with Purchaser’s Wire Instructions to Seller, of funds by Custodian. Each notice shall identify all such
funds by (i) the amount, (ii) the source from which such funds were received and (iii) to the extent received by Custodian, Seller’s name. Unless Custodian is otherwise instructed by Assignee, Custodian shall promptly transfer such funds to
Purchaser in accordance with Purchaser’s Wire Instructions to Custodian. 
 
Section 6. Default. If Seller fails to fulfill any of its obligations under the Purchase Agreement, the Electronic Tracking Agreement or hereunder or in connection with the exercise by Purchaser
of any remedy pursuant to Section 3 of the Purchase Agreement then, subject to the provisions of Section 3(c) hereof, Purchaser may, by notice to Custodian, (a) appoint Custodian as its delegee to complete the endorsements on the Mortgage Notes held
by Custodian and to complete and record at Purchaser’s expense the related blank Assignments of Mortgages relating to the affected Mortgage Loan in accordance with Purchaser’s instructions, when applicable, (b) require Custodian to deliver
to Purchaser, Takeout Investor or Successor Servicer the Submission Packages (or any portion thereof specified by Purchaser) in Custodian’s possession or under Custodian’s control to which the failure relates, and (c) take such actions

 

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under the Electronic Tracking Agreement on behalf of the Purchaser as are necessary to effectuate the foregoing. 
 
Section 7. Access to Documents. Upon reasonable prior
written notice to Custodian, Purchaser (and if the Mortgage Loans have been assigned, Assignee) and its agents, accountants, attorneys and auditors will be permitted during normal business hours to examine and copy at their expense the Submission
Packages, documents, records and other papers in possession of or under the control of Custodian relating to any or all of the Mortgage Loans in which Purchaser has an interest. Upon the request of Purchaser (or, if applicable, Assignee) and at the
cost and expense of Purchaser (or, if applicable, Assignee), Custodian shall provide such Purchaser (or, if applicable, Assignee) with copies of the Mortgage Notes, Assignments of Mortgage and other documents in Custodian’s possession relating
to any of the Mortgage Loans in which Purchaser (or, if applicable, Assignee) has an interest. 
 
Section 8. Custodian’s Fees and Expenses; Successor Custodian; Standard of Care. 
 
(a) It is understood that Seller will be charged for Custodian’s fees for its services under this Agreement in such amounts and in
the manner set forth in the related Purchase Agreement. Notwithstanding the foregoing, Custodian has no lien on, and shall not attempt to place a lien on, any of the Mortgage Loans or proceeds thereof to secure the payment of its fees. 
 
(b) Subject to the provisions of any other agreement between
Custodian and Purchaser, Custodian may only resign for cause. Such resignation shall take effect upon the earlier of (i) the appointment of a successor Custodian by Purchaser and delivery of all the Submission Packages and any portion of the related
documents in Custodian’s possession to the successor Custodian, and (ii) the delivery of all the Submission Packages and any portion of the related documents in Custodian’s possession to the Purchaser or its designee pursuant to (c) below.

 
(c) In the event of any such resignation,
Custodian shall promptly transfer to the successor Custodian all Submission Packages and related documents in Custodian’s possession and the successor Custodian shall hold Submission Packages and related documents in accordance with this
Agreement. If Purchaser directs the removal of Custodian, Purchaser shall be responsible for all expenses associated with the transfer of the Submission Packages and any related documents in Custodian’s possession and for any fee of the
successor Custodian in excess of the fees of the initial Custodian hereunder. The Purchaser shall have 90 days in which to appoint and designate an acceptable successor Custodian. If the Purchaser fails to appoint a successor Custodian within such
90-day period, then Custodian shall deliver possession and custody of the Submission Packages and any related Submission Packages in Custodian’s possession to Purchaser at the address specified on the cover page hereof, or if a timely written
designation is received by Custodian, to any designee of Purchaser. 
 
(d) Custodian shall have responsibility only for the Submission Packages and the contents thereof which have been actually delivered to it and which have not been released to Seller, Purchaser, the Agency or Assignee or
their respective agent or designee in accordance with this Agreement. The standard of care to be exercised by Custodian in the performance of its duties under this Agreement shall be to exercise the same degree of care as Custodian exercises 

 

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when it holds mortgage loan documents as security for its own loans or its own mortgage warehouse loan customers. Custodian is an agent,
bailee and custodian only and is not intended to be, nor shall it be construed to be (except only as agent, bailee and custodian), a representative, trustee or fiduciary of or for either Seller, the Agency, Purchaser or Assignee. 
 
(e) Custodian shall incur no liability to any Entity for
Custodian’s acts or omissions hereunder, except for liabilities which (i) arise from Custodian’s gross negligence or willful misconduct or (ii) solely with respect to the Purchaser, which arise from Custodian negligently or intentionally
failing to (A) issue an accurate Certification Report, provided, however, any such liability shall not be incurred with respect to the issuance of an inaccurate Certification Report if the defect causing such inaccuracy would not have been
ascertainable by the Custodian applying the procedures expressly set forth in this Agreement, (B) timely deliver the Submission Package in accordance with the Delivery Instructions or Purchaser’s written instructions, as applicable, (C) prevent
the loss, damage or destruction of any document included in a Submission Package when held by Custodian, (D) perform its obligations under Section 5 or (E) comply with an Unidentified/Suspension Mortgage Loan Directive; provided, however, Custodian
shall have no liability hereunder if Custodian’s failure to perform resulted from the inaction or action of any other Entity, other than Entities that are affiliated with Custodian or are acting under the direct control of Custodian.
Custodian’s liability under this Agreement shall be limited to direct damages resulting from aforesaid. In addition Custodian shall not be liable, directly or indirectly, for any losses, claims, damages, liabilities or expenses which would have
been avoided had any Entity making a claim taken reasonable action to mitigate such losses, claims, damages, liabilities or expenses or (2) special or consequential damages, even if Custodian has been advised of the possibility of such damages;
provided, however, that Purchaser’s direct damages resulting from a decline in the market value of a Mortgage Loan shall not be deemed special or consequential damages. 
 
(f) Custodian shall be entitled to rely upon the advice of its legal counsel from time to time and shall not
be liable for any action or inaction by it in reliance upon such advice. Custodian also shall be entitled to rely upon any notice, document, correspondence, request or directive received by it from Seller, Takeout Investor, Purchaser or Assignee, as
the case may be, that Custodian believes to be genuine and to have been signed or presented by the proper and duly authorized officer or representative thereof, and shall not be obligated to inquire as to the authority or power of any person so
executing or presenting such documents or as to the truthfulness of any statements set forth therein. 
 
(g) Seller hereby indemnifies, defends and holds Custodian harmless from and against any claim, legal action, liability or loss that is
initiated against or incurred by Custodian, including court costs and reasonable attorney’s fees and disbursements, in connection with Custodian’s performance of its duties under this Agreement, including those involving ordinary
negligence, but excluding those involving gross negligence or willful misconduct of Custodian. 
 
(h) Custodian undertakes to perform such duties and only such duties as are specifically set forth in this Agreement, it being expressly understood that there are no implied duties hereunder.

 
Section 9. Assignment by Purchaser.
Purchaser hereby notifies Custodian that Purchaser may assign, as of the date of the purchase of all of its right, title and interest in and to all Mortgage Loans purchased by Purchaser pursuant to the Purchase Agreement and all rights of 

 

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Purchaser under the Purchase Agreement, this Agreement and the Electronic Tracking Agreement (and this Agreement) in respect of such Mortgage
Loans represented thereby to Assignee, subject only to an obligation on the part of Assignee to deliver each such Mortgage Loan to Custodian or to Purchaser to permit Custodian, Purchaser or its designee to make delivery thereof to Takeout Investor,
but not otherwise. Seller hereby irrevocably consents to such assignment. Assignment by Purchaser of the Mortgage Loans as provided in this Section 9 shall not release Purchaser from its obligations otherwise under this Agreement. Subject to any
limitations in any agreement between Assignee and Purchaser, Assignee may, upon notice of Purchaser’s default as provided in Section 3(b) hereof, directly enforce and exercise such rights under this Agreement that have been assigned or pledged
to it and, until otherwise notified by Assignee, Purchaser shall no longer have any of such rights. Custodian shall assume that any assignment from Purchaser to Assignee is subject to no limitations that are not expressly set forth in this
Agreement. 
 
Section 10. Insurance.
Custodian shall, at its own expense, maintain at all times during the existence of this Agreement such (a) fidelity insurance, (b) theft of documents insurance, (c) forgery insurance and (d) errors and omissions insurance as Custodian deems, from
time to time appropriate. 
 
Section 11.
Representations, Warranties and Covenants. 
 
(a) By Custodian. Custodian hereby represents and warrants to, and covenants with, Seller and Purchaser that, as of the date hereof and at all times while Custodian is performing services under this Agreement: 
 
(i) Custodian is duly organized, validly
existing and in good standing under the laws of the jurisdiction of its incorporation; and 
 
(ii) Custodian has the full power and authority to hold each Mortgage Loan and to execute, deliver and perform, and to
enter into and perform its duties and obligations as contemplated by, this Agreement, has duly authorized the execution, delivery and performance of this Agreement and has duly executed and delivered this Agreement, and this Agreement constitutes a
legal, valid and binding obligation of Custodian, enforceable against it in accordance with its terms, except as the enforcement thereof may be limited by applicable receivership, conservatorship or similar debtor relief laws and except that certain
equitable remedies may not be available regardless of whether enforcement is sought in equity or law. 
 
(b) By Seller. Seller hereby represents and warrants to, and covenants with, Custodian and Purchaser that, as of the date hereof
and throughout the term of this Agreement: 
 
(i) Seller is duly organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation; and 
 
(ii) Seller has the full power and authority to hold each Mortgage Loan and to execute, deliver and perform, and to enter
into and consummate all transactions contemplated by, this Agreement, has duly authorized the execution, delivery and performance of this Agreement and has duly executed and delivered this Agreement, and this Agreement constitutes a legal, valid and
binding obligation of Seller, enforceable 

 

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against it in accordance with its terms, except as the enforcement thereof may be limited by applicable receivership, conservatorship or
similar debtor relief laws and except that certain equitable remedies may not be available regardless of whether enforcement is sought in equity or law. 
 
(iii) As of the date hereof, with respect to the Original Custodial Agreement, no default has occurring and is continuing
with respect to Seller. 
 
(c) By Purchaser.
Purchaser hereby represents and warrants to, and covenants with, Custodian and Seller that, as of the date hereof and throughout the term of this Agreement: 
 
(i) Purchaser is acquiring the Mortgage Loans for its own account only and not for any other person; 
 
(ii) Purchaser considers itself a
substantial, sophisticated institutional investor having such knowledge and experience in financial and business matters that it is capable of evaluating the merits and risks of investment in the Mortgage Loans; 
 
(iii) Purchaser has been furnished with all
information regarding the related Mortgage Loans that it has requested from Seller; 
 
(iv) Purchaser is duly organized, validly existing and in good standing under the laws of the jurisdiction of its
incorporation; and 
 
(v)
Purchaser has the full power and authority to hold each Mortgage Loan and to execute, deliver and perform, and to enter into and consummate all transactions contemplated by, this Agreement, has duly authorized the execution, delivery and performance
of this Agreement and has duly executed and delivered this Agreement, and this Agreement constitutes a legal, valid and binding obligation of Purchaser, enforceable against it in accordance with its terms, except as the enforcement thereof may be
limited by applicable receivership, conservatorship or similar debtor relief laws and except that certain equitable remedies may not be available regardless of whether enforcement is sought in equity or law. 
 
Section 12. No Adverse Interests. By its acceptance of
each Submission Package, Custodian covenants and warrants to Purchaser that: (a) as of the date of payment by Purchaser of the Release Payment, Custodian, solely in its capacity as Custodian, holds no adverse interests, by way of security or
otherwise, in the related Mortgage Loan and (b) Custodian hereby waives and releases any such interest in such Mortgage Loan which it, acting solely in its capacity as Custodian, has or which it may thereafter acquire prior to the time of release of
such Mortgage Loan from the terms of this Agreement. 
 
Section 13. Amendments. This Agreement may be amended from time to time only by written agreement of Seller, Purchaser and Custodian except that, if this Agreement shall have been assigned by Purchaser, no amendment shall be
effective unless the amendment is also signed by Assignee. Purchaser shall give at least five days’ prior written notice to Assignee of any proposed amendment to this Agreement and shall furnish Assignee with a copy of each such amendment
within five days after it is executed and delivered. 
 

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Section 14.
Execution in Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed an original, but all of which shall constitute one and the same instrument. 
 
Section 15. Agreement for Exclusive Benefit of Parties;
Assignment. This Agreement is for the exclusive benefit of the parties hereto and their respective successors and permitted assigns hereunder and shall not be deemed to give any legal or equitable right, remedy or claim to any other person
whatsoever. This Agreement shall bind the parties hereto and their respective successors, but, except for the assignments provided in Sections 3(b) and 9, shall not be assigned or pledged by any party without the prior written consent of the other
parties. Written notice from Assignee to Custodian (with a copy to Purchaser) that Purchaser has defaulted in any material respect under any funding or loan agreement relating to the financing of Purchaser’s purchase of Mortgage Loans shall be
conclusive for all purposes of this Agreement. 
 
Section 16. Effect of Invalidity of Provisions. In case any one or more of the provisions contained in this Agreement should be or become invalid, illegal or unenforceable in any respect, the validity, legality and
enforceability of the remaining provisions contained herein or therein shall in no way be affected, prejudiced or disturbed thereby. 
 
Section 17. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New York,
without regard to conflict of laws rules. 
 
Section 18. Consent to Service. Each party irrevocably consents to the service of process by registered or certified mail, postage prepaid, to it at its address given in or pursuant to Section 19. 
 
Section 19. Notices. Any notices, consents, directions
and other communications given under this Agreement shall be in writing and shall be deemed to have been duly given when delivered by facsimile or electronic transmission, or personally delivered at, or sent by overnight courier to the addresses of
the parties hereto set forth on the cover page hereof or such other address as any party shall give in a notice to the other parties pursuant to this Section 19. 
 
Section 20. Certification. Custodian hereby acknowledges that each time it enters the Approval Code on
a Request for Certification in the “Approval Code” column, it is making an express representation and warranty to Purchaser that it has performed the Certification as specified in Sections 4(a) and (b) with respect to the related Mortgage
Loan. 
 
Section 21. Authorized
Representatives. Each individual designated as an authorized representative of Purchaser or its successors or assigns, Seller and Custodian, respectively (an “Authorized Representative”), is authorized to give and receive
notices, requests and instructions and to deliver certificates and documents in connection with this Agreement on behalf of Purchaser, Seller and Custodian, as the case may be, and the specimen signature for each such Authorized Representative,
initially authorized hereunder, is set forth on Exhibits Q, R and S hereof, respectively. From time to time, Purchaser, Seller and Custodian or their respective successors or permitted assigns may, by delivering to the others a revised annex, change
the information previously given pursuant to this Section 21, but each of the parties hereto shall be entitled to rely conclusively on the then current annex until receipt of a superseding annex. 
 

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Section 22.
Construction. The headings in this Agreement are for convenience only and are not intended to influence its construction. References to Sections and Exhibits in this Agreement are to the Sections of and Exhibits to this Agreement. The
Exhibits are part of this Agreement. In this Agreement, the singular includes the plural, the plural the singular, and the words “and” and “or” are used in the conjunctive or disjunctive as the sense and circumstances may
require. 
 
Section 23. Affect of Amendment and
Restatement. Upon the execution of this Agreement and the Purchase Agreement by all parties hereto and thereto, the Original Custodial Agreement shall be amended, restated and superseded in its entirety by this Agreement. The parties hereto
acknowledge and agree that (a) the liens and security interests granted under the Original Custodial Agreement are in full force and effect and, upon the amendment and restatement of the Original Custodial Agreement and the related documents, such
liens and security interests secure and continue to secure the payment and performance of Seller’s obligations under this Agreement and the related documents, and (b) upon the effectiveness of such amendment and restatement, all outstanding
Mortgage Loans under, and as defined in, the Original Custodial Agreement, shall be deemed to be outstanding as Mortgage Loans hereunder mutatis mutandis, in each case on the terms and conditions set forth in this Agreement. 
 

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IN WITNESS WHEREOF, Seller, Purchaser and Custodian have caused this Agreement to be duly
executed as of the date and year first above written. 
 

	 CRESCENT MORTGAGE SERVICES,
INC.

	
	 By:
	 	       /s/

	 Name:
 Title
	 	 

 

	 UBS WARBURG REAL ESTATE SECURITIES
INC.

	
	 By:
	 	       /s/

	 Name:
 Title:
	 	 George A. Mangiaracina
 Executive Director

 

	
	 By:
	 	       /s/

	 Name:
 Title:
	 	 Robert Carpenter
 Director

 

	 JPMORGAN CHASE BANK

	
	 By:
	 	       /s/

	 Name:
 Title:
	 	 

EXHIBIT A 
 
DRY SUBMISSION PACKAGE 
 
With respect to each Mortgage Loan being offered by Seller for sale to Purchaser Seller shall deliver and
release to Custodian the following documents: 
 

	 	(i)	 	The original Mortgage Note bearing all intervening endorsements, endorsed “Pay to the order of
                         without recourse” and signed in the name of the last endorsee (the “Last
Endorsee”) by an authorized Person (in the event that the Mortgage Loan was acquired by the Last Endorsee in a merger, the signature must be in the following form: “[Last Endorsee], successor by merger to [name of predecessor]”;
in the event that the Mortgage Loan was acquired or originated by the Last Endorsee while doing business under another name, the signature must be in the following form: “[Last Endorsee], formerly known as [previous name]”);

 

	 	(ii)	 	A copy of the Mortgage naming (i) the Seller, or, (ii) if the Seller was not the originator, the originator or, (iii) with respect to MERS Designated Mortgage Loans,
MERS, as the “mortgagee” or “beneficiary” thereof, and either bearing evidence that such instrument has been recorded in the appropriate jurisdiction where the property with respect to the Mortgage Property is located or a
duplicate or conformed copy of the Mortgage, together with a certificate from the recorder’s office, certifying that any such copy represents a true and correct reproduction of the original of such instrument and that such original has been
duly recorded or delivered for recordation in the appropriate records of the jurisdiction where the Mortgaged Property is located and, with respect to MERS Designated Mortgage Loans, the requirements set forth in the Electronic Tracking Agreement
have been satisfied and the Custodian shall confirm that each MERS Designated Mortgage Loan has been issued a MERS Identification Number; 

 

	 	(iii)	 	If Seller did not originate the Mortgage Loan, all original intervening assignments duly executed and acknowledged and in recordable form, which together with the
Assignment of Mortgage, evidence the chain of mortgage assignments from the originator of the Mortgage Loan to Seller, (or, in the case of a MERS Designated Mortgage Loan, MERS), and/or copies of all such intervening mortgage assignments, together
with a certificate from the recorder’s office, certifying that any such copy represents a true and correct reproduction of the original of such instrument and that such original has been duly recorded in the appropriate records of the
jurisdiction where the Mortgaged Property is located; 

 

	 	(iv)	 	 Except in the case of a MERS Designated Mortgage Loan, the original Assignment of Mortgage in blank for each Mortgage Loan, in form and substance acceptable for
recording and signed in the name of the Last Endorsee (in the event that the Mortgage Loan was acquired by the Last 

 

A-1 

	 	 
Endorsee in a merger, the signature must be in the following form: “[Last Endorsee], successor by merger to [name of predecessor]”;
in the event that the Mortgage Loan was acquired or originated while doing business under another name, the signature must be in the following form: “[Last Endorsee], formerly known as [previous name]”). 

 

	 	(v)	 	The original attorney’s opinion of title and abstract of title or the original mortgagee title insurance policy, or if the original mortgagee title insurance
policy has not been issued, the irrevocable commitment to issue the same; 

 

	 	(vi)	 	If any of the above documents has been executed by a person holding a power of attorney, an original or photocopy of such power certified by the Seller to be a true
and correct copy thereof. 

 
In the event that the
Seller cannot deliver an original or copy of any document (certified by the recording office) submitted for recordation to the appropriate public recording office within the specified period due to a delay caused by the recording office in the
applicable jurisdiction, provided that the Seller shall deliver to the Purchaser, within 180 days of the Delivery Date, an Officer’s Certificate which shall (i) identify the recorded document, (ii) state that the recorded document has not been
delivered to the Custodian due solely to a delay caused by the public recording office, (iii) state the amount of time generally required by the applicable recording office to record and return a document submitted for recordation, (iv) specify the
anticipated date the applicable recorded document will be delivered to the Custodian and (v) such document must be delivered within 180 days of the related Delivery Date. 
 
All documents delivered to Custodian have been and as to future deliveries will be placed by Seller in an appropriate file
folder, properly secured, and clearly marked with Seller’s loan number identifying such Mortgage Loan. 
 
In those cases where a copy of a Mortgage, or any intervening mortgage assignment, or an unrecorded original of any intervening mortgage assignment are delivered to the Custodian, Seller shall cause
the original of such instrument to be recorded. 
 

A-2 

EXHIBIT B-1 
 
CASH WINDOW SUBMISSION PACKAGE 
 
With respect to each Mortgage Loan being offered by Seller for sale to Purchaser pursuant to a Cash Window
Transaction, Seller shall deliver and release to Custodian the following documents: 
 

	 	(i)	 	The original Mortgage Note bearing all intervening endorsements, endorsed “Pay to the order of
                     without recourse” and signed in the name of the last endorsee (the “Last Endorsee”) by an
authorized Person (in the event that the Mortgage Loan was acquired by the Last Endorsee in a merger, the signature must be in the following form: “[Last Endorsee], successor by merger to [name of predecessor]”; in the event that the
Mortgage Loan was acquired or originated by the Last Endorsee while doing business under another name, the signature must be in the following form: “[Last Endorsee], formerly known as [previous name]”) and if Freddie Mac is the Agency for
the related Mortgage Loan, the Freddie Mac loan number should appear on the top right hand corner of the Mortgage Note; 

 

	 	(ii)	 	A copy of the Mortgage naming (i) the Seller, or, (ii) if the Seller was not the originator, the originator or, (iii) with respect to MERS Designated Mortgage Loans,
MERS, as the “mortgagee” or “beneficiary” thereof, and either bearing evidence that such instrument has been recorded in the appropriate jurisdiction where the property with respect to the Mortgage Property is located or a
duplicate or conformed copy of the Mortgage, together with a certificate from the recorder’s office, certifying that any such copy represents a true and correct reproduction of the original of such instrument and that such original has been
duly recorded or delivered for recordation in the appropriate records of the jurisdiction where the Mortgaged Property is located and, with respect to MERS Designated Mortgage Loans, the requirements set forth in the Electronic Tracking Agreement
have been satisfied; provided that with respect to a MERS Designated Mortgage Loan, the Custodian shall confirm that such Mortgage Loan has been issued a MERS Identification Number; 

 

	 	(iii)	 	If Seller did not originate the Mortgage Loan, all original intervening assignments duly executed and acknowledged and in recordable form, which together with the
Assignment of Mortgage, evidence the chain of mortgage assignments from the originator of the Mortgage Loan to Seller, (or, in the case of a MERS Designated Mortgage Loan, MERS), and/or copies of all such intervening mortgage assignments, together
with a certificate from the recorder’s office, certifying that any such copy represents a true and correct reproduction of the original of such instrument and that such original has been duly recorded in the appropriate records of the
jurisdiction where the Mortgaged Property is located; 

 

B-1-1 

 

	 	(iv)	 	Except in the case of a MERS Designated Mortgage Loan, the original Assignment of Mortgage in blank (with respect to each Mortgage Loan (except MERS Designated
Mortgage Loans) that has been designated for sale to Fannie Mae, to Fannie Mae) for each Mortgage Loan, in form and substance acceptable for recording and signed in the name of the Last Endorsee (in the event that the Mortgage Loan was acquired by
the Last Endorsee in a merger, the signature must be in the following form: “[Last Endorsee], successor by merger to [name of predecessor]”; in the event that the Mortgage Loan was acquired or originated while doing business under another
name, the signature must be in the following form: “[Last Endorsee], formerly known as [previous name]”), ]”); 

 

	 	(v)	 	If any of the above documents has been executed by a person holding a power of attorney, an original or photocopy of such power certified by the Seller to be a true
and correct copy thereof. 

 

	 	(vi)	 	The original attorney’s opinion of title and abstract of title or the original mortgagee title insurance policy, or if the original mortgagee title insurance
policy has not been issued, the irrevocable commitment to issue the same; 

 

	 	(vii)	 	A Warehouse Lender’s Release, from any Warehouse Lender having a security interest in the Mortgage Loans or, if there is no Warehouse Lender with respect to
such Mortgage Loans, a Seller’s Release, from Seller, addressed to Purchaser, releasing any and all right, title and interest in such Mortgage Loans; 

 

	 	(viii)	 	Delivery Instructions; 

 

	 	(ix)	 	A copy of a Confirmation; and 

 

	 	(x)	 	The Applicable Agency Documents, listed on Exhibit B-2 and Exhibit B-3. 

 
In the event that the Seller cannot deliver an original or copy of any document (certified by the recording office) submitted
for recordation to the appropriate public recording office within the specified period due to a delay caused by the recording office in the applicable jurisdiction, provided that the Seller shall deliver to the Purchaser, within 180 days of the
Delivery Date, an Officer’s Certificate which shall (i) identify the recorded document, (ii) state that the recorded document has not been delivered to the Custodian due solely to a delay caused by the public recording office, (iii) state the
amount of time generally required by the applicable recording office to record and return a document submitted for recordation, (iv) specify the anticipated date the applicable recorded document will be delivered to the Custodian and (v) such
document must be delivered within 180 days of the related Delivery Date. 
 
All documents delivered to Custodian will be placed by Seller in an appropriate file folder, properly secured, and clearly marked with Seller’s appropriate Freddie Mac or Fannie Mae loan number identifying such Mortgage Loan in
the form and order required by the Agency. In those cases where a copy of any intervening mortgage assignment, or an unrecorded original of any 

 

B-1-2 

intervening mortgage assignment are delivered to the Custodian, Seller shall cause the original of such instrument to be recorded.

 

B-1-3 

EXHIBIT B-2 
 
FREDDIE MAC DOCUMENT LIST 
 

	
	 (i)
	  	 Freddie Mac Form 1034 (Custodial Certification Schedule).

	
	 (iii)
	  	 Freddie Mac Form 996 (Warehouse Lender Release of Security Interest).1

	
	 (iii)
	  	 Freddie Mac Form 987 (Wire Transfer Authorization for a Cash Warehouse Delivery).

	1	 	Consisting either of the form submitted by Seller to Custodian naming Purchaser as Warehouse Lender or a substituted form completed by Custodian naming Purchaser as
Warehouse Lender. 

 

B-2-1 

EXHIBIT B-3 
 
FANNIE MAE DOCUMENT LIST 
 
Fannie Mae Form 1068 (Fixed-Rate, Graduated-Payment, or Growing-Equity Mortgage Loan Schedule) or Fannie Mae Form 1069
(Adjustable-Rate Mortgage Loan Schedule). 
 

B-3-1 

EXHIBIT B-4 
 
[LETTERHEAD OF PURCHASER] 
 
FANNIE MAE MASTER BAILEE LETTER 
 
            
            , 200     
 
JPMorgan Chase Bank 
4 Metrotech Center 
Brooklyn, New York 11245 
Attention: Mark Pullen 
 
Ladies and Gentlemen: 
 
In connection with its Conforming Whole Loan Purchase: Cash Window Program, the undersigned UBS Warburg Real Estate Securities Inc.
(“Purchaser”) shall from time to time, cause JPMorgan Chase Bank, as custodian (“Custodian”), to deliver to the Federal National Mortgage Association (“Fannie Mae”) original promissory notes (“Mortgage Notes”)
evidencing certain mortgage loans (“Mortgage Loans”), along with certain other documents comprising the related files (“Mortgage Documents”). Custodian is hereby instructed to prepare and insert a Notice of Bailment in the form
of Schedule A hereto with respect to each Mortgage Loan (“Notice of Bailment”), in each file of Mortgage Documents delivered by Custodian to Fannie Mae. 
 
Except as otherwise provided herein, each Mortgage Document so delivered to Fannie Mae is to be held by
Fannie Mae, as agent for Custodian, and subject to only Purchaser’s direction and control. 
 
Upon Purchaser’s receipt of all of the proceeds from the sale of a Mortgage Loan in accordance with the wiring instructions set forth in Fannie Mae’s Form 482 or 1068 all of Purchaser’s
legal or equitable interest in the Mortgage Loan shall terminate. 
 
The persons listed on the attached Schedule B are the authorized representatives (“Authorized Representatives”) of Purchaser. Custodian shall not honor any communication relating to a Mortgage Loan, which is not
confirmed by the written or telephonic consent, confirmed in writing at the request of Custodian, of an Authorized Representative of Purchaser. 
 

B-4-1 

Please execute and return the enclosed copy of this Master Bailee Letter in the enclosed
self-addressed envelope. 
 

	 Sincerely,

	
	 UBS WARBURG REAL ESTATE SECURITIES
INC.         (Purchaser)

	
	 By:
	 	  

	 Name:
 Title:
	 	 

 
                Agreed to: 
 

	 JPMORGAN CHASE Bank
         (Custodian)

	
	 By:
	  	  

	 Name:
 Title:
 Dated:
	  	 As of the date first set forth above

 

B-4-2 

SCHEDULE A 
TO EXHIBIT B-4 
 
NOTICE OF BAILMENT 
 
[Fannie Mae Address] 
 

	 	Re:	 	[Insert Description of Loan, including Borrower’s Name,  Loan Amount and Fannie Mae’s Loan Number] 

 
Ladies and Gentlemen: 
 
Pursuant to the Master Bailee Letter, dated
                     , 200_ (the “Master Bailee Letter”), between UBS Warburg Real Estate Securities Inc.
(“Purchaser”) and JPMorgan Chase Bank, (the “Custodian”), you are hereby notified that the enclosed original promissory note with respect to the referenced loan together with certain other documents comprising the related file
with respect to that loan (the “Mortgage Documents”) being hereby delivered to you herewith are to be held by you as agent of Custodian (which holds the Mortgage Documents as custodian and bailee for the benefit of Purchaser).

 
Any Mortgage Documents (or portion thereof) not
purchased by you in accordance with the provisions of the Fannie Mae Guide shall be sent to the Custodian by overnight courier to: [insert address for return of documents]. 
 
Any questions relating to the Mortgage Documents should be referred to the Purchaser at (212) 713-2419.

 

	
	 Sincerely,

	
	 JPMORGAN CHASE
BANK

	
	 By:
	 	  

	 Name
 Title:
	 	 

 

B-4-3 

SCHEDULE B 
TO EXHIBIT B-4 
 
AUTHORIZED REPRESENTATIVES OF PURCHASER 
 

	 Name

	  	 Title

	    	 Authorized Signature

 

B-4-4 

UBS Warburg Real Estate Securities 
 
EXHIBIT C-1 
 
CONDUIT SUBMISSION PACKAGE 
 
With respect to each Mortgage Loan being offered by Seller for sale to Purchaser, pursuant to a Conduit Transaction, Seller shall deliver
and release to Custodian the following documents: 
 
(i) The original Mortgage Note endorsed, “Pay to the order of             , without recourse” and signed in the name of Seller by an authorized
officer and, if Seller did not originate the Mortgage Loan, bearing an unbroken chain of endorsements from the originator thereof to Seller; (if applicable) the original assumption agreement, together with the original of any surety agreement or
guaranty agreement relating to the Mortgage Note or any such assumption agreement, and if the Mortgage Note has been signed by a third party on behalf of the Mortgagor, the original power of attorney or other instrument that authorized and empowered
such Entity to sign or a copy of such power of attorney together with an officer’s certificate (or a certificate from the recorder’s office) certifying that such copy presents a true and correct reproduction of the original and that such
original has been duly recorded or delivered for recordation in the appropriate records of the jurisdiction in which the related Mortgaged Property is located; 
 
(ii) A Mortgage meeting one of the following requirements: 
 
(A) The original Mortgage bearing evidence
that the Mortgage has been duly recorded in the records of the jurisdiction in which the Mortgaged Property is located; or 
 
(B) A copy of the Mortgage together with an officer’s certificate (which may be a blanket officer’s certificate
of Seller covering all such Mortgage Loans), or a certificate from the recorder’s office, certifying that such copy represents a true and correct reproduction of the original Mortgage and that such original has been duly recorded or delivered
for recordation in the appropriate records of the jurisdiction in which the Mortgaged Property is located; or 
 
(C) With respect to each MERS Designated Mortgage Loan, the requirements set forth in the Electronic Tracking Agreement
have been satisfied. 
 
(iii) If
Seller did not originate the Mortgage Loan, all original intervening assignments duly executed and acknowledged and in recordable form, which together with the Assignment of Mortgage, evidence the chain of mortgage assignments from the originator of
the Mortgage Loan to Seller (or, in the case of a MERS Designated Mortgage Loan, MERS), and/or two copies of each such intervening mortgage assignments, each copy together with an officer’s certificate, or a certificate from the recorder’s
office, certifying that such copy represents a true and correct reproduction of the original of such instrument and that such original has been duly recorded or delivered 
 

C-1-1 

UBS Warburg Real Estate Securities 
 
for recordation in the appropriate records of the jurisdiction where the Mortgaged Property is located;

 
(iv) Except in the case of a
MERS Designated Mortgage Loan, an original Assignment of Mortgage, in blank, in recordable form but unrecorded and signed in the name of Seller by an authorized officer; 
 
(v) A Warehouse Lender’s Release, from any Warehouse Lender having a security interest
in the Mortgage Loans or, if there is no Warehouse Lender with respect to such Mortgage Loans, a Seller’s Release, from Seller, addressed to Purchaser, releasing any and all right, title and interest in such Mortgage Loans; 
 
(vi) Delivery Instructions; 
 
(vii) A copy of a Commitment; 
 
(viii) A copy of a Confirmation;

 
(ix) Each Mortgage Loan, as
identified by Seller, relating to a Mortgage Note with an original principal amount in excess of 80% of the appraised value of the related Mortgaged Property at the time of origination of such Mortgage Loan, either (A) an original of the
certificate/commitment of Primary Mortgage Insurance Policy, issued by the applicable insurer, without verification of the expiration date thereon, or (B) an Officer’s Certificate (which may be a blanket Officer’s Certificate of Seller
covering all such Mortgage Loans), certifying that an appraisal report has been obtained by Seller which shows that the appraised value of the Mortgage Property is such that the outstanding principal balance of such Mortgage Note is less than 80% of
such appraised value; and* 
 
(x) An Underwriter’s Form.* 

	*	 	Not applicable to Submission Packages in which the Delivery Instructions require delivery of the Submission Package to Springfield, Illinois.

 

C-1-2 

UBS Warburg Real Estate Securities Inc. 
 
[UBS WARBURG LOGO] 
 
UBS Warburg LLC 
1000 Harbor Boulevard 
Weehawken, New Jersey 07087-6790 
201 352-6240 
 
EXHIBIT C-2 
 
[LETTERHEAD OF PURCHASER] 
 
MASTER BAILEE LETTER 
 
                                ,
200     
 
Takeout Investor

Address 1 
 
Address 2 
City, State 
 
JPMorgan Chase Bank 
4 Chase Metrotech Center 
Brooklyn, New York
11245 
 
Ladies and Gentlemen:

 
The undersigned UBS Warburg Real Estate
Securities Inc. (“UBSWRES” or “Purchaser”) shall from time to time, cause JPMorgan Chase Bank as custodian (“Custodian”), to deliver to *** (“Takeout Investor”) original promissory notes (“Mortgage
Notes”) evidencing certain mortgage loans (“Mortgage Loans”), along with certain other documents comprising the related files (“Custodial Files”) and, in each case, a Notice of Bailment in the form of Schedule A hereto with
respect to each Mortgage Loan (“Notice of Bailment”), for inspection by Takeout Investor prior to the possible purchase by Takeout Investor of such Mortgage Loans pursuant to commitments (“Commitments”) from certain sellers of
Mortgage Loans (“Sellers”). 
 
Takeout
Investor hereby acknowledges and consents to the assignment by Seller to Purchaser (free of any security interest, lien, claim or encumbrance of any kind) of Seller’s rights, under each Commitment, to deliver the Mortgage Loan(s) specified
therein to Takeout Investor and to receive the takeout proceeds therefor from Takeout Investor. Prior to its delivery to Takeout Investor, each Mortgage Loan shall have been sold to UBSWRES in accordance with each Seller’s agreement with
UBSWRES. Takeout Investor understands and recognizes that until there is a completed sale of the Mortgage Loans in accordance with the terms of the Amended and Restated Mortgage Loan Purchase Agreement between UBSWRES and Seller (the “Purchase
Agreement”), UBSWRES is the exclusive owner of all right, title and interest in the Mortgage Notes, Mortgage Loans and related Custodial Files. 
 

C-2-1 

UBS Warburg Real Estate Securities 
 
Except as otherwise provided herein, each Custodial File so delivered to Takeout Investor is to be held by
Takeout Investor, as agent for Custodian, and subject to only UBSWRES’s direction and control until released as provided herein. If Takeout Investor chooses to purchase a Mortgage Loan pursuant to the Purchase Agreement, the proceeds of the
sale of each Mortgage Loan accepted for purchase by Takeout Investor must be remitted immediately upon settlement by Takeout Investor, by wire transfer in immediately available funds, in accordance with the wire instructions set forth in the Notice
of Bailment which shall be placed in each Custodial File by Custodian prior to the shipment of each Custodial File to Takeout Investor. Takeout Investor shall be responsible for making certain that all of the proceeds from the sale of the
Mortgage Loan are paid in accordance with the wire transfer instructions set forth on each Notice of Bailment. Takeout Investor shall have no right, title or interest, whether equitable or legal, in any Custodial File, Mortgage Note or Mortgage Loan
until UBSWRES receives all of the sale proceeds for such Mortgage Note, Mortgage Loan and related Custodial File in accordance with the Purchase Agreement. 
 
Upon UBSWRES’s receipt of all of the proceeds from the sale of a Mortgage Loan in accordance with the wire transfer instructions in
the applicable Notice of Bailment, all of UBSWRES’s legal and equitable interest in the Mortgage Loan shall terminate. 
 
Each Mortgage Loan and related documentation (“Mortgage Documents”) held by Takeout Investor which are received by Takeout
Investor from Custodian with respect to a Mortgage Loan that is not purchased in accordance with the Purchase Agreement must be returned immediately to Custodian at the address for delivery of documents set forth on the Notice of Bailment. UBSWRES
reserves the right at any time, until a Mortgage Loan has been purchased in accordance with the Purchase Agreement by Takeout Investor, to demand the return of the related Mortgage Documents to Custodian, and Takeout Investor agrees to return to
Custodian the Mortgage Documents pertaining to a Mortgage Loan not purchased by Takeout Investor immediately upon such demand by UBSWRES. 
 
The persons listed on the attached Schedule A-1 are the authorized representatives (“Authorized Representatives”) of UBSWRES.
Takeout Investor shall not honor any communication from Sellers relating to a Mortgage Loan, which is not confirmed by the written or telephonic consent of an Authorized Representative of UBSWRES, or until UBSWRES has received the proceeds of the
sale of such Mortgage Loan. 
 
In the event Takeout
Investor is not able for any reason to comply with the terms of this Master Bailee Letter, Takeout Investor shall immediately return the Custodial Files, together with all the Mortgage Notes and the other related Mortgage Loan papers, documents, and
records held by Takeout Investor which have been received by Takeout Investor from either Custodian or Sellers, to Custodian at the above address for delivery in the Notice of Bailment; provided however, that in no case shall the
Takeout Investor return such Custodial File to the Custodian or Sellers later than thirty (30) calendar days after receipt of such Custodial File. 
 

C-2-2 

UBS Warburg Real Estate Securities 
 
Takeout Investor shall not deliver a Custodial File, or any portion thereof, to any third party without the
prior written consent of UBSWRES unless such third party is a wholly owned subsidiary of Takeout Investor or a custodian and bailee of Takeout Investor who is receiving such Custodial File with written notice of the bailment created by this Master
Bailee Letter. 
 
UBSWRES and Takeout Investor each
agree to pay, indemnify, and hold the other, the other’s officers, directors, employees, counsel, agents and attorneys-in-fact (each, an “Indemnified Person”) harmless from and against any and all liabilities, obligations, losses,
damages, penalties, actions, judgments, suits, costs, charges, expenses or disbursements (including reasonable attorney’s fees and the allocated cost of in-house counsel) of any kind or nature whatsoever incurred with respect to any
investigation, litigation or proceeding (including any case, action or proceeding before any court or other governmental authority relating to bankruptcy, reorganization, insolvency, liquidation, dissolution or relief of debtors or any appellate
proceeding) (collectively, the “Proceedings”) arising from such party’s noncompliance with the terms of this Bailee Letter, whether or not any Indemnified Person is a party to the related Proceedings. 
 
No deviation in performance of the terms of any previous
bailment agreement will alter any of Takeout Investor’s duties or responsibilities as provided herein. 
 
By acknowledging receipt of this Bailee Letter Takeout Investor shall be bound by the terms hereof. Purchaser requests that Takeout
Investor acknowledge receipt of the Mortgage Documents and this Master Bailee Letter by signing and returning the enclosed copy of this Master Bailee Letter in the enclosed self-addressed envelope; provided, however, that Takeout Investor’s
failure to do so does not nullify Takeout Investor’s acceptance of the terms of this Master Bailee Letter. 
 

	
	 Sincerely,

	
	 UBS WARBURG REAL ESTATE SECURITIES
INC.

	
	 By:
	 	  

	 Name:
 Title:
	 	 

 

C-2-3 

UBS Warburg Real Estate Securities 
 
The undersigned Custodian executes this Master Bailee Letter solely for purposes of appointing Takeout
Investor its custodian and bailee to hold the Mortgage Documents in accordance with the terms of this Master Bailee Letter. 
 

	
	 Agreed to:

	
	 JPMORGAN CHASE BANK
           (Custodian)

	
	 By:
	  	  

	 Name:
 Title:
 Dated:
	  	 As of the date first set forth above

 
Acknowledgement
of Receipt: 
 
(Takeout Investor) 
 

	
	 By:
	  	  

	 Name:
 Title:
 Dated:
	  	 As of the date first set forth above

 

C-2-4 

UBS Warburg Real Estate Securities Inc. 
 
[UBS WARBURG LOGO] 
 
UBS Warburg LLC 
1000 Harbor Boulevard 
Weehawken, New Jersey 07087-6790 
201 352 - 6240

 
SCHEDULE A 
TO MASTER BAILEE LETTER 
 
NOTICE OF BAILMENT 
 

	 	Re:	 	[Insert Description of Loan, including Borrower’s Name,  

Loan Amount and Takeout Investor’s Loan Number] 
 
Ladies and Gentlemen: 
 
Pursuant to the Master Bailee Letter, dated *** (the “Master Bailee Letter”), among UBS Warburg Real Estate Securities Inc.
(“UBSWRES”), JPMorgan Chase Bank, (the “Custodian”) and *** (“Takeout Investor”), you are hereby notified that the enclosed original promissory note with respect to the referenced loan together with certain other
documents comprising the related file with respect to that loan (the “Mortgage Documents”) being hereby delivered to you herewith are to be held by you as agent of Custodian (which holds the Mortgage Documents as custodian and bailee for
the benefit of UBSWRES) and subject to the terms of the Master Bailee Letter, as defined herein. 
 
Any funds wired by Takeout Investor in accordance with the Master Bailee Letter shall be transmitted in immediately available funds to: JPMorgan Chase Bank New York, NY; ABA:021 000 021; Account
#:930-1-035581; Account Name: PaineWebber Conduit Funding. 
 
Any Mortgage Documents (or portion thereof) being returned in accordance with the Master Bailee Letter shall be sent to the Custodian by overnight courier to: JPMorgan Chase Bank, 4 Chase Metrotech Center, Brooklyn, NY 11245, no
later than thirty (30) calendar days after the date hereof. 
 
Any questions relating to the Mortgage Documents should be referred to UBS Warburg Real Estate Securities at (201) 352 – 6240. 
 

	
	 Sincerely,

	
	 JPMORGAN CHASE BANK
           (Custodian)

	
	 By:
	 	  

	 Name:
	 	 

 

C-2-5 

UBS Warburg Real Estate Securities 
 
SCHEDULE A-1 
TO MASTER BAILEE LETTER 
 
AUTHORIZED REPRESENTATIVES 
OF UBS WARBURG REAL ESTATE
SECURITIES 
 

	
	 George A. Mangiaracina
	  	 ______________________________

	
	 Robert Carpenter
	  	 ______________________________

	
	 Jonathan Banks
	  	 ______________________________

	
	 Ari Lash
	  	 ______________________________

 

C-2-6 

UBS Warburg Real Estate Securities Inc. 
 
[UBS WARBURG LOGO] 
 
UBS Warburg LLC 
1000 Harbor Boulevard 
Weehawken, New Jersey 07087-6790 
201 352 - 6240

 
EXHIBIT D 
 
CONVERSION SUBMISSION PACKAGES 
 

	1.	 	To convert from a Dry Transaction to a Cash Window Transaction, Seller shall deliver to Custodian: 

 

	 	A.	 	if Fannie Mae is the Takeout Investor, an original Assignment of Mortgage to Fannie Mae, in recordable form but unrecorded, signed in the name of Seller by an
authorized officer; 

 

	 	B.	 	the Applicable Agency Documents; and 

 

	 	C.	 	Delivery Instructions. 

 

	2.	 	To convert from a Dry Transaction to a Conduit Transaction, Seller shall deliver to Custodian: 

 

	 	A.	 	a Mortgage meeting one of the following requirements: 

 
(a) The original Mortgage bearing evidence that the Mortgage has been duly recorded in the records of the jurisdiction in
which the Mortgaged Property is located; or 
 
(b) A copy of the Mortgage together with an officer’s certificate (which may be a blanket officer’s certificate of Seller covering all such Mortgage Loans), or a certificate from the recorder’s office, certifying that
such copy represents a true and correct reproduction of the original Mortgage and that such original has been duly recorded or delivered for recordation in the appropriate records of the jurisdiction in which the Mortgaged Property is located; or

 
(c) With respect to MERS
Designated Mortgage Loans, the requirements set forth in the Electronic Tracking Agreement. 
 

	 	B.	 	a copy of a Commitment; 

 

	 	C.	 	Delivery Instructions; 

 

	 	D.	 	Each Mortgage Loan, as identified by Seller, relating to a Mortgage Note with an original principal amount in excess of 80% of the appraised value of the related
Mortgaged Property at the time of origination of such Mortgage Loan, either (A) an original of the certificate/commitment of Primary Mortgage Insurance Policy, issued by the applicable insurer, without verification of the expiration date thereon, or
(B) an Officer’s 

 

D-1 

UBS Warburg Real Estate Securities 
 
Certificate (which may be a blanket Officer’s Certificate of Seller covering all such Mortgage Loans),
certifying that an appraisal report has been obtained by Seller which shows that the appraised value of the Mortgage Property is such that the outstanding principal balance of such Mortgage Note is less than 80% of such appraised value;

 

	 	E.	 	An Underwriter’s Form; and 

 

	 	F.	 	A copy of a Confirmation. 

 

D-2 

UBS Warburg Real Estate Securities Inc. 
 
[UBS WARBURG LOGO] 
 
UBS Warburg LLC 
1000 Harbor Boulevard 
Weehawken, New Jersey 07087-6790 
201 352 - 6240

 
EXHIBIT E 
 
UBS WARBURG REAL ESTATE SECURITIES INC. 
REQUEST FOR CERTIFICATION 
CLIENT:         , PAYEE NUMBER (ONLY APPLICABLE TO FANNIE MAE CASH WINDOW 
TRANSACTIONS): 
 
Expected Delivery Date of Mortgage File is                    , 200     
 
REF NO. 
 
PROG CODE 
 
LOAN # 
 
LAST NAME 
 
FACE
AMOUNT 
 
# OF MONTHS TO MATURITY 
 
NOTE RATE 
 
TAKEOUT INVESTOR 
 
PROPERTY ADDRESS 
 
NOTE DATE 
 
SALE
PRICE 
 
COMMITMENT # 
 
COMMITMENT EXPIRATION DATE 
 
DELIVERY DATE 
 
RELEASE PAYMENT 
 
WAREHOUSE LENDER 
 
COMPLETION/EXCEPTION CODE 
 

E-1 

UBS Warburg Real Estate Securities Inc. 
 
[UBS WARBURG LOGO] 
 
UBS Warburg LLC 
1000 Harbor Boulevard 
Weehawken, New Jersey 07087-6790 
201 352 - 6240

 
EXHIBIT F 
 

	
	 I.
	  	 	  	 Program Codes

	
	 	  	 D
	  	 Dry Transaction

	
	 	  	 W
	  	 Cash Window Transaction

	
	 	  	 C
	  	 Conduit Transaction

	
	 II.
	  	 V
	  	 Conversion Code

	
	 III.
	  	 	  	 Certification Codes

	
	 	  	 A
	  	 Mortgage Loan Absentee Code

	
	 	  	 N
	  	 Mortgage Loan Suspension Code

	
	 	  	 Y
	  	 Mortgage Loan Approval Code

	
	 IV
	  	 	  	 Unidentified/Suspension Mortgage
 Loan Directives

	
	 	  	 H
	  	 Hold Directive

	
	 	  	 D
	  	 Delivery Directive

	
	 V
	  	 	  	 Exception Codes

 
See
Chart Below 
 

F-1 

UBS Warburg Real Estate Securities 
 
UBS Real Estate 
Document Codes 
 

	
	 1. Note missing
	  	 34.
	  	 67. Warehouse lenders release is missing attached list of loans

	
	 2. Note is not original
	  	 35. FHLMC midanet/mortgage detail listing is missing
	  	 68. Erroneous endorsement must be voided and initialed

	
	 3. Note is missing borrower’s name
	  	 36. FHLMC form 1034/Certification schedule is missing
	  	 69.

	
	 4. Note-borrower’s name does not match the file
	  	 37. From the FHLMC form 1034—all files are not present
	  	 70. Endorsement in blank is to the takeout investor

	
	 5. Note is missing borrower’s signature
	  	 38. FHLMC form 996 is missing
	  	 71. Corporate assignment in blank is to the takeout
investor.

	
	 6. Endorsement in blank on the note is missing
	  	 39. FHLMC form 996 wire instructions are incorrect
	  	 72.

	
	 7. Endorsement in blank on the note is missing sellers authorized
signature
	  	 40. FHLMC form 987 is missing
	  	 73.

	
	 8. Intervening endorsement (from/to) on the note is missing
	  	 41. FHLMC for 987 wire instructions are incorrect
	  	 74. Endorsement in blank missing D.B.A (doing business as)

	
	 9. Intervening endorsement (from/to) on the note is missing authorized
signature
	  	 42.
	  	 75. Corporate assignment in blank missing D.B.A (doing business as)

	
	 10. Mortgage/Deed is missing or incomplete (faxable cure)
	  	 43. FNMA mandatory delivery commitment is missing and/or has no price
	  	 76. Endorsement in blank is on the Intervening Allonge

	
	 11. Mortgage/Deed is not certified or notarized.
	  	 44. FNMA 2004 is missing.
	  	 77.

	
	 12. Mortgage/Deed is missing assumption agreement
	  	 45. FNMA form 1068/1069 mornet is missing
	  	 78. Endorsement in blank is missing authorized name and title

	
	 13. Mortgage/Deed—the borrower’s name and signature does not match the
note
	  	 46. FNMA form 1068/1069—all files are not present
	  	 79. Correction on note or deed of trust is not initialed

	
	 14. Mortgage/Deed—the amount is not less or equal to the amount on the
note
	  	 47. FNMA form 1068/1069 payee code is incorrect
	  	 80. On original note written and numeric amounts do not agree

	
	 15. Mortgage/Deed is not signed.
	  	 48. FNMA form 1068/1069 information does not correspond to the note
	  	 81 Information (name and/or loan #) on mortgage does not match
grid.

	
	 16. Intervening assignment (from/to) is missing, not signed or not
certified
	  	 49. MERS Assignment—ok to fund
	  	 82.

	
	 17. MIN # does not match grid, or is missing. (Custodian will update.)
	  	 50.
	  	 83. Endorsement on note reads “with recourse”

	
	 18. Not a MERS loan; no MERS language on note and/or mortgage. (to be used only for
loans where assignments are not being required due to execution of ETA agreement.)
	  	 51. No delivery instructions
	  	 84. Endorsement on note is a facsimile signature, not a live inked
signature

	
	 19. Corporate assignment has no legal description and is not complete
	  	 52 OTHER—Please Call
	  	 85. Note is signed by a corporation

	
	 20. Assignment in blank is not signed
	  	 53. Revised Warehouse/Sellers Release notice is required
	  	 86.

	
	 21. Assignment in blank is not original
	  	 54. No corporate assignment in blank, or document is incorrect
	  	 87.

	
	 22. Assignment to FNMA is missing
	  	 55. Takeout investor on grid does not match file (Custodian will update)
	  	 88.

	
	 23. Assignment to FNMA is not signed
	  	 56. Husband and Wife’s name is not on note but on mortgage—documents are not
consistent
	  	 89. Loan term on note does not match grid. (Custodian will update)

	
	 24. Assignment to FNMA is not original
	  	 57. Note face amount does not match grid (Custodian will update)
	  	 90. Interest rate on note does not match grid. (Custodian will
update)

	
	 25. Warehouse/Sellers release letter is missing and/or not signed
	  	 58. Expired commitment
	  	 91. Sale price on Commitment does not match grid (Chase makes
correction)

	
	 26. Warehouse/Sellers release letter is not signed
	  	 59. Mortgage date does not match the note date
	  	 92.

	
	 27. Commitment is missing
	  	 60. Blank assignment is not notarized
	  	 93. Title policy, binder or commitment is missing

	
	 28. LTV/PMI officer’s certificate is missing or not signed
	  	 61. Borrower’s name is not on blank assignment
	  	 94. Promissory note requires notarization.

	
	 29.
	  	 62. Delivery Instructions and commitment have different takeout
investors
	  	 95. Property street address, city and state do not match (if included on the
note.)

	
	 30.
	  	 63. Balloon note is missing rider
	  	 96. Note date doesn’t match grid. (Custodian will update.)

	
	 31. Consolidation/Modification agreement is missing or not
certified
	  	 64. Mortgage/Deed is missing riders and/or missing Schedule A (legal
description)
	  	 97. Not approved UBSWRES Investor

	
	 32.
	  	 65.
	  	 98. Note date is greater than 30 days

	
	 33. FHLMC purchase contract confirmation is missing and/or has not
price.
	  	 66. Missing power of attorney (faxable cure)
	  	 99. Note date is missing.

 

F-2 

UBS Warburg Real Estate Securities 
 

	
	 A1. Interest rate, alpha and numeric, if included on note do not match.
???
	  	 	  	 
	
	 A2. Property street address, city and state, do not match (if property address is
included on the note.
	  	 	  	 
	
	 A3. TBD
	  	 	  	 
	
	 A4. Promissory note requires a notarization, notary is missing.
	  	 	  	 
	
	 A5.Note date doesn’t match grid
	  	 	  	 
	
	 A6.Note date is missing
	  	 	  	 
	
	 A7. (PMAC fundings)
	  	 	  	 
	
	 A8. MERS Assignment (swapped with 49)
	  	 	  	 

 

F-3 

UBS Warburg Real Estate Securities Inc. 
 
[UBS WARBURG LOGO] 
 
UBS Warburg LLC 
1000 Harbor Boulevard 
Weehawken, New Jersey 07087-6790 
201 352 - 6240

 
EXHIBIT G-1 
 
[WAREHOUSE LENDER’S RELEASE] 
 
UBS Warburg Real Estate Securities Inc. 
1285 Avenue of the Americas 
New York, New
York 10019 
 
Ladies and
Gentlemen: 
 
We hereby release all right,
interest or claim of any kind with respect to the mortgage loan(s) referenced below, such release to be effective automatically without any further action by any party, upon receipt, in one or more installments, from UBS Warburg Real Estate
Securities Inc., in accordance with the wire instructions which we delivered to you in a letter
dated                            , 200    , in immediately available funds,
of an aggregate amount equal to the product of A multiplied by B (such product being rounded to the nearer $0.01) multiplied by C.* 
 

	 Loan #

	    	 Mortgagor

	    	 Street
Address

	  	 City

	  	 State

	  	 Zip

 

	
	 Very truly yours,

	
	 [WAREHOUSE LENDER]          

	
	 By:
	 	  

	 Name:
 Title:
	 	 

 
*A  =  weighted average trade price 
  B   =  principal amount of the
mortgage loans 
  C   =  1 minus the discount set forth on the related funding confirmation

 

G-1-1 

UBS Warburg Real Estate Securities Inc. 
 
[UBS WARBURG LOGO] 
 
UBS Warburg LLC 
1000 Harbor Boulevard 
Weehawken, New Jersey 07087-6790 
201 352 - 6240

 
EXHIBIT G-2 
 
[WAREHOUSE LENDER’S WIRE INSTRUCTIONS] 
 
UBS Warburg Real Estate Securities Inc. 
1285 Avenue of the Americas 
New York, New
York 10019 
 

	 	Re:	 	UBS Warburg Real Estate Securities Inc. Conforming Whole Loan 

Purchase: Cash Window Program with Crescent Mortgage Services, Inc. 
 
Ladies and Gentlemen: 
 
Set forth below are [Warehouse Lender’s] wire instructions applicable to the above-referenced Conforming Whole Loan Purchase: Cash
Window Program. 
 
Wire Instructions: 
 
Bank Name: 
City, State: 
ABA #: 
Account #: 
Account Name: 
 
Please acknowledge receipt of this letter in the space provided below. This letter supersedes and replaces any prior notice specifying the name of [Warehouse Lender] and setting forth wire instructions and shall remain in effect
until superseded and replaced by a letter, in the form of this letter, executed by each of us and acknowledged by you. 
 

	
	 Very truly yours,

	
	 CRESCENT MORTGAGE SERVICES,
INC.

	
	 By:
	 	  

	 Name:
 Title:
	 	 
	
	 [WAREHOUSE LENDER(S)]*

	
	 By:
	 	  

	 Name:
 Title:
	 	 

	*	 	The authorized officer of each warehouse lender executing this letter must be the same authorized officer as signs the Warehouse Lender’s Release. Not
applicable if there is no warehouse lender. 

 

G-2-1 

UBS Warburg Real Estate Securities 
 

	
	 UBS WARBURG REAL ESTATE
SECURITIES INC.

	
	 By:
	 	  

	 Name:
 Title:
	 	 

 

G-2-2 

UBS Warburg Real Estate Securities Inc. 
 
[UBS WARBURG LOGO] 
 
UBS Warburg LLC 
1000 Harbor Boulevard 
Weehawken, New Jersey 07087-6790 
201 352 - 6240

 
EXHIBIT H-1 
 
[SELLER’S RELEASE] 
 
UBS Warburg Real Estate Securities Inc. 
1285 Avenue of the Americas 
New York, New
York 10019 
 
Ladies and
Gentlemen: 
 
With respect to the mortgage loan(s)
referenced below (a) we hereby certify to you that the mortgage loan(s) is not subject to a lien of any warehouse lender and (b) we hereby release all right, interest or claim of any kind with respect to such mortgage loan, such release to be
effective automatically without any further action by any party upon payment from Purchaser to Seller of an aggregate amount equal to the product of A multiplied by B (such product being rounded to the nearer $0.01) multiplied by C* in accordance
with our wire instructions in effect on the date of such payment. 
 

	 Loan #

	    	 Mortgagor

	    	 Street
Address

	  	 City

	  	 State

	  	 Zip

 

	
	 Very truly yours,

	
	 CRESCENT MORTGAGE SERVICES,
INC.

	
	 By:
	 	  

	 Name:
 Title:
	 	 

 
*A  =  weighted average trade price 
  B  =  principal amount of the mortgage
loan(s) 
  C  =  1 minus the discount set forth on the related funding confirmation 
 

H-1-1 

UBS Warburg Real Estate Securities Inc. 
 
[UBS WARBURG LOGO] 
 
UBS Warburg LLC 
1000 Harbor Boulevard 
Weehawken, New Jersey 07087-6790 
201 352 - 6240

 
EXHIBIT H-2 
 
[SELLER’S WIRE INSTRUCTIONS] 
 
Date:             
 
UBS Warburg Real Estate Securities Inc. 
1285 Avenue of the Americas 
New York, New York 10019 
 

	 	Re:	 	Amended and Restated Mortgage Loan Custodial Agreement dated as of January 31, 2003, among UBS Warburg Real Estate Securities Inc., Crescent Mortgage Services,
Inc. and [Custodian] 

 
Ladies and Gentlemen: 
 
Capitalized terms used herein and not defined herein shall have the meanings ascribed to such terms in the above-referenced Custodial Agreement. 
 
Set forth below are the Seller’s Wire Instructions applicable to the above-referenced Custodial
Agreement. 
 
Wire
Instructions: 
 
Bank Name: 
City, State: 
ABA #: 
Account #: 
A/C Name: 
 
Please acknowledge receipt of this letter in the space provided below and return it to Seller. This letter supersedes and replaces any prior notice specifying the name of Seller and the Seller’s Wire Instructions and shall
remain in effect until superseded and replaced by a letter, in the form of this letter, executed by us and acknowledged by you. 
 

	
	 Very truly yours,

	
	 CRESCENT MORTGAGE SERVICES,
INC.*

	
	 By:
	 	  

	 Name:
 Title:
	 	 

 
Receipt
acknowledged by: 

	*	 	The authorized officer of each Seller executing this letter must be the same authorized officer as signs the Seller’s Release. Applicable only if there is no
Warehouse Lender. 

 

H-2-1 

UBS Warburg Real Estate Securities 
 

	
	 UBS WARBURG REAL ESTATE
SECURITIES INC.

	
	 By:
	 	  

	 Name:
 Title:
	 	 

 

H-2-2 

UBS Warburg Real Estate Securities Inc. 
 
[UBS WARBURG LOGO] 
 
UBS Warburg LLC 
1000 Harbor Boulevard 
Weehawken, New Jersey 07087-6790 
201 352 - 6240

 
EXHIBIT I-1 
 
[PURCHASER’S WIRE INSTRUCTIONS TO SELLER] 
 
Wire Instructions: 
 
Bank Name: 
City, State: 
ABA#: 
Account #: 
A/C Name: 
Ref: CRESCENT MORTGAGE SERVICES, INC. 
 

I-1-1 

UBS Warburg Real Estate Securities Inc. 
 
[UBS WARBURG LOGO] 
 
UBS Warburg LLC 
1000 Harbor Boulevard 
Weehawken, New Jersey 07087-6790 
201 352 - 6240

 
EXHIBIT I-2 
 
[PURCHASER’S WIRE INSTRUCTIONS TO CUSTODIAN] 
 
Date:             
 
[Custodian] 
[Address] 
 

	 	Re:	 	Whole Loan Purchase Program 

 
Ladies and Gentlemen: 
 
Set forth below are the Purchaser’s Wire Instructions to Custodian (as defined in all Conforming Amended and Restated Mortgage Loan
Custodial Agreements used in the above-referenced program). 
 
Wire Instructions: 
 
Bank Name: 
City, State: 
ABA #: 
Account #: 
Account Name: 
 
Please acknowledge receipt of this letter in the space provided below and return it to UBS Warburg Real
Estate Securities Inc. (“Purchaser”). This letter supersedes and replaces any prior notice specifying the name of Purchaser and the Purchaser’s Wire Instructions to Custodian and shall remain in effect until superseded and replaced by
a letter, in the form of this letter, executed by us and acknowledged by you. 
 

	
	 Very truly yours,

	
	 UBS WARBURG REAL ESTATE
SECURITIES INC.

	
	 By:
	 	  

	 Name:
 Title:
	 	 

 

I-2-1 

UBS Warburg Real Estate Securities 
 

	 Receipt acknowledged by:

	
	 JPMORGAN CHASE BANK
[CUSTODIAN]

	
	 By:
	 	  

	 Name:
 Title:
	 	 

 

I-2-2 

UBS Warburg Real Estate Securities Inc. 
 
[UBS WARBURG LOGO] 
 
UBS Warburg LLC 
1000 Harbor Boulevard 
Weehawken, New Jersey 07087-6790 
201 352 - 6240

 
EXHIBIT I-3 
 
PURCHASER’S DELIVERY INSTRUCTIONS TO CUSTODIAN

 
[CUSTODIAN] 
[ADDRESS] 
Attention:                     
 

	 	Re:	 	Delivery of Submission Package 

 
Dear            : 
 
Please deliver, via overnight courier, each of the Submission Packages relating the Mortgage Loans listed
below to: 
 

	  

	  

	  

 
Initially capitalized terms are defined in the Amended and Restated Mortgage Loan Custodial Agreement, dated January 31, 2003 among UBS Warburg Real Estate Securities Inc., Crescent Mortgage Services, Inc. and [Custodian].

 

	
	 Very truly yours,

	
	 UBS WARBURG REAL ESTATE
SECURITIES, INC. [PURCHASER]

	
	 By:
	 	  

	 Name:
 Title:
	 	 

 

I-3-1 

UBS Warburg Real Estate Securities Inc. 
 
[UBS WARBURG LOGO] 
 
UBS Warburg LLC 
1000 Harbor Boulevard 
Weehawken, New Jersey 07087-6790 
201 352 - 6240

 
EXHIBIT J 
 
[NOTICE BY ASSIGNEE TO CUSTODIAN OF PURCHASER’S DEFAULT]

 
[Custodian] 
[Address] 
 

	 	Re:	 	Whole Loan Purchase Program 

 
Ladies and Gentlemen: 
 
Notice is hereby given that Purchaser has materially defaulted in its obligations under an agreement between Assignee and Purchaser
relating to the financing by Assignee of Purchaser’s purchase of Mortgage Loans described on Schedule 1 hereto. Assignee hereby (i) directs that Custodian act with respect to the related mortgage files solely in the capacity of custodian for,
and bailee of, Assignee, (ii) directs that Custodian hold such mortgage files for the exclusive use and benefit of Assignee and (iii) assumes the rights of Purchaser to furnish instructions to Custodian as to the disposition of such mortgage files
and such rights shall be exercisable solely by Assignee. 
 
Please acknowledge the foregoing by signing below and returning a copy of this notice to us at [address]. 
 

	
	 Very truly yours,

	
	 [ASSIGNEE]

	
	 By:
	 	  

	 Name:
 Title:
	 	 

 

	
	 RECEIPT ACKNOWLEDGED:

	
	 [CUSTODIAN]

	
	 By:
	 	  

	 Name:
 Title:
	 	 

 
cc: UBS Warburg Real
Estate Securities Inc. 
 

J-1 

UBS Warburg Real Estate Securities Inc. 
 
[UBS WARBURG LOGO] 
 
UBS Warburg LLC 
1000 Harbor Boulevard 
Weehawken, New Jersey 07087-6790 
201 352 - 6240

 
EXHIBIT K 
 
LIMITED POWER OF ATTORNEY 
 
Reference is hereby made to the Amended and Restated Mortgage
Loan Custodial Agreement (the “Agreement”), dated January 31, 2003, among JPMorgan Chase Bank (“Custodian”), UBS Warburg Real Estate Securities Inc. (“Purchaser”) and Crescent Mortgage Services, Inc.
(“Seller”). Any capitalized term not otherwise defined herein shall have the meaning assigned to such term in the Agreement. 
 
Know all people by these presents, that Seller, a corporation organized and existing under the laws of the State
of            , does hereby make, constitute and appoint,             ,
            or            , or any officer assigned to the [Corporate Trust Group] (or any successor thereto),
including any Vice President, Assistant Vice President, Trust Officer, any Assistant Secretary, any trust officer or any other officer of Custodian customarily performing functions similar to those performed by any of the above designated officers
and having direct responsibility for the administration of the Agreement, each acting singly and independently of the other, as its true and lawful attorney for it and in its name, place and stead to endorse a Mortgage Note that has not otherwise
been endorsed as follows: 
 
“Pay to the order
of             
 

	
	 CRESCENT MORTGAGE SERVICES,
INC.

	
	 By:
	 	  

	 	 	 Its: Attorney-in-Fact”

 
provided, however,
a Mortgage Note shall only be endorsed pursuant to this Power of Attorney pursuant to the terms and conditions set forth in Section 4(b)(ii) of the Agreement. 
 
IN WITNESS WHEREOF, Crescent Mortgage Services, Inc., has caused this Power of Attorney to be executed in its name by its duly authorized
officer this   day of            , 2003. 
 

	
	 CRESCENT MORTGAGE SERVICES,
INC.

	
	 By:
	 	  

	 	 	 Its:

 
STATE
OF            ) 
                                )    ss:

COUNTY OF        ) 
 
On the    th day
of            , in the year 2003, before me personally
came                                    , to me known, who,
being by me duly sworn, did depose and say that he/she
is                                     of Crescent Mortgage
Services, Inc., the corporation described 
 

K-1 

UBS Warburg Real Estate Securities 
 
in and which executed the above instrument and that he/she executed said instrument by order of the board of directors of
said corporation. 
 

	
	  

 Notary Public

 

K-2 

UBS Warburg Real Estate Securities Inc. 
 
[UBS WARBURG LOGO] 
 
UBS Warburg LLC 
1000 Harbor Boulevard 
Weehawken, New Jersey 07087-6790 
201 352 - 6240

 
EXHIBIT L 
 
UNIDENTIFIED MORTGAGE LOANS LIST 
 
With regard to Crescent Mortgage Services, Inc., the following
mortgage loans were received by JPMorgan Chase Bank on [Date] and were not referenced on UBS Warburg Real Estate Securities Inc.’s Request for Certification. 
 

	 Loan #

	  	 Last Name

	  	 Face Amount

	    	 Takeout Investor

	    	 Expiration Date

	 	  	 	  	 	    	 (if applicable)
	    	 

 

L-1 

UBS Warburg Real Estate Securities Inc. 
 
[UBS WARBURG LOGO] 
 
UBS Warburg LLC 
1000 Harbor Boulevard 
Weehawken, New Jersey 07087-6790 
201 352 - 6240

 
EXHIBIT M 
 
UNIDENTIFIED/SUSPENSION MORTGAGE LOAN DIRECTIVE

 
Seller’s Name: Crescent
Mortgage Services, Inc. 
Product Name:
                                       
  
 

M-1 

UBS Warburg Real Estate Securities 
 

	 Reference #
 (if applicable)

	    	 Unidentified/
 Suspension

	    	 Loan # MERS
 Identification
 # (if
 applicable)

	    	 Last Name

	    	 Face Amount

	    	 Commitment
 Expiration Date

	    	 Instruction
 (Hold/Return/Delivery)

 

M-2 

EXHIBIT N 
 
[LETTERHEAD OF SELLER] 
 
[DATE] 
 

	To:	 	JPMorgan Chase Bank 

4
Chase Metrotech Center 
Brooklyn, New York 11245 
 

 
Please deliver the Submission Package(s) as indicated on the attached list, in accordance with the terms of the agreement, to the following: 
 
Company Name: 
Address:: 
City, State Zip: 
Attn.: 
 
The documents in the Submission Package shall be arranged as follows: 
 

N-1 

[LETTER OF SELLER] 
 
[DATE] 
 
LOANS TO BE DELIVERED BY JPMORGAN CHASE BANK FOR [SELLER] 
 

	 	  	 Loan # MIN # (If
applicable):

	  	 Borrower’s Name:

	  	 Loan Amount:

	 1.
	  	 	  	 	  	 
	 2.
	  	 	  	 	  	 
	 3.
	  	 	  	 	  	 
	 4.
	  	 	  	 	  	 
	 5.
	  	 	  	 	  	 
	 6.
	  	 	  	 	  	 
	 7.
	  	 	  	 	  	 
	 8.
	  	 	  	 	  	 
	 9.
	  	 	  	 	  	 
	 10.
	  	 	  	 	  	 

 

N-2 

EXHIBIT O 
 
PURCHASER’S INSTRUCTIONS TO CUSTODIAN TO DESTROY SPECIFIED FILES 
 
[CUSTODIAN] 
[ADDRESS] 
Attention:             
 

	 	Re:	 	Destruction of Files 

 
Dear            : 
 
You are hereby authorized to destroy any documents relating
the Mortgage Loans listed below which were delivered to you in connection with the Amended and Restated Mortgage Loan Custodial Agreement referenced below and which remain in your possession: 
 

	 Loan #

	  	 Last Name

	  	 Face Amount

 
Initially capitalized terms are defined in the Amended and Restated Mortgage Loan Custodial Agreement, dated January 31, 2003 among Crescent Mortgage Services, Inc., [Purchaser] and [Custodian]. 
 

	
	 Very truly yours,

	
	 [PURCHASER]

	
	 By:
	 	  

	 Name:
 Title:
	 	 

 

O-1 

EXHIBIT P 
 
FORM OF ELECTRONIC TRACKING AGREEMENT 
 

P-1 

EXHIBIT Q 
 
AUTHORIZED REPRESENTATIVES OF PURCHASER 
 

	 Name
	  	 Title
	  	 Specimen Signature

	
	
	  	
	  	

	
	
	  	
	  	

	
	
	  	
	  	

	
	
	  	
	  	

	
	
	  	
	  	

 

Q-1 

EXHIBIT R 
 
AUTHORIZED REPRESENTATIVES OF SELLER 
 

	 Name
	  	 Title
	  	 Specimen Signature

	
	
	  	
	  	

	
	
	  	
	  	

	
	
	  	
	  	

	
	
	  	
	  	

	
	
	  	
	  	

 

R-1 

EXHIBIT R 
 
AUTHORIZED REPRESENTATIVES OF CUSTODIAN 
 

	 Name
	  	 Title
	  	 Specimen Signature

	
	
	  	
	  	

	
	
	  	
	  	

	
	
	  	
	  	

	
	
	  	
	  	

	
	
	  	
	  	

 

R-2Loan Purchase Agrmnt, Crescent Bank & Trust

EXHIBIT 10.9 
 
AMENDED AND RESTATED MORTGAGE LOAN PURCHASE AGREEMENT 
 

	 PURCHASER:
	  	 UBS WARBURG REAL ESTATE SECURITIES INC.

	
	 ADDRESS:
	  	 1285 AVENUE OF THE AMERICAS
 NEW YORK, NEW YORK 10019
 ATTENTION: GEORGE A. MANGIARACINA
 TELEPHONE: (212) 713-3734
 ATTENTION: ROBERT
CARPENTER
 TELEPHONE: (212) 713-8749

	
	 SELLER:
	  	 CRESCENT MORTGAGE SERVICES, INC.

	
	 ADDRESS:
	  	 115 PERIMETER CENTER PLACE
 SUITE 285
 ATLANTA, GEORGIA 30346
 ATTENTION: MIKE LEDDY

	
	 DATE OF AGREEMENT:
	  	 JANUARY 31, 2003

TABLE OF CONTENTS 
 

	 	  	 	  	 Page

	 Section 1.
	  	 Definitions
	  	 1

	
	 Section 2.
	  	 Procedures for Purchases of Mortgage Loans
	  	 10

	
	 Section 3.
	  	 Sale of Mortgage Loans to Takeout Investor
	  	 11

	
	 Section 4.
	  	 Servicing of the Mortgage Loans
	  	 13

	
	 Section 5.
	  	 Trade Assignments
	  	 15

	
	 Section 6.
	  	 Transfers of Mortgage Loans by Purchaser
	  	 15

	
	 Section 7.
	  	 Record Title to Mortgage Loans; Intent of Parties; Security Interest
	  	 15

	
	 Section 8.
	  	 Representations and Warranties
	  	 17

	
	 Section 9.
	  	 Covenants of Seller
	  	 20

	
	 Section 10.
	  	 Confidentiality
	  	 24

	
	 Section 11.
	  	 Term
	  	 24

	
	 Section 12.
	  	 Exclusive Benefit of Parties; Assignment
	  	 24

	
	 Section 13.
	  	 Amendments; Waivers; Cumulative Rights
	  	 24

	
	 Section 14.
	  	 Execution in Counterparts
	  	 24

	
	 Section 15.
	  	 Effect of Invalidity of Provisions
	  	 24

	
	 Section 16.
	  	 Governing Law
	  	 25

	
	 Section 17.
	  	 Notices
	  	 25

	
	 Section 18.
	  	 Entire Agreement
	  	 25

	
	 Section 19.
	  	 Costs of Enforcement
	  	 25

	
	 Section 20.
	  	 Consent to Service
	  	 25

	
	 Section 21.
	  	 Construction
	  	 25

	
	 Section 22.
	  	 Effect of Amendment and Restatement
	  	 25

 

	 Schedule I
	  	 Representations and Warranties

	 Exhibit A
	  	 Loan Purchase Detail

	 Exhibit A-1
	  	 Data Layout Instructions

	 Exhibit B-1
	  	 Warehouse Lender’s Release

	 Exhibit B-2
	  	 Warehouse Lender’s Wire Instructions

	 Exhibit C-1
	  	 Seller’s Release

	 Exhibit C-2
	  	 Seller’s Wire Instructions

	 Exhibit D
	  	 Purchaser’s Wire Instructions to Seller

	 Exhibit E
	  	 UCC- 1 Financing Statement

	 Exhibit F
	  	 Authorized Signatories

 

-i- 

	 Exhibit G
	  	 Form of Opinion

	 Exhibit H
	  	 Cash Account Adjustment Notice

	 Exhibit I
	  	 Cash Account Wire Instructions

	 Exhibit J
	  	 Withdrawal/Deposit Notice: Cash Account

	 Exhibit K
	  	 Takeout Proceeds Identification Letter

 

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AMENDED AND RESTATED MORTGAGE LOAN PURCHASE AGREEMENT 
 
This Amended and Restated Mortgage Loan Purchase Agreement
(“Agreement”), dated as of the date set forth on the cover page hereof, between UBS WARBURG REAL ESTATE SECURITIES INC. (“Purchaser”) and the Seller whose name is set forth on the cover page hereof
(“Seller”). 
 
RECITALS

 
WHEREAS, the Purchaser and the Seller are
parties to the Mortgage Loan Purchase Agreement, dated as of December 24, 1996 (the “Original Mortgage Loan Purchase Agreement”). 
 
WHEREAS, pursuant to the Original Mortgage Loan Purchase Agreement, Seller may have, in its sole discretion, offered to sell to Purchaser
from time to time Mortgage Loans (as defined therein), and Purchaser, in its sole discretion, may have agreed to purchase such Mortgage Loans from Seller in accordance with the terms and conditions set forth in the Original Mortgage Loan Purchase
Agreement. 
 
WHEREAS, the Seller and the Purchaser
desire to amend and restate the Original Mortgage Loan Purchase Agreement as provided herein; 
 
NOW, THEREFORE, for good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto hereby agree that the Original Mortgage Loan Purchase Agreement be
amended and restated in its entirety as follows: 
 
PRELIMINARY STATEMENT 
 
Seller may, in its sole discretion, offer to sell to Purchaser from time to time Mortgage Loans, and Purchaser, in its sole discretion, may agree to purchase such Mortgage Loans from Seller in accordance with the terms and conditions
set forth in this Agreement. Seller, subject to the terms hereof, will cause each Mortgage Loan to be purchased by Takeout Investor. During the period from the purchase of a Mortgage Loan to the sale of the Mortgage Loan to Takeout Investor,
Purchaser expects to rely entirely upon Seller to service each such Mortgage Loan. 
 
The parties hereto hereby agree as follows: 
 
Section 1. Definitions. Capitalized terms used but not defined herein shall have the meanings set forth in the Custodial Agreement. As used in this Agreement, the following terms shall have the
following meanings: 
 
“Accepted Servicing
Practices”: With respect to each Mortgage Loan, such standards which comply with the applicable standards and requirements under: (i) an applicable Agency Program and related provisions of the applicable Agency Guide pursuant to which the

related Mortgage Loan is intended to be purchased, and/or (ii) any applicable FHA and/or VA program and related provisions of applicable FHA
and/or VA servicing guidelines. 
 
“Act of
Insolvency”: With respect to Seller, (a) the commencement by Seller as debtor of any case or proceeding under any bankruptcy, insolvency, reorganization, liquidation, dissolution or similar law, or Seller’s seeking the appointment of a
receiver, trustee, custodian or similar official for Seller or any substantial part of its property, or (b) the commencement of any such case or proceeding against Seller, or another’s seeking such appointment, or the filing against Seller of
an application for a protective decree which (1) is consented to or not timely contested by Seller, (2) results in the entry of an order for relief, such an appointment, the issuance of such a protective decree or the entry of an order having a
similar effect, or (3) is not dismissed within sixty (60) days, (c) the making by Seller of a general assignment for the benefit of creditors, or (d) the admission in writing by Seller that Seller is unable to pay its debts as they become due or the
nonpayment generally by Seller of its debts as they become due. 
 
“Affiliate”: With respect to any Person, any “affiliate” of such Person, as such term is defined in the Bankruptcy Code. 
 
“Agency”: The Government National Mortgage Association (“GNMA”), the
Federal National Mortgage Association (“Fannie Mae”), and the Federal Home Loan Mortgage Corporation (“Freddie Mac”), as applicable. 
 
“Agency Approvals”: As defined in Section 8(a)(viii) of this Agreement. 
 
“Agency Eligible Mortgage Loan”: A mortgage
loan that is in strict compliance with the eligibility requirements for swap or purchase by the designated Agency, under the applicable Agency Guide and/or applicable Agency Program. 
 
“Agency Guide”: The GNMA Mortgage-Backed Securities Guide; the Fannie Mae Selling Guide and
the Fannie Mae Servicing Guide; the Freddie Mac Sellers’ and Servicers’ Guide; as applicable, in each case as such Agency Guide may be amended from time to time. 
 
“Agency Program”: The specific purchase program under the relevant Agency Guide or as
otherwise approved by the Agency. 
 
“Applicable Guide”: The Takeout Investor’s eligibility requirements for Mortgage Loans, as applicable, and as each may be amended or supplemented from time to time. 
 
“Applicable Purchase Agreement”: The
applicable agreement, providing for the purchase by Takeout Investor of Mortgage Loans from Seller as such agreement may be amended from time to time. 
 
“Asset Value”: With respect to each Mortgage Loan, the outstanding principal balance of such Mortgage Loan less the
Discount; provided, that, the Asset Value shall be deemed to be zero with respect to each Mortgage Loan (1) in respect of which there is a breach of a representation and warranty set forth in Schedule 1 (assuming each representation and warranty is
made as of the date Asset Value is determined) or (2) which has been released from the possession of the Custodian under the Custodial Agreement to the Seller for a period in 

 

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excess of ten (10) calendar days; provided that the Purchaser may, in its sole and absolute discretion, assign an Asset Value above zero with
respect to any Mortgage Loan that would otherwise be deemed to have an Asset Value of zero. 
 
“Assignee”: With respect to this Agreement and any Mortgage Loan, any assignee of the Purchaser pursuant to a pledge or rehypothecation of the Mortgage Loan. 
 
“Authorized Signatory”: An officer of the
Seller who is authorized and empowered to request a purchase of Mortgage Loans by the Purchaser pursuant to a request for purchase, and is indicated on the Authorized Signatories of the Seller attached hereto as Exhibit F. 
 
“Bankruptcy Code”: The United States
Bankruptcy Code of 1978, as amended from time to time. 
 
“Business Day”: Any day other than (a) a Saturday, Sunday or other day on which banks located in the City of New York, New York are authorized or obligated by law or executive order to be closed, or (b) any day on
which UBS Warburg Real Estate Securities Inc. is closed for business, provided that notice thereof shall have been given not less than seven calendar days prior to such day. 
 
“Cash Account”: A separate cash account established and maintained by Seller at the
Purchaser under the conditions set forth in Section 2.1. 
 
“Cash Account Adjustment”: An adjustment to the Cash Account Balance pursuant to a Cash Account Adjustment Notice. 
 
“Cash Account Adjustment Notice”: The cash account adjustment notice, in the form of Exhibit H; to be used by Purchaser
to notify Seller of any adjustments to the Cash Account Balance. 
 
“Cash Account Balance”: As of any date, the net amount of funds in the Cash Account on such date. 
 
“Cash Account Interest Accrual”: The simple interest calculation posted on the last Business Day of each month resulting
from the product of each Business Day’s Cash Account Balance and Cash Account Interest Rate. 
 
“Cash Account Interest Rate”: With respect to each month, the average opening federal funds rate for such month. The
opening federal funds rate on a Business Day shall be counted as the Cash Account Interest Rate until the next Business Day. 
 
“Cash Account Wire Instructions”: The wire instructions, set forth in a letter in the form of Exhibit I, to be used for
the payment of funds to Seller. 
 
“Cash
Window Mortgage Loan”: Any Mortgage Loan to be sold to an Agency for cash. 
 

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“Cash
Window Transaction”: A transaction in which a Cash Window Mortgage Loan is sold. 
 
“Collateral”: Each of the following items or types of property, whether now owned or hereafter acquired, now existing or hereafter created and wherever located: any cash or United
Status Treasury obligations delivered to Purchaser pursuant to Section 7(d), and any and all replacements, substitutions, distributions on or proceeds of any and all of the foregoing. 
 
“Commitment Date”: The date set forth in a Takeout Commitment as the commitment date.

 
“Commitment Expiration Date”:
With respect to any Mortgage Loan, the date set forth in the related Takeout Commitment as the commitment date. 
 
“Commitment Requirements”: The requirements issued by Takeout Investor in the Applicable Guide regarding the issuance of
Takeout Commitments, as amended from time to time by Takeout Investor. 
 
“Conduit”: As defined in the Custodial Agreement. 
 
“Conduit Submission Package”: As defined in the Custodial Agreement. 
 
“Credit File”: All papers and records of whatever kind or description, whether developed or originated by Seller or
others, required to document or service the Mortgage Loan; provided, however, that such Mortgage Loan papers, documents and records shall not include any Mortgage Loan papers, documents or records which are contained in the Conduit Submission
Package. 
 
“Cure Expiration
Date”: With respect to a Defective Mortgage Loan in a Cash Window Transaction, the date occurring five Business Days after the Commitment Expiration Date. 
 
“Custodial Account”: A separate custodial account, established and maintained by Seller
under the conditions set forth in Section 4(b), for the deposit by Seller of all collections in respect of a Mortgage Loan that are payable to Purchaser as the owner of the Mortgage Loan. 
 
“Custodial Agreement”: The Amended and Restated Mortgage Loan Custodial Agreement, dated as
of the date set forth on the cover sheet thereof, among Seller, Purchaser and Custodian, as amended from time to time. 
 
“Custodial Fee”: With respect to each Mortgage Loan, the amount set forth on the related Funding Confirmation as the
“Custodial Fee.” 
 
“Custodian”: The custodian named in the Custodial Agreement and its permitted successors. 
 
“Defect Amount”: An amount (expressed as a positive number) equal to the aggregate Asset Value of the Mortgage Loans
owned by Purchaser hereunder less the aggregate 

 

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Purchase Price for all such Mortgage Loans if at any time the aggregate Asset Value of the Mortgage Loans is less than the aggregate Purchase
Price for all such Mortgage Loans. 
 
“Defective Mortgage Loan”: A Mortgage Loan that is not in compliance with the Applicable Guide and this Agreement. 
 
“Discount”: With respect to each Mortgage Loan, the amount set forth on such related Funding Confirmation as the
Discount. 
 
“Document File”: The
Credit File and the Conduit Submission Package. 
 
“Due Date”: The day of the month on which the Monthly Payment is due on a Mortgage Loan. 
 
“Electronic Tracking Agreement”: The Electronic Tracking Agreement, dated as of the date hereof, among Purchaser, Seller,
MERSCORP, Inc. and Mortgage Electronic Registration Systems, Inc.; provided that if no Mortgage Loans are or will be MERS Designated Mortgage Loans, all references herein to the Electronic Tracking Agreement shall be disregarded. 
 
“Electronic Transmission” shall mean the
delivery of information in an electronic format acceptable to the applicable recipient thereof. 
 
“FDIC”: The Federal Deposit Insurance Corporation or any successor thereto. 
 
“FHA”: The Federal Housing Administration. 
 
“Funding Confirmation”: With respect to all Mortgage Loans purchased by Purchaser from
Seller via a single wire funds transaction on a particular Business Day, the trade confirmation from Purchaser to Seller confirming the terms of Purchaser’s purchase of such Mortgage Loans. 
 
“HUD”: The United States Department of
Housing and Urban Development. 
 
“Incremental Pass-Through Rate”: The amount by which the Pass-Through Rate is increased upon the occurrence of (i) a Commitment Expiration Date or (ii) any event giving Purchaser the right to elect a remedy pursuant
to Section 3, which amount shall be set forth in a Funding Confirmation as the “Incremental Pass-Through Rate”. 
 
“Interim Funder”: With respect to each MERS Designated Mortgage Loan, the Person named on the MERS® System as the interim funder pursuant to the MERS Procedures Manual. 
 
“Investor”: With respect to each MERS
Designated Mortgage Loan, the Person named on the MERS® System as the investor pursuant to the MERS Procedures
Manual. 
 
“Loan Purchase Detail”:
A loan purchase detail, transmitted via Electronic Transmission in the appropriate data layout set forth on Exhibit A-1, prepared by Seller, 

 

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containing each data point set forth on Exhibit A or as may be requested by the Purchaser regarding the characteristics of all Mortgage Loans
being offered for sale by Seller on a particular Business Day. 
 
“Losses”: Any and all losses, claims, damages, liabilities or expenses (including reasonable attorneys’ fees) incurred by any person specified; provided, however, that “Losses” shall not
include any losses, claims, damages, liabilities or expenses which would have been avoided had such person taken reasonable actions to mitigate such losses, claims, damages, liabilities or expenses. 
 
“MERS Designated Mortgage Loan”: Mortgage
Loans for which (a) the Seller has designated or will designate MERS as, and has taken or will take such action as is necessary to cause MERS to be, the mortgagee of record, as nominee for the Seller, in accordance with MERS Procedure Manual and (b)
the Seller has designated or will designate the Purchaser as the Investor and Interim Funder on the MERS®
System. 
 
“MERS Procedure
Manual”: The MERS Procedures Manual attached as Exhibit B to the Electronic Tracking Agreement, as it may be amended, supplemented or otherwise modified from time to time. 
 
“MERS Report”: The schedule listing MERS Designated Mortgage Loans and other information
prepared by the Electronic Agent pursuant to the Electronic Tracking Agreement. 
 
“MERS® System”: The Electronic Agent’s mortgage electronic registry system, as more particularly described in the MERS Procedures Manual. 
 
“Monthly Payment”: The scheduled monthly payment of principal and interest on a Mortgage Loan. 
 
“Mortgage”: The mortgage, deed of trust or
other instrument creating a first lien on an estate in fee simple in real property securing a Mortgage Note. 
 
“Mortgage Loan”: A mortgage loan which is subject to this Agreement, and which satisfies the Commitment Requirements as
the same may be modified from time to time. 
 
“Mortgage Note”: The note or other evidence of the indebtedness of a Mortgagor secured by a Mortgage. 
 
“Mortgaged Property”: The property subject to the lien of the Mortgage securing a Mortgage Note. 
 
“Mortgagor”: The obligor on a Mortgage Note.

 
“NCUA”: The National Credit
Union Administration, or any successor thereto. 
 
“Original Mortgage Loan Purchase Agreement”: Shall have the meaning assigned to such term in the recitals hereof. 
 

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“OTS”: The Office of Thrift Supervision, or any successor thereto. 
 
“Parent Company”: A corporation or other entity owning at least 50% of the outstanding shares of voting stock of Seller.

 
“Pass-Through Rate”: With
respect to each Mortgage Loan, the rate at which interest is passed through to Purchaser which initially shall be the rate of interest specified on a Funding Confirmation as the Pass-Through Rate. 
 
“Performance Fee”: With respect to each
Mortgage Loan, an amount equal to the Discount less the Custodial Fee, plus the Yield Compensation Adjustment plus or minus any other adjustments permitted hereunder, which amount shall be payable to Seller by Purchaser as compensation to Seller for
its services hereunder. 
 
“Person”: Any individual, corporation, company, voluntary association, partnership, joint venture, limited liability company, trust, unincorporated association or government (or any agency, instrumentality or
political subdivision thereof). 
 
“Property”: Any right or interest in or to property of any kind whatsoever, whether real, personal or mixed and whether tangible or intangible. 
 
“Purchase Advice”: An approved purchase list delivered to Purchaser by the Takeout Investor
via electronic or facsimile transmission, confirming the amount of Takeout Proceeds allocable to each Mortgage Loan purchased by Takeout Investor. 
 
“Purchase Date”: With respect to any Mortgage Loan, the date of payment thereof by Purchaser to Seller of the Purchase
Price. 
 
“Purchase Price”: With
respect to each Mortgage Loan, an amount equal to the Trade Principal less an amount equal to the product of the Trade Principal and the Discount. Accrued interest shall be allocated in accordance with Section 2(c). 
 
“Purchaser”: UBS Warburg Real Estate
Securities Inc. and its successors. 
 
“Purchaser’s Wire Instructions to Seller”: The wire instructions, set forth in a notice delivered by Purchaser to Seller containing the information set forth in Exhibit D, to be used for the payment of all
amounts due and payable to Purchaser hereunder. 
 
“Qualified Insurer”: A mortgage guaranty insurance company duly authorized and licensed where required by law to transact mortgage guaranty insurance business and approved as an insurer by Fannie Mae or Freddie Mac
and GNMA. 
 
“RTC”: The Resolution
Trust Corporation or any successor thereto. 
 
“Seller”: The Seller whose name is set forth on the cover page hereof, and its permitted successors hereunder. 
 

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“Seller’s Release”: A letter in the form of Exhibit C-1, delivered by Seller when no Warehouse has an interest in a Mortgage Loan, conditionally releasing all of Seller’s interest in a Mortgage Loan upon
receipt of payment by Seller. 
 
“Seller’s Wire Instructions”: The wire instructions, set forth in a letter in the form of Exhibit C-2, to be used for the payment of funds to Seller when no Warehouse Lender has an interest in the Mortgage Loans
to which such payment relates. 
 
“Servicing Rights”: Any and all of the following: (a) any and all rights to service the Mortgage Loans; (b) any payments to or monies received by Seller or any other Person for servicing the Mortgage Loans; (c) any
late fees, penalties or similar payments with respect to the Mortgage Loans; (d) all agreements or documents creating, defining or evidencing any such servicing rights to the extent they relate to such servicing rights and all rights of Seller or
any other Person thereunder; (e) escrow payments or other similar payments with respect to the Mortgage Loans and any amounts actually collected by Seller or any other Person with respect thereto; and (f) all accounts and other rights to payment
related to the Mortgage Loans. 
 
“Settlement Date”: With respect to any Mortgage Loan, the date the allocable Pass-Through Rate shall cease to accrue upon payment by Takeout Investor to Purchaser of the Takeout Proceeds as confirmed by
Purchaser’s receipt from Seller of the related Settlement Information in accordance with Section 3(a). 
 
“Settlement Information”: The Purchase Advice or group of Purchase Advices which shall identify each Mortgage Loan by the
Mortgagor’s name, and of which the aggregate disbursement amount equals the precise dollar amount of Takeout Proceeds to be received by Purchaser from Applicable Purchase Agreement and (ii) when applicable, a Takeout Proceeds Identification
Letter. 
 
“Subsidiary”: With
respect to any Person, any corporation, partnership or other entity of which at least a majority of the securities or other ownership interests having by the terms thereof ordinary voting power to elect a majority of the board of directors or other
persons performing similar functions of such corporation, partnership or other entity (irrespective of whether or not at the time securities or other ownership interests of any other class or classes of such corporation, partnership or other entity
shall have or might have voting power by reason of the happening of any contingency) is at the time directly or indirectly owned or controlled by such Person or one or more Subsidiaries of such Person or by such Person and one or more Subsidiaries
of such Person. 
 
“Successor
Servicer”: An entity designated by Purchaser, in conformity with Section 16, to replace Seller as servicer for Purchaser. 
 
“Takeout Commitment”: Commitment of Seller to sell one or more Mortgage Loans to Takeout Investor and of Takeout Investor
to purchase one or more Mortgage Loans from Seller. 
 
“Takeout Investor”: The applicable Conduit. 
 

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“Takeout Proceeds”: The amount of funds Takeout Investor pays to Purchaser on a particular Business Day as identified by the related Settlement Information. 
 
“Takeout Proceeds Identification Letter”: A
letter in the form of Exhibit K, delivered by Seller to Purchaser identifying Takeout Proceeds received by Purchaser from an Agency or Takeout Investor which funds do not relate to Mortgage Loans purchased by Purchaser from Seller. 
 
“Third Party Underwriter”: Any third party,
including but not limited to a mortgage loan pool insurer, who underwrites the Mortgage Loan(s) prior to the purchase by Purchaser. 
 
“Third Party Underwriter’s Certificate”: A certificate issued by a Third Party Underwriter with respect to a
Mortgage Loan, certifying that such Mortgage Loan complies with its underwriting requirements. 
 
“Trade Price”: The trade price set forth on a Takeout Commitment. 
 
“Trade Principal”: With respect to any Mortgage Loan, the outstanding principal balance of the Mortgage Loan multiplied
by a percentage equal to the Trade Price. 
 
“Transaction”: Any sale of a Mortgage Loan by Seller to Purchaser pursuant to a Funding Confirmation in accordance with this Agreement. 
 
“UBSRES Purchase Program”: Purchaser’s Cash Window Funding Program, Conduit Funding
Program, or MBS Swap Funding Program as applicable. 
 
“VA”: The Department of Veterans Affairs. 
 
“Warehouse Lender”: Any lender, including, without limitation, Purchaser, providing financing to the Seller in any fractional amount for the purpose of originating or purchasing
Mortgage Loans which lender has a security interest in such Mortgage Loans as collateral for the obligations of Seller to such lender. 
 
“Warehouse Lender’s Release”: A letter in the form of Exhibit B-1, from a Warehouse Lender to Purchaser,
conditionally releasing all of Warehouse Lender’s right, title and interest in certain Mortgage Loans identified therein upon receipt of payment by Warehouse Lender. 
 
“Warehouse Lender’s Wire Instructions”: The wire instructions, set forth in a letter in
the form of Exhibit B-2, from a Warehouse Lender to Purchaser, setting forth wire instructions for all amounts due and payable to such Warehouse Lender hereunder. 
 
“Withdrawal/Deposit Notice”: A notice, substantially in the form of Exhibit J, delivered by
Seller to Purchaser, from time to time, in connection with withdrawals from and deposits to the Cash Account. 
 

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“Wire
Fee”: For each disbursement relating to a Transaction, a fee payable to Purchaser by Seller as set forth in the Funding Confirmation. 
 
“Yield Compensation Adjustment”: Subject to any further adjustment provided in this Agreement, an amount (which may be a
negative number) equal to: 
 
A(BC-DE)

360 
 
where (i) A equals the number of days in the period beginning on the Purchase Date to but not including the Settlement Date, (ii) B equals the principal
amount of the Mortgage Loan, (iii) C equals the interest rate (expressed as a decimal) on the Mortgage Loan, (iv) D equals the Purchase Price and (v) E equals the Pass-Through Rate (expressed as a decimal). 
 
Section 2. Procedures for Purchases of Mortgage Loans.
(a) (1) Purchaser may, in its sole discretion, from time to time, purchase one or more Mortgage Loans from Seller. Seller shall be deemed to make for the benefit of Purchaser, as of the applicable dates specified in Section 8, the representations
and warranties set forth in Section 8 in respect of each such Mortgage Loan. 
 
(a) (2) Prior to Purchaser’s election to purchase any Mortgage Loan, Purchaser shall have received from Seller (i) a Loan Purchase Detail, via Electronic Transmission, (ii) a MERS Report
reflecting the Purchaser as Investor or Interim Funder for each MERS Designated Mortgage Loan and (iii) Custodian shall have received all applicable documents required by Section 2 of the Custodial Agreement. The terms and conditions of such
purchase shall be set forth in this Agreement and in each Funding Confirmation. 
 
(b) (1) If Purchaser elects to purchase any Mortgage Loan, Purchaser shall pay the amount of the Purchase Price for such Mortgage Loan by wire transfer of immediately available funds (i) if a Warehouse
Lender’s Release has been included in the related Conduit Submission Package, in accordance with the Warehouse Lender’s Wire Instructions or (ii) if there is no Warehouse Lender’s Release included in the related Conduit Submission
Package, in accordance with the Seller’s Wire Instructions. If Purchaser is the Warehouse Lender with respect to a Mortgage Loan, the amount transferred shall be reduced to account for amounts previously advanced by Purchaser with respect to
such Mortgage Loan. With respect to each Mortgage Loan which Purchaser has elected to purchase, Custodian shall deliver to Takeout Investor the applicable portion of the Conduit Submission Package, in the manner and at the time set forth in the
Custodial Agreement. Seller shall thereafter promptly deliver to Takeout Investor any and all additional documents requested by Takeout Investor to enable Takeout Investor to make payment to Purchaser of the Takeout Proceeds. 
 
(b) (2) Simultaneously with the payment by Purchaser of the
Purchase Price of a Mortgage Loan, in accordance with the Warehouse Lender’s Wire Instructions or the Seller’s Wire Instructions, as applicable, with respect to a Mortgage Loan, Seller hereby conveys to Purchaser all of Seller’s
right, title and interest in and to such Mortgage Loan, free and clear of any lien, claim or encumbrance. 
 

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(c) With
respect to each Mortgage Loan that Purchaser elects to purchase hereunder, Purchaser shall owe to Seller a Performance Fee. The Yield Compensation Adjustment component of the Performance Fee shall include an accrued interest calculation.
Purchaser’s accrued interest calculation shall be identical to that of Takeout Investor, therefore the amount of accrued interest included in a settlement calculation will represent accrued interest paid to Purchaser and paid by Purchaser.

 
(d) Notwithstanding the satisfaction by Seller
of the conditions specified in Section 2(a), Purchaser is not obligated to purchase any Mortgage Loan offered to it hereunder. In the event that Purchaser rejects a Mortgage Loan for purchase for any reason and/or does not transmit the Purchase
Price, any Conduit Submission Package delivered to Custodian in anticipation of such purchase shall be returned by Custodian in accordance with the terms of the bailee letter under which it was received. 
 
Section 2.1. Cash Account. 
 
(a) Seller hereby authorizes and directs Purchaser to create
the Cash Account. The Cash Account shall be held by Purchaser for Seller subject to the terms and conditions of this Agreement. Purchaser shall notify Seller, via electronic or facsimile transmission, of the Cash Account Balance on each Business Day
when the Cash Account Balance is greater than zero and on each Business Day on which a Transaction occurs hereunder. 
 
(b) Purchaser shall credit the Cash Account for (i) any deposits therein by Seller upon Seller’s written direction pursuant to a
Withdrawal/Deposit Notice, (ii) any amounts due Seller and payable by Purchaser under any UBSRES Purchase Program to the extent not otherwise netted as described hereunder, (iii) any Cash Account Interest Accruals and (iv) any deposits by Seller
hereunder. 
 
(c) Purchaser shall debit the Cash
Account for (i) any withdrawals therefrom by Seller upon Seller’s written direction pursuant to a Withdrawal/Deposit Notice, (ii) any amounts due Purchaser and payable by Seller under any UBSRES Purchase Program, (iii) any debit pursuant to a
Cash Account Adjustment and (iv) any Wire Fees. 
 
(d) Upon termination of this Agreement and payment in full of all obligations owing by Seller hereunder, under the Custodial Agreement [and under the Electronic Tracking Agreement,] Purchaser shall remit to Seller the Cash Account
Balance. 
 
Section 3. Sale of Mortgage Loans to
Takeout Investor. (a)(1) Upon the sale to Takeout Investor of a Mortgage Loan previously purchased by Purchaser hereunder, Seller shall cause Takeout Proceeds relating to such Mortgage Loan to be paid to Purchaser in accordance with
Purchaser’s Wire Instructions to Seller. Since a Takeout Investor or an Agency may aggregate Takeout Proceeds from several Mortgage Loans in one wire transfer, it may be necessary, from time to time, for Seller to cause a Takeout Investor or an
Agency to also pay to Purchaser Takeout Proceeds relating to Mortgage Loans not purchased by Purchaser. 
 
(a) (2) Upon receipt by Purchaser of any Takeout Proceeds, Purchaser will attempt to identify such Takeout Proceeds by reviewing the
Settlement Information that has been supplied by Seller in advance of the purchase of Mortgage Loans by the Agency. 
 

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(a) (3) The
Settlement Date will occur on the earliest date Settlement Information is made available by Seller to Purchaser, Purchaser will (i) place all unidentified Takeout Proceeds in a non-interest bearing account and (ii) continue to accrue interest at the
Pass-Through Rate on all Mortgage Loans which relate to such unidentified Takeout Proceeds until the Settlement Date of such Mortgage Loans. 
 
(a) (4) All Takeout Proceeds received by Purchaser from Takeout Investor after 3:00 P.M. New York City time on a Business Day (or at any
time on a day which is not a Business Day) shall be deemed, with regard to determining the Settlement Date, received by Purchaser on the next succeeding Business Day. 
 
(b) (1) If any Mortgage Loan is rejected by Takeout Investor because it is a Defective Mortgage Loan, Seller
shall promptly notify Purchaser. If any Mortgage Loan is a Defective Mortgage Loan on the Purchase Date and in Purchaser’s sole judgement the defects in such Mortgage Loan will not be cured (or in fact are not cured) by Seller prior to the
Commitment Expiration Date, the Pass-Through Rate applicable to such Defective Mortgage Loan shall, on such Commitment Expiration Date, increase by the Incremental Pass-Through Rate and Purchaser, at its election, may require that Seller, upon
receipt of notice from Purchaser, immediately repurchase Purchaser’s ownership interest in such Defective Mortgage Loan by remitting to Purchaser (in immediately available funds in accordance with Purchaser’s instructions) the amount paid
by Purchaser for such Defective Mortgage Loan plus interest at the Pass-Through Rate on the principal amount thereof from the Purchase Date of such Mortgage Loan to the date of such repurchase. If at any time prior to the repurchase of a Defective
Mortgage Loan by Seller or the purchase of a Mortgage Loan by Takeout Investor, Seller receives the Mortgage Note or any other portion of the Conduit Submission Package, Seller shall promptly forward such Mortgage Note and/or other portion of the
Conduit Submission Package to Purchaser. 
 
(b) (2)
If Seller fails to comply with its obligations in the manner described in Section 3(b)(1), upon receipt by Seller of notice from Purchaser, Seller’s rights and obligations to service Mortgage Loans, as provided in this Agreement, shall
terminate. If an Act of Insolvency occurs at any time, Seller’s rights and obligations to service the Mortgage Loans, as provided in this Agreement, shall terminate immediately, without any notice or action by Purchaser. Upon any such
termination, Purchaser is hereby authorized and empowered as the exclusive agent for Seller to sell and transfer such rights to service the Mortgage Loans for such price and on such terms and conditions as Purchaser shall reasonably determine, and
Seller shall not otherwise attempt to sell or transfer such rights to service without the prior consent of Purchaser. Seller shall perform all acts and take all action so that all files and documents relating to the Mortgage Loans held by Seller,
together with all escrow amounts relating to such Mortgage Loans, are delivered to Successor Servicer. To the extent that the approval of a Third Party Underwriter or any other person is required for any such sale or transfer, Seller shall fully
cooperate with Purchaser to obtain such approval. Upon exercise by Purchaser of its remedies under this Section 3(b)(2), Seller hereby authorizes Purchaser to receive all amounts paid by any purchaser of such rights to service the Mortgage Loans and
to remit such amounts to Seller subject to Purchaser’s rights of set-off under this Agreement. Upon exercise by Purchaser of its remedies under this Section 3(b)(2), Purchaser’s obligation to pay and Seller’s right to receive any
portion of the Performance Fee relating to such Mortgage Loans shall automatically be 

 

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canceled and become null and void, provided that such cancellation shall in no way relieve Seller or otherwise affect the obligation
of Seller to indemnify and hold Purchaser harmless as specified in Section 3(c). 
 
(b) (3) Each Mortgage Loan required to be delivered to Successor Servicer by Section 3(b)(2) shall be delivered free of any servicing rights in favor of Seller and free of any title, interest, lien,
encumbrance or claim of any kind of Seller. Seller shall deliver or cause to be delivered all files and documents relating to each Mortgage Loan held by Seller to Successor Servicer. Seller shall promptly take such actions and furnish to Purchaser
such documents that Purchaser deems necessary or appropriate to enable Purchaser to cure any defect in each such Mortgage Loan or to enforce such Mortgage Loans, as appropriate. 
 
(c) Seller agrees to indemnify and hold Purchaser and its assignees harmless from and against all Losses
resulting from or relating to any breach or failure to perform by Seller of any representation, warranty, covenant, term or condition made or to be performed by Seller under this Agreement. 
 
(d) No exercise by Purchaser of its rights under this Section
3 shall relieve Seller of responsibility or liability for any breach of this Agreement. 
 
(e) Seller hereby grants Purchaser a right of set-off against the payment of any amounts that may be due and payable to Purchaser from Seller, such right to be upon any and all monies or other property
of Seller held or received by Purchaser, or due and owing from Purchaser to Seller. 
 
Section 4. Servicing of the Mortgage Loans. (a) It is expressly acknowledged that the Servicing Rights relating to each Mortgage Loan purchased by Purchaser hereunder have been sold, assigned,
and transferred by Seller to Purchaser along with such Mortgage Loan. Seller shall service and administer each Mortgage Loan on behalf of Purchaser on an interim basis in accordance with accepted and prudent mortgage loan servicing standards and
procedures generally accepted in the mortgage banking industry for the same type of mortgage loans as the Mortgage Loans and in a manner at least equal in quality to the servicing the Seller provides for mortgage loans which it owns and in
accordance with the requirements of the Takeout Investor as though the Takeout Investor’s requirements were set forth in an independent contract between Seller and Purchaser, provided that Seller shall at all times comply with applicable law
and the requirements of any applicable insurer or guarantor so that the insurance and any applicable guarantee in respect of any Mortgage Loan is not voided or reduced. Seller shall at all times maintain accurate and complete records of its
servicing of each Mortgage Loan, and Purchaser may, at any time during Seller’s business hours, on reasonable notice, examine and make copies of such records. On the 2nd day of each calendar month, or at any other time upon Purchaser’s request Seller shall deliver to Purchaser reports regarding the status of each Mortgage
Loan in accordance with Section 9(l) and Section 9(m), which shall include, with respect to any MERS Designated Mortgage Loan, MERS Reports, and any circumstances that could materially adversely affect any such Mortgage Loan, Purchaser’s
ownership of any such Mortgage Loan or the collateral securing any such Mortgage Loan. The Seller agrees and acknowledges that Purchaser may, at any time, terminate the servicing of the Mortgage Loans by Seller and transfer servicing to another
Person on such date as Purchaser 

 

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may determine in its sole discretion. In the event that anything in this Agreement is interpreted as constituting one or more interim
servicing contracts, each such servicing contract shall terminate automatically upon the earlier of (i) the repurchase of a Mortgage Loan by the Seller or (ii) the Purchaser’s notice to Seller directing Seller to transfer servicing (provided,
Seller’s obligations as set forth herein to cooperate in the transfer of such servicing shall not terminate until such servicing has actually been transferred in full). 
 
(b) Within two Business Days of notice from Purchaser or with respect to each Mortgage Loan, on the
Commitment Expiration Date: 
 
(i)
Seller shall establish and maintain a Custodial Account entitled “Crescent Mortgage Services, Inc.,” in trust for UBS Warburg Real Estate Securities Inc. and its assignees under the Amended and Restated Mortgage Loan Purchase Agreement
dated January 31, 2003 and shall promptly deposit into such Custodial Account, in the form received with any necessary endorsements, all collections received in respect of each Mortgage Loan that are payable to Purchaser as the owner of each such
Mortgage Loan; and 
 
(ii) at the
Purchaser’s sole option, upon written notice from the Purchaser, the Seller shall transfer servicing of the Mortgage Loans to a Successor Servicer designated by the Purchaser. 
 
(c) Amounts deposited in the Custodial Account with respect to any Mortgage Loan shall be held in trust for
Purchaser as the owner of such Mortgage Loan and shall be released only as follows: 
 
(i) Except as otherwise provided in this Section 4(c), following receipt by Purchaser or its designee of the Takeout
Proceeds for such Mortgage Loan from Takeout Investor or Seller amounts deposited in the Custodial Account shall be paid in accordance with Section 2(c). Notwithstanding the foregoing, all amounts deposited in the Custodial Account shall be paid to
Seller upon the purchase by Takeout Investor of the related Mortgage Loan(s) from Purchaser if, and to the extent that, the amounts due and payable to Purchaser hereunder have been set off against the Purchase Price for the Mortgage Loan or the
Performance Fee relating to the Mortgage Loan. The amounts paid to Seller (if any) pursuant to this Section 4(c)(1) shall constitute Seller’s sole compensation for servicing the Mortgage Loans as provided in this Section 4. 
 
(ii) If a Successor Servicer is appointed by
Purchaser (either under the circumstances set forth in clause (b)(ii) above, or otherwise), all amounts deposited in the Custodial Account shall be paid to Purchaser promptly upon such delivery. 
 
(iii) During the period that Seller acts as
servicer, all amounts deposited in the Custodial Account shall be released only in accordance with Purchaser’s written instructions. 
 
(iv) With respect to a Cash Window Transaction, if a Mortgage Loan is not purchased by the Agency on or before the Cure
Expiration Date, during the period 

 

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thereafter that Seller acts as servicer, all amounts deposited in the Custodial Account shall be released only in accordance with
Purchaser’s written instructions. 
 
(d) In
the event the Seller or its Affiliate is servicing the Mortgage Loans, the Seller shall permit the Purchaser to inspect the Seller’s or its Affiliate’s servicing facilities, as the case may be, for the purpose of satisfying the Purchaser
that the Seller or its Affiliate, as the case may be, has the ability to service the Mortgage Loans as provided in this Agreement. 
 
(e) If the servicer of the Mortgage Loans is Seller or the servicer is an Affiliate of Seller, Seller shall provide to Purchaser a letter
from Seller or such Affiliate, as the case may be, to the effect that upon 1 day’s notice from Purchaser, Seller’s rights and obligations to service the Mortgage Loans shall terminate immediately, without any further notice or action by
Purchaser and Seller shall transfer servicing to Purchaser’s designee, at no cost or expense to the Purchaser, it being agreed that the Seller will pay any and all fees required to terminate the Servicing Agreement and to effectuate the
transfer of servicing to the designee of the Purchaser. 
 
Section 5. Trade Assignments. Seller hereby assigns to Purchaser, free of any security interest, lien, claim or encumbrance of any kind, Seller’s rights, under each Takeout Commitment to the full extent permitted by
Takeout Investor, to deliver the Mortgage Loan(s) specified therein to Takeout Investor and to receive the Takeout Proceeds therefor from Takeout Investor. Purchaser shall not be deemed to have accepted such rights of Seller which relate to a
particular Mortgage Loan unless and until it purchases the Mortgage Loan, and nothing set forth herein shall be deemed to impair Purchaser’s right to reject any Mortgage Loan for any reason, in its sole discretion. 
 
Section 6. Transfers of Mortgage Loans by Purchaser.
Purchaser may, in its sole discretion, assign all of its right, title and interest in or grant a security interest in any Mortgage Loan sold by Seller hereunder and all rights of Purchaser under this Agreement and the Custodial Agreement, in respect
of such Mortgage Loan to Assignee, subject only to an obligation on the part of Assignee to deliver each such Mortgage Loan to Takeout Investor pursuant to Section 5 or to Purchaser to permit Purchaser or its designee to make delivery thereof to
Takeout Investor pursuant to Section 5. It is anticipated that such assignment to Assignee will be made by Purchaser, and Seller hereby irrevocably consents to such assignment. No notice of such assignment shall be given by Purchaser to Seller or
Takeout Investor. Assignment by Purchaser of the Mortgage Loans as provided in this Section 6 shall not release Purchaser from its obligations otherwise under this Agreement. 
 
Without limitation of the foregoing, an assignment of a Mortgage Loan to Assignee, as described in this
Section 6, shall be effective upon delivery to Assignee of a Conduit Submission Package. 
 
Section 7. Record Title to Mortgage Loans; Intent of Parties; Security Interest. (a) From and after the delivery of the related Conduit Submission Package, and subject to the remedies of
Purchaser in Section 3, Seller shall remain the last named payee or endorsee of each Mortgage Note and the mortgagee or assignee of record of each Mortgage (except with respect to a MERS Designated Mortgage Loan) in trust for the benefit of
Purchaser, for the sole purpose of facilitating the servicing of such Mortgage Loan. 
 

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(b) Seller
shall maintain a complete set of books and records for each Mortgage Loan which shall be clearly marked to reflect the ownership interest in each Mortgage Loan of Purchaser and with respect to each MERS Designated Mortgage Loan, Seller shall
designate the Purchaser as the Investor and Interim Funder on the MERS® System. 
 
(c) Purchaser and Seller confirm that the transactions
contemplated herein are intended to be sales of the Mortgage Loans by Seller to Purchaser rather than borrowings secured by the Mortgage Loans. In the event, for any reason, any transaction is construed by any court or regulatory authority as a
borrowing rather than as a sale, the Seller and Purchaser intend that Purchaser or Assignee, as the case may be, shall have a perfected first priority security interest in the Mortgage Loans (including all servicing rights related thereto), any
Custodial Accounts, the Takeout Commitments and the proceeds of any and all of the foregoing and, free and clear of adverse claims (collectively, the “Mortgage Collateral”). In such case, Seller shall be deemed to have hereby
granted to Purchaser or Assignee, as the case may be, a first priority security interest in and lien upon the Mortgage Collateral, free and clear of adverse claims. In such event, this Agreement shall constitute a security agreement, the Custodian
shall be deemed to be an independent custodian for purposes of perfection of the security interest granted to Purchaser or Assignee, as the case may be, and Purchaser or Assignee, as the case may be, shall have all of the rights of a secured party
under applicable law. Seller shall, not later than the date of the first purchase of a Mortgage Loan by Purchaser under this Agreement, deliver to Purchaser a UCC-1 Financing Statement, executed by Seller, containing a description of the Mortgage
Collateral in the form attached hereto in Exhibit E. 
 
(d) Seller acknowledges that Purchaser’s purchase of Mortgage Loan hereunder will be based in part on the existence of one or more Takeout Commitments with respect to such Mortgage Loans, Seller’s representations and
warranties with respect to such Takeout Commitments and the related Takeout Investors and Seller’s covenants with respect to such Takeout Commitments and Takeout Investors. In order to secure Seller’s obligations with respect thereto, and
as a condition to Purchaser’s purchase of any Mortgage Loans hereunder, Seller hereby grants to Purchaser a first priority perfected security interest in and lien upon the Collateral, free and clear of adverse claims. If at any time there
exists a Defect Amount, then Seller shall deliver to the Purchaser cash or United States Treasury obligations approved by the Purchaser in an amount equal to the Defect Amount as security for its obligations hereunder. If Purchaser delivers notice
of the existence of such Defect Amount (a “Defect Notice”) to Seller on or prior to 10:00 a.m. (New York City time) on any Business Day, then Seller shall deliver to Purchaser an amount equal to the Defect Amount no later than 5:00
p.m. (New York City time) on such Business Day. In the event Purchaser delivers a Defect Notice to Seller after 10:00 a.m. (New York City time) on any Business Day, then such Defect Notice shall be deemed to have been delivered on the following
Business Day and Seller shall be required to deliver to Purchaser an amount equal to the Defect Amount no later than 5:00 p.m. (New York City time) on such subsequent Business Day. At such time as a Defect Amount ceases to exist or Seller has
delivered cash or United States Treasury obligations in an amount in excess of such Defect Amount to Purchaser (such amounts the “Repurchase Excesses”) pursuant to this Section 7(d), Purchaser shall remit to Seller such Repurchase
Excesses. In the event Purchaser determines that Seller fails to perform in any material respect any of its obligations with respect to any Takeout Commitment or Takeout Investor, or any of Seller’s representations, warranties or covenants with
respect thereto, Purchaser shall have all rights and remedies available to it with respect to 

 

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the Collateral under applicable law. In addition to any rights and remedies of the Purchaser provided by this Agreement and by law, Purchaser
shall have the right, without prior notice to the Seller, any such notice being expressly waived by the Seller to the extent permitted by applicable law, upon any amount becoming due and payable by the Seller hereunder to set-off and appropriate and
apply against such amount any and all deposits (general or special, time or demand, provisional or final), in any currency, and any other credits, indebtedness or claims, in any currency, in each case whether direct or indirect, absolute or
contingent, matured or unmatured, at any time held or owing by the Purchaser or any Affiliate thereof to or for the credit or the account of the Seller. 
 
Section 8. Representations and Warranties. (a) Seller hereby represents and warrants to Purchaser as of the date hereof and as of
the date of each delivery of a Conduit Submission Package that: 
 
(i) Seller is duly organized, validly existing and in good standing under the laws of the state of its organization or of the United States of America and has all licenses necessary to carry on its
business as now being conducted and is licensed, qualified and in good standing in the state where the Mortgaged Property is located if the laws of such state require licensing or qualification in order to conduct business of the type conducted by
Seller. Seller has all requisite power and authority (including, if applicable, corporate power) to execute and deliver this Agreement, the Electronic Tracking Agreement and the Custodial Agreement and to perform in accordance herewith and
therewith; the execution, delivery and performance of this Agreement, the Electronic Tracking Agreement and the Custodial Agreement (including all instruments of transfer to be delivered pursuant to this Agreement, the Electronic Tracking Agreement
or the Custodial Agreement) by Seller and the consummation of the transactions contemplated hereby and thereby have been duly and validly authorized. Each of this Agreement, the Electronic Tracking Agreement and the Custodial Agreement evidences the
valid, binding and enforceable obligation of Seller and all requisite action (including, if applicable, corporate action) has been taken by Seller to make this Agreement, the Electronic Tracking Agreement and the Custodial Agreement valid and
binding upon Seller in accordance with its terms; 
 
(ii) No approval of the transactions contemplated by this Agreement, the Electronic Tracking Agreement or the Custodial Agreement from the OTS, the NCUA, the FDIC or any similar federal or state regulatory authority having
jurisdiction over Seller is required, or if required, such approval has been obtained. The transfers, assignments and conveyances provided for herein and therein are not subject to the bulk transfer or any similar statutory provisions in effect in
any applicable jurisdiction; 
 
(iii) The consummation of the transactions contemplated by this Agreement, the Electronic Tracking Agreement and the Custodial Agreement are in the ordinary course of business of Seller and will not result in the breach of any term
or provision of the charter or by-laws of Seller or result in the breach of any term or provision of, or conflict with or constitute a default under or result in the acceleration of any obligation under, an agreement, indenture or loan or credit
agreement or other instrument to which 

 

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Seller or its property is subject, or result in the violation of any law, rule, regulation, order, judgment or decree to which Seller or its
property is subject; 
 
(iv) This
Agreement, the Custodial Agreement, the Electronic Tracking Agreement and every document to be executed by Seller pursuant hereto and thereto is and will be valid, binding and a subsisting obligation of Seller, enforceable in accordance with its
respective terms. No consents or approvals are required to be obtained by Seller or its Parent Company for the execution, delivery and performance of this Agreement, the Electronic Tracking Agreement or the Custodial Agreement by Seller;

 
(v) Purchaser will be the sole
owner of the related Mortgage Loan, free and clear of any lien, claim or encumbrance; 
 
(vi) All information relating to Seller that Seller has delivered or caused to be delivered to Purchaser, including, but
not limited to, all documents related to this Agreement, the Electronic Tracking Agreement, the Custodial Agreement or Seller’s financial statements, and all such information hereafter furnished by Seller, does not and will not contain any
untrue statement of a material fact or omit to state a material fact necessary to make the statements made therein or herein in light of the circumstances under which they were made, not misleading. Seller has disclosed in writing any and all facts
relating to Seller that materially and adversely affect or may affect the business operations or financial condition of Seller or the ability of Seller to perform its obligations under this Agreement, the Electronic Tracking Agreement or the
Custodial Agreement; 
 
(vii)
There are no actions, suits or proceedings pending, or to the knowledge of Seller threatened, including any claims for which an action, suit or proceeding has not been commenced, against or affecting Seller or any of its assets in any court or
before any arbitrator or before any governmental commission, board, bureau or other administrative agency that, in any such case, if adversely determined, would have a material adverse effect on the financial condition or business of Seller or the
ability of Seller to perform under this Agreement, the Electronic Tracking Agreement, each Funding Confirmation and the Custodial Agreement; 
 
(viii) If applicable with respect to each Mortgage Loan sold hereunder, Seller (and each servicer) is approved by GNMA as
an approved issuer, Fannie Mae as an approved lender, Freddie Mac as an approved seller/servicer (as the case may be) and by FHA as an approved mortgagee and by VA as an approved VA lender, in each case in good standing (such collective approvals
and conditions, “Agency Approvals”), with no event having occurred or Seller (or any subservicer) having any reason whatsoever to believe or suspect will occur prior to the purchase of the Mortgage Loan by the related Agency,
including without limitation a change in insurance coverage which would either make Seller (or any servicer) unable to comply with the eligibility requirements for maintaining all such Agency Approvals or require notification to the relevant Agency
or to HUD, FHA or VA. Should Seller (or any servicer), for any reason, cease to possess all such Agency Approvals, or should notification to the relevant Agency or to HUD, FHA or VA be required, Seller shall so notify Purchaser immediately in
writing. 

 

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Notwithstanding the preceding sentence, Seller shall take all necessary action to maintain all of its (and each servicer’s) Agency
Approvals at all times during the term of this Agreement. Seller (and any servicer) has adequate financial standing, servicing facilities, procedures and experienced personnel necessary for the sound servicing of mortgage loans of the same types as
may from time to time constitute Mortgage Loans and in accordance with Accepted Servicing Practices; 
 
(ix) The Custodian is an eligible custodian under the Agency Guide and Agency Program; 
 
(x) Seller and its Subsidiaries have filed
all Federal income tax returns and all other material tax returns that are required to be filed by them and have paid all taxes due pursuant to such returns or pursuant to any assessment received by it or any of its Subsidiaries, except for any such
taxes as are being appropriately contested in good faith by appropriate proceedings diligently conducted and with respect to which adequate reserves have been provided. The charges, accruals and reserves on the books of Seller and its Subsidiaries
in respect of taxes and other governmental charges are, in the opinion of Seller, adequate; 
 
(xi) Neither Seller nor any of its Subsidiaries is an “investment company”, or a company “controlled”
by an “investment company”, within the meaning of the Investment Company Act of 1940, as amended; 
 
(xii) Upon the filing of financing statements on Form UCC-1 naming Purchaser as “Secured Party”, Seller as
“Debtor” and describing the Collateral, in the jurisdictions and recording offices listed on Exhibit E attached hereto, the security interests granted hereunder in the Collateral will constitute fully perfected security interests
under the Uniform Commercial Code in all right, title and interest of Seller in, to and under such Collateral, which can be perfected by filing under the Uniform Commercial Code; 
 
(xiii) As of the date hereof, and during the four months immediately preceding the date
hereof, Seller’s chief executive office, is, and has been located at 115 Perimeter Center Place, Suite 285, Atlanta, Georgia 30346. As of the date hereof, Seller’s jurisdiction of organization is Georgia; 
 
(xiv) As of the date hereof, with respect to
the Original Mortgage Loan Purchase Agreement, no default has occurred and is continuing thereunder and there is no breach of a representation and warranty thereunder. 
 
(b) Seller hereby represents, warrants and covenants to Purchaser with respect to each Mortgage Loan as of
the related Purchase Date each of the representations and warranties set forth on Schedule I hereto is true and correct in all respects; 
 
The representations and warranties of Seller in this Section 8 are unaffected by and supersede any provision in any endorsement of any
Mortgage Loan or in any assignment with respect to such Mortgage Loan to the effect that such endorsement or assignment is without recourse or without representation or warranty. With respect to each Mortgage Loan purchased by Purchaser hereunder,
to the extent that any representation or warranty made by Seller is either 

 

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not required by Takeout Investor or is waived by Takeout Investor, Purchaser hereby agrees to waive such representation or warranty if such
Mortgage Loan is purchased by Takeout Investor from Purchaser, in accordance with the terms of the related Takeout Commitment. 
 
Section 9. Covenants of Seller. Seller hereby covenants and agrees with Purchaser as follows: 
 
(a) Seller shall deliver to Purchaser: 
 
(i) Within one hundred twenty (120) days
after the end of each fiscal year of Seller, consolidated balance sheets of Seller and its consolidated subsidiaries and the related consolidated statements of income showing the financial condition of Seller and its consolidated subsidiaries as of
the close of such fiscal year and the results of operations during such year, and a consolidated statement of cash flows, as of the close of such fiscal year, setting forth, in each case, in comparative form the corresponding figures for the
preceding year, all the foregoing consolidated financial statements to be reported on by, and to carry the report (acceptable in form and content to Purchaser) of an independent public accountant of national standing acceptable to Purchaser;

 
(ii) Within sixty (60) days
after the end of each of the first three fiscal quarters of each fiscal year of Seller, unaudited consolidated balance sheets and consolidated statements of income, all to be in a form acceptable to Purchaser, showing the financial condition and
results of operations of Seller and its consolidated subsidiaries on a consolidated basis as of the end of each such quarter and for the then elapsed portion of the fiscal year, setting forth, in each case, in comparative form the corresponding
figures for the corresponding periods of the preceding fiscal year, certified by a financial officer of Seller (acceptable to Purchaser) as presenting fairly the financial position and results of operations of Seller and its consolidated
subsidiaries and as having been prepared in accordance with generally accepted accounting principles consistently applied, in each case, subject to normal year-end audit adjustments; 
 
(iii) Within 20 days after the end of each of the first eleven months of each fiscal year of
such Seller, unaudited consolidated balance sheets and consolidated statements of income, all to be in a form acceptable to Purchaser, showing the financial condition and results of operation of such Seller and its consolidated subsidiaries on a
consolidated basis as of the end of each such month and for the then elapsed portion of the fiscal year, setting forth, in each case, in comparative form the corresponding figures for the corresponding periods of the preceding fiscal year, certified
by a financial officer of such Seller (acceptable to Purchaser) as presenting fairly the financial position and results of operations of such Seller and its consolidated subsidiaries and as having been prepared in accordance with generally accepted
accounting principles consistently applied, in each case, subject to normal year-end audit adjustments; 
 
(iv) Promptly upon receipt thereof, a copy of each other report submitted to Seller by its independent public accountants
in connection with any annual, interim or special audit of Seller; 
 

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(v) Promptly upon becoming aware thereof, notice of (1) the commencement of, or any determination in, any legal, judicial or regulatory proceedings, (2) any dispute between Seller or its Parent Company and any governmental or
regulatory body, (3) any event or condition, which, in any case of (1) or (2) if adversely determined, would have a material adverse effect on (A) the validity or enforceability of this Agreement, (B) the financial condition or business operations
of Seller, or (C) the ability of Seller to fulfill its obligations under this Agreement or (4) any material adverse change in the business, operations, prospects or financial condition of Seller, including, without limitation, the insolvency of
Seller or its Parent Company; 
 
(vi) Promptly upon becoming available, copies of all financial statements, reports, notices and proxy statements sent by its Parent Company, Seller or any of Seller’s consolidated subsidiaries in a general mailing to their
respective stockholders and of all reports and other material (including copies of all registration statements under the Securities Act of 1933, as amended) filed by any of them with any securities exchange or with the Securities and Exchange
Commission or any governmental authority succeeding to any or all of the functions of said Commission; 
 
(vii) Promptly upon becoming available, copies of any press releases issued by its Parent Company or Seller and copies of
any annual and quarterly financial reports and any reports on Form H-(b) 12 which its Parent Company or Seller may be required to file with the OTS or the RTC or comparable reports which a Parent Company or Seller may be required to file with the
FDIC or any other federal banking agency containing such financial statements and other information concerning such Parent Company’s or Seller’s business and affairs as is required to be included in such reports in accordance with the
rules and regulations of the OTS, the RTC, the FDIC or such other banking agency, as may be promulgated from time to time; 
 
(viii) Such supplements to the aforementioned documents and such other information regarding the operations, business,
affairs and financial condition of its Parent Company, Seller or any of Seller’s consolidated subsidiaries as Purchaser may request; 
 
(ix) Prior to the date of any purchase of a Mortgage Loan by Purchaser hereunder, a copy of (1) the articles of
incorporation of Seller and any amendments thereto certified by the Secretary of State of Seller’s state of incorporation, (2) a copy of Seller’s by-laws, together with any amendments thereto, (3) a copy of the resolutions adopted by
Seller’s Board of Directors authorizing Seller to enter into this Agreement, the Electronic Tracking Agreement and the Custodial Agreement and authorizing one or more of Seller’s officers to execute the documents related to this Agreement,
the Electronic Tracking Agreement and the Custodial Agreement, (4) a certificate of incumbency and signature of each officer of Seller executing any document in connection with this Agreement, the Electronic Tracking Agreement and the Custodial
Agreement; (5) a certificate reflecting each Authorized Signatory of the Seller, in the form of Exhibit F hereto and (6) an opinion of counsel to Seller, in the form of Exhibit G hereto; and 
 

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(x) On or before the date hereof, a copy of an opinion of counsel to Seller in the form of Exhibit G hereto. 
 
(b) The consideration received by the Seller upon the sale of each Mortgage Loan will constitute reasonably equivalent value and fair
consideration for the ownership interest in the Mortgage Loan. 
 
(c) Neither the Seller nor any affiliate thereof will acquire at any time any Mortgage Loan or any other economic interest in or obligation with respect to any Mortgage Loan. 
 
(d) Under generally accepted accounting principles
(“GAAP”) and for federal income tax purposes, the Seller will report each sale of a Mortgage Loan to the Purchaser as a sale of the ownership interest in the Mortgage Loan. The Seller has been advised by or has confirmed with its
independent public accountants that the foregoing transactions will be so classified under GAAP. 
 
(e) The Seller will be solvent at all relevant times prior to, and will not be rendered insolvent by, any sale of a Mortgage Loan to the Purchaser. 
 
(f) The Seller will not sell any Mortgage Loan to the
Purchaser with any intent to hinder, delay or defraud any of the Seller’s creditors. 
 
(g) Seller shall comply, in all material respects, with all laws, rules and regulations to which it is or may become subject. 
 
(h) Seller shall, upon request of Purchaser, promptly execute and deliver to Purchaser all such other and
further documents and instruments of transfer, conveyance and assignment, and shall take such other action as Purchaser may require more effectively to transfer, convey, assign to and vest in Purchaser and to put Purchaser in possession of the
property to be transferred, conveyed, assigned and delivered hereunder and otherwise to carry out more effectively the intent of the provisions under this Agreement. 
 
(i) Seller shall ensure that all Takeout Proceeds paid by Takeout Investor resulting from Takeout Commitments
that relate to Mortgage Loans purchased by Purchaser pursuant to the terms of this Agreement are paid to Purchaser by Takeout Investor in accordance with Purchaser’s Wire Instructions to Seller. 
 
(j) The consideration received by Seller upon sale of each
Mortgage Loan will constitute reasonably equivalent value and fair consideration for the Mortgage Loan. 
 
(k) The Seller acknowledges that the Purchaser has the right to perform continuing due diligence reviews with respect to the Mortgage
Loans, for purposes of verifying compliance with the representations, warranties and specifications made hereunder, or otherwise, and the Seller agrees that upon reasonable (but no less than one (1) Business Day’s) prior notice to the Seller,
the Purchaser or its authorized representatives will be permitted during normal business hours to examine, inspect, make copies of, and make extracts of, the Mortgage Files and any and all documents, records, agreements, instruments or information
relating to such 

 

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Mortgage Loans in possession, or under the control, of the Seller and/or Custodian. The Seller also shall make available to the Purchaser a
knowledgeable financial or accounting officer for the purpose of answering questions respecting the Mortgage Files and Mortgage Loans. The Seller and Purchaser further agree that all out-of-pocket costs and expenses incurred by the Purchaser in
connection with the Purchaser’s activities pursuant to this Section 9(k) shall be paid for by the Seller, provided that, Purchaser shall pay any such costs if such due diligence is conducted more often than two (2) times in a calendar
year. 
 
(l) Seller shall provide Purchaser with a
monthly report, which report shall include, among other items, a summary of the Seller’s delinquency and loss experience with respect to mortgage loans serviced by the Seller, any Servicer or any designee of either, with respect to any MERS
Designated Mortgage Loan, MERS Reports, plus any such additional reports as Purchaser may reasonably request with respect to the Seller’s or any Servicer’s servicing portfolio or pending originations of mortgage loans. Seller shall not
cause the Mortgage Loans to be serviced by any servicer other than a servicer expressly approved in writing by Purchaser. 
 
(m) On the second Business Day of each month, Seller shall furnish to Purchaser or shall cause the Servicer to furnish to Purchaser, a
remittance report, in hard copy and electronic format acceptable to Purchaser, containing information regarding funds collected during the prior calendar month. This report shall contain the following information: 
 
(i) Mortgage Loan number; 
 
(ii) Note Rate; 
 
(iii) Remittances allocable to principal and
interest; 
 
(iv) Paid through
date; 
 
(v) Mortgage Loan
balance; 
 
(vi) Delinquency
status; 
 
(vii) Whether the
Mortgaged Property is in foreclosure or has become an real state owned property; 
 
(viii) Whether any Mortgagor is the subject of any bankruptcy action; and 
 
(ix) Any other information that Purchaser may
reasonably request. 
 
(n) Seller shall pay and
discharge all taxes, assessments and governmental charges or levies imposed on it or on its income or profits or on any of its Property prior to the date on which penalties attach thereto, except for any such tax, assessment, charge or levy the
payment of which is being contested in good faith and by proper proceedings and against which adequate reserves are being maintained. 
 

-23- 

 
(o) Seller
covenants and agrees to take all actions required of it in compliance with the terms of the Electronic Tracking Agreement. 
 
Section 10. Confidentiality. Seller hereby acknowledges and agrees that (i) all written or computer-readable information provided
by Purchaser to Seller regarding Purchaser and (ii) the terms of this Agreement (the “Purchaser Confidential Information”), shall be kept confidential and each of their respective contents will not be divulged to any party without
Purchaser’s consent except to the extent that (i) Seller deems appropriate to do so in working with legal counsel, auditors, taxing authorities or other governmental agencies or regulatory bodies or in order to comply with any applicable
federal or state laws, (ii) any portion of Purchaser Confidential Information is in the public domain other than due to a breach of this covenant, (iii) Seller deems appropriate in connection with exercising any or all of Seller’s rights or
remedies or complying with any obligations under this Agreement. 
 
Section 11. Term. This Agreement shall continue in effect until terminated as to future transactions by written instruction signed by either Seller or Purchaser and delivered to the other, provided that no termination
will affect the obligations hereunder as to any of the Mortgage Loans with respect to which Conduit Submission Packages have been delivered to Custodian pursuant to the terms of this Agreement or the Custodial Agreement. 
 
Section 12. Exclusive Benefit of Parties; Assignment.
This Agreement is for the exclusive benefit of the parties hereto and their respective successors and assigns and shall not be deemed to give any legal or equitable right to any other person, including the Custodian. Except as provided in Section 6,
no rights or obligations created by this Agreement may be assigned by any party hereto without the prior written consent of the other parties. 
 
Section 13. Amendments; Waivers; Cumulative Rights. This Agreement may be amended from time to time only by written agreement of
Seller and Purchaser. Any forbearance, failure or delay by either party in exercising any right, power or remedy hereunder shall not be deemed to be a waiver thereof, and any single or partial exercise by Purchaser of any right, power or remedy
hereunder shall not preclude the further exercise thereof. Every right, power and remedy of Purchaser shall continue in full force and effect until specifically waived by Purchaser in writing. No right, power or remedy shall be exclusive, and each
such right, power or remedy shall be cumulative and in addition to any other right, power or remedy, whether conferred hereby or hereafter available at law or in equity or by statute or otherwise. 
 
Section 14. Execution in Counterparts. This Agreement
may be executed in any number of counterparts, each of which shall be deemed an original, but all of which shall constitute one and the same instrument. 
 
Section 15. Effect of Invalidity of Provisions. In case any one or more of the provisions contained in this Agreement should be or
become invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein or therein shall in no way be affected, prejudiced or disturbed thereby. 
 

-24- 

 
Section 16.
Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New York, without regard to conflict of laws rules. 
 
Section 17. Notices. Any notices, consents, elections, directions and other communications given under
this Agreement shall be in writing and shall be deemed to have been duly given when telecopied or delivered by overnight courier to, personally delivered to, or on the third day following the placing thereof in the mail, first class postage prepaid
to, the respective addresses set forth on the cover page hereof for Seller and Purchaser, or to such other address as either party shall give notice to the other party pursuant to this Section 17. Notices to Assignee shall be given to such address
as Assignee shall provide to Seller in writing. 
 
Section 18. Entire Agreement. This Agreement, the Funding Confirmations and the Custodial Agreement contain the entire agreement between the parties hereto with respect to the subject matter hereof, and supersede all prior and
contemporaneous agreements between them, oral or written, of any nature whatsoever with respect to the subject matter hereof. 
 
Section 19. Costs of Enforcement. In addition to any other indemnity specified in this Agreement, in the event of a breach by
Seller of this Agreement, the Custodial Agreement or a Takeout Commitment, Seller agrees to pay the reasonable attorneys’ fees and expenses of Purchaser and, when applicable, Assignee incurred as a consequence of such breach. 
 
Section 20. Consent to Service. Each party irrevocably
consents to the service of process by registered or certified mail, postage prepaid, to it at its address given in or pursuant to Section 16. 
 
Section 21. Construction. The headings in this Agreement are for convenience only and are not intended to influence its
construction. References to Sections, Exhibits, Schedules and Annexes in this Agreement are to the Sections of, and Exhibits, Schedules and Annexes to this Agreement. The Exhibits are part of this Agreement, and are incorporated herein by reference.
The singular includes the plural, the plural the singular, and the words “and” and “or” are used in the conjunctive or disjunctive as the sense and circumstances may require. 
 
Section 22. Effect of Amendment and Restatement. Upon
the execution of this Agreement by all parties hereto and the delivery of the opinion required by Section 9(a)(x), the Original Mortgage Loan Purchase Agreement shall be amended, restated and superseded in its entirety by this Agreement. The parties
hereto acknowledge and agree that (a) the liens and security interests granted under the Original Mortgage Loan Purchase Agreement are in full force and effect and, upon the amendment and restatement of the Original Mortgage Loan Purchase Agreement
and the related documents, such liens and security interests secure and continue to secure the payment and performance of Seller’s obligations under this Agreement and the related documents, and (b) upon the effectiveness of such amendment and
restatement, all outstanding Mortgage Loans under, and as defined in, the Original Mortgage Loan Agreement, shall be deemed to be outstanding as Mortgage Loans hereunder mutatis mutandis, in each case on the terms and conditions set forth in
this Agreement. 
 

-25- 

 
 
[SIGNATURE PAGE FOLLOWS] 
 
 

-26- 

IN WITNESS WHEREOF Purchaser and Seller have duly executed this Agreement as of the date
and year set forth on the cover page hereof. 
 
 

	 UBS WARBURG REAL
ESTATE
SECURITIES INC.

	
	 By:
	 	       /s/    GEORGE A.
MANGIARACINA

	 Name:
	 	   George A. Mangiaracina

	 Title:
	 	   Executive Director

 
 

	 By:
	 	       /s/    ROBERT
CARPENTER

	 Name:
	 	   Robert Carpenter

	 Title:
	 	   Director

 
 

	 CRESCENT MORTGAGE SERVICES,
INC.

	
	 By:
	 	       /s/    MICHAEL P.
LEDDY

	 Name:
	 	 Michael P. Leddy

	 Title:
	 	 Executive Vice President

	 Address:
	 	   (if different from cover page):

SCHEDULE I 
 
REPRESENTATIONS AND WARRANTIES 

EXHIBIT A 
 
UBS WARBURG REAL ESTATE SECURITIES INC. 
CONDUIT LOAN PURCHASE DETAIL 
 

	 1.
	  	 Mortgage Loan Number

	
	 2.
	  	 Mortgagor’s Name (including first name)

	
	 3.
	  	 Property Street Address

	
	 4.
	  	 Property City

	
	 5.
	  	 Property State

	
	 6.
	  	 Property Zip

	
	 7.
	  	 The occupancy status of the Mortgaged Property at the time of origination (Owner
Occupied)

	
	 8.
	  	 The Mortgage Loan Purpose Type (i.e., purchase, rate and term refinance, equity takeout
refinance)

	
	 9.
	  	 A code indicating whether the Mortgaged Property is a single family residence, a 2-4 family dwelling,
a townhouse, a unit in a highrise or low-rise condominium project or a unit in a planned unit development, manufactured housing

	
	 10.
	  	 Documentation Style (i.e., full, alternative, or reduced stated income)

	
	 11.
	  	 Note Date

	
	 12.
	  	 Current Interest Rate

	
	 13.
	  	 Original Loan Balance

	
	 14.
	  	 Current Loan Balance

	
	 15.
	  	 Original Appraisal Value

	
	 16.
	  	 Amount which the borrower paid for Property

	
	 17.
	  	 Loan To Value Ratio at origination

	
	 18.
	  	 Combined Loan To Value ratio at origination

	
	 19.
	  	 A code indicating the type of Mortgage Loan (e.g., Jumbo Mortgage Loan, Alt-A Mortgage Loan, Wet-Ink
Mortgage Loan)

 

A-1 

	
	 20.
	  	 A code indicating whether the loan is an FHA, VA or conventional Mortgage Loan

	
	 21.
	  	 A code indicating whether the loan is an adjustable rate or fixed rate Mortgage
Loan

	
	 22.
	  	 Balloon Flag

	
	 23.
	  	 A code indicating the lien status of the Mortgage Loan

	
	 24.
	  	 Number of Units for the Mortgaged Property

	
	 25.
	  	 With respect to each adjustable rate Mortgage Loan, the Index Code

	
	 26.
	  	 With respect to each adjustable rate Mortgage Loan, the Gross Margin

	
	 27.
	  	 Next Interest Rate adjustment date

	
	 28.
	  	 Next Payment Change Date

	
	 29.
	  	 With respect to each adjustable rate Mortgage Loan, the interest rate adjustment
frequencies

	
	 30.
	  	 With respect to each adjustable rate Mortgage Loan, the Payment Adjustment
Frequency

	
	 31.
	  	 For each adjustable rate Mortgage Loan, the Mortgage Interest Rate adjustment cap at all subsequent
interest rate adjustment dates

	
	 32.
	  	 Periodic Payment Cap Percentage

	
	 33.
	  	 With respect to each adjustable rate Mortgage Loan, the lifetime mortgage interest rate
cap

	
	 34.
	  	 With respect to each adjustable rate Mortgage Loan, the lifetime mortgage interest rate
floor

	
	 35.
	  	 The primary mortgage insurance certificate number; a code indicating the method of payment for
mortgage insurance premiums and cost (Lender Paid PMI), if applicable

	
	 36.
	  	 Lender or Borrower

	
	 37.
	  	 PMI Coverage Amount

	
	 38.
	  	 A code indicating whether the Mortgage Loan has a prepayment penalty

	
	 39.
	  	 A code indicating the prepayment penalty terms and the prepayment penalty amount of the Mortgage Loan,
if any

 

A-2 

	
	 40.
	  	 A code indicating if the Mortgage Loan is a Section 32 Loan

	
	 41.
	  	 Loans #/Credit Grade

	
	 42.
	  	 The Mortgagor’s credit risk score (FICO score)

	
	 43.
	  	 The debt-to income Ratio

	
	 44.
	  	 Requested Disbursement Amount

	
	 45.
	  	 MIN Number

	
	 46.
	  	 Escrow Agent Wire Instructions, if applicable

	
	 47.
	  	 Takeout Investor

	
	 48.
	  	 Takeout Investor Address

	
	 49.
	  	 Term in Months

	
	 50.
	  	 First Payment Date

	
	 51.
	  	 Takeout Price

	
	 52.
	  	 Commitment Number

	
	 53.
	  	 Expiration Date

	
	 54.
	  	 Ship Date

	
	 ; provided, that if such Mortgage Loan has previously been purchased by the Purchaser hereunder or under a
Repurchase Agreement between Seller and Purchaser, the seller shall provide only the following data points on the Purchase Detail:

	
	 1.
	  	 Mortgage Loan Number

	
	 2.
	  	 Mortgagor’s Name

	
	 3.
	  	 Original Loan Balance

	
	 4.
	  	 Current Loan Balance

	
	 5.
	  	 Takeout Investor

	
	 6.
	  	 Takeout Investor Address

	
	 7.
	  	 Takeout Price

	
	 8.
	  	 Commitment Number

 

A-3 

	
	 9.
	  	 Expiration Date

	
	 10.
	  	 Ship Date

 

A-4 

EXHIBIT B-1 
 
[WAREHOUSE LENDER’S RELEASE] 
 
UBS Warburg Real Estate Securities Inc. 
1285 Avenue of the Americas 
New York, New York 10019 
 
Ladies and Gentlemen: 
 
We hereby release all right, interest or claim of any kind, including any security interest or lien, with
respect to the mortgage loan(s) referenced below, such release to be effective automatically without any further action by any party, upon receipt, in one or more installments, from UBS Warburg Real Estate Securities Inc., in accordance with the
wire instructions which we delivered to you in a letter dated                        , 200    ,
in immediately available funds, of an aggregate amount equal to the product of A multiplied by B (such product being rounded to the nearest $0.01) multiplied by C.* 
 

	 Loan #

	    	 Mortgagor

	  	 Street Address

	  	 City

	  	 State

	  	 Zip

 
 
 

	 Very truly yours,

	
	 [WAREHOUSE LENDER]

	
	 By:
	 	  

	 Name:
Title:
	 	 

 
*A = weighted average trade price 
   B = principal amount of the mortgage loan(s)

   C = 1 minus the discount set forth on the related funding confirmation 
 

B-1-1 

EXHIBIT B-2 
 
[WAREHOUSE LENDER’S WIRE INSTRUCTIONS] 
 
UBS Warburg Real Estate Securities, Inc. 
1285 Avenue of the Americas 
New York, New York 10019 
 

	 	Re:	 	UBS Warburg Real Estate Securities, Inc. Whole Loan Purchase: 

Conduit Funding Program with Crescent Mortgage Services, Inc. 
 
Ladies and Gentlemen: 
 
Set forth below are [Warehouse Lender’s] wire instructions applicable to the above-referenced Whole Loan Purchase: Program.

 
Wire Instructions:

 
Bank Name: 
City, State: 
ABA#: 
Account #: 
Account Name: 
 
Please acknowledge receipt of this letter in the space provided below. This letter supersedes and replaces any prior notice specifying the name of [Warehouse Lender] and setting forth wire instructions and shall remain in effect
until superseded and replaced by a letter, in the form of this letter, executed by each of us and acknowledged by you. 
 

	 Very truly yours,

	
	 CRESCENT MORTGAGE SERVICES,
INC.

	
	 By:
	 	  

	 Name:
Title:
	 	 

 

B-2-1 

 

	
	 [WAREHOUSE LENDER(S)]*

	
	 By:
	 	  

	 Name:
Title:
	 	 

 

	
	 UBS WARBURG REAL ESTATE
SECURITIES INC.

	
	 By:
	 	  

	 Name:
 Title:
	 	 

	*	 	The authorized officer of each warehouse lender executing this letter must be the same authorized officer as signs the Warehouse Lender’s Release. Not
applicable if there is no warehouse lender. 

 

B-2-2 

EXHIBIT C-1 
 
[SELLER’S RELEASE] 
 
UBS Warburg Real Estate Securities Inc. 
1285 Avenue of the Americas 
New York, New York 10019 
 
Ladies and Gentlemen: 
 
With respect to the mortgage loan(s) referenced below (a) we hereby certify to you that the mortgage loan(s)
is not subject to a lien of any warehouse lender and (b) we hereby release all right, interest or claim of any kind with respect to such mortgage loan, such release to be effective automatically without any further action by any party upon payment
from Purchaser to Seller of an aggregate amount equal to the product of A multiplied by B (such product being rounded to the nearest $0.01) multiplied by C* in accordance with our wire instructions in effect on the date of such payment.

 

	 Loan #

	    	 Mortgagor

	  	 Street Address

	  	 City

	  	 State

	 	 Zip

 
 
 

	 Very truly yours,

	
	 CRESCENT MORTGAGE SERVICES,
INC.

	
	 By:
	 	  

	 Name:
 Title:
	 	 

 
*A = weighted average trade price 
   B = principal amount of the mortgage loan(s)

   C = 1 minus the discount set forth on the related funding confirmation 
 

C-1-1 

EXHIBIT C-2 
 
[SELLER’S WIRE INSTRUCTIONS] 
 
UBS Warburg Real Estate Securities Inc. 
1285 Avenue of the Americas 
New York, New York 10019 
 

	 	Re:	 	Whole Loan Purchase: Conduit Funding Program with Crescent Mortgage Services, Inc. 

 
Ladies and Gentlemen: 
 
Set forth below are Crescent Mortgage Services, Inc. wire instructions applicable to the above-referenced
Conforming Whole Loan Purchase: Program with Crescent Mortgage Services, Inc. 
 
Wire Instructions: 
 
Bank Name: 
City, State: 
ABA#: 
Account #: 
Account Name: 
 
Please acknowledge
receipt of this letter in the space provided below. This letter supersedes and replaces any prior notice specifying our wire instructions and shall remain in effect until superseded and replaced by a letter, in the form of this letter, executed by
us and acknowledged by you. 
 

	 Very truly yours,

	
	 CRESCENT MORTGAGE SERVICES,
INC.*

	
	 By:
	 	  

	 Name:
 Title:
	 	 

	*	 	The authorized officer of each Seller executing this letter must be the same authorized officer as signs the Seller’s Release. Applicable only if there is no
Warehouse Lender. 

 

C-2-1 

	 Receipt acknowledged by:

	
	 UBS WARBURG REAL ESTATE
SECURITIES INC.

	
	 By:
	 	  

	 Name:
 Title:
	 	 

 

C-2-2 

EXHIBIT D 
 
[PURCHASER’S WIRE INSTRUCTIONS TO SELLER] 
 
Wire Instructions: 
 
Bank Name: 
City,
State: 
ABA#: 
Account #:

Account Name: 
Ref: Crescent
Mortgage Services, Inc. 
 

D-1-1 

EXHIBIT E 
 
UCC-l FINANCING STATEMENT 
 
Debtor:              Crescent Mortgage Services, Inc.

 
Secured Party:  UBS Warburg Real Estate Securities
Inc. 
 
Item: 
 
All right (including the power to convey title thereto),
title and interest of Debtor in and to the property listed below: 
 
All participation certificates evidencing an interest in mortgage loans, and all mortgage loans, mortgage notes, mortgages or deeds of trust, assignments thereof and any and all documents and instruments related thereto,
which are subject to the interest of Secured Party or any assignee under or pursuant to the Amended and Restated Mortgage Loan Purchase Agreements between Secured Party and the Debtor. 
 
Filing Jurisdiction: 
 

E-1 

EXHIBIT F 
 
AUTHORIZED SIGNATURES OF SELLER 
 
I,
                                , hereby certify that I am the duly elected [Vice]
President of                                  Crescent Mortgage Services, Inc., a
state chartered institution organized under the laws of the state of Georgia (the “Company”) and each person listed below who, as an officer or representative of the Company, signed (a) the Amended and Restated Mortgage Loan
Purchase Agreement, dated as of January 31, 2003, between the Company and UBS Warburg Real Estate Securities Inc., (b) the Custodial Agreement and (c) any other document delivered or on the date hereof in connection with any purchase described in
the agreements set forth above was, at the respective times of such signing and delivery, and is now, a duly elected or appointed, qualified and acting officer or representative of the Company, who holds the office set forth opposite his or her
name, and the signatures of such persons appearing on such documents are their genuine signatures and that each of such person is, and until further notice will be, duly elected or appointed, qualified and acting officer or representative of the
Company authorized to sign any documents required pursuant to the Purchase Agreement. 
 

	
	
 Name and Title
	 	 	 	
  
  

	
	
 Name and Title
	 	 	 	
  
  

	
	
 Name and Title
	 	 	 	
  
  

	
	
 Name and Title
	 	 	 	
  
  

	
	
 Name and Title
	 	 	 	
  
  

 
IN
WITNESS WHEREOF, I have hereunto signed my name and affixed the seal of the Company. 
 

	
	 Dated:                            
	 	 	 	 By:
	 	  

	 	 	 	 	 Name:
	 	  

	 [Seal]
	 	 	 	 Title:
	 	 [Vice] President

 
I,
                                , an [Assistant] Secretary of Crescent Mortgage
Services, Inc., hereby certify that                                 is the duly
elected, qualified and acting [Vice] President of the Company and that the signature appearing above is [her] [his] genuine signature. 
 

F-1 

 
IN WITNESS
WHEREOF, I have hereunto signed my name. 
 

	
	 Dated:                            
	 	 	 	 By:
	 	  

	 	 	 	 	 Name:
	 	  

	 	 	 	 	 Title:
	 	 [Assistant] Secretary

 

F-2 

EXHIBIT G 
 
FORM OF OPINION 
 
UBS Warburg Real Estate Securities 
1285 Avenue of the Americas 
New York, New York 10019 
 
Dear Sirs and Mesdames: 
 
You have requested our opinion as counsel to Crescent Mortgage Services, Inc., a corporation organized and
existing under the laws of Georgia (the “Seller”), with respect to certain matters in connection with that certain Amended and Restated Mortgage Loan Purchase Agreement governing purchases and sales of certain Mortgage Loans, dated
January 31, 2003 (the “Purchase Agreement”), by and between Seller and UBS Warburg Real Estate Securities, Inc. (the “Purchaser”). The Purchase Agreement and the Custodial Agreement are hereinafter collectively
referred to as the “Governing Agreements.” Capitalized terms not otherwise defined herein have the meanings set forth in the Purchase Agreement. 
 
[We] [I] have examined the following documents: 
 
1. the Purchase Agreement; 
 
2. the Custodial Agreement; 
 
3. the form of Assignment of Mortgage; 
 
4. the form of endorsement of the Mortgage Notes; 
 
5. unfiled copies of the financing statements listed on
Schedule 1 (collectively, the “Financing Statements”) naming the Seller as Debtor and the Purchaser as Secured Party and describing the Collateral (as defined in the Purchase Agreement) as to which security interests may be
perfected by filing under the Uniform Commercial Code of the States listed on Schedule 1 (the “Filing Collateral”), which I understand will be filed in the filing offices listed on Schedule 1 (the “Filing
Offices”); 
 
6. the reports listed on
Schedule 2 as to UCC financing statements (collectively, the “UCC Search Report”); 
 
7. such other documents, records and papers as we have deemed necessary and relevant as a basis for this opinion. 
 
To the extent [we] [I] have deemed necessary and proper, [we]
[I] have relied upon the representations and warranties of the Seller contained in the Purchase Agreement. [We] [I] have assumed the authenticity of all documents submitted to me [us] as originals, the genuineness of all signatures, the legal
capacity of natural persons and the conformity to the originals of all documents. 
 

G-1 

 
Based upon the
foregoing, it is [our] [my] opinion that: 
 
1.
The Seller is a corporation duly organized, validly existing and in good standing under the laws of the State of Georgia and is qualified to transact business in, and is in good standing under, the laws of the State of
[            ]. 
 
2. The execution, delivery and performance by the Seller of the Governing Agreements to which it is a party, and the sales by the Seller of the Mortgage Loans under the Purchase Agreement have been
duly authorized by all necessary corporate action on the part of the Seller. Each of the Governing Agreements have been executed and delivered by the Seller and are legal, valid and binding agreements enforceable in accordance with their respective
terms against the Seller, subject to bankruptcy laws and other similar laws of general application affecting rights of creditors and subject to the application of the rules of equity, including those respecting the availability of specific
performance, none of which will materially interfere with the realization of the benefits provided thereunder or with the Purchaser’s purchase of the Mortgage Loans and/or security interest in the Collateral. The Seller has been duly authorized
to allow any of its officers to execute any and all documents by original signature in order to complete the transactions contemplated by the Purchase Agreement and the Custodial Agreement [and by original [or facsimile] signature in order to
execute the endorsements to the Mortgage Notes and the Assignments of Mortgages, and the original [or facsimile] signature of the officer at the Seller executing the endorsements to the Mortgage Notes and the Assignments of Mortgages represents the
legal and valid signature of said officer of the Seller. 
 
3. No consent, approval, authorization or order of, and no filing or registration with, any court or governmental agency or regulatory body is required on the part of the Seller for the execution, delivery or performance by the
Seller of the Governing Agreements to which it is a party or for the sales by the Seller under the Purchase Agreement of the Mortgage Loans to the Purchaser and/or granting of a security interest to the Purchaser in the Collateral, pursuant to the
Purchase Agreement. 
 
4. The execution, delivery
and performance by the Seller of, and the consummation of the transactions contemplated by the Governing Agreements to which it is a party do not and will not (a) violate any provision of the Seller’s charter or by-laws, (b) violate any
applicable law, rule or regulation, (c) violate any order, writ, injunction or decree of any court or governmental authority or agency or any arbitral award applicable to the Seller of which [I] [we] have knowledge (after due inquiry) or (d) result
in a breach of, constitute a default under, require any consent under, or result in the acceleration or required prepayment of any indebtedness pursuant to the terms of, any agreement or instrument of which I have knowledge (after due inquiry) to
which the Seller is a party or by which it is bound or to which it is subject, or result in the creation or imposition of any Lien upon any property of the Seller pursuant to the terms of any such agreement or instrument. 
 
5. There is no action, suit, proceeding or investigation
pending or, to the best of [our] [my] knowledge, threatened against the Seller which, in [our] [my] judgment, either in any one instance or in the aggregate, would be reasonably likely to result in any material adverse change in the properties,
business or financial condition, or prospects of the Seller or in any material impairment of the right or ability of the Seller to carry on its business substantially as now conducted or in any material liability on the part of the Seller or which
would draw into 
 

G-2 

question the validity of the Governing Agreements to which it is a party or the Mortgage Loans or of any action taken or to be taken in
connection with the transactions contemplated thereby, or which would be reasonably likely to impair materially the ability of the Seller to perform under the terms of the Governing Agreements to which it is a party or the Mortgage Loans.

 
6. The sale of each Mortgage Note and Mortgage
as and in the manner contemplated by the Purchase Agreement is sufficient fully to transfer to Purchaser all right, title and interest of the Seller thereto as noteholder and mortgagee. 
 
7. The Mortgages have been duly assigned and the Mortgage Notes have been duly endorsed as provided in the
Custodial Agreement. The Assignments of Mortgage are in recordable form, except for the insertion of the name of the assignee, and upon the name of the assignee being inserted, are acceptable for recording under the laws of the state where each
related Mortgaged Property is located. The endorsement of the Mortgage Notes, the delivery to the Custodian of the Assignments of Mortgage, and the delivery of the original endorsed Mortgage Notes to the Custodian are sufficient to permit the
Purchaser to avail itself of all protection available under applicable law against the claims of any present or future creditors of the Company, and are sufficient to prevent any other sale, transfer, assignment, pledge or hypothecation of the
Mortgages and the Mortgage Notes by the Company from being enforceable. 
 
8. The Purchase Agreement is effective to create, in favor of the Purchaser, a valid security interest under the Uniform Commercial Code in all of the right, title and interest of the Seller in, to and under the Collateral
as collateral security for the payment of the Seller’s obligations under the Purchase Agreement. 
 
9. (a) Upon the filing of financing statements on Form UCC-1 naming the Purchaser as “Secured Party” and the Seller as
“Debtor”, and describing the Collateral, in the jurisdictions and recording offices listed on Schedule 1 attached hereto, the security interests referred to in Section 8 above will constitute fully perfected security interests under
the Uniform Commercial Code in all right, title and interest of the Seller in, to and under such Mortgage Loans, which can be perfected by filing under the Uniform Commercial Code. 
 
(b) The UCC Search Report sets forth the proper filing offices and the proper debtors necessary to identify
those Persons who have on file in the jurisdictions listed on Schedule 1 financing statements covering the Collateral as of the dates and times specified on Schedule 2. The UCC Search Report identifies no Person who has filed in any
Filing Office a financing statement describing the Collateral prior to the effective dates of the UCC Search Report. 
 
10. The Seller is not an “investment company”, or a company “controlled” by an “investment company,” within
the meaning of the Investment Company Act of 1940, as amended. 
 
Very truly yours, 
 

G-3 

EXHIBIT H 
 
[CASH ACCOUNT ADJUSTMENT NOTICE] 
 
[Date] 
 
To: CRESCENT MORTGAGE SERVICES, INC. 
 
Re: CRESCENT MORTGAGE SERVICES, INC.’S CASH ACCOUNT # [            ] 
 
A journal entry will be processed today reflecting the following adjustment to
your Cash Account. 
 

	 ̈	 	CREDIT OF $              

 

	 ̈	 	DEBIT OF $              

 
Explanation is as follows: 
 

 

 

 

 

 
Upon request, additional backup documentation will be provided. 
 
 

	 Very truly yours,

	
	 UBS WARBURG REAL ESTATE SECURITIES
INC.

	
	 By:
	 	

	 Name:
	 	

	 Title:
	 	

 

H-1 

EXHIBIT I 
 
[CASH ACCOUNT WIRE INSTRUCTIONS] 
(ON SELLER’S LETTERHEAD) 
 
[Date] 
 
UBS Warburg Real Estate Securities Inc. 
1285 Avenue of the Americas 
New York, New York 10019 
 

	 	Re:	 	Mortgage Loan Repurchase Program 

 
Ladies and Gentlemen: 
 
Set forth below are Crescent Mortgage Services, Inc.’s wire instructions applicable to the above referenced Mortgage Loan Purchase
Program with Crescent Mortgage Services, Inc. 
 
Wire Instructions: 
 

	 Wire location No. 1

	  	 Wire location No. 2

	 Bank Name:
	  	 Bank Name:

	 City, State:
	  	 City, State:

	 ABA #:
	  	 ABA #:

	 Account #:
	  	 Account #:

	 Account Name:
	  	 Account Name:

	 Ref:
	  	 Ref:

 
Please
acknowledge receipt of this letter in the space provided below. This letter supersedes and replaces any prior notice specifying our Cash Account Wire Instructions for the Mortgage Loan Purchase Program and shall remains in effect until superseded
and replaced by a letter, in the form of this letter, executed by us and acknowledged by you. 
 

	
	 Very truly yours,

	
	 CRESCENT MORTGAGE SERVICES, INC.1

	
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

	1	 	Please add additional signatures of any person authorized to execute a Cash Account Withdrawal/Deposit Notice. Only authorized persons who have executed this letter
may execute a Cash Account Withdrawal/Deposit Notice. 

 

I-1 

	
	 Receipt acknowledged by

	
	 UBS WARBURG REAL ESTATE SECURITIES
INC.

	
	 By:
	 	  

	 Name:
 Title:
	 	 

 

I-2 

EXHIBIT J 
 
WITHDRAWAL/DEPOSIT NOTICE: CASH ACCOUNT 
(ON SELLER’S LETTERHEAD) 
 
Please process a wire transfer representing a: 
(Please check appropriate box) 
 

	 WITHDRAWAL
	  	  ̈

	
	 DEPOSIT
	  	  ̈

 
From/To our Cash Account
in the amount of $             on [Date]. 
 
The funds should be transferred in accordance with the following instructions: 
 
Bank Name: 
City, State: 
ABA #: 
Account #: 
Account Name: 
Ref: Crescent Mortgage Services, Inc. 
 
Deposits only require “Bank Name” and “City, State” information to be completed. 
 

	
	 CRESCENT MORTGAGE SERVICES,
INC.2

	
	 By:
	 	  

	 Name:
	 	  

	2	 	The authorized officer of each Seller executing this letter must also have executed the Cash Account Wire Instructions. 

 
 

K-1 

EXHIBIT K 
 
[TAKEOUT PROCEEDS IDENTIFICATION LETTER] 
 
UBS Warburg Real Estate Securities Inc. 
1285 Avenue of the Americas 
New York, New York 10019 
 
Ladies and Gentlemen: 
 
On [date] Fannie Mae or Freddie Mac wired to your account at [Bank] [total amount of agency wire]. Contained
within the total amount of the wire was a disbursement amount of                         . This amount represents proceeds
for one or more loans which were not purchased thorough UBS Warburg’s Conforming Whole Loan Purchase: Cash Window Program the details of which are: 
 
Loan #:
                         
 
Borrower’s Name:
                         
 
Loan #:
                         
 
Borrower’s Name:
                         
 
[List additional Mortgage Loans, if necessary] 
 
Please wire these funds to: 
 
[insert wire instructions] 
 

	
	 Very truly yours,

	
	 CRESCENT MORTGAGE SERVICES, INC.*

	
	 By:
	 	 
	
	 Name:
 Title:

	*	 	The authorized officer of each Seller executing this letter must be the same authorized officer as signs the Seller’s Release. Applicable only if there is no
Warehouse Lender. 

 

K-1 

 
FIRST
AMENDMENT TO THE AMENDED AND RESTATED 
MORTGAGE LOAN PURCHASE AGREEMENT 
 
FIRST AMENDMENT, dated as of April 8, 2003 (the
“Amendment”), to the Amended and Restated Mortgage Loan Purchase Agreement, dated as of January 31, 2003 (as amended, supplemented or otherwise modified prior to the date hereof, the “Existing Mortgage Loan Purchase
Agreement”), between UBS WARBURG REAL ESTATE SECURITIES INC. (the “Purchaser”) and CRESCENT MORTGAGE SERVICES, INC. (the “Seller”). 
 
RECITALS 
 
The Seller has requested the Purchaser to agree to amend certain provisions of the Existing Mortgage Loan Purchase Agreement, as set forth
in this Amendment. The Purchaser is willing to agree to such amendments, but only on the terms and subject to the conditions set forth in this Amendment. 
 
NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration, the receipt and sufficiency of which is
hereby acknowledged, the Seller and the Purchaser hereby agree as follows: 
 
ARTICLE I 
 
Definitions: 
 
Unless otherwise
indicated, capitalized terms that are used but not defined herein shall have the meanings ascribed to them in the Amended and Restated Mortgage Loan Purchase Agreement. 
 
ARTICLE II 
 
Amendments to Section 1 of the Existing Mortgage Loan Purchase Agreement: 
 
Section 1 of the Existing Mortgage Loan Purchase Agreement is hereby amended by adding the following new
definitions thereto in the appropriate alphabetical order: 
 
“Administrative Fee Rate”: Shall mean LIBOR plus 2.00% per annum. 
 
“Annual Administrative Rebate Amount”: Shall mean, on any date of determination, an amount equal to the
sum of the product of (i) the Administrative Fee Rate and (ii) the weighted average (determined on a daily basis) of the outstanding principal amount of the Mortgage Loans during the immediately preceding twelve month period. 
 
“Fundamental Changes”: Shall
mean the finalization of any of the following actions with respect to the Seller: any merger, consolidation or amalgamation, winding 

up or dissolution, or conveyance, sale, lease, assignment, transfer or other disposition of, all or substantially all of its property,
business or assets, or any material change (as determined by the Purchaser in its sole discretion) in its present method of conducting business. 
 
“LIBOR”: Shall mean the rate per annum equal to the rate appearing at page 5 of the Telerate screen as
LIBOR for a period equal to one month and if such rate shall not be so quoted, the rate per annum at which the Purchaser is offered dollar deposits at or about 9:00 a.m., New York City time, on such date by prime banks in the interbank eurodollar
market where the eurodollar and foreign currency exchange operations in respect of its Mortgage Loans are then being conducted for delivery on such day for a period equal to one month and in an amount comparable to the amount of the Mortgage Loans
to be outstanding on such day. The Purchaser’s determination of LIBOR shall be conclusive upon the parties absent manifest error on the part of the Purchaser. 
 
“Repurchase Agreement”: That certain Amended and Restated Mortgage Loan
Repurchase Agreement, dated as of January 31, 2003, between Purchaser and the Seller, as amended, restated or otherwise modified from time to time. 
 
“Set-up and Structuring Fee”: Shall mean an annual fee in the amount of $2,500,000 payable by the Seller
to the Purchaser. 
 
ARTICLE III 
 
Amendments to Section 2 of the Existing Mortgage Loan Purchase
Agreement: 
 
Section 2 of the Existing Mortgage
Loan Purchase Agreement is hereby amended by inserting the following clause (e) immediately at the end thereof: 
 
“(e) As compensation for the Purchaser entering into this Agreement and the Repurchase Agreement and to, in part,
reimburse the Purchaser for its set-up and other administrative costs hereunder and thereunder, on the date of this Agreement, and each anniversary thereafter, the Set-up and Structuring Fee shall become due from the Seller (provided, if such date
is not a Business Day, the immediately preceding Business Day) (each such date, a “SSF Incurrence Date”), and the Seller shall pay to the Purchaser such Set-up and Structuring Fee in immediately available funds prior to the earliest
of (i) the termination of this Agreement, (ii) the next anniversary of this Agreement or (iii) the occurrence of a Fundamental Change; provided, however, that such amount shall be net of the related Annual Administrative Rebate Amount
as determined for the related SSF Incurrence Date; provided, further, that such Annual Administrative Rebate Amount shall not exceed the related Set-up and Structuring Fee; and provided, further, that the Seller shall pay
to the Purchaser such Set-up and Structuring Fee immediately upon the occurrence of any Fundamental Changes. Notwithstanding the foregoing, the Purchaser is under no obligation or commitment to purchase, nor is a Seller under any obligation to sell,
any Mortgage Loans hereunder or under the Repurchase Agreement.” 
 

-2- 

 
ARTICLE IV

 
Amendments to Section 9 of the Existing Mortgage
Loan Purchase Agreement 
 
Section 9 of the
Existing Mortgage Loan Purchase Agreement is hereby amended by inserting the following clauses (p) and (q) immediately at the end thereof: 
 
“(p) The Seller shall not at any time pay any fees to any Affiliate or declare or pay any dividend or distribution
on, or make any payment on account of, or set apart assets for a sinking or other analogous fund for, the purchase, redemption, defeasance, retirement or other acquisition of, any shares of any class of capital stock of the Seller or any warrants or
options to purchase any such capital stock, whether now or hereafter outstanding, or make any other distribution in respect thereof, either directly or indirectly, whether in cash or property or in obligations of the Seller or any Subsidiary
thereof, in each case without the prior written consent of the Purchaser; provided, however, that Seller may reimburse all reasonable service fees, but in any event not to exceed $1,260,875 per year, for services provided by or through its
Affiliates pursuant to a written management agreement (the “Management Agreement”) with its Affiliates (a copy of which are attached as Exhibit A hereto) and pay all amounts owed in respect of Seller’s taxable income
pursuant to a tax sharing agreement (the “Tax Sharing Agreement”) among the Seller and its Affiliates ( a copy of which is attached as Exhibit B hereto). 
 
(q) The Seller shall not amend the Tax Sharing Agreement or any Management Agreement without
the prior consent of the Buyer (other than with respect to amendments necessary to comply with changes to laws or regulatory requirements, and provided that notice of any such amendments shall be provided to the Buyer as soon as reasonably
possible).” 
 
ARTICLE V 
 
Conditions to Effectiveness 
 
This Amendment, and the modifications to the Existing Mortgage
Loan Purchase Agreement provided for herein, shall become effective on the date on which all of the following conditions have been satisfied: 
 
1. Amendment. The Purchaser shall have received this Amendment, executed and delivered by a duly authorized officer of each party
thereto. 
 
2. Amendment to Repurchase
Agreement. The Purchaser shall have received the Amendment to the Repurchase Agreement, executed and delivered by a duly authorized officer of each party thereto. 
 
3. Consents, Licenses, Approvals, Etc. The Seller represents and warrants, that all consents, licenses
and approvals, if any, required in connection with the execution, delivery 
 

-3- 

and performance by the Seller of, and the validity and enforceability of, this Amendment, have been obtained and such consents, licenses and
approvals are in full force and effect. 
 
ARTICLE
VI 
 
Miscellaneous 
 
1. No Other Amendments. Except as expressly amended
hereby, the Amended and Restated Mortgage Loan Purchase Agreement shall remain in full force and effect in accordance with their respective terms, without any waiver, amendment or modification of any provision thereof. 
 
2. Counterparts. This Amendment may be executed by one
or more of the parties hereto on any number of separate counterparts and all of said counterparts taken together shall be deemed to constitute one and the same instrument. 
 
3. Expenses. The Seller agrees to pay and reimburse the Purchaser for all of the out-of-pocket costs
and expenses incurred by the Purchaser in connection with the preparation, execution and delivery of this Amendment, including, without limitation, the reasonable fees and disbursements of Cadwalader, Wickersham & Taft LLP, counsel to the
Purchaser. 
 
4. Applicable Law. THIS
AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 
 
[SIGNATURE PAGES FOLLOW] 
 

-4- 

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

	
	 UBS WARBURG REAL ESTATE SECURITIES
INC.

	
	 By:
	 	       /s/

	 Name:
 Title:
	 	 
	
	 By:
	 	       /s/

	 Name:
 Title:
	 	 
	
	 CRESCENT MORTGAGE SERVICES,
INC.

	
	 By:
	 	       /s/

	 Name:
 Title:

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